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The COMMERCIAL FINANCIAL ESTABLISHED 1839 Volume 194 Reg. U. S. Pat. Offic• Number New York 6080 AS WE SEE IT Editorial Nikita Khrushchev and his collaborators -C By A. Wilfred May ' ;• .. [Tables appearing t Our analysis tions of 88 investment companies' portfolio during market net June reveals quarter's increases further automotives, oils, publishing, Gulf and Oil. and stocks was widely sold and (copper Sold MosHopular issues Most nickel), balance on were ideas and prophecies have capitalism covers opera¬ bonds and preferred stocks. But this increase on the part of the open-end stock funds was over¬ with $15.7 billion the period of a narrowed stock • In -contrast ■ to the decline, are much too ment companies showed an As ings 70% of total investment company trasts with ity by 84.7% invest¬ The Cash-in Situation Redemptions of mutual fund shares during the quarter aggregated $318 million, down from $331 million in the preceding quarter, but sub¬ stantially greater than the $225 million in the June quarter of 1960. Their ratio to sales, the more frequent way of depicting them, was 45.7%, down from their all-time high of 46% in the preceding June Bullishness Increased excess of stock purchases over sales common production under quarters, the increase in net purchases of common by the Survey quarter, but up from 44.7% securities U. S. Government, Public NOW IN REGISTRATION—Underwriters, afforded tial Housing, are undertakings in our "Securities in Registration" I BONDS AND NOTES Section, starting on page 32. Federal Land Banks Federal Intermediate JAPANESE STATE and Lester, Ryons & Co. MUNICIPAL 623 So. SECURITIES HAnover 2-3700 Hope Street, Los Angeles 17, California Members New York Stock Exchange Securities Co., 1824 Member American Stock Exchange Members Pacific Coast Exchange BONDS The Nikko Founded- Associate del Mar, Encino, Glendale, Hollywood, Long Beach, Oceanside, Pasadena, Pomona, Redlands, Riverside, San Diego, Santa Ana, Offices New York 4, N. Y. Telephone: BOND DEPARTMENT DIgby Teletype: 4-7710 30 Broad Street NY Head Office: New York 15 • Affiliate: SAN • Nikko 1-2759 THE FIRST NATIONAL CITY BANK in FRANCISCO Securities LOS Co. Bond Dept. Claremont, Corona Inquiries Invited OF NEW YORK California • Kasai Banks for Cooperatives Federal National Mortgage Marine Bonds and and Development (World Bank) O Municipal Bond Division New York Teletype: NY 1-708 on Southern Securities Correspondent — Pershing A Co. MANHATTAN BANK ANGELES Net Active Markets Maintained To Dealers, Banks and t. l. Watson & Co. ESTABLISHED Association United States Government Insured Merchant Santa Monica, Whittier U TOKYO Credit Banks Federal Home Loan Banks ion International Bank for Reconstruction Ltd. 25 BROAD STREET Newlhikliiist Company 1* Dealers in and Distributors of Securities of Securities Chemical Bank —— PUBLIC HOUSING AGENCY the SEC and poten¬ State and Municipal telephone: Underwriters and distributors of the 17) STATE, MUNICIPAL AND dealers and investors In corporate complete picture of issues now registered with a in the corresponding period of 1960. It is interesting to note here higher redemption ratio (Continued on page —— SECURITIES June 30 from on and stock acquisitions. , communists. bonds depletion of reserves of cash and government bonds, rather than of corporate bonds and pre¬ ferreds, supplied a major source for the common applicable embracing assets, con¬ 88 investment companies covered in our aggregated $161.6 million, a 12.5% net increase over the $143.6 million in the first quar¬ ter. In contrast to the experience of previous and on other fund reviews embracing samples some of net assets March 31; that defensive securities (in¬ preferreds) were unchanged at 8.9% of the 88 investment companies' aggregate net assets; and that the aggregate of cash and U. S. Governments declined from 6.4% to 5.9%. Thus, representing fewer managements). This 10% inrise in portfolio actually compares with the 63% increase during the first quarter. The result, the overall picture shows that hold¬ risk securities (chiefly common stocks) vestment portfolio activ¬ the reports of reduced a of increased to 85.2% increase of about 10% the preceding quarter (this result, the broad coverage of our Survey, (Continued on page 24) narrow shadowed by their larger net purchases of equities. stock»exchange in volume, the transactions engaged in by the peding the development of the contemporary productive forces," his words are likely to be greeted with a smile for they are an old, old story many, many times heard of (11.4%). During the recent quarter the open-end balanced over "relations funds (13.2%) the open-end stock open-end that by increasingly back in the fold of the net purchasers. May 19, the Dow-Jones Industrial Average ended period with a net rise of just 1%. against "imperialism," "capital¬ ism" and "monopoly bourgeoisie"—terms which appear to be regarded as synonymous—deserve little considera¬ tion. When the great would-be successor to Karl Marx and Lenin finds that "capitalism is increasingly im¬ the as funds reduced, and the open-end stock funds some¬ what increased their net acquisition of corporate to of devout socialists balanced same RCA, Corn Products, the The reiterated tirades that the Interest in foreign issues tions by 88 investment companies some sec¬ many mouths common This analysis of the June quarter portfolio Just Tirades the by about the funds were Ford, duPont, over assertion individual by industry groups.] Redemptions level off. lively, new names. Khrushchev. from com¬ stock and The closed-end companies which previously had been frequent net sellers of common stocks were were General Public Utilities, and CBS. previous occasions. There are, though, certain underlying ideas which in one form or another have gained considerable support in other lands. These may well in the end prove damaging although our allegiance to them owes little or nothing to Mr, His common portfolio turnover and metal steels. transactions; stock transactions Most favored groups include banks, rails, natural gas stocks. in and securities stock in substance since on Copy a 18 and 27 show funds' total market, as regards both volume and price move¬ ment, which preceded the reactivated "Berlin market" of July-August. Ranging between a low of 673 on April 24 and a new high of 706 on heard pages other opera¬ high-plateau narrow, buying of common stocks. airlines, prolix diatribe that the Kremlin's chief has presented to the worlckjThey are, however, hardly new been on parative investment positions; tions of this same Cents During Churning Bull Market • of net assets thes| 50 Funds Still Active Stock Buyers proclaims or whether they have become converts to the big lie technique. It is, in any event, difficult for us to conceive of even the carefully indoctrinated Russian people taking all this obvious buncombe seriously with full expectations of duly entering into this new heaven upon a new earth. Whether the so-called backward peo¬ ples of the earth are gullible enough to swallow it, we are unable to say. Certainly the more enlightened and sophisticated inhabitants of the "developed countries" of the earth can hardly be greatly perturbed by the com¬ petition that is thus promised. implications in Price to have seem amply qualified as the funny men of the year. We have no way of knowing whether they have brain-washed themselve®. to the point where they really believe all the balderdasii' that their new Communist economic program Of course, there are sinister 7, N. Y., Thursday, August 10, 1961 DIVERSIFIED Brokers CANADIAN LOBLAW, INC. 1832 Block Inquiries Members Commission Orders Executed CALIFORNIA BONDS & STOCKS Invited On All Canadian Exchanges New York Stock Exchange ' American Stock CANADIAN DEPARTMENT Exchange Teletype NY 1-2270 , Garment 25 BROAD STREET DIRECT > >-• M'*-- : BRIDGEPORT .''7" > •*,— » ',"i " z ! J ~c f "** '"K (ORPORATIOTT fMEMBERS NEW, YORK STOCK .EXCHANGE . *'.,PfeRTH AMBOY V vJ '■U'"'1 Dominion Securities TORONTO Goodbody a Co. NEW YORK 4, N. Y. • VIRES TO MONTREAL AND ' j X N.QRTH. LA SALLE ST. NEW-YORK^ ;V*'4; V '.''CHICAGO "L' v— 2 BROADWAY — . -40 Exchange Place, New York 5, N.Y. Industry MUNICIPAL BOND DEPARTMENT BANK OF AMERICA N.T.&S.A. - - ■- Teletype NY 1-702-3 WHltehall 4-S1HL. SAN FRANCISCO LOS ANGEtES ■ A J 2 The Commercial and Financial Chronicle (582) Banks, Brokers, Dealers only For The Security I Like Best... "Over-the-Counter" in the investment and Experience Pays... Our 40 years in the Overlarge highly experienced trading organization and extensive wire system offers you facilities. Louisiana Securities for favoring a particular security. Chemical—Stephen T. Ko¬ walski, Analyst, Research Dept., growth envisioned by Amott, Baker & Co., Inc., New customers, without even Analyst, Research Dept., Amott, Baker York City. (Page 2) measuring the benefits of the & Co., Inc., Netv York City widely-predicted "population ex¬ Eastern Gas & Fuel Jchn P. Members New York Stock Exchange plosion." * One .major beverage -A Murray, - Investment * Adviser, maker estimates that soft drinks, .John P. Murray Associates, STEPHEN T. KOWALSKI inherent these — which 3zura Chemical Topsy since has 30-35% swallow total of like citric sales, have the potential of in multiplying five-fold. from the 1953. Sales of fumanc acia a present $2 billion annual volume. vital ingredient of more widely- Manufacture of effervescent rsow- ucts from castor beans and sugar known chem¬ ders and tablets, of the "seltzer" cane. Moreover, the growing icals since type also utilize large quantities. fields of enzymes and amino acids 1955 have ris¬ Together with citric acid used in are still open to fermentation grown operations began — New York Hanseatic about Associate Member from 120 Broadway, New York WOrth 4-2300 SAN • Private FRANCISCO Wire $18,592 six years to System less than $2.4 million of/.6V2% mortgage bonds maturing in 1979 non and a $500,000 promissory note. captive, independent pro¬ ducer unlike its competition Common stock outstanding ap¬ should place it in good stead with proximates 2,967,000 shares, of the large quantity pharmaceutical which officers, their families and purchasers. Present other users of directors held -2,235,092 shares approxi¬ $824,in 000 Bzura • Chemical's status IN JAPAN Monthly our Stock Digest, and our other reports that give you a pretty clear 1960. Nevertheless, picture of the economy as whole. rhe Nomura Securities Co., Ltd. 61 Broadway, New York 6, N. Y. Telephone: BOwlitff fcireen 9-2895 This is not orders an offer for any or solicitation for particular securities markets, America. WALL STREET NEW YORK 5, N. Y. definably substantial process de¬ Raw — Refined — Liquid Exports—Imports—Futures in Chemical 50% cheaper material raw proces¬ time cycle, and from less expensive facilities. The is completing arrangements to con¬ struct and operate several citric acid and other fermentation-based from fumaric acid sales have, not 50% com¬ Following successive expan¬ sion in every year since construc¬ tion in 1953, the original plant has year. a capacity of improvements last process 7.5 of November the come Chemical's 35.7 plant is cents-pound Laboratories ditional plants depreciation. a chemical skyscraper. SECURITIES Adviser, John P. excep¬ addition total sales in 1960. Eastern Gas time known a & as Fuel a and reduced As at was list implies, ========================= HarrJ fo Finrl INeeQ naiU TO rilia QUOTATIONS? fib ' fM'il one WILL YOU THEM FIND part, of the Koppers group. As the close of last year, its capitalization consisted long-term debt of $63,- 127,000; ferred IN 'V:- . of Bank & Quotation pre¬ Record stock of $24,637,000 and 2,809,173 shares of (Only $45 common listed on New per (Single Copy stock, listed year) $4) — York the Stock Ex¬ This com- give will publication bound change. The Atlas this formidable OFFICE: Telephone: BEekman 3-3622-3 tw Mellon company, in¬ Customers Murray Associates, Boston, Mass.w for the substantial capacity boost. highlights clude YORK 149 Broadway, New York 6, N. Y. Eastern Gas & Fuel additional an DAI WA Securities Co.9 Ltd. JOHN P. MURRAY v Investment what on is understood to be all on the you well Over as - prices monthly listed. securities "hard those the Counter - as find" to quota¬ a fumaric acid is used as an in¬ quite favorable basis. The company has varied inter¬ fermentation gredient in other chemicals. Em¬ ests which would seem much to its method employs crude blackstrap ployed in fumarated rosin, which molasses which is available from accounted for 60% of last year's advantage rather than otherwise. The offices history John P. Murray pany is well Powder, Esso Stand¬ Bzura Chemical's decided advan¬ ard, along toward Hercules Chemical, Hooker tages. Bzura Chemical can trans¬ Chemical, Monsanto, Reichhold acquisition, temporarily blocked late these savings into substantial Chemical, Rohm & Haas, Sherwin- by a court order, of the largest benefits in the construction of ad¬ Williams and U. S. Rubber. barge operator on the Ohio River, Miles branch of to¬ Opportunity is knocking, may prove Bzura's present to be the ground floor of and tionally automated, with hitherto Moreover, Bzura Chemical's Ba¬ unbelievably record - size equip¬ hamian subsidiary is wooing the ment, and highly modernized op¬ more profitable foreign market erations. Comparison with the which represented about 50% of of our. JAPANESE NEW bread and butter during plant construction in 1960 facility doubled capacity. increased Bzura's citric acid ca¬ Bzura Chemical provides 40of total domestic pacity 90% to the present 16.0 50% output. Present customers are expected to million-pound annual rate. Capi¬ tal outlays were boosted but 20%, absorb a major portion of the in¬ making the total cost equivalent creased supply, as unsatisfied de¬ to only 18% cents per pound. mand in large measure accounted recent to morrow. million pounds of bination of these obvious advan¬ annuallv, and has been operating tages presents Bzura Chemical on a three-shift, six-day week with a distinct competitive edge. basis since opening. Completion Bzura DIgby 4-2727 The Latin promises of today could well bealso velopment costs. Bzura Chemical's been insignificant by any means, breakthrough of this formidable and have provided Bzura Chemi¬ barrier makes possible citric acid cal's total income up until this Various SUGAR particularly Bzura supply shortages and existence of chemical plants outside the United only one major outside supplier. States. Competition was thwarted by unMeanwhile, the profits derived sing 99 1960. a beyond the food and beverage uses. Wider employment of the chemical has been hampered by applications costs, in less than 50% the LAMB0RN & CO., Inc. sell citric acid has been finding num¬ via Mobile, Ala. wires Direct Over-the- In summary, while Bzura Chem¬ goodly portion of its citric Bzura Chemical's future growth acid through a wholly-owned tax- ical is a relatively modest opera¬ more closely resembling that of exempt Bahamian subsidiary, tion, tne company nas rapidly Jack's beanstalk. Higher. prices r— / as much as assumed the role of a "maverick" Not as prosaic as it may seem, double—are obtainable in foreign ' in the chemical industry. The recognized Japanese a ric acid—will be the stimulant for erous NY 1-1557 Birmingham, Ala. - - Stephen T. Kowalski citric acid also are certain to wel¬ of a (75,3%) as of Oct. 31, come an alternative major sup¬ stock is traded in the revolutionary process for another product—cit¬ plier. Moreover, Bzura intends to Counter market. for New Orleans, La. a as covery Opportunities Unlimited St., New York 6, N. Y. HAnover 2-0700 chemistry exploration. Countless all old chemical process methods also ent 10-20%. ago successful dis¬ Write 19 Rector mar¬ of 15-20% is already being are champing to be challenged. industrially, and broadening ;The financial - foundation of applications are anticipated to Bzura Chemical is not burden¬ enlarge demand beyond the pres¬ some. Long-term debt consists of mately CHICAGO • PHILADELPHIA Nationwide 5 Teletype NY 1-40 BOSTON Members American Stock Exchange, used mushroomed American Stock Exchange down Ttork stock Exchange consumption. It has come this pharmaceuticals, takes ket in¬ Net year. 1920 other $1.8 last million Corporation to 3.6-fold en Co! Steiner, Rouse & Members New Boston, Mass. (Page 2) — Call "HANSEATIC" Established Bought—Sold—Quoted , Bzura Chemical Remember, when its Over-the-Counter, Alabama & Their Selections Bzura the-Counter field, our nationwide reasons Thursday, August 10, 1961 Participants and of experts advisory field from all sections of the country participate and give their . This Week's Forum A continuous forum in which, each week, a different group . . tions. company's To begin with, through a whollysales, the acid increases the wet cured from Puerto Rico. The very and rub strength of paper. The owned subsidiary, it owns 967,236 low-grade, almost waste product, chemical also finds use in poly¬ shares; or 13.2%, of the outstand¬ nature of this raw material mini¬ ester resins, which are the basic ing stock of Norfolk & Western, mizes initial costs. In contrast, the ingredient .one of the most conservative of of fibre glass re¬ beet molasses and deionized high- inforced plastic products. ■ The our large railroads. test molasses used by others cost rapid It .also owns the Boston Con¬ growth in this field has more than double per comparable been steadily increasing demand solidated Gas Co., which is inter¬ sugar content. The competitive for fumaric acid, and represented esting inasmuch as the company's many sources, headstart presently being se¬ Write WILLIAM call: or B. DANA CO.. 25 Park Place New Yp^k 7, N. Y. REctor 2-9570 is compounded as the 30% of 1960 sales. The acid also annual report mentions "gas is processed, which is is used in the manufacture of central heating was installed in accompuished in less than half numerous other products. The de¬ 74% of all new homes built within blackstrap the time necessitated by other mand for fumaric has been stable the methods. You give with every to the and friendship nnALnna $1 package X//N„ send you are growing, as discovered and Bzura Chemical's citric output developed. will represent 15-20% of total nationaj capacity. Where all this new applications new end J • Meanwhile,- a uses CARE Food - . \ >. • semi-plant; for world's /•adc . food and company's Another those who serving know area." familiar property, Boston's to front, is the Boston Tow Boat Co. In addition, it owns approxi¬ mately 37%-of the common stock hungry thru the citric acid will be used and why production of itaconic acid is un¬ of Algonquin Gas Transmission der construction. Used in kiaiaj YaA it will not create a glut seems the plastics, which Crusade, New Yorknext operates a natural gas pipe¬ logical considerationThe itaconic also is presently avail¬ line from Texas through to New food and soft drink market pres- able from only one source. In ad¬ York, Connecticut, Rhode Island ently accounts for 60-70% of do- dition, Bzura is in the process of and Massachusetts. ' ; * mestic consumption. Citric de¬ constructing facilities in Haiti for Through divisions, it is also one mand will multiply just from the extracting and refining by-prodof the largest coke manufacturers • on (This is under as a no circumstances solicitation of an to be construed offer-to buy, any as an offer to sell, or security teferred to herein.) the East coast. The above will . • Quotation Services for 48 Years National Quotation Bureau ; • Incorporated Established 46 Front-Street * indicate Continued Over-the-Counter water¬ on page the 15 CHICAGO ' 1913 New York 4, N. Y. SAN FRANCISCO Volume 194 Number 6080 . . The Commercial and Financial Chronicle . (583) 3 v*~*- Socialism CONTENTS Free Enterprise vs. Economy in Latin America LiCHTtnsTcin AND By G. C. Wiegand, Professor of Economics, Southern Illinois Universitly, Carbondale, III. r: v Articles and News . FearfuLthat President Kennedy's "Alliance for Progress" will chase ;.v: /; out, rather than encourage, private capital, Dr. Wiegand's anatomization of Latin America's economic far by :• ' not ■ ' problems poses the question as to Let US :; so ; private domestic and foreign investors. The economist does r~A.- Wilfred May—^ „______Cover Socialism Free Enterprise Economy in Latin America vs. ^ , ' <. ' „ , WALL 99 1 ! only by encouraging ^ : STREET, NEW YORK • Telephone: .. be won obsoletes ! X * gloss over nonproductive investments made in the past and the can with sit „ your great inequality of inoome that exists in pointing out why "the battle against poverty and stagnation FANNY ; \ ; supply the 70% of the crucially necessary capital borne who will Funds Still Active Buyers During Churning Bull Market ' COMPANY Page —G,.. C, Wiegand ; ;, 3 .__ ' 4 ___ \ WHitehall 4-6551 • private enterprise." He takes exception to the views of Adolf A. Berle and other Latin American writers who reject and ments international free ; ^ - ; Adlai' Mr. v private foreign invest- between ■ of the world's highest one ; Textron, Inc.-—Ira U. Cobleigh— i trade, and discusses what should be done to close the formidable gap * ; j \ America that conclusion the of have with not suffer sobering the one fifth of the world's land sur-.* ' conditions border A face—an south large — at about 2V2 area the as States—Latin seriously times for during the past twelve that —Roger W. Babson— close to are mit Plan for Non-Stock an low, n-though a millions only y's having "Alliance for than' $100 Progress" in the eyes of some the may, G. C. Wiegand Ameri- day." 7 v "dawn" is quite as rosy as some people hope. The $500 million which, President Kennedy hopes, will the Latin America on In addition to the existing pov- Latin America is confronted one of the highest rates of as are house comtemplated—may not ac¬ now » as complish the desired objectives. After high than more a decade prices, material raw of rapid eco¬ nomic growth, the Latin American boom began to slow down in 1955. showed increase of standard of the 4J/2 % living prosperous income, occurred in metropolitan areas, in the oil rel¬ the atively little extended poverty-stricken masses in of hinterland. To To nothing to ismo" tinder Market s which has some been a per increase to ... . and You . 1000 Notes the electronics intl.' ' Observations—A. Our Reporter on Wilfred 12. May_. capital f Governments *Prospectus Utility Securities continue the by at least 3% Securities Now in Registration Security Offerings r_ DIgby 4-4970 Security I Like Best Security (The) 2 Salesman's Corner.. State of Trade and Industry 26 (The) 5 Tax-Exempt Bond Market—George L. Hamilton - Washington * upper decline, while likely to remain biological on As and You 48 Southern Gulf is f See article starting Spencer Trask & Co. Founded 1868 28 '■ Twice FINANCIAL U. B. Weekly Copyright 1961 by William B. Dana S. Park Place, ; Company CHRONICLE Patent DANA REctor Office COMPANY, Publishers New York 7, 2-9570 Reentered J. second-class Subscription Rates * Subscriptions Possessions, SEIBERT, Treasurer in TELETYPE NY 1-5 Chicago Schenectady Glens Falls Worcester United States, Territories and Union, $65.00 MORRISSEY, Editor Dominion Every Thursday issue) vertising (general and every Other news and Other Chicago city news, Office: 3, 111. 135 and Monday ad¬ (com¬ quotation clearings, etc.) South Bank $45.00 La. Salle St., 2-0613). rate foreign must be account of of in New INCORPORATED extra). fluctuations funds. WHitehall 3-6633 in for advertisements York BROADWAY, NEW YORK 6 Monthly, remittances and W!! V. FRANKEL & CO. 39 — Postage the exchange, subscriptions made Record (Foreign of year; jf Publications Quotation year. Note—On the (Telephone STate and per S. in - 1961 plete statistical issue—market records, corporation news, bank state year; Canada, $68.00 per Countries, $72.00 per year. — Thursday, August 10, U. Members per of Other ST., NEW YORK 4, N. Y. matter Febru¬ Pan-American DANA GEORGE as ary 25, 1942, at the post office at New York, N. Y., under the Act of March 8, 1879. N. Y. to 9576 CLAUDE D. SEIBERT, President WILLIAM Members New York Stock Exchange TELEPHONE HAnover 2-4300 Utilities Cover page. on limit page 25 Newark 6 customary, the usual column on "Mutual Funds" is omitted this week, the subject being treated in the extensive study starting on the Cover page, PREFERRED STOCKS Nashville Broadway, New York 5 46 i___-.__.i_ The COMMERCIAL and Boston J.F.Reilly&Co.Jnc. 32 39 Prospective to is Continued does Albany Request 9 ^ e Reg. BROAD on 14 V Public WILLIAM sealectro corp. 14 - Published 25 ! capita income would birthrate near With the exception of Haiti and specialized in a livingston oil * News About Banks and Bankers during the past 25-30 years) will . Growth have ■»• o hydrocarbon v 15 Funds—Joseph.C. Potter this is only half the prob¬ During the coming 10-20 years, the mortality rate (which dropped from about 30 to 15 per time. For many years we »** chemical (The)—By Wallace Streete NSTA But accumu¬ Salvador, Latin America • co., inc.* - lem. spark to the put the make v h n «< i annually. rise Castro's Poverty and Rapid Population El . Mutual the t h , 31 actually result in a per capita output. dent into the existing have but the spread of "fidel- may lating for with do ' 7 ^ i the to of overcome poverty, economic deterioration has to power, '' reforms" may. decline of the 40% of the people suffer from nu¬ tritional deficiencies. The goodway printing "* ,8 Cxlt I■ 16 standard of living, and "land age showed an actual decline 2%; and, according to United Nations estimates, at least •-» '• inflation- capita agricultural production last year of about !>' St. Louis 48 Indications of Current Business Activity growing inequality of income impoverished middle class, and of (which adds greatly to the politithe ill-fed campesinos and urban -cal unrest), social and economic slum-dwellers is lower today than changes, including "land reforms," it was five or ten years ago. The are necessary, but a mere redis¬ prices of most export products tribution of the present limited are lower than they were in 1950; income does not increase the aver¬ per - 1 Philadelphia, • fields and mining camps, and fairly substan¬ about millions-of the 196Q, tens a of mil- hence in and By 1958 it had come to a virtual standstill. Even though national tial these postwar years, average per capita income increased by about 2% annually. But this was not enough, since most of the increase in production, standards of living and income and' maintain During the rising San Francisco Cleveland Los Angeles From Washington Ahead of the News—Carlisle Bargeron lions? many - ■/■!{*'•' {.'>■ il 4 U' i.'iX) : *f '• " .^ Einzig: "Short-Sighted Optimism Over Prospects for Sterling" . ten times 28 Stocks ■-*,03" <, growth in the world; 2y2-3.% compared with about 1.6%. in the! United States;, By1975j there may well be 100 million more people, in Latin America than in this country. How to feed, i . . v.'i'i'.'JU''?- -f. - to Cover Coming Events in the Investment Field of in¬ mal-distribution Direct Wires Chicago :rr A**! and with (Editorial) Dealer-Broker Investment Recommendations y inc. 40 Exchange Place, N. Y. Teletype NY 1-1825 & 1-4844 • _ population represent a negligibly small amount compared with ac¬ tual needs. Besides, dollars alone —even mackie, & 16 _____ -produce only about as 185 million peo¬ come, and political to economic recovery stability, Singer, Bean much as erty road the It Bank and Insurance obviLatin is million 195 As We See income of less The reason for ple in the United States, not start about 15% y.':>* . Unfortunately, year. a Americans . an widespread poverty ous; ; bring "the dawn of a ' new cans, . - Kenned . Banks——— Reguldr Features about $300 (compared with $2,300 in the United States), with Latin 13 very President e v e ___; — HA 2-9000 substantial increase in the per capita income of the pop¬ ulation, which now amounts to time - ;__ Carl A. Bimson, A. B. A. President, Praises Treasury Tax agree that the development of the now known resources would per¬ relations c a n all S.¬ U.. Amer. Int'l Bowling Electronic Int'l Cap. Ltd. only about 7 % of the world's regarding the potential wealth of the Continent, ;but most experts Ameri- Latin Warrants Adler Electronics * population. Opinions differ widely and 10 The Growing Teen-Age Population and Business accounts America Miles—j: as deteriorated months, .'Richard United continental and Maturing Boom? a White Shield returned present from .over-> • fronr his whirlwind tour through- population. While it covers about y Latin Del Webb Common Business in the Free World: Is There . .-'"-V population growth rates and production. Stevenson :_ . Teletype NY 1-4040 & 1-3540 4 The Commercial and Financial Chronicle (584) Bell Textron, Inc. : engines, landing systems Victor Dalmo By Dr. Ira U. Cobleigh, Enterprise Economist In 1928, study in corporate diversification and reorientation. before the start of Depression, Textron, Great the Inc., founded. was For 20 over the company manufactured textiles and shared in the increas¬ years the in crease a year shares number outstanding, earnings common has been without dilution achieved here growth of of capital. This extensive not achieved at the of shareholders. on was helicopters; and antennae radar for electromechanical and compo¬ division specializing in nuclear metal re¬ search and prototype production. In industrial goods there's also a wide diversity: Amsler Morton, maker of metallurgical furnaces and refractory tile; Pittsburgh Steel Foundry for steel castings, heavy machinery and aluminum foil mills; Fanner for electric line products and plastic products; Waterbury Farrel, maker of roll¬ ing mills, presses and metal work¬ ing machinery. Nuclear Metals, nents; A Corp., maker of guidance and Aerospace rocket a industry—over¬ expense capacity and overproduction, un¬ Broad Diversification in ion problems, savage price cutting, Product Lines dwindling profits mixed with The end result of all this is dreary losses, and Southern fac¬ tory migration animated by lower that, today, Textron, Inc.; oper¬ ates, through about 29 corporate Amerotron is the textile entry prices for labor. Twenty-five years after incor¬ divisions, 110 plants in the United producing fabrics of wool, fiber States and Canada, giving em¬ blends and manmade fibers. poration, in 1953, Textron, Inc., ing woes of that was 29,000 persons. line is divided into groups with the per¬ ployment to business textile the that decided The main over product five going nowhere profitwise and corporate be better served centages of total sales (1960) rep¬ resented as follows: automotive, company looked elsewhere for the development of earnings 17%; consumer goods, 24%; de¬ 22%; general industrial, on its capital. So Textron, Inc., fense, embarked on one of the most ex¬ 20%; and textiles, 17%. that, if the for future, would progress the There is Textron also Elec¬ independent com¬ in which Textron is the con¬ tronics, Inc., pany an trolling stockholder (77%). Shares in this company are publicly held and trade currently at around $9 share. a a of did Electronics Textron business $25 million in over While a complete catalogue of I diversi¬ 1960, although its operations are history. Vir¬ corporate subdivisions and their not included in Textron's income tually no line of endeavor was outputs would make this article statements. regarded as too far afield to de¬ much too long, some notes about Two other companies, organized serve consideration. Companies the more significant product lines in the past two years, further were acquired, financed in con¬ may be helpful in delineating the broaden the spectrum of Textron siderable part by funds available wide range of company activity. potential earning power. Photek, from large tax loss carry-forward In automotive products, Camcar and tensive imaginative of promise to it issue . Thursday, August 10, 1961 Textron gives substantial if the lower A since of support to interest of course stockholders . . Roy Rife With some market to Musekamp & Co. dip of were the levels. considerable evidence CINCINNATI, Ohio—Roy E. Rife, has assumed the duties of General Manager of G. H. Musekamp & high regard in which Textron is held is found in the fact that Pru¬ dential Insurance Co. Co., Carew Tower. arranged and acquisition ment not this on program. Repay¬ indebtedness does e m b of partially 1961 would dividend Ahead of between present a plenty of share per In a Inc., manufactures and, in the past seven years, the directions of corporate endeavor division makes cold forged metal line of photo¬ a and thermocopy papers copy and Campbell machines; and Textron Pharma¬ makes engine ceuticals, Inc., was formed to en¬ have so changed that today Tex¬ blocks, cam shafts nad brake gage in the ethical and proprie¬ tron textiles sales are less than drums; Randall turns out interior tary drug business. 15% of the total. trim, door frames and body parts. However bold this policy of Latest Merger ; corporate reorientation may have been, it has paid off. sales have and in a sharerjiet, in each the past eight years. Total sales crease of in sixfold, modest in¬ per 1956 were $245.8 had 1960, grown to million. They million $383.2 in and for this year a figure $450 million seems ex¬ of around pectable. A king-sized and diversification companied by expansion in¬ the less rugged devotees In has a new and opment, adding new the national defense, Textron number of entries including: & i Sons shares of for by shares of Textron. of suance larger that announce , Brett as PHILADELPHIA, Pa. Boenn¬ ing & Co., 1529 Walnut Street, part, from in shares of the vegetable and it leading oils is of feeds, e r B. : R o of H. with the firm representatives, in Broadway, New ,'C City. ./ depart¬ in director of Mr. re- v associated with Co., Inc., Hanna Bldg. Walton Mericka & formerly .with was & Co. Co.; - Wm. and .'jVv---'' Inc., prior to Pa.—American Futurities been offices was has the Commercial in formed with Trust Assistant Building to engage in Treasurer and business. manager of security investments for Country Life Insurance Co. Leonard a securities Barris is principal of the firm. thought earnings that from this SEYMOUR is now enterprise could be sub¬ stantially expanded under - the more vigorous and aggressive management Textron is in a posi¬ KATZ associated with us as tion Manager of Dealer Relations to We Speaking of management, there a tendency, a few years back, regard Textron as a sort of Members New York Stock CO. & dominant Broadway • NEW YORK 4 the situation Exchange • guidance Little. In has ably 50 HAnover 5-6080 and. MELVIN cially Cable Address: Stocklieb announce that MECKLER brought as our firm manager of the Trading Department. and young a has become associated with years, changed today, talented been Royal this consider-: of Mr. past six management eager pleased to show operated under the one-man LIEBERBAUM are supply. was to team, especifinance, has in forward by Mr. T. Little into executive and decision¬ M. Kirsch Co. making leadership. 54 Wall Street Corporate ...merger-made nancial H 1870 enterprise,the structure bit complicated. there was • of Textron $31.77; is a $5,626,900 is in de¬ there common BENJAMIN 9,216,175 shares of $25 preferred, each con¬ there mon; shares 1.078 shares of were listed 4,672,429 on the UNDERWRITERS AND DISTRIBUTORS New OF INVESTMENT SECURITIES around 11. If all share were NEW YORK purchase common I*?*.-* u *.+ 'y p" * with new and larger SECURITIES offices located at common 51 Offsetting this BROADWAY, NEW YORK 6 policy of buying in its stock oh the open market whenever it so.^ Between May, Office r in the firm of INVESTMENT privileges of earning on an possibility, however, is the company's thus * the admission of GOLD, WEISSMAN & FRANKEL, INC. exercised, there might result dilution remote Exchanges as these conversion stock of about 24%. Dominick ■ thereafter. These warrants sell at a ■ announce HERMAN FRANKEL MR. York and 14 WALL STREET pleased to are com¬ Exchange, and now selling 25, and 600,000 warrants to buy the common at $25 until May 1; 1964, and at higher prices throughout the United Statesand Canqda Members New York, American & Toronto Stock BERNARD WEISSMAN common around * GOLD and were Stock Correspondents inprincipal cities & BOwling Green 9-5970 fi¬ At Dec. 31, 1960, bentures convertible into at 5, New York $86.6 million of funded debt of which vertible into Dominick New York Structure As might be expected in such a EST. seems June prudent to do of 1959 and 1961, 347,500 shares were acquired at an average cost ..of $22.75 per share. This policy is Our telephone and teletype numbers remain unchanged: WHitehall J. .'r< Form American Futurities PHILADELPHIA, e1in g he become Goodbody of vestment which has Johnston & New York in-: firm, ;; CLEVELAND, Ohio—Cecil J.Wal¬ ton John W. Bris¬ couns Joins Johnston Co. (Special to The Financial Chronicle) their search ; v processors animal and a the manager of institu¬ Tuttrup . associated York Tuttrup ment H. Brett partner¬ C. Youngberg and Robinson, Jr. are also t office at 111 new Chicago office. M r. Tuttrup was formerly pur¬ Spencer Kellogg is b Arthur the shares and, 20 ship in the firm. tional part from is¬ shares new market. open pleased to appointment 1,081,560 These be delivered in po¬ a over been admitted to general tol & Co. one are the Spencer Kellogg. Totally, this will a distribution to Spencer chased for Textron account in the We nounced involve Kellogg shareholders of for members of the Philadelphia-Bal¬ timore Stock Exchange, have an¬ CHICAGO, 111.—Reynolds & Co.,' registered 39 South La Salle Street, have an¬ of seven Trade; Admits Sebold de¬ may inspection now the1 basic1 of six on of held Boenning & Co. Tuttrup With Reynolds & Co. major devel¬ dimensions to Textron - has nounced that James A. Sebold has structure, is its cur¬ acquisition of Spencer Kel¬ logg he margin. five percent. Textron rent will of that game. ac¬ substantial a program, for cars Another pleasure affiliation $1.25 current yield of about goods, Dorset Ma¬ the boating industry with fiberglass boats and boat trailers; Homelite makes chain saws, pumps, power lawn mowers and outboard ' motors; Shuron Optical products lenses, eyeglass frames and cases; HallMack, bathroom accessories; and E-Z-Go Car makes electric golf serves years. his years. potential common Cannon & In consumer rine almost risen has been there Since 1953 fasteners; and parts Wyant is sition for fication programs in credits. New divisions were set up to brokerage firms, Mr. General Manager of the Cincinnati Board those attracted by growth and re¬ ceptive to had he these Rife $4 and $5 by 1965. If is/ to be con¬ intensive an addition with progress tinued, Textron serve exempt the present cover with lies tax- period of about 15 a diversification upon, Textron has off rewardingly at the register. An indicated net of $2.75, that time been Resident Manager for Thom¬ son & MeKinnon in Cincinnati for made it pay cash Prior to years. k ed a r as as¬ sociation with Bache & Co. for 15 In conclusion, it would appear that, despite the almost kaleido¬ program formerly served Manager during his Resident begin until 1966. scopic Rife Mr. last year a $25 million 5%% loan to Textron, Inc., for its expansion 4-1800 ~7 : NY 1-3751 a Volume 194 Number 6080 . The Commercial and Financial Chronicle . . Steel Production Electric The State of Retail Trade " ' Price should Production Index favorably conditions in regarded National City the Bank's sion; cover First Monthly Letter for August. Commodity Price Index and creased The" continuing' vigor' of upswing has both surprised heartened business look with confidence now the autumn. over Berlin ness, but to moves further the run The have uneasi¬ solved been Gross upturn demands spending, modified to the recovery than rose year the dra¬ upswing normally will clearings a gov¬ from the chief cities of the hold stimulation of business capital ex¬ for all cities of the last winter. penditures for is possible has sion Industrial production virtually regained its reces¬ losses. Home and highway employment sonal The incomes since been among the since the World summer March has II. And, while during the relaxes vacation volumes. shown some pickup in under way moderate retail but sales and trade sion was war, but> that- the the holding • mildest been the fastest. since the recovery. ,has Within one year of the start of the recession, GNP —the most comprehensive meas¬ ure of economic activity ;— has risen to a point $9 billion higher than the previous peak. The 'in¬ dustrial- production four index, • only upturn got months after the under way, the nine has regained eight of points lost in the reces- and leading 1960 $14,707,564 1,308,834 895.000 792,621 " his growth. speech 15i' increase C ' low Steel •/ ■ to MNOUNCI V'V' be in V ;* even Walter Workers Three : larger quarters > will on (3) contracts for • same, i ' *, - increase order • as * ' for now " 1 , when will Age result orders the in and the past 10 users San Francisco, California Telephone YUkon 6-2332 of two Ut Continued years. close on in SECURITIES days, a ; are pleased to .W / announce -i'Hi y-i'JW the-' page o - Direct Private Wire to a -. ;,}■ Members New York and American Stock Exchanges 120 Broadway, New York 5, N. Y. Bell Teletype NY 1-1248-49 Telephone BArclay 7-3500 WILMINGTON, DEL. PHILADELPHIA, PA. NEW HAVEN, CONN. " SALEM, N. J. SALISBURY, MD. DOVER, DEL. ZURICH, SWITZERLAND DALLAS, TEX. r ' S • 1 ■ * We take in p i ' ' f pleasure in announcing that de¬ rush we have become associate members of the of range of a wide This is after up of the AMERICAN STOCK EXCEIANGE to some summer. • • surge follow of expected in late orders does market • • new Roman particular pattern widely among com¬ panies. General consumption is picking up; - plants which were any , . vacations opening; appliances are showing new strength on the basis of new 1962 lines;, most of all, automotive ordering is picking up. In spite of the are gains in auto ^steel ordering in recent days,, the Iron & varies shut -ior Age says orders now on is to the - - 30 • until rise for forecast . ' has pulled August recovery The INVESTMENT production fall Laird, Bis sell & Meeds cars October at threatened to retard the —• • It disappointments and delays which MacCormack & Co. in 11540 Russ Building the said. Steel in the real test tightening a steel _ direct leased wire to Walter C. Gorey Co. - demand a demand outlook Charleston, South Carolina market come as opera¬ in¬ , Steady a orders from and • the latest. In not - August automotive but promising, Big only their - Singer, Beane & Mackie, Inc., New York Angeles. up, in Then, the historical pat- expectations. Los until picks over-all expect uptrend have 1962. says liveries by the end of . ', facilities and to Evans, least and psy¬ other steel strike in a new a gradual United contracts, 1958, Steel said. u'\7 State Street are strengthening. (5.)