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The COMMERCIAL and FINANCIAL
ESTABLISHED
Volume
1889
Reg. U. S. Pat. Office
Number
195
New York
6148
AS WE SEE
Editorial
•;
.
r
■
-
■1
.
v
.
•
..
.
•:
7, N. Y., Thursday, April 5, 1962
Price
50
Cents
a
Copy
The Cold War and Other Factors
••
strange and perilous times in which we live,
and there is all too little reason to expect any immediate
These
are
situation by which the
change in the basic nature of the
world is faced. There have been more
than
one
occasions
when solemn obligations undertaken pre¬
sumably in good faith turned out for one reason or
another, or in one way or > another, to be "scraps of
paper." The Marxian communists have always been
proselyters par excellence, and they have always held
their international and other agreements to be expend¬
in
the
past
By Northeutt Ely,* Counsellor-at-Law, Ely, Duncan &
Bennett, W ashington, D. C.
Review
abroad
Measured
of
regional
have
trade
much
of
It would be
situation
as
World War I
nation
as
not
mistake, however, to
this
be used
we
as
long
ago
as
the
to
Public
;
affecting foreign
many,
It
would
be
a
our
on
quently, I shall attempt to out¬
line
the
of
some
past
important
the
which
trends
developed
two
'; Before
■
which
States
private
abroad
in
1960
mately $32.7 billion,
1959.
Northeutt Ely
and distribution of mineral
by a sizable margin, the most im¬
portant function of American capital working in
resources
and
counter-nationalistic
trends throughout the
By counter-nationalistic trends, I mean the
increasing emphasis on multi-nation trade agree¬
ments, such as the European Common Market
/••-.•••>
7;::/ '
was,
in
appear
today's
■
^
■
v,,-;
nations, such as the Republic of Congo, m the world
family, as well as the growing movements toward
expropriation
of foreign
PICTORIAL
(Continued on page 25)
State,
Municipal
SECTION.
Housing
Municipal
JAPANESE
SECURITIES
HAnover 2-3700
STATE
Securities
Co.,Ltd.
Members Pacific Coast
Offices
'Teletype:
DIgby 4-7710
BOND DEPARTMENT
V
NY 1-2759 II
Head Office:
Angeles 17,
FIRST
NATIONAL
Exchange
CITY
BANK
Inquiries Invited
Exchange
on
Southern
California Securities
New York 15
SAN FRANCISCO
LOS
ANGELES
Bond Dept. Teletype: NY 1-708
Net
To
T. L.Watson & Co.
ESTABLISHED
Markets
Active
Dealers,
Banks
New York
Correspondent
—
Pershing A Ce.
THE
CHASE
MANHATTAN
BANK
DIVERSIFIED
CANADIAN
CALIFORNIA
1832
Block
New York Stock
Exchange
American Stock
Exchange
Inquiries Invited
/
Orders Executed
BONDS & STOCKS
STREET
NEW YORK 4, N. Y.
On All
Canadian Exchanges
CANADIAN DEPARTMENT
Teletype NY 1-2270
DIRECT
Commercial
'
VIRES TO MONTREAL AND TORONTO
Goodbody
a
Dominion Securities
Co.
Corporation
MEMBERS NEW YORK STOCK EXCHANGE
•
Municipal Bond Division
Brokers
Canadian Securities
Commission
BRIDGEPORT
Notes
Maintained
and
Members
25 BROAD
Bonds and
in
Claremont, Corona del Mar,
Encino, Glendale, Hollywood, Long Beach,
Oceanside, Pasadena, Pomona, Redlands,
Riverside, San Diego, Santa Ana,
Santa Monica, Whittier
TOKYO
Affiliate: Nikko Kasai Securities Co.
Agency
Associate Member American Stock Exchange
Plazas
Telephone:
628 So. Hope Street, Los
Members New York Stock
BONDS
New York 5, N. Y.
Company
Lester, Ryons & Co.
California
1 Chase Manhattan
NewlbikTrust
MUNICIPAL
and
The Nikko
Chemical Bank
\r.>vv,!
and Public
Securities
30 Broad Street
'
a
photos taken at the 36th Annual Dinner of the New
Association
•
7" The Cold War
with
certainty. Cold War pressures continued to
prime stimulus to our foreign aid program.
Second, it influenced our policy decision on im¬
port restrictions. Third, it may be assumed that
communist pressures were behind much of the
turmoil which marked
the
emergence
of new
be
increase of $2.9 billion over
an
First, the
considerations; second, the im¬
portant developments resulting from nationalistic
effect of Cold War
some
approxi-
The production
ISSUE—Candid
Dealers
investment
was
PERTH AMBOY
2 BROADWAY
\ NEW YORK
1 NORTH LA SALLE ST.
.
■*.
'
-
•.«.
-'.CHICAGO
•
topic under two general headings.
our
Several premises may be assumed, however,
I960,;;
statistics available.
value of the United \
total
breakdown of total American investments
economic policy, it is, of course, impossible to
determine with any precision how various aspects
of this struggle influenced foreign investments.
prehensive
The
Latin
and
in
While the Cold War continued to affect all phases
these deexamine the
for
Canada
of
the most recent com¬
are
area
: v
surveying
us
found
desirable
(again in billions of dollars) is as follows: Canada,
$11.2; Latin America, $8.4; Western Europe, $6.6;
Middle East, $1.2; Far East, $1.2; Africa, $.9; Other
areas, $3.2.
■
For purposes of discussion I have chosen to treat
,
as to the future of
investments abroad.
figures
The
over
they suggest
American
most
1960, with the
greatest percentage of American capital in all areas
centered in the petroleum and mining industries.
what
and
years
investors
be
agreements, which have resulted in the yielding of
certain long-standing
sovereign prerogatives in
favor of broader regional economic interests.
Conse¬
abroad.
to
world.
of
all
American
America
Housing,
State and
telephone:
were
on
bearing
investment
THIS
IN
Security
Concludes
investments.
of
touch
investments
obligations
York
War weapon.
economic nature, which should
an
factors which had
many
substantial a
that such
PICTURES
current
private in¬
developments
categories
impossible
"scraps of paper"—and the territory of a
at war brutally sub(Continued on page 22)
U. S. Government,
Cold
a
criticizes
doubts
challenge to greater opportunities.
a
international
various
beginning of
heard solemn international
author
competition faces private investments abroad, mostly
velopments, let
the
counter-nationalistic
varying from
region to region and differing with respect to
■V
suppose
as
investments in 1960-1961
suddenly erupted without historical
Even
development.
derided
a
The
political rather than
a
The
•
r
Historical Background
(4)
discourage flow of investments and
countries.
can
offer
manipulators of public thought and
s
and
groups,
to
'
the like.
a
tend
between
vestments
these
popular sentiment engaged .wholly in subversion and
likely trend of future in¬
proposals to tax foreign earnings and
disruptive influences
been so carefully and on so large a scale applied to areas
which are in any event in a stew. Never before have we
had such formidable
the
(1) the effects of the Cold War,
are
trading
which
trends
(
before
developments' impact upon private
indicates
(2) the world-wide trend toward nationalism, (3) the growth
euphemistic expression being that the ends
justified the means regardless of the nature of the means.
There have always been—at least in historical times—
nations or peoples bent upon taking what belonged to
others. All these more glaring characteristics of the pres¬
ent day situation have been familiar to others who have
gone before us.•;
However, the degree and the particular admixture of
these elements and certain peculiarities of the relation¬
ship between; them at the present time seem all but
unique in history. Never before have some of the most
powerful nations of the globe been devotees of commu¬
nism and so actively on the offensive as today. Never
before have we had so many glaring examples of their
disdain of anything that we have regarded as points of
Never
international
vestments.
able—the
honor.
of
investment
foreign countries in 1960. Investment in mining or
petroleum interests totaled approximately $14 bil¬
lion, or 42% of all direct foreign investment. The
breakdown of investments by industry for 1960 (in
billions of dollars) is as follows: Petroleum, $10.9;
Mining, $3.0; Manufacturing, $11.2; Utilities, $2.5;
Other, $5.1.
40
Exchange Place, New York 5, N. Y.
Teletype NY 1-702-3
WHitehall 4-8161
Fishing
MUNICIPAL BOND DEPARTMENT
bank of america
N.T.&S.A.
SAN FRANCISCO
•
LOS ANGELES
>
2
(1606)
Dealers only
Banks, Brokers,
For
The
The Commercial find Financial Chronicle
Security I Like Best...
This Week's
Forum
£-continuous forum in which, each week, a different group of experts
in the investment and advisory field from all sections of the country
500 Reasons
come
is
Vice-President, Cruttenden & Co., Inc.,
position more thatt 500
"We
Over-the-Counter issues, giv¬
investment
markets.
in Over-the-Counter
motiilTe
oi
n
o
within ' that
*
YORK
NEW
the
e x
Associate Member
American Stock Exchange
120 Broadway, New York 5
Teletype NY 1-40
WOrth 4-2300
BOSTON
CHICAGO
«
PHILADELPHIA
•
SAN FRANCISCO
,
the
try is equip¬
ment leasing,
and my select i
for
o n
a
L
e
l
s
a
While
J. P. Gueria Jr.
IN JAPAN
ana
for
Write
Stock
Monthly
our
Digest, and our other reports
that give you a pretty clear
of the
picture
economy
Japanese
a whole.
as
He Nomura Securities
Co, Ltd.
61 Broadway, New York
not
orders
offer
an
for
6;N. Y.
BOwling Green 9-2895
Telephone:
is
last
leases
or
solicitation for
particular securities
any
the
and
Foundry,
Therefore, close to $200,000,000 of that leasing volume was
handled by companies which do
no manufacturing themselves but
like.
which
for
their
lease'to
cus-
This segment
of the leasing industry is not only the newest
but also the fastest growing of the
leasing field. Of the half dozen or
tomers.
Nonrl Harri'-tft Finn
liuuU I lal VJ
IVi;l lllvJ
Fresno, California,
and
international
An«ele(?
and.
a
Aironrt
in
v',
L'os
'
_.-v- v
year,
-
«
evident in the statis¬
are
October
$45
per
At the end of fiscal 1960, the
-operated solely .out of
its headquarters in Los Angeles
full year
of loans
this
$4)
rive
on
well
you
all
as
publication
1961
the
monthly
listed
those
prices
securities
"hard
to
as
find"
it
Jwr?
^s'
M
Florida.
or
exyfsA
Offices
SxC?i>}
mi^ein?come in-
sonal Property
5 ln
shares
sold.
25 Park Place
New York 7, N. Y.
REctor 2-9570
CO.
Whitney
NEW YORK 5, N. Y.
.v/J
,.;.
v
':/>•
;?
j;
vr-'
,
-
it
j1sug
Raw
r—
Refined
—-
Liquid.
Exports—Imports——Futures
but'
has
DIgby 4-2727
then,
little
so
paid-
to
it,- that I feel
ther recommendation.
^
scheduled
.
-
as
share
in
P
'
common
of
T
shares
compared
fiscal
stock
this
based
fiscal
year
call
Salt .Lake
on
(with
4960, funded
the
deferred
might
income
account
of
at
$48,-
approximately $100,^
dition,
.>Vv
there
are
under
a
;35,000
shares
restricted stock
for the exercise of warrants, and
180,018 shares reserved for con-
369,730
as
stood
in
-
approxi-
high as $10.00
share at the end of the current
be
debt
the
27,
end
Dec.
■
for the
the
first
ahnvP
standing, the two-and-a-half year
accomplishment comes to about
$13.50 per share. Thus the $1.50
Capitalization of Personal Prop-^.dividend last year-end was well
erty includes 369,730 shares of' justified,
and the
1961
annual
common stock outstanding. In adreport
announces - that
further
earn
version of the $2,000,000 worth of
6% subordinated debentures sold
cents
WPn
cpu*
9
a Mgh so far this year of
Q7/8) after a cash dividend of $1.50
dividends will be paid on a semibasis, presumably
com-
option plan, 20,000 shares reserved
95
low of
the current fiscal year Skaggs ex-
on
shares currently outstanding.
Of great importance to analysts
u
a
was
Cily' Utah> with 000,000, reduced from $143,000,000
reserved
amount to
tvjow
fLticlnS
up from
when it
Nevada.
volume of leases written to reach
would
at 8,
year
A1
irtOA
expansion
000.
current
£
only two years before, solely frcm
Skaggs has approxi- earnings and cash generation, and
mately $6,000,000 in leases out-'by May, 1961, the balance of such
standing, and in the year ended debt had been paid off. As there
June 30, 1961, netted $85,000. In 'are
now
10,612,000 shares out-
40 cents
43 cents
to
1960
further
„
other offices in Arizona, Wyoming
and
pects to
that
,
-
quire Skaggs Leasing Corporation
outstanding,
were
year
a
standing. Net income has increased
sharply in every year but one
fiscal 1958—when it slipped 1%.
Company projections for the
is
,,
move, .per share paid last
the company is negotiating to ac- Canadian funds.
At
L
P of
Wx
of
result
a
in
stock discovered
a
and its potentialities recognized?"
to
in volume, the company has only
21 employees.
;
•
^
-° i-
opn
My open-
.
ar}s^^^ r"} ^ is:. "When is
■
are
'.v.
first became pub-
As
in
share
mately
WILLIAM B. DANA
since
been
Alan D.
Coral 1Lr a I:)les'
which
call:
CO., Inc.
STREET
market recoghit.ibn has'
^ed.Mn New York and -Exchange
.J
ovw.the
previous
the
^
Write
WALL
company
and;
■
r
$15,000,000 and $20,000,000. Profits are expected to be in
the
neighborhood
of
$350,000,
quotations.
99
_
between
Over-the-Counter
LAMEORN &
Washington. So far in the
jng sentence about this company :
fiscal year, P e r s o n a 1.
first time was: "When is a
Property has .opened offices, in stock cheap?"
My question uuw
.~i
- _
awun. cticojj;
iviy^yucnuuu now
$6,-
was
$295,000
was
a
will
Philadelphia 2, Pa.
LO 8-0900
Teletype PH 30
ATT
-
current
the average number of shares out-
bound
Broadway N. Y.
happened with
Despite all this build-up m fa- qi/4
of operations, the volume cilities and its dramatic increase ijofe(s
a
This
do
much
so
company
which
$118,200, as against $84,800 in liscal I960, for a 39% increase..Per-
increase
year)
—
I
appeared,
In 1956, the company s first
year.
earnings last
Copy
31,
»0M00^W9X%
$3,625,000 recorded
150,000
(Only
1529 Walnut Street
115
New York 6,
CO 7-1200
again. In No¬
vember, 1960,
my' first de¬
scription Of;
*'ces throughout the United States
ln a move to accelerate its growth,
Arizona^ Portland, Oregon, and
Seattle
were
(Single
& CO.
Established 1914
and this
time
'.i-■;..-.j
- ■
ing ability displayed by the man"
agement
of
Personal
Property
ended
Bank & Quotation
Record
■;
^fan Francisco, California, Phoenix-,
the most recent fiscal year
tisisf.
BOENNING
are
cue
of,
'the previous-
'
$o 600 000 shormin2
The financial skills and innovat-
tical progress of the company.-The
total volume of leases written in
THEM
;
*-
Angeles, and a fd.bUO.OUU shopping
.
of the more prominent com- and its activities-.were-limited
panies in equipment leasing, Per- primarily to Southern California-.
sonal Property' Leasing is among A year later, October 31rT961, the
the fastest growing.
-company had
added offices in
Leasing
in
•
^Keyes Fibre Co.
ALAN D. WHITNEY
s0
—
YOU WILL FIND
Stouffer Corp.
r
Investment Adviser, Winnetka, III.
a
_
QUOTATIONS?
V
'
+bp
•
branch offices
our
Richardson Co.
.
§
J°:lead ^™nal^perty
to an increasingly" imin its dynamic
Not only is Personal Property
resourcefully expanding the types
services which it has available
the but 't is rapidly opening new of-
from
equipment
buy
makers
iMobile,Ala*-
Fischer & Porter Inc.
the fields of real estate and lease-' It has been my privilege to conhoM
improvement
negotiations tribute to this column each year
currently underway involving since 19{55.'v' Once fo^ford; Ih iy56)-'
Huwtlv
«,,nnnnnnn
and
in
tern
_
$330,000,000 was handled directly
by
the manufacturers such
as
United Shoe Machinery, American
Machine
abilities
<mmc*ca
financial
xmmnucu
and
emu
ing the entire fleet of busses in
transportation sys-
,*n
in
in.
total
total
NY 1-1557
A Continuing Interest in
Management's aggressive poll-
cies
exes
Ppr .
the municipal
iximately
approxii ate y
year,
V
Direct wires to
*- Miaes, t«.p;
nnn
HAnover 2-0700
V
multi-million dollar lease cover-
?
™!fi
rinn
$500,000,000
the
Amnha<5i<::
new
$50,000,000 in 1954 to ap¬
proximately $500,000,000 in 1961.
Commonly
accepted
projections
S55
Z
fhic
'
New York 6, N. Y.
SJ„° be considered at the end Of
leasing
is
•
Exchange
New Orleans, La.- Birmingham, Ala.
in§s will be used to finance future
sbefneporpTfnll %*ȣ**
Xtr active n
develoDinraTdmonaTreaslngrno-' Leasi"g
grJms Sufh
ventures include
inc]ustrv
of
Of
HI V t?'*
This
annual
written has leaped from an
it
-nf
equipment leasing - excluding
autos,
trucks, ;.v railroad
rolling
stock and IBM office equipment
show that the volume 01 contracts
of contracts
rate
its
of
V v«
Stock- Exchange
Stock
,
andTt^sSmanteeSsm!n"en«odn
managements intention
'
Company. Statistics on the field of
Opportunities Unlimited
bulk
the
Personal Prop e r t y Leasing's
stock and. convertible;
debentures are traded in the over- :
the-counter market. Price quoted
on the stock on March 28 was 14
bid, 14y2 asked. At this level the
stock is attractive as a growth
situation for those investors seekin£ capital appreciation. The stock
is also- quite - reasonably priced;
from the viewpoint of the priceearning ratios common for com-:
panics in its field. No cash dm-•
dends are contemplated as earn-
15%V"; ? expansion. A stock dividend policy
represent approximately
York
American
.
common
milling
lathes,
IIUU v L
New
19 Rector St.,
other types of equip-
and
ROUSE & Cft
A*!' L
"
n -,rr
""
machines and other machine tools
g\
n
Bought—Sold—Quoted
were
company
leases,
Per¬
is
leases
proximately one-quarter of the
company's total dollar amount of
c o m p a li y
within
that
field
'
Members
at a cost of over
$10,000,000. Leases of electronic
test equipment
account for ap-
sonal Property
Wire system
Nationwide Private
ample-of
such ah indus¬
Established 1920
An-
Members
ment, and at the end of fiscal 196i
the company had in
effect approximately 650 different leases
covering a wide variety of equipment which had been acquired by
t
n
e
r
r
rf
equipment,* but•
office
elude many
greatest
u
c
CORPORATION
Cruttenden & Co., Inc., Los
"'whTfney,Wtonetkarill.(Page2) SlEINER
by 1959 the company began to in-
potential. One
HANSEATIC
first
j^Red
-
with
company
Co.—
,
and
industry : to
select ', that
t ty".
Leasing
tember 1955 by Theodore O. Mc0lurg> the company's President,
infancy and then
.'T1:
Property
n
to identify a g
is
Alabama &
J. P. Guerin, Jr., Vice-President,
*
8%
average
an
"Company was organized in Sep--
nf
methodsi
v
Participants and
.:
geles, Calif. (Page 2) •
. ^
;
original cost or is leased over
again.
Rio Algom Mines Ltd.— Alan D,
Personal
Property Leasing
,
successful, though.
novel,
not
certainly
1
for
of
Leasing Company
4."
£
One of the most
,
t,
,
the broadest coverage
you
Angeles, Calif.
Personal Property
^
ing
Los
t
sold
Thursday, April 5, 1962
Louisiana Securities
be earned if the equip¬
can
ment
,
Their Selections
Personal
J. P. GUERIN, JR.
.
particular security.
participate and give their reasons for favoring a
"HANSEATIC"
call
to
\
in February of this year
annual
<
+h-Q
^
historic
nll
details
I
„
refer
the
t
a
ontl^t
Quotation Services
for 49 Years
Y' ln
?
'
funds,,mSket'reMgn'itio^of
per
- enabling it to increase its volume
fiscal year on shares outstanding;.-of leases significantly and
helping
as against $4.58 per share at the
it to
lower its
overall
interest
end of fiscal 1961. Additional in-" costs.
Over-the-Counter
0unnf9
l
IS
fhk snhi^ct ^H ln th^ vaHnn- fisubject, and to the various fihfdden weakness
in thit
„
The net
proceeds from the debentures, approximately $1,775,000, were added
to the company's general
4
mencing wth this coming June
fnr
l
n.
its
™
^lnf'
°utl-et for dellvery of lts
oxide
production
has
areom-
accom
main
National Quotation Bureau
uranium
been
the
Incorporated
Atomic
Energy Commission
through its Canadian counterpart,
(This is under
as
a
no
circumstances
solicitation of an offer to
to
be construed
buy,
any
as an
offer
to
sell,-or
.
security referred to herein.);*
EldoVado?.
r
-
•' :
Miningh. and
Continued
.■
Established
46 Front Street
Refining,.
on
page
21
■CHICAGO "
,
"^ %
1913
New York 4,
SAN
N. Y.
FRANCISCO
Volume
Number 6148
195
Taking
:
,
The Commercial .and Financial Chronicle
.
(1607)
CONTENTS
New Look at the
a
International Oil Stocks
By Donald Fernow, Analyst, Hornblower & Weeks, Members;
.""
'
.
"
3■"
;
••:' iVeu> York Stock Exchange
•
'////,v;
I
/.•
*
V'.v/
/
•/'.
Articles and News
-/"/
.
*
in both demand and
production.
tudes, this factor has to
of
ance
new
Although subject to political vicissi"'--
V
-
•
"Investments—Northeutt,
\
large degree been mollified by the appear--' V; j
a
of production,
areas
national
and
significant oil and gas discoveries, and the exceptionally prolific oil
r
r.
...
„
,
<?
:
^
f
•
"
ex¬
for
the /in ter-
—A
ga s
ad ; p e t r ot
r
ies.
world
nomic
ments
♦
■
A
P
N
Y
AT
'.
.
,
THE
" *
V',
:
•
V:
./"
BOTTOM
//
3
____
Cobleigh.
11
Obsolete Securities Dept.
/:
in
SEC
STREET,
Telephone:
NEW
WHitehall
YORK
4-6551 1
9
V
Registrations
.
;
.
THOMASVILLE
12
FURNITURE
___i
FUTTERMAN
13
..
CORP.
GLICKMAN CORP.
./%'r
Market
WALL
T
____.
The Spring Edition of
Issue
Orient, with
continental"
and archipelago areas in the throes
of industrialization, offers the
Donald Fernow
eco-
showing
records, from 5 to 178
sively
in
our
the
dividend
cash
payment
TASSETTE CORP.
years, of stocks traded exclu¬
Over-the-Counter
published
greatly by area, reflecting being realized: Japanese petroleum
varying stages of economic devel- products .demand'since 1959. has
opment and degrees of population increased by over 80%—the most
density and growth./During 1961, rapid rate of growthfor any major/
petroleum products demand in the nation in the world. .Furthermore,
United States increased/by only/Japan's^refinery .capacity, which
SCHNEIDER
Over-the-Counter Market
longevity
on
/
WALTER J.
.Coming in April 12 Issue
growth
consequent energy require- prospect of similar growth—which
will
as it has in the past,
in the instance of Japan is already/
and of
■"
•.
—Hugh Bullock
troleum products. The
its densely populated
the
pattern of free
However,
.
'
■
•
Paper Industry—Dr. Jerbme T. Stevenson____
Ocean, particularly in populous
India, within a decade should cre¬
ate another major market for pe¬
chemical
u s
East*
Far
U.
strides in industrializa¬
tion in that portion of the Asiatic
/
Continent
adjoining the Indian
and
natural
d
M
Rapid
associated
n
the
and
New
O
C
pe¬
troleum
a
Australasia
-
D
■: •/
//: /..;'//•/■
:/• •/;//'•/
Best Way to Buy Stocks in This Uncertain World
policy which has as one of its
objectives the assurance of stable '
sources of fuel supply.
-
pansion
i
The
"
ergy
growth ensure
c o n t i n uing
national
'•'*
~
-
•
-
—William L.' Qaryi-/•-.l/^^ii/
■'
vigorous
)
Tackling Clearance Delays
salutary
throughout much of. effect upon the growth, of its, pethe free world as well as. a steady troleum products and natural gas
'
TV\n
■Pm-rtnonn 'Primmnn
markets/ The European Common
•uptrend in
Market is now formulating an en¬
p o p u 1 ation
ards of living
,i
L''V'--<
•*"
r
"«
New Look at the International Oil Stocks
a
—Ira
particularly
a
N
Ely_____>.'___j.._.J__i;___i___Cover
4
Long-Term Cash Dividends From Trucks and Locks
<
gration of Western Europe should
ac-
companied by rapidly rising stand-,, exercise
j
V
-V
—Donald Fernow
:
discussed.;.;/'////••;
are
,
Mushrooming industrialization
__
*
/
imports and the major international companies
'
A
Influencing Foreign
99
Oil
abroad.
resources
.
Taking
( J
' •'
'-7 *
•Lw
■'
regional oil
and
Mr. Fernow particularly notes the continuing high level of
policies.
..
ROOM
l The Cold War and Other Factors
'
,"i
.
Page
..
industry expert maintains petroleum business is in a strong uptrend/:*/
•
B.s.LicHTfnsT£in
*
.
i
n
■
v
3
Market
will
be
April 12.
vary
1960; in Western Europe,
over
demand
ucts
to
any
Petroleum piod-
Canada, by 4%,
Broadway, New York 5
DIgby 4-4970
is
1970
nation in the free world.
As We See It
Retmery ..Expansion Abroad.
<
3%
natural
average
an
the
for
_
/
.
'
,,
use
Europe
accounts
of free world
within
the
next
three
years:
increased
autoinobile
..
_T
..
..
Commonwealth Oil & Refining
Market
.
t
100
every
States.
in
persons
The
space
the,<*HI£^Pie?1f' yef has less than
heating
/industry with its immense, poten-
approximately
geoning
tion—a proportion which
industry,
international
The
capacity of the
petroleum
increasing
industry,
economic
the present decade.
free'
inte-
world
oil
The
r.A*
•
have
specialized in
York
Stock
18
Reporter
Public
BROAD
Albany
Boston
Nashville
Newark
on
r
•,
hp:/•/ •;'•;
*
.
f. ,jp-Ap* /;
Prospective
Chicago
Cleveland
St, Louis
18
Registration
1
;
/•
i
\ :
Security
.//
!
Los Angeles
San Francisco
Washington '
28
-
/;v /,
•••
Offerings
/•>-,; r:tyg:'-\<.. >
1
47
Security I Like Best (The)
Security
State
r-
Salesman's
of Trade
Tax-Exempt
very
2
Corner
and Industry
20
(The)_^
15
Bond Market—Donald
Mackey
E. F. MacDonald
6
over-
Washington
page
and
You
48
23
FINANCIAL
U.
Park Place,
REctor
CLAUDE
WILLIAM
D.
J.
Reentered
Office
COMPANY,
Publishers
SEIBERT,
MORRISSEY,
April 5,
'/
-
V
Subscriptions
•
Treasurer
Editor
Other
Office:
3,
111.
135
South
(Telephone
matter Febru¬
Possessions
Union, $65.00
Canada, $68.00
$72.00
per
in
and
Rates
United
Members
per
per
States,
of
year;
year;
U.
S.
Pan-American
in
Dominion
Other
of
countries,
m V. FRANKEL & CO.
year.
INCORPORATED
1962
Thursday (general news and ad¬
vertising issue) and every Monday (com¬
plete statistical issue — market quotation
records, corporation news, bank clearings,
state and city news, etc.).
r
"
"
Chicago
second-class
as
Subscription
9576
SEIBERT, President
Dana
ary
25,
1942, at the post office at New
York, N. Y., under the Act of March 8, 1879.
New York 7, N. Y.
to
B.
Company
Other
Every
Glens Falls
Worcester
Copyright 1962 by William
CHRONICLE
2-9570
DANA
GEORGE
Schenectady
Weekly
Patent
S.
DANA
B.
Exchange
-
Twice
The COMMERCIAL and
.
TELETYPE NY 1-5
Chicago
Securities..
Securities Nbw in
principal'
ST., NEW YORK 4, N. Y.
TELEPHONE HAnover 2-4300
on
Utility
Thursday,
25
Teletype NY 1-1825 & 1-4844
i
,
Spencer Trask & Co.
New
•'»-,»»
-
Governments
25
Members
1
ma
40 Exchange Place, N. Y.
4
WILLIAM
1868
'
'
«
mackie,
Philadelphia
PREFERRED STOCKS
Founded
'
May
Reg.
,
.'
'
'
Wilfred
Published
For many years we
V
T
&
HA 2-9000
20
exporting .nations,
i Continued
•
•
'
t
i
consump-
J utilities, and heavy transport will likely will remain unchanged
further strain the
Singer, Bean
17
:
Direct Wires to
one-
f o u
f^ths of free world, oil
in
(The)—Wallace Streete__J__
Our
9i§hth ot world crude oil reserves),
Western Europe, and Canada ac-.
tial energy requirement is still in
the initial stages of growth. Bur-
expansion
You
Observations—A.
^reasofrelatively modest demand,
^*§'' the:Middle East and Vene.?ue*a' anc* the relative lack of oil
/Western Europe represents a mar- *n many areas of substantial and
ket of as yet vast unrealized pro- burgeoning demand,
e^g., Western
portions. Presently, car ownership Europe and Japan.
The United
averages about ;10 for every 100 States
(which actually produces
persons as contrasted with about ah9ut five-sixths of its own reUnited
and
.
News About Banks and Bankers
„
for
,
Mutual22 1
heating market, are
Noiiecntjguity of Areas of
expected to generate an 8% aver- -Supply and Demand
age annual increase in petroleum
A particularly significant aspect
products
consumption
over
the of the free world oil picture is the
present decade.
/ % /: / /,
prevalence of oil production m
34
.
'
space
With a population base of-300
.million, half again as much as that
of the United States and Canada,
Ltd.
27
Business Activity
,
a
Capital
Electronic Int'l Cap.
Indications of Current
for new refineries will be constructed
while 32 refineries will be ex-
and
use
Electronic
11
14
en-
same
Del Webb
Espey Electronics
8
From Washington Ahead of the News—Carlisle
Bargeron
73.
portion of oil consumption/ Its
surging; industrialization in con-
soaring
:
Einzig: "British Equities' Outlook"...!.-^...-.^
the
of
outside
and .nearly .the
-
/
48
Dealer-Broker Investment Recommendations
United panded. Significantly, nearly 70%
pro- of this new capacity is expected,
to appear, in major expanding
marketing areas, e.g., Western Eujunction with rapidly rising living rope,
Australasia, and the Far
standards,, already manifested by East.
••
ergy
.7''K'v^
,
and Canada by nearly one-^hird
Growth
one-half
•States
19
[ /:.y.
.pacity outside of the United.States'
•'
eas
Western
over
■
United
-.'v V.
/ •
Western Europe—Surging
,
i
-;v '//'
■
Coming Events in the Investment Field____..
To meet anticipated growth * in
demand abroad, a major refinery
expansion program, evidenced by
Even larger corresponding growth
105 firm projects in 51 nations,
increments ' are
anticipated
for will augment existing,refinery carise at
.-:V' /jr'->
*
expected
(Editorial)
Bank and Insurance Stocks
_
Refinery Exnansion Abroad
annual rate
States and
7.5% for the rest of the free world,
to
of
.
-
•
is presently the third largest of
1%
■
*
39
was expanded by 60%. during 1961,
by 13%; in the Far East, by 12%;
in Latin America; by 5%; and in
J.F.Reilly&Co.,Inc.
Regular Features
La Salle St.,
STate.2-0613),
Bank
$45.00
and
per
rate'
foreign,
must
Quotation
year.
Note—On
the
Publications
Record
(Foreign
Monthly,
Postage extra).
—
V
3D BROADWAY, NEW YORK 6
WHitehall
account
of
of
subscriptions
be. made
t)he fluctuations in
remittances for
exchange,'
in
New
and
York
advertisements
funds.
*
Teletype NY
3-6633
1-4040
&
1-3540
4
The Commercial and Financial Chronicle
(1608)
—
S...
OB S E
•».
..
t
..
A: WILFRED MAY
.Promotion—Intra-Mural and
I do sin¬
-
.
y-v Extra-Mural j:'c
t
cerely believe that it would be
quite .out,of step with our way. : • Wisely,: the SEC asks about in¬
of business- in this country for tramural employees: of the com¬
,
-
BY
to stand in their way.
.%
"
Brokers
he able to advertise
to
>
pany, as
well as outsiders, engaged
it would, in public relations activities. Thus,
:1 be out of step -if Solicitors, Acevidently the Commission real¬
countants, or Doctors were able izes that the locale of the public
customers' brokers' frantic shouts
: to do so.
However, I can as¬ relations effort, whether inside or
in board rooms, sure
you that if at
any time, outside the company's premises,
their services just
:
as
,
COOL1NG-OFF THE ISSUES
highlights the fact
through increased competition,
that "Hot Issue" abuses are not
Abortive Policing
severe
political;- criticism,
or
confined to special offerings. In
Both the New
York
and the
- other
circumstances, our. busi¬
its two most recent questionnaires
American Stock
Exchange have
ness appeared to need some kind
the Commission's Special Study of
been doing their best to police
of .$har.p stimulus, we would not
Securities Markets, authorized by both the mailed
tipping and ad¬
hesitate to take suitable action,
the Congress and under the direc¬
vertising by their members.
In
and it may well be, indeed, that
tion of Milton H. Cohen, has be¬ the case of the
Big Board, all ad¬
it would become desirable and
gun to explore the possibilities of vertisements must be approved in
necessary to advertise the Stock
curtailing the heat applied to out¬ advance of
publication. On mar¬
Exchange, and its facilities,
standing stocks.
'
:
ket letters spot checks are made
.more widely as a corporate in¬
The SEC in its concern with after issuance,- because of their
stitution."
.
<
market inflating is taking a good speculative hurry nature.
The suggestion contained in Lord
look-see at the hot stuff coming
At
the
American Stock
Ex¬
Ritchie's concluding sentence has
from brokers and dealers and their
change, both market letters and been taken
up unexpectedly soon.
analysts. Questionnaires have been advertisements are screened, be¬
The
London
Exchange's
Public
sent to 60 broker-dealers including
fore
publication, by its Depart¬ Relations Committee has decided
members of the New York and
ment of Admissions and Outside
to begin an advertising campaign
American Stock Exchanges, and
Supervision.
this month.
the over-the-counter market.
It
The
SEC
now
,
.
of,
the degree
relevance to
has little
to
remuneration
The
abuse.
outsiders, through stock or-op¬
tions, does not invalidate this con¬
clusion. The company's public re¬
lations
employees know that they
remunerated for the
being
are
same
kind of effort and success in
■;
Thursday, April 5, 1962
pointed Securities and Exchange
Commission, wisely recognized the
need for a regulator who knew his
way round the regulated. >But. he
could find
one
no
tonal
legal
ment:
who had addi-
-
Mr:,
and
.
academic equip¬
\ ■
Etherington, now 37
years
old; has been a law instructor at
Yale, and a member of the bar in
Washington and New York, con¬
centrating on Stock Exchange le¬
gal matters. He has been the Big
Board's Secretary; and its VicePresident in charge of legislation,
SEC and other regulatory matters
until last year.-In January, 1961,
he
moved
into
over
the
"hard-
"
'
asks
for
copy
a
of each
market
letter, "research" bulletin, or other
sales and advisory literature dis-,
LONDON'S
But the content will
RESTRAINED
MADISON
AVENUE
The London Stock Exchange has
be, institu¬
tional; that is, it will be the Ex¬
change itself that advertises as an
is the outside
firm; and, if lucky, they too, as
with outsiders, may be the recipi¬
ents of stock options. Perhaps the
boiled"
Commission from its collated data
Exchanges.
stock promotion as
will be able to correlate insiders'
-
'
.
formalized
Effective
this public
in
rules
relations sector will be
the investor—through broad pub¬
lication of the Study's findings,
well
New Look-See at
A
twin
"hot"
market
that
area
increasingly enlisting the
Stock
versial issues
stitution's
will
come
President
gratulated
are
to
be
con¬
refraining from the
temptation to seek whitewashing
via a big name. In choosing Edwin
on
D.
McCormick
tions
cured
pertaining to the in¬
pending
to
reformation
head before.
a
today
(Thursday), is the disposi¬
enjoying
trading privileges — unsegregated and generally uniden¬
tifiable. As we have pointed out,*
under a stop-gap arrangement or¬
dered by the Congress at the en¬
tion of the 208 issues still
unlisted
actment of the Securities Exchange
Act in 1934, arid as amended in
1936,
large number of "mongrel"
had been initially
p.
issues "which
brought to the Exchange
on
OF INVESTMENT SECURITIES
Dominick
—
reflected
in
the
greatly
or
Etherington to succeed Edward
The
decision
what
to
do
management speeches—is cer¬
tainly germane to any offensive
against stock market inflation. Un-
Exchanges
NEW YORK
place the
Exchange's President-designate in
a
difficult position.
On the one
hand, he has been the official Con¬
sultant
to
mittee
for
the
key Special Com¬
Study which in its
January 30 Report, on Standards
for Listing Securities took the
President,
first
an
as
the
individual
Chairman
of
the
reform-
*In
Observations, March 1, 1962.
:
fortunately,
a practical means of
prevention has remained elusive.
As
i
i.v-'-J, !Va'
ivA*.-
"Ait,
\fi":
:
.
|i
...
V.
a
constructive first step, for
(j
proach of, solution, the SEC has
sent letters' to a limited number
)'
sf
•
v,:
;;:.,
k
1'
' /
'.
;
/
of
Japanese Securities
corporations requesting infor¬
mation concerning "financial
pub¬
lic relations activities"
in their behalf.
performed
Shelby Cullom Davis
Members Neiv York Stock
Among such specific items elic¬
iting the Study's interest are the
existence
of
YAMAICHI SECURITIES COMPANY
corporate public
department or the em¬
ployment of an outside public re¬
YORK, INC.
lations firm
announces
publicity releases and other
by corporations and pub¬
relations
firms
to
Affiliate of
YAMAICHI SECURITIES CO., LTD.
^
TOKYO, JAPAN
analysts
and
and their
BROADWAY, NEW YORK 6
351 California Street
office in
(4)
"V.
con¬
ROBERT H. RICH,
business;
Manager
"press
conferences,"
_,
traveling "junkets," and other
111
an
arranging for speeches,
interviews,
,
opening of
secu¬
others
nected with the securities
the
SAN FRANCISCO
financial
journalists, brokerage firms,
rities
Exchange
Underwriters and Dealers in Bonds
material
lic
Co.
or
consultant; the sale
of or other arrangements for the
respective company's stock to the
public relations firm; the distribu¬
tion of
Brokers and Investment Bankers
&
Specialists in Insurance Shares
a
relations
of NEW
now
about this situation may
the purpose of survey without
ap¬
'
bro¬
to
its fourth paid
Exchange has se¬ decisive
step of recommending
ideally com¬ cancellation of the unlisted privi¬
augmented specializing personnel, bining extensive training in both leges, after a
one-year grace pe¬
outside or inside the company, in the academic and
hard-boiled se¬ riod for noncompliance with some
the change in the annual report curities worlds.
Franklin Roose¬ of the listing obligations, and a
from an objective analysis of the velt in his
surprising choice of 2-year deadline for responding to
year's results along with the fig¬ Joseph P. Kennedy, known as a
reporting and proxy requirements.
ures
to a colorful selling docu¬
On the other hand, this is known
hard-boiled market operator, as
ment, and in periodic "literature"
UNDERWRITERS AND DISTRIBUTORS
■
In the
forefront of these, coming up for
consideration
by the Governors
Which Hat?
Gov¬
Exchange in their choice of
new
a
corporate management. The new
dynamism
in
stockholder
rela¬
; 14 WALL STREET
Although Mr. Etherington will
formally
take
office
until
September 1st, some vital contro¬
not
ing listing requirements.
of the embattled American
ernors
throughout the United States andCanqda
&
Etherington."
A REAL HOT ISSUE
initiative, have been permit¬
continue
enjoying their
Exchange locus without undertak¬
Chairman Posner and the
the conduct of public relations by
Dominick
win D.
kers'
LIFE ON THE CURB
troubled attention of Exchange as
well as government officialdom is
Members New York, American & Toronto Stock
cited
tude for "the invaluable contribu¬
Another Young President
Correspondents inprincipal cities
;
as spe¬
Committee
tion of its special consultant, Ed¬
ted
,
Public Relations Dynamics
has been
previously
tipping activities.
by the
country's
publishers to police themselves.
1870
***
the
as
Study
its final report
most difficult. ;But the weapon of
disclosure can be most useful to
as
Special
(the "Levy Committee") which in
expressed its grati¬
Disclosure the Optimum
the
of
recently he served
More
the
Stock
brated
'
rules—abetted
new
of both
American
and
a
&
options. -
\£~.
SEC's
York
as
Pershing
member firm
a
New
of
ranks
cial consultant to the Amex's cele¬
.
unwillingness
partner
general
Co.,
Street
stock touting with the holding of
tributed by the firm during the
traditionally forbidden advertis¬ entity, not member firms sep¬
quarter ended June 30,1961; copies ing by the members—that is, until arately. The advertisements will
and
continuingly regarding his
in part explain what the Stock
of its advertisements, "flashes" and
this very month.
The long-time
management's public relations ac¬
other selling gadgets to
branch attitude was authoritatively ex¬ Exchange is, where it is, what it
tivities.
offices and personnel; and identi¬
does, and why its economic func¬
last December by Lord tions are
Some companies now distribute
fication of securities in which the plained
economically valuable to
Ritchie of Dundee, Chairman of the country.
firm has made a market.
corporate and stock promotion lit¬
f:
erature disclosing that it repre¬
the Exchange, as follows:
The advertisements will also ad¬
Ticker-Fitting Research
sents a joint effort; We have just
vise new
investors who seek a
"Now I am quite often asked
received a six-page blurb, with
Particularly apt,
it seems to
stock broker how to set about
'Why do we not allow our Mem¬
this writer, is the final request
photos, covering a listed company,
getting one.
:'J
bers to advertise?' I have said
with its own imprint over the head
to "supply an organization chart
before that if there was any real
and
the
The Results Here and Abroad
of
public relations firm's
your
research
department."
demand
amongst Members of
name
and address at the end as
"Research" is too often the sanc¬
In the advertising sector, here
the Stock Exchange to be al¬
as
well as in England, the best the supplier of additional copies.
tifying word exploited for hot tip¬
lowed to advertise, which there
result can be secured from flex¬ Such disclosure is on the construc¬
ping via a gamut running from
is not, we, on the Council, would
tive
ible on-the-spot self-policing by
sid%.
fnot want, nor would we be able
wires and
teletype messages to
In the investor's education, aug¬
the Stock Exchanges rather than
by governments This seems to be mented by disclosure,dies his best
confirmed by the continuation of hope of protection—in this sector
the awful quality of the advertis¬
ing coming from nonmember "in¬
vestment"
advisers,
despite the
Wall
COrtlandt 7-5900
cial events.
spe¬
Documentary inspec¬
tion, where appropriate, is asked
for.-
-
'
•
4927
4962
'
'
1
be
one
.
to
t
; / =•
elicited
substantial
;
1,
,
Com-.
of the few Levy
.
.
The Commercial and Financial Chronicle
.
•
'
■'
'
1' '
Kalb. Voorhis & Co.
■
'
have
to
recommendations
mittee
from
Number 6148
195
Volume
verd
Nauheim
'
•
n
KOLu/itr
'r
■'
dxa Study Outline for State was designed to teach men the tion required for the NYSE-type
Securities , Smes Examinations^ facts they must know to pass'the'. Stateexaminations; and"to supplelines ol Die rigid new NASD examination -whichument the coverage for the NASD
^
oOOKiet
in charee
nartner
$^ge Dealer^e^vices
INCREASING THE PRESSURE
it in part or are considering it.
Representatives.
Commendable, of course, is the
Exchange's decision to
large sums on ex¬
penses, some "extraordinary" con¬
nected with its clean-up activities,
and others for ordinary operations,
as. for greatly enlarged staff.
5
The^Ka b, Voorhis CMFR Course to supply the additionaLinforma
n^i^itna
Division of
mff be
Kalb, Voorhis & Co., member of nassed br members of the New
the New York Stock Exchange,; york
stock Exchange. To
date
tion's chief executive and former announced
that a supplemental
nine states have adopted the New
member, or its reformer, will be booklet has been written for its
^
most significant.
special training course, CMFR, York Stock Exchange Study OutCurriculum
for
Mutual
Fund line and 22 other states are using
Thus, Mr. Etherington's coming
choice, in this instance of which
hat to wear, that of the institu-
1
•
i
^
training
opposition
Exchange members.
'
.
<1609)
W&S ad°pted in January of th* examination. It will be sent withyear* These courses are being used out charge to all the people who
in widespread numbers by dealers have already purchased the CMFR
all over the country who report Course
...
..UnTrn
,n
and all future CMFR
...
•„
x-
x
n
T
,
xU
^
that they have proven to be effec- kits will automatically include the
tive for the NASD
course.
The
extra booklet
as an
intrinsic part
supplemental booklet was written of the complete Course.
,
American
appropriate
But there is another side to this
In order to
medal.
$500.000-3600,000
help raise the
needed
for
the
increased annual expenses, mem¬
bers' dues and other charges are
being drastically raised—dues by
50% -100%, floor booth rentals up
to
50%, etc.
Such increase in
member firms' overhead promises
to'
intensify
substantially
their
pressure to recoup through remu¬
nerative speculative activity. Coincidentally, part of the increased
operating expenses arises from the
new electronically automated quo¬
tation system, costing $3 million,
which will
come
into
operation
early next year.
v...
.
Similarly
Stock
with
.
.
the
,
New
York
Exchange, its building and
expansion
estimated
program,
cost from $50 to $78
to
million, must
materially raise its member firm's
overhead—and their need for
tomers'
speculative
The
bigger
cus¬
activity.
the
business,
the
greater the speculation!
$25 Million Bonds
Of Los Angeles
^
County Marketed*
A
Bank of America, N. T. & S. A.
underwriting
group,
which in¬
cluded First National City Bank
of New York; Bankers Trust Co.;
and Blyth & Co., Inc., on April 3
purchased $25,000,000 Los Angeles
County
Flood
Control
District
Bonds.
: 1 L; :■ ;• f
;/;■/'
; y'•
The group paid a premium of
$414,779 for straight 3lA% Bonds.
The
dollar
price
net
interest
cost
Bpnds
from
to
101.659
was
of
a
3.1059%. The
were
reoffered to yield
1.55% to 3.35%, according
maturity, March 1, 1963-1989. v,r
Proceeds
be
of
the
bond
sale will
for various flood
used
control
purposes. The Los Angeles County
Flood
Control
District
includes
99%
of
the
assessed
Los
valuation of
Angeles County,. the West's r
largest urban area, which accounts
for
-
Members: New York,
American, Midwest and Pacific Coast Stock Exchanges
about 39 %,
pf the states total
assessed valuation..Estimated pop¬
ulation of the district is
Other
members
of
writing group include:
The
First
6,200,000. '
the
-V L
,>
&
Lynch, Pierce, Fenner
Smith Inc.; Dean Witter & Co.;
long-time partner in charge of underwriting and
the
prime
this field.
mover
Co.; Seattle-First
Bank; Mellon National
Bank & Trust Co.; Bear, Stearns
& Co.; Reynolds & Co., Inc. r v
National
.William
&
Barth
Staats
R.
Co.;
&
Co.;
Ladenburg,
J.
Thal-
& Co.; John Nuveen & Co.,
Inc.; Wertheim & Co., Inc.; E. F.
&
Hutton
OUR NEW ADDRESS
behind our strong growth record*in
the
past, six years, we have managed or
In
co-managed .51
-
corporate :underwritings,
...the beautiful new La
as a
Salle-Jackson
Building, latest addition to the Mid¬
totaling over
west
$115,000,000. The partners are confident that the firm's
role
...
financial community.
major underwriter will continue to expand.
-
R. H. Moulton &
mann
MJiller,
our
v
.
Merrill
firm's "shingle" is Glenn R.
newcomer
Boston
Corp.; The
First National Bank of Chicago;
Smith, Barney & Co.; Kuhn, Loeb
&
Co.;
Security First National
Bank; Wells Fargo Bank; United
California1 Bank;
Crocker-Anglo
National
Bank; Chemical f Bank
New York Trust Co.; The North¬
ern Trust Co.; C. J. Devine & Co.
v
to the
The
under¬
organization, coast to coast, consisting of
Our entire
i
.
•.
-
..V
...
i
»
i
i
i.'1 : ;. i ..>■
.
u...
■:
:
" .V:'
...
nearly 600 employees with 245 registered representatives,
joins in extending a cordial invitation to visit our new
office. We'd like you to •see
the many improvements in
facilities and services that have been
incorporated, including:
Inc.;
Shearson,
Hammill & Co.; Ira Haupt & Co.;
Paribas Corporation.
Co.,
VIDEO TICKER SYSTEM
•
LATEST ELECTRONIC QUOTATION
Dean Witter Adds V
Robert "P.
Eversmanh'has
the Institutional Research-
of
ment
Wall
*
Dean
members of
Exchange..
Witter
&
-join
Depart¬
Co.,
New ' York"
Street,
-
.
WIRE-SYSTEM
•
MULTI-CHANNEL
DOCUMENT
CONVEYOR
Membei^VNew
.
York. Aw6r4e«nrMK*wesi
"ancKPaelfIc Coast.Stock t xehaagea V,-
v*
-•
' -t %'
>.
*y-*. /,
14
City,
the New York Stock
-
Cruttenden, Podesta & Miller
SERVICES* EXWVNDED RESEARCH FACILITIES^ HIGH-SPEED
SYSTEM
•
ELECTRONIC DATA PROCESSING
LA SALLE-JACKSON
BLDG., CHICAGO 4
«
Telephone427-7101
The Commercial and
(1610)
6
National. City Bank as
Reofiered-h to
yield
from
1.65%
to
2.90%, this issue attracted ,good bank
portfolio interest.
The
present
balance is
about $9,925,000.
>•'V
First
The
TAX-EXEMPT BOND; MARKET
By DONALD D. MACKEY
,
•
2%s.
state
has
market
and municipal bond
shown some, further
Chronicle's
nancial
past
Business in 1 rospcct
For the , next : ten . .days the
yield calendar of new issues is as small
20-year-bond
tax-exempt
3.05% to
which would indicate an
is
Index
3 046%
from
down
have seen it, even during
the normally dull August period.
as
we
of Through April 13 the largest
It sue thus -far advertised totals $9,may be recalled that on Dec. 33
900,000. This extremely
light
last cur Index averaged at 3.334%.
schedule portends a very quiet
The Index has steadily been re- market. With no large issues suit-duced since then with the excep- able for dealer bank sponsorship
tion
of
one
weekly period in the market seems likely to lack
price
average
improvement
of
one-eighth
about
point.
a
This
diminishing
of
yield has represented a
market gain of close to 4% points,
Although the state and municipal
bond market has been frequently
February.
average
to
known
down 4% points in
go
period of time, it has
rarely been known to surpass this gain within so short a
period of time.
briefer
a
very
,
Factors Underlyng Sharp
of these general recol-
(and bond men often like
to
dealers
forget)
well
as
as
inter-
become
have
investors
mittently and variously restive
concerning the present relatively
high market situation. As the taxexempt bond market progressively
-
gains, caution develops within the
investment industry
at
a
rate
more or less commensurate
with
demand by in-
the narrowing of
veslors. To
intelligently
for
demand
presently possible
is
as many
factorial's vague,
the
not
has
derived
from
a
general demand following a
lengthy period of easy money and
lower
than
expected
economic
activity. It was further sparked,
by commercial bank interest in
longer maturities in greater than
issues.
to
pose
would
seem
underwriting problem
no
Regardless of the higher market
and the attrition in demand
able.
pre-
In
degree, inventories are
heavier than they were a "few
weeks back, but in volume they
in
are
Natinnnl
rihia
no
serious
way
market
a
dealer caution
than
to
im~
an
R^rik
&
Co.
Trust
offered
inventories
Street
as
issue attracted'
this
municipal
offerings
bond
$401,988,18j2
of April 4. This
as
seems to us to be a
sistent
{
were
suitable
eon-
of inventory,
measure
_
Recent Awards
^
.
.
smaller
the calendar.
A
headed
iean
Mic
revenue
bond!
*
niaHp
the
hv
Santa Maria Joint Union
from
The
in
Abmgton, Mass.
to
and
set
interested
he
is
market
but
New issues, which have sold in
is also; great profusion during the past
is not week, continue to be avidly bid
factor
cautious; he
p a tie nt.
His interest
presently aggressive.
now
for with
high price levels
new
a
£sdA
.1,900,000
2,000,000
.
3.1495%. Other major members of
market.
The commercial banks, and par-
this group include the National
Shawmut Bank of Boston, Barr
Brothers & Co., James A. -Anrepresents but a small segment drews & Co. and R. D. White &
of
the total
banking industry) Co. Scaled to yield from 2.25%
have continued to buy bonds iri to 3.25% this account reports a
volume. As fheir bipader needs present balance of $2,037,000.j
come closer to
being fulfilled the
Monday, which is generally a
ticularly those that are state and
municipal bond dealers (and this
non-dealer
banks
banks and the
generally
further
likely to
similar
seem
participate
investment
smaller
in
a
format.
This
potential
of
commercial
bank interest in tax-exempt bonds
is
ox
volume
enormous
and
with
quiet day,
week
was
with
selling
an
exception
issues
two
of
this
note
at
bidding,
competitive
Cook County,
Illinois sold $25,COO,000 Expressway, limited tax
(1963-1977) bonds to the large
commercial
ahead, the
bank syndicate managed
jointly by Continental
Illinois National-Bank
&
Trust
commercial bank interest in state
and
jmunicipal bonds seems likely
to broaden to an extent that will
Co., First National Bank of Chicago,
Harris
Trust
&
Savings
Bank, The Northern Trust Co. and
credit
restraint
terrent
in
the
unlikely
an
months
de-
3%%
a
interest
net
2,580,000
1962-1991
1964-1992
1967-20Q1-
cost
•
•1
of
best bid of-
1966-2002 : (2:30
-
Rate
Maturity
^ 000 000
a
*
^
1964-1990
•
j
Hardin-Jefferson ConsoL SD, Tex.
of Cowlitz County SD No. 22, Wash,
; " El Segundo Unified SD, Calif—h-
bond
dealers
from
1.80%
1981-1982
3.15 %
3.00%
1981-1982
3.20 %
3.00%
cate
1981-1982
3.35 %
3.20%
&
3.00%
this
National
Philadelphia, Pa.
Chipaeo, 111
New York, N. Y,
*No
an
California
to
3.05%
the
account
•
1
bonds. to
Other
account
nhlbntinn
the
syndi-
by Kidder, Peabody
major members of
include
Philadelphia
Bank, Stone & Webster
Corp., Inc., Ira Haunt.
3.15%
3.00%
3.30%
3.15%
Securities
3.25%
3.10%
&
1980
3.30%
3.20%
Co. and B. J. Van Ingen & Co.
Scaled to yield
from 1.65%
to
3.30%
for
variety of coupons,
about.$3,C00,000 of the bonds have
.been .sold.
•d.'-v'-':.. V.
e p n p r a
headed
Co.
1981
apparent availability.
'
-
v.
:
:
Ut*?
•...
•
•
~
Orange County Navigation & Port
, District,
Texas
Washington County Sch. Dist., Ore.
unsold balance of $1,-
(1963-1987)
1981
4, 1962 Index = 3.046%
v
10:30 a.m.
h/;.-———-.
.
-
1:30 p.m.
1964-2001
1,650,000
11:00.a.m.
4
► f
■ 1,950,000; 1964-1973
" 2,400,000 ; 1963-1982
*
*
•
8:00 p.m.
Noon
11:00 a.m.
9:30 a.m.
•
Tuesday evening saw the sale
of $3,300,000 City of Santa Clara,
3V2%
3%
reports
,3%%
...—
—
April
3.15%
!.
2:00 p.m.
1
10.00 a.m.
_
2.70%
1981
3,500,000
3,100,000
-1,980;000
•
2.95%
1981
11:00 a.m.
r
,
2.85 %
.
1,943,000
sold..
Miami, Fla.
14,565,000"X 1963-1990
Tuesday's final sales of note in-, San Bernardino, Calif.^*J—_______
' 1,116,000
1963-1982
County,
Anril 19 (Thiirsdav)
school district No. 81, Washing- Vf; '
c+
+
1
i?nnn7inn: *'io«a 1007
ton (1964-1985) bonds which were
Texas State Water Uevelopm't Bd. 15,000,000 *., 1964-1997
bought by the ; group managed - . ' -; U'
...
April 23 (Monday)
were
3.10%
-—....
v
these: positive
eluded $3.00°.000 Spokane
1974-1975
State.
8:00,p.m.
3:00 p.m.
i--'..
have Blopmirigton, Minn.
points Camden, N. J
and the 12 bids are testimony-to ;• Hill "County Sch. Dist,, Mont._-,_this good management. This issue "Indiana Stab College
was
scaled to yield from 1.60%; La1 Salle County, Township High
to 3.35% and after initial offering, rSchool District No. 120, 111
more than one-third ;of the bonds
"Lynchburg, Va.
1981-1982
York
7;30p.m.
,
municipal
recognized
3Vt%
New
8:00 p.m.
,
1964-1982 '11:00 a.m.
3.149% to
- 1,250,000b 1963-1982
9:00 a.m.
•V The
ritv'<?
-pnrrent
finanrial Local Housing Authorities
101,055,000 -3963-2002 Noon
condition is good H has Operated New Mexico (State of) ^4,
.5,000,000 ( 1963-1971 10:00 a.m.
with^ a aenefal fund wrolua for Pennsylvania State PS Bldg. Auth. 26,430,000 ' 1962-2001 Noon
a number of vears
The debt level >Te-xas Southern University, Texas
1,185,000 <1964-2001 10:00 a.m.
IT remain edeomnlrat velv' Toms River Seh. Dist., N. J....... 2,535,000 1963-1986 8:00p.m.
stable ami ta>Tblled&AA have'-Wilson,. N. C..--,-,-.-,-.• 2,040;000 -1963-1985 11:00 a.m.
been traditionally excellent. The
April 18 (Wednesday)•
the winning* bid
3,219%./
- - f- •
•Pennsylvania (State)
3%%
Delaware (State) 2
2.90%
New Housing Auth.,
(N.Y., N.Y.)__ 31/2%
L°s Angeles, Calif.
Baltimore, Md.
314%
Cincinnati, Ohio (U.
31/2%
Jersey Highway-Auth., Gtd- 3%
■
:
-
11:00 a.m.
1968-1981
1964-1991
1,000,000 -1984-1995
; 3,300,000
1963-1986
2,225,000
1963-1981
V
Paramus; N.
sioux City,.Iowa
net interest cost ;v- '
ranged from
2.95%
1982
—
.
2,940,000
J.__:_—: 2,585,000
Gadsden, A1a.
12
3.10 %
3%%
3%%
.—
,
It is interesting to noter '
v5
April 17 (luesday)
syndicates bid for-' this Allentown Authority, Pa.; 2,750,000;. 1963-2002
issue hand that interest cost bids Cache County; Sch.* Dist.-, Utah— > 2,260,000 .1963-1977
that
1981-1982
New
D
.
11:00 a.m.
-
^.....
r 1,750,000 r
P
3.10%
,
(State)
10:00 a.m.
1964-2001
-
of 3.149%.
Asked
3.25%
/0,
(State)
U;00 a.m.
1964-2001
.
April 13 (Friday)
•
Chester, 111
;j:.
capital im(1963-1990) bonds to
account headed by
Halsey,
3.20%
.
p.m.
Kansas State Teachdrs
$5 000,000
Bid
3.40%
■
California
8:00 p.m.
7:30 p.m.
^50,000 1964-1982 : 2:00 p.m:
H440,000
Michigan (State of2,000,000
provement
1981-1982
r
•Connecticut
11:00 a.m.
.
coupon
^o,uuu,uuu.;
a
7:30 p.m.
Noon
N«on
=
2,500,000
4,750,000
Griffith, JndJ
City^of Birmingham, Ala.-'Haekensack,.'N".
awarded
Stuart & Co. at
.
2:00 p.m.
Kentucky (State of),-.,-9,900,000- 1964-1992 a 1:00 a.m.
La Crosse> Wis
—1,075,000 1963-1972
2:00 p.m.
Cali-
jointly by Kuhn, Loeb & Co. and
Dean Witter & Co. Scaled to yield
MARKET ON REPRESENTATIVE SERIAL
ISSUES
»
-
April 12 (Thursday)
The
the
7:30 p.m.
1:00 p.m.
1965-2002
1963-1982
1963-1-932
.
is
«.
11:00 a.m.
- * .■
,
1965-1984
••
-
College of
fering a 3.135% diet interest Costr v-F^ppria^ Board of'Regents
h 1,800,000
came froni; the
group headed by Michigan State Univ. of Agriculthe Chase Manhattan Bank. The
ture & Applied Science^.
3,000,000
bonds are being offered to yield
.
Anril 16 (Mnnilnvl
from 1.55% to 3.30%. The present
^
; •.:
.
balanrp
Daiance
11.00 a.m.
Noon
1963-1987;
1963-1982
1,160,000
'Parish S.iBd., ta^:
w
wrt
3.1059%. The second
as
Although casualty company evidence. Only one new issue of
purchases were substantial early size
appeared
on
last Friday,
in the market rise, this too has (March 30) and that was off to
been diminished on the fast trip a
rather slow start. ' Brevard
up. The mutual companies have County,
Florida ^ Special
Tax
not participated in the market ad- School District No. 1 awarded $3,vanee
excepting in- some of the 000,000 bonds (1965-1980) to the
few large high yielding revenue Salomon ; Brothers
&
Hutzler
bond flotations that have come to group at a
net interest cost of
,.
3,950,000 ; 1963-1982
islip Union Free S. D. No. 3, N. Y.
North Sacramento, Calif
Ventura Port District, Calif.
sold. As
balance of
in account. :
? CratrS District
Lh tkI win^ini
a
.
1963-1982
1963-1992
Alton, 111.
6,465,000
Dayton, Ohio
7 -8,000,000
Hhrlford, Conn._-_-_______^___-___
6,516,000
were
S
designated
group
:
..
-••
-5,000,000
'
Flood
nbMJiQRQi
10:00 a.m.
North Haven, Conn
to
bv^k^^S N1
fornia
9:30 a.m.
1963-2000
2:00 p.m.
remains
iho
1963-1987
2,285,000
11:30 a.m.
press
$20,670,000
.1963-1981'.
1,000,000
1,400,000 : 1963-1981
bonds
of
a.m.
11,800,000
—
School District No. 345, Minn
i
coupon
go
we
.1068-1987
.1964-1988
HSD, Cal.
Birmingham Water Works Bd., Ala.
4.05%
000,000
.
2:00 p.m.
8:00 p.m.
8:00 p.m."
2:00 p.m.
.
1987
•
,
10:00.
in
and was sold at a
yield.;Upon reoffering the
3.S63-1967.maturities were sold in
a
block .and an additional $9,1%
a
>
Sonoma Co. Flood Control & W3t6r.
.
1963 to 3.45% in.
Conservation District, Calif2,120,000 1967-1996
maturity carried
r
April 11 (Wednseday)
reoffered
1.65%
1986.
8:00 p.m.
-
April lu (luesaay)
,2,460,000
.
The seyield
Barney & Co
are
:7:00 p.m.
-
-
2,400,000
1,375,000
The
heade
ffroun
1963-1982
*\
v.':
11:00 a.m.
1964-2001
1970-1986
Rapids Sch. Dist., Mich.—
Corpus Christi, Texas____,_______
winning °i oup set a net interest Lansing School District, Mich
cost ort 279% arid the runnerup-'School District, Ohio_u_^
bid of a ;3.284%- net interest cost New .London - Spicer Independent
(1963-1987)
•
1963-1981
; :
,1,400,000
1,081,000
University of Utah, Bd. of Regents
Highway
Line
Trunk
;
.
•
2,315,000 -1963-1977
-
issuesr.also.; Huntington, W. Va,—;.^J.J
group
"
Gresskili School.District, N. J—-
jointly by
Blyth
& Co.,
Inc.,
Halsey, Stuart & Co. and First
of Michigan Corp. submitted the
better of two bias for $35,000,000
3 J)0 p.m.
:V
.
1,100,000
Counties
Carter .County, Tenn,
Eaton
0
.
Atoril 9 (Mondavi
.
-
inoo
'8:00p.m.
1,480,000
Union H;S.D. No. 3JT-8JT, Ore.
"
Tuesday was a busy day; with
two major issues up for sale and
of
of
1,450,0Q0- '1963-2000
Carnegie Institute of. Technology,
- Pittsburgh,
Pa
\ A Busy Bay
number
issues
1968-1982
V
..r.
....
Yamhill
Washington; &
..
.
1nco
1,430,000
..
an
48
Prhiircdnvl
^
ette, Manlius, CSD No 11, N. Y.
Morgan City.a
to
$
only
«
Y
395,000.
a
list the bond
^,JA } ° u
brisk, demand
balance
Urren^
•
•
-
BeWl„t, Pcmpey, Onondaga, Lafay-
Bank
16r>%
from
County
indicated
on page
1
t
we
Alderwood Water Dxst, Wash.__.„.
Brooklyn College Student Services
and 3% coupons,
3.10% for 2%%
tabulations
following
-
Kansas City.:Re-
of
vbld
tn
balance of market, factors,
by the Blue List total of state and
V
Dnminirlc
■
Dctataick and City National
curities
sumably imposed with it, the inventcry situation continues favor-
Continued
:
,
^he
[n
Guaranty Trust Co., Pnilaetel-
gan
by'"Smith,
Managable Inventory
Inc. and Robinson-Humphrey &
Co. were the successful bidders
f°r $6,600,000 Georgia, State Of-
^^v7:-
jo.ntdy by the First National Bank
of Chicago and the First National
Bank of Memphis.
Otner major
members ox this group are lVIpr-
was
*
and continues to be
was
volume
Tnis
at all to the dealers,
traditional volume. The individual
investor
included in t:.is
are
$101,000,000 New Housjng Authorities issues and $103,000,000 New York City various
managed jointly by Blyth & Co.,
busy
was^headed $1,000,000 or more for which specific sale dates have been set.
winning "v account '
on
The advertised roster of new
issues through April totals about
$580,000,000 at present. Only two
of the deterrent. Any slow down in the
market trend for
present
betterment
in the basic market trend.
unrecorded or market's favorable tempo may be
attributed more to unmeaningful
imponderable.
The
assess
tax-exempts
to move inventory. This does not
mean that we sense any change
schedule:
Pnce Rise
Beeause
price cutting was
tolerated by some dealers in order
another
was
I Larger Issues Scheduled For Sale
some
even-
large issues
_
lections
leadership. During a somewhat
similar lapse a few weeks back,
Wednesday
day for underwriters, with three
important sales on the docket. In
extremely close bidding the group
Te.nnessee.school and general mi-
p,ieinM«'«„PrnVsncrt
and Fthigh
grade
Commercial
The
week.
the
during
improvement
support an even higher level of
tax-exempt bond prices.
Thursday, April 5, 1962
Wednesday Also Active
v,
t--
■
The
Financial Chronicle
a
.
1,000,000* 1963-1997
10:30 a.m.
2,720,000 - Y—8:00 p.m.
a".; V. V ' '
,i'q7='nnn JqfiUqa! 2 03p:in-
April 24 (Tuesday)
"y,en"'.
—
;
:
",975,000
-1963- 982
--------
Minnetonka Ind. SD No. 276, Minn, j 4,400,000
ashvilLie, Tenn.
_
®'^5,000
1964-1987
1964 199o
2:00 p.m.
7.30 p.m.
Cleveland, Ohio
„
—
La Canada Unified S. D., Calif
; 2,750,000
-
196o-1987
Cl^y'
\f~
q'aoo
" q«?"i
^orTfolk C°\B^5f Education, Va. ;3>000,000-, 1 »63-1982
oon
Louis Sch. Dist., Mo
-
.
J '.
Tv
8,040,000
__
April 25 (Wednesday)
Chicago Board of Education, 111.—
Georgia State School Bldg. Auth.
(Atlanta)
Cczanside, Calif.
Sacramentq-Xolo, Port
16,500,000
*
35,000,000
1,750,000
1
qr9
1963 1932
9.00 a.m.
'
--------
2.30 p.m.
^
1965-1981
10:00 a.m,
-
-
1963-1992
2:30p.m.
DisC CapU 4:. 2,550,000 ..,1964-1992 ' 10:00
a.m.
1
Volume
195
Number 6148
.
.
.
The Commercial and Financial Chronicle
(1611)
V
m$25,000,000
County Flood ControlDistrict
Los
Angeles County, California
31A% Bonds
Dated March
Due March 1,
1,1959
1963-89, incl,
AMOUNTS, MATURITIES
Registration—Principal and
and
Payment
(March
semi-annual interest
and September I)
I
option of the holder, at the office of..-the Treasurer of Los Angeles County in Los
fiscal
agency
of
New York,
the County in
N.Y.,
payable, at the
Angeles, California,
or
in Chicago, ?IIL, Coupon bonds in denomination
or
AND YIELDS OR PRICES
at any
(Accrued
Interest to be added)
of $1,000
:
registrable only
as
to both principal and interest.
.
.
,
,
,
1
,
i'
.
■
••;
"
■-.ri'
..
fv
Yield
•:
v
Due
Amount
1963
$5,555,000".
or
Price
t
<!
1.55%
745,000
Exemption—In the opinion of counsel, interest ppyable byr
present
Fpd^ral and State of California
decisions,'' v.'...",''
bonds
upon
California for other funds which
may
eligible
as
the amount of
a
are
legal
bank's investment,
be invested in bonds which
security for deposits of public
are
are
2.00%
1966
1967
1968
745,000
"1969
745,000
745,000
;
:
1975
750,000
,;V
750,000
than
their
par
value,
regulations to amortize
Legal
any
a
taxable
Attorneys,
gain
may
whose
are
names
Los Angeles, California,
a
ottered when,
'
as
will be furnished
copy
on
accrue
premium paid thereon.
Opinion—The above bonds
underwriters not shown,
and
■■
bonds purchased at
^
the
a
above
named political subdivision
discountInvestors
*
.
are■
''
,
and if issued and received by the underwriters listed
on
request,
not
less
under existing
v
below
as
well
as
other
and subject to approval of legality by Messrs. O'Melveny & Myers,
of whose legal opinion will be
printed
on
each bond.
■■■■■■
-J
f
1982
1985
3.10%
3.15%
3.20%
,'
\
ioo
100
750,000
1986
100
,750,000
1987
3.30%
750,000
required
;
at
3.00%
1984
750,000
by
2.95%
3.05%
V
1983
750,000
issued
-2.85%
3.00%
.'1980
1981
2.75%
12.80%
2.90%
.!
1979
750,000
be initially
-
1978
750,000
750,000
will
.
*
~
1977"
750,000
bonds
2.60%
2.65%
'
1976
:
750,000 v-;
Premium—These
2.40%
2.50%
1974
;
750,000
Amortization of
2.30%
.
1973
y
'
\
2.20%
.
1972
750,000
Gain,
2.10%
-
1971
745,000
are
1970
745,000
745,000
Tax
jt
'
likewise legal investments in
legal investments for savings banks, and
in California.
moneys
and
1.80%
1965
745,000
California for savings banks,
investments in
1964.!:
745,000
its bonds is exempt from all
upon
personal income taxes under existing statutes, regulations and court
"*•'
'Y';,:: '.•*'*• f""
, "}.■ >■
/
Legality for Investment—We believe that these
subject to the legal limitations
the District
745,000
745,000
Tax
1988
3.35%
•'750,000
1989
3.35%
..
7
8
The Commercial and Financial Chronicle
(1612)
Borden
Co.
DEALER-BROKER
Electrolux
and
Co.,
Corp.
randum—R.
80 Pine
AND RECOMMENDATIONS
UNDERSTOOD
IS
IT
WILL BE PLEASED
PARTIES THE FOLLOWING LITERATURE:
INTERESTED
SEND
TO
Memo¬
—
Pressprich & Co.,
Street, New York 5, N. Y.
Corp.—Analysis
—Troster, Singer & Co., 74 Trinity
Place, New York 6, N. Y.
MENTIONED
FIRMS
THE
THAT
W.
Industries
Cadre
; Campus
Casuals
California
of
—
Analysis—William R. Staats & Co.,
South
640
Angeles
Accessories—Review
Auto Parts &
in current issue of 'Tnvestornews"
the listed industrial
in
the
Dow-Jones
between
son
used
stocks
Wall Averages and the 35 over-the5, N. Y. Also counter industrial stocks used in
available are discussions of Col¬ the National Quotation Bureau
gate-Palmolive,
Decca
Records, Averages, both as to yield and
A r v i n Industries, International market performance over a 23Resistance and White Motor.
year period — National Quotation
Bureau, Inc., 46
Front Street
—Francis I du Pont & Co., 1
Street, New York
Canadian Mining Securities
Se¬
—
New
lections for 1962—James Richard¬
& Sons, Inc. 14 Wall Street,
son
New York
Chicken
5, N. Y.
Industry
with
Study
—
York 4, N. Y.
-
,
&
Co., 45 Montgomery
Street, San Francisco 6, Calif.
Report — B. C.
particular reference to Ralston
Christopher & Co., Board of Trade
Purina and Arkansas Valley In¬
Building, Kansas City 5, Mo.
dustries—A. C. Allyn & Co., 122
Steel Industry—37th annual finan¬
South La Salle Street,- Chicago 3,
111. Also available are analyses of cial analysis — Editorial Service,
National
Distillers
&
Chemical Steel, Penton Building, Cleveland
Corp., Royal Dutch Petroleum Co. 13, Ohio.
and Yale & Towne
Manufacturing
Co.
Paper
—
A company-
Carlisle
—
11 Wall
Also
Street, New York 5, N. Y.
in
the
cussion
and
a
same
issue
Jonathan
of
is
a
dis¬
Logan,
Inc.
of closed-end port¬
survey
folios,
ures
Banks-—Comparative fig¬
issues
selected
on
Whitaker
Co.
255
C.
L.
—
Dania
East
Beach Boulevard, Dania, Florida.
Japanese
Review
Economic Situation
—
Sumitomo
Japanese Household Electric Ma¬
chinery
Industry — Review
Nomura Securities Co., Ltd.,
—
61
Broadway, New York 6, N. Y.
Japanese
Market
Yamaichi
Securities
Review
—
Co.
of
York,- Inc., Ill Broadway, New
York 6, N. Y. Also available are
data
on
Asahi Glass, Daimaru Inc.,
Isetan Company, Ltd.,
Mitsukoshi,
Ltd. and Takashimaya Co., Ltd.
Japanese Shipbuilding Industry
Analysis—Nomura Securities Co.,
Ltd., 61 Broadway, New York 6,
Listed Convertible Bonds—Statis¬
on
most active listed bond is¬
sues—Garvin,
Bantel
&
Co.,
120
Broadway, New York 5, N. Y.
New Mexico Severance Tax Bonds
—Illustrated
and
Brochure
Survey —
Wall Street,
—
44
5, N. Y.
New York
Company, Dwight
City 5, Mo.
the-Counter
showing
Index
—
randum—Putnam & Co.,
Memo¬
6 Central
&
Gas Industry.
Christiana Securities
Apache
Corp.
—
Memorandum—
Archer-Daniels-Midland Company
—Analysis—Hornblower & Weeks,
1
Chase Manhattan Plaza, New
York 5, IN. Y. Also available sire
Container
on
Libbey
d urn,
Owens
Corporation,
Carborun-
Ford,
up-to-date
an
Briggs '& Styattoii—Memorandum
—Paine, Webber, Jackson & Cur¬
tis, 25 Broad- Street; New York 4,
N.
Also
Y.
available
Canada
on
are
memo¬
American
Dry,
Brake
Shoe,
Collins
man's
Fund
Insurance
Radio,
Fire¬
Na¬
and
tional Distillers.
Originala
Marron
—
&
Memorandum
&
New
D. B.
—
Wall St.,
Co.,
Inc., 63
York 5, N. Y.
current issue of "Investor's Read¬
er"—Merrill
Lynch, Pierce, Fen-
&
Smith, Inc., 70 Pine Street,
New York 5, N. Y. Also in the
ner
same
issue
are
discussions
Refining
Co.
Engineering
Food
Stores,
U.
Corp.,
S.
of
Gruman
Bor-
Rubber,
Rcndix Corp., Puget Sound Power
&
Light,
Singer
Manufacturing
1962 operations
and
book (giving
background information, descrip¬
tions of divisions and subsidiaries,
product lines, etc.):—Clevite Corp.,
16820 St. Clair Avenue, Cleveland
10, Ohio,
_
Dennison
.
.
1
,
Corp.
—
Center,. Pittsburgh 22, Pa.
Charles Pfizer
Co.—Memoran¬
&
Co.
—-
—
&
Toronto Bond Traders Association
Pine
annual dinner at the
Co., 80
Street, New York 5, N. Y.
Also available
memoranda on
are
Memoran¬
—
dum—Goodbody & Co., 2 Broad¬
New York 4, N. Y. Also
memoranda
U.
and
Rath
on
S.
Pipe
Pittsburgh & West Virginia Rail¬
Winslow,
Investment Traders Association of
Diversified Wire & Steel Corp. of
New
available
York
4,
Also
Y.
N.
data
are
Sealright
on
Memorandum
—
New York
—
Potash
Company
Also available
Steel
lers
& ^Chemical
•
.
:
•
,
FMC
Davis
facturing
New York
—L.
26
Central Railroad.
data
are
on
Bethle¬
Manu¬
r
Dutch Petroleum—Review
Rothschild
&
Co., 120
Royal
F.
General Electronic Control Inc.—
Report—Naftalin & Co., Inc., 207
Street, Minneapolis 2,
Minn.
St.
on
Also
available
Texas Research and
.
,
.
is
report
a
available
is
N.Y.
South Seventh
"
•
'
,
T.
Schjeldahl
Company—Report—
available
data
are
Con-
on
ductron Corp;, Rockower Brothers
and Tampax Inc.
Hertz
Corp.
Title
South
—
—-
is
&
Co., 100 Montgomery Street, San
4, Calif.
Francisco
Hooker
—
—
Lear & Co.,
randum
1
—
Chase
— Analysis — Courts &
Marietta Street, N. W.,
Atlanta 1, Ga.
Lehn
&
ville &
Reed,
—
Grant Building, Pitts¬
:."Vt
E.
F.
Manhattan
Fink
Products
Lehn
on
available
Fink
are
Products
memoranda
Manufacturing
Security Dealers Association
Life
74
Trinity Place, New York 6, N. Y.
HAnover 2-2400
Teletype NY 1-376; 377; 378
&
Illuminating
randum
—
First
&
Co.,
New
and
on
Diners
Association
.
Statler
Hilton
Hotel.
May 24, 1962 (Omaha, Neb.)
Nebraska
Investment
Bankers
Co.,
Association
Annual
Omaha
the
ceded
Field
Country
May 23 by
dipner party.
on
a
Day at
Club; pre¬
cocktail and
trading market in:
Common Stock
Oak
Club.
R. S. DICKSON
&
COMPANY
INCORPORATED;
—
Francisco
Members Midwest Stock Exchange
4, Calif.
available
•
Uarco, Inc.
is
-
a
-
memorandum
.
-
NEW
CHARLOTTE
Joint Pipe—Memorandum—
Peabody & Co.; 20 Ex¬
change Place, New York 5, N. Y.(
on
-
Lance, I nc.
Kidder,
Also
•
Corp.—
Analysis — Hooker &
Fay, Inc., 221 Montgomery Street,
Lock
Bankers
Corp.
We maintain active
vv;:;
raleigh
YORK
Columbia
ATLANTA
CHICAGO
greenville
"
greensboro
'
1
richmond
Rock,
May 19-23, 1962 (Detroit, Mich.)
Financial Analysts Federation
15th
Annual
Convention at the
Co.—Memo¬
California
Casualty Insurance Co. of
Tennessee
San
Investment
(Rolling
1962
Meeting.
United Fruit Co.
Nashville Railroad.
&
spring
Pennsylvania Group In¬
vestment
Memo¬
Plaza,
—
Adams & Peck, 120
Broadway, New York 5, N. Y. Also
Members New York
—
Hutton
Analysis
Troster, Singer & Co.
Group
11
—Study—H. Hentz & Co., 72 Wall
Street, New York 5, N. Y. Also
available is an analysis of Louis¬
Primary Markets
Exchange
Pa.)
Western
5, N. Y. Also available is a
United
Co.,
Stock
Governors
Association Meeting.
17-19,
May
Fay, Inc., 221
&
Silo Discount Centers.
Lance, Inc.
of
(Boston)
England
Bankers
A. M.
—
Memorandum
memorandum
on
Board
^
:of
May 15, 1962
Los
Montgomery Street, San Francisco
4, Calif.
York
memorandum
a
?.•
Association
meeting at the Dearborn Inn.
Southern Pacific Company—Anal¬
ysis
available
is
/
.
Board of
Firms
—-
5, N. Y.
—
of
Meeting
Governors.
,?
Wall Street, May 17-18, 1962 (Nashville, Tenn.)
Also available Nashville Association of Securities
Dealers annual spring party.
burgh 19, Pa.
Electronics
Bankers
Corp.
Tassette
For
Spiring
*
report on Cenco Instruments
a
International Resistance Company
Bulletin
De Witt Conklin
Laboratory
Investment
Kidder & Co., Inc., 1
Corporation, 660 Madison Avenue,
New York 21, N. Y.
Corp.—Analysis—Schwabacher
"''J,""'*.
Springs, W. Va.).
New
New York 5, N. Y.
Electronic Research
Street,
Report
Office of the Secretary, The Hertz
International
Co.
Insurance
Spring
Co.
(White Sulphur
May 9-12, 1962
Angeles 14, Calif.
Simmons
Annual Report
—
Savings Banks 42nd annual con¬
at the Olympic I Hotel.
Co.—Analysis—
Report—First California Co., Inc.
647
(Seattle, Wash.).
Association of -Mutual
Association
Security
Mott
;
Kinnard, Inc., 133
Street, Minneapolis May 14-15, 1962 (Detroit, Midi.)
2, Minn.
Associates, Inc., 600 Old
Country Road, Garden City, N. Y.
De
National
,
Craig-Hallum,
Hotel.
ference
Co., Inc., 105 West Adams St.,
Chicago 3, 111. ■ V ■
„
'
G.
•
Exchange Con¬
Registered Representa¬
Selection and Training at the
on
May 6-9, 1962
Clair Specialty Manufacturing
Corporation—Analysis
—Tri State Securities Co., Inc.,
2061
Broadway, New York 23,
Stock
Pittsburgh Securities Traders As¬
sociation ; Annual
Spring j Outing
at the Oakmont Country Club.
Smith
of
&
%
York
Commodore
Electronics; Co., Inc. Analysis—Stifel, Nicolaus
Glickman
Graniteville
review
a
Analysis—Boenning & Co., Alison
Building, Philadelphia 3, Pa. Also
A and B
tive
Corona Marchant.
Taylor Instrument Cos.
KEWANEE OIL COMPANY
New
Broadway; New York 5, N. Y. Also
South Sixth
(New York City)
May 2-4, 1962
Parke; -May 4, 1962 (Pittsburgh, Pa.)
Sheller
and
of
Astoria.
Distil¬
Corp.,
Corp.
Association
Traders
New York Dinner at the Waldorf-
Neu
Corp., National
Co.
&
Corp.—Study—Vilas & HicBroadway, New York 4,
N. Y. Also available is a study of
key,
Security
,
& Co.,
ference
Broadway, New York 5, N. Y.
hem
Majestic
—
Bank N. V.—Bul¬
letin—Oppenheimer,
120
(New York City)
April 27, 1962
America
of
Outboard
and
Philadelphia.
4, N. Y.
plicity Manufacturing, Hoover Co.,
Marine
(New York City)
April 26, 1962
Traders Association of
New York Bowling Match against
way
York
V-
Hotel.
&
Security
Organization, 120 Broadway, New
,
Investment Bank¬
ers
Association of America, an¬
nual meeting at the St. Anthony
way,
are
(San Antonio,
1962
Texas Group of
Cohu & Stetson, Inc., 26 Broadway,
—
■
April 8-10,
Tex.)
Electric & Gas Co.
Co.
King Edward
Sheraton.
Corp. and South Carolina
Ronson
Co., 1009 Baltimore
Avenue, Kansas City 5, Mo.
way,
(Toronto, Canada)
April 6, 1962
dum—R. W. Pressprich &
Pioneer Finance
Manufacturing
INVESTMENT FIELD
IN
Analysis —
Arthurs, Lestrange & Co., 2 Gate¬
Papercraft
—
For banks, brokers and financial institutions
EVENTS
Company—Report
Paper
Stern,. 30 Broad St.,
New York 4, N. Y.
way
Clevite Corp.—1961 annual report
Also
Burlington Industries—Review in
man
compari¬
Bulletin-
New York 5, N. Y.
way,
Corp.
Burlington Industries.
Aircraft
Folder
•
Insurance
& Co., 22 Light Street, Baltimore
2, Md.
—Herzfeld &
Specialties^
Row, Hartford 4, Conn:;
Building,
—
Standard
Life
Poor's Corporation.
Oxford
Oswego Falls, Fedders Corp., Sim¬
Laboratories
Andersen
Atlantic
Kansas
and
Land
in¬
.
Annuity
Co.—Memorandum—John C. Legg
Kern
of
Rotterdamsche
Zahner
—
reviews
American Distilling
Co.,
Stores. ,:Vv
variable
Carl
Loeb, Rhoades & Co., 42 Wall
Street, New York 5, N. Y. Also
are
Report—
Corp., Philip Morris and Safeway
M.
can
Ameri¬
Van Lines and Canadian Oil
—
N.Y.
tics
—
Analysis—Bateman, Eichler & Co.,
453
South
Spring
Street,
Los
Angeles 13, Calif.
randa
—.
Review
—
—
Shearson, Hammill & Co., 14 Wall
Street, New York 5, N. Y. Also
available are reports on Heli-Coil
Co.,
America—Report—V. K. Osborne
& Sons, Inc., 241 North Beverly
Alpine Geophysical Associates,Inc.; Drive, Beverly Hills, Calif.
Analysis — S. D. Fuller & Co., Dr. Pepper Company — Data —
26 Broadway, New York 4, N. Y.
Auchincloss & Redpath, 2 Broad¬
data
—
New
Northrop Corp.
Fund Insurance Co., North
Calif.
&
United States Freight
Street, West, Mon¬
treal, Que., Canada.
Packing Co.
Foundry.
Bank, Ltd.,
Blunt, Ellis & Simmons, 111 West
Information
Department, * KitaMonroe Street, Chicago 3, 111.
hama, Higashi-ku, Osaka, Japan.
—
Fireman's
Co.,
New
&
Street, San Fran¬
cisco 20, Calif.
Canada
of
Fund
Thursday, April 5, 1962
300 Montgomery
—
St. James
Denton, Texas Independent School
District Bonds
Bulletin — Stern
Shields
Florida
132
Emanuel, Deetj en & Co.,
120 Broadway, New York 5, N. Y.
by-company rundown on 50 lead¬
ing defense suppliers—In the April Abbey Rents—Bulletin—Mitchum,
issue of "The Exchange Magazine"
Jones & Templeton,
650 South
—20(5 per copy, $1.50 per year— Spring
Street, Los Angeles 14,
Exchange Magazine, Dept. 7,
—
Co., 120 Broadway,
New York 5, N. Y. Also available
are
reports on Weyenberg Shoe
"^'^V'- Brothers
The
North American
County
Report
—
&
Plaza,
Ltd.—Review—McFetrick
available
—
Co.
5, N. Y.
1962 is¬
Stock Selections—Spring
Ind.
Manhattan
Chase
available
Corporation
Manufacturing
1
York
Analysis—Golkin, Bomback & Co.,
67 Broad Street, New York 4, N. Y.
sue
Defense Spending
Industry
Los
Laird, Bissell & Meeds, 120 Broad-,
Paper Equities—Analysis—D e a n
Witter
Street,
Spring
14, Calif.
Reynolds
Electric
.
.
Study—Nikko Securities Co., Ltd.,
-'i;
Burroughs Corporation
INVESTMENT LITERATURE
Matsushita
.
*
miami'. *• jacksonville
Volume
Number 6148
195
.
.
.
The Commercial and Financial Chronicle
(1613)
time to regain full production and
full scale flow of products
Range and Prospects
resume
to customers..
*.
«
Financial
.
small extra in stock and elevation
Yale & Towne,
consistently, has
supplied leadership in its industry,
and is particularly well situated
,
Sturdiness
9
oi sales and earnings to substantially higher levels. YAT has many
side, Yale &
displayed an unusually
high degree of solvency and profit¬
foreign manufacturing operations.
elements, including durability and
dependability, usually associated
with quality
equities, and would
Because it
appear to offer above average
ability
From Trucks and Locks
tile
On' the
with
financial
Towne has
By Dr. Ira U. Cobleigh, Enterprise Economist
A consideration of the merits of the common stock of Yale
& Towne
year-end
,
welter of
a
opportunities, within the expand¬
ing European Common Market.
tracting
investors by
corporate
profits derived, variously, from
Improved
trading stamps, talking dolls, parttime
secretaries,
safflower
and
seeds, it will, perhaps, be refresh¬
ing, today, to look at a company
that has been earning and paying
dividends for
sixty-three years, by
producing more traditional and
familiar items. The company is
Yale & Towne, a leader in ma¬
terial handling equipment for in¬
dustrial and construction purposes,
and renowned for decades for its
locks and
latches.
■
.
Yale & Towne has just reported
on
its
1961
results.
Sales were
$130,589,714. Although this figure
was
5.3% below the 1960 total,
the decline was due, mainly, to a
strike
22-week
in
the
truck
lift
,
Yale
Towne
has, within the
two years, taken a number
steps, looking toward increased
operating efficiency and: rising
profitability. The Automatic Divi¬
sion has stressed
cost improve¬
ment, discontinuation of unprofit¬
of
and
lines, simplification of design,
standardization
ents.
In v the
of
Material
compon¬
Handling
Division, the long strike resulted,
not from any disagreement over
wages or hours, but from a deter¬
mination on the part of manage¬
ment
to
achieve
increased
em¬
ployee productivity, and to
overcome
costly
the
efforts
union
certain
of
restrictions.
consists
stock listed
stock
has
a
on
value
of
357/s.
and
27%, with
dend of $1
dividend
an
In
paid in January.
of dividends, Yale &
Towne has a proud record. It has
was
1899, and there
split in 1956.
a
A
ago.
new
effective
became
1962. It
times
January
plant in Philadelphia, which was
not settled until January 29th of
designed
this year. Under the circumstances,
improved, but it will require
$2.30
to
create
a
stock
and
\
election of
and
Lawrence Butner
Television Department
Albert Frank-Guenther Law,
Inc., national advertising and pub¬
lic
relations
agency,
has
been
announced.
Mr.
of
to
Butler, who is also Manager
and TV, will continue
make his headquarters at the
Radio
agency's main office in New York.
He joined AF-GL in 1956
time
buyer. He
ager in 1960.
was
per
an
a
current
yield of about
produced new highs in sales
profits in domestic hardware
and tractor shovel
This announcement is neither
operations.
an
The
increased cash
lie the
possibilities
ties
dividend,
South Flower Street.
a
business
from
offer to sell
nor a solicitation of an offer to buy any of these Shares.
offer is made only by the Pros pectus.