+ At • least some, steel orders for this year will be based on fear will King, Jr. has joined our We have added without and event, likely Johnson, Coleman, Manning & Smith, Inc. . terhy of " ordering as* the market strengthens should take hold. This Trading Department., , wire work UAW that more are - October. associated ♦ ♦ ❖ New in the In extensions tions opening of sharply. Steel September is' of the market will not Henning is . than General — We a price in¬ Although this major factor, it will come The Iron Analyst. short will be felt. a time a of tive staff. r Three. Big . (4) Hedging against crease Ralph E. Brown has joined the execu¬ firm at •r.'V forces Thomas E. between the new Detroit's the that • 5.3 mild a an effect, both tangible chological. v ; at our and of slow The Berlin crisis will have Is not with contracts bargaining be¬ two are inadequate for the number of ? Building,; Suite 1540. Our telephone Richard A. so 8.3 million tons vs. July's 8.1 mil¬ Chrysler—ex¬ lion tons. ' ] ; pected to begin this week, Steel It said automakers have enough magazine made these predictions: (1) Settlement will come with steel on hand or in transit for no August needs, and they do not company-wide strike. (2) The Big Three will sign want to release more orders until scheduled to b£ built. Fifteenth Floor of the: Russ : pace been I' ,* •/,' ;- •:.f ■*: Automotive demand for ' 5;,(2) *•, • personnel that has Ford, and • New noted talks may be impossible by the termination date (Aug. 31) of sales Reuther's steel settlement UAW-Big on in the as built. up;'-;, - now number remains the Steel auto steel automakers --r-■"■■■*;'w-v ■ and ~ ../'J a insurance costs • <•"*'< business steel On the into be living will ceiling, perhaps by tying it through inventories sustain to crease New means some will of ' (1) r Auto The Iron Age says these factors are behind the_ strengthening de- pointed ago, •'mand:; * Uf " coming tween +12.5 + substan¬ industry. (8) Automakers will not accept the UAW's salary rating concept. Three Auto Talks — 1.7 1,071,000 —16.4 the fourth quarter.,- The President, in week a sustained a arms, With brass tack "Iron Age" Reports Sharp Upturn In Demand for Steel in the Making, and This but Steelmakers 1,332,088 834,721 Philadelphia unemploy¬ be provisions to tanks, shells, and other Eight Predictions % ■- will cost get offices. Motors, 1961 Boston better environment for eco-; a nomic ,*v . ready money $16,551,710 ___ otherwise. package modified retained, a strike is margins, though im¬ proving',''are still less than. satis¬ A sharp Upturn in ►steel demand factory. Cooking for someS.e|pite ! frqm rising posts, businessman are and -production is ini the making, "The Iron Age reports. Forces be¬ keeping a watchful eye on the hind the demand are just coming auto wage negotiations; ; At the into-focus. But they have the same time, hopes have begun to of creating • a sharp fade for a start on the kind of potential inv September-October broad tax reforms needed to cre¬ buildup" ate on 7.1% above was the ' • Chicago profit based orders strictly for defense are al¬ to obtain (000's omitted). York— New up is course, conventional United States benefits improvement nages for week corresponding week Our preliminary totals for follows produc¬ season, are the centers for the week ended Aug. 5 been A real recovery in capital ex¬ penditures, however, hinges on a well. ,'. '/v:;-; healthy recovery of profits. As Official figures now available explained in the following article, not only confirm that the reces¬ markets are, acutely competitive tion for a Three's including sev¬ erance pay provisions). (7) Cost of living and annual Although the Benin crisis is not likely to mean tremendous ton¬ the of mary since May. ment tially coun¬ stand at $28,966,283,985 against $27,040,613,800 for the same week in 1960. Our comparative sum¬ as steady has it last year. signs of breaking out the and rush orders for Seotember. Saturday, Aug. 5, clearings which those incomes rise and job security in¬ "A that weekly clearings have caution indicate ended spending, Consumers of their recession-bred creases. best in peacetime War nation hours gain in per¬ factory and have increased. consumer try, and, perhaps, some tendency toward inventory build¬ ing consistent with enlarged busi¬ ness building continues to climb. Both influences in avoided, automakers will plunge into the market with compared $515 billion in the second quarter, a gain of almost 3% from the low increased if ago. of under week Big (5) Pensions will be liberalized strike" indicates last increase a slightly. (6) Supplemental be the best fourth quarter 1955's figure of 1,949,000 of on the Big (perhaps in¬ modified profit sharing The year last from (excluding 3 cents in escalation). assumption. Although deny current labor are affecting steel orders, the tonnage on the books Preliminary figures compiled by the Chronicle based upon telegraphic advices From here on, of sign but an hour per for each year of the contract man quarter. This 1,740,000 will years, - will cost 7 to 10 cents negotiations Week Last Year its momentum (4) automakers Bank with ernment payments. quarter This, be have been with Motors two settlement cluding plan). cars. "no an consuming, and by increased news million fourth compares liability. showed as we 1.8 least different Three 600,000 cars in October-November-December for a American at terms average of an would dation, which has brought needs to expected. product new a and since record rate of matically to meet (excluding buildings and most public utilities) up to 50% of tax extended period of much for taxes Bank as (3) to Furthermore, fourth The recovery to date has been powered largely on are needed January." equipment to be quarter since 1955. Clearings for Week Ending Aug. 5, Up 7.1% Above Same an will production schedules for the tee. It would give a flat 8% credit for investment in new encour¬ is enlarged defense get produce the better national the September delivery what the fourth quarter auto production schedules are shaping up as the best fourth by completion of inventory liqui¬ situation will porting influences. has if turned into of month. healthy expansion. Kennedy's economy and, for the short at least, will add to the sup¬ Meanwhile ; While all this has been be objections, has tentatively approved by the House Ways and Means Commit¬ aging, businessmen recognize that many problems remain to be clouds created the increase toward storm President meet - taxes been Sustaining the Expansion and who in meet businessmen's the leaders, short will be requested Auto production for the rest of On the other hand,, 1961 now loks like this: August, the proposed tax credit for capi¬ 175,000 cars; September, 475,000; even the turn. books for a balanced budget for fiscal 1963, "those in¬ Failures in the V-shaped recession of 1958, the lost ground was not made up until 10 months after are increase an spending tal business improved business improved rev¬ Nevertheless, he said, needed to in General the means enues. Food Business that outlook » Auto TRADE and INDUSTRY out Output Carloadings : Johnson Members American Stock Exchange (Associate) Philadelphia-Baltimore Stock Exchange ► , 15 S.E. Third Ave., Fort Lauderdale, Florida Telephone JAckson 3-6586 Teletype FU 8032 •f" f. 6 The Commercial and Financial Chronicle (586) Bank TAX-EXEMPT BOND MARKET and - ler, J. C. Brothers Devine Northern the among Trust the following tabulations we list the bond issues of $1,000,000 or more for which specific sale dates have been set. Drexel and & Co. The issue was priced to yield from 2.20% to 4.25%. At the has market bid for this issue, a successful placement of the loan is antici- bond comparatively municipal and state The been pated. • The last writing with attention principally ' focused on new issues. Although the bidding quiet since at times, very competi- sive and, tive, the reception afforded these by investors has been en- loans couraging to underwriters. Almost few impor- without exception the which have sold since issues tant • unless all general investor as • two-thirds sold writing. . . , Municipal Index Unchanged syndicate managed by Halsey, Stuart & Co., Inc. Included among the many major underwriters The specific retail has taken issue the buying which bonds from new many accounts has not secondary sector of the ket and this has been to spread mar- sphere of the market at virtual a Commercial standstill. and J. C. Devine Co.," Goldman, Sachs & Co., Blair & Co., Inc., Merrill Lynch, Pierce, Fenner & Smith Inc., Stone & Webster were Financial & high grade bond Index which represents actual secondary offerings bears out this lack of interest and is unchanged from Securities Corp. and Salomon Brothers & Hutzler. The issue was reoffered to yield from 2.20% to 3.70% for various coupons. The balance at this writing is reported last week at 3.3733%. as The Chronicle's Since last went to press we government bond market has perienced of five declines consecutive and the days many ment United bonds longer the - maturing plex of world, it in market. is com- The general municipal bond the war billion extra or and scare the for military by Congress; dynamic flight into space by Major Titov; the boost in the so expenditures voted the British bank rate from 5% to larger a United deficit than deficit and attention and again the than to bond turn their danger of inflamarket. It is stock that more more concern the to wonder a States ■ are cause investors 7%; budget anticipated and financing, enough to tion was to throughout understandable & facing this to . the municipal seem bond endar for the California (1963-1987) the bonds standout. *rv u N. T. *.■<*• & S. , T, set one up ^ , ON Pressprich system which, on Tuesday, $8,000,000 obligation & Co., when fin- Mobile, Ala. limited tax (1932 •- 1990) to , Also purpose . . on due bonds *962 to and 1981, school bonds, to .the group headed by The Chase Manhattan REPRESENTATIVE Rate 31/2% 3%% Jersey Highway Auth., Gtd... 3% (State) 3% Pennsylvania (State) 3%% Vermont (State). 3y„% New ... N. Y.) Maturity Bid bid to came for the • market. issue account Chase 3.75% 1962-1981 1963-1991 8:00 p.m." 1:30 p.m., 2,422,000 • Hancock County Bd. of Ed., W. Va. King County, Washington 5,283,000 '.2,393,000 Aug. 22 (Tuesday) County, 111 Dixon, 111. , The 2:30 p.m.10:00 a.m. 10:00 a.m. 2,550,000 225,000,000 Aug. 21 (Monday) _. 25,000,000 1962-1976 1,350,000 1964-1981 3,000,000 1,562,000 — 1962-1986 - — Greece Central Sch. Dist. 1, N. Y. Montclair, N. J Rio San Diego Mun. Dist., Calif.__ Speedway Sch. Bldg. Corp., Ind.__ Vermont (State of) high submitted was _ jointly Manhattan Bank managed West Allis, Wis 10:30 Co. of 2:00 p.m.- ——— 3,625,000 8:30 1964-1983 5,000,000 1962-1981 1,415,000 4.00%. 2:00 p.m. initial the $2,800,000 Aug. 23 The bonds v * Bedford School toll road issues and other shown revenue further - San price Diego Unif. Sch. r ~ \ five-eighths this of point a x' Turnpikes To Chatham , El Paso Extension revenue tion of up bonds. revenue are 60 to .1,940,000 expected days and be made as , soon the issues 3.50% 1978-1979 a.m. 8:00 p.m. : 1962-1986 11:00 a.m. / _____: 1,100,000 _____^__ Milwaukee, Wis. 7,250,000 ________________ 1962-1976 10:30 a.m. Sept. 28 (Thursday) Indianapolis, Ind. 2,200,000 ___ group to handle ready seem for Minneapolis, Minnesota J_.___.__ Oct. 10 * Los Angeles 1:30 p.m. ' 3,400,000 f 1989 4:30 p.m. 7,500,000 27,500,000 (Wednesday) 1,082,000 Nov. 14 * Los s (Tuesday) City Col. Dist., Calif. Calif Nov. 1 present. for ________ Sept. 29 (Friday) V - (Tuesday) Angeles Flood Control D., Cal. 15,000,000 Dec. 12 (Tuesday) Los Angeles Co. Hosp. Dist., Calif. 3,781,000 calendar 3.30% 11:00 Sept. 19 (Tuesday) offering would as practical after California Dominates Coming Week's Business 3.30% ;___ Sept. 15 (Friday) this financing. No other large ne¬ 3.60% 1963-1990 9,000,000 Commerce, Texas 3.40% _ 15,000,000 Franklin U. H. S. D. No. 2, Wis.__ will 1980-1982 1966-1990 3,000,000 Los Angeles U. S. D., 1978-1980 : : Sept. 13 (Wednesday) Co., Wertheim & Co., Co., Leedy, Wheeler & Alleman, Inc., Childress & Co., and Pierce, Carrison, Wulbern, Inc. 3.60% a.m. the & at 10:00 8,000,000 _ proceedings take from 30 to & gotiated a.m. 1962-1973 1,550,000 — v . of underwriting group man¬ aged jointly by Dillon, Read & Co., Glore,> Forgan & Co., White, form 11:00 1,750,000 An Weld 7:30 p.m. Sept. 12 (Tuesday) validation. Tripp ;**; 1962-1990 1,000,000 The to . , y' 5,000,000 Peoples Community Hospital. Authority, Mich. Northern. million 1962-1981 7,100,000 bonds. Valida-x Harris Co., Houston Nav. Dist.,Tex.* Los Angeles Dept. of W. & P., Cal. $160 . Sept. 7 (Thursday) Market Turnpike , 1962-1976 1963-1982 20,000,000 County, Texas- Sacramento, Calif. being planned for market, approximately $160,000,- Springfield, Mass. Florida Calif. County, Ga involves 000 a.m. — . Aug. 31 (Thursday) The only negotiated issue pres¬ ently p.m. Sept. 5 (Tuesday) Road on i: Sept. 1 (Friday) as- would show up. Trading, however, has been quiet and orderly. Florida Dist., Fort Lauderdale, Fla.__i___— Rochester, N. Y.__ 9, a further price loss of three-eighths of a point about 2:30 11:00 Aug. 30 (Wednesday) ^ and, be struck average 1,800,0.00 Islip, New York_____ of 3.80%. This represents: average market loss of,,close should p.m. l( ; > Aug. 29 (Tuesday) Conroe Indep. Sch. Dist., Texas.__ 2,435,000 average to District, Ohio ■ During the last reporting period have p.m. .2:00 1991 p.m. 7:30 1962-1981 Aug. 28 (Monday) .. * bonds 7:30 order of reported sold. a.m. 2:00 p.m. York After p.m. 11:00 1962-1981 ■ prich & Co., W. H. Morton & Co., Aug. 24 (Thursday) Inc., and others. The reoffering * Glendale, Calif. i 3,250,000 scale carried yields from 2.10% Pinal County Elec. Dish'S", Ariz._Y ^2,250,000 to a.m. 2,400,000 - Morgan New a.m. 11:00 . (Wednesday) Guaranty Trust East Grand Rapids S. D., Mich.__ 3,700,000- 1963-1989 and including* Grand Island, Neb 2,000,000 1962-1976 Kidder, Peabody & Co., Salomon 4,034,000 1962-1981. Brothers and Hutzler, R. W. Press- ' Kansas City, Mo the and Asked 1978-1980 1974.1975 3.20% 1978.1979 3.25% 3.20% 3.10% 3.15% 3Vi% 1977-1980 3.40% 3.25% 33/4% 1978-198O 3.75% 3.65% 3V4% 1980 3.40% 3.30% Cincinnati, Ohio 3y2% 1980 3.40% 3.39% 3y4% 1979 3.60% 3.50% . Chicago, 111. 314% 1977 3.60% New York City, N. Y 3% 1980 3.60% August 9, 1961 Index=3.3733% bonds SERIAL ISSUES Baltimore, Md ; Arbor, Mich (State of) University of Mississippi California On the same day, Aug. 9, $5,000,000 San Juan, Puerto Rico general obligation (1963 - 1982) market New Housing Auth. (N. Y., Los Angeles, Calif........ Ann with yesterday afternoon's being about $3,200,000: Cook ~ < 1964-1990 1962-1987 1963^2000 Aug. 16 (Wednesday) - balance bonds. 1963-1982 1963-1992 _ 4.75%. Investor reception has been good » ■ _r in 1985.. The quarter of 1% priced to yield was • 8:00 p.m. 11:30 a.m.* 11:00 a.m. Noon Noon 11:00 a.m. 1:00 p.m. 2:00 p.m. 10:30 a.m. . a ance Aug. 8, Anchorage, Alaska, awarded $6,836,000 various V Neyv Orleans, La.. and coupon >. 1962-1986 1962-1981 1962-1990 1963-1988 1962-1981 1964-1996 1963-1988- District, N. J.____ to 3.90% maturity bore proceedings were initiated on Monday, Aug. 7, by the Florida Turnpike Authority for the issu¬ . Califprma (State). Connecticut (State) New York Devine 2.00% to 4.10%. The issue generated good investor interest upon initial reoffering and at present $3,500,000 of the bonds remain in account. I. Pinch-hitting for Don Mackey. MARKET J. ton & Co., F. S. Moseley & Co., L. F. Rothschild & Co., Inc., and Shearson, Hammill & Co.. The bonds were scaled to yield from market purpose A. C. bonds to the group managed-by Smith, Barney & Co. Included as majors were White, Wield & Co., position only Co., Brown & Sons, Dominick Dominick, Francis I. duPont & Co., Ira Haupt & Co., W. E. Hut- merged group headed by Bank of America last v ' 1,400,000 Chicopee, Mass. : 1,200,000 Hempstead U. F. S. D. 2, N. Y.___^ 2,200,000 Knoxville, Tenn. 1,400,000 Monadnock Reg. S. D., N. H 1,656,600 Orange County F. C. D., Calif..— * 5,000,000 Paducah, Ky. T—: v 7,050,000 Plymouth, Conn. *___ 1,650,000 Washington Sub. San. Dist., Md... .'10,000,000 Merrill Bank, Alex. continue to be With Carteret School various & 30 various & W. R. general issue cal- new next Co., Also coun- days now totals a modest $409,000,000 and, of this amount, $225,000,000 State of Sachs awarded the chief deterrent to higher yields. The Savings The good-sized Tuesday was 2.90% in 1987 to 4.10% in 1991. The issue was accorded excellent investor reception and only $1,165,000 of the bonds remain in account. . At present the technical $9,125,000 . _ . ,2:00 p.m. 11:00 a.m. 11:00 a.m. Noon 1962-1999 Aug. 15 (Tuesday) of Aug. Modest of for from 1.75% the population of the area is expected to more than double. The bonds were scaled to yield from Thirty-Day Municipal Supply would & ished, will supply the estimated water consumption for the area until the year 2000. In this; time come. , Trust by on State Colleges a Bank of New York and including C. J. Devine & Co., The Harris an any headaches months 9 . Noon ~ 2:00 p.m.* Noon 1963-1982 1964-1976 1963-2000 1,400,000 5,395,000 1,480,000 2,175,000 Michigan State Board of Education aged by The First National City the submitted by the group man- water try and the rest of the world in the being as District, Ohio Rhode Island Hornblower & Weeks, F. S. Mose- declines. On Aug. 3, the last re¬ *ey & Co., and others. The pro- porting date the Smith, Barney & ceeds from this loan, will further Co. toll road index stood at 3.83% improve and extend the city's down from the previous week's bond business has transpired in view of the kingsize reported __ Incline General Impt. Dist., Nev.__ general obligation (1962bonds. The syndicate man¬ 1986) were affairs Berea School purpose Corp., Smith, Barney & Co. and Shields & Co. and including Gold- that at present there is no interest Aug. by amounts at par beginning April 1, 1967. The high bid for the bonds man, state the on aged jointly by The First Boston With the unsettlement and is . 2,065,000 1962-1986 2,000,000 *1963-1990 1,900,000 1962-1989 Aug. 14 (Monday) Fairfax County, Va. sought bids ~Qoveri>4 4.20%. ac¬ sale sell-out. period yielding from 4% are issue 1967 ' and States in bond group. The bonds were reoffered to yield from 2.65% to 4.40%, and bonds. $14,000,000 St. Petersburg, Fla. water works revenue certificates due April 1, 1991, but callable prior to maturity, in specific Fortunately trading voltime has been moderate or prices might have bben even lower during this period. At present 20 of remain concurrent a Aug. 10 (Thursday) Holyoke, Mass. Michigan (State of)____ Richmond County, Ga period, awarded to the Blyth & Co. were relatively Another 1960. issues $14,900,000 issue which sold ex- issues are at their lowest prices since June -o*f bonds At order Lynch, Pierce, Fenner & Smith Inc.,; R. W. Pressprich & Co., (1964-1988) bonds. With only two. White, Weld & Co., and others, accounts bidding, the bonds were was the high bidder for the issue. awarded on a close cover to the The bonds were reoffered to yield this at initial $750,000 Anchorage, Alaska, tele¬ phone revenue (1962-1976) bonds buying Housing over the count. $60,315,000 various appears. • -> * Administration' v ,v •» bonds, $16,943,000 State of Mary. .Recent Awards land bonds, $14,000,000 St. PetersTuesday (Aug^ 8) :saw four burg, Florida Water Revenue interesting and important new isCertificates, and $10,000,000 Sac- sues .come to market. The largest ramento, Calif, bonds were well was $25,000,000 ^ Pennsylvania. received by retail buyers and are General State Authority Revenue Aug. 1, such Puuiic of $2,600,000 ; - Street float of available municipals as shown by yesterday morning's (Aug. 9) Blue List totals $392,509,000 as compared to $405,291,000 on Aug. 3. While this volume of bonds is not an overpowering .".amount,- it -is surely a deterrent to price improvement for recent issues has been aggres- end Thursday, August 10, 1961 . In The Co., & Co. Hutz¬ & . Larger Issues Scheduled For Sale major underwriters Salomon were By GEORGE L. HAMILTON* included other several . 3.45% • 3.55% Next week's state and muncipal of sealed bids feature the previously mentioned $225,000,000 California loan scheduled bidding on Wednesday, Aug. 16. The only other sales of note are $10,000,000 Washington Sub¬ urban for Sanitary District, Md. bonds Aug. 16 and $7,050,000 Paducah, Kentucky, Electric Revenue bonds for Aug. 15. It looks M. New ment be Mr. California. Co., 54 Wall Street, the appoint¬ announce of Melvin of the Meckler Meckler as Man¬ Trading Department. was Co., formerly with Manager of Beach, N. Y. as Form Stratton Company ALBUQUERQUE; N.- Mex. — Roy B. Stratton has formed The Strat¬ ton as ager with Kirsch York, and their office at Long T. M. Kirsch Co. T. though everything next week will concerned Leavitt Meckler Joins Company with offices at 518 Alvarado in a Drive, N. E. to engage securities business. Volume 194 Number 6080 . . The Commercial and Financial . Chronicle (587) Short-Sighted Optimism Over Propects for Sterling -■ By Paul Einzig ■/ Optimism about sterling heid justified term. . ' ■■■•;'. - i'Y* ■ short but not tin long over Dr. Einzig maintains its fundamental, position rially unaffected by Government's recent remains t mata- Cites coming re- measures. - sumption of inflationary wage pressures, along with possible stock market boom which, in conjunction with now Trustee Act, would// . 175,000 Shares . . ^ Electronic Instrument Co., Inc. entail drastic shift from gilt-edged market to equities. Exhorts Govpoint out that sterling's long-run safety requires effective crnment to ■ r Y'/Y'! •. Y ' dividend restraint. wag9 and ■* : ■ / . Capital Stock LONDON, England #—Reports course the formidablelosses on about an impending lean of $2,000 gilt-edge holdings—the trade million to-Britain generated an" unions are certain to be particuatmosphere of optimism about the prospects of sterling in the near In spite of the announce- larly ment of July, sterling has predated to par foreign-f versed/, itself surh a boom capital gains re- taxation. bank a count the So it exchange to- London covered. be in • able, to - Price > „ , country where a subject not are to . Even after the proposed, ; , This announcement constitutes neither an offer to sell nor a solicitation offer to buy these securities. The offering is made only by the Prospectus, copies of which may be obtained from the undersigned. of an ^ Suggested Government Measures In the circumstances it would be to the interest of the long-term prospects of sterling if the gov- un- $7.50 Per Share is wages new covered. must the being rived' that any f :reign funds seems coming risk from - last legislation only gains de- 11 from short-term speculation will be subject to income tax. brought about result, seeing that the dison forward sterling is still wide enough to make it unprofitable to transfer funds to London with of - on The restraining the flow of the; 7% rate could not have such in succeed ap- insisting on demands. is- wanted become and Un ds * has In wage- thing; that point of view loss of gold of £114 mil- a lion during truculent their future. ($1 Par Value) ' ■ it ernment did its best to discourage on sterling being held at its lower support point of $2." 8. On that assumption the prof't derived optimism in respect, of short-term prospects. Sterling fate in the long run eniirely depends on the government's ability to check the from the interest wage Goodbody & Co. r are Those who prepared now tifies the risk of two some transfer depend to differential jus- depreciation of a points, all the more offset to extent some by small premium. On the basis a the of damp the down Paine, Webber, Jackson & Curtis Bache & Co. Allyn and Company Incorporated Francis I. duPont & Co. ■- E. F. Hutton & Co. Incorporated , ; Lee . ^To . A. C. is able, domestic market, coupled with increasing costs, will prevent a lasting improvement of the balance of payments. the possibility of sterling rising to Unless i to do so, growing demand in the as that mpderate and calculated risk is inflation. Bear/ Stearns & Co. optimism XJ technical ) J ' ' l Shields & Higginson Corporation >»,•'*>!// '. which is unwaranted in the long f position this optimism about jfter-. run, the government ought to sell ' ling appears to be justified if we sterling both spot and. forward" Walston & Co., Inc. take the short view. Schwabacher & Co. is safe It tc and indeed it had been safe assume, as along, that there would be no of sterling this year, no major risk is involved ih holding uncovered sterling in- up devaluation in three months Treasury Taking a long view, however, there is no cause for optimism, for the fundamental position rially unaffected ment by the dis-} a Nugent & Igoe Sulro Bros. & Co. useful come when * the August 10, 1961 • ought to take is to repay in full all the facilitieS from Central gasje mate- arrangements the govern- Banks international faciiities recent measures. s will turns. ment bills to -have-remaned at v Another step which the govern- vested seems spot rate doing so it c.ould pick certain amount of collars a tide the ! In which that so keep count. all Company s-i.j /* obtained under and to Fund, Monetary entirely in the stand-by credits. the keep form of Their existence 200,000 Shares " Labor's A , A „ numb V . of have unions intention ward with regardless appeal f o of framed , terli the of r government .restraint. from s for dividend be loan their dmless loyal in remains 7% bank wiu of. vlsible and to shoul(j ■ refuse wage evitable • employers to increases. The in, increase Cost the in Of living resulting from the government s other measures is likely to give the trade unions particularly strong inducement' to step' up their demands home, and strikes. the „ of Potential ,_T . . liable is ta ... and the autumn mature. to in between in number result of This coincide demands a will optimism'happens with -force of the now by which time wage a new the Act un- der which it will become possible for the first time to invest vast amounts of trust funds in time stimulating as markets for (.Jl Par Value) gold reserves." fce the ca£e> Price the Central drawing of ■ facilities the on the without repayment gank international •: Fund facilities - • ; This announcement constitutes neither an offer to sell nor a solicitation of an offer to buy these securities. The offering is made only by the, Prospectus, copies of which may be obtained from the undersigned. Monetary - ■ ,, Moreover, ought to the ling as government resist the temptation of credit for the "success" measures recovery the first fruit of its efforts. jt g^oui^ miss emphasize no that to opportunity sterling dividend restraint. will government pat>ie 0f imposing self-denying to on- Whether prove W. C. A. C. Langley & Co. remains Francis I. duPont & Co. equities. a boom \\T 1 * JP Yyltn WalStOn <x L»0. >' (Special to the financial chronicle) LOS Shearson, Hammill & Co. n ' j ." on the appreciation and/ ignoring of ANGELES, Calif.—Siegfried with Dempsey-Tegeleb & Co.* Shields & Company ;. with Walston & Co., Inc., 731 Wilshire Elvd., In the past he was — Equitable Securities Corporation seen, fronted with the evidence of huge equities Bache & Co. Incorporated a Courts & Co. A. Schmidt has become associated capital profits Paine, Webber, Jackson & Curtis Allyn and Company ca- itself such ordinance Hornblower & Weeks Hemphill, Noyes & Co. is only safe in the short run, and that its safety in the long run requires the successful application of the wage ar!Cj Goodbody & Co. by of ster- Ccn- of $14 Per Share in highclass equities. That change incidently will bring about a slump in the gilt-edged market at the same the gold reser,-e to something between £600 tnillion and £ 700 million through into coming Trustee ^J: Common Stock greatly encouraged.' 'To this it would indeed be pointing to the Wo st of all, the optimism over Sterling latter or- the form to of its recent financial Stock Boom Aileen, Inc worth while to reduce the claiming Implications psy- ..invistble» assume Exchange them press risk.of major the at even a public optimism in Britain would preven^ induce From additions Foreign -rate and the credit squeeze measbecome ures will in themselves be sufficient Berlin a 0r Monetary Fund's remain whether it would restraint.", " whether the seen in major strikeS the International re- others were obeying the government's request to against have crisis in the autumn. falsing dends, . f campaign , choioglcal point of view it would make all the di{ference whether Althougi companies and case fcr- pressing speculative a . trade announced their, wage demands, important some . . important already their would be sufficient to discourage Pressures August 9, 1961 Nugent & Igoe Sutro Bros. & Co. 7 8 The Commercial arid Financial Chronicle (588) 2 Broadway, New-York 4, on THAT UNDERSTOOD TO PARTIES INTERESTED SEND WILL MENTIONED FIRMS THE on & Lanston & Co., * * Stocks—Quarterly compariof leading banks and trust Proprietary. Broken Hill on Chemical; tomo T o Rayon; y o Company; Sekisui Toanenryo Oil 36 Robinson Y Chestnut N A1'terman Foods_Memorandum- Underwood corDOrated 72 4 hama Rubber Co.; and Showa Oil period between January 1, 1961 Co. ^ton2, Chemical (plastics); Co. Shows total number of days in any and m December 31, 1963, to assist determining accrued interest on Stock Market Japanese Securities —Daiwa Review Ltd., 149 — Co., Treasury obligations loans Broadway, New York 6, N. Y. xiii3iici3i tPHnssciioms* * o tiiGr cinci m . • . • « , biQUor Industry — Discussion in yields and equivalent taxable August issue of'The Exchange"— vields Bond Denartment Chase The Exchange Magazine, 11 Wall Manhattan Bank?One Chase Man! Street, New York 5, N. Y.-20c per hattan Plaza, New York 15 N. Y. C(W; $L50 Per year- Also in the Also includes table of tax exempt Commercial Indications of the Program-Survey-E. Space F. Travis Enterprises— American Broadcasting-Para- mount Theatres—Memorandum— Orvis Brothers & Co., 15 Broad Street, New York 5, N. Y. American Financial Corporation— ^ht Plane industry and da,ta on pany 326 Walnut Street, CincinL Sr 1 ' Amerjcan Life Companies, Inc.— same issue are brief discussions of Machine Tool Industry—Analysis Memorandum—J. M. Dain & Co., General Electric, International.—With particular reference to the 110 South Sixth Street, MinneTelephone and Telegraph and Cross Company, Giddings & Lewis apolis 2, Minn. Hutton & Company, 61 York New Broadway, In the same 6, N. Y. United Aircraft. Also available memoranda Loew's on are and Inc. Manhattan Shirt Co. Fire Casualty & n > Insurance CoJ^p^n^~!ITr?^er' Com- current is"Investornews" Francis I. of du Pont & Co., 1 Wall Street, New Also in the same issue are reports on Allied Chemical, American Research, Spartan York 5, N. Y. -trinity Place, rsiew ® YorK■> Y' ' New York City Bank Stocks— Second Quarter Statistics on 11 Industries and Mead Corporation. New York Banks—Laird, Bissell & Meeds, 120 Broadway, New York 5, N. Y. Food Processing Over-the-Counter & —Evans Industry—Report Co. Incorporated* 300 Park Avenue, New York 22, N. Y. son Also available is stocks report a Hey- on den Newport Chemical Corp. Income Stocks—Survey with ticular reference iels-Midland, Providence S way, Gas, Merchants United par- Bakeries, Southern Mid Rail- Continent, Manufac- and showing Index —Folder up-to-date compari- the listed an between industrial used Averages Archer-Dan- to Interstate u n r a y 35 the over-the- counter industrial stocks used in the Quotation National Bureau Averages, both as to yield and market performance over a 23year period — National Quotation Bureau, Inc., 46 Front Street, turers and U. S. Tobacco—Shields New York 4, N. Y. Portfolio Company-44 -Wall Street * tvt on York . — Securities Inc., York, a Marshall Field. * 1 Japanese Market maichi New Also available is 5, N. Y. memorandum t, • Review Co. of on New 111 Broadway New Also available are Dai Nippon folios, - Two for one growth—Bache „ Ya- — 6, N. Y. reports Printing \ JDdcne suggested income, Street, New York available is a 36 Wall Y. 1^0., 5, for one Co & oc port- Also wan .30 N. memorandum on Massey Ferguson. Public Utility Stocks- Comparative figures—G. A. Saxton Japanese Stocks New York 5> N- Y- investment, — Handbook for containing 20 essen- tial points for stock traders and The Nikko Securities & Co Inc., 52 Wall Street,- able Stock Market — Survey —Nomura Securities Co., Ltd., 61 4, Calif Toneka Atchison Santa & J*n,son 10JK} We York New Street Wall v- . . , Marine Capital Corp. Midland Capital Corp. Dallas Corpora¬ Bank Building. Harvester—Analysis King, Libaire, Stout & New York 4, Broadway, 50 Steel Lukens — Memorandum & Co., 120 New York 5, N. Y. Pershing Revlon Memorandum — B. C. — Building, Kansas City 5, Mo. Co. Richardson 49 Inc., Street, Hartford 3, Conn. Pearl Sanborn way, Memorandum— — Middlebrook & Coburn Co.—Memorandum Map Co., & Fales Broad¬ 71 New York 6, N. Y. Industries Season-All Inc. alysis—Moore, Leonard & For — An¬ Lynch, Banks, Brokers and Dealers Foreign Securities vl Quoted Sold Bought Vanden llroeil Liebcr & Co. = New York Stock MEMBERS . American Stock Exchange Exchange MAIDEN 125 Tel.: LANE, HA 5-T300 ° Private Wire Electronics NEW YORK 38 Teletype NY 1-4686 System to Canada Y We ^ig^ NLport BL^ Ca^f Foods fr FnrfJan . XT S N ' . Co. Wall 4^ Cn St National Bagasse • % & , . , A Leeds Homes, Federal • Borg Warner — Report 50 . . - ■ Brewer and Broad Street, New York 4, N. Dlgby 4-0350 • Teletype NY Co. Incorporated, 20 Broad Street, New York 5, N. Y. Co., Inc. First Chelsea Corporation Blair & — Shell Homes, Inc. Outdoor Development • Street, It'- Inc. I"c. Jefferson T ake A«bes+o"; Cerp. • BeAffs^onJ) Paper — Memorandum —A* Becker & Co., Incorpo¬ 120 South La Salle Products Corp. Thrift Courts of America, • N" Y- *ew of: Transnation Realty Corp. • " 26 ?mv' DEALERS trading markets in the Homes, Inc. Shell Morris • — • ' ' maintain Units, Bonds, Common and Warrants Analysis Y ?T ' — BANKS, BROKERS, FOR Bulletin-F 410 West Coast Co MUche 1 & — Y. 1-1799 . v" Company ,Limited Associated Products—Re¬ Street, New York. 5,; N. Y. St. Louis Capital, Inc. Techno Fund Inc. Dealers Association Trinity Place, New York 6, N. Y. M. PrincipalJm , , Loeb, jRhoades & Co., 42 Wall Street, New available York are 5, N. reviews Chemical Mathieson Y. , Also of Olin Corp. and Grace Canadian Securities, Inc. Members: New York Security Dealers Association Universal Oil Products. Paine, Webber, Jackson & Curtis, 25 Broad Street, New York 4, N.Y. Also available are data on Boston American Machine 25 Broadway, New York 4, N. Y. TELEX 015-220 • HAnover 2-0433-45 Orders Executed at • NY 1-4722 regular commission rates through and confirmed hy & Foundry and McCory Corporation. Clifton Precision Products—Anal¬ ysis—Auchincloss, Parker & Redpath, 2 Broadway, New York 4, N. Teletype NYT376; 377; 378 as Brokers, Dealers and Financial Institutions Cerro Corpcmatioa—Review—Carl Railway, Security Specialists in Canadian Securities ; Edison, Aetna Insurance, Southern Trosler, Singer & Co. • Y. Also available is a chart analysis of George A. Fuller. E. I. Du Pont De Nemours & Com-> & Members: The Principal National — Broadway, Christopher & Co., Board of Trade —Hay, N. Y. Champlin Oil & Refining—Data— Corp. Narragansett Capital Corp. Dallas 1, Texas. International Mid-States Business Capital HAnover 2-2400 Company—Bul¬ Mercantile tion, port—G. K. Scott & Co., 54" Wall Growth Capital Inc. 74 Co., . Florida- Capital Corp. York Breweries. Pacific. Pacific and Northern Atohm j N 5 Capitol In v. Inc. New W., Atlanta 1,-Ga. Also avail¬ able is a list of companies likely to benefit from defense spending and a memorandum on Canadian on' South- Also available are data Boston Capital Corp. Greater Washington Industrial Members 11 Marietta Street, & Co., Courts —Analytical brochure—Butcher & Sherrard, 1500 Walnut t Street, Philadelphia 2, Pa. ; Franklin Corp. trade Company—Report- Lukens Steel Fe Electronic Corp. j Memorandum — South Spring Street, Los Angeles 14, Calif. — Co., 634 & Data—John H. Lewis & Co., 63 Citizens & Southern Capital Corp. , Y. 4, N.Y • , Tejon Taggart & New Broadway 50 Co & York C. Investment Companies Johnson i„c._Memorandum—Pur- Astrex .... Small Business N. Laguna Miguel poration. Chicago 3, 111. Banks, Brokers and Financial Institutions North Hycalog, Inc.—Card memorandum Cork—Survey—Abraham & Co., 120 Broadway, New York 5, N. Yl Also available is a survey of National Research Cor- rated, For A. —Metropolitan reviews of Colorado In - ,are New York 5 221 Montgomery Street, San Francisco 620 Insurance Copley and letin—Mitchum, Jones & Templeton, 650 South Spring Street, Los Angeles 14, Calif. Review r;inrA mTn^Hookef & Fay g Inc N. Y. — Armstrong ^ Japanese Howard terstate Gas Company, Equitable Gas Company, Lerner Stores Corporation, Mclntyre Porcupine Mines Ltd. and Oswego Falls. g°-. Ltd Tokyo, Japan - New panies—As high InvestmentinvestSmall Business ComYork office 25 Broad Street, New leverage York 4, Jolla, Inc., 1516 Locust Street, Philadel¬ phia 2, Pa. Also available is an analysis of Gem International Inc. Newburger & Company 1401 Walnut Street, Philadelphia 2, Pa. Also avail- „ — randum—Hemphill, Noyes & Co., 8 Hanover Street, New York 5, Corn- Refining Sugar American pany Bay Street, Toronto, Ont., Canada. investors King Kullen Grocery Co.—Memo¬ Street, New York 4, N. Y. Silver Stocks—Analysis of outlook 220 letin—Charles Co., Beatrice Limited, La Hawaiian Pacific Industries—Bul¬ —Eisele & —Annett Partners Study Inc., American Natural Gas — Memorandum—Laidlaw & Co., 25 Broad ern Common Company, National — Phia 2' Pa- cell Co. Ltd. and Toyo Rayon Co. Ltd. I Dow-Jones the in and & York Insurance National American Treckler Corp., Seneca Falls Company — Review—Boenning & Machine Company and Warner & tCo 1529 Walnut Street, Philadel& panies—Discussion in sue f. Xerox CorP- and Duke Power Co. Machine Tool Company, Kearney & Avenue, Street, Colorado Springs, Colo. vv Chemi- Corp. N. Company, #« « / Calif. Company is a discussion of the Analysis—"Westheimer and Com- same issue Girard Guaranty « _ Company—Bulle¬ Hutton F. Also available Y. data on Leeds Homes, are 15th & Streets, Philadelphia 2, & Co., 80 Pine St., Data—Stearns New York 5, N. — Inc., Co., Goodrich F. 7616 Bowling American Letter" Minerals and and cals-Philipp Morgan tin—E. Tex. & Pa. B. Co., InStreet & Neuhaus Yoko- Calendar for Computing Interest— Waterworks—Analysis— General West 130 Street, Oakland, Calif. Continental Planning, Inc., 42nd Street, New York Fjrst in Discussion — "Investment current Hayes — —Memorandum—Cantor, Fitzger¬ ald & Co., 232 North Canon Drive, Beverly Hills, Calif. Credit Corp.—Report— State Manville Johns Hayden, Stone & Co., 25 Broad St., New York 4, N. Y. Also in the same issue are data on Kelsey Memorandum — Fort Worth Steel & Machinery Co. sis of Olin Mathieson. ^11 Canada of Ltd.—Analytical Brochure—W. C. Pitfield & Co., 30 Broad Street, New York 4, N. Y. ster Sartorius — Syndicate Investors Sellgren, Miller & Co., 1951 Web¬ Filtra-Sonic '■ ■ 39 Broadway, New York 6, Also available is an analy- N. Y. Broadway, New York 6, N. Y. son Also available are analyses of companies of the United States Fawata Iron & Steel; Fuji Iron & —New York Hanseatic Corp., 120 Steel; Hitachi Limited (elecBroadway, New York 5, N. Y. ironies); Kirin Breweries; SumiBank Also available is a card memoran- Companies. Street, New York 5, N. Y. * reports are Joy Manufacturing Co., Repub¬ Deere & Co. and Tire and Rubber yields — Aubrey G. Co., Inc., 20 Broad Aldens, Inc—Analysis dum Thursday, August 10, 1961 . lic Steel Corp., Texas Instruments, of Issues—Table Treasury available Y. Also N. memorandum a LITERATURE: FOLLOWING THE S. comparative PLEASED BE N. Y. Pubco Petroleum. U. AND RECOMMENDATIONS is available Also INVESTMENT LITERATURE IS . pany—Report—Harris, Upham & Co., 120 Broadway, New York 5, Steel—Bulletin—Goodbody & Co., DEALER-BROKER IT . •/ Stock Association Exchanges of of Security Canada Dealers 25 Broadway, New York 4, N. Y. Volume Number 194 6080 . . The . Commercial and Financial Chronicle (589) Union Trust Building, Pittsburgh Thermodynamics Inc. Report— — continues PUBLIC UTILITY 19, Pa. qo/„ 9% SECURITIES Colo. BY OWEN ELY Supply Company of Chi¬ cago—Discussion in current issue Also Y. issue available in discussions are the of Niagara Mohawk Power Corporation Niagara Mohawk Power, with annual revenues of about $300 mil- same General lion Westinghouse, Fairmont Foods Co., Hudson Bay Mining & Smelting Co., Cluett, Peabody & Grayson Robinson cities Stores United Worts & Ltd. Freight Co. — Analysis—Sutro Bros & Co., 80 St., New York 5, N. Y. Also available is an analysis of Frue- Yardney Electric — Memorandum with & F but ized Supply Analysis Robinson — Co. trie Ira Haupt is a Review — memorandum and are Levitt on & Co., Inc. — & Co., Ray McDermott & 120 Broadway, New York 5, N. Y. Stores Co. Mercantile A. Rothschild F. Kidder M. — Report — Co., Inc., 1 Wall & Industries are ■ are 23% paper about Electric gas. an revenues Industry. —Jamieson Duluth with J. — Co., Torrey Bldg., & Williston York New available is a Beane, 4, N. report 2 Y. on Stokely-Van Camp Inc. Pearl River Valley Water Supply (Miss.) — Bulletin & Jones, Inc., 140 District Scharff Carondelet St., Orleans New 12, by a rock slide. Generating capacity at the end of 1960 Peerless Tube—Memorandum — Goodman & Co., 1526 Chestnut St., Philadelphia 2, Pa. Radio Frequency — Memorandum —L. H. Rothschild & Co., 52 Wall D. St., New York 5, N. Y. Random House, Inc. P. placed in a — way, Report — 120 Broad¬ F. Fox & Co., Inc., New York 5, N. Y. Resisto Chemical — service in Beginning this has agreed company so necessary August that it capacity years. Niagara 000. Edison transmission Mohawk, and lines Consolidated other utilities are the . — TuiP ' area, Benjamin over-the^ have^^nLunced the^ adSS sion 1957, of Herman partnership and cooperating in the construction of shares shares of of issued were FrankPl to fn the change a Go^d' weisman with larger quarters at will be for five Mohawk — agara un¬ or six kw to with be generated River by full -j-r- 51 Parker Ford & Com¬ Inc., Vaughn Building, Dal¬ (an located -r . Katz hac joined Lieber- Co^ 50 Broadway, New City, members of the New -p. Exchange, dealer com¬ in- FT. Mande- o t i & .lOnTlSOTl ^ w vimouu XxkJXJ mm- as relations . L/C/ LAUDERDALE, Fla.—Roman with the area in high- are Because of this the to low di- ended of return become associate June 30, ing in generating capacity other¬ required for peak demands. Form* Calif 1961, were $2.32. should receive the 60% was Gramercv Place Lrramercy This announcement is neither an sale to industries using power for¬ merly produced by the company's Schoellkopf and Adams plants. nam© °f Services. "tax- lindpr by the Prospectus. 1,350,000 Shares com¬ capacity, atprimarily to the proj¬ storage reservoir; and 447,000 kw for general system re¬ quirements (of which 197,000 kw solicitation of an^ffar to buy these securities. nor a - Gulf-Southwest Capital ect's Corporation (a small business investment company) Common Stock > share YAMAICHI SECURITIES COMPANY of NEW YORK, INC. Copies of the Prospectus Brokers and Investment Bankers are such other dealers obtainable in as may any State from onfy each of the undersigned and lawfully offer these securities in such Statew Affiliate of YAMAICHI SECURITIES CO., LTD. JAPAN Harriman Ripley & Co. , Underwood, Neuhaus & Co. Incorporated hcofmlii ■ it BROADWAY, NEW YORK 6 .... COrtlandt 7-5900 August 9,1961/ ■T t.-« • . • ■ ,« i ■ • . v >• thp firm California Investors New Issue include: 190,000 kw "expan¬ power" for industrial use; 108,000 kw peaking offer to sell The offer is made only securities _ce under the/1I?n Au¬ Price $12 per TOKYO, a business from offices at 265 South increase, this would add about 40 to annual share earnings. about the S#»rvir-#i Inv Powers is conducting The present dividend rate of $1.80 (of which of v,«uii. niv. service LOS ANGELES, Calif.—James C. cents Niagara Mohawk's gas business members American Stock Exchange, full amount of the requested rate wise the rate share earnings have been irregular in recent years, ranging between $1.81 in 1951 and $2.24 in 1960. Earnings for the 12 months now oc- while summer, Due in If the company thority is rather complicated: the company will buy 445,000 kw ' firm power, but as specified by Congress this is intended for re¬ pany City power Japanese Securities 39 T jiphPrh^lTTYl P.A UaUIIl V^U. Gulf-Southwest Capital Corporation is a Federal Licensee under the Small Business Investment Act of 1958. 111 at • ($1.00 Par Value) v Broadway, iVgXZ J OIIIS of about versity in seasonal requirements, large amounts of power can be exchanged with a resultant sav¬ Power contract the for Upstate New York they Project, production expected, in,. 1962.- The demands York est in winter. ; The company has agreed to pur¬ chase up to 1,190,000 of the 2,000,000 in cur crease Mohawk and other utilities. Maximum the New may Additional allotments to the Bulletin 1, Texas. ^ & and new "P to New York City. The organization $90 663.000 663,000 of dealers in york stock firm rities, * mid"1959' ^ name ?o gaus mcrease in Frankel, Inc., ir year Bernard Goldf WeissmarCo broLr^nd ranged in August, 1960, to provide Last LIIL. partners in^he Weissman UP mon n this grid which will make possible tributable pany, , YftYi kP| construction budget is York Stock million compared with ager of the some $80 million in 1960. A shortpartment. term bank loan agreement was ar- about purchase year to temporarily retire some of its own plants until they are again needed by growing system requirements. Westgate California Corporation- las H The 1961 for years, "grid," with construe- new Niagara to build additional gen¬ erating sion — available t, future. would earnings' • W61SS1113T1 & to $70,000,000 for construction JViOITlRTl voltages of 345,000 and 230,- Purposes, and of this amount $35,The Power Authority, 000,000 was borrowed in I960. AQI? A of with of the New York State Power Au¬ Valley Forge Securities Co., 1706 Walnut St., Philadelphia 3, Pa. Analysis six ttt w^re completed earlier this year; Seymour a decision is expected in the near baum & However, source more tion generating new or State power The fourth gen¬ of five at competitive . j (jrOlCL 1960. This, however, only ra^ of return last and this- °Pti°n of accelerated depreciation. Accordingly, the company has asked for another increase in electrie rates, estimated to produce $n-2 million per annum. This was flled last Septemberand hearings large- energy in 48-39 and sells at 20.7 times $8,225,000 inrates another price around 48 year ^-4% despite the use of "flow was previously through' for tax savings from an Broadway, launch a electric ^r.0"gh; important project, perhaps, is the plan for a New York completing the postwar construc¬ program economically existing f u el s some 3,760,000 kw of which 2,616,000 kw was steam, 885,000 kw hydro, and 259,000 kw purchased Niagara La. Joseph of an + August formed to atomic from this probably not be years ago contracts. from power was thority, Paper Co., Inc.—Report R. Broadway, Also & construction costs the Schoellkopf Plant largely destroyed several units. and utilities scale generating plant to "produce Falls tion (ESADA), in crease . program. The goal development, design and ul- power but mission granted this for 39-34) the stock yields 3.8% year -i company's current 5%) as the result & Johnson,' 15 Southeast Third conversion of $21 million de- Avenue, members of the Philadellarge blocks of power from the a far greater and more economical bentures. The equity ratio at the phia-Baltimore Stock Exchange, Report kFge Njagara River Development interchange of power between Ni- end of 1960 was 31.6%. , have announced that they have 2, Minn. V Patrician — Corp. Airmotive Pacific Inc. timate (range year-end, for heating, To support earning power, the New York State Com- intensive nuclear research and is the total 361,000 the plant*accounf de- net un- likely seems its request increase. At the 4.9% in 1957. company, Empire Development Asso- Atomic Formerly the company had large power plants at Niagara power , the continued with rate clined from 6.1% in 1951 to only development cellaneous. „ was Report—Walston & Co., Inc., 74 Wall St., New York 5, N. Y. Also available is a report on the Auto on non-profit ciates, electric Electric — earnings Power State erating unit at the Dunkirk station Corp. in Niagara Mohawk and six other a and textiles. 77% St., New York 5, N. Y. Also avail¬ able is a report on Wagner Olin Mathieson Chemical Corp. business haye 36% residential, 20% commer¬ was Review—L. farming ful all were added has an during 1960. rural custom- and n'roducts rhpmlrah pIpp investor-owned electric products, chemicals, elec- in New York gtate Revenues — Sons. J. includes the at 1960) increase might be forthcoming if the company is success¬ largely to service problems s or u.e lems resulting from the loss of the Schoellkopf plant, as well as the cyclical nature of the industrial Authority Act; but no such savings are expected to reSult during the initial years of the contract, because of excess capacity costs.:.7: : ; < cial, 31% industrial and 3% mis¬ Co., Ill Broadway, 6, N. Y. Also available service provided in the New York as state highly industrial- also iron, pulp and — & New York ers, equipment, food products, products, mining, steel and metal ing, Atlanta 1, Ga.; Marrud Incorporated with- that Due to domestic 0n Skives' aTloys automoSes" cemrniT cement Humphrey - possible . Rhodes-Haverty Build¬ Co., Inc., popu- less extensive. is and resort sections Arts and Indus¬ Graphic Photographic gas The territory is Philips, Rosen & Appel, 111 Broadway, New York 6, N. Y. trial A 3,400,000 is served electriicty, but the area — M to Of service 220,000 used gas including 12,500 who Future c lation of about with Pine Co. subject drawal). in New York area an except Rochester. served States hauf Trailer serves are of over „„V„I8B savings derived by Niu„lvCu State extending from Albany to agara Mohawk from the purchase Buffalo, lncluding the principal 0f Niagara power will be passed Inc., Delta Air Lines Inc., Hiram Walker-Gooderham classes but in changed since 1956; it (up nearly increase customers gas Electric, Co., the higher also. Merrill — Lynch, Pierce, Fenner & Smith Inc., 70 Pine St., New York 5, N. half other Tractor Reader free" revenues 1959). Growth m resiheating accounted for over dential over Investor's expand, year Lowell, Murphy & Co., Inc., Den¬ ver Club Building, Denver 2, of to o??Ayear havi1f1S increased for the 20th consecutive 9 ,\ 10 The Commercial and Financial Chronicle (590) • • BUSineSS in Lil0 1*06 VVOflUU -T eiSn affairs* prospects Does the Is There Maturing Boom? a turing boom?" Information Services, New York City oontro "busf" Free World countries beyond their own needs in making decisions so as to ensure to look Mr. Miles ad¬ the quadrilateral problem of maintaining steady himself to dresses on=i economic the abroad * expectations" is too long frustrated, comments on the European interregional problem, and suggests other countries carry a larger share of the international bility towards a sane monetary and credit system to oil the wheels of trade and investment. These are all questions which our governments are working on and for which solutions must be found if our system is to survive or—no, let me avoid that cliche— if our* system is to evolve, as I thunclouding the political time when enormous a ' derheads are ing business to have 1 keep our feet the ground, and it on is more the ability our than Western of condition is It a a , the assumes , the conventions busi- of take into the background to all This our quick look a in the "in- trade common areas for greater a is we really. know, enough to know I that - ^ r,.. either side of the Atlantic likely world monetary system. in the That is sidpq all Th } i bh .. , tionarv of nr hurtful payments To off the advice of economists from look sum in - Up on the tn for offer to no buy, p are to • the mon ^-p self, we whill t^e f0re of trade, if they divert trade from its normal channels without expanding the total of world trade, they are militating against the business - two themselves may way and wards count r i e s and a between In long free groups, the be nations. both Europe the' Common lead should to a net ex¬ therefore, rather, every should effort be made and sup¬ ported to bring these two groups devoting the much- be together in united Europe. The a so be regarded as a matter of trade. I: With'-all the aid that the United and allies her groups formity with the rules of G.A.T.T. (the / General; Agreement on Tariffs and Trade),. / V. * ' The ^question most/people ask however is: "Will Britain join the out (note that Mr. Dillon has recently declared that Britain is \ much, as of her resources as „/ . is negligible provided these continue to grow in con¬ seas, pouring are relatively, is the United of hers), these countries depend primarily on their own earnings of foreign exchange to buy their needs from us. They depend on trade, and so on prices. Market"?" Common To ask that question is to sup¬ still Chile Cites as an that pose it is a country like Chile. Over past five years Chile has re¬ about $4 million a year in aid, but in one year, external her export earnings It Copies of the Prospectus may be obtained in any State only from such dealers participating in this issue, including the undersigned, as may h estimated that has been fall a 5% in primary product prices generally, in any one year of the would have offset last four years, of such State. all the aid contributed funds by the free world and the U. S. S. R. combined. means tain ,, Hayden, Stone & Co. own When you consider the to which we stoop to main- the purchasing power of our farmers it is ludicrous to insist, in the name of free enter¬ prise, that price stabilization for these poorer countries is unthink¬ able. We must assist in plans to help -these countries over their A. C. Allyn and Company Incorporated •' —v - ; merchandising problems. * A great deal is heard about compensation schemes.- / are Aid themselves and a export way credits of dealing just a of matter paying the subscription and join¬ ing the club, as the Prime Minister Example. $25 million—as a result of a 15% fall in world copper prices. . to prove the be feared of 1957-1958, • larger only quickest way/ to¬ great expansion of trade they political dangers of failing to ido are grave. The economic cost, to development overseas.^ the U. S. or other countries over¬ Rather, in this context, it should . . which the free sys¬ If, on the other hand, their prime objective is the reduction of tariffs, first between themselves, and then between needs of fell on tem has been built. headi* ' share * Such talked of 1% of their GNP to the ceived _ Trade also are said the other A. G« Becker & Co. Free Europe. pansion of trade. They should not contributing - the in Market and. the Free Trade Asso¬ Take Incorporated and existing countries aeveiopea the Paine, Webber, Jackson & Curtis Market framework these ner ' restraint com wild thp ' shaping up in Latin American and possibly else¬ where. If these groups are in , securities laws the problem resolves itself into * legally offer these Securities under the profoundly affect the groups than thei/effo/flnTmiy Mee^be? Common Stock Price $13 per in . near tendency to form trading groups such as the Com¬ ciation ! Development Laboratory, Inc. areas the in Common Markets States Radiation Instrument other two should few words outlook. First, power in countries: ' compla¬ these lands. This is not a P^ea f°r more aid, although all infl^ • 100,000 Shares nn hand For me less-developed The • August 9, 1961 , business thus dlltv OV nf "p^nle fnro States „ i<? ^ billion hjllin® bare 60% a can a developments future 1950. countries these 0f n these which J* 1°Ttnuf^& !1S J „ . about L. consumption Z . for room It remains to offer J?"J? than <fi?nn?vn^ ibl ZIS'n/^1! the business out- as an offer to sell, or as an offer to buy, or as a solicitation of of the securities herein mentioned. The offering is made only by the Prospectus. . of are thpy nPnp unsatisfied {J}}}:® no us, now. Our best minds be applied to solving it. Here nressine verv 0n I ® tial is here. This problem is with cency g7 totall/unsTtefied ..a.... tuiany unsdusucu. circumstances to be construed any .' purchasing of ohriritv f t "revolution if the countries Association two thp industrial levels markets lack OUT _e t: abroad rising expectations" is too long that, for many prices are back to hprp . int* • and is under an these of other - Of OTIC* market his will be as dim will be the political outlook in as probably xi_ ~ risk -j^pa is who hopes to fact potential finance not with economies. Th •7/ This is crop" pre-Korean at can countries our why it is wrong to compartment finally, to There the power. reaSonably look for is steady growth on both we £«««* XreThesf dislocations therefore frustrated. are-^jJL ,iation enormous unpredictables of peace or "one Vast steady growth, sacrificing, where war, is trade commodities, ■ these problems, but un¬ products in .1861-1962 ready-made solu¬ no are nessman ; the to result " make strenuous : efforts / to it, the prospects of the busi¬ solve conceal courses The the over less the industrial countries of the West or or tries; but that it is subject to the markets and, all —-x Second/a^the/erious'problSis free is the trend is upward in these coun- confronting the less - developed lands. Then, linked to these istwo others: . . think it to take at the business outlook or an less degree of restriction on credit and consuming ruvv power generally emu. v,uiiouihhi5 whole is expected and in the United States in particular ac- There This leads us to the less-devel0ped countries, those usually described as /'primary producers" run available supplies. This is a factor in the big excess of imports over exports, and consequent balance of payments problems. All called 15%. tions for and business generally in Less-Developed Countries be pursuing contrary in the coming year or so; America will be seeking new stimuli; we will be holding in check the factors making for inflationary boom. ' propose sues calculation); of the year. By contrast, in 1961, the economies of Western Europe should resume expansion. In Europe the view is also that some recovery in North America as a economies and anv backlog of unsatisfied the outlook is less good. Short demand, for both capital and con- term improvements in their earnsumer goods and a consequent jngS should not be allowed to The first need is to ensure system does not falter, decisions. I basis on requires that all of us—whatour disciplines—must look in prolonged recession in any enormous stagnating in the later months of count the vast world forces which form working population unemployed in Great Britain at the present time, although the figure would be higher if we used the ent reasons, all shared in a period in the leading European countries; disintegra- r*reiqtnn nro]ori^d f the S. 200% up Affects Businessmen's Prospects _ country that, normally, is a major imPortcr, - will^ in time depress trom those confronting tee U. b- ^Gor cpen Cur problems are usually those of countries. over-full employment (1.6% of this has past . „ try be doctrine wide beyond ness They suggest that fair. In rubber understood that the decisions to maintain its own business at be taken in Europe are different healthy levels, and so keep the U. is decade,. plastics 100% but wool up 12% only, cotton 7% and rrent laid on each industrial coun- •, , should it con¬ is Qther dountrieS4 A first require- of fairly general slow-down. After disciplines quite alien to the exa bright start, industrial produc- perience, or indeed, to the present tion ceased to rise in the latere requirements , of this country. months of 1960. International Furthermore,'these restrairtfcTare trade, though at high levels, was likely to continue. Thus policies our ever ' , respect, countries' industrial sumption the U. S. get pneu- if >Wli3t remains triiGy howfivcrj is Prices rather than tenaency for consumption to out- winter the industrial countries of the w cot, for differtuuiiuica <~jj_ wits West, awa of the Free World. We break this have to This ir accounts, be seeking?' the Richard Miles tion of the commercial and finan- open. . this nM/a and-., for growth, rather than - . w, the outlook is reasonably quick political thrusts the enemies of our system may make as a matter of tactics, their long - term that n Outlook then, a quick look at the ica and Europe. of fact cial system r* called the "home markets," North Amer- that, WflStGVGr whatever strategy Economic First survival. our • „ indicators in what might be its economic problems is efficiently revolutionary communism. and The sensibly of mankind needs completely __ world to han¬ dle real the isfies that was that sat- believe it can, in a way as true now as it ever • progress horizons, it seems almost indecent to pose this question of a maturboom. But we In we ; , monia. external steadv growth ' boom _ At its One can only should be readyto scheme that promises two other facts to think or over: 1959_1950 show this. It is longer true as was said sO frequently, - that sneezes, * Europe sta- hand, the need What then should Surelv - internal lApiA+tA-wN other balancing financing load. . of (absence of inflation), the on hand we help. One re/ently no one "Uiii+tf maturing boom, warns businessmen who have to sell they will not do well if the "revolution of rising - iL it inlri hi.-iifi implies instability. Any country can engender boom conditions if it disregards the needs on a whir-h term Boom tional finance mechanism. fear iL/ "t it nf right the . expanding international trade, and improving the interna¬ The economist is confident we need not way, not §* growth, assisting underdeveloped countries to earn their own tho ao fs it problem. cling sweep. Even between the sumption of raw materials is up European and North American about 40% over the past decade. I economies, there is today no cor- Exports of primary producers are related or inevitable movement of up 1% only. A principal reason boom or bust—or recession. The for this is the synthetic materials experience of 1957-1958 and more of all sorts. Synthetic fiber con¬ goal at which we should be aim- against the vast world enemy forces. their survival to the that look at any simultaneously, in a globe encir- whTi}ew"SrjinhP.ariwf wtr J? °SL By Richard Miles,* Director, Economic Division, British Britain's informational economist entreats the say business cycle, like the Van Allen Radiation Belt, embraces us all, dustrial nations add up to a "ma- with pansion are there. But it would t>e wrong to suppose that the in- for the Thursday, August 10, 1961 . all the ingredients for steady ex- that of bankers or experts in for- 1 1 TT T T7\ 1 j . . day. This is not the case. The "sub¬ scription" demanded so far is that all would-be members sign, un¬ conditionally, the Treaty of Rome. This Treaty comprises 248 clauses and nine protocols—the carefully negotiated balance of the conflict¬ of the six existing only would Britain and any other new members have their own special positions - to ing interests members. Not negotiate, but Britain and E.F.T.A. are seeking a formula that will unite all the West European coun¬ tries, not just that end touch with some Britain the of them. ,To indeed is individual bers of the Six and is , in mem¬ keeping her partners in the "Seven" informed; far it seems, no formula put forward has tempted the Six as a group to denart from their stand on all the Treaty, or none of it. Britain is insisting: that the but, so position of her E.F.T.A. partners, the Commonwealth, and indeed, her own agricultural interests, are Volume 194 Number 6080 in which the areas renegotiated. take; but as -been offer no great deal a negotiate. Financial ■ , J-\ the sterling free world. '■boom and bust we The \./ trade the war we 'valiant efforts to avoid the of the past. system, now errors and of World field eventual holds of each country goal the for of boom *An or under¬ issues bust. address National New as were at • is Walter Co., by A a of payments short-term >■ Of Robinson Co. Maio ' war, international volume the has trade of has ; Pa. —Peter elected been New York Baltimore quad¬ firm for free world has doubled only. For the United States and Britain, this serve they ager. Vice- a Exchanges. ; Mr. time some C-". * held in are a re¬ ■"■■'•:: '. ! •; •- Of Birely Co. combination of three gold, The United States has today some $18 WASHINGTON, and of settlement This :• addition, the firm has direct leased -wire Director. \ . 7 was a cur¬ ner,. Ohio was years. & Co, New York, • ' Laird, Bissell Wire Joseph — Reynolds three To Charleston LWestheimer and Company, Ohio Building. Mr. Hartz¬ mark. was formerly a partner in Goodbody & Co., with which he had been associated for . Laird, installed many ' • Bissell & Meeds, " 12D Broadway, New York City, have direct a Johnson, > private wire to Coleman, Manning Smith, Inc., 7 State CORRECTION & St., Charles¬ ■' ton, S. C. In the Financial Chronicle of July it was indicated • that Koenig, Hawkins & Titus, Incorporated, v606 South Hill Street, Los An¬ geles, was a new firm engaging :27 in the securities business. Hawkins Titus Krumbein V.-P. Koenig, formed in Of B. N. Rubin RICHMOND, Va.—Herbert A. Los Angeles in 1933 as an invest¬ Krumbein, N. ment Rubin & & firm counsel tinued in was and has investment the business since that time. con¬ Manager of Co., Inc.'s newly opened barnch office Street, counsel The firm has been, elected President to B. at 3318 West Cary Vice- company. of the a Prior joining B. N. Rubin & Co. Mr. Krumbein was with Francis I. du engaged in the practice of invest¬ Pont & Co: and Harris Upham ment counsel.-! partner. Hennig formerly U. Mr. S. Marine King Corps co. : r & asso¬ This is not offer of these debentures for sale, or an offer to buy, or a solicitation of an offer to buy, any of such debentures. The offering is made only by the Prospectus, an in the Gorey Co. with , joins the prior associations MacCormack Evans First National and the & Co. den, Podesta & Co. Thomas nent & Bank of $30,000,000 Co., The Chicago Kimberly-Clark Corporation Chicago offices of Demp- sey-Tegeler ' BOSTON, Mass.—Thornton Clark, Jr. has been elected vice president and treasurer of Harding Tulloch & Co., Inc., 85 State Street. broadly, it to Co. from.Stone & Young- after C. —William Tulloch Elects V.-P. foreign deposits with the Bank). Sterling is, in addition, so widely used for the (i.e. international the of obligations and Charles Wiegard, part¬ San Francisco before service with Birely & Company, 1700 K Street, N. W., as Vice-President British rent account trade that time, Brush, Slocumb & Co. here and Rauscher, Pierce & Co., Inc., in Dallas, Texas. He was employed by Blyth & " Co., Inc., ' C. Buell IV has become associated foreign obligations, (i.e. deposits, if you like, with the U, S. Bank). Britain has no less ! ' -■ . Co., New York, fof two , ciated with with billion of than $12 billion of such D. The Maurice are East the over same Korean War, of the free world forms of monetary wealth: in in dollars and in sterling. . In a Mr. Office Man¬ as Lyon & V •; members Harry Ross,, partner, Ross, year; " ■ (Special to The Financial Chronicle) Russ department has from four to six Philadelphia- berg, where he and Stock •' ■ Singer, Beane & Mackie, Inc., has recently registered as a broker York, and to Evans MacCorin order to augment their services & Co., Los Angeles. Mr.-Brown came tql;Walter. C. to their clients, but they are solely Wm. Buell V.-P. providing most of are resources i mack ..is of the highest significance, be¬ cause Carmel, Calif. - New F. Maio has been associated with the rupled but the credit base of the the international finance. The the* expanded President of Robinson & Co., Inc., 42 South 15th Street, members of ■jGorey the the the of made At trading added year Sharing the Financing Load Since been stations. PHILADELPHIA, the of¬ Managing Partner Walter C. Gorey announced Ralph E. Brown has; joined the executive staff, Richard A. Hennig the trading staff, Thomas E. Kingr Jr. the analytical staff, and three men Maio Now V.-P. balance fluctuations.- 1540 was weekend. : , ' > for board Haberman, ' partner, Haberman Bros., New York, elected for one Gorey office years. spacious more Suite Building investment " to move in - identified with insur¬ stocks. ' fices Ralph E. Brown Francisco dealer long Mr. Miles before the Conference Board, City. "'' Gorey C. San ance ; .! Industrial York new with * The with last necessary • CLEVELAND, have been added to the sales staff. capital, and its neighbors by freer policies without an ever fearful glance over the shoulder since Francisco has Hartzmark has become associated a trade and San . than with the old these of bers, it has been announced. who C. With Westheimer dulge in healthy economic growth, such San Francisco. Joseph Hartzmark "must", not only for businessmen, but for the people of the free world generally, if they are to grow in wealth and in dignity and away from the dreadful chances the in aiding the less-developed Co., .has joined the Gorey years; coming months and proper The Board of Governors of the National Stock Exchange has been increased from six to nine mem¬ ... countries, ^ which profoundly affect the business standing for of curities office in Exchange Board Enlarged Reynolds & Co. Mr. Dinkin, previously with Pacific Coast Se¬ firm in time same Nat'l for ; payments the cyclical factors. A Progress in prospect being able to in¬ out ,. has Wadley ; represents Gorey in Sacramento., He formerly worked Co. of opportunities Central Bank. this the i at years—more so our talked international outlook in the Of improving the machinery Prime Minister has even means .> Co., last eight years will represent the less-developed a looking are ; this will of people load in Cyrus B. Johnson, ,been with the Walter countries themselves, and between the industrial countries and the experts and the International ;Bank the & 11 • countries carry of fice Richards Walter C. Gorey Co. of¬ Grass Valley, Calif, Mr! a , saw towards moved share developing interdependence in ■central banking unknown before. Over the years since, the Inter¬ national Monetary Fund has de¬ veloped this interdependence, and , was Gorey coun¬ mechanism and In the Bretton Woods we degree" C. trade both between the industrial '; 'v':';• ; last bigger of efficient,, but still far from After . Walter Success is working together closely in the further streamlining had "'at* their dislocation of : the inter¬ national monetary system. 1 The machinery is today immeasurably ■"perfect.v firm's facilities and by the step- is surely to international financing. root, more staff announced of responsibility which limits our own freedom that other ensure a expansion quarters, enormous two FRANCISCO, Calif.—A sub¬ stantial re¬ a gravely have known in an on : our of action. A first PRst, the dreadful years of •depression and the stagnation of SAN outside their keep to up tries: cycles of Expands Business' re¬ gold and dollars. These i' the -international add responsibility Finally, the financial mechanism the in is" Hill, opened a reserve countries area > „ It currency. Most currency. Dis¬ with Walter -Gorey Co. in sources Mechanism of the (591) an factors • half invoiced garded internationally as as cussions continues' International is / international far there has so to about trade Financial Chronicle sterling. Likewise, the dollar is . ready to give are estimated,*, world's Britain and the other Europeans -well The Commercial and . is existing Com¬ Treaty must be Market mon . . and Crutten- He is the 4%% Sinking Fund Debentures son A. King, Sr., promi¬ Chicago investment banker. Additions to the sales force Carlton G. Thomas, Marvin Dated August 1, 1961 Due August 1, 1986 are D. Wadley and Leon Warren Dinkin. Mr. Thomas, is neither an offer to sell nor a solicitation of. an offer to these securities.' The offer is made only by the Prospectus. announcement Price 100% and accrued interest formerly associated Copies of the Prospectus buy any of . NOT A NEW ISSUE may be obtained from any of the several under¬ writers only in states in which such underwriters are qualified to act as dealers in securities and in which the Prospectus may legally be distributed. August 4, 1961 Blyth & Co., Inc. 400,000 Shares The First Boston Corporation Kuhn, Loeb & Co. Incorporated Eastman Dillon, Union Securities & Co. Transcontinent Television Corporation Harriman Goldman, Sachs & Co. Kidder, Peabody & Co. Incorporated i Incorporated Merrill Lynch, Pierce, Fenner & Smith Lehman Brothers Incorporated Class B Common Stock ■ Dominick & Dominick $12.50 per Share Incorporated Hallgarten Sc Co. W. E. Hutton & Co. Moseley & Co. A. C. Allyn , . Clark, Dodge & Co. Incorporated Drexel & Co. Hornblower & Weeks F. S. White, Weld & Co. A. G. Becker & Co. Wertheim & Co. Smith, Barney & Co. Incorporated Stone & Webster Securities Corporation ($2.50 Par Value) Price Glore, Forgan & Co. Rioley & Co. , Hemphill, Noyes & Co. Lee Higginson Corporation Paine, Webber, Jackson & Curtis American Securities Corporation and Company Incorporated Alex. Brown & Sons Robert W. Baird & Co. The Milwaukee Company Shields & Company Incorporated Copies of the Prospectus and the may be obtained in other several underwriters as State from only such of the undersigned lawfully offer the securities in such State. any may Loeb, Rhoades & Co. Bear, Stearns & Co. Blunt Ellis & Simmons Tucker, Anthony & R. L. Day First of Michigan Carl M. Schwabacher & Co. Reynolds & Co. Inc. McCormick & Co. Corporation McDonald & William R. Staats & Co. McDonnell & Co. Company Chapman, Howe & Co. Incorporated Julien Collins & Eastman i \ : , Harriman Ripley & Co. Dillon, Union Securities & Co. t , ' *' i •' ' ' - '• f -» ' *: •' * Incorporated Wertheim & Co. Dean Witter & Co. The Illinois Company Incorpo-ated Mackall & Coe Incorporated - i • Pacific Northwest Hornblower & Weeks J. M. Dain & Co., Inc. Company Loewi & Co. > •' i Company The Robinson-Humphrey Company, Inc. August 4, 1961. W. II. Newbold's Son & Co. Piper, Jaffray & Hopwood Watling, Lerchen & Co. 12 (592) The Commercial and Financial Chronicle Appointment NEWS ABOUT mus New- Branches • New • Offices, etc. Revised • City Bank, New that Carl E. announced Manufacturers New York, as Mr. this assignment tional Bank the Real Estate Depart¬ Schwendler moves to Division's Na¬ Correspondent joined the Bank in 1929. He was appointed a Vice-President on Dec. 24, 1957. * The election of gliana-Piazza as a Guaranty Trust Com¬ New York, and his appoint¬ ment as the Bank's representative for the Mediterranean region were announced Aug. 3. In his new Pinto appointment a as Vice-President Simpson, of The Mr. Simpson is Richard C. Security National * vision Bank of 6 * Gallagher joined the Bank He is assigned to the Island The "v.yy" Federal * tions Deposit Insurance announced Aug. 2 that it had approved a merger of the Killington Bank and Trust Company, Rutland, Vermont Bank Vt., and has Bank Development the fice at 504 Market Street, its sec¬ Board of du Pont & * * Directors of ond office in elected William Worcester, Mass. by SHREVEPORT, Worcester County National Bank, The De¬ ' will these securities for sale. ..The offer is made only by the Prospectus. > Shreveport. office y as Representatives are sistant Treasurer since v. y';; FUND INC. ■ COMMON STOCK- : c; ■; •' * - •" f > *- ' . $ . sjj . elected v:J C. a . Leonard Ohio Franklin Fund Inc. is investment blocks diver¬ a Without incurring federal capital gains tax at the time of exchange for Fund shares, investors have the opportunity for diversification and professional invest¬ ment management.. The objective of OHio Franklin Fund Inc. is possible long-term growth of capital and in¬ come through selective participation in the progress of American business and industry. Individual investors may exchange a of acceptable securities, with $10,000, minimum market value of for shares. Fund based on Fund Inc. one The exchange; is share of Ohio Franklin for each $20.00 of market deposited, less com¬ pensation to the Dealer Manager, as described in the Prospectus. value of securities Investment dealers and individuals ■ 7". ... b ' : .. of Philadel- Bank may obtain a copy of the Prospectus, in states where authorized for dis¬ from Ohio The Company, Dealer Manager of the Fund. 51 N. High St. OHIO a -A :i! MINNEAPOLIS, Minn,. ;* ' ' ' • . . — Anchange of Apache Corporation's mutdal fund sales organization was made by Raymond Plank, President of the ' - ' 1 " s a name dent, announced that The Michi¬ Minneapolis-based investment and Bank, Detroit, Mich, had re¬ management company. authorization ceived the from Comptroller of Currency to begin operation the der as national bank un¬ "Michigan Bank, a name, National Association" effective on opening for business August 1. The conversion of the bank from to bank state a national a The name is Apache In¬ Services, Inc., which re¬ places the former Fund Corpora¬ tion. The change became effective Aug. 1. Apache Investment Services, 523 Marquette Avenue, a member new vestment of the National Association of Se¬ bank curities approved by the share¬ was holders July 13, does not affect the Bank's membership in the Federal Reserve System or in the Federal Deposit Insurance Cor¬ on poration. The present Directors and Offi¬ will continue in office and the Dealers, serves as prin¬ cipal underwriter and investment manager of Apache Fund, Inc. Aileen, Inc. Common Sale capital funds of $9,356,609 remain the investments COMPANY before the conversion. same as * Columbus 15, Ohio Member of the Midwest Stock Exchange .*,5' ■>' gan cers THE * •*' . * , H. ' •••'• *• e e n Howard J. Stoddard, Chairman of the Board and John C. Hay, Presi¬ which tribution, Neai and *y y' nouneement of # ' company. . director of the Central- Penn National . v' ; 1958. ■■ Melnicoff; has <u~f sified Brook O. Nierman. . p / Registered Tyler G. • David • OFFERING PRICE: $20.00 PER SHARE a Hegenwald, Shirley R. rSimmons, He is coming to Worcester Coqnty National from the Morgan Guaranty Trust Company, New York, where he has been an As¬ 1,000,000 SHAKES : sociated mid-August and initially assigned to the Main Of¬ be Louisiana. William Lowry is Manager. As¬ with Mr. ; Lowry in the S. Morgan, Jr. ap Assistant VicePresident. Morgan will join the • staff func¬ of certain the of La. —Francis I. Co., has opened a secu¬ rity and commodity brokerage of¬ * ; were reor¬ a Com¬ Brattleboro, Vt. joined of with connection New duPont Office the and Trust appointments new in Division, as well as in recognition of service to the Exchange, Mr. Phelan stated. y 1 :I: partment, it -was ' announced Herman H, Maass, President. . The made Corporation Long Vice President, in charge as * ;; Connolly of the Business administration de¬ Presidents. ganization ❖ NEW ISSUE :» W. Netherwood, Jerry Brady and S. Kaler, Ray Aug. service on with the Bank. Director of the a White Plains, N. Y. completed 40 years of pany, New fice in Worcester. ■ appointments for the Di¬ were: Richard W. Coffin Assistant Vice- Stahl, regional Vice Presi¬ in charge of the Port Chester pany, partment located at 55 Broad St., not an ofJer of Stock A. Bank in This announcement is Garden * offices of The County Trust Com¬ National Bank, Balti¬ Md. and the Savings Bank of Baltimore, Md. 1943. New York. Coast announced Other * Treas¬ as J. Fred Baltimore was Secretary J. Company, -""'y * succeeding the late Colonel Roy Barton White, it was announced by Albert C. Sim- Brooklyn, N. Y. Mr. Trust City, N. Y. elected was monds, Jr., Chairman. of Charles of the of Company of more, O'Brien Mr. Assistant Bank's branch The E. in appointed in 1955 and is assigned to the Bank's branch administration department, 1934. in „ Trustees according ■■ to, Frederick Jr., President of Long 7, Pacific Exchange by Thomas P. Phelan, Exchange President, fol¬ lowing a Management Committee meeting of the Division. opened Au¬ was Vice-President as of the San Francisco Division was Island York, Aug. 9 T. Gallagher as an Assist¬ Secretary were also an¬ an post he will make his headquar¬ ters in Rome. to York, Trustee a Mr. O'Brien joined the bank of Morgan pany, continue of White M. Raymond H. Peiser drive-in bank for Freeport at the corner of Henry Street and * Trust and dent 1948. nounced by Mr. Flanigan. Giorgio CiVice-President of States ward new gust Board Company, * * urer A Benjamin Strong, Chairman, announced Aug. 4. Frank Dr. Frankfurt Hainfeld the Assistant Vice-President and ant * Appoints in S. F. Appointment of Ruth Kapelsky as Vice-President and Secretary, Ed¬ of Railroad Avenue will * President Trust * Cathcart, Jr., and John Irwin, II, have been elected to United Appointments of John J. O'Brien an he Vice Plains, N. Y. N. Howard as Coast Exchange Island Long joined in 1956. Prior, he County White been James A. was in has the in * New Mr. Schwendler * where appointed an Assist¬ ant Manager in 1941, an Assistant Secretary in 1945 and an Assistant Department. 1959 Main, Germany, office of the Vice-President the from The joined the Bank in since serve. by American Division of the Bank in 1939 and The of Assistant was and Bank Schwendler, Vice - President, has Horace C. Flanigan, Chairman of appointed as head of its the Board. Premises Department formerly Mr. Pinto joined the Latin ment. President which he Mr. Cadmus been known Trust Company, Board. Company, announced assuming his new post, Connolly was Assistant Vice Trust Company, Garden City, N.Y. Capitalizations Trust was Before Mr. by Horace Chairman of the Flanigan, representative National Cad¬ C. am York, Michael Vice-President New York, is announced 1954 First E. of Manufacturers BANKS AND BANKERS Consolidations of Assistant as Thursday, August 10, 1961 . . . Edwin * * Buchanan, National consin, former Vice Milwaukee, Bank, Wis¬ secondary offering of 200,000 common shares of Aileen, Inc. is being made by an underwriting group headed by Goodbody & Co. The price is $14 a share. The special assignment for on the past a First Wisconsin the of President A six years, retired July 31. shares being are for the^account of offered certain selling none of the ... , offer to sell an these securities. nor a The offer is made solicitation of an offer to buy any began with clerk with the Union National Bank, Milwaukee, Wis- of AUGUST 9, 1961 shareholders job proceeds will be received by the company. y t ; Ohio National Bank, Ohio, in 1919, as The company with offices at 29 West 38th St., New York City, Vice-Presi¬ designs, produces and distributes popular priced sportswear pritriarily for young women and teen¬ a only by the Prospectus. NEW ISSUE His banking career He joined the This announcement is neither > ■7v a as Columbus,, Cashier, He became 100,000 Shares a dent in >1929, in 1921 and, named President. He in 1935 Electrarc, Inc. as First The : * - - * " \ Common Stock and > age National ■. Bank Trust stores • Share For - " • - of Copies of the Prospectus other brokers and may dealer*, as be■ obtained from the undersigned and such may , the * * Connaughton and Geo. O'Neill D. ' F. Trust Co., share. National Bank * * * a The Federal Deposit Insurance . P. de Corporation has approved a mer¬ ger application of the People's State Bank and Trust Company, Rensis & Co, Inc. 75 State Street Winchester, Ky., and the Commer¬ cial Bank of Winchester, under v » t; •: A title of the PeoplesJ Commercial the Bank, Inc. Boston, Mass. . . y - * * Niven a Calif, Director* elected months ended For share. Capitalization consists of 1,000,000 shares of common stock, $1 value, outstanding,: not in¬ cluding 10,000 shares reserved for issuance upon exercise of options. par E. H. Vaughan Opens NEW ORLEANS, La.—Eugene H. * The Pacific National. Bank of San Francisco, four month & De$ Moines, Iowa. legally offer these securities in this State. the the comparable fourperiod last year net sales were $2,219,089 and net earnings totaled $185,683, equal to 19 cents elected Directors were Central 4,000 retail the United over throughout April 30, 1961 it reported net sales of $3,601,529 and net earnings of $448,152, equivalent to 45 cents a - * per James line is plants Tin Vir¬ apparel at States. was Salem, N. C., effective July 28. Price $5 The ginia and sold to of the Wachovia Bank Company, Winston- into girls. manufactured '• Thomasville, North Carolina merged was Vice President. a * K , to the First Wisconsin came and John r-r.~ Vaughan, Jr. is conducting R. curities ^ 4814 CarondeleU Street. r business -• from a offices - ~ ~ ;> se¬ at r - y ;4, Volume 194 Number 6080 . . The Commercial and Financial . Chronicle Dunne & Co.; The Growing Teen-Age tional Dealers; and Business that avers of error careful study of population statistics shows underestimating importance of teen-agers to busi¬ and barber often upon waiting teen-agers as are nuisance, and a sort of hold until they our grow have learned to take care breath and up of them¬ M. Pizzini,, B. Pizzini W. is He was formerly with Street, Lane, Mutch & Co., Inc. has been North Shore In v. formed with offices at 115 Broad¬ Sidney securities a New York City. R. business from offices at 7 Old Oak Court Lauren; Col. Oliver J. Troster, North Co. Shore the firm of name Investment Com¬ were Mutch, and Secretary. are and Vice- Both formerly with Alessandrini Co. & pany. President John President under Officers Lane, Treasurer; Tompkins, Tompkins, Singer & firm Lane, Mutch Co. Formed Forms way, J. the Lynch, Pierce, Fenner & zio, Jr. is conducting Bernard under of T. M. Hearn Company. name SYOSSET, N. Y.—Thomas N. Fa¬ ance, Thomas M. securities a business from offices at 316 South & F. Eberstadt & Co.; Senator conducting Church Street. Beane. & Since the newly aroused inter¬ est in science education, school committees are spending more money on textbooks and equip¬ ment. This also applies to school buildings and, unfortunately, to competitive school athletic tour¬ naments. This is not announcement offer to sell or a solicitation of an offer to buy these securities. offering is made only by the Prospectus. an The \ Certainly, the large uni¬ selves. versities have made tistics 170,000 Shares in A study of population sta¬ shows, however, that we been wrong in taking this have attitude. studies. have I divided the Small fig¬ census Calandra Photo, Inc. Effect Upon Investments into three groups,—first, the ures great error a building huge stadiums which put competitive athletics ahead of What Population Figures Show "teen-age" group, between 15 and 24; second, the productive group, investors Class A Common Stock particularly, should try to use their savings to the best advantage by considering between 25 and 55; and third, the should experience husky demand ($1.00 Par Value) the above facts in connection with their investments. The economy older-age group. To my surprise has since the previous census. The older-age gppup has increased 25%. However, those between the "ages of - 25 and 55, who are earning money by pro¬ ducing goods and services, have just about held their own. The bulge in the teen-age seg¬ I find that the teen-age group increased 50% has far-reaching effects business.- Also, more teen¬ agers today are seeking higher education after graduation from high school than ever before.