Operating Divisions
& Towne is a divisionally
organization. In domestic op¬
the
Trojan
division
king-size tractor shovels
on huge rubber tires and
erations,
makes
946,454 Shares
that roll
chew up whole mountain sides
can
in
roadbuilding, mining
ing.
lift
There
or quarry¬
Consolidated
divisions for
two
are
trucks, the Automatic Division,
specializes in the manu¬
Ed
which
facture
and
sale
of
trucks;
and
the
Yale
electric
of New York, Inc.
lift
Materials
Handling Division, which produces
and markets gasoline, diesel and
propane,
duction
at the
well
as
this
in
latter
Cumulative Preference Stock, 4.12% Convertible Series A
electric-
as
lift trucks. Principal
power
($100
pro¬
division
Philadelphia plant, supple¬
by
the
Forrest
City,
Convertible, unless previously redeemed, into Common Stock
mented
hoists
operated
also
at
conversion
price of $80
per
on
and after June 15,1962
share, subject to adjustment in certain events.
Company's outstanding Common Stock
for the above Preference Stock at the rate of
The MHE
tion, a finance company
provides lease or credit
a
Holders of the
lift trucks.
Corpora¬
and
value)
is
Arkansas plant, which now manu¬
factures electric hoists and hand
There is
par
one
are being offered rights to subscribe
share of Preference Stock for each 17 shares
of Common Stock held of record at
the close of business on March 29, 1962.
Subscription
Warrants will expire at 5 P.M., Eastern Standard Time, on April 16,1962.
which
accom¬
modations,
if desired, for cus¬
tomers of the company or its deal¬
in
ers,
United
the
States
and
company's
sales
Canada.
A
third
lock
of the
'from
comes
the
operations
items is
which
now
of
Subscription Price $100
94
these
concentrated in four
The
modern
plants in the Mid-South,
which, together, serve the hard¬
ware
marketing
divisions,
and
benefit
from
products
new
stantly being developed at
Research
ware
Forge,
Yale
&
new
edifices
Insurance
such
as
and
the
Pavilion
United
the
Copies of the Prospectus may be obtained in any State from only
such of the undersigned as may legally
offer these Shares
Can
in
Science
World's
Abroad, Yale & Towne has four
manufacturing plants, in Great
Britain and Germany, employing
about 5,000 people; plus licensed
manufacturers in France, Italy and
Spain. There is also a plant in
Canada, and extensive manufac¬
MORGAN STANLEY &
arrangements
,<
in
Latin
BLYTH & CO.,
plus these wide¬
spread marketing and manufac¬
turing facilities abroad, made the
major profit contribution to the
company's consolidated results in
1961. Ahead lie even wider market
CO.
THE FIRST BOSTON CORPORATION
EASTMAN DILLON,
INC.
GLORE, FORGAN & CO.
GOLDMAN, SACHS & CO.
UNION SECURITIES & CO.
HARRIMAN RIPLEY & CO.
Incorporated,
KIDDER, PEABODY & CO.
MERRILL LYNCH, PIERCE,
LAZARD FRERES &
CO.
FENNER & SMITH
LEHMAN BROTHERS
SMITH, BARNEY & CO.
Incorporated
America and Asia. Exporting from
;
compliance with the securities laws of such State.
Angeles,
States
Seattle
International Operations
the United States,
set forth in the Prospectus.
was
Fair.
turing
as
year,
distinguished
Los
agreed, subject to certain conditions, to purchase any
both during and following the subscription period,
offer Preference Stock
hard-,
Continental
Stadium,
at
have
Valley
Last
Buildings in New York, The Con¬
stitution Plaza buildings in Hartword, Connecticut, The Dodgers
Baseball
Underwriters
may
the Equitable Life
and
several
unsubscribed Preference Stock and,
con¬
hardware
Towne
in
a
in
Center
Pennsylvania.
specified
Share
a
and
began
Production
ago.
years
hardware
STONE & WEBSTER SECURITIES CORPORATION
'
''
WHITE, WELD & CO.
•
Incorporated
April 3, 1962.
i
Opens
offices
Yale
run
Y
ANGELES, Calif. — Edward
L. Johnson is conducting a securi¬
share net held up very well
$1.75, against $1.91 for the year
On the brighter side, last
and
chief
Man¬
LOS
Ahead
an
E. L. Johnson
investment grade
earlier.
year
as
named
•
per
at
^
of
earnings of
share. Purchase at this
3V2%.
retain,
HT
Assistant Vice-President in the
Radio
de¬
products.
the kind of
not
for
attract,
strong
The
as
A T?
i\r "Ijrlj AffGIlCV
estimated '1962
stock at
capable personnel.
some
could
price provides
1,
provides funded benefits,
ciency, since resumption of work
at
the
Philadelphia plant,
has
expand capital equipment
buy for "pie in the sky"
speculation, or appraisal at astro¬
nomical price/earnings ratios. At
27%, YAT sell^ at about 11%
retirement in¬
on
to
people
plan for salaried employees
Effi¬
en¬
in
YAT is
2Vz
ently 10,369 employees, almost ex¬
actly" the same number as ten
come
afford
of
and
mand for Yale & Towne
About personnel, there are pres¬
years
sales
outlays,
every year
since
products,
assurance
addition,
ness
and
Butner Elected
measures
was
mar¬
Current
profits in 1962.
the
proposed
tax
Washington,
pro¬
viding special incentives to busi¬
quotation is
indicated cash divi¬
share. A 2% stock
Speaking
for 1
es¬
certain
possesses
advanced
hanced
per
paid cash dividends in
economy,
characteristics.
considerable
Current
de¬
languid mood.
common
the
however, appears quite
favorable. The high general level
of industrial 'activity
oi mqustnai
activity prevailing, t)
the improved corporate operating
£)y
efficiency, the introduction of new
$30.08 per share, and ranged, in
price, during 1961, between 27%
and
fensive strength should the
ket
continue
in
a
moping
of
outlook,
the NYSE,
book
and
somewhat vola¬
serves
sections
cyclical
of
followed
The
export
pecially the construction industry,
million in long-term debt,
by 2,238,629* shares of
$26.9
its
to
YAT
cur¬
only $15 mil¬
Capitalization
common
Efficiency
past
able
showed
last
$79.1 million against
current liabilities of
lion.
issues at¬
newer
Its
years.
statement
rent assets at
Manufacturing Company.
With
the
over
respect
DEAN WITTER & CO.
at
615
The Commercial and Financial Chronicle
10
(3) To con¬
separately a large group of
c a s e s,
roughly 100 in number,
which have been on our docket for.
traordinary problems.
In SEC
SEC head details measures to
lpng time and have been most
unsatisfactorily prepared, and
where the registrant has not filed
a
and
*
,
corrective amendments. They
for practical purposes dead,
but they refuse proper burial.
any
,>■
/£
hasten the effective date of filings,
are
to
As to
inadmissible registration statements, and to
reduce the record high backlog. The full cooperation of the bar and
the financial community is particularly sought in five areas. Tabula¬
tion shows over 30% of the .more than 21,000 issues registered since
*1940 were-filed during the last 3% years.
weed out
a
statements
and prevent
majority of registration
now
filed
with the
-
Commission, the Commission con-?
tinues to be concerned about their
viewed
sufficiency iwhen
-
light' of the requirements
Securities Act of 1933.
in
the
of the
Many pre¬
sent such problems as to require
of steps," and is
insistence by. the staff that regis¬
considering others, to reduce this
tration statements, which do not
delay in access to the capital mar¬
Statements being filed with the
in substantial respects conform to
Commission. For. the eight-month kets.- Earlier releases have an-,
the statutory requirements, not be
nounced rule changes to facilitate
period ending *
received for filing or, if filed, not
the handling of materials received.
Feb. 28, 1962,
be
examined
unless
materially
Processing procedures have been
1,550 state¬
amended.
In certain cases; the
streamlined and, where appropri¬
ments
were
staff reviews; the: same; statement
ate, have been restricted to a lim¬
filed,
a
60%
two or three. ..times because of a
ited review of the materials filed.
increase
over
series of amendments.'. In others,
The staff has accorded, and will
the previous
the staff must write lengthy let¬
continue to apply, this treatment
Fiscal year 1962 will clearly result
in a record number of registration
taken;
number
a1
'record num¬
generally
968
the
of
for
same
year.
and
eight-
Form
on
S-8
Miller,
meeting
partner of Piper, Jaffray & Hopwood,
new
while in Chicago
head office of Cruttenden, Podesta
be
filed
William L. Cary
Ilis
.
Miller,- who planned and supervised the firm's ;
(209 South La Salle Street) to the new
La Salle-Jackson Building.
Podesta
den,
&
from the Rookery
move,
.
.
most registra¬
of public -utility
and
inlteht ofth^d/sriosure CHICAGO, Ill.-Cruttenden, Po- investor services, across the board,
reonirementi and the facts ' 9 ? clesta & Miller has;completed its And beyond these immediate;
statement
to certain others
established
by
with
the
,
.
.
companies
which have filed financial
mation
totals
<
:
p
infor¬
Commission
The
within recent periods.
staff
of
move?
,
rnnttarQ^-ntt
Commission
the
into;
on
floors
of
is
Building,
new
head-office quar^
fourth
the
ters,
- •*
*"
Salle-Jackson
La
the
fifth
and
Walter W. Cruttenden,
and
partner, < has
ah-
concerted effort at this founder
nounced.
of filings and the length of the
The firm had been at 2G9 South
The
March
backlog has now pre-effective period of future fil- La Salle Street since 1942. Previreached an
unprecedented high ings. We are hopeful of achieving
companies that have never before
ousiy
and from the time of its
been
subject to the registration (801 as of March 15, 1962) because these goals, but only in a manner founding, as Fuller, Cruttenden &
of the unprecedented number of consistant
with the tradition
of Co. in 1930
it was at 120 South
process
and to the concomitant
filings. We appreciate that further high standards of disclosure.
In La"' Salle.
The
firm
name
was
analysis of internal and financial
practical measures had to be taken this' endedvor, we need the full
affairs which is a prerequisite to
Changed to Cruttenden & Co. in
itq reduce,, that, backlog.
Under cooperation of the bar and/the 1942 and to Cruttenden, Podesta
that process.
It is these filings,
these circumstances we have re¬ financial
community: (1) Do not & c'0. in^ 1946..; The new name—1
that most often enta/1. jlepgthy re¬
view by the
staff because:
(1) cently decided upon" three more file a statement with the Commis- Cruttenden Podesta & Miller
to givo-summary treat¬ sion Unless you are completely' was announced a month
inexperienced counsel a n d —ac¬ steps:
ago, and
ment to a larger number of cases, satisfied
it
meets
the
countants may assist in their prep¬
statutory1, becomes effective uoon complearation; (2) the filings frequently including not only repeat filings, standards. Filing a piece of paper iion.of the current move. /
but other companies with a history to
"get in line" is a practice the
reflect a complex reorganization
Walter Cruttenden's announceof earnings where thfe registration ^omimssion cannot tolerate.
Commission cannot tolerate,
(z;
(2) mcnf sfrcscpd "the cnnntless nrgrnecessary to
prepare a company
statement is meticulously prepared Do not file
for the public market;
registration statements
(3) little
filed in fiscal years
The most signifi¬
cant factor is that approximately
two-thirds of the filings are by
1955.
and
America.
of the Investment Bankers Association of
°
companies;
of 496 and 849
1950
».
States Group v
for the recent Central
guide is Harold W. Jacobsen, Administrative Director of Crutten¬
tained greater
securities)
Minneapolis, toured the
&
familiarity with the
(for employee operations of the client and then
debt
a
of
that often: could
of comment
(left),
H. Neil Gilman, Jr.
-
be avoided if counsel first had ob¬
Form S-9 (for cer¬
statements
tion
compared
with
the
yearly
on
grade
securities plans); to
month periods
should
high
ters
state¬
registration
to
ments filed
tain
period
last
These
Thursday, April 5, 1862
.
,
Registrations
By William Li Cary,* Chairman, Securities
Exchange Commission
ber
.
Cruttenden Firm in New Offices
sider
Tackling Clearance Delay.
filed
.
(1614)
making
a
time to reduce the record backlog
Record High Backlog
,
'
:
and
the
financial
statements
are
public
financial information is
available; and (4) accounting pro¬ unexceptionable. After initial re¬
cedures and records are often in¬ view of a registration statement;
piecemeal.
statement
^^a] convemience^
i^catlw^lh all-new
Filing the registration
in complete form pre-
he
a
convinced /that,
are
the
we
move
places us in. the .vanguard of a
dynamic, financial-community expansion
program-—that the La/
Salle-Jackson and. Clark-Jackson,
corners are, in fact, the hub of the
Midwest financial community."
Highlighting the new office are
the firm's greatly expanded IBM
computer and electronic data
processing system; a high-speed
wire network, - connecting" 26 offices coast to coask ^electronic
quotation services, featuring- both
Quotron and Ultronics;, closed-
circuit television; and substantia
Mly broadened research facilities-
The move into .the La
Salle-
Jackson
Building, and installation
.equipment, was imuet
Ui tue 11CVVwas- under
of the
new
ad-office the 'Supervision?* of -Harold W.
completely
niL^s^He
evident, considerations,
more
kddech
Jacobsen> Administrative Director
of Cruttenden, Podesta & Miller-
necessity for re-exani- >
^
f
// Holabird & Root were the archithe staff will inform the interested
ining the statement as a whole
*
P^r firm is now equipped to fects .and decorators, and . Joyce
The great increase in
parties when it is to receive lim¬ when amendments come in. (3), By provide,-the absolute maximum of Bros, were the movers,
filings, and the high
percentage of new filings, have ited examination and will request reason of the period elapsing be- / ":
1 \
.
"
,>
v
- *
•
;
resulted in a lengthening of the receipt of satisfactory representa¬ tween the filing date and the eftions from the- issuer and under- fective
'date, it is frequently nec-t'—" 1 '■
1 1
V"
'
•'
TT
period between the filing and ef¬
vents
the
complete.
volume
-
of
.
,
%
..
fective dates of
writer,
registratipn state¬
ments.
where
and,
appropriate,
selling shareholders that the
reg-
to request that financial
statements be updated. Registrants letter, of .transmittal
essary
possible trou- been filed with the Federal Trade
should anticipate such . requests ble spots, and in explaining to them
The
Commission
has already
all
annlieable rennirementc
and be prepared to furnish finan-•■you?-financial time schedule. The
?•;:/Mfi;,ciaI data to the latest practicable '"registration process of the S.E.C.
*A
talk by Mr. Cary before a busi¬
To reduce the amount of review, date.
(4) Cooperate with the staff is not and was not designed to be
group
in San Francisco, California,
March' 23, 1962.
except in those cases having ex- in pinpointing to them in your' an adversary proceeding. We are
•
istration statement conforms with
.
ness
./>>■'4;/K4///4:^4/4;/''4//~'--4~:4^
trying,to assist you in your efforts
,/;■ to comply with the disclosure
This announcement is neither
any
Not
a
an
offer to sell
nor a
solicitation of
an
offer to buy
of these securities. The offer is made only by the'Prospectus.
New Issue
April 5, 1962
■"
phone,
as to the status of a pendfiling.
It is estimated that
:, Mng
these
v
CORPORATION
oting
calls
"
'
are
much
as
XX. normal
,
;'X:
presently
as
occupy-
one-fifth
of
week
working
branch chiefs.
different issuers, and proposed the
public/offering of securities aggregating $217.3 billion in amounj:
of
27%-year period.
„
den
to
our
conscience
not
the
$14 Per Share
staff.
and
As
a
grace,
a
From
be obtained from the undersigned only
end.
SEC
dealer in
can
Sept.
assumed
1,
.
ex-
the
filed
with
the
the Securities
be
when
4
1933
(in Billions)
'
3,328
42.8
981
13.1
1957
943
14.7
1958
913
16.9
1959
1,226
16.6
1,628
15.8
1961
1,830
20.1
1962|
the
under
-
12.2
30.8
1956
met.
for the
$18.8
1,367
2,719
1,689
13.5
421,077
$217.3
-
1955
yr.:
Total.
have been
Commission
No.
3,360 /
Filings, fiscal
administration
Act of
Amount
30:
1950
Filed/
1934,
years
June
19405l:
of the Securities Act of 1933, until
March 22, 1962, a total of 20,000
distributed.
Company
.
1945
of
should
yqu
/ registration statements
and
_
ceeded $204 .billion.
satisfactory solution to this
Statement
Burnham
,,
I960
matter
try to do so. It is only with
cooperation of all concerned
that
a
...
f°r salc to public investors
Twenty Thousandth Registration
may
,
our
(6) Fundamentally,
registration problem
in states in which the undersigned is qualified to act as
the Prospectus may legally be
.
Feb-
effectively
reS1stered with ;the .Commission
Filings five
'
Copies of the Prospectus
.
Through
securities
the
underwriter, the issuer and its af¬
filiates, and experts. As a matter
of law, you cannot shift this bur-
Par.Value $1 per share
securities and in which
1962
ruary
remember that the statutory bur-
Common Stock
Price
filed with the SEC by about 10,000
,// quirements of the statute so that (including securities added, . by
4/ prospective investors can exercise way of amendment, to statements
///'sound and informed judgments as previously filed by investment
£ v to the merits of securities. (5) Ex- companies). As indicated in the
ercise great restraint in considertabulation, over 30% of the filings
£ ing whether to inquire of members with the Commission were made
:/// of the staff; in person or by tele- during the last 3%, years, of the
367,000 Shares
DIALIGHT
re-
Commission proposing the. publicoffering of $1,382 billion of secunties.) The 20,000 statements were
*i„ciUdes prior period from Sept.
-
>
1, 1934
to June 30> lf)35-
fiieY^r^^
#20.000,
public offering of securities to the
-
investing public. (Previously, dur-
computinoj^
ing the period July 1, 1933 through
tra«°n Statements of investment companies
0
*
tThe
which
total
number
inoreased
the
of
filings
amount
of
Aug. 31/19.34, 1,093 statements had -covered by the prior statement.
exceeds
securities
..
.
Volume
Number
195
6148
.
The Commercial and Financial Chronicle
.
.
(1615)
if
British Equities' Outlook;
disregard, the amount held
we
sterling is offset by the inherent
a
11
Chemical Bank
The
present low level
counted fear that the
tax
proposal
level
—
""
v By Paul Einzig
of British stock prices —attributed
forthcoming Budget will contain
is expected to be succeeded by
the Budget is adopted.
'
;
to
Dr. Einzig's thesis is based
Elects Steiniger
International Business
of
bank
cal
Trust
Co.
been
an¬
nounced
by
afford
dis-..
it
less
Britain
lose
to
could
further
twp
/•
rising equity price
a
longer imperative to defend ster¬
ling, with the aid of a high bank
rate.
Indeed, apart from a tempo¬
rary
setback, sterling remained
remarkably - firm in- spite of the
is -smaller
result
smaller amounts than it could af¬
ford to lose bigger amounts
capital gains
a
weakness
deficit
;
counterpart to short-term
borrowing abroad.
Even if the
as
' .'"/
years ago.
7
Nor
there
is
\
f
:
;
indication
any
of
of other currencies
of
wnich
rate
better
spirit
among
trade
unions/ On the contrary, the orgy
Ofgreed
adopted
tionary
-
once
1964 —particularly
or
the
on
when Sterling remains remarkably firm.
/
r
Ster-
z/ was.
:
other currencies and, thus, appears strong enough to not require
of
a
high bank rate.
12
in
months
the
of
view
lessons
'//.•"sustained
they
learned
last year.
from
the
/unions."
r
losses;;
"'v///''
•'/determined
not
nurses
to
be
are
The election of
iger
to
the
Bank
ever
Edward
Advisory
New
has
'
.-
disinfla^
unless
it
to
was
S t e.i
-
-,
-
;z
While
the
gilt-edged /budget, day even if they are sold
at a profit later.
;
'V
term interest rates, equities failed
it seems to me most unlikely,'
to respond. "The Financial Times:
however, thatv the Chancellor ;of
March.
there is
firm
reason
trend
in
for
anticipating
equities
after
servative1
a
Government,
conceivable
the
or
alternative
for
ordinary
shares:
re-
versity and
D ir
any
Edward L.
Conference Board. He is
"demand'
for
the
level
low
equities
lies
in
For
of
cjjances
don
the
Stock
quite
that the Lon-
are
Exchange will witness
noteworthy revival during
»tfears * of arte unfavorable budget.^ the
coming financial .year.- Once
It is fully understood that there is the
budget has produced its full
going to be some form of capital effect
which, for all .we know,,
gains* tax, but the nature-of that may have already been discounted
a
—
'
taxf- remains
a
closely-guarded
particular the question
whether the tax will be applied,
retrospectively, and if iso to what
extent, is discussed with great in*-
secret.
—there is
In
worthy
in itself the
-
terest; 'but
nobody- knows
the
answer.,-Many holders of equities
who
had..bought
prices are
them^ at/lower,
likely to sell out before
budget day
£70
of
sideration
alone
is
sufficient
to
payments
mmf0n
last
the
of
this
►
bound to
to some
after^he
bank
two
Z,
-
offer to sell
an
of
rate
C.
all
of
Director and
a
the
the
Committee
Executive
American
stitute.
•'
Petroleum
////
//
Named Director
;
Stephen M. DuBrul, Jr.,
a
of
has
Lehman
elected *
Brothers,
director
a
partner
been
Franklin
of
Manufacturing Company, Minne¬
apolis, Minn., it was announced
by Jasper C, Hammond, President
of
the company.
if
IFC Securities
Opens
butIFC
equities
In¬
/ // " /
•
are
Securities Corporation
is en¬
gaging
in
a
securities
business
benefit-'by iVat any rate- from offices at 630 Fifth
Avenue,
extent.
New York'City. .
/ ' z"
'
•
v
an
offer to sell nor a solicitation of offers to buy any of these securities.
offering is made only by the Prospectus•.
"
,,
NEW
.
ISSUE.
March 30, 1962
reduc-
it
'
j
,
.
....
j
deficits
The
have dras-/
is in
a
ZZSZZ;$35,0OO,O0OZ7;:Z-ZLone Star Gas
downward direction. More-
over,' .as
I
pointed
out; in-recent
'iT
'
Z"
43/%
■
solicitation of offers to buy
any
.'•>
'
r'.r"
■
•
1*-
Company
^
-
/'V ^/..
,
/
'
;
*
..
.H
;
Sinking Fund Debentures Due;1987
April 1, 1962
Z
■
:
Z
!
•;
.
,
•
'■
Due
April 1, 1987
of these securities.
The offering is made only by the Prospectus.
'V
■/;•:/•/-
NEW.ISSUE
nor a
bad
This advertisement is neither
tically reduced the whole reserve: articles, the inherent weakness.of
This advertisement is neither
f
trend
upward
a mem¬
ber
.
Dated
'*
an
obviously
'The
.'only tions, interest rates in Britain are
is.-still' much higher than in most other
j
year.
the
Savings
was
year,
two. years
there is
*° the electorate.
...
of the, last
con-
Government
a ^
' and there are no indicaadvanced cpuntries^aiid the trend
tions pointing toward its disap-. of interest rates in most countries
pearance
This
•
slight improvement
the^currenrdeficit
balance
nouncement of the
tax.
in equities. '
Conservative
to stay in office at the cost
of relaxing its resistance to inflation. .For the alternative would
be a much bigger dose of inflation
if a Socialist or_Liberal Government or a Socialist-Liberal Coalition should implement even part
af the extravagant promises made
were
;
,z^ZzZ'//
0£
basic
economic situation
The trend abroad, too, favors a
would not iustifv such a recovery, policy of moderate inflation* Even
the assumption that
the new tax would not be applied
to profits realized before the anon
to expect a note-
reason
recovery
if-the
trustee
a
Bank, and
-
for
Corp., Kennecott Copper
Steiniger
of the Emigrant Industrial
^
reason
a
of
Oil
Corp. and the National Industrial
;
A
tor
e c
Richfield
the
Discounting. Unfavorable Budget;
of
lay trustees of
Govern¬
so,
is
of
Board
Fordham Uni¬
budget is that the government - is ment, would refrain from any un¬
efforts /to
check /the
not likely to resist too •firmly/the pleasant
;
Exchequer would go to that inflationary trend between (now trend. / ./-■• / /■//";'/
-/" ■'./ '
mained well under 300 and mainWhether the stepping up of in¬
length in appeasing militant" op- and the next general election in
tained a slight downward trend,
flation will be of sufficient
position to/the tax recently' ex- /1963v or 1964.
degree
In particular 'the
Even
the
unexpected
improve- pressed in no uncertain terms by revolt of the middle classes to enable investors and specula¬
ment of the balance of payments Lord
Ritchie, Chairman of," the against the policy of pay restraint tors to- "pinpoint the winner" as
for
1961
was
unable to
arouse
London
Stock Exchange.
While is likely to induce the government they did during the greater part
much demand for equities.
Nor he could afford to exempt'profits' to, change "its policy on the ground of the postwar period, or whether
did investors and speculators re - realized
during 1961-62 — espe- that'// what is the use of pursuing they will have to exercise great
spond
.to
indications
pointing cially as most equities showed a a sound policy if it is certain to care and discrimination in choos¬
towards an accentuation of inflaloss for that year—he would give lead'to a defeat in the next elec¬ ing their equities, is another ques¬
tion, in particular to
the
anaway
in all probability; quite, a /Lion2"z This/may sound/cynical, tion. It seems probable that, after
nouncement of a sharp increase in/ substantial revenue if he
applied but. those who hold such views the lesson taught by the heavy
railroad charges whicn are bound the
non
retrospective i principle have no doubt succeeded in con- ; losses1 on a great many equities
to trigger off another turn in the
also for profits to be realized .in vincing themselves that even from
during the past twelve months,
inflationary vicious spiral.
/
1962-63 on equities bought before the point of view of resisting in-, demand will be
more selective for
the beginning of that fiscal year, /-flation it is better for the country
a long time to come.
Even
index
He
Chairman
the
.
of
of
Oil
Corp.
/ in the obscene plundering, of the
.
market reflected the lower short- ;
niger is
Sinclair
for the sake of keeping down the
.."community. Pressure for higher cost of living. If an accentuation
LONDON, England —/In spite of create enough selling .pressure to/pay is expected to be stepped up of the increase in the cost of div¬
two bank rate reductions in close
offset any .pre-bud'get:buying,
re-/dhring the next few months. '• z/; ing does not endanger sterling be¬
cause
succession, the London Stock Ex- suiting from optimistic hopes'that -///./" ;V
there
is
a
/// v z/ "
]V.
corresponding
trend in other countries, I have
change remained on the whole the new tax would not !be applied
Why Equities May Rise subdued during the second half to
no
doubt that the present Con¬
any.
equities
bought
before /. The reason why is spite of this
........
Mr.
President
inconveniencemerely
any
H.
Helm.
up
with
left behind
on
Harold
the
Con.servat ives nor Socialists
deemed it
necessary to
put
now
Stein¬
Chemi¬
Chairman
defend
to '.safeguard
L.
Board
York
dwindling gold reserves/ Neither
y
over " middle-class
Government officials,
teachers,:trained
a
ho
postwar
government
essential
and
as
be
In
maintained
measures
sterling
la t e 1
;,ihg
'
-
Investors are seen acting selectively in the next
no
or
considered-
manual workers has been spread-
ling's inherent weakness is said to be offset by. inherent weaknesses
^
and selfishness which
hitherto, the .monopoly
of
will
reductions.
Britain
tionary pressures between now and the next General Election in 1953
v
any
assumption that the Government is unlikely to resist too firmly infla- V
it
//;-:/;z^-
H
/.
•
Price 100.50% and accrued interest
April 5, 1962
V
$90,000,000
Copies of the Prospectus
The Ohio Oil
.*
/
Company
1,
Sinking Fund Debentures Due 1987
"
Dated April 1, 1962.. /
•.
;
.
/•
•/
„
be obtained from
any
of the several under'
only in States in which such underwriters are qualified to act as
dealers in securities and in which the Prospectus may legally be distributed.
/
Due April 1, 1987*
'/j
'
may
writers
The First Boston Corporation
»•» »
<•»j.
...
«v\
t>
Kuhn, Loeh & Co.
'
Incorporated *
Merrill Lynch, Pierce, Fenner & Smith
*.
Incorporated
Smith, Barney & Co.
\
.Incorporated
Blyth & Co., Inc.
Glore, Forgan & Co.
Price 100.25% and accrued interest
Eastman Dillon, Union Securities & Co.
.
Goldman, Sachs & Co.
Harriman
Ripley & Co.
Incorporated
'
Kidder, Peabody & Co.
Lazard Freres & Co.
Lehman Brothers
Incorporated
...
Stone & Webster Securities Corporation
I
Dean Witter & Co.
White, Weld & Co.
V
Dominick & Dominick
Copies oj the Prospectus may be obtained from any of the several underwriters,
including the undersigned, only in States in which such underwriters are qualified
to act as
dealers in securities and in which the
Prospectus
/" i
;
"
Drexel & Co.
Lee Higginson Corporation
z
.
j
Lehman Brothers
Dallas Union Securities
Eastman Dillon, Union Securities & Co.
Incorporated
Blyth & Co., Inc.
;
'
Goldman, Sachs & Co.
•.
Harriman Ripley & Co.,
-
•
•
Glore, Forgan & Co.
-
i>
Moore, Leonard & Lynch
*
* *
R. W.
Goodhody & Co.
1 ~
*
r-
Rotan, Mos'e & Co,
,
Kidder, Peabody & Co.'
Lazard Freres & Co.
Baker, Watts & Co.
Chaplin, McGuiness & Co.
Incorporated
Carl M. Loeb, Rhoades & Co.
z
,
-
-
^
Merrill Lynch, Pierce, Fenner & Smith
•
*
Stone & Webster Securities Corporation
Incorporated-
White, Weld & Co.
•
p
4.
-
-
(
Dean Witter & Co.
Langley & Co.
Tucker, Anthony & R. L Day
Schneider, Bernet & Hickman, Inc.
Co., Inc.
,
Kuhn, Loeb & Co.
Company
First Southwest Company
..L
//-
Corporation
W. C.
Hallgarten & Co.
Incorporated
Z
Rauscher, Pierce & Co., Inc.
The First Boston
'
Shields &
legally be distributed.
may
Estabrook & Co.
*
"
«',
Smith, Barney & Co.
"
McKelvy & Company
Thomas & Company
i
Pressprich & Co.
G. H. Walker & Co.
The Illinois
r
Company
Incorporated
Singer, Deane & Scribner
Eppler, Guerin & Turner, Inc.
Dittmar & Company, Inc.
Incorporated
Paribas Corporation
John B.
Joyce & Company
Kirkpatrick-Pettls Company
R. A. Underwood &
Co., Inc.
12
The Commercial and Financial Chronicle
(1616)
and
the same amount of
and its products.--At the
time we imported 2.5 mil¬
pulp
The Paper Industry
r
.
paper
i-C same
lion
tons
of
wood
By Dr. Louis T. Stevenson,* Economist and Director of the
Paper Industry Department, Tucker, Anthony & R. L. Day,
New York City
newsprint from Canada.
7
depicts
Analysis of the paper industry's complexity and developments
growing and essential industry despite its cost-price squeeze
a
as
problems.
activities;
1961
industry
than
adequate
kinds of paper
very complex.
In 800 mills,
located in 45 of 50 states, paper
volume
even
is
and
cylinder type. Produc¬
from less than 10
day to 1,000 tons or more,
a
vary
newsprint, and
contain¬
mammoth machines.
The
grades
ers,
on
basic
this
shipping
cellulose
is
material
fibre. Wood is the
Dr. L. T. Stevenson
seldom
raw
as
for
principal source
supplemented
realized.
and it is sometimes
Paper is vital to all communi¬
cation systems, not only through
by waste paper, cotton fibres, rags
or flax.
Wood supply, water and
accessibility to markets are the
the
printed word but the tele¬
phone system, television and space
communication, all dependent on
paper which is used in their tran¬
sistors,
cables,
etc.
for
proper
functioning. John Glenn could not
have
"made
it"
without
paper
of
determinants
chief
mill
loca¬
tion.
A Growing
In
United
the
in
million.
35.8
support him. The electronics in¬
dustry could hardly have been
Industry
1961, the total tonnage pro¬
duced
to
is
It
a
States
shipments to the
from
board.
wood
pulp and kraft
the
industry
This
hopes to expand and through its
associations
have
approved the
President's
'was
growing in¬
dustry, by 40% between 1950 and
has
tariff
even
Common
Market
and
other
And
means
One
just
damage
to
think
of
what
just to Wall Street.
cannot
the
A paper mill requires a large
capital investment (about $30 to
$50 million)
and
it takes two
to
five years to plan and
build. It is
highly mechanized through pulp
and paper
production when the
paper can be shipped in rolls off
the paper machines.
However, if
the paper is cut into sheets and
sorted
or
otherwise
processed,
considerable
hand
work
is
re¬
quired.
With
ment
of
the
and
the
large
end-
cyclical, direct or indirect. Taken
as
a
whole, the paper industry
with
the
busi-
cycle but the swings vary by
ness
end-use and
small when
are
the
capital
continuous
conceive
of
if
tries
Common
the
makes
industry were to be closed
long as the steel indus¬
try was in 1959.
In my book,
paper is more essential than steel.
The industry, as a unit, has never
Market
account for the
remainder.
the
economy
the
and
Russian
about
coun¬
com-
industry
the
total
of
as
These
world production.
Paper and pulp are traded ex¬
tensively over national bound¬
be-
•
which
-
is
widely
divergent
segments.
its
cyclical fluctuations and
concerning
fu-
capacity, combined with the
fact
that
it
requires about two
years to plan and build a mill,
present a serious problem to a
manufacturer.
He
judge the
growth pattern of his product but
not
the
timing of the cyclical
fluctuations.
can
There
is
are the prospects for growth, and
how cyclical is its behavior? What
is the timing of its cycles, if there
any?
are
Are
the
end
In
1961
the
sometimes
when
resulted
cyclical
in
pe-
recessions
coincide with large capacity rises
and
what is called "excess ca-
pacity"
results.
erators
and
Experienced opthese situations
recognize
the
that
fact
demand
Another important aspect to be
considered with respect to an individual company is its degree of
integration in
in-
is
raise
lower
or
nnn<?nmprl^
But
fi 11
must
total
We have many combinations of
steps
theefficiency
United States
exported 1.2 million tons of wood
any
ins+cmnh
in^ unbleached
liner-
board*.tomeofThe "other grades
profit margins. Much
ume
of the vol-
production is made in mills
which
own
or
control large wood
supplies, make their own pulp and
paper and then convert it into
useful products. There has been
of recent years a rather strong
movement among paper mills that
do not have converting plants to
acquire them through mergers,
These readjustments have proved
be
difficult
in
some
in the white paper
there
have
been
with
mergers
number
a
independent
merchant
of
paper
houses.
This is being
questioned by the Department of
.
Justice
as leading to unfair competition. The industry is watching
this action with
than casual
more
interest.
■
A Doint
to
7-fh
fin
consider
in
connec-
th
,,verting
jobbing companies
or
is
that the margins on sales of the
ac<>uired companies normally are
smaller than those of the Parent
and
.
the combined,
op-
eration tends to lower the margin on saIes but not necessarily
*hat °n
" is
:
tated
price margins
tended
by law or custom, make for
confusing picture with respect
to industry annual capacity data.
Paper and
survey
of
Pulp
Association
planned new capacity and I know
the
problems and
compromises
too low, have
prices in some
were
stiffen
to
grades.
I started the American
an offer to sell nor a solicitation
of an offer to
of these securities. The offering is made only by the Prospectus.
economy.
*An
the
Cost-Price Squeeze
New
April 2, 1962
York
by Dr
Society
Stevenson
of
jj
SpPliriTlPS SO
rates
Labor
have
rapidly since 1950 and
this large capital ex-
up
offset
penditures have .been
raise productivity and
competitive
positions.
Lines, Inc.
Common Stock
($3.00 Par Value)
Share
before
Junior
Invest-
"g* Analysts, New York City, March 13,
made to
maintain
But
de-
{J
Q
n
-
^
t
Darius
Inc.,
New
'
U
ItlCD UUIU
.
York
City, reports that the recent offering in
units 0f 80,000 common shares and
40,000
stock
purchase
Controls, Inc.,
unit, has been all
common
warrants
Broadly speaking, the paper industry is a growing and essential
industry dependent for its raw
material on a renewable, natural
resource (wood). Much of its production and end-use has cyclical
aspects but the fluctuations are
minor when compared with durable
goods.
Production
and
ownership is widely dispersed as
compared with
steel, which is
rather
highly concentrated. Investors
who
have
stayed with
common
shares
entitling
the
have found it quite profitable over the long term.
1
j
wOR LTOIS
D.
.
^
spite this, increased costs have not
compensated for by higher
prices.
been
203,687 Shares
v: \
.
address
Analysts know of the cost-price
squeeze. It has developed in many
industries. For the paper industry
as a whole, it began when prices
to
NEW ISSUE
Price $37.25
per
cases,
field, where
is normally sold to printers,
paper
have shown signs of similar strain.
The upswing in the business cycle
moved
Delta Air
with
management handles and
combines them is answered in the
company
nf
r situation
at
price
a
InwL
wrnm
that
mills
all costs and then there is
In a
in
nr
feel
their
ud
but
which
volume
mills
npw
operators
exnerienced
thev
the
v
user.
.7
elastic
(namely,
that
slight
changes in price will not promptly
the channels from
material to the ultimate end-
raw
apparent from this that one
?annot analyze a paper company
together with a downward change *n a vacuum. Its mainspring is in
.7
in 1962 reported capacity figures,;
end product mix as well as its
Output Swings
added to the general recognition Plsce in the paper industry and
7 7
that in turn in the overall
variations, sometimes dic¬ in the paper industry that cost-
This announcement is neither
buy
products
.
stabilized.
aries.
con-
individual
an
company is its product mix. What
the "to
also
problem of appraising the plans
of competitors when he is adding
to
capacity. These uncertainties
a
5%
rate
uncertainties
riods
papermaking
•
the
of
up
within
goods
ture
nature
process the
ideal plan of pro¬
duction is to operate 24 hours a
day, seven days a week.
There
are, however, some practical limi¬
tations to this. Most of the mills,
large or small, operate on three
eight-hour shifts a day. The large
integrated mills making their own
time.
made
durable
growth
average
invest¬
theoretically
bulk of the
with
pared
have
1960.
paper
down
springs from
volume fluctuates
These
.
carrier.
Demand
and it may be cyclical or non-
use
•-{?,' ''""a; • ■::[;
pulp try to operate continuously
By
1965^production will, seven
born without
the
use
of paper.
days a week.
But even
reach about 40 million tons; by
Electronic
these must shut down for holi¬
computers
require
1970, 45 million. Last year the
hundreds of thousands of tons of
days, and repairs and mainten¬
United States made over 42% of
ance
tabulating cards each year.
Blue
periods, and general im¬
all the paper in the world. United
print and drawing papers are re¬
provements
7: '
;
States production is about four
quired before an airplane can be
Other smaller, non - integrated
times that of Canada, the next
built or a ship launched or any
mills which buy their pulp and
largest producer.
Together they
construction started.
It requires
other
raw
materials
generally
produce 52% of the world's sup-*
over a carload of blue print paper
consider six days a week as full
Scandinavia, Britain, Japan
for the construction of an aircraft ply.
paper
analyzing
widely
differing
end-uses,
However, for the small mills it is
usually, possible to identify the
or a
may
linerboard
essen¬
tial,
of paper, some of which are made
in
for
countries.
depending on which kind of paper
In general, the smaller
mills make specialty papers while
the larger ones make such heavy
mind. At pres_
ent the indus¬
is
usually
grades
of
,
rates
in¬
is made.
decidedly
changed
its
try
which
number
,a
drinier
it
more
companies
active in
are
the
tion
war
over
was
Supply and demand analysis is
difficult,
when .considering the
larger
One important element to
.
sider
mills is the paper ma¬
which is either a four-
tons
but
before the
'
.
chine,
in¬
dustry as non¬
essential
men-
7
all paper
an
end-uses is made.
About the only thing common to
classithe
are
*
*
havior. The paper industry has an
for
description
every
finite variety of
Pro duction
fied
production ratios
proposals, >' and
gone further and pro¬
posed that reciprocal free trade
in pulp and paper be the aim of
our
country's negotiations with
of
War
II, the War
Board
rived
try is
functioning of our civilization and
our
economy.
At the outset of
World
...
■
tion.
,The industry's
running at a rate of about
$500 million annually, mostly de¬
in 1690.
United States paper indus¬
The
.
when
been
■
"
shut down since it started
supply
of many
is essential to the
necessarily enter into them, weloping,... and mapy have these'
surveys should not be reprofitable specialties.
•*
garded with the sublime confi•
"
" "
dence
which
seems
to
prevail *
Product Mix and Integration . „■
tied in with demands .that are;
only temporary?/These are key
questions which range well beend-u.sp. f0£ much of.Pieir ..pjcpcjuc- yond the data sheet in importance,
liner
An
that
These
tioned in the Street.
we
more
Thursday, April 5, 1962
.
Common Market and Britain have
that investors who
long-term results. The
grew 40% between 1950 and 1960, achieved 35.8 million
in1961 and is expected to reach 40 million tons in 1965
and 45 million by 1970.
"*'.
stayed with paper obtained profitable
tonnage
paper,
-
Dr. Stevenson describes the multi-faceted kinds of paper
discusses the important elements one should consider in
evaluating an individual company; and observes
have
of
tons
imported $600 mil¬
we exported. Im¬
ports from
Canada were about
$900 million, while we had a fav_
orable
balance, of $300
million
from the rest of the world, prin¬
cipally Europe. • ' ,:V
\7. /7,
;
In
lion
it
5.8
mostly
and
pulp
million
.
at
$4.50
sold.
of
U.
per
Each
S.
unit
consisted
within
•The
Ave
?
an
18-month
N.
purchase
at
$2.25,
410 A Fourth
Y.,
develops
automatic
It will
two
period,
of
company
Brooklyn,
and manufactures
^rol SyStems.
to
share
of
warrant
a
holder
additional
one
and
con-
the pro-
use
ceeds
from
this: financing
for
promotion, research and development, advertising and work-
saies
canital
paper
Copies of the Prospectus
may be obtained in any State in which this
announcement ts circulated
from
only such of the several underwriters as may
lawfully offer these securities
in such State.
tary
Courts & Co.
Blyth & Co., Inc.
Merrill Lynch, Pierce, Fenner & Smith
Shearson, Hammill & Co.
W. E. Hutton & Co.
I. M. Simon & Co.
A. C. Allyn & Co.
G. H. Walker & Co.
Incorporated
01 alld Paper
r\nn
wf /-\plr- OfiPVPn
kJLULJA. V/liUlCU
TnTnroiiTon 3ahf Acer's An offering °f 80'000
condenser, cigarette? bible shares °f °rland Pa'5er ^p., at
paper, carbonizing tones used in
'L^vel^
business forms, glassine, greaseas
Dean Witter & Co.
Incorporated
Reynolds & Co., Inc.
analysts know of the
production mills in the saniand packaging fields. But
Security
mass
proof,
Hemphill, Noyes & Co.
Equitable Securities Corporation
Lee Higginson Corporation
v
of
number
known
n;ng
eget'able
photographic
and
papers
parchment,
etc. etc. The
specialties
there
are
is
very
not
few
published statistics. Many of the
romnanies
companies
privately
owned
these
nese
makine
making
owned,
companies
but
are
are
are
publicly
always de-
™gE
Corn
Lone
Beach
N
V
TRoberts^^to^EJst
Orange, N. J. Proceeds will
used by the company for debt
Payment,
t
equipment,
be
re-
inventory
and w°rklng capital.
T
L
Headquartered
L>
Orlando
is
in
Oceanside,
engaged
in the
manufacture of miscellaneous
paper products.
Volume
195
Number
6148
The Commercial
...
and Financial
Chronicle
(.1617)
United
the
Best
Way to Buy Stocks
In This Uncertain World
Mutual fund head
lems
this
averaging
year,
bond
prices before the year's end. As for stock
they will advance
>
much
as
:
viction
that the "most
this
In
things
bigger
in
was
college
I
all
•,
..
the
time.
V...
■
had
conviction
a
that
two
things in
ticular
par¬
would
happen in
that
viz:
because
rivals
that
o
r
do
Hugh Bullock
society
as
went
years
on.
why has this been? Because
political power is in the hands of
people wno like what government
t
do for them,
This
is
the
State.
The
much
good
for
our
friends.
our
as
numerous
as
loaned
Free
World
day
feet.
factories
think
since
rebuilt
for
State
does
many
spent in foreign
ended?
war
$101
re¬
was
tary
aid.
Europe,
About
half
of
state'
and
local
25%
of
getting
to
as
burden
taxes
it is
don't
ever
get
take 'more
Gross
let
believe
will
once
on
National
that
be
be
us
so
the
tax
reduced.
If
the books and
that the
country can live
them, they will stay there
seen
under
forever.
The
ffSif-P'yy ':;7
cornerstone of the Welfare
State
is
1946.
That
the
Employment
the
is
government
Act
of
It
gives
mandate
a
bible.
to
keep
people at work. How does govern¬
ment keep
people at work? By
spending money. Spending money
logically brings us to the budget.
The
proposed
budget
is
the
largest in peacetime history and
approaches
the
huge
wartime
budget of $98.7 billion in 1945.
We will
of
this fiscal year in
government deficit
billion. For the fiscal
end
with
June
a
$7
over
ending June
year
President
1963
Kennedy proposes a budget where
expenditures would be $92J/2 bil¬
and
estimated
receipts $93
billion—in other words a slight
surplus. Senator Byrd of Virginia
says there will be no surplus but
a deficit
of from $1 to $5 billion.
lion
Let's
how the money is pro¬
see
$52.7
billion
for
defense—63%
of the budget. $9.4 billion interest
on
huge public debt.
our
Then
for
Veterans
come
culture
and
Health
something
and
and
'
Agri¬
Welfare
$5
over
:
billion
apiece and Foreign Aid for $3 bil¬
lion
and
Space, for $2.5 billion
and all the rest for $7 billion.
To raise the
to.
$93 billion in taxes
for all this the President
that corporation and in¬
pay
assumes
dividual
enough
taxes
earnings
so
collected
will
be
collected
at the present
budget of
improve
that $11 billion
can
course
is
no
more
than
in
are
time. The
more
educated guess. When it comes
guessing I have learned to re¬
spect Senator Byrd.
>
-
of Payments Problem
And that brings us to one of our
major problems of 1962; our bal¬
of
ance
War
I
payments
have
we
to
them
and
occasionally
lower
their
problem. How
changed. After World
began to take the lead
workers
have to be relocated. But
will
even
if
it would be
disruptive in the short
run, it should be beneficial in the
long run.
I
this
started
by saying
paper
that, notwithstanding all the
This
So
rich
the
now
un¬
has
Over-Capacity
It...
working
obviously
benefits
(and
man
all
we
for
are
ductivity. Which they have been
doing for years. So, to preserve his
tail.
own
But
now
!
has
someone
roadblock
have
a
steel
up.
wage
V
-T«
■
•'
across
rosy.
bitter
settlement
be reached, without
prolonged strike,
that won't
prices up and will leave a
reasonable
profit margin. As a
pattern for industry this particu¬
a
a
force
negotiation is very sig¬
wage
The
steel
almost
industry already has
priced
itself
market.
out
If
less
^
.
-
'
thoughts of doing business with
the
European Common Market
4
our
wage
philosophy
needs
a
careful review. Because European
labor
will
work
longer
and
cheaper
pared
here.
and
with
equally
well
fine
our
The things that are sure in this
uncertain
world:
big government,
ending wage push, and
third, the never changing threat
of Communism.
the
never
We
came
than
year
Again
how
cal
nearer
we
just
war
have
think
back
and
Something has to give. And it is
disturb¬
had
ing fact is that for the last decade
profit margins
known.
ever
the
had
We
reduced
our
armed
12%
from
IV2
million
to
Continued
offer to sell
nor a solicitation of an offer to buy
offering is made only by the Prospectus.
''Ya-.'-I
*1*
* *
m
•
on
'
'
•»
,i
{J
\
.:JO,April 4, 1962
'
\
'
.
•
;
•
of these securities.
any
:...„u
"*f.
.u
1
•.
more gold than
today. We have less than
have
\
..
...
...
'
.
.;
'
./
.
*
j
.
;
.
f
..
'
„
)'} i
i
:
$5,000,000
$17 billion—less than at any time
there
1939—and
since
term
short
are
foreign claims against it
6V4%
of
v;r
Sinking Fund Subordinated Debentures
$22 billion. And of the $17 billion
Due
billion must, by law, be a re¬
' against
Federal
Reserve
$11
April 1,1977
serve
notes
and
Our
with
perfectly sound
provisos: the first is
two
in
continual
a
balance
our
which
"V'
foreigners
of
we
order
want
not
are
deficits
Our
going to
in
trade
our
of
that
budget.
itself
balance
are
cash 200 shares of the
continual
run
national
our
The Debentures
to
the
indicate
and
Class A Common Stock Purchase Warrants
payments
would
eventually in gold and
second proviso is that we get
in
is
.
-
•
offered with Warrants attached
offset
by
ment
of
ment
grants
somewhat
and
what less.:We
ended
billion
red.
in
the
of
all
looks
as
than
we
Copies of the Prospectus
may
be obtained from only such of the several Underwriters,
as may legally offer the securities in such state.
including the undersigned,
last'
have spent abroad
we
more
if
$2V:>
-
decade
Price 100%
.1
(Plus accrued interest from April 1, 1962)
some¬
would end up '61 at least
billion In the red,, Over the
billion
$20
have earned.
It can't keep on. And because the
boom
in
Europe and Japan
is
Cruttenden, Podesta & Miller
slightly less than it
Boettcher and
not
export
no
more
business
import
foreign
is
did.
we
We
and
we
the
can't
but
national confidence
Company
A. C. Allyn & Co.
The Ohio Company
J. R.Williston & Beane
Straus, Blosser & McDowell
may
Kalman &
Company, Inc.
McCormick & Co.
our
expen¬
1962
continue
of
may
cut
deficit
deficits and balance
it
we
military
of payments
deficits
may
Because
won't
Therefore
If
we
betterhere
aid
crease.
was
much and certainly
more.
ditures.
ance
as
than
amount
1960 $3.8
up
It
purchase for
govern¬
more,
loans
to
Debentures, at $3 per snare on or before April 1, 1965, at $4 per share on or before
April lr 1968 and at $5 per share thereafter until the Warrants expire on April 1, 1972.
The Warrants are immediately exercisable and
immediately detachable from the Debentures
-upon issuance of the Debentures with Warrants attached.
military spending of
billion, private invest¬
$3
entitling the bearer
Company's Class A Common Stock for each $1,000 principal
right. We export more than we
import to the tune of more than
$5 billion but this is more than
about
with
def¬
settle
house
•
is
that there not be
icit
''
deposit liabilities.
dollar
The First Cleveland
bal¬
in¬
budget
Corporation
Butcher & Sherrerd
Westheimer & Company
Eppler, Guerin & Turner, Inc.
payments
affect
in the
inter¬
Mullaney, Wells & Company
Penington, Colket & Co.
dollar.
Bioren & Co.
Tariff Issue
Foreign trade brings
us
a vitally important issue
coming before the American pub¬
lic this year. The President has*
asked for
authority to reduce our
50% if other countries
do
likewise; he has asked for
authority to further reduce
or
tariffs
by
eliminate
tariffs
on
..
Hallowell, Sulzberger, Jenks, Kirkland & Co.
to tariffs.
We have
items
where
T. C. Henderson & Co., Inc.
Lentz, Newton & Co.
Clayton Securities Corporation
H. A. Riecke & Co.,
Splaine & Frederick, Inc.
Incorporated
Charles A.
see
Taggart & Co., Inc.
a
vast
the
fleet,
The Continent has
we
and
had it.
dollar of sales
per
We
greatest
Coral Ridge Properties, Inc.
enthusiasm.
last
Korea.
military, just as our fis¬
economic
situation, has
our
army,
the profit margin. A very
an
,
this
since
greatest air force in history. And
we
had the bomb.
No one else
The
.'u.
com¬
.workers
cut). But Union labor still keeps
pushing for higher wages.
\
A-'--'"
have
changed. We ended World War II
the
strongest power the world
'. vJ-V
1
''y'!
~
V
jf*•'*
W
the
of
we
competition, domestic
foreign. Prices just can't be
raised as they once were (they
ought to be and sometimes are,
and
af¬
nephews. Europe has hadgreat prosperity. She looks on our
with
"
"•
.
ne¬
It is quite
vital for the good of the
industry
and the good of the country that
;
thrown
this
ring
We have over-ca¬
pacity of plant in many lines. We
.
around
have
coming
we
the- world
-
and it doesn't hurt anyone
unless wages rise faster than pro¬
a
Now
gotiations
lar
that)
his
been
nificant.
What does this constant push for
higher wages and fringe benefits
NEW ISSUE
f
fluent
currency
is not
-
*
1U
uncle
announcement
%
V'"
an
times
vs.
Competition
have
than
to
Balance
as
'*
'•
cent; she didn't need to.
we
posed to be spent:
.
much
Certainly, there will be con¬
fusion here and certain industries
hurt (while others are benefited)
and
Federal
taxes
cur
And
pattern
lives.
our
than
naive
as
tariffs. They won't lower them un¬
less we lower ours.
L
to
went
a
the
are
stop trying to get it.
and
would like to with them with¬
quarter to the Far East,
a
high
taxes
larger
a
industries
billion, $71 bil¬
economic aid; $30 mili¬
also
Product.
block of people
most
back. Of the $101
that
many
sincerely
have
we,
.
that
today. What
ours
we
the
We
so
paid and we own some-,; funny
looking currencies in certain for¬
eign treasuries in payment for
agricultural products sent abroad,
but $87
billion will never come
lion
of the Welfare
Welfare
rest
as
We can't trade
we.
only
5%,
incidentally,
to
Latin America. Canada never took
the
known such pros¬
a
labor
very
out
and
the
people. It
does 'Cthbh-things. It means
for
it is
inter¬
remarkably successful.
Western part of the Conti¬
perity. There is
that
should
Rising Wages
as
do?
never
it
want
European Common Market
nent has
we
billion. Some loans have been
And
can
and
them
its
on
you
aid
the pat¬
tern of
world.
enemies
our
earth
put
better than
are
d
a n
if
we
nourish
we
is
believes
share of the economic pie and will
we
-
the
e
II
to
gave
We
Europe's
and
—
War
problem
we
back
socialism
more
beaten
So
would become
m
were
them.
—
we
in
Pacific
the
and
if
been
The
Everybody wanted dollars.
natural
were
in
us
highly skilled, profit margin, the manufacturer
industrious with modern plant or employer raises prices and the
and techniques that make them a public pays the
difference. This
allies—except for a few countries
means
that the cost of living is
like Canada—were in bad finan¬ great economic power. If England
raised for everyone including the
cial and economic shape. We had finally joins and certain others of
the "Outer Seven," we will face working man who is the public
the bulk of the free world's gold
too. So everybody has a fine time
an economic complex more popu¬
and the dollar was supreme. The
lous (250 million) and as strong going
around in circles chasing
so-called
"dollar
gap"
made
a
World
would
we
fight Japan
nation
After
serious
my
lifetime,
creditor
But
prosperity
real
The
has
the great¬
as
wonderfully
a
nation.
important that
'A^
from England
away
est
is that government
one
growing
When I
few
a
certain.
are
The first
is
world
uncertain
sufficient
national trade.
con¬
that big government
until the end of time.
was
never
intelligent way to buy stocks is through the
periodic plan of a good investment company".
with
certainty
to strengthen the Free World
'
corporate earnings. Mr. Bullock is not reluctant to express his
one
And it will get bigger. The second
economy
leaders of the Free World
he doubts
averages,
And
die.
Twenty percent of the Cana¬
in
steadily, declining.'
as
is
want
they did in 1961 but does expect bptter
as
Foreign trade is the jam on our
England has to export or
certainties in this uncertain
world,
a few things were as certain
that the sun would rise and set.
just
bread.
self
high as $560 billion, and somewhat lower
as
European
only 7%. We have
us
securities outlook for 1962. Mr. Bullock anticipates good business
,
and
of world trade.
more
or
is an export econ¬
omy. Exports total only 4% of our
economy
and all
foreign trade
recapitulates the major foreign and domestic prob¬
before turning specifically to the business and
confronting
80%
dian
By Hugh Bullock, President, Calvin Bullock, Ltd., New York City
-r:
States
Common Market together account
for
-
13
Nolting, Nichol & O'Donnell, Inc.
forces
men.
page
14
A
14
The Commercial and Financial Chronicle
:(161G)
negotiations, confusion
tariff controversies,
steel wage
Best
Way to Buy Stocks
the
soberness
tional
Continued from page
Then
a
Klaus
'Fuchs
dirty
Soviet
their
to the
expedited
over
that
secrets
bomb.
And by putting guns and rockets
before supermarkets and Cadillacs
with fins, the U. S. S. R. has to
its credit some amazing scientific
developing their
own
for
look
We
named
rat
little
gave
Business Outlook
;
13
average
may
as
high
"
What
the
by
about two-thirds of G.N.P.
We
are
with
collision
a
on
Union.
Soviet
the
-
course
That
is
dangerous course.
a
Cuba
have
air
was
done
or
provided
got the insurgents
nothing
and
cover
should
landed. It is dangerous enough to
have a Communist base 90 miles
from
make
say.
;
is
The situation
is Berlin.
This
stalemate.
a
Western
of
he
and
show¬
and
democracy
sticks
enterprise
throat
on
'•A •/'
greatest immediate danger
course
there
case
what we
don't mean
we
,y;y<
;:
in
might
terrible mistake of be-:
the
The
greater
Kremlin
•
showdown
real
lieving
The
the
that
is
another
of
shores;
our
danger
Khruschev's
in
determined
seems
solution where the city will
a
wither
Germany.: it¬
self is pretty restless. But it was
proved
once
before ; that
the
people can't shake off their gov¬
ernment backed by Russian tanks.
Laos is not an especially happy
situation. Cambodia is not exactly
a
Gibraltar. Thailand might con¬
East
away.
.
<
day be pushed into
But, because of its
coastline
which>J-we: can
ceivably;
some
neutrality.
long
control
than
! better
that
we
the
Com¬
some optimism
hold South Viet Nam.
munists,'there
can
is
many
by
he does each year,
as
wrong
We
the
ably be more in 1962 than in 1961,
perhaps $385 billion as against
$365 billion last year. This augurs
that
is *true
at
on
we
could
otherwise.
Adoula. We
test
Obviously
preparing their
while they talked bans with
Geneva.
worthy. 'We
limit
proceed
are
But
I
think
negligent
with
so
trust¬
still
explore
possibility of
the
agreement.
criminally
They
will
our
unless
tests.
own
Well.: with
that
what* specifically do
we
to
an
are
we
h
background
we
by way i of business and
prices for 1962?
5
^
prophesy
There is
surprised in view
much
very
of
significant. *
is
,
_
worse.'
; The F.R.B. Index of
Production may average
Industrial
something
approved
recommended by
as
Appropriation Committee. The
changes made, by the Committee
House
the
and
in the
included'
request
President's
number
a
projections
like 119 against 109 this past year.
Steel output may
approach 110
Stock Offered:';
V
;
June
30,
1963
additional
Delta Air Lines "'.y
Common Offered
1962 aand
substantial
show
increases
million tons.
A
civilian
of
personnel for June 30,
of
as
those
,
dates.
The
projected totals are
Co., New York City,
Employment? Sixty-seven mil¬ and associates are
offering 367,600 2,492,300 next June 30 and 2,538,lion people had jobs last year: five
400 a year later. These totals com¬
common
shares of Dialight Corp.
million didn't. About 68 or 69 mil¬
at $14 per share for the account pare with employment of 2,355,300
lion should have them in 1962 and
on. June 30, 1960 and
of three selling stockholders,
2,341,000 on
r
*
unemployment get down to beThis is the first public offering Jan. 21, 196L "
?
/ Ay
of the stock of the New York City
:
At the outbreak of the Korean'
Profits? $26 biilion after taxes;/
Executive
designer
and
manufacturer, 4of ; War '; the
Branch
of
And now
security prices. y:.,y V high" reliability indicator lights Government :, employed
1*951,600
used
in
the
electronic, electric civilians. The total was increased
Outlook For Securities
y y ■■
and computer and other industries.
rapidly during the mobilization
Burnham
&
.
•
■
Public
bond
Interest
rates
increased
the "Fed
against
of
our
As for
their
be¬
i ;
;
stocks, earning
ultimate
should
one
criterion
have
Should >stocks
sell
the
to
make
trial
are
dozen
on
about
years
fold.
a
per
share
where
they were
ago. Prices are up
V'j
;y-.v;,
Then there is the
uncertainty of
cents
a
holders
40 times earn¬
companies that,
Dow-Jones 'Indus¬
Average
basis
a
the
up
period
and
to
rose
2,589,500
1961,
were
share payable
of
record
May
to stock¬
15,
1962.
Now BMR Inv.
Planning
EASTCHESTER, N. Y:'±- Bertrand M. Rubin, 63 Joyce Road, is
now
conducting
his investment,
business
BMR
under
the
Investment
firm
'most
civilian
rapid
personnel
increase
has been
;'
departments
and
sive
Defense
and
of
the
Office
Post
agencies
ISSUE
203,687
com¬
Air
The company, whose address is
r
Atlanta
Atlanta,
Airport,
Ga.,
property
and
also engaged in1
the dusting of crops by airplane.
porting
persons,
mail by air. It is
Fulton, Reid A; IA
CLEVELAND, Ohio—Fulton, Reid
&
East Ohio
Co., Inc.,
Building,
in
members
in
Exchange, has elected Edward T.
Pedler,' Vice-President in - their
Akron office. George H. Headford
exclu¬
Department
Department, and
has
Midwest
the
of
Assistant
elected
been
Stock
Vice-
particularly since 1960. In the six
year period ended June 30, 1960
President in their Ft.
Martin V. Rini have been elected
number
these
of
79,500 for
of
j
the
will
1963
rise
three
This
annual
1962
on
the
employees
budget,
011
the
first
of
Thomas
and
Wayne, Ind.
Berlin and
F.
Vice-Presidents
Assistant
office,
Cleveland
y
\
in
number
in
to
the
Now Chiles &
June
Company
the House acted
Euilding, has been changed to
a
an
41,300.
dozen
or
more
'/,
Chiles & Company.
80,000 Shares
This
announcement
is
neither
an
buy any of these securities.
offer to sell nor
Offering is to
a
solic'tation to
be made only
.
Orlando Paper Corp.
„fv,
y,
-
the Prospectus.'
by
€'
*.
it
'
NEW
ISSUE
April 2,
1962
150,000 Shares
(Par Value $0.10
per
-
share)
yy
SEA-WIDE INDUSTRIES, INC.
'
.
Common
Price $2.50
.per
(Par
share
Value
Price
Copies of the-Offcring Circular
in
may
be obtained from the undersigned in
which the
undersigned may legally offer these shares
with the securities law
of such
in
compliance
shares
V
:
Long Beach. New York
per
'
Share)
$4 per Share
in
compliance with
the securities laws
of such State,
v
1
JANOV & CO.
UNDERWRITERS:
Philadelphia Office:
Corp.
Stock
Copies of the Prospectus may be obtained from V'e Undersigned
in any State in which the Undersigned may legally o fcr these
*. •.
Professional and Executive
Planning
$.10
any
state.
E. J. Roberts & Co., Inc.
Ea.f Orange,
New Jersey
New York
150
City Office::
1510
.
Broadway
T—'.
the
;:
CMAHA, Neb.—The firm name of
Chiles-Schutz ; Co.,
Farm -.Credit
of
ago
office
average
represents
days
the basis
123.900
subsequent
increase
annual
average
an
another
years
A few
COMMON STOCK
is
the
name;of
Planning.
April 5,
of
Delta
Lines,"
Inc., at $37.25 per share is being
made by Courts & Co., Atlanta,
Ga., and associates. .Net proceeds,
frcm the sale will be used by the
company
for
general
corporate
purpose's, including the acquisi¬
tion of aircraft and equipment.
01
engaged in the business of trans¬
1962 is 2,492,300; for June 1983,
.2,538,400. ; yy/; •• -"y:-''*y
The
is neither an offer to sell nor a solicitation
of an offer to buy
of these securities. The offering is made by the Offering Circular.
%
in
in¬
$6,- /June 1952 with most of the
06.9,670 compared with $5,748,486 crease being in the Defense ; De¬
the year before.
Net income I in partment., Thereafter, the number
the
1961
period
was
rapidly
$737,592, N'ofy employees"; receded
equal to 66 cents a common share, until 1954; The trend since has
a
couple ; of
compared
with
dips,
$507,013, or 45 been,- with
cents a share for the prior year.
steadily upward. In June 1954"it
,was 2,381,700. In June 1961 it wa~
On April 3, 1962, Dialight de¬
2,407,000. The estimate for June
clared
a
quarterly dividend <of
8
at TO
times, 20 times,
ings? Profits .of
<
.
much
wind"
gold situation.
the
be¬
vol-;'
net; sales in. the, .year
October 31,
ended
price, isn't it? But what
relation
other?
can't do
Dialight
is out.
business
the
common
is
power
year
lower
should -stiffen
of
And
''leaning
of
somewhat
prices before the
cause
ume.
for
offering
shares
mon
,
look
We
announcement
state
of
em¬
yy'>■>'.y'/ V;y;'■■ y
•'•0 Budget
1960.
NEW
miscel¬
some
was 1
r
increase of 13.250. But
any
providing
Office
the
em¬
question but that
no
and
agencies,
by the House
particular
government
ployees and called on all the de¬
partments
to
trim
their
sails.
rose
7 his
laneous
enacted
bill,
Treasury and Post
Departments
expenditures
as
first
The
the
"
security .three
"
budget
He Taid
by Congress."
emphasis
on
ac¬
for
specific disallowances of proposed
ployment can be held substantially" new positions;
y ; *"
■'
■
well for automobile sales which it current factors if we saw a com¬
below the levels which would be
The principal personnel change
is estimated will be at least a mil¬ parable advance in 1962.
possible under the funds author¬ was a 6,130 reduction in proposed
One
lion more .domestic cars than this
prophecy., we can make ized
by Congress, he said.: ;.y'. additional, P 0 s t a 1
employees./
without
reservation; * Individual
past year—6 V2 against 5V2..
The Secretary of Health, Educa¬ Another significant House action
will / fluctuate
The next most important item in stocks
tremen¬
was
the disallowance of 2,914 of
tion and Welfare promptly issued
G.N.P.
is
government spending dously. Which does a man buy?
a
statement that he was saving 4,514 proposed new Internal. Reve¬
(Federal, state, local). This should Many know my conviction that
nue
Service
positions. In other
some $139 million. Both his state¬
be vigorous, perhaps $115 billion.' the most intelligent way to buy
ment and Kennedy's action fol¬ bureaus and offices of the Treas¬
:
stocks
is
through the periodic
Finally in the make-up of G.N.P.
Department the House al¬
lowed a blast against spending by ury
come
expenditures by "business. purchase plan of a good invest¬ former
President Eisenhower and lowed an average of less than half
ment company. My deep belief is
In ventory
net
accumulation
were
generally taken in political the new positions requested.
should.continue and expenditures that a well managed investment
These
actions,
while
not
Washington as an effort to blunt
as
for new plant and equipment may company is the best medium for
its effect. Since that time, how¬ much as the economy advocates
well increase $3 billion over the investment of any vehicle yet de¬
ever, the trend
in Federal em¬ had hoped for, are nevertheless
•
/
$34V2 billion of last year. And that vised.
yr'.y.yy
ployment has taken a turn for the encouraging.
bans?
were
generally
most
and
1962
Congress will consider at this
session.
frugal policy with respect to
under the
cepted market averages advanced
about 20%
in 1961, I would be
the
most careful
a
commitments
it
belief;: If
venture - one
appropriation bills for 1963 which
Kennedy
of major government
agencies "to follow
and
I
knows.
one
would
cause
Soviets
tests
bets
our
pressure
told
was
see.
Nuclear
the
I
discipline Gizenga
placed
shall
us
bringing
by
man
Tshombe.
on
not
No
Christmas?
play the major role. Dispos¬
able personal income will prob¬
President
his Cabinet officers and
on
other heads
be
averages
will
*
No
one
prophesies any .more
respecting the Congo. At one time
I thought we were fighting the
called
'";-i,'y.''r.y.; y;'y'/ Ay-y
will «stock
Oct.' 26
Last
the
Where
So the
.
mess.; We
a
of
ahead.
for
accounts
usually
consumer,
.*
.
that
major items
achievements and faces* dp' today'
Collision Course
investors is im¬
uncomfortable con¬
viction
of
the
unquestioned
erosion of the purchasing power
of our currency over the years
comprise Gross National Product?
Consumers expenditures, spending
people,
and
ness
BARGERON
BY CARLISLE
plus side there should
corporate earnings in
deep in the conscious¬
better
planted
are
...Ahead of the News
;
,
.
the
On
1962
as
$560 billion.
with almost equal
military power.
I
be
especially during the first half of
the year. G.N.P. for the year as a
whole
scene,
lem.
business,
good
interna-'
the
of
the unpleasantness
of security market investigations
and, above all, the seriousness of
our
balance
of payments prob¬
In This Uncertain World
t
FROM WASHINGTON
coming
over
Thursday, April 5, 1962
.
Chestnut Street,.
RCA Building,
.
'
.
.
Washington, D. C. Office
■
1725 K St., N. W.
"
yy
Volume
195
Number 6148
.
.
The Commercial and Financial Chronicle
.
Steel
Production
Electric
The State of
all cities of the
•+
whicfr it
Output
Carloadtngs
Retail
above
Trade
Auto
TRADE and INDUSTRY
Price
Production
Business
Index
those
week
last
totals
Failures
current
issue
of
the
Cleveland
Trust
Business Bulletin.
corresponding
Our preliminary
year.
for
r—
'■"vY"'"Yr
'
February. The
recovery in industrial activity from the preceding mild recession
was vigorous in the first six months but
relatively slow and irregu-
L"
s
Steel
Set
Off
not
:
100
=
reces¬
*Aug. 1954 = 100
Apr.
1961
=
1950:___
>
hike
1955___:
107.5
Aug. 1955-__Y 114.7
1958-—
110.2
Apr; 1959
Aug. 1961-..__
110.7
Feb.
off
since
of
probably attempt to
latest. period
with
of
the
six
hind
reveals
months but had
trend
almost
was
1962—112.4
the
end
fallen be-
by the twelfth month.
corded
The
rise in 1949-1950 is not
very
from
<L~
lower rate
a
the first.
of
satis- YYY';'''Y Y
"■
-Steelmakers
Yv+Yi
A;Y-'U L. iy'; Y Y'YY
Current Trends
included the outbreak of the Ko-
"After declining in January, Tndustrial output resumed its op¬
War
tion
to
in
the
,
June
1950.
second
of 1954-1955 and of
In
six
rela-
months
ward
tendency this
duite widespread
noficeaple .among
goods
gained
time
in
progress
provide
recent
factors-
are
all
the
of-
lost
ago,
plant" and
new
was
have occurred in
hard goods,
a year ago
government's March
based on
businessmen's
the
reported
February,
the
centrated in flat-rolled steel,
The majority of general users
Lakes
ports
v
' would result in a major
consumption of
®f M®4h inventoriestiio hands of
suminGr
summer.
-houses
ji.Further >reductions in, export, minion
prices7by Japanese mills presage
sharper competition in the world,
February."
that, in the demand
for household
furnishings and appliances. Further gains should apsoft
where
steady.
goods
advances
tively
elements
J,ate
.
? its
Fm^crnl
Analysis
,
,
personal
the
favorable
If
-•
inventory
f,
f
s\-.
Y:;':,-
is
:
reduction
«rad-';;ls
a
uptrend
of
income, retail sales, and
everv
ry\p
vital
not
be
automotive
industries
and
increase
this
will
week
,
.
„
.
compared
,
.
.
nn-
construction
bound
clearings
an
,
ing
at
the
keep: steel shipfairly high level dur-
may
a
second
there's
cutback in
quarter,
to be a sharp
ingot production.
Steelmakers
will
yA
.
.
that
cate
for
the
probably
re-
,.
March
31,
...
ended March 31, 1962, was 2,417,000
tons
(*129.7%), as
2,394,000 tons (»128.5%)
week ended March 24.
-
to
announcement
is
neither
buy any of these shares.
offer to sell
an
The
offering is
nor
solicitation
a
made
only
by
J
the
of
that it
except
is too
Continued
late
on
offer to sell or a solicitation of an offer to buy these securities.
offering is made only by the Prospectus.
»'
an
The
offer
an
Prospectus.
$10,000,000
■
150,009 Shares
+
s
"
Common StockValue
^
r:
City of Oslo
i Shenk Industries, Inc.
(Par
■
April 3, 1962
;
'*
•'
(Kingdom of Norway)
-
•'
'
'
' '
.
■•_
'f
.
t
\
\
1
vr
-
'
;
,
•*'
'
.
V
5V2% Sinking Fund External Loan Bonds due April 1,1977
$.10)
.
.
„
.
■' ■'
,V
YY-
.
.Y-Y-
»r
Price $6 per Share
OFFERING PRICE
Copies
of
the
Prospectus
' announcement
/
•
may
may
is made
legally
offer
be
obtained
from
only
these
such
in
of
securities
Rodetsky, Walker & Co., Inc.
Reuben Rose & Co., Inc.
any
the
in
State
in
which
underw tirs
such
98% AND ACCRUED INTEREST
this
as
State.
Boenning & Co.
Copies of the Prospectus may be obtained in any State only from such of the
undersigned and others as may lawfully offer these securities in such State.
Stroud & Company,
Incorporated
Gerstley, Sunstein ^ Co.
-
•
■
V
■
Incorporated
Oppenheimer & Co.
*
-
Westheimer & Company
Hallo well,
Suplee, Yeatman, Mosley Co„-
'
:
L. C. Wegard &
\
Kuhn, Loeb & Co.
Incorporated'
.
.
"
,
Harriman Ripley & Co.
Vilas & Hickey
April 4, 1962
Incorporated
t
Charles A. Taggart & Co., Inc.
Sulzberger, Jenks, Kirkland & Co.3
*
Company
.
t
'
'
in
the
.
abrupt
NEW ISSUE
This
against
10/-> by the end of April followProduction this year throug
the settlement of a new steel March 31 amounted to 31,002,000
labor contract, The Iron Age re- tons (• 128%),^or 55.3% above the
ports.
:
Pe"od tbroa5
pr
k.ff- *
The drop would be even more
The Institute concludes with
This advertisement is not
ended
the
1962
^According to data compiled by
..
week
tonnage
the American Iron and Steel Institute, production for the w ek
^
'+Steel production will drop about
Saturday, March 31, clearings for
sur-
,
,
Ended
telegraphic advices from the
cb*e^ citiesof the country, indi-
"Considering industrial output
the year 1962, a smaller rise
would
the
-
further
production Data for
Week
statistic
■
ments
upon
for
1961
: ;
;
tabulation showing for 1960
ual,. its adverse-effect may be* analargely offset by seasonal factors, pertaining
with
a
year ago.
Preliminary figures
compiled by the Chronicle based
orders received by manufacturers
•
in
in
add
sion> in the first half of 1959, before the steel;strike of that vep*\
oU the^ fSqeU
Ymyestors.; A valuable feature
P- mvemory reaucuon is taraa
A:'.~—— .'.'Y+'
Bank Clearings 11.1% Above
Level Achieved in 1961 Week*,
show
new
than
16
steel
,
37thi Annual(
•
,
second'"-Industry»
the
over .'•ventories-.will lessen;1
Bank
industries,
Other
include
'
usually rela-
are
-
over
a
,
'
the
will
little
Assuming
tons.
copies..of which?-while steel stocks were increased by 12;
qiiartOr'will; of course, be ihfih> !
asfcjr.a^j3? ?
ry- million)<tons, sl far larger buildup;
enced by neW car sales.
If cars'1
P
n7^ori,^ service, than has taken place this year., i4
continue
to
move
at the
mid- "
Y,
SJ??1
*§'' 9Je,Yelan^ Y*,
But, as indicated, the shakeout
March rate, the second highest onr
9bl°*
„s .authoritative study win be severely felt in flat-rolled
record
for
the
period, concern - should be of interest to members products and by suppliers of the
about the buildup of dealer in-:
t
investment community and auto and appliance industries.
during
buy
on
in
totaled
in
and ware-
bu8i"esS+v
.
-
pear
process
consumers
,
.
in late January
indicates a modoutlays from the
along 'with
a
products.
inventory had
by automotive
companies and-appliance makers.
The range of products was con-
Thls bank s index of physto the 34 companieslcal volume of industrial produc- Demand for standard pipe, piling, "' representing. 93.6%--of the steel
erate
rise
in
tiQn,adjusted for population and wire, tin plate, wide flange beams,' produced in the United States.
,
present level and a new peak for long-term
thp
L
'
'
growth,
was
8.6% nnrl rpmfnrrinY
the year.
swinYalre-dv
" " "New Contract Presages Drop ■
Improvement is likely above
the trend in December,
in
residential
Although' Strong demand from
+ In Steel Output
construction; and 7-3%
in January, and 8.0% in
and
within
of
settlement
v."vamount of steel that. auto-
makers
: in¬
yet
in-
some
and
range
shipments
The
ap-
dicate that the greatest gains
equip-
The
survey,
And it
monthly output for
entlre year 1961. Details .by
dustries for February are not
available,* but earlier figures
.
for
recession.
ness
average
should
an
ment.
narrow
The bulk of the
been accumulated
are off sharply from
but they're sufficient
monthly into the
what
back. vr.
proximately • 5% larger than the
months,
which
upward push to industrial .activity
from
here on.
One is spending by business con-
plans
almost
February
a ; year
ago;
Which
of industries, /A marked the low point of the busi-
group
few -companies
fairly
•-
re-
ground.
TotalY production
was
about 12% greater than it was in
has
though
the dur-
—
"Regardless'pi;Stlie 'islow'-'ior-'
cerns
February' and
year
.
mqst
there
in
trend
know
of
oc-
^°/ °M thto8' ^Inventory
was concentrated
among
,
been
ward
;
>
1958-1959, the
lagging
able
:
don't
extras,
on
that
stocks in
April, the starting
will have steel market. Wire rods, Japan's^ Doint for anv
liauidation will be
during May» and : chief steel export to the U. S.,: at about 17 million tons.
'
June. They have fairly good book- have been reduced $7 a ton. Con-.
^his js 0nly 3,5
million tons
ings for May but relatively little*-tinued..- price cuts, by
^Japaneseover the level of last fall, before
tonnage sold for June. Most ton--producers are making it harder, strike
hedging started, and does
nage slated for April delivery will- for the U.
S. to ;export to the-, j-jot !indicate a major break in the
have to go out on- schedule. /
- Orient.
^
;
steel
market,
assuming a
conThey're hopeful that customers; ,37th Annual
Financial Analysis {tin"ed level ?f
who have built their; inventories
:
;.
of
Tndnstrv
I-'.By comparison, industry stocks
on
an
orderly basis will follow*
of steel were estimated at 25 milthe same pattern in cutting them
;Ama?.az0m.®
Auadei:. lion tons before the 1958 reces-
impact
on
gain than
.Y'*:*YU'Y*Y,:;"-Y U;
factory for comparison because it
rean
Ore stocks
a
,
less price shading ——
freight, and the like.
March
prising. That would be in accord
with the previous postwar upswings, when the second year re-
favorably
the
sidewise
lake
SttoM^rop^^r^rSome to support current
i''' week that users can ^
Yn0nfhlv into thp
last
122.4
buildup
re¬
labor
costs yia small selective price ad-
Y"':/ "Y U'Y Yv";-
;
at
ones
but
that
compared
earlier
1954,
lower
to
ore
strong de¬
part of the increased
ex-
nature
bring more a result, their inventries are relain the, tively low af a time when sea1862
shipping season than they* f™1 factors; dictate more steel
did in 1961. The tonnage last year
buying.
was
57 6 million.
"
More important, the inventory
com¬
lack
the
Vesselmen plan to
1958,
intense
*
table
no
July 31,
Great
inventory
than
severe
of
late APrR> Steel reported, had not: made intensive drives to
expect
Actual low was
March,
through August. 'V? '"«V ;
a
shipping fleet isn't likely
ore
k
gross top to
the
because
The lakes are in the grip of the build up steel stocks as a hedge
worst ice conditions in years.\ against a possible steel strike. As
-
.
.
with
a
4-Tc
"The
iron
general
a
of
real
buildup
,
'Breakout
.
YY-YY.'
will
cover
127.8
Oct.
100
It
■■S-r-
12 months later
Feb.
1958=100
Feb.
is'.
Oct.
Not
Price Increase
set
confronted
mand.
113.8
'
last week.
No. 1 heavy
melting was priced at $32-$33 in
.Pittsburgh; $29-$32, Chicago;'$32,
Philadelphia.
:
"
'
Will
- ;
petition and
_•
the
428'000 +10'° $31.67
'
,
'
Six months later
':
was
ui„u u
The industry, which has u '■*
had
Production
Apr. 1950
■
to
April 2.
on
Low month
1949
3.5
price increase, Steel magazine said
is-
ol recession
+
a
The
curred before the settlement
...822,505
cents
products
times.
be less
may
pected
an^ month since Maich, 1960.
Steel's
scrap
price
composite
down 33
other
and
lead
But the Iron Age points out the
10,-
6.4
+21.7
long
drop
+
Pact
General
likelv
general
Oct.
about
was
April tonnages of cold-
sheet
' zine says.
the
as
15
shakeout of steel production will
occur in May and
June, the maga-
0f
The steel industry labor nact is
sion.
Industrial
with
million
same
cancel
rolled
-
with the corresponding periods of the three
preceding recoveries.
In each case the startingpoint, or
100, is the low month of
30.6
869,000
■
Labor
/iois
1,036,840
Y
be illustrated by
seasonally adjusted.
(vs.
March production
$15,28M46
'
'
Says
the Federal Reserve,
index of the physical volume of industrial production
(output of
factories, mines, and electric and gas utilities). The table below
compares the' sixth and twelfth months of the present upswing
are
tons
,
ments on'this and other factors in the present movement of busi¬
ness as follows:
,Y •
•' '• /
/;
'
\ £ '"YY
"The business upswing was one year old in
to
2,394,000 tons that Steel estimates
the
industry poured last week,
tooos omitted)—,
•
Data
million
week to be about the
centers follows:
money
interesting contrast between the extent of business re--' V Newayohrk'r$i6,81S2
Chicago
1,261,824
covery since thejow point last year as against the performance
•
*925,000
of the economy following earlier mild turndowns. The bank com- - Philadelphia
Boston
851,654
can
26
the
of
some
an
lar in the second six. This
inventories of finished
material by as much as two million tons, if tney do, second quarter ingot production may slip to
11.1%
the
summary
weekEnd.
Co.'s
be
at * $29,658,841,434 tons in the first
quarter).
$26,698,340,476
for
the '" Look for ingot production this
principal
draws
duce their
obtain
week in 1961. Our compara-
same
tive
The
of
to
stand
against
Commodity Price Index
United States for
is
possible
clearings - will
weekly
Food
(1619)
'
(
Lazard Freres & Co.
c
••
'■!
-
-.
.
,
*
Smith, Barney & Co.
Incorporated
•
page
16
16
The Commercial and Financial Chronicle
(1620)
ATA
Department of Research and
Transport Economics. The report
reflects tonnage handled at more
STATE OF TRADE AND INDUSTRY
Continued from page
index
of
Districts
as
"■Index of
Ingot
Production for
,
Week Ended
■
North
;
Loading
555,873
This
.
/-
production
of
based
weekly production for 1957
Car
March
Output
-
average
on
1959.
car production in the
during March was 49.7%
above output for the same month
a year ago, and output for the en¬
tire first quarter, fourth-highest
S.
in history,
topped the year-ago
period by 48.8%, Ward's Auto¬
motive Reports said on March 30.
The statistical agency estimated
March
blies,
output
603,476
at
407,959 for
the
month
a
year
ago.
This
brought first-quarter output to 1,767,500, a level exceeded only in
1957 and
1960. The Jan¬
1955 and
uary-February-March total
ago was 1,188,200 cars.
Ward's
said
that
a year
production
a
did not equal the 1962
first-quarter figure until May 8.
Thus
the
put this
48.8%
1961 pace.
:
were
13,937
one
reve¬
more
highway trailers or highway
(piggyback)
in
the
ended
March
17,
1962
.General
company,7
kwh..,
1,389,000,000
1961
were
2,997
$100,000
136,760 cars for an increase
24,587 cars or 21.9% above the
corresponding period of 1961, and
24,602 cars or
corresponding
in
this
pared with 58 one year ago and 51
the
corresponding
1960.
in
week
•
Intercity
foodstuffs and meats in
eral
use.-
Tonnage
Volume
of the
volume
in the
cor¬
week- of 1961, the
Trucking Associations
week's decline, falling
314
week
a
earlier
$100,000
liability
and
week
appre¬
was
ciably; below the 41 of this size a
year ago.
'.%-v •>:•■•*'i;; '
Canadian failures climbed to 52
the
in
31
from
week,
preceding
exceeding considerably the 23 re¬
year.
/
<-
(
7.1%
Were
Shipments
Lumber
"
Higher Than in 1961 Week
in
shipments
Lumber
United
the
ended
in the week
States
March
24,
totaled
248,756,000
feet, compared with 252,Studebaker 1.9%.
*
*
•
—■
announced.*
Truck
tonnage was
965,000 in the prior week, accord- '
Production of 1962 model cars virtually
unchanged
from
the
ing to reports from regional as¬
passed the 4-million unit mark in previous week of this year, down
sociations.
A year ago. the figure
the week
ended: March
31
and only 0.1%.
was 232,189,000 board feet^.A
4Ward's
." These
predicted that the 1962
findings are based on
Compared
with
1961
levels,:
model run will be second-largest the weekly survey of 34 metro¬
output rose 10.7%, shipments were
in history (6,400,000 - 6,500,000),
politan areas conducted by, the 7.1%
higher, and orders declined
American
board
.
'
DIVIDEND NOTICES
13.3%.■
DIVIDEND NOTICES
Following
THE
ATCHISON,
SANTA
New
The
a
Board
of
of
Stock
Y„
Directors
Thirty
Dividend
Capital
..
RAILWAY
York, N.
dividend
being
FE
TOPEKA
March
27,
1962
has this day
Cents
< 30c)
206.
this
the
Mar. 24,
declared
share,
per
OTIS
Company,
on
Common
payable. June
1,
1962.
to holders of
said
Common
Capital
Stock registered on the books of the Company
at the close of
business
April 27, 1962.
R.
M.
1962
Production
Broadway,
York
5,
N.
COMPANY
INVESTING
Madison
980
The
the
12
Ave., New York 21, N.Y.
Board
company on
of
cents
Directors
quarterly
per
share
standing
Common
company,
payable
stockholders
of
business
HAZEL
this
of
March 28, 1962 declared
regular
Va
COMPANY
of
on
T.
dividend
on
Stock
May
record
April 11,
BOWERS,
4,
at
of
the
out¬
of
the
1962 to
the close
1962.
Secretary
Mar. 25,
1962u
1961
234,862
212,054
.i_248,756
252,965
,232,189
.__249,643
249,068-.:
quarterly dividend of $.40
per share on the Common Stock
has been declared, payable April
27, 1962, to stockholders of
record
on
at
the close of business
April 6, 1962.
Wholesale Commodity Price Index
Slightly
the
out
dipped this Monday to 272.53, re¬
ports
Dun
&
Bradstreet,
Inc.
Quotations at wholesale for butter
moved
rye
lower,
earlier
also
'
lard,
1962.
dips
while
wheat,
March 28,
through¬
past week, the general
commodity price level
wholesale
H. R. Fardwell, Treasurer
New York.
pattern of mild up
a
fluctuations
down
and
and
Checks will be mailed.
chief
scrap.
■
'
were
substantially
from a week
registered for
tin
hogs,
steel
"Aw•
■;
"■
and
MEETING NOTICE
Pace
Consumer
of
LONG ISLAND LIGHTING COMPANY
Notice of Annual
CHASE
Retail trade made
Meeting
Notice is hereby given thut the
The Board of Directors of The Chase Manhattan Bank has
declared a dividend of
65^
per share on the capital stock
Bank, payable May 15, 1962 to holders of record at
the close of business
April 13, 1962.
of the
The transfer books will not be closed in
connection with the
payment of this dividend.
Annual
Meeting of the Stockholders of Long
Lighting Company will be held at
the
Company's Iiicksvillc Operations
Center, 175 East Old Country Itoad. llicksville, New York, on April 17, 1962, at
2 o'clock P.M., to elect eleven directors,
to
vote
on
the appointment of Price
Waterhouse & Co. as independent public
accountants for
the year 1962 and to
lake action on such other business as may
Lslum!
NOTICE
properly come before the meeting or any
adjournments thereof.
Only holders of common stock of record
on the hooks of the Company at the close
of business
to vote at
on
March 13.1962
are
entitled
the meeting. The stoek transfer
hooks will not he closed.
MORTIMER J. PALMER
Vice President and
to
three
weeks
over-all
matched
the
of
CHARLES E. ELBERT
Secretary
Secretary
March 13,
1962
sale
holds
substantial
a
major crude oil
Buying
in
1961, the
the
States
in Libya.
produced
company
United
in
interest
reserves
and
Canada
43,240,000 net barrels of crude oil
a
earlier
a
volume
and
in the United States. The company
food
Despite the fact that Easter
came
and
natural
billion
feet
a
rels
crude
of
liquids and 106.9
gas
cubic
refined
a
ago,
year
total
of
of
natural
gas;
34,806,000
oil;
bar¬
marketed
and
total of 36,318,000 barrels
of
re¬
fined products.
generally
Total
or
edged slightly ahead
comparable
1961
levels.
in
of the
revenues
1961
and
to
amounted
income
net
to
company
$356,503,000
$38,934,000
revenues of
Shoppers stepped up purchases of
compared with total
women's apparel but interest in';
$357,778,000,. and net income of
clothing was slack.
Home
$39,215,000 in 1960^/^^^' '■%,
furnishings
retailers reported a
men's
fair performance but buying pat¬
terns were uneven within regions '*
as-wellas between regions.
New
dealers
car
continued
to
total
The
tail
in
trade
view
dollar
the
volume
re¬
re¬
1%
lower
''-4i $*'!>%>i'Sb
Properties
V "
of
under
week
from
ranged
score
;4 \
solid gains, however..
Debentures Sold ;
to
Cruttenden, Podesta & Miller and
C. Allyn & Co., Chicago; J. R.
Vviluston <& Beane, New York City
by Dun & Bradstreet, Inc. ; Re¬
and associates are offering $5,000,gional estimates varied from com¬
000 Coral Ridge Properties, Inc.,
parable 1961t levels by the fol-;
61%% sinking fund subordinated
lowing percentages: Middle At¬
debentures'* due- April,
1,
1977
lantic
and
West
North
Central
—6
to —2;
West South Central (with warrants) at par and ac¬
crued interest from April 1, 1962.
—3
to
+1;. New England, East*
3%
higher than a year ago, ac¬
cording to spot estimates collected
A.
.
Central
Pacific
and
to
—2
Atlantic
—1 to +3;
Mountain 0
to
4-4; East North
Central +4 to +8.