(For ment upon people in this age group, ariy income earned is likely to be small; but their needs are enor¬ young mous. spent - Hence, the longer period in- classrooms places a heavier burden upon parents who are footing the bills. What Teen-Agers Are < What'teen-agers Buying S buying the is food. Teen-agers are the most profit makers They buy are for supermarkets. goods, get their parents to buy more, and they buy -things which are (attractively and more pre-packaged conveniently a n d pre-cooked, in ..snort,' they are highly v susceptible to "impulse buying': ^ and very responsive .to, the forces of advertising, fashions, and fads.i The fast pace of . youth¬ ful life, together with the gener¬ ous allowances which parents to¬ day give to their children,are proving to be a boon to "snack", shops, ice cream parlors, and con¬ fectionery stores:* / *:) r •* !y ; Next to food, I would say that clothing lines are profiting most from the teen-age group. Young people like to dress up and look attractive. They spend' consider-, able money on clothing, at least until they get married. Therefore, .the department which stores lines of follows ber are, profiting.. It beauty parlors, bar¬ shops, and manufacturers and distributors rive stores and chain inexpensive handle clothing that a this of cosmetics also segment and of the population. dentists, firms en¬ gaged in medical and dental sup¬ plies, and drug stores also are profiting from the desire of teen¬ agers However, to look and feel well. In- studying grandchildren, that telephone companies also benefit greatly. -Whenf I was young, few house¬ holds had a telephone, and those that did used it largely for emer¬ would my judge - . Today, teen-agers - think nothing of calling a friend some gencies. distance away on a rainy day for want of something to do.4 In fact, I am told that the principal users are the teen-agers. industries some Price $10.00 per share are faring so well at the hands of teen-agers. For example young investors just entering the market regard railroad securities A railroad tributes the fact that ing , and deficits by railroads, the on go¬ Cruttenden, Podesta & Co. automobile." selling are steam locomotives bus to "teen-agers insist everywhere Some • • president at¬ railroad service passenger are obtainable in any State only from such of the undersigned and other dealers as may lawfully offer these securities in such State. - Copies of the Prospectus "out- as - of-date." to old, mus^ms Iq what ttfey show future generations looked likely - ' r : .v v • -v .. i| - . .. . , Allyn add Company Incorporated . i:U H. M. Byllesby and Company L. F. Rothschild & Co. Incorporated . Van Alstyne, ' ■ w... ■ Blair & Co. ■«..7 pinner to Honor A. C. Paine, Webber, Jackson & Curtis. Incorporated Noel Inc.. August 10, 1961 ... .. « Walston & Co., Inc. ' . A testimonial dinner Will be held in the main ballroom v of the Waldorf-Astoria for on Sept. 13, 1961, E. ' Rieber, retiring George . Secretary of National ' ' , ' . All of these securities having been sold, this advertisement appears as a matter of record only. the Association Of Securities Dealers, new issue Inc., "v"v'"".;v- -v.'—,'tv New York of¬ fice. Recep¬ tion will be dinner (dress at 6:15, at 7:30, 100,000 Shares , informal). RAMTOOL dinner The is being .spon¬ sor d e by members of CORPORATION the Cashiers Association Wall of George E. Rieber Street, COMMON STOCK Inc.; New York Security Dealers Association; Security Traders As¬ of sociation Division, and P New & Firms; tions of many.- E. George - be , sent to & printed the American Walter W. Stock Coleman, Stock Exchange; qualified brokers to act, may be obtained from the undersigned or other only in States in which such dealers and in which the Prospectus Aetna Securities Corporation E.,. Dawson & & - & Smith, Cruttenden, Frank Nolting, Nichol & O'Donnell Inc. Stanley Co.; Gambol J. Dunn, Taylor; - Newj York Co.; > Roman & Johnson Exchange; Joseph A. Costa, Rothschild Podesta Dunn so or may or brokers are be legally distributed. pro¬ JBrown, Chairman, Arthur Bel- F. dealers Cantor, Fitzgerald & Co., Inc. Elbridge H. Smith, Stryker are lone, L. on Copies of the Prospectus . Members of the dinner commit¬ tee Share each.* Dunn, Treasurer of the Dinner Committee, 40 Exchange Place, New York City. Those sub¬ scribing before Aug. 30 will have names per payable Testimonial Gambol gram.- $6.00 made Rieber should and Dinner be Price other Associa¬ • \ $20 .dollars are should 14 3 Stock, Exchange the Street. Tickets to Division, Tabulating Division, S and on Checks (Par Value $.10 per Share) York; Cashiers' Accounting Association their Teen-Agers Help Other Industries I teen-agers not de¬ big chunk of business from Doctors continued from for several years more. George E.* Rieber ' . Hearn Opens — Wachob-Bender Co., 3624 Farnam Merrill Troster, giving enough serious thought to the re¬ lationship of teen-agers to busi¬ us OMAHA, Neb. —Fred S. Kuethe 13 has become associated withStorz- Roggenburg & Co.; Craig Sever¬ shops, and cosmetics distributors. Most people have not been of Madonick, JONESBORO, Ark. Co., Inc.; Stanley L. Roggenburg, generally, makers of pre-packaged and pre-cooked items; clothing manufacturers; popular priced department and chain stores; beauty many J. York; Sam Minsky, Hardy Co.; William R. Muller, New ert lengthening of their education time has, by their parents, far-reaching effects on business. Main¬ tains teen-agers are profit stimuli for supermarkets and food stores Too Carl Securities of the State T. M. Hearn (Special to The Financial Chronicle) Yqrk Hanseatic Corporation; Rob¬ via support looked Heaney, Heaney & Co.; Frank Abbott, Proctor & of New Mr. Babson holds the ness. of With Storz-Wachob Securities J. & Publicist common J. of Michael Mackessy, Paine; Hon. Bureau By Roger W. Babson Howard Emen, Na¬ Association Michael ness. (593) Dunne, August 8, 1961 French & Crawford, Incv Pan American Securities f*. "A. . 1 14 (594) The Commercial and Financial Chronicle size Our Reporter on of only but cal GOVERNMENTS the in Federal the deficit, fiscal current not year, probably in the following fis¬ period, notwithstanding Treas¬ predictions ury of a balanced - budget by 1963. It is evident the short-term Also, The to commerical banks, advices, T. some of experiencing are in according this R. amount active larger obligations. a The money and capital markets sharp increase in savings deposits and quite have tions been these of '•tion few of these institu¬ a mediate investing funds and in the appear the | corporate bonds. that of not these in the important of the in and bond commercial according the more distant ma¬ of the England, refunding they as were. higher interest there are re¬ ports that funds from the British Isles are still being put to work made to the developed British least at condi¬ following action" to and currency a pro¬ President to strengthen the move defenses of the country. However, its appears to be too early yet to indicate what will happen in mar¬ for even the balance of the since there year are tainties in both international be cleared the many uncer¬ domestic and situation which can only with the up pas¬ Deficits There is the funds that should increased Continue to spending for defense has created, not only the purposes feeling that the tempo of business will old be stepped but up, also specter of inflation has June least. in the The big domestic situation the the supply the hand, there are other money mar¬ ket experts who hold the opinion so that that the deficit will the will be manageable / because the income of the ernment will be increased to will the result defense there better from stepped Even different that up though views' as to size the of the :coming Govern¬ deficit, there appears to be ment question no Gov¬ sharply business the program. are a kept proportions within due be but what will end the coming with red figures. This that there ury will have to be money raising operations time order to in funds spending. for to the fiscal means new from get the defense And the way in which this money is obtained, as well as the cost of it, will determine what will go on in the money tal and capi¬ markets. The not big question is whether the able to Government will still Bank Southern reserves an offer The to sell solicitation of nor a an offer to buy Federal Mr. to Reserve Board keep short-term from going the forces with of them It is velop combatting the - which boom fill of what R. Victor will with Suplee, Yeatman, Mosley Co., Inc., 1500 Walnut St.,. an in¬ vestment firm he joined in 1957as Vice-President and principal de¬ stockholder. bearing obligations, with the pos¬ exception of tax-exempt He is sible Even though the offering tax-exempt bonds are not likely to decrease in the foresee¬ two terms tional future, there is a better feel¬ these securities be¬ of kind this do when and i Yields Government on of these securities, offer is made only by the Prospectus. the ! on these Bonds long from into NEW ISSUE August 9, 1961 too the 4% to ~ 3 • •- * x ■ * * 2$ ; ^ : I"' ' reports, ing y of j Taffet Electronics, Inc. the going velops COMMON STOCK (Par Value $.10 per does d i the Fialkov & This buy be obtained in any state undersigned and other dealers been formed. with as sizable First National moved up de¬ Planned that is in the V Building to business. Douglas F.; Thornsj o. are President; Ralph Strangis, Secre¬ Gilbert and tary; any there Bank securities a has in the offices President; William A. Hake, Vice- This," however, merchandise r e s s Officers readily because of which in engage time to time in the mean — : Mr. Treasurer.. merly visers • a E; Waterman,- Hake Vwas Vice-President Fund ^ of for¬ Ad¬ Management Corp. in which this as may announcement is circulated from only such of lawfully offer these securities in such 'state." N ST A Co., Inc. announcement any t MINNEAPOLIS, Minn. public market. Price $3.00 per share The Prospectus may s not Planned Inv. Sales Opens in on Huebner, Secretary. by are attention from D. Investment Sales Corporation Treasuries. long Share) of K. C. though the buy¬ Quotations lack Robert issues even and down very El are not is securities, according selected ever. 305 of Vice-President and Treasurer; and There pension funds is about as Cerrito at Officers President; Douglas S. St. John and Earl A. Clark, VicePresidents; Paul H. Hammarberg, up business much yields again moving area. most of these 132,000 Shares with defensive, offices Fraser, term - Associa¬ Traders CERRITO, Calif.—The AlbertLovett Company of California is engaging in a securities business Plaza. and securities Security EL along. come also President of the Na¬ as (Special to The Financial Chronicle) they if and Traders has served Albert-Lovett Co. of Calif. obligation would increase with taxes, ; Investment tion. toward attraction *> former President of the Association of the a Philadelphia bonds. ing Board, present, Mosley is associated - deficits that is having an adverse ■influence on most fixed income able Mr. Mosley vacancy the At Government - a on bust ! sizable with • Mosley named to was the bring and i;."-. - fear the announced. able interest rates inflation psychology? be bank President, has too much while at up time same ,' any of berg, or Government bonds have also gone is neither and Myron Freud- near-term Intermediate announcement of Citizens be get the needed mdney in of larger Treasury new money offer¬ ings without increasing the cost appreciably? Moreover, will the the higher or the market will be able to absorb the of Financing Problems to Board Philadelphia, cause ! has been years, money the Treas¬ year necessary been business elected Rising This Philadelphia 41 other to come is On monetary 30 On the imponderable securities Directors other back into the picture a bit to say the the be one. next sizable needed doubt but what the no Mosley, who has in hand, will the authorities be willing time of time. sage in going into capital investments? kets were making recent its to in good as spite pur¬ market experts, money operation rates note The conversions, turities com¬ to refunding issues areas. showing of the In used were recent were banks' amount savings deposits of maturity very exempt unimportant banks chase the some tax which Kennedy's In addition, it is believed a mercial that and have recent tect Also, it is indicated that some of these savings de¬ posits have also been put to work in adjustment tions inter¬ longer maturities of Governments. to partial por- a Government Victor rates to levels which will at¬ tract very short-term our Named Director market. the money market specialists believe that the deficit in the 1961-62 fiscal year CHIPPENDALE, JR. Thursday, August 10, 1961 obtained was ending JOHN BY . past, namely, in the sector will . which will have to be raised push up that that it same way in the recent . Stanley Heller & Co. is neither offer to sell nor a solicitation of an offer to of these securities. The offering is made only by the Offering Circular. an CLUB BOND DENVER OF The Bond Club of Denver will hold its 27th Annual Summer Frolic Golf Tournament 18. The party will be held " evening,, Aug. 17, and golf, lunch and dinner at the Columbine Country Club on Friday, Aug. 18. v Tariff for non-golfing members is $22; for golfing members, $27; and for guests, $30. Out of town guests s ould make arrange- -i ments. through Allan Hickerson, Peters, Writer & Christensen, Inc. Members of the Outing Committee are:/'r, .//•" and NEW ISSUE at August 3, 1961 75,000 Shares 17 Aug. and Petroleum" Club,'Thursday the .. International Marine, Inc. V . General Chairman: Charles L. Warren, Merrill Lynch, Pierce, Fenner & Smith Inc. •- . ; - Golf & Players Pool; Ron Moore, Peters, Writer & Christen- COMMON STOCK (Par \alue $0.1 per Inc.; James Hill, Boettcher and Company; and Donald Langley, Merrill Lynch, Pierce, Fenner & Smith Inc. Gin Rummy Tournament: Bernard Kennedy, Bosworth, Sullivan & Co., Inc. ' ;/... Share) , . Entertainment: per Bernard Share ., Prizes: David Invitations: ~ Copies of the Offering Circular .from such other dealers as may . may be obtained from the undersigned and ■' * lawfully offer these securities in this State. A1 ,_ . .. . Cruttenden, Podesta & Co. and Newman, . Cowsert, Boettcher and Company. James Lee, J. A. ■ f sen, , Price $4.00 . . Pollock, Bosworth, Hogle & Co. Sullivan Reservations: .; *• Co., Inc., . Gaynor Miller, Walston & Powell, Coughlin & Co. & *•*,-. • _ Allan Hickerson, Co., Inc., ' and . and Robert . Peters,. Writer & Christensen, - Inc., and Thomas Payne, Peters, Writer & Christensen, Inc. Tickets: ALBION SECURITIES CO., INC. 52 .i-*?'*. ' BROADWAY » V». WH 3-9460 New York 4, N. Y. Smith Kermit Turley* Merrill. Lynch, Pierce, Fenner & Inc.; and Sam Milliken, Merrill Lynch, Pierce, Fenner & Smith Inc. Transportation: '. Lo'Uisf Gndfh, " •' the J. K. Mullen Investment Co. ; Publicity: Henry Perry, Bosworth, Sullivan & Co., Inc. Special Events: Wilson Birkenmayer, Birkenmayer & Co. Volume Number 194 6080 THE .MARKET BY ■■*. ■ ■ .. . . . . WALLACE • ...... The Commercial and Financial Chronicle . model season, arid renewed buyinterest, not too far away, Chrysler could be on the brink AND YOU . STREETE of f a r • their average this week bothersome a one most 38 index had al- added points, which an is to the trie first five weeks of this m a remaining will hones still were hteh all-Sne neaterfor average hefnre befoi e average leve where be would for matically, in view of the character of these various lines, there is a built-in stability not often found in companies of the type that it is generally believed to be. it reach would order. reach for were a phase Minimum added big benefit will reports eventual an 26 An ex- and and it operation paper in re- to apparent. more . , Utilities Utilities Buoyant pion buoyant in general and for a few, including Peoples Gas where a stock split is pending and Houston Lighting than more when there sectxons years, selling was the of 30 currently poised the Stalled turn. help and their stalled at a point average was show of strength it could break through a downtrend line on any the on upside, and lend psychological some good Ao support action in the other divisions. Closed-End Funds With . . the blue chips so promiadvance, and many of them admittedly selling at high price-earnings multiples and low yieLs, for smaller investors there nent in the much was advice achieve to di- versification through the closedend investment companies. And, apparently, since it trading h new ghs ao heeded listed m busy either posting working into posi- were tion to being was available those or ' so. the new highs lists and post its best price since 1959. Tnese shares for a long time were an exception able was sell at com- after oils settled which drums in lolled for it many became ing held stuck a in into they months. range of less than four points all year. In fact througn all of last year and until its recent breakout it didn't out a full points. a of range as much ' carve as five Recently Lehman has expanded in such as new D. C. commitments Heath, Northrop, Peabody Coal, Crosset & Dunlap and Bell & Howell. a But it is still fancier of oils and the fact that the oils profit have shown comparisons the this brighter year is helping to improve further the prevailing investment sentiment toward it. : stocks ground to in since it has held eight-point range for the with its lo\y-well above that an year of cover 1960. • year for since its profit-report management has A ; this been A11 : on />( _ . are . _ i „ . Jl. valued 1. this basis. From 1 sold views all it up seems in ai£\ " to in new iIa 1. * earnings th rit a n a n 4-t wa a , was an retary-Treasurer. Mr. Malesovich formerly with Ladet & Co. an in Norfolk With James Moore have become associ- Western, & Kidder, Peabody HARRISBURG, Pa. —Thomas E. Cleckner, Richard C. Kneer and the undistributed equity of 22 cents a share in Algonquin Gas. All of these figures are for Payne-Shoemaker r e g as i s t e r e Building, d representatives, They were formerly with Coffin & Burr, Incorporated. This is neither fifth a an only, offer to The sell nor a solicitation of an offer to buy these Securities. ' offer is made only by the Prospectus. NEW and scores ISSUE August 4, 1961 . V.;-r 'J a?, t l' ' 150,000 Shares and although redropped from Service Photol I ndustries, .Inc. Class A Common Stock (Par Value Price $4 lp Share) Per ; Per Share tion at which it has been aiming paving is definite the way its in turn fortunes for as Copies of the Prospectus far as reported earnings are concerned. The food company with a strong earnings record is Beech-Nut Life Savers which is expected to show record sales this year, part of it due to its acquisition of Martin- and its admit its most by those may be obtained from the undersigned only in those states whom the undersigned persons to 1 legally distribute the prospectus. may N. A. HART & CO. ROSS, LYON & CO., INC. DARIUS, INC. SEIDMAN son's does & E. J. WILLIAMS ROBERTS RODETSKY, KLEINZAHLER, WALKER & CO. Life profitable v • item, And here confidence is ap-. parent in its new California plant which is expected to increase production by a fifth when the plant goes into operation late this » This is neither announcement these securities. NEW ISSUE SECONDARY The an offer to sell offering is to solicitation to buy nor a August 4, 1961 (120,000 shares) OFFERING Obviously the benefits of full ^year's operation will be' reflected next year in expanded sales. of any be made only by the Prospectus. (78,000 shares) year. Beech 198,000 Shares Nut admittedly is stilllikely acquis'-f; tions, should show a profit of at" least $3 this year to cover an in Metropolis Bowling Centers, Inc. the market for indicated with year has sharing been proPts its since the (Par Value $.10 per Share) divi-r increased each for the last half dozen which crease t< of stockholders dend Common Stock $.1.70 dividend, and has record a it candidate a without much for Price $5.00 per in¬ an doubt to ' Copies of the Prospectus prominently lists on on everlj the to show new occasion, is when in a yet to demonstrate, that Chrysler's problems all at an end. But with the may be obtained from the Undersigned in any Undersigned may legally offer these shares compliance with the securities laws of such State. The speculative, stemmanagement change in fact couldn't already be expected to, State in which the still ming from has up highs selling is somewhat general. interest Share it. Controversial Chrysler Chrysler continues aWa-m/4 There it will indicate that First National has reached the competitive posiand 42 V2. Fuel) (special to the financial chronicle) accompanied other step up efficiency*- 70% to expressed to ua seem.s ™ us a situation which, as it becomes better known, could well obtain a measurably higher market value while at the same time affording a reasonably good return under today's stock market conditions. mod- very in . It had an undistributed equity of ated with Kidder, Peabody & Co. $1.06 a share (of Eastern Gas & in their recently opened office in , . share to $4.80, the actual a • • estly Colorado Co Formed Y 1 certainly this stock now, a - ' cash flow increased from $8.64 ' to $10.60. If, as expected, an earnings uptrend shows up and continues through the rest of its fiscal year which began in April, > that The company is predicting good things by increase earnings makes haven't been in any great demand although Champion Paper has been busy recently toying with its year's high to make it a promising item in its group. It didn't have much Paper yur, Chromcle- .a • its diversified holdings and show- ing completely stores it the have neglected item, havr a $4.93 rommnn the are even balance of close to $5.00 a slight a Over Savers long-time ing chare for thp ■ 1 was years though it out and er , the ' ident; and Jack C. Costanza, Sec- sig- a Hence a oil fanc has around ported recent high of dent; John B. Telleen, Vice-Pres- could dol- But Lehman had been °'. tzmo nnv In tha proaeS,Sf «s.tsups™arkets grew from half of its total stores to a standpoint, the company reported $1.93 a share last year, paying $1.60 a share in dividends. But this was not a fully consolidated statement. - or now discount from asset value, a its investment facilities now This screening of capi- modestly. tal fcEfifoSS this^ea^Tt 5 down from tbe Guaranty Bank Building. Offiders are Joe Malesovich, Presi- three shown sales cash atffivetak(: my opinion.Western, in Norfolk & _Let us DENVER, Colo. — The Colorado Company, Inc. is engaging in a Coffee at t're start of the year to add a famous name to its lineup. How the various products shape up in Beech Nut's sales lineup is a company secret, - al- listed trading to in shares on of investment to the custom pany show to of seen a gin above the recently paid dividend than reported $1.93 a 'a de*ree' Almost' share would suggest. — ' albne they make the stock %uite While the stock is un from a it has reduced the years number and a Lehman Corp., one of the better known of the investment compa- nies, past five to up inflow in excess of $5.00 a share which is obviously substantial and affords a considerably larger mer- securities business from offices in downtrend; measures . Recomended has company earnings where . a For then, totals Its main business is the production of bituminous coal of which it is one of the largest and most efficient producers in the country, But' these other factors' are als0 .....- • ■ . a nificant yf Cham- company, that on the brink of is +1 ■_ f be no were • 20-to-l is , stores nt , tTo its followers, First National otner thh artide those m.oS„ market. Rails Rails - a - even in . levels more. utility average was persistent in forging to new peaks for recent offered "norm for, fat The gains. At definitely aboveaverage return of nearly 4% and a definitely subnormal priceearnings ratio of 15-to-l. The were where similar action is hoped lt was a case of achieving _ overall out. share, a This, stock of Eastern Gas & Fuel, leav- [The nnt - __ the on $1-85 Then, there are the other assets should contribute ^ are Presented as those of the such as Boston Gas, Tow Boat Co., Algonquin Gas and others which results from here mithor only.] and year „ is covery ^1/ 1960 alone. That would year pn cyclical groups. A strong profit Given a price of 104 for this 42% In 1957, when the position upturn that wouId end the divi" Et0ck' t0taL'value of 'ts. holdmf? of the company was not nearly dend fears could ""fetter invest- was more than enough to pay Off. so strong as at present, and the mdnt interest in this steel giant. ' the funded debt and preferred market generally much lower than Brazil last business itsdividlnd hLp leZ being only reached black ink status late the while popular as the other steels when the hunt centers states. full of Bethlehem conL^ to maintain to reading of 740, at least until the extent , generous the profit the fact that its be t a question ma7k is under^ ™u€?t 0]n®. .J0"} 51/% "7^Hdedlv and me^eer ena.t coast th something of ex midwest midwest 2R at ™ <<the S1:11L ex- nanded Fn in a shares a j Carnfntef pLer wL^h Us dlstributTon^facilities with new industrial the wnniH consolidation a in pectations it • only the a . profit rate during months thatahead of earnings rentlv digesting its recent • half of the 1955 high sell big discount from the $76 book value behind them. !, / vance. Deso'te the temporary troubles . mean fully consolidated earnings °* $3.21 a share. In addition, depreciation and depletion charges last year were the equivalent of at T/. l?°rted f0r the PreVi0US fiSCal staging DTPOrn IjJuuX the again once about nine well run basis and year pects to show even better gam than had been Yacked up calendar a TTZT71 fledged member of the Big Three, to stall the advance for a mid-1960 to 8,400 at the end of couple of sessions. A pause was'its fiscal year to March 31. For. not unexpected since in two short this year the company will switch this JullVlIj Continued from page 2 up weeks; T 1 _ of determined steps era Meanwhile }•' aggressive in cutting costs and increasing efficiency. Its labor force was trimmed from 10,200 in profit-taking cropped as T ulliUUltll I diversity of its interests and auto- • : for QTPPTTTI)THPV JLlllli 15 full- new to make it .. area (595) n^TTTP ing _____ Industrials found the 720 v are new Russell & Saxe, Inc. i\» • - " • • , V. S. Wickett & Company, Inc. *f - *t - ' .< . \ u ■■ 4 ■ * Thomas, Williams & Lee, Inc. f 16 The Commercial and Financial Chronicle (596) is FROM WASHINGTON bitterly plus afraid is to cies hoard It is estimated that by the year 2000, the United States will own of foreign currencies is fast approaching. The U. S. mated $4 billion now owns in other $4 billion. These be or be converted cur¬ owed Just an¬ that foreign to dol¬ it now billion of this through "sales" of surplus Amer¬ ican farm commodities, and sur¬ plus property. be is being revealed the a drop in the inter-American bucket. At economic "funny money" because, by agreement, it cannot be spent outside the country of origin and it cannot be spent for meeting just opened at Punta del Este, Uruguay, the cost of reha¬ bilitating Latin American coun¬ the most part within the country without agreement on the part of the foreign government. period. Some of private in¬ vestment but the greater part of It is known And this money as hoard "soft" ments. loans loans of dollars These ever foreign now of $20 billion 10-year from come come from public funds or U. S. now, more He of the For the U. S. our made, will be in the calls will follow in ownership of national gross to hold creasing mortgage an ever of this in¬ nature The U. Chamber S. reports merce U. is neither The an offering is offer to sell to be made nor a solicitation to has been of Com¬ follow up and no held now government and keep the dollars here. But foreign coun¬ our tries refuse to permit this because they want all the dollars they get tourists American and been their chief source can have of supply. The truth is that the U. S. gov¬ ernment awful has gotten itself into an and it will probably mess, wind up simply handing currencies it holds to over the the foreign government of origin. This is what happened few a British handed we over dollars which they ago when poverty and years pleaded more in than their a bil¬ currency (the British) used to retire their internal debt! of unscrupulous government officials. Education has has ended means officials of that the "do good" the S. U. government buy of these securities. any Treasury Bankers Association Committee urging full taxation of tutions savings and loan associations and mutual sav¬ banks mended in a statement is¬ to by Carl Bimson, times President of utive Bankers Asso¬ President of the state in which the the Bank, Phoe¬ nix, Ariz., the termed Carl A. Bimson the inequi¬ current President A.B.A. first of compet¬ tax used in structure to the direct financial for in is of undersigned pension an institutions. highly gratified to York, N. Y. established with con¬ cepts for computing bad debt re¬ serves.' announcement is neither securities. an The offer to sell, nor solicitation a offering is made only by the of an offer to buy any Offering Circular. of these I * : *• All of these shares Issue August 3, 1961 in those home who fear; a mortgage funds, that V the three-year method; of applying suggested by the Treasury wil lallow ample time to ascertain any effect on the home mortgage market. "The ciation House tee American Asso¬ Bankers sincerely that the Ways and Means Commit¬ hopes will take quick action on T. C. as a Sharp Forms Co. LOS ALAMITOS, Calif.—Thomas C. Sharp, Jr. is engaging in a se¬ curities 3332 business St. Cloud from Drive offices under matter of record .-v.,-. advertisement onlyI 60,000- Shares V .4 Com ponents Specialties, I nc. Common Class A Stock . (Par Value $.10 Stock Share) per (Par Value $.05 Per Share) Copies of the undersigned Offering may Circular may be obtained legally offer, these securities in Offering Price: $3.50 $6.00 PER SHARE from the compliance undersigned .in with the any securities State laws in of which such the State, Copies of the Offering Circular from your Investment Decder in may any per LEWIS Share be obtained from the Undersigned or State in which the securities be legally offered in compliance with the securities 79 Wall Street laws of such WOLF, INC. ' New York 5, N. Y. ; 15 BO 9-6310 FUND East 40th PLANNING, St., \ MU New 9-4214 York : at the of Thomas C. Sharp In¬ name vestment Co. August 7, 1961 <•;' •• OFFERING PRICE: the recommendation." NEW ISSUE 50,000 SHARES CHRISL1N PHOTO INDUSTRIES CORP. satisfy been sold, this having '• appears New have- demon¬ taxation firm "Specifically, The American This which Treasury Department conclu¬ consistent New just two \ ex¬ financial inter¬ are a believe full sion that these institutions 'should permitted to retain earnings tax-free only under a formula Exchange Place housing see be 40 nation's of - other Treasury's any MARSHALL CO. and sav¬ Commercial banks and transitional sav¬ excellent ap¬ praisal of the current inequitable tax situation among competing fi¬ the mortgage Savings not the only source our trusts amples we Asso¬ Bankers loan associations and mutual state. are programs. ; "To ciation considers the Treasury De¬ legally offer these shares in may 1960s. funds for decline are any growing participation in ^ commercial .this field. including "We home ings banks strated nancial In loan associations and mutual the mediaries ings banks to be system. funds tax business be not of needs now American flow the to as should the event, there will be ample funds con¬ other the home mortgage on available alternative institutions all for estab¬ embrace the gave endorsement several mutual effect the excellent "an report of would market, the A. B. A. believes that ing financial institutions." "The compliance with the securities laws of such 1927. puting all other business taxes. "With respect to discussion of Valley ment follows: be obtained from the undersigned in may worse consec¬ lished concepts now used in com¬ partment's study on the tax pro¬ visions applicable to savings and Copies of the Offering Circular the loss annual average over "Significantly entitled 'Full by the Treasury, this formula banks. Price $3.00 per share based on a limited to three Taxation' Mr. Bimson, who is also cerns, Share) applied now 20-year period since The text of Mr. Bimson's state¬ per savings formula reserve that ceiling ciation. of Common Stock to their experience The American used PRODUCTIONS, INC. mutual the commercial banks, reserve suggested by the Treas¬ ury report. This method would provide the same formula for de¬ termining the bad debt reserves . and bad debt a comparable sued A. in Treasury Department's study. This method would allow savings and loan as¬ sociations m- o c endorses the taxing these insti¬ forth set was Association's A first method of ings banks methods 100,000 shares Treasury Department's re¬ port to the House Ways and Means The only by the Offering Circular. (Par Value 10^ up Tax Plan for Non-Stock Banks The National Of course, an action of this kind simply August 7, 1961 A. T. U. a large part of in the hands of it A. B. A. Head Praises a buy foreign currencies by NEW ISSUE ^ of that wherever the Office S. appraisal announcement about it would be the height folly. The only place we do this is in foreign aid. Billions have been passed out in that field with get all the time. away table tax situation among This To hand out money and then for¬ to be de¬ cent enough to tell the American people that it has been a give¬ suggestion that American tourists before they lion 10% countries. goes Red, next, then Guiana, "then perhaps the hemisphere." There product of four foreign countries. "soft" figures if Brazil whole the foreign countries represents mil¬ of repayment at country. Even govern¬ called are because dollars if hundreds to this involving on programs a estimated will it will "funny" is due to increase by leaps embarking is over this of and bounds for Uncle Sam is lion tries control of the program it finances. Of course, it does and it should. products to foreign In the light of what is potential one go abroad should be compelled to the but Judd Walter number Venezuela British $600,000,000 which Con¬ gress appropriated earlier this year for Latin American aid is to currencies have been accumulated the highly respected farm trouble spot in Latin America. curren¬ anywhere else. or $150 "funny" money. esti¬ an foreign rencies and it holds IOUs for cannot lars there take The Congressman when the United States will reap a rich harvest of trouble from its we any action Already half of reported ready to go Communist. Brazil few so Cuba. Brazil of the country which ob¬ We have see. in Latin America that against currency passed out money, it has exercised happening they ought friends Congressman H. R. Gross, Repub¬ lican of Iowa, says that the day Thursday, August 10, 1961 . have been dealing in sheer fiction when they claim to be selling sur¬ is difficult to BARGERON tained the loan and these re¬ helps to gain friends and influence people are CARLISLE the grow. Just where this money ...Ahead of the News BY and resented sentment is bound to . . INC. 16, N. Y. - : , , . may State. Volume 194 6080 Number . . The Commercial and Financial . funds. with whose chases of nearly 88% of new sales of fund units in June of this year. Our analysis reveals that re¬ demptions here continue to show high concentration. One old-time, medium-size stock fund during investing management ac¬ tivity confined to, liquidations proceeds to repayable are the shareholders. The current net tax-exempt is yield 4% the for Invest¬ in of both of these funds. case Atlantic The United in ment ment Fund States Securities, Inc., Govern¬ in now reg¬ the istration under the sponsorship its current sales. Another veteran Capital Counsellors Inc., will op¬ as an un-fixed open-end fund. Managed for a 1/6% an¬ past quarter suffered re¬ demptions amounting to 220% of large stock fund had redemptions of 120% of its sales. Redemptions also exceeded sales in the case of other two stock funds erate nual fee, its flexible portfolio expected to yield 4%. is The increases recent "load" in the (buying over 80 New York State who invest their own relevant to the redemption process. Institutional the Interestingly, assets savings therein, siderable owned by in banks encountered shares their new the double subscriptions. On con¬ their of withdrawals members' — almost favorable the in case of two large relatively young funds, whose previous heavy re¬ demptions have been widely pub¬ licized, repurchases showed con¬ siderable abatement this For accentuates existing realizes the of number of investment income (aver¬ years aging 3V2 before years, tax), required to come his recoup in¬ his "load" payment. "REDEMPTIONS" the during the redemption penalty. It will tend to curtail redemptions if the investor side, END BY CLOSED- MANAGEMENTS Correcting The Score-Keeping Furthermore, it should be that, other factors being equal, the ratio of redemptions to current sales inevitably rises with realized fund's ageing. This is so because, with the continuously sold and redeemable the U. cashable S. Savings Bonds, pool constantly is growing. Demonstrating the fal¬ lacy in relating redemptions to current terval in sales of in¬ assumed an interrupted completely selling, the ratio of redemptions to sales would reach all the way to any event, surely the redemptions to the fund outstanding should be again find a mixture of "redemptions" via managements' voluntary buying-in of their own shares at the market's prevailing discount (a calculated, June quarter compared with the redemptions first quarter from 1.9% are declined 1.6% to These ratios of assets. higher than in the most recent but the years, the over the average same as past 19 years for which record the is Madison Fund and nental; whereas available. Thus, redemptions that stabilization show we tial new ;v :: A ■ stocks the among funds common open-end included: bal¬ Other "Growth" Also Eaton & Howard Balanced, New England Fund, Scudder, Stevens & Clark, Value Line Fund, Value Line Income Fund, and Whitehall Fund. Among stock open-end of funds, were the equities lowing: net fol¬ Ridge Blue Mutual, Dividend Shares, Fidelity Fund, Institutional In¬ vestors Mutual, Investment Co. of America, Investment Trust of Boston, One William Street, and Wall Street Investing/Large Chemical Fund, sellers the of stocks common closed-end among companies were: Adams Express and American International, General American Investors/General Public Service; with Carriers & General, Dominick Fund, Lehman Corp., Overseas Securities, and, as usual, U. S. & Foreign' also showing sales common we the ting some their at worry re¬ solution through the all-bond of funds; some exclusively investing in municipals whose tax exemp¬ tion is carried through to the Fund shareholders; and U. wholly in one S. Government issues. Follow¬ sions of expres¬ notation the was dilution (at least of those on shareholders unable their or unwilling to take subscription rights. The shares up repurchasers of their own during the June quarter American up International, such purchases to 2,600 shares from 1,500 shares during the first quarter; and Gen¬ American eral Investors which supplemented its customary pur¬ chases of its preferred stock by the purchase of 2,147 shares of its common stock. In intra-group transactions, American Inter¬ national sold another 3,300 shares of Adams Express, its "cross-held" loss of of the stock market's some of its steam tone of stock market of one by the shift in the activity from near-exuberance on the part of many investors to a mood more sober appraisal of values," Francis Messrs. F. Randolph, Chairman, and Fred E. Brown, President, particularly warned against potential excesses in the growth stock category. "A con¬ centration of investor interest in 'growth' stocks—both proven and presumed" had pushed market valuations to record high levels beginning of the second 1961. The result, they said, "was a price advance not likely to be duplicated at any time by of John being funds are in unit Cassandras goal, capital, reasonable cur¬ income, and profit constitute rent their discovery the objective of investor intensified possibilities. and speculator," said Albert J. Hettinger, Jr., Chairman, and Richard H. Mansfield, President. Ask your "Past growth is a matter of record; no sure the compass duration, validity of future growth projections. In a nation that debates the validity of or write to or Wellington Company, Inc. 4% to 5% projections of growth as contrasted with a historical 3%, Philadelphia 3, Pa. market projections of industry and company growth at multiples of these percentages are carried far into the future. Wide pioneer¬ ing profit margins attract capital whose competitive employment spreads anticipated industry growth among more participants operating on closer margins, a soon." funds: Boston Fund, Broad Street Investing, Commonwealth Invest¬ ment, Institutional Foundation Fund, Johnston Mutual, Massachu¬ setts Life Fund, Mutual Invest¬ these price more a investor sober on the basis of careful research, provide investment opportu¬ ness, however, is more likely to depend on true growth in earnings and dividends than on price-earn¬ ings ratio expansion." The execu¬ tives termed this change "a the test, and of two, multiples at three, or four times the valuation of earnings accorded the DowJones Industrials, their purchase fashions of the risks confusing moment' with investment values." Sold by Lazard were Union Carbide, RCA, International Nickel, Merck, and du Pont, the latter the fund industry's secondbest bought issue during the The Dreyfus in which the management hopes Highlighting switch the to from growth-at-any-price most signifi¬ cantly is Massachusetts Investors cash Fund backlog which of $17 and risks in that direction. prospectus free from your securities dealer ur write Department C governments from $51.7 million, or from 3.5% of its net assets to 10.0%. million and three of the four United Funds portfolios— to DREYFUS CfrP" 2 B'way, N.Y. 4, N.Y. Will exodus from perhaps growth issues getting further im¬ be petus from cold war heatening— as via excess profits tax agitation? Charles M. the there is Werly, Chairman of Company, investment fixed trusts only George Putnam Fund and of Putnam Growth Fund, warns the increasing stocks mon lead to cesses over-enthusiasm in market. that 1 i appetite for com¬ almost surely "will certain Fund and parts of managers ex¬ the must of investment market for which the Continued m : £ I ONE mutual investment fund . named deny themselves (unlike some in- Corporation is organized and best- welcome return to type on page 19 ENERGY highlights the continuing aggres¬ Co. and takes what it considers sensible in¬ reserve make your money grow ment with & & Fund is a mutual fund quarter. "Looking ahead, and taking into account and Mr. Brown; "Their attractive¬ Particularly large net buyers of stocks were the following among the open-end balanced earnings records have competitive Stock nities," according to Mr. Randolph common stood its still Stock Buyers not Growth liquidating long-contro¬ whose brief creased situation. a presently discernible in seg¬ electronics industry. When markets lightly accord recognition as growth stocks to unseasoned issues of companies Energy, Incorporated, MIG, Na¬ tional Investors, National Securi¬ ties—Stock, T. Rowe Price Growth Haupt Nuveen permanently investment dealer for prospectus either measures rate Fund seeking conservation of Lazard is stocks Balanced —a the of and the attitude, 'growth' stocks, selected is Ira offered. sponsors the Skepticism forefront "Growth quarter of affiliate (3,600 shares were sold in the previous quarter), thereby Each of these now has two more such SEC-registration. These last April, another such fund, the Nuveen Tax-Exempt Bond Fund (Series 1), under the sponsorship of "growth" Fund. the Fund, George Putnam Fund, Shareholders' Trust of Boston, Stein Roe & Farnham Balanced, and Wellington Fund. Particularly large equity net buying by such open-end stock funds as Aberdeen, Affiliated, Delaware, Dreyfus, ing the initiation of the Municipal Investment Trust Fund under the aegis in ments of the OF CAUTION WORDS In the sober category Tri Group. Finding "a poten¬ of proceeds?" may be get¬ formation current FIND • THE INDUSTRY SPEAKS Public Service) of offering, of additional shares, presumably at a discount, via rights — thereby inflicting a General tially profit-taking fund investors via redemption, "What can I do with WELLINGTON were Kroger. Diversified Investment Fund, Investing acquisitions quarter. Heavily sold Stock Sellers anced When substan¬ were during the Beth¬ lehem, Continental Can, and *1j: Important net sellers of A Name to Remember two quarters. American Metal Climax this time sold more stocks than it . in¬ previous Weyerhaeuser bought. having as the and further now cently arrived at high level. The reported from Corp. versial conclude is creased more Tri-Conti- Lehman Tri-Continental's portfolio ratio all common stocks to other assets Trust, once (by included given at least equal weight. area another which stepped So and pre-Berlin) ratio shares Share, sound, sure-profit policy), and, on the other hand, announcement infinity. In of Niagara of Con¬ trend In the closed-end as European, Investment balances. past quarter. a American were solidated the commission) in¬ stituted by some half-dozen openend funds, apart from the contro¬ versial implications, is directly Investors Mutual Fund, • sellers two and prominent balanced funds. of ; 17 suited, and in which it has gained experience in 'growth' stock in¬ vesting for almost 25 years." ,v:;' Among the closed-end compa¬ nies, net buyers of common stocks Buyers in Churning Market ruling in Great Britain. Unit trust funds there experienced repur¬ (597) siveness of the so-called "growth" Funds Still Active Stock Continued from page 1 Chronicle FUND IT IS THE ONLY FUND CONCENTRATING IN THE ENERGY FIELD THAT IS OFFERED WITH NO CHARGE COMMISSION OF ANY KIND. OR SELLING Shares are offered at net asset value. An opemend mutual fund invested ; Available Fund out at Western net asset value with' sales commission. | Energy Fund is for growth European, and other foreign securities. Canadian, in a mutual fund investing possibilities in electronics; % high energy fuels; missiles and other space uses for energy; atomic energy; oil and gas; electric and gas utilities r" and other / energy activities related to the fields. Investment are Ill on Prospectus upon request Carl M. Loeb, Rhoades & Co. Members "Hew Tor\ Lord, Abbett & Co. New York — Atlanta — Chicago — request a Write Department C objectives of this Fund possible long-term capital and growth for its shareholders. income Los Angeles — 42 San Francisco WALL STREET * M ||| SEND FOR FREE PROSPECTUS Prospectus A Common Stock Investment Fund P:?5S 13 S, Stoc\ Exchange NEW YORK 5, N. Y. is I wm Si Distributor RALPH E. SAMUEL & CO. Members N. Y. Stock Exchange 2 Broadway, . New York 4, N. Y. Tel. Dlgby 4-5300 i 4 fe 1 18 The Commercial and Financial Chronicle (598) Combined Inv. Branch PANAMA CITY, Fla.—Combined Company, Inc. has Investing opened branch office at 203 East a Investment Possibilities in ELECTRONICS which in transactions No. of No. of Mgts. Shares Shares 4(1) TELEVISION- 15,750 6,100 1--~; Harvester-- International 8,000 7 30,700 Aerojet-General 2(2) 2(2) 60,000 Avco 14,500 Beech Invest¬ 5(1) 45,000 Boeing ment Fund whose 4(1) 35,000 Lockheed INC. ii { Aircraft 2(1) possi¬ 44,700 United KD 3 None Dynamics l 4(3)' 3(2) 5(1) ' 2(1) 2(1) 2 77,600 49,000 Pan American World 96,311 United Booklet-Prospectus and rec¬ from or Lines 32,400 None Air Lines 20(4) 302,500 3(1) Broadway, New York 6, N.Y 16,000 3(1) , 54,000 Motor Automotive Equipment 4,400 Bendix 29,500 Champion 1,000 —.—-— Electric Genuine 15,100 Swedish Ball Bearing Briggs 32,000 (SKF) & Stratton Equipment Clark « common stocks selected for possibilities of growth in income and capital over the years. 18,321 7,500 47,166 3,400 —— 3,000 , Trust Bankers Manhattan Chase None 15,700 159,000 None None 3(1) 2(1) u- 2(2) 6(4) 1(1) 2 3(2) 2 A balanced investment 47,400 in bonds, preferred stocks and 62,800 44,100 30,600 Diamond 70,000 Marquette Cement Mfg.. 22,900 20,200 9,100 14,800 Maytag ri— 59,500 U. S. 33,000 U. common stocks. DIVERSIFIED GROWTH STOCK FUND, w Investing for long term growth [possibilities in securities of companies] in many fields of scientific and economic development. Otis 6,000 Lead— Products Whirlpool 30,000 General Portland 3,500 Penn Dixie None 1 None KD 7(1) 6,800 1— 30,900 49,818 65,300 4(1) . Controls Weyerhaeuser 1(1) 2(1) — Cement—— None 3(3) Homes "B" None 4 None • 1' 1 30,500 1(1) 2 3(1) 57,800 Towne 3 25.000 -—.— 2(1) 12,700 36,700 Incorporated • Elizabeth, New Jersey 24,647 Dow Solvents. Chemical.,— None None None None 2 None 2,280 9,800 None ^36,200 *32,000 - Radio 3(1) None 3(1) ,*2(1) 24,000 2(2) 1,500 14,200 3,500 36,000 30,000 2(1) 2(2) 2 31,700 2(2) 2,300 2(2) 55,794 9(2) 7(4) 2(1) Minneapolis-Honeywell. 8(2) 2(2) Philips' Lamp Works or equivalent) RCA None 60 — Sprague Electric D Westinghouse Electric 6,000 18,900 Square * 2(1) None 1(1) 2 3(1) 3,000 6,COO 29,000 10,500 1 4(2) 103,434 ^ None Commercial 1 1 None 2 Laboratories for Electronics.... 500 None 2,300 Allied 4,144 67,300 3,000 1,000 None Hewlett-Packard. 15,230 4(3) None • Westminster at Parker None None None None — Emerson Electric Mfg General Electric 8,000 None 4(1) ' 1,000 None None Figures includes * 62,199 12,120 23,350 \ 68,500 • 2(1) 6(1) 30,000 rights. Finance Companies 32,400 17,600 44,300 None None None 18,600 Daystrom 49,300 Chemicals and Fertilizer Hugh W. Long and Company None None None None Control Data 1,900 None (fl 50 2(1) 2(2) Collins None • 2(1) 15,100 — - None ■ Gypsum.—— & 1 35,000 .—-—- Robeftshaw-Fulton Yale None None None —— - . None None * Cement Johns-Manville . None 128,000 5,000 4,600 None 3(1) 32,250 I*10,000 1 4,200 None Cement S. 3,900 None 3(1) ^ __— Georgia-Pacific U. 65,100 3(1) 2(1) • 1,000 62,800 5(1) KD 20,900 — 17,000 None 1(1) ,-18,400 ——— Pipe & Foundry...——-i- National 305,000 None S. Ideal 3(3) — 20,100 None 2 1(1) None None Microwave Associates: Siemens & Halske (ADR or equivalent) Sony (ADR) Sperry Rand Texas Instruments Varian Associates Ampex Beckman Instruments.... 55,000 41,000 ; 44,000 d Plywood.——*. Walter (Jim)_— 69,900 4(2) 300 Elevator.^ Tecumseh 2(1) None 10,000 National Lehigh Portland Cement.— National 2(1) None Refrigeration Copeland 24,800 12,500 13,300 2 None Hazeltine High Voltage Engineering International Tel. & Tel.— Litton Industries Loral Electronics McGraw-Edison 10,700 32,500 4 . ' Gypsum Certain-teed Products 7,000 7,500 16,300 29,200 General Instruments General Precision Equipment— 8,800 , 1(1) 11,380 Bestwall 41,400 25,000 87,800 207,100 .. ... 89,500 2 None 67,000 15,100 ... Instruments Cutler-Hammer Consol. Electron. Industries 22,500 4(2) Equipment Standard American INVESTMENT FUND,* "B" Cenco - 2(1) Building, Construction and (Eli) Upjohn *32,700 9,000 2,400 5,300 Anheuser-Busch Products Electronics and Electricals 16,100 Pepsi-Cola Products Sterling Drug None 41,200 Brewing Falstaff Home 500 V None None — 4(3) 1 1(1) 2(1) 5 2 2(2) 5(3) 2(1) 2 3(1) 3(2) 5,000 20,500 6,000 1 KD 5,000 None ——— 62,700 & French None 11,000 vl 1 2 Parke, Davis Pfizer (Chas.) Searle (G. D.) 6,700 Breweries Canadian 1 4(3) 1(1) 10,300 Lilly None • 3(2) 1(1) Carter 11,000 2 1 6,000 8,000 Bristol-Myers 30,000 2 Coca-Cola 2(2) 12,300 16,900 American None ' 1,000 25,500 - Warner-Lambert. 50,700 -7 Johnson Smith, Kline 12,000 1 Beverages 15,000 5(4) , Schering 10,000 None None 25,500 - None Richardson-Merrell 128,350 • 1 None 42,000 d •" 1 Plough. Rexall Drug & Chemical 2,400 None 1 None City Bank, Cleveland- 11,400 Miles Laboratories Norwich Pharmacal— 3 None 730 Midland Laboratories 13,500 11,800 1(1) Bank, N. Y._ Marine Abbott Merck None 2(1) Continental Illinois Nat'l B. & T. First National City 11,000 29,200 4 2(1) Bank— — Can Mead 4 3(2) None - 6,400 None 98J00 19,300 None National DIVERSIFIED Lily-Tulip Cup 4(2) None 24,000 7,400 Morgan Guaranty Trust—- None Cup Continental 3 1(1) 24,900 Thompson Ramo Wooldridge— 33,000 17,200 Maryland 2,400 5(1) 1(1) None — — 22,350 100 Can. 2,400 1 l• Banks 11,150 American 3,400 3, 2(2) 32,000 20,600 2(1) •".I 11,000 2 None Parts 18,600 14,000 ' 4 1 6,500 Stewart-Warner Coal Coal ' 1(1) 1(1) 17,500 Drug Products 3 3(2), 38,000 Spark Plug Storage Battery 14,000 200 /Island Creek 1 V, f'V 14,500 1,800 - — Borg-Warner 1,500 Consolidation None 3(2) b'VT't rri — 14,000 • Coal 6(1) 32,000 , 1(1) 1 1 ' 1,500 \ None __ 64,000 86,000 None None None nAmerican Motors - Coal— Truax-Traer 3(1) None White - notes. Containers 3(2) 11,200 — of Peabody None 2 23,400 . conversion Pittston 61,000 , Motors through None 1 Trucks Mack 47,400 2(2) General Partly North American Coal 4,488 1 'USi) Investing in 2,000 93,900 ' Motor Ford ,333,500 10(2) Chicago 3, III. ik ** 1(1) Automotive Management Corp. INVESTORS, ' *' " None 10,000 — 3 2(1) 3(2) 2(2) 2,500 7,0168,900 1 U. S. Borax & Chemical None None Airways._ 6(2) * Formerly Food Machinery & Chemical. 2(1) Air Hooker Chemical 43,000 41,400 Rohm&Hass.... . 4(1) ' V:: Flying Tiger Line Shares FUNDAMENTAL 600 4(1). 2 10,600 - Coal None 2; — 41,400 Alkali International Minerals & Chem. None 2 2(1) •' 9,690 ' —? 3(1) 1 2(2) 14,400 Airlines. 23,200 Cyanamid Diamond , 1(1) . None None Eastern American r_ Carbon Eastman Kodak 1,600 2,100 * 2 93,300 „ Airlines 20,560 Name. American 3(3) 6(2) 115 8,000 None Airlines Delta 120 S. LaSalle St., United 7,900 20,000 None 26,900 3,000 Unicn Caibide 1 18,500 Cfemical— Texas Gulf Sulphur 6,000 ■ None . 5,600 7,800 1 l- 24,000 None. -. - None 52,600 — 241,700 Stauffer 1 1(1) 1(1) 5,000 Chemicals 3 2 None 12,600 72,000** Purex 12,350 Rayonier 147,000 i None Potash Co. of America.—None 3(2) 36,300 —_______ 2(1) Television Pennsalt ). 40,198 1 None North American Aviation 8(4) investment dealer your Olin Mathieson Chemical 4 - 10,000 tronics field. now National Starch & Chemical 26,000 ' 1 None : 13,500 ; 1 29,500 Martin 10,000 27,500 (ADR) 31,800 54,700 • 5(2) -•2(1) ?' 2(1) 500 _— engaged fn the Elec¬ Fund Montecatini 2 None Aircraft General companies actively Mutual 22,900 4 r tal and income in ord of this Monsanto Chemical.. 2(1) None ———•— Aircraft.— Northrop 26,700 None long-term growth of capi¬ 2(1) 33,979 45,200 61,300 .. 5 primarily 2 Freeport Sulphur— 2 - - Airplane None 80,0JO 3(3) None None 41,300 5(1) Mgts. None 3(2) • None FMC* v 4(2) — Mgts. 10,700 (ADR)—• 7 None'. (ADR or — 12,700 2 Aircraft Equipment 2(2) Farbwerke Hoechst equivalent) 2,100 1 Aircraft and duPont Farbenfabnken Bayer 4 7 Deere 33,500 No. of - Shares 43,600 29,000 2 • ELECTRONICS Get the : Agricultural Equipment 3 ble : No.of No. of INVESTIGATE invested for 17(7) -Sold- -Bought- WHY NOT assets are Shares ;No. of by more than one ■■ Interest You?, ill Mgts. 2 management group occurred. Issues which more managements sold than bought are in italics. Numerals in parentheses indicate number of man¬ agements making entirely new purchases or completely eliminating the stock from their portfolios. (Purchases shown exclude shares received through stock, splits, stock dividends, spin-offs or mergers, both of portfolio companies or via acquisition of private holding companies. Number of shares bought or sold prior to a stock split is expressed giving effect to the split.} Do the A Mutual No. of 4(1) Issues Sold No. of (April-June, 1961) of Eugene N. Schuster. FUND, —Bought— Changes in Common Stock Holdings of 74 Investment Management Groups Fourth Street under the direction Thursday, August 10, 1961 . . . 200 67,200 None • 1 4(3) 2 2,300 2(1) 24,500 2(1) *: 8,500 YMT r 7,000 4,000 4,200 None None Beneficial Finance Financial Federation First Charter Financial Great Western Financial Heller (Walter E.)_— Pacific Finance Pioneer Finance r '"H ' f". '« ? ,7 i'/i <- A None None . ■. I 1 1 1(1) None None None None • "• ' Volume 194 Number 6080 . . . The Commercial and Financial —Bought— No. of Shares 2 88,296 (599) Shares Seaboard Finance 7,500 Talcott 8,200 Associates Investment (James) 5,000 None C. I. T. Financial *None None Western Bancorporation* * 2l " 4,100 34,000 None * Mgts. 5,600 1 Funds Still Active Stock No. of No. of- 2 1 . < 138,400 in v 2(1) 3 - * 2(1) Formerly Firstamcrica. Continued from page 17 voiced vestors) the luxury of being car¬ ried away from reality." ." .. by* Allan ViceStreet, the large open-end fund managed President Hunter, William One of by Lehman Brothers Food 6 Products 56,600 3. ' Armour 15,600 The "hot-seat" 19,0001(1) 18,000 General Foods 13,000 1 18,375 Hunt Foods & Industries 18,800 3 4,700 None 3 23,000 National Dairy Products Wilson 19,800 Borden 10,500 Corn 68,800 2(1) 7(1) 1 •' None ...t.; 5,000 None Products None None Heinz None None National None None (H. Biscuit Swift None 1 1 None 13,600 16,500 44,000, __ _ 1,600 3 5,000 2 4,500 2 17,000 3,454 2 3 13,500 2,000 2 None None 6,000 Libbey-Owens-Ford Owens-Corning Fiberglas Thompson (H. I.) Fiber Glass.. 1 5,600 3 3,000 1(1) None Saint-Gobain None ' None None Owens-Illinois Glass Pittsburgh Plate Glass 38,700 28,700 Thatcher Glass Mfg Insurance—Fire & ing, independent thought and strong nerves. For investment picture Hartford 4(2) - 3(1) 49,800 eraging 2(2) 19,400 Reliance Insurance > 1,800 yielding less than 3% dividends." U. S. Fidelity & Guaranty None American Insurance None None Continental Casualty None None Maryland Casualty "We name: for are carefully looking sign some fence and when it to hope get 2(2) ; : lation over business assumption of its corre¬ with stock market fluctua¬ Messrs. Parker and Devens of In¬ is — typically corporated 2(1) Investors: None None these uncertainties management that the Transamerica Life .\ None ism Equipment 43,000 Combustion 63,000 1(1) Engineering 13,500 2 2,900 4(1) 61,900 1 2,500 None None 1(1) 10,000 time." This com¬ attitude was reflected in acquisitions of "smaller, lesser known companies with attractive growth possibili¬ daring ties" 1(1) 40,000 1(1) None None 1 Engineering, Copeland Refrigera¬ tion, and New York Air Brake, among others—this fund's overall equity purchases nearly doubling Joy Mfg Koppers Link-Belt Singer Mfg United Shoe Machinery Worthington Caterpillar Tractor Dresser Industries Emhart Mfg. 2(1) its sales. 3,100 12,500 12,400 10,000 139,100 1 1 j 92,000 ishness 5(3) son, 7,100 as Machine 1 37,000 5(1) 73,113 3(1) 33,400 3,400 1 Mining—Aluminum Kaiser Aluminum & Chemical. Reynolds Metals Aluminium Ltd Aluminum Co. of America 1(1) 4(1) 4(1) 4(3) 4,000 37,175 79,900 10,700 Should $30 &JHT. nr mA»*n or more. Mr. was A MUTUAL FUND there be through in this major break¬ a in area the next in years, another - group will benefit—life insurance." One Wil¬ liam has-been building investments 4% assets, of* its its up about to including Con¬ investing diversified group of secu¬ a rities selected for possible long term growth of capital and income. Free of Pennsylvania few Personal Property Tax. . Send for FREE Prospectus from yom Investment Dealer or t- GEORGE 145 LAND A. TITLE BAILEY BIDS., & PHILA. CO, 10, PA. tinental Assurance Co. and Frank¬ lin Life Insurance. * ' J Exnlaining his fund's market bullishness, in a which rise of the tion of 59% its at reflected was stock por¬ common from portfolio to 64% the year-end, was this by Lawrence A. Sykes, President of the Massachusetts Fund: "The recent Ernest Hender¬ recession which apparently made its low the first 1961 Federal when quarter Reserve in the Index Board - dropped to 102, has been the mild¬ est of the postwar setbacks. Busi¬ activity is now in the early stages of recovery and gives PIONEER promise of being sufficiently vigorous to lift industrial output to a new peak by early .1962." FUND ness confident A ibility" is INC. policy with "flex¬ by the riianage- expounded Flund:,lloaYour Dominick A mutual fering ment anticipates a further im¬ provement in business during the second half of this year, and its confidence in the vigor of our is reflected in the heavy economy concentration in com¬ mon stocks." This portfolio's common stocks represented 92.7% of net assets at June 30, 1961, portfolio one year ear¬ lier, and 93.5% at the end of the March quarter. Trustee of Investment Trust investment investment fund diversified, a managed in for securities selected long-term possible and of¬ growth income. Prospectus your upon from request investment dealer, or FUND RESEARCH & MANAGEMENT 67 Wall St. • N. Y. INC. 5, N. Y. * * of Boston, who stated that his company is putting money into se¬ it The of the common stocks "as fast as Confidence in business volume an upturn in both and ISSUES POPULAR available," to take ad¬ vantage of "what should be a period of great U. S. prosperity in the next few years." lected becomes Metals and out of that companies compared to 82.2% Remarkably forthright in bull¬ 2(2) 2 2 6,945 National Acme such McNeil & 2(2) Ingersoll-Rand 7,500 this fully invested po¬ 4,400 Ex-Cell-O 10,400 15,700 This warranted. 74,000 3(1) 2 1(1) at paratively 2(1) 2(1) well conviction is reflected in Incorpo¬ 2(1) 1,600 [Berlin, etc.] is convinced rated Investors' 12,800 1,500 e 2(1) Chicago Pneumatic Tool 1 i t 2(2) 56,100 2 e s p 9,000 2 3,500 "D by 42,000 Machinery, Machine Tools and 3(1) voiced spirit of business optim¬ is sition Industrial came are looking doing research in cancer, heart and mental diseases. for Life with — tions 2 28,000 None Aetna sign, the 2(1) 5,050; Travelers on POSITIVE THINKING Optimism the usual Insurance—Life, etc. None be the None 31,000 we statement your None the that will comes, off us optimistic side." 1 None (Newark) 1958-59 when insurance 1 . highlighting such quixotic feelings is the comment by Jack J. Dreyfus, Jr., President of the enterprising fund bearing his None None None 90,000 further prices, av¬ times earning 22 over and power ; Fire 3(2) is confused by high stock . 134,500. 22,500 the managers Casualty, etc. 3(2) 2 Fund: "Obviously, requires understand¬ Also Corning Glass Works.,. amounts of J • firms, he added: "We in 1 ically accumulated in in as recession. the condition 2(1) 3 ■ 3(2) Glass year Reporting that more self is thus aptly described by Mi-' than 15%-of the fund's assets is invested in lan D. Popovic, President of Blue drug and chemical 2(2) 2 ; None which the in¬ pattern this same Ridge,,Mutual 39,000 * the vestment manager now finds him¬ 2(1) 2 800 , on Shares may be systemat- Ja :"We expect ' The Investing Difficulties . Campbell Soup_^ r Consolidated Foods_______1 . 19 Sold No. of Mgts. Chronicle have time leaders most on the score card widely-bought stocks continued to rotate. This place is held by Ford Motor, which had its third distri¬ top bution of a Ford Foundation-held Continued profits was on page 20 Metals and Mining—Copper 7(2) 155,800 3(1) 7,949 1,500 2 7(1) 28,800 1 10,000 7(1) 33,100 Anaconda i— Cerro <--Inspiration Consolidated Copper Kennecott Copper Magma Copper Phelps Dodge... . 8,700 None None 8,000 37,000 None • 3(2) None None 1(1) 1(1) None The BROAD STREET LEHMAN BROTHERS—One William Dept. 44 Beaver Street, Send me a FC GROUP OF New York 4, N. Y. prospectus and literature on The One William MUTUAL FUNDS Street Fund, Inc. Name BROAD STREET Metals and Mining—Nickel Address 21,000 41,900 2(1) 7 . Faleonbridge International 1,375 51,100 Nickel Nickel , . , . Continued 1 4(1) on page INVESTING State City CORPORATION A Diversified Mutual 21 Fund • NATIONAL INVESTORS CORPORATION Mutual Investment Funds Fund The Growth Stock Mutual • • Bond Series WHITEHALL FUND, INC. • • Balanced Series Fund Preferred Stock Series # Income • A Balanced Mutual For prospectus Series and free information consult your investment dealer, or mail coupon to: Stock Series i . BROAD STREET SALES ) • Dividend Series Growth Stocks Series Information Folder and Prospectus on Request Street Fund, An open-end management investment company growth of which endeavors to achieve possible capital through selective participation in the long-term progress of American business and industry and to provide a fair and reasonable current return on NATIONAL SECURITIES & RESEARCH CORPORATION Etlablishtd 1930 120 Broadway, Inc. For CORPORATION ^j65 Broadway • New York 6, N.-J, NAME capital invested. prospectus see your investment send the coupon dealer or ADDRESS ^ above. New York 5, N. Y. □ BSI DNIC DWFI V 20 The Commercial and Financial Chronicle (600) With Wode & Co. Funds Still Active Stock (Special to The Financial Chronicle) C o 1 o.—William DENVER, Brereton, Jr. has Buyers in Churning Market Continued from page 19 Variable Equities Formed LITTLE ROCK, Equities, Incorporated with Ark.—Variable has in offices the been Pyra¬ mid Life Building to engage in a securities McGehee business. is E. Frank principal a of the firm. Groups" and/or below under "At¬ block. Brereton, Rice & Co. formed Aircrafts Soaring formerly with was titude toward industry Ford purchased by 20 while sold by The second best was fund managements, Badische only Broken Hill three. was next to Scientific Welch and (a best bought with five vestment buyers, Co. of only and were one led by In¬ (20,000 America shares newly). Fund also as initial investment. best an was Sony Corp. ton Swedish Ball Bearing Oil In July, Delaware acquired 20,000 shares Second bought in this group was Lockheed, whose largest buyer Saint-Gobain by American Tel. & Tel., Standard Unilever N. V. AXE-HOUGHTON Best Berlin. over seller; the buyers Siemens & Halske (N. J.), and Sperry Rand. air- the gath¬ Royal Dutch Petroleum followed stock, clouds Shareholders' (15,000 Trust newly). of United "STOCK" Ltd., following 19 issues, bought four by ments fund more or met manage¬ selling: no fund Fairchild Camera & Instruments Farben AXE SCIENCE Ecuadorian Bayer First National City Bank (N.Y.) General Precision Equipment | & ELECTRONICS Great Western Financial D. C. Heath CORPORATION (Holdings) Ltd., Dresdner Bank, Borax Daimler-Benz, Korvette Lockheed Corp., Elliott-Automa¬ tion, Great Universal Stores, Ltd., Zwanenberg Organon, N. V., Legal & General Assurance Society Ltd., London Grocers Ltd., Peugeot, Rhine Westphalia Electric, Sud- Maytag Olivetti Unilever Phelps Dodge AXE-TEMPLETON LTD. & Co., Ltd.; also American-based Eurofund, in which Guardian Mu¬ Only Locl$ieed and Phelps Dodge appeared on the preced¬ ing quarter's list of stocks bought by four or more fund manage¬ ments without any seller. * * * DIS FAVORED STOCKS Rotation has been ruling in the The most widely sold this time were RCA, Corn Products, and General Pub¬ unpopular section too. Utilities. lic ■ Ami INTO Fund tual had also TARRYTOWN, N. Y. these of Each was took (six sellers, no buyers), American Machine & Foundry (seven sellers, one buy¬ er), and Royal Dutch Petroleum (11 sellers vs. five buyers). Dur¬ ing the March quarter RCA also had been of the one inghouse widely more but was exceeded, in Electric, IBM, West- General and 1976. The Wallflowers The following nine stocks were four by or manage¬ more ments without finding any buyer: Atlantic Coast Line 8 . Corn Products General Dynamics General Public Utilities Parke, Davis v. The following analysis of port¬ reflected in our folio changes, tabulation starting transactions of not on Middle the the the number Utilities quarter, had been only stock in this "wallfolwer" the June FOREIGN foreign stocks, mostly of course European, broad¬ ened further, both in transactions by crisis NEW YORK 6, N. Y. heatening and the the domestic or neutral of the Berlin attractiveness stock market, on towards dividual seen in in the foreign our issues tabulation in Common 74 Investment Stock may of of 30,- 45,000 shares of North American Aviation. newly), while Blue Ridge was the largest seller (all 18,000). Auto Equipments Moderately Sought Demand Lines. on Largest buyers of Ameri¬ were the United Funds Group (1 4 0,0 0 0), America tional Investment United, Co. of (40,000 newly), and Na¬ Aviation again the for automotive equip¬ thinly, with buyers outnumbering sellers by a moderate margin. Purchase of Swedish Ball Bearing (SKF), whose world-wide products also ments was spread serve other industries, was made by George Putnam (14,600 newly) and Guardian (500), while Madi¬ Fund son made a first commit¬ ment (4,200) in the American subsidiary, SKF Industries. Banks Favored favor centered American Airlines and United Air can Bullock (25,000 each), and deVegh (32,000 newly); largest of the few sellers was Growth Industry Shares (all 65,500). Of American Motors, purchasers were Institu¬ tional Income Fund (36,000 new¬ ly) and Pioneer Fund (18,000 Group Airlines Up In this group, (82,000), the (30,0 00); United of Funds Chase Manhattan, which failed to evoke '! attraction during the first quarter, was more widely bought than any other bank stock during the second quarter; its largest purchaser was Investment Co. America of followed (4,960). (10,000 newly), by Dividend Shares Second best bought was First National City Bank of New York, of which the Uqited Funds (24,500 newly). Continued on page 23 FOR MORE MUTUAL FUND SALES HON PICTURES FLIP BOOKS • • FILM STRIPS SALES TRAINING ON FILMS AND RECORDS • TECH¬ NICAL REFERENCE SERVICE • AnVFRTISING FOR NFWSPAPFRS I I#! 1«1L11 wl Jrli ILai JwiUI If 1LI \ 11 vii «lJf iv i AND DIRECT MAIL • MATERIAL vision stocks. OWN MONTHLY NEWSLETTER only was group the clearly in dis¬ natural gas • YOUR • indus¬ This analysis would seem to in¬ of dicate further deglamorization, as formerly high-flying electronics numbers, in the specu¬ lative-investment picture. Also implied is some lessening of the preceding quarters' emphasis on the cyclical sections. from Favored Groups Agricultural Equipments in in¬ Demand be of Management In this group, both Deere and International Harvester returned to MONTHLY CURRENT DATA ON the its "Changes Holdings elimination Del¬ Martin, and Fidelity block-out and FOR SALES MEETINGS Transactions in the following Fund aluminum, container, drug, electrical and electronic, food, glass, insurance, and radio-tele¬ The Popular Foreign Issues Activities Affiliated Welling¬ were Fidelity attitude coal, way to new peaks. See your investment dealer for free prospectus and other information or write BROADWAY, names. the Motors (100,000), try. SECURITIES Such activity was at times lessened FC, UNIVERSAL PROGRAMS, INC. mixed building, in and DEPT. quarter fund airline, favored purchased, to a somewhat lesser extent, were agricultural equip¬ The Interest ton or automotive, bank, metal (copper and nickel), oil, publishing, rail¬ road, and steel stocks. Also favor POLICY TOWARD fund 65 shares category. A mutual investment seeking possible long-term capital growth and income of prevailed preceding South over the dollar amounts involved. A Yale & Towne During in page 18 480 stock on issues, is based on the number of managements buying or selling, Gas Transmission Tennessee of General INDUSTRY GROUPS tobacco stocks. RCA (60,000 new¬ the Bullock Group (47,000), (35,000). Principal buyers AND BETTER SALES TRAINING: * TOWARD ment, aircraft, auto equipment, beverages, chemical, finance, ma¬ chinery, office equipment, paper, public utilities, rail equipment, retail, rubber and tire, textile, and CBS , Fund's Fore from ATTITUDES managements sold Fund's were Group (50,000) and also Delaware * During Electric. interest to of for¬ American funds appeared in the form of the placement of 6^% 25-year notes by Cie. de Saint-Gobain. Of these notes, Shareholders' Trust of Bos¬ ton bought $500,000, L o o m i sSayles $700,000, and George Put¬ nam Fund $1,000,000. Several funds bought the newly issued Nippon Tel. & Tel. dollar 6s due ^borrowing eign by CBS terms of net sellers by Established 1923 new the extent of 1,100 shares. An interesting example by seven managements, with¬ out finding any buyer. They were sold stocks, Philadelphia Fund, Inc. a sold followed Electric berg Metal Products, and Yardley Siemens & Halske Jim Walker AXE SECURITIES CORP. Ultra aware que Southern Pacific Distributed by Ltd., (Holdings) Ltd., Union Siderurgidu Nord de la France, United Steel Companies Ltd., Wurttem- Phillips Petroleum Pitney-Bowes Scott Paper GROWTH FUND OF CANADA, elektra, John Summers & Sons Ltd., Schweizerische Volksbank, larly large transactions 000 shares of the and MIT Air¬ Celanese The "B" ly), next best favored, had its largest buyer in Selected Ameri¬ American Airlines FUNDS: "A" 9Q one to pointed out above, Ford was the best bought of all issues. Larg¬ est of its 20 buyers included Fidelity Fund (62,000), Invest¬ craft, addition, least Automotives As Bos¬ can (10,000), although MIT elim¬ transactions by at inated its 21,500 shares, and Share¬ management took holders its 8,000 shares. General place in the following: AEG, Asso¬ on the "sold" side, ciated British Foods, Allianz, In¬ Dynamics, surance of Germany, Bayerische found its largest seller in Atomics, Vereinsbank, Beecham Group Physics & Science Fund. Particu¬ In "Unanimous" Favorites Thursday, August 10, 1961 ment Co. of America the for was Philips' Lamp Works new¬ International Tel. & Tel. had been the demand This time it Olivetti each with eight net In the preceding quarter buyers. stimulated Montecatini Airlines American were war I preceding quarter scares (Laos, Cuba) had the bought aircraft issue was Boeing, Photo Gevaert , two ering Geduld Free State sold and went During crafts. Pty. Hoechst Farbwerke by three. Third Gulf Oil with 15 buyers and three sellers. Ranked 17 by place groups": Anilin Farben Bayer du Pont, midst its divestment problems, acquired bought stock comer), THE . curities Stock Series. become associ¬ ated with Wode & Co. 1515 Cleve¬ land Place. He . though Lehman sold 8,750. Har¬ vester, long neglected, had only one seller, namely National Se¬ ; H. . relative of Deere favor. was Largest buyer Dreyfus (23,500), al¬ 175 FUNDS... FREE great CATALOGUE on this galaxy of practical aids KALB, VOORHIS & CO. and services to the Mutual Fund 1037 BLDG. industry. D.C. on WOODWARD WASHINGTON 5, your Just send the request business letterhead. Volume 194 Number 6080 . . The Commercial and Financial . Continued from page 19 —Bought— Shares Shares 2(1) 35,700 5(1) 1 7,500 15,500 3 No-of 49,400 No. of Mgts. Shares Metals and Mining—Other 9(2) 183,300 35,600 2,900 American Metal Climax 10,500 3(1) Smelting & Refining American Zinc, Lead & SmeltBeryllium 1,700 12,000 1 5,000 Brush 18,200 2 12,250 12,050 2(1) 15,000 General 1 2(1) American 9,760 4 None None 1 Beryllium Dome Mines None None _ Free State Geduld (ADR) Consolidated Gold^^u 6,000 1(1) 1 2(2) Minerals & Chemicals Philipp 2(1), , 61,158 6,900 2 98,000 13,000 2(1) 15,000 2(1) 46,000 American Natural Gas. Arkansas Louisiana National Fuel None Consolidated None None El Paso None None Louisiana None None Mississippi None None 2(1) None 1 Natural Natural Gas 1,025 Gas Texas Gas None None Union Texas None None United Transmission Transmission Natural Gas Gas 9,900 Addressograph-Multigraph Mutual Baltimore Gas & British None'' and, 1 Fund's investment policy permits, 3,600 Cleveland 34,700 500 3(1) 2(2) 31,800 Moore Corp 2 4(2) 228,625 4(1) 25,400 9,900 None 8,100 1,000 Illinois Power Interstate Power 9,200 None 7 Underwood None : 1(1) 1(1) 1 6,000 Kansas Gas & Electric 2,000 Louisville Gas & 33,200 40,000 2(1) Niagara Pacific 4,500 1 3,600 80,800 None 4 54,588 1 3(1) Power Burroughs 12,300 >_ IBM .___ Gas & i! Southern California 6,900 1 15,000 Southwestern Public 13,000 Texas 1 1(1) 20,100 Tucson 3(3) 8 3 82,800 2 * 1 18,000 6 :;1 76,500 15 355,000 2 3,300 2 32,476 6 35,800 Champlin Oil & Refining. Coastal States Gas Producing Continental Oil Gulf Oil Louisiana Land & Exploration__ Ohio 21,395 12,000 2(1) None None Dayton Power & Light 1 None None El 51,000 1(1) 1 15,000 14,500 1 60,900 3 Phillips Petroleum Shamrock Oil & Gas Socony Mobil Oil 8,000 1(1) 4,080 None Oil 26,500 3*(1*) 1(1) None 133,000 1(1) 12,800 2(1) None. None 1(1) 52,900 2,000 1 5,800 None None 2(1) • 5 1(1) 127,800 42,000 1,200 Standard Oil of Calif 2 9,000 8,600 12,120 23,600- 2 2(1) ••_ 1 1 2 Investors! 3(3) 2 • 3(d<p 7(3)i*>; 2 2 3 CONSIDER 524,200 84,700 7 31,892 Sunray Texaco 2 27,370 Union Oil 1 300 1 3,000 500 1 4 1,000 (Ky) Standard Oil (N. J.) 1 10,000 Mid-Continent Oil 4(1) 18,000 1(1) 9,240 (Calif.) 14(1) American Tel. & Tel England Tel. & Tel 27,300 10,400 Western Union 25,000 General Telephone & Electronics 154,000 41,530 1 214 4 48,900 None New ___, None 4 None '* Balanced Fund Investing in bonds, preferred, and common stocks for current Income 2 and possible growth of principal and income 3 3(1) 94,300 4,000 6(2) 2(1) 23,500 1(1) 2(2) Cities Service 49,404 4(4) 3(1) 23,100 31,700 145,500 5(3) 6(5) 55,800 2 Donnelley (R. R.) Grolier, Inc Heath (D. C.) Holt, Rinehart & Winston McGraw-Hill Publishing Prentice-Hall | Western Publishing 3 3 24,800 Sinclair Oil 2(1) 19,549 Standard Oil * Includes 11(2) 5(3) 1(1) 13,100 5,000 5(2) 2(1) 7,200 4(4) 2(1) 5,190 None Shell Oil 263,426 27,000 Royal Dutch Petroleum None 121,700 30,660 (Ohio) Investing primarily in selected . possible growth of principal None None 10,000 None None 200 8,500 1,535 *8,300 None None 1 None None 1 1(1) 1 *2(1) * Also 1.0,000 rights. Crown-Zellerbach 2(1) 44,812 2 10,400 Hammermill Paper. Kimberly-Clark 1(1) 24,800 Mead 900 None 13,260 6,000 Radio, Television and Movies 1 None 1(1) 1 2 2 Qeorge 20,000 15,500 Continued The Parker mutual of'Boston your available from I Investment Dealer J or on page j I □ STOCK FUND F 22 INCOME NOW, Life Fund A balanced mutual fund Corporation is distributor of funds with EATON & HOWARD, Incorporated 24 Federal St., Boston 10, Mass. 2(1) 2 INCOME LATER...OR BOTH? PUTNAM FUND I Prospectuses I Address American Broadcast.-Paramount Metro-Goldwyn-Mayer 29,760 50,900 ARE YOU LOOKING FOR The E&H Name__ Paper and Paper Products 17,200 , since 1931 □ BALANCED FUND Crow ell-Collier acquisition through bond conversion. 2 common stocks for and income Allyn & Bacon Oil since 1932 Stock Fund 7 1 2(1) 2(1) None Refining Universal Oil Products Kerr-McGee HOWARD' EATON & Publishing and Printing Atlantic 8,872 113,403 21,900 ... Public Utilities—Telephone & Telegraph 1 49,000 Standard Oil 8 1 2,000 Standard Oil (Ind.) 4 5 2(2) 2(1) 1 137,370 daho Power j i__i 11,600 Kansas Power & LightJj.JsZLz- ^ 17,100 Long Island Lighting 67,000 Middle South Utilities 9,300 Oklahoma Gas & Electric 25,700 Rochester Gas & Electric 2,269 None 1 m ^General Public Utilities None None t Electric Florida Power & Light 58,600 ., vNone Paso STATE. ... 3 8 ' Community Public Service Consolidated Edison (N.Y.) 11,700 100 Petroleum Ashland Oil & Refining '^10,000 * - 3(1) None & 1 7,000 39,550 20,900 Central Louisiana Electric 1 Amerada 109,735 6,000 None ADDRESS- CITY 4,000 3,000 7,280 Gas, Elec. Lt. & Power Virginia Electric & Power None Oil 8(3) 5,300 Service... on 1 18,096 Utilities 30 FREE Prospectus and the Fund of America. NAME- 1(1) 8,000 2(1) Literature Oept 17, N. Y. me 1(1) 235 Edison New York None 6,000 Southern Co. IPC —60 East 42nd St. Please send 2 None __ Principal Distributor 1(1) 2 39,400 12,700 10,000 - Public Service Electric & Gas None 8,181 Planning Corp. 60 East 42nd Street, New York 17, N. Y. 1 19,000 Electric None 72,000 Investors None 6,000 Gas Pacific Lighting Philadelphia Suburban Water__ Potomac Electric Public Service of Colorado 60,000 26,000 4(2) Illinois None Ohio Edison 945 1 Electric__ Mohawk Northern 22,000 2 2 12,000 2,150 N. Y. State Electric & Gas 625 None 2,000 participa¬ 1 8,500 Utilities None 1(1) The 1 States None Pref.) income. special situations. None 4,000 1 3(2) primarily capital appreciation For Prospectus and literature, write to 1(1) None Gulf None (ADR Pitney-Bowes tion in Florida Power 1(1) 2(1) non-diversified a which but is not restricted to, 1 None 2 3(2) is Fund secondarily, None 14,000 1(1) 4(3) 500 Power__ Power 2 2(1) None Consumers Duke 1 7,700 None 1 4(2) National Cash Register. Illuminating Fund seeks possible 7,700 1,500 1 2 None Electric Commonwealth Edison 57,272 1 2(1) 10,000 Olivetti The 2(1) 1 12,200 9,100 1(1) Friden 9,000 1 None 16,000 3 AMERICA, INC. 2,037 Electric 12,800 Columbia Power_™_lA!'k'None Carolina Power & Light. 2,500 Cincinnati Gas & Electric 2,700 2(1) 30,300 FUND OF None 16,000 1(1) Office Equipment 2(1) 1(1) FUND OF AMERICA American Electric Power 3§,690 2 2(1) 2(1) 10,700 32,473 59,000 Fuel 1 American & Foreign Power Arizona Public Service 1 -2(2) 1 38,500 Gas Service-- River Tennessee 5,000 5(1) 2 2 17,634 ,49,325 5,500 7,500 27,500 32,600 74,700 Peoples Gas Light & Coke Republic Natural Gas- None 156,305 1 None 2,300 5,300 Gas Panhandle Eastern Pipe Line 1,000 20,000 2(1) 1(1) 1(1) None , Suburban Propane Gas None 1 Gas Northern Natural Gas_____ , 1(1) 9,000 1,500 2(2) x 2(1).v 11,100 36,900 Gas None 2,600 International Paper 77,000 95,301 iff 6 2(2) None Standard Packaging ' Union Bag-Camp Paper 47,150 2(1) 6(1) None Natural Gas 2 Mgts. 71,400 1 Hoilinger , 35,000 77,500 St. Regis Paper Scott Paper___ No. of Shares Public Utilities—Electric and Gas 3(1) 3,000 No. of , . None 2 1(1) None ,___ Cable None ' Container Corp. of America 1 5 21 Sold No. of Mgts. Sold- £L0'of Mgts. (601) No. of —Bought— ^/r°\0f Chronicle two different providing for distribution of income and prin¬ cipal in accordance with an individ¬ ual trust account for each investor. goals: "A BALANCED FUND" Incorporated Income Fond A mutual fund THE PUTNAM GROWTH FUND investing in a list of securities selected for current income. Incorporated Investors A mutual fund investing in a EST. I92S list of securities selected for possible long-term growth of capital and income. A/(faMacACfCotfiifaf, ffnau\a*tce ^ottt/uuty, Trusttt Founded 1818 Emphasizing possible long-term Capital Growth A prospectus on each fund is available from your investment deSler. Prospectus from your Investment Dealer Prospectuses on Request THE PARKER or CORPORATION MASSACHUSETTS LIFE FUND Putnam Fund Distributors, Inc. 60 New York CONGRESS STREET, Chicago 200 BOSTON Los Angeles Berkejey Street, Boston, Mass. DISTRIBUTORS 50 Atlanta Stath Street, Boston q. Mass. | J j 22 The Commercial and Financial Chronicle (602) Forms Mutual Plan'g & Inv. Continued from page 21 Sold No. of No. of No. of business Mgts. Shares Shares Mgts. River Road under the firm ■ 1 Co. of Black has firm Mont.—The & been 35,000 1,000 Stanley Warner.... United Artists 21,000 Zenith None Now E. D. Black Co. HAVRE, Motorola 1(1) Planning & Investment 10,900 4(4) of Mutual 2 name None 4(1) 22,000 2 3(1) 2(1) prin¬ cipal of the firm. 33,600 34,300 ; investors— •• i ■ IVr* -■ • .*■' 42,200 available at Norfolk & 38,100 Southern Pacific 4 8(3) . Southern 108,100 None Atlantic Coast No sales 1(1) " None None ; Seaboard Air Line 3 1,300 2(1) redemption charge. Gen'l American Transportation. North American Car None on request 1(1) 45,500 2 19,000 None 68,100 37,900 Lorillard 27,900 28,000 18,500 11,000 Reynolds Tobacco American Tobacco Philip Morris Allied s 2(1) 3 None 2(1) Stores 5,000 Automatic Retailers of America 2(1) 66,000 Borman Food Stores 3 Neuberger 20,000 13,600 Federated Department Stores 2(1) 1(1) & Berman Members New 64,200 7,000 : Miscellaneous .■ Broadway, New York COrtlandt Grand 81,920 Korvette 5 126,100 1(1) 2 53,000 1 4(2) 36,100 1 3(1) 2(2) 37,750 2(2) 1 4 1 1 3 10,100 39,150 Thorofare Market.. Field ___. Roebuck 5,400 i YY Western Auto Supply 1 1(1) 3 2(2) 113,200 12,424 .None 1 ( v! , 1(1) 29,500 Winn-Dixie Stores 42,000 l 41,300 Aldens 14,750 1(1) A mutual fund 500 having diversified list 3,200 2,000 20,500 Y 2 16,000 2(1) 1 10,000 2(1) 1 34,400 3(2) 73,000 3(2) National Grant Stores (W. T.) Montgomery Ward 9(7) 1(1) 2(1) None r None None 2(1) 1(1) 2(1) , 2,000 1,500 12,000 23,900 1 Vitro Corp. of America 20,000 Welch Scientific — . 330 American Machine & Foundry— 306,500 American-Marietta 39,125 1 1 7(1) 2(1) American Photocopy Equipment 30,200 3(2) Bell & Howell 38,250 2(1) , 5,000 2,000 1 £.ii securities selected for Rubber and Tire '' ' None None i 2 possible long-term cap¬ 12,300 2 ital growth and reason¬ Armstrong Rubber 7,000 Firestone 9,300 tus available from 28,400 Goodrich 35,000 U. , 3(1) 7,006 ——— or S. (B. F.) 2 ... 49,000 ^ None Rubber Goodyear 288,100 15,000 1(1) 1(1) None 20,000 V 2 4(1) Steel and Iron 4(2) EDGAR, RICKER & CO. 74,300 2(2) ——— 180,000 2 Michigan St., Milwaukee 2, Wis. Broken 5,300 2 Hill Pty. Ltd Cleveland-Cliffs 5,100 1 10,000 30,000 Copperweld 1(1) None Steel Minnesota Mining & Mfg.- 23,500 3(2) 56,000 3(1) 18,300 2(1) *21,200 5(1) Tennessee 10,600 Corp.-- Xerox None ______ 1 Y !"i None 7,100 * The 1 20,500 1 (under Granite City Steel 2(1) 500 4(1). None __2 Iron 18,100 25,300 1 Allegheny Ludlum Steel 2(1) McKesson & Robbins 4,100 2(1) 2(1) 45,000 Revlon - "I' $ 2 7,200 Factor (Max) None None 8,000 Crown Cork & Seal 8,000 1(1) 2(2) Brunswick None None 1 5,600 General Tire & Rubber... investment dealer your 207 E. 67,500 4(3) Prospec¬ 1(1) 69,100 4(1) 3 able income. >'4 2 1 1 None None — i'-3 3(1) 2(2). None None None 1(1) None Vendo 600 30,700 63,885 , 1(1) None 1(1) None 1 2 1 133,200 5,500 28,000 48,000 — 4,200 1(1)' 2(1) " 17,800 - 2(1) Associated Dry Goods 3,000 2 of 15,800 , First None 1 a Foods--i 3(1) ; — Shulton Simplicity Pattern Thermo King Unilever (ADR)— U. S. Freight-— Universal Match.. 5,764 8,300 '2(1)'. Alterman 3(1) 7; None 1(1)- 2(1) j 59,100. 35,000 None None None 5,000 — Outboard Marine Polaroid Procter & Gamble, Sheraton Corp. of America 50,000 6,900 Spiegel 1 None 2,500 7 — Hertz Houdry Process Mansfield Industries Midland-Ross Newmont Mining 23,500 6,000 2,000 14,700 None Grace (W. R.)_____ Halliburton 22,500 None 16,300 4(1) None 3,000 3(1) 21,440 1 ; — 4,530 , 2 Sears, 4,500 36,300 1(1) 6,800 34,600.. ' 5(3) 1 Marshall Products Diebold Drackett Fairchild Camera & Instrument Gevaert (Photo Products) Gillette 25,000 Penney (J. C.) Safeway Stores Express 10,800 98,200 20,000 'rY: 18,800 Kroger 1,000 85,400 2 Avon " 2 7,100 1 2 5(1) 4(1) 2,000 21,000 2,700 None 2,000 None 1,000 11,000 1,580 Unlimited 1(1) Loeb (M.) 50,500 2 2,000 2 None None 1 2 American 1 500 (E. J.) 3,700 None None Great A. & P 12,700 Alloys 2 1(1) 1,000 Union 4(1) 7-2600 500 2,000 2 If, None None Market 2 York Stock Exchange 2 120 Giants Food 7,100 55,700 9,500 . 1 None 1 Underwriter and Distributor ! - Stores (P.) i 2 11,200 ACF-Wrigley 2,600 '-1 None 3(2) 3(2) 9,300 Cigars Consolidated Cigar Liggett & Myers 1(1) Prospectus — None 1 None 5(3) * through conversion of pfd. stock. 22,500 • 5,. 1(1) Retail Trade i —— , None Pullman 24,998 shs. Bayuk 1,850 3(1) 2(1) 9,000 27,200 None 30,000 2 3 34,800 Industries--^— Y- vY-YY'-' Tobacco 1(1) 4(1) .. . . 3(1) commission—• None 3,000 None 64,200 Brooks Celanese. American Viscose ' 4(2) 28,500 American Steel Foundries Bobbie Burlington *IncI. > 1 ..____ , 2(2) 42,000 Shoe 7,400 72,600 46,000 None v 7,000 Brake 19,100 5(4), 110,998* 2(1) 6,000 1 Railroad Equipment American Steel.... 36,000 - 2(1) None 7,000 ?■ Northern Pacific Republic 49,000 2(1) 1 2 3 , 1 2(2) 2(1) 3 Textile and Rayon None None None 81,000 Line... 4,600 10,100 1,800 20,000 < S. None 1 23,100 Railway 2,000 2(1) asset net __ Steel Steel Youngstown Sheet & Tube Armco Steel Bethlehem Steel 17,100 , None None 2(1) No value. 3(1) 1 None Western.. 1 Mutual Fund Shares N. Y., Chicago & St. Louis 37,000 3 Guardian i 6(1) 29,500 None 56,000 • None '<■"'■: s U. 141,000 None Illinois Central...Louisville & Nashville 3 forward-looking •: National 62,200 2 Denver & Rio Grande Western Great Northern. 