;
South
-f-2;
The
Nationwide Department Store
Sales Up 11% From 1961 Week
Department store sales on
a
country-wide basis as taken from
Federal
the
dex
Reserve
reported
the
for
.with
compared
1962,
increase.,
March
ended
week
in¬
Board's
!!T1%
an
24,
like
the
period in 1961. For the week end¬
March
ed
sales
17,
6%
up
were
compared with the corresponding
1981
week,
In the four-week pe¬
riod
ended
March
declined
2%
by
1962, sales
24,
the
below
: cor¬
responding period in 1961.
purchase
New
in
week
ended
as
York
March
a
tered
same
when
week
weeks
against
for
the
the
week ended
of
5%
of
was
compared
in
1961.
ending
decrease
store
in the corresponding 1861
decrease
5%
sales
was
in
the
March
regis¬
the
with
For
March
the
24,
of
company's class A common
$1,000 of debentures, at
$3 per share on or before April 1,
each
1965, at $4 per share before April
1, 1968 and at $5 per share until
April 1, 1972. The warrants are
immediately exercisable and de¬
tachable
reported
The company
the
of
3,787
net
acre
about
ty,
will
of
be
Reserve
Board, "Interpretation of the weekly
will
the
ment
use
$2,250,000
develop a
tract in Broward Coun¬
10
used
miles
northwest
the
Ridge
construction
Hotel,
the
Towers North apart¬
building, and for other
porate
of
Remaining funds
for
Coral
Coral Ridge
cor¬
purposes.
Named Director
Rufus W. Hanson,
President
of
a
Executive Vice-
First
Minneapolis,
National
Bank
has
been
Minn.,
director
Manufacturing
of
Franklin
Company.
per¬
centage changes during the Easter season
is affected
by ^:he shifting date of the
holiday
(this year, April 22 and last
April 2). Adjustment factors have
been developed for this calendar irregu¬
larity. For the week ending March 24 the
factor is —'•10; this yields an "adjusted"
year-to-year change for the United States
of
+11%/*
year,
debentures.
proceeds to
Fort Lauderdale.
a
as
comparable
Federal
the
Ridge of 716 North Federal
Highway, Fort Lauderdale, Fla.,
and its subsidiaries are engaged
in the business of acquiring un¬
improved land in Florida and de¬
veloping it into residential sub¬
divisions, ocean frontage hotels,
apartment and motel site develop¬
ments, industrial zoned properites,
of
the
from
Coral
elected
to
to
200 ; shares
four
1962,
period in 1961.
♦According
bearer
the
Re¬
were
City
24,
attached
the
entitling
for cash
shopping centers, etc.
Federal
department
System
sales
same
the
to
have
debentures
warrants
for
week. For the
April 17, 1962
DIVIDEND
chase
good show¬
ing in the week ended March 28, *
as
most
areas
of
the
country
basked in warmer temperatures.
17,
BANK
for, the development
of, and the pur¬
of, crude oil and
natural gas in the United States,
Canada and elsewhere, and in the
transporting, refining and market¬
ing oi crude oil and its products
production
ana
"
serve
MANHATTAN
is
of
re¬
of the is¬
exploration
Perks Up
According
THE
trend
entitled
prior to maturity.
Headquartered at Findley, Ohio,
the company is engaged in the
gen¬
function
general
be
sinking fund sufficient to
a
sue
cost-of-living
a
ac¬
Plymouth
tire approximately 96%
-287,942
Following
Common Dividend No. 222
to
at the wholesale level.
prices
South
Orders
Dips
Y.
A
CITY
in
"
Shipments
ELEVATOR
SWEARINGEN,
New
y
Mar. 17,
•
.—234.753
Assistant Treasurer
120
"•
"
the
for
feet
board
indicated:'
weeks
figures
the
are
of
thousands
COMPANY
No.
of
ANI)
the
show
of
last year. In the
previous
tonnage in the
week ended March 24, was 9.9%
Its
index.
for
group,
the
toll
inched down to 34 from 37 in the
J
It is not
of
assets
Co.
In
liabilities
ported in the similar week of last
Truck
responding
raw
of
The debentures will
represents the sum
price per pound of 31
when
accounted
from
309
plus
Intercity truck
ahead
296
to
and
1960.
originating this type
year's week com¬
road systems
in
the
above
58 Class I U. S. rail¬
were
traffic
21.9%
period
Oil
in
index
The
connection with the
quisition
*;
were
total of the
in
curred
last
day
occurred
more
or
most of the
taled
of
-
■
i
Lower
corre¬
with
Failures
for the first 11 weeks of 1962 to¬
similar
the
on
on
week of 1939.
lar
loadings
piggyback
1961
respectively.
However, 1 business
mortality remained 6%
heavier
310 in the simi¬
above the 1960 week.
Cumulative
&
to $5.85
year.
than the pre-war
27.4%
or
cars
.
by' Dun
dipped
ported
9.8%
levels
casualties
356
and
350
over-all
and
price index
Bradstreet,
April 3,
hitting
the
lowest
level
since
March 9, 1960.
Down 0.9% from
be
available for corporate pur¬
$5.90 a week ago, the index re^.
mained
2.5%
below the $6 re¬ poses, including expenditures in¬
Inc.,
kwh.,
or
the
from
1961-1960
sponding
included
in that
total). This was
an increase of 2,921 cars or 26.5%
above the corresponding week of
(which
Index
Price
First
Boston
Corp.
and
Brothers, New York City,
are
joint managers of the group
that is offering publicly an issue
of $90,000,000
The Ohio Oil Co.
4%%
sinking fund debentures,
due April 1, 1987, at 100.25% to
yield 4.359%.
Net proceeds from the sale will
be added to general funds and will
March 1960
The wholesale food
compiled
a '.-:.
moderately
off
week
in
light
lowest toll in four weeks and was
containers
week's
The
Lehman
.
wholesale price this
barley, hams, beliies,
Business Failures
Lowest in 7 iard, butter, milk, cottonseed oil,,
A
Four Weeks
eggs and hogs, with particularly
strong
declines
in
butter
and
Commercial and industrial fail¬
On the other hand, mild
ures
dipped to 330 in the week eggs.
increases prevailed in quotations
ended March 29 from 351 in the
for wheat, corn/ rye, oats, cocoa,
preceding week, reports Dun &
steers and lambs.
A; :.> •
'
Bradstreet, Inc.
This was the
report¬
cars
or
Up 9.9% Over 1961 Week
Motors
accounted for 56.5% of the 603,476 'cars
made
in March;
Ford
Motor Co. 26.3%; Chrysler Corp.
8.4%; American Motors 6.9%; and
By
-
out¬
(about 559,300 units)
industry
about, five
weeks ahead of its
'*
in
electric
week
below
year
the
puts
increase
the
by
week.
decrease of 45,212 cars
the corresponding
a
Food
Since
Lowest
energy
power industry for
but
1960.
nue
Wholesale
electric
of
week's total of 15,879,000,000
preceding
of
7.5%
There
ago
year
amount
according to the Edison Electric
Institute., Output was 327,000,000
kwh. below that of the previous
of
announced.
the
-
-
Higher
9.8%
1961 Week
above that of the comparable
There
assem¬
with
compared
Output
the week
ended Saturday, March
31, was
estimated at 15,552,000,000 kwh.,
increase of 10,541 cars
ed loaded with
Passenger
U.
or
Above
1961 Montn
Same
Association
the
week in
47.9%
and
March 24 totaled
above
1961, but
♦Index
•
The
55,540 cars or 11.1%
above the corresponding week in
129.7
country.
Than in
loadings represented an in¬
crease
Total
Electric
freight in
revenue
Railroads
was an
The
-.--*114
.
slightly above the 271.02 in the
preceding month
and exceeded
appreciably
the
269.78
on
the
com¬
freight
general
Ohio Oil Co.
*
week.
119
_—
i*
of
Despite the downturn to 272.53
April 2, the daily wholesale
commodity price index was
.
similar day of 1961.
1961 Week
in
cars,
1.9%
or
terminals
of
throughout the
year ago.
a
of
American
143
Southern
week
same
the week ended
141
--—■.—>-■
St. Louis
Western
low
the
140,423
of
preceding
week, but 36.6% above 101,571 in
the
carriers
Thursday, April 5, 1962
.
.
on
at
Than
149
132
Cincinnati
mon
Carloadings Were 11.1% Higher
164
Detroit
Chicago
than 400 truck
million.
distributed
126
Cleveland
'55 model
the
by
output last week was
138,777, slightly be¬
Factory
135
—
Pittsburgh*—.—119
Youngstown
__—129
%■?.'
.
March 31,1968
Coast—
East
Buffalo
only
which reached 7.1
run,
estimated
follows:
:
.
by
ended*" March
week
for
31, 1962,
exceeded
15
Production
Ingot
.
Kleiner, Bell Branch
LOS
Bell
&
ANGELES, Calif .—Kleiner,
Co. has opened a branch
office at 650
under
Loeb,
the
South
Spring Street
management
of
Boris
Volume
195
Number
6148
.
.
The Commercial and Financial Chronicle
.
(1621)
THE MARKET.
BY
.
WALLACE
AND YOU
.
STREETE
New York Security Dealers
late last year^a
plan of cooperating with New York Central in re¬
frigerator trailers that will be
.
ship farm produce east by
Central and sent back west again
_____
w|th merchandise
Selling continued to nibble at instocks, particularly the
recent high flyers, in this week's
trading. In the process the in-
until a possible loss running up
to $7 million was indicated as its
dustrial
share
having
a mundane life,
hovering
between 81 and 92 so far this year
dustrial
v
der
average broke down unlevel that had been assumed
a
of
fraud that
a
might .total
$22 million. Heller's possible loss
support, leaving wide -allegedly is about double its reopen whether a test of the year's-serve account and better than a
low was in the making.
,
million: m o r e t h a n last year's
to be one of
.
the
heaviness,
blamed
the
to
where
it
to
was
to
,
.
Show
/; That
Business
Trend
the dividend
sprinkling
showed
news
of
payment
Thereupon it disclosed
patrun-proof stockings, and
in
a
matter
of only minutes
it
jumped 18% in value, on volume
was
ent
good
improve-
new
a
on
enough to
propel
it
to
the
head
ments but without
inspiring much of the list of most active issues.
Auto production,
investor interest.
^
bubbling along at a high clip.
question was how steel
was
The moot
orders will fare
sured there will
The flood
ter
be
as¬
strike.
no
starting
interest
but there
near
was
^
anticipatory investing being
although the prospects are
heavily in favor of the reports
providing good reading in the majority of cases.
now
Trading
at
itself
were
current
losses
to
volume
were
of mild
case
cause
the
the
to
in
it
pending
mergers
since
have
them,
of
lull
setbacks
buying
any
four
sessions
in
of
New
level, first such
pro-
various
in
a
Central
is
still
onstrates that it is prospering. The
odds not only favor the road re¬
turning to the black ink column
factors
-
Meanwhile
Central
Tolted
Jolted
of
some
.
the
favor-
drones
while
market
analyst
to
remark that
hard-hit items have
some
of the
been
slashed
harder
even
1929. break.
Texas
TAf «re presented
alLthor only.X
article
time
coin-
the
"Chronicle."
as
•
<
\Tovv>^. V J
T)
IN <^IIlv3 V ."-L
& Co. Inc.
,
fn
A lUjJjp 06 V^U. 1/U
'
Conference
•
will
New York City, members of
New
York
name
Stock
Adolph
Exchange,
Meirowitz
New York Stock
on
ber
The
a
New
York
Stock
tative
the
Exchange,
with the cooperation of the Asso-
ciation
12.
of
Training
Firms,
conference
Registered
Representative
"r
Propp & Co., Inc., 400 Park Avethe
This advertisement is
The
Directors
of
Exchange Mem¬
a
2% day
registered represen¬
will
on
selection
Commodore
hold
and
not an
offer to sell
or a
solicitation of
an
a
good
offer to buy these securities.
offering is made only by the Prospectus.
NEW ISSUE
March 30,
1962
300,000 Shares
debt
road
at-
tracting customers to lease its air
run
..
..
Vwr!?rJas ^
above
This
the line
make it
tions of
as
it
week
the year ended.
fell
of the
one
below
$80
to
prime illustra-
sharp price correction that
has taken place in a general
ket that, as far as the
are
a
concerned, is still holding to
relatively high plane.
Transitron is another
the
price correction
This issue sold
one.
steep
high as $60
as
new
lows in
Even
International Business
Machines, where the quality is
undoubted, and the business prob¬
lems
sold
haven't
down
week
to
where
been
low
as
it
conspicuous,
was
a
round
100
points under last year's high for
the
IBM
present shares.
The story of
in the last few years has
been
of
gaining
100
or
more
points
a year rather than losing
ground by that margin.
The surprise jolt came when a
standout
financing
revealed
heavy
losses
volving
Walter
to
Freight, ■ which
nomic
from
fictitious
E.
Heller
a
suffered
swindle in¬
mortgages.
was
the
issue
hardest hit both by the losses and
in the market action.
The
shares
despite
slowdowns
has
U. S.
the
eco
able to
was
reflected
the
the
re¬
shares.
S.
Freight
is
the
(Par Value $1 Per Share)
/
:
v"/;/'
''V :
The
good
tial ahead that is not
yet reflected
in the price of the
U.
Common Stock
re¬
sults, but to some fanciers of U. S.
Freight there is still a good poten¬
Price: $10 per Share
Copies of the Prospectus
other dealers
or
brokers
may
as
be obtained from such of the undersigned and from
may
lawfully offer these securities in this State.
nation's
largest domestic freight forwarder
and the bulk of its work is done
by rail although it is pipneering a
fishy-back type of operation via
boat,, similar to the piggy-back
operations instituted by the com¬
pany via railroads
some
ago.
-
finally approved
fied by the
the
were
under
the
full
shipment.
and
veri¬
Supreme Court a month
piggy-back operations
ago,
a
cloud that retarded
of this type of
growth
With
S. Freight
the.
can
Edwards &
Hanly
four years
Until the contested rate
patterns
were
ofJFfeller had been ,U.
A Federal Licensee under the Small Business Investment Act of 1953
period
port record profit last year.
companies
have
did
as
a
performer in
,
of
group
were
obscured
road,
others, bumped into
The
$507 this
as
much
the
freight transportation field is
stock
the $12 bracket.
pretty
when
Interest in Freight Forwarder
a
in 1960, last year retreated below
$17 at the low, and this week was
busy posting further
was
year
of slack business.
where
case
was
This
last
most
averages
•
flciency with a modernization profra.m ,aa
pioneering technological developments to cut costs,
mar¬
cloud
gone,
concentrate
on
at
New
registered representative selection
and training.
-
tag of around $5
in
York, May 2-4. The Conference is
designed for those in Exchange
member
firms
responsible
for
rights as Well as selling surplus
from a price
property. r
in 1954 to $256
A
»
' '
in 1960. Last year it fell back be-~rail operations go,
low
par
and was only slightly•,9 ?^
has been stepping up ef-
had had
training
Hotel
some
investments, has been busilv
the
those oj the
Pwvrm /£V f^fl
nue,
of
following firms: Maltz, Greenwald & Co.; Wm. V. Frankel &
Co.;
Sidney A. Siegel & Co. Inc.; Frank Ginberg & Co.
Inc.; Harold C.
Shore & Co.; Godnick Securities
Corp.; and Edward F. Henderson
two-thirds of its
fixed charges from real estate and
than
in the
Instruments
of
of Grace Canadian Securities
membership in the Association
merger
After this year, for one
on.
which gets
done to many of them
was
any
those
>
election to
the
years have taken a thing, Central, has no major
hard jolting, leading at least
one-maturing for 15 years. The
,
"
-
the
and
seem assured of attracting
friends
new
itesj0f recent
,
Inc.;
not
with
nating committee of Irving P. Grace
>
IThe oiem expressed in
necessarily at
cide
would
conserva-
con-
confusing or ominous and
daily new lows being posted
took a commanding lead over the
this
year,
but also by a good
new highs; in one session amountmargin.
?
ing to well over a hundred which
How long the pending
merger
was not only a
high-water mark'with the
Pennsylvania will take
for this year but the biggest such to
grind through all the processes
accumulation in nearly two years.
is moot. But the fortunes of the
Favorites
Favorites
year,
that
superior trading stock in
quarters, mostly because it
move rapidly from its
present
depressed level as soon as it dem-
the
.
' tj_<
this
more
Gerald F. X. Kane
can
were
-
tiv_
results
even
Stanley Roggenburg
The Association also announced the
appointment to its nomi¬
some
year.
technical
York
sidered
the
this
interest
any
proved
reduce
Lester Frenkel
im-
Outlook for the Rails
in
row
short
spark
Proflt showing which, with
Vice-President effective April
sup-
a
fell
to
n
at ™ly SOme 10 1tlnaeS th* 1961
will
the rails
on
unknown factor,
the
even
What
interest
& 'Co.
«Ji
neg-
demanding most of the
attention.
great
sharp it was mostly a
selling being enough
three million
The
Where
a
failed
turnover
tracted
continued
ebb.
exaggerated
For
is
the
absence
port.
Market
low
a
were
and sharp price appreciation
sues
take to focus
run
such
concentrated
was
Kane
\t * orted Drofit of $2 67 aeainst
onlvPa f]oilar fi tht fLt half
^
do
lected in the last couple of years
when space age items, growth is-
done
Thin
Thf
was
that
and
grow
of the items that
some
.
little
to
X.
1°^^un'dervplnpH mfJlitv
<
indications that
were some
institutional interest in stocks
for first quar-
season
reports is
that it is
now
There
F.
sparked
•
1962 range
a
Gerald
_
of only around a point and a half.
And
a
be
can
nearly lifeless item in
Comforting
comforting, if not dramatic.
interest
of
This stock not only seems
jYe. s"aken off the effects of
dis
\y%
-
.
Kane
?■• ■■■■•
, v.. ;
v v
Vn® old-rtime item around, that
"a(* its,problems when the Cuban
su&ar situation was upsetting the
e^s'
American Sugar Re-
it
by low-priced Chadbourn Gotham which has been a
,
in the main
news
of
proved
was
V
.
Business
driven below 70.
were
up
emerge
> ,>
-
implications
X.
F.
'
on the market and. in
short order the price of the shares
worthwhile rebound
a
ensue,
The
-
Frenkel; Stanley L. Roggenburg of Roggenburg & Co.; and Gerald
are expected to be
expanded to other rosins and, mvariably, { at a profit to U. S.
weren't lost
be
considera-
that it
itself
market
from which
_
leaving
,
means
earnings.
account for
solid floor would
a
could
to
technical
on
tions which
.
little
was
York Security Dealers Association has
announced the
election to its board of governors of: Lester
Frenkel of Gersten &
Such programs
t
There
The. New
by U. S. Freight.
height.
-
Association Names New Officers
used to
'
17
Lubetkin, Regan & Kennedy
Hill, Darlington & Grimm
Chronicle
The Commercial and Financial
in- thesev
interested
other 4 institutions
concerned
T. CHIPPENDALE/.
BY JOHN
JR.
»—
:
,
'
,
,
,
oft consolidationis
be a more
constructive " tone1 in the - capital
market. It is evident that there is
an ample supply of (funds seeking
period
-.
there will again
expected that;
investment and it:is:
large part of it will find an outlet i
in fixed'income: bearing f obliga-
a
the trend in bonds
tions. However,
_ae.t
past.
future as was done
the
Also, as long a^/the P
«
along Withi the
'f-nrrpnt'deht
program,
to be any
agement
thatr'
are-1
Thursday, April 5, 1962
tax-exempt* Obli-
with
BY
•
mere
„
_
|
man-
\
is
n
t
nut
ELY
OWEN
not ',;
Southern California Water Company ;
•"'•//
not likely to be increased-much as;
'vi
customers in • •
down to levels where the Treasury■ : Los Angeles, Orange, San Bernardino; Imperial and Ventura coun* «'
ties. It follows an aggressive*policy-of-acquiring independent water
is,actually forced to offer longterm bonds:, and . corporate new.t : service agencies,.16 .having.been taken Over since.; 1945.-It also/sells^
issues are, increased.;sharply,/by
aic,.luv-wareu,,vj • v. electricity, (purchased: from, California-Electrip Power) -to 4,935
time, goes
Therbacking and filling which has
been in evidence in the bond market is believed to mean that when
—7
*
gations. Also, the supply of cor- /
pora.te and government bonds - are >>
■
over
.
securities^1
namely, pension funds^ and those
this;
.
porate bonds will continue to be
important as time goes along be- {
cause of the type of buyer who is -
Our Reporter, on
xvct
.
(1622)
18
along unless- yields go
Southern California Water, supplies water to 119,602
thewery low;cost of.raisingiunds::..t;Customers.in the Bear.Valley District oi ;San. Bernardino^County:;;
...
-
.
.
..
likely
sizeable new offerings
merit bonds for -x-~
raising or
addition '
advance]
have also undergone
Regarding water, supply, the. company-obtains about 70%-of its
wells which it
owns,-widely distributed-
The.remainder.is bought at wholesale,
PlOn the^the^hand^a^long^^s
the
Secretary Dillon's Thinking
it seems as though
recent testimony byTreasury See-
fear is to remain in
the- inflation
background, there will be an
with a deficit. This probably
that interest rates will conto remain on the easy side,
tinue
for Bonds4
buying that is being,
solid type of
done in fixed
not. only
is
a1
of
Treasuries
1
recharged by rainfall and/imported Colorado River-water. Ground
v.
//: water- supplies are. supplemented by Colorado
River water sold at.;1
// wholesale. rates to distribution agencies and . distributed through ; '
AQITllI XJ^UIuv
....
.,
.
.
,
...
,
...
...
„r
^.
A
.
.
.
.,
,
•
-
jbem^Hength-
are
ened.
\Southern California is produced from -vast underground basins.
;
* 4- "O
.
corporate
bonds: and municipal- obligations;?
but there1 • is - also av growing interestrin Government • long-term
securities. In addition,, maturities
for
demand
sizeable
X 0
w*
,
income bearing ob-i
There
ligations.
•.
n
^
question about the
is-no
There
J
A
m
CHICAGO, 111. —H.',Flagg Baiim transmission system of the Metropolitan-Water District..
L will be admitted to partnership in'Some 79% of the-comoariy's water customers are located in
the New York-and Midwest Stock,
areas that are4 member units of the Metropolitan Water. District*
where Colorado River water is available,. There may^be some
Exchange firm of Wayne Hummer 4 ~t
rr11-— ——
danger that-the amount of water from the Colorado River allo&* C o
'10 5'
C cated in future to California maybe reduced
(a Referee's report
West A d a m s favoring this is now pending before the U.<'S/Supreme • Court).
Street, follow¬
However/the longer-term supply outlook has improved as the reing exchange•.suit of approval: of' an aqueduct project from, the Feather River '
about
ten
years
would be the a p p r o v ail, ;
." north of
Sacramento, deliveries from which are to start around
main one used in the future. And
George
E.
t: 1971.* -;
the long-term/ Treasury market B a r n e s*,
^/:;//aV-,;-'.'v //*
should not be having-any increase
partner an¬
Regarding rates, the company is subject to regulation by the ~
State Utility Commission. In connection with its periodic reviews
in the supply of bonds through nounced.' Mr/
BaUm has been
the use of senior advance refundof utility rates, the Commission is pow-making a general investigaing as was the case in th'e last with the firm
/tion of (the-company's rates of return throughout its.various 'disK
few. years when the Government |or the past 12
tricts. In" 1981 four apolications for increased rates,.requesting an...
was
fairly active, in extending years" follow-1
increase-of approximately $517,000 in revenues, were filed by .the
maturities*',,: ;■//////./'/
ing service in - company. .Hearings on. the -first/application were, .completed in
means
-
Wayne Hummer.
retary,-Dillon in: Washington before a Senate committee would
indicate that, long-term advance
refunding ventures could become
a thing of the past.
This .could
mean that, aside from the junior
a d v a n e e ; refunding
operations
which have thus far evolved, the
extending of maturities by only
budget, it begins to look now. as
though the 1962/1963 one will end
Strong Investor Demand
However,
;
increasing amount, of money
available for the purchase of
bonds. And when it comes to the
up
mainly from the Metropolitan Water District ;of Southern California and its Colorado River supply. -The basic' water'supply in /
in the money and capital markets.
has already taken
advance which
'
'/j
the: navy,
Thus, with the supply of new
/
Partners
•
long-term Governments not likely
^ increase because of the absence cludefirm inthe
Wayne
i!
Wayne
Jahjaary H)£2 and the other three were scheduled for hearings in
Ee&ruary and March. '■■/ ?Y
^•////'"/V:' /'/ //'•//1
*
in¬
firm
the
H.FJaggB&um
r
The company operates in a .rapidly: growing area.. During .the-
ivif irr.
^ov®rl]me/lt frem thls area elude
_
w/-a 4 decade 1950 to 1960, Southern California exp?rienced its greatest,
responsible for the m- pf the market, there has been an .Hummer, _Mr Barnes, Harry A: - .growth in copulation. The 1960 Federal Census "indicates*70% of
proved market action of these ob- improving tone in the most dis- Baum, J.. William Lawlor, George - f,
tVlp state'«: nonulation was -in-the southern half of
•
w
which
is
j
^fcou°n"m". The'pe?-
S ahndS fant Government bonds. Also, the Rr^Becker,' WRliam B. Hummer
SHIS&
traders
and
differential
-the
other
was
dent
best
dealers^ The yield readily absorbed byfairlystOTs'who
inve sizeable
looking for
between Governments
blocks
of
^
narrow
investor
so
has
that the pru¬
to
be
is
taken
to
..vYlT-
< >
_
las
„
T
__
...
-,
0,
a
&
AT
in
prices
of
all
fixed
in-
Mr" Hart
was a
paid;ner'm Cady
.
(>
_
.
v
share,earnings and dividends over thei.past terr years:./
York City, members of the New/;,/
York Stock Exchange. /• ■ // / ^V ^ -
trend
:
E a r ni n gsf;>:' v...
Per Share i
Dividends
/
(Mills.)
keep it orderly^ in
the
mand
for
Government
and
•
$i.oi/: i/
:
cor--Edie & Co.
:/
1957l"IIHIl
T'5"
4.6 '
announcement appears
only his
a
matter
of record
-V
4.2
i954r__„_:_
of these securities having been sold,, this
3L8':/•//;// ' .59
?
:
1952:
.?<
CHEZ Ml LH EI,
INC.
Florida
corporation
'
V.57/,
•
.60
The average
,24-15
g, //
10- 91 •/.
10-; 9\;.-p
„
'//'
.50
■
10-/9, >,
•'';
/ ■••."-^•.4'54;-/.r :'v//9-;7"
;• ./:'•/•''^;43/
:/"f 7- 6;.
4-:
'y'/43;/L;7-"'5^y'/
2.8.-V;'-49
""Adjusted for 5-for-l ■ split in 1D50 and
y
v
■
-
*.
,3-for-^ Split !«• 10(T!J/,/ Wi/U ,/:/;.
annual increase in share earnings during':l'952-61t
^(compounded) has been 8.3%;'earnings increased in /each /year
/except j.954 when they receded by ;one penny and 1958 when they
; remained unchanged. The dividend has increased, in each of the
past^nine years including/1962. Dividends -have been paid "without
interruption since the company was incorporated'in 1929. i '1
f•■
The latest stock split was approved- March -6 and is now effec¬
tive. The quarterly dividend on the new shares- is 19" cents cr
76 cents per-annum. (The new quarterly rate if applied to the old
'shares would have meant an increase^from Sl.lO1 to $L14.) At the
recent over-counter price around 23, the stock yields about 3.3%
and sells at less than 23 times earnings.
""
1 "/
;
•
a
.
3.4^" ' "
-
;-v
.77y* /•:
.72 ' ',/•■;/
•
1955I__!
:
All
.
,
:.80
;
•
1956./____r.
Price Range
:$o.73^.
,
/Ajpprov inia tp
</'•;v.i: .67,..
15-13../VW
: .89 /
.62. / r: , 14-12:; / ;
/ .$0 - --LVX'.. .60..12-10 /./■/,
/1.00
;
5:0 Z
:
■
,
^
'L:
to
•
,V——.——Common Stock Record*
Revenues
.
needed
AT
P°Pulatl0n wlU e*ceed New York s m the latter Part
*
revenues,
Go.,- Inc.-, 63 Wall Street, Ne\y.
shape again in spite of the feeling
in some quarters that the upward
,
_
as
Government bond market in good
mean
.
Stdcks qf
service companies -are pot generally: regarded ^
growth stocks but there are ,a few- exceptions, one of which is
Southern California Water,. This is indicated- by. thn .growth of
>,/
been 'elected
..
of 1962.
,
,
,
.
.
A""
' '
vice-President of D.B.Marron
have served to put the long-term
addition, the open market
operation of the monetary authorities is still
the same as it, has
this
^
Herbert' Hart
AU of these various happenings
In
and
Market
Buoyant Treasury. Bond
attracted
^
Of D. B. MarrOIl
securities.
these
quality taxable bonds is and
too
to the Federal securities..
been
Hart Named V.-P.
were
available—and
issues
/
-
$100,000 7% Convertible Subordinated Debentures, due 1967
(Convertible into Common Stock
at
83.00'per share).
\
*
)
50,000 Shares of Common Stock
(Par Value $.10 per
(33,334 shares of
common
share)
stock reserved for issuance upon conversion of debentures)
Offered in units consisting of $100 principal amount of Debentures sold at $100 and
50
shares
of
Common
Stock
sold
at
/
>
In the article in this column on
$100
March: 22
1961
$200 Per Unit.
y
the ownership -was 56.5%,
HUNTINGTON SECURITIES CO., INC.
.
impression was also given
that Central Telephone is a
holding company. Actually, it is also a substantial operating com¬
pany which owns and operates property directly in four/states,
Minnesota, I0wa, North Carolina and "Nevada. Its subsidiaries
operate in the states of Wisconsin, Illinois and Virginia. Central
Underwriter
N. Y.
Western Power & Gas has always
more than
a majority of the stock of Central Telephone
organization in 1944.
r
owned
The
Broadway, New York 7,
Central Telephone Co. in the
issue, itiwas erroneously stated That; Western Power &
39% of the common stock of Central; as of Dec. 31,
owned
since
217
■.
Correction—Central Telephone Company
.
Gas
OFFERING PRICE:
»"
V".
-
:
Telephone Co.- itself. had 190,763 company-owned telephone sta¬
tions at December
.(.t
;
t
.
'
of
31/1961 and Central Telephone itself,- exclusive
subsidiaries,'had/-operating
$19,270,000.*^
7
/;
■
revenues
./4'
■
for
the'
year-
1961
of
V""'H
Volume
Number 6148
195
.
.
The Commercial and Financial Chronicle
.
(1623)
automobile liability, workmen's compensation and other liability
lines. These lines have been a serious problem to the company in
19
Qr>V|QT»-p-P J?T Tnpno
OLIlctlll Oo J UIlv3o
-
recent years.
The overall
This Week
Insurance Stocks
—
underwriting results
1961
of previous years because of the adoption on Jan. 1|
of the annual method of reserving installment premiums on
three and five year
THE
CONTINENTAL
INSURANCE
COMPANY—
■
The Continental Insurance Company is the parent
:
.
Fore
:
of 11 fire ands
The Group ranks as one of the
insurance organizations in the country
with assets of over $1.7 billion and'preihiumk earned of oVeF $500"
million. It is the largest as measured by size of capital and surplus/
The company began business in 1853 and has enjoyed, con¬
siderable growth over the years both through internal expansion
and outside, acquisitions. Until 1959 Continental Insurance shared
control of the America Fore Group with Fidelity-Phenix Fire
largest fire
Loyalty
Group.
Company. In that
Firemen's
Insurance
NEW ORLEANS, La.—Scharff &
Jones, Inc., 140 Carondelet Street,
,,
have
of
.
1
the
on
.
~
enlarged capitalization.
; Continental's
presently
are actively traded :on the
high of $73 and a low of $64; At the present price, the stock yields
3.2% on its $2.20 annual dividend and at a discount of 27% from
.
of New York were added to the Group. -,p;
Today,, the America Fore Group operates throughout the /.
United States "and in practically every country in the world.. The
company is represented by over 50,000 agents and has a total of r
3,760 regular employees/ The Group writes practically every line /
of insurance 'with the exception of life coverage. During 1961,
pany
the
volume was divided as follows: Automobile—33.5%,\
Lines—29.3%, Miscellaneous Liability 7.6%, Work- v
men's Compensation—7.4%, Accident & Health—5.9%, Multiple
Peril—4.9%, Ocean Marine—3.0%, Inland Marine—3% and all
other lines—5.4%.
.v..;■•».' \ - ■■■ -S
^' Continental's underwriting losses in recent years, after con- ?»■ Thepremium
year-end estimated liquidating value of $94
per
share.
cost
Lone Star Gas
Fire'and Allied
"•
Headquartered ' in
•
■
;
approxU
Boston
Corp.,
;
New
natural
mission
gas
retired
business
man,
widow, each, needs to know
what
steps should be taken to
best satisfy his or her financial
needs.
The.
primary
Division, will
fessional
these
help
in
problems
be
objective of
give pro¬
to
the
and
solution
to
the
of
more
complex requirements of the
larger investor or corporation.
To Stockholders /
The5 company is offering holders
of its common stock the right to
subscribe for 945,454• shares of
4.12%
cum.
convertible
prefer-
trans-
gathering
lines,
the
or
and operates inter-
connected
First /
to
reer
the
Dallas,
man¬
Plan¬
Consol. Edison
company owns
,
r
'
as
In describing the
division, Mr. Laroussini,'ex¬
new
the
outstanding shares,; totaling nearly
New York Stock Exchange.
The stock is currently celling at $69 per share and has had a 1962
-
of
appointment
Investment
new
a
the
Laroussini
plained that almost everyone has
financial problems; from - the
youxig person just starting a ca¬
D.lls anticipated that the 55 cent quarterly dividend will be main¬
tained
of
A.
ning Division.
•
stockholders at the annual meeting, and will be distributed in May.
f
announced
Edward
ager
The-improved results prompted the Directors; to recommend
the payment of a 5% stock dividend, which was approved by
,
'.**."2 million,
Newark was merged; by the
America Fore Group, in 1958 the Seaboard Fire & Marine In¬
surance Company of New York and the Yorkshire Insurance Com-
.
underwriting results and a ri§e of net investment income of ap;proximately $1 million.-: A continuation of.tnis trend would bring
the company its .best operating record since the early 1950's.
.
year
Company
^
;
-in
and casualty
the latter was merged.by CoiW
tinental. Earlier in 1957 the Loyalty Insurance Group headed by
Insurance
policies./
'. "
Management recently indicated at the company's annual meet¬
ing that it was expected that Continental would "at least break
even on underwriting", this year and
have investment income-of
$47 to $48 million before taxes; Preliminary figures for the first
two months of 1962 showed an improvement of about $10 million
casualty insurance company subsidiaries which are known as the
America
Opens New Dept.
not directly comparable
are
with those
lines,
sistently
experienced
ticularly in . the'/automobile
Although underwriting losses ./ uuu,uuu none oxar u*as co.v <±*/2 7o
since 1956, the Group has re-r" sinking fund debentures, due 1987,
at.lQ0.5.Q% to yield 4.467%.
•
corded steady increases in insurance written, and a strong capital
have
been
lines.
jjpa| gas
year
qoo
in'each
incurred
WisePti?ey
redeemable /it
-
in" 1961
ft
tz
o'oa" a"d
KQC ona
Qft4
shares
Loss &.
Premiums
Assets
Year
:
/
.
«,
*
■. >
1957—
.
i.
-
Written
'
.
813.1
,
1958—, 1,546.8
*
x
>,537.7
;
.I960—
1961
.
,
1,623.5
1,645.0
1,777,3
;>
—
,:
440.9
/
.
'
61.2
•
' ;.
41.5'
71.4
•
.39.1
.
68.9.
1963
66.3
802.3
1,
;
: 108,2
to.
38.6
-
A" 104:9
//
r
-
ranging
'4
r
those redeemed
1- '1985
to
on
Net
Total
.
.
A
";.
.
\\j':C-'i
r'
,
r>;Estimated/
Liquidating
;
*
Adjusted*' *
:
Year
/-Invest.
Underwriting
Dividends
-Operating
' Earnings
Income
Paid
/
;
«—(Per Share)
,
Price
Itange
:
/ Value*
^
fund
is
^ $2.43
$— .75
•
—3.55
49-36
;
t.
3.29
•
:
-
—.66.:
1.82
/
3.17-
—4.05
1957.1958—
$53-39
$1.82
$i.78
—.52
1.82
-57-40
2.00
60-46 :k
:
$69.46
V1L
62.11
.
.'
,-81.02
000,000
'
1959-i,
1.61
3.40
~—1.80
—2.34
3.58
19611-3.02
3.71
I960-.-
-
,1.22
'„81.46
•
—.69"
2;20
r-
-
.75-55
94.00
..
♦Adjusted
equity
for
in
unearned
premium
the
of
It will
use
the proceeds from this
has announced the opening of an,
office in.-Sqn Francisco. .The .an- .
issue nouncement comes on the 35th..
■
'•• >-
.c.
reserve.
has recorded year-to-year gains in net invest- '
ment income over the past decade. Due to its unusually strong
company
^sh.
kndg
the
.
,
.
■
1962
■
construction program of Lone Star
capitalization,- and its limited underwriting exposure in relation
capital and surplus, Continental has traditionally been able
to invest in common stocks to a greater extent than most" other ''
Gas
-
Mass
Fdwin
-
Co. and its subsidiary
com-
underwriter
and
Coward will servfe
dealef
as
The
new
„Thi
office will
Since World War II, the company's invest¬
the long-term bull market
the value of Continental's
stock portfolio has been a major reason for the company's
common
above average
growth in net worth.
Continental
is
one
of
the
*
few major
-
All
dent/
managership
of
Robert
H.
investment
,
dealers in all of the New England
Rich,
formerly of J. Barth & Co.
inservicing
t
,
states and upper New York state.
of these shares having been soldy this advertisement appears as a matter of record only.
;
fire and casualty
.com-
•?
NEW ISSUE
•
panies that has not expanded into the life insurance;, business.
While management has expressed interest in entering the life field,
"it is felt that the time is not right for the acquisition of a life
-
Units
and that the capital requirements or organizing a life
insurance subsidiary would be prohibitive.
\--./l'/ V'i'ia
:
During 1961, the company reached a point near to completion
company
in the process of integrating ,the operating organizations of the
America Fore, Loyalty and Yorkshire groups to establish a Single
which
adversely affected the fire and extended coverage
lines which are usually conducted at a profitable level. Neverthe¬
Consisting of:
'
.
organization conducting the entire domestic insurance business.
Underwriting operations were not conducted at a profitable level
due to a number of catastrophes and unusually sever weather con¬
ditions
U. S. Controls, Inc.
.»
.
,
■
r80,000 SHARES OF COMMON STOCK
7,
v..
(Par Value, $.10
-
and
-
less, an improvement in underwriting results was experienced in
per
share)
-
40,000 COMMON STOCK PURCHASE WARRANTS
NATIONAL AND GRINDLAYS
BANK LIMITED
Christiana
Securities Co.
"
Head
Office:
26, BISHOPSGATE, LONDON, E.C.3.
London
Copies of the Prospectus
Branches
54
Bulletin
on
Request
PARLIAMENT
13
ST.
KENYA,
Members New York Stoek
Exchange
Members American Stock Exchange
120 BROADWAY,
■
-Telephone:
Bell
NEW YORK 5, N. Y.
BArclay
Teletype NY
7-3500
1-1248-49
Specialists in Bank Stocks
1
"
' Stale's
may
be obtained from the undersigned only in such
where the securities
legally be offered.
SQUARE, S.W.I.
JAMES'S
Bankers to
Laird, Bissell S Meeds
1
STREET, S.W.I.
the Government
UGANDA,
Branches
•
■.
may
in: ADEN,
ZANZIBAR
--
in:
INDIA, PAKISTAN, CEYLON, BURMA, /
KENYA, TANGANYIKA, ZANZIBAR,
UGANDA, ADEN, SOMALI REPUBLIC.
NORTHERN AND SOUTHERN
'
RHODESIA-:"*
>•'"
regional
Dickson Smith, Vice-Presi¬
i«««+!;*
be located
k«
at 351 California Street, under the
companies.
ment portfolio has fully participated in
in common stocks,, and appreciation in
a
^ municipal .• a n d - .corporate wholesale representative, working
to its
insurance
T
-
.
.
_
>
,
/ anniversary
on
hand
cash
generated from operations, will be
with
1
;
With-Vance, Sanders-
of the founding of the 2"® i wj\r~~ Ed0wirl L*
nrn„00j.;frnm
+k«'.':eoT«- •tirm which is the oldest in the. 9°^ard has J°Ined Vance, Sanders
proceeds from the sale, - United States specializing in in- & Company,- Inc:;> 11 Devonshire
sur'ance stocks. It is a member of Street,-it has been announced by
;to retire long-term bank
New
York
Stock
Exchange Henry T. Vance; President.
■
Sufficient "to/"complete
The
gas and steam in
metropolitan New York area.
of
also
J
'
electrjpity,
the
financing to lepay short term
bank loans and construct addiShelby , Cullom Davis & Co., tional facilities.
y
K 82.72.
,160-45
2.05
-
of
cal—'
minimum
a
71%
.1 prior to maturity.
•
1956---
retire
approximately
/
T
—„
-»——
29.
Place, New York City, is a public
utility engaged in the generation,
manufacture, purchase and sale
-
-
"
t
••
after April
or
sinkina
The
culated
.•
.
common
March
for those redeemed prior SAN FRANCISCO, Calif.—Shelby
tb March 31, 1968-to 100.10% for''Cullom Davisr managing partner
'108.9;'/
l
prices
Ademption'
'
"103.7
.
Oil £or
•
17
S'an Stanley & Co., and First Bos-
Q"i" HpCl "H
H T ClY
100%-for. those WdOl iJl allUi IUI
after April, • 1, ..Q
/I
o
C*r\
100.44%
'
'
redeemed
each
record
to ton Corp., New York City are the
net income to prjnapa^ under^ters.of 4 ,.
Consolidated Edison
Irving
;1^8S|§andL. ^^sinking/fund/re- O. \J» -L/ctV lb vl)..
•
42.7
c-':
'f
110.3
>
'38.8
b; ; 1,007.7 ; ; /J 66.2
•-
,102.7
39.3
64.9
»
829.8
•
,
550.9
W:.
'/-."'Ratio
-
prices-ranging :from
of
amounted
105% for those redeemed prior to
x
$338.6.
321.7 '..V 2" 365.4803.6'
517.5
/.
:
;
''
•
■
1959--
Ratio
/ ;
redemption
>
Combined
'
$142.4
•
Expense Ratio
Expense
Ratio
"Surplus.
<
•
r( millions )-r
r
1956-—; $540.5
;
toss
Policyholders'
for
held
Rights will expire April 16. Mor-
'
>
share
ence
of
portions
1
TotaLoperating revenues of the
comPany
-
.
than 878,
more
in
Texas and Oklahoma.
position' and rising net r investment > income have- permitted -the/"/I Thepew. debentures are tnot
Group 'totabsorb the underwriting losses without difficulty as.t refundable at a
lower ; interest
cost Drior to- Aoril 1
1967
Otherstockholders' surplus has steadily increased.
ptc
««=
are tcuTOuawc at the
Selected Statistics — Growth and Underwriting Results
option :of :the company at regular
■
serve
consumers
Darius Incorporated
:
(1624)
20
SECURITY SALESMAN'S
V:
BY JOHN BUTTON
The Commercial and Financial Chronicle
A pew prpduct comes, on the mar¬
ker and takes- the ; public * fancy.
It
sells
like peantits
;at-
'
."Thursday, April5, 1962
.
4
,*
^
v-
#
'
-'cireus;
; soon
competition cuts; into ~ the
Vmarket.' Retail merchandising* is:
now in the throes of the greatest,
*1
a
competitive, upheaval in history.
We
have
drug -departments in
grocery
stores,
insurance sales
offices,
in
department
stores,
travel
agencies in retail stores,
discount stores in shopping areas,
downtown
department stores
moving to the suburbs, and out
of all. this will come change, and
many failures as well as successes.
All that anyone can do to keep
up with such an upheaval (which
is going on incessantly in almost
every business but the regulated
utilities) is to keep AN OPEN
.
\
,
'
s •
'
Consolidations
yew Branches
•
,
yew Officers, etc.
•,
Revised -Capitalizations
•
.
Keep
The
an
:
Open Mind
today will count
clients you have
stay with you, providing you are
to do two things for them.
atom
selling
stores,
or
smashers today.
Don't be afraid to look at
(1) Help them to make money. new industries. Those who passed
up. bowling because they couldn't
(2) Give them good service, such
as
accurate executions of orders, see any sense in a business based
correct statements, and helpful in¬ upon leisure and play, missed a
formation. If you do these things great bet. There once was a time
when
anything connected with
you will build your business with¬
(2
able
out strain and
effort, because sat¬
isfied customers recommend other
clients.
1'
business
show
considered
was
a
has MIND AND DON'T BE AFRAID
huisic, TO BE WRONG. If in doubt, sell.
There is always another stock and
This
is
all very simple—just organized sports, and all the in¬
another day.
help people to make money. The ter-connected enterprises associ¬
therewith.
As I said at the opening of this
Perfume,
hair
only difficult part of the job is ated
that little word "if." If you had curlers, lip-sticks, and weight re¬ little piece—there is nothing to
are
big business today. it—just make money for your
bought XYZ instead of PDQ, if ducers
you
had sold AXX and bought Years ago they were looked upon customers and you'll be a SUC¬
MMM.
if
had never recom¬
mended something else, and if you
had
you
second
sight,
hindsight
aod
rank'
gamble.
changed with
luxuries
as
public
That,
too,
television,
for
unfit
and
investment.
CESS!
wide
the
of
Chase
feller
announced
Patterson
i7y7,^(3) There also was a time when
the retirement of William
Senior
Vice
April 30.
Boulevard.
Silverman is
office
J.
as
Richard
with the
associated
branch office man¬
Vincent
J.
Bonofiglio is
manager; Robert Nives,
Sales manager; and Bert Goodrich
resident
and Walter
Moedl, registered
rep¬
resentatives.
Mr. Patterson, who joined x the
Chase National Bank in 1949, has
served exclusively in the inter¬
and
Bank
hattan
the
Bank
Company
of the
Manhattan
Chase
sincere
into
situation
a
E.
Tupfe Joinf
Morgan & Co.
suggestion to look at
any company
appeal,
is worse than
at all.
cess?
look
but
into
don't
pany once
it cannot
none
If you
something—look
think
because
a
hard,
year
it
com¬
have
too
made buggy whips that
now
have
a
or
promising
future. They may be running dis¬
has grown fat with
Change
comes
along.
many
alleys.
W.
suc¬
Last
bowling—now
was
SAN
Bank
estate
New
planning,
Chairman
&
we
Several
York
may
from
be
now
pay
Mr.
Anderson
joined
Assistant
Secretary in
1950,
Vice-President in 1957.
iji
»J*t
to
Bank
Company,
New
York
the darling
ment business for many years was
of investors,
formerly
today it is still in the incubator.
with
First
California
29
*
*
Total
*
Dec. 31, '61
3.572.434,106
resources-
Deposits
Cash
3,847,259,982
U.
-
3,115,377,025 3,390,921,255
and due
banks—
from
Govt,
S.
se-
568,193,181
697,090,845
discts.
1,666,358,031
1,696,757,418
63.892,470
69,156,718
•i«
IRVING
TRUST
:
•;
$'
onri
po ch
I
$
•
435,058,305
740,084,947
431,631,512
453,677,445
discts.
1,048,854,081
1,140,931,376
profits
33,379,717
37,688,262
&
#
resources—
——„—
*
MIDLAND
TRUST
NEW YORK
31/62
i
S.
801,682,056 875,582,907
699,306,859 769,649,722
Government
security
Loans
&
.
holdings 157,761,790 165,758,500
discounts
profits-
20,057,863
OF
Total resources-
Deposits
19,308,196
NEW
r—
—
banks
S.
Dec. 31/61
614,475,302 740,689,734
512,493,453 634,759,322
149,302,547 256,183,285
Government
security
Loans
&
holdings 106,034,421 112,186,533
discounts 284,330,866 305,815,871
profits-
11,585,981
11,234,628
Share
The Grace National Bank of New
If
1
*
The Board of Governors of the
Federal Reserve System on March
23 approved the
application of the
City Trust Company, Bridgeport,
Connecticut, to merge with the
West Side Bank, Bridgeport, Conn,
under the charter and title of
Trust
Company.
*
;
*
City
V
;
*
The merger of The First National
Bank of Jersey City, N. J. and The
Bergen
Trust Company of New
Jersey has been approved by the
U. S. Comptroller of the Currency
and will become effective
April 6,
at the close of
nounced
business, it was an¬
April 2 by K. S. Nicker-
sonV'First National President.
with
1962, in
a
combines
merger
total
assets
of
excess
billion dollars.
banks
March
on
31,
quarter of
one
7'
:
Stockholders of both banks ap¬
the plan - of merger at
special
First
meetings
National
March
on.
is
issuing
23.
36,300
shares of capital stock to complete
the merger; one share for each
two shares of Bergen Trust stock.
.J
!,
The Hudson Trust Company, Un¬
ion City announced the election of
Arthur
L.
Dickson
President.
as
Beaton, who
has retired.
Mr. Dickson also is
Director of
a
side
Park, N. J.
The
bank
election
also
the
announced
Victor
of
B.
Marcussen,
Vice President and Secretary, as
a Director.
77 ...'77 7.
*
7 *
*
"7 ''''
''77
,
Casey has been named
Director of public relations, Cen¬
National
Bank
of
Cleveland,
Ohio.
Mr. Casey has been Vice Presi¬
dent in charge of
Western
public relations,
Pennsylvania
National
Bank, Pittsburgh, Pa.
i'.
■
1.'
*
...
f
Horace
i-
•*
i
*
Schmidlapp
'
-
.
:
,'t
•
\
■
has
'
•:
■
been
Third
of
Director
a
Union
Trust
the
Fifth
Company
of
Cincinnati, Ohio.
The
Board
of
Governors
of
the
promotions of
23
The
approved
Peru
the
Trust
application,
of
Company, Peru,
Indiana, to merge with Farmers
State Bank, Mexico,.Indiana, under
the charter and title of The Peru
Trust Company.
partment to Assistant Vice Presi¬
dent and Raymond J. Hayden to
Assistant Cashier of the Foreign
i
•>K
£>>
i
I
Wisconsin
••
•;
State Bank, Milwaukee,
Wis., has changed its title to Wis¬
Department.
*
HERBERT YOUNG & CO., INC.
s&
sistant Cashier of the Foreign De¬
state.
HAMPSTEAD INVESTING CORPORATION
2,638,675
*
Frederick E. Von Korff from As¬
be obtained from the undersigned and
legally offer these securities in this
83,064,856
2,293,364
Federal Reserve System on March
York announced the
may
73,254,867
profits-
YORK
Cash and due from
Undivided
may
71,059,458
discounts
&
elected
U.
Copies of the Prospectus
84,930,483
*
Mar. 31/62
(Par Value $.10 per Share)
from such other dealers as
37,210,677
holdings
366,027,901 374,669,937
*
*
BANK
\
27,566,143
—_
Government
security
tral
Dec. 31/61
216,352,419 272,893,074
banks
U
Common Stock
,4W
and due from
S.
Robert J.
Cash and due from
U.
Dec. 31/61
273,038,005 274,985,048
„L 251,427,488 252,173,139
'
MARINE
Deposits
31/62
_
banks
U..
.
the United National Bank of Cliff -
rity holdingsLoans
Cryplex Industries, Inc.
per
'■
secu¬
Undivided
Offering Price: $3.75
Cash
diip
banks—
U. S. Govt,
Total
fx*
.
YORK
1,872,507,781 2,266,363,2^0
Deposits
Mar.
$
80,000 Shares
.
Deposits
Dec. 31, '61
2,136,057,615 2,530,823,494
resources-
i
>.
NEW
Mar. 31, '62
COMPANY,
S0!''
Mar.
•
.•;
WESTCHESTER,
He succeeds Otis W.
w
COMPANY,
'
Jjs
OF
resources—
1,075,666,014
profits
&
Undivid.
&
PLAINS, NEW YORK
•J*
895,029,173
hold'gs
curity
Loans
44,844.093
proved
Mar. 31, '62
announcement
NEW ISSUE
an¬
was
BANKERS TRUST COMPANY, NEW YORK
THE
is neither an
offer to sell nor a
of an off er to buy any of these securities.
The offering is made only
by the Prospectus.
Trust
76,353,409
44,824,694
BANK
WHITE
.
' 4
63,657,318
'
<:
NATIONAL
Total
y.
discounts 111,992,248 123,549,463
profits—
3,932,316
3,471,505
&
Undivided
trial Savings Bank, New York.
*
This
d L.
by Chairman
Harold H. Helm. Mr. Steiniger is
a Trustee of the Emigrant Indus¬
Undivid.
Company.
solicitation
i—.*—__
security
holdings'-^
Loans
N.
^
due from
and
banks
The
York,
New
March
nounced
Total
Mr.
w a r
Advisory Board
the
International Business of
Dillon, Union Securities
Co., 601 California Street.
real
estate officer in 1953 and Assistant
Chemical
Wood has joined the staff of
Helm
H.
Chemical
Company's
Real Estate Department in 1937.
He was appointed Assistant Man¬
ager in
1942, Manager in 1947,
on
Wood who has been in the invest¬
television
Cash
Trust
senior post,
a new
Harold
OF
Dec. 31/61
254,020^985 274,101,758
219,123,339 242,353,577
resources—
Deposits
1959.
Bank New York Trust
from
years
He
Bank.
announced.
Steiniger
FRANCISCO, Calif.—Ralph
Eastman
form
Vice President in
a
jJ:
that has lost its
Man¬
merged to
,
a
Total
t-
1956, the year after Chase National
BANK
31/62
^
«
^
Assistant Manager in 1953 and
Assistant Vice President
in
an
ijs
Mar.
national department. He was made
an
W
*
NATIONAL
U. S. Govt,
v.''..;-'
The election of E d
tative, as well as the amateur dimension in investment; it is
(Special to The Financial Chronicle)
security analyst. Some of the so- no longer bricks and mortar. On
called experts are probably also such assets we pay taxes to the
LOS ANGELES, Calif.—Ellsworth
guilty of these mistakes if the state and the county.
But on
Tuplin has become associated with
record could be analyzed.
IDEAS, on brains, on the im¬
Morgan & Co., 634 South Spring
(1) Don't overlook an old com¬ aginative and creative activity Street, members of the Pacific
of
purposeful
individuals
who Coast Stock
pany because you remember that
Exchange. Mr. Tup¬
combine their talents with a knack
years ago it had inept manage¬
lin
was
formerly Los Angeles
of creating
an
efficient money
ment or because it once produced
manager for Hayden, Stone & Co.,
making
organization
we
can
a product no longer in great de¬
and prior thereto was a partner
mand. That company may have build profits in a security account. in
Mitchum, Jones & Templeton.
(4) And then we come to the
acquired new management that is
number one "Bug-A-Boo" in mosit
alert, or it may also have changed
With Eastman Dillon
its entire product and merchan¬ amateur analysts' bag of tricks—
(Special to The Financial Chronicle)
dising orientation.
A superficial, how do we avoid being trapped
off-the-cuff dismissal of
GRACE
r
on
Vice-President to Director of real
HILLS, Calif.—Sand¬
Co., Inc., of Newark, New
Jersey, has announced the open¬
ing of a West Coast office at 8901
today among both the lay inves¬ —the list is growing and grow¬
tor, and the registered represen¬ ing.
We
are
finding
a
new
S. Du-
President,
THE
of
the international department upon
Bois,
*
the
area
Company, New York has promoted
Willis C. Anderson from Assistant
kuhl &
ager;
Mr.
head
to
3.
Undivided
BEVERLY
new
slated
is
Chemical
on
Wilshire
April
Loans
Sandkuhl Co.
foresight, it would be a happy sort
of business, where are are few a security analyst used
to say,
if any mistakes and profits for "What's the book value?" Bricks,
all. But unhappily, such is not the mortar,
machinery,; equipment,
that was the stuff you put your
case. In today's fast moving world,
where emotion and fashion play money into. Today it is companies
such a large part in the public's that supply temporary office help,
changing preferences that so of¬ or ideas to create sales, or cards
ten govern stock prices, the road that get you credit, or autos that
to
riches
is not without some you rent, or a pill that the girls
bumps and distracting curves, that can take that will keep away the
How many of these new
can
upset many of the best laid stork.
exciting
enterprises
were
plans'1 of both investors and spec¬ and
known ten years ago? How many
ulators alike.
great industries are being created
The Layman Analyst
today out of ideas that have prac¬
Following, are some suggestions tically
no
book
value
behind
that are based upon mistakes of them in tangible assets and will
attitude that are quite common continue to be born in the future
■
Bank,
$10.00 each, to $4,567,160 consist¬
ing of 458,716 sharescof the same
par value.
- *
'
David Rocke¬
United States and Canada
became
have changed.
been
Manhattan
New* York, President
the
indeed
Times
has
Paitterson
P.
Herbert
promoted to Senior Vice President
*
t.
Liberty Bank and Trust Company,
Buffalo, N. Y., received approval
consin Marine Bank.
Charles S. Betz has been appointed
Banking a
representative in the corre¬
Department to increase its capital
stock from $4,384,660 consisting of spondent bank department of First
-438,466-shares of.the„par. value of National Bank in St, .Louis, - Mo,
from the New York State
Volume 195
Number 6148 ;.
*
1
,
1
•
-
'
.
The Commercial and Financial Chronicle
.
•"
'
.
ones,
as
well as in
Chile:"■
All
been
I
expires in
only on a stretch-out
basis, for otherwise it would have
expired this year. One might con¬
and
from
the
long-term/debt,
market
current
vances
of .this „fact
assessment
that Rio
Algom will soon. be shutting up
shop, and uranium itself become
a
discarded and maybe even a
forgotten source of energy. Such
is far from the truth, both as. an
erroneously assumed fact in the
judgment
in the
of
the
second
had
which
other
future
than
ad¬
deliveries
concentrates..;
further.. evidence
sification,
"Now that
operations
one.
of
the company's
mining
Elliot
which
Hugh W. Long Co.
tion
of
Warren
flow
from
the
Canada, its
undertakings.
The
cash
uranium operations
in
years should be suf¬
provide for sizable new
coming
ficient to
activities,
dividend
well
as
program
meet
as
a
(But)
...
di¬
..
.
.
and
amined
search
must
for
be
patiently
reviewed
and
suitable
Lake
Burger has been ap¬
pointed a regional representative
of Hugh W, Long and Company
of Elizabeth, N. J., a leading mu¬
tual
fund
The
Growth
of
minster
Stock
Fund
and
West¬
Fund, mutual funds with
total 'net
for
assets' of
more
than
ST.
LOUIS,
Owens is
business
Mr.
Opens
Mo. —Eugene
engaging in
a
Elmira,
naval
he
was
with
yearns
N.
Y.
officer
He
served
Burger earned
Philosophy Degree
and
Business
will
Tinto
subsidiary. die
Cornell
a
in
let
N.
Degrees at Cornell.
v
$1
Sedell Rand
the
represent
Opens
Sedell G. Rand has opened offices
side of New York City
Island.
City to engage in
The
5882 Ca-
tive
have banne Avenue.
How to get
new
regional
and Long
representa¬
formerly was associated for
at 30 East 42nd
ness.
of
He
was
Street, New York
securities busi¬
a
formerly
useful information
during the past year—
the repetition of this rec-
ommendation
listing
the
velopments,
that
Also, before.
recent de- /
want to mention 7
now.,
I
March
on
renewed
1962, the AEC
19,
contract
a
uranium
.
to
concentrates
purcnase
from
>
an
producer, retroactively
previously past expiration
for. the same price it has
a
elate,
been
_
,v
f
paying •» all
producers - for.
$8 a pound,- the re-
some
■
'"'4 9
years
newal
covering-
(
urgent ones,, it is
the wind; at least. //
^. V
Vat: Rio
its
/';_:
end
of
"An
report
issued
February,
important
the 24 million
tweem
-
tne
at
Executive letter
Detailed
......
c
,
.
production facilities and
.
reserves
;
.
the Directors
.
entitled
substantial
of
portion
ore
of
Algom. believe it is
the
r
-
Rio :" "
to
in
of 1961
-
the best
history
Capital expenditures $6,400,000
<
/
.
operations
Expansion
programs
in
England, Mexico, Japan,
Germany and India
Increased dividend
10-year financial data
/
.
Outlook: Substantial
10-year charts
'
a
analysis
Comparative financial statements
.
.
7
/'
(mentioned,
Atomic Energy
below 1960 records
but among
-
-
Authority of the United Kingdom,
still being negotiated. :
Based /
on the amounts
initially awarded
.
—
ANNUAL REPORT
/-•''/
is /*
pound contract be-
the
and
-
Uranium:
1962.
consideration
Eldorado
above)
Earnings $5,100,000: urn
1961
}
Algom, mainly quoted from
annual
.
Volume $91,900,000
//
:
-Now; for the 1961 developments
v
'
:
straw
a
'
[
°
,
earlier
.*
•»
over4,000,000
pounds. While this may be a small
order
in
comparison
with
the
in
:'
>
American
to
about Clevite Corporation
following
addi-
improvement in 1962
tional poundage."; It is noteworthy ;
that the report continues, as f ol- i--'
""lows: ."Production
of this pound- / v;;: •
after 1966 1 (when the presentv 1
contracts
expire) / would ensure f 15
age
'
continuing uranium operations at v
Lake 'into the 1970's."
"
~ r
Elliot
~
,
Corporate Changes "'V;
•On Oct, 31, 196i, the
company/ ;/ •
acquired
from
its
parent
and
~
various/associated interests, the /
exploration and development pro-/:
of Rio Tinto Mining Co. of :
gram
Canada,
in
involving mining claims
several
and
provinces
Chile.
At
the
also
company
of
•
over
(45.5%)'
Oceanic
Canada
1962
>
Nine
time, the
acquired
COO,000 " shares
capital
in
same
Iron
of
Ore
OPERATIONS BOOK
1,- •/the V
W
Canada^
over
700,000
shares
(18%) of Rix-Athabasca Uranium /
Clevite background information
Main fields of
closed
(now.
for
uranium
:
>
Tinto
Descriptions of divisions and
subsidiaries
Product lines
;
Dow
(owned and operated
jointly with Dow Chemical) and
various other
Canada
pany's
mines
last
and
year.
The;
in
with
Overseas
.*
-
:'
\
.
programs
in 1961)
operations and licensees
-
com¬
copper
pounds
1.
.
.
The
acquired
6,000,000
'
is
company
engaged
tion
mining interests in
Rhodesia.
newly
shipped
Heavy emphasis on technology
($9,000,000 for research
•
extraction, but promising a silver
source), and other securities, ineluding a 50% interest in Rio
operation:
bearings and electronics
.
Mines
manufacturing divisions
and subsidiaries
;
of
research
other
~
continuously
in conjunc¬
uranium
-
pro¬
ducers, and supports the Canadian
Uranium Research Foundation. At
Elliot Lake the company's labora--,.,
tcry is examining different possU /
for leaching and
assaying
■
For
copies write to Clevite Corporation,
*
~
bilities
uranium
a
ores,
Canadian
has
Exploration
ore.
carried
on
provinces
eastern /^borders
,
to
16820 St. Clair Avenue,
developed
for the beneficiation
process
beryllium
being
and
in
is*
several
from
its
of
its
western
'
an
Seager Securities Corp.
apeared
hence
at
He also re¬
ceived his Bachelor's and Master's
its
f
Doctor of
economics
University.
-
vine—and
the
on
much evidence that it will not has
a
War
Administration
elsewhere will
or
Rio
that
as
during World
II and the Korean conflict.
of its stock. Surely, no well-
claim
Rockwell
Co., securities dealer in
informed member of the financial
community here
associated
company in New York State out¬
securities
from offices at
will
Burger
that
Gould &
billion.
E. N. Owens
to
two
Mr.
the
"V>\
vious
underwriter.
Long
ex¬
avenues
■'**/'
*'.1
in
W.
Company sponsors
Fundamental
Investors, Diversi¬
fied Investment Fund, Diversified
versification should not be rushed
/years with J. S. Barr &
Co., Inc.,* New York Stock Ex¬
change firm, in Ithaca, N. Y. Pre¬
seven
expansion will lie in diversifica¬
Rio Tinto activities in
that
quote.
at
which
form
likely to maintain for some
years,
with its new position in
expansion:"
7...
I
from
an
21
*
of the world, The Rio Tinto Co.,
Ltd., of London, England, controls
Rio
Algom
thru
ownership
of
53%
cash
have
this
company plans to
carry
on for
many years to come, the annual
report has a paragraph on Diver¬
As
A
organizations
great
for
uranium
instance, ancl an unwarranted
One
for
established
is
generated from
as from the pro¬
ceeds of the sale of 610,000 addi¬
tional
shares /of
its own stock
(about
(6%)
issued
upon
the
exercise
of
various
options, of
which 500,000 shares were sold
at $9.20 each. The company re¬
mains free of any mortgage or
distribution irv that country.: The
AEC purchase contract
first
made
acquisitions
taken
previously
earnings, as well
Continued from page 2
clude
new'
and
"
Brazil
been
Ltd., which allocates all uranium
1966,
the
(1625)
i-1
-
Cleveland 10, Ohio
officer
„
~
22
The Commercial and Financial Chronicle
(1626)
MUTUAL FUNDS:
Net
BY
JOSEPH
POTTER
C.
from
that
particularly
have
gained from
professional management of their
funds as compared with individual
efforts"■:{,y-Jj•")1
'j .\ Y Y:
fa¬
will
this, but the industrious
Anyone with the slightest
miliarity of the marketplace
to
attest
folks
know
vend
mutual ' funds
each work day poses
who
that
convincing prospects
of this fact.; The foregoing quo¬
tation is from a speech by Madison
Fund's Edward A. Merkle to the
task
the
of
meeting of his stockhold¬
This is not a mutual fund,
annual
ers.
of funds.
Madison
that
notes
made
Fund
at
study
a
the
of
to
■
'
,,,
$
.
Loomis-Sayles
Mutual
^
.
* '
much that had
in the way of
good faith and
merely parading their
by dark talk about
by
weapons or
others they claim to possess.
integrity began. It was Japan Khrushchev is right, whether
he really means it,
which disregarded of evaded or not
all agreements about disarm¬ when he says ,that interna¬
ament
or
the limitation of tional -war- today,; or., more
armament. It
was
Hitler who
principle to
work • with typical
German
thoroughness—and who made
put
•'*, r'
Fund
so
international
Y,Y
'*
in;
built
been
the
and" Xerox., v/;;
■
30
1
•
-
up
donment of
with
earlier.
months
additions
Polaroid
-
largest corporations in the United
States, v It found that only nine
re¬
ported total assets of $103,974,000
corporations enjoyed a< at the close of its first fiscal quar¬
better market performance .than ter on Jan. 31. Net asset value per
his company in the period under share was $16.41, against $15.17 a
study.
Indeed, Madison Fund; year earlier. - At the end of the
ranked just ahead
of American first quarter in 1961 assets totaled
Telephone & Telegraph, the pre¬ $85,228,000.
V *
* A,'A
mier investment of the folks who
<
the
same
'effective-
most
these
of
Continued from page 1
'
pression.
portfolio
during the quarter just ended in¬
cluded
• Duffy-Mott,
Dynacolor,
Financial News, Ltd., Ford, Gianriini Controls, Indian Head Mills,,
Pan
American
World
Airways,
New
places for the flow
advantageous
three
$20,737,293
,
-
2 Merkle
Fund
compared
$20,843,584,
were
tion, many maintain sizable cash
positions.
As the trend toward
letting
the
professionals
do
it
grows,
investment leaders could
be- extremely
hard put to find
1962
Thursday, April 5,
share of In¬
cal
Because of this situa¬
narrowing.
overwhelming evi¬
s mall
investors
is
there
,
dence
per
Resources
1961, according to a report cov¬
ering the first quarter of the fis¬
year.
Total assets at Feb. 28
Supporting Evidence
.
jected to German military op¬ enough know despite boasting
It was, however, and blustering, that they do
28 was $5.36, little changed
after that struggle had come not have the power to control
the $5.37 shown at Nov. 30,
to an end that the real aban¬ the actions of the rest of us
value
asset
ternational
Feb.
u. 'i
.
The Funds Report AS WE SEE.IT
-
-
.
of
Revanchism
use
the
of
foe
alike
,
and
—
there is little to indicate that
will
affairs
of
state
in the i early future.
By change
the time Stalin had bewitched
of
destruction
mean
and
friend
the
..
day.
his would-be friends into
strictly speaking world war,',
would
Here is
one
giv¬ .keys to
of the most vital
"
safe future for us. /
a
Y
Another change is found in ,
ample opportunity,
examples aplenty of the fact that the Kremlin, :
fend for themselves in the mar¬ Massachusetts
Investors
Growth international
ally similar to that of the people
perfidy.
despite its most earnest ef- Y
ket.
Stock
Fund
who run the open-end funds.'
completed the first
It
In view of the standout record
is, however, with the forts and notwithstanding all ,;
Professional managers of other
quarter of the fiscal year on Feb.
of Merkle & Co., the likes and 28 with total net assets at an all- present rather than the past its boasting, is finding it diffi- Y
people's money are expected to
to
be
sure,
but the chore of
Merkle and his associates is basic¬
•
so
suffer
well that they may one day
from an embarrassment of
If this sounds far-fetched,
riches,
consider
and
pause
nous
of; time
interest to
Wall Street. It is noteworthy that
job of making the
nest egg grow than
man
could do on his
And they've been doing the
own.
job
Fund
dislikes
little
the
Madison
better
man's
a
little
the monoto¬
lament of investment leaders
that investment
opportunities are
he
of
than
more
v
stocks
and
of $596,119,200.
This
with assets of $464,687,year earlier. Fund shares on
Feb.; 28
were
valued
at $8.91,
He
electric
utility
common
Madison Fund
"the regulatory
because
is skeptical about
climate."
interesting
Most
Wellington
A Name to Remember
When Investing
emerging from the doghouse sta¬
have occupied: for the
several years. One thing is
clear; • they
have
not
emerged
from his doghouse. Says he;
in announcing this, also saidj(thath iif one degree or another led
"The
problems facing the oil, the company has-sold 545 shares to the>cbreakdown in man's
industry, are by now well recog-j of Walgreen."■;. ■ ';Y f'.y;. YY: Y; Y Yu
dealings; with. man. Too much
nized.- Although ; d e m a n d
for
faith evidently placed far too
petroleum by the Free World is
continuing to expand at a modest
great a strain upon interna¬
rate,
industry earnings have
tional
tus
they
past
Puerto'Rico WWM
FUND
Fund
Balanced
seeking conservation of
capital, reasonable cur¬
rent income, and profit
possibilities.
A sk your
investment dealer
improvement
little
shown
a
as
agreements and negoti¬
a
competitive pres¬
sure and narrowing margins. This
situation has arisen from the large
amount
of excess capacity that;
after another
ations. .One
of fierce
result
Common
broken promises and treach¬
Sold; V:;
or
write to
Philadelphia 3, Pa.
-by-little to
-
of
rate
•
make
*
-
difficulties
;
arise An Y
would
the a
geometrical -ratio; after
and
absolute
more
needs
had
.
•
pressing V
met. r It is •
been
priorities, arise :and; •
troublesome for it is- v
no longer a matter of produc'
ing the things obviously '
needed to keep body and soul
together. ;
are
of.
very
-
*
Y
.
:
-;
^
•
oils
'Standard
as
Socony,
Merkle
THE
him.
People
As he
wish
must
making
never
the
Ed
like
not swayed by
COMMON
of
of
GROUP SECURITIES, INC.
A mutual
income
ties
mon
ers
in
the
he
tires of
are
bad
Headquartered
a
for
Merkle
or
ernment securities.
and
moves
sentiment
at Madison Fund
STOCK FUND
Jersey
.
are
labels.
saying;
"We-
firm believ¬
theory that stocks
bought to .be sold."
are
•
ambition
at
Santurce,
on Sept;
through
and
incorporated
11, 1961, the company
was
licensed
seasoned
com¬
•
•
•
•
for their
Fund
Mail this advertisement.
CFC
A
Name.
,
•
•
•
Common Stock Investment Fund
V
—
Address.
An
-
for
of
•
.State.
investment
its
a
company seeking;"
possibilities
growth 'of capital
shareholders
long-term
and
reasonable current income.
Prospectus
request
Y
•
.
Y
New York
Atlanta
Chicago
to the Kremlin
>
\
Y
that economic
;whenr" the ; time
is : ripe.
co-existence,. what¬
we
had
best
re¬
"■
—
Los Angeles
—
There
are
in the hard
course
San Francisco
inevitable
but
time went
as
things, all of them
Again,, there is little to be combined may not, almost
gained by hoping that broad certainly will not, make our
general agreements which way easy in the future in
would effectively block the
dealing with the communist.
Kremlin can be arranged, or
world, but they afford clues
if they are arranged, they will to the
proper course of action •
be observed in good faith.
—and sound hope that we can
certain
core
These
on.
changes succeed.
of the Kremlin. One is
the'; fact,
•'
which
they'
well
r
Y
'■»'
of fact which
controls and must control the
Lord, Abbett & Co.
New York 5, N. Y.
of
'
upon
DISTRIBUTORS GROUP, INC.
80 Pine Street,
all
member that fact at all times.
quality.
City
us
Peaceful
mains—and
investing for
growth possibili¬
stocks selected
over
/'
>
-
competition with hated-and'
despised capitalism is not to J
as
a
small
business
investment ever else it may mean, does be the picnic that had been o ':
company
under ,the Small Busi¬ not mean that the leopard has expected.
ness Investment Act of 1958; and
And then there are rifts ap- '
changed its spots/Tactics may
:
is registered under the investment
have changed—probably have
pearing in the "monolithic"
Company Act of 1940 as a closedone1' degree
e rl d
non-diversified
investment in
or
another structure of the communist; ■
company.
'
;
;
changed—but the purpose re¬ world—as was, of course, all.
P. R.v
fund
and
rule
to
-
then, for one thing, that ques¬
tions
.
prospectus
describes
.
age
.
.
booklet-
the
retain
to
.
.
Wellington Company, Inc.
cult
dealings have led? little
a tolerance of such
has been built up in all phases of
things among all too many of
the
business over the
past five
with Edwards & Hanley, Hemp¬ the
peoples of ?. the world.
years.
The re-entry of Russia
stead, L. I., and Hill. Darlington
-Weary of Austerity into the world cil trade together
Otherwise the cynicism of the "...
& Grimm, New York City, has an¬
with
rampant
nationalism have !
For
another the Kremlin
and Peiping could
nounced the initial public sale of 1 Kremlin
tended to compound the difficul¬
common
stock
of
PuertoRico; hardly
escape the attention long: ago decided to require
ties.
."
YYY';Y.:V'.Y Y"."''
Capital Corp., through the offer¬ and the concern of all other the Russian
If Merkle has miscalculated on
people to provide
ing of 300,000 shares, at $10 each.
the
the oils, it could be a costly mis¬
capital • for their own
;
The company intends to apply peoples of the world.
take.
For Madison Fund has sold for listing of its common stock on
rapid - expansion. This inevii
Certain Conclusions YY
the group heavily. Its investment the American Stock Exchange.
tably resulted in a sort of imNet proceeds from the-sale of
Certain very broad general¬ posed
in the industry has been reduced
austerity throughout
the common shares will be added
from a peak of 21% of total net
izations seem to be warranted the length and breadth of the
to general funds and subsequentlv
in ;the
circumstances. .First land. This, so it is said, is now
assets in early 1956 to a recent
used
to
finance
the
company's
low of just under 8%. Up to now. business of
providing equity capi¬ and foremost, the Kremlin is palling upon the rank and file
the record supports the evidence
tal and long-term loans to small
imperialistic par excellence in Russia. They want more of
business concerns., To the extent:
of
shrewd professionalv manage¬
and will continue to be re¬ the good things of life now
that the proceeds are not required
ment.
rather than two or three decY-rY
YY currently for investment or
oper-~ gardless of soft words. There
Many an individual,
clinging ating expenses, the- company will is no reason under the sun to ades, hence. In any event, it
over
the years to such blue-chip temporarily invest in U. S. Gov¬
expect it to forego its world must by now have come home
Lubetkin, Regan & Kennedy, 44
Wall Street, N. Y.. in association
erous
,
for prospectus
The
'
WELLINGTON
—
shown
have
now.
very marked percentincreases in the volume of
its production and Trade, no
General Telephone & Electronics,
ings, which stood squarely matter "what its "system of
General Tire & Rubber, Martinacross
the path of the ambi¬ organization. The managers
Marietta, J. C. Penney, Safeway
tions of warious peoples, has should
have
expected that
Stores. T. C. Hendersori, President
of
Merkle's attitude toward
which
deal
must
we
Powder. '
YY:v
.'-Y..
may well be that
Wilson's
,/;<Y *
*
* ,:Y
all is
naive
faith in international
the oils,, Supervised Shares, Inc. reports it
signs
of has increased holdings; of Ford," agreements and , understand¬
v."
.
that
past
a
.
stocks, but manages to restrain his
enthusiasm
for the
natural gas
industry
him
had.
gives a better under¬ growth in its economy which :
standing of the present and its leader has so often pre¬
against $8.39 a year earlier .and may supply clues to the prop¬ dicted with so much apparent ;
$9.38 three months earlier.
■
er
dealing with the problems confidence.; An economy so ;
During the latest quarter the
by which we are faced, but impoverished as was that of
fund added three new companies:
American Natural Gas, Arkansas it is the present and the fu¬ Russia at the end of the war
Louisiana Gas and
Hercules ture that must-concern us. It could hardly do other than ;
456
also
listed.
see
high
compares
would
them
to
likes
are
ordinary
bank
likes
like
he
.
...
do
ing
-
■
'
R. A. Satel
Robert
A.
Satel
is
■;
Opens
-
,
conducting
a.
securities business from offices at,.....
666 Fifth
Avenue, New York City.;
.v
195/Number'6148
Volume
.
The Commercial and Financial'Chronicle
.
.
*
in the.Surat Basin, an
appendage of the Great Artesian
^Brisbane
2L
discovery, the first
..major oil strike on the. Australian
; Continent, came after ten .fruit¬
International Oil
s-less
years
of
.
by other o'.l
3
cinity of the Persian Gulf.
\
;
Fur-
,
ibbean, and Africa, consume only
modest amount of the oil which
rely
and
produce
}
•
ernments. For
of
Soviet
oil
+.
j«
°*1;
example, both Ven-
/
which
...»
-
-
7.5
to
r*
-C
it
mated
wvw
*h
•
100
a vv
million
cubic/feet
miiixv/ii
of.
vu
of
raw
materials-that
more
a
will
compensate
for
the
costs of exploration, development,
and transportation,
196a{ir? th? Taranaki district/of .New^other-manufactured products for
wnfl 'ilLic of 'Zealand which can yield; am* esti- -Russian- oiThasilittle--in'^ the way
billion barrels,
411'
J
,
goods.
Western Europe, which is presently exchanging machinery and
a maj0r gas field
V7Arabia
r,
„
lows that of the.United States, the
Soviet Union should by the 1970's
effort
^h^nfinT add!" British Petroleum* and Todd Mb-
J£ue ™ nmKe
heavily
up,on oil - exports to..support - the*
delineated
J J.
vc
expenses of their /respective gvv
govj
they
concerns.
an
to
Thus, if the
nomic, as opposed to, political, end.
An
overall
economically
sound
Elsewherev be importing various needed raw policy for Russian oil exports must
consortium* materials and exporting manufac-. be based upon a price structure
exploratory
Australasia,
to levels comparable to < those <if
manufactured .free world oil companies
suggests
course
a shift in Soviet trade
policy toindustrial growth-fol- ward a
more
fundamental eco-
materials
goods exports.
3"d composed-of Rpyal Dutch/Shell,; tured
those of the Middle East, the Cara
in
s
shifting of emphasis from
raw
This
Basin.
Continued from page
the
23'
(1627)
,n.1T
^
-
'
:T
,
OU Imports~"A Complex Issue
In
ma-
view
of
its fundamental in-
tJde-^'natural
gas a day/"// V. ; '
ture Soviet^ industrial economy ternational implications, a realis-Recentnatural tgas tdiscoveries would need.'Nonetheless, Russian tic oil import policy must effecnortheast Holland made by a oil exports are
currently making tively implement the nation's
^ off Khare* Island' jointly owned Jersey Standard inroads into various West Euro- avowed objectives of stimulating
£azapu"
u" ^
f
.
and Royal Dutch/Shell oil and gas pean markets
t h e
dislocating economic growth and of assuring
other oil exporting nations. Thus,
™ ™ a aftnha rfeK dailv
Both Producing j company- (NAM)
are . economic and political effects of political. stability throughout the
a vital economic bond exists in the
1
p
,yuu
----*
/.Ancorvathw«>ocii.mfltec::'w,vj>.i,.,
free world. The application of the
Arabia during 1961 Placed by conservative-estimates'which are one of the major facfree world between the major, oil
im"thpir nrodurtion bv at 5 trillion cubic*feet and are be-'tors presently spurring.the Euro- ^•grandfather clause", for estab¬
copsuming an4 oil exporting na- ^epp whim
Trao
and
Kuwait'lieved -sufficient to provide for .pean Common Market to formu- lishing quotas as well as the pres¬
tions—a bond through which reent
apportionment v.of
refineryeia-nifirant
increases *25% of Dutch fuel needs*^for the late a comprehensive fuel policy.
v*«««"«»
ciprocah benefits continue to te
i'S resnectivelv
In ne*t 20 years!
Various explora- The basic objective of such a pol- quotas undoubtedly will be subenjoyed.
a
mutually satisfactory re- tory successes in South America icy will be>to assure stable and ject to review in light of producscored of late include: a Colum¬
y
economic sources of fuel supply, tion developed abroad by new enCanada—Resurgent ,/y
negotiation between the govern¬
bian discovery well drilled by a unencumbered
The prospects for Canada's pe¬ ment
by-political vicis- trants in the international field
and
the 1 Iraq
Petroleum
[
Iraq derive more than.
90%
of their foreign
exchange
from oil revenues—aproportion
which is even greater for certain
^^
tran_ aurinto r xne pa i.y a
• ■
j\
,
in
—
.
-
-
,
_
troleum
industry appear particu¬
larly bright in view of, a strong
upsurge in exports of crude oil and;
natural
and
,
the
to
gas
United
offshore.;in
nitude
States
Gulf appear likely.
stabilizing effect of the
the
Canadian
Government's
Standard
be reached.
Further discoveries of. great mag¬
yet to
Company has
'._T
.
National
'Persian
the
-
of
California
sub¬
Recent
price increases on Russian oil exports to Western Europe
a
which
flowed
-wildcat in east central
Bolivia «completed by Gulf •' Oil
,.
at
10
and
situdes.
Cucuta which flowed
daily;
/'V/l-y
_
Oil
near
at the rate of 3,200 barrels of crude
New Production
-Africa
'
Oil Policy, inaugurated in Febru-
sidiary
flexible allocation of refin-
a
quotas
ery
'/V
,
which
-
will
Continued
be
million cubic
.-
,
During. 1961; oil In appreciable
ary, .1961.
Daily
crude ; output quantities began "to
flow/from
which soared by 17% during 1961 .fields on the African/Continent.
to 640,000 barrels, as expected ,to-Average daily production during.;
reach: 800,000^ barrels by, 1963,; a December,/ 1961 % inAlgeria was
48% improvement over the period 426,000 barrels, up 35% over the
1960-1963, The outlook for natu-'. same month in 1960; in Nigeria,.
to California which will
States'/most
natural
gas
enhances
during recent
-rapidly expanding
market—California—:
still
Vpnpyii^ia
Venezuela
is
still
retains
..
its
fi
daiw
^'500 barrels daily.
/intensified.drilling and explora-
a
tory work in Western Canada con-1
^
^
.
_
.
.
,
.
.
definitei naturalvadvaailagb' east ^British Columbia made by d;
over;production from the Middle group venture headed by Pacific
East.and elsewhere—its proximity Petroleums, flowed at a maximum
to major European v markets.
AU daily rate of about 6.6 million cu-;
gerian production bears the fur- bic feet, while; another, major gas
ther additional advantage of being discovery
by a/subsidiary of
accorded preferential treatment by Standard Oil Company -(Indiana)
role
the world's largest oil exporter,
...
not
a
Taro p«f
digest Exporter
-Largest Fvnnrtpr
Lxpoiter
Venezuela
as
Vr^hoilt So harrim
f
ria to
,Cf
;
Lt
the Sahara
able outlook for Canadian,natural
'gas.-
Wim^
major world oil province in
new
further, the .fav.or-
has unveiled
years
Perndrilled-
ga& well m eastern Feru drilledf
Intensified exploratory and
-velopmental work in North Africa
transport
Canadian natural gas to the United
.
/"J'y'^t°rn
.
very
,
though^its, shrunk
proportionalt represenhas
recent
.years.
■With growing confidence
zuela
s
economic
in
Vene-
future, under thq
helm of a sounder and
the
stable
more
the
in
reserves
trnW^fnHnitrv XSn/Ja fr^"
Government.:.' Known in*
French
Algerian
region; flowed
same
at
HIGHLIGHTS OF THE YEAR
a
rate of 30 million cubic feet daily.,
Sahara
exceed ! 10 billion barrels;: in the'
troleum: industry experienced improvement during 1961, "Crude oil
the-
1
.
■
*
;i96i
'
OPERATING REVENUES...;....-.
$138,026,014
exploratory'/ activity,
/ Present
Ljbyan Sahara, 3 billion barrels: -conducted under a wide range of
Further exploratory and develop- climatic and
geological conditions,
SHAREHOLDERS'
EQUITY.,..;
11960
-
,35,642,762
v..
$125,934,787
;; .33,389,639..
,
production,
while
increasing
J5#
/mental
activity is expected to
NET INCOME BEFORE TAX....;.......
12,485,517
in such faivflung areas as the Per-
es-
-, tabli£h reserves/many times the sian-Gulf-offshore,-the .Spanish
lv duNng December t^
extent of - those presently feline-/ Sahara, Spain, the Canadian,Arc-;
Z
ated. ; Recently/the British Gov- tic, Alaska,,; the Gulf 'of Mexico
thp
nrpPPHi'ni^
Jhp*- ernment approved a plan to im-4 /offshore, and t r.op i c a 1 .Africa,
Vpnpynpla'pYnod!of port licluefied Algerian gas.-;,/By;«hould bring to light still addi-^
h^ tntal prnHp n^nHnpffin Sr/ 1964' these imports are expected tional oil and natural, gas.reserves
one-half of1he?e oU export^a^' to fur"ish abou^ 10%.P.^Britain's of vast extent.
In this regard of
Ratio to shareholders'
*
equity.
.
s-
.......;
NET INCOME AFTER TAX........T.,...
L
in
TTnf^f oL«/' annual
tion
billion
barrels, while natural gas
potential is enormous,
awaiting
economic
utilization.
/ •
-.. *
T
.
.
/
.
gas requirement. This projT
necessitate/the construe-
of
Special tankers,, pipelines,
and other facilities.
Another
,...
new
oil
■
EARNINGS PER
companies
on
CASH
Melville Island and
bearing region preparations by Royal Dutch/Shell
the Af- to explore its
on
-*/n this last-regard, theTranspor-, rican Continent is the Nigerian /concession'
of i liquefied t ,<npethane
}by x oastal - area,./ Production which >
,y T '•
tation
new
promise.r Better-crude
2%
1960,
over
and
in the Persian Gulf.
peak:crude
production,; increased government
income
dustry
from
by
the. nation's
6.2%
■•
to
oil
//.'.
7 '
i
•Pioneering and
in¬
„
-
.
Exploratory Successes
$903; million
.
,
Recent
;
: |
.
//]
4.9%
17.6%
18.6%
3,462,043
3,448,805
.
'
$1.81
DIVIDENDS.....................
$1.80*
$1.20
$1.20
47,739
OWNED........;..
44,310
NUMBER OF SHAREHOLDERS.......
/
7,604
6,989
EMPLOYEES.".
4,984
4,547
NUMBER OF
currently /averagesabout. 70,000
Russian Oil
barrels daily, is to be increased by// The impact of Russian oil
50% within a year.:/?/;
.' /.* f;-'ports in free world markets
prices, Up
equity..
offshore Kuwait
•
special tankers holds considerable
6,208,405*
■4.5%'
SHARE.,......;.;....;.
AVERAGE VEHICLES
37.2%
6,255,517
'•
revenues-
'
9.9%
35.0%
,
SHARES OUTSTANDING AT YEAR END.
being drilled
by Dome Petroleum and associated
-
of growing significance
.
Arctic's first wildcat
operating
Ratio to shareholders'
particular interest is the Canadian
will
ect
stand at nearly 19
reserves
: Ratio to
"
..,..!..... ;; 9.0%
nvpr
Crude
12,406,905*
/•
"
Ratio to operating revenues
1^0 to 2.92 rm
ex-
may
*Year 1960 does not include $566,000
/be
mitigated -somewhat, by the
|enormous anticipated growth in
'demand throughout many parts' of
profit ($424,500 after tax) from sale of investment.
♦•Operations of Hertz American Express International,
Insurance
during 1961 and. spurred the oil
Exploratory .activity abroad conr the free world out s i d e* of the
industry's net income by 10.6to tinues to be highlighted by sig- i United States
a
growth' Whose
$458 million., The Ministry of Hy- mificant- discoveries f in /far-flung
average annual increment of indrocarbons anticipates a 4%: gain areas.-Of particular note in the
crease probably will be sufficient
in output for 1962 in line with.its Middle East was a recent success
-to absorb Russian exports, as well
long-range:planning. Both a fa- .in offshore Iranian waters of the as new exports from'North
Africa,'
vor.able trend .in fuel oil sales to Persian Gulf where an affiliate of and
increased exports from the
the United States and the
prospect Standard Oil Company (Indiana)/Middle East, Venezuela, and elseof,increased fuel oT demand from in conjunction-with the National :where. Another
significant factor
Europe,; suggest steady imorove- Tranian Oil Company, brought- in irelative to the
implications of de¬
ment in Venezuelan production. ;
;
a discovery well producing at rates veloping Russian oil
production is
Ltd. and
Atlantic
National
Company are not included in consolidated results in this report.
—
-
DIVISIONS AND
■
■
RENT-ALL CORPORATION
ELECTRONIC COIN
Gulf, the Arabian]in Russia itself. Russian crude oil
The highly prolific character of
American Oil Company (an affili/. reserves by conservative estimates
Middle Eastern .oil fields as well;.ate of
Jersey Standard, Texaco, are presently
approximately those
as their
efficiently planned devel--Standard of California, and Sor of the United States
35 billion
opment, may be1 illustrated- by the conyt Mobil) • established - proven, barrels.
* following comparison. About 1,000 reserves of 1.5 billion barrels, in
if Rncciah industrial caoacitv
■
ATLANTIC NATIONAL- INSURANCE COMPANY
The.Prolific Middle. Last
Across
barrels
a.
day. The rate of industrial
the
■
-
wells
in
the Middle
for almost 28%
production:
w
h
States,
Nearly
account
er e as,
in
apnroxi-
about, ,37%.
68%-v Of
frfee
barrels)
Middle East,
the
reserves
are
*
its
newly developed iKhursamyah
Q97Q
oil field during the past year.// *. 1
v
Tn Australia,
Land
world's-has
joints venture, in
in
the
ne5fs the present
at
a
principally* in the vi-/daiiy)
some
retain
a
40%
explo-
rate
of
about
ab*cut-200
2,600
barrels
rr.iles 'west
of
FOR COPIES OF
enormous
demand.
A
corollary to
the
ma-
turing of Soviet industrial capac-
ity-in relation-to world trade is
REPORT
*
OFFICE OF THE SECRETARY
as
petroleum industry
to provide
for an
increase
in
domestic
ANNUAL
WRITE:
industrial
Russian
interest,'would* have
/
PROCESSING CORPORATION
HERTZ AMERICAN EXPRESS INTERNATIONAL, LTD.