4,000 3 r 33,000 5(2) 1 72,271 3(1) For 3(2) 25,000 Radio 1 1(1) 1(1) Mgts.. None 17,590 1,500 4,900 8,700 29,200 Inland Steel Jones & Laughlin Mesabi Iron 5,700 3,700 6,210 2 No. of Shares 18,500 7,000 Atchison, Topeka & Santa Fe Chesapeake & Ohio 3,000 '• 1 Railroads 2 a 500 Columbia Broadcasting name Co., 316 First Street, Dorothy Black is 2 1 changed to E. D. Black & Co. E. ■ " No. of Shares Mgts. 13-36 at Sold No. of No. of offices Thursday, August 10, 1961 . —Bought— No. of —Bought— FAIRLAWN, N. J.—Franklin V. Webb is conducting a securities from . . additional 10 are Fund for managements) Between Cash Purchases ABERDEEN FUND Y 14,GOO rights. foregoing tabulation also includes transactions by 13 investment "Balance Stock Also and sales ("M1G") March by and through and Fidelity by May, in addition to those shown Investments." Capital Fund, Wellington in V Fund Massachusetts included above companies tabulation our " . Investors and in our 1 Growth article 1961. ■;% INC. _ Shareholders' TheChaseFund Trust of Boston A Mutual trias to Fund make A whosi yaur money growth come growth com¬ from in¬ current the of — investment , <. capital in $ Prospectuses available from Investment Dealers CHASE or frontiers of □ United □ United Science Fund □ United □ United Accumulative Fund Income Fund development. mail coupon to:' DISTRIBUTORS Dept. CFC-2 75 Federal Street 15 William St.. New York 5 • Boston 10, Massachusetts □ Shareholders' Trust of Boston Please send Aberdeen Fund Prospectus. Continental Fund hi □ The Chase Fund of Boston Prospectus Name on request from Name At".dress.. *. City..., new CORPORATION MANAGEMENT CORP. I the economic . DAVID L. BA6S0N | "W seeking capital appreciation possibilities Prospectus cr: program possible future needs. your dealer A diversified investment and income to meet panies. Booklet and of Boston investment for program grow, subject to normal market risks, by investing in what it considers to ba leading balanced mansgsnnnt 7.W - . I .... ■ WADDELL & Address .. — State City State . c REED, INC. Principal Underwriter I; Volume 194 Number 6080 . . Commercial and Financial Chronicle The . vestors joined with Buyers in Churning Market Continued from page 20 Was . Pnvestaent1"Cod investment shares. St,'nnn ment 4>00°t oi Co. America 12,000 . , the United Funds Co. shares . Italy Chemicals Chemical there Fair and well were in Demand fertilizer as V 1W Se"er' 'nvest" America with 3,000 Olivetti for of undisputed with Weilargest buyer followed TTnr<a - Aiorr Bobbie Brooks 000); Denver & Rio Grande; L&N, and Nickel Plate. Most disliked rail was Atlantic Coast Line, in the v\rMirrVi+ •.TT'i4-v.~ Fundamental 47,300. Utilities Liked on sellers four buyer) Balance led were (there was (all Istel by no 3,100) 0001 Wall Street Investing and rail 2 Interest in utility stocks broad- ?ned> compared with the preced- tali Group with bY Investment Co. of America and Ft-ipr-oAr +.tT~>nrfV»+ was was lington stocks of Demand shares, still leaving it with 500,- when whose eight sellers. Largest single buyer - In- disposed of 67,000 snares, therein by Fidelity Fund balance) Funds Still Active Stock (603) 23 been there had as previous quarter. Interest in Burlington Industries lessened. Considerably interest in increased was the diversified Celanese, which was bought by Fidelity (30,000 newly), Delaware (40,000 newly), vestors General those^tfl"1 Retailers in Fair Demand Interest in retail store chains in the lead- A- T* & T- a^ain was went> to a S°od extent, to some the 'most widely. bought utility- of the names "gone public" in stock, retaining its leadership ^cent months weU .after the expiration of rights. Its - wise, Korvette was fairly well American (10,000 newly) Continued 7,7 PF selling, tnose utu lties which were bought were far In¬ and Dreyon page 26 , OWN SHARE A in American Industry a Get the Facts about "had'b^en^nTheHrTq^ar- makWTfTst investment of 11^00 ter. Du Pont performer in this group, notwithstanding its nnrpcni,^ 50 000) J*. (8'5°°>>with Welling a Montgomeryyard in which.there If Iff,A 0 F Second be^ preceding Quarter experienced shares. The largest sellers of Burroughs were United Science (all- Droblem by far the star JndD ST hv TTn?fpd fSe T 10000 was was shares and Sin la ? rail t utility was Arizona Public Service, fi wki Y , 5 000 1ZI dr.by 3 rvfi I T**?T Sh-f1 P^ FnnHfiuyeC emu with somewhat greater number °dhad been the only oil equity cal fund, Lazard led the few sell- Emulative Fund n • (30>000) a (all 5,700). ers Next best bought chemicals Bayer, Monsanto, Farben were of sellers than buyers, this time several oil stocks mostly domestic, On buyers of Monsanto (and iai gest VonnnX buyer (24,000 of new- ly), of which Chemical Fund was the large single seller. In Pennsalt, Institutional Growth Fund made initial an 18,500 Fund shares, added commitment while 22 000 Chemical, Street made (9,400), 600 the largest purchase Fundamental In- while vestors Stock and Diversified Fund eliminated shares and shares. William" ' MIG Growth their 30,16,400 its ; Companies Retain Favor Standard was vestors snares Growth others. joined by Mass. In(12,000) and two Seaboard tracted Finance at- large buying by Incorpo- S cial Industrial Fund elimh Lazard and reduced Machinery Stocks On this diverse close-outs of ,... group 85,000 the were shares Growth Stock Fund; buyers of this led were (36,500). closed by Fidelity Fund Dresser Industries was out by the United Funds (66,000) and bv Eaton & Group Howard Stock Fund In this far-flung offset favor, P^17T1 in17<~T-| ,7 Fund Fund the the wl Best from street Tnvestine (all whose Fashion of Affiliated ' newly 'acquired'by f the under Eun^^ooln^in^6'50^15^ Fund (2o,600),. in 2o,000).' ' the absence of aiW sale- :,7; °n the selling side, Royal Dutch 7.7; . 7-• 7 in and buyers of Refining other hand Wellington 98,560 shaM Chemica the ,.Raii y, leading seller Accumulative cloud (i^OOlthehe^iestsel'tos (iy'dUU) tne heaviest sellers. p. . , " rapers ricked up Here, Scott Paper attracted only buyin& which was led by Fidelity Fund (4,700). A particularly large sale occurred ' in International PaPer (which was sold on the were and 10 selling seven buyers Get the lead out 'the (which {ailed to materialize) was ^ t MIT>S sole motive to and strike .,. I Delaware Fund APPRECIATION possibilities dealers like you capitalize regu¬ larly on The Wiesenberger Dealer • y-.7 PROSPECTUS ON REQUEST complete service in the field. You get profit-tested selling programs, effective sales techniques, all conforming to the "ground rules regulations"—important and statistics Write • possible, commensurate with the risk involved PROSPECTUS ON REQUEST Nationally distributed through investment dealers by or lifetime, records, in merchandising ideas, booklets, Sales promotion guides packed with ideas, what to do. and how to 8 high Companies!' bible of the • ._. as Charts and Statistics on 15-year flow of • as today. handy looseleaf volume «t Continuous etc. Investing for CURRENT INCOME leading Mutual Funds, includ¬ all the ing FUND Help You Can Usel "Investment business INCOME —everything you need. for all of the details Here's Deiaware It's the first and only Service. ,t~i- , gold! 1,300 Mutual Funds More than the do it • Ads, displays, and direct mail • Dramatic sales presentation Deiaware Management Co , Inc 3 Penn Center Plaza ii y ARTHUR WIESENBERGER & CO. ere managements sell of your Mutual Funds selling Climax t' $30 7 — (26,700). quarter at ^$30.7 _ from buyers, this time all but matched carried it i®edd7idend ^^Bethlehem ■ of only three "shares Second best bought rail was Southern Pacific, with four buyFurther Interest in Textiles ers (including again United AcAnticipatory buying of textile cumulative with 20,000) and no seller at all. Also relatively well and apparel stocks was mainbought were Atchison (notwith- tained but was still small. There ! Investing in diversified securities selected for their INCOME and standing a sale by MIT of 141,000 was about the same interest in ....y., March o on 727,200 shales .^carried 7Uh M!r 7"fund managements. 50\000) leadingthe tw0 selling „ profit-taking was still overhanging IBM. But while„( in 7^7 (20,000), United Office Equipments Clicking The Tri-'coiitinental wa "?large^eller in. largest buyer (20,000) and Lazard the seller (all ■ Hill, the expand- . was .State. (3,700)7 Bethlehem Steel remained eight b wh Smelting & 25,000 shares. Of Nickel, MIG | Address_ were ..jjked rail this time was Southern American with (10,- Name_ # °n shares). MIT led the International I its, largest buyers, although therd three sellers led by Lazard ; _a?~ Group Securities Common 40,000 ""II of ton (40,000) and Fidelity (10 000) • (which had its largest buyers in the Tri Group with 117,000 shares with j""piease send me free prospectus | Selected American Shares. in favor this time, with Welling-. irjSiok. Metal 111. ustralian .steel producer, was Lehman-One William 10,000 newly by National Securi¬ ties Income, although Dividend Shares let go of its 8,000 shares), American 135 S. LaSalle St.. Chic^o 3.. I with.MG the 30,000). Broken Rails Well Bought - or Selected Investments Co. names"' Pieked up -neMy "by A-the Axe Tas Group, (80,000^ and "by Madisan five manage- o( . Steel,; sold W|ide leadersbin of ly in the preceding quarter, was 7 . send this to Your Investment Dealer which the group, of prospectus, Allegheny Ludlum, buyers included Tri (26,000). d:fferent For information and free copy to- new S ohfefly Hi C»'Seeath° iarffAr laigei, income. prtatl 800). and Madison (10,000 newly ) J City. Maicn quarter had been(subject ^reTagalnntimed was four stocks. (52,500), Selected American ex- ('1® stocks, which .during the March a7Trte7"had been'subiect Dreyfus (11,000). Also well bought were Kennecott (10,800 shares bought by Group securities and and bought and stocks chosen for possi¬ common bility of growth of capital and Best steel in broadened Publishing Stocks Again in was Phelps Dodge,* buyers were led by seven Cyclical interest continued 4 000) returned, to some Cyclical Gainers Steels wan street investing (all 4,uuu). (see further below). bought whose sti11 left *hat fund wi*b a holding of 650,000 shares. anv 'crme from Lehman S slstStod One . divided was bv and nickel stocks eijovei continued the 000)' not ten"'to tie pSin? '^0001( automo- At ments (including the United Funds The sellers included ihe two sellers. Phil- - Metals Continue Cyclical Favoritei copper 100 Wall leum. Amerada found its largest of Caterpillar Tractor by MIG, and of 30,000 shares by Diversified stock (an oils bought oils bought Phillips Petro- Amerada and Ali4 buyer "cPU into the "bought" category. U. S: y ouyer, Lr± u „ _ , , x , Al most widelv sold Rubber, bought by three manage- Sfvor 7dg|^ing, with Wellington (28 000 Madison Bought Balance Particularly large transactions . in Engrgv SfS ranking well among ranking weD ^mong , its holdings this stock by 18,400 shares. ,, in the Sh^es'^'fiS.SOO °leavina ^o'.QOOk .^.l'7r,e?^eS. "" 120,000 shares of Western poration (formerly Oil interest in lively (54 500) Madison Group with 29,000), had no sellState' Street (14 400) ers. Only Goodyear remained more Vajj 10 000) Istel (7 670)' sold than bought; a particularly Qf ^en;e'ral Tele'hone huge sale by MIT of 253,000 shares Interest itai ital VW1U1 newly) of one (41 500) sisted of Affiliated (41,900), Selected American (15,000) and Lazard (4,000). Second best bought MIG ,._6WU The mdlrnnp diversified mutual a fund usually investing in Wellington Wellington (128,000), State Street was ... Tires Rolling other standing its recent involvement in The the short-lived Kuwait crisis. ^ Electronics Gulf found its largest buyers in. buvine at all were Finance the stocks of all. in stock SHARES-inc. selelersS°and nai^a' was fact third best bought of all stocks) was Gulf Oil, notwith- oil not of (20,000) Delaware One Mil (all 45,000), with Group Secun- •n. (75 000) and Madison Fund (30,24,000 shares,- 500), whereas the few sellers con- and Fund eliminated its Of Dow of Wellington Affiliated and SELECTED MIT VP. t{l?.1.?Fner ^and, over into Hve stocks lifted these accessory General <c Utilities moved over into k , » f<]j|ix6d" Sfld ^ moved Bayer (20,000 newly), while Investment Co. of America led the £ by AMERICAN r,mnpre.,in runners-up. over into the "sold" column. Nevertheless, transactions m the oils clearly showed a prein tne ons cieany snowea a preponderance of buying over selling, By far the best bought oil stock and Pennsalt, Financial Industrial Fund was the largest buyer of a h sale ceding quarter; this time,' Incor- ties another seller (26,000), p0rated Investors led its .'buyers offset by Lazard's purchase (33,401 newly), with State Street 20,000 shares. Oils Mostly Bought t m P large particularly which there had been no transaction at all in the pre_ 20 nnn^ Dreyfus (all 20,000). ' : DrevfiiQ Members New York and American Stock Exchanges • 61 Broadway, New York 6, N.Y. Philadelphia 2, Pa. 24 The Commercial and Financial Chronicle (604) to AS WE SEE IT for Continued from page 1 . . Thursday, August 10, 1961 category, although one won¬ what he means by "much too narrow." One is the Communist come, some 25 hence, everyone society Khrushchev's some Soviet Russia substance is not taken from some other of people) without paying a possi¬ ble to begin to abandon the things hoped for with little price for it. Someone has to principle of measuring re¬ evidence of things not seen pay the price of the labor of ward by production which of —and will so remain for a producing any and all goods and services that are or will course has been the rule—Mr. long time to come. And all that long list of be available to the people. Khrushchev to the contrary notwithstanding — in the era things that some day the Rus¬ They pay for what they get revolution" ders Not for production. to 30 years is to get that or remains decades will it be two scientific and technical their daydreams. But to get is in the same down closer to the earth, in a . i the current production are to have free of of great actual e c o n o m i c sians with the sweat of their brows corresponds to his Of course, that is progress which made us the charge! need, but in order to arrive —even if the scheme of things utter nonsense. There is no at a state of affairs where envy of Mr. Khrushchev. This bourgeoisie has become a use¬ is an important point for us way in which a people can as now laid out is actually less growth on the social any such thing is possible, it all to note carefully — Com¬ have anything (that nature realized a half century hence. is necessary to reward each organism, one unneeded in This is plainly admitted by munist Utopia even in itself does not provide or that production." Somewhat the according to his contribution likely to find it a little diffi¬ cult to suppress a yawn when he reads that "monopoly part of which is true when the dust is same old old, the off brushed charge that "the monopolists lead a parasitical life and with their menials consume a substantial portion of the na¬ tional income created by the toil of proletarians and peas¬ FORECAST FOR ENERGY: ants." amusement Considerable will be provided — particu¬ larly to those who recall the heady forecasts of the New Era by the passages ex¬ plaining what is to happen in the Soviet Union, not next — the next, but in the or year two imme¬ decades three or diately ahead. Take these words, which are in fact sug¬ gestive of the Revelation of the Apostle John: In "In is one reason Years Ten decade current the Heating millions of energy homes new America's need for will double by 1980 (1961-1970), the Soviet Union, in creating the material and technical of basis commu¬ Twice in family wi|F start using minute in the next 20 years, another every ' Vv nism, will surpass the strong¬ richest and est capitalist country, the U. S. A., in pro¬ duction head of popula¬ tion, the people's standard of living and their cultural and per will standards technical substantially, prove im¬ every¬ will live in easy one circum¬ collective and all stances, state farms will become high¬ ly productive and profitable enterprises, the demand of the Soviet people for wellappointed housing will, in the main, be satisfied, hard phys¬ ical work will disappear, the U. S. S. will R. shortest the country with working day. the become there will More be new people and more homes mean ever-higher energy demands. This is America will come energy sources, source, a of the reasons why, by 1980, one from? Much will some come from present from new ones. Whatever the large part will be transported via pipelines. Texas Eastern— new just require twice the energy it consumes today. Where will it for gas. As our population climbs, homes —and they'll be bigger, too. energy pipeliner of energy— constantly searches sources, while expanding its present systems. Already, our natural gas pipelines stretch from the Mexican border to the Atlantic Seaboard, with capacity to fuel thousands of factories and heat millions of homes. Our Little Big Inch system, largest of its kind, delivers ever-greater volumes of energy in form—finished liquid petroleum products—from Gulf Coast refineifies to Midwest markets. Texas Eastern grows and "In the next decade (1971- diversifies today to meet tomorrow's energy demands. the material and tech¬ 1980) nical terial abundance of an whole ma¬ benefits cultural and the for there and created be will be communism of basis will population. Soviet society will come close to stage where it can intro¬ a the duce principle of distri¬ according to needs, bution will there and transition to be gradual a form one of ownership — public owner¬ ship. Thus, a communist so¬ ciety will, on the whole, be built the U. in S S. R. The construction of Communist wUl be fully society com¬ pleted in the subsequent pe¬ riod." Down to Earth This is in in every every have in good "two chickens pot" and "two cars garage" talk. We heard it more or less this, country albeit by pol¬ iticians or become a others little who dizzy had with EASTERN TEXAS EASTERN PRODUCERS • TRANSMISSION PROCESSORS - CORPORATION TRANSPORTERS: - PIPELINERS OF ENERGY HOUSTON,TEXAS NATURAL GAS - CRUDE OIL - PETROLEUM PRODUCTS Volume the great he says: 194- Number 6080 The Commercial and Financial Chronicle (605) Nikita himself when thereby insure the steady that even in the archaic (ac¬ growth of the material and cording to Mr. Khrushchev) spiritual wealth of society." capitalist system, people real¬ Work, Work, Work! And then the dream of these ly pay for what they get by "Communist society, which imaginative minds: "Thanks work. True in the complex is based on highly organized to the changed character of operation of the modern eco¬ production and advanced tech¬ labor, its greater mechaniza¬ nomic system it may appear nology, alters the character tion and the high degree of that one pays for what he of work, but does not release the members of society from work. It will by no means be consciousness of all members gets of realm society, the latter will willingly for the public a society of anarchy, idleness benefit according to their and inactivity. Everyone will own inclination." participate in social labor and work It hardly need be with — he pays the but coin of Capital Corp. reality what with is his own pro¬ duction. What strange dreams these added communist prophets have! to small business rendering first mon public sale of the stock Capital shares at by an jointly of ment com¬ share, syndicate Harriman as per Net proceeds small a headquar¬ business also investment under .the Investment ness Small Act registered of Busi¬ 1958. under It the In¬ vestment Company Act of 1940 as a closed-end non-diversified man¬ Inc. from manage¬ Houston, Texas, is licensed company is with company ters in Ripley & Co. Inc. and Underwood, Neuhaus & Co. and counselling services to such The Corp. is being made offering of 1,350,000 an price of $12 underwriting managed by and concerns advisory concerns. Gulf-Southwest a -i equity capital and long-term loans Common Offered the through in ing will be initially added to the company's general funds and sub¬ sequently used to finance the company's business of providing Gulf-Southwest The 25 the financ¬ agement investment company. Its purpose is to invest in small busi¬ ness with capital appre¬ primary objective, concerns ciation it and ment its as will to limit not and does its invest¬ intend not to concentrate its investments in any particular It may tial industry substan¬ a portion of its assets in ticular feels industry If arises, the much if such an company 75% as securities invest may its of assets business small of par¬ a management opportunities opportunity desirable that occur. as industries. or at times invest in con¬ in such industry. cerns Authorized sists of capitalization con¬ 3,000,000 shares $1 par stock. Upon completion common ^ of the current financing, outstand¬ capitalization will consist of ing 1,541,755 shares of stock. common Transcontinent Television Corp. Class B Offered Public offering of class B ; 1 ;;; of common continent 400,000 shares stock of Trans- Television being made group headed by Rhoades & by Corp., is underwriting an Carl Co. and & Co. The stock is M., Loeb, Bear, Stearns priced at $12.50 share. per The offering does not represent financing by Transcontinent new which shares and receive will proceeds from the sale. The outstanding already are of none the acquired by the under¬ writing group from certain stock¬ were holders. The company with headquarters at Buffalo, N. Y., has been en¬ gaged in radio and television broadcasting since 1956 and owns interests in radio seven television stations. tions in are The and radio Rochester six sta¬ Buf¬ and falo, N. Y.; Kansas City, Mo.; and San Diego, Calif., while the tele- vision stations Calif, sale the television Rochester The Com¬ Aug. 1, 1S61 approved on its the Communications sale but of and radio stations. Federal the Scranton, and company mission each and Bakersfield, Pa. In April, 1961, the entered into agreements and February for located in are cities these of television the of order is not station yet final. capitalization of of March 31, 1961, adjusted to reflect the 2-for-l stock split approved by stock¬ holders on May 31, 1961, com¬ prised $14,000,000 of notes pay¬ Outstanding the company as able to banks due through 1965 reduced to $12,900,000); $435,150 sundry debt; 30,000 shares of class A common stock, (since and 1,738,612 common shares of class B stock. With A. M. Lerner & Co. Stuart A. Miller has become as¬ sociated with A. M. Lerner & Co., Inc., 15 William Street, New York City, as a registered representa¬ tive. Transwestern Branch Ariz. PHOENIX, Management opened a Guaranty the — Transwestern Corporation branch Bank office Building has in the under management of Ralph Norton. ,f 26 (606) The Commercial and Financial Chronicle Best ~ in bought this group re¬ mained Armour, whose six Buyers in Churning Market mixed fus quarter. Issues An additional 25,000 (6,000). reaction in as the second Georgia-Pacific, S. Gypsum, buyers were led by Fundamental In¬ vestors (8,100), while Fidelity Fund was the only seller (all 19,000). Most widely sold food stock was split, Corn Products, with Madison Fund selling all its 16,900 shares newly acquired by the Axe Johns-Manville, Group Weyerhaeuser and Yale & Towne shares moved from exercise of Celanese preferred's expiring con¬ version rights. Tobaccos Demand mained Meet for tobacco rather though there of liked liked Fair Interest stocks was a al¬ preponderance disliked issues. over re¬ restrained, Best Reynolds Tobacco, whose largest buyers were Drey¬ fus (11,000) and Tri (10,000). was Least liked American was bacco, which sellers in found - its To¬ largest Securities National (27,400) and Value Line Income (20,500), although Dreyfus added to its holdings of this issue (15,500). * * State was tional; Bought This which in the first quarter met fairly good demand, was sold rather heavily on balance during the second quarter. The only fairly well bought issue was group, Arkansas, Louisiana Gas, of which Fidelity Capital Fund newly bought 44,500 shares, joined there¬ in by its bigger sister fund, Fidelity (15,000); Broad Street was the larger (27,600) of the two sellers. CORNER (6,600) and others, al¬ though MIT closed out its 18,000 shares. Leading of Johns-Man- Stocks fairly well bought quarter, met a more first While American Can was some¬ bought than sold, Con¬ Can was the object of more considerable profit-taking. The Tri-Continental Group sold 65,600 shares, joined by Blue Ridge (all 12,000), Dominick (all 10,000), and others. Opinion Drugs Still Divergent on Attitude remained toward highly these stocks with uneven, a much greater "minority opinion'' expressed by selling fund manage¬ ments. American contingent, with switching in. the bought by the United Funds Group others. United and also added 26,000 holdings of Rexall, topped ^ by Funds shares" to its commitment a 110,000 ^shares quired. Another large acquisition 90,100 shares of Smith, Kline was & French Smith, bought Kline, by MIT-MIG. incidentally, of the few one issues was reduced by S. & Foreign Securities (5,000). U. Most widely sold drug stock Parke GENERAL all Davis, its of 125,000 United INVESTORS which was MlT sold shares, while the Group reduced its Fund holdings by 56,400 shares and Chemical Fund its stake by 13,900; there TRUST at were buyers of this issue no all. Still Viewed rents. from of America 42nd York Precision ment surpassed IT & T INVESTORS PLANNING CORP. New General as of Siemens & Halske, the leading characteristically all of growth funds (namely Fidelity Capital, Dreyfus and Energy), each bought newly of¬ fered Sony, the Japanese elec¬ widely sold electronics stock was RCA, bought and sold by Affiliated by none (24,100 all), Investment all) Trust and of of Boston others. Still anti-trust and (14,- in the damage A Mutual Fund Seeking Possible suits. Growth of by eight managements (including Lehman and Dreyfus with 10,000 and 7,500 shares, respectively) Capital Through Method* _ General Distributors ^ / ■ " but j> (2? , OL lAH P Exchange ^ 25 Broad Street,New York 4.N.Y. Teletype: Telephone: N. Y. 1-3222 Dlgby 4-9154 • Send again largest 1 Electric bought prospectus and literature. 28,700 was still , shares). sold , on , ^ fn ^he precf L^quarte^ Us Works, K„+ but a great favorite in the past . exposed recent seven Shares with to KAME *^ET ■ITY by (Dividend ,,, „ sold was largest sellers were Dreyfus and Lehman here also. Philips' Lamp ....... me was Westinghouse . w . c, . Members New v York Stock General managements the * quarters, . profit-taking had its and America Investment in largest sellers in Fidelity Fund (all 200) newly), transaction the was initial MIT in Hartford Continental Fire Casualty Insurance. was sold by Eaton & Howard Balanced and by Commonwealth Investment, while bought by Co. of (15,500). ■ l and security represen¬ salesman is occasionally brought into contact with people who the use stock and commodity markets as chological outlets for their psy¬ emo¬ tional problems. There are people who are COMPULSIVE GAM¬ BLERS and here is of certain These brief a their of accounts resume characteristics. be can profitable but they must be watched fully, because a compulsive bler care¬ gam¬ extend over himself if the market goes against him. This type will diately of speculative often after closed out. reinvest trade a Just as ac¬ imme¬ has soon been as sale a concluded they are ready for purchase. This is not always an indication of compulsiveness as there are other another successful and extremely method¬ speculators who keep funds working actively in times when they believe it is to their advan¬ tage to do so. But watch for this ical Cross-Currents in Aluminum Aluminum liked in stocks, the fairly well- first quarter, were subject to conflicting influences in the second M,etals quarter. Reynolds bought on balance (not counting the shares acquired in. its merger with U. S. Foil). Aluminium >Ltd. and Alcoa were was sold more Than bought. Of symptom and is sold its factor in for best-liked Of Mixed and CBS least-liked. enough to make a first in¬ of shares. Investment Co. of America 15,000, and Madison Fund all its 12,500 shares. \ • Fairchild Camera especially growth good was from funds newly) Growth Stock in for & Instrument, typical Fidelity Capital Diversified and (15,000 newly). had its largest (14,000) and was Mining MIG also added to by Lazard (5,000) others, with Dominick Fund the only seller (all 5,000). As so often, there was pronounced de¬ and for Polaroid, where pur¬ 10,500 shares by Dreyfus, its early promoter, was hardly surprising; another 16,500 shares Fund and combined. mand acquired by Fidelity were Fidelity Capital Fund Particularly strong de¬ developed for Welch Scientific, scientific a a instruments newcomer. maker and of educa¬ tional supplies; purchases by nine fund managements including Af¬ of pattern a based right because they devel¬ certain a skill The concentration people assert tion is in these specific direc¬ a their personal game," ventures challenge or it one of the most widely bought stocks during the quarter. American Machine remained sold much more on so largest sellers & Foundry balance, in fact than before. Its Fidelity Fund (163,000 shares post-split), Funda¬ mental fus time were Investor s—Diversified (37.500); the (55,000), and Drevwith only Dominick buyer this (5,000 several capital years; short his handled who who had no He signed wife his for his own registered 500 shares of stock sell to the told representative trades in trade to He account. account with the firm. the and form account new took margin agreement home, os¬ tensibly for the wife to sign it and return it the next day. The the again, and the registered rep¬ trade went against him after four days the out closed resentative trans¬ because the about $2,500 customer failed to produce the margin action for a loss of agreement. to open wife. He ac¬ count was finally liquidated and the case went to the courts. This He did not have the funds account for his the known. this had cus¬ but he know him well enough, t- for several can tomer do did not You years with this business whatever motivates them it to be, may along cer¬ a tain pathway from which they do not deviate unless they are un¬ and another matic and tool they system. try The to prag¬ hand may use every his at command, including feel of the market, ex¬ charts, a perience, instinct, fundamental through from sources also and information acquire can then professional speculator the other on such he as established SEC reports, trade magazines, current literature, brokerage house releases, daily press, and inside information from qualified company of speculators The sources. difference between the two types is motivation. The other very definite clue to compulsive gambler's activity is usually evident when his trades against going fessional losses. is him. speculator He not will pleased himself. or one on cash basis, rules govern¬ a to the letter. give advice or moti¬ vate these people, you might as well try to stop a ten ton truck with your bare hands. ing margin trading Don't try to I The will with was the once pro¬ cut withdraw if his he market told by of my accounts who has been making completely activity for market Ram Tool Corp. Stock All Sold common of offering recent The 100,000 shares of Ram Tool Corp. share by Aetna Secu¬ New York City and has been oversub¬ scribed and the books closed. The at $6 per rities Corp., associates offering marked the initial public sale of the company's common stock. proceeds from the Net financ¬ will be added to the com¬ pany's general funds and used for working capital. ing The company mont Avenue, signs and of 411 N. ClareChicago, 111., de¬ manufactures electri¬ including cir¬ saws, a reciprocating chain saws, electri¬ cally powered tools, the are orders and also stick to the a the something prove themselves become "beat to a business out of market speculation for years, that he made broker a He finally got into hot water and no longer had for quite often their undoing. Since this at determining from what they action withdrew Fidelity with account active an execute a way to beat the will follow the tape very avidly and for a while they Shares 36,500 shares and Capital with (13,500) point, and it is very important to protect yourself, and your firm, by having all such accounts in order' and insisting that they are kept that way. Sometimes you can be taken in by these people who will stop at nothing once they get in a jam. I know of one case where a compulsive gambler had game. Others upon filiated Fund—American Business with turn stick it out. His ego won't let him admit that he may be wrong or that his sys¬ tem is faulty. This is the danger of what will certain around if he only can pre-- salesman the capital into situations feels he they believe is find demand such as (15,300 evolve successful, Miscellaneous There that type of individual but be careful to have funds in hand before you Zenith, Fidelity Capital thought well type of these people Some will take to speculation see. continued this symptom* is and market Radio a of many systems. charts op Zenith judging Another may be Radio-TV of V dilection Group. Here indication an account. 4,700 shares and de Vegh 4,000 shares; the only buyer being the Stein Roe & Farnham its will find that it you sometimes lack of control but taken by itself, is not conclusive as an analytical the former, MIT and MIG sold a com¬ bined 56,900 shares, while Invest¬ ment Co. of America bought 20,000 newly and Madison added 10,000 shares. Of Alcoa, MIG also of his more the will is also, Eaton & Howard Bal¬ Transamerica, the large and still growing holding com¬ pany, was sold by Wellington (all 41,000) and Blue Ridge (1,000). newly). ' tative here Growth Stock 25,- investors, the registered count anced. series of articles on the above subject.) a Despite the emphasis that respon¬ sible brokerage firms have been placing on investment service to Maryland Casualty had no' buyers either, its sellers including Delaware, and, none. chase of another Most Investment (25,000 (20,000 newly) (45,000). A particularly investment, via 108,000 shares, of mand tronics maker. wake Fund Shares MIT large the "bought" category. included United Ac¬ cumulative buyer 559 sec¬ the to buyers Newmont them Flexible "sold" Its funds, ID, INC. the u ond quarter moved over from German electrical producer. Three NATIONAL DISTRIBUTOR market the best bought electronics stock; its larg¬ est buyers were Fidelity Fund (40,000 newly) and Delaware (26,000 newly). There was only buying and no selling either 17, N. Y. OPPENHEIMER Fl the 75% beginning of year, and which during the Equip¬ Fund Street Travelers another since 40.000 Ambivalently Prospectus and Literaims insurance 16,600 shares. Of CBS, Fundamental Investors sold Once more, this group of growth stocks was subject to cross-cur¬ East had bought diversified was vestment Electronics 60 stock widely which Products, Parke Davis, Pfizer, G. D. Searle and Upjohn moved over into the Merck Insurance Still on Servicing of Speculative Accounts j (Third in \" Home which Wellington Fund newly ac¬ For Income Most and Containers Mixed -V.'L Divergent Dividend was group, the seller Fidelity Fund (21,600); of Yale & Towne, One William (35,000), with Fidelity Fund another seller (20,400) here too. was only Opinion Divided On Building Opinion -".-Ha rise uv V.:'' . BY JOHN DUTTON Some Observations Pertaining to the Securities buyer of this was no issue.' Na¬ Shares ville shares; there by (6,900), Dividend Chemical Fund National and bought opposite direction. Mead Johnson Reaction in (10,000). was sold-on-balance Groups Meeting Mixed This Street Lead tinental Sold Than Gas More sold-on-bal- contingent. One of the better bought building stocks remained Jim Walter, whose largest buyer what Natural the ance * Disfavored Group U. into over Thursday, August 10, 1961 SECURITY' SALESMAN'S Stock making a reduction of 18,000 resulted . Foods Remains Mixed Funds Still Active Stock Continued fro mpage 23 . . all from cular power saw, power cally powered portable drills in J/4, % and Vc. inch sizes and elec¬ trically powered bench grinders, hedge trimmers and circular pol¬ ishers. The company's products packaged in display boxes and are packaged in kit form containing accessories. Profes¬ are several sional journeymen, home owners as performing well as "do-it- yourself" projects, utilize the when he was, not feeling ^company's products. physically. He put his en¬ For the nine months ended tire capital into marketable, short March 31, 1961, ti e company had term bonds, and waited until he was well again. Then he weit net sales of $3,317,294 and net in¬ a year or more well back to work ing and sional But not do in a at his job of invest¬ speculating profes¬ the security markets. as a compulsive gambler will this. When things are ing against him he usually right in the market and come of $92,548, equal to $0.62 common shares share, based outstanding.. capitalization of the on per 150,000 Outstanding company now go¬ stavs pours consists of 250,000 shares mon stock. of com¬ Volume 194 Number 6080 . . . The Commercial and Financial Chronicle (607) Balance Between Cash and Investments by 88 Investment Companies (With Aggregate Net Assets of $15.7 Billion) 6-30-61 vs. 3-31-60 Open-End Balanced Funds: Net Cash & Governmentsf Preferred Stocks* Grade Bonds & Pfds. Percent of Net Assets Percent of Net Assets Percent of Net Assets Mar. June Mar. 14.7 29.3 25.3 55.6 60.0 868 3.3 1.7 4,233 89.0 90.8 4,044 15.1 1,678 839 6,biJ June N.A. N.A. 2,027 0.7 ""0.7 H38.4 H34.2 1[28.8 1122.1 §17.3 1f36.l 0.7 0.7 10.3 8.5 14,353 1,528 9.4 8-9 1.7 1.5 336 344 4.0 4.1 24.1 29,273 13.7 12.3 19.6 1,950 26,206 1,448 1,619 302 287 2.5 3,235 5,819 2,350 A N.A: 164 191 1.2 9,687 5,432 1,022 3,624 4,434 3,512 13,863 4,727 3,290 6,551 11,954 5,943 10.4 7,431 5,227 3,211 6,913 153 101 6,110 110,834 7,148 120,813 242 237 264,287 252,298 f """""" Fund, Investing" Commonwealth Investment Investment Fund HI Cox Fund, .--IIHH & Eaton & Fund Howard of General 15,258 1,799 " Fund" Balanced America (b) Admin" Fund Foundation Investors Mutual Fund."""™! - Knickerbocker Fund Loomis-Sayles I Fund"! Mutual Massachusetts Life Fund Mutual Investment National New Tr'~~ FundIIIIIIIIII~ Securities-Income" Nation-Wide Securities England Fund Putnam (George) Fund Scudder, Stevens & Clark Fund Shareholders' Trust of Boston Stein Roe & Farnham Balanced Fund Value Line Fund Value Line FundlliniHHI Income Wellington II Fund Whitehall Fund Sub-Total Bal. Funds Aberdeen Fund Vegh Mutual Fund Dividend Eaton Howard Energy Fidelity Stock Capital Corp Securities—Com. Mutual Stock Fund Fund Stein United Continental Science Wisconsin 75.5 64.8 65.3 7.1 85.9 90.0 16.7 80.1 81.6 26.8 27.1 62.2 62.4 5,917 3,079 18.5 20.8 62.7 58.6 647 20.4 24.1 74.2 73.1 24.6 23.5 69.8 70.3 28.8 30.1 65.0 64.1 10.9 20.9 20.0 68.1 1.2 1.1 1.1 97.3 6.9 8.2 8.4 22.2 84.7 8.7 9.4 a25.7 24.1 1.9 1.9 44.7 44.1 6.7 6.4 22.3 22.0 18.8 20.6 5.4 2.8 5.6 6.2 6.2 5.8 11.0 1.6 11.3 1.7 . : 368 738 69.7 9,981 71,484 2,858 9,105 59,413 66.5 935 940 49 366 71.0 71.6 215,653 167,282 162,680 120,691 3,047 31,953 1,298 3,660 16,100 21,754 5,326 13,945 27,704 7,042 4,710 55,935 1,820 16,699 2,041 3,160 17,359 15,508 4,840 3,047 31,953 1,298 3,660 1,820 16,6 9 2,041 3,160 $$14,480 $$17,300 21,608 14,529 4,212 92.0 96.2 99.7 90.1 90.2 92.1 86.9 89.7 90.2 9.8 None None 7.9 13.1 None None 10.3 9.8 None None 685 4.6 3.0 None 1.3 3.6 3.3 112 _ / 0.5 96.5 95.4, 2.9 95.4 ,| . ' . 93.5 * 98.4 None 99.7 99.5 0.2 203 02 203 None None C94.8 99.0 .V 2.1 1.1 82.4 86.9 20,053 3,269 24,494 2,156 41,598 2,676 8,044 2,035 20,053 3,269 22,494 2,156 8,044 1,915 19,922 5.5 3.7 1.5 89.1 93.0 4.1 None None 95.8 95.9 24.1 11.4 0.8 1.2 75.1 87.4 §3.2 §95.6 §94.9 14,927 21,898 51,717 ~12A T1I9 None None 87.6 88.1 N.A. 1.7 1.3 None None 98.3 98.7 42,377 None 96.5 90.0 3,595 1.1 1.5 0.8 0.7 98.1 97.8 4.3 1.6 None None 95.7 98.4 5.0 7.2 None 0.2 95.0 9.5 8.2 3.7 2.8 86.8 N.A. 15.7 N.A. 81.2 N.A. 7.2 ' None 10.0 3.5 3.1 14.6 2.4 2.6 None 1,754 1.5 1.5 0.8 15.0 3,811 2.676 3.811 N.A. N.A. NA. 92.6 42,377 22,189 17,710 10,024 14,272 37.684 22,189 17,710 10,024 14,272 37,684 13,762 1,006 5,870 24,248 89.0 876 453 876 453 N.A. N.A. 4,116 1,267 N.A. N.A. 4,801 1,838 1,267 83.7 84.4 None 97.6 0.7 97.7 97.8 95.6 887 1,543 837 12,444 12.124 12,304 172 202 172 16,796 13,465 16,796 13 4R5 None None 7.708 2,658 2,695 39,435 1,912 2.792 1.912 3,502 15,688 3.502 13,617 .< 0.6* 0.5 4.3 3.9 12.1 10.4 0.7 0.7 87.2 88.9 943 951 4.4 3.9 None None 95.6 96.1 931 1.1 2.2 None None 98.9 97.8 20,743 5.583 4.3 1.1 1.8 2.0 93.9 96.9 1,853 1,970 3.5 3.8 0.4 2.7 96.1 93.5 9.801 Stock 21 23,117 5.815 3.0 1.8 2.4 3.4 94.6 94.8 2,658 2,695 39,435 3,134 17,772 11,050 4.2 6.1 1.6 0.9 94.2 93.0 19,358 13.617 510 905 3.3 5.5 0.8 None 95.9 94.5 2,049 1,444 19,358 1,999 N.A. 17.0 N.A. 81.7 569 685 200 6°5 1.4 1.3 95.3 97.4 1,854 1,335 1,854 1,335 Fund__ Fund . Investing N.A. 159 1.3 N.A. ; . • 'A , 625 244 3.3 436.839 430.181 5.8 5.2 1.4 1.3 92.8 Total 701,126 682,479 6.2 5.7 10.1 10.0 83.7 5,472 6.699 5.2 6.4 0.7 0.7 94.1 92.9 1,747 10.4 8.3 2.0 2.1 87.6 89.6 1,534 5,254 10.2 11.7 1.1 1.2 88.7 87.1 3,165 1.521 15.0 7.8 None None 85.0 3.038 4.2 4.1 None None 95.8 L511 2,933 2,115 3.4 4.8 3.1 2.5 93 5 92.7 5,697 7.256 9.4 11.5 1.5 1.4 89.1 87.1 American European American Securities * Carriers & General ; Investment Trust Public Lehman Corp Investors Service 410 273 996 71 865 92.2 494 704 494 704 95.9 451 1,028 451 3,827 3,818 3,321 3.099 3,426 2,086 1,046 3.818 " 3.1 3.1 89.1 89 9 1,028 3,099 2,086 3,436 10,397 28,948 1,101 226 1.101 226 §13.5 §79.6 §81.3 800 836 $+8°6 90.3 86 8 96 4 96.0 4.7 4.4 87.7 90.6 7.0 3.199 12 038 10.397 12.038 24.363 28.324 23.275 4",901 4",319 "Y.O "~0~9 10.1 H10.1 88.9 $89.0 15,980 12,876 $$788 13,374 11.579 11 833 10.3 10.2 None None 89.7 89.8 556 1.541 556 1,541 76,440 74.861 7.5 6.6 2.9 3.2 89.7 90.2 70,038 66.845 63.922 60.565 5.9 8.9 8.9 84.7 8251036 615,868 713.030 546,040 Tri-Continental &• Foreign Securities Closed-End Grand Total Companies „ • 777,566 — tlncluding corporate short-term notes where other also Aaa CHANGES IN assets. through CASH Ba 30, so 1961 bonds; COMPANIES: Balanced COMPANIES...:.... Totals.-. Funds... by bonds Standard OF 83 vs. MAR. Plus Funds... included * Investment for POSITION JUNE CLOSED-END 1,181 1,492 0.1 7.8 Sock 66 439 4.3 4,664 OPEN-END 1,409 0.1 5,230 Moody's 364.784 485,475 0.2 Securities company; 486,428 3.9 Niagara Share stocks: 1.315 649,108 8.9 5.0 ferred 7.708 381,741 3.5 7.6 investment 2,132 549,023 9.5 8,084 Total 754,998 4.969 11,964 S. 539,345" 84.2 - 13.467 5,338 11,809 Madison Fund Overseas 93.5 w §14.4 Fund American 1.3 r International , 2,132 306 2,169 4,567 Funds Closed-End Companies: Adams Express ; General 202 24 Fund. General 24.248 26,472 Fund Dominick 1.006 5,870 12,124 97.4 . „ 13.762 95.1 Special Situations Consolidated 11.872 4,800 8,518 ... ' Y 20,778 4,800 8,822 4,048 1.7 0.6 1,163 ' Fund Open-End 17,474 19,436 3,819 1,145 60,399 20,143 0.1 4.2 7,788 5,080 4,613 50,218 19,922 1.0 15.5 N.A. 13,945 27,704 None Sub-Total Open-End Stock Funds U. 17,474 19,436 4,819 1,145 65,181 20,143 12.0 c5.2 3,339 20,692 1,682 5,326 0.1 0.5 0.3 1,776 17,396 2,595 25,465 . 77,992 98.3 1.6 1.5 1,338 ; 752 54.0 - None 9.1 738 1,204 2,507 1,086 3,951 53.4 96.5 30,158 31,260 18,939 932 738 87.6 2.6 . a65.1 • 5.4 0.3 223 • 368 86.6 1.2 2,672 1,244 97.7 92.7 79 6,478 2,017 1,207 3,023 69.0 98.0 6.8 6,768 6,174 2,576 , 736 5,265 2,853 87.6 2.6 776 , 565 8,029 86,417 0.6 5.6 2,851 6,130 3,058 93.5 1.4 y . 623 N.A. •, 8,359 None 2.9 797 1,468 *Y 17,757 5,208 7,691 5,566 None 0.6 N.A. - 1,204 6,144 4,548 None 16,200 10,465 ;;N.A. . 7,273 3,448 2,366 4,217 2,172 ,75.2 None 1,042 1,721 ; United Income Fund Line 8,396 6,945 2,967 11.8 26.6 2,5t7 N.A. 859 . , 113 • , 960 3,636 • 7.3 ; Street 681 .76.0 *- . * 7,437 Farnham Accumulative Wall 91.6 . - 140 459 Investment United United 76.4 'Y ■ N.A. 91.6 13.4 •' V .14.0 14.4 2.9 > N.A.; . 7.0 - 6.5 1,942 1,449 7,304 6,648 4,993 N.A. \. 12.4 Shares Fund Value N.A. $65.5 98.0 Investors & 14.8;.'." N.A. 90.3 2,605 9,132 14,600 Street American Roe Y;,A- N.A. ■v? 97.8 (T. Rowe) Growth Stock Scudder, Stevens & Clark—Com. Stk. Texas 78.3 89.3 Fund Street N.A.- 20.6 0.2 Fund__ Sovereign : . ; None Price State 77.1 0.2 17,048 Securities—Stock Selected 63.1 None 28,430 Massachusetts Investors Growth Stock National Investors Street -f 68.3 76.6 . y 9.5 16,175 I Investors Trust William 20.9 73.1 64.4 8.4 25.7 • §3.3 Trust of Boston. Fund One v 2.0 Investment Pine 1,088 1,521 ,1,939 66.7 2.2 c7,297 2,187 23,863 2,763 52,259 Institutional Investors Mutual Fund§§ Co. of America— Pioneer 1,006 1,468 70 Investment National 1,766 1,521 6,117 10,357 Incorporated Investors Lazard 2,288 N.A. 2,558 "N.A. 946 Investors Massachusetts 2,794 7.2 10.5 9,217 5,061 1,927 68.2 19.5 ■ 15.5 2.8 , 9,454 381 27.5 4.4 5,766 6,lul 3,449 2,6l5 589 8.1 11.0 13,947 70.4 12.7 A 7.7 N.A. 10,376 71.9 12,9 . None N.A. 25.5 , fl33.2 1.4 190 N.A. 68.8 63.9 - • 10.5 27,726 17,014 19,279 HI HI "HI Fund Guardian 10.0 v, < None 69.6 277 Fund General Group f 0.3 1,723 62.6 N.A. - 480 2,332 29.7 22.0 -*'• 7 08 610 - 27.2 A: 412 Fund 'Fundamental 10,7 6.9 868 28.7 13.1 / 2.3 vr 1,166 17,565 6,760 IIIIII Fund & 11.2 1.3 1,021 1,426 4,349 3,830 2,429 8,431 1,777 Shares Dreyfus I total Sales** Purchasesft 28.0 H' 23.3 13.5 " 10,217 \ 6,613 4,448" - 13.8 Sale*** N.A. 69,597 2,706 9,354 9,116 3,227 IIIIIIII" IIIIIIIII III Fund Delaware Fund de N.A. 447 Fundi IIIIIIIIII I Fund Chemical ^ ■ N.A. Purchasesft 76,525 Fund Blue Ridge Mutual Bullock • 22,480 2,280 IIIIIIII Open-End Open-End Stock Funds: Affiliated ; N.A. Mutual Johnston Fund 1,951 1,667 V 283 Investors^ Trust- Group Securities—Fully Institutional ,zoZ 1,579 Diversified Dodge Common Stocks 2,834 190 $60.9 $64.1 $67.3 $78.0 §80.6 $63.2 Mar. Of this: Portfolio xoiai 876 3.9 $60.5 $66.9 $77.3 610 4.3 H36.2 H28.8 1122.8 June 4,145 Axe-Hougnton Fund B Axe-Houghton Stock Fund Axe Science & Electronics Street >, luiai Business Shares Axe-Houghton Fund A Broad Portfolio Securities Other than Governments June Mar. American Boston Security Transactions by the 88 Investment Companies During April-June, 1961 Oom. stocas ana juowcr Investment Bonds and Net Cash & Governmentsf Thousands of Dollars 27 757,340 6.4 through and and preferreds & pre¬ Poor's r HBonds preferreds (or approximate equivalent), irrespective of quality classification. tCommon stocks BBB for only. gin percent of gross assets or total securities. tfCost of purchases. AVERAGE COMPANIES sales. $$Estimated. N.Y. of o State, a As Feb. 28. ALLOCATION BY 83 COMPANIES SECURITIES, OF 1961. b Formerly ASSETS AND RISK TO 8 15 9 32 Net. 20 6 41 Defensive 5 5 4 14 Risk 40 19 cash, and etc. securities securities Governments (investment (common Totals....- Southern Industries^ Fund, CASH stocks bonds plus EQUIVALENT, 31, 1961 6.4% ..% preferreds) lower-grade bonds AND SECURITIES. Mar. Total 87 " ggOwned by 84 savings banks, etc. in Following combination of various specialized sister funds Mar. 15, 1961. SUMMARY Approx. Unchanged 15 28- 85.2 ♦♦Proceeds from DEFENSIVE 1961 Minus - Aaa INVESTMENT 31, ... reporting 8.595 and and pfds.).. 8.9 84.7 .IHTlOO.0% June 30, 1961 5.9% 8.9 -"85.2 100.0% 28 The Commercial and Financial Chronicle (C08) 500% while Operations in 1960 Insurance Stocks • substantial corded in incurred losses automobile the lines, Federal field. writer of a In 1953 Guarantee States In the to Federal 1957 entered 97% of of The stock Colonial of and premiums. Net income million. factors The Approximately 35% of premiums are and is highly a regarded the middle west. Northern dropped from $0.o8 snare per Premium volume stock common in tne first of quarter virtually unchanged at $19.9 was of Federal Insurance recently to rose an income for 1961, reflecting the esteem in which the stock is held by investors. There are just under 3.5 million shares outstanding offers which, traded in the over-the-counter are. market. Selected Statistics Growth — achieved its Underwriting has of the annual fee addition holders volume the at reserve were investment and end liabilities of 1960 and amounted 150% covered portfolio. of 120% to net 228% of premiums cash, by Surplus to the unearned written. receivables, Total and bonds. Over 3.9 175.6 60.0 36.4 3.6 67.4 5.7 203.3 56.6 36.1 7.3 6.7 219.4 57.0 34.7 8.3 76.9 7.3 238.7 57.9 35.0 7.1 19.9 1.0 tt 62.8 35.4 1.8 _ _ 1959 _ 1961f _ Per l V ■ . . - , ., i- /* ' . ? nf •' Admittedly large sums of pub¬ as well as private capital have spent on non-proauctive in¬ vestments in the past. Agricul¬ ture has been sadly neglected, except in Mexico. Tax policies been have Total lose Price Range Income *Earnings *Value $1.51 $34,83 $0.82 1957 37-25 1.44 1.80 31.85 0.82 56-44 1.55 64-62 1.64 , 1.98 36.68 stocks. common company has steadily reduced the Fed¬ applicable to net investment income to a presently of 23%. Net investment income sharply to $1.91 per share in 1960. Over the past decade investment income, benefiting from the plow back of the substantial underwriting profits, has risen at a compound rate of 9.0%. Dividends paid stockholders averaged 57% have doubled over the 10 rose year period and Although erally quite conservative in its in*, estments Federal made purchase of electronic 1960. mitments in the stocks in common stocks These of Applied included a have gen¬ package new com¬ Adjusted f First 40.50 2.59 42.66 0.94 0.47 0.38 45.50 for equity in ff quarter, 0.25 unearned Not premium BANK LIMITED 11 N. Y. CITY Office: Bulletin on Request 13 Socialism Free Enterprise In Latin America needed 5-6% 40-45 lCcr. Merely to off-set the resulting annual 2V23% increase in population, re¬ quires per 23/4-3% a to increase in the pro- existing off-set the rapid population growth, is thus in the neighborhood of 5-6%. to increase annually. with total a which the Laird, BrssELL & Meeds Members New York Stock Stock Exchange Exchange BROADWAY, NEW YORK 5, N. Y. Telephone: BArclay Teletype NY Specialists in 7-3500 American achieve vast case it is 4% Capital Needs such amounts needed. As increase, an of capital are basic norm, in the of underdevelopd countries, generally assumed that capi¬ investments equal to about a of the GNP 1-1248-49 Bank Stocks ADEN, KENYA, UGANDA, ZANZIBAR NORTHERN SOMALI AND RHODESIA savings in and 20% real more, for or developments. the glittering facades of American cities, which rose the or estate vast slum and areas the Cubans, who had to flee for their lives, it is not surprising t at wealthy people throughout Latin America try to accumulate re¬ serves abroad against a possible revolution home. at of $1,124 Bank only in schek the in try close some loans, in¬ to double grants income people war, well now and at in the meeting of the Inter- that the growing political tainties flights causing are States in Latin private America considerably in vestments larger last in de¬ during Europe Latin the in¬ S. 33% were than year investments invest¬ have While U. two years. past uncer¬ large-scale of capital. United in 1959, America dropped by 50%. the of Three Trends of Economic the over Thought years. the are billion, Development Bank, its President, Felipe Herrera, warned clined Kubit- $1 American ments take foreign of Rio recent capital experts it will Europe and excess Accord¬ year. of American Since 10- new President and 10-15 which the of single capita per next needed to in¬ are billion Latin 3% Brazil, vestments be¬ Latin coun¬ actually equal to former of to President "vast a are a million million, estimates the $40 $500 about needed to 1960. finance by loaned countries and plan," year GNP compares Total private One foreign can distinguish at present governments have provided more than 95% of the investment capi¬ them will win out, will depend to tal. adopted by Washington. The by grow about capital 5-6% investment an¬ equal goal is not an impossible one. Germany and e it ZANZIBAR. REPUBLIC, is being pressure States, and China. In investments between sums achieve to it, achieved, under of totalitarianism by between war, r SOUTHERN ' diffi¬ surprising that Latin Americans do not in¬ in the In: KENYA, TANGANYIKA. these all not investors, private Latin American investors, and Latin American ated INDIA, PAKISTAN, CEYLON, BURMA. UGANDA, ADEN, unions the GNP by 1%. Since the national income of Latin America t SQUARE, S.W.I. Branches to the This World Kennedy's ing to Latin Russia Members American with is Latin the vs. of ST. JAMES'S In: left-wing American funds held in this and the Government it urban reserve, Continued from page 3 PARLIAMENT STREET, S.W.I. Bankers to of Moreover, after the sad experi¬ of many once well-to-do War-impoverished Japan were able 26, BISHOPSGATE, LONDON, E.C.3. 54 the it instead for short-term loans use hide to 20-25% of the GNP are needed. London Branches BANK STOCKS Industrial endangered often unreasonable are ences nually, Statistics Head in¬ rising must NATIONAL AND GRINDLAYS Quarter rapidly expenses. yielding available. crease Second govern¬ rate agriculture, industry, where the capital is deisperately needed, but 0.91 1.91 the improverished hinterland. tal Physics, Ampex, Far- land restrict despite utilities Thus * To of pre-tax net investment income. they their because their vest 0.91 2.52 ' gradually in that all enjoy government backing. many Dividend $1.41 and rate and fear or authorities culties, $36-29 1958____ some demands 1956 poverty effective bonds its hampering rather than development. economic latifundistas through Linuidating eral income tax tax-exempt concentrated been operating Estimated Investment Through this method the in Federal has battle - lic Confronted Net • Approximate are Bell can investments ' Year reduce investments years the private enterprise. creases Statistics American recent the seems provefty and stagnation be won only by encouraging which Share 1948 in that it against ment .. tween as obvious fairly hampered, 63.5 72.9 1957____ Latin 1960 funds, past of Investments in public utilities are auction. The total annual increase in production which is needed to During 120 investment 70% 3.5% • policy¬ 56% of tbe investment portfolio is represented by bonds, chiefly United States Government and municipal and state issues. to total the in about Margin to premium new supplied 37.3% —\ $166.9 its pre-eminence as an underwriter, Federal exceptionally strong capital postion in relation to both its premium investors have — — $3.6 received of the company's entire operations. an Since foreign and private Latin American addition, the management contract with Chubb & Son by the managers is its 10% share of underwriting profits. The overall company expense in 1960 is impressive and reflects the cost-conscious¬ In fare. 59.2% Millions $55.2 _ great incentive to operate on the most profitable basis ratio at 35% ness America, for instance, have aver¬ aged about $7-800 million during the 1950s, or substantially more than the aid which Washington is now offering with much fan¬ Ratio company's a bulk pri¬ Latin Ratio 76-57 the S. in Assets 1961f as capital U. war. Earnings — always stressed profitability rather than volume so been a highly successful underwriter although a relatively small one. The company's excellent diversification in premium writing and its emphasis on commercial rather than provides the investments vate through socialistic "land reforms." agement has the total Profit r to in since funds On provided haye the Expense that Federal has factors of Written 1956 outstanding important 15% year, country. Loss 59-47 are they average, about to year Admitted 1960 coverages widely from and from country to Operating- Year 13.4% In Foreign investments have fluc¬ tuated Total 1959__ individual still financed by private are investors. The Results countries, Reported underwriting record through the maintenance of strict underwriting standards. Man¬ record. American Premiums capitalizing on its all line facilities Federal has developed IV" in moving with the industry trend towards pack¬ aged, policies. This plan, which offers complete life, accident and health, homeowners, and automobile coverages, is billed directly by the company at low cost rates. It is competitive with the various merit rating plans of other companies and results to date have been satisfactory in both growth and profitability. has tne Net "Plan Federal Latin will and In its lost during of the Kubitschek years aiding 1960 11.3% at Great all-time high of $76 per share. The present bid price is 73y2 bid.' Tne stock is selling at a premium of 55% over its presently esti¬ mated liquidating value and at 35 times estimated net investment the company, respectively. written in New York State. both extremely profitable surety business, relatively large are and with Recovery is anticipated over the remainder of 1961 and earnings are expected to reach or exceed the $2.59 of 19n0. full year 1958 insurance Northern organization operating principally in 19o0 to $0.38. fidelity Ocean marine Great Nevertheless, Federal was able to post an underwriting profit margin of 1.8% during the three month period. is licensed to write insurance in all states, the Dis¬ Columbia, Virgin Islands, Puerto Rico, Belgium, Guam, England, Holland, and Canada. The company has achieved ex¬ cellent underwriting diversification with premium volume almost equally divided between property and casualty lines. No single line of insurance predominates. Automobile physical damage at 15.2% of premiums written in 1960 represents the company's largest individual line. Combined automobile lines represent total value about 75% of the domestic invest¬ an provides Federal with an in an area where the company has only limited representation in the past. of of per parts of the country. Federal 38.6% $2.59 During the first quarter of 1961 Federal, as well as the entire and casualty industry, was hard hit by tne heavy losses resulting from the severe weather conditions experienced in most complete underwriting facilities. trict two most fire Insurance now $2.52 to established insurance facility Company, Life Federal, through its affiliates, Company of America. stockholders. affiliation had life insurance industry through the the from acquired 100% of the stock of the Great Company, of Minneapolis, by a share for exchange, after the payment of a 10% stock dividend Federal's insurance re¬ casualty insurance underwriter under the management provide increased liability facili¬ acquisition advanced Insurance share stock of Chubb & Son, was merged to ties. earnings consolidated basis. a Northern on ocean United the on overall Late in 1960 Federal marine insurance during its early history. In 1933 Federal actively entered the fire insur¬ ance field, and six years later a wholly-owned subsidiary, Vigilant Insurance Company, was formed to write general fire and marine insurance. Following the enactment of legislation in 1948 per¬ mitting multiple line operations, Federal entered the casualty insurance that so share satisfactory profit margins of 3.5%, 3.5%, and The company has consistently recorded higher profit margins than the average of all fire and casualty companies. Federal was organized in 1901 and has been managed by the firm of Chubb & Son since that time. The underwriting operations ' approaching New York City, and the fire and explosion earnings from Colonial successive centered largely last its ments Life, 7.3% respectively. of the company half almost Cruzeiro regime. Yet even though the pub¬ lic sector has been expanding in on the super tanker "Sinclair Petrolore" off the coast of Brazil. The gain in net investment income more than offset the declines in underwriting earnings and life insurance has Company by a slowing in the growth paralleled the trend in the national 1957, and 1953 Brazilian airliners established one of the most outstanding underwriting records in the fire and casualty insur¬ ance industry. Over the past decade the company has recorded an average underwriting profit margin of 9.1%, well in excess of the industry average. Not since 1942 has the company had an underwriting loss. In 1956, 1957, and 1958 when the industry recorded underwriting losses in each year, largely due to the Insurance marked The FEDERAL INSURANCE COMPANY— Federal were volume., which premium between the economy, and a slight drop in the underwriting profit margin. decline in the profit margin to 7.1%, one of tne best in the industry, from the 8.5% of 1959 was fully accounted for by three major disasters: Hurricane Donna, the December collision of two ;: . — Thursday, August. 10, 1961 Variahi Associates. in This Week . rington Manufacturing, Hewlett-Packard, Texas Instruments, and BANK AND INSURANCE STOCKS . . 17% in and 15% involved have 19%. countries are billion, of so abGut runs to year for the varies of A year. study prepared Subcommittee Republics Affairs on esti- But large. the The $70-75 that capital investments $17-13 billion would be that "for Latin America America economic some widely as since America ibout importance sector Senate American timated total GNP of the 20 Latin Ameri¬ can public United 20% Latin and the relative from country to country and from fluctu¬ the and The Latin (1) tarian three trends thought. extent Which upon the one of of policies The Cuban brand of totali¬ socialism appeals to many Latin Americans not only from an emotional, but also from point of view, as tional Castro's delegates at a a one ra¬ of recent a whole, public, investments (by Latin American governments) meeting in Santiago proclaimed: "Only communism can fully de¬ represent about 25% America." That increase in indus¬ trial production was achieved at a terrifying cost in human values vestments 56." over of gross the period The public major portion of these investments was financed with the press; and the results In in¬ 1950- help Chile, prices of ro~e the are by printing obvious. more than velop Latin China's' rapid —the 18 - 19 mirers death toll million in — Latin is estimated the at Castro-ad¬ America refuse Volume 194 Number 6080 . . The Commercial and . Financial Chronicle (609) to see. Nor will they concede that economic progress was rapid even more in Germany and Japan, relied heavily on free en¬ which terprise. between the rich wealth of the has of Argentina, and Peru, which are work¬ toward balancing the budget ing and the countries' international accounts, even sitates curtailment a spending, eral though this neces¬ welfare freezes, and wage economic remarkable of austerity. gen¬ Despite toward progress eco¬ nomic stability, however, all three governments are fighting for their lives against attacks from the Eight and Left. A great deal is at stake. If the Frondizi, Alessandri Beltran and governments succeed in increasing production and in raising the^ standard of living of the masses, we may witness a re¬ vival of free enterprise in Latin America. they On fail Latin the the other choice America hand, (3) now Latin America spreading is socialism. type court of in President Betan- and former President Figueres of Costa Rica represent this trend of thought. They find support for their ideas with ECLA Economic (the United Commission Nations for Latin America), whose liberals argue that rapid economic progress can achieved be only scale government through largespending, and if regular Government inadequate, a inflation the is is are of amount price for a world must pay which the more rapid production This view in increase revenues certain diametrically opposed to that of the International Monetary Fund, which favors the anti-inflationary policies pursued by Argentina, Washington—or at least key people in the Admin¬ Chile and istration Peru. ECLA-socialist favor the than to seem — the rather Fund-private enterprise approach, apparently because the Washing¬ ton policy-makers do not believe that private enterprise will work enough for socio-economic re¬ forms, which the Administration Lberals regard as necessary. is Jose of organ COMB ATE,, Figueres, President of Costa Rica, the communist tem order in who, as outlawed banking facilitate to sys¬ the nancing of the government's nomic the party, but who also abolished the private fi¬ eco¬ plans. Besides Figueres, the Administrative Council of COM- BATE consists of President Betancourt of Venezuela; de Haya la Torre, the leader of the Peruvian APRA movement which is pledged to "return to the Indios the wealth of the land which him taken from was by Spanish colonialism and Yankee the Eduardo New-Dealish and President Norman President All the the of these New men for many candidate are for States. United "liberals" Deal-Keynesian in sense, intellectuals, and men of the high¬ est character. They oppose com¬ munism because they abhore its totalitarian features, but given the choice between few countries which have a enriched themselves,, and the numerous of 'proletarian' countries time." The authors concede, our that Western Europe and the developed as a re¬ sult of frugality, hard work and private enterprise, but "since con¬ United States sumers also are it difficult for voters, this makes nation (of a today) to undergo the sacrifice of saving and forming capital." The article also rejects private foreign in¬ vestments, because they "operate suction as which pumps, carry away to the investor countries the greater part of the capital new created." international trade and to the detriment of the nations. tries like¬ free "Exporters in "poor" . . are . export prices." "They themselves among compete without real¬ izing that they are exploiting their countries for the short-term own benefit tries. of the industrial coun¬ ..." What the suggestions of the are enter¬ authors? bilize raw material prices. "Help gradual transfer of foreign investments to local ownership." "When investing capital from out¬ side, preference must be given to the loans", against private direct investments. There should be "no as doctrinaire opposition to the that economic cept social men functions, should activities are that business¬ public servants." not be dogmatic discussions regarding private in and the public property." Whether suggestion that "a country's econ¬ omy must be organized in such a way that capital accumulated by enterprises becomes a part of the patrimony and continues development" means that foreign companies should no to local serve longer be free to transfer their profits—or only what the govern¬ ments regard as "a reasonable rate of interest"—is Among the not of to proclaimed of equal Adolf A. Berie Their statist, anti-private enter¬ philosophy was well illus¬ trated by an article which ap¬ prise peared issue in of the July-August COMBATE, 1960 authored jointly by Ex-President Figueres and Adolf A. Berle, one of Presi¬ dent Kennedy's chief advisors on Latin ticle which American compares exists affairs. the today The ar¬ relationship between the ers same wages as in the United old an After past 200 years vestors will unless these be reassured that can not become the in¬ they victims of upheavals, socialist forms, expropriation, foreign ex¬ Berle, of able prior which appeared borrowed at the Betancourt raised government's share in the oil in revenues contractual Venezuela 50% prospecting down, to and because 65% or drilling the reluctant were from oil to the more, slowed companies tie up more days' extreme obvious dent by Mr. in the the on of to Presi¬ "Alliance because eyes close commenting approval Kennedy's Progress," very Left, an Aug. 1, 1966, for by money at the option of the regular redemption prices ranging from 105% during at the year, first Nobody denies large investments declining to par maturity. sector. There is the in need the ample for for issue has the benefit of calculated 97j/2% debentures prior to of the to retire Proceeds from sale of the bentures will be added to the the public and the private sector, provided the growth of the former pansion. supplements, it the indicated, If one de¬ It than threat¬ remembers international that the lending agencies provide less than 5% of the capital needed, and that even if we include the capital invest¬ is obviously foolish to pour taxpayers' money into Latin America, and to burden fur¬ ther the already weakened dollar, at the time private in¬ vestments, which in the past have carried the major burden, are being discouraged. President Ken¬ nedy's "Alliance for Progress' can wreck same the Latin dollar without saving it turns out to America, if alliance an state-minded erals" and between welfare- Washington ."lib¬ nationalistic-minded Latin American socialists. for general funds Construction cor¬ for ex¬ im¬ and the expenaiture of which about through 25-30% are heavily outstanding shares of $5 par stock. common Elliot Lewis Joins Garat LOS & ANGELES, Polonitza Calif.—Elliot L. Lewis has become associated with Garat & Polonitza, Inc., as VicePresident. The firm has also nounced its removal to new an¬ quar¬ ters in the City National Bank Building, 9229 Sunset Boulevard,^. New F. R. Burns Branch Company office Okla.—F. R. has opened in the & Burns branch a First National Bank Building under of Melvin Com¬ of pany, cellulose wadding products, white papers and allied products. About 57% of its net sales of Robert with Green with of New York's 56th Annual Ap¬ peal for Funds, it was announced by Wallace W. Lee, Jr., General Chairman of the drive. More than 300 civic key and business leaders in the New York area are participating in the fund drive which is slated to September 18 run through offices Street. He & at 380 products, East formerly was 27% white and paper DIVIDEND NOTICES 16% specialty products, including cigarette, condenser and carboniz¬ ing papers, industrial wadding and items. Its include consumer Kotex and 401st Dividend prod¬ Ferns towbls Delsey toilet tissue. The company is one of the two largest U. S. manufacturers of publication-type coated print¬ ing papers and one of the five largest manufacturers of all types of printing paper. The company is one of ducers of the Pullman and two largest Incorporated 95th Consecutive Year of Quarterly Cash Dividends pro¬ A cigarette and condenser paid For the fiscal year ended April 30, 1961, total income amounted to $414,243,000 and net earnings were $30,480,000. This compared with income total of quarterly dividend of fifty (50O cents papers. to per share will be v September 14, 1961, on stockholders of record t August 21, 1961. WILBUR E. WOLFE $407,093,000 Vice President 4 Secretary j from Dec. 31, DIVIDEND Division and Subsidiaries: NOTICES 1961. Pullman-Standard division The M. W. DIVIDEND NOTICES m Kellogg Company Trailmobile Inc. Trailmobile Finance Company ACF INDUSTRIES INCORPORATED *r s Swindell-Dressier Corporation - Transport Leasing Company „ Common Dividend No. 167 A dividend of 62 Vi$ per THE DAYTON POWER AND LIGHT COMPANY DAYTON, OHIO 156th Dividend Common i| j| || || ;| share on the common stock of this Corporation September 15, 1961, to. The Board of Directors has declared It regular quarterly dividend of 22c | 25, 1961, per share on the Common Stock of the Company, payable September on August 14, 1961. GEORGE The 685,000 ard Oil owners of Stand- Company (New Jersey) will share in the ings of the Company by || C. Allan Fee, || August 4, 1961 earn¬ a div¬ Vice President and Secretary It close of business on DIVIDEND NOTICE has been declared payable stockholders of record at close of business August a idend, declared Directors SELLERS, Secretary and August 4, 1961 Board of by the on August 3, 1961 payable September 12, 1961 £2 to THE SINGER MANUFACTURING COMPANY for only total funds shareholders August 14,1961 55^ per at of the record rate of share of capital stock. 372nd 1961 • 65 cents per • Declared: August • is the 79th consecutive year dividend in which cash dividends Payable: September 13,1961 • -ri Jones, Cosgrove and Miller, $410,500,000 in the fiscal year Inc. April 30, 1961, represented sanitary wadding and related TravelersAidDrive Exchange Division of Travelers Aid Society Coffman D. ended kitchen Stock D. securi¬ a of sanitary napkins, Keenex cleans¬ ing tissue, table napkins and of the Robert engaging in name Heads Div. of Chairman is ties business under the firm ucts Scott, Jr., of Carlisle & Jacquelin, has accepted the ap¬ pointment for 1961 to serve as the Opens — corporation, with executive offices in Neenah, Wis., is a major integrated manufacturer and seller other Stuart the management Appleby. P. R. D. Coffman Coffman The Record Date: share have been paid. 2,1961 Standard Oil August 18,1961 Company (New Jersey) D. H. ALEXANDER Secretary the the 855 value PASADENA, Calfi. fi¬ inflation, accounts of sale current debentures, consisted of $73,359,270 in funded debt and 9,653,- about $70,000,000. ments of the Latin American gov¬ ernments, give effect to the of plans for the fiscal 1961-62 and 1962-63 call years American if poration's be "Alliance for Progress" millions plus other funds available through the Export-Import Bank and various subsid¬ 1961, adjusted reversal developed by of foreign private capital." means corpora¬ provement rather the latter. ens, for "Comercio apparent should the of consolidated April 30, on TULSA, of America to its the a sinking fund public room 1985. The iaries lower interest cost a notice in a 1, 1961, to stockholders of record at with associates and for year. not redeem¬ are purposes company increasing the is and to the company than 4%%. Other¬ wise they are redeemable on 30 country which showed hostility to private capital in general and foreign corporations in particular. in money Mexico," which to taxes. When Inc. The debentures refunding left-wing October, 1960, issue of Foreign Affairs, one need not be surprised in Co., change controls, and confiscatory to find the "Comercio Exterior de the & are offering publicly an issue of $30,000,000 Kimberly-Clark Corp. 4%% sinking fund debentures, due Aug. 1, 1986, at 100%. re¬ communist reading these and similar "public sector" the investors, their work¬ passages in another article nate nations" with that which during eign Latin American labor unions. nanced ex¬ provided in the past by Latin American and for¬ private States, which is argument industrialized and "the less fortu¬ isted Blyth been $31,343,000 for pay Exterior," of has of fiscal Capitalization which basis as United States policy, since "Washington's position heretofore has always been that Latin Views tion capital clear. socialism, they are strongly for the latter. Notes Debens. Offered Washington, on equal work", which seems to imply that United States corporations should pay their workers in Latin Amer¬ ica the net will be able to replace the 70-75% of the investment reliance world economy is the "prin¬ a ciple and previous "moral see the Kimberly-Clark aspirations" which Messrs. Figueres and Berle wish how socialism," with its con¬ or really are "One wonders one "wave of heavy be Set up an international support and quota system to raise and sta¬ prise capitalism and welfare state equally required, new poor coun¬ exclusively inter¬ ested in establishing a profit mar¬ gin between local salaries and Santos, Colombia; Thomas, socialist the years of eco¬ nations, and happening today "be¬ is same tween capitalism"; the wealthy former wealth the national Among the many socialist jour¬ in Latin America, one of the nals best-written of within wise works in favor of the "rich" rapidly Venezuela place a nomically advanced Free welfare-state a redistribution taken of most The third economic philos¬ ophy peaceful between be communism and socialism. by the whole During the past 25 according to the authors, that is for will if created was society." years, governments in poor countries, where "a minority accumulated what little (2) A resurgence of the faith in free enterprise is evidenced by Chile and the industrial 29 «R55SXv»W»»: HOUSEHOLD APPLIANCES • INDUSTRIAL EQUIPMENT • MILITARY PRODUCTS £sso 30 The Commercial and Financial Chronicle (610) STATE OF TRADE ANDINDUSTRY Continued they from be can assembly. 5 page there will be sure no More and raised steel are will be prices Oct. around when a hike under the pres- wage 1, with contract Steelworkers scheduled buyers more that betting ent other makers car end of July, Studebaker-Packard strike. third All had concluded their runs by the into go magazine said. . r United America of to the ; is the effect, . Members of the executive com- £°in& down June 21. entire the serted Chairman, voiced a prices and as- Homer, Steel for Corp., higher that conditions if in 1960 Motors will for account F°a ? ^ jp irysler Corp. 12.8% y American Studebaker- and _ pressed Washington." in Logan Armco President, Corp., said price ad- T. Johnston, Steel justments in come but he soon" will offset added to that predict rising is "it still that the poured 1,790,000 tons for ingots and castings steel the week less ended than in Aug. the would above in week, ending Aug. slightly 1,790,000 ton mark. the Ended Aug. Iron 1.8% 1,818,000 week In- Production tons this (93.9%), 54,236,000 to 19.9% below the or 67,672,000 tons (*117.2%) in period through Aug. 6, 1960. The Institute concludes for week ended Retail of and *index of for were the week's last week. There were mild inin manufacturing to 53 from ingot and 42 84 in construction to 61 manufacturing, with the sharpest rises from a year ago among retailers and building contractors. 102 102 Chicago 102 Cincinnati 109 St. Louis In 115 six the of nine major graphic Southern 108 Western 120 in the South Atlantic States than from 1 Total industry 99.3 __ we"k"fXp°„fdP/c°foU„C'f°r^5?-m5rrage product.on for 1957-1959. from Production of 1961 Auto Models the ^ g2 held States Early Halt an rose to 118 from 82 and EaSt N°rth Central edgCd to 68 weekly Comes to more doubled, increasing to 59 27, while Middle Atlantic casualties West ^ ^ steady South at 78 pacifi(. and in at 19. Central The week's only decline occurred bringing 1961 model year produc- in New England. More businesses tion to an early halt, will set a failed than a year ago in all 13-year low in its August output, areas except the Pacific States. The nation's Ward's The with Automotive statistical week,, Canadian period to same vision less 103,504 said cars turned out its as Co. of Motors buildout The amount of electric energy distributed by the electric light in Ford closed past 197 six WPPC'»Q are through mid-month. extend its 1961 d a was tw x Q12 m 1fiin7 000' £wh 30 000 000 3U,UUU,000 PnnX-1 vf or 67% The - Following the Chevrolet closing at mid-week, Ford was the only car company still in 1961 model Output ff)4.a1 July 29, 0.2%, the or less was below that above of this of the previous week These findings are based on the weekly of 34 metropolitan survey conducted areas by the ATA De¬ Economics. port flects tonnage second consecutive food prices at whole¬ dipped lower than last year. The report handled re¬ than 400 Increases in the prices quoted wheat, corn, rye, beef, hams, bellies, butter, potatoes, steers and hogs outweighed declines this week in /the quotations for oats, lard, sugar, milk, cottonseed, oil, The and eggs, Dun wholesale lambs. 16 & Bradstreet, food price pound of and meats in not a price 31 foodstuffs raw general chief function is to show the gen¬ eral trend of food prices at the wholesale level. Purchases Up for of week Consumer buying, although varying widely with regional weather, picked up mildly in the week and ended Wednesday, 591,356 July American This 29 was above in totaled of announced. the preceding week. of 1960, represented 22,632 the cars year ago. a but Shipments Above 1960 Were and fans. well, purchases of men's As wear, furniture There above in week steel de¬ a total the 1959 & Bradstreet, mates 1960 levels West 10,788 were highway trailers or highway con¬ in the week (piggyback) ended July 22, included 1961, (which in that This was cars week's 5.5% or above increase above of the 3,427 1959 Cumulative the of were over-all increase an responding week the 1960 cars of cor¬ and an 46.6% or first 29 South 316,754 for 12,105 cars of 1961 increase of an 4.0% or corresponding There above period 58 were the Class in I U. 1959. S. rail¬ systems originating this type traffic in the pared with in the current 54 one week year com¬ and ago corresponding week in 1959. to July 29, totaled 231,649,000 board feet compared " with 218,810,000 At New Peak for Atlantic and to +1 -f-5, 0 to in level 272.95 the to stockholders. net proceeds that will go company's general funds, will $150,000 used be to repay bank loans. The L. which is company, to cessor business a Hartzer J. designs and suc¬ a founded by in 1950, develops, produces electronic instruments used to detect, meas¬ analyze atomic radiation. and used, for the are most part, by scientists and tech¬ nicians at universities and gov¬ laboratories. ernment the For June ended year 1961 the sales of $2,567,546 ings of $293,524, reported company and net 30, net earn¬ equivalent to net sales totaling $1,509,741 and earnings of $46,061, equivalent net to cents 19 share. a years Figures for based on 246,667 outstanding. are shares Capitalization of as May 31, 1961, adjusted to give effect to the present sale of common stock, consists of $25,000 of long-term debt and 333,333 shares of com¬ mon stock, 50 cents par outstanding, not including value, 30,000 shares reserved for issuance upon exercise of options option and warrants. new Sales Increase Department Federal dex for of ended the week's declines climb. noted were commodities — Only three among some sugar, hogs in rubber. The climbed Index (1930-32 = 100) to 2% Slightly The Wholesale Year Food by street, Inc., edged the latest week an The reported. was increase four- to in sales the Federal Re¬ department store York City for the System, serve New 7% week ended July 29, had been higher than the same period last year. ended In the preceding week July than higher 22, in sales were 1% the same period last year. For the four weeks end¬ is offering publicly, A shares of Service will be the July 9, a increase in the com¬ 1960, was sales over period of 2% recorded. used by the company for of debt, advertis¬ repayment ing and sales, and working capital. The of 33 E. 17th St., City, is engaged in the importation and distribution of a company New York wide variety of photographic equipment which it sells prima¬ rily in the 37 states east of the Rocky Mountains. stock consists Authorized of 1,000,000 class A 350,000 class B shares, of which 194,000 and 181,000 shares respectively will be outstanding and completion of this financing. upon ing July 29, a 4% increase was reported above the 1960 period, while from Jan. 1 to Photo Indus¬ tries, Inc., at $4 per share. Net proceeds, estimated at $495,000, International Marine, Inc. Public offering shares mon of of A. 100,000 T. U. com¬ Produc¬ tions, Inc., at $3 per share is being made by MarshallCo., New York City. the Proceeds company will for be production ex¬ offering of 75,000 of shares Inc., at $4 New the 15,000 for Net the by repayment advertising, The working capital. company of 130 W. 57th St., New York', is engaged prima¬ are of the Of the being the total, sold company underwriter Ross of and Miami proceeds will be used for the repay¬ debt, the purchase of ad¬ equipment and inventory, new facilities, advertising working capital. The for and company ditional and City. Leonard Beach. Marine, share is being made Securities Co., Inc., shares account Mr. common per York 60,000 ment of loans International Albion by additional sales employees, salaries, of by used Public company and of 790 N. E. 79th rily in the creation and distribu¬ year. dex, compiled over period ended July 29, 1961, sales advanced 3% over last year. on From July 22, 272.95 Monday, Aug. 7, compared with 271.83 in the pre¬ ceding week and 268.14 on the day last 2% of week penses, Daily Wholesale Commodity Price rise Inc. Stock Offered accounted largely rye, a July 29, like period last year. For the week Co., Bayside, N. Y., 150,000 class a in¬ Board's ended A. Hart & N. on taken from as Reserve the week showed 1961, the sales store Common Sale on and Week country-wide basis the Class A Sale 2% Above 1960 A.T.U. Productions Aug. 7, reports Dun Bradstreet, Inc. Steel scrap prices moved up, and combined with appreciable advances in wheat Service Photo Industries commodity week, lifting high for 1961 past a +3, Pacific —3 to in wholesale general to Year marked increase prevailed prices in the for 13,334 certain Nationwide Department Store Ago St., Miami, Fla., is engaged in the chartering of vessels, the rental tion of radio and TV commercials and and entertainment Volume Lumber production in the United States in the week ended per¬ 0. parable Wholesale Commodity Price Index 2.2% esti¬ comparable Central According weeks corresponding period of 1960 and 90,801 cars or 40.2% above the and Middle Central —1 week. piggyback loadings totaled 30 Regional from by the following The revenue for the into the this South Atlantic and Mountain reported of Of of re¬ ended week Inc. varied centages: (during cars the the in in volume Wednesday was 1% below to 3% higher than last year, according to spot estimates collected by Dun corre¬ more A dollar —4 or 50 and company both + 1, East and West North Central one road per offering, common The strike.) loaded with for automobiles turned and moderately. up week in of 46,494 increase an 8.5% sponding 566 clothing, sports¬ conditioners air 3.7% be¬ or corresponding or the 100,- Radiation + 4, New England and East South The loadings crease cars of period for 1960, the company had increase of 7,219 cars an 2, edged slightly higher than in wear, Association Railroads 1.2% or the cars, Aug. asso¬ in back-to-school freight freight revenue ended are the the The instruments Week Ended Aug. 2 and Laboratory, Inc., share. 86,666 shares being sold for the account of Of ure Retail shares common priced at $13 is Its Co. $1.19 per share. In the comparable Were 3.7% Below Corre¬ sponding 1960 Week Loading It use. index. & offering publicly Instrument rep¬ cost-of-living tail trade the 000 Stone are The bulk of the increase centered Freight Car Loadings for July 29 Week Inc., index total of the sum per reported decreases. areas Common Offered Hayden, account 1 . the comparable period Compared to the immediately preceding week, 18 metropolitan areas registered increased tonnage and Laboratory com¬ of mon carriers of general throughout the country. Radiation Instr. more at terminals truck Thursday, August 10, 1961 ciates year. Wholesale Food Price Index Off Lumber that have resents the in nounced. Truck tonnage was 0.6% same Louis schedule. 1960 in tonnage v c^rfop- plant, on strike since July 26, may have to St. institute ^rli plants dur- also nnn'nnn' at i6'13J^'00» j™.1 Wednesday. "Sch^plants'will company's ^ W€f Corp. 1961 the & «• mu of due to continue assembly erations . di- ing the week, but seven others Week truck 1%, 0.2% Below was the volume in the corresponding week of 1960, the American Trucking Associations, Inc., an¬ dipped to 34 EIect"c °lJtpu1tQ,6'7.% UlShcr Than ,n Week one^third that, Chevrolet General of completed models than p,,,. week of last year. Ward's Motor dropped to 33,410 units last week, and 74,831 the production car failures from 38 }n the preceding week hut remained fractionally above the 33 recorded in the similar week of 1960. said that more assembly plants changeover quietus this amounted the Reports said. agency passenger the from of industry, nine entering for auto 219,627 ended week than geo- regions, tolls ran higher in the week just ended. Failures •_ 231,054 Same The Intercity tality exceeded 1960 levels in all industry and trade groups except 90 II 235,532 234,157 Ended July 29 total). 