.(Jointly owned with American Express Company)
THE
THE HERTZ CORPORATION
authorities believe it might,
Union Oil,and.Kern County the
each
drilled two ^successful
(188 bil-.rgtory wells (one of which flowed
situated
a
.
bv
capacity 0f the United States,'
the^^United^.iWhich
account-/.tp.C
proved crude oil
; lion
East
of free- world. oil
mately 600,000 wells
t
HERTZ
HERTZ EQUIPMENT LEASING CORPORATION
to. 35,000
up
-
,
CAR LEASING.DIVISION
■
of
fw
m;^i
v
.
TRUCK LEASING DIVISION
■
■
Prni-f!n
.
-
RENT A CAR DIVISION
■
growth with-
/
.
PRINCIPAL SUBSIDIARIES:
660 MADJS0N AVENUE
v
NEW YORK 21, NEW YORK
HERTZ
most
on page
124
24
The Commercial and Financial Chronicle
(1628)
Taking
International Oil Stocks
Continued from page
23
patterns of both pro¬
duction and consumption, as well
as
the paramount-, political .con¬
siderations, an effective oil import
program requires astute and ver¬
satile guidance.
During 1961 crude imports aver¬
aged about one million barrels
daily, approximately one-seventh
.the share accounted for by
East
crude,
presently
the
amount
of
domestic
crude
about three-tenths, has remained
production
(7.2
million barrels
relatively constant over the past
daily) and about one-tenth of to¬
de&ade&v^-'y.,^
petroleum
Dutch/Shell.
American
international
the
of
products
With the
African
reached about 1.9 mil¬
lion barrels daily, or nearly one-
and
of
total
in
domestic
of
a
total
oil
industry woes.
During the past year the nation's
591,116 producing wells averaged
only 12.2 barrels daily per well.
On
the
other
hand, the approxi¬
mately 1,000 wells in the Middle
East averaged in excess of 5,500
barrels dailv per well.
for
more
efficient
and
Western
into
of
Nigerian production
European markets
attainment
the
North
new
of
self-
near
elsewhere
tion
face
or
the
pros¬
The need
utilization and
of the nation's oil
resources
has long been
recog¬
nized and is receiving increased
development
principal market for
oil exports. With a foreign policy
towards
of
a
relative
most likely be strongly influenced
by the effect such
exercise
the
upon
a
policy will
their
clouded polit¬
the
Though .windfall
profits
no
longer characterize the interna¬
tional petroleum
business, bur¬
geoning demand and substantial
oil and gas discoveries still un¬
derscore its fundamental strength
rank
and
potential.
mate
•,
ical climate in the Caribbean.
net
income from outside
S.:
U.
the
The exacting cli¬
competition and
increasing
proliferation
of
of
intense
products, / particularly of petro¬
chemicals, highlights the import¬
versatile
of
ance
dynamic
and
which
can
cope with the immediate and yet
plan effectively for the future.
teams
management
Rdbt. Fulton Maine Co.
Bonds Offered
Public offering of $10,000,000 City
of
Oslo
(Kingdom of Norway)
?V2% sinking fund external loan
bonds
due April 1, 1977 is being
by an underwriting group
managed by Kuhn, Loeb & Co.
Inc., Harriman Ripley & Co., Inc.,
Lazard Freres & Co., and Smith,
•Barney & Co. Inc. The bonds are
priced at 98 % plus accrued inter¬
est, to yield 5.70%.
made
capital of Norway and the
Kingdom's economic, financial and
shipping center.
; ■
Interest
and • principal of the
payable in New York
City in United States dollars.
bonds
are
The
bonds
of
Walter
age
Gerken
B.
Vice-Presi¬
as
and Director.
dent
He will
not redeemable
are
prior to maturity except through
operation Of the sinking fund,
which commences in 1967 and will
retire
of the
issue
prior to maturity;
•
90%
one
year
■■+
The Norwegian kroner equiva¬
lent of the net proceeds to be re¬
ceived
by the City of Oslo from
of the bonds will
be
ad¬
vanced
Elects Gerken V.-P.
four-fifths.
receives
City of Oslo
the sale
Dutch/Shell
Royal
Thursday, April 5,. 1962
,
,
on
ard
sound oil import policy will
,
of interna¬
collectively,
has in recent years persisted at
a
level substantially below that
of
many
of t h e s e industrial
groups. Marketwise, the interna¬
tional oils appear favorably dis¬
The securities are direct, un¬
posed, as indicated by the follow¬ conditional and general obliga¬
ing relevant per common share tions of the
City of Oslo, which
statistics.
+v
/ ■
' is the
.
Dutch/Shell, Socony Mobil, Stand¬
Oil of California, and Stand¬ Robert Fulton
Maine Company,
ard Oil (New Jersey). All of the
Philadelphia-based firm of finan¬
foregoing, with the exception of cial
consultants
specializing in
Standard
Oil of California,
re¬ private
placement of securities,
ceive more than three-fifths of has
announced
the
election
of
America,
decisions
administrative
to
economic
the
Latin
assets
rubber
and
price/earnings ratio
oil equities,
sphere (where both the demand
for petroleum products and the
actual
production of petroleum
have
recently been growing at
rates far exceeding those for the
Western
Hemisphere)
has
in¬
creased since 1956 include Royal
Venezuela's
directed
total
oils
tires
as
basis
the
on
tional
Among this group, those com¬
panies whose proportion of net
income
from the
astern Hemi¬
of dwindling revenues and
consequent political repercussions.
The
United
States
represents
development
basis
sales.
pect
foreign oil is con¬
certain authorities to
symptom rather than a cause
by
domestic
inflow
in¬
The inflow of
be
industries
major
five
The
group,
on
net
products, copper and copper prod¬
ucts, paper and allied products,
iron and steel, textile products,
and
aluminum.
However,
the
dozen leading
industrial concerns. 7 All, except
Standard Oil of California, rank
among the nation's top ten indus¬
trial enterprises on the basis of
sufficiency by Argentina, Vene¬
zuela, which sustains its economic
development principally through
about oil
exports, must extend its posi¬
an
in domestic demand.
sidered
crude
among'America's
demand.
1962 indicate
imports of
4% in line with anticipated growth
crease
the
ever,
products,
Forecasts for
of
"Middle
demand (9.8 million barrels daily).
Total imports, including refined
fifth
one-half
for
count
oil
production and nearly onehalf of refinery runs in the free
products
have almost world. In the Eastern Hemisphere
doubled over the past decade, the outside of the Soviet bloc, they
relative
proportion
of
imports produce four-fifths of the crude
from various oil exporting nations oil and operate two-thirds of the.
has shifted noticeably. Canadian refining capacity/ British Petro¬
crude imports have soared from leum operates principally as a
a relatively negligible
to a sub¬ major factor in the Eastern Hemi¬
stantial level—-about one-sixth of sphere. Standard Oil (New Jer¬
current imports, whereas the pro¬ sey)
is the iree World's largest
portion represented by Venezue¬ petroleum company, with reve¬
lan crude has declined from about nues
about one - seventh again
three-fifths to two-fifths. ; How¬ as
large
as
those of R o y a 1
the shifting
domestic
in¬
of
return
assets
(currently
about 11%)
stand in favorable
comparison to such other major
dustrial
fined
advantageous
to
the consumer.
Considering the dynamic nature
of
the international oil picture,
tal
The international oils, as an
Petroleum, Gulf Oil, Royal
Dutch/ Shell, Socony Mobil, Stand¬
ard Oil of California, Standard
Oil (New Jersey), and Texaco ac¬
New Look at the
a
.
man¬
by the City's Loan Fund,
which lends funds to Municipal
Enterprises,
including the Oslo
Electricity Works, the Oslo Har¬
bor
Authority,
the
municipal
tramway companies, and the Oslo
Gas Works.
Application will be made to list
the bonds
on
the New York Stock
Exchange.
•'
the company's New York of¬
Dutch/Shell,
Standard fice at 125 Maiden Lane.
Oil
(New Jersey), and Socony
Mr. Gerken was formerly Man¬
attention.
The seven largest international Mobil benefit by having substan¬
ager
of investments for North¬
While imports of crude and re¬ petroleum enterprises: British tial
reserves
and
productive western Mutual Life Insurance
capacity
in
many- widely
dis¬ Co., Milwaukee, with responsibil¬
Per Share Earnings
"...
"
'/'I'
' /-;•
persed areas—The Middle East, ity for the industrial and transAnnual
-r'Approx.
Huntington Securities Co., Inc.,
North ^ Africa,
the
Caribbean,
Year
Earns.
%
Market PriceCash
%
pojrtatjLqn securities portfolios.
>
217'Broadway, New York City, is
North America, and Indonesia.
-Concerniy«i
liMiO
Price
Earn.
Div.
Chjje.
Return
offering in units, $100,000 7 % con¬
Not only does a wide dispersion:
British Petroleum.___ f 0.60
0.65
8 7
5
8.3
±0.30 7 6.0
Joins Bache & Co.
vertible subordinated debentures
of productive capacity offer eco¬
Gulf. Oil
3.21
3.14
42
13.1
3.3
-f 12
$1.40
due
1967
and
50^000
common
nomic
advantages derived from Bache & Co., 36 Wall Street, New
3:843.65
38
Royal Dutch*.
9.9
3.6
+ 5
$1.38
of Chez Milhet,; Inc.,
at
the ability to serve major markets York City, members Of the New shares
Shell Transport et al.*
1.81
1.72 '
18 v 10.0
0.58
3.2;
+ 5
York Stock Exchange, have an¬ $200 per unit, Each unit consists
via the nearest source of produc¬
4.34
3.76
Socony Mobil
56
4.0
12.9
+ 16
§2.25
of
nounced that Morton L. Schultz
$100
of
debentures and ■;/ 50
Standard. Oil
4.52
4.21
58
tion, but it can mitigate the im¬
(Calif.)
12.8
2.00
3.4
+ 1
< ]
has joined the firm's Metal Dept. common shares. ' *
./
Standard Oil (N. J.)__
3.50
3.18
55
15.7
4.2
+ 10
§2.30
pact of curtailed output from any
The company of 500 N. W.^22nd
Mr. Schultz has been in the
Texaco
3.17
•58
-16:7
2.9
+ 10
one
area
—
the consequence of
$§L7(f
metal business for the past
13 Ave., Miami, Fla., is engaged in
political turmoil j or, some other years. He is a member of the the l ome food catering business,
♦Royal Dutch/Shell Group,
tAs of April 2, 19G2.
tPlus stock.
^Includes extra.
•'
• t
•;
^Estimated.
cause. ;
+ r ~ Commodity Exchange, the Amer¬ consisting of the preparation of
ican Institute of Mining, Metal¬ Spanish and American cuisine for
lurgical and Petroleum Engineers, sale and delivery directly to the
and
the
American
Institute
of homes of its customers, in an area
Royal
The International Oils
Chez Milhet, Inc.;
Securities Sold
.
'
-
'A
•
i
;
'
;
^
,«
'
-
—
,
.
.
•
.
k
•'
.
•
.
from
Chemical Engineers.
THE OVER-THE-COUNTER MARKET ISSUE
Will Be Published
★ The
1962
Spring
edition
of
Inland
Underground
Facilities, Inc.
April 12, 1962
OVER-THE-COUNTER
our
MARKET
ISSUE will present an up-to-date resume of the securities traded in the
world's
★ A
largest market.
list
dividends
includes
of
have
been
paid
Common Offered
MARKET
uninterruptedly
stocks
for 5
corporations and banks which have paid up
which
on
years
or
cash
longer.
178
years
Inland
of
Underground
Facilities, Inc., at $10 per share.
the total, 100,000 shares are
Of
being
sold
for
the
company
and
It
25,000 for certain stockholders.
of
Drive,
The
to
Cryplex Indust.
Scherck, Richter Co., St. Louis, is
offering publicly 125,000 common
shares
OVER-THE-COUNTER
Homestead to /Pomp an o
Beach, "Fla.
Net proceeds from
this financing ■ will be
used for
the repayment of debt, construc¬
tion of additional buildings, pur¬
chase of equipment and inventory,
and working capital.
company
of
6500
Inland
cash dividends.
★ Don't miss
Bank
in
before
gaged
stone
consecutive
this
the
opportunity to advertise
important issue.
Please
your
reserve
Firm, Corporation
your
space
or
requirements
closing date of April 9th.
Kansas City, Kan., is en¬
in the quarrying of lime¬
and
the
construction
and
operation of underground fredzer
and dry warehouse facilities/
It
will use the proceeds from this
financing to redeem outstanding
debentures, repay loans, and pur¬
chase equipment for the expansion
of its
warehouses.
Common Offered
Herbert
Young
&
Co.,
80
Inc.,
Pine St., New York City, is offer¬
ing publicly 80,000 common shares
of
Cryplex Industries,
Inc.,
at
$3.75 per share. Net proceeds will
be used by the company for the
development of new machinery
for the production of its plastic
,
products,
moving
expenses,
and
working capital.
The company
York
is
New
of 37 E. 18th St.,
engaged in
the
simulated
pearls
and other plastic products
of jewelry, dress
in the
manufacture
of
nature
acces¬
sories and novelties.
Regular advertising rates will prevail
for space in this
Phila.
Sees.
Ass'n
important issue.
PHILADELPHIA, Pa.
THE
COMMERCIAL & FINANCIAL CHRONICLE
25
PARK PLACE, NEW YORK
7, N. Y.
RECTOR 2-9570
Now Morrison & Morrison
To Hear at Meeting
—
Dr. Leon
Riebman, President of American
Electronic Laboratories, Inc., will
be guest speaker at a luncheon
meeting of the Philadelphia Se¬
curities
day,
Association
on
11,
The
April
at
Wednes¬
Barclay
Edwin
Frumin, Inc. to Morrison & Morri¬
Co. effective at once.
son
Located at 1316 Penobscot Bldg.
in
is
Detroit, Morrison & Morrison
a
member of the Detroit Stock
Exchange and the Midwest Stock
Hotel.
Barney
DETROIT, Mich,—A. I. Morrison,
President has announced a change
in the firm name from Morrison &
J.
&
Pearson
Co.,
arrangements.
is
in
of
Smith,
charge
of
Exchange. Other officers are VicePresidents
Harry
M.
Alviti B.. Gendelman,
Moss
and
;
Volume
Number 6148
195
Commercial and Financial Chronicle
The
....
.
C1629)
to his plant
The Gold -War and Other
Foreign Investment Factors
Continued from page 1
Let
first
us
consider
American
hower
The Ken¬
has
such
our
a
vital
development aid
pro¬
However,;
gram.
as
charted
course,
review,
no
A further Cold War factor which
is
investors
many
middle
a
careful
a
investment abroad
vate
part of
Administration
and, after
basic changes
in that system-have been made
by the new administration.
estab¬
prime foreign policy
objective the mobilization of pri¬
as
cut
imports and deplete our do¬
mestic supply. The optimum solu¬
tion is clearly somewhere between
the two extremes. The oil import
program set up under the Eisen¬
evidenced by developments in our
foreign aid program.
nedy Administration
national interest to
off all
reaction to Cold War pressures as
lished
in the
not
fast
becoming
hindrance
a
to
government's
American investment is the Soviet
foreign aid program is incompat¬
invasion of world commodity mar¬
kets with sales below the estab¬
maintain
that
with
ible
our
effort
an
to
stimulate
foreign investment. They contend
that continued foreign aid on the
lished
broader
world
Soviet
scale
proposed
by
the
new administration can only pro¬
long a poor investment climate in
world
i
price.
Since
major
interest
Union's
is
trade
the
in
political, it is not,
at all
hampered by the necessary
capitalistic profit incentive. Their
of
world '* prices
disruption
is
certain
countries, by causing them
to prolong the old order indef¬
initely and not take the necessary
steps toward reform which would
attract private capital. It is argued
that
in
other
instances, foreign
merely
War
of the Cold
attempt
to
extension
an
and
further
a
destroy the free enterprise system.
Russia
is
cialistic
attempting to glut the
European petroleum mar¬
ket by selling oil at prices con¬
siderably lower than those charged
in direct
for
aid
has
been
used
finance
to
western
so¬
governmental programs
competition with private
enterprise.
The
fact
that
the
United
States
Government
revision
At
the
present
is building
pipeline which will have
a
pacity
take
a
ca¬
million
year
aiding countries that have
account the possible effect of the
tax
oil.
time the Soviet Union
con¬
tinues
President's
Mid-East
of 110
that will
barrels a
Soviet oil to
West European markets. Tremen¬
recom¬
scientific
and
mendations outlined in his special
dous
message of
April 20, 1961, bearing
foreign investments.
In order to help stimulate our do¬
mestic economy and improve our
balance of payments position, the
administration
proposes
to
eli¬
advances must have been made in
directly
the
Soviet
510
cently the
used
income: earned
ably
so-called
be
retained
"de¬
e
f e r
r a
1
-
of
;
:
•
Free
:
Trade
Arguments
-
■'
/•' ■
'
>'V
•
in civil war
«Nationalism has been of signifiin 1960-1961 in two key re¬
First,
of
tions
a
it
resulted
number
gladly
let
someone
else risk his'capital."
reference
The
Africa
South
to
and the Congo
in the quoted state¬
two significant de¬
velopments in those areas that
bear mentioning. First is that in¬
vestment in .the, Union of South
ment suggests
Africa, long one of the most de¬
veloped areas in Africa and the
recipient of the bulk of foreign
investment
showed
in
million out
$286
of
total
a
investment in Africa of $925 mil¬
lion.
This is a drop from 1959
when
in
investments
that
alization
will
climate
world.
that
on
of
foreign interests ,in
nations
throughout
the
many
Castroism
optimists point to
expensive
the fact that increased investments
ments
in
may
that
not
being made
solely by the old established com¬
area
are
panies, but that
has
been
-
investment
of
expropriation
in
Cuba
Whether
become
intensified
this
from
the
lowest
cost
the
new
of
in
na¬
investment.
investment
The
impact
of
emerging
the
investments
cannot
pends
tained
any
their ability to increase
export markets for their products
and
on
material
imports should
be encouraged because they are
complementary to this trade.
A
raw
nations
that industrial nations have
obligation
to
help
advance
an
the
with
to
1960.
The
control; to
One
all-encom¬
an
passing alternative is the view of
those
protectionists
who
would
allow
virtually no raw material
imports. The United States is not
self-sufficient
minerals,
other
to
in
and
raw
strategic
of certain
many
imports
materials
are
desirable
domestic
conserve
supplies.
The oil imports question points
up
the
competing
philosophies
of
ascer¬
from
colonial
local 1 government
in
in
and has caused potential
investors to proceed with caution.
apparent direct result of the
political instability in Africa, as in
some other parts of the world, has
been the steep upturn in the last
few years in the use by American
firms of licensing agreements with
foreign firms to manufacture and
distribute
One
that
their
products
independent
the
rate
agreements
were
of
these
than
the
tion
More than
in
abroad.
reveals
licensing
in the first
study
at
1961
quarter
two groups, with the ques¬
of national security dominat¬
yet be
much of Africa has been costly
any ways
as
foreign
on
....,/;•"• ...;.y.>,Vn
development of backward areas,
many of which can produce min¬
better
world
transition
erals for export.
Little
the
certainty, for in
most of these areas, particularly
in
Africa, there was relatively
little American investment prior
final argument of the free traders
is
of
which
set up
was
second
50%
half
higher
of
12,000 licensing
1960.
agree¬
ing this controversy.
Substantial
dependence on foreign oil to meet
ments
nation's energy supply is ex¬
tremely
dangerous
indeed, and
proponents of import restrictions
factors motivating the upsurge
point to
of
our
event
our
of
vulnerability
war
in
the
and/or
nationalization
zuela.
However,
it
in
the
Mid-East
in
Vene¬
is : similarly
double
are
the
now
in
effect, roughly
number
licensing agreements
in the statement
a
of
in
1945.
are
The
in
reflected
the
president
leading manufacturer of min¬
ing machinery:
"Our licensee in South Africa is
building
a
$1.5
and
will
commu¬
is
still relatively
in¬
significant, it showed a substantial
property,
percentage increase last year, in¬
creasing to $925 million Ovdr the
rect
1959
tion
level of $833
million.
Cuban expropriation of American
other
Latin
American
governments engaged in both di¬
and "back-door" expropria¬
;
of
United States
investment.
In
Problem of Seizure
The
second
ment
rence
of
is
1
important develop^ which according to estimates will
generated
sentiment
Venezuela, a new tax has been
levied
on
foreign oil interests
the
nationalistic
by
growing
leave
only 20% of net income for
the investor in the next few years
occur¬
expropriation and nation¬
i
;
•
,
Continued
page'25
on
of
a total
million. Thus
$833
both the amount of investment in
South
of
Africa
clined
tinue
percentage
investment
sharply.
this
that
its
and
African
total
trend
is
likely
Exclusive
de¬
Indications
are
to
Developments in the Congo
interesting.
The
Study Tracks
con¬
indefinitely.
very
Defense Spending in
are
situation
there is
certainly the most glaring
example that could be cited of a
wholly unattractive climate for
foreign investment, since private
investors are usually not anxious
to risk capital where there is little
of
semblance
rule.
And
stable
yet
government
recent-
surveys
of
the Congo situation seem to weak¬
this assumption.
en
a
Here is what,
comprehensive report emanating
from
the
merce's
Department
of
Bureau
Programs
to
had
Com¬
of
Stock Exchange
Magazine
Published monthly by the New York Stock Exchange, the exchange
Magazine regularly supplies investors with helpful facts and fig¬
ures
on
such
subjects
industry trends, individual listed
as
nies and business conditions. 12 issues of this informative
tion cost only $1.50.
in the
Here
summaries of
are
April issue.
1
;
some
about
say
"For
U.
S.
investment
as
the
the
Where Defense Contracts Go
the
firm
the
interested
well
of
amount
•
'v
Congo
trade,
prospects also appear to be bright¬
ening though the situation is not
yet as clear us that with regard to
trade. Of particular interest is the
surprising
of the top articles
:."Y
•
in
in August of last year:-
in
compa¬
publica¬
International
climate
investment
as
investment
and reinvestment which has taken
in the Congo' in the past
Several foreign firms which
had new facilities planned before
independence have carried them
to completion, and a number of
companies operating in the Congo
maintained
have
;
available.
In
addition,
they maintain that continual
growth of industrial nations de¬
sources
$130
was
trend
nism spread to all of Latin Ameri¬
ca
is
not
yet known.
Besides
continent
exchange
rundown
and the
on
Magazine gives; investors
each of the 50 leading
prime military contracts
v,\"h
/
"Big Board" defense suppliers'
which they
on
working. An
are
exclusive study by the exchange reveals these
companies
bigger share of contracts in 1%1 than in 1957. Five
of all the Defense Department's
and the 50
the
■* t
company-by-company
a
won
won a
24.6%
prime contract awards for 1957-61,
suppliers accounted for 62.5% of all such contracts for
period.
C-.-
-"T
-
v
.
■.
'/
or
acceler¬
even
High Fashion and High Finance
Jonathan
Logan, Inc.,
of the important
one
fashion, tells of the revolutionary changes
$2 billion dress-making industry. These
sitions and mergers, increased
new
marketing methods such
nance
in
high fashion, and
of the exchange
names
now
new moves
emphasis
on
in the world of
taking place in the
mass
embrace acqui¬
production and
pretested styles. There's, high fi¬
as
you can
read about it in the April issue
~
Magazine.
Closed-End Portfolios—a Brand-New
.
obtained
invest¬
long range effects
costly. The loss
even more
million.
the
in
extremely
to American oil interests alone by
venture capi¬
entering the area
new
steadily throughout this transi¬
tional period. Although the mag¬
nitude
been
American
its
and
be
has
for
nation
family in an ated their planned programs for
atmosphere marked generally with maintenance or
on
our
expansion of pro¬
development aid policy,
economic and political instability
ductive facilities. To some extent,
the Cold War has also caused a
.and, in some instances, .turmoil1 the latter
type of investment has
reappraisal of the old export-im¬
and
bloodshed.
Secondly, there been spurred by strict controls on1
port problem in light of its effect
has been an increasing trend in
on
our
national security.
capitaUtransfers, which have left
Expo¬
many countries toward expropria¬
nents of free trade have always
some
firms here with substantial
tion and nationalization of foreign
maintained
amounts of
local currency pro¬
that
maximum
eco¬
properties. Needless to say, neither ceeds which
nomic
they are unable to
growth
can
only
be
develoment is attractive to foreign
achieved when raw materials are
export from the Congo.
Aside from its direct influences
nations
million out of
$323
were
continent. These
continent,
in the Union in 1960
Investments
were
that
marked decline in 1960.
a
African
investment
sent
tal
world
the
to
We'll
ment.
emerging
substantially brighten the ominous
view that many hold of the pre¬
year.
cance
spects.
another Congo that
would take years to straighten out.
It's problems like this that make
us
stick to licensing at the mo¬
have
you'd
''Y place
Nationalism
advent
\*
prices consider¬
lower than world prices.
market.
the ".proposals, v and
whether they will be enacted into
law is highly speculative.
*
on
warfare, much foreign investment
which is not sustained by export
of its -production
to the United
States may find itself without a
privileges in;" alL, countries..: The
House
Ways and iMeans, Com¬
mittee
has; conducted extensive
hearings on these proposals. There
is a sharp controversy over "the
merits
tactic has been
the sugar market. Russia
If
these policies continue,, and there
is every reason to think they will
so
long as the Soviet Union can
afford to subsidize this sphere of
oped nations. Secondly,- it'; is pro¬
posed to .wholly ^eliminate - the
so-called "tax-haven", d
to
1955
same
of Cuban sugar at
underdevel¬
for
in
sold several million dollars worth
veloped" countries. That privilege
will
barrels
million
1,000 million barrels in 1960. Re¬
minate, over a two-year transi¬
tional period, the present tax de-.
ferral privileges with respect- to
in
technological
Union, for the Soviet
bloc increased its oil output from
on
our equip¬
that he's doing
country could
any time, and
it instead of us. The
erupt
property, illustrated most vividly
by the Cuban experience.
to produce
ment. We're happy
25
million
addition
"Faced with such
inflationary
situation, most firms in this posi¬
tion
chosen
have
to
invest
productive
in
capital
an
such
facilities
rather than hold it in liquid form.
Another
exclusive-the
breakdown of the top 50
vestment
Survey
Magazine presents
exchange
a
detailed
listed investments of the 26 closed-end in-
the New York Stock Exchange. These
com¬
their assets to purchase securities of other
com¬
companies
panies, which
use
panies, had, at
year
on
end, nearly 40 % of their total net assets invested
tabulated. Also disclosed
Some firms with blocked currency
in 50 stocks which
have indicated
held, market value, purchases and sales during the 4th quarter of
can
new
interest in Ameri¬
participation
enterprises,
in
as
existing or
have other
1961. Fascinating
firms seeking fresh capital for ex¬
pansion."
drafted
Government has also
investment
an
code
pro¬
viding, among other things, for
the transferability of capital and
free
repatriation
of
capital if operations cease, and
free transfer of profits or divi¬
dends up to 8% of total capital
dividends,
for
annum
per
government
are
reading in the April issue.
number of shares
j
.
Top 50 in Market Value
•
The Congo
are
The 50 listed stocks with the greatest market value had substantial
growth both in value and in number of shares outstanding during
the last decade. But
despite the far-reaching changes in the
economy
since 1952, there was little change in their relative standing com¬
pared with ten
years
ago.
The current issue of
the
exchange
Magazine gives the facts.
ap¬
proved investments. It is not like¬
ly
local
promulgated,
be
to
until
there is
a
however,
TB-26
settlement of the
the exchange
political problems.
can
be little generaliza¬
to what the emergence of
twenty new nations in Afirca
11 Wall
Magazine, Dept. 7
Street, New York 5, N. Y.
There
tion
over
Enclosed is $1.50 (check, cash,, money order).
as
Please enter
has done to the investment climate
in
that
area.
depending
previous
current
are
Each
upon
area
close
domestic
what
is
the exchange
is unique,
to
name.
African
the
address.
situation, however, who point out
that a
clearer understanding of
exactly
year's subscription to
the nature of its
colonial status fand ^ifspolitical climate. There
those
a
Magazine.
involved
controversies
in
in
the
these
city.
I
.zone.
.state.
26
.
The Commercial and Financial Chronicle
(1630)
.
.
Thursday, April 5, 1062
.
v
I
been
1
TTT
1
1
fTVI
( ,n n W^T and
V-/v71Ll
f f C4/.L
Clllu
HP
-L HO
I )r;hpr
Vy U11V-/X
substantial increase in for-
a
Market area/Britain's decision
join
the
market
common
slow 4 this
'
_
..
..
.
Continued fvoni pciQe
24
,,
_
,,
,
American
as
plants
,
nations sod itnsty even the
v
trend
much
most
subsidiaries
or
United
ICin^dom
to
with
With
respect to
our
restrictive governmental policies
to pressing
needs,for foreign investment.
Venezuelan
another
;
American
two
investors: in/Mexico
estate
real
had
example,
socialistic character has not been
conducive to American investors.
But the need for foreign invest-ment has . caused that country to
institute a program of tax incentives and depreciation -allowances, •
as well as a program of guaranties against expropriation of in-*
dustry, to attract foreign capital,
The opening of a special office in
New York a < few months ago to
attract American capital to India
indicates the scope of the efforts
that country is making to secure
foreign investments.
270,000 acre tract expropriated by the government. Though
Mexican
officials
promised full
a
compensation, such indiscriminate
action cannot help but discourage
foreign investment. The Mexican
government
has also passed a
highly nationalistic mining / law
providing, among other things,
that future concessions v may be
acquired only by Mexican nationals, or Mexican corporations
owned 51% or more by Mexican
nationals.
is believed
It
this
that
will
Mexicanization
greatly reforeign investments in MexiSimilarlv
an
American oil excan mining projects. However, in
p'loration firm recently became
spite of apprehensions caused by the first American firm to underthe
expropriation of American take any activities in Burma, a
duce
property in Cuba and * elsewhere,
showed
1960
The
is
tion
prevalent
the
also.
world
other
in
The
;
areas
action
of
the
the Sukarno government in Indo-
Sukarno's
i
have
the I Cold
worldwide
tionalism
discussed
in
But there is
a,
of
War/and
trend
the
the
toward
na-
countries.
new
third force at work.
policies- have This as /the'* counter-nationalistic
/severely crippled the United States trend in some of the old trading
.
;
^rubber interests
so
that most in-j nations of the world. The forma-
reportedly looking for:
greener trees in Latin America,
In
October
1960, > he signed a
decree stipulating that all oil and
gas production henceforth be undertaken by the state.. At this time
the foreign oil interests have not
been taken, largely because they
sell to government agencies, but
/ Sukarno's
action has ■effectively
discouraged any further investment by oil companies. It is reported that in Iraq the govern-.
ment
intends
to
take
complete
control of the oil industry, the
;/vestors
are
■
activities
which
of
are
now
con-
trolled
ish,
jointly by American, BritFrench and Dutch interests,
and
This
is
trend
also
apparent in
trols
and
over
their
*
their
mineral
raw
wish
to
security
for
interested
freely exwealth. Some
their
while
serve
to
their
conserve
resources
.
interests
best
.port
Similarly,
_
own
others
natural
national
more
are
mineral
resources/
She
is
a
of / Senate/approval
" industries. For
a instance, in Africa over two-thirds
last
of
the Paris convention of
December .1960, may help mini-mize ahy disruptive effects on
American tirade, resulting from
^Common .Market * economic poli£ies*
OECD.as composed of >18
European countries, Canada, and
'*he United States, and is. primarily
the total U. S. investment was
,
Those
mining, and petroleum. Only in
South Africa* which is certainly
more advanced economically than
the rest of the^ continent,'is there
any
sizable
manufacturing in¬
in
.
It
vestment.
before
time
into
capital
will
any
viewed
great
several
for
challenges should • not be
as
the beginning/of the
.
end of private foreign investment.
It /was in similar periods^ of inter¬
national
stress
the
tliat
'
•
great
of
the"-, world
emerged, f In Toynbee's terms of
"challenge and response,"/this is
a 'time
when the challenge is $11
too • visible, and identifiable 1
The
nations
trading
likely be some
secondary
conditions
The population explo¬
sion and accompanying social arid
political unrest in many parts of
the
world
pose
challenges
to
which we can. and must -be equgl.
decades.,
of the world
areas
is in the mineral
such
with
of investment in the other
source
March
nation
become
flow of
industries
rapid
in the rest'of Africa. Like
'
trading
•
of
<
Germany,}Italy, Belgium, Luxembourg, and /the Netherlands)
is
only a few years old, having come
into existence in
1958
as
a
Free Trade Association came poetical
stab|lit^|and a /demand
into operation in May 1961 after for manufactured productsT "These
ratification of the Treaty of Mon- countries may achieve a high de¬
tevideo of February 1960.
The gree of political stability and yet
member nations are Argentina, not be conducive to American
Brazil, Chile, Mexico, Paraguay, capital since, as a consequence of
Peru, and Uruguay. The LAFTA low incomes, the - demand for
objective are reciprocal progres- manufactured products will often
sive tariff reductions, the even- be too small to justify the estab¬ Public offering of 150,000 common
tual establishment of a free trade lishment of local factories. Thu;s, shares of Sea-Wide ' Industries,
area, . diversification and expan- unless
there
is
some
mineral Inc., at $4 per share is being made
sion of trade, and closer economic wealth, there is little incentive by Janov & Co., Philadelphia * and
integration. /// W-.
'
•
for foreign investment in: the so- Drourr, Lampert & Co^ ■. Inc.s New
can
result
1957, and yet its success has been
extraordinary. Great - Britain has
recently applied for membership,
The objective of the EEC member
countries
is
to
integrate
their
,
•
-
/In like vein, the General Treaty
of
Central
American . Economic
underdeveloped
nations. York Citv. Net proceeds will be
Moreover, because of the irregular •used by the company/for Ithi^ ire/
nature of mineral deposits, miner¬
payment of bank loans, and work¬
al investment is usually dependent ing capital.'
on geographic and geologic factors, /;/. The
company /whose /; address
rather
than
political considera¬ is Stokley St., Philadelphia is en-.,
tions; This factor; obviously some* gaged in; the importing of Japanwhat limits private mineral in- •ese goods; for sale to. large pr,ecalled ;
from third countries, and of a Integration, designed to create a
common commercial * policy;-^(3). t common market among its signa-
(6) iharmoniza-
economic policy;
The
Latin
Central
and
-
nated ^development of, the over-
European
sea territories.
as a tool of development imium
stamp
policy in underdeveloped areas.
Moreover,.wholly removed from
nomic
tions, including the United King-,
Market,
Common
gen-
production
industries.
the regions and'the; more unstable
investment
climate
in much
of
per
.
Latin
American However,
investors
who
:
far
po¬
stores, drug chains,
discount houses
and others. In addition, the company
imports
component
parts
which
are
cop¬
outdistances
reason
for
assembled
transistor radios
which it
it
into
sells;
the
demand, which is one
for the reported decline in
investments in .Venezuelai
current
have
•
inarkets,
existing
by
well -as
distributors,
as.
retail
super
mineral
certain
petroleum
and
investments
Ameri-
now
in
For
trading
including,
companies,
department
over¬
instance, the
tential rate of production of
.
Can
impact of world-wide
users,
wholesale. and
all political influences is the eco¬
erally because-of the vast differences
in the economic bases in
.
'
vestment
,
Ameri-
-tion of.the laws of the individual. (can organizations have notcreated
member states which affect the the same degree of interest among
Market;?
coordl~ American; investors as has the
■
Shenk Industries;
dom, formed'the European Free plants in the Central or Latin
U. S.
Trade Association. However, the American' areas are engaged in
has established a national energy Common
'Market,spurred > by watchful waiting to>see which Coupled with present import re¬
strictions here at home, it is likely
.board which has the power, to Britain's historic move last sum- countries will be subject to prefthat foreign investments will show Offering of 150,000 common shares
control energy fuel imports and mer to join the EEC, seems deserential tariff rates as compared
some
shift to manufacturing ' in vof_ShenkTndustfies,lhc.; at $6 t>er
exports.
Chile, which has long tined to expand- and include the to nonmember country rates, and
share is
vitally
interested
in
accelerating
activity and
her rate of industrial
been
;ing
favorite of American min-
a
interests,
greater
control
industries
quire
is
and
that
now
the
over
is
they
exerting
copper
planning to
refine
in
re-
Chile
all the copper that is mined there,
At this time one-half of the cop-
„
mined in Chile is refined
elsewhere, since it is more advan-
per
tageous
export
for
raw
refine
nearer
utilization
Whether Chilean controls
an
adverse effect on
toward
such
rings an
of the
The powerful
EFTA
Common
nations,
Market
trading bloc offers both a challenge
and
an
opportunity
to
America n business. Except for
certain
needed
,
which commodities will ultimate-
ly become
many
duty
Similarly,
potential United States in-
vestors, because of growing import and exchange restrictions, as
hh? to the area to production
within it, while others have modified or consolidated .their facilities already within the area.
In
the
preferential
rates
among
member nations. •.-/ ./////•
The
trade
trend
toward
agreements is
multi-nation
even
.
!
■
//
being made by an under¬
writing group jointly • managed ;by
Rodetsky, Walker & Co.Vinci, 115
Broadway, 'New York:.City and
Boenning &/ Co./ Alison Bldg.,
////./;:
the; influence of the
investment
guaranty
.-in ameliorating appre¬
questions of
materials,, well as increasing nationalist sennonmember countries will ulti- timent, are considering establishmately find a tariff wall blocking ing plants in those countries in
their exports to the member na- order to get inside the tariff bartions. : Consequents, a number of riers and secure the advantage of
American firms over the past two
have shifted from export-
.
related to the future
course
that
private
investment
abroad is likely to take are the
/.Directly
free.
raw
years
the next few years.
Common
in evi-
Philadelphia.; Of* the total, 135,000
shares are being sold by/the com¬
pany and 15,000 by a stockholder.
expanded
program
hensions about increasing tenden¬
cies
in many
countries toward
expropriation and nationalization.
Unquestionably the broader pro¬
gram will be of some help, al¬
though observers differ as to the
extent, of the boost it can
give to
;
/The -ccmpany
of 2101, South
High St., Columbus,.Oliio, manu¬
t
factures and sells rebuilt automo¬
bile;'parts,
and distributes new
and aviaiioh j-iarts. It
also." wholesales/Industrial
and
automobile
seen.
coun-
The trend
control, however,
ominous bell to potential
investors
regions in East
Africa,
where
negotiations
are
addition, the large and attractive .under'way among Kenya, Uganda,
market created by;the EEC has and Tanganyika looking to the
foreign investment. However, aor
construction material
plications; for coverage under the
program are-on the rise, having
will
caused
investment in that
try remains to be
<;
to
have
mineral
f
investors
mineral resources and
them
sources.
will
foreign
remainder
Shenk
began expropriation of American
many
firms
to
consider
dence
in
creation
.
some
of
an
■
economic
unbn,
'
increased
over
100%
since
Cuba
use
s.-
the net proceeds from-'its
financing for debt repayment and
working capital.
/ ;.;" //'! ■•
.
'
There have been other developments
trends
h//
which
mav
be
indicate
onlv
a
that
such
temnorarv
fh/H/r„L/„7Tmany
r
in
phase, in the development of
establishing
subsidiaries
within
,
/
/
;
.
the area, or entering intoJicensing
Summary and Conclusions "
arranf®mfnts with existing ComThe chief /value of reviewing
mon Market firms.
The conse- the impact of international devel-
quence of these
developments has
r-..$
Industries
of the Rome Treaty of March 25,
the added profits to
in
Market 'should
nomic Community also; raises' the
pertinent inquiry as ■ to the like¬
As in Latin America, the major
United
Development (OECD), as
result
In response to the creation of
be gained from refining and proc- the Common Market by
its six
essing. Canada has recognized the member nations > (the
so-called
-importance of measures to control "Inner Six"), seven perimeter naher
Market external tariff
,
nations feel that it does not
Common
*
that will minimize the extent to
///
which its status as a nonmember areas s of the world;, aside/irorn- hand;
will subject American exports to Latin America. Of a total of $32.7 /; In conclusion, I / think -we Ml
discriminatory tariffs. The United billion in American capital in¬ realize; that we; are living in an
States has been participating in vested abroad in. 1960, $26.2 bil¬ age of great; turmoil and stress.
negotiations under-the provisions lion were in Canada, Western Eu¬ Private investment abroad faces
of 'the General Agreement
on rope and Latin America. " Thus, much competition; mostly politi¬
There
Latin
America,
less cal rather than economic.
Tariffs and Trade (GATT) with excluding
the European Commission of the than one-fifth of all U. S. in¬ is no indication that this condi¬
EEC in efforts to resolve some vestment was in the underdevel¬ tion will soon pass, and we must
realistically be prepared to live
raised by the oped areas of the world.
stable govern-
more
It
tion. investment statistics for -1960
have
ments
abroad.
investments
profit to continue opera-: lihood of ultimate United "States
participation in an Atlantic trad¬
show that little wealth was con¬ ing • community.; However, - that
centrated in the underdeveloped eventuality does not seem near at
show
free movement of persons, capital, < tory members within five yea**s,
arid - services
among > member came into effect on June 3, 1961.
adopted export con- states; (4) development of com- Signatory
states thus / far are
policies of conservation mon agricultural and transporta- Guatemala, El Salvador, and Nimineral resources. Such tion policies; (5) coordination of/ caragua. -
ments. These
ropean
.
occurs
economies, thaving among their
prime goals (1) abolition .of duties
"has
been
pursuing a vigorous and quotas in the trade among the
/policy of acquisition of foreign member states; .(2) establishment
/properties in that country.
.of a common tariff for imports
certain countries which have long
.: attractive * to
U. S. invest-
recommends, is the impact' which
that development may have
on
growth of multi-concerned ™
economic growth
blocs have thus the expansion of economic and .wise in ; Asia the/ greatest direct
increasing importance technical/ , assistance
to. -under- investment is an rthe refining of response. is ;still, in process of
formation.
as factors
influencing foreign in- developed > countries, and coordi- petroleum. In those underdevel*.
vestments. The European Common nation of economic policies of all oped countries of Asia and Africa
""An 'address
by Mr. Ely .before/ the
Market grouping is the most notmember countries. /
where there is no great__mineral annual meeting of the American Institute
Mining, -Metallurgical and 1 Petroleum
able example. The European Eco/Following the lead of the Eu- wealth, private capital"~will play
Engineers, New York City,
nomic Community (France, West ropean nations, the Latin AmerL a minor role; until there is some
tion
Similarly, the government-owned
petroleum corporation in Ceylon
/been
accruing
,,
markets, private enterprise must
^jion for Economic Cooperation
Agreements
Trade
far We
impact of
•nesia is worthy of mention. President
So
benefits
Finally, the growth of the .Eu¬
like the Russian venture in world
'
it is hoped that the
United States Government will be
able to secure agreements with
the
common . market - countries
and
Multi-Nation
haven
tax
Government efforts not-' draw increasing 'American invest¬
withstanding,-, this' development ment to those areas/'Britain's de¬
seems
somewhat unlikely.
Un-; cision to join4the European Eco¬
States participation in the Organ- underdeveloped
®
iL-Congress
,
weapon.
However,
Common
>
nationalize-
toward
trend
-U.S.A. and E.CJVf. Trade
Understanding
-
objectives.
strinsent
"relativelv
with
fnv/sLent restric«onsy
the 1959 level.
over
of
slight increase in
a
nation
Latin America
in
investments
bloc, a prime quesion is whether
private investment is likely to
become an
important Cold War
to expand their operations
to the continent in order to get
inside the Common Market's exIndia, for instance, has a rela- ternal tariff walls.
.
lively stable -government but its *' •/ ^ A n/r t ; a * '"
neecj
can be accommodated
government, after taking into account
government royalties. As
seen,
is likely to. be a retarding factor,
however.
-•/.? "" "
'Vv:' '■
;" ■;
Soviet,
*
with 80% going to the
be'
to
American
continuing
economic contest with the
g
to foreign) income as the President
i
vestments abroad.
in
the
lisve no
will
do, future trends, affecting /in¬
inas-v
firms
tYet
and
certain,ty
degree of
-
eliminates the present tax deferral
than-we might otherwise be able
may
somewhat,
greater
some
c
predict, with
lies in enabling us to
to
abroad
investment
American
on
eign investments in the Common
opments
over
the past two years
oil refineries. There, are outstand¬
ing guaranties totalling half bil¬
lion
Paul Nowland Branch
,
DOVER, Del.-—Paul J. Nowland &
dollars, with applications cur¬
rently being processed for another Co. has opened
$1.5 billion. / Z * // / :-V/.•-•/';/• - 26 The Green.
a.
branch -office at
C-/"',
;\-7
Volume
Number 6148
195
,
.
Indications of Current
The .following statistical tabulations
latest week
Business Activity
week
Latest
Equivalent to—
ingots and castings
82.5
••
(bbla. oi
Mar.
23
23
23
(bbls.)__——:
——Mar.
Stocks at refineries, bulk terminals, in transit, in pipe lines—
Finished gasoline (bbl.) at—.——_-._i.__—;.
_______Mar.
23
output
Kerosene
Distillate
Residual
\
J
oil
fuel
Distillate
fuel
Residual
23
'■
(bbls.)_
—*—
—
23
output
8,755,000
7,897,000
29,187,000
3,065,000
30,097,000
28,458,000
3,599,000
(bbls.)
oil
at——
15,879,000
14,351,000
freight loaded
freight received from
Revenue
23
23#
construction..
S.
'
-
,
municipal
and
State
....
—
Federal
:
———
S. BUREAU OF MINES):
(U.
COAL OUTPUT
-
:
*
(in
output
^FAILURES
78,111,000
West
40,544,000
29,499,000
<
steel
(per
(per
gross
iron
steel
METAL
(E.
PRICES
Louis)
(St.
-r
170,600,000
146,000,000
131,600,000
137,600,000
29
29
.129,800,000
24
••
29
16,514,000
7
$66.44
.
■■
____
10.800c
Repairs
J .Vj' '•* ;
*
12.000c
12.000c
,24.000c
.'24.000c
26.000c
124.000c
121;000c
103.875c
,
124.125c
86.78
3
90.48
3
,
88.67
.:
■'">
87.48
:
•
•
'
-
Industrials
YIELD DAILY AVERAGES:
MOODY'S BOND
•
U.
S.
corporate
_____—
3
3 >'£.
3 • '
3- '
Apr.
'-
Utilities
4.68
-
'
Industrials
1
—Apr.
—-
3
3
INDEX
COMMODITY
MOODY'S
3
Apr.
Group
*;
'•"♦
;
r
89.73
88.13
90.20
-
-
NATIONAL PAPERBOARD ASSOCIATION:
received
Orders
Production
-
v
' r
;
/
.
.
4.49
V.
5.06
-
4.55
(tons)
___..
—
Percentage of
activity
-Unfilled orders (tons)-gt
end
'L.
period___
of
Mar. 24'
354,443
;
97
357,627
464,757A.r r";v'467i678^.V;
"
109.26
.
i-
11117
' V
ACCOUNT
FOR
TRANSACTIONS
ROUND-LOT
-Total
sales
Short
Other
Other
'
...
sales_______r___:—_—
Short
sales
Total
initiated
on
the
.11
'!>
.s-*'-'
>•
*
■I
sales__
:
for account of
transactions
purchases
Short sales..
;
sales
:
___*
:
'
Odd-lot
1
sales
Number
of
dealers-(customers'
by
shares
purchases)—t
Dollar
L
887,290
:
;
^
:
;.
131,200"
i,158,420 .
219,520
3,816,310
522,560
670,020
2,730,145
3,675,930
3,252,705
3,345,950.;
6,506,830
1,234,530
5,262,179
6,496,709
9
t
■
>.
Customers'
Customers'
^
)
;* ■'
short
other
*
Stocks
,
sales
'•>.
<
2,046,060
3,068,913
.
Round-lot
Short
Other
i
;
Round-lot
J
Total
sales
_
,
»•
ACCOUNT
round-tot
MEMBERS
OF
All
1
-
:
—
—
sales—
—
—
Group—
.
—
'
•
$78,075,868
551,390
924,720
9
490,530
55 L 390
120.900
90.400
158.100
123,300
128,000
148.800
120,600
247,400
235,000
■
(bales)
PAYMENTS
BENEFIT
231.400
153 4^0
185.200
156,100
$320,700,000
$292,700,000
$295,700,000
60.800,000
58,400. CCO
11 300 000
10,900 000
56,400,000
62.700,000
56,100,000
163.700,000
_—
166.900
70,000,000
_—__
lr|3.Rr|0
176,800
28
164 200
174.100
Feb.
(bales)
-140.700 000
147.200 030
TO
INSTITUTE OF LIFE
—
pf
benefits
December:
i__
—_
endowments
—
payments
—_
:
^—
—
values
11 590 000
9
501,580
480,960
680,270
As
of
31
$32,800,000
$33,900,000
$31,800,000
242
244
224
221
285
252
210
257
152
(000's omitted)——
809,800
RECEIVED
NUMBER
U.
—
farm
FARMERS
BY
S.
TURE—-1910-1914
All
284,800,000
$853,700,000
152
CIRCULATION—TREASURY DEPT.
January
PRICES
143.500,000
$711,300,000
243
—
—
345,400,000
$967,500,000
MONEY IN
924,720
=
OF
DEPT.
100—As
—
INDEX
AGRICUL¬
of
Feb.
15:
products
,
'
Commercial
;
• •
9
15,232,430
15,447,650
19,463,330
30,609,520
vegetables,
■
grains
Fruit
100.5
—
27!
100.6
Not avail.
Not avail.
98.1
98.7
.Not avail.
fresh—
*101.3
Not avail.
Mar. 27
:
94.9
95.6
Not avail.
—
227
•
100.7
100.7
Not avail.
Not avail.
101.2
J218
209
217
209
,..260
253
250
250
125
127
172
543
538
517
257
256
263
264
——
266
305
304
—
—
crops
—
1
Livestock
Dairy
150
"
219
—
Tobacco
Not avail.
Mar. 27
Mar. 27.
hay___r.—
Not avail.
Not avail.
and
—
Oil-bearing
J
Mar.
farm an,d fOodsl,
grain
Food
'
—f-—___
products
—
263
,
—3
tNumber of prders mot reported since introduction of Monthly Investment Plan.
{Prime Western
Lo.uis exceeds one-half cent a pound.
' ' '
sold on delivered basis at centers where freight from East St.
Feed,
-'
>
—_
figurev
figure
1,488,320
29,121,200
.
Potatoes
.
foods____
834,090
18,629,240
15,916,830
Mar,* 9-•
Mai.
-632,520
14,815,130
684,400
9
Mar. 27
All commodities .other than
M
295,700
136,500
_
Total
3,056,439
U. S. DEPT. OF
•
;
> ,-r..
'
vised
* Revised
"
299,100
143,600
Policy dividends
$144,166,246
490,530
Mar.
—
(1947-49=100)t
products
Processed
239.600
84 900
.
~
239,800
:
.
_
commodities
Farm
.
1,928,206
$95,631,256
509,420
(SHARES):
sale*--.
Commodity
i
1,543,117
509,420
"
113,600
sales—
sales_____.
Other
Total
LABOR
.
12,474
10,008
1,659,859
; $85,173,189
9
9
SALES
WHOLESALE PRICES, NEW SERIES
1
13,674
9,669
9
Mar.
:.
:
purchases by dealers—Number of shares-
Short
..
.
9
Mar.
ROUND-LOT STOCK
FOR
;
t
1,553,125
9
ON THE N. Y. STOCK
EXCHANGE AND ROUND-LOT STOCK lUANSAClioNa
TOTAL
i
■<i-
Mar.
:
625 730
1,509,800
246
$80,715,763-
Mar.
sales
i
71 200
658 800
2,192,900
227
$86,138,259
sales
by dealers—
Number of shares—Total sales___
>
268 500
________
■;
(bales)
Surrender
79,506
.
_—
J;__
—
INSURANCE—Month
$150,003,866
1,941,880
:
28____!
(tons)
POLICYHOLDERS
2,948,440
$106,222,899
597,800
1,736,100
Feb.'28__—__—
INSURANCE
LIFE
23.172
-
294 300-
141,000
—-c.r
Annuity payments
Mar.
value
Dollar
97 255
•
"fVS "5'*'
"r*
(tons)
Produced
20,700
■*■37,327'
37,441
of
——_—
(tons)
Linters—
;
•
1,669,528
9
Mar.
Mar.
Mar.
—
sales
125,184
2,956,816
101.747
; <" <\v....
•;■
(tons)
Shipped
'
i,
'
(tons)———„—
:■'
Stocks
Death
1,542,938
117.785
2,824.102
103,296
Feb. 28—
Meal—'
Matured
1,643,324
58,741,468
PROD¬
'Z.
(tons)
Disability
-
59,920,000
v
mills
(tons)
Hulls—
'
9
't"'.• */"•»■"".
SEED
Odd-lot
purchases by dealers (customers' sales) —
Number of orders—customers' total sales__
59,715,669
c$1.012.098
21,323
COMMERCE—Month
.;J;
\ •*
at
Shipped
1,375,359
2,895,175
V
136
62,103,824
-
Seed—
Cake and
?
■
105
,
131,184
COTTON
OF
; Stocks* (tons)
Feb.
*?•' Produced ( tons)
1,155,839
1,289,620
3,188,282
i
'
112
141
3,108,473
_i-.'
v>.-
AND
SEED
Stocks
s
1,285,500
859,505
2,661,422
•
Mar.
Mar.
____
value--—
.
315,560
3,296,670
526,860
.
.
\
'
•
296,960
56,370
>
.
t
,
t
■
$1,038,410
tons)___.
Shipped
;
,
•
<c'
215,460
915,875
74,150
851,702
9
9
STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODDLOT
DEALERS AND SPECIALISTS ON N. Y. STOCK
EXCHANGE — SECURITIES EXCHANGE COMMISSION.
r
-
,
■
.-cL
•
59,937,055
tons)———
short
Crushed
-
71,900
674,940
!> 746,840
629,485
,
'
\
65,230,527
—
(in short
Produced
790,890
777,552
9
9
M'ar.
Mar.
;
sales
Other
;
Total
'
18,600
230,360
!
231,430
9 t
Mar.
Mar.
*
775,770
14,900
214,230
•
>
"
T
•«,
'
ounces)—
r"'
-,'
4,374,510
*
r
322,270
members—
Total
;
9 J
Mar. 9
Mar.*; 9 '
Mar. 9
Mar.; 9
Mar. 9
—
sales
round-lot
2,740,770
■
'
•
141-1
ounces)
fine
''-Received
943,110
1,655,180
245,650
.
.10
109
31
(in short tons)——
(in
COTTON
3,431,400
17,200.
Mar.
•*
2,220,550
'2,106,470
r*
-
4,445,560
f 520,220
263,630
9
Mar.
sales
Total
v,
.
Jan.
at
customers
Lead
'V
112.03
V
2,606,750
floor—
purchases
Total
<
_r.
sales
Other
'
.
:
:
Short
•
;
—
transactions
Total
I-
;
1,669,640
2,105,150
;
if
consumers—
Zinc
.
434,750
451,290
r
Mar;
sales
Other
r
^ar,.-g
—
purchases
Other
.
;
r
9
floor—
off.the
'•
435,510
ultimate
fine
(in
Copper
<
91
.110.31
2,020,040
2,242,150
..
.
States—
(in
;Silver
-
'
9 ;
..
Mar.
—
—
transactions initiated
Total'
i.:
—Mar.
purchases
V
.
,«
'i
(BUREAU OF MINES)—
.February:,;...
-• ->
^
;;
production of recoverable metals in the
Cotton
'.*1
y
'1
,M
Month of January:
;
Mine
'
MEM-
OF
BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
of specialists in stocks in which registered—
Transactions
••'.-,
•)
unadjusted
seasonally adjusted—
to
ultimate
UCTS—DEPT.
■
•
$1,080,486
of
Number
T
' V'i»»
sales
METAL OUTPUT
320,783
460,067 > "
*
•*(*;
^
;
January
304,551
96
1;
Mar. 30
AVERAGE=I00__
L'Ml)
354,730
'97
••
FED¬
January
(000's omitted)
Revenue from ultimate customers—Month of
368.4
353,540
'.
,v.,
OIL, PAINT AND DRUG REPORTER PRICE INDEX-
-
■
i
3,476
FEDERAL
YORK—1947-49
of
United
'
4,132
3,634
INSTITUTE—
ELECTRIC
Month
.4.40
367.4
320,552
DISTRICT
100—Month of. February:
=
Kilowatt-hour
4.43
367.8
350,465
4,573
V 4.8°2
:
4.74
4.62
4.49.
V
SECOND
SALES
"
daily)
5.00
-
,
-
STORE
daily)
4.32
1
V
:
'
:
3,075
10.434
•12,181
4,906
4,931
;
BANK OF NEW
(average
4.55
:;
"
5.01
4.59
369.0
-
■
4.73
,•
4.87
V
;• *
4.90
4.69
-V
Mar. 24
__
13.432
11,136
•
'
(average
4.22
4.55
Mar. 24
_:
12,960
3,735
Sales
4.52
4.42
■
Mar. 24
(tons)___
11 232
4 294
Sales
Gold
7
11 253
_____
3.83
).
.
4.69
4.38
'VV, •Vr
4.59 ''
-
3.96
3.84
•",4.52 V. '•
1'
'4.87
3
w>—Apr.
Group
3,131
,
credit——.
RESERVE
Average
.85.59
v
5.03
Apr;
—
/-.Si-.;.
4.38.0"
*
Public
83.53
'•>
88.95
_
RESERVE
82.27
:V- 4.66 ;
.4.51
3
Apr.- 3
7
• '
ERAL
87.18
;
;
DEPARTMENT
81.54
.*■■...
87.59
4.65
Apr.. 3
___"
Group
V
3.73".y;
'
Railroad
82.15
88.95 c
'
Apr.
17,017
11.605
3,099
■
credit
92.79
EDISON
Apr.
—
41.662
16,878
11,380
28:
accounts
Service
88.13
.
;
85.72
;
.83.91
■v'--
7,
Bunds——
Government
Average
,
—
———
3
Apr.
Group______
$53,843
42 846
credit
term
loans
91.34
...
88.13
88.54 '
86.24 ;
r ;
-
83.91
>87.59
-
-
Apr.
*"
-
81.90
•
;
;
3
$56,278
RE¬
SERIES—Esti¬
88.54
89.92
90.48
-•
,.86.38
■
Apr.
—-—
$55 592
FEDERAL
THE
; ; / Noninstalment credit
Single payment loans
87.75
86.24
■-
86.65
.
,Apr., 3
Group.;.——_______—
4,781,011
modernization loans
and
Charge
88.50
Apr.
*3,860,362
credit,
consumer
Personal
:
,
'.V
-v.
89.42
-Vi^Apri'
il——~
Group—;——
Utilities
i
11.500c
3
Apr.^ 3
61,359
3,760,057
(net tons)
credit—!
12.000c
42.500c
3,357,330
3,295.971
*100,313
42.632
OF
intermediate
and
of February
9.300c
9.300c
12.500c.
*5,374,522
*5.274.209
'
84,474
OUTSTANDING—BOARD
as
Other
"
—_
Feb.:
of
Automobile
42.000c
Apr.
270,000
4,868,361
consumer
11.000c
DAILY
^
millions
Total
9.500c
'24.000c
,
658.000
129,000
16:900
short
9.500c
Mar.. 28
,
928,000
661.000
tons)____—
at end of month
CREDIT
9.500c
Mar. 28
984,000
790,000
4,952,835
(net
SYSTEM—REVISED
Instalment
Mar. 28
—
$1,912,000
1,016,000
747,000
tons)
GOVERNORS
27.200c
'
Public
SERVE
28.600c
9.300c
Apr.
Railroad
OF"
28.625c
42.500C
._r__v.
.
CONSUMER
30.600c
Apr.' 3
A
6.196c
$66.44
28.700c
Mar. 28
—
$1,806,000
1,113 000
____^
tons)
coke
30.600c
Mar. 28
.___.
$2,151,000
,
Month
—
—
MINES)—Month
OF
(net
28.525c
'
Mar. 28
—.
88,530,730
$404,656,8^5
municipal
(net
coke
'30.600c
Mar. 28
—
and
$39.17
,4'
$33.17
$493,187,565
17,267,601
$494,987,918
1,038.000
RECORD
construction—
Oven coke stocks
350
6.196c
$66.44
$31.50
Mar. 28
corporate
Average
Vv':;''"
6.196c
C
V ;
$31.83
v
20,670219
$446,289,423
City
CONSTRUCTION—
NEWS
(BUREAU
Oven
v
in
!
—,
AVERAGES:
Bunds———
—1—
Government
S
COKE
14,163,000
31,824,223
$512:255,519
$466,959,642
-
York
New
Federal
140
311
351
330
-
110,950,848
construction
Beehive
6.196c
;
PRICES
^V'r
1:
States__
construction
mated
pig, 99.5% ) at
York) at__—.__r__._
(New
119
29;506,894
158,230,793
(000's omitted):
S.
State
QUOTATIONS): >
at—____—
U.
Private
334,000
,
15,379,000
15,552,000
$66.44
Louis)- at——_—_____——
BOND
389,000
^
.
138
"v
141
Mar. 26
:.--V*'
at
Total
6,791,000
19,209,413
366,000
March
Production
Mar.
*
—".—.___
ton)
at—_
at
8,000,000
360,000
31
29,629,301
_____
City
outside
ENGINEERING
of
33,000,000
23,176.827
118,813,630
JEGINEERING
.
75,100,000
76,800,000
.-
,
-
-MOODY'S
U.
83,078,264
27,914.958
:___
York
CIVIL
.
193,500,000
Mar. 26
(primary
Aluminum
,
/V; 8traits tin
234,400,000
206,700,000
Mar. 26
at—
.(delivered)
Zinc' (East St.
4
..
$405,100,000
175,000,000
222,800,000
331,000
"
tZinc
$381,700,000
246,800,000
323,300,000
—
——
M. J.
&
refinery
(New York)
Lead
■/;,
$469,600,000
482,800,000
&
—
ton)
refinery
Export
Lead
$506,100,000
24
i0.)__
(per^ gross
Domestic
-
73,775,654
107,425,477
Central
New
29
Mar.
INDUSTRIAL)—DUN
Electrolytic copper—
\
.34,164,790
78,634,635
_
97,100,953
Total United
472,809
29
PRICES:
AGE COMPOSITE
Pig
500,333
502,200
'
AND
(COMMERCIAL
,V
511,040
545,332
*523,602
Mar.
Mar.
kwh.)—
000
Finished
;■
118,290,956
58,491,283
51,604,938
69,190,621
Pacific
8,215,000
'
Scrap
$11,595,936
44,263,646
$25,250,580
47,454,161
Mountain
.7. Mar.
BKADSTREET, ' INC,;_.'^_—
1
$22,823,445
CITIES—Month
_,
23,799,000
8,190,000
INSTITUTE:
ELECTRIC
Electric
IRON
5,636,408
&
Atlantic
Total
29
INC.—217
DUN
—
Central
East
185,614,000
203,736,000
VALUATION
Atlantic
South
25,638,000
24
.
AVEKAGE=100
SYSTEM—11)47-1:)
Middle
;
-
England
101,955,000
STORE*SALES INDEX—FEDERAL RESERVE
.DEPARTMENT
.
5,391,660
373
by
February:
Public
l tons )_„__.——.
(tons)
anthracite
of
-V
'J.
.
Bituminous coal and lignite
Pennsylvania
T
.f
PERMIT
89,989,000
38,064,000
526,904
24
Mar.
Mar.
Mar,
Mar.
——-Mar,
i
:_—
construction—.
Public
•
transport
South Central
555,873
24
Mar.
—
construction
Private
EDISON
6,358,255
freight
tons)
23,985,000
1 37,426,000
23
connections ino., of cars)__ Mar.
CONSTRUCTION—ENGINEERING
ENGINEERING
■V Total-U.
.
(in
BRADSTREET,
New
6,639,000
'
„
*207,952,000
NEWS-RECORD:
,7\-
Ago
January:
general
BUILDING
11,831,000
6,009,000
■"*'
6,123,000
206,631,000
23,668,000
86,955,000
23
Mar.
.Mar.
at—
(bbls.)
RAILROADS:
(number of cars)
Revenue
CIVIL
Year
Month
2,637,000
ASSOCIATION OF AMERICAN
■
of
Intercity
7,328,360
7,449,760
.
at'—-———-—5^-:———Mar.
(bbls.)
fuel oil
Kerosene
;
1,632,000
2,361,000
7,334,510
8,271,000
6,131,000
(bbls.)
output (bbls.)
fuel oil output
(bbls.)
average
to
runs
of that date:
Previous
TRUCKING ASSOCIATION, INC.—
carriers
Mar.
Mar.
Mar.
,
AMERICAN
56.0
81.0
2,394,000
2,417,000
Mar. 31
_
Mar.
each)
stills—daily
gallons
Gasoline
•
either for the
are
are as
Month
Ago
Ago
82.0
7,356,610
8,152,000
28,971,000
3,140,000
13,774,000
42
of quotations,
cases
Latest
Month
output—daily average
condensate
and
oil
Crude
in
or,
Year
Month
Week
that date,
on
production and other figures for the
cover
Dates shown in first column
PETROLEUM INSTITUTE:
AMERICAN
Crude
Mar. 31
...
(net tons)
Steel
month available.
*
capacity)
cent
(per
operations
steel
Indicated
or
month ended
or
Previous
Week
INSTITUTE:
STEEL
IRON AND
AMERICAN
27
(1631)
Commercial and Financial Chronicle
The
.
.
Zinc
•
1
Meat
animals
Poultry and eggs
I—^—z—w
^—____—_—
154
237
,
309
149
169
231
224
28
The Commercial and Financial Chronicle
(1632)
.
^
,
Thursday, April 5, 1962
* INDICATES
in
Now
Securities
SINCE
•
air-supported structures, radar antennae, and solar re¬
Proceeds—For expansion and working capital.
Because of the
large number of issues
awaiting processing by the SEC, it is becoming
increasingly difficult to predict offering dates
with a high degree of accuracy. The dates shown
in the index and in the accompanying detailed
—
items reflect the
but
not, in
are
Office—30 Garden
—Fred
share). Business—Design, manufacture and
marketing of proprietary lines of aluminum housewares.
Proceeds—For plant expansion, redemption of A, B and
C
preferred, and working capital.
Office—16th and
Wollmer
Sts., Manitowoc, Wis.
Underwriters—Paine,
Webber, Jackson & Curtis, N. Y: and Loewi & Co.; Inc;, *
as
Sessler
Alan-Randal
St., New Rochelle, N. Y. Underwriter
Co., Inc., N. Y.
&
Co., Inc.
(4/23-27)
Oct. 27, 1961 ("Reg. A") 120,000 common. Price—$2.50.
Business—Distributor of pens and other advertising ma¬
terial. Proceeds — For working capital. Office — 11608
expectations of the underwriter
general, to be considered
F.
firm
Ventura
offering dates.
Milwaukee.
Properties Trust Y
Feb. 28, 1962 filed 112,000 shares of beneficial interest:
Price—$10: Business—A real estate investment trust.
Blvd., Studio City, Calif. Underwriter—Pacific
Co., San Francisco, Calif.
Proceeds—For
Alaska All
American Petroleum Corp.
15, 1962 filed 2,000,000 common. Price—$1. Busi¬
ness—Acquiring, exploring and developing oil and gas
properties. Proceeds—For debt repayment and other
corporate purposes. Office—715 Midland Savings Bldg.,
E. C. Electronics, Inc.
/
28, 1962 ("Reg. A") 100,000 common. Price—$1.25.
Business—Design, development and sale of transistorized
ignition systems for engines. Proceeds—For equipment,
.
leasehold improvements,
tal. Office—80 Wall St.,
Denver.
advertising and working capi¬
N. Y. Underwriter — Bertner
e
Bros., N. Y.
^ A
L
S
Steel
debt
Corp.
Northern
writer—Bernard L.
Blvd., Corona, N .Y.
Madoff, N. Y.
28,
lumber
Sale
advertising and other corporate purposes. Office
Third St., Newark, N. J.
Underwriter—Baruch
Bros. & Co., Inc., N. Y. Offering—Expected in May.
Underwriter—G. H. Walker
of
—651
York.
ing capital. Office
—
7501 Pulaski E^ighway, Baltimore
County, Md. Underwriter—Robert Garrett & Sons, Bal¬
timore.
pre-cut, packaged home building materials for
Proceeds—For expansion
sales.
credit
Office—931
Summit
&
St.,
Co., N. Y.
Niles,
writer—Robert
working capital.
Garrett
&
Sons,
Ohio.
Jan.
Products,
11, 1962 filed 100,000
Inc.
Underwriter—Goldman, Sachs & Co., N. Y.
Baltimore.
of automobile
equipment
ac¬
cessories
and supplies. Proceeds — For
expansion and
working1 capital'.1 Office—3294 Steinway St., Astoria, N. Y.
Underwriter—Baruch Brothers & Co., Inc., N. Y.
Admiral Benbow
and
Inn, Inc.
23, 1962 filed 101,578 common to be offered for
subscription by stockholders on a l-for-5 basis. Price—
By
amendment
chain
of
S.
(max.
restaurants
expansion,
Business—Operation
motor
a
hotel.
;
of
doors.
&
Admiral
a
Proceeds—For
repayment and equipment. Office—29
Blvd., Memphis.
Underwriter—James N.
Co., Memphis.
Business
Systems, Inc.
additional
sales
u
personnel, moving
other corporate
purposes.
Underwriter—Fabrikant
ing—Expected in June..
Office—233 W. 42nd St., N.Y.
Securities Corp., N. Y. Offer¬
-.y/'Y'Y
Aerodyne Controls Corp.
29, 1962 ("Reg. A") 90,000
Jan.
.
Business—Design, manufacture
-
>y.Yy
•
common.
and sale of
.Price—$2.
systems, con¬
fabrication
of
Feb.
ment,
Arrin
•
200,000
shares
are
sale
of
class
Air-Tech
Mar.
23,
•-
.
Inc.
5.,,1962 filed 150,000
common. Price—$3.50. Business
of .cardboard
boxes, Zdisplay
Proceeds—For general corporate purposes.
Office—1101 W. Cambria St., Philadelphia. Underwriters
—Milton D; Blauner & Co., Inc., M. L. Lee & Co., Inc.,
N. Y., and Hallowell, Sulzberger, Jenks, Kirkland & Co.,
Philadelphia.
■
•.
Manufacture' and".sale
boards, etc.
American
Diversified, Inc.. (5/7-11)
filed 110,000 common. Price—$7.50. Busi¬
ness—A holding company whose three subsidiaries are
Dec. 21, 1961
a
life
and
a
insurance
loan
company,
finance
and
a
broker-dealer-underwriter,
company,
Proceeds—For
gen¬
eral corporate purposes."
Office—930 Grant St., Denver.
Underwriter—Nation-Wide Underwriters, Inc., Denver
(a subsidiary). /Y"Y';\YyU/^Y-;V;Y;Y'-/'yA- /YyY Y'y;'; Y-./;;Y
■/YY
American- Gas
March 26, T962
CoyY^^"-Y;'yY^Y;Y//''-Yy;yYY:Y'-'v/;
filed 548,532
subscription' by
common
stockholders
on
the
Y/ Yto ;be offered for
basis
of
3.6
new
shares for each share held.: Price—By amendment (max.
Business—Transportation, distribution and sale of
Proceeds—For debt repayment and expansion. Of¬
fice—546
S. 24th Ave., Omaha.
den, Podesta & Miller, Chicago.
Underwriter—Crutten-
(5/7-11)
amendment.
in
selling stockholders.
the
production
of aluminum
•
Almo
Nov.
FOR
YOUR PRIME
Proceeds
Bradley Road,
Underwriter—Joseph, Mellen
& Miller, Inc.,
./
Industrial
27,
alloys.
Office—4365
Cleveland.
Electronics
Inc.
;
■
(4/10)
1961
amendment.
filed 155,000 class A shares. Price—By
Business—Wholesaler and
distributor
of
BOUGHT
parts manufactured by others. Proceeds—For
working capital. Office — 412 N. 6th St., Philadelphia.
Underwriters—C ,C. Collings &
Co., Inc. and Harrison
&
Co., Philadelphia.
•
Alumatron
Nov.
SOLD
-
QUOTED
'icvnew
International, Inc.-
13, 1961 filed 73,000
-
for Banks, Brokers, Institutions
electronic
common.
SIEGEL
Established 1942.
\nc,.
»
Price—$7.
Business
—Company plans to construct special type homes, and
in the .general contracting business. .Proceeds—
engage
~
For genera] corporate purposes:
-Fla. Underwriter*—B. C.
Malloy,
fering—Imminent.
•
-
("Reg. A"') 73,500 common. Price
$3.
Business—Manufacture and distribution of a
variety of
Graphic Arts,
Cleveland.
\
-
Office—St. Petersburg
—
,
Member 's of New
Inc.,' St. Petersburg. Of¬
y
York;Security Dealers Association
39 Broadway, N ew York 6, N. Y:
,
Aluminum
Specialty Co. (4/30-5/4) V V
March 15, 1962 filed
1,000,000 of conv. subord. deben¬
tures due May 1, 1980, also
90,000 common shares, of
which 45,000 are to be offered
by the company and 45,D00 by.stockholders.•
Prices—By ^amendment, (max. $13
.
Industries, Inc.
1962
Allied
—For
common
.
Y Yy>:^
YY:Y (4/23-27fr■ /YY-::-Y/'Y^y ZYY'YY/-1/YY: Y;Yy:\/YY'
.Jan.
gas.
Price—$3. Business
Proceeds—For equip¬
Y
t
Packaging Corp.
<
gheny Avenue, Philadelphia, Pa.
Underwriter—Francis I.
du Pont &
Co., N. Y. Note—This offering has been in¬
definitely postponed.
American Cardboard &
Alloys & Chemicals Corp. V
to be offered for
public
by the company and 150,000
outstanding shares by
present holders thereof.
Price—To be supplied
by
amendment.
Business
The manufacture and
sale of
aluminum storm windows and
doors, and other aluminum products.
Proceeds—For working capital
and
other corporate
purposes. . Office—20th Street: and Alle¬
/
■
$5).
;
common.
sale of dolls.
repayment,-equipment and other corporate pur¬
Office—Lawson Blvd., Oceanside, L; I., N. Y. Un¬
Dec. 27, 1961 filed 225,000 common.
Price—By amend¬
ment. Business—An aluminum smelter and refiner en¬
—
.
and
Md.
Business—Publication of mass
catalogues (for department stores and mail
firms), a semi-annual magazine and stamp collec¬
tors' books. Proceeds—For debt
repayment and working
capital. Office—551 Fifth Ave., N. Y. Underwriter—
Bache & Co., N. Y.
' YYY;
the
:
>
gaged
A
Bethesda.
order
Corp.
stock, of which 50,000 shares
Ave..
.
American Laboratories, Inc.;.
advertising, and working capital. Office —4116
/Feb. 28, 1962 filed 200,000 common. Price—By amendAve., Brooklyn, N. Y. Underwriter — Theodore
(max. $6). Business—Operation of hospitals and medical
& Co., Inc., N.Y.
:Y:YyYyY:/ -Y- '/f.■
Price—By
100,000
by the
stockholders.
Price—$10.
Business—Manufacture
of
men's and boys' underwear and
pajamas. Proceeds—For
expansion, inventory and working capital. Office—350
Fifth Ave., N. Y.
Underwriters—Richard Bruce & Co,
Inc., and Reuben Rose & Co., Inc., N. Y.
filed
Wisconsin
circulation
Jan. 8, 1962 filed
200,000 capital shares, of which
are
to be offered by the
company and 100,000
1961
Office—7720
YY
Mar. 27, 1962 filed 180,000
common, of which 60,000 will
be sold for the company and
120,000 for a stockholder.
Clifton, N. J., and Market Values, Inc., N. Y.
Ainsbrooke Corp. (4/23-27)
Master
y
27, 1962 filed 133,333
First
Price—$3.25.
instrumentation
•
Agency Tile Industries, Inc. (4/23-27)
Sept. 6, 1961 ("Reg. A") 120,000 common.
Price—$2.50.
Business—Importing, marketing and distributing ceramic
tiles. Proceeds—Debt
payment, new products, sales pro¬
motion and
advertising, new office and warehouse and
working capital. Office—522 W. 29th St., N. Y. Under¬
writers—International Services Corp.. 1126 Clifton Ave
Air
<
—Manufacture
telemetry systems.
Proceeds—For equipment, in¬
ventory and working capital. Office—3181 Roswell
Rd.,
N. E., Atlanta.
Underwriter—Robert M. Harris & Co.,
Inc., Philadelphia.
May 26,
i
Underwriter—Allen & Co., N. Y. Offering—In May.
Allied Doll & Toy Corp.
and
-
an
Allied
vestment.
Electronics, Inc.
("Reg. A") '92,000 common.
and
—
Oct.
Office—90 Gazza Blvd.,
Underwriter—Robbins, Clark &
Co., N. Y. Offering—In late May.
Business—Design
and
Capital Corp.
20, 1961 filed 213,427 common, of which 200,000 will
to the: public and 13,427 to. stockholders on
va
1-for-10 basis.
Price—By amendment. Business—A
small business investment company. Proceeds—For in¬
YyY-'-y'/YY'yZ.
expansion and working capital.
Farmingdale, N. Y.
Aeroscience
For
windows
Underwriter—Suplee, Yeatman,::Mosley Co.; Inc.,
Philadelphia,
missile, rockets and aircraft'
Proceeds—For equipment, debt:
repayment,
March 16, 1962
Proceeds
storm-screen
be offered
trols and assemblies for the
industries.
more.
and
expenses
combination
March 5,
1962 filed $1,250,000 of 6Y4% subordinated
sinking fund debentures due 1977 (with attached ^war¬
rants) and 312,500 common. Price—By amendment ($8
max/for common). Business — Manufacturing and dis¬
tributing Pepsi Cola and Pepsi Cola syrup. Proceeds—
For an acquisition. Office—1601
Guilford Ave., Balti¬
Feb. 28, 1962 filed 70,000 common.
Price—$3. Business '
—Designs and produces printed business forms. Proceeds
—For
debt
poses.
derwriter—S. D. Fuller & Co., N; Y.
acquisition, debt repayment
and general corporate purposes.
Office—5007 .Lytie St.,
Pittsburgh, Pa. Underwriter—First Madison Corp., N. Y.
Allegheny Pepsi-Cola Bottling Co. (4/30-5/4) \
debt
Bellevue
Raddoch
$18).
and
aluminum
;
ment. Business—Manufacture of standard and special in¬
dustrial aircraft and
missile fasteners. Proceeds—For
Allegheny Aluminum Industries, Inc.
March
' ""
Mfg. Corp.-(4/16-20) Yy
Dec. 15, 1961 filed 150,000 common.' Price — By amend¬
debt
Dec. 21, 1961 filed 100,000 common. Price—$4.25; Busi-Y
ness—Manufacture of aluminum and fiberglass awnings
\Y
American Bolt & Screw
repayment, equipment, inventories and ad¬
vertising. Office—1400 Broadway, N. Y. Underwriter—
J. R. Williston & Beane, N. Y.
:
Price—$4. Business
common.
—A warehouse distributor
—For
'•;/;/
rubber and vinyl soling materials and heels
footwear, floor coverings and industrial rubber prod¬
ucts.
Proceeds—For equipment, plant expansion > and
working capital. Office—22 Willow St., Chelsea, Mass.
Ayres, Inc. (5/21)
Feb. 28, 1962 filed 100,000 common. Price—$5. Business;
—Design and manufacture of women's dresses. Proceeds
(4/23-27)
('
duction of
Alison
—
Automotive
•
for
■
Admiral
Y
,
Chemical Corp.
23, 1962 filed 50,000 common. Price—By amend¬
ment
(max. $6).
Business—Manufacture of specialty
chemical products. Proceeds—For general corporate pur¬
poses.
Office—3440 Fairfield Rd., Baltimore.
Under¬
Price—$3.75.
Y/" '
if American Biltrite Rubber Co., Inc.
- Y
March 29, 1962 filed 200,000 common, of which 100,000
are to be offered by company and 100,000 by stockhold¬
ers.
Price—By amendment (max. $25). Business—Pro¬
Alcolac
Office—3745 N. 2nd St.,
Philadelphia. Underwriter—Fred F. Sessler & Co., Inc.,
New
nancial institutions. Proceeds—For equipment and work¬
March
Business—Manufacture and distribution of diazo, brown,
and
blue print paper. Proceeds—For debt
repayment,
&
of
Bank
Stationery Co.
("Reg. A") 21,000 common. Price—$14.25.
Business—Design and manufacture of stationery for fi¬
construction of "shell" homes.
ment,
expansion
American
March 2, 1962
Price—By amend¬
(max. $3). Business—Design and manufacture of
folding paperboard cartons. Proceeds—For debt repay¬
Adelphi Research & Mfg. Co.
Mar. 22, 1962 ("Reg. A") 53,300 common.
ing, construction, exploration and general corporate ex¬
penses.
Office—80 Richmond St., W., Toronto. Under¬
writer—E. A. Manning, Ltd., Toronto.
'
company.
Homes, Inc.
14, .1962 filed $5,000,000 of conv. subord. deben¬
tures due 1982, also 150,000 outstanding common.
Price
—By amendment (max. $30 for common) Business—
ment.
*.*'
development and mining. Proceeds—For diamond drill¬
■
Price—By amend¬
March
Packaging Corp.
1962 filed 80,000 common.
^
;
July 31,
common shares. Price—50
cents. Business—The company is engaged in
exploration,
Albee
Under¬
Accurate
Feb.
Business—A
(4/9-13)
common.
Underwriters, Inc., (same address).r
Mining Co. Ltd.
1961 filed 400,000
Co., Inc., St. Louis.
repayment, equipment, and working capital.
Office—126—02
Lumber Co.
a shopping center. Office
Blvd., Los Angeles. Underwriter—Real
Amerel
Proceeds—For
construction and working capital. Office—614 Equitable
Bldg., Portland, Ore. Underwriter—Dempsey-Tegeler &
March 29, 1962 filed 100,000 common. Price—$4.50. Busi¬
ness—Sale of processed flat rolled strip steel. Proceeds
—For
Pacific
17, 1961 filed 250,000
ment.
Estate
Underwriter—None,
Alaska
Nov.
acquisition" of:
Wilshire
—6363
Feb.
A.
<
Amerada
Coast Securities
Feb.
ISSUE
REVISED
per common
flectors.
NOTE
ITEMS
ADDITIONS.
PREVIOUS
Dlgby 4-2370
TWX: N.Y. 1-5237
.
Direct Wire
to
HOLTON, HENDERSON & CO., Los Angeles
.
Volume 195
Number 6148
.
.
The Commercial and Financial Chronicle
,
(1633)-
29
4
*"' **
i
*
'
V**
»
1
V*
J
laboratories^* Proceeds—-F.or debt repayment and work¬
ing: -capital:;*' Off ice—660 -S/ "Bonnie Brae, Los Angeles.
Underwriter—California Investors, Los'Angeles, /.'v\
"
.
American Management &
.
Investment Corp.
which plans to acquire firms in the
insurance and finance fields. Proceeds—For general cor¬
porate purposes.
Office —*
D. C, Underwriter—None. .
American
Modular
Warner Bldg., Washington,
'
'
Nov, 27, 1961 filed 200,000 common. Price—$2.50, Busi¬
ness—Manufacture of a type of component constructed
home.
Proceeds—For
debt
repayment, equipment, and
working- capital. Office—4950 71st Ave., North, Pinellas
Park, Fla. Underwriter—Equity Securities Co., N. Y.
American
.
.
Appalachian Power Co. (4/24) <
Mar. 1, 1962. filed $20,000,000 of sinking fund debentures
due Apr. 1, 1992. Proceeds—For prepayment of bank
loans
and other
corporate
Va- Underwriters
Office—Roanoke,
purposes.
(Competitive). Prohable bidders:
Corp.; Halsey, Stuart & Co., Inc.; Harriman
Ripley & Co. Inc.; Kuhn, Loeb & Co.-Eastman Dillon,
Union Securities & Co. (jointly). Bids—Apr. 24
(11 a.m.
EST) at 2 Broadway, N. Y. Information Meeting—Apr.
12. (3 p.m. EST) at same address.
,,/
—
First Boston
Manufacturing Corp.
(4/16-20)
.
.
Dec." 20,.1961 filed 500,000 7% non-cumulative convert¬
ible preferred. Price—$10, Business—A management in¬
vestment company
man Ripley ,&
Co:, Inc.; .Kuhn;, Loeb & Co.-Eastman
Dilldn, Union Securities &/Co. (jointly)/ Bids—Apr. 17/
(11 a.m; EST) at 2 Broadway, N. Y. Information Meeting
—Apr; 12 (3 p.m. EST) at same address.
Mortgage Investors
Feb. 8, 1962 filed 1,300,000 shares of
beneficial interest.
Price—-$15, Business — A newly-formed business trust
which plans to invest in first mortgages.. Proceeds—For
investment. Office—305 S. County Rd., Palm Beach, Fla.
it Arde Inc. / ;■"
7 '
March 30, 1962 filed 100,000 common, of which 80,000
are to be sold by the company and
20,000 by stockhold¬
ers.
Price—By amendment (max. $8.50). Business—Re¬
search, development and engineering under defense con¬
tracts. Proceeds—Repayment of bank loans,
equipment,
plant expansion and working capital. Office—Paramus,
,
_
N. J. Underwriters-McDonnell &
Co., N, Y.
V/
.
v
Underwriter—Hayden, Stone & Co., N. Y. Note—This
company was formerly named American First Mortgage
Argus Financial Fund, Inc.
Feb. 12, 1962 filed 800,000 capital shares to be offered in
Investors. Offering—In May.
exchange for certain securities acceptable to the Fund.
Price—Net asset value (expected at $12.50 per share).
Business—A diversified open-end investment company
which plans to participate in the long-term progress of
American
Jan.
Corp.
1962 filed 315,000 class A
24,
,•
shares.
Office—320 Park Ave., N. Y.
Interamerica Securities
•
;
Underwriter—
Pines
Co.
Insurance
(4/9-13)
Dec.
20, 1961 filed 400,000 common. Price—$5.50. Busi¬
ness—Writes life insurance in Florida. Proceeds — For
expansion and legal reserves. Office—307 S. Orange Ave.,
Orlando, Fla. Underwriters—A. C. Allyn & Co.,/Chi¬
cago and Goodbody & Co., N. Y.
,
:
it American Plan Corp.
March 30, -1962 filed $2,480,000 of convertible deben¬
tures due 1982, and 248,000 common shares (of which
218,000 will be sold for the company and 30,000 for
stockholders). The securities will be offered in units of
one $10 debenture,and one share. Price—By amendment
(max. $22.50 per unit). Business—Production and serv¬
icing of physical - damage insurance/on automobiles,
trucks and mobile homes. Proceeds—To purchase Ameri¬
Fidelity Fire Insurance Co. Office—American Plan
Bldg., Westbury, N. Y. Underwriter—Bear, Stearns &
Co., N. Y.
-/".
can
'
,
.
•
...
^
■
-%-
J
.
»1*W.
,U
,
■
Realty & Petroleum Corp.
American
Sept. 28, 1961 filed $2,000,000 of §Vz% conv. subordv;debentures due 1971. Price—A.t par. Business—Realv^estate
,
and also the oil and gas
ment of debt, sales and
business. Proceeds—For repay¬
advertising- property improve¬
ments and
N. Y.
possible acquisitions. Office—16 W. 61st St.,
Underwriter—Troster, Singer & Co., N. Y. Offer¬
ing—Imminent.
American Southwest Realty Trust
Office—800 Hartford Bldg., Dallas.
Under¬
writers—Kidder, Peabody & Co. N. Y. and Rauscher,
& Co., Inc., Dallas. Offering—Expected in May.
Pierce
;
>
American
States
Life
Insurance
Proceeds—For
Co.
Arizona-New
Jan. 3,
March
22, 1962 filed 300,000 common to be offered in¬
for a 30-day period to its stockholders and those
of its parent, American States Insurance Co.
The re¬
maining shares will then be offered to the public. Price
—By amendment (max. $5). Business—Writing of ordi¬
nary and group life insurance.
Proceeds—For general
corporate purposes. Office—532 N. Meridian St., Indian¬
apolis.
Underwriter—City
Securities
Corp.,
Indian¬
apolis.
/"'■'; /. >•/"/•••''■ -f''
Office—1118
Torrey
Dealer-Manager—Argus Fi¬
(same address).
Mexico
Development Corp.
("Reg. A") 300,000 common.
Price — $1.
Development of underground caverns as a
1962
Business
—
tourist attraction. Proceeds—For debt repayment.
—Suite No. 9—4344 E. Indian School
Office
Rd., Phoenix. Un¬
Securities, Inc., Denver and Mit¬
chell .& Co., Phoenix, Ariz. Offering—Expected some¬
time in April.
derwriters—Preferred
Arnav
Industries, Inc. (5/7-11) < ;
Dec. 29, 1961 filed $600,000 of 6% convertible subordi¬
nated debentures and 36,000 common stock
purchase
warrants to be offered for sale in units of one
$1,000
debenture and 60 warrants.
Price
By amendment.
Business—Manufacture of hydraulic system devices and
parts for the aircraft and missile industries, etc. Pro¬
7
Aronoff & Richling,
Inc.
Coupling Co.,
:Nov. 27, 1961 filed 108,000 common. Price—By amend¬
ment (max. $5). Business—Design and manufacture of
women's junior sizes. Proceeds—For selling stockhold¬
ers.
&
Office—1400
Broadway, N. Y. Underwriter— Carreau
Co., N. Y.
Art
Packaging,
Inc.
(4/23-27)
Jan. 26, 1962 ("Reg. A") 70,000 class A.
Price—$2. Busi¬
ness—Design, manufacture and sale of clear plastic,
vacuum formed "blisters", for
packaging. Proceeds—For
equipment, inventory and working capital.
Office—126
Greenpoint Ave., Brooklyn, N. Y. Underwriter—Ber¬
nard L. Madoff, N. Y.
Artlin
Mills, Inc. (A/18)
Sept. 28, 1961 filed 135,000 class A common shares. Price
—$5. Business—The purchase, conversion, decoration,
gift packaging and distribution of terrycloth towels and
cotton pillow cases. Proceeds—For inventory, repayment
of
loans
and
working capital. Office—1030 Pearl St.,
N. J. Underwriter—Mortimer B. BurnN. Y.
V
Long Branch,
side & Co., Inc.,
•
Ascot
St.,
general
N.
Y.
corporate purposes.
Ascot
Office—14 W.
Underwriter—Dana Securities
Wall St., N. Y.
/
Textile
7
-V-
/
55th
Co., Inc., 80
/'
Corp.
1962 filed 100,000 common. Price—By amend¬
(max. $7.50). Business—Converter of linings and
interfacings used in the manufacture of clothing. Pro¬
Jan. 26, 1962 filed 488,000 common. Price — By amend¬
ment. Business—Manufacture of pressure hydraulic hose
and metal tube assemblies. Proceeds—For selling stock¬
ment.
Office—342 N. Fourth St., Libertyville, 111. Un¬
derwriter—Paine, Webber, Jackson & Curtis, N. Y.
tal. Office—335 W. 35th St., N. Y. Underwriter—Rittmaster, Voisin & Co., N. Y. Offering—Expected in May.
holders.
ceeds—For
expansion, debt repayment and working capi¬
it
Anchor Industries
Corp.'
Nov. 24, 1961 filed 38,500 common. Price—$8. Business
—Design and fabrication of precision sheet metal prod¬
ucts.
Proceeds—For machinery research, sales promo¬
.
it Assembly Products, Inc.
March 29, 1962 filed $1,250,000 of 5*4%
bentures
ture
of
due
1972.
Price—At
electromechanical
tion, and working capital. Office—26 Essex St., Hackensack, N. J. Underwriter—Amber, Burstein & Co., Inc.,
ceeds—For
New York.
Underwriters—Prescott
Anscott
•;
1
Chemical
Industries, Inc. (4/23-27)
Jan. 5, 1962 filed 95,000 common. Price—$2. BusinessDevelopment, sale and distribution of specialty chemi¬
cals and detergents. Proceeds—For sales promotion, new
product development and general corporate purposes.
Office—Industrial West, Allwood-Clifton, N. J. Under¬
writers—Glass & Ross, Inc. and Globus, Inc., N. Y.
Apache Corp.
March 21, 1962 filed $3,750,000 of participating units in
Apache Canadian Gas & Oil .Program 1962.
Price—
$7,500 per unit. Proceeds—Exploration and drilling for
oil and gas in Canada.- Office—523 Marquette Ave., Min¬
neapolis.
Underwriters—The company and APA, Inc.,
Minneapolis (a subsidiary).
Appalachian Power Co. (4/17)
Mar. 1, 1962 filed $25,000,000 of first mortgage bonds
due Apr. 1, 1992. Proceeds—For the prepayment of bank
loans and other corporate purposes. Office—Roanoke,
Va. Underwriters — (Competitive). Probable bidders:
First Boston Corp.;., Halsey, Stuart & Co.,r Inc.; Harri-
Locka, Fla.
Underwriter—
•
•
Atmosphere Control, Inc.
Feb. 5, 1962 ("Reg. A") 86,000
common.
Price—$3.45.
Business—Manufacture and sale of Mist-I-Cone humidi¬
fiers. Proceeds—For
equipment, advertising and work¬
ing capital.
Office—668 Jenks Ave., St. Paul.
Under¬
writer—Pewters, Donnelly & Jansen, St. Paul. Offering
—In late
May.
Atmospheric Controls, Inc.
Aug. 22, 1961 ("Reg. A") 40,000
Proceeds
common.
For
—
Price—$3.50.
repayment of loans, acquisition and
working capital. Office—715 N. Fayette St.,
Alexandria,
Va. Underwriter—First Investment
Planning Co., Wash¬
ington, D. C. Offering—Indefinitely Postponed.
it Aubrey Manufacturing, Inc.
March 28, 1962 filed 140,004
common, of which 100,000
shares
to be offered by
company and 40,004 by stock¬
are
holders.
Price—By amendment
Design, manufacture and
exhaust fans and
sale
of
(max.
$7).
kitchen
plant expansion, equipment, debt
working capital.
Office—South Main
Business—
range
kitchen cabinet hardware.
For
hoods,
Proceeds—
repayment
and
St., Union, 111.
Underwriters—Pierce, Carrison, Wulbern, Inc., Jackson¬
ville, Fla. and A. M. Kidder & Co., Inc., N. Y.
Automatic Controls, Inc.
(6/20)
Dec. 28, 1961 filed 50,000 common.
Price—$4. Business
—Design, manufacture and installation of electrical,
pneumatic, hydraulic and mechanical systems, controls
and devices to control and
automatically operate indus¬
trial machinery and processes.
Proceeds—For general
corporate purposes. Office—3601 Merrick Rd., Seaford,
Underwriter—S. Schramm & Co., Inc., N. Y.
N. Y.
• Automatic Marker
Photo Corp.
(4/16-20)
Dec. 1, 1961 filed 150,000 class A
shares, of which 125,000 are to be offered by the
company and 25,000 by
stockholders. Price—By amendment. Business—Sale and
distribution of a photocopy machine and
supplies. Pro¬
ceeds—For
equipment, expansion, and working capital.
Office—153 W. 36th St., N. Y.
capital.
&
and
par.
conv.
t.
•/
**>
.
-
Underwriter—None.
subord. de¬
Business—Manufac¬
electronic
devices.
Pro¬
debt
repayment, equipment and working
Office—Wilson Mills Rd., Chesterland,
Ohio.
&
Co.
and
William
T.
Robbins
Co., Inc., Cleveland.
Inc.
(4/30-5/4)
Price—$7.50. Business — Operates diaper services,
supplies linens, and publishes "Baby Talk" magazine
ers.
which is distributed in U. S. and Canada. Proceeds—
For equipment and working capital. Office—149 Madison
Ave., N. Y. Underwriter—Brand, Grumet & Seigel, Inc.,
'
•
Atlantic Capital Corp.
Aug. 29, 1961 filed 500,000
common. Price—$12.50. Buslness—A small business investment company. Proceeds—
For general corporate purposes. Office—744 Broad
St.,
Newark, N. J. Underwriter—Paine, Webber, Jackson &
Curtis, N. Y. C. Note — This offering was indefinitely
postponed.
Atlantic
San Franaisco. Offering—
///;•• 'v
i
W
March
I
Bank "Adanim" Mortgages & Loan Ltd.
Dec. 29, 1961 filed $556,000 of 6% cumulative
preference
dividend participating dollar-linked shares.
Price—By
amendment. Business — A
mortgage lending company.
Proceeds—For general corporate purposes. Address—108
Achad Haam St., Tel-Aviv, Israel. Underwriter—Adanim
American Israel Investment Co., Inc.
Barish Associates, Inc.
Sept. 1, 1961 ("Reg. A") 50,000 common.
Price—$4.
Business—Aeronautical research and development. Pro¬
ceeds—For
N.
Y.
working
capital.
Underwriter—Gianis
&
Office—224
Co., N.
Y.
E. 38th St.,
Offering—In¬
definitely postponed.
•
Barker
Bros.
Corp.
(5:14-18)
March 15, 1962 filed 200,000 common.
ment.
Business—Merchandising of
and
and
debt
Price—By amend¬
home, commercial
institutional
Angeles.
furnishings. Proceeds—For expansion
repayment. Office—818 W; Seventh St., Los
Underwriter—William R. Staats & Co., Los
Angeles. Offering—Expected in late May.
Barr
;i
Corp.
1962 filed 150,000 common. Price—$4. Business
—Manufacture and sale of quilted and laminated vinyl
sheeting. Proceeds—Expansion and working capital. Of¬
fice—127-09 91st Ave., Richmond Hill, N. Y. Under¬
writers—Michael G. Kletz & Co., Inc., and Rittmaster
Voisin & Co., N. Y.
Barth
Vitamin
Corp.
_/:7.
Jan. 23, 1962 filed 180,000 class A shares. Price — By
amendment. Business—The mail order sale of vitamins
and
dietary products. Proceeds—For selling stockhold¬
W. Merrick Rd., Valley Stream, L. I.,
N. Y. Underwriter—H. Hentz & Co., N. Y.
ers.
Office—270
Barton Instrument Corp.
5, 1962 filed 120,000 common, of which 50,000
to be offered by the company and 70,000 by stock¬
holders. Price—By amendment (max. $11). Business—
Design, development, and manufacture of differential
pressure-measuring devices and related instruments.
Proceeds—For working capital. Office—580 Monterey
;
March
Pass Rd., Monterey Park, Calif. Underwriter—E. F. Hutton &
Co., N. Y.
Bay State Electronics Corp. (4/16-20)
Oct. 27, 1961 filed 160,000 common. Price—By amend¬
ment.
Business—Development of products and tech¬
niques for use in the fields of oceanography, meteor¬
ology, seismology and ionospheric phenomena. Proceeds
—For product development and working capital. Office
—43 Leon St., Boston. Underwriter—S. D. Fuller & Co.,
New York.
Beacon
Investing Corp.
filed 300,000 shares of capital stock.
Dec. 20, 1961
Utilities Corp.
t
Corp. (4/30-5/4)
1962 filed 35,000 common.
are
Associated Baby Services,
Y.
Securities Co.,
8,
Price—$50. ' Business—Distilling and bottling of "Bacardi" rum. Proceeds
—jFor a selling stockholder. Address—San Juan, Puerto
Rico. Underwriter—Eastman
Dillon, Union Securities &
Co., N. Y.
v
Jan. 17, 1962 filed 160,000 common, of which 60,000 are
to be offered by the company and
100,000 by stockhold¬
N.
Coast
Expected sometime in May.
Feb. 27,
Feb. 23,
(4/23-27)
Inc.
Proceeds—For
construction,
loan to a subsidiary.
Office—
Bacardi
—For
Anchor
a
Court, Opa
Hardy & Co., N. Y.
(4/30-5/4)
March 28, 1962 filed
Underwriter—None.
29th
Pacific
debt repayment and the purchase of addi¬
equipment.
Office — 32 Industrial Ave., Little
Ferry, N. J. Underwriter—Gianis & Co., Inc., N. Y.
ket.
5,900 common. Price—At-the-marBusiness—Design and development of sterile dis¬
posable hypodermic ampoules.
Proceeds—For selling
stockholders.
Office—34 N. Main St., Hudson,
Ohio.
N.
tional
Jan.
Inc.
17850
ceeds—For
—
Publishing Co., Inc. (4/23-27)
29, 1962 ("Reg. A") 103,000 common.
Price—$2.
Business—Publishing of a bowling magazine. Proceeds
it Ampoules,
plants.
and
Babs, Inc.
i
Nov. 27, 1961 filed 150,000 common.
Price—$4. Business
—Sale of dairy products,
through "Dairy Drive-ins."
Proceeds—For debt repayment and
working capital. Of¬
fice—32550 Pulaski Dr., Hayward, Calif. Underwriter—
•
itially
investment.
Road, La Jolla, Calif.
nancial Sales Corp.
/
,
Feb. 12, 1962 filed 1,000,000 common. Price—$11. Busi¬
ness—A real estate investment company. Proceeds—For
investment.
savings and loan associations, and allied financial busi¬
nesses.
Corp., N. Y. /
Pioneer Life
American
Price—$10.
Proceeds—For corporate
Business—General real estate.
purposes.
:
*
Phoenix
sewage-disposal
plant expansion,
(4/16-20)
Jan.. 26, 1962 filed 200,000 common. Price—$6. Business
—Construction and operation of_ water-treatment- and
—Net
...
.
...
asset value.
.
/
Business—A mutual fund.
Continued
Price
Proceeds
on page
30
30
Continued
The Commercial and Financial Chronicle
(1634)
'
from page 29
—For investment.
,
—For debt repayment and working capital. Office—1183
Essex Ave., Columbus, O.
,
Office—22 The Fenway, Boston.
Un¬
ben &
•
Bebell Color
Bebell &
Laboratories, Inc.
Jan.
75,000 common. Price — $4.
color photographic
prints,
slides, transparencies and photo-animations. Proceeds—
For
equipment,
sales promotion, leasehold improvements, a new product, and working capital. Office—108
W. 24th St., N. Y. Underwriter—Stevens, Hickey & Co.,
V
N. Y.
y
—
Production
of
.
Price—By amendment. Business—Manufacture of
products used in the medical profession. Proceeds—For
expansion and working capital.
Office—East Ruther¬
ers.
and First
Investment
Corp.-'' ;
/, y
y y'y
Jan. 29, 1962 filed 120,000 common. Price—$3. Business
—The processing of plastic raw materials into com¬
for extruding
pounds
■
porate
Tenn.
purposes.
Office—2600
•
Cohon &
Co., N. Y.
ville, Ky.
•
Chica
St.,- N. Y. Underwriter—Market Values,
Inc., N. Y. Note—This registration was withdrawn.
Corp. (4/11)
Dec. 20, 1961 filed $1,250,000 of convertible subordinated
debentures due 1977; alsu 75,000 common shares. Price—
For debentures:- At par.- For stock:
By amendment.
*
Berkshire
Gas
Co.
(4/23-27)
Feb. 20, 1962 filed 26,500 common to be offered for sub¬
scription by stockholders., Price—By amendment (max*
$24.50). Proceeds—For debt repayment. Office—20 Elm
*
St., Pittsfield, Mass. Underwriter—Smith, Barney & Co.,
;
yy -, ^ ; V --y^y;
V- , / /y X:':'■■ y";, .■
/,v :;t; N. Y,
.
Bernalen, Inc.
//••■■-'"'iv'*"-1962 ("Reg. A") 70,000 common. Price—$2,625.
Business—Design, manufacture and installation of photo¬
graphic processing and control equipments Proceeds —
for advertising, expansion and equipment., Office—9821
Foster Ave., Brooklyn, N. Y.
Underwriter—Amber, Burstein & Co., Inc., N.. Y« ...
" "■ ■
March 7,
Berne
y>.\
of
California, Inc. (4/10)
'.:v
Oct. 27, 1961
("Reg. A") 85,000 common... Price—$3.
Business
Manufacture of handbags and related items.
Proceeds—For debt repayment and working capital. Of¬
fice—1621 S. San Pedro St;,-Los Angeles. Underwriter
—Pacific Coast Securities Co., San Francisco.
■
—
Beryllium
Feb.
International, Inc.
1, 1962 filed 1,000,000 common. Price—$5. Business
—Company plans to manufacture various type beryllium
products. Proceeds—For land and buildings, equipment,
and working capital. Office — 528 Union Trust
Bldg.,
Washington, D,' C. Underwriter—None.
Bestform
Foundations, Inc. (4/23-27)Feb. 23,
1962 filed 185,000 common, of which 36,500
are to be offered
by the company and 148,500 by stock¬
holders. Price—By amendment (max. $20). BusinessDesign and manufacture of popular priced foundation
garments. Proceeds—For working capital. Office—38-01
47th Ave., L. I.
,
Co., N. Y.
C., N. Y. Underwriter—Smith, Barney &
•
■
:
Big "C" Stores, Inc. (4/23-27)
1962 ("Reg. A") 18,000 common.
Jan. 22,
Price—At-the-
market.
Business—Company plans to operate super¬
markets
in
Washington and Oregon.
Proceeds—For
selling stockholders. Office—1845 S. E. 3rd Ave., Portland, Ore. Underwriters—J. Barth & Co. and First Cali¬
•>i
fornia
Co., San Francisco; Hill, Darlington
Seattle.
.
v
-r-
& Grimm,
^
Big Drum, Inc. (4/23-27)
Dec. 29, 1961 filed 100,000 common.
Price—By amendment. Business — Furnishes packaging materials and :
equipment to producers of frozen confections. Proceeds
tor
;
,
be
:
12001
San
Price—$5.
\
general educa¬
Co., N. Y.'
•
•.
;,/'/• 7
Calev
■
Rd., L. I, C.,
Underwriter+^iAmber, Burstein & Co., Inc., N. Y.
• California Interstate Telephone
March 29, 1962 filed 160,000 common.
Price—By amend¬
ment
(max; $30).. Proceeds—For debt .repayment,, con¬
capital. Office—16461 Mojave Dr.,
Victorville, Calif.Underwriter—William R. /Staats &
Co., Los Angeles.
//•'.,■ //"•/•'//...■.^y/■/:.•.;
....
struction and working
&
.
Cambridge Fund of California, Inc.-:/
Sept. 28, 1961 filed 280,000 common. Price—By amend¬
ment. Business—General real estate. Proceeds—Debt
re¬
payment and working capital. Office—324 E. Bixby Rd.,
Long Beach, Calif. Underwriter—To be named. Offering
—Expected sometime in May. « "\• •'■ V*"- ■■/. /- •
//
offered
sion. Office
■;
,
shares.
and
and repayment of loans. Office—21-20 45th
1961- filed
13,
to
(4/30)•
capital
N. Y.
Corp. (4/10-11)
150,000 common, of which 30,000'
by the company and 120,000 by the/
stockholders. Price—By amendment/ Business—A hold-;
ing company for a savings and loan association. Proceeds
—•For acquisition of two insurance agencies and
expan¬
are
137,500
—
Price—By amend¬
Underwriter—Goldman, Sachs
filed
Photolabs, Inc. •
Jan. 29, 1962 filed 93,000 common. Price—$3.25. Busi¬
ness
Company processes black and white and color
photographic film, and sells photographic supplies and
equipment. Proceedsi—For sales promotion, equipment
Brentwood Financial
Dec.
Cosmetics, Inc.1962 ("Reg. A") 100,000 common. Price — $3.
Business—Importation, sale and distribution of Italian
cosmetics. Proceeds — For advertising, inventory and.
working capitals Office—114 W. 13th St., N. Y. Undcrwriter—Granite Securities, Inc., N.- Y.
;/
March 2,
Chicago.
Publishing Corp.
1961
tional works. Proceeds—For general corporate purposes.
Office—339 W. 51st St., N. Y. Underwriter—S. B. Can¬
Business—Manufacture of popular priced candies.
Proceeds—For
selling stockholders.
Office—4656 * W.
Kinbie St.,
Co., N. Y.
27,
Business—Publishing of text books
ment.
parts and equip¬
ment manufactured by others. Proceeds—For debt re¬
payment and other corporate purposes. Office—306 E.
.;■>/ Aldondra Blvd., ^Gardenia,
Calif. Underwriters—Mit-
-y.yBene
(E. J.) & Sons (4/18)
7, 1962 filed 210,000 common.
Feb.
electronic
-chum, Jones & Templeton, Los Angeles and Walston &
:\y Co., N. Y. .;:,y >
Oct.
Brach
Electronic
of
Caldwell
'
for, develops, produces, and markets oil and gas. Pro¬
ceeds—For debt repayment, ■ exploration and develop¬
ment. Office—612 S. Flower St., Los Angeles. Under¬
writer—Bregman, Cummings & Co., N.
Varick
distributor
sion, working capital and debt repayment. Office—118
Santa Barbara, Santa Paula, Calif.
Underwriter—Pistell,
Inc., N. Y.;
,v;. •. /"
-
stockholders at the rate of $100 of debentures for
each 65 shares held. Price—At par. Business—Prospects
5, 1962 filed 130,000 common. Price—$4.50. Busi¬
ness—Engaged in commercial offset lithography. Proceeds^-For debt repayment and working capital. Office
Business—A
/
Corp. (4/16-23)
29, 1962 filed $1,000,000 of 6% conv. subord. deben¬
by
Lithographers, Inc.,
Feb.
Bell
/ ) /
?
-
Oil
•
Office—630 Third Ave., N. Y. UnderwritersWhite, Weld & Co. Inc., and Goldman, Sachs & Co., N. Y.
•
1
ment. Business—Manufacture of molded plastic
products, "
Ave., Memphis,;
Co., and Morris : principally melamme dinnerwear. Proceeds—For expan¬
Bolsa Chica OiL Corp.
(4/16-23) *
Jan. 29, 1962 filed $1,024,700 of 6% convertible subordi¬
nated debentures due 1977, to be offered for subscription
holders.
—225
:
&
Price—At par. Business—Prospects for,
develops, produces, and markets oil and gas. Proceeds—
For debt repayment, exploration, and
development; Of¬
fice—612 S. Flower St., Los Angeles.1 Underwriter—
Bregman, Cummings & Co., N. Y.
•: A vK/"
' ' ; /
Price—By amendment (max. $20 for common).
Business—Acquisition, exploration and development of
natural gas and oil properties. Proceeds—For debt re¬
payment and other corporate purposes. Net proceeds
from the sale of the common will go to certain stock¬
Color
Popular
tures due 1977.
shares.
Bell
Bolsa
Jan.
-
March 19, 1962 filed $7,500,000 of convertible subordinate
debentures due 1977; also 300,000 outstanding common
y
and
Underwriters—Lieberbaum
mond, Ky. Underwriter—J. J. B. Hilliard & Son, Louis¬
;
-
—
Begley Drug Co.
5, 1962 ("Reg. A") 19,900 common.
Price—$15.
Business—Operation of a chain of drug stores. Proceeds
—For debt repayment. Office—201 E. Irvine St., RichFeb.
•
—For repayment of debt and general corporate purposes.
Office—111 W. 19th St., N; Y.
Underwriter—/Rodetsky,
Walker &
—
purposes.
Office—201 N. Federal Highway, Deerfield
Beach, Fla. Underwriter—Consolidated Securities Corp.,
Pompano Beach, Fla.
(5/1)
i
Co., Inc., N. Y. Note; — This registration-was
withdrawn. %]
"...; y-'. /■..
: / •.)" / /-:
/W '
•
moulding into plastic prod•
Burton Mount Corp./^(4/16-20)
ucts. Proceeds
For debt repayment, equipment and "
'■■'•..■T' //
*
Sept. 22, 1961 filed 100,000 common. Price—$6. Business
working capital. Office—35 Pequit St., Camden, Mass.
—Importation and distribution of copying machines and
Underwriter—Godfrey, 'Hamilton, Taylor & Co., Inc.,
Ni ,Y. Offering—Expected sometime in May*supplies. Proceeds—Repayment of debt, inventory, sales
promotion and other corporate purposes. Office—2147
Bloomfield Building Industries,- Inc. ^ * ;y„
Jericho Turnpike, New Hyde Park, N. Y. Underwriter—
Mar. 26, 1962 filed $2,000,000 of conv. subord. deben-.
Reiner, Linburn & Co., N. Y,
;.
•
/';v
tures due 1977. Price
At par. Business — A holding
•
C. M. P. Corp.
(6/18-22)
company for 16 subsidiaries in the real estate and gen¬
eral contracting "business. Proceeds—For
Jan. 19, 1962 filed 70,000 common. Price — By amend¬
general cor¬
Aircraft, Inc.
•/;■',/
V
14, 1962 ("Reg. A") 259,272 common.
Price—$1.
Business—Design and development of an aircraft incor¬
porating radical concepts in design and /construction.
Proceeds—For debt repayment and general corporate
Feb.
Corp.
tures, imports and distributes artificial flowers. Proceeds
Planning Co., Washington, D. C.
Blane Chemical
ford, N. J. Underwriter—F. Eberstadt & Co., N. Y.
Petroleum
Estate. / Proceeds—For
Office—309 Main
(Ernest E.) & Associates, Inc.;
15, 1962 filed 80,000 class A common. Price—$3.
minent.
'
••;
•
Business—Application of electronic and mechanical data
• Burros
Corp.
processing techniques to solution of problems for gov¬
ernment and industry.
Proceeds—For equipment, sales <"i Oct* 30, 1961 filed 70,000 common, of which 40,000 are
to be offered by the company and 30,000
promotion and expansion/ Office—10419 Fawcette St.,
by stockhold¬
ers. Price—By amendment;
Business—Designs, manufac¬
Kensington, Md* Underwriters—Jones; Kreeger & Co.,
Becton, Dickinson & Co. (4/23-27)
/*. ,.
1962 filed 480,000 common, of which 200,000 are
be offered by the company and 280,000 by stockhold¬
Belco
*
common, Price —$4.
working capital.
St.* Islip, N. Y. Underwriters—I. R. E.
Investors Corp., Levittown, N. Y., and Great Eastern
Investment Co., Queen's Village, N. Y. Offering—Im¬
Business—Real
Blanche
-
/
Bede
Angeles.
Buildng Ventures, Inc.
Oct. 27, 1961 ("Reg. A") 62,500
March
Jan. 26,
to
Office—6434 Wilshire Blvd., Los
Underwriter—Shearson, Hammill & Co.," N. Y.
expansion.
Bilnor Corp.
8, 1962 filed 100,000 class A capital shares. Price—
By amendment ($11 max.). Business—Manufacture of
wading pools. Proceeds—For the selling stockholders.
Office—300 Morgan Ave., Brooklyn, N. Y. Underwriter
—A C. Allyn &
Co., N. Y. Offering—Expected in May.
("Reg. A")
1962
29,
Business
*:
*
—By amendment (max. $21 for common). Business—A
small loan company. Proceeds—For debt repayment and
Jan.
(4/23-27)
Thursday, April 5, 1962
serial preferred shares) and 50,000 common shares. Price
Underwriters—Merrill, TurCo., Inc., Cleveland and The Ohio Co., Columbus.
derwriter—None.
...
Cameo
Lingerie,
Inc.
Underwriter—Hayden, Stone & Co., N. Y/v 'J
Feb. 12, 1962 filed 190,000
common, of which 120,000 are
to be offered by the company and
70,000
•
ers.
—
Breskin
Feb.
Publications
Vincente
Inc.
Blvd., Los Angeles.
(4/16-20)
Price—$5*
children's
by stockhold¬
Business—Manufactuer of women's and
tailored
panties.; f Proceeds—For debt repay¬
150,000 common/ Price—By amend-r
ment, inventory and working capital". Office—Fajardo,
of trade magazines/ Pro*
Puerto Rico. Underwriter—Schweickart &
ceeds—For the selling stockholders. Office—770
Co., N. Y. :
Lexing¬
ton Ave., N. Y. Underwriter—A. G. Becker &
•
Cameo-Parkway Records, Inc. (4/16-20)
Co., Inc.,
28,
ment.
1962 filed
Business—Publishing
New York/'
'v
'■•<•••
•//.:
-
,
'
[
*
"V
\ \
Dec. 29, 1961 filed 200,000 class A
common, of which 40,000 are to be offered by
company and
\
Bridge Electronics Co., Inc. (4/23-27)
/
Nov. 29, 1961 filed 225,000 common, of which
200,000
160,000 by
'
holder. Price—By amendment.
are
a
stpck-
Business—Recording and
company, and 25,000 by the stock¬
holders.- Price—$4. Business—Design and manufacture of'
electronic equipment and communication
systems. Pro¬
ceeds—For general corporate purposes/Office—201 Lau¬
distributing of phonograph records. Proceeds—For gen¬
eral corporate purposes. Office—1405 Locust
St., Phila¬
delphia. Underwriter—Godfrey, Hamilton, Taylor 8c Co..
Inc., N. Y. i
./
; . /.■ ./.^
;
rel
•
to
be offered by the
St., Beverly, N. J. Underwriter—Roth
Philadelphia.
«
&
Briggs
Feb.
Leasing Corp. (4/17)
1962 filed $650,000 of 63A%
8,
dinate
debentures
due
1972
.
Campbell-Lurie Plastics, Inc. (4/23-27) ' *
Oct. 27, 1961 filed 574,250 common, of which
500,000 are
to be offered by the company and
74,250 by a-stock¬
Co., Inc.,
r
convertible
holder. Price—$2.50.
the plastic business
65,000 common to be
offered in 6,500 units, each
consisting of $100 of deben¬
Price—By amendment (max. $150).
Business—Long-term leasing of automobiles..: Proceeds
possible acquisitions and working-capital. Office/
Rd.*. Great Neck, N. Y. Underwriter—
D. H. Blair & Co., N. Y. .
$7.75).
Dec. 27
other
Feb.
March
(Michael)
29,
—For
corporate
1962 filed
•
Operation
Distributors, Inc.
100,000
of
*
•
common.
19,
Carolina
1962 filed 500,000 class A
common. Price—By
(max. $25). Business—The importing and
sale of Cutty Sark Scotch
Whiskey. Proceeds—For debt
repayment and working capital. Office—620 Fifth
Ave.,
N. Y. Underwriter—Lehman
Brothers* N. Y. Offering—
—-
L
•
•
mort¬
investment.
common.
business
investment
corporate
purposes.
Price—$3.60. Busi¬
company.
Office—23
Islands.
Proceeds
Dronnin-
Underwriter—
Telephone & Telegraph Co.
27,
1962.
Price—$20.
Proceeds—For
repayment
Office—122 E. St. James
Street, Tarboro,
Underwriter—None.
Carolinas
Capital Corp.
(4/17-18)
Nov. 22, 1961 filed 500,000 common.
Price—$10. Business
—A small business investment
company. Proceeds—For
general corporate purposes. Office—1200 North
Carolina
National Bank Bldg.;
Charlotte, N. C. Underwriter—R.
S. Dickson & Co., Charlotte.
v.
*
•
Budget Finance Plait (4/23-27)
*
r
16, 1962 filed $3,000,000 of 6% series A subord*
capital income debentures due 2010 (convertible into 6%
hold
rights to expire
April
N. C.
.
general
of bank loans.
amendment
Imminent.
For
Feb. 16, 1962 filed 195,039 common being offered for sub¬
scription by stockholders on the basis of one new share
for each 10 held of record April 3 with
self-service
Buckingham Corp.
Feb.
small
gens Gade, St. Thomas, Virgin
Richard J. Buck & Co., N. Y.
Price—$5. Busi¬
discount/department
stores. Proceeds—To retire
outstanding debentures, and
for working capital. Office—1101
Albany Ave., Hartford,
Conn. Underwriter—Gianis &
Co., Inc., N. Y.
*
—
will
—
Scottsdale, Ariz. Under¬
Underwriters, Inc., Scottsdale, Ariz.-
28, 1962 filed 400,000
ness—A
Office—115 Cutter Mill Rd., Great
Neck, N. Y.
Underwriter—D. B. Marron & Co., N. Y.
ness
which
Caribbean Capital Corp.
purposes.
• Bruce
company
writer—Pacific
(max.
and distribution of scien¬
Proceeds—For research and
develop¬
and
investment
gages, land contracts, etc,
Proceeds
Office—44 E. Indian School Rd.,
Business—Importing
instruments.
ment, equipment, debt repayment
materials.
raw
working
Inc.,-Jacksonville.
22,580
amendment
of
and
77,420
Mar./ 26, 1962 filed 100,000
common, of which
shares are to be offered by the
company and
shares by stockholders.
tific
converter
Management Corp.
- j
1961 ("Reg. A") 60,000 common.
Price—$5. Busi¬
ness—An
Inc.
Price—By
a
/Capital
Cuttermill
Instruments,
Business—Company is engaged in
writer—Florida Growth Securities,
—For
Brinkmann
repayment
debt
capital.
.Office—5440 Highway Ave., Jacksonville,fFla./.Under¬
tures and 10 shares.
130
as
Proceeds—For
subor-'
and
Carrols, Inc.
^
Feb.'21^1962 filed 688,375 common to be offered for
sub-seriptkm by stockholders of Tastee Freez
Industries Inc '
,
March
-
-
Volume 195
Number 6148
The Commercial and Financial Chronicle
...
ChurchBuHders,lnc.
parent 'company on the basis of one such share for;each
tWo shares of' Tastee Freezheld.* Price—$6. Business-
Casavan
Industries, Inc.
Aug. 21, 1961 filed 350,000' capital shares. Price — $7/
and ceramics5
f6r the' packaging; and - building - industries. Proceeds—
For expansion/ leasehold ^improvements; repayment of*
loans and other corporate purposes: Office-*—250 Vree*
land Ave:, Paterson, *N. J. Underwriter—Foundation Se*
V': CedSri Lakevpilfolie Service Cor pi •>*
Mrir clr*20,;1962 filed'9,964 common.
;
•
Cinema
Studios
ment
Bailey Ave., Fort Worth,-Tex.
Management, Inc., Fort-Worth,
Inc.
(4/18)
1
Computer Applications lnc.
■
lrited
Company "plans" to qualify as/a public* utility and
frirriish" Water/ arid? sewage' 'disposal ?services riri and*
rifourid Cedar Bake. ? Ind: Proceeds
To, construct' c
production of slides and color film strips.
Proceedsr-rFor equipment, sales promotion and advertise
ing; Office^424? E; 89th- St* N. Y: Underwriters-Paul
Eisenberg Co., N..Y.
.■i
28/
•'/Jr Cemeteries "of' * America, .*■ 1 ric//
' ■/V"'
March 27, 1962"filed $500,000 of 7 % conv. subordi deben¬
tures due-1974 to be offered by the company and 65,000
ties;
Office-~-33 Maiden Lane. N. Y.
Noy. 29, 1961
filed -150,000 Class A
Price—$5
common.
Computer Ccmtrol
at
par.
■
Computer Oriented Research &* Engineering, Inc.
23/ 1962 filed 135,000 common, of which 100,000
to be offered by the company and *35,000
by a stock¬
holder. Priced—$4. Business—Electronic data processing.
Feb.
are
Proceeds—For computer systems
development, additional
personnel, and working capital. Office—119 Federal St.,,
Pittsburgh. Underwriter — Arthurs, Lestrange & Co.,
Pittsburgh.
Concord
Products, Inc..
Dec. 11,
Nov. 28, 1961! filed 120,000: common (with attached 3year warrants ,td purchase, an. additional 60,000 shares
at $2 per/share) to be. offered in units of. one* share and/
one-half warrant; Price—$2 per? unit,; Business—Manu¬
facture of
;Coastal:Acceptance:'Corp;; (4/17)..
1961 filed 80,000 class A common, of which 68,to be offered by the company and 12,000v by
Business—A small loan fi¬
nance company; Proceeds—For debt repayment. Office—
36 Lowell • St., Manchester, N. H. Underwriter—Eastern
Investment Corp., Manchester, N. H.
;
cosmetics, toiletries; cleaning'fchemicals, "jewelery, etc. Proceeds — For general corporatea purpdses.
are
stockholders; Price—$12.50.
Nov. 9, 1961
("Reg. A"') 75,000 'common. Price—$4. Busi¬
ness—Company has developed v a * process for producing
simulated brick* facing :for buildings; Proceeds—For gen¬
eral corporate purposes. .Office—4506 W. ,12th St., Erie,..
Pa. Underwriter—Saridkuhl & Co., Inc., N. Y.
?
i ]/
.
Underwriter—Kidder, Pea body & Co., N. Y.
000
•
...
Price—By amendment. Business—Drisign and manu¬
of digital equipment.
Proceeds—For debt re¬
Office—983 Concord St; Framingham, Mass,
payment
equipment. Proceeds—For materials and inventory, re*
search and development and working; capital. Office—
1303 Elm St., Rocky Ford, Colo. Underwriter — Stone,
Altman & Co., Inc., Denver.
a
(4723-27)
facture
•!'
ment (max.
Business—Company was formed to hold
.mortgage company, an insurance agency
and a real estate development company.. Proceeds—For
debt repayment and working ;capitali Office—44 Forsyth
St.r.Nj. W;, Atlanta,. Ga. Underwriters—rJ oseph Walker & :
Sons, N, Y. and Clack, Bandstreet &. Kirkpa trick, Inc.,;
'I Nashville, Tenn. /'Offering
This
.company formerly, was;< named Continental -Investment
j&,Mortgage t:Co< * ♦ %.
-/; ///;
- >:
.'• Century Brick Corp* of5America (4/9*13}
tures:
the stocks of
Co.,. Inc.
62,500 are
by stockhold*
ers.
Price—By amend¬
$34). Business—Manufacture of.Irucks; selfpropelled construction machinery and highway trailers.
Underwriter—To be named,
Off ice—324
E.
;'
;/;•;.// /!/'/; //'!!/./v"/ Proceeds—For * selling stockholders.
Central Investment & Mortgage Co. ;
•
:/.///?!;/, Dewey Ave., Buchanan, Mich. Underwriter—Blyth &
Co.j Inc;, N. Y.
Jan, 26,. 1962 filed -130,000 common, of which 100,000
• Clute
are to be' offered by -the company* and 30,000 by strick(Francis H.) & Son; Inc. (4/12)
J uly 3, 1961 filed 1,000,000 common shares. Price—$1.50
holders; also $600,000 of 6 % % convertible subordinated
debentures due 1974. Price—For stock: $5; for deben¬
Business — The manufacture of farm and industrial
;
sales* finance company.
,
Jan. 24, ,1962 filed 157^00
common; of 'which
to be offered by the company.: and 95,000
1
Proceeds-i-For ex¬
pansion.- Office—526 N6rth Ave. East, Westfield* N. J.
Business—A
r
-
Underwriter*—A: G
Clark Equipment Co.
March 22, 1962 filed 125,000 common.
^
Computer/Concepts. Inc. (4/23-27) '
Dec.* 29, .1961! filed.100,000 class A common. Price — $5.
Business:—Development v and < sale, of advanced program*
ming systems? frir solution of business problems, by. the
use oLdigital;computers. Proceeds
For general cor¬
porate purposes. Office—1012 14th SU N;.W., Washing¬
ton, D. C. Underwriter—Drifts Co/, NC Yi
•
Acceptance Corp. of' Delaware
Central
equipment.
N. Y, IJnderwriler-r*Jajr W. Kaufmann &, Co.,.Ni Y;
,
r
processing
30,000.by stockhold—
Price—$3^ Business —' Manufacture of miniature •
coils for relays: used, in. computers, .aircraft, missiles and
guidance systems. Proceeds—For general corporate pur* v
poses. Office—88-06 Van Wyck Expressway,. Jamaica,,
Becker & Co., N, Y. (mgr.); Note—This registration was
Withdrawn.
■
'■rx \
The: securities will* be
Toffered in units consisting of $100 *of debentures and 13 ' • City Finance. Co./ Inc;
(4/16-20)
shares.
Price—$178 per unit. Business—Operation of
Dec. 21, 1961 filed 110,000 common. Price—By amend*
five: cemeteries in Kansas. Proceeds-—For * construction
ment.. Business—Engaged in the consumer loan and fi¬
of I mausoleums
and I working - capital, ^
Office—3086
nance buisness in Maryland. Proceeds—For general-cor¬
HUtcriings St., iKansas City/ Kan. Underwriter—Bernard
porate' purposes. Office—307 N. Eutaw St., Baltimore.
M. Kahn .&, Co., Inc., Nv Y.:
J ■- -* > Underwriters-Stein Bros. & Boyce, Baltimore.
share's by stockholders.
common*
data
ers.
Price—By - amendment/ Business—The writing of " or¬
dinary life,.. group life arid group* credit4 life Insurance,
Proceeds—For Investment in income producing securt?
-
electronic
Dec; 6/. 1961. filed. 120,000. commpp, ,of which
90,000 are
to. be offered:by the company and
Sept; 6/1961 filed 147,000 common, of whichl00,000iwill
be sold ' by the
company rind' 47,000! by a . stockholder/
:• /:/
of
Computer Components,,Inc.
-
eCitizensLIfelns.Co.ofNewYdrk
.
use
Co., inc.? n; y;
Business—The
-
to
Proceeds—For expansion and working capital. Office—
30. E.» 42nd St; N. Y. Underwriter—L. M. Rosenthal &
Cineque Colorfilm Laboratories, Inc.
Aug. 29,1961'("Reg. A") 120,000 common. Price—$2.50.
***\fr/
Sfewage1 * disposal system*: - Address —. R.R. N. *3, Box
March 23> 1962. filed 87,000 common.
Price'—By amend*
ment (max. $5).
Business—Furnishing, of services re-
14, 1961 ("Reg. A") 75,000 capital shares. Price—$1.
Business—Production of motion pictures. Proceeds—For
working capital.- Office—309 Ainsley Bldg., Miami; Fla.
Underwriter^Dalen Investments & Funds, Inc., Miami,
Price-^lOONBusinessv
Cedars-Bake,"; Inch - Uriderwriter*^None;
Drug Co., Inc. (4/17)
9, 1962 filed 100,000 common. Price—By amend¬
(Max# 22), Business—Manufacture? packaging and
distribution of proprietary drugs; Proceeds—For
selling
stockholder. Office—505
Court St.,
Brooklyn, N. Y„
Underwriter—Shearson, Hammill & Co., N. Y. «
Feb.
Dec.
,'ttrismess—Production'•■of *' plastics? marble
.
Distributor—Associates
-
>
-
Office—501
investment.
StJ, Chicago: Underwriter—Bear, Stearns & Co., -N. Yi.
Offering—Expected sometime in: Juneu; <
..
>
/
31
Commerce
Feb. 6/ 1961 :filed 56,000'shares of common stock, series
2: Price—$5.50 per share. Business—A clOsed-erid diver¬
sified management* investment company. Proceeds—For
Franchising arid supplying of stores and mobile, units'
selling a soft ice product and certain selected food prod¬
ucts:" Proceeds—For expansion. Office-*-176' W;, Adams.
•
(1635)
Coleman
Jan.
Clable & Wire Co.
v
Office—525-535 E;
137th St./ New/York. City/
writer—M.f G. Davis, 150 Bfoadway, N> Y.
Concors Supply Co., lnc.
Oct.
\
•
-
(4/9-13)
19,, 1961! filed * 100,000 . class < A?
Business—Sale of food
120,000 class A common. Price—By
amendment; Business — Distribution of special types of
18, 1962 filed
:Under¬
common.
Price—$4;
service and kitchen equipment.
electric wire and cable; and the manufacture of insulated
Proceeds — For equiriment. debt repayment and other
corporate purposes. Office—110 "A" St^ Wilmington, Del;
V' Certified: Industries, Inc.
(4/16-20) ~~ ;>••» lv ; /
Bept. 28, 1961 filed $750^000 of 6% convertible subordidebentures due 1976 with attached warrants to
wire and cable for electronic and electrical use. Proceeds
Underwriter—Roth & Co., Inc^. Philadelphia.
purchase 15,000 class Ar shares to be, offered in units (of
$250 debenture and a warrant to purchase 5 shares)
writer—Divine & Fishman, Inc., N. Y.
—For
.one
.for subscription by holders of class. A and; class B shares
.at the rate .of -one.;unit"for, each 50 shares heldf Pricert
; ;/
.
"%
r$250
:
li" *
;
-
per-
-
r*f
Champion Parts-Rebuilders, Inc. ?
1 *
.
1
-
•
,
Mich.
■
.
-
■
y-\fr
?;*-•*• ■ ■/'.?*•:>*■*
:
V
•
Chemical;Coatings Corp.
:•
r
27f,1961 filed 75,006 common. Price—$5 Business-r
Manufacture? of paints^ particularly for; .use ip. tropical
and. .semi-ttropica.l climajtes.- Proceeds—for .equipment
-Dec.
.
•
;
,
-
and \voi*king ^capitaB Address—Santurce, Puerto Rico.
..Uijderwriter-tr-To be najned. .J; j^•,;;' ^ ■;
* Chenango & Unadilla Telephone Corp.. .- . '
March 30, 1962 filed 52,363 common/ to- be offered for
subscription by, common stockholders at the rate of two
newv-shares for each five held of record April 30> 1962.
^Colorsound,lnc.
r:V *//" / 'J
March 21/ 1962' (''Reg. A") 165,000 common. Price—$1.
Business—Research,
development and production of
.
.
.
electronic
.
Wilmington, Del:
.
/ ;V
:
v
>
.
Ave.,
N.
Y.
Underwriters—Lazard Freres & Co.
and
,
/
;,
.,.
.
,.
*
.
Chestnut
Hill
industries, Inc.
(5/14-18),
29,
'
are
r
-
St., Hollywood. FTa; Underwriter.>-* Clayton Securities
v'Corp.,:Bostdn^'Mass/-.
control
:
America, Inc.*.
8, 1962 filed.72,000 commom Price—By amendment<
Business—Operation of .discount department stores. Pro*
ceeds—Frir expansion and working capital. Office—4701
N. Hrirlem Ave., Chicago/
Underwriters—Rittmaster,
Voisin & Co^ N. Y,. and Midland Securities Co., Inc^
Kansas City. Mo/ Offering—Expected :iri May,
Jan,
23,1962 filed $30,000,000 of corivertible subordinated
Colwell Co./ ^
March 16, ,1962. filed $1,000,000 of subord.
-
common.
Consumers Mart of
a
in units. Price—By amendment. Business—A bank hold¬
ing compapy recently formed to acquire stock of First
Western* Bank & Trust Co., Los Angeles. Proceeds—For
acquisition of: First Western stock, and. working capital.
Office—1000 Vermont Ave., N. W.,, Washington, D. C.
Underwriters—Bear, Stearns & Co. and Allen & Co., N. Y.
Offering—Expected sorrietime in June.
Continental
lncbustrial
Electronics Corp#
Nov. 21, 19611 filed *200,000 common?; Price—$2.50.
.
Busi*
ness—Development ? and manufacture of4 television pic*
ture * tubes;.. Proceeds—For. debtt repayment and*: other
corporate purposes.
geles. Underwriter
Office—2724 Leonis Blvd.,..Los An*
Amos Treat
Co., Inc.,. N. Y.
—
Continental' InvestmentCorp.
■
s,
f. debentures
due 1977 (with
.
1961 filed 300.000 class A - common, of which
to be offered by the company, and 75.000 by
.stockholders. Price—$7.50. Business—Design.**and manu•••rv facturev of ^women's; misses' and
junior sportswear,\ co¬
-ordinates,; and: dresses.^ proceeds—For debt renavment.
equipment 1 and >workirier capitalOfftee-^2025; McKiriley
Nov.
,225.000
to
(4/23*27)
Price—By/amend*
skilled
personnel* to> industry and. government. Proceeds—For
selling stockholders^ Office—650 11th Ave;, N. Y, Under¬
writer—Shearson, Hammill & Co., N# Yw.
180,000
ment ($12max.),Business—Furnishes technically
debentures ; due 1987 and 1,500,000 common to -be offered
,
Lehman, Brothers,. N, Y...
sound
Consultants :and Designers, Inc.
Dec* 29, .1961 filed
Columbia Bancorporatioir
Feb.
.
Bissell & Meeds,
use
share for each* 17.held,
• Construction Design, Inc.
(4/9-13)
Feb.12,1962 ("Reg. A?) 60,006 common* Price—$5/Busi#
ness—Remodeling,/modernizing and-expanding .residen*
tial and commercial properties/ Proceeds—To make con*
struction Joans; to customers. Office—451 N. La: Cienega
Blvd:, Los Angeles.. Underwriters-Thomas Jay, Winston
& Co., Inc., .Beverly Hills, Calif.
variety- of tdevices/ * Proceeds—For debt repayment,
v
equipment and other corporate purposes? Office—1044
E. Edna * PL, Covina, Calif.«Underwriter—None.
Price—By-amendment (max. $33). Proceeds-r-For construction and debt* repayment. Office—Norwich,. N.. Y.
Underwriters—W.. E. Hutton & Co., N. Y., and Laird,
^ Chesebrough-Ponds, .Inc.- .
•
.
»
,March, 29;. 1962 filed 90,000 capital shares. Price—By
amendment
(max. $58).
Business—Manufacture and
sale of cosmetics, toiletries and related products- Pro¬
ceeds—For a selling stockholder. Office—485 Lexington
instruments /which
new
fone
29^. with rights.to expire. Apr.* 16, Prices*
Proceeds—For* repayment * of r bank? loans and/construction Office—4 Irving .Place, N.^ Y# Underwriters
—^Morgan«Stanleyr &. Co.?. and First Boston Corp., N, Yc
March 6,
■/*.-■> t-? v*-
>•
*
^$100/
Chemical Corp.
1962 ("Reg. A") 45,000 class A common and
15,000 class *B common to be offered in units of three
class A arid one class B share. Price—$20 per unit. Business—Manufacture of latex and foam rubber compounds
for backing carpets and rugs. Proceeds—For equipment
-and rworking* capital.
Office—Conway St., Dalton, Gri.
Underwriter—Norris & Hirshberg, Inc., Atlanta.
-
'
-
*
York, Inc.
t
of.record Man
Colonial
.
Halle &
-
holders on.the basis of
•
r; /v
lO0,OOOi common. . Price — $2.
Busipess—The construction- and financing of motion picture .theatres. Proceeds—For general corporate purposes.
Office—234 W. 44th ;St.,;N. Y, Underwriter—M, R. Zeller
McDonnell & Co., and
5, 1962.filed 947,924 cum. convertible preference
shares beings offered for subscription by commonscock-e
-■
Charter Credit Corp.
—
Consolidated ^Edison Co. of i New
Mar.
A* Colonial Board Co. ' i
,:r
"'yA' •* *' *■'
;which-90,000 are ; March - 28; 1962; filed 164,000 common, of which 115,000
y
by stockholders, r. arevtO «be' dfferetf• by the51 company and 49,000 by stock^:
cPrice—By^ainendnxenU Businessr^Rebuilding functional . Wolders. Price^By amendmentt (maxv $15).v Business^
parts for motor vehicles. Proceeds — Frir. equipment,
Manufacture1 of shoeboard and boxboard; Proceeds—For
working,capital and other corporate purposes. Office*— expansion, - eriuipment1 and debt' repayment. Office—615
4301- W. 69th St., Chicago. Underwriter—Straus, Blosser
Parker St., Manchester; Nv HI Underwriter—Putnam &
;. & McDowell, Chicago.
W ]>■.
-/■' ;v
Co.y Hartford? Conn. *
:
(Febf:v 28/:1962. (',<Reg; Ai" )
Underwriters
StiegHfct, N. Y.
.
•.
(4/10)
general field of electromagnetic radiation for the U. S.
GovernmenL Proceeds—For: debt repayment and other,
corporate purposes; Office—343 S. Main St; Ann Arbor,,
*;•-;• y,v,.■
'Feb.- 2^ *1962 -filed. 150,000Vcommon/ of-to be "offered by. ^company and? 60,000
N.-*-
Condrictron Corp.
Offiee—142-Livingston-St:, Brooklyn, N: Y; Underwriter
—James Co., N. Y.
•*'
•struction purposes. Proceeds—For- expansion, equiprnent
,!and .working- papital. Office—344: Duffy Ave., JHicksville,
Mackie, Inc.; N. Y.,:
Dec. 20; 1961 filed 125,COO class A; common. Price—Byamendment. Business—Research and development in the
equipment, possible acquisitions and working cap¬
Office—-1900 N. River Rd:, River Grove, 111. Under¬
College Publishing Corp.
March -16, 1962 ("Reg. A1') 155,000 common. Price—$1.
Business—Composition, publication arid f distribution of
study manuals for examination preparation/ Proceeds—
For equipment, expansion and other corporate purposes.
...
unit, Business—Production: of - concrete for con*
N. -Y. Underwriter—Singerj Bean &
:
^
•
ital.
/ hated
attached.warrants); also 35,000 outstand¬
ing: common^ Price—By amendment1 (max. $35 for common). Business—Originates and services;mortgage loans.
Its subsidiaries conduct ,a. general*insurance^agency* and
brokerage business; Proceeds—For working: capital.. Net
proceeds from stock sale will go to certain stockholders,
Office—3223 W. Sixth St., Los Angelas/Underwriters—
Mitchum? Jones & Templeton? Los Angeles* and J.' A.
Hdgle f&"• CE6.v; BriltJ Lake City/ Offertng—Iri Junev /
Dec;
29/ 1961 filed 2,000,000 common. Price—By amende
ment! ($3 ^ max.). Business—A» mortgage and: real estate
investment company. Proceeds — For; working capital.
Office—Scottsdale: Sayings,
Bldg,, Scottsdale, Ari2. Un¬
derwriter—Ta benamed.
Continental ^ Sound Corp;
March 2, 1962 ("Reg. A")
Business—Sound processing
J
.
..
'
34,000 common.
Price—$5;
of commercial film used in
Continued
on page
32
32
The Commercial and Financial Chronicle
(1636)
Continued from page
bed
spreads for hotels and institutions. Proceeds—For
expansion and other corporate purposes. Office—1191
31
motion
pictures and TV. Proceeds—For debt repayment
and working capital.
Office—722 N. Seward St., Los
Angeles.
Underwriter—Raymond Moore
& Co., Los
Angeles.
N.
Decorel Corp.
Dec.
Dynamics, Inc. (5/2-6)
24, 1961 filed 500,000 common. Price—$1.15. Busi¬
ness—Development and production of electronic testing
and training devices. Proceeds — For expansion and
working capital. Office—9340 James Ave., S., Minneapo¬
lis. Underwriter—Brandtjen*& Bayliss, Inc., St. Paul.
(F.
-
J.),
tronic
Mass.
equipment. Proceeds
Underwriters—John
R.
Inc.,
Broadway, N. Y.
N. Y.
/'/'
Business—Manufacturer
of
cosmetics.
Underhill
—
Cosnai
Securities
Jan.
Corp., N. Y.
A
165,000 are
and 66,444
•
unit
one
per
for
each
10
class
B
shares
unit. Business—Company plans to
start-up
expenses
be
for
Lexington
a laboratory and
Ave., New York.
Reynolds Co., Inc. (4/30-5/4)
1962 filed 400,000 common, of which 200,000
by company and 200,000 by Merritt-
offered
products.
Proceeds—For expansion and work¬
Office—401 W. Main St., Louisville. Under¬
Dextra
Corp.
28, 1962 filed 300,000 common. Price—By amend¬
ment (max. $6). Business—Manufacture and test mar¬
keting of a vitamin-enriched sugar. Proceeds—For debt
Feb.
repayment, expansion and general corporate purposes.
Address—Drawer A-Kendall, Miami, Fla. Underwriter
—To
be named.
s
purchase 2
Diamond
Dust Co.,
Inc.
Feb. 27, 1962 filed 102,000 common.
Price—$3. Business
—Production of graded diamond powder and
compound.
Proceeds—For debt repayment, additional
personnel,
advertising and working capital.. Office—77 Searing
Ave., Mineola, N. Y. Underwriter—Magnus & Co., N. Y.
Co., Inc.,
Department,
Diamond Mills Corp.
1962 filed
due
and
writing—Shearson, Hammill & Co., N. Y.
Inc.
(5/7-11)
$1,200,320 of 7% conv. subord. de¬
and 54,560 common shares to be
offered in 2,728
units, each consisting of $440 of deben¬
tures
and
20
common
shares.
Price—$550 per unit.
26,
(5/7-11)
common.
&
ing capital.
corporate purposes. Office—905 Fifteen Peachtree
bentures
to
related
filed
&
/'//••,■/;/'/'/■
Chapman & Scott Corp., parent. Price—By amendment
(max. $25). Business—Manufacture of paints, resins and
1972,
Bldg., Atlanta, Ga. Underwriters—McDonnell
Y., and Wyatt, Neal & Waggoner, Atlanta.
Co.
Sons
plant.
Devoe
are
N.
Jan.
held
Price—$20
March 23,
shares. Price—By amend¬
ment (max. $140). Business—Engaged in residential real
estate development. Proceeds—For debt
repayment and
Credit
A.)
Office—360
Underwriter—None.
$1,000,000 of 6V2% subordinated
60,000 common shares, and war¬
rants to purchase 20,000 common shares. The securities
will be offered in units of one $100
debenture, 6 shares
other
(John
Proceeds—For
it Cousins Properties Inc.
to
stock
small
(
warrant
/'■/
manufacture and utilize all kinds of chemical materials.
selling stockholders. Office — 1136 Washington
Ave., St. Louis. Underwriter—Goodbody & Co., N. Y.
Offering—Expected sometime in May.
a
—
Manufacture of formula feeds for livestock and
poultry, semolina and durum flour for spaghetti making,
swimming pools and inflatable toys, and machinery for
heat sealing and
labeling plastic containers. Proceeds—For debt
repayment, equipment and working capital*
Address—New Richmond, Wis. Underwriter—Kalman &
Co., Inc., St, Paul, Minn.
1
.
Co.
»'
amendment
manufacture
Proceeds—For
-
'i
■//..."
"
•
'
:v/
'
of
debt
(max.
$12).
Business—Design
metallurgical furnaces.
repayment, equipment and general
industrial
corporate purposes. Address—Red Lion Rd., and Philmont Ave., Bethayres, Pa,.
Underwriters—Janney, Bat¬
tles & E. W.
Drew
Clark, Inc. and Stroud & Co., Philadelphia/.',
Realty Corp. : //■;//,
.//7./\ /../
March 6, 1962 filed 163,000 class A.
Price—$10.
real estate.
Proceeds—For debt
—General
./
Business
repayment./
Office—50
Broad St., N. Y.
Corp., (same address).
rities
Underwriter—Drew
Secu¬
Dulany Industries, Inc.
26, 1962 filed 400,000 common. Price—By amend¬
ment (max. $6.25). Business—The
canning and freezing
Feb.
of
foods.
Proceeds—For
debt
repayment. Office—850
Third Ave., N. Y. Underwriter—Blair &
Co., Inc., N. Y.
Offering—Expected sometime in June.
•
Dunhill
\
v
Food
Equipment Corp. (4/30-5/4)
Dec. 29, 1961 filed 100,000 common.
Price—$2.50. Busi¬
ness—Manufacture of food service equipment. Proceeds
—For development and
working capital. Office—79 Wal¬
worth St.,
Brooklyn, Underwriters — Carroll Co. and
Paul Eisenberg
Co., Inc., N. Y. V'"/^v;.a/:.7/
Duro Pen
Co., Inc. (4/23-27)
1962 filed 125,000 common/ Price—$4. Business
—Manufacture of inexpensive ball point
pens. Proceeds
Jan.
5,
—For
debt
repayment, equpiment and working capital.
Broadway, N. Y. Underwriter
Godfrey,
Hamilton, Taylor & Co., N. Y.
Dyna-Mod Electronics Corp.
Jam 22, 1962 ("Reg. A")
143,000 common.
Price—$2.
Office—573
—
Business—D
e s
"packaged"
electronic
i g n,
development
circuits
and
production
of
and
sub-systems.
Pro¬
products and working capital.
Office—
317 Main St., East
Rochester, N. Y. Underwriters—Gen¬
esee
Valley Securities Co., Inc., Rochester, and H. B..
Vesey & Co., Inc., Glens Falls, N. Y.,
ceeds—For
new
Dynascan Corp. (4/30-5/4)
29, 1962 filed 190,000 common.
/
Jan.
Price—By amend¬
ment. Business—Design,
manufacture, and sale of elec¬
tronic test equipment,
antennas, and microwave devices.
Proceeds—For
selling stockholders.
Office—1801
W.
Belle Plaine Ave.,
Chicago. Underwriter—H. M. Byllesby
&
Co., Chicago.
• Eastern Camera & Photo Corp.
March 28 1962 filed $500,000 of 6% conv. subord.
deben¬
tures due 1972 and
50,000 common shares (of which 25,000 will be sold
by the company and 25,000 by stock¬
holders). The securities are to be offered in units of one
$100 debenture and 10 shares.'
Price—By amendment.
Business—Operation of retail
ment
Jan. 23, 1962 filed 250,000
common, of which 150,000 are
to be offered by the
company and 100,000
1974
Price—By
1961
15, 1962 filed 200,000
held.
—For
and
/
Sept. 28, 1961 filed 140,000 common with attached war¬
rants to purchase an additional 140,000 shares
to be
offered for subscription by stockholders in units (of one
share and one warrant) on the basis of 3 units for each
5% preferred share held, 2 units for each 5% preferred
2, 1962 filed 150,000 common. Price—By amend¬
ment (max; $8). Business—Design and manufacture of
sports and casual wear for girls and women. Proceeds
due
Corp.,
Deuterium Corp.
Distributing Corp.
1962
Investors
E.
R.
Price—By amend¬
Business—Purchase, manufacture and sale of;
various building materials. Proceeds—For debt repay¬
ment
and working capital.
Office—373 Adams Ave.,
Memphis, Tenn. Underwriter—-M. A. Saunders & Co.,
/Inc., Memphis.
Mar.
2.9,
Underwriter—I.
ment.
Country-Set, Inc.
March
11,
Denie's
outstanding by the present holders thereof. Price—To be
supplied by amendment. Business — The manufacture
and distribution of phonograph records. Proceeds—For
the repayment of debt, and working capital. Office—315
W. 47th St., N. Y. Underwriter—Van Alstyne, Noel &
Co., N. Y. Note—This firm was known formerly as the
debentures
Y.
Underwriter—Alessandrini & Co., Inc., N. Y. Offering—
Corp. 4/30-5/4)
Cosnat Record
N.
/Imminent.
Proceeds—For
May 26, 1961 filed 231,444 common, of which
to be offered for public sale by the company
ness
Drever
—
repayment, working capital and other corporate
purposes. Office—15 Clinton St., Yonkers, N. Y. Under¬
•
Doughboy Industries, Inc.
23, 1962 filed $4,000,000/of convertible subordi*
nated debentures due 1977.
Price—By amendment. Busi¬
•
Inc. ;
("Reg. A') 60,000 common. Price — $5.
Business
Construction and financing of shell homes.
Proceeds—For working capital. Address—Allendale, S. C.
debt
writer
;
DeLuxe Homes,
Dec.
Price—$3.
common.
.
Industries,
VLevittown, N. Y. Offering—Imminent.
Underwriter—R. F. Dowd
Cosmetically Yours, Inc.
29, 1962 ("Reg. A") 80,000
Broadway, N. Y. Underwriter—Brand, Grumet &
Seigel, Inc., N. Y. Offering—Expected in June. '
and
town,
Jan.
.
expansion, equipment, debt repayment and
working capital. Office—82-88 Washington St., Middle-
(4/30-5/4)
Jan. 9, 1962 ("Reg. A") 75,000 class A common.
Price
$4. Business — A financial investment and holding
company. Proceeds—For expansion and working capital.
Co.
—1407
March 9, 1962 filed 122,700
common, of which 42,500 are
to be offered by
company and 80,200 by stockholders.
Corporate Funding Corp.
&
Thursday, April 5, 1962
ceeds—Plant
Maher Associ¬
Copymation, Inc.
;
Dec. 28, 1961 filed 60,000 common/Price—by amendment
($15 maximum) Business—manufacture of photo-copy
machines and the distribution of office copy machines,
photographic laboratory equipment, etc. Proceeds—For
general corporate purposes. Office—5642-50 N. Western
Ave., Chicago, Underwriter—Kenneth Kass, N. Y.
Office—39
.
Inc.
Sept. 28, 1961 filed 95,000 common. Price—$3.50. Busi¬
ness—Manufacture of precision rubber extrusions. Pro¬
:
,
;\
Delford
For debt repayment and
—
ates and Bull & Low, N. Y.
•
offered
of wood and metal framed pictures, wood utility
frames, etc. Proceeds—For debt repayment, inventory,
and working capital. Office—444 Courtland St., Mundelein, 111. Underwriter—Clayton Securities Corp., Boston,
general corporate purposes. Office—145 Water St., South
Norwalk, Conn.
1961
be
.
Feb.
(4/23-27)
sale
125,000 common. Price—$3.75. Busi¬
of high vacuum systems and elec¬
ness—Manufacture
to
are
Inc.
29, 1961 filed
29,
Underwriter—Bayes, Rose
filed 120,000 common, of which 90,000
by the public and 30,000 by a stock¬
holder. Price—By amendment. Business—Production and
Control
Cooke
22nd
St., Miami, Fla.
Co., Inc., N; Y.
&
Oct.
Dec.
W.
.
and
store
camera
stores and depart¬
concessions.
white
film
and
Company also processes black
repairs photographic equipment.
common. Price—$4. Business
—Design, sale, fabrication and installation of acoustical
ceilings. Proceeds—For debt repayment and expansion.
Office—1925 Euclid
Ave., San Diego. Underwriter
Holton, Henderson & Co., Los Angeles.
by stockhold- / Proceeds—For debt repayment and working capital. Of¬
fice-—68 W. Columbia
Business—Manufacture of
St., Hempstead, N. Y. Underwrit¬
women's nylon hosiery. Proceeds—For debt
ers—Edwards & Hanley,
repayment
Hempstead, L. I., and Street &
and working capital.
Office—417 Fifth Ave., N. Y. Un¬
Co., Inc., N. Y. : ,v
derwriter—Drexel & Co., Philadelphia.
• Eastern
Offering—May.
Aluminum Manufacturing
Co., Inc.
Diversified Collateral Corp.
March 21, 1962
("Reg/A") 100,000 common. Price—$3*
Dec. 28, 1961 filed 78,000 common. Price —
Business—Manufacture and distribution of
By amend¬
screens, win¬
ment. Business—A
mortgage investment company. Pro¬
dows, doors, etc. Proceeds—For debt
repayment, plant
ceeds—For general corporate
purposes. Office—420 Lin¬
expansion, and working capital. Office—910 Line
St.,
coln Road, Miami
Beach, Fla.
Underwriter — To be
Camden, N. J. Underwriter—H. A. Riecke & Co., Inc.,
named. Offering—Expected in late
May.
Philadelphia.
•
•
Business—A
—For
debt
consumer
sales finance company.
repayment.
Underwriter
—
Office—1775
Bernard
M.
Kahn
&
ers.
Proceeds
Broadway, N. Y.
Co., Inc., N. Y.
Crownco
Mar. 26, 1962 filed 115,000
—
Custom
Metal
Products, Inc.
Nov. 20, 1961 filed 100,000
—Manufacture
hardware
to
of
common.
(4/16-20)
Price—$4.
components
and
electronic
tolerances.
Proceeds—For repay¬
corporate purposes.
Office—626
Atkins Ave.,
Brooklyn, N. Y. >' Underwriter—Blank,
Lieberman & Co.,
Inc., N. Y.
Cut
&
est.
J.
Daisy Manufacturing Co.
—
Office—500 Fifth Ave.,
subsidiaries.
Proceeds—For
investment in a subsidiary
working capital. Office—147 Northeast Main St.,
Rocky Mount, N. C. Underwriter—Arnold Malkan &
Co.,
Inc., N. Y.
':/;;// '■
Eastern Pennsylvania Investment Co.
March 16, 1962 filed 450,000 common.
Price—By amend¬
ment (max. $16). Business—A small business
investment
Proceeds—For
company.
Price—By amendment
manufacture and sale
body & Co., N. Y.
Feb.
(max.
of
$25).
air
Business—Design,
cleaners.
Proceeds—For
working capital. Office—1400 W. 94th St., Minneapolis.
Eppler, Guerin & Turner,
Underwriter—Paine, Webber, Jackson
Offering—Expected sometime
Toy Corp.
Nov. 27, 1961 filed
100,000 capital shares (with attached
warrants to purchase an
additional 100,000
shares), to be
offered in units of one
share and one warrant. Price—
in
&
Curtis, N. Y.
May.
Office
—
3
Penn
writers—Drexel
&
general
Center
Plaza*
corporate
purposes.
Philadelhia.
Co., Philadelphia
and
Under¬
Kidder, Pea-
Eastern Properties Improvement
Corp.
Aug. 22, 1961 filed $1,500,000 of subordinated debentures
250,000 common shares. Price—For deben¬
due 1981 and
tures, $1,000; for stock, $10.
Business—General real
es¬
tate.
Feb. 26, 1962 filed
150,000 common,
to be offered
by the
Proceeds—For the acquisition and
development of
properties, repayment of debt and engineering, etc.
Office—10 E. 40th St., New York. Underwriter—To be
holders.
named.
Donmoor-lsaacson, Inc.
of which 50,000 are
and 100,000 by stock¬
(max. $12). Business—
Design and manufacture of boys knit
shirts, sweaters,
and pajamas. Proceeds—For
working capital. Office—
company
$3.25 per unit. Business—Manufactures
educational toys.
Proceeds—To repay debt and increase
working capital.
Office
794 Union
St., Brooklyn, N. Y. Underwriters—
Hampstead Investing Corp., Aetna Securities
Corp
and
Atlas Securities
Corp., N, Y.
1115
N. Y.
Price—By amendment
Broadway, N. Y. Underwriter—Goodbody & Co.,
Offering—Expected sometime in May.
Donnkenny, Inc.
•, Decorative Interiors, Inc.
common.
stock, $2.50: For debentures, at par. Business—A hold¬
ing company for small loan and credit accident insurance
Donaldson Co., Inc.
26, 1962-filed 80,000 common, of which
35,500 are
to be offered
by the company and 44,500 by stockholders.
(5/21-25)
Feb, 26, 1962
("Reg. A") 52,000 class A
Proceeds—For investment.
Underwriter—Bacon, Johnson Realty Management
Co., Inc., (same address).
March 9, 1962 filed
135,000 common. Price—By amend¬
ment (max. $8.50).
Business—Design, manufacture and
sale of air
rifles, toy guns, fishing rods and outdoor
boots.
Proceeds—For selling stockholders.
Address—
Rogers, Ark. Underwriter
Inc., Dallas.
1962 filed 1,000,000 shares of beneficial inter¬
Price—$10.
Business—A
real
estate
investment
N. Y.
Merritt & Co., Inc., N. Y.
•
of
and
Estate Trust
trust.
Flushing, N. Y. Underwriter—M.
Price—
$2.50. Business—Manufacture of
draperies, furniture and
Price—$4.50. Busi¬
March 8,
Curl, Inc.
1961 filed 100,000 common.
Price—$4. Business
—Operation of beauty salons. Proceeds—For expansion.
Office—67-11 Main St.,
(H.)
common.
ness—A
Real
Investors, Inc. (4/23)
27, 1961 filed 10,000 common shares and
$625,000
6V2% con. subord. debentures due 1972. Price—For
Dec.
13, 1961 filed 125,000
Diversified
Eastern
Corp.
small loan investment
company. Proceeds—For
expansion. Office—707 Northwestern Federal
Bldg., Min¬
neapolis. Underwriter—Bratter & Co., Inc., Minneapolis.
/
Dec. 20,
Davis
Diversified Discount & Acceptance
Dec.
metal
precise
amendment.
(4/10-11)
Business
ment of debt and other
Price—By
,
Feb. 20, 1962 filed
90,000 common. Price—$9. Business—
Design, manufacture and sale of misses' sportswear and
casual dresses. Proceeds—For
selling, si^ckholdea^ Office.
real
Economy Food Enterprises Corp.
29, 1961 ("Reg. A") 100,000 common.
Nov.
Price—$3.
Business—Sale and servicing of home food
freezers and
sale of bulk food to freezer owners.
Proceeds—For gen¬
eral corporate purposes. Office—180
Babylon Turnpike,
Roosevelt, L. I., N. Y. Underwriter—Sentinel Securities
Planning Corp., and Bassior & Co., both of 101 Cedar
Volume
•
Number 6148
195
.
,
General
corporate
Busi¬
Proceeds
Office—164
purposes.
Valley City, N. D.
Valley City, N. D.
Price—$3.
finance business.
recourse
E.
St.,
Inc.,
Main
Underwriter—Reserve, Funds,
"
Edge Ltd.
i-v_;
Mar. 26, 1962 filed 125,000 common/Price—By amend¬
ment (max. $4). Business—Merchandising and sale of
phonograph records. Proceeds—For debt repayment, ac¬
quisitions,
and working capital.
Fifth PI., N. E., ' Washington, D.
master, Voisin & Co., N. Y. / ' <•
Educational
Office—2235 TwentyC. Underwriter-^-Ritt-
.;■// ' V-\y
Aids
Ehrenreich
Photo-Optical Industries,: Inc.
(4/23-27) yyV/vJan. 26, 1962 filed5 150,000 common, of which
•
to
are
offered
be
holders.
cameras, lenses, accessories and optical
Proceeds—For debt repayment, expansion,
Office—111 Fifth Ave., N. Y.
working capital.
derwriter—Lee
Eisler
Business—Wholesale
of
instruments.
.
100,000
and 50,000 by stock-:
company
amendment.
Price—By
distribution
and
by the
Un¬
Higginson Corp., N. Y.
Transformer
Inc. /
Co.,
("Reg. A")
1962
75,000
electrical
equipment.
Proceeds — For debt repayment,
inventory and working capital. Office—16 N. Salem St.,
Dover, N. J. Underwriter—Sherman & Hall, Inc., Allentown, Pa. ■
Price—$4.
Business—Manufacture, assembling
processing of metal parts and products. Proceeds—
For equipment, construction of a building, and working
capital. Office—187 N. Water St., Rochester, N. Y. Un¬
derwriter—Charles Plohn & Co., N. Y.
and
17, 1961 filed 75,000 common. Price—$5. Business
—Design and manufacture of precision nuclear magnetic
instrumentation. Proceeds—For general corporate pur¬
•
Transmission
March
22,
debt
ing
.Common
/ Japan
$18,265,419
EST)
Discount
Fund,
(Bache
•.
underwriting)
no
V"
(Monday)
Allyn
C.
(A.
.Common
(Roth
Construction
Design,
Common
v■
i
.
Flower
Hardy
City
Industries,
Green
Williams
(Seidman
(Williamson
Common
$325,000
(Bache
and
Co.
St
Robinson-Humphrey
Lithoid,
Loral
Electronics
Co.)
(Globus,
(E.
Inc.)
Co....
R.)
.y__:
-
V
Altman
68,000
Common
Co..
received)
(Netherlands
Premium
Narrows
National
.Common
Atlantic
(G.
Common
Corp
Murphy & Co.) $400,000
&
Saxton
A.
(A.
(A.
Becker
C.
(Street
Precision
&
Co.)
$525,000
Common
&
Co..
Instrument
Inc.)
Common
Corp
Inc.)
Co.,
&
$350,000
Common
Corp
Noel &
Alstyne,
150,000 shares
Co.)
Securities
(General
$500,000
Common
$300,000
Inc.)
Co.,
—-—.Capital
——
Realty
(Burnham
Class
&
250,000
Co.)
(Hardy
Automatic
Co., Inc..
RF
(Arnold
Plant
Malkan
&
(G.
(Dallas
K.
Shields
&
Co.)
Tec-Torch
Rupe
Co.,
Tennessee
(S.
D.
Plastics
Ultra
Warlick
Moyer,
Common
&
Co.,
Inc.)
City
Capital
Co...
Fricke
&
French,
T-* )
Turner,
Inc.)
180.000
Linburn
(C.
C.
Industrial
Codings
Eldre
Electronics
& Co.,
Inc.
Class
Inc..
and Harrison
Co.)
&
155,000
Berne of California, Inc
•
...
:
(Pacific
Coast
Co.)
(Hayden.
(McDonnell
Stone
&
Co.)
Common '
150,000
shares
Co.
and
Halle
&
Stieglitz)
125,000
shares
Pike,
First
200,000 shares
Scientific
Funds,
Inc.)
—...
...
St
Potoma
Weill)
Tork
Time
United
Taylor
Common
St
and Magnus & .Co.)
Co.
shares
Common
Packaging Co., Inc
(Godfrey,
Hamilton.
Taylor
St
Co.,
West Falls
(Globus. Inc.)
Co.)
$400,000
Securities,
Inc.)
&
Co.,
Inc.)
$300,000
Inc.;
$625,000
Seymour Blauner Co.
Haft & Co.)
$600,000
&
and
$306,000
Common
$175,000
Common
Inc
Co.)^ $742,500
Shopping Center Limited
Units
Partnership
(Hodgdon
Wiatt
(Norman)
&
(Schwabacher & Co.;
Widmann
(L.
Inc.)
Co.,
$444,000
Common
Co
J. Barth St Co. and Bear,
135.000
Wiley
Stearns &
shares
Common
F.), Inc
(Godfrey, Hamilton, Taylor &
.—Class A
Corp
Plohn
Co.)
Common
...
Stores,
(Charles
^.Common
&
Inc.)
Lighting Products, Inc
Liquor
$3,000,000
Inc.)
Common
135,000 shares
Controls, Inc
Hamilton,
(Godfrey,
Weinkles
Common
Sprayregen.
Inc
$325,000
Technical Animations, Inc._______.Units
(Offering to stockholders—underwritten by Bull & Low;
John R. Maher Associates and R. Tropik & Co., Inc.)
$211,400
Universal
$400,000
Inc...
Plohn
Inc
Malkan
Common
Common
Berlind,
(Carter,
:
$750,000
110,000 shares
Co.,
&
$357,500
$700,000
Inc.)
Common
Inc.)
Common
(Netherlands Securities Co..
Inc.)
Co.,
Woodhill,
Common
Mackie,
Inc.
(Arnold
-
Class A
Corp.
&
&
Fastpak,
Common
...
Inc.)
&
...Common
—
Units
Lieberman
(Meadowbrook
$255,000
Brentwood Financial Corp.
Conductron
Inc
& Co.,
O'Neill
H.
shares
100,000
Inc.)
O'Connor,
&
150,000
Inc.
(Charles
Ellner
$600,000
Inc
Components,
A
shares
.Common
Securities
Co.)
Products, Inc
(Reserve
Almo
&
Beane
(Blank,
Econ-O-Pay,
(Tuesday)
April XO
Common
&
Records,
Co.,
Custom Metal
shares
shares
150,000
Inc.)
Co.,
Hamilton, Taylor
Finance
.Common
&
Cummings
....Common
Inc
St
(Stein Brothers & Bcyce)
$300,000
Bregman,
Industries, Inc
(Singer,
$700,000
Inc
Guerin
(Godfrey,
Certified
by
$1,024,700
Corp.______
Cameo-Parkway
Units
shares
Co.)
Becker
G.
Mount
(Reiner,
$325,000
17,500
Spencer Gifts,
Debentures
Corp
Publications,
(A.
Burton
Common
Inc.)
Co.)
&
Ackerman
Press,
(Eppler,
Breskin
Industries, Inc
Fuller
Specialties
(Woodcock,
Co..
&
Oil
Common
(Arnold Malkan & Co., Inc.)
$1,000,000
Co.)
&
stockholers—underwritten
to
Common
shares
Inc.
(Stone,
Vitamin
152,000
Cummings
shares
Spears (L. B.), Inc
Debentures
Corp
&
$270,000
:
Harvey
(Offering
Common
....
Inc.)
Son,
Inc
(Scott,
Texas
&
Chica
Bolsa
(M.
shares
160,000
Co.)
&
100,000
Spartan International Inc
Common
•
Suburban Directory Publishers, Inc
Taylor Publishing Co...
Oil
(Bregman,
Common
Hurley & Co.) $208,980
Fuller
D.
Chica
Bolsa
$200,000
Co.)
Equipment Corp
(Joseph W.
•;
(S.
Common
Lynch)
&
Manufacturing Co
(Gebrge,
shares
150,000
Leonard
Ahalt
(Searight,
Shelley
Corp._______—..Class A
underwriting)
Common
Industries, Inc
(Moore,
$1,200,000
Co.)
....Common
129,000 shares
Seg Electronics Co., Inc
Common
&
Photo
All
$300,000
Inc.)
Polonitza,
&
—
(Schwabacher & Co.)
$500,000
State Electronics Corp
Bay
541,000 shares
Interonics, Inc
Steel
(No
Common
,
(Roth & Co.. Inc.)
Marker
Co.
Season
shares
150.000
Utilities Corp
Atlantic
.Common
(Kidder, Peabody St Co. and Dean Witter & Co.) 200,000 shares
Publishers
Co.)
Securities Co.)
(Equity
B
shares
Producers Cotton Oil Co
Fuller &
Rucker
Common
Corp
American Modular Manufacturing Corp.__Common
125,000 shares
& Co.)
Corp...
& Screw Mfg.
D.
(S.
Capital
(Garat
(Monday)
16
American Bolt
shares
120,000
Co
(Lehman Brothers and J. Barth
Presidential
April
Class A
shares
131,500
Inc.)
Rego Radio & Electronics Corp..
Common
Rising's Inc.
shares
150,000
Industries, Inc
Common
Inc
Co.,
Gilhart
D.
Microwave
Premier
Corp.)
Investing
Industries,
Electronics
Orion
..Common
$300,000
Inc.)
.Common
Heritage Equity Corp.)
and
Equipment & Plastics Corp
(Cortlandt
North
$6,000,000
Co.,
$4,000,000
Inc.
Co.,
&
$420,000
(Van
Securities
and Mitchum, Jones &
Corp
v
(Friday)
April 13
&
Jones
shares
150,000
Debentures
Systems
Ackerman
(Stone,
Mitchum,
Co., and
&
(Kidder, Peabody & Co.
Templeton)
Molecular
$1,500,000
Templeton)
St
Common
150,000 shares
Co
Realty
(Pearson,
Corp.
Jones
shares
100,000
Co.)
&
.Common
Templeton)
■./•W
Inc.)
.Common
Peabody
(Kidder,
Macco
Bonds
be
to
'V:
,
Class A
«:
$660,000
Baum & Co.)
Podesta
'
Motor Parts
units
Realty Co
Bonds
—
...
&
;
;
•
.
Macco
•
$35,000,000
EST)
a.m.
Financial
Bay
Common
—
Units
Inc.)
Co,,
&
(Andresen St Co.)
i
V
$1,250,000
$400,000
Fidelity America Financial Corp
$300,000
Co.)
Corp.)
Marts, Inc
(Mitchnm,
Capital
Blauner
$150,000
,''.V170,000 shares
West
shares
110,000
Corp.
(Seymour
Moore
/
Common
Milli-Switch
..^Common
Littlefield, Adams & Co
.....Bonds
Securities
& Light Co
'Bids
shares
56,225
Weld
(Cruttenden,
...Preferred
Securities Corp.)
11:00
•
Mississippi Power Co
Common
&
Co. )
&
Co., Inc
Nebraska
(Stone.
$360,000
Inc.
Boiler
Walston
and
April 12 (Thursday)
'
Clute (Francis H.) & Son, Inc.....
Kidder, Peabody & Co. and
Roland
Model.
Inc.)
Corp
(Lehman Brothers;
Medex,
y—
125,000 shares
Co.,
&
Templeton
Cliff Rah el & Co. and Storz-Wachob-Bender Co.)
(J.
Common
Taylor
Hamilton.
shares
200,000
—
Inc.
Littelfuse,
75.000 shares
..._.Debentures
(First Nebraska
-
Shaver Food
Capital
Inc
(Godfrey,
V
? Pacific Power
units
17,000
Inc.)
Co.,
:
Co...
Gas
(White,
.
(George K.
Corp.
(Bids
Electronics, Inc
(Jennings, Mandel & Longstreth)
;
*
&
stockholders—underwritten by White, Weld & Co.)
63,803 shares
(Offering to
.y' /
>1;'
Intermountain
..Common
Corp
&
(First
Inc.....Units
Inc.)
Co.,
Jones
Nebraska
$420,000
Corp.)
International Airport Hotel Systems,
Johnson
shares
124,900
Beane)
/ Nebraska Boiler Co., Inc.
^....Common
Corp.
Securities
&
Rhoades
^...Capital
Inc
Productions,
Loeb.
M.
(Wednesday)
Electronic
(Mitclium;
.
.Common
Cantwell)
Valley Construction
Williston
R.
Electronic
,
Inc
&
,v
Co.)
&
•
-
(Carl
)>Jntermountain Gas Co
$75,000,000
Inc.)
Co.,
(Mitclium, Jones & Templeton and Walston & Co.)
■/ Bell
;
Co.): $306,000
&
Hanna-Barbara
vy
Common
April 11
Bell
■
Corp.—-i
(Hardy
&
..Common
Capital Corp
Leonard & Lynch and Singer, Dean & Scribner)
•
Corp.-—iCommon
stockholders—underwritten by
r-■ - 'v-'
$620,000
.
\ :_•
-
p
$300,000
to
Palm-Aire
Florida
Securities
Stuart
'
$1,540,000
Co.)
&
$2,750,000
Ccfu'L.—Debentures j^u(
Corp.; White, Weld & Co, and
Corp.
$279,000
—.—Common
Noel
Alstyne,
y
.Common //y y
$300,000
Common
Inc.)
Co.,
King Louie Bowling Corp....
$300,000
Inc.)
&- Co.,
Bernard & DeBoff, Inc.)
Palm-Aire
(Offering
■;.■
CO., Inc.)
&
.Com.
$990,000
Corp
Securities
Pittsburgh
(Moore,
•••'
Transmission
Gas
(J.
,
Florida
Z Greater
Common
115,000 shares
Inc.)
Co
(Van
$20,000,000
....
A: Saunders
Gould Paper
'
Bonds
Inc.
Halsey,
'
(Seymour,
Leasing
(Midland
v- *
Inc
Blauner & Co., Inc.)
Webster
&
Vassar
Common
>
/
Common
inc....
■, ". "u
(Thomas Jay, Winston
/ Electronic Controls, Inc
!
(Stone
:v
-C-p-i—.Commoii
•
•;v',
General
$6,375,000
Co.)
St
Co.,
Taylor &
General Battery & Ceramic Corp
..Common
(Dempsey-Tegeler & Co., Inc.) 200,000 shares
and
$400,000.'
Inc.)
Co.,
St
Haupt
..Common
Hamilton.
(Godfrey,
$300,000
34
700,000 shares
Noel & Co.)
Alstyne,
(Van
on page
Garden State Small Business Investment Co..
Common
(Bids 11 a.m. CST)
(M.
Tennessee
$300,000
(Sandkuhl & Co., Inc.)
Concors Supply Co., Inc.—
/
Raiford's,
$2,200,000
Co.)
&
Century Brick Corp. of America
•
Corp.)
Webber, Jackson St Curtis
Co., Ltd.) $25,000,000
Paine,
(Milton D.
Common
Continued
Corp.—
Frouge
:
:—Capital
Securities
Publications,
Pyramid
and Goodbody
Co.
&
$662,500
Inc.)
Northern Indiana Public Service Co
S2.675 000
/p American Pioneer Life Insurance Co
Office—5150 Wilshire Blvd., Los An-
working capital.
& Co., Inc.,
Corp....Com.
Acceptance
Co.,
/
^ Equity Funding Corp. of America
March 29, 1962 filed 240,000 common. Price—By amend¬
ment
(max. $6.50).
Business—A holding company for
firms selling life insurance and mutual funds.
Proceeds
—For new sales offices, advances to subsidiaries and
Securities
(Ira
(Dempsey-Tegeler & Co., Inc.) 250,000 shares
'
North, Minneapolis. Underwriter—None.
for
components
Inc
Debentures
Corp
to stockholders,
Pacific Lumber Co
Alaska
p.-'
Busi¬
Price—$3.
of
Leasing Corp
Co.;
&
&
&
Fidelities
■
■
and
Municipal Investment Trust Fund, Pa. Series__Ints.
(Friday)
Government Employees
the making of construction loans to
property owners. Proceeds—For repay¬
working capital. Office—430 First Ave.
and
mortgages
,
(Bratter
April 6
April 9
in
N. Y.
Diversified
;
,
(4/23-27)
Nov. 29, 1961 filed $3,000,000 of 8% subordinate deben¬
tures due 1965. Price—At par. Business—The investment
builders
& Lee, Inc., and Crosse
Thomas, Williams
Hammill & Co., N. Y.
Equity Capital Co.
Stream, N. Y. Underwriters—V. S. Wickett & Co., Inc.,
Nikko
(Offering
son,
repayment, expansion, sales promotion and work¬
capital. Office — 103 E. Hawthorne Ave., Valley
(First
a.m.
(max. $12). Business—Operation of a chain of re¬
tail shoe stores. Proceeds — For selling stockholders.
Office—237 Cherry St., Toledo, O. Underwriter—Shear-
ment of debt and
distribution
and
filed 150,000 common. Price—By amend¬
ment
Inc., N. Y.
DeBoff,
&
/
(4/30-5/4)
Epko Shoes, Inc.
March 27, 1962
Corp.
125,000 common.
1962 filed
ness—Manufacture
Hill Aircraft &
(Thursday)
Pacific Power & Light Co
stockholders—bids 11
•
(4/9-13)
Seymour, Eernard
—
Electronic
Garat &
—
.
100,000 common. Price—$3. Business
—Design and manufacture of automatic electronic and
computer
controlled
drives and
systems,
helicopter
check-out, flight control and landing control systems and
multi-contact relays and switches. Proceeds—For debt
repayment, working capital and other corporate pur¬
poses. Office—67 Southfield Ave., Stamford, Conn. Un¬
April 5
to
Blvd., Torrance, Calif. Underwriter
Polonitza, Los Angeles. •
Nov. 29, 1961 filed
derwriter
.
thorne
Office—Sawyer Lane, Hudson, Mass. Underwriter
—Gianis & Co., Inc., N. Y.
;
V
Inc.
(4/16-20)
Inc.
1961
Enviro-Dyne, Inc. (4/30-5/4)
Feb. 13, 1962 ("Reg. A") 300,000 common. Price — $1,
Business—Research, development, manufacture and sale
of enviromental testing equipment. Proceeds—For equip¬
ment and other corporate purposes. Office—24447 Haw¬
Nov.
/;/, Electronic Controls,
27,
curities, Inc. Hempstead, N. Y.
(5/21-25)
Corp.
Electromagnetics
& Pike,
33
("Reg. A") 30,000 common. Price—$10
Business—Operation of supermarkets. Proceeds—For ex¬
pansion and working capital. Office—896 Old Country
Rd., Westbury, N. Y. Underwriter—Meadowbrook Se¬
holder.
NEW ISSUE CALENDAR
(Offering
Dec.
background music; design, construction and installation
of specialized closed circut TV system. Proceeds—For
common. Price —,$4.
Business—Manufacture of transformers and inductors for
Feb,-28,
Ellner
(4/16)
Inc.
Feb. 5, 1962 filed 100,000 common, of which 75,000 are
to be offered by the company and 25,000 by a stock¬
poses.
Co., Inc. (5/7-11)
Dec. 26, 1961 filed 100,000 common. Price—$5. Business
-rSale of school supplies, toys and notions. Proceeds—
For equipment, inventories and working capital. Office
—1125 Okie St., N. E., Washington, D. C. UnderwriterWright, Myers & Bessell, Inc., Washington, D. C.
yv/'
(1637)
Eldre Components,
Econ-O-Pay, Inc. (4/16-20)
26, 1961 filed 1,000,000 common.
Oct.
ness—A dealer
The Commercial and Financial Chronicle
.
Co.) $486,000
Capital
(John) & Sons, Inc
(White,
Weld & Co.,
Inc.)
150,022 shares
Continued
on
page
34
34
(1638)
Continued
geles.
from
The Commercial and Financial
Chronicle
33
page
Fairway IVIart
Underwriter—Wisconsin-Continental,
Inc.,
March
Mil¬
and
112,500
shares.
common
•
French, Inc., Philadelphia.
Evans,
Price-
Inc.
N.
•
State
&
Co.,
;y.; ,y
Extrin
Foods, Inc.
(4/23-27)
Nov. 29, 1961 filed 100,000 common. Price—$3.25. Busi¬
ness—Creation and manufacture of flavors for the bak¬
ing
confectionary industries. Proceeds—For addi¬
personnel, new products and possible acquisitions.
Office—70 Barclay St., N. Y.
Underwriters—Hay, Fales
& Co., and McLaughlin, Kaufman &
Co., N. Y. (
Fairbanks Wire
Co., Inc.
For debt repayment and general corporate
Office—Walnut St., M D 23, Newburg. N. Y.
Underwriter—First Madison Corp., N. Y.
—
purposes.
Continued
from page 33
1962
Briggs
Leasing
(D.
.
tures due
Carolinas
&
Co.)
6,500
Co.)
$5,000,000
(4/23-27)
Price—$4.75.
•
Fields Plastics & Chemicals,
re¬
Inc.
29, 1961 filed 220,000 common. Price—By amend¬
Business—Manufacture of vinyl plastic sheeting.
Nov.
ment.
Proceeds—For selling stockholders. Office—199 Garibal¬
Ave., Lodi, N. J. Underwriter—Sutro Bros & Co., N. Y.
di
Offering—Imminent.
,
subord. deben-
conv.
•
shares to be offered
Financial
March
16,
Corp. of Santa Barbara
150,000
1962
to
are
shares
by
filed
be
Nov.
(4/16-20)
Calif.
30, 1961 filed 125,000 common. Price—$5. Business
distribution of nuts, bolts and other fastening
200,000
offered
the
by
devices
manufactured
repayment
and
by
general
others.
•
Fidelity America
Oct.
3,
1961 filed
—Commercial
D.
Anchor
Proceeds—For acquisition of stock and
Office—1035 State St., Santa Barbara,
Underwriter.— Dean
Witter
&
Futura
Y.
Underwriter
Financial Corp.
100,000
Blauner
&
Sulzberger,
&
&
•
..
Inc.)
<
Continued
.
Peabody
Co.)
&
80,000
Ruffy Togs, Inc
(Glass &
Ross,
Inc.
Samson,
165,000
and
Pacific
Coast
Securities
New
York
(D.
Lakeside
H.
Box
Blair
&
Co.)
100,000
Grader
(First
Mastan
Co.,
Mastan
Co.,
&
Co.)
&
Missouri
to
J.
Pal-Playwell
received)
McDonald
&
Co.,
Inc.)
Securities,
Forgan
Inc.)
Finance
(Roth
&
$718,750
Co.,
shares'
Inc
(Shearson,
?•
First Boston
by
Wine
Co.,
(First
Corp.)
21
Common
Corp.)
170,000
(A.
C,
Allyn & Co. and Hornblower
Mfg.
&
(Kidder,
Inc.)
Co.,
Inc.)
Mills,
Eastern
Eastern
(Lee
Common
B.
Burnside
Co.,
&
(Vickers,
.
Inc.)
$675,000
Capital
,
Investments
&
(W.
(Milton
&
Common
Co.)
120,000 shares
Voron
Kollmorgen Corp.
-Common
^
(Putnam
4
Co.)
M.
M.
Corp
Debentures
.
Byllesby &
Co.)
$2,000,000
Common
(Federman, Stonehill & Co.) 300,000 shares
Southern Bell Telephone &
Telegraph Co.—Debs.
(Bids
11
a.m.
EST)
$75,000,000
Tyler Pipe & Foundry Co.—
Southwest
Co.)
Common
120,000
shares
(B.