77 Detroit 218.810 224,915 230,657 tainers 107 week Intercity Truck Tonnage in Week low year, largely steep upswing, jumping to 237 from 158 5, marked cocoa, toll among wholesalers dipped to 30 from 34 and among service concerns to 25 from 30. Mor- Cleveland 1960 231,649 239,200 _ Orders- from 55- On the other hand, the Pittsburgh Youngstown July 30 V 1961 1961 Production- Shipments August 5,1961 Buffalo July 22 July 29 PWetkCEndin«r North East Coast__ the level. On Aug. for _ creases Aug. for feet the in 1960 almost half again casualties responsible with ' follows: as occurring earlier and 226 last the Index of Ingot Production by Dis- tricts, 1961, 274 weeks week and a year ago. Most of the week's rise centered among casualties under $100,000, which turned up to 357 from 276 a week through year amounted 5, and Failures with liabilities in excess of $100,000 edged up; to 49 from 43 in both the previous ended July 29. Aug. Ending Aug. 3 1838 when the toll was 277. below output of (*97.6%) in the tons in . 8, the index was up 0.7% to $5.94, yet fell short by the same amount, 0.7%, from the $5.98 in the com¬ parable week of 1960. This . ^any businesses succumbed as the uslmilal\"Ifek of„ „Sre~war stitute, production for weekended Aug. 5, 1961 was 1,850,000 tons (*99.3%), . 1959. As well, 5 Steel and Week comparable According to data compiled by the American Latest the 269 Steel Production Data for the Week board of figures the are ' accounted. for 91.9% Commercial and industrial failures climbed to 406 in the week ended Aug. 3 from 319 in the preceding week, reported Dun & Bradstreet, Inc. At the highest level since March this year, casualties ran considerably above of tonnage see Co. _ 1.5% or previous forecast the week 12 5, „ steep Upturn -n Business Failures in- dustry Following partment of Research and Trans¬ In estimated ' , Motors 8.1%. too hikes when the , , and Chrevolet division of General costs, come. Steel It Motor steel lines must some to soon . Of thls week's production, Ford below the year ago sale some •, fall point to an increase, he would not be deterred by "feelings ex- rose model year. Of the total, General , the orders and thousands for\, the Packard 1.2%. Most auto companies will be producing 1962 model cars by the middle of this month, the reportmg agency said, with StudebakerPackard operations leading off next i?Umx I?®'®0? neY cars W1.1,l 5? j!,n al°nS with 54,000 old 1961s. By comparison, the industry built 305,514 cars in the same year-ago Bethlehem 2.2%, 5%. weeks indicated: 6,01 M81 Institute said they expected steel prices to be raised selectively in the fall with the increases being passed along to consumers. need Compared with 1960 levels out¬ put dropped 1.6%, shipments under Motors B. prior week, ac¬ regional associations. A year ago the fig¬ ure was 235,532,000 board feet. reports from *961 model run would slightly exceed 5,400,000 units, about 10%* mittee of the Steel Service Center Arthur in the cording to gained estimated t feet board . . Dun up Price & in¬ Brad¬ fractionally but remained features. thorized stock consist of 10-cent par which unon common Au¬ 1,000,000 shares, of 263,000 'will be outstanding eomnletion of this financing. repair of small boats, and the operation of freight, eargoing and salvage boats. Authorized stock consists of 900,000 1-cent par com¬ mon be of shares, of which 150,000 will outstanding this upon financing. completion Volume 194 Number 6080 . The Commercial and Financial Chronicle . . (611) Indications of Current The following statistical tabulations cover production and other figures for the latest week or month available. Dates shown in first column are either for the week or month ended on that date, or, in cases of quotations, are as of that date: Business Activity Latest AMERICAN IRON Inuicated Equivalent Steel AND steel INSTITUTE: STEEL operations cent (per " Previous Month Year Week Week capacity) Ago Ago 62.2 60.9 54.6 Aug. 13 1,850,000 1,818,000 1,779,000 1,556,000 Crude 42 and Month castings , ' PETROLEUM oil and gallons (net tons) Kerosene output fuel Residual fuel oil output (bbls.)____ (bbls.) 8,284,000 7,789,000 30,449,000 30,812,000 27,668,000 8,290,000 29,014,000 2,732,000 2,795,000 2,040,000 . 13,214,000 13,423,000 12,151,000 13,034,000 July 28 5,742,000 5,673,000 5,185,000 and unfinished Kerosene fuel gasoline at__^_.„„. (bbls.) Distillate Residual oil fuel (bbls.) oil (bbls.) i 5,598,000 ___July28 193,510,000 196,455,000 200,175,000 30,720,000 29,837,000 July 28 129,290,000 124,717,000 112,511,000 128,941,000 July 28 50,226,000 49,859,000 47,454,000 43,386,000 ______ "4; i->Revenue freight loaded " / Revenue (number of ,cars)j. - ; (no. 591,356 584,137 cars)__ July 29 of 470,325 467,062 533,573 V 613,988 474,929 , 485,567 U. Public 947,000 323;000 330,000 193,000 4,287,985 ♦4,327,534 ♦4,249,388 4,618,500 SERVE in millions $379,200,000 $561,700,000 170,800,000 158,500,000 207,500,000 Instalment ! (U. coal Pennsylvania S. 228,900,000 220,700,000 220,900,000 195,300,000 <110,100,000 Aug. 26,000,000 33,600,000 110,600,000 OF 41,700,000 » of Other V ♦8,065,000 2,100,000 ELECTRIC Electric output 8,266,000 and (in BRADSTREET, AGE 371,000 76,000 373,000 122 125 122 335,000 • steel (per Pig (per gross steel METAL (per PRICES v Single 5 Aug. _ AND INDUSTRIAL) • • . , 16,107,000 > • - 14,133,000 v. ■ 406 319 15,125,000 M. J. 6.196c July 31 .2_ July 31 ton) ton) credit . 6.196c $66.44 $66.44 $37.17 • July 31 _ 6.196b '• $66.41 $37.17 - 6.196c $66.44 $36.67 $31.50 2 30.600c 30.600c 30.600c (delivered) (East St. Aluminum Straits Aug. 2 27.950c- U. (New 28.375c 11.000c 12.000c 10.800c York) at 11.800c 11.500c 11.500c 13.000c —Month 26.000c 26.000c 116.500c 115.625c 116.375c 104.625c Industrials MOODY'S U. ..■■■, 13.500c 8 85.73 87.19 85.72 87.08 85.85 89.51 89.51 8 87.72 88.13 8 85.07 85.20 86.38 V .1 90.34 88.67 ,/'• ' , 91,48 '89:23 85.72 BOND YIELD Sales of FEDERAL Aa 83.28 8 86.65 86.78 87.72 87.45 8 87.32 87.45 87.59 88.67 8 .. A — _ 4.10 3.93 3.93 3.61 INVENTORIES (bullions of & Public Utilities Industrials 80.81 81.29 80.69 83.28 83.91 84.30 MOODY'S Group COMMODITY NATIONAL i (A. received Orders Export refinery refinery ttLondon, (per (per prompt Production L-i pound) long (per 30.600c of Unfilled New (per long _ 4.58 4.55 4.51 4.47 ttLondon, prompt (per long ton)_— ttThree months, London (per long ton) 4.78 4.77 4.73 4.69 5.12 5.08 5.13 4.92 4.92 4.87 4.84 4.66 4.65 4.58 .__Aug. 8 4.61 4.60 4.59 374.5 370.4 East 4.51 374.9 Common, East St. 4.60 367.1 , £244.125 11.000c 12.000C Louis St. (per 10.800c 11.800c £64.699 £73.375 £66.104 pound) 10.800c £64.854 £65.943 £74.033 11.500c 13.000c 11.500c 8§Prime Western, delivered (per pound) ttLondon, prompt (per long ton) ttLondon, three months (per long ton) 12.000c 12.000c 13.500c £77.893 £79.045 £90.595 £79.042 £80.054 £90.193 Silver and 310,951 Sterling Exchange— New York (per ounce) Silver, 310,025 307,840 316,686 308,751 335,511 Tin, 323,825 July 29 92 91 95 94 -July 29 471,652 480,165 426,706 , London Sterling 313,360 ' .__July 29 — — period of £239.545 Zinc— 5.11 8 J._£—.— end at 30.390c £250.750 11.000c (per pound)_, Louis (per pound)__ 4.65 -July 29 —i.-, (tons) 32.600c 28.701c £236.483 £233.482 ton) York 4.31 Silver, __ activity orders 30.605c 27.873c £229.685 ton) 4.39 8 __ __ (tons) Percentage 31,560 pound) months, London Common, ASSOCIATION: (tons) 31,520 22,700 QUOTATIONS)— <n. ' Domestic ttThree M. J. & 4.68 8 ______ INDEX PAPERBOARD $54,880 TTrn~7" 4.45 -Aug. ___ _ $53,770 ' 4.72 Aug. — _ $30,650 23,120 $32,180 23,110 dollars): 4.73 8 — _ ; Group 109 SALES 4.45 8 ------- — _ Group 109 108 June: 8 _ __ Railroad 108 $30,460 of Lead— __ Baa 57,996,336 ; 8 — 59,077,233 31_ RESERVE , June Copper-Li " 80.93 8 _ corporate 59,196,460 110 May 54,276,563 $911,481,000 110 at 57,211,679 $966,758,000 $53,570 customers 8 Average 122 57,802,701 _ METAL PRICES AVERAGES: DAILY Bonds 148 of Total 86.24 Aug. ______ _ Government S. omitted).., Durables 86.78 Aug. Group Group 149 141 consumers— customers—Month THE MANUFACTURERS' 89.15 Aug. _ 3,193 Inventories— 12.000c 8 _ (000's adusted 26.000c _ Group_ ultimate SYSTEM—1947-49=100—Month 11.500c 8 Utilities 4,423 151 ~I_ Unadjusted 26.000c 12.000c Aug. — 4,294 3,465 125 variation ultimate OF 2 12.000c Aug. . _____ 4,524 4,274 Average=100— Nondurables A Public 4,547 adjustment ultimate 2 —Aug. : 2,905 PRODUCTION—BOARDsOFGOV¬ Seasonally AVERAGES: Bonds 11,910 32,310 of 2 ——L—.L—. _ DAILY 10,630 12,263 $968,682,000 2 at 11,340 12,345 INSTITUTE— May: Aug. 99.5%) Aa Baa of from ERNORS 30.725c 11.000c 10.800c 8 Railroad month Aug. at pig, PRICES Government S. 27.850c 11.000c 10.800c 11,459 "I ZZZZZ, .; SALES—FEDERAL RE¬ seasonal Aug. Louis) BOND . at (primary tin MOODY'S _ _ 2,943 May: 32.600c 2 _ 10,462 2,958 July: ELECTRIC Number Aug. at 2 Zinc of INDUSTRIAL refinery Export refinery at Lead (New York) at II_ loans 41,752 3,449 seasonal Revenue QUOTATIONS): copper— Domestic 10,602 4,349 Kilowatt-hour sales of - ' 17,755 10,666 loans STORE for - Electrolytic JZinc Month EDISON : 17,242 '—I. SYSTEM—1947-49 Without 269 42,127 17,358 accounts Adusted 220 " 42,441 credit DEPARTMENT '• PRICES: lb.) & v . 3 gross (E. 16,137,000 ■; & DUN — credit loans payment SERVE kwh.) 000 COMPOSITE iron : $53,662 term 30: goods Service 125 „July 29 _ INC. Finished Scrap _ $54,390 FEDERAL RE¬ modernization Noninstalment INSTITUTE: (COMMERCIAL FAILURES IRON AVERAGE=100_ 60,500 3,866,959 "1-1-211 ^^-^.-^-^-.ZZZZZZZZZIZZZ credit Charge SYSTEM—1947-49 ♦78,146 *4,571,890 $54,786 June consumer Personal 8,135,000r July 29 July 29 (tons) J. 4,558,000 78,534 4,355,219 credit consumer Repairs MINES): lignite (tons) anthracite Total 354,200,000 312,500,000 : BUREAU and 246,900,000 4,209,451 ZJZZZ ; intermediate Automobile Aug. ..Aug. ; -u--___ 7 924,000 731,000 (net tons) tons) end of month and as $399,700,000 municipal..... ; tons) (net short 211,200,000 OUTPUT EDISON MInFsT—Month" oFJunet 1,081,000 • SYSTEM—REVISED SERIES—Esti¬ mated $458,100,000 and * tons) (net Aug. Bituminous u 842,000 coke Aug. Federal COAL 1,277,000 coke construction construction.. State 1,115,000 * municipal construction. S. Private 718,000 1,165,000 OF GOVERNORS OF THE , $2,005,000 $1,883,000 . CONSUMER CREDIT OUTSTANDING—BOARD CONSTRUCTION—ENGINEERING $2,392,000 i ZZZZ (net Beehive 6,611,245 constructionM-.-u.iiiJ^^i.^^ construction and Oven 6,090,368 of Oven coke stocks at NEWS-RECORD: Total 397 omitted) 3„ Production . July 29 freight received from connections ENGINEERING by 6,835,880 NEWS (BUREAU ~6F COKE 29,797,000 at (bbls.)' at—_-a— transport CONSTRUCTION—EN¬ construction State 193,195,000 31,864,000 ASSOCIATION OF AMERICAN RAILROADS:. freight tons* Federal July 28 at U. Private Public Ago RECORD —Month (000's Total 2,424,000 July 28 ^ July refineries, bulk terminals, in transit, in pipe lines— Finished CIVIL 8,397,000 (in ENGINEERING GINEERING 6,834,860 July 28 .a. output 6,888,060 July 28 (bbls. • oil 6,947,960 July 28 (bbls.) 6,945,210 Year Month ASSOCIATION, INC.— May: general carriers CIVIL of (bbls. average July 28 average of Intercity 0 output—daily runs to stills—daily Gasoline output (bbls.) Distillate ( INSTITUTE: condensate each) Crude Stocks at AMERICAN TRUCKING Previous Month 63.2 ' AMERICAN Latest Aug. 13 to— ingots 31 New Gold York (per U. flask , 79.375d 79.250d $2.78981 $2.80268 114.648c 116.281c S. 76 101.347C $35,000 , pounds) $35,000 $35,000 $194,800 price) of 91.375c 79.518d $2.78787 » i Straits (per 91.375c 91.375c ounce) (check)_ ounce Quicksilver 457,753 (per Exchange $200,455 $211,273 Antimony— OIL, PAINT AND REPORTER PRICE DRUG AVERAGE—100 1949 _ TRANSACTIONS ROUND-LOT INDEX— — ACCOUNT FOR 1!New 1 _ 114.43 114.32 113.63 109.87 MEM¬ OF of Total Short ... sales — - Total purchases Total Total the on : =- sales — transactions for round-lot account Short sales.. 252,050 210,720 405,610 268,500 233,050 ; , 275,260 233,860 612,086 549,940 864,690 XUiy sales EXCHANGE 123,170 101,250 738,083 580,392 751,087 560,270 863,803 703,562 852,337, (Per 3,129,066 2,601,100 2,633,280 534,940 452,770 527,910 dealers (customers' : 1 purchases by dealers 3,123,877 2,527,900 2,910,212 3,651,787' Customers' short other sales. sales Number Short ">?y sales. sales Other Round-lot sales — — STOCK ROUND-LOT EXCHANGE ROUND-LOT AND ACCOUNT Total 339,752 288,550 282,483 343,216 306,552 915,322 955,977 938,288 1,448,269 1,705,192 All $91,154,745 $76,585,660 $93,323,733 $71,476,704 14 1,555,537 1,178,491 1,720,052 14 12,446 5,390 10,307 1,173,101 on ♦38,424,000 43,282,000 ♦40,581,000 43,893,000 14,699,000 16,861,000 25,685,000 1,321,526 1,160,307 1,216,328 and figure. 4,087,637 $22,630,437 437~560 2~7~9~930 545,070 410*350 602,800 547,900 499,160 509,320 at INCOME centers Net of railway Other U. S. CLASS I 796,900 543,900 659,570 available fixed July 14 14,350,300 11,843,730 16,131,700 Other 553,970 12,955,740 15,147,200 12,387,630 16,791,270 13,509,710 118.6 118.9 119.4 86.3 86.7 86.7 ♦107.1 107.8 fixed charges after i fixed charges Net 30,991,012 18,216,277 4,060,520 52,358,320 3,797,250 4,125,298 4,366,895 ... Depreciation (way & structure & equipment) 107.8 83,349,332 30,870,684 3,788,944 income income 87,409,852 49,086,961 8,155,839 charges 22,221,070 5,805,895 30,877,519 income 14,419,027 48,233,022 53,342,567 53,294,899 52,155,574 15,015,187 22,752,357 27,497,001 20,831,248 20,074,582 290,557 574,622 32,366,391 314,623 1.26 taxes 1.59 2.69 appropriations: common 'stock preferred stock 87.1 107.3 for from deductions Dividend 118.7 deductions $65,188,782 22,822,452 39,033,358 * 54,892,856 4,582,376 income income $32,070,404 20,985,297 43,615,734 operating income Total Income Aug. where freight OF April: Miscellaneous Aug. 91.5 92.2 93.2 96.6 Aug. 127.7 127.5 127.7 128.3 since introduction of Monthly Investment Plan, from East St. Louis exceeds one-half cent a pound. orders not reported ITEMS RYS. (Interstate Commerce Commission)— On tNumber of of)— 1,318,773 Month .— (Number 1,103,256 SELECTED -» Tires 3,834,136 410,350 Aug. basis Bus 1,117,124 $67,935,752 ... (pounds) 3,644,311 545,070 Aug. delivered (Camelback)— 41,546,000 Ratio (Prime Western Zinc of income ♦Revised 96% end of of where ♦Revised sold 10,699,550 42,609,000 On foods—- 3,425,831 9,487,374 Inventory 1,392,043 U. S. DEPT. OF and 2,795,080 3,189,825 8,947,584 Production 9,296 1,543,091 (1947-49=100): than farm 3,546,889 3,323,408 2,838,141 Shipments 1,401,339 14 July 14 commodities other Inneri Inventory £79,930 Meats All Bus (pounds) $59,301,331 — foods & (pounds) 437,560 commodities Processed Truck of)— _ Rubber Income products I Production Commodity Group— Farm (Number Shipments (SHARES): — of)— : Motorcycle, Tubes 1,523,363 July 14 PRICES, NEW SERIES — (Number Inventory Passenger, Federal LABOR 10,290,499 327,258 $78,218,253 sales WHOLESALE 10,031,919 Production Total sales 10,387,736 Shipments STOCK TRANSACTIONS MEMBERS June: 9,544,227 Tread 1,730,436 STOCK Y. $1.50000 $1.50000 Motorcycle Tires (Number of)— Implement Tires 14 sales Other OF N. $1.60000 $1.50000 ASSOCIATION, 22,270,957 July 14 July 14 July 14 — ON THE $1.70000 $1.50000 . pound) 8,500,881 sales— round-?0t Short SALES of $82,000 $1.40000 22,669,299 1,709,745 $88,402*229 —...—_—•---*—— ...—. (per $2.25 $82,000 $1.70000 Shipments „ purchases by dealers—Number of shares & $2.25 $82,000 lots) ton 8,802,870 Tractor dealers— shares—Total of grade MANUFACTURING ..July 14 value—— Dollar Round-lot FOR —: 97% Inventory July July ..July —July ——1 28.100c 23.250c 74.000c 21,157,037 Truck sales^— sales Customers' total 26.000c 23.250c 74.330c $1.60000 pound) Inventory 2,992,240 (customers' sales) — orders—customers Number-of 29.500c $2.25 (per Production ...July 14 July 14 — 32.590c 29.000c 33.000c 23.250c ' Production purchases)—t —: value.: Dollar Odd-lot by 36.250c 26.000c (per lb.) avge. export.. pound) refined INC.—Month 464,340 2,457,442 3,376,543 pig Shipments 2,802,680 2,841,603 weighted primary (per Passenger 644,520 ■ ingot pound, delivered pound, small lots) Cobalt, 84,250 SPECIALISTS ON N. Y. STOCK SECURITIES EXCHANGE COMMISSION shares of ; 32.500c 33.000c . pound) (per RUBBER AND — sales Number 36.250c 32.500c pound)-; pound). (per 81.250c Platinum, 526,820 125,720 grade Bismuth 245,300 Jw J4 Ju]y 14 ; DEALERS Odd-lot Total 23,200 383,910 11,200 grade 99% Cadmium TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODD- LOT TOTAL 21,700 206,620 "Jujy J4 sales (per (per ♦♦Nickel of members— purchases Total 4,100 240,850 July 14 Other STOCK 202,220 *?u|y J4 }y *4 jy J4 — sales Total 1,722,330 2,079,220 floor— sales Other 1,988,880 2,393,840 July 14 initiated purchases Total 356,890 1,670,430 1,995,930 !4 sales Short 404,960 1,862,670 J" ^ transactions Total 325,500 2,042,000 2,260,690 1. sales Other 2,493,330 floor— . sales Other . 1,818,110 398,020 July 14 ; — Short 2,314,760 J4 -J" y J4 sales transactions initiated off the Other > Jujy J; "J ,y J"}? }j — sales Other Total 99% specialists in stocks in which registered— purchases boxed bulk boxed Aluminum— BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS Transactions York, Laredo, Laredo, of charges on reports from companies accounting for secondary tin consumption in 1957 and 97% of total stocks or more but less than carload lot boxed. §§Delivered tEstimated totals based 95% of ^Domestic five tons freight included, session figure. primary, 1957. fixed to from East St. t(Average of daily London Metal Louis mean exceeds 0.5c. ♦♦F.o.b. Fort Colburn, and bid and ask quotations per long ton Exchange. U. S. duty at morning 32 The Commercial and Financial Chronicle (612) Now Securities of of the large number of issues son, • ated Underwriters, Rock, Ark. developmental manufacture acoustical Business marble and phia. Office—369 purposes. & Underwriter—Roth & Co., Inc., 19, which 1961 75,000 filed are offered be for public sale New York City and lease additional Italian purchase Inc. and Edward U \.T. V-'' //'•/,-./ ■ Lewis Co., Inc., Avenue, N. W., Atlanta, Ga. Underwriter—Best Garey Co., Inc., Washington, D. C. Office—2036 Broadway, Santa Monica, Corp. the Corp., Boston, Mass. Airbalance, July 17, 1961 five cents). Inc. ("Reg. Price A") $5. — 60,000 Office common shares (par 2046 E. Lehigh Ave., — Philadelphia. Underwriter—A. Sussel Co., 1033 Chestnut St., Philadelphia. • Un¬ Air Master Corp. May 26, (managing). stock, of which 50,000 shares July Plastics 27, 1961 20,000 shares 320,000 shares filed Corp. 340,000 ment. be to is Public offering of 132,000 common shares of Taffet Electronics, Inc., $3 per Heller the first pany's Net share, is being made by Co., Inc. and Stanley & & Co. The offering marks public sale of the com¬ proceeds from the financ¬ ing will be used by the company for the purchase of additional manufacturing and test equip¬ ment; expansion of the company's laboratory facilities; velopment of a further proposed line of and new working capital. test with test equipment, systems and assemblies, and elec¬ tronic components, for use primarily in the communications field, A wholly-owned subsidiary, Metal business United Specialty Products filed 200,000 is Corp., storm — shares The windows products. of class agencies of the Government. manufacture and doors, Proceeds—For other corporate purposes. fabricating sheet in the manufac¬ with States Business A and and common working capital, $3.50 equipment electronic to toward conform with miniaturization products in the military and commercial markets. Offering of 60,000 common shares Components Specialties, Inc. at offering plans within the next year begin manufacturing of items in of test from 28, 1961, sales of of and the and financing, italization shares net net income three months net net sales of will outstanding consist common $1,962 of sundry debt. of income Uof of made design and installation of heating, ventilating and air conditioning systems. Proceeds—For moving, purchase of machinery and equipment, inventory, repayment of loans and working capital. Office—1425 Utica Avenue, Brooklyn 3, N. Y. Underwriters—Rothenberg, Heller & Co., inc. and Carroll Co., New York. Alaska Honolulu Co. July 24, 1961 filed 1,600,000 common shares and oil leases on 400,000 acres to be offered in 625 units each consist¬ ing of 640 acres Business—The properties gas and 2,560 shares. Price—$2,560 per unit. exploration and in Alaska. development Proceeds—For of oil general and cor¬ Alix of Miami, Inc. (8/14) 8, 1961 filed 100,000 class A common shares, of wnich 70,OuO are to be offered by the company and 30,- June working capital, Office ton Far East lighter and with All nated mechanical essential in the manufacture of transistor radios, printed circuitry and other related; devices. Such components include earphones, poly-carbonate con- densors, batteries, loudspeakers, tubes, resistors and miniature speakers, which sells. stock," and Outstanding the company 150,000 common Wide, Inc. 1961 filed $250,000 debentures Price—For due 1971 debentures, at of 5% and par; convertible 150,000 the & (managing). Stores Corp. Aug. 4, 1961 filed $27,006,200 of convertible subordinated debentures due Oct. 1, 1981 to be offered for subscrip¬ tion by stockholders each ten For New shares the basis of $100 of debentures on held. operation Price—By amendment. department of stores. (managing). Allstate Bowling Centers, Inc. filed 300,000 shares of capital stock, of which 200,000 shares will be sold for the account of the 19, 1961 company and 100,000 shares for All-State Properties, Inc., parent. The stock will be offered for subscription by holders of All-State Properties share for each nine construction shares and held. on the basis shares stock. of 10-cent < par ' of one Price—$10. Business— operation of bowling centers in expansion and working capital. Office—30 Verbena Avenue, Floral Park, N. Y. Underwriter—Bear, Stearns & Co., New York City. several • states. Proceeds — For Almar Rainwear Corp. (8/28) filed 120,000 shares of common stock. supplied by amendment. Business — The manufacture and sale of plastic film raincoats and re¬ alu¬ Price lated 28, — 1961 To be items for men, women and children*. Proceeds— ««NEW ISSUES BOUGHT - SOLD - QUOTED for Banks, Brokers, Institutions Xdney J. SIEGEL 'i-' Broadway, New York 6, N. Y. of of Busi¬ Proceeds— general corporate purposes. Office—401 Fifth Ave., York. Underwriter—Lehman Brothers, New York 39 capitalization consists shares. for stock, $5. Business— Co., Inc. and Hardy & Hardy, New York Allied company now subordi¬ common The operation of bowling centers. Proceeds—For expan¬ sion and general corporate purposes. Office — 100 W. Tenth St., Wilmington, Del. Underwriters—Alessandrini April and World Star July 7, im¬ cap¬ 537,000 Ave., Miami, Fla. Underwriter—Clay¬ Securities Corp., Boston (managing). Fund with headquarters I., N. Y., imports stocks and cur¬ by components electrical and characteristics $38,747. Upon completion of rent L. proved had company unaudited $563,185 the smaller May 31, 1961 the company reports Baldwin, the For & Inc. The company five months ended Feb. $827,923 $60,116. proprietary as was Planning, to For the share has been oversub¬ per scribed and the books closed. The It also equipment products. Baltimore YOUR PRIME SOURCE FOR Stock Sold test trend mechanical Aksman (L. J.) & Co., Inc. July 28, 1961 ("Reg. A") 80,000 common shares (par 10 cents). Price—$3. Business—A mechanical contractor in of Office—20th Street, and Alle¬ of the sale other Components Specialties The company contemplates within the next year to take steps for the transistorization of its headquar¬ partial electronic minum of electronic equipment. Substantially all of the company's ended company, ters in Woodside, Queens County, N. Y„ manufactures electronic aluminum ture de¬ equipment; leasehold improvements to its present plant, The in required of stock. common engaged metal Common Offered at amendment. common offered Taffet Electr. Fialkov 1961 are to be offered for public sale by the company and 150,000 outstanding shares by the present holders thereof. Price—To be supplied by shares, of which by the company and by the stockholders. Price—By amend¬ Business—The manufacture of plastic houseware are electronic, Fla. Underwriters — Stein Bros. & Vickers, MacPherson & Warwick, (managing). Offering—Expected in late August, The (9/4) derwriter—Hill, Darlington & Grimm, New York City Admiral of Proceeds—For repayment of loans, ex- Lauderdale, Boyce, May trucks. Office—1616 Northern Boulevard, Manhasset, N. Y. manufacture electro-mechanical rocket and missile system parts Office—6900 West Road 84, Fort ness—The ("Reg. A") 75,000 common shares (par $1). Price—$4. Proceeds—For purchase of equipment, repay¬ ment of debt and working capital. Office—531 Pond St., Braintree, Mass. Underwriter — First Weber Securities large a Of the June 29, 1961 Proceeds—To repay loans; open new offices in Philadel¬ in The pansion and working capital. for being outstanding stock, by Price—$10 per share. Busi¬ ness—The company is engaged in the business of leasing automobiles and trucks for periods of over one year. garage York. Ainslie company and 25,000 shares, the present holders thereof. phia, Pa., and New Haven, Conn.; lease and equip For Underwriter—Hamilton Waters & Co., Inc., Hemp¬ stead, N. Y. of by — Calif. Philadelphia. Inc. (9/11) shares of class A stock, 100,000 to Securities, working capital. A-Drive Auto Leasing System, Jan. — Price—$5. distribution and Aero Space Electronics, Inc. July 17, 1961 ("Reg. A") 80,000 capital shares (par 10 cents). Price—$3. Proceeds—For repayment of debt and Philadel¬ Lane, shares. common Proceeds Walton Proceeds—For re¬ Shurs Little Fidelity Acceptance Corp. July 11, 1961 ("Reg. A") 100,000 common shares (par five cents). Price—$3. Proceeds—For repayment of loans, purchase of notes and equipment. Office —185 merchandising, repayment of debt and other corporate and Aero locating to and equipping a new plant, purchase of in¬ ventory, research and development, advertising, promo¬ tion Business and components. —2700 N. W. 5th New July 17, 1961 filed 100,000 class A common shares. Price Business — The manufacture of transformers for equipment. International Corp. of Fiorida 29, 1961 filed 199,000 common shares of which 110,000 shares are to be offered by the company and 89,000 shares by stockholders. Price—By amendment. bridge per —$4. electrical Airtronics 000 by stockholders. Price—$9. Business—Manufacturers of women's wear. Proceeds—For Electronic Products Co. and tiles. ISSUE porate purposes. Office—120 S. Third St., Las Vegas, Nev. Underwriter—None. importation mosaic REVISED installation of new moulds, machinery and equip¬ ment, research and general corporate purposes. Office— 250 Goffle Road, Hawthorne, N. J. Underwriters—Cam¬ Bagley Avenue, Seattle, Wash. Underwriter — Ralph B. Leonard & Sons, Inc., New York City (managing). electronic Avenue, work The — and ITEMS • PREVIOUS gheny Avenue, Philadelphia, Pa. Underwriter—Francis I. du Pont & Co., New York City (managing). Inc. and acoustical ceiling systems. Proceeds—For the repayment of loans and general corporate purposes. Office — 3425 Aero Lincoln 1321 ^ Aero-Dynamics Corp. 7, 1961 filed 100,000 lighting systems, tiles and other types of hangers, metal Edward Insurance fluorescent of Inc., Aug. is engaged in the design, company sale and tile Price—$15 — and working capital. Office—1208 Building, Minneapolis, Minn. Under¬ writer—Naftalin & Co., Minneapolis. Title Corp. Jan. 30, 1961 filed 40,000 shares of common stock and 40,000 shares of preferred stock (par $10) to be offered for public sale in units consisting of one share of com¬ preferred stock. power in March, 1961 to engage in the development, manufac¬ ture, sale and lease of electronic, electro-mechanical and electro-optical equipment. Proceeds — For equipment, Accesso Business—T'he and Scientific Instruments, Inc. (8/15) May 19, 1961 filed 875,000 shares of common stock. Price —$1.15 per share. Business—The company was formed acquisition and working capital. Office—79 Place, Brooklyn, N. Y. Underwriter — L. H. Wright & Co., Inc., 135 Broadway, New York. unit. filters frequency Advanced an of telemetry systems, ADDITIONS SINCE June (8/22) and working capital. Office — No. 15 Village Shopping Center, Little Rock, Ark. Underwriter—Affili¬ Clifton share Corp. reserves Underwriter—None. Abby Vending Manufacturing Corp. July 26, 1961 ("Reg. A") 100,000 common shares (par 10 cents). Price—$3. Business—The manufacture of coin operated vending machines. Proceeds—For moving ex¬ one Electronics Advanced Investment Management Corp. July 11, 1961 ("Reg. A") 100,000 common shares (par 25 cents). Price—$3. Proceeds—For purchase of furniture, Underwriter—John Joshua & Co., Inc., New York. and Advanced Underwriter—Shear(managing). mercial St., Hicksville, N. Y. Underwriter Hindley & Co., New York City. ities, sales program, demonstration laboratory and work¬ ing capital. Office—37-05 48th Avenue, Long Island City, mon purposes. supplies for the missile, rocket and space programs. Proceeds—For research and development, equipment, repayment of loans and working capital. Office—2 Com¬ Abbey Automation Systems, Inc. (8/29) June 6, 1961 filed 100,000 common shares. Price — $3. Business—The design, manufacture and sale of automa¬ tion equipment for industry. Proceeds—For new facil¬ penses, warehouse, repayment Office — 557 new a corporate Ave., Brooklyn, N. Y. Hammill & Co., New York radio Funds, Inc. June 30, 1961 filed 200 co-ownership participations in the company's 1961 exploration and development fund H. Price—$5,000 per unit. Proceeds—To evaluate, acquire and develop oil and gas leaseholds. Office—120 South La N. Y. other May 31, 1961 ("Reg. A") 150,OuO class A shares (par 10 cents). Price—$2. Business—Designs and manufactures A.G.E. Street, Chicago, 111. and Wortman 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 expectations of the underwriter but are not, in general, to be considered as firm offering dates. Salle Registration Proceeds—For debt Thursday, August 10, 1961 . * INDICATES in products. NOTE—Because . . Dlgby 4-2370 Teletype No. N.Y. 1-5237 Volume 194 - Number 6080 ... The Commercial and Financial Chronicle For inventory,, taxes, accrued sales commissions and Office—Washington, Ga. Underwriter & Co., New York City (managing). Alpine Geophysical Associates, Inc. amendment. Business common The — shares. Price — 120 of debt and conducting of marine and general corporate • ness sale of pre-cast and pre-stressed shares. common cents. Business—The company is engaged in Madison & Price—50 American Electronic stock 26, 1961 be to the rate of —To filed offered one Laboratories, Inc. 10,632 for shares of subscription class at issuance communication new Office—121 poses. equipment. Proceeds—For equipment, and other corporate North Seventh Street, pur¬ Philadelphia. Price Co., Inc. $500,000 of 6% convertible sub¬ ordinated debentures due 1971; 75,000 shares of common stock, and 25,000 common stock purchase "warrants to filed for — 2, Apache Corp. Certificates, each representing $900 of bonds Price—$1,800 per unit. Proceeds principally to originate mortgage loans and —To be used them until market conditions are favorable for disposition. Office — 210 Center St.. Little Rock. Ark. Underwriter—Amico. Inc. Offering—In late August. American Orbitronics erties. Corp. — This registration has • in American Realty Trust / - N. W., Washington, C. D. -Underwriter—Stifel, Nicolaus & Co., Inc., St. Louis. American June 26, 1961 Recreation Centers, Inc. 1973. due Price—By —For amendment. Business—The operation of seven bowling centers. Pro¬ ceeds—For repayment of loans, working capital and gen¬ eral corporate purposes, Office — 1721 Eastern Ave., (managing).' • : , American Sports June 29, 1961 ' Business—The —For Mass. Plan, Inc. 200,000 common shares. Price—$6. operation of bowling centers. Proceeds expansion. Office—473 Winter Street, Waltham, Underwriter—None. I • American Univend Corp. (8/18) May 29, 1961 filed 100,000 common shares. Price —By amendment.*,Business—/Eheieasing of vending machines * < (I. to and Inc. , Andrews T. Unite >$1,600,000 Co.) & / Securities and Lenchner, Inc. $2,400,000 Bruno Corp.) > Common & Co. $300,000 Inc.) Common Co Rippey Murdock, Co.) & $400,000 Debentures Fuller D. & $2,000,000 Co.) (Tuesday) CMC Finance Instruments, Inc Co.) & Common $1,006,250 —Class A Group, Inc (Auchincloss, 150,000 Rt'dpath) & Parker shares Bonds Consumers Power Co (Bids 11:30 $40,000,000 EDST) a.m. Common Fox-Stanley Photo Products, Inc (Equitable Securities Corp.) 387,500 shares Moderncraft Towel Common Dispenser Co., Inc $320,000 Planning Corp.) (United . • Lewis & and McDaniel 150,000 units Co. & Podesta Martin & $280,000 Co.) Common Inc Richter (Scherck, Co.) 141,000 shares Common Stratoflex, Inc " *' ,• (Offering to written 120,000 Co.) shares , Light Co._.s———Preferred Power & Wisconsin . Southwest (First * . Co.) Common Resources, Inc (Fred. Parkview Drugs, 11 -»■ Unite Homes, Inc— (Cruttenden, Pan American preferred stockholders and employees—under¬ by Smith, Barney & Co. and Robert Baird & Co. Inc.) 15,000 shares W. ( Light Co.—l.l—."-—Preferred Power & Wisconsin Barney & • and Co. ."V August 16 Robert 50,000 W. shares Baird & Co. Inc.) . 1 (Wednesday) Common Dallas Airmotive, Inc (Eppler, Eastern Air (Offering ■ . - Kirk ~ Turner, Inc.) Guerin & 390,000 shares Common Devices, Inc to stockholders—underwritten by Sutro Bros. Gregory & Sons) 150,000 shares Instrument Co., Inc.—Common F. Co. & Dowd Inc.) $225,000 Common (C. F.) Laboratories, Inc & Grimm) Darlington 100,000 shares Capital Corp. (Kidder, Peabody & & Co.) Co. and 325,000 Charles Scranton W. shares Common Mortgage Guaranty Insurance Co & Co.) 155,000 shares Common Nitrogen Oil Well Service Co Plasticon Corp. (No & Neuhaus Co. Inc.) $1,000,000 —Common il_ underwriting) $1,996,998 Common Progressitron Corp. Price Securities Co.) (Netherlands . ,tl & Co.-and (Hill, Mite Vj.' '44-. 34 E. by Corp. and page Common Co. —Class A Inc.; (Bache on Roberts .$162,400 Loving (Armstrong (R. Continued and E. J. shares V —-— Co.) Industrial Gauge & i Inc Co., & August 15 subscription by common stockholders i" VJ* $227,850 -Class A (Underwood, ■*W> Common Inc.) Co., <te & Co.; L. J. Termo & Copley & Co.) $300,000 (S. , share for each share held. shares 75,000 N. (Hauser, Vinco Processing Laboratories, Inc. new Corp.) stockholders—underwritten Treat „ 1961 filed 2,100,500 shares of common stock one -Common & * the basis of shares 60,000 _ _ U. S. Fiberglass Products shares. Price—$5. Business—The renting of trucks in the New York City area. Proceeds For repayment of loans, purchase of equipment, working capital and general corporate pur¬ poses. Office—385 BondSt.,~ Brooklyn,?N.Y. Underwriter on $300,000 Triangle Instrument Co Bishop & Co., Minneapolis. Offering—Ex¬ for shares Common Co.) A. Hart & Co. Co. Inc.) 150,000 Inc.; Karen ^ Arista Truck Renting Corp. Aug. 2, 1961 filed 100,000 common offered 125,000 Corp.) & Pont Calamari (Lomasney, pected in late September. be and Co. Common Corp Co.) & Tassette, Inc heating system. Proceeds—For inventory, salaries, ad¬ vertising and promotion, and working capital. Office— 1608 First National Bank Building, Minneapolis. Under¬ to & Taddeo Bowling & Leasing Corp Proceeds { . Seymour Blauner Co.) $600,000 Inc du . • f> $300,000 Inc.) Securities Airtronics, (Offering (Smith, t Co. Common Spencer Laboratories, Inc.. 19, 1961 filed 1,000,000 common shares. Price— $1.15. Business—The marketing of an electric hot water 23, $200,000 Inc.) Inc.; Higginson Wegard C. ' (>8/21) shares Corp " Aqua-Lectric, inc. March shares 209,355 180,000 Common June Arizona Color Film & Bruno I. & Shepard . leasehold —None. Co.) , (Darius improvements, equipment and general corporate purposes. Office—76 S. Bayles Avenue, Port Washington, N. Y. Underwriters—Cruttenden, Podesta "Co., Chicago arid Spear, Leeds & Kellogg, New York, i filed Co.) Monticello Lumber & Mfg. Co., Inc.-Common •?•/„< :vvs (J. Laurence & Co. Inc.) $300,000 /;,' Patent Resources, Inc —— —^Common . space Kureen -Units Co., Stone (Hopkins, — Sacramento, Calif; Underwriter—York & Co., San Fran¬ cisco J. (Lee Business—Manu¬ with & Simmons) Missile-Tronics' Corp. communications, radio frequency analysis, missiles writer—M. H. filed $1,250,000 of series A convertible sub¬ debentures connection Ezra and Common International Factors . o July 25, 1961 filed 500,000 shares of beneficial interests. Price—$10. Business—A real estate investment company. St., used Capital Inc. Corp (Francis to be and satellites and radar and telemetry systems. general corporate purposes. Office—303 Underwriter ^Joseph /Nadler & Go.",,inc., New York (managing). ■ ordinated devices of facture .Proceeds—For ' Price—$6.50. $288,750 shares Wanderer & Videotronics, Mill 120,000 common shares, of which 60,offered by the company and 60,000 stockholders. earth June 29, 1961 filed 150,000 common shares. Price—$4.50. Business—The processing and sale of canned salmon. • Inc.) Common Securities Nationwide (8/17) Co., Noel & (Trinity MPO (managing). shares been Ellis (Hayden, Mar¬ 523 Common $300,000 Long Island Bowling Enterprises, Inc...—Common unit. Busi¬ — Sons Ltd (Naftalin are by & Advanced Scientific Office & $14,300,000 Co.) Templeton) Associates, Alstyne, Plan Proceeds—For general 000 shares • Thirteenth Lease Proceeds—For gen¬ investment. For shares Brown Common J. (9/1) Applied Research Inc. June 23, 1961 filed / American. Packing Co. *• Office—608 — & & Jones (Armstrong (Netherlands filed lis & Simmons, Chicago withdrawn. ' Proceeds Alex. Planning Corp ... ("Reg. A") 100,000 common shares (par one cent). Price—-$3. Proceeds—For raw material, machinery, and working capital. Office—1730 K St., N. W., Suite 309, Washington, D. C. Underwriter—H. P. Black & Co.. i 1961 Common (H. M.) Co Kane-Miller quette Ave., Minneapolis, Minn. Underwriter—Blunt El¬ June 1, 1961 Washington, D. C.r Note for shares held. per Inc.; Mosle Zeiff (Espy 1,000 units in the First Apache Realty Program. Price—$5,000 per unit. Business—The Program plans to engage in the real estate business, with empnasis on the acquisition, development and operation of shopping centers, office buildings and industrial prop¬ 31, Yeatman, Jaymax Precision Products, Inc gram. and 783 shares of stock. • (Van Office—523 Marquette Ave., Minne¬ Apache Realty Corp. Suplee, $50,000,000 Inor)' 400,000 Co. Rotan, Martin A. Harper apolis, Minn. Underwriter — The company and its sub¬ sidiary, APA, Inc., will act as underwriters for the Pro¬ March by shares 10,632 Ets-Hokin & Galvan, Inc (9/1) corporate purposes. Inc.__Common I., Inc (Amos ating of gas and oil leaseholds. Minneapolis. American Mortgage investment Corp. April 29, 1960 filed $1,800,000 4% 20-yr. collateral trust bonds and 1,566,000 shares of class A non-voting com¬ mon stock. It is proposed that these securities will be offered for public sale in units (2,000) known as In¬ carry common and oil leaseholds. $900,000 Capital & 70,000 March 31, 1961 filed 300 units in the Apache Gas and Oil Program 1962. Price—$15,000 per unit. Business— The acquisition, holding, testing, developing and oper¬ components. Proceeds—The purchase of equipment and materials, operational expenses, working capital and re- vestment reserved Co. International, (Robert eral corporate purposes. Office—523 Marquette Ave., Minneapolis. Underwriter—APA, Inc., Minneapolis. 1961 filed 1,500,000 class A common shares. $1.15. Business—The ^manufacture of electronic writer—Naftalin & Co., Inc., gas Inc.) Counsellors) & (Stern, acquisition, holding, testing, developing and operating of Inc. C. P. Electra — ness—The bentures, and capital funds. Office 1472 Broadway, New York City; Underwriter—Lomasney, Loving & Co., New York City. Offering—Expected in September. — shares public sale in 100 units. Price—$7,500 Common Corp.) Laboratories, Co. (Mitchum, conversion 100 $600,000 California Computer Products, Inc E. Income unit for each Co.) Securities Dodge and Apache Corp. (9/1) May 29, 1961 filed $750,000 of participating units in the Apache Canadian Gas & Oil Program 1961 to be offered business. One additional subsidiary is a Maryland savings and loan, association' and two are automobile insurance brokers. Proceeds-^rFor the retirement of de¬ nance Price Office—150 Cause¬ Address—Marinette, Wis. Underwriter^Paine, Webber, Jackson & Curtis, Milwaukee. debenture, 30 common shares and 10 warrants. Price— $500 per unit; Business—The company and its subsidi¬ aries are primarily engaged/ah the automobile sale fi¬ Aug. (Clark, purchase one $22o,000 Business Funds, Inc convertible subordi¬ common Co.) & Securities, Inc (Blunt 156,250 & stockholders—underwritten to (Blair By • Ansul Chemical Co. July 24, 1961 ("Reg. A") 12,000 common shares (par $1). Price—By amendment. Proceeds—For working capital. be offered for public sale in units consisting of one $200 • American Micro Devices, — investment $100 per unit. Proceeds — For expansion and capital. Office—1270 N. W. 165th St., North Miami Beach, Fla. Underwriters—Ross, Lyon & Co., Inc., and Globus, Inc., New York. American Finance 21,s 1961 Price working delphia, Pa. + to the basis of Underwriter—Suplee, Yeatman, Mosley Co., Inc., Phila¬ April shares. Inc. on warrants Schrijver Inc (Capital of the debentures and 5-year 125,000 common shares to be of¬ fered in 6,250 units, each consisting of $100 of deben¬ tures and warrants to purchase 20 shares. The units will be offered for subscription by common stockholders on Price shares Automated Merchandising Capital Corp.—Common business 1961 filed $625,000 of 5% 60,0000 Common Kirsch Electronic Government Insurance Co. of America debentures, Inc.) (Monday) Mosley (managing). 20, Co., and Atlantic Fund for Investment in U. S. general corporate purposes. Office—92 Liberty St., New York. Underwriter—Bernard M. Kahn & Co., Inc., New nated M. Miami, (Offering — June & Inc. (Ciayton 29, 1961 filed 40,000 common shares. Price—$15.50. Business The insuring of animals, primarily race horses, trotters and pacers. Proceeds—For expansion and common of American June supplied by amendment. Business—The com¬ pany is engaged in research and development in the field construction, Alix Street, Boston. Underwriter—Putnam & Co., Hart¬ ford, Conn, (managing). York units Class A (T. shares. Price—$5. amphibious automobiles. small 100,000 Common Blauner <& Co. August 14 common A Units Inc.) Inc Industries, Inc (managing). a — D. Lyon Marsan common of Homes, Inc._. (Milton (Ross, way be of electronic Business Anodyne, by stockholders 100,000 manufacture Common $300,000 Krystinel Corp. America Proceeds—For investment. company. Inc., and share for each 10 shares held. new filed amendment. (8/14) A Co., San Francisco July 21, 1961 filed 400,000 Thomas, Williams & Lee, Inc., New York. May manufac¬ Anderson New England Capital Corp. exploration, Co., to underwriting) (Robinson-Humphrey-Co. & Animal Wickett sale (Friday) Teaching Machines, Inc Fifth Dimension Avenue, New York. Underwriter — Herbert Co., Inc., 115 Broadway, New York. Edmond vertising and working capital. Office—80 Wall St., New S. 1961 Visual (No parts depot in Newark, N. J., set up sales and service organizations, and for work¬ ing capital and general corporate purposes. Office—660 28, 1961 ("Reg. A") 75,000 common shares (par 10.. cents). Price—$3.50. Business—International air and ocean freight forwarding. Proceeds—For expansion, ad¬ V. 15, & of Proceeds—To establish Amerford International Corp. — Audio electronic tape, Corp. Business—The Manning, Ltd