Harris
&
&
Co.
and
Common
Co.,
Inc.)
Stone
&
Home
&
Webster
Securities
(A.
(Pacific
Admiral Automotive
Products, Inc.—
&
Common
Co., Inc.) $400,000
Common
(International Services
Corp. and Market Values, Inc.) $300,000
Ainsbrooke Corp
&
Co.,
Capital
Inc.
and
Reuben
Rose
&
Co,,
Inc.)
Jiffy Steak
Securities
Common
Co.)
$300,000
G.
Hess,
shares
140,000
E.
Co.,
Inc.
Kim
Inc.
Grant
/•.'
Co.)
Reuben,
Rose
&
&
'
M.
L.
Lee
&
Co.,
•
-
Planning
Group,
Inc. )•
Securities
Corp.)
Common
300,000
.(Suplee,
ll
EST)
d.m.
Stores
..
Debentures
$20,000,000
160,000
shares
Inc.)
$650,000
>'
^———-Debentures
Shearson
Yeatman,
Mosley
Corp.)
Yeatman,
Mosley
Co.)
shares
(Paine,
shares
and
&
Curtis
Inc.)
Common
312,500
(Brand, Grumet
--———Debentures
and
Loewi
&
Co.,
'
-1
Inc.)
:
v
Common
and
Loewi
&
Co.,
Inc.)
shaves
Common
&
108,000 shares
Seigel,
Bacardi Corp.
shares
shares
Richling, Inc,
(Carreau & Co.)
(Eastman
Inc.). $1,200,000
———.—Common
Dillon,
Union
Securities
&
Co.)
$1,750,000.
"
$616,000
Caldwell
-Common
Co.
$1,250,000
Associated Baby .Services, Inc.———...Common
Class A
166,666 shares
Inc.)
Co.——
Jackson
90.000
Aronoff &
.
Redpath)
Specialty
Webber,
.
$1,700,000
65,000
Co.,
Specialty Co.—
Aluminum
..Common
72,000
Inc.)
Co.,
$1,000,000
$286,875
75,000
Co.,
&
.
Corp.—_„—_—Common
(Paine, Webber, Jackson & Curtis
Common
Taylor
shares
(Offering to stockholders—underwritten by
Hammill & Co.) $6,359,900
Aluminum
$800,000
Inc.)
Co.)
&
$300,000
—
Allegheny Pepsi-Cola Bottling Co.
Inc.)
Common
.
Parker
Capital
Common
:
April 30 (Monday)
y y
<
Allegheny Pepsi-Cola Bottling Co._—_ .Debentures
_
Corp
Co.)
&
Inc.)
&
-Units
Lestrange
Co.,
Co.—
—
April 27 (Friday)
Livingston Oil Co._^—-—
-
.Common
&
&
140,000 shares
Inc
(Balogh & Co.,
...
(Suplee,
Co
Hamilton,
Class A
and
April 25
(Wednesday)
*
Policy-Matic Affiliates, Inc.————Capital
.
shares
Fashions, Inc
(Godfrey,
$1,947,000
(Hayden, Stone & Co.)
-
t
\
Common
and
Securities
Liederman
(Auchincloss,
Co.)
,
200,000
Securities.
Becker
Coast
$1,590,000
.
Common
Co.)
Corp
(Arthurs,
Lee
Co., Inc.
Coast
&
Kay Foods Corp
$2,000,000
(Pacific
by
Jaylis Industries, Inc.—
(D.
Agency Tile Industries, Inc
Bruce
,
.Common
Iowa Southern Utilities Co.———
Films
Inc.)
Class A
Common
(Sunshine
Jayark
Bargain
'
100,000 shares
Honora, Ltd.
Corp.)
(Monday)
(Baruch Brothers
W.
Co.,
&
—.^.Common
Acceptance
(J.
Bonds
shares
Common
ServiceMaster
(Bids
$330,000
Products, Inc.
Builders
$300,000
$40,000,000
23
»
Common
Sachs
Hardlines Distributors, Inc.
Blauner
&
Capital
550,000
Scope Publishers, Inc
John's
.
Goldman,
stockholders—underwritten
Metal
Common
$440,000
Common
Remington, Inc.)
shares
April 24 (Tuesday)
y'.
Appalachian Power Co.__^
$460,000
Devices, Inc.—
D.
307,000
$3oo,oou
Plastics,
Units
Co.;
Merrill Lynch, Pierce,
White, Weld & Co., Inc. and
Co.) 2,250,000 shares
underwriting)
(McDonnell
Co.,
(Standard
$325,000
-
Inc.)
(Federman, Stonehill & Co.)
(Offering to
shares
—Common
Inc.)
Co.t
&
'
(Investment
$1,800,000
Corp.
G.
&
&
Blauner
(Laren
eWorld
Gateway Chemicals, Inc..
Hillside
Transcontinental Gas Pipe Line
Corp
Alan-Randal
Inc.;
Witter
(Thursday)
Rental
(White, Weld
Smith
&
Wenger
Wiggins
:
V
General
Joshua
Wade,
Vending Co., Inc
(Milton
April 19
&
400,000
Corp
.
shares
;
(No
Royaltone Photo Corp.
(First
Fenner
Folz
Byllesby & Co.) 110,000 shares
Newark Electronics
(H.
A
Co..
Co
Dean
—Class
$250,000
Inc.)
$3,000,000
(First Boston Corp.; Blyth & Co., Inc.;
Kuhn, Loeb & Co.; Lehman Brothers;
100,000 shares
Electronics Corp
<H.
Motor
Inc.)
Electronics Corp
(John
$625,000
-
4
Co..
(Andresen
(Hay, Fales & Co. and McLaughlin, Kaufman & Co.)
Ford
Co.,
Warwick,
Langley & Co.)
D.
Common
$25,000
Fastline Inc.
&
..Common
International, Inc
C.
Volt Technical
—.Common
Parks
&
$2,250,000
Trans-Alaska Telephone Co.
Marts
—Debentures
Everett
Co.,. Inc.)
City Dairy Products, Inc
shares
Extrin Foods, Inc
(G.
shares
Common
Sun
180,000 shares
150,000
shares
-
Towers
Debentures
underwriting)
&
(Finkle
Equity Capital Co
Funds, Inc.) $75,000
Instruments, Inc
Corp.)
170,000
145,000
&
Common
Inc.)
\
Common
Common
&
Becker
G.
120,000 shares
Co.,
Common
$676,500
Star Tank & Boat Co., Inc
(A.
Co.)
Common
Co.)
Common
Co., Inc.)
Gas
—
Inc.)
Common
Co.)
Northwest
Inc.—
MacPherson
Common
&
Higginson
(No
-Common
Studios Inc
(Hayden, Stone
(Richard
\
.
shares
Co.,
Brothers
.
Hopwood)
<fc
Corp.
$500,000
—
Malkan
Pacific
Elmaleh
and
(Baruch
$1,435,625
Inc.—
&
&
,
.
Inc.---
Co.
&
rRoadcraft
Common
——
157,500
Jaffray
shares
Ridgerock of America, Inc
■
:
;
Investors, Inc
(Arnold
& Sons—
(Dalen
April
shares
$3,000,000
Inc.)
.
—Common;
and
Products,
(Gross
———;
Malkan
Co.
Becker
G.
Common
Investors,
$850,000
(Goldman. Sachs & Co.) 210,000 shares
Haltone
Co.)
Co. 1
&
Hammill &
(Arnold
Inc.
(E. J.)
Newark
Peabody
Duro Pen Co., Inc
(Wednesday)
(Mortimer
Industrial
50,000
"
Co
(Hayden, Stone &
Research
Ehrenreich Photo-Optical Industries, Inc._Common
April 18
Cinema
Co.)
&
Regal-Meadows,
shares
--Common
Decorel Corp.
$562,500
Common
&
y
(Godfrey, Hamilton, Taylor & Co.) $500,000
Common
Co.,
(A.
"/■*'
-Common
Consultants and Designers, Inc.j
800,000 shares
Co
(Cruttenden
Brach
Weeks)
Aviation, Inc
Wham-O
Artlin
&
Hammill &
(Clayton Securities Corp.)
Common
(White
(Shearson,
Glass
(Investment Planning Group)
$900,000
Co.)
Piper,
Public Loan Co., Inc.--------
——Debentures
(Doft &
shares
Brands, Inc.
Walston
:
100,000
:—
Hammill &
and
95,000
Common
Plan.
(Shearson,
Inc
Boston
Co., Inc.)
Computer Control Co., Inc
40,312 shares
Taylor
&
Corp.
Witter
-Common
Co.)
———Capital
$300,000
Corp.-——,.——-Capital
75,000
(Dean
-•
Darlington
Co., Inc.——
(Florida Growth Securities,
Common
l
(Offering to stockholders—underwritten
The Ohio
and
Inc.)
Product Research of Rhode Island, Inc
Computer Concepts Inc.-—-—
$400,000
347,543
'
-
Co.,
,
—.Common
$500,000
\
*
}
:i;
Common
shares
—
&
Semiconductor
Northwestern
Barney
.
185,000
Campbell-Lurie Plastics, Inc
$300,000
Smith,
shares
Co.)
Wilkens
Higginson
•
$2,450,000
Bessel)
I
IS.
Common
by
Inc.___
Plan___
Common
Co.)
26,500
&
Co., Inc.
Finance
r-.
(Lee
—
&
National
Inc.)
—.—Common
Myers,
(Switzer & Co.. Inc.)
480,000 shares
Inc
Electronics
Common
Brewing Co.J_
Wine
Drum,
(Merrill, Turben
Common
(Tyche
(Glore,
.
Budget
$5,925,000
Co.)
Inc
Budget
$600,000
Inc
Schlitz (Jos.)
Taylor
Inc.)
Co.)
First California Co.; and Hill,
& Grimm) .18,000 shares
Bridge
Laboratories, Inc
(T.
v.';'.
Equip. Trust Ctfs.
be
Co.;
Common
Winslow,
RR
(Bids
r
&
&
-(Arnold,
Multronics, Inc.
v.:
-
i
Barney
Stores,
Barth
Big
shares
$5,000,000
i
Whiteside
Pacific
New World
170,000
Co.)
&
Foundations,
"C"
(J.
Notes
Eberstadt
Masury-Young Co.-(Chcce,
Big
Common
Eberstadt
&
Bestform
$900,000
Inc
V
Co.,
r
Magazines for Industry, Inc.—-—
Common
Co
(Smith,
Inc
(F.
-
Corp.)
$300,000
stockholders—underwritten
.
Debentures
Securities
Gas
to
snares-
Corp..
Nebraska
(F.
v
shares
150,000
$206,000
&
——Common
Inc.„_
(Wright,
Laboratories, Inc.__Common
Eberstadt
•>
Common
(Hayden, Stone & Co.)
(Offering
.Comrnpn
Industries, Inc.—
Lockwood
(F.
Berkshire
Co., Inc
Inc.)
Recton,. Dickinson & Co
Co.)
$300,000
Greater
Bebell & Bebell Color
Co.,
(Stevens, Hickey & Co.)
Common
(Raymond Moore & Co., Inc.
Securities
—Common
Graber
(Shearson, Hammill & Co.)
Lunar,. Films,
Common
page
shares
Livestock Financial Corp.—
A
on
shares
—
and
.-'
'"
Co., Inc
Underwriter—P. W. Brooks
Common
(Kidder,
$190,000
invest¬
Office—9*55
Levine's, Inc.
Little
_
Class
business
/',•
.
~:
•
.Common
$140,000
Price—By amend¬
small
Proceeds—For investment.
•
488,000 shares
Globus,
Madoff)
common.
Business—A
Bridgeport, Conn.
Co., N. y.
Common
and
$15).
company.
Main St.,
Packaging Corp.__Common
L.
(max.
Gen¬
—
Co., Inc.; M. L. Lee & Co.,- Inc. and
Jenks, Kirkland & Co.) $525,000
Inc.
ment
:
Proceeds
Packaging, Inc..
Ascot Publishing
Arnold
—
(4/13)
Industries, Inc
Ross,
March 9, 1962 filed 200,000
Price—$5. Business
common.
Webber, Jackson & Curtis)
Chemical
First Connecticut Small Business Investment Co.
debt
ment
finance, company.
100,000 shares
Airlines
Co., Los Angeles.
/
Offering—Expected in early June,
Office—8
purposes.
Coupling Co., Inc
Anscott
Art
Proceeds—For
corporate
Place, Freeport. N.
Malkan & Co., Inc., N. Y.
(Dana
..Common
(Shearson, Hammill & Co.)
which
of
and
—The
$1,000,000
Commerce Drug Co., Inc
shares,
company
"
(Eastern Investment Corp.)
;
capital
stockholders.
working capital.
Fastpak, Inc.
(Bernard
Class A
Richmond St., Toronto. Underwriter—G. V.
Kirby
Associates, Ltd., Toronto.
loan association.
"
Coastal Acceptance Corp
J.
Underwriter—G. Everett Parks & Co., Inc., N. Y,
shares
Common
&
Fidelity Mining Investments Ltd.
30, 1961 filed 800,000 common. Price—By amend¬
Nov.
50,000
Price—By amendment (max.
$20). Business—Company plans to acquire a savings and
(Glass
Corp
Dickson
S.
15th St., Phila.
Co., Inc.,, N. Y.
ment. Business—Exploration and testing of mining prop¬
erties; Proceeds—For general
corporate purposes. Office
&
Proceeds—Debt
and 40,000 common
1971
(Paine,
Units
Blair
Capital
(R.
Bonds
S.
Securities
publicly in units of one $500 debenture and 50 common.
Price—$575 per unit. Business—Manufacture of con¬
cealed zippers. Proceeds—Debt repayment, advertising
and working capital. Office—8 Washington Place, N. Y.
$25,000,000
Corp
H.
Inc.
Hallowell,
EST)
a.m.
blouses.
Sept..28, 1961 filed $400,000 of 6%
J
(Milton
(Bids 11
of
American Cardboard &
April 17 (Tuesday)
Appalachian Power Co
Underwriter—A.
Inc. (4/30-5/4)
("Reg. A") 63,000 common.
Benson
Oct. 30, 1961 filed 54,000 common. Price—$3. Business—
Manufactures
specialized
machinery and equipment.
Proceeds
26,
Fastline
and
tional
Office—42
purposes.
Underwriter—Netherlands
payment, equipment, inventory and working capital. Of; fice—Gauthier St;, Tuskegee, Ala. Underwriter—Wright,
Myers & Bessel, Inc., Washington, D. C.
(4/30-5/4)
St., Chicago. Underwriter—Allen
Y.
corporate
Thursday, April 5, 1962
.
cen¬
Industries,
Business—Manufacture
*
S.
Price—$3.
merchandise
.
—62
Fashion
Feb.
Jan. 23,
—36
St., Youngstown, Ohio.
Co.,' Inc., N. Y.
Carno
V
1962 filed 130,000 common, of which 20,000 are
to be offered by the company and 110,000 by stockhold¬
ers.
Price—By amendment. Business — Retail sale of
wearing apparel. Proceeds—For working capital. Office
Market
801
Debentures, $1,000; stock, $8. Business—Brewing of malt
beverages, the processing, cleaning and testing of metals,
and the sale of galvanized iron and steel products. Pro¬
ceeds—For debt repayment.
Office—10th & Callowhill
Sts., Philadelphia.' Underwriter—Woodcock, Moyer,
Fricke &
discount
ters. Proceeds—For expansion,
advertising, inventories,
working capital and other corporate purposes. Office—
^ Esslinger's Industries of Philadelphia, Inc.
March 28, 1962 filed $850,000 of 6%% conv. subord. de¬
1977
eral
100,000 common.
Business—Operation of five
waukee.
bentures due
Inc.
(''Reg."A")
19, 1962
.
Penzell
*
&
Publishing Corp:__——————Capital
(S.
B.
Cantor
Co.)
$687,500
*
Co.)
.
.
-
-
-
-"
■
-
Continued
on
page 35
35
Volume 195
Continued from
Number 6148
.
.
34
page
corporate
.
First
60,000 class A common. Price.
—$5. Business-t-A small loan company. Proceeds—For
working capital. Office — 751 Minnesota Ave., Kansas
City, Kan. Underwriters—Midland Securities Co., Inc.,
and Parker, Eisen,
Waeckerle, Adams & Purcell, Inc.,
Kansas
ness
Real estate investment.
—
erty
class A share
Realty Corp.
filed 250,000 common., Price—$10.
1961
Proceeds
chase
For
•—
repayment and other corporate
380-390 W. Middle Turnpike, Man¬
Underwriter—Putnam & Co., Hartford.
Office
chester, Conn.
—
Offering—Imminent.'
First
National
''
.
''
'
'
•
Distributing Corp.
29, 1962 filed 200,000 class A.capital shares. Price
—$2. Business—Production, distribution and sale of TV
pictures and tapes.
Proceeds—For
debt
(4/16-20)
Corp.
•
(5/21-25)
200,000 common. Price—By amend¬
Business—An investment company
specializing in bank stocks. Proceeds—For investment.
Office—3356 Atlantic Blvd., Pompano Beach, Fla.
Un¬
derwriter—Dempsey-Tegeler & Co., Inc., St. Louis.
Busi¬
•Oct.
First New York Capital
Oct.
27,
filed
1961
capital
investment.
Manhasset, N. Y.
Pro¬
company.
Northern
Blvd.,
Underwriter—None.
and
Estate
Real
Y,\V' ..New JerseyY1962 filed
4,
—Real
handbags.
Proceeds—For debt repayment, equipment
and working capital. Office—2024 Montieth St., Brook¬
lyn, N. Y.
Underwriters—Professional
&
Executive
/ Planning Corp., Long Beach, N. Y. and E. J. Roberts &
.Continued
from
yYYY/jY
Y/Y'/■jY
67,750
Flex
Price—$10. Business
common.
Proceeds—For
trust.
general
March
/
•'
Harrington
Devoe &
"
.
Co.)
&
Food
(Carroll
Hammill
&
Hammill
(General Securities
Paul
and
Corp
Eisenberg
190,000
Polonitza)
&
(Shearson,
_
Industries,
Inc.-:
Bessel,
&
Global Steel Products Corp.(Treibick,'< Selden •&,' Forsyth
•>'
;-'./
v
*
Lamb
"
;
r.
•
/
.
Lincoln
Y
Inc.-
Common
Inc.) '$299,250 Y'YY-/Y/.
Common
> 68,000 shares
'/-•
Inc.)
(Blair
v
&
$2,200,000
Co.)
Rosenau
*
United
•
Witco
Insurance
(Eppler,. Guerin
& Turner,
-/T-'r
R.
J.
;
Ten-Tex
Corp.
_ _ -
.United Variable
.
/.
:
May 8 (Tuesday)
Wiscoi^sih Telephone Co.._^_—
Arts
&
230.000 shares
:
^
_
Inc.
Inc.)
Reed,
and
^
'
•
•/ -
(Ehrlich,
Co.)
Irwin
&
Co.;
:
Inc.)
(Wednesday)
"///;/
.
/ '
;
;
1
\
/
(William
•
"
R.
Staats
Supply
'
J
J' _..V-
'J'
Kogel,
k..'
Corp.lJJ—V
Inc.-_
//■
$7,500,000
J
/ i
(Globus. »Inc.)
California
Southern
.
(Stone,
/Edison
Co
.;
;
.
& Salant,
(Kidder,
Peabody
.
/
,
&
;*.V"j
Y1
.-J';
-•
—Common
Williston & Beane)
R;
1
//
146,000 shares
—Common
90,000
Brothers)
(Lehman
shares
Common
Mountain States Tel. & Tel. Co.——Debentures
(Bids to be received) $50,000,000
290,000 shares
-—-Common
(Thursday)
June 7
$300,000
-Common
$750,000
Irving Weis & Co.)
.Debentures
Columbia Gas Systems, Inc
;
(Bids 11 a.m. EST) $25,000,000
.
———-^-Common
Co.,
/
Salant
Bonds
(Bids 8:30 a.m. EST) $40,000,000 V "
&
.7;;
June 4
June 5' (Tuesday)
—_
——
Ackerman
—-—Bonds
—_—
(Bids to be received) $17,000,000
•
Geotechnical Corp.
$2,250,000
Corp
and
Inc.
%<
c
Class A
Equity
Heritage
Inc. < and
$480,000
(Robinson-Humphrey Co.,
$100,000
•
/
Y
(Monday)
Gemco-Ware Corp.
/
j
Corp.)
Inc.)
(Lehman
—Class A
and
Jessup
__Common
Transogram Co., Inc..
156,000
Brothers)
shares
$2,000,002
Inc.__
Co.
(Monday)
11
June
/
Republic-Franklin Life Insurance Co.——Class A
Common
—
•
Co..
&
;
J
■//• /■'•':
:
-
;
;
.
.
$150,000
'Y'/-'. /'
■,
Alabama Power Co.—
Y
—Common
(R. P. Dowd & Co., Inc.)
Optech, Inc.
--Common
300.000 shares
••
;Y;-/>£k' May 31 (Thursday)
I
Bonds
shares
200,000
Co.)
&
Dielectrics, Inc
(Street
Weld & Co.,-Inc. and Goldman, Sachs & Co.)
White,
=
Molecular
Corp.—Ji.-_4-i.u-.--—-Debentures
Petroleum
Belco
/ /'/
—-Common
First Philadelphia Corp.)
.
.«s
•
..
275,000 shares
May ^9 '(Tuesday)
/;> :-/:v;"';^/j
New England Electric System—--——--Common
f (Offeripg- to stockholders—bids to be received) 872,876 shares
.4
/
(J.
Hammill & Co.)
J(Shearson,
V
,
/(White, Weld £1.Co., Inc. and Goldman, Sa,chs & Go.)
.,
Electric Co
(Clayton Securities Corp.)
Ipco .Hospital
:
Common
$300,000-
i'.V
Chestnut Hill Industries, Inc
(Tuesday)/
Belco Petroleum
V
Bids to be received) $16,000,000
.
$190,000
—
:
May 14 (Monday)
/Barker Bros. Corp.——
-
Common
&
-
Jaap Penratt Associates, Inc
May 1
shares
^—Common
Weeks)
&
Inc
Inc. and
(Globus,
.
■/.
$25,000,000
Lyon
May / 9
YY4 J.J/■
t
Common
„
$276,000
Wulpa Parking Systems, Inc.
1
(Hornblower
1/
Stonehill & Co.)
———
Welcome Baby,
;
Debentures
$20,000,000
Columbus & Southern Ohio
Inc.—
Ross,
/J'
/
Annuities Fund, lnc.__—Common
Industries,
(Globus,
/
Common
- _—_ _ _ „
(Waddell
••
Visual
'
.
Common
Inc.-——-
.
■
Inc.
Unishops,
J
./■'/' /
(Irving J. Rice & Co., Inc.)
{,■
Co.,
1
$300,000
Co.)
&
(Bids to be received)
Edwards, Inc.)
Sperti Products, Inc.—
'
Russotto
Common
——Common
(Troster, Singer to Co. and Federman,
175,000 shares
^
Common
and
Shares '
(Blair & Co., Inc.)
Chemical
Co.) $5,000,000
Co
Inc.
220,000
(Costello,
K. Baum & Co.) $651,300
Sportsways, Inc.
.
.
-Southwestern
V
shares
shares
412,636
——Common
Co., Inc
(George
175,000
$600,000
Morton's Shoe Stores, Inc.—
./ //•,
(Dean Witter & Co.) 517,122 shares
J
-—.—Common
Co.)
Staats &
R.
400,000 shares
Common
(Switzer & Co., Inc.)
Mac-Allan
Corp.—Common
Inc.)
iCommon
—
Co.)
&
(Monday)
May 28
Webber,
Paine,
by
Inc
Ripley
Great Eastern Foods Corp
/
J
$5,005,700
Hotel
/
—Common
(Wednesday)
Investments,
(Harriman
—Common
$300,000
Warwick,
&
-Wallace
(Smith, Barney & Co. and Goldman> Sachs & Co.) 100,000
(Standard Securities Corp.) $1,250,000
Rico Land & Development Corp.—Units
YZ \/Y'YJ Y'*
MacPherson
.
.
and Morris Cohon &
Curtis)
&
/■ "'^ay'23'
—J—--Debentures
International
Bonds
Light Co
300,000 shares
Co.)
&
——
Inc.)
Co.,
Corp._^
Jackson
(William
.
(Lieberbaum & Co.
/ /
Universal Industries, Inc.-.
—;
Common
J/'//."'-./":/"'/ ' (Edward Lewis Co., Inc.) $500,000
White Lighting Co
—.-.-.Common
(Arnold Malkan & Co., Inc.).„'. $450,000 v/- Y
/-Morse Electro Products Corp.—L—JiDebentures Y
Puerto
(Tuesday)
(Bids to be received) $10,000,000
$1,000,000
ElectroDynamics, Inc
,
,
Y.V-/".'
V
;
(Vickers,
:J J(Dempsey-TegelerCo;, . Inc,) 31,000 units ./ . Z
- • >.'•
.Marine & Animal By-Products Corp.
/.Common
&
/.Common
—
125,000 shares
Utah Power & Light Co
.........Common
Products, Inc.
Inc
(Bids to be received) r$20,000,000
400,000- units
Co..-Inc.)
stockholders—underwritten
to
Thunderbird
;;
&
Zuckennan, Smith
and
/Symington Wayne
/■'(Offering
Co.)
&
Inc.——
(Terrio
■■/
7
Blair
Malktin
————-Capital
Co...—
(Andresen & Co.)
J
Capital-
Corp.--Common
Brothers,
(Burnham & Co.
-
/ 4
■
H.
•
Seashore Food
(Horizon Management Corp.) 951,799 shares
r
;
McWood Corp.
.YJJ-Y
—-Units /■
/,
Plastic
.
:
>
(D.
v
Rona
shares
$6,500,000
Co.)
Bowling Corp
/J. (Arnold
——--Common
„
Z JJ-
Ben. Int.
200,000
——Common
$385,000
Co.)
Pharmaceuticals,
Wynlit
$350,000
Inc.)
&
•J'rY
(Jennings. Mandel & Longstreth> 100,000 shares
Primex Equities Corp.-——
J-L—JUnits
i——
Fund, Inc..
Co.,
May 22
shares
114,500
&
Libaire, Stout
Inc.)
4
(Kidder, Peabody & Co.) 371,750 shares
Utah Power &
Nationwide
shares
44--——Units
,?'■ /(Paul C, Kimball & Co.) 1,000 units
Y//Y
Industries, Inc.—Debentures
"
-
O'Connor,
Ahalt &
Rides,.
:
(Pacific Coast Securities Co.) 550,000 shares
.
(Searight,
Kiddie
Western -Pioneer
2,000,000 shares
Lieberman
& King,
Warwick.
&
Inc
(Carroll
National Vended Ski Insurance Corp.——Common
.Hudson Wholesale Groceries, Inc.-L J -Common £';
/
,// ./
(J, R. Williston' & Beane >$800,000."
'
"k.:-':
Joanell Laboratories, Inc.———k—__Jl.Common
■
MacPherson
(Vickers,
Torch Rubber Co.,
'
'
———-Common
Security Aluminum Corp
..Common
36
page
375,000 shares
(First Boston Corp.)
.Common
(Blanks
(Eisele
-Common
4-'v4YY
_/__„.Coinmon
shares Y'/YY; „• •/'>
Co. )>; 150,000
Z. .(Allen •& Co.). 130,000
//(Wright,- Myers
.
&
——
YV'Y/.' Y.'
Fashion
Hammill
'
Inc
on
.Common
Broadcasting/ Co.—
Scripps-Howard
.—Common
180,000 shares
$425,000
(To be named)
" •
Common
,
Co.)
&
Metropolitan Realty Trust
shares
$300,000
(4/9-13)
Inc.
Industries,
Continued
'
YY
$250,000
/J
Epko Shoes, Inc.-—
>EVans, Inc.
Inc.)
City
1961 filed 100,000 common. Price—$3.25. Busi¬
ness.
Design and manufacture of plastic
artificial
foliage and flowers. Proceeds — For general corporate
purposes. Address—St. Thomas, Virgin Islands. Under¬
writer—Seidman Williams & Cantwell, N. Y.
by selling stock¬
Corp.
jj_Common
Co.;
_-j_
—
(Garat
\ v
/"/..'/:-"/.
Lembo
'YyY
--Common
(H. M'. Byllesby & Co.)
Enviro-Dyne, Inc.
V
Flower
Lehigh Industries & Investing Corp.——Common
-
400,000 shares
.
corporate purposes.
Nov. 29,
Co., Inc. and S. Kasdan & Co.j Inc.)
.
Common
Co.)
Equipment Corp—
Co.
Dynascan
V
shares
165,000
Raynolds Co., Inc
(Shearson,
Dunhill
Noel
and
repayment
Co., N. Y.
subord. debentures
Richardson, Inc.—
&
Interworld Film Distributors,
.
Alstyne,
Proceeds—For debt
—
Products, Inc.
16, 1962 filed $95,000 of 6%
(Shearson,
(Van
and
real, property
undeveloped
of
sale
Office ;— 1790 N. Federal
Highway, Pompano Beach, Fla. Underwriter—Hardy &"
Electric
to be offered by the company and 2,850
Corporate Funding Corp
—Class A
\ :
•
(R. P. Dowd & Co., Inc:) $300,000
/•
Cosnat
Corp.-—
^.—..-/.Common
,
the stock¬
by
basis,
due 1972 and 47,500 common shares, of which 44,650 are
34
page
l-for-3
activities.
general
r
for ladies
frames
metal
of
offered for subscription
be
a
and
opment
Investment Trust of
investment
estate
.
sale
on
(related
Co., East Orange, N. J.
First
Jan.
Office—1295
Price—$1.
of which 310,000
common,
and 153,000 shares will be
/sold to the public. Price—$2. Business—Purchase, devel¬
(A. J.)
ness—Manufacture
shares.
filed 463,000
to
are
holders
Mfg. Corp.
;Feb. 2, 1962 ("Reg. A") 80,000 common. Price—$3. Busi¬
Fund, Inc.
2,770,000
Business-^ small business investment
ceeds—For
Fleres
(4/9-13)
Palm-Aire Corp.
1961
19,
shares
•
ment, working capital and other corporate purposes.
Office-Y505 Park Ave:, N. Y. Underwriter—Internation¬
al -Services Corp., Paterson, N. J.
44 Y/J.•
Bancgrowth, Inc.
Florida
ness—Company plans to acquire, invest in, and finance
patents and new scientific technology. Proceeds—For
general corporate purposes. Office—375 Park Ave., N. Y.
'Underwriters—Netherlands Securities Co., Inc., Seymour
Blauner Co., and Sprayregen, Haft & Co., N. Y.
repay¬
Florida
March 16, 1962 filed
ment
(max. $15).
»
Dec. 6, 1961 filed 200,000 class A stock. Price—$3.
Te'evisiori
Jan.
motion
39-08
held, and 40 rights will be needed to pur¬
to expire
First Scientific
'
'
promotion and other corporate purposes. Office—
24th St., Long Island City, N. Y.
Underwriter—
Bond, Richman & Co., N. Y.
sales
1962. Price—$250. Business—General real es¬
tate. Proceeds—For debt repayment and other corporate
purposes.' Office—375 Fifth Ave., N. Y. Underwriters—
Morris Cohon & Co. and Lieberbaum & Co., N. Y.
prop¬
manufacture and sale, for amateur use, of
lighting equipment and photographic accessories.
—
For equipment, new product development,
camera
Proceeds
unit of record March 26 with rights
one
one
Design,
6V2% convertible sub¬
April 17,
Busi¬
acquisitions, debt
purposes.
Republic Corp. of America
19, 1961 filed $9,400,000 of
being offered for subscription by class A stockholders
in 47,000 units, each consisting of $200 of debentuies
and 4 class A shares. One right will be issued for each
Hartford
30,
$100 debenture and 50 common shares (with
attached warrants). Price —- $350 per unit. Business—
ing of
ordinated debentures due 1981 and 188,000 class A shares
City, Mo.
First
Oct.
Dec.
securities will be offered in units consist¬
holders. The
Main St., Hackensack,
Office—477
purposes.
N. J. Underwriter—None.
First Financial Corp.
March 6, 1962 ("Reg. A")
35
(1639)
The Commercial and Financial Chronicle
.
June 18
shares
150,000
& Lamont)
C.
M.
(Monday)
Common
P. Corp.————
—
(Pistell, Inc.) 70,000 shares
.
May 2 (Wednesday)
/.Control Dynamics, Inc.—
/:
,
(Brandtjen
■
&
/
May 17
1
;;;
Common
—-
Bayliss,, Inc.)
$575,000
J -
Florida Power Co.—
.
:
v
-
.
(Thursday)
■
-
(Bids 11:30
June 20
Bonds
——i.
(Wednesday)
Schramm
(S.
May 3
■
(Thursday)
Franklin
J.
■
•
(Monday)
May 21
Manufacturing Co.__
Alison Ayres, Inc.
..Common
(Lehman Brothers) 349.590 shares
"
(J. R.
-..4
&
Beane)
May 7 (Monday)
Allied Graphic.Arts, Inc.—__—
(Bache
-
American
', .:/,•/
•<.,.( Nation-Wide-
Arnav
,
180,000
Inc.-
Underwriters,
-Common
?nc.),
.
(Gianis
&
Inc.)
600
(Bernard -M.
.
Kahn
&
Co.,
(John A.) Sons Co
Inc.)
Vending
(Bear.
Jarcho
—Units
$1,500,400
&
Inc.)
135,000
&
Common
Bros., Inc
Inc.)
•
-
'
(Kidder,
Peabody
Lily Lynn, Inc./—
(Wright, "Mvers
,
Hargrove
/
&
Bessel,
Inc.)
$500,000
Enterprises,, Inc
/
/
(Switzer & Co., Inc.)
"
v
-Common
$800,000
(J.
Co.,
Inc.)
—
R.
Williston
&
of America, Inc.--Units
13,400
units
Bonds
Co
Co.,
November 7
-
Georgia Power Co
-
,
Y
>4 •/
shares
•t
<
:
/
-Bonds
——Preferred
$7,000,000
(Wednesday) ^ ;/
* r
Electric Grenerating Co.——Bonds
' November
Southern
Ya--
•
-Common
(Bids to be received)
^
-Common
shares
$800,000
.
(Bids to be received) $23,000,000
-..i-iCommoni
150,000
Inc.)
,
(Wednesday)
Georgia Power Co
shares
160,000
—
Beane)
&
Power
Common
Parkway Laboratories, Inc
(Arnold Malkan
Pacific
shares
—2
&
Inc.)
(Tuesday)
-Common
53,829
*
V
shares
*
Co.)
,
,
$200,000
(Bids to be received) $5,000,000
200,000
.
/• ■/(M. A. Saunders & Co., .Inc.)' 200,000 shares *. //, / " »:*
Educational Aids CoJ Iric.-——J.Common
.
Sierra
Inc.)
——Common
Co.,
&
vjune 26
$375,000
Inc.)
Co
Stearns
(Pistell,
shares
„^
Co.,
i
(Shearson, Hammill &: Co.) 240,000
Kohnstamm (H .) & Co., Inc.—
--Common
—
Turner,
Co.,
(Monday)
Common
Bancgrowth, Inc.-
Interstate
units
—
&
(Dempsey-TegeJer
*
;
—Units
Co.,
(Gianis
,
Florida
——Common
$825,000
Guerin
Electromagnetics Corp.
shares
——
Department,* Inc.—
Denies
J;
Co.)
Industries, Inc
•
•Credit
•
&
Diversified,
(Eppler,
&
Hi-Press Air-Conditioning
$500,000
Daisy Manufacturing Co
v
25
June
Common
—
Williston
Common
Automatic Controls, Inc
$25,000,000
EDST)
a.m.
28
(Bids to be received) $6,500,000
*
<-
'
*.
.
Continued on page 36
•
36
The
(1640)
Continued from page
•
pants for juniors.
general corporate
35
Folz
Vending Co., Inc.
(4/23-27)
Sept. 26, 1961 filed 55,000 common. Price—$6. Business
—The distribution of novelties, candy, etc. through vend¬
ing machines. Proceeds—To repay loans, purchase ma¬
chines, and increase working capital. Office—990 Long
Rd., Oceanside, N. Y. Underwriter—None.
Beach
(4/23-27)
Motor Co.
Ford
2,250,000 common.
Price—By
selling stockholder, The
Ford
Foundation.
Office—American Road, Dearborn,
Mich.
Underwriters—First Boston Corp.; Blyth & Co.,
March
filed
1962
23,
Proceeds—For the
amendment.
Goldman, Sachs & Co.; Kuhn, Loeb & Co. Inc.;
Brothers; Merrill Lynch, Pierce, Fenner &
White, Weld & Co. Inc.; Dean Witter & Co.
Inc.;
Lehman
Smith Inc.;
Electronics
Forest
21, 1961 ("Reg. A") 130,000 common. Price—$2.
Business—Research, design, manufacture, sale and dis¬
tribution of precision electronic and mechanical com¬
ponents. Proceeds—For debt repayment, equipment and
general corporate purposes.
Office — 425 Las Vegas
Blvd., S., Las Vegas,
Nev.
Underwriter—Elmer K
Aagaard, Salt Lake City. Offering—Expected in May.
Forst
(Alex)
&
working capital
Office—117 Bickford
purposes.
and
Boston.
,.
„
.
.
<
Gaslight Club, Inc.
Feb. 28, 1962 filed 100,000 common. Price—By amend¬
ment (max. $7) Business—Company operates four "key
clubs." Proceeds—For expansion, debt reduction, and
working capital. Office—13 E. Huron St., Chicago. Un¬
derwriter—Myron A. Lomasney & Co., N. Y.
•
Gateway Chemicals,
Nov.
to
be
22, 1961 filed 100,000 common, of which 50,000 are
offered by the company and 50,000 by a stock¬
holder.
and
Price—By
amendment. Business—Compounding
chemical products, primarily deter¬
working capital. Office—8136 S.
Ave., Chicago. Underwriter—Federman, Stonehill & Co., N. Y.
packaging
of
Proceeds—For
Sons, Inc.
March 23, 1962 filed 100,000 common. Price—By amend¬
ment (max. $15).
Business—Wholesale distribution of
Proceeds—For selling stockholders. Of¬
fice—2885 Jerome Ave., Bronx, N. Y. Underwriter—Mc¬
Gemco-Ware
&
Co., N. Y. Offering—Expected in early June.
Fortune
Electronics, Inc.
1962 ("Reg. A") 46,150 capital.
Price—$6.50.
of
electronic
components and equip¬
ment.
Proceeds—For debt repayment, inventories and
working capital. Office—2280 Palou Ave., San Francisco.
Feb.
6,
Business—Sale
Underwriter—Stewart, Eurbanks, Meyerson & Co., San
Francisco.
.'Y'V-w,
• Four
Sportswear,
Star
Four
16,
filed 211,250 capital shares. Price—By
(max. $25). Business—Production and mar¬
keting of television films.
holders.
Office—4030
Underwriter
General
Proceeds—For selling stock¬
Redford
Ave., North Hollywood,
Calif. Underwriters—Paine, Webber, Jackson & Curtis,
N. Y. and Dempsey-Tegeler &
Co., Inc., St. Louis.
•
Office—Reading, Pa.
Dempsey-Tegeler & Co., Inc., St. Louis.
Classics
Inc.
•
Franklin Discount Co.
$500,000 of 8% subordinated debentures
serially 1969 to 1973 and $500,000 of 8% subordi¬
nated capital notes due about 1970. Price—At
par. Busi¬
due
ness—A consumer finance
company.
Proceeds—For debt
repayment and expansion. Office—105 N. Sage St., Toccoa, Ga. Underwriter—None.
Franklin
Manufacturing Co. (5/3)
1961 filed 349,590 common. Pricie—By amend¬
ment. Business—Design, manufacture and sale of house¬
hold
freezers,
refrigerators, automatic
washers
and
22,
driers. Proceeds—For
a selling
stockholder. Office—65Ave., N. E., Minneapolis. Underwriter — Lehman
Brothers, N. Y.
•••'■•
22nd
Devices, Inc. (4/23-27)
29, 1962 filed 140,000 common, to be offered for
subscription by common stockholders. Price—By amend¬
ment. Business—Development and manufacture of elec¬
tronic
and electromechanical components and systems
for multiple .telemetering. Proceeds—For inventory, debt
repayment, sales promotion, and working capital. Office
—Ridge Rd., Monmouth Junction, N. J.
Underwriter
-
Realty Trust
/Y
1962 filed 800,000 shares of beneficial interest.
Price—$12.50 per share. Business—A real estate invest¬
ment trust. Proceeds—For investment. Office
1616
Walnut St., Philadelphia. Pa. Underwriter—A. G. Beck¬
Franklin
Jan.
3,
—
er
&
Co., Inc., Chicago. Offering—Imminent.
Frazier-Walker Aircraft Corp.
26, 1962 filed 140,000 common.
Jan.
General
Mar.
Investment Co.
of
Price—By amend¬
Business—Company plans to produce its Gyrojet
FW-4,
a
four-passenger amphibious autogiro.
Proceeds
—To produce prototype
models, and finance general
overhead and operating expenses. Office—10 E. 52nd
St.,
N. Y.
Underwriter—None.
000
Inc.
capital shares, of which 70,-
to be offered
are
holder.
Price—$5.
business
and
a
by company and 80,000 by
Business—Operation of
chain
of
women's
apparel
a
a
stock¬
mail order
stores.
Pro¬
ceeds—For
expansion and other corporate
purposes.
Office—6608 Holy wood Blvd., Los
Angeles. Underwriter
—Garat
&
Polonitza, Inc., Los Angeles.
Frouge Corp.
Jan.
26,
/
*
14, 1962 filed 200,000 common/Price—$7.50. Busi¬
St., New Haven, Conn. Underwriters—Ingram, Lambert
& Stephen, Inc., and Reuben Rose &
Co., Inc., N. Y.
(4/16-20)
700,000 common. Price—By amend¬
Business—Construction and operation of various
ment.
type apartment, industrial and office buildings.
—For
Proceeds
an
acquisition, construction, and working capital.
Office—141 North Ave.,
Bridgeport, Conn. Underwriter
—Van Alstyne, Noel &
Co., N. Y.
Futura
Oct.
20,
Airlines
(4/17)
("Reg. A") 60,000
1961
General
Leasing Corp.
(4/16-20)
Price
—
$5.
Business — Furnishing of scheduled air
transportation
service. Proceeds—For debt
repayment and general cor¬
porate purposes. Office—8170
Beverly Rd., Los Angeles.
Underwriters—Raymond Moore & Co., Los Angeles and
Pacific Coast Securities
Co., San Francisco.
Garden State Small
Business Investment Co.
Oct. 27, 1961 filed 330,000 common.
Price—$3. Business
business investment company. Proceeds—For
—A small
investment.
Office—1180 Raymond Blvd., Newark, N. J.
& Co., N. Y.
Underwriter—Godfrey, Hamilton, Taylor
Garland
Mar.
14,
100,000
shares
$22).
Knitting Mills
1962
are
by
200,000 class A common, of which
to be offered by the
company and 1(M),000
stockholders. Price—By amendment
(max.
Business
—•
Manufacture
of
sweaters,
skirts
and
Steel
1961
3,
Products
filed
68,000
Price—$2.50.
corporate
and
repayment
Office—10014
purposes.
107
—
Price—By amend¬
prefabricated metal
Proceeds—Debt
Brooklyn, N. Y. Underwriter
syth, N. Y.
Globe
of
Office
Underwriter-
(4/30-5/4)
Corp.
common.
Business—Manufacture
compartments.
Avenue
D,
Treibick, Seiden & For¬
—
Industries, Inc.
Oct. 30, 1961 filed 200,000 common, of which 100,000 are
to be offered by the company and 100,000 by stock¬
holders.
of
Price—By amendment.
miniature
electric
Business—Manufacture
motors, powdered metal products
Pro¬
ceeds—For debt repayment and working capital. Office
—1784 Stanley Ave., Dayton, Ohio.
Underwriter—Mc¬
Donald &
Co., Cleveland. Offering—Indefinite.
Gold Leaf Pharmacal
March
13,
1962
filed
Co., Inc.
80,000
Price—$4.
common.
Busi¬
tical and veterinarian products,
rroceeds:—For advertis¬
debt repayment and working capital.
Office—36 Lawton St., New Rochelle, N. Y« Underwriter
—Droulia & Co, N. Y.
ing,
research,
^ Golden
Pagoda,
March 28,
ness—Company
hotel.
plans
Proceeds—For
trust.
Proceeds—For
investment.
Office—1221
St., Omaha. Underwriter—General
Corp. (same address).
Investor's
Harney
Services
Telephone & Electronics Corp.
March 15, 1962 filed $50,000,000 of sinking fund deben¬
tures due April 1, 1987.
Price—By amendment. Business
—A holding company for telephone service and elec¬
tronic equipment concerns. Proceeds—For
general cor¬
porate
Office
purposes,
—
730
Third
Underwriter—Paine, Webber, Jackson
Geotechnical
Avenue, N.
& Curtis, N.
Y.
Y.
Corp.
(6/4-8)
March 7, 1962 filed 90,000
common, of which 80,000 are
to be offered by company and 10,000
by a selling stock¬
holder.
Price—By amendment (max. $22). Business—
Design, development and manufacture of instruments
and systems
used in seismology and other scientific
fields.
Proceeds—For
Rd.,
Garland,
Brothers, N. Y.
Geriatric Research,
working
Texas.
capital..
Office—3401
Underwriter—Lehman
construction.
Hilo, Hawaii.
operate
Busi¬
tourist
Office—1477 Kal3a
Underwriter—None.
M
;
Investment Corp.
Nov. 21, 1961 filed 100,000 common. Price—$6. Business
Proceeds—For working capi¬
—Real estate investment.
tal
and other corporate purposes.
Office—1707 H St,
W, Washington, D. C. Underwriter—Rouse, Brewer,
Becker & Bryant, Inc.. Washington, D. C.
N.
Gould Paper Co.
(4/16-20)
Sept. 28, 1961 filed 140,000 common.
Price—$11. Busi¬
Proceeds—Expansion and
Office—Lyons Falls, N. Y. Underwriter
working capital.
of
paper.
Alstyne, Noel & Co, N. Y.
•- ;
Inc.
of which 12,500 are
150,000 by stockhold¬
Price—By amendment (max. $8.50). Business—Di¬
mail selling of vitamin mineral products to eld¬
erly customers.
Proceeds—For
working capital. Office
Michigan Ave., Chicago. Underwriters—Bacon,
Whipple & Co. and Freehling, Myerhoff & Co., Chicago.
Giant
Tiger Stores, Inc.
1962 filed 140,000 common. Price—$10. Business
—Company operates a discount department store chain.
Mar. 2,
Proceeds—For expansion and
1407 E. 40th St., Cleveland,
working capital. Office—
Ohio. Underwriter—Pres-
Co., Cleveland.
consisting of
other
dealers
in
type
The securities
to
are
be
offered in
$100 debenture and 36 shares,. Price
Business—Manufacture of restaurant
a
furniture
Puerto
Rico.
Business—General
and
payment
Lexington
C°, N. Y.
real
estate;
general
Proceeds—For
corporate
Ave, N. Y.
$10.
—
debt
re¬
Office—370
purposes.
Underwriter—Stanley
Heller &
.
_
;•
Government Employees Corp.
(4/6)
Jan. 8, 1962 filed $2,675,000 of 4%% conv. capital deben¬
tures due 1977 being offered for subscription by common
stockholders
7
shares
the basis of $100 of debentures for each
on
held
of
record
Apr. 6 with rights to expire
At par.
Business — Company and
subsidiary provide "automobile and mobile home
financing
service
on
a
nationwide
basis
to
gov¬
April
Price
30.
—
its
ernment employees and military officers. Office—Govt.
Employees Insurance Bldg, Washington, D. C. Under¬
writer—None.
Graham
Chemical
Corp.
Jan. 22, 1962 ("Reg. A") 100,000 common.
Price—$2.25.
Business—Manufacture of dental
anesthetic cartridges
and related
products. Proceeds—Production, advertising
promotion of disposable needles.
Office—129-21
and
Merrick
Blvd., Springfield Gardens, N. Y.
Eisenberg Co. Inc., N. Y.
Underwriter
Granco, Inc.
23, 1962 filed $600,000 of 6% conv. subord. de¬
due 1977 to be offered in 1,200 units. Price—
March
bentures
$500
unit.
per
Business—Operation
of jewelry
stores,
jewelry concessions and a liquor concession in discount
department stores. Proceeds—For debt repayment and
working capital.
Office—182 Second Ave, San Fran¬
cisco. Underwriter—Midland Securities Co, Inc., Kansas
City, Mo.
Grand Bahama Development Co.,
Ltd.
Jan. 23, 1962 filed 250,000 common. Price — By amend¬
ment. Business—Sale and development of land on Grand
Bahama Island for residential and
resort
purposes.
Pro¬
ceeds—For general corporate purposes.
• Girard Industries Corp.
March 28, 1962 fled $250,000 of 6% conv. subord. deben¬
tures due 1972 and 90,000 common shares to be sold
by
certain stockholders.
Properties, Inc.
Jan. 26, 1962 filed'200,000 class A shares. Price
•—Paul
Feb. 12, 1962 filed 162,500
common,
to be offered by the
company and
and
and
•
General
units
Price—$10.
common.
build
Gould
Mortgage Trust
Feb. 8, 1962 filed 35,000 non-voting shares of beneficial
interest. Price—$10. Business—A real estate investment
rect
to
•
General
ers.
Inc.
1962 filed 260,000
•—Van
Mo.
—by amendment.
filed
Global
ness—Manufacture
cott &
(4/16-20)
•
Nov.
working capital. Office—1719 Gage Blvd., Topeka, Kan.
Underwriter—Midland Securities Co., Inc., Kansas City,
—179 N.
common.
general corporate purposes.
Manitou Ave., Manitou Springs,
Colo/
Copley & Co., Colorado Springs, Colo.
Jan. 29, 1962 ("Reg. A") 62,000 common.
Price—$4.50.
Business—General leasing of equipment. Proceeds—For
Shiloh
1962 filed
common.
ceeds—For
Gotham
Offering—Imminent.
Frederick's of Hollywood,
March 26, 1962 filed 150,000
Discounts, Inc.
14, 1962 ("Reg. A") 120,000
Business—Sale of objects of art in discount stores. Pro¬
Connecticut, Inc.
ness—A small business investment company. Proceeds—
For debt repayment and investment. Office—348
Orange
•
ment.
Global
Feb.
nianaloe Ave,
.
•
of which 60,000
ness—Manufacture, development and sale of pharmaceu¬
General
—Hess, Grant & Remington, Inc., Philadelphia,
;
150,000 common,
and devices for the missile and aircraft industries.
23, 1962 filed 105,000 common. Price—$3. Busi¬
ness—Design, assembly and distribution of trophies,
plaques and awards.
Proceeds—For debt repayment,
new products, expansion and
working capital. Office—
2555 W. Diversey Ave., Chicago.
Underwriter—Michael
G. Kletz & Co., N. Y.
Feb. 9,1962 filed
Dec.
—
collection devices.
Jan.
1962
amendment
ufacture of voting machines and toll
Proceeds—For selling shareholders.
March
Television
Star
spark plugs; design and production of subminiature
hermetically sealed relays and glass-to-metal seals; man¬
Inc.
by the company and 90,000 by the com¬
pany's parent, Glen Modes, Inc. Price—By amendment
(max. $7).
Business—Design, production and sale of
women's fashion accessories, and sportswear.
Proceeds
—For
general corporate'' purposes.1
Office-—417 Fifth
Ave., N. Y. Underwriter—Sprayregen, Haft & Co., N.Y.
and
YY'
Inc.
March 27, 1962 filed 103,000 common.
Price—$3. Busi¬
ness—Design, manufacture and distribution of men's
outerwear, sportswear and rainwear.
Proceeds—For
plant expansion, equipment and working capital. Office
—665 Broadway, N.
Y.
Underwriter—Magnus & Co.,
Inc., N. Y.
March
Jan. 11, 1962 filed 200,000 common. Price — By amend¬
ment. Business—Manufacture of replacement batteries
Corp.
1962 filed
23,
general
(4/16-20)
Industries,
to be offered
are
toilet
Battery & Ceramic Corp.
Thursday, April 5, 1962
.
Glensder
ment.
General
.
1961 filed 185,000 common, of which 135,000
are to be offered by the company and 50,000 by a stock¬
holder.
Price—By amendment. Business—Manufacture
of glass-to-metal hermetic seals,
Proceeds—For pur¬
chase of equipment, investment in a subsidiary, research
and development, moving expenses, and working capital.
Office—725 Branch Ave., Providence, R. I. Underwriter
—Hemphill, Noyes & Co., N. Y.
Underwriter—J. R. Williston & Beane, N. Y.
•
.
27,
(6/4-8)
March 9, 1962 filed 146,000 common. Price—By amend¬
ment (max. $8).
Business—A holding company for a
restaurant equipment manufacturer, a wholesale distrib¬
utor of houseware products and a company operating
leased discount departments dealing in hard goods. Pro¬
ceeds—For
debt
repayment, expansion
and
working
capital.
Office—134-01 Atlantic Ave., Jamaica, N. Y.
Corp.
toys and games.
Donnell
Glass-Tite
Sept.
March
(4/23-27)
Inc.
Dobson
Dec.
•
Proceeds—For
St,,.
Underwriter—Paine, Webber, Jackson & Curtis,
Boston.
gents.
Corp.
Commercial and Financial Chronicle
which
it
sells
Proceeds—For
principally- to
equipment and
general corporate purposes. Address—San
Rico. Underwriter—Edwards &
Hanley,
Juan, Puerto
Hempstead* N.Y,
Office—250 Park
Ave, N. Y. Underwriter—Allen & Co, N. Y. Offering—
Expected sometime in May.
Gray
Jan. 2,
nated
tion
Drug
Stores*
by
common
stockholders
"debentures for each
12
with
on
the
shares held
basis
of
of record
$100
of
March
23
rights to expire April 10, 1962. Price — At par.
a retail drug chain. Proceeds—
expansion and working capital. Office—2400 Superior
Business—Operation of
For
nc. *
1962 filed $5,230,000 of 5% convertible subordi¬
debentures due 1982, being offered for subscrip¬
Volume
195
Number 6148
"
»T
»
I
V
'
•.
.
%W
"
The Commercial and Financial Chronicle
.
^
» i
'
\
holder.
Ave., Cleveland. Underwriter—McDonald & Co., Cleve¬
land.
'
•'"
*
Real
Estate
Investment Trust
Aug. 3, 1961 filed 300,000 shares of beneficial interest.
Price—$10. Business—Real estate. Proceeds—For invest¬
ment. Office—530 St. Paul
formerly was known
Continental Real Estate Investment Trust.
Great Eastern Foods
Corp.
unit.
,
Place, Baltimore. Underwriter
—To be named. Note—This firm
ment, plant expansion and working capital. Office—300
Passaic St., Newark, N. J. Underwriters
Milton D.
if Harley Products,
'
Continental
as
.
(5/28-6/1)
Jan.
29, 1962 filed 150,000 common. Price—$4. Business
—Retail distributing of food freezers, frozen foods, gro¬
ceries, etc. Prcoeeds — For general corporate purposes.
Office—3325 Keswick Rd., Baltimore. Underwriter—
Switzer & Co., Inc., Silver Spring, Md.
Inc.
March 28, 1962 filed 75,000 common; Price—$4.
Busi¬
ness—Design, production and distribution of bolts and re¬
lated products.
Proceeds—For sales promotion, expan¬
sion, inventory, and debt repayment. Office—476 Broad¬
way, N. Y. Underwriter—Finkle & Co., N. Y.
Harper Vending, Inc.,.
Jan. 12, 1962 filed 100,000 common. Price—$3.25. Busi¬
ness—Operation of automatic vending machines. Pro¬
Great
Lakes Homes, Inc.
26, 1961 filed 93,000 common. Price—By amendment.
custom-designed, factory built
"house
packages"
consisting of basic carpentry for
houses, and construction of shell homes. Proceeds—For
debt repayment and for working capital. Office—She¬
boygan Falls, Wis. Underwriter—The Milwaukee Co.,
ceeds
For expansion, debt repayment, and
working
capital. Office—498 Seventh Ave., N. Y. Underwriter—
Greenman Co., N. Y.
Dec.
Business—Manufacture of
Harrington & Richardson, Inc.
Price—By amendment
Co., Inc.
(4/17)
Price—By amend¬
and
containers.
Office—149
purposes.
corrugated
general corporate
Clifton, N. J. Under¬
Nov.
14,
ness—A
For
S.
U.
Govt.
Proceeds—
Office—952
Union
Trust
Green Acres Funtown
and
ment and
Bldg., Pitts¬
Price—$4.
mobile
general
communications
and
Blvd., Long Island City, N. Y.
ma¬
equip¬
Proceeds—For
Office—30-30
purposes.
of
electronic
military transmitter-receivers.
corporate
selling
a
Business—Manufacture
Northern
Underwriter—Charles
Shopping
Center,
Green
Acres
/\
••
•
"-/S''.
works
held.
mon
—
By
for
children
and
convertible
Price—$12.
Business—Real
estate.
Proceeds
'•—For
general corporate purposes and debt repayment.
Office—40 Beaver St., Albany, N. Y. Underwriter—None,
/»
if Herald
Music
Corp.
("Reg. A") 60,000 common. Price—$3.50.
Business—Manufacture and distribution of photograph
records.
Proceeds—For relocation, equipment, accounts
payable, and working capital. Office—150 W. 55th St.,
N. Y.
Underwriter—Whitestone Securities Ltd., 15 E.
40th St., N. Y.
March 20, 1962
shares held. Price—At par. Business—Company
engaged in the development of planned communities
Florida. Proceeds—For debt repayment and general
corporate purposes. Office — 557 Northeast 81st St.,
Miami, Fla. Underwriters— Morris Cohon & Co. and
is
in
•
Hi-Press
Air-Conditioning of America,
Inc.
,
i
(6/25-29)
Lighting,
Inc.
27, 1962 filed 300,000 common, of which 100,000
will be sold by the company and 200,000 by a stock¬
holder. Price—By amendment. Business—Manufacture
Price—By amendment (max. $82.50 per unit). Business
—Production of air conditioning, commercial
refrigera¬
of
tion
and
For
debt
Mar.
incandescent
corporate
lighting
fixtures.
Proceeds—
Office—Chicago,
purposes.
Haltone
Corp. (4/19)
("Reg. A") 150,000
common.
Business—Rental of furs and fur garments."
Price—$2.
Proceeds—
For
inventory, equipment, advertising and leasehold im¬
provements. Office—350 Seventh Ave., N. Y. Under¬
writer—B. G. Harris
&
ness—A
become
closed-end
open
2100 East
end.
Price—$10.
Busi¬
plans to
Proceeds—For investment. Office—
common.
investment
trust
Ohio
Bldg., Cleveland.
Reid & Co., Inc., Cleveland.
which
Underwriter—Fulton,
Hanna-Barbara
Dec.
29,
1961
Productions, Inc. (4/16-20)
filed 200,000 capital shares. Price — By
amendment. Business—Production of television cartoons
commercials.
and
Proceeds
For
building and
working capital. Office—3501 Cahuega Blvd., Los An¬
geles. Underwriter—Carl M. Loeb, Rhoades & Co., Inc.,
N. Y.
—
a
new
-
•'
Happy House, Inc.
July 28,
1961
filed
700,000
common
shares
.Price—$1.
Business—The marketing of gifts, candies and
cards through franchised dealers.
greeting
Proceeds—For equip¬
ment, inventory and working capital. Office—11 Tenth
Ave., S., Hopkins, Minn. Underwriter—None. Offering
—Imminent.
Hardlines Distributors, Inc.
Jan.
are
26,
1962
filed
to be offered by
200,000
the
(4/23-27)
of which
and 100,000 by
100,000
common,
company
transfer
,
Business—The
manufacture
of
Proceeds—•
corporate
purposes.
Underwriter—Pistell,
■
Hickory Industries, Inc.
Aug. 31,' 1961 ("Reg. A") 40,000
allied
products.
'
a
stock¬
per
Manufacture of liquid and semi-solid
dressings and specialty sauces. Proceeds—For debt
repayment and expansion. Office—109 S. Webster
St.,
Madison, Wis. Underwriter—Milwaukee Co., Milwaukee,
—
Wis. Offering—Sometime in May.
Holiday Mobile Home Resorts, Inc.
31, 1962 filed 3,500,000 common and 5-year war¬
to purchase 700,000
shares, to be offered in units
of 5 shares and one warrant.
Price—$50 per unit. Busi¬
ness—Development and operation of mobile home re¬
Jan.
rants
sorts.
Proceeds
—
working capital.
For debt repayment, expansion and
Office—4344 E. Indian School Road,
Phoenix. Underwriter—None.
Hollingsworth Solderless Terminal Co.
27, 1962 ("Reg. A") 75,000 common. Price
Feb.
Business—Manufacture, sale and development of
—
$4.
solder-
less terminals and other wire
terminating products. Pro¬
ceeds—For debt
repayment, equipment, advertising and
working capital. Address—P. O. Box 430, Phoenixville,
Pa. Underwriter—Harrison &
Co., Philadelphia. Offer¬
ing—Sometime in May.
Home Builders
Feb.
9,
and real
gages
Acceptance Corp.
common.
barbecue
Price—$5.
machines
and
equipment.
Proceeds—For equipment, inventory,
promotion, expansion and working capital. Office
—10-20 47th Rd., Long Island
City, N. Y. Underwriter—
J. B. Coburn Associates, Inc., N. Y. Offering—Indefinite.
High Temperature Materials, Inc.
Sept. 28, 1961 filed 120,000 common. Price—By amend¬
ment.
Business—Manufacture of products from test
models.
Proceeds—For equipment, research and devel¬
opment, leasehold improvements, repayment of debt and
working capital. Office—130 Lincoln St., Brighton, Mass.
Underwriter—To be named. Offering—Expected in late
April.
•
Hill Arcraft &
Jan. 29, 1962
(4/23-27)
-
1962
Office—409
buys, sell and trades in mort¬
working capital.
Nevada St., Colorado
Springs, Colo.
W. Kim & Co., 11 Broadway, N. Y.
estate.
North
Underwriter
J.
—
Proceeds—For
Honig's-Parkway, Inc.
1,
1961
("Reg.
A")
owns
100,000
and
Price—$3.
common.
operates
three
discount
stores in the Bronx
selling bicycles, electric trains, toys,
appliances, etc. Proceeds—For general cor¬
household
porate
purposes.
Office — 2717-25 White Plains Rd.,
Bronx, N. Y. Underwriters—Richard Bruce & Co., Inc.,
and Reuben Rose & Co.,
Inc., N. Y. Offering—Imminent.
their
distribution
of
in
cultured
s kt
common.
pearls
in
Price—$3.75.
Japan and
the
U. S. Proceeds—For general
corporate purposes. Office—42 W. 48th St., N. Y. Under¬
writer—Sunshine
* Hut ton
March
value
(E.
Securities, Inc., Rego Park, N. Y.
L.)
Associates, Inc.
29, 1962 filed 50,000 common. Price—Net asset
per share plus 2%.
Business—A closed-end in¬
vestment company. Proceeds—For investment.
375 Park Ave., N. Y.
Underwriter—None.
House of
Office—
Koshu, Inc.
March
29, 1962 filed 75,000 class A common. Price—$5.
Business—Importing of Japanese liquors. Proceeds—For
debt
repayment, advertising, inventory and working
capital. Office—129 S. State St., Dover, Del. Underwriter
—P. J. Gruber &
Co., Inc., New York.
if House of Vision, Inc.
March 29, 1962 filed 150,000 common.
Price—By amend¬
(max. $17). Business—A dispensing optician and a
manufacturer and distributor of optical equipment. Pro¬
ceeds—For selling stockholders. Office—137 N. Wabash
Ave.,
Chicago.
Underwriter—Hornblower
&
Weeks,
Chicago.
ment
Oct. 27, 1961 filed 150,000 common.
Sale and distribution of cosmetics.
*
Leasing Corp. (4/10-11)
("Reg. A") 100,000 capital snares. Price—
$3. Business—General aviation. Proceeds—For working
capital, equipment, advertising and inventory. Office—
Fulton County Airport, Atlanta, Ga. Underwriter—First
Fidelity Securities Corp., Atlanta.
Hill Street Co.
Price—$4.
Business
Proceeds—For sell¬
ing stockholders. Office—120 E. 16th St., N. Y. Under¬
writers—Brand, Grumet & Seigel, Inc. and Kesselman
& Co., Inc., N. Y. Offering—Imminent
Hudson
Wholesale Groceries, Inc. (4/30)
1962 filed 100,000 common. Price—$8. Business
Procurement, storage and wholesaling of groceries and
Jan. 23,
non-food
saies
Co., Inc., N. Y.
Hampden Fund, Inc.
24, 1962 filed 500,000
Jan.
heat
Inc., N. Y.
Rental
1961
18,
industrial
repayment and general
Office—405 Lexington Ave., N. Y.
111.
Underwriter—R. W. Pressprich & Co., N. Y.
Dec.
Price—$1,000
Business
salad
House of Westmore, Inc.
Mar. 26, 1962 filed $670,000 of 6%% con. subord. deben¬
tures due 1974 and 134,000 common shares to be offered
in units consisting of $50 of debentures and 10 shares.
Co., Inc., N. Y.
general
Inc.
1962 filed $250,000 of 6%'% subordinated sink¬
ing fund convertible debentures due 1977 and
25,650
common shares to be offered in
units consisting of one
$500 debenture and 50 common shares.
Business—Purchase
preference stock to be offered for subscription by stock¬
holders on basis of one preferred share for each 10 com¬
common
recessed
Hoffman House Sauce
Co.,
Feb. 28,
Nov.
^
"u
^ Heartland Development Corp.- .-,
March 28, 1962 filed 23,300 shares of 5%
of 6V2% conv. subord.
debs, due 1977, to be offered for subscription by stock¬
holders at the rate of $200 of debentures for each 60
For
Co., Inc., N. Y.
Honora, Ltd. (4/23-27)
29, 1961 ("Reg. A") 76,500
•cbjnr;.■-
operates an advertising
agency for sale of TV and radio spot time. Proceeds—
For working capital.. Office—170 Varick
St., N. Y. Un¬
derwriter—Van Alstyne, Noel & Co., N. Y.
Gulf American Land Corp.
Feb. 28, 1962 filed $11,000,000
Halo
stock¬
encyclo¬
pedic
shares
Street &
selling
Jan. 29, 1962 filed 300,000 class A common. Price
amendment. Business — Publishes illustrated
to
Underwriter—None.
Proceeds—For
Harwyn Publishing Corp.
Gulf American Fire & Casualty Co.
Sept. 28, 1961 filed 226,004 common being offered for
suoscription by stockholders on the basis of three new
Ala.
stores.
Office—175 Humboldt St.,
■New York.,
Valley Construction Corp. (4/9-13)
Nov. 29, 1961 filed 80,000 common. Price—$5.25. Busi¬
ness—General contracting for landscaping and construc¬
tion work. Proceeds—For debt repayment and other cor¬
porate purposes. Office—97-36 50th Ave., Corona, N. Y.
Underwriter—Williamson Securities Corp., N. Y. •
for each 10 held of record Mar. 14, with rights
expire April 16, 1962. Price—$2. Business—Writing of
casualty insurance. Proceeds—To increase capi¬
tal and surplus.
Office—25 S. Perry St., Montgomery,
food
Rochester, N.-¥r Un¬
derwriter—Merrill Lynch, Pierce, Fenner & Smith
Inc.,
Green
fire and
small
holders.
Valley
Stream, L. I. Proceeds—For
general corporate purposes. Office—120 Broadway, N. Y.
Underwriter—R. L. Warren Co., St. Louis. OfferingExpected sometime in July.
f
Business—Manufac¬
—
Blauner & Co. and M. L. Lee &
Business—Company
and
in
by stockholders. Price—$6.
ture of steel office furniture. Proceeds—For
debt repay¬
Dec.
Food
indoor
area
shares
Plohn & Co., N. Y.
Stores, Inc.
March 28, 1962 filed 235,550 common.
Price—By amend¬
ment (max. $16).
Business—Operation of supermarkets
recreation
(4/23-27)
300,000 common, of which 200,000
by the company and 100,000
offered
★ Hart's
Inc....
23, 1962 filed 225,000 common to be offered for sub¬
scription by stockholders of Bowling Corp. of America,
parent. Price—$3. Business—Company will operate an
and
Products, Inc.
filed
be
to
and subdivision loans and
25,000 by
Jan.
amusement
1961
are
refiled 800,000 common. Price—$1. Busi¬
ness—Company makes home improvement, construction
rine
burgh. Underwriters—Moore, Leonard & Lynch and Sin¬
ger, Dean & Scribner, Pittsburgh.
•
of M-14
15,
shares
stockholder.
Pittsburgh Capital Corp. (4/16-20)
1961 filed 250,000 common. Price—$11. Busi¬
small business investment company. Proceeds—
investment.
sale
Hillside Metal
Dec.
Hartman Marine Electronics
Corp.
Oct. 27, 1961 filed 100,000
common, of which 75,000 are
to be offered by the company and
Co.> N. Y.
Greater
.
rifles to
and
Business—Manufac¬
Proceeds—For
Entin Rd.,
writer—D. H. Blair &
(5/7-11)
Equipment, plant expansion and working capital. Office
—320 Park Ave., Worcester, Mass. Underwriter—Shearson, Hammill & Co,, N. Y.
.
29, 1961 filed 100,000 common.
($7 max.). Business—Manufacture of
board
(max. $30).
ture
Greater New York Box
ment
—
March 7, 1962 filed 180,000
common, of which 40,000 are
to be offered by company and
140,000 by stockholders.
Milwaukee.
Dec.
37
Price—By amendment. Business—Retail sale of
housewares, hardware,
lighting fixtures, automotive
accessories, etc. Proceeds—For debt repayment, expan¬
sion
and
working capital.
Office—1416 Providence
Highway, Norwood, Mass. Underwriter—McDonnell &
Co., N. Y.
Hargrove Enterprises, Inc. (5/7-11)
Dec. 8, 1961 filed 160,000 common. Price—$5. Business
—Company plans to own and operate an amusement
park. Proceeds—For property development, advertising,
and working capital/ Office—3100 Tremont Ave., Cheverly, Md. Underwriter — Switzer & Co., Inc., Silver
Springs, Md.
'V.?
\ • :.r
^
■.
'
;
Grayson-Robinson Stores, Inc.
Jan. 26, 1962 filed $10,000,000 of 5% senior subord. de¬
bentures due 1985.
Price—By amendment. BusinessRetail sale of women's and children's apparel and photo¬
graphic and audio equipment.'.Proceeds—For expansion,
diversification, and working capital. Office—550 W. 59th
St., N. Y. Underwriter — Bear, Stearns & Co., N. Y.
Offering—Expected sometime in June.
I
Great
(1641)
V
items.
Proceeds
—
For
debt
repayment
working capital. Office—Lyndhurst, N. J.
R. Williston & Beane, N. Y.
and
Underwriter
—J.
Hydra-Loc, Inc.
Oct. 10, 1961
("Reg. A") 60,000 common.
Price—$2.
Business—Design, development and manufacture of a
brake control.
Proceeds—For debt repayment and gen¬
eral corporate purposes. Office—101 Park Ave., Hudson,
N. Y. Underwriter—McLaughlin, Kaufman &
Co., N. Y.
Offering—Imminent.
I. F. C. Collateral
Corp.
Dec. 22, 1961 filed $1,500,000 of 10% registered subordi¬
nated debentures to be offered in five series due 1966 to
1970. Price—At par ($1,000). Business—Purchase and sale
of real estate mortgages. Proceeds—For investment. Of¬
fice—630 Fifth Ave., N. Y. Underwriter—None.
Index & Retrieval Systems, Inc.
Jan.
29, 1962 filed 125,000
ment.
other
Business—Publishes
indexes
common.
"The
and abstracts.
Price—By amend¬
Financial
Index"
Proceeds—For
and
equipment,
promotion, office relocation, and working capital. Office
River St., Woodstock, Vt.
Underwriter—Searight,
Ahalt & O'Connor, Inc., N. Y.
—19
Oct.
16, 1961 filed 2,265,138 common to be offered for
subscription by stockholders of Union Bank of Califor¬
nia on a share-for-share basis. Price—$3. Business—A
management investment company.
Proceeds—For in¬
vestment. Office—760 S. Hill St., Los Angeles. Under¬
writer—None.
Industrial Finance & Thrift Corp.
Oct. 30, 1961 filed $2,000,000 of 6% subordinated deben¬
tures due 1974. Price—At par. Business—A consumer
finance firm. Proceeds—For repayment of debt and exContinued
on
page
38
38
The Commercial and Financial Chronicle
(1642)
Continued
from page 37
•
.
.
working capital and possible expansion.
Washington Ave., St. Louis. Underwriters
•-
Carondelet St., New Orleans, La.
Office—339
pansion.
Underwriter—None.
Investors
(4/18)
Instruments, Inc.
Industrial
Feb.
Price—By amendment (max. $10).
Business—Design,
development and manufacture of electrolytic and ther¬
mal conductivity equipment; general purpose electronic
and electrical testing equipment; and automated pro¬
ties
equipment used to manufacture and test
components.
Proceeds—For debt repayment
For general corporate purposes.
Office—208 S. La Salle
Offering—Expected sometime in May.
control systems. Proceeds
—
For selling
Angeles.
Underwriter—None.
jc Inland Investors
March 12, 1962 ("Reg. A") 30,000 shares of trust cer¬
tificates, of which 15,160 shares are to be offered to
joint adventurers and 14,840 shares to the public. Price
—$10. Business—A real estate investment company. Pro¬
ceeds—For
general corporate purposes.
Office—Suite
102, Lowe Bldg., Sheridan, Wyo.
Underwriter—None.
Feb.
of
electro-me¬
•
V.
6, 1962 filed 63,803 common to be offered for
subscription by common stockholders on a l-for-10 basis.
Price—By amendment (max. $20); Proceeds—For debt
State
Airport
Hotel
..
Systems,
Inc.
one
t;V''
—For
debt
Miami
airports. Proceeds
near
repayment and working
capital. Address—
Airport, Miami, Fla. Underwriters
Co., N. Y. and Robinson-Humphrey Co., Inc.,
International
—Bache &
Atlanta.
•
and
,
International
March
23,
Drug & Surgical. Corp.
1962 filed 150,000 class A shares.
Business—Importing,
licensing,
and
Price—$4.
manufacturing of
pharmaceutical and medical instruments.
Proceeds—For
working capital and other corporate purposes. Office—
375 Park Ave., N. Y.
Underwriters—Seymour Blauner
Co., and Wm. Stix Wasserman & Co., Inc., N. Y.J
• International
March
26,
1962
Plastic Container Corp.
filed' 200,000 common.'-' Price—$2.50.
Business—Manufacture
of plastic products produced by
thermoforming. • Proceeds—For equip¬
ment, rent, salaries and working capital. Office—818—
17th St., Denver. Underwriter—Amos C. Sudler &
Co.,
extrusion
and
Denver.
Interstate
Vending Co. (5/21-25)
53,829 common. Price—By amend¬
ment. Business—Sale of products through coin-operated
vending machines,~ and operation of. industrial catering
facilities
in
the New England area
and Brass Rail
restaurants in New York City.
Proceeds—For selling
Jan.
10,
1962
stockholders.
filed
Office—251
East
Grand
Ave.,
Chicago.
Underwriter—Bear, Stearns & Co., N. Y.
Interworld
Film
Distributors, Inc.
Sept. 29, 1961 filed 106,250
Theatrical
distribution
common.
and
(5/7-11)
Price—$4. Business
co-production
of
foreign
and domestic feature films. Proceeds—For
acquisition,
co-production, dubbing, adaptation and distribution of
films, and working capital. Office—1776 B'way, N. Y.
Underwriters—General Securities Co., Inc., and S. Kasdan &
Co., Inc., N. Y.
16,
to
be
are
1962 filed 250,000 common, of which 125,000
offered by the company and 125,000
by a
stockholder. Price—By amendment (max. $20). Business
—A management investment company
specializing
the
insurance
field.
Proceeds
—
For
debt
in
repayment,
of
•
merchandise.
Proceeds-^-For
(The)
offered
(4/10)
Oct. 19,
common.
Price — $12.50.
Business—A diversified investment company. Office—25
Broad St., N. Y. Proceeds—For investment in Japanese
securities. Underwriters—Bache & Co, and
Paine, Web¬
ber, Jackson & Curtis, N. Y, and Nikko Securities Co,
Ltd, Tokyo, Japan. •
'
/
•
Jarcho
Bros., Inc. (5/21-25) '
March 23, 1962 filed 240,000 common. Price—By amend¬
ment
(max. $12).
Business—Installation of plumbing,
heating, ventilation and air-conditioning systems. Pro¬
ceeds—For
selling stockholders. Office—38-18 33rd St,
Long Island City, N.- Y. Underwriter—Shearson, Hammill & Co, N. Y.
,\v
i
-
.
Jayark Films Corp. (4/23-27)
Aug. 24, 1961 filed 72,000 common, of which 50,000 are
to be offered by the company and 22,000 by stockhold¬
ers.
Price—By amendment. Business—The distribution
of motion picture and television films. Proceeds—For
production of films and working capital. Office—15 E.
48th St., N. Y. Underwriter—Pacific Coast Securities
Co,
.
San Francisco.
Jaylis Industries, Inc. (4/23-27)/
18, 1961 filed $850,000 of 6Vz% suboru. debentures
due 1971 and 212,500 class A common shaj.es to be of¬
fered in units of one $100 debenture ana 25 class A
shares.
Price—$200. Business—Manufactures patented
traversing screens for use as window coverings, room
dividers, folding doors, etc. Proceeds—For debt repay¬
ment and general corporate purposes. Office—514 W.
Olympic Blvd., Los Angeles. Underwriter—D. E. LiederOct.
man
&
Jan.
25,
Stores,
Inc.
filed 110,000 capital shares.
Price—By
Business—Operation of discount appliance
expansion.
Office—3700 N. W.
62nd St, Miami, Fla.
Underwriter — Bregman, Cummings & Co, N. Y. Offering—In late May.
1962
amendment.
Proceeds—For
Jiffy Steak Co. (4/23-27)
5, 1962 filed 65,000 common. Price—By amend¬
Business—Processing, packaging and
sale
of
frozen meat and meat products. Proceeds—For
redemp¬
Feb.
ment.
a
units consisting of one preferred and' one
Price—By amendment: (max. $101/per- unit).
Business—Real
estate
investment.
Proceeds—For
debt
repayment and working capital.
N.
Y.
Underwriter—Hayden,
Office—30 E. 42nd St,
Stone & Co, N. Y. £
Kay Foods Corp^ (4/23-27)
Dec. 29,-1961 filed 88,000 class; A
common-shares, of
which 44,000-are to be offered by the
company and 44,000
by stockholders. Price—$7. Business—Packing and", sale
of fruit
juice products. Proceeds—For general corporate
N. Frankliritown
Rd.;: Baltimore.
Auchincloss, Parker & Redpath, Wash¬
ington, D. C.
V,/'_
purposes.' Office—241
Underwriter
;
—
Kelley Realty Corp,.
--•/;*• 'i
..
1962 filed 430,000 class A common. Price
By amendment (max. $10);
Business—Company owns
and operates apartment and office
buildings. Proceeds—
March
For
16,
—
debt repayment. Office—1620
Okla.
S. Elwood St, Tulsa,
Underwriters—Fulton, Reid & Co, Inc., Cleveland
and Walston &
Co, Inc., N. Y...
★ Kenner Products Co.
•
-
I
■
u-
•
/'
/
c
'
*
•
-
March 30,
1962 filed 542,000 common; of which 205,000
to be offered by company and
317,000 by stockhold¬
Price—By amendment (max. $24). Business—Manu¬
are
ers.
facture, design,and distribution of plastic toys. Proceeds
—For general corporate
purposes. Office—912 Sycamore
St, Cincinnati, Ohio. Underwriter—Kuhn, Loeb
New York.
-j :V' ":'v;
Co,
•
Kiddie Rides, Inc.
(4/30-5/4)
Sept. 12, 1961 filed $1,000,000 of 7% convertible subordi¬
nated debentures due 1971
and 30,000 common to be of¬
fered in units of $1,000 debentures and 30 of commoa
Price—By amendment. Business—The operation of coin
operated children's amusement equipment; Proceeds—
For repayment of loans, equipment and
general corpo¬
rate purposes. Office—2557 W. North
AVe, Chicago/Un¬
derwriter—Paul C. Kimball & Co., Chicago.
Kine Camera Co.,
Inc.
r:
:
1961 filed 75,000 common. Price—$5, Business
—Importing and distribution of cameras, binoculars and
Nov. 21,
photographic equipment. Proceeds—For debt repayment
and working capital. Office—889 Broadway, N. Y. Un¬
derwriter—Underhill Securities Corp, N. Y.
King Island Cosmetic Co..
Feb.
1962
13,
("Reg.
A")
100,500
use
in
repayment
17th
St.,
Price—$2.
therapeutic clay
common.
Business—Company plans to market
for
a
manufacturing cosmetics. Proceeds—For debt
and other corporaet purposes.
Office—734Denver.
Underwriter—Birkenmayer & Co,
Denver.
Co, Inc., N. Y.
Jefferson
&
.
in
warrant.
Air
Japan Fund, Inc.
1961 filed 2,000,000
.
capital. Office^-1800 Boston! Rd,
Bronx, N. Y. Underwriter—Michael G. Kletz & Co.f N. Y.
★ Kavanau Corp. .'*•••
y
■ "
March 29, 1962 filed 50,000 shares 6% cum.
preferred
and four-yeap-common stock
purchase warrants to be
debt repayment
—
Office—1924 Washing¬
payment and working
i
(5/14-18)
v
stores.
Investment Securities Co.
March
Inc.
common.
Conditioning Corp,
28, 1962 ("Reg. A") 40,000 common. Price ^ $3.
Business—Design,, installation and maintenance of heat¬
ing, plumbing and air conditioning systems. Proceeds—'
For inventory, equipment and other corporate purposes.
Office
954 Jamaica Ave, Brooklyn, N.Y.
Under¬
writer—Martin-Warren Co, Ltd, N. Y.'/>':';y:-yy v';, ■'
-
Establishment
—
30, 1962 filed 100,000
Jamoco
$100 debenture and 10 shares.
Price—By amendment. Business
operation of hotels located in or
Jaap Penraat Associates,
Feb.
Jan. 4, 1962 filed $1,700,000 of convertible subordinated
debentures due 1977 and 170,000 common shares to be
of
sale
/
J/J. y'y
-/j ;:K. j
common,
Price—$5. Busi¬
jJV
Price—$5. Busi¬
chain of retail stores selling carpets
and rugs. J Proceeds—For
expansion, inventory- debt re¬
ness—Operation of
and working capital. Office—29 N. W; 10th St.; Miami,
Fla. Underwriter—Clayton Securities Corp.y Boston/
/
v
/-'tv,**•*-' :
order
;
★ Kaufman Carpet Co., Inc.
March 29, 1962 filed 250,000 common.
St., Dover, Del. Underwriter —- American
Economy Corp., New York City.
retail department stores; Proceeds—For
repayment and construction. Office—905 Main St., Boise,
(4/9-13)
.//V.-'.-v
,,-.y
.
Jackson's/Byrons Enterprises Inc. v
13, 1962 filed $750,000 convertible subordinated
debentures due 1977; also 120,000 class A commonj of
which 66,666 shares are to be offered by the company
and 53,334 by stockholders. Price—By amendment (max.
$12.50 for common). Business—Operation of a chain of
•
>
:
Cleve¬
Co, Inc.,
Ferman
Ave, Bronx, N. Y. Underwriter—Arnold Wilkens
Co, Inc., N. Y.- V •
-V;/
March
March
units
ness—Mail
were
Price—$3. Business
—Industrial designing, the design of teaching machines
and the production of teaching programs. Proceeds—
For expansion, new facilities and working capital. Office
—315 Central Park W, N. Y. Underwriter—R. F. Dowd
& Co, Inc., N.
.1:
Price—By amendment (max. $70).
For debt repayment and general corporate
Office — 905 Main St., Boise, Idaho. Under¬
in
Miami, Fla.
L.-
ton
Jan.
share.
Underwriter—White, Weld & Co.,. N. Y.
Underwriter—Robert
★ Kapner, Inc.
March 29, 1962 filed 50,000
and
40,360 ■ common shares . (with
to be offered for sale in units of one $1,000
Israel Basic
(4/16-20)
(4/16-^20)
Rd.,
land.
equipment and working capital.
South
—
Intermountain Gas Co.
offered
y
common shares (with warrants).
Also
$2,760,000 of 6V2% dollar; debentures
due 1980. Price—For units, $1,050 each; for debentures,
par.
Business—Company was formed to construct the
luxury hotel "Tel Aviv Hilton" at Tel Aviv, Israel. Pro¬
ceeds—For general corporate purposes.
O f f i c e—229
6,-1962
International
(4/23-27)j
Underwriter—Hayden, Stone & Co, N. Y.
registered
filed $3,400,000 of subordinated deben¬
tures due 1987 and 68,000 common to be offered in units,
each consisting of one $50 subordinated debenture and
•
1980-86
due
warrants)
rotating devices. Proceeds—For debt repay¬
ment, sales promotion and working capital. Office—312
Mt. Pleasant Ave., Newark, N. J;
Underwriter—GoldSlovin Co., Inc., N> Y..
writer—White, Weld & Co., Inc., N. Y.
.
Electronics, Inc.; (4/9-13)
>Sept. 8, 1961 filed 125,000 - capital shares.
Price—By
amendment.
Business—The design and production of
International, Inc.
; '
28, 1962 filed $4,036,000 of 6Vz% sinking fund de
chanical
Gas Co.
-
Johnson
debenture and 10
Components, Inc.
March 23, 1962 ("Reg. A") 135,000 common.- Price—$1.
Idaho.
★
N. Y. Underwriter—Shearson, Hammill & Co., N. Y.
bentures
Instrument
distribution
(4/24)
common.
,
of all outstanding 6% preferred
shares and working capital. Office—1200 Zerega Ave,
,
and
Corp.
Price—By amend¬
(max. $10). /Business—Operation of a chain of re¬
stores selling low priced housewares, toys, etc.
Pro¬
Bronx, N ,Y.
Israel Hotels
Underwriter—None.
•
160,000
tail
cas,
Engineering Corp.
March 26, 1962 filed 120,000 common. Price—By amend¬
ment (max. $14).
Business—Development and produc¬
tion of equipment for use in testing the physical char¬
acteristics of various materials.
Proceeds—For selling
stockholders. Office—2500 Washington St., Canton, Mass.
purposes.
filed
—
Instron*
Business—Manufacture
14,1962
29, 1962 filed 75,000 common. Price—By amend-r
ment
(max. $50). Business—Distribution of electricity
.special electronic components for the commercial; and
and natural gas in Iowa. Proceeds — For repayment of
military market. Proceeds—For the repayment of debt,
loans, and construction. Office—300 Sheridan Ave., Cenand working capital. Address—Box 7,
Casselberry, Fla.
terville, Iowa. Underwriter—A. G. Becker & Co., Chi¬
Underwriter—Jennings, Mandel & Longstreth, Phila.
cago.
.J*.'' u ic Kaiser-Nelson Corp. /; y'y'y
..
;
v
•
Ipco Hospital Supply Corp. (5/14-18)
vy;
March 29, 1962 filed 140,000
common, of which 70,000
March 16, 1962 filed 290,000 common, of which 200,000
are to be offered
by company and 70,000 by stockhold¬
will be offered by company and 90,000 by stockholders.
ers.
Price—Byamendment
(max., $10).
Business—
Price—By amendment (max. $121)/ Business—Distribu¬
Reclamation of metallics from steel
slag; mining of sand
tion of surgical, and hospital supplies and equipment.
and gravel; and
dismantling and salvage of- industrial
Proceeds
For debt repayment, working capital and/
buildings. Proceeds—For new plants, debt repayment
other corporate purposes. Office—161 Avenue of Ameri¬
and working capital.
Office—6272 Canal
stockholders. Office—10131 National Blvd., Los
common
Business—Manufactureof
appliances and electric motors. Pro¬
products and working capital.
Office
March
13, 1961 filed 1,266,000 common to be offered to
preferred and common stockholders of Ling-TemcoVought, Inc. (parent) of record Nov. 30, 1961. Price—By
amendment. Business—Furnishes industrial information,
one
e—$6.
John's Bargain Stores
Feb.
ment
ceeds—For redemption
new
^ Iowa Southern Utilities Co.
;
*
•
Nov.
Proceeds
c
Offering—Expected sometime in May.
Systems, Inc.
Intermountain
Dorsa Ave, Livingston, N. J. Underwriter—Searight, Ahalt & O'Connor, Inc., N.Y.
,'
—Regent St., Manchester, Conn. Underwriters—Richard
Bruce & Co., Inc., and Reuben Rose & Co., Inc., N. Y.
St., Chicago. Underwriter—A. C. Allyn & Co., Chicago.
•
—102
ceeds—For
Dec. 26, 1961 filed 500,000 common. Price—$15. Busi¬
ness—A small business investment company. Proceeds—
March
Forces and the manufacture of electronic control equipment. Proceeds—For general corporate purposes. Office
household electric
_
handling and
P r i
by the company and 32,000 by stockhold¬
By amendment. Business — Development of
weapons training devices for U. S. Armed
—
simulated
lona
stockholder. "
Price
ers.
.
.
.
(4/30)
be offered
to
Ave., N. Y. Underwriter—IFC Securi¬
' *
,r '
'
Corp., N. Y.
Laboratories, Inc.
Dec. 21, 1961 filed 114,500 common, of which 82,500: are
Manufacturing Co.
Jan. 26, 1962 filed 140,000 common, of which 125,000 are
to he offered by the company and 15,000 shares by a
.
Industry Capital Corp.
Information
Joanell
Funding Corp.
filed $6,000,000
Office—630 Fifth
and general corporate purposes.
Office—89 Commerce
Rd., Cedar Grove, N. J. Underwriter—Hayden, Stone &
Co., Inc., N. Y. '
T \
: •'/ ■ v.V ■
V • /
•
1962
Thursday, April 5, 1962
.
of 2,910 $50 par preferred shares, expansion, and
working capital. Address — Route 286, Saltsburg, Pa.
Underwriter—Arthurs, Lestrange & Co, Pittsburgh.
and investment in real estate. Proceeds—For investment.
duction and test
electronic
19,
.
tion
—
of 10% registered sub¬
ordinated debentures, of which $1,000,000 will mature
1966 and $5,000,000 from 1971 through 1975 (with war¬
rants). Price—$1,000 per unit. Business—Purchase, sale
which 30,000 are
by stockholders.
March 9, 1962 filed 120,000 common, of
to be offered by company and 90,000
Office—901
Scherck,
Co., and Dempsey-Tegeler & Co., Inc., St. Louis.
Richter
.
-
★
King Louie Bowling Corp. (4/16-20)
Sept. 27, 1961 filed 330,000 common. Price—$2. Business
—Operates a chain of bowling centers. Proceeds—Repay
debt and for other corporate purposes.
Office—8788
Metcalfe Rd, Overland Park, Kan.
Underwriter—George
K. Baum & Co, Kansas City, Mo.
★ Kinney Service Corp.
March 28, 1962 filed 262,500
common, of which
are
to be offered by the
holders.
company and. 150,000
Price—By amendment
(max. $12).
112,500
by stock¬
Business—
Volume
195
6148
Number
.
.
sanitary structures, fallout shelters and play sculptures.
Proceeds—Foi
aeoi
repayment,,
sales promotion and
operation of garages and parking stations; renting
leasing of cars; cleaning and maintaining of com¬
mercial buildings and conducting of funerals.
Proceeds
—To buy additional automobiles.
Office—111 W. 50th
St., N. Y. Underwriter—Bear, Stearns & Co., N. Y.
The
and
Co., Inc., N. Y.
•
19, 1962 filed 80,000 common. Price—By amend¬
ment (max. $17.50). Business — Operation of a chain of
clothing and dry goods stores. Proceeds — For selling
stockholders. Office
8908 Ambassador Row, Dallas.
•
Feb. 21
1962 filed
160,000 common. Price
Business—Manufacture
ment.
of
Underwriter—Kidder, Peabody & Co., N. Y.
Lewiston-Gorham
March
(5/21)
Kohnstamm & Co., Inc.
(H.)
—
•
.•
r
—
colors'* and
By amend¬
Koilmorgen Corp. (4/18)
J
Nov. 9,\ 1961 filed-100,000 common, of which 40,000 are
be sold
by the company and 60,000 by stockholders
amendment.
Business—Manufacture of op¬
Price—By
tical equipment.
—347
•
Co., Hartford.
Planned
Kraft
suits
Bros.
14, 1961 filed 200,000 common.
registration
withdrawn.
was
Lab-Line
Instruments,
,
■
■&*.
Inc.
March 12, 1962 filed 150,000 common.
New
advertising displays, and toys. Proceeds — For
building improvements, equipment and working capital.
Office—3200 Snelling Ave., Minneapolis.
Underwriter
■'March
22,
1962
filed
of which 60,000
100,000 common,
&
son
•
hair
of
debt
Curtis, Boston.
Salle St,
La
Nov.
1961
24,
preparations and
equipment,
repayment,
Webber,
/;Y;.,
;
Jack¬
Capital Corp.
250,000 common. Price—By amend¬
filed
ment. Business—A small business investment company.
Proceeds—For general corporate purposes. Office—134
S. La Salle St., Chicago. Underwriter—Bacon. Whipple
&
Chicago.1 Note
This .company
Twentieth Century Capital Corp.
Co.,
named
—
;
-y:\r
,,
/
-•
;
"...
v.V:
Langsam (S. R.) & Co. /
8, 1962 ("Reg. A") $300,000 of 6V2% convertible
subordinated sinking fund debentures due March 1, 1977.
Price — $1,000 each. Business — A factoring company.
Proceeds—For general corporate purposes/ Office—1321
Bannock St., Denver. Underwriter—Bosworth, Sullivan
'
March
Co., Inc., Denver.
Leader-Durst
Dec.
1961
1,
filed
Business—Real
_' /rw
Lee
-,V\
class A common. Price—$5
Proceeds—F o r repayment of
Underwriter—None.
Fashions, Inc.' (4/23-27)
27,
ment.
V
405,000
Estate, s
Office—41 E. 42nd St., N. Y.
debt.
Dec.
•>
Corp.
1961
filed
166,667
Business—Importing of low priced ladies' scarfs
Proceeds—For debt repayment and work¬
ing capital. Office—2529 Washington Blvd., Baltimore.
Underwriters—Godfrey, Hamilton, Taylor & Co., N. Y.
Co., Miami Beach.
Lehigh Industries & Investment Corp. (5/7)
Dec. 29, 1961 filed 2,000,000 class A common. Price—By
amendment. Business—A holding
company for
three
subsidiaries which operate utilities, engage in construc¬
tion, and distribute electronic parts. Proceeds—For debt
repayment, construction and working capital. Office—
800
71st St., Miami Beach, Fla. Underwriter—To
be
named
(a newly-formed subsidiary).
•
Lembo
Dec. 21.
Corp.
(5/7-11)
Price—$3.50.
ness—Manufactures steel re-inforced
sale
Busi¬
concrete utilities,
;
Mac-Allan
Co., Inc. (5/28-31)
23, 1962 filed 130,260 of class A common, of which
65,130 are to be offered by the company and 65,130
by stockholders. Price—$5. Business—Sale and distribu¬
Feb.
tion
of
of costume
jewelry, ladies' handbags, and accesso¬
For working capital. Office — 1650
Broadway, Kansas City, Mo. .Underwriter—George K.
Baum & Co., Kansas City
ries.
Proceeds
—
.
•
Macco
Realty Co. (4/16-20)
21, 1961 filed $4,000,000 of conv. subord. debentures
1977;
also 150,000 . common
shares.
Price—By
Dec.
due
amendment.
Business—Construction and sale of homes,
Proceeds—For
;
children's
debt
repayment and
general
corporate
Paramount,!
Calif. Underwriters—Kidder, Peabody & Co., N. Y. and
Mitchum, Jones & Templeton, Los Angeles.
purposes.
Office—7844 E. Rosecrans Ave.,
'
Madway Main Line Homes, Inc.
•
Magazine For Industry, Inc. (4/23-27)
Aug. 2, 1961 filed 100,000 common, of which 80,000 will
be offered by the company and 20,000 by stockholders.
Price—$5. Business—The publishing of business period¬
(4/16-20)
1961 filed 150,000 common.
28,
Litton
March 6, 1962 filed
ment (max. $10).
„■
.
Price—By amend-
icals.
/
Proceeds—For promotion, a new publication and
working capital. Office—660 Madison Ave.. New York.
Underwriter—Arnold, Wilkens & Co., Inc., N. Y.
Inc.
Industries,
de¬
by
holders of outstanding common and securities convertible into common on the basis of $100 of debentures for
each
10
shares
April
expire
facture
of
9,
held
record Mar. 23, with rights to
Price—At par. Business—Manu¬
systems and components, business
commercial electronic equipment, nuclearpowered submarines and other vessels. Proceeds—For
debt repayment and working capital. Office—336 Footihill Rd., Beverly Hills, Calif.
Underwriters—Lehman
Brothers and Clark, Dodge & Co., Inc., N. Y.
,
Livestock
Financial
Corp.
(4/23)
1962 filed 245,000 common. Price—$10. Business
holding company whose subsidiaries in¬
the lives of all types of animals. Proceeds—To form
subsidiaries. Office—26 Piatt St., N. Y. Underwriter
—Shearson, Hammill & Co., N .Y.
Livingston Oil Co. (4/27)
filed $6,359,900 of convertible sinking fund
subscription by stockhold¬
ers on the basis of $100 debenture for each 34 common
shares held. Price—By amendment. Business—Explora¬
tion and development of oil and gas properties. Proceeds
—For debt repayment, expansion and working capital.
Office
Mid-Continent Bldg., Tulsa. Underwriter—
Shearson, Hammill & Co., N. Y.
Feb. 26-, 1962
debentures to be offered for
-r—
Lockfast Mfg. Co.,
Jan.
11, 1962
Inc.
("Reg. A") 85,000 common. Price
Business—Manufacture
of
furniture
to furniture manufacturers.
3006
steel inventories
Boarman
Ave.,
hardware
/
games. Proceeds—For general corporate purposes.
—130 E. 40th St., N. Y. Underwriter—Darius Inc.,
Office
N. Y.
Inc.
1961 filed 75,000 common. Price—$4. Business
—Production of a new electrically powered device for
messaging a person in bed. Proceeds—For general cor¬
porate purposes. Office—Route 17, Rochelle Park, N. J.
Underwriter—Stanley R. Ketcham & Co., Inc., N. Y.
Magic Fingers,
Feb 23,
r-An insurance
sure
Magellan Sounds Corp.
28, 1962 filed 60,000 common (with attached oneyear class A warrants to purchase 60,000 common shares
at $4 per share and two-year class B warrants to purchase 60,000 shares at $4.50 per share) -to be offered in
units (each consisting of one share, one class A warrant
and one class B warrant). Price—$4 per unit. Business
—Production of educational and recreational devices and
Feb.
of
1962.
electronic
machines,
ment,
.
1961 filed 100,000 common.
and
new
Price—By amend¬
common.
and blouses.
and Penzell &
Manufacture
Jan. 8, 1962 filed $50,748,100 of 3%% conv. subord.
bentures due 1987 being offered for subscription
;Proceeds-^-For equipment,
Y.-J;.y.
—
29, 1961 ("Reg. Aw) 150,000 common/ Price—$2.
Business—Design and manufacture of automatic filling
machines and related equipment. Proceeds—For debt re¬
payment and working capital. Office — 191' Berry St.,
Brooklyn, N. >Y. Underwriter—A. J. Gabriel Co., N. Y.
ties, college pennants, etc.; and distribution of medical,
nursing and law books. Proceeds—For debt repayment
and working capital. Office—128 Oliver St., Paterson,
N. J. Underwriter—Andresen & Co., N. Y.
,
&
MRM Co., Inc.
Nov.
($5 maximum). Business—Publication, and sale of
paperback school books; manufacture of stuffed novel¬
ness—Production and sale of,gift sets, linens,
•
ning and bottling of fruits and vegetables. Proceeds—
debt repayment and working
capital. Office—48
High St., Brockport, N. Y. Underwriter—None.
For
ment
.
Office—500
Edward Lamb Bldg., Toledo. .Underwriter—Blair & Co.,
N. Y.
" 'V-;'.:
' ' V'->V.
Y.'. ' T
fLaminetics Inc. ; /:
"S' \ :y.\
March 22, 1962 filed 80,000 common. Price—$3.50. Busi¬
place mats,
moving expenses, sales
promotion and other corporate purposes. Office — 20
W. 27th St.,-N. Y. Underwriter—Fabrikant Securities
Business
29, 1961 filed 100,000 common. Price—$6. Business
—Processing and packaging of frozen foods and the can¬
"
!
50,000 common. Price — By amend¬
Business—Production, sale, erection'
and financing of manufactured homes. 'Proceeds—For
the financing of credit sales of homes. Office—315 E.;
Manchester Ave., Wayne, Pa.
Underwriter —' Drexel &
Co., Philadelphia. Offering—Sometime in May.
Dec.
-ment, plant expansion and working capital.
Corp., N.
Lustig Food Industries, Inc.
Dec.
Inc.
Ruffy Togs,
(4/23-27)
and production and working capital. Office—
Ave., N. Y. Underwriter—Wright, Myers &
Bfessel, Inc., Washington, D. C. Note—This firm formerly
was named Lunar Enterprises, Inc.
;
Des Plaines,
Cruttenden, Podesta & Co., Chicago.
Littlefield, Adams & Co.
plumbing fixtures, water, softeners; sugar cane agricul¬
etc.
—
Films, Inc.
filming
clothing. Proceeds — For debt repayment and working
capital. Office—112 W. 34th St., N. Y. UnderwritersGlass & Ross. Inc. and Samson, Graber & Co., Inc., N. Y;
1977
tural equipment; aluminum doors, storm windows, and
related aluminum products. Proceeds—For debt repays
Lunar
543 Madison
Miner St.,
(4/23-27) ;
Nov..29, 1961 filed 165,000 common. Price—By amend¬
ment.
(with attached warrants).
Price—At .par.
feusiness—Manufacture of gas and electric water heaters,
'
Pro¬
Management Corp., N. Y.
capital.. Officer—1865
Little
formerly was
Industries, Inc. (4/30-5/4)
28, 1961. filed $2,200,000 of s. f. subord. debentures
due
dresses.
_
111. Underwriter
Lamb
Dec.
casual
•
Lincoln
working
common,
to be offered by the company and
Aug. 31, 1961 filed 125,000 common. Price—$5.75. Busi¬
ness—The production of television films. Proceeds—For
Bedford, Mass. Underwriter — J. R. Williston &
■
• V...
Jan.
_
and?;
mond, Va.
Littelfuse, Inc.
(4/16-20)
26, 1962 filed 100,000 common, of which 50,000
are to be offered by the company and 50,000 by stock¬
holders. Price—By amendment. Business—Manufacture
of various products for the electronic, automotive and
electrical
industries.
Proceeds—For
equipment,
and
Office—110 N. Fifth
Underwriter—Paine,
Minneapolis.
St.,
/■
distribution
and
Proceeds—For
products and working capital.
new
women's
Lithoid, Inc. (4/9)
#
1961 filed 120,000 common. Price—$3. Business
^-Development and manufacture of equipment ^nd sys¬
tems for the
photographic data processing industry.
Proceeds—For general corporate purposes. Office—232
Cleveland Ave., Highland Park, N. J.
Underwriter—
Godfrey, Hamilton, Taylor & Co., Inc., N. Y.
to be.offered by the company and 40,000 by a stock¬
holder.
Price—By amendment (max. $16). Business—
cosmetics.
of
sale
manufacture
Seagrove, N. C. Underwriter—J. C. Wheat & Co., Rich¬
Nov. 22,
are
Manufacture
;
and
Price—$5. Business—Design,
of which 142,500
139,996 by stock¬
holders. Price—By amendment (max. $5). Business—
Canning and marketing of vegetables and meats. Pro¬
ceeds—For expansion and debt repayment. Address—
Office
repayment.
toy Manufacturing Corp.
Lucks, Inc.
28, 1962 filed 282,496
•
Maur Inc.
selling
Feb.
are
St., San Francisco.
Underwriters—Sutro
Co., San Francisco and F.- S. Smithers & Co.,
Distributor—Horizon
—Hayden, Stone & Co., N. Y.
Proceeds—For
Bronx River
of toys and games. Proceeds—For equipment, ad¬
vertising and working capital. Office—1074 Brook Ave.,,
N. Y. Underwriters—H. M. Frumkes & Co. and Batchker, r
Eaton & Co., N. Y.
Fund, Inc. (4/30-5/4)
March 30, 1961 filed 951,799 shares of common stock.
Price—Net asset value plus a 7% selling commission.
Business—A
non-diversified,
open-end, managementtype investment company whose primary investment ob¬
jective is capital appreciation and, secondary, income
derived from the sale of put and call options. Proceeds—
For investment. Office—300 Main St., New Britain, Conn.
Price—By amend¬
products.
Office—825
sale
Beane, N. Y.
indoor
La
holders.
repayment, working capital and expan¬
sion. Office—Herman L. Bishins Bldg., Riverside Ave.,
(max. $11).; Business—Manufacture of permanent
ment
electronic; military
Lowell
ceeds—For debt
(4/17)
(4/9-13)
Dec. 27, 1961 filed 120,000 common, of which 100,000 are,;
to be offered by the company and 20,000 by the stock-
16th
&
manufacture
•
Electronics Corp.
Ave., N. Y. Un-,
derwriters—Lehman Brothers, Kidder, Peabody & Co.,
and Model, Roland & Co., N. Y.
;
!
*"».
; .
;
Lily Lynn, Inc. (5/21)
Feb. 23, 1962 filed 150,000 common, of which 86,000 are to
be offered by the company and 64,000 by the stockhold¬
ers. Price—By amendment (max. $12). Business—Design,
filed 142,860 common, of which 122^168 are
by the company and 20,692 by stockhold¬
ers. Price—By
amendment (max. $9). Business-Manu¬
facture of an extensive line of industrial, hospital and
clinical laboratory instruments. Proceeds—For debt re¬
payment, construction, and working capital. Office—
3070-82 W. Grand Ave., Chicago. Underwriter—R. W.
Pressprich & Co., N. Y
...
^
Industries, Inc.
debt
New York.
Feb. 23, 1962
to be offered
Lakeside
Proceeds—For
coats.
and
-^-2701
Homes, Inc.
Price—$5. Business
-—A holding company in "shell homes" field. Proceeds—
For debt repayment and general corporate purposes. Of¬
fice—128 W. Broadway, Birard, Ohio.
UnderwriterBest & Garey & Co., Inc., Washington, D. C. Note—This
Dec.
Loral
Feb. 28, 1962 filed 56,225 common. Price — By amend¬
ment. Business—Research, development and production
due
:/
v
v.
1962 filed $750,000 of conv. subord. debentures '•
1977, also 100,000 common shares to be offered by
stockholders. Price—By amendment.
Business—Design,
manufacture and distribution of women's high fashion
March 29,
Office
Underwriter—Put¬
»
''V;,'
it LiIIi Ann Corp.
•
Proceeds—For debt repayment.
King St., Northampton, Mass.
&
nam
,
(4/17)
20, 1962 filed $900,000 of 6% sinking fund deben¬
tures series B, (with warrants). Price—$1,000 per deben¬
ture. Business—Design, manufacture, sale and repair of
machinery and equipment used in agriculture. Proceeds
—For debt repayment, equipment and general corporate
purposes. Office—7th & S Sts., Gering, Neb. Underwriter
—First Nebraska Securities Corp., Lincoln, Neb.
.
provements and working capital. Office—33 Court St.^
Auburn, Maine. Underwriter—P. W. Brooks & Co., N; Y*
'
to
14, 1962 filed $1,000,000 of 6%% first mortgage
1977 and 200,000 common- to- be- offered in
consisting of a $500 bond and 100 shares. Price—
$500 per unit. Business—Conducting commercial parimutuel harness racing meets in Lewiston-and Gorhanv
Maine. Proceeds — For debt repayment, property im-;
drugs
Lockwood Grader Corp.
stockholders.
units
for
•
39
Feb.
of
Inc.
Raceways,
due
bonds
flavors
and ;cosmetics; also industrial chemicals.
Proceeds—-For general corporate purposes. Office—161
Avenue of the Americas, N. Y. Underwriter —* Kidder,
Peabody; & Co., Inc. / : ;
.'/"..V,; . ..
food,
(4/23-27)
Inc.
Levine's,
March
Price—$1. Business
—A holding company for three subsidiaries in the wall
and floor coating business. Proceeds—For product de¬
velopment, advertising, and working capital. Office—
26-32 Second St;, Long Island City, N. Y. Underwriter—
common.
Globus, Inc.
W. 11th St., Huntington
Underwriter—Blank, Lieberman &
Office—145
capital.
working
Station, L. 1., N. Y.
•
Kogei, Inc. (5/1-4)
Dec. 8, 1961 filed 1U0,U00
(1643)
Chronicle
The Commercial and Financial
.
—
for
Proceeds—For debt
$3.50
sale
repay¬
nad plant expansion. Office—
Underwriter—R & D
Dec. 29,
Mandrel Industries.
Inc.
of which 220,000 are
83.900 by stockhold¬
Price—By amendment (max. $20). Business—De¬
sign and manufacture of specialized photo-electric color
sorting machines and geo-physical exploration devices.
Proceeds
For debt repayment, acquisition of 90,000
shares of its own stock, and working capital. Office—800
Welch Rd., Palo Alto, Calif. Underwriter—Domin^k &
Dominick, N. Y.
Feb. 27, 1962 filed 303,900 common,
to be offered by the company and
ers.
—
• Manhattan Drug Co., Inc.
March 29, 1962 filed 72,000 common, of which 58,000 are
to be offered by company and 14,000 by stockholders.
Price—$3.50.
Business—Manufacture, packaging
and
Baltimore.
Investors Corp., Port Washington, N. Y.
Continued
on
page
i0
40
The Commercial and Financial Chronicle
(1644)
Continued
from
39
page
Metropolitan Acceptance Corp.
2, 1961 filed $300,000 of 6% subordinated convert¬
due 1967 and 60,000 common shares to be offered
in units consisting of $100 of debentures and 20 common
shares. Price—$150 per unit. Business—Financing of re¬
tail sales. Proceeds—For working capital. Office—5422
Western Ave., Chevy Chase, Md. Underwriter—To be
Oct.
sale
proprietary drug products. Proceeds—
For equipment, new products, debt repayment and work¬
ing capital.
Office—156 Tillary St., Brooklyn, N. Y.
Underwriter—Dana Securities Co., Inc., N. Y.
of
various
Maradel
Products, Inc.
335,000 common. Price—By amend¬
Business—Manufacture of toiletries
and cosmetics.
Proceeds—For acquisitions, debt repay¬
ment and working capital. Office—510 Ave. of the Amer¬
March 12, 1962 filed
ment (max. $20).
icas, N. Y. Underwriter — Hornblower & Weeks, N. Y.
Offering—Expected sometime in June.
Marine
Animal
&
By-Products Corp. (4/30)
Jan. 26, 1962 filed 90,000 common.
Price—$5. Business
—Distributes fishmeal and animal by-product proteins.
Proceeds—For expansion, machinery, and working cap¬
ital. Office—233 Broadway, N. Y. Underwriter—Arnold
Malkan
&
Marks
June
27,
Co., Inc., N. Y.
Polarized
1961
amendment.
facilities
new
filed
Corp.
95,000
and
other
shares.
common
Proceeds—For
Price—By
acquisition of
expansion,
Office—
Underwriters-
corporate
purposes.
153-16 Tenth Ave., Whitestone, N. Y.
Ross, Lyon & Co., Inc. (mgr.), Glass & Ross, Inc., and
Globus, Inc., N. Y. C.
•
Martin
March
(L. P.)
Maintenance Corp.
of which 20,000
are
to be offered by company and 80,000 by a stock¬
holder. Price—$5. Business—Cleaning and maintenance
of
buildings and the sale of janitorial supplies and
23,
1962
filed
100,000
ibles
named.
'
■
■
Metropolitan
■/
•/
•'
.
...
■.
(5/7-11)
Realty Trust
*■
•
Dec.
20, 1961 filed 1,000,000 shares of beneficial interest.
Price—$6.50. Business—A real estate investment trust.
Proceeds—For
general corporate purposes. Office—1700
St., N. W., Washington, D. C. Underwriter—Eisele &
K
King, Libaire, Stout & Co., N. Y.
Micro-Dine
Corp.
13, 1962 filed 200,000 common. Price—$3.50. Busi¬
ness—Manufacture, sale and operation of vending ma¬
chines. Proceeds—For debt repayment, inventories and
general corporate purposes. Office—6425 Oxford St., St.
Louis Park, Minn. Underwriter—Irving J. Rice &
Co.,
Inc., St. Paul.
-v.*;.*'*
Feb,
Midwest
Dec.
MedocaU Investment
11, 1961
Trust
("Reg. A")
15,000 shares of beneficial in¬
terests. Price—$20. Business—A real estate investment
trust which plans to own interests in medical office
buildings, hospitals, etc. Proceeds—For working capital.
Address—Van West, Ohio. Underwriter—J. Allen McMeen & Co., Fort Wayne, Ind
common,
equipment. Proceeds—For debt repayment and work¬
ing capital.
Office—840 DeKalb Ave., N. E., Atlanta.
Underwriter—Johnson, Lane, Space Corp., Atlanta.
Midwest Technical Development Corp.
Feb.
26, 1962 filed 561,500 common to be offered for
subscription by stockholders on the basis of one share
for
each
$7).
two
Business
shares
A
held.
—
•
Mastan
Feb.
Co., Inc.
1962
9,
(4/17)
filed
$5,000,000 of 5V2% senior notes due
1977 and 170,000 common.
Price—By amendment (max.
Notes: 105%; Stock: $12). Business—A commercial and
industrial finance company. Proceeds—For general cor¬
porate purposes. Office—350 Fifth Ave., N. Y. Under¬
writer—New
York
Securities
Co., 65 Broadway, N. Y.
Masters, Inc.
March 22, 1962 filed $1,500,000 of 6%
bentures
due
1972;
also
150,000
conv.
subord. de¬
shares,
common
of
which 80,000 will be offered by the company and
70,000
by a stockholder. The securities will be offered in units
of one $100 debenture and 10 common
shares,
that up to $700,000 of debentures and
70,000
be offered separately.
Price—For
except
shares may
debentures, at par;
$10. Business—Operation of discount ^de¬
partment stores selling a wide variety of merchandise.
Proceeds—For
expansion.
Office—135-21
38th
Ave.,
Flushing, N. Y. Underwriters—Sterling, Grace & Co.,
for
common,
and
•
Norton, Fox & Co., Inc., N. Y.
Masury-Young Co.
Dec. 4, 1961 filed
Manufactures
nance
and
and
Proceeds
other
Price—$6. Business-
common.
commercial
products.
equipment,
(4/17)
100,000
—
industrial
For
floor
corporate
St., Boston. Underwriter—-Chace,
Winslow, Inc., Boston.
McWood
Corp.
debt,
Office—76
purposes.
Roland
•
mainte¬
of
repayment
Whiteside
&
C.
Underwriter—Affiliated Underwriters,
crude
oil
from
producers,
Inc.
Midwestern
Mortgage Investors
Feb. 26, 1962 filed 500,000 shares of beneficial interests.
Price—$10. Business — A real estate investment com¬
Proceeds—For investment and operating expenses.
Office—1630 Welton St., Denver. Underwriter—Boettcfter & Co., Denver.
pany.
Mil
National Corp.
28, 1962 filed 100,000 common. Price—$5. Business
—Distribution of dry cleaning and laundry
equipment.
Proceeds—For sales promotion, inventory and working
capital. Office—1101 E. Tremont Ave., Bronx, N. Y.
Underwriters—H. M. Frumkes & Co., Abraham &
Co.,
and Berman, Sterling & Vine
Co., N. Y.
Feb.
Milli-Switch
Dec.
$3.
20, 1961
Corp. (4/9-13)
("Reg. A") 100,000 capital shares. Price—
Business—Manufacture
of
switches
and
other
elec¬
tronic
components.
Proceeds — For general corporate
purposes. Office—1400 Mill Creek Rd., GladWyne, Pa.
Missile
(max. $160).
Company buys
transports it to own storage
Busi¬
ness—Company plans to engage in the commercial fi¬
and factoring business. Proceeds—General
corpo¬
rate purposes.
Office—1730 K St., N. W., Washington,
(4/30-5/4)
—
Price—$2.
nance
D.
Nov.
valve.
Co.,
N.
Y.
—
Corp.
("Reg. A") 300,000
Production
and
sale
Price — $1.
type butterfly
common.
of
new
Proceeds—For
purchase of the patent and pro¬
duction and development of the valve.
Office
5909
Hollywood Blvd., Hollywood, Calif. Underwriter—Brown
—
&
Co., Phoenix, Ariz.
and sells it to refiners.
Proceeds—For debt repayment and
working capital. Of¬
fice—Oil & Gas Building,
March 16,
•
Medex, Inc. (4/9)
Sept. 27, 1961 filed 110,000
derwriters—(Competitive).
areas
Abilene, Tex. Underwriter—
Dempsey-Tegeler & Co., Inc., St. Louis.
common.
ment.
Price—By amend¬
Business—Development and manufacture of a
limited line of hospital and
surgical supplies. Proceeds
—For
construction, inventory, research and working cap¬
Office—1488 Grandview
Ave., Columbus, Ohio. Un¬
derwriter—Globus, Inc., N. Y.
ital.
Medical
Oct
26,
Fund, Inc.
Mississippi Power Co.
(4/12)
1962 filed $6,000,000 of first mortgage bonds
due April 1, 1992. Proceeds—For debt
repayment and
construction. Office—2500 14th St.,
Gulfport, Miss. Un¬
Probable
bidders:
Eastman
Dillon, Union Securities & Co.-Equitable Securities Corp.
(jointly); Halsey, Stuart & Co., Inc; Merrill Lynch,
Pierce, Fenner & Smith Inc. Bids—April. 12 (11 a.m.
EST) in Room 1600, 250 Park Ave., N. Y. Information
Meeting—April 6 (3:30 p.m. EST) at 54 Liberty St.,
(6th Floor), N. Y.
1961
Mississippi-Red River Transport Co.
filed 2,000,000 capital shares. Price—$10.
Business—A <blosed-end diversified investment
Jan. 22, 1962 filed 200,000 common. Price
Proceeds—For
ment
company.
investment
in
firms
serving modern
Address
New York, N. Y. Underwriter—
Fleetwood Securities
Corp. of America, 44 Wall St., N. Y.
medicine.
—
Medical Industries
Fund, Inc.
Oct. 23, 1961 filed
25,000 common.
—A
closed-end
become
investment
open-end.
Price—$10.
which
company
Proceeds—For
Business
plans
investment
in
to
the
medical
industry and capital growth situations. Office
Lafayette St., Denver. Underwriter—Medical As¬
sociates, Inc., Denver.
—677
Medical Video Corp.
13, 1961 filed 250,000
Nov.
ness—Manufacture of
Proceeds—For general
Studio
Los
common.
medical
corporate
Price—$10.
electronic
purposes.
Busi¬
equipment.
Office-
City, Calif. Underwriter—Financial Equity Corp.,
Angeles.
—
By amend¬
($2.50 estimated). Business — A motor carrier of
petroleum products. Proceeds—For purchase of
tugs and
barges and construction of docking facilities. Office—
2809
N.
Main
St., Fort Worth, Tex. Underwriter—Wil¬
Worth, Tex.
liam N. Edwards & Co., Fort
•
Molecular
Sept.
1,
Dielectrics, Inc.
1961
filed
to be offered
Co.
Molecular
Systems Corp. (4/16-20)
12, 1961 filed 140,000 common. Price—$3. Business
—Production
of
polyethylene
materials
of
varying
grades. Proceeds
For equipment, research and de¬
velopment and working capital. Office
420 Bergen
Blvd., Palisades Park, N. J.
Underwriters—Stone, Ackerman &
Co., Inc., (mgr.) and Heritage Equity Corp., N. Y.
Dec.
—
Mercury Books, Inc.
14, 1962 filed 55,000 common. Price—$4.50. Busi¬
ness—Publishing of newly written popular biographies.
Proceeds—For working capital.
Office—1512
Walnut
St., Philadelphia. Underwriter—Meade &
Co., N. Y.
Feb.
•
Meteor
Oct.
31,
Enterprises, Inc.
Price—$10.
1961
("Reg. A") 100,000 common. Price—$3.
Business
Manufacture of electric barbecue
motors,
igniters, etc. Proceeds—For debt repayment and
gen¬
—
eral
corporate purposes.
North Hollywood, Calif.
rence,
Office—5356
Riverton
Underwriter—Kolb
&
class
A
common.
Business—Publication of a political maga¬
Proceeds—For general corporate
purposes. Office
—106 W. 69th St., N. Y.
Underwriter-^-None.
Moore
(E.
R.)
Ave.,
Co.
(4/9-13)
Feb. 23, 1962 filed
to be
was
ers.
150,000 common, of which 60,000 are
offered by the company and
90,000 by stockhold¬
Price—By amendment ($14 max.). Business—Manu¬
facture, sale
or
Morse
Dec.
29,
Electro
Products Corp.
(4/30)
filed $1,250,000 of 6 V2 % convertible sub¬
1961
ordinated debentures due March, 1977. Price — At par.
Business—Operates retail stores selling sewing machines
vacuum
cleaners. Proceeds
For expansion and
working capital. Office—122 W. 26th St., N. Y. Under¬
writer—Standard Securities Corp., N. Y.
and
•
—
Morse
Jan.
Shoe, Inc.
1962 filed 630,000 common.
26,
Price—By amend¬
ment. Business—Retail sale of popular-priced foot wear.
Proceeds—For. selling stockholders.
Office—1047 Com¬
monwealth
Ave., Boston. Underwriters — Blyth & Co.*,
Inc., and Lehman Brothers, N.'Y. Offering—Imminent,
Morton's
Shoe Stores, Inc.
(5/28-6/1)
1962 filed 517,122 common, of which 175,000
are
to be offered by company and 342,122 by stock¬
holders. Price—By amendment* (max. $18). BusinessMarch
16,
Retail sale of
popular priced shoes.-Proceeds—For debt
repayment and working capital. Office—558 Pleasant St.;
New Bedford, Mass. Underwriter—Dean Witter &
Co.,
N. Y.
•
\
■
:;j-//.
'
■ ■
Mosler Safe Co.
March 23, 1962 filed 260,000 common.
Price—By amend¬
ment
(max. $20). Business—Manufacture of safes, bank
vaults, security systems and office equipment. Proceeds
—For selling stockholders. Office—320 Park
Ave., N. Y.
Underwriter—Blyth & Co., Inc., N. Y. Offering—June.
Motor
Oct.
30,
Parts
Industries,
filea
1961
(4/9-13)
Inc.
120,000 class A shares. Price
Proceeds
For
—
debt
repayment
and
By
—
amendment. Business—Distribution of automobile
parts.
working capital.
Office—900-908 S. Oyster Bay Rd.,
Hicksville, N. Y. Un¬
derwriter—Street & Co., Inc., N. Y. »
'
it Mott's Super Markets, Inc.
March 29, 1962 filed 75,000 common. Price—By amend¬
ment (max. $8). Business—Operation of a chain of su¬
permarkets.
and
Proceeds—For debt repayment, equipment,
working capital.
Office—59 Leggett St., East Hart¬
ford, Conn. Underwriter—D. H. Blair & Co., Inc., N. Y«
Mountain
Jan.
Electronics Co.,
Inc.
16, 1962 filed 140,000 common. Price—$3.50. Business
—Wholesale
distribution
of
radios, television sets and
products and parts. Proceeds—for debt
repayment and working capital. Office—708 Bigley Ave.,
Charleston, W. Va. Underwriters—Maltz, Greenwald &
Co,. N. Y. and Clayton Securities Corp., Boston.
other electronic
•
Multronics, Inc.
(4/23-27)
Jan.
5; 1962 ("Reg. A") 100,000 capital shares. Price—$3.
Business—Production of electronic parts and components
and the furnishing of consulting services in the radio-
engineering field. Proceeds—For debt repayment, equip¬
ment, and working capital. Office—2000 P St., N. W.,
Washington, D. C. Underwriter — Switzer & Co., Inc.,
Silver Spring, Md.
v'
•
Municipal Investment Trust Fund, First Pa.
Series (4/10)
April 28, 1961 filed $6,375,000
(6,250 units) of interests,
by amendment. Business—The
fund will invest in tax-exempt bonds of the Common¬
wealth of Pennsylvania and its political sub-divisions.
Proceeds—For investment.
Sponsor—Ira Haupt & Co.,
Ill Broadway, N. Y. C.'
'
be
supplied
Municipal Investment Trust Fund, Series B
April 28, 1961 filed $12,750,000 (12,500 units) of interests.
Price
To be supplied by amendment. Business
The
fund will invest in
tax-exempt bonds of states, counties,
municipalities and territories of the U. S. Proceeds—For
—
—
investment.
Sponsor—Ira Haupt & Co.,
Ill
Broadway,
N. Y. C.
N.
T.
W.
Missile
Engineering, Inc.
Dec.
29, 1961 filed 250,000
—Engaged in the aircraft
Price—$8. Business
industries. Pro¬
ceeds—For debt repayment, inventories and research
and
development. Office—4820 Alcoa Ave., Los Angeles.
Underwriter—None.
common.
and
missile
Narrows Premium Corp. (4/16-20)
Sept. 25, 1961 filed 100,000 common. Price—$4. Business
—Financing of casualty insurance premiums in New
York
State.
fice—9805
Proceeds—General
corporate
purposes.
Of¬
Fourth
Ave., Brooklyn, N. Y. Underwriter—
Pearson, Murphy & Co., Inc., N. Y. »
National Car Rental
System Inc.
1962 filed 2,000,000 common Jo be offered for
subscription by stockholders; unsubscribed shares will
be offered to the public. Price—$1. Business—Rental
of
vehicles
sion.
and
related
Office—1000
activities.
Milner
Proceeds—For
Bldg., Jackson,
expan¬
Miss. Under¬
writer—None.
National Cash
Register Co.
21, 1962 filed 319,090 common
subscription by stockholders on the
Feb.
being
basis
offered
of
one
for
new
share for
each 25 shares held of record Mar.
27, with
expire April 11, 1962. Price—$100. Business—
Production, distribution and servicing of business ma¬
chines. Proceeds—For expansion and
working capital.
rights to
Office—Main & K Sts., Dayton,
Dillon, Read & Co., Inc., N. Y.
Ohio.
Underwriter-
1
;
National
zine.
Law¬
Inc., Beverly Hills, Calif. Note—This letter
withdrawn.
—
★ Monocle Publications Inc.
March 28,
1962^ ("Reg. A") 50,000
Proceeds—For debt repay¬
general corporate purposes. Office—932 Dakin
St., Chicago. Underwriter—A. G. Becker & Co., Chicago/
March 19,
(5/14-18)
150,000 common, of which 135,000
by the company and 15,000 by Cardia
Price—$5. Business—The manufacture of high-tem¬
perature electronic and electrical insulation materials.
Proceeds—For equipment, a new product and
working
capital. Office—101 Clifton Blvd., Clifton, N. J. Under¬
writers—Street & Co.. Inc. and Irving Weis & Co.. N. Y.
are
Thursday, April 5, 1962
gowns, and choir robes.
Price—To
Valve
24, 1961
Business
Blauner
.
,
Oct.
Underwriter—Seymour
Feb. 8, 1962 filed
$3,100,000 of 6% subordinated con¬
vertible debentures due 1974 and
310,000 common to be
offered in 31,000 units, each
consisting of $100 of deben¬
tures and 10 shares. Price—By amendment
Business
Midwestern Investment Corp.
16, 1961 filed 200,000 common.
.
ment and
Price—By amendment (max.
closed-end
management investment
company. Proceeds — For general corporate purposes.
Office
2615 First National Bank
Bldg., Minneapolis.
Underwriter—None.
—
and
,
rental of girls' gym suits, academic caps
Equipment & Plastics Corp. (4/16-20)
Sept. 28, 1961 filed 105,000 common. Price—$5. Business
—Operation of a cleaning and pressing plant and affili¬
ated
stores.
Proceeds—For
debt repayment, store ex¬
working capital. Address — Portage, Pa.
Underwriter—Cortlandt Investing Corp., N. Y.
pansion
and
National
Family Insurance Co.
26, 1961 filed 200,000 common. Price—$5. Business
—Writing of automobile insurance. Proceeds—For addi¬
tional capital and reserves. Office—2147
University
Dec.
Ave.,
Volume
St.
195
Paul, Minn.
May.
ed
Number
6148
V-
v-:
of
Corp.
Price—$12.50.
common.
reinforced
derwriter—Eastern Investment Corp., Manchester, N. H.
Note—This letter was withdrawn.
;
ord date is March 29 and the
23,
Security
1962
filed
Life
Insurance
100,000
•
•
be
common,
named.
v'};/■:
National Semiconductor
Corp.
(4/23-27)
/ t
May 11, 1961 filed 75,000 shares of capital stock^ Price
Business—The design,
development, manufacture and sale of quality transistors
for military and industrial use.
Proceeds
For new
equipment, plant expansion, working capital, and other
—
Office—Mallory Plaza Bldg., DanUnderwriters—Lee Higginson Corp., N. Y. C.
purposes.
bury, Conn.
and
Piper,
Jaffray
National
&
Hopwood,
Tele-Systems,
Minneapolis
(mgr.).
Inc.
Proceeds—For
inventory, debt repayment and
working capital. Office—718 Atlantic Ave., Brooklyn,
N. Y. Underwriter—Ezra Kureen Co., N. Y.
Oct.
30,
ment.
Vended
Ski
Insurance Corp.
1961 filed 550,000
Business—Distribution
(5/7-11)
Price—By amend¬
coin-operated insur¬
of
brokers
at
sporting centers.
Proceeds—For inventory, advertising and working capi¬
tal.
Office—420 Lexington Ave., N. Y. < Underwriter-
Pacific
Coast
Securities
Co.,
San
Francisco.
National
Work-Clothes
March
Oil
Proceeds—For debt repayment and working capital. Of¬
fice—8605 Cameron St., Silver Spring, Md. Underwriter
—Auchincloss, Parker & Redpath,
Offering—Expected in June.''
June.
Bowling Corp. (5/7-11)'
19, 1961 filed 100,000 capital shares (with attached
warrants). Price—By amendment. Business—The oper¬
ation of bowling centers. Proceeds—For a realty acqui-A
—
11
Chemical
Co.,
shares.
and
J. Underwriters—Stone, Ackerman & Co.,
Inc., and
Heritage Equity Corp., N. Y.
Orion
process¬
essential
—
North America
Fuller & Co., N. Y.
Real
Estate
Outlet
beneficial interest.
investment
Business—Real
Proceeds—For
ital.
estate
Fifth
Ave., N. Y.
Finance Cos., Inc.
1961 filed 200,000 common. Price—$5. Business
Proceeds—For expansion and debt
repayment. Office—6701 N. Broad St., Philadelphia. Un¬
Nov. 28,
Underwriter—None
Atlantic
Price—By
amendment.
electronic
Business—Manufacture
of
derwriter—Blair
P-G
pre¬
Proceeds—Repayment of
debt, new product development, inventory and working
capital. Office—Terminal Dr., Plainview, N. Y, Under¬
writer—G. A. Saxton & Co., Inc., N. Y.
ment.
—5265
Dec.
29,
Boiler
Co., Inc.
(4/11-12)
1961 filed
$400,000 of first mortgage sinking
fund bonds due 1977 (with warrants) and 15,000 shares
of 6% series A convertible preferred (par $10). Price—
At par. Business—Design and manufacture of steam and
hot
water
boilers.
Proceeds—For
constructor
10, 1962 (11
Chicago.
repayment. Office—235 N. 9th St., Lincoln, Nebr. Under-/
writer—First Nebraska Securities Corp., Lincoln.
if New Brunswick Scientific Co., Inc.
March 28, 1962 ("Reg. A") 50,000 common.
Price—$6.
Business—Design, development and manufacture of pre¬
cision apparatus used in production of pharmaceuticals
and other chemicals. Proceeds
For expansion, equip¬
ment, research, and working capital. Office—1130 Som¬
erset
St., New Brunswick, N. J.
Underwriter—John
Schuss & Co., N. Y.
Nov.
New Campbell
Island Mines Ltd.
to
be
offered
holder.
the
by
and
company
Price—50c.
75,000
by
Business—Exploration,
appliances.
and
New
Hope Academy of the Arts,
Inc.
—Operation of
a
school of performing arts for children
and young adults. Proceeds—For
general corporate
Office—152 Whitemarsh Rd., Philadelphia.
derwriter—Mayo & Co., Philadelphia.
poses.
New
Jan.
pur¬
Un¬
Plan
Realty Corp.
1962 filed 150,000 class
24,
A
shares.
N.
of wooden
Proceeds
—
•
cabinets
and
•
J-r
related'
For debt repayment, expansion,
working capital. Office—201-221 Godwin Ave., Pat-
Northwestern Glass
Co.
OcSltcly I&1C.
filed 170,000
Price—$11.
1962
Co.
on
Office—369
Lexington Ave.,
N. Y.
New
Nov.
13,
World
1961
Laboratories,
("Reg.
A")
Business—Manufacture
tions.
Proceeds—For
of
Inc.
100,000
(4/17)
Price
common.
cosmetics
and
hair
—
prepara¬
repayment and genera! cor¬
porate purposes.-Office—1610 14th St., N. W., Washing¬
ton, D. C. Underwriter—T. J. McDonald & Co., Inc.,
•
Business—
Newark Electronics Corp. (4/18)
Jan. 17, 1962 filed $2,000,000 of convertible subordinated
debentures due 1982 and 110,000 class A shares. Price—■
At
par;
Stock:
By amendment. Business—
Distribution of electronic parts and equipment and elec¬
trical supplies. Proceeds
For general corporate, pur-,
poses.
—H.
Office—223 W. Madison St., Chicago. Underwriter
M. Byllesby &
Co., Chicago.
,
offered
gations of states, counties, and municipalities of the U. S.,
and
political subdivisions thereof which are believed
to
be
exempted from Federal income taxes. Proceeds—
Bids—Expected April 11
Meeting—April
States
Steel
2
(3:30
(11 a.m. EST).
p.m.)
at
Rector
2
Corp.
Offering—Indefinitely postponed.
Westates
in
Land
Development Corp.
units, each consisting
common
amendment
of $100 of debentures
shares. Price—$200 per unit. Business—
(max. $13).
Business—Manufacture of en¬
velopes, packaging materials of various kinds, wrapping
paper, stationery, and school supplies. Proceeds — For
selling
stockholders.
Office—198
W. Alameda,
Denver.
Underwriter—Francis I.'duPont & Co., N. Y.
• Palmetto State Life Insurance
Co.
1962 filed 100,000 capital shares. Price—By
amendment
(max.
$19).
Business—Writing of life,
March
& Co., 135 So. La Salle St., Chicago. Of¬
fering—Expected in mid-June,
Series 4'
Oct.
17, 1961 filed $15,000,000 of units representing
fractional interests in the Fund. Price—By amendment.
Business—The Fund will invest in interest-bearing obli¬
first mortgage bonds
Sixth Ave., Portland, Ore.
^ Pak-Well Paper Industries, Inc.
March 30, 1962 filed 150,000 class A common. Price—By
John Nuveen
Fund,
(4/11)
Light Co.
working capital. Office — 9412 Wilshire Blvd.. Beverly
Hills, Calif. Underwriter — Morris Cohon & Co., N. Y.
Note—This company was formerly named Westates Land
Development Corp. Offering—Expected in May.
equipment,
lieved to be exempted from Federal income taxes. Pro¬
investment. Office—Chicago, 111. Sponsor—
Bond
■
(4/5)
General real estate. Proceeds—For debt repayment and
Nuveen
Nuveen Tax-Exempt
.V.v/V
■.
Office—920 S. W.
(jointly)
and 20
ceeds—For
y
Co., Inc., San Diego. Offering—Immi/
Sept. 28, 1961 filed $1,500,000 of 7% convertible subord.
debentures due 1976 and 300,000 common shares to be
—
Analyzing and testing of electronic, chemical and other
materials.
Proceeds—For
plant relocation, equipment,
and working capital. Office—47 West St., N. Y. Under¬
writer—Robbins, Clark & Co., Inc., N. Y. Offering—In
earl:7 June.
v v'■/
-v1"-
1992.
Pacific
Tax-Exempt Bond Fund, Series 3
Oct. 17, 1961 filed $15,300,000 of units representing frac¬
tional interests in the Fund. Price
By amendment.
Business—The Fund will invest in interest bearing obli¬
gations of states, counties and municipalities of the
U. S., and political subdivisions thereof which are be¬
Washington, D. C.
Debentures:
Proceeds—For
.
Power &
cisco (mgr.).
debt repay¬
ment, expansion and working capital. Address—P. O.
Box 10901, Pittsburgh. Underwriter—Johnston, Lemon &
Co., Washington, D. C.
debt
New York Testing Laboratories, Inc.
Jan. 29, 1962 filed 50,000 common. Price—$5.
services.
ac¬
filed 100,000 outstanding shares of capital
stock (par 50 cents) to be sold by stockholders. Price—
$6. Business—The manufacture of steel products. Pro¬
ceeds—For the selling stockholder. Office—35124 Alvarado-Niles Road, Union City, Calif. Underwriters—First
California Co.. Inc., and Schwabacher & Co., San Fran¬
contracts
ment
$3
of automobile
June 21, 1961
using radioactive tracers; precision radio¬
activity measurement; production of radioactive isotopes
and the furnishing of consulting and radiation measure¬
Underwriter—None.
Price—By amend¬
St., N. Y.
if Nuclear Science & Engineering Corp.
March 29, 1962 filed 100,000 common. Price—By amend¬
ment (max. $15). Business—Research and development
purposes.
common.
installation
27, 1962 filed $35,000,000 of
Pacific
corporate
&
''
v
Information
of
Business—A real estate management company. Proceeds
—For
debt repayment,
working capital, and general
and
Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co., Inc.; Lehman Brothers; Eastman Dillon,
Union Securities & Co.; Blyth & Co.-White, Weld &
"'•.-..v:v.--"'
common,
100,000
Pacific Power & Light Co.
due
which 30,000
are
to be offered by company and
140,000 by stock¬
holders.
Price—By amendment (max. $12). Business—
Design, development and assembly of instruments for
detection, measurement and analysis of nuclear radia¬
tion.
Proceeds—For working capital.
Office—3833 W.
Beltline Highway, Madison, Wis.
Underwriter—McCormick & Co., Chicago.
28,
filed
Roberts
Pacific
glass containers. Proceeds—For debt repayment, plant
expansion, and equipment. Office—5801 East Marginal
Way South, Seattle, Wash. Underwriter—Dean Witter &
Co., San Francisco and Pacific Northwest Co., Seattle.
^03T
C.
Feb.
1962 filed 95,000 common, of which 60,000 are
to be offered by the company and 35,000 by stockhold¬
ers.
Price—By amendment. Business—Manufacture,
warehousing and distribution of a diversified line of
March
Underwriters—
'
(4/23-27)
24,
i/iJL.
Y.
27, 1962 filed 676,497 common being offered for
subscription by stockholders on the basis of one now
share for each 20 held of record Mar. 26 with rights to
expire May 1. Price—$27. Proceeds—For debt re¬
payment and construction.
Office — 920 S. W. Sixth
Avenue,
Portland,
Ore.
Underwriters — (Competi¬
tive), Probable bidders: Ladenburg, Thalman &. Co.;
Kidder,
Peabody
&
Co.
Lehman
Brothers - East¬
man Dillon, Union Securities & Co.-Bear, Stearns & Co.Dean Witter & Co. (jointly). Bids—Scheduled for April
5 (11 a.m. EST) in Room 2033, 2 Rector St., N. Y.
N. J. Underwriter—United Planning Corp., New¬
ark, N. J.
Jan.
N.
Feb.
Corp.
kitchen
St.
Big Wheel
1961
Business—Sale
nent.
erson,
ment and
Jan. 17, 1962 filed 150,000 common. Price—$10. Business
f
26,
'
1961 filed 78,000 common. Price—$5. Business
—Manufacture
a stock¬
develop¬
mining. Proceeds—General corporate purposes.
Office—90 Industry St., Toronto, Canada. Underwriter—
A. C. MacPherson & Co., Toronto.
29,
Products
162nd
cessories. Proceeds—For expansion and working capital.
Office—6125 El Cajon Blvd., San Diego. Underwriter—
Corp.
J
Wood
E.
Peck,
Pacific
ment.
(jointly);„ Kuhn, Loeb &
(jointly). Bids—April
CST) at Harris Trust & Savings Bank,
Securities
a.m.
Northern
—
Oct. 13, 1961 filed 475,000 common, of which 400,000 are
•
Pierce, Fenner & Smith Inc.
Co.-American
Co., Inc., N. Y. Offering—Imminent.
Cohn & Co. ana Ross & Hirsch, N. Y.
Robinson-Humphrey Co., Inc., Atlanta, Ga,
Oct.
-
debt
and
/
bonds
Office
Underwriters—
Holman
&
and
Ave.,) Hammond,..! Ind.
(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; First Boston Corp.; White, Weld & Co.; Equitable
Securities Corp.; Eastman Dillon, Union Securities &
Co.-Lehman .Brothers-Bear,
Stearns & Co. (jointly);
Dean Witter & Co.
BIyth & Co., Inc. - Merrill Lynch,
Commerce St.,
Office—230
Kahn
March 6, 1962 filed $20,000,000 of first mortgage
series L due 1992.. Proceeds—For working capital.
_
Nebraska
(4/10);
&
Products
Manufacturing Co., Inc.
March 13, 1962 ("Reg. A") 100,000 common. Price—$3.
Business—Manufacture and distribution of replacement
parts for home appliances. Proceeds—For debt repay¬
instruments.
Northern Indiana Public Service Co.
Inc.
—A finance company.
Industries, Inc. (4/16-20)
Sept. 26, 1961 filed 131,500 common, of which 120,000
will be sold by the company and 11,500 by a stockholder.
cision
Mining Co.,
of
Oxford
trust
acquisition of property and working cap¬
Office—475
manufacture
1962 filed 900,000 common. Price—$1. Business
—Mining. Proceeds—For equipment and working capi¬
tal. Address—Creede, Colo. Underwriter—None.
Trust
Price—$10.
(4/16-20)
common.
Feb. 28,
Offering—June.
Nov. 13, 1961 filed 2,000,000 shares of
Corp.
Price—$3.50. Busi¬
precision electronic sub-sys¬
tems for the generation, detection and control of fre¬
quencies up through the microwave region. Proceeds—
For expansion, equipment and working capital. Address
—Tuckahoe, N. Y. Underwriter—A. D. Gilhart & Co.,
Inc., N. Y. C.
ness—The
Price—By
synthetic
Electronics
Aug. 28, 1961 filed 100,000
Inc.
Business—Manufacture,
distribution of natural
Underwriter—S. D.
Newark, N. J. Underwriters-Jennings, Mandel & Longstreth, Philadelphia.
v
•
C.
" '
N.
oils, flavor, essences, etc., to food and drug industries.
Proceeds
For debt repayment, working capital and
Office—601 W-. 26th St., N. Y.
Oct.
Office
D.
Optech, Inc. (5/14-18)
26, 1961 filed 160,000 common. Price—$3. Business
—Research, development and fabrication of materials
used in optical electronics. Proceeds—For equipment
and working capital. Office—246 Main St., Chatham,
Nationwide
sition and working capital.'
Washington,
Dec.
other corporate purposes.
—
Proceeds—For selling stock¬
&
filed 200,000 class A
<
Office—Elizabeth, N. J.
Underwriter—HornWeeks, N. Y. Offering—Expected sometime in
blower &
1962
20,
ing and
Rental
work clothes and uniforms.
Essential
amendment (max. $15).
By amend¬
ment (max. $11).
Business—Company rents and launders
holders.
Operations Research, Inc.
14, 1962 filed 100,000 common. Price—By amend¬
(max. $9). Business—Furnishes research and de¬
velopment services in the field of operations research.
Feb.
ment
if Nordon Corp., Ltd.
March 29, 1962 filed 375,000 capital shares, of which
100,000 are to be offered by company and 275,000 by
stockholders.
Price—By amendment (max. $6). Busi¬
ness—Acquisition and development of oil and natural
gas
properties.
Proceeds—For drilling expenses and
working capital. Office — 5455 Wilshire Blvd., Los An¬
geles.
Underwriter—Gregory-Massari,
Inc.,
Beverly
Hills, Calif.
\/■/'/r-W:
./■'
North
March 6, 1962 filed 500,000 common. Price
Price—$5.50.
common.
Proceeds—For
equipment and working capital.
Office—1331 Halsey St., Brooklyn, N. Y. Underwriter—
Baruch Brothers & Co., Inc., N. Y.
7, 1961 filed 90,000 common. Price—$5. Business
—Company plans to construct a plant for production
of ethyl alcohol and derivatives and to distill and sell
industrial and potable alcohol in Nigeria. Proceeds—For
equipment, debt repayment, and working capital. Of¬
fice—1060 Broad St., Newark, N. J. Underwriter—Scott,
Harvey & Co., Inc., Fairlawn, N. J.
.V; '"VFv
common.
vending machines to
ance
tons.
Nigeria Chemical Corp.
Norda
27, 1962 filed 82,000 common, of which 65,000 are
to be offered by company and
17,000 by stockholders.
Price—$3. Business—Manufacture of closed circuit TV
National
Sponsor—John
Business—Manufacture and sale of synthetic pearl but¬
Dec.
Feb.
systems.
Office—Chicago,. 111.
•
—To be supplied by amendment.
corporate
investment.
if Oceana International, Inc.
March
29,
1962 filed 150,000
rights expiration date April
tricity and electric appliances. Proceeds—For debt re¬
payment and construction. Office—159 Thames St., New¬
port, R. I. Underwriter — Stone & Webster Securities
Corp., N. Y.
Co.
of which 80,000
are
to
be offered by company and
20,000 by stock¬
holders. Price—$17.50. r Business—A life, accident and
health insurance company. Proceeds—For investment.
Office;.—
130
Alvarado, - N. E. Albuquerque, N. M.
Underwriter—To
For
41
Nuveen & Co., 135 So. La Salle St., Chicago.
12. Price—$29.50. Business—Generation and sale of elec¬
'
National
Electric Corp.
Newport
1, 1962 ("Reg. A") 9,007 common being offered
for subscription by stockholders on a l-for-16 basis. Rec¬
plastic products.
Proceeds—For equipment, inventories and working cap¬
ital. Office—North Bedford St., Manchester, N. H. Un¬
March
(1645)
March
18,000
—
•
Offering—Expect¬
,
•..National *Reinforced Plastics
Feb. 28, 1962 ("Reg.
A")
Production
.The Commercial and Financial Chronicle
.
Underwriter:—None.
in
Business
.
28,
health, accident and hospitalization insurance. Proceeds
working capital. Office—1310 Lady St., Columbia,
S. C. Underwriter—R. S. Dickson & Co., Charlotte, N. C.
'\_x_For
(4/17)
100,000 common. Price—$4. Business
—Design, assembly and manufacture of toys. Proceeds—
Pal-Playwell Inc.
Nov. 28, 1961 filed
,
Continuer
*
•*"
»■
on
page
42
42
(1646)
Continued
from
The Commercial and Financial Chronicle
41
page
in
ties, Inc., N. Y.
PanAm
Realty & Development Corp.
March 12, 1962 filed 400,000 class A stock.
Business—A
real
pany. Proceeds—For general
—70 n. Main St.,
corporate purposes.
—Manufacture
debt
repayment, equipment,
and other
commercial
ceeds—For debt
Silver
Business
filed
to
Prom
Office—8650 Cameron St.,
E. Liederman &
and sell
real
be
■
offered
of
six
by
Sacramento.
7, 1962 filed
Inc.
purposes. Office—507 Fifth
writer—Arden Perin & Co., N. Y.
'
a
Parkway, San Antonio, Tex. Underwriters—A.
Allyn & Co., Chicago and Dewar, Robertson & Pancoast, San Antonio.
C.
Corp.
repayment, inventory and working capital.
St., Lynbrook, N. Y. Underwriter—
Co., Inc., N. Y.
Pellegrino Aggregate Technico, Inc.
Aug. 10, 1961 filed 130,000 class A common shares.
Kordan
Wilbur
000
&
and
Office—Woodbridge-Carteret Road,
Underwriter—Mortimer
Offering—Temporarily
•
Pennsylvania Mutual Fund, Inc.
March 21, 1962 filed
1,000,000 capital
amendment (max.
$10.29). Business
Proceeds—For
investment.
Underwriter—Sackville-Pickard
dress).
•
-
-
'
-
\
&
B. Burnsida
postponed.
v
poned
shares. Price—By
—
Office—60
A
mutual
Wall
Co., Inc.
fund.
St.,
N. Y.
(same ad¬
.'
Feb. 21,
Proceeds
1962 filed 500,000 shares of beneficial
interest.
working
—
For
capital.
Fund Bldg.,
company.
debt repayment and
acquisition
Address
2220 Philadelphia
—
Philadelphia. Underwriters—Stroud
Inc., Philadelphia, and Walston &
Co., N. Y.
and
Saving
&
Price—$3.25.
sold
Precision
.
Dec.
AAvy/A
Automotive
parts.
Co.,
>
Underwriter—McDonnell
&
Co
'
3, 1962 filed 6,153,140
subscription by stockholders
snare for
on
the
be
basis
offered
of
one
for
new
each five common
or 15
participating preferred
shares held of record
May 29. Rights will expire June
.'
* rice
By amendment.
Business—Manufacture of a
wide range of
electronic, electrical and other products
malta
(a
non-alcholic
AA V';'A-A-AAAA
Pierce, Fenner
A;AAA'';A
.
Development Corp. (4/30)
24, 1961 filed $4,000,000 of 5% conv. subord. de¬
bentures due 1971 and 200,000 class A shares to
be offered in 25,000 units, each
consisting of $160 of deben¬
tures and eight shares.
Price—$200 per unit.
Business
Co.,
New
y'AAjvyA
York.
y
Pulp Processes
Corp.
Sept. 20, 1961 filed 140,000 common.* Price—$5.
Business
—Development of pulping and bleaching devices. Pro¬
For
ceeds—General corporate purposes.
Office—Hoge Bldg.,
Seattle, Wash. Underwriter—Wilson. Johnson & Higgins.
Precision Instrument Co.
(4/9-13) v
Dec. 28, 1961 filed
125,000 capital shares of which 111,000
are to be offered
by the company and
postponed.
—
San
one
Y
estate
firm.
ment.
Quality Brake Rebuilders, Inc.
3, 1962 ("Reg. A") 300,000 common.-Price—$1.
Business—Rebuilding and reconditioning of automotive
t
brake shoes.
and
selling
raw
cotton
gins,
cotton and cotton-
Proceeds—For general corporate purposes.
Office—94 Gazza
Blvd., Farmingdale, n. Y.r Underwriter
—Meadowbrook Securities, Inc.,
ing—Expected in May.
y/A Z
Hempstead, n. Y. Offer¬
/ /; A v
•
*
,
.
Quaensway Mines Ltd.
>
March 15, 1962. filed 150,000 capital shares. Price—$1.
Business—Mining. Proceeds—For debt repayment, sur¬
veying and general corporate purposes; Office—Suite
1212, 55 York St., Toronto. Underwriter—Asta Corpora¬
tion Ltd., Toronto.
A
,*-•
;
t; /
•
RF
Oct.
Interonics, Inc. (4/9-13)
30, 1961 filed 40,000 common.
—Manufacture
of
-
.
~
:
Price—$5.
Business
radio
frequency interference filters
and capacitors. Proceeds—For equipment, working
cap¬
ital and other corporate purposes. Office—15 Neil
Court,
Oceanside, N. Y. Underwriter—Arnold Malkan & Co.,
N. Y.
' ■
•'
>
Price—By amend-
Business—Growing cotton, operating
—
Jan
H.
processing cottonseed
and
radiator enclosures.: Proceeds—For
equipaadvertising and working capital. Office
234
Russell St., Brooklyn, n. y. Underwriter—M. J. Merritt
& Co., Inc., n. y.
ment,
r
Pro¬
Blair & Co., N. Y.
Producers Cotton Oil Co.
(4/9-13)
Jan. 18, 1962 filed
200,000 common.
Quaker City
boiler
■
property acquisitions and working capital.
Office—66 Hawley St..
Binghamton, N.. Y. Underwriter
—D.
temporarily
Industries, Inc.
A
/ Ac "
28, 1961 filed 87,500 common. Price—$4. Business
—Design and manufacture of metal cabinets, boxes,
Price—By amend¬
investment
was
Nov.
.
share each.
offering
expansion, debt repayment, and working capital. Office
—444
Madison
Ave., N. Y.
Underwriter—Milton D.
Blauner & Co., Inc.. N. Y.
,
real
This
(4/10-11)
24, 1961 filed 115,000 common. Price—By amend¬
/Business—Publication and sale of pocket-size
paperback books and a man's magazine. Proceeds—For
be
Business—A
—
ment.
named.
/
\ r
Primex Equities
Corp. (5/7-11)
Nov. 27, 1961 filed
400,000 shares of 60c cumulative con¬
vertible preferred, and
400,000 of class A common, to
be offered in units of
Note
Nov.
14,000 by stock¬
holders. Price—By amendment.
Business—Development
and manufacture of
instrumentation
—To
Francisco.
AAAA' .'.V
Pyramid Publications, Inc.
ceeds—For
to
natural
debt
repayment, retirement of
6% pfd., and working capital.
Address
Ball win, Mo.
Underwriter—G. H. Walker & Co., Inc., N. Y.
ment.
common
and
—
,
★ Philips N. V.
beer
—Real estate and construction. Proceeds
For general
Corporate purposes. Office—San Juan, Puerto Rico. Un¬
derwriters—Lieberbaum & Co., and Morris Cohon &
Components Co.
.
New York.
produce
Puerto Rico Land and
—
28,
1962
filed
556,700
common.
Price—$11.
Business—A small business
investment company. Pro¬
ceeds—For
general
corporate
purposes.
Office—6130
Sherry Lane, Dallas.
i
'Nov.
Club,
March
«:
Rico
Inc., N. Y.
1961 filed 100,000 common.
Price—By amend¬
Business—Manufacture of carburetor replacement
Proceeds
'Ai'/V-'
Puerto Rico. Underwriter—Merrill
Lynch,
& Smith,
28,
ment.
(4/9-13)
Brewing Co., Inc.
23, 1962 filed $2,500,000 of sinking fund deben¬
tures due 1977 and 500,000 common shares
to.be offered
in units consisting of a $10 debenture and two common
shares. Price—$18 per ilnit.
Business—Company plans
t6»
post-
indefinitely.'
G.
/A' -AAA
beverage); Proceeds—For construction and operation of
a
brewery and working capital. Address—San Juan,
for the
magnetic tape re¬
cording equipment. Proceeds—For debt
repayment, con¬
Inc.
struction and
working capital. Office—1011 Commercial
Feb. 28, 1962 filed
80,000 common, of which
A St., San Carlos, Calif. Underwriters—Lehman
70,000
are to be
offered by the
Brothers,
company and 10,000 by stock¬
N. Y. and J. Barth &
Co., San Francisco,
holders. Price—-$5.
;
Business—Operation of a private din¬
Premier Microwave
ing and catering club and a
Corp. (4/16-20)
motel. Proceeds—For ex¬
Feb. 28, 1962 filed
pansion and
150,000 common, of which 75,000
working capital. Office—15th & Locusts
are to be offered
Sts., Philadelphia. Underwriter—To be
by the company and 75,000 by stock¬
named.
holders. Price—By amendment
Perfect Photo, Inc.
(max, $12). Business—
Design and manufacture of microwave
Feb. 14, 1962 filed
components. Pro¬
154,800 common. Price—By amend¬
ceeds—For debt repayment and
ment (max.
working capital.-Office
$20).
Business—Photofinishing and the dis¬
—33 New Broad
tribution of
St., Port Chester, N. Y. Underwriterphotographic equipment and supplies. Pro¬
Van Alstyne, Noel &
ceeds—For
Co., N. Y.
C.'.-V
selling stockholders. Office—4747 N Broad
Presidential Realty
St., Philadelphia.
Corp. (4/9-13)
Underwriter—Bear, Stearns '& Co.,
Jan. 29, 1962 filed
N. Y.
250,000 class B common. Price—By
Offering—Expected in late May.
amendment.
Business—Acquisition and development of
Perpetual Investment Trust
real estate
projects. Proceeds—For debt repayment and
Nov. 9, 1961 filed
500,000 shares of beneficial interest.
the purchase of stock
in subsidiaries/ Office
180 S.
Price—(For the first 10,000
shares) $10.80 per share.
Broadway, White Plains, N. Y. Underwriter—Burnham
(For the balance) Net asset
value plus 8%
& Co., N. Y.
commission.
'
Business—A real estate investment
•//;;
;
trust. Proceeds--For
Prestige Capital Corp.
investment. Office—1613
Eye St., N. W.,
Washington,
pet. 19, 1961 filed 200,000 common. Price—$5. Business
D.
C.
Underwriter—Sidney Z. Mensh Securities Co..
—A small business
investment company. Proceeds—For
Washington, D. C.
investment. Office—485 Fifth
★ Petro-Capital
Ave., N. Y. Underwriter
Corp.
Penthouse
,
—
Pennsylvania Real Estate Investment Trust
Price—$10. Business—A real estate investment
be
Underwriter-^-A.
"A;"'*'"A;A;'!/'A:
Puerto
engineering and production of certain
electronic devices for
aircraft, missiles, oscilloscopes,
electronic vending machines and
language teaching ma¬
chines. Proceeds—For
expansion, repayment of debt and
working capital, Office—7326 Westmore
Rd., Rockville,
Md. Underwriters—Jones.
Kreeger & Co.. and Balogh &
Co., Washington, D. C. Note—This offering was
Prioe
Co., Inc., N. Y.
will
Inc.
y.
March
development,
Business—The manufacture of
building materials.
Proceeds—For payment of income taxes and Joans
&
•
•
company and 43,750 for stockholders. Price—By amendment.
Business—Research and
—$5.
for working capital.
Port Reading, N. J.
~
Washington, D. C./ Underwriter—Balogh & Co.>
Inc., Washington, D."-CiV*
t*
*.A/
^
; -v
Polytronic Research, Inc.
June 7, 1961 filed 193,750 common
shares, of which 150,-
debt
Price—By amend¬
541,000 common. Price—By amend¬
ment. Business—Book publishing. Proceeds—For an ac¬
quisition and other corporate purposes. Office—1106 Con¬
necticut Ave., Ni W.,
Washington, D. C. Underwriter—
Roth & Co., Inc.,
Philadelphia.
ceeds—General corporate purposes. Office—1001 15th
St.,
N. W.,
—
Office—19
Publishers Co.,
Nov. 28, 1961 filed
Business—Leasing of insurance vending machine^ aPro-
22, 1962 filed 120,000 common, of which
100,000
are, to be offered by the
company and 20,000 by stock¬
holders. Price
$4. Business — Distribution of electric
parts and components to industrial customers.
Proceeds
Binghamton, N.
Co., Chicago. .A
A
A-
Policy-Matic Affiliates, Inc. (4/25)
Oct. 16, 1961 filed 200,000
capital shares.
March
—For
&
inventory, equipment, expan¬
Office—60 Park PL, Newark,
Underwriter—Armstrong & Co., N. Y.
Ay
(max. $17).
Business—A small loan company.
Proceeds—For selling stockholders.
Office—41
Che¬
common. Price—$3.
Business—Consumer sales financing. Proceeds—For repayment of notes and working capital. Office — 2211
Church Ave., Brooklyn, N. Y. Underwriter—M.
Posey
Associates. Ltd., 50 Broadway, N. Y.V. A
312 Pearl
Peerless Radio
St.,
G. Becker & Co.,
AA'A■■:Y..ViK 'Ar/AA.
★ Public Loan Co., Inc.
March 28, 1962 filed 170,000 common.
Plymouth Discount Corp.
Aug. 28, 1961 ("Reg. A"): 100,000
Price—By amend¬
/'/■ ;'
Inc., Chicago.
•
Becker
N. J.
$26). Business—Company owns and operates
brewery. Proceeds—For selling stockholders. Office—
—
—Binghamton, n. y. Underwriter—A.
nango
Proceeds—For
>
By
—
Price—By amend¬
(max. $17). Business—Operation of small loar> of¬
For general corporate
purposes. Office
ment
fices. Proceeds
1962
working capital.
•'
Company owns and
expansion. Office
—
ment
sion and
■
Price
common.
-
materials.
Branch, N. J. Underwriter
—Louis R. Dreyling &
Co., Inc., New Brunswick, N. J.
+ Pearl Brewing Co.
V
motor hotel." Proceeds—For
a
("Reg. A") 84,666 common.
Price—$3.
Business—Design and manufacture of vacuum thermoforming machinery for production of plastic packaging
Office—35 Third Ave., Long
March 30, 1962 filed
148,300 common.
26,
"
,
Motor
Public Loan Co., Inc.
(4/23-27)
March 28, 1962 filed 170,000 common.
Plasto-O-Tron, Inc.
Jan.
and
•
Ave., N. Y. Under¬
,
fields.
equipment
ceeds—For real estate, sales
promotion, acquisitions, and
working capital. Office—2484 W. Washington Blvd., Los
Angeles, Calif. Underwriters—Crosse & Co., Inc., V. S.
Wickett & Co., Inc. and
Thomas, Williams & Lee, Inc.,
n. y.
"
new
Inc. ,v-' \:V;; *
;'■) ;V*V'■'
7, 1962 filed 85,500 common. Price—$3. Business
—Development and promotion of ''one stop dry cleaning
and laundry"
establishments, and the sale and main¬
tenance of dry cleaning and
laundry equipment. Pro¬
,A;
/
debt,
Feb.
Proceeds—For
V.As;/ AA Av
of
Prosper-Way,
r"
are
150,000
porate
Development, Inc.
150,000 common. Price—$5.
Busi¬
ness—Design, manufacture and sale of new products in
various fields. Proceeds—For
general corporate purposes.
Price—$2.05.
plastic products
household
and Main Sts., Kansas City, Mo.
UnderwriterBarret, Fitch, North & Co., Inc., Kansas City.
the company and 50,000 by a selling
amendment.
Business—Opera¬
in
repayment
and
—6th
class A capital shares. Price
—$3.50. Business—Manufacture of a plastic protective
coating and a water proofing solution. Proceeds—For
inventory, equipment, sales promotion, and other cor¬
filed
marine
.
Price—By
restaurants
Plasticon Chemicals,
Feb.
Patent Research &
shares.
vinyl
amendment (max. $10); Business
operates
estate
—
ment (max.
automotive,
of
Hotel, Inc.
Feb. 19, 1962 filed 50,000 class A
expansion, debt repayment and working capital. Office
—1626 J St., Sacramento.
Underwriter—Stewart, Eubanks, Myerson & Co., San Francisco.
acquisition, research and other corporate pur¬
poses. Office
2301 Pennsylvania
Ave., Philadelphia.
Underwriter—Arnold Malkan & Co., Inc., N. Y.
1962
manufacture
ning Group, East Orange, N. J.
:
Restaurants, Inc.
:
21, 1961 filed 125,000 common, of which 75,000
tion
an
15,
The
Island, Inc.
common
Office —184 Woonasquatucket Avenue,
North Providence, R. I. Underwriter—Investment Plan¬
$465,000 of 10-year 8% debentures.
debenture. Business—The company
per
organize
stockholder.
Parkway Laboratories, Inc. (5/21)
6, 1961 filed 160,000 common. Price—$5. Business
—Manufacture of drugs and pharmaceuticals. Proceeds
Feb.
—
the
in
used
Office—236 E. 46th St., N. Y.
Rose & Co., Inc., N. Y.
Pioneer
Dec.
For
20, M961
Dec.
Spring, Md. Underwriter—D.
Co., Inc., N. Y. Offering—Imminent.
^
(4/23-27)
July 28, 1961 filed 330,000
■
Business
receivable.
Pro¬
accounts
repayment.
Product Research of Rhode
syndicates. Proceeds—For general corporate purposes. Office-^1807 N.
Central Ave., Phoenix.
Underwriter—None. <•1 '
;
Price—$6.
Thursday, April 5, 1962
expansion. Office—2907 S.
Maple Ave., Fresno, Calif. Underwriters—Kidder, Peabody & Co., N. y. and Dean* Witter, San Francisco.
'
Investment Co., Inc.
plans to
Corp.
.
seed products. Proceeds—For
working capital.
Price—$15,000
Paragon Pre-Cut Homes, Inc.
Aug. 25, 1961 filed 112,500 common. Price—By amend¬
ment. Business—Sale of
pre-cut (finished) homescPro¬
ceeds—For working capital. Office—499 Jericho Turn¬
pike, Mineola, N. Y. Underwriter—A. L. Stamm & Co.,
N. Y. Offering—Expected in
early May..
•
—Financing of
"
Dec.
•
Oct. 27, 1961 filed 135,000 common.
sale
Price—$5. Business
common.
Pierce Proctor Schultte & Taranton
<
Finance
for
.
working capital.
»-
corporate purposes. Office—39 Broadway, N. Y. Under¬
writer—To be named.-.
Parker
countries
of
Underwriter—Bayes,
Beryllium Corp.
1962 filed 100,000 common. Price—$5. Business
—Company plans to mine for beryl ore in Argentina.
For
other
Proceeds—For
American
—
30
ment and
Office
Feb. 28,
Proceeds
and
professional audio visual and sound
recording equipment. Proceeds—Debt repayment, equip¬
Freeport, L. I., N. Y. Underwriter—
Underhill Securities Corp., N. Y.
Pan
Netherlands
Pictronics Corp.
Jan. 18, 1962 filed 80,000
Price—$10.
holding and development com¬
estate
the
throughout the free world. Proceeds—For general' cor¬
porate purposes. Office—Eindhoven, The Netherlands.
Dealer-Managers—Smith, Barney & Co., N. Y., and Rotterdamsche Bank, N. V.,
Rotterdam, The Netherlands.
For debt repayment and working capital. Office—179-30
93rd Ave., Jamaica, N. Y. Underwriter—Tyche Securi¬
.
'
k
Racing Inc.
16, 1961 filed
Oct.
A
1,250,000 common. Price—Up to $4.
Business—-Company plans to build and operate an automobile racing center. Proceeds—General corporate purposes.
Office—21 N; 7th St., Stroudsburg, Pa. Underwriter—None.
Volume
195
Number 6148
.
.
The Commercial and Financial Chronicle
.
Radio Electric Service Co. of New Jersey,
Inc.
Rite Electronics, Inc.
Jan. 29, 1962 filed 62,000 common. Price—$6. Business
'—Sale and distribution of receiving tubes, television
' picture tubes, and electroinc
components, parts and
Jan. 23, 1962 ("Reg. A")
75,000 common, of which 67,500
will be offered by the company and 7,500 by stockhoidPrice—$4. Business—W holesaling of electronic parts,
supplies and equipment and the retailing of high-fijdelity and stereophonic equipment and components. Pro¬
ers.
J.
•
Underwriter—D.
Raiford's,
Feb.
Inc.
1962
6,
Greenbaum
L.
&
Co., Phiia.
Roadcraft
(4/10)
Dec.
("Reg. A")
75,000 common.
Price—$4.
Business—Operation of stores which sell prescription
shoes.
Proceeds—For
'
capital.
Office—62
debt
.Monroe
Ave.,
Memphis./ Under¬
Co.,- Inc., Mempnis.
• :
other corporate purposes. Adaress—Birming¬
Underwriter—None.
and
Ala."
ham,
and
office
trailers.
.
-
-
.
general
ton. D. C.
-r
'
'
'
.
,
•
-
.
1
I
'
'
u
*•
March 29,
sub¬
-
for
the
sale
of
men's
Proceeds—For
goods.
debt
Mar.
26, 1962 filed 240,000 capital shares, of which
140,000 are to be offered by company and 100,000
by.77
stockholders. Price—By amendment (max. $9), business 7
and distribution of stereo
photographs
viewers. Proceeds—For
working capital. Address—
and
Regulators, Inc.,
Jan.
'.77;
.
777;/ 77;
offered
electric
and
electronic
fields.
Proceeds—For
Life
Insurance
Co.
(573.4-18)
•
ceeds—For debt repayment, operating expenses and in¬
vestment. Office—12 N. Third
St., Columbus, Ohio. Un¬
derwriter—Robinson-Humphrey Co;, Inc.; Atlanta.
Products, Inc. (4/23-27)
Dec. 28, 1961 filed 250,000 common. Price—$9. Business
—Manufacture of lithographic blankets used in printing.
Proceeds—For
debt repayment andworkingcapital.
Address—Hato Rey, Puerto Rico. Underwriters—Gross
& Co., and Elmaleh & Co., Inc., N. Y. •
* ' 777',
Resin Research
Laboratories, Inc.
;7
:
■
writer—To be named.
—
,
Newark, N. J. Underwriter—Keene & Co., Inc., N. Y7Dec.
27,
Associates, Inc.
1961
("Reg. A")
7
:
100,000
common.
•
^
■
r
Price
$3.
—
Business—Design, installing and constructing packaged
interiors
commercial
and
exteriors
buildings. Pro*
Office—Route 315
|
.Richmond Corp. :■
Dec.
21.• 1961
filed
S.
..
Price—$7.
common.
Business
«
&
M.
Nov. 28,
1961 filed 100,000 common. Price—$3.25. Busi¬
ness—Repair and maintenance of aircraft instruments
accessories. Proceeds—For equipment, debt repay¬
&
ment, and other corporate purposes. Office — Idlewild
International
Airport, Jamaica, N. Y. Underwriter—
To he named.
v
777
/
,
ceeds—For
poses.
debt
Address
Brothers &
reduction
—
and
general
corporate
Sebring, O. Underwriter
Co., Inc., N. Y.
7
•fc. Riker Delaware Corp.
March 29, 1962 filed 200,000 class A
warrants to
be
offered
warrant.
in
units
Price—$30 per unit.
development and management
of
Under¬
;
r
'
common
four
and 50,000
shares
Business—A
and
real
one
estate
company.
Proceeds—For
construction, acquisitions, debt repayment and working
capital... Office—LaGorce Sq., Burlington, N. J. Under¬
writer—H.
Neuwirth
&
Co., Inc., N. Y,
18,
(4/16-20)
1962 filed 100,000 capital
shares.
and
—131
food cutting machine. Proceeds—For
and general corporate purposes. Office
a
Howell
St., Dallas. Underwriter—Parker, Ford &
Co., Inc., Dallas.
•
v
•
Salant &
March
23,
Salant, Inc.
1962
filed
class
A
shares.
Price—By
amendment
(max. $35). Business—Manufacture of men's
utility and sports' clothes. Proceeds—For selling stock¬
holders.
Office—330
Fifth
Ave., N. Y.—Underwriters—
Kidder, Peabody & Co., and Jessup & Lamont, N. Y.
Sa'ro
Manufacturing Corp.
March 19, 1962 filed $250,000 of 7% convertible subordi¬
nate debentures due 1972, and 16,500 outstanding com¬
mon
shares to
be offered
in
Price
—
$3.
Los Angeles, Underwriter—Garat &
Polonitza, Inc., Los
Angeles.
(Walter J.)
Corp.
like
of
amount
class
A
common.
The
(each
ment.
Business—General real estate. Proceeds—For ac¬
quisition of property. Office—67 W. 44th St., N. Y. Un¬
derwriter—None.
School
Pictures, Inc.
1962 filed 60,000
common, of which 41,864
the company; the entire
Feb.
7,
class
are
40,000
class
to be offered
A
by
A
and 18,136 common
Price—By amendment
Business—Company develops, prints, and
finishes "school pictures." Proceeds — For plant and
equipment, acquisitions, and working capital. Office—
1610 N.-Mill St.,
Jackson,, Miss. Underwriters—Equi¬
table Securities Corp.,
Nashville, and Kroeze, McLarty
& Duddleston, Jackson, Miss.
7 .7
will
be
($35
,
and
common
common
offered
by stockholders.
max.).
Scripps-Howard Broadcasting Co.
(5/21-25)
March 20, 1962 filed 375,000 common.
Price-—By amendment
(max. $20). Business—Company owns and oper¬
TV, radio and FM broadcasting stations. Proceeds
—For. selling stockholders. Office—1121'Union Central
; Bldg., Cincinnati. Underwriter—First Boston
Corp., N? Y.
•
ates
Products, Inc. (5/7-11)
1961 ("Reg. A") 75,000 common.
Price — $4.
Business—The manufacturing and processing of assorted
food products. Office—13480 Cairo
Lane, Opa Locka,
Fla. Underwriters—Terrio & Co.,
29,
Washington, D. C.
Season-All
Industries, Inc.
(4/16-20)
Feb.
26, 1962 filed 100,000 common, of which 50,000 are
offered by company and 50,000
by stockholders.
Price—By amendment (max. $30). Business—Manufac¬
to
be
and
distribution
of
aluminum
combination
storm
windows, doors, railings and handrails. Proceeds
—For debt repayment and expansion. Office—Route
Indiana, Pa. Underwriter
Pittsburgh.
—
119,
Moore, Leonard & Lynch,
^ Seaway Food Town, Inc.
March 29, 1962 filed 125,056 common.
Price—By amend¬
ment (max. $12). Business — Operation of a chain of
supermarkets. Proceeds—For selling stockholders. Office
St., Toledo. Underwriter—McDonald &
Co., Cleveland.
—1514 S. Detroit
(5/14)
150,000
units consisting of $500 of
debentures and 33 shares. Price—$632 per unit. Business
—Manufacture and distribution of metal purse and hand¬
frames, for certain manufacturers. Proceeds—For
debt repayment, equipment, and working capital. Pro¬
Business—Distribution of electrical and electronic parts,
components and equipment. Proceeds—For debt repay¬
ment and working capital. Office—151 N. Vermont
Ave.,
Price—For debentures, at par;
stock, by amendment. Business—Sale of kitchenware,
bags
Rising's Inc.
Jan.
shares by stockholders).
debt repayment
beers.
consisting of $1,000 of debentures and warrants to pur¬
chase 20 shares) for subscription by holders of its class
A stock and 10% debentures due 1976.
Price—By amend¬
screen
for
(4/17)
$35). Business—Brewing
purchase a
ture
tablewear
Financial Corp.
March 30, 1962 filed 60,000 common, of which 11,250 are
to. be offered by company and 48,750 by stockholders.
Price—By amendment (max. $9.75). Business—Owner¬
ship of stock of Ridgewood Savings Loan Co. of Parma,
in Cleveland. Proceeds—For organizational expenses and
Office—1717 E. 9th St., Cleveland.
writer—Fulton, Reid & Co;, Inc., Cleveland.'
..
Corp.
3, 1962 filed $700,000 of 6% subord. conv. deben¬
due. 1972 and 126,030 common (of which/ 15,399
shares are to be offered by the company and 110,631
ic Ridgewood
investment.
to
tures
pur¬
Underwriter—
company plans to offer the securities in 5,500 units
Jan.
Baruch/
—
.
Saladmaster
Ridgerock of America, Inc. (4/23-27)
29,
1961
filed
100,000
common.
Price—$2.50.
Business—Production of stone facing for buildings. Pro¬
Dec.
selling stockholders. Office—
Aves.,, Baltimore.
Brewing Co.
Milwaukee"
Autr.
and
Co., Silver Spring, Md. Offering—Expected in May.,
tires
Seashore Food
-
Instruments, Inc.
—A real estate investment
company.
Proceeds—For debt
repayment and gene-al corporate purposes. Office—220
K St., N. W.,t
Washington, D. C. Underwriter—Hirschel
(Jos.)
Schneider
,
Co., San Francisco.
S.
Union
By
—
of
Feb. 28, 1962 filed $5,500,000 of 6Vz% subordinated con¬
vertible debentures due 1977 and
110,000 5-year warrants
("Reg. A")
repayment of bank loans.
Office—4700
Ave.. Oakland, Calif. Underwriter—Schwa-
Pablo
bacher
v./:77- • • 7/77;:
7;77::/''''7 7/77777/77777,',
142.858
San
Price
— By
amend¬
of "Schlitz" and
Proceeds—For selling stock¬
holders. Office—235 W. Galena St., Milwaukee. Under¬
writer—Glore, Forgan & Co., Chicago. Offering—In May.
,
Inc.
2,400,000 common. Price—12%
Business—Exploration and development of mineral
deposits. Proceeds—For debt repayment and general
corporate purposes. Address—Box 1088, Wallace, Idaho.
Underwriter—Pennaluna & Co., Spokane, Wash.'
• Rucker Co.
(4/16-20)
:
Feb. 16, 1962 filed 129,000 common, of which 43,000 are
to be offered by the company and 86,000 by stockhold¬
ers.
Price—By amendment (max. $13). Business—De¬
sign, development, manufacture and sale of electronic,
electric,- hydraulic
and
pneumatic
control
systems.
1962
Proceeds—For
(max.
"Old
7
•
common.
(max. $17). Business—Manufacture
&
Schlitz
ment
.
&( Vine St., Avoca, Pa, Underwriter—M. G. Davis & Co.,
Inc., N. Y. 7
•••'•-X.
.7
...
■
Co.
March 2, 1962 filed 347,543 common. Price
Proceeds—For
for
ceeds—For general corporate purposes.
•
_
u
field. Proceeds—For expansion of facilities, debt repaymjent. and working capital/ Office—396-406 Adams St.,
Craft
■■
Rubber
Robert Garrett & Sons, Baltimore.
cents.
27, 1962 filed 105,000 common/ Price—$3.50. Busi¬
Operation of a laboratory for contractual research, development and engineering in the chemical.
Rex
'
//Ruby Silver Mines,
Jan. 2,
-77:
Feb.
ness
Railroad
(Henry),
-
Research
tubes.
and
Rubber & Fibre Chemical Corp.
Sept. 25, 1961 filed 120,000 common. Price—$5. Business
—Exploitation of a new process for reclaiming unvulcanized rubber. Proceeds^-Purchase of equipment and
existing plant building, repayment of debt, and working
capital. Office—300 Butler St., Brooklyn, N. Y. Under¬
>7
S.
used in air- 7
systems. Proceeds — For expansion.
Route 130,
Pennsauken, N. J. Under¬
26, 1962 filed 240,000 class A
amendment
Prftte'-^-'By amendment. Business — Develops
and
prints color^ and black and white photographic
film. Proceeds — For equipment and
working capital.
Office—245 7th Ave., N. Y. Underwriter —
Federman,
Stonehill & Co., N. Y.;
Feb. 15, 1962 filed 266,667 class A common. Pricer---$7.50.Business—A legal reserve life insurance company. Pro¬
U.
Schenuit
Feb.
holders/
.
testing and controlling devices
missile
—
writer—Bear, Stearns & Co., N. Y. Offering—June.
Nov.
and working capital. Office—455 W. Main
St., Wyckoff, N. J. Underwriter—Myron A. Lomasney &
Co., 'N. 'Yy V\ 7v.?7;:/7./ V. ■77*
■''■7;777. 7/
offered
and
Address
Royaltone Photo Corp.: (4/18)
29, 1961 filed 300,000 common, of which 100,000
are to be offered
by the company and 200,000 by stock¬
debt
repayment
Republic-Franklin
craft
8,
Inc.
March 23, 1962 filed 120,000 common.
Price—By amend¬
ment; (max.
$10). Business—Design, manufacture and
sale of women's dresses. Proceeds—For a
selling stock¬
holder. Office—498 Seventh Ave., N. Y. Underwriter—
Robert A. Martin Associates, Inc., N. Y.
77;V7,;7/77777
1962 filed 75,000 common, of which 50,000 are
by the company and 25,000 by Electronic
Specialty Co., parent. Price—$5. Business—Design and
manufacture of regulating and control devices used in
the
recording,
Rosenau
Rosenfeld
29,
to'be
be
Engineering
13,
to
are
Brothers, Inc. (5/7-11) •
1962 filed 300,000 common, of which 150,000
are to be offered by the
company and. 150,000 by stock¬
holders. Price—By amendment (max. $12). Business—
Manufacture and sale of girl's dresses and sportswear.
Proceeds—For. debt repayment.
Office—Fox St. and
Roberts Ave., Philadelphia. Underwriters—Burnham &
Co., and Zuckerman, Smith & Co., N. Y.
.
:
Schaevitz
March
1962 filed i50,000 common, of which 100,000
by company and 50,000 by a selling
stockholder. Price—By amendment
(max. $10). Business
—Design and manufacture of measuring, indicating,
March
research and development and
working
capital. Office—46-25 58th St.," Woodside 77, N. Y. Un¬
derwriter—General Securities Co., Inc., N. Y.
•
—
,
inventories/
7
Portland, Ore. Underwriters
Straus, Blosser & Mc¬
Dowell, Chicago, and Hill, Darlington & Grimm, N. Y.
Plastic
•
air-conditioners, etc/ Proceeds—For
•
Under-
Bronx, N. Y. Underwriter—Arnold Malkan & Co., Inc.,
N. Y.
'
v.,. ■
.7,',-7
!.;! ■, 7;
wearing apparel and hard
repayment,
Rego Radio & Electronics Corp. (4/16-20) ;
March 1, 1962 ("Reg. A") 80,000 common. Price—$3.75.
Business—Wholesale distribution of automobile radios,
parts,
steel
capital.
r—Manufacture
i
other plastic items. Proceeds—For debt repayment and
other
corporate purposes. Office—1517
Jarrett Place,
inventory, and
other corporate purposes.- Office—11
Stanley St., New
Britain, Conn. Underwriter—Hay den, Stone & Co., N. Y.
replacement
Busi¬
of
Sawyer's Inc.
,
*
Dec.
Operation of leased departments in discount department
stores
manufacture
writer—Arnold Malkan & Co., Inc., N. Y.
Corp. (5/7-11) •
15, 1961 filed 200,000 common. Price—$5. Business
—Manufactures plastic housewares, baby products and
.Regal-Meadows, Inc. (4/23) r
77.77•
Marcn 22, 1962 filed 145,000 common, of which 100,000
are- to be offered by the
company and 45,000 by stock¬
holders. Price—By amendment (max. $11); Business—
and
use.
Proceeds—For working
Office—1051 Saw Mill River
Rd., Yonkers, N. Y.
,
Rona
Price—$5.
common.
development
products for home
'
■
1962 filed 100,000
ness—Design,
"
convertible
Underwriter—C. A. Taggart, inc., Towson, Md.
★ Saw Mill River Industries, Inc.
.
Roblin-Seaway Industries, Inc. 1
•March 29, 1962 filed $1,000,000 of 6%
'•
.
15-year subord.
drug stores. Proceeds—For general corporate
Office—3310 New York Ave., N.
E., Washing¬
cor¬
Walnut
—
.
chain of
purposes.
ordinated debentures due 1982. Price—At par. Business
Red Wing Fiberglass Products, Inc.
^
July 28, 1961 ("Reg. A") 260,000 common. Price—$1.15. !*'—Purchase and sale of scrap steel and other metals and
Proceeds
operation of a rolling mill, a stevedoring business and
Debt repayment, building improvements,
equipment, research and development, and working cap¬ ; two demolition companies. Proceeds—For general cor¬
ital. ,Office—Industrial Park,. Red Wing, Minn.-Under¬
porate purposes. Office—101 East Ave,, Nortn Tonawanwriter-r-York & Mavroulis, Minneapolis. Note—This let-/7<Ja, N Y- Underwriter—Brand, Grumet & Seigel, Inc.,
'
l\TAtt*
New York.
ter was temporarily postponed.
'
'
.
Drugs, Inc.
Business—Operation of
Ave., Gardena,
Vickers, MacPherson & Warwick,
'Inc., N. Y.-:.
■
Save-Mor
a
Proceeds—For
W.
—
Dec. 28, 1961 ("Reg.
A") $300,000 of 6%
conv. debentures. Price—At
par.
(4/23-27)
porate purposes. Office—139
Calif. Underwriter —
*
writer—M. A. Saunders &
serves
capital. Office—222 E. Erie St., Milwaukee.
Straus, Blosser & McDowell, Chicago
and Dempsey-Tegeler &
Co., inc., St. Louis.
Underwriters
1961 filed 400,000 common. Price—By amend¬
Business—Design, manufacture and sale of mobile
homes
working
and
repayment
and working
26,
ment.
•
Corp.
estate
concern, motor inn, shopping centers, bowl¬
establishments, etc. Proceeds—r or debt repayment
ing
equipment. Proceeds—For an acquisition, equipment and
working capital. Office-r-1927 New York Ave., Hunting¬
ton Station, N. Y.
Underwriter—Robbins, Clark & Co.,
Inc., N. Y. Offering—In early June.
ceeds—For debt repayment, expansion, moving expenses
and working capital. Office—513-15 Cooper St., Camden,
N.
real
ceeds—From the stock sale will go to selling sharehold¬
Office—413 Thatford Ave., Brooklyn, N. Y. Under¬
Security
Jan.
26,
Aluminum
1962
Corp.
filed 200,000
(5/21)
Price—By amend¬
sliding win¬
equipment, moving ex¬
penses and working capital. Office—503 E. Pine Ave.,
Compton, Calif. Underwriter—Vickers, MacPherson &
Warwick, Inc., N. Y.
common.
ment. Business—Manufacture of alumnium
dows
and
doors.
Proceeds—For
Security Equity Fund, Inc.
14, 1961 filed 400,000 capital
Dec.
shares.
Price—Net
asset value plus 6%. Business—A mutual fund. Proceeds
—For investment. Office — 700 Harrison St., Topeka,
Kan.
Underwriter—Security Management Co., Inc., To¬
peka.
ers.
writer—I. R. E. Investors Corp.,
Levittown, N. Y.
Sampson Enterprises, Inc.
Feb. 28, 1962 filed 450,000 common. Price — By amend¬
ment
(max. $8). Business—A holding company for a
Seg Electronics Co., Inc. (4/16-20)
Sept. 28;-1961 filed 110,000 common. Price—By amend¬
ment.
Business—Design
and
manufacture of
Continued
networks
on
page
44
44
Continued
The Commercial and Financial Chronicle
(1648)
from page 43
/T
v
v
Sternco
surplus fund certificates and expansion. Office—5620 N.
Western
Ave., Oklahoma City. Underwriters—Eppler,
-
•
Dec.
derwriter—Searight, Ahalt & O'Connor, Inc., N. Y.
—Manufacture
new
crete
Allendale, N. J.
Financial
Selective
Feb.
offered
be
to
are
1962 filed
28,
for subscription
which
of
common,
ate,
B
affili¬
the basis of 4 company shares for each class A or
on
and
share
two-thirds share for each
Life
Selective
held.
Remaining
94,822
Co.,
an
and
public,
$6; to stockholders, $5. Business—Company plans to en¬
gage in
the consumer finance, mortgage, general - fi¬
related
and
nance
businesses.
Proceeds
—
For
•
general
nix. Underwriter—None.
Shaver Food
(4/11)
Marts, Inc.
Dec.
19, 1961 filed 170,000 class A common, of which
30,000 will be sold by the company and 140,000 by cer¬
tain stockholders. Price
By amendment. Business—
—
Operation of
Bluffs
area.
supermarkets in the Omaha-Council
Proceeds—For
expansion. Office—139 S.
St., Omaha, Neb. Underwriters—J. Cliff Rahel
Co., and Storz-Wachob-Bender Co., Omaha.
Sperti Products, Inc.
Price—By
tain
Heck
Grand
working
working capital.
Ave., Neptune, N. J. Underwriter—•
Co., N. Y.
and
Co., Inc., Washington,
Price—By
K
110,000
common.
Price—By
Day, N. Y.
-
amend-
goods.
Proceeds
—
For
27,
•
•
Star
\
Boat
Co.,
Price
—
By amendment
Inc.
fiberglass pleasure boats. Pro¬
ceeds—For working capital..
Office—Goshen, Lnd. Un¬
derwriter—A. G. Becker & Co., Inc., Chicago.
'
Starmatic
Nov.
Industries,
3, 1961 filed
'
ment.
debt
W.
30th
St.,
N.
named.
Y.
corporate
purposes.
Underwriter
V";'
—
To
■/.
be
v.
Towing & Transportation Co., Inc.
Nov. 29, 1961 ("Reg. A")
100,000 common. Price—$3.'
Business—Construction and operation of towing boats.
Proceeds—For debt repayment, conversion of a
boat, and
working capital. Office—3300 N. W. North River Drive,
Miami, Fla. Underwriter—Irwin Karp & Co., Inc., 68
William St., N. Y.
' , ;v;
• State Life Insurance Co. of Colorado
* Southern Bell Telephone & Telegraph Co.
(4/18)
March 28, 1962 filed
$75,000,000 of debentures due April
March 23, 1962 filed 88,250 common.
Price—$4.25.—Busi¬
ness—Sale; of cigarettes,
March
1/: 2001.
T. &
Proceeds—For repayment of
advances
Dec.
26,
1961
filed
220,000
common.
ment. Business—Writes automobile
Oklahoma and
Arkansas.
Price—By amend¬
casualty insurance in
Proceeds—For
redemption of
investment
r;•"
Stelber Cycle
Jan. 5, 1962 filed
due
and
W;'-.
1972
and
r,:
,
Proceeds—For debt repayment and gen¬
.
Symington Wayne Corp.
&
Curtis,
Inc.
Y.
N.
:.
.
Underwriter—None.
'
.
"
/
vv.^
port, Conn. Underwriters—Stroud & Co., Inc. and Penington, Colket & Co., Philadelphia.
.
i
■
;
r
-
Taylor Publishing Co.
*
(4/9-13)
-
Dec. 21, 1961 filed 152,600 common. Price—By amendment. Business— Production and distribution of school
year-books and commercial printing Proceeds—For sell¬
ing stockholders. Office—6320 Denton- Dr., Dallas. Un¬
derwriter—Dallas Rupe & Son, Inc., Dallas, Tex.
4
(4/17)
A.~
filed -210,312 common, of: which 170,000
are
to be offered publicly by stockholders,/and. 40,312
shares for subscription by the stockholders for the ac¬
count of the company.
Price—By amendment (max.
$25). Business—Production of various type wines. Pro¬
ceeds—For plant expansion and working capital. Office
—Hammondsport, N. Y.
Underwriter—First Boston
Corp.,
Taylor Wine Co., Inc.
Feb.
15,
1962
Teaching Systems, Inc.
8, 1962 ("Reg. A") 50,000
.
March
Business—-Production
and
and
sale
of
common.
Price—$2.
musical educational
.
$240,000 of 8% convertible debentures
60,000 common shares to. be offered in
each * consisting I of one $200 1 debenture" and ' 50
shares-. Price—$500 per unit,.. Business—MaiTufantur© of
bicycles, tricycles and toy automobiles, Proceeds—For:
debt
line.
repayment,
moving expenses and
manufacture
of
animated
transparencies and other
displays. Proceeds—For debt
repayment, expansion, research, and working capital.
Office—11 Sintsink .Dr., East Port Washington, N. Y.
Underwriters?—Bull & Low; John * R. = Maher Associates;
technical training aids and
Corp.
units,
table Securities
(4/30-5/4)
Proceeds—For
Vending Corp.
Norristown, Pa.
—
Southwestern Insurance Co.
294,000
.
* Southern California Edison Co. (5/1)
April 4, 1962 filed $40,000,000 of first and
refunding
mortgage bonds, series O, due May 1, 1987. Proceeds—
For construction. Office—Edison
Bldg., 601 W. Fifth St.,
Los Angeles. Underwriters
(Competitive).; Probable,
bidders: First Boston Corp.-Dean Witter & Co.
(jointly)'
.HalseyvStuart & Cm Inc.; and Kuhn,< Loeb -& Co^Equii
•
of which
the company and 31,000 shares by a
Price—$3. Business—Manufacture and sale
records. Proceeds—For equipment, sales promotion and
coffee, beverages, candy etc.,
working capital./ Office—1650 Broadway, N.: Y. Underthrough vending machines. \ Proceeds—For debt repay¬
/■ writer—Ezra Kureen Co., N. Y;•:, /
-Sr
ment, leasehold improvements, expansion and working
• Technical Animations, Inc.
(4/16-20)
capital. Office—354 Hempstead Ave., West Hempstead,
Nov. 30, 1961 filed $211,400 of 7% conv. subord. deben¬
N. Y. Underwriter—M. H.
Myerson & Co., Inc., N. Y. ;
tures due 1972 (with warrants) to be offered for sub¬
Steel Plant Equipment
Corp. (4/9-13)
•
scription by holders of class A and ciass B common at
Oct 2, 1961 ("Reg. A")
the rate of $100 of debentures for each 280 shares held.
69,660 common. Price—$3. Pro¬
ceeds—For equipment and
working capital. Address—
Price—$100 per unit ($100 of debentures and one war¬
Norristown, Pa. Underwriter—Joseph W. Hurley & Co.,
rant to purchase 14 class A shares). Business—Design
from
Corp.*(jointly). Bids—May 1 (.8:30;a.m.
atthe"company*s office.
insurance.
Statewide
-—
Calif, time)
accident
writer—None.
T., company's parent, and construction. Office
Edgewood Ave., Atlanta. Underwriters
(Competi¬
tive). Probable bidders: Morgan Stanley &
Co., and
Halsey Stuart & Co. Inc. Bids—April 18 (11 a.m. EST)
(Rcom 2315), 195 Broadway, N. Y.
67
1962
filed
300,000
common.
Price—By
(max. $5). Business—Writing of life/ health
working capital. Office—1760 High St., Denver. Under¬
.
A.
27,
amendment
and
common,
to be offered by
ic Tactair Fluid Controls Corp.
March 29, 1962 filed 90,000 common. Price—By amend¬
ment (max. $7.50). Business—Manufacture of fluid con¬
trol equipment used in missiles, helicopters and aircraft.
Proceeds—For
selling stockholders
Address—Bridge¬
Inc.
and general
repayment
Office —252
Southeastern
Inc.
325,000
—
—For
—Meadowbrook Securities Inc.,
Hempstead, N. Y. Offer¬
ing—Expected sometime in May.
filed
29, 1961 filed 66,666 common. Price—By amend¬
($1.50 max.). Business—Design and manufacture
of
ordnance, automotive, 'aircraft and guided missile
parts and components. Proceeds—For selling stockhold¬
ers. Office—4417
Okechobe Rd., West Palm Beach, Fla.
100,000 common.. Price—By amend¬
Business
Manufacture
of
boxes, brochures,
packaging materials and packaging machines. Proceeds
corporate
ment
Manu¬
—
Proceeds—General
Dec.
(4/23-27)
(max. $18). Business
states.
Bakers,
1962
Szemco,
facture of aluminum and
are
28,
Jackson
Laboratories,
&
(4/23-27)
,,
For Men of Southern Caliicrnia,
Tank
&
(5/7-11)
Feb."23j 1962 filed $5,005,700 of convertible subordinated
debentures * due 1982, to be offered for subscription by
common stockholders
(and warrant holders) at the rate
of $100 of debentures for each 38 common (or warrants)
held. Price—By amendment. Business—Manufacture of
gasoline dispensing pumps, service station equipment,
specialty steel castings for railroads, and mechanics hand
tools. Proceeds—For debt repayment and working capi¬
tal. Office—Salisbury, Md. Underwriter—Paine, Webber,
Feb. 27, 1962 filed 307,000 common, of which 27,000 are to
be offered by the company and 280,000 by stockholders.
be offered
by the company and 26,000 by stockhold¬
Price—$5. Business—Design, development and manufacture of devices using sound or fluids as a
source of
energy. Proceceds—For general corporate purposes. Of¬
fice—260 Hawthorne
Ave., Yonkers, N. Y. Underwriter
^ .t./vJ.7
'•
Shields
Office—3601 N. W. 50th St., Miami, Fla. Un¬
stockholder.
•
None.
ment at designated residential locations.
Proceeds—For
selling stockholders. Office—115 L St., S. E. Washington,
D. C. Underwriter—None.
Jr'/> :. yv:v';;T.;
to
'}• '•""[v't...,.'V-
K.
corporate purposes. Address—New York & Drexel
Aves., Atlantic City, N. J. Underwriter—Balogh & Co.,
Washington, D. C.
'
>
$7). Business—Manufac¬
diving equipment and ac¬
working capital." Office-^—*7701
'v
additional equip¬
eral
equipment and other corporate purposes.
Office—726 Plymouth Bldg., Minneapolis. Underwriter—
Industries, Inc.
southeastern
of baked goods.
Proceeds—For
Dec. 28, 1961 filed 75,000 common.
Price—By amendment.
Business—Installation of its coin operated laundry equip¬
ers.
N
City Dairy Products, Inc.
Superior
Feb.
A and one class B share. Price—$50 per unit.
Business
—Company plans to establish laboratories and a school,
and to publish a handbook in the field of
meteorology.
expansion
Development Corp. of America Vv
1961 filed 56,000 common, of which 30,000
•
repayment of bank loans,
derwriter—Finkle & Co.. N. Y.¬
Inc.
March 19, 1962 ("Reg. A") 285,000 class A common and
5,799 class B common to be offered in units of 50 class
modernization of buildings, repayment of debt and
working capital. Office—253 Columbia St., Brooklyn,
N. Y. Underwriter—To be named.
Sonic
;
it Standards
•/m
and
Oct.
other
Inc.
26, 1962 ("Reg. A") 75,000 common. Price—$4.
Business—Research, development, manufacture, sale and
service of hairpieces for men. Proceeds—For expansion,
equipment, sales promotion and working capital.: Office
—328 S. Beverly Dr., Beverly Hills, Calif.
Underwriter
—Adams & Co., Los Angeles.
/
Sokol Brothers Furniture
Co., Inc.
Sept. 28, 1961 filed 240,000 common. Price—$2.50 Busi¬
ness—The instalment retailing of
furniture, appliances
household
)
Inc.
27, 1961 filed
purposes.
(max.
Proceeds—For
Publishers,
110,000 common. Price—$4. Business
—Distribution of eggs and dairy products in Florida and
March
Products, Inc.
filed
amendment,
Squire
semiconductor devices. Proceeds—For a new plant, debt
repayment and working capital. Office—1 Pingree St.,
Mass. Underwriter—Tucker, Anthony & R. L.
Solon
Oct.
distribution of skin
and
corporate purposes. Office
Business—Development, manufacture and sale of
other
con¬
and
(5/28-31)
Inc.
Directory
St., Wilkes-Barre, Pa. Underwriter—G.
Co., N. Y. Offering—Imminent.
;•
Compton Blvd., Paramount, Calif. Underwriters—
Troster, Singer & Co., and Federman, Stonehill & Co.,
Salem,
and
subordinated
St., N. Y. Underwriter—
ment, expansion and working capital. Office—60 N. State
E.
Bldg., Providence, R. I. Underwriters—G.
H. Walker & Co., Providence and Blair & Co., N. Y. ,
mert.
ceeds—For
;
—909 Howard
1962
6%
40th
28, 1961 filed 90,000 common. Price—$3. Business
—Publishing and distributing telephone directories. Pro¬
Sun
of
1977
E.
Office—50
named.
Suburban
are
Sportsways,
cessories.
1,
Inc.
Dec.
Feb. 20, 1962 filed 175,000 common, of which 50,000 are
to be offered by company and 125,000 by a stockholder.
Sixty Realty Trust
Feb. 28, 4962 filed 350 common. Price—$1,000. Business
—Company; plans to qualify as a real estate investment
Proceeds—For general
Realty & Construction Fund,
20, 1962 filed 500,000 common. Price—$20. Busi¬
estate investment company. Proceeds—For
be
shares.
ture
Solid State
•
drug
ing—Imminent.
repayment, acquisition of land and
Office — 1093 Frank Rd., Columbus,
Ohio. Underwriter—H. P. Black &
Feb.
of
To
Underwriter—William, David & Motti, Inc., N. Y. Offer¬
debt
capital.
debentures due
D. C.
trust.
March
50,000 common to be
units, each consisting of $20 of debentures and
Price—$60 per unit'. Business—Design and
manufacture of fishing and archery equipment and fiber
glass household items. Proceeds—For general corporate
purpose.
Office—131 Saw Mill River Rd., Yonkers, N. Y.
10
Inc.
For
—
.
offered in
135,000 common. Price — By amend¬
(max. $4). Business—Construction of homes. Pro¬
ceeds
St.,
Sportsmen, Inc.
29, 1961 filed $100,000
Feb. 27, 1962 filed
ment
are
Stratton
N. Y
vertible
Milton D. Blauner &
Sete-Fab,
Under-
Y.
1962 filed 315,000 class A shares of which
to be offered by the company and 97,000 by
Price—$6. Business—Commercial fi¬
nance company.
Proceeds—For debt repayment. Office
—95 Madison Ave.,
N. Y. Underwriter—Mortimer B.
Burnside & Co., Inc., N. Y.r'
' "
:v,\ • "
/ ,
of debt, and working capital.
Hoboken, N. J. Underwriter—
patents, repayment
Blair & Co.,
indicators and circuit components. Proceeds—
Office—1933
N.
stockholders.
investment.
Business—Manufacture
amendment.
Office—730
126,000 common. Price—$4.50. Busi¬
ness—Manufacture, sale and development of glow lamps
equipment
Lynbrook,
PL,
29,
218,000
the
(4/30-5/4)
Nov.
repayment,
Harriet
Office—39
writer—S. B. Cantor Co., N. Y.
March
products, electrical and electronic devices and
precision machinery. Proceeds—For the purchase of cer¬
Signalite Inc.
Jan. 29, 1962 filed
debt
Price—$3.
stereophonic sound equipment.
• Stratford Financial Corp.
>
and food
Fla. Underwriter—George, O'Neill & Co., Inc., N. Y.
For
Co., Inc., N. Y.
Spencer
Nov. 29, 1961 filed 230,000 common of which 200,000 are
to be offered by the company and 30,000 by stockholders.
&
Manufacturing Co. (4/16)
Dec. 29, 1961 filed 55,000 common. Price—$6.50. Business
—Manufacture
of
automatic
equipment for handling
packaged foods, and various food serving devices. Pro¬
ceeds—For equipment, advertising, plant expansion and
working capital. Office—3800 N. W., 32nd Ave., Miami,
as
&
home
expansion, inventory and working capi¬
ness—A real
Shelley
use
tal.
•;
seven
40th
for
Malkan
Instrument Corp.
("Reg. A") 100,000 common.
23, 1962
Proceeds—For
Gifts, Inc. (4/16-20)
Jan. 29, 1962 filed 135,000 common, of which 15,000 are
to be offered by the company and 120,000 shares by a
selling stockholder. Price—By amendment. Business—
Mail order, sale of general merchandise. Proceeds—For
debt repayment and working capital. Office—1601 Al¬
bany Blvd., Atlantic City. Underwriter—Carter, Berlind,
Potoma & Weill, N. Y.
corporate purposes. Office—830 N. Central Ave., Phoe¬
•
March
Business—Sale of
(L. B.), Inc.
writer—Arnold
Andresen & Co., N. Y,
—
if Stereotrinics
Operation of retail furniture stores. Proceeds — For
working capital. Office—2212 Third Ave., N. Y. Under¬
scribed shares will he offered publicly. Price—To
Underwriter
Offering—In June.
(4/16-20)
30, 1961 filed 65,000 common. Price—$5. Business-
Oct.
unsub¬
any
rceptors, prefabricated metal
Spears
class C share of
aquarium supplies for hobbyists. Proceeds—For a
plant and working capital. Office—52 Cottage Plaza,
and
radiators and rope and twine. Proceeds—For a new
in Canada. Office—52-55 74th Ave., Maspeth, L. I.,
405,000
by holders of the A,
B and C stock of Selective Life Insurance
(4/16-20)
22, 1961 filed 175,000 common. Price—$4. Business
of metal shower receptors, precast con¬
showers, baseboard
plant
N. Y.
Underwriter—M. H. Woodhill, Inc., N. Y.
Corp.
500,000
Inc.
be offered by the company arid
to
Turner, Inc., Dallas and R. J. Edwards, Inc.,
City.
Spartan International Inc.
Thursday, April 5, 1962
Industries,
ment, research and development, repayment of loans and
working capital. Office—12 Hinsdale St., Brooklyn. Un¬
Oklahoma
...
21, 1962 filed 115,000.class A, of which 40,000 are
75,000 by stockhold¬
ers. Price—$6. Business—Manufacture, sale and distribu¬
tion of fish foods and distribution of various types of fish
Guerin
&
.
Feb.
data and program transmission, filters, transceivers
and related electronic equipment. Proceeds—For equip¬
for
.
a
new
-
product
Office—744 Berriman
St., Brooklyn, N. Y. Under¬
writers—Lloyd Securities, Inc.; Richard Bruce & Co,,
Inc., and Reuben Rose & Co., Inc., N. Y.
<
and PL
"
Topik & Co;; Inc., N.,Y.;
Tec-Torch
Co.,lnc.
.-■
(4/9-13)-::
v
/
-
>
,
~-v
-Nov.
28, 1961 filed 100,000 common. Price—$3.25, Busi¬
Design and manufacture, of inert gas welding
equipment. Proceeds—For debt repayment, expansion
ness
and
—
working capital. Office—153 Union Ave., East Ruth-
Volume
Number
195
6148
The Commercial and Financial
erford, _N. J/; Underwriter—Scott, Harvey
Fa'irlawiv-N.". J. j
/'■.
^'''
Inc«"."'"'"V
**
*
&
*
_4
,. ,„r
•/:
•
a
Dec. 29, 1961 ("Reg. A'.') 100,800 common and $100,000
of (>%. 5-year subordinated debentures. Price—For stock,
$1; ior debentures, at
of
par
.
($i00)
.
Business—Production
Proceeds—For
ital, and possible acquisitions. Office — Pacific National
Bldg., Bellevue, Wash. Underwriter—To be named.
Transcontinental Gas
Pipe Line Corp. (4/19)
Marfch 13, 1962 filed $40,000,000 of first mortgage
pipe¬
line bonds due 1982. Business—Company owns and
oper¬
ates an interstate pipeline system for the transportation
and^ sale of natural gas: Proceeds—For debt repayment.
Office—3100
White,
Corp.
expan¬
sion, research and development, acquisition a technical
library, and working capital.41 Office—200 S. Jefferson
St., Orange, N. J. Underwriter—Magnus & Co., N. Y.
31, 1962
tufted
of
repayment
textile
tanooga.
products. Proceeds—For debt repayment
capital. Office—4813 Tennessee Ave., Chat¬
Underwriter—Irving J. Rice & Co., Inc., St.
'
■
Tennessee
x
•1
" '/
•
Gas Transmission Co.
1
(4/10)
Texas
Electro-Dynamic Capital, Inc.
16, 1961 filed 250,000 common. Price—By amend¬
Business—A small business investment
Proceeds—General corporate
company.
Office—1947 W.
purposes.
Gray Ave., Houston. Underwriters—F. S. Smithers & Co.,
N.
Y., and Moroney, Beissner & Co., Inc., Houston.,
Texas Tennessee
Oct.
Industries, Inc.
(4/9-13)
common, of which 150,000
by the company and 25,000 by
stockholders; also 17,500 class A stock purchase war¬
rants. The securities will be offered in units consisting
26,
shares
of
10
1961
are
to
shares
filed
175,000
be offered
and
warrant.
Price—By amendment.
Business—Manufacture of water coolers, water cans and
portable hot beverage dispensers. Proceeds—For debt
repayment and general corporate purposes. Office—
6502 Rusk Ave., Houston. Underwriter—S. D, Fuller &
Co., New York.
one
.
Thom-Tex
Paper Converting Corp.
debt repayment and
working capital. Address—Highway
3, Rio Grande, Puerto Rico. Underwriter—Meade & Co.,
N.
Y.
,
,
Thunderbird
International Hotel Corp.
(5/7-11)
1962 filed 175,000 common. Price—By amend¬
ment ($10 max.). Business—Hotel ownership and man¬
agement. Proceeds — For construction. Office — 525 N.
Sepulveda Blvd., El Segundo, Calif. Underwriter—Vickers, MacPherson & Warwick, Inc., N. Y.
Industries, Inc.
Feb. 16, 1962 filed 300,000 common, of which 100,000 are
to be offered by the company and 200,000 by stockhold¬
ers.
Price—$6.
Securities
Inc.
and
other
corporate
Proceeds—For
debt
Transogram Co., Inc.
purposes.
(6/11-15)
(max. $12). Business—Design, assembly and man¬
of toys, games, children's playroom
furniture,
and sports sets. Proceeds—For a selling stockholder. Of¬
ufacture
fice—200 Fifth
N. Y.
ers,
Ave., N. Y. Underwriter—Lehman Broth¬
'
Transport Industries, Inc.
Feb.
16.
1962
("Reg.
A")
Business—Design, manufacture and sale
common.
Price
—
$4.
Business—Design and manufacture of truck and auto¬
brake systems. Proceeds—For inventories, ad¬
vertising and working capital. Office—Pearl & Elk Sts.,
Albion, Pa. Underwriter—A. J. Davis Co., Pittsburgh.
Tremco
Manufacturing Co.
26, 1962 filed 150,000 class A
Feb.
coatings, sealants, mastics, paints,
selling stockholders. Office—10701 Shaker Blvd., Cleve¬
land. Underwriter—McDonald & Co., Cleveland. Offer¬
ing—In May.
Trenton
Foods, Inc.
26, 1962 filed 100,000 common. Price—By amend¬
ment.
Business—Preparation and packaging of meat
Jan.
ing of/pigs. Proceeds—For debt repayment, plant ex¬
pansion and working capital. Office—4733 Belleview,
Kansas City, Mo.
Underwriter — Scherck, Richter Co..
fee title
to
three discount
ceeds—For debt repayment.
Underwriter—Adler
department stores. Pro¬
Office—30 E. 42nd St., N. Y.
Securities
Corp., N. Y.
Dec.
Torch
Rubber Co.,
Inc.
(5/21-25)
Busi¬
Pro¬
ceeds—For equipment, moving expenses, expansion and
working capital. Office—1302 Inwood Ave., N. Y. Un¬
derwriter—Carroll Co., N. Y.
Tork Time Controls, Inc. (4/16-20)
Dec. 12, 1961 filed 150,000 common. Price—By
ment.
amend¬
Business—Design and manufacture of time con¬
trolled switches. Proceeds—For debt
repayment, expan¬
sion, and working capital. Office—1 Grove St., Mount
Vernon, N. Y. Underwriters—Godfrey, Hamilton, Taylor
& Co., and Magnus & Co., N. Y. ;
•
Towers
Marts
International, Inc. (4/23-27)
Feb. 1, 1962 filed 550,000 capital shares. Price — By
amendment. Business
Company builds and operates
—
retail discount department stores. Proceeds—For expan¬
Office—41 E. 42nd St., N. Y. Underwriter—W. C.
sion.
Trans-Alaska Telephone Co.
(4/23)
Tucker
Feb.
Steel
new patented plastic signs. Proceeds—For
equipment, debt repayment, inventory and working capi¬
tal. Office—875 North 28th St., Philadelphia. Underwriter
—Stone, Ackerman & Co., Inc., N. Y.
•
Uneeda
Dec.
Vending Service, Inc.
("Reg. A") 73,500 common. Price
1961
14,
Business
—
Purchase
of
new
and
used
—
$3.
coin-operated
vending and recreational machines. Proceeds—For gen¬
eral corporate purposes. Office—250 Meserole St., Brook¬
lyn, N. Y. Underwriters—Fabrikant Securities Corp. and
Karen Securities Corp., N. Y.
Unsshops,
Inc.
(5/28-31)
Feb. 26, 1962 filed 275,000 common, of which 25,000 are
to be offered by the company and 250,000 by stockhold¬
ers.
Price—By amendment (max. $16). Business—Re¬
tailing of men's and boys' clothing. Proceeds—For work¬
ing capital. Office—15 Linden Ave., East, Jersey City,
Weeks, N. Y.
United Camera
Exchange, Inc.
Jan. 29, 1962 filed 105,000 common. Price—$3. Business
—Operation of retail camera stores. Proceeds—For ex¬
pansion and general corporate purposes. Office—25 W.
43rd St., N. Y. Underwriter—M. G. Davis & Co., Inc.,
•
United ElectroDynamics,
Inc. (5/7-11)
filed 412,636 common, of which 100,000
are to be offered by the company and 312,636 by stock¬
holders. Price—By amendment (max. $23). Business—
Development and manufacture of electronic measure¬
ment instrument. Proceeds
For an acquisition and
working capital. Office—200 Allendale Rd., Pasadena,
California. Underwriter
William R.
Staats & Co.,
Los Angeles.
Mar.
21,
1962
—
—
United
Dec.
of
Investors
Life
Insurance
Co.
common, of which 472,100
to be offered for subscription by stockholders
Waddell & Reed, Inc., parent, on the basis of one
15,
shares
1961 filed 562,500
are
share for
each
two
Waddell shares held.
The
remaining 90,400 shares will be offered to certain per¬
sons
associated with the parent company or its sub¬
sidiaries. Price—By amendment. Business—A legal re¬
serve life insurance company. Proceeds—For the account
of Waddell & Reed. Office—20 W. 9th St., Kansas City,
Mo. Underwriters—Waddell & Reed, Inc., Kansas City,
Mo., and Kidder, Peabody & Co., N. Y. Offering—Ex¬
United
23, 1962
two
ible
•
common
shares
subordinated
and
debenture
one
due
Tujax Industries, Inc.
000
1962 filed 150,000 class A shares, of which 100,to be offered by company
Reuben Rose & Co., Inc., N. Y. Offering—In June,
\X Turbodyne Corp.
/>,
V
; >
.
..
v;..,
March 2, 1962 filed 127,500 common. Price—$5. Business
—Research, development and production and overhaul¬
.
ing of gas turbine engines. Proceeds—For debt
repay¬
ment, research and development, a new plant and work¬
ing capital. Office — 1346 Connecticut Avenue, N. W.,
Washington, D. C. Underwriter—Sandkuhl & Co., Inc.,
;
N.Y.
Turner
(J. L.)
:■
%
;
& Son, Inc.
Mar. 27, 1962 filed 120,000 common, of which 60,000 are
to be
offered by company
and 60,000 by a stockholder.
Price—By amendment
(max. $15) Business—Sale of
retail merchandise. Proceeds — For general corporate
purposes. Office—East Main St., Scottsville, Ky. Under¬
writer—Bear, Stearns & Co., N. Y.
See La Salle St.
Capital Corp. this issue.
I* United Inns, Inc.
March 26, 1962 ("Reg. A") 80,000 common. Price—$3.75.
Business—Construction and operations of motor hotels
under license granted by Holiday Inns of America, Inc.
Proceeds—For
debt repayment and general corporate
Office—704 Dermon Bldg., Memphis. Under¬
writer—Wilder, Hansbrough, Finch & Co., Memphis, v
purposes.
Dec.
are
•
21
Brands, Inc.
22,
(4/17)
filed 800,000 common, of which 550,000
the company and 250,000 by stock¬
Price—By amendment. Business—Distribution
1961
to be offered by
holders.
—For general corporate purposes.
Office—531 Ferry St.,
Newark, N. J. Underwriter—Moran & Co., Newark, N. J.
•
United-Overton Corp.
26, 1962 filed 450,000 common, of which 90,897 are
offered by the' company and 359,103 by stock¬
holders. Price—By amendment (max. $18). Business—
Operates hard goods' departments in discount depart¬
ment stores. Proceeds—For debt repayment. Office—19
Needham St., Nugent Highlands, Mass. Underwriters—
McDonnell & Co., Inc., and Oppenheimer & Co., N. Y.
Offering—Expected in early June.
be
United
Packaging Co., Inc. (4/16-20)
102,000 common. Price—$3. Business
general packaging business. Proceeds — For new
machinery, debt repayment and working capital. Office
—4511
Wayne Ave., Philadelphia. Underwriter—God¬
frey, Hamilton, Taylor & Co., Inc., N. Y.
Nov. 29, 1961 filed
and 50,000 by stock¬
Price—$8. Business—Through its subsidiaries
the company is engaged in the wholesale distribution
of electrical supplies and equipment. Proceeds — For
debt repayment and working capital. Office—514 E. 73rd
St., N. Y. Underwriters—Richard Bruce & Co., Inc., and
are
March
to
Co., Inc.
("Reg.1 A") 12,500
units, each consisting
(par $10) 7% convert¬
April 1, 1972. Price—
$20 per linit. Business — Steel fabricating. Proceeds—
Plant additions, inventory and debt repayment. Office—
2000 A St., Meridian, Miss. Underwriter—McCarley &
Co., Inc., Asheville, N. C. Offering—Imminent.
of
holder.
production of
Mar.
Nov. 29, 1961 filed 265,000 common, of which 250,000 are
to be offered by the company and 15,000 by a stock¬
Price—$6. Proceeds—For construction, and ac¬
quisition, repayment of debt, and other corporate pur¬
Ultra Plastics Inc. (4/9-13)
Sept. 19, 1962 filed 175,000 class A common. Price—$4.
Business—Manufacture of urethane foam board and the
N. Y. Offering—Imminent. '
Twentieth Century Capital Corp.
Corp.
Feb. 12, 1962 filed 150,000 common. Price—By amend¬
ment (max. $9). Business—Design and sale of special
cameras for scientific photography.
Proceeds—For gen¬
eral corporate purposes.
Office—17136 Ventura Blvd.,
Encino, Calif.
Underwriter—J. A. Hogle & Co., Salt
Lake City. Offering—Expected in mid-May.
Underwriter—
Markets, Inc.
15, 1962 filed 100,000 common. Price—$5. Busi¬
ness—Operation of "Foodtown" supermarkets. Proceeds
Langley & Co., N. Y.
Traid
Swan, Texas.
Co., Dallas.
22, 1961 filed 100,000 common, of which 52,000 are
to be offered by the company and 48,000 by stockhold¬
ers. Price—$6. Business—Design, manufacture and sale
of power supplies. Proceeds—For debt repayment and
working capital. Office—111 Pleasant Ave., Roosevelt,
L. L, N. Y. Underwriter—William, David &
Motti, Inc.,
holders.
•
Proceeds—For selling stockhold¬
pected in late June.
Trygon Electronics Inc.
repayment, equipment,
leasehold
improvements and
working capital. Office—703 Bedford Ave., Brooklyn,
N. Y.
Underwriter—Godfrey, Hamilton, Taylor & Co.,
Jan. 26, 1962 filed 110,000 common. Price—$3.50.
ness—Manufacture of waterproof rubber footwear.
;
Office—Lindale Rd.,
First Southwest
United
Tri-Department Stores Associates v."
Feb. 9, 1962 filed $2,436,000 of limited partnership in¬
terests. Price—$6,000 per interest. Business—Company
was formed for the purpose of
acquiring for investment
Mar. 23,
Inc., N. Y. Offering—Expected sometime in May.
of cast iron products.
ers.
fpp^l presets ^or other firms and the large scale breed¬
•
Co., and Hornblower & Weeks.
Tyler Pipe & Foundry Co. (4/18)
Jan. 25, 1962 filed 120,000 common. Price—By amend¬
ment. Business—Design, development and manufacture
N. Y.
Price — By
protective
etc. Proceeds — For
common.
amendment (max. $15). Business—Producer of
Proceeds—For debt
of women's and children's footwear.
&
N. J. Underwriter—Hornblower &
75.000
mobile
2,
Tomorrow's
Underwriters—
Webster
45
of imported and American wines aiid whiskies. Proceeds
—For debt repayment, expansion and working capital.
Office—23 W. 52nd St., N. Y. Underwriters—A. C. Allyn
March 15, 1962 filed 156,000 common. Price—By amend¬
the
Thompson Manufacturing Co., Inci
Dec. 22, 1961 filed 90,000 common, of which 80,000 shares
are to be offered by the company and
10,000 by stock¬
holders.
Price—$4. Business—Design and manufacture
of special machinery for the paper industry and the
construction of bowling alleys. Proceeds—For expansion
and general corporate purposes. Office—Canal St., Lan¬
caster, N. H. Underwriter—Packer-Wilbur Co., Inc., N. Y.
Offering—Expected sometime in May.
;,. * t
;
>
Jan.
Tex.
&
St. Louis.
March 15, 1962 filed 70,000 common. Price—$4. Business
—Manufacture of writing paper items. Proceeds—For
.
Stone
ment
$75,000,000 of debentures due April
1, 1982. Price—By amendment. Business—Operation of a
natural gas pipe line system. Proceeds—For debt repay¬
ment and expansion. Address—Tennessee Bldg., Houston.
Underwriters—Stone & Webster Securities Corp., White,
Weld & Co., and Halsey, Stuart & Co. Inc., N. Y.
ment.
•
.
March 14, 1962 filed
Oct.
Houston,
and
Office—1000
N. Johnson Ave., El
Cajon, Calif. Underwriter—N. C.
Roberts & Co., Inc., San Diego.
and working
Paul.
St.,
Co.,
processing and transmission field.
common. Price—$2.30.
machine for production of
a
&
Trans data,
(4/30-5/1)
("Reg. A") 120,000
Business—Manufacture
Travis
Weld
Nov. 29, 1961 filed 100,000 common. Price—$5. Business
—Research and development in the data and image
Ten-Tex Corp.
Jan.
Capital, Inc.
Price—By amend¬
—
Bank
Tellite Corp.
circuits.
Business
&
common.
Manufacture of high pressure valves
and. accessories. Proceeds—For expansion/working
cap¬
Jan. 29, 1962 filed 125,000 common. Price—$3. Business
—Manufacture of "Tellite," a new material used in con¬
electronic
Research
27, 1961 filed 47,000
ment.
Proceeds—For equipment, debt
repayment ,and other corporate purposes. Office—1017
New Jersey Ave., S. E,/ Washington, D. C. Underwriter
—Turnbull, Deter & Sullivan, Inc., Charlottesville, Va.
Offering—Imminent.
with
Trans-Pacific
Nov.
television programs.
nection
(1649)
poses.
Office — 110 E. 6th. Ave., Anchorage, Alaska.
Underwriter—Milton D. Blauner & Co., Inc., N. Y.
.:
Co., Inc.,
-.'.'.r v"
Chronicle
—A
ic United Telephone Services, Inc.
March 30, 1962 filed 150,000 class A common. Price—By
amendment (max. $5). Business—A telephone holding
company. Proceeds—For debt repayment, equipment and
working capital. Office—645 First Ave., N. Y. Under¬
writer—J. R. Williston & Beane, N. Y.
U. S. Electronic Publications, Inc.
Sept. 26, 1961 ("Reg. A") 100,000 common. Price—$3.
Business—Publishing of military and industrial hand¬
books. Proceeds—Debt repayment, expansion and work¬
ing capital. Office—480 Lexington Ave., N. Y. Under¬
writer—Douglas Enterprises, 8856 18th Ave., Brooklyn.
U. S.
Scientific Corp.
.
Mar. 22,
1962 filed 85,000 common. Price—$4. Business
—Company plans to merchandise and distribute a line of
consumer
products, including an air vent: cigarette
holder; a transistor ignition unit for automobile spark
plugs, and a small plastic capsule containing a chemical
to increase efficiency of, spark plugs. Proceeds — For
equipment, inventory, advertising and sales promotion,
research, and working capital. Office—220 E. 23rd St.,
N. Y. Underwriter—Edward Lewis Co., Inc., N. Y.
United Variable Annuities Fund, Inc.
(4/30-5/4)
April 11, 1961 filed 2,500,000 shares of stock. Price—$10
per share. Business—A new mutual fund. Proceeds—For
investment. Office—20 W. 9th Street, Kansas City, Mo.
Underwriter—Waddell & Reed, Inc., Kansas City, Mo.
Univend Corp.
Sept. 29, 1961 ("Reg. A") 115,000 common. Price—$2.50.
Business—Operates coin-vending machines for food and
Continued
on
page
46
46
The Commercial and Financial Chronicle..
(1650)
Thursday, April 5, 1962
...
:vv
Continued
K St., N. W., Washington, D. C. Underwriter—Hodgdon
Co., Inc.* Washington, D. C.
Underwriter—Mitchell, Carroll & Co., Inc., Wash¬
D. C.
from page 45
&
ington, D. C.
Proceeds
drink.
For expansion and working
Industries,
Universal
capital.
Inc.
-
.
ment, research and general
Lewis
was
#
corporate purposes. Office— V
Underwriter—Edward
Co., Inc., N. Y. Note—This company formerly
Road, Hawthorne, N. J.
250 Goffle
&
Aero-Dynamics
named
Universal
/■;
Corp.
Sept. 21, 1961 filed 175,000 common.
—Manufacturer
of
lighting
/ •
,
Lighting Products* Inc. (4/16-20)
-
.
fixtures
display
and
automobile, general liability and other types
inProceeds—Tb increase capital funds, pffice—
City, Mo.' Underwriter—Kidder,
Feabody & Co., N. Y/'J *
1 *
■ *
; ' "
'
:
j
surance.
916 Walnut St.* Kansas
<
,
Western Gas Service
and
(4/3*13) 6, 1961 ("Reg. A") 100,000 capital shares. Price-^-$3.
to
—
Sale
vitamin products and
of
Urethane of Texas,
Inc.
Business—Manufacture
urethane
foams.
Proceeds—For
equipment,, working
capital,
leasehold expenses and other corporate purposes. Office'
—2300 Republic National Bank Bldg., Dallas.
Under¬
unit.
per
Co.
•
—
Co.
—Production of
Homes
Corp. of Delaware
Aug. 28, 1961 filed 100,000 commoa Price—$5. Business
—The manufacture of prefabricated buildings and build¬
ing components. Proceeds—For working capital. Office
—765 River St., Paterson, N. J. Underwriter — To be
named.
29, 1961 filed 100,000 common. Price—By amend¬
ment. Business—National distributor of automotive parts
in Canada. Proceeds—For
1480
Lake
Shore
Rd.,
Corp., Ltd., Toronto.
selling stockholders. Office—
Toronto. Underwriter—Rosmar
cars, buses and aircraft; and door
rail passenger cars. Proceeds—For
Office—80
E.
Jackson
Vassar Corp.
control
devices
for
selling stockholders.
Chicago. Underwriter—
Blvd.,
William Blair & Co., Chicago.
*
(4/10)
Dec. 27, 1961 filed 124,900 common, of which 55,000 are
to be offered by the company and 69,900 by .stockholders.
Price—By
amendment.
Business—Design, manufacture
distribution
of aids for hair styling, and the pro¬
eyebrow pencils, lip liners, etc. Proceeds—
repayment, equipment and working capital.
Office—585 Gerard Ave., N. Y. Underwriter—J. R. Wil-
duction
For
•
■
Wham-O Mfg. Co.
j,
ers.
of
debt
liston & Beane, N. Y.
Vendex,
Feb.
/
_
•
game, Calif.
San Francisco.
Victor
Offering—Expected sometime in June.
Electronics, Inc.
Jan. 23, 1962 filed 150,000 common. Price—$5, Business
an amusement device
known as Golfit. Proceeds — For debt
repayment and
general corporate purposes. Office—1 Bala Ave., Bala-
—Manufacture, lease and sale of
Cynwyd, Pa. Underwriter—D. L. Greenbaum Co., Phila¬
delphia. Offering—In late June.,
Video
Engineering Co., Inc.
Mar. 26,
1962 filed 125,000 class A common. Price—$4.
Business — Company. designs, fabricates, installs and
services closed circuit television systems. Proceeds—For
debt
repayment, advertising, equipment and expansion.
Office-—Riggs B4# and First Place, N. E., Washington,
r
Wiatt
Nov.
28,
(4/16-20)
(Norman)
Co.
1961 filed
135,000 common,
of which 45,000
to be offered by the company and 90,000 by
stockholders. Price—By amendment. Business—Design
shares
are
and manufacture of ladies' dresses.
Proceeds—For gen¬
eral corporate purposes. Office—124 E. Olympic Blvd.,
Los Angeles. Underwriters—Schwabacher & Co., and J.
Barth & Co., San Francisco; and Bear, Stearris & Co.,
Proceeds—For debt repayment, equipment, and
working capital. Office—2263 Valdina St., Dallas, Un¬
derwriter—Eppler, Gueriri & Turner, Inc., Dallas.
•
tions.
Joseph St., Mobile, Ala. Under¬
Offering—Ex¬
pected sometime in late May.
'
,
.
amendment.
;
Windsor
was
.
.
,
,
^
Business—The printing of towels and other
products.
Proceeds—For repayment of loans,
'
■
+;;
,4*i'
'
'
V-
Michigan Ave.. Chicago. Underwriter—
Inc., N. Y. Note-^This offering
indefinitely postponed.
*
.
Witco Chemical
shopping center at Falls Church* Va.
Proceeds—For general corporate purposes. Office—1411
Inc.
Co.*
Inc.
(5/7-11)
March 20, 1962 filed 100,000 common. Price—By amend¬
a
i
>
Dec. 28, 1961 filed 125,000 common. Price—$4. Business
—-Design and manufacture of precision electrical < and
electronic measuring devices and test equipment. Pro¬
ceeds—For debt repayment and other corporate pur¬
poses. Office—1005 First Ave.,-Asbury Park, N, J. Under¬
writer—Amos Treat & Co.* Inc., N. Y.
,
,
Texprint, Inc.
Winslow Electronics*
Nov. 14, 1961 filed $444,000 of limited
partnership inter¬
ests to be offered in 444 units. Price—$1,000. Business-
r,
By
Office—2357 S.
West Falls Shopping Center Limited Partnership
Development of
—
books < for
D. E. Liederman & Co.,
selling stockholders. Office—42-16 West St., Long Island
City, N. Y. Underwriter—E. F. Hutton & Co.* and Coffin
& Burr, N. Y.
.
text
Price-—$2.
textile
Products, Inc.
t
of
Aug. 25,1961 filed 265,000 common, of which 250,000 are
to be offered by the company and 15,000 by stockholders,
March 15, 1962 filed 41,000 common. Price—By amend¬
ment (max. $35). Business — Manufacture and sale of
sanitation products and pharmaceuticals. Proceeds—For
..
Business—Publication
college, post-graduate and adult education courses, and
professional books, encyclopedias, handbooks, etc. Pro¬
ceeds-—For selling stockholders. Office—440 Park Ave.,
N. Y. Underwriter—White, Weld & Co., Inc., N. Y. v
—
-
Wiley (John) & Sons, Inc. (4/16-20)
h
21, 1962 filed 150,022 shares of capital. Price
Feb.
side, N. Y. Underwriters—Globus, Inc., and First Phila¬
delphia Corp., N. Y.
<
>
(4/16-20)
Wiggins Plastics, Inc. (4/23-27)
-V
T
20, 1961 ("Reg. A") 100,000 commom Price*—$3.
compression, transfer and injection
molding of plastic materials. Proceeds—For debt; re¬
payment and general corporate purposes., Officer»-180
Kingslapd Rd., Clifton, N. J. Underwriter—Investment
v
>
Planning Group, Inc., East Orange, N. J. :
•
of retail stores. Proceeds—For debt repayment and gen¬
eral corporate purposes. Office—210-07 48th Ave., Bay-
West Chemical
Office—7500
Oct.
Welcome Baby, Inc.
(4/12)
selling stockholders!
Business—Custom
Dec.
West Bay Financial Corp.
Proceeds—For
lon, Union Securities & Co., N. Y., Moore, Leonard &
Lynch, Pittsburgh and Reinholdt & Gardner, St. Louis.
Saint
(5/28-6/1)
28, 1961 filed 75,000 common: Price—$2. Business
—Company renders direct mail public relations, sales
promotion and advertising services to mothers on behalf
J
;
-
Thomas Blvd., Pittsburgh; Underwriters—Eastman -Dil¬
writer—Shields & Co. Inc., N. Y. (mgr.).
•
(4/16-20)^^^^
Inc.
if Wiegand (Edwin L.) CO.
"r
*.
March' 30, 1962 filed 606,450 common. Price—By. amend¬
ment. Business—Manufacture of electrical heating ele¬
ments for industrial, commercial and household applica¬
Waterman Steamship Corp.
Aug. 29, 1961 filed 1,743,000 common. Price—By amend¬
ment.
Business — The carrying of liner-type cargoes.
Proceeds—For the purchase of vessels, and working cap¬
Office—71
(L. F.),
drug stores. Proceeds—Expansion, equipment and work¬
ing capital. Office—738 Bellefonte Ave., Lock Haven; Pa.
Underwriter—Godfrey, HamiltOh, Taylor & Co; N. Y. v
April 4, 1962 filed 150,000 shares of no par cumulative
serial preferred. Price—By amendment. Business—Pur¬
chase, distribution and retail sale of natural gas in the
Washing,tin, D. C. area. Proceeds.—For construction. Of¬
fice—1100 H St., N. W., Washington, D. C. Underwriters
ital.
Widman
Oct. 27, 1961 filed 162,000 common, of which 102,000 are
to be offered by the company and 60,000 by stock¬
holders. Price—$3. Business—Operates a chain of retail
•
expansion, investments and possible acquisition of simi¬
lar businesses. Office
1275 W. Redondo Beach Blvd.,
Gardena, Calif. Underwriter—Mitchum, Jones & Templeton, Los Angeles.
an
acquisition and general cor¬
Office—1290 Bayshore Blvd., BurlinUnderwriter—Pacific Coast Securities Co.,
$4.
lighting fixtures. Proceeds—For debt repayment, equip¬
and working capital. Office—5221 W. Jefferson
Blvd., Los Angeles. Underwriter—Costello, Russotto &
Co., Los Angeles.
1
*
ments*
chines.
Proceeds—For
'
—
ment
March 7, 1962 ("Reg. A") 60,000 common. Price — $5.
Business—A savings and loan association. Proceeds—For
purposes.
(5/7-11) •
("Reg. A") 75,000 common. Price
Business—Manufacture and distribution of electrical and
25, 1962 filed 180,000 common. Price—By amend¬
Business—Printing of legal and financial docu¬
1962 ("Reg. A") 300,000 common. Price — $1.
Business—Manufacture of coin operated vending ma¬
porate
26, 1962
ment.
•
Inc.
Jan. 12,
$8.50. Business— Design, manufacture1 and
White Lighting Co.
-
:
(4/9-13)
Inc.
—
St., San Gabriel, Calif. Underwriter—Criittehden & Co.,
In?,, 618 S. Spring St., Los Angeles.
: ^
—
Warlick Press,
Jan.
Price
sale of toys-and games, sporting goods and housewares.
Proceeds—For working capital. Office—835" E. El Monte
Price—$6,25. Business—Sells Cessna Airplanes and sup¬
plies; also repairs and services various type airplanes.
For expansion and general corporate pur¬
poses.
Office—Civic Memorial Airport, E. Alton, 111.
Underwriter—White & Co., Inc., St. Louis. •
•
(4/17)
Dec. 26, 1961 filed 100,000 common, of Which 72,500 are
to be offered by the company and 27,500 by stockhold¬
Washington, D. C.
Vapor Corp.
and
13, 1961 filed 32,000 shares of beneficial Interest.
Price—$6.25.
Business—A small; business investment
company.
Proceeds—For i n ves t m e n t.
Office—403
Ursula St., Aurora, Colo.
Underwriter—Westco Corp.,
Aurora, Colo.
v*-Y'iVY
—First Boston Corp., N. Y., and Johnston, Lemon & Co.,
Feb. 2, 1962 filed 156,762 common. Price — By amend¬
ment. Business—Manufacture of steam generators for
diesel locomotives; temperature control systems for rail
•
Western States Rea (Investment Trust
if Washington Gas Light Co.
Van Der Hout Associates Ltd.
Nov.
t
-
of Ohio
29,
Nov.
Wallace
Proceeds
Life Assurance Co.
rights to
expire April 9, 1962. Price—$16. Proceeds^-For expan¬
sion. Office—335 Euclid Ave., Cleveland. Underwriters
—McDonald & Co., and Ball, Burge & Kraus, Cleveland.
,
Feb.
Reserve
shares for each 3 held of record Mar. 23 with
Walston Aviation, Inc.
(4/17)
r,
Oct. 30, 1961 filed 90,000 common, of which 60,000 are to
be offered by the company and 30,000 by a stockholder.
Offering—Imminent.
Val-U
and
Investments, Inc. (4/23-27)
•
12, 1962 filed 400,000 common. Price—By amend¬
ment (max. $22). Business—Company makes! shbrt-term
real estate loans, acquires, develops and sells land, and
engages in the mortgage loan correspondent business.
Proceeds—For selling stockholders; Office—1111 Hart¬
ford Bldg., Dallas.
Underwriter—Harriman Ripley &
Co., N. Y.
—
12, 1962 filed 100,000 common. Price—$5. Business
valves, and regulators for oil, chemical
acquisition of land,
equipment and working capital. Office—rl445 Lidcombe
Ave., El Monte, Calif. Underwriter — California Inves¬
tors, Los Angeles.
industrial
of
Feb.
Sept. 18, 1961 ("Reg. A") 33,097 common. Price — $5.
Business
Operation of a discount department store.
Office—3629 N. Teutonia Ave., Milwaukee* Wis. Under¬
writer
Continental Securities Corp., Milwaukee, Wis.
and missile industries. Proceeds—For
servicing
cleaning and moth-proofing of rugs, furniture, etc. Com¬
pany also manufactures and sells cleaning equipment
and supplies to franchise holders. Proceeds—For debt
repayment, new building and equipment and other cor¬
porate purposes. Office — 2117-29 N. Wayne, Chicago.
Underwriter—Laren Co., N. Y.
Corp.
Valve
and
amendment. Business—Sale of franchises for on-location
filed 110,000 common. Price — By amend¬
$10). Business — Manufacture and sale of
concrete pipe, masonry 'products, corrugated metal pipe,
telephone conduit and miscellaneous concrete products.
Proceeds—For debt repayment and working capital. Of¬
fice—379 17th St., Ogden, Utah. Underwriter—Schwabacher & Co., San Francisco. Offering—In May.
Vacco
installation
of background
Wade, Wenger ServiceMASTER Co. (4/23-27)
Dec. 28, 1961 filed
140,000 capital shares. Price—By
Feb. 8, 1962
ment (max.
U-Tell
sale,
5
1961 filed 215,334 common being offered for
subscription by stockholders on the basis ♦ of two -new
•
of
writer—Rowles, Winston & Co., Houston.
Utah Concrete Pipe
Dec.
music. Proceeds—For tooling, pro¬
duction, engineering, inventory and sales promotion of
its products and for working capital.
Office — 1230 E.
Mermaid Lane, Wyndmoor, Pa. Underwriters — John
Joshua & Co., Inc., and Reuben, Rose & Co., Inc., N. Y.
Feb. 14, 1962 filed 250,000 class A and 250,000 common to
be offered in units of one share of each class.
Price—
$5.05
Western
$3.
commercial communications equipment and the furnish¬
ing
(5/21)
,
—
Business—The manufacture of electronic test equipment,
the
Western Pioneer Co*
Blvd., Los Angeles. Underwriter — Kidder, Peabody &
Co., N. Y.
Y
/ t;y///; y. ■
Voron Electronics Corp.
(4/23-27) >
July 28, 1961 filed 100,000 class A shares. Price
financing and working capital.
Office—1959 S. La Cienga Blvd., Los Angeles. Under¬
writer—Holton, Henderson & Co., Los Angeles.
Proceeds-^For
Feb* 19,1962 filed 371,750 capital shares of which 175,000
are to be offered by the company and 196,750 by stock¬
holders. Price—By amendment (max.- $42). Business—
The making of loans secured by first liens on real estate.
Proceeds—For debt repayment. Office — 3243 Wilshire
29, 1962 filed 190,000 class A shares. Trice—$10.25.
Business—Preparation of technical^ publications. Pro¬
ceeds—For selling stockholders. Office—241 Church St.,
N. Y. Underwriter—Andresen & Co., N. Y.
sales
repayment,
S.
U.
t
Jan.
•
southwestern
•
•
•
(4/23-27)
Corp.
in
repayment and expansion. Office—9065 Alameda
Ave.* El Paso. Underwriter—^Underwood, Neuhaus & Co.,
Houston, Tex.
'
/
,-.Y:
/
/
writer—Woodcock, Moyer, Fricke & French, Inc., Phil¬
adelphia. ■ - V Vi,,:.w','
:{-M'*•,
:,L'■1
;y\
Volt Technical
communities
/debt
proprietary
r
debt
/.
.
Price—By amendment (max. $25). Busihess-^Distrlbution of natural gas and the furnishing bf water service
drugs. Proceeds—For debt repayment and working cap¬
ital. Office—3610-14 N. 15th St., Philadelphia. Under¬
ic Urban Development Corp.
March 29, 1962 filed 100,000 common. Price—By amend¬
ment (max. $10). Business—Company plans to construct
residential and commercial buildings. Proceeds — For
"!
"
\
to
Business
if Universal Telephone, Inc.
4
March 29, 1962 filed 150,000 common. Price—By amend¬
ment
(max. $5,625). Business—Operation of telephone
facilities in N. Mex., 111., and Wis. Proceeds—For expan¬
sion and working capital. Office—2517 E. Norwich St.,
Milwaukee. Underwriter—Marshall' Co., Milwaukee.
"
March 19, 1962 filed 65,000 copimpn, of which 50,000 are
be offered by company and 15,000 by stockholders.
crafts/ hobbies and educational toys; Proceeds—For debt
repayment. Office—68 Thirty-third St., Brooklyn, N. Y.
Underwriters—Globus, Inc., and Ross, Lyon & Co., N. Y.
Nov.
Westwood, N. J.
1
Co.
.
Vitamin Specialties Co*
equipment for use in gasoline service
Proceeds — Repayment of debt and working
capital. Office—55 Bergenline Ave.,
Underwriter—Globus, Inc., N. Y.
Of
1
Dec. 26, 1961 filed 93,000 common. Price—$2; Business
—Design, assembly* production and sale of creative arts,
Price—$1. Business
merchandising
stations.
14 shares held of record Apr. 13, 1962. Price —;$16.25. Proceeds—For construction; Office—417 W. Main
St., Charlottesville, Va. Underwriter—None. ;:
• Visual Arts Industries* Inc.
(4/30-5/4)
each
1961
7,
.
,
Mar.
(5/7-11)
filed 100,000 common snares. Price—$5.
Business — The importation and distribution of Italian
marble and mosaic tiles.
Proceeds—For the purchase
and installation of new moulds, machinery and equip¬
Aug.
Western Casualty & Surety Co* '
Feb, 16, 1962 filed 187,500 capital shares being offered
ifor subscription by stockholders on the basis of one new
share for each four held of record Mar. 27, with rights
to expire April 10,' 1962. Price—$57. Business—Writing
Virginia Telephone & Telegraph Co.
16^.1962 ("Reg. A") 13,946 common to be offered
for subscription by stockholders (other than Central
Telephone Co., the parent) on the basis of one share for
N. Y. Underwriter
Co., N. Y. Offering—Imminent.
Kureen
—Ezra
—
O'Brien Place, Brooklyn*
Office—28
ment
<
*
(max. $45). Business
■
i'4>
*"•> ■' -k,
—
4
-
Sale of chemicals, deter&11
'■
t
;
i
/•-
Volume
195
Number 6148
.
.
.
The Commercial and Financial Chronicle
Halsey,
gents, and petroleum derivatives. Proceeds—For selling
stockholders. Office—122 E. 42nd St., N. Y. Underwriters
(11:00
Stuart
&
Co., Inc. Bids — Expected
the company's office.
EST)
a.m.
Wolf
Jan.
7
New Eifgland Electric System
Feb.
Columbus & Southern Ohio Electric Co.
Corp.
Mar.
26, 1962 filed $4,500,000 Of 6.5%
convertible sub¬
(with attached warrants)
to be offered for subscription by stockholders of class
A stock on the basis of $500 debentures for each 100
class A shares held. Price—$500 per unit. Business—
Heal estate. Proceeds—For debt repayment and realty
to
ordinated debentures due 1977
acquisitions. Office—10 E. 40th St., N. Y. Underwriter
Securities, Inc.. N. Y.
June
at
*
■—Smith, Barney & Co. and Goldman, Sachs & Co., N. Y.
(1651)
28, 1962 it
sell
Office
215
additional
Front St., Columbus. Underwriters —
(Competitive.) Probable bidders: Lee Higginson Corp.-
Brothers & Hutzler (jointly);
Halsey, Stuart
Inc.; Dillon, Read & Co.-The Ohio Co. (jointly);
Lehman Brothers; White, Weld & Co.; Eastman
Dillon,
Union Securities & Co.-Glore, Forgan & Co. (jointly).
Bids—Expected May 9, 1962.
v
'
& Co.
;■
Corp. 1
Aluminum
Wolverine
Consolidated
March 5, 1962 filed 100,000 common. Price -— By amend¬
ment (max. $6.50) .• Business—Processing and manufac¬
Mar., 28, 1962 it
the
turing of aluminum building products.' Proceeds—For a
new building and equipment;
Office—1650 Howard St.,
Lincoln Park, Mich. UnderwHter-F.
J.; Winckler & Cd„
Detroit.
I
"
Work Wear Corp.
'
::
•
'
:
clothing.
Probable
Company is also engaged in industrial
laundering and garment rental. Proceeds—For debt re¬
payment, acquisitions andj-working capital.-Office —
1768 E. 25th St., Cleveland/ Underwriter—Hornblower
& Weeks, N. Y.
■■-■
, /*. v.;
v-
1961 filed
100,000 common. Price—$100. Busi¬
invest primarily in equity se¬
issuers. Office—Bank of Bermuda
ly.
—
Burnham
&
Worth
Financial
Mar. 22,
1962 filed
Wuipa Parking Systems, Inc.
Oct
1961'
13.
A")
("Keg
75,000
—
March
St., Madison, N. J.
80, 1962 filed 100,000 class B common. Price—By
(max. $16); Business—Real estate."Proceeds
—For
general, corporate purposes.;
«
Office—383 Madison
Ave., N. Y( Underwriter—Harrimarr Ripley & Co./ Inc.; ;v
.New York/% V.' //' '•
•
.
tration—Scheduled for Nov. 1.
Co.
(5/17)
sell
t«
know about
it
so
that
we
can
prepare
an
Would
write
you
us
telephone
us.at
REctor
at 25 Park Place, New York
2-9570
or
7, N. Y.
Utah
bonds
in
..//
.
Prospective Offerings
Power Co.
(5/31)
On Jan.
12, 1962 it was reported that this subsidiary of
the Southern Co. plans to offer $17,000,000 30-year first
mortgage bonds in June. Office—600 N. 18th St., Bir¬
mingham, Ala.
bidders:
Blyth
Underwriters—(Competitive) * Probable
Inc.-Kidder, Peabody &
Co.
(jointly); Morgan Stanley & Co.; First Boston Corp.;
Eastman Dillon, Union Securities & Co.-Equitable Secu¬
rities Corp.-Drexel & Co. (jointly); Lehman Brothers,
&
Co.
Halsey, Stuart & Co. Inc. Bids—Expected May 31.
Auto
Machine Systems, Inc.
14, 1962 it was reported that this company plans
to file a "Reg. A" covering 135,500 common. Price—$1.
Business—Operates a communications network for the
purchase and sale of used cars. Proceeds—General cor¬
porate purposes. Office—Westbury, L. I., N. Y. Under¬
writer—T. M. Kirsch Co., Inc., N. Y.
March
Boss-Linco
Lines, Inc.
115,000 class A
would
be
sold
stockholders.
common shares, of which 15,000
by the company and 100,000 by certain
Price—$7.75. Business—A motor freight
carrier
serving the principal cities of New York State.
working capital. Office—226 Ohio St.,
Buffalo,. N. Y. Underwriter—Doolittle & Co., Buffalo.
Proceeds—For
Columbia
Gas
Systems, Inc. (6/7)
reported that this company plans
to sell $25,000,000 of debentures due 1987., Office—120
E. 41st St., N. Y. Underwriters— (Competitive). Probable
bidders/ Merrill Lynch, Pierce; Fenner &/Smith Inc.White, Weld & Co., -(jointly) / Morgan Stanley & Co.;
On Mar. 7, 1962 it
was
.
Underwriters—(Competitive). Probable bidders
bonds:
Peachtree
,
v./.;
^
States
March 19,
Utilities
1962 it
K
•
.<
■■/ /:.;,
(5/21)
March
19, 1962 the company announced plans to offer
publicly 650,000 common shares. Office
Richmond 9,
Underwriters
(Competitive). Prbbable bidders:*
—
*
:Va.
Merrill
Lynch, Pierce, Fenner & Smith Inc./Stone &
Webster Securities Co.; Kuhn, Loeb &
Co.-Ladenburg,
Thalmann & Co.-Allen & Co. (jointly). Bids—June 5
(11 a.m. EDST) at One Chase Manhattan Plaza (23rd
floor), N. Y. Informatoin Meeting — June 1 (11 a.m.
EDST) at same address.
• Werner
Transportation Co.
Jan/19, 1962 this company registered with the I. C. C.
175,000 common shares. Price—By amendment. Busi¬
ness—An inter-state motor
eral
expansion. Office—285 Liberty Ave., Beau¬
mont, Tex. Underwriters—(Competitive). Probable bid¬
ders:
Lehman Brothers; Stone
& Webster Securities
Corp.; Merrill Lynch, Pierce, Fenner & Smith Inc. and
White, Weld & Co. (jointly); Salomon Brothers & Hutz¬
ler and Eastman Dillon, Union Securities & Co. (joint¬
ly); and Halsey, Stuart & Co. Inc. Bids—May 21 at 12:00
noon (EDST) in New York City. Information Meeting—
Expected May 16, 1962 at 11:00 a.m. (EDST) at the
Irving Trust Co., 1 Wall St., New York City.
Pacific
RR
(4/17)
Feb.
21, 1962 it was reported that this company plans to
$5,925,000 of equipment trust certificates due an¬
nually Mar. 15, 1963-77. Office—Missouri Pacific Bldg.,
St. Louis. Underwriters—(Competitive). Probable bid¬
ders: Halsey, Stuart & Co. Inc.; Salomon Brothers &
Hutzler. Bids—Expected Apr. 17.
issue
Mountain States
Telephone & Telegraph Co.
(6/5)
March
21,
1962
it
was
reported
that this A.T.&T. sub¬
sidiary plans to sell $50,000,000 of debentures in June.
Proceeds—To repay bank loans Office—931
14th St.,
Denver. Underwriters—(Competitive). Probable bidders:
Halsey, Stuart & Co. Inc.; Morgan Stanley & Co.; First
Boston Corp. Bids—Expected June 5.
Nevada
Feb.
28,
Northern Gas Co.
1962
it
was reported that
this subsidiary of
Corp.; plans to sell $2,000,000 of common
publicly in May. Office—2011 Las Vegas Blvd.,
South, Las Vegas/ Nev. Underwriter—Eastman Dillon,
Union Securities & Co., N. Y.
Southwest Gas
stock,
the
-
ceeds—For
Missouri
on
Boston
Virginia Electric & Power Co. (6/5)
reported that this company plans
was
First
Corp.-Blyth & Co., Inc. (jointly);
Kidder, Peabody & Co.; Halsey, Stuart & Co., Inc.;
Salomon Brothers & Hutzler; White, Weld & Co.-Stone
& Webster Securities
Corp. (jointly); Eastman Dillon,
Union Securities &
Co.-Smith, Barney & Co. (jointly);
Lehman Brothers-Bear, Stearns & Co. (jointly). The
last issue of common on
Sept. 17, 1957 was underwritten
by Blyth & Co., Inc.-Kidder, Peabody & Co.-Merrill
Lynch, Pierce, Fenner & Smith, Inc. (jointly). Other
bidders were First Boston
Corp., and Lehman Brothers.
Bids—Expected May 22.
V
^
" r
(5/22)
17, 1962 it was reported that subject to approval of
directors, the company plans to sell about $20,000,000
of mortgage bonds and $10,000,000 of common stock in
May. Office—1407 W. North Temple St., Salt Lake City.
to sell $17,000,000 of 30-year first mortgage bonds. Pro¬
March 2, 1962 an application was filed with the ICC cov¬
ering
Office—270
Georgia Power Co. (11/7)
^
^
•
12, 1962 it was reported that this subsidiary of
the Southern Co. plans to offer $7,000,000 of preferred
stock in November.
Office—270 Peachtree Bldg., At¬
lanta, Ga. Underwriters—(Competitive). Probable bid¬
ders: Blyth & Co., Inc.; First Boston Corp.; Morgan
Stanley & Co.; Eastman Dillon, Union Securities & Co.Equitable Securities Corp. (jointly); Lehman Brothers.
Registration—Scheduled for
Bids—Expected Nov. 7.
Gulf
Alabama
November.
Power & Light Co.
Jan.
Bldg., Atlanta, Ga. Underwriters— (Competitive L Prob¬
able bidders: Halsey, Stuart & Co., Inc.; Harriman Rip¬
ley & Co., Inc.; Blyth & Co., Inc.; Kidder, Peabody &
Co.-Shields & Co. (jointly); Equitable Securities Corp.-'
Eastman Dillon, Union Securities & Co. (jointly); First
Boston Corp.; Lehman Brothers; Morgan Stanley & Co.
Bids—Expected Nov.- 7.
Registration—Scheduled
for
Oct. 5.
;
reported that this company plans to
$75,000,000 of sinking fund debentures. Proceeds—•
repay a bank loan, and redeem outstanding 5V2%
preferred stock, series of 1955. Office—Sunray
Bldg., Tulsa, Okla. Underwriter—Eastman Dillon, Union
Securities & Co., N. Y.
*'
[■
On Jan.
item
was
second
To
K
similar to those you'll find hereunder.
(11/28)
bidders: First Boston Corp.; Halsey Stuart & Co.,
Inc.; White, Weld & Co.-Kidder, Peabody & Co. (jointly);
Merrill Lynch, Pierce, Fenner & Smith Inc.-Blyth &
Co., Inc. (jointly); Eastman Dillon, Union Securities &
Co.-Equitable Securities Corp.-Drexel & Co. (jointly);
Morgan Stanley & Co. Bids—Expected Nov. 28. Regis¬
April 4, 1962 it
.
Do you have an issue you're planning to register?
Our. Corporation
News Department would like
Generating Co.
12, 1962 it was reported that this subsidiary ol
the Southern Co. plans to offer
$6,500,000 30-year first
mortgage bonds in November. Office—600 N. 18th St.,
Birmingham, Ala. Underwriters— (Competitive) Prob¬
able
$25,000,000 of 30-year first mortgage bonds in May.
Oct. 5.
ATTENTION UNDERWRITERS!
Electric
On Jan.
if Sunray Mid-Continent Oil Co.
mortgage
V
amendment
&
Southern
,
On Jan. 12, 1962 it was reported that this subsidiary of
the Southern Co. plans to offer $23,000,000 30-year first
Proceeds—For^neral
"
Co.
Stuart
—(Competitive). Probable bidders: Halsey, Stuart & Co.
IhcV; -Kidde*,-Peabody & Co.-Merrill Lynch, Pierce, Fen-
Underwriter—Andresen & Co., N;
Y//;':/;,"'^v;v'';
if Zeckendorf Properties Corp. /
/
(6/26)
bidders: Kidder, Peabody &
Co.-White, Weld
(jointly); Salomon Brothers & Hutzler; Halsey,
Co., Inc.; Stone & Webster Securities Corp.Dean Witter & Co. (jointly).
Bids—Expected June 26.
&
•
corporate purposes. Office—91 Main
Pacific Power Co.
Probable
Proceeds—For debt repayment, and construction. Office
—101 Fifth St., South, St. Petersburg, Fla. Underwriters
Pric#—$4
(6/12)
28, 1962 it was reported that this company plans
$5,000,000 of first mortgage bonds. Office—220 S.
Virginia St., Reno, Nev. Underwriters—(Competitive.)
Hampstead Investing
Business—Company plans to manufacture-a parkifg de-: a**er &
Inc.Xjointly); Lehman Brothers-Blyth &
vice called the "Wulpa Lift."
Proceeds—To ope^ loca-P_°- (lomtly); Eastman Dillon, Union Securities & Co.Harriman Ripley & Co."(jointly); First Boston Corp. Bids
tions and increase working capital. Office—370 Seventh
—Expected May 17 (11:30 a.m. EDST) at office of Shear¬
Ave.j N. Y.. Underwriter — Ehrlich, Irwin & Co., Inc.,
man & Sterling, 20 Exchange Place, N, Y. Information
New 'York.',;'* ],//• ,;CvA;
;•••% ;
•
Meeting—May 15 (11 a.m. EDST) at Morgan Guaranty
•
Wynlit Pharmaceuticals/ Inc. '.(5/21 -25)
Trust Co., 54 Liberty St., N. Y.
Dec. 28, 1961 filed 125,000 common. Price—By amend¬
Georgia Power Co. (11/7)
ment. Business—Development and manufacture oL-phar-
imaceuticals and medical products.
(Minn.)
was
issue
(4/30)
common.
Power
basis.
Mar.
Mar.
Florida
1962 it
March 19, 1962 it was reported that this utility plans to
Price—$5. Business
—Financing of commercial accounts receivable:* Pro¬
ceeds—For general corporate purposes. Office—114 E.
40th St.,- N. Y; Underwriter—D. A. Bruce & Co., N. Y.
common.
l-for-15
a
■t K
Sierra
Corp.;
& Co.
Corp., N. Y.
Corp.
61,000
on
Boston,
.
1
Boston
■
.
St.,
to sell
—New York City. Underwriter
postponed indefinite¬
was
First
Ventures Corp.
5, 1962 this company reported that it plans
early registration of 150,000 units, each consisting of
one common share and 1/5 warrant.
Price—$2.25. Busi¬
ness—A corporate guidance and interim
financing com¬
pany. Proceeds—For general corporate purposes. Office
ness—The Fund plans to
Underwriter
bonds:
Creative
On
Ltd. /
Co., N. V.; Note—This offering
the
on
bonds, about mid-year. Proceeds—For construction.
Office—212 West Michigan Ave., Jackson, Mich. Under¬
writers—(Competitive). Probable bidders: Halsey, Stuart
& Co. Inc.; White, Weld & Co.-Shields & Co.
(jointly);
Harriman Ripley & Co. Inc.-First Boston Corp.
(jointly);'
Morgan Stanley & Co.
Proceeds—For repayment ol
curities of foreign
Bldg./Hamilton, Bermuda.
bidders
gage
working capital and general corporate purposes.
Office—290 Broadway, Lynbrook, N. Y.
UnderwriterStandard Securities Corp., N. Y.
*V
Sept. 19,
In
Jan. 9, 1962 it was reported that this
company plans to
sell about $40,000,000 of
securities, probably first mort¬
debt,
Fund
fMl
Stuart
company plans
right to subscribe for an
shares
St., Minneapolis. Underwriters—(Competitive). Probable
bidders: Halsey, Stuart &
CO.; Merrill Lynch, Pierce,
Fenner & Smith
Inc., Peabody & Co., and White, Weld
& Co. (jointly); First Boston
Corp. and Blyth & Co.,
Inc. (jointly). Bids—Expected June
12, 1962.
Consumers Power Co.
Publishers, Inc., (4/23-27)
July 31, 1961 filed 300,000 common snares, frice—-By
amendment. Business—The publishing of encyclopedias
Worldwide
tte
Halsey, Stuart & Co. Inc.; Morgan Stanley
World Scope
books.
$95,000,000
in
common
(5/29)
this
reported that this company in¬
tends to sell $15,000,000 of
30-year first mortgage bonds
due 1992. Proceeds—For
expansion. Office—15 So. 5th
1963 the company expects to do about
$168,000,000 of
financing, partly to refund $125,500,000 of bonds./Of
fice—4 Irving Place, N. Y.
Underwriters—(Competitive.)
1962 filed 130,000 common. Price—By amend¬
(max. $27). Business — Manufacture and sale of
and other reference
March 19,
upon completion of
of preferred stock to
plans to issue about $75,-
of
that
Northern States Power Co.
York, Inc.
oiherfinancing ^wUt ^probabYy brmade
Mar. 26,
•
New
reported that
was
sale
of
the company
000,000 of mortgage bonds. An additional $91,000,000 Of
"
work
current
Co.
stockholders,
V';"' V'/'* j'Kv.
ment
Edison
reported
Mass. Underwriters—
(Competitive). Probable bidders: Blyth & Co.-Lehman
Brothers-Bear, Stearns & Co. (jointly): Carl M. Loeb,
Rhoades & Co.-Ladenburg, Thalmann & Co.-Wertheim
& Co. (jointly); Merrill
Lynch, Pierce, Fenner & Smith
Inc.-Kidder, Peabody & Co.-White, Weld & Co. (joint¬
ly). Bids—May 29. Registration—Scheduled for April 12.
.
-
was
872,876
Office—441
N.
Salomon
■—S. E.
1962 it
to offer stockholders in June the
(5/9)
reported that this company plans
of first mortgage bonds due 1992.
was
$16,000,000
—
13,
47
corporate
carrier.
Proceeds—For
Minneapolis.
Office—2601 32nd Ave.
Underwriters—New York Securities
N.
J. M. Dain
Y.
C.
and
purposes.
&
Co., Inc., Minneapolis.
gen¬
So.,
Co.,
Of¬
fering—Imminent.
★ Western Massachusetts Electric Co. (5/10)
April 4, 1962 it was reported that the company plans to
sell $8,000,000 of first mortgage bonds due about 1992.
Proceeds—To redeem
an
equal amount of 5%%, series
D bonds due 1989 sold in 1959. Office—West
Springfield,
(Competitive). Probable bidders:
Corp.-White, Weld & Co. (jointly); Blyth &
Co., Inc.; Equitable Securities Corp.-Lee Higginson Corp.
(jointly); Halsey, Stuart & Co. Inc.; Eastman Dillon,
Mass. Underwriters
—
First Boston
Union Securities & Co.
Bids—Expected about May 10.
if Whirlpool Corp.
April 2, 1962 it was reported that Radio Corp. of Amer¬
ica plans to sell 1,000,000 shares of this firm's outstand¬
ing common, and retain 158,563 shares. There are some
6,260,000
Whirlpool
shares
outstanding.
Business—
Manufacture of major home
appliances and other type
Harbor, Mich. Underwriters
common in July, 1959,
was handled by
Goldman, Sachs & Co., and Paine, Web¬
ber, Jackson & Curtis, N. Y.
products.
Office—Benton
—To be named.
The last sale of
Wisconsin Telephone
Co. (5/8)
28, 1962 it was reported that this A. T. & T. sub¬
sidiary plans to sell $20,000,000 of 40-year debentures.
Office—722 N. Broadway, Milwaukee, Wis. Underwriters
—(Competitive.) Probable bidders: Morgan Stanlev &
Co.; Halsey, Stuart & Co. Inc.; First Boston Corp. Bids
—Expected May 8, 1962.
Mar.
The Commercial and Financidl Chronicle
48
.
.
,
Thursday, April 5, 1962
(1652)
tenth
not
WASHINGTON AND YOU
of
behind-the-scenes interpretations
were
markets
for
toll
the
road
,
type
and other long-term revenue
nation's capital
from the
and
coupon
New Toll Road Index
The
^
1%
reoffered.
have
issues
improved
more
some
during the past week. We have
quoting the Smith, Barney
& Co. Turnpike bond Index for
been
WASHINGTON,
C.—The rap¬
D.
industry is
that even sci¬
idly-growing
space
moving at
pace
a
engineers regarded as
and
entists
impossible two or three years ago.
Research and development pro¬
this country
science-fiction stories
of activity
lead
to
is
There
We
stumped.
one
headed
are
an
thing for certain.
for somewhere,
at
A peek
thus
rocket
est
things that this industry is under¬
taking was presented a few days
ago to the House Subcommittee
on
Science and Astronautics.
exciting
most
the
goal that even the school children
readily Understand is our goal to
land a team of astronauts on the
moon
on
them
to
done
spacecraft and return
after they have
a
earth
exploring and picture-
some
taking.
V-
v,
.".r;,
'
.
•
i
:Congress has been asked to ap¬
propriate $3.7 billion for the space
during the next fiscal
year.
The National Aeronautics
and Space Administration is un¬
programs
U.
City,
New Market
As
Wernher
73,000
acquiring
vast
area
of
trees and
flight center
where Lt. Col. John
Houston,
astronauts
other
the
and
live, will assist the Marshall
Space center at Hunstville in the
great scientific and engineering
details that will be placed in the
done
the vehicles will be barged to the
tremendous sci¬
entific
and
engineering under¬
takings launched the past several
months are important stories sep¬
arately.
\
get The
the
From
River
Pearl
from
Orleans
New
plant
testing site on the Pearl
in nearby Mississippi, and
static
River, Miss.; the fire
tested
vehicles
Cape
Canaveral,
will
be
barged
to
.
Fla.,
forf; the
actual launching.
Projects Now Underway
radar
continuous
under
is
the astro¬
to the pre¬
nauts
navigate
can
selected
landing site.
When this
point is reached, the
spacecraft will be turned with its
landing engines toward the moon,
and a carefully controlled descent
will
begin until the Apollo is hov¬
ering over the landing area.
One
of the
the
most
whole
landing
The
least
will
the
on
critical
maneuvers
operation will
the moon.
will
astronauts
be
the
spend
at
They
day on the moon.
one
of
report their activities back to
earth,
which
scientists say
will
be
clearly visible to them.
Houston, New Orleans area, After
completing their work, in¬
the nearby Mississippi
cluding picture taking, the astro¬
static
test
center, where many
nauts will return to the command
millions will be spent on the test
capsule
and
fire
the
take-off
stands, appears likely to attract a rockets
to return to earth.
great deal of small allied indus¬
The mighty mission is a chal¬
tries.
Some
firms
are
already
The
$60,-
000,000 manned spacecraft center
a 1,000-acre site owned by Rice
University at Houston.
on
with
contracted
has
It
North
Aviation, Inc., to design,
develop and construct an Apollo
spacecraft which is to land on the
and
moon,
It
has
acquired
inactive
conditioned
Michoud
owned
the
air
42-acre
government-
plant
at
New
Orleans, and is converting
000
1,800,feet of manufacturing
square
into
space
largest
United
the
in
area
the
Saturn,
Advanced
Saturn
this
800
at
Federal
of
acres
ernment-owned
land
is
on
a
obtaining
Gov¬
water¬
way,
NASA
acres
of land which Will be called
the
Mississippi
There
the
on.
be
built
to
140,000
Test
Pearl
Facility.
River
Mississippi, just above
Coast, static test stands
the
in
Gulf
going
are
fire
test
stages of
Saturn
and
Saturn, Advanced
Nova.
Thus far
NASA
has
executed
a
contract with the Chrysler Corpo¬
ration
for
first
contract
the
production
of
Sat¬
stages at Michoud.
The
seeking to carry out its lunar
mission during this decade, NASA
is
establishing
working
agree¬
ments with the Air Force, which
unofficially dislikes the civilian
agency; the Army and Navy.
D. Brainerd Holmes, Director of
manned space flight for NASA,
declares that in the goal to reach
the
New
stage
contract
Company
of
Orleans
the
to
with
plant
the
Advanced
negotiating
contract
with
a
North
at
first
Saturn
launch vehicle, and NASA is
rently
the
produce
cur¬
$200,000,000
American
Aviation, Inc. for the second stage
several
are
complex
a
al¬
it
can
and will be
'':
done.
A
scientists and
But the
say
new
industry has been born.
[This column is intended
Bond Market
Continued
from
miles). the
three
perform
Building
3.118%
a
reflect
(1963-
Authority
interest
from the group
Stuart & Co.
reoffered to
cost
came
headed by Halsey,
The securities
were
yield from 1.65%
securities business from offices at
315
$3,820,000.
J
.
The best bid for
$25,020,000 City
of
Philadelphia,
Pennsylvania,
various general obligation (19631992) bonds was submitted by the
group managed jointly by
First
National
City
Bank,
Halsey,
Stuart
&
Co.
and
Philadelphia
Bank
at
a
net
President,
of
3.039%.
The
may not
own
Now
Street, New York
doing business as
Officers
in
1998. The
carried
ties
to
a
are
being offered to
Attention
1989 to 1992 maturi¬
one-tenth
a
of
1%
are
American Cement
reported sold also
Botany Industries
Maxson
bonds which
in
are
a
securities business.
Jules
W.
Edwin C. Blitz. Both
Noble and
were
former¬
ly with Aim, Kane, Rogers
& Co.
were
Manhattan
Inc.-Kidder
group.
1.70%
Reoffered
in 1963 to
bought by the
&
Waste
Peabody & Co.
to yield from
3.35%
in
1985,
balance
1987
maturities
■
King
•
,
Our
New
York telephone
number is
CAnal 6-4592
Bank-Blyth
of $2,165,000 presently
remains in account. The 1986 and
a
Electronics
Official Films
$11,000,000.
of $9,400,000 Fairfax County, Va.
various
purpose
(1963 - 1987)
Brokers and Dealers
TRADING MARKETS
This week's final issue consisted
Co.,
to engage
;
Eppler, Guerin Officer
group
Associates has
with
Norton,
and E. Norton, Secre¬
tary and Treasurer.:! \
coupon and were sold to a group
within the group. The 1975 to 1980
Chase
formed
William
are
President,
yield from 1.60% in 1963 to 3.30%
CHICAGO, 111.—Jules W. Noble &
been
Wall
City, is now
a corporation.
best
.
West Jackson Blvd.
Corporation
William Norton Company, 44
t
Jules Noble & Assoc. Opens
Rich,
Mann,
E.
president of the firm.
The bonds
coincide with the "Chronicle's"
views.]
Grant
and
Street.
B.
Secretary.
interest
second
account is about
or
South
Edward
are
DALLAS, Tex.—Eppler, Guerin &
Inc.,
Fidelity
Union
bid for the bonds naming a net Turner,
interest cost of 3.055% came from Tower, members of the New York
Stock Exchange, has elected Rob¬
the group headed by the Chase
ert H. Humphreys assistant vice
Manhattan Bank.
cost
from the nation's Capital and
may
Second
East
Officers
and the present balance is
about
National
Inc.
Utah—Finan¬
cial Security, Inc. is conducting a
to
3.25%
maturities
to
Form Fin. Security
1984) bonds at a net interest cost
of 3.106%. The second best bid
of
\':
within the group. The
present. balance in the original
Partners
"During the two and one-half
day journey to the moon 240,000
fice
reve¬
participants in the
SALT LAKE CITY,
6
page
are
rise.
the "behind the scene" interpretation
offices at 141
opera¬
tion.
carried
a
one-
LERNER & CO., INC.
Investment Securities
10 Post Office Square, Boston 9, Mass.
Telephone
Teletype
important func¬
weightless condition,"
tions
astronauts
a
said Mr. Holmes.
will
will
HUbbard 2-1990
navigate
directions
control
to
facilitate
communication
their
Cove Vitamin & Pharmaceutical
out
every
the
in
the
spacecraft
so
light
Pressure
they
may
donned
that
quickly in an emer¬
Mr. Holmes told Congress
when
the
spacecraft
FOREIGN
; i
wear
coveralls.
suits will be available
gency.
Carl Marks
they will
piece of operat¬
astronauts will
comfortable
be
Versapak Film & Packaging
navigation
with
and report back to earth."
The
Common and Warrants
Periodically,
equipment
ing
69
"The astronauts
and
spacecraft by taking bearings on
the earth, moon and stars.
They
can turn the spacecraft in various
and
BS
many
in
check
$300,000,000
Boeing
in
ternatives
NASA is negotiating
value
there
rendezvous
earth.
initial
an
engineers
moon
of
has
$200,000,000.
the
In
ploit the possibility of either ren¬
dezvous
or
direct
flight.
In
assembled
and
than
a
inevitable.
the New
will be fabri¬
Orleans
urn
lenging one with great barriers,
discouragements and heartaches
area.
plant. Forty miles from
plant, surrounded by more
cated
to
looking for sites in the
during
this
decade,
NASA must be prepared to ex¬
vehicles
Nova
and
and
J'
probably the world.
The
assembly
States
including
Trip to the Moon
back to earth.
come
Tax - Exempt
and optical observation,
The manned space
at
of the high coupon
issues
nue
moon
free world.
in the
3V2S;
Kansas
Turnpike
Richmond-Petersburg 3.45s
and all
an
noted.
dollar
quoted
issues in
instances are up one-half
of a point in good volume. Illinois
Toll
Road
3%s;
Indiana
Toll
dozer, it's a poor loser!"
at
are
bonds
many
thing I dislike in Wall Street, Mr. Bull¬
"If there's one
"appropriate distance" from
grazing cattle, the size of Cape the
moon,
the
landing engines
Canaveral will be increased five
will be turned on to produce a
times.
Construction
will
soon
low-altitude
orbit.
When
the
start
on
the largest launch site
will
extremely busy
The
along the
orange
$7,000,000
activities
3%s;
thousands
group
out at
list
and
the
Jefferson
County,
Colorado group has reported over
$2,500,000 of sales. Other lesser
Road
;-p;
this
On
of
sold
' '%
within sight
facilities.
time the state
market is
bond
Connecticut
The
counts.
Canaveral launching
Cape
isting
press
municipal
has
adjacent to ex¬
spacecraft to be fabricated.
American
and
road
showing another spurt of strength.
Several large sales have been re¬
ported from recent new issue ac¬
is
Braun,
von
acres
coast and
Florida
Govern¬
a
toll
Strength Developing
near
we
and
get the U.
Federal
establishing
known
revenue term bonds. The
is 3.853%
as
of April 4;
ago it was 3.861%. The
gain represented is about
one-eighth of a point.
the German scientist who helped
Glenn
is
side
offered
quotations for all
week
a
"Rocket
Huntsville
A."
S.
Dr.
planning the past six or eight
months, and has some more busy
months ahead. Some of the things
NASA
well
Index
Michoud
describes itself as
which
where
growing
ment at this time.
to
our
market
Marshall
Space center at Huntsville, Ala.,
fastest
NASA has been
the
utility
'
Orleans
New
The
the
of
agency
current
plant will be under the
the
doubtedly
the
the
utilizing
of
S. missile program un¬
: Space
science seemingly is go¬ derway, lives.
Cape Canaveral, Fla., is being
ing to offer some exciting chap¬
ters
to our history.
Among the expanded over the present size
challenging scientific problems are and the number of workers will
increased
sharply by
1966.
the moon, sun, planets, stars and be
United States Army Engineers are
life in space.
Meantime,;,
with
developed
struck each
Cape Canaveral Being Expanded
the
of
some
which is
average
of
far
'•
therefore
have
week,
Nova is the larg¬
launch vehicle.
moon.
accompanied by a new industry
that
is
employing thousands of
new
workers, directly and indi¬
rectly.
We
ing more than 200 tons in orbit or
sending more than 75 tons to the
Just
now
authors
tion
designs
and
and it has been
weekly deadline.
preliminary
of the Nova
for
proposals
plans
and spending is going
have the science-fic¬
where all the vast current
Vi'v
mit
few days ago in¬
sub¬
a
years
However, its sampling
date does not correspond
industrial firms to
15
amount
yester-years.
few
a
The agency
vited
two
most useful.
Orleans.
planned by
NASA. Its first flight is expected
in 1966 or 1967 and will be plac¬
today were
just
in
underway
grams
the past
New
at
Saturn,
Advanced
of
arrives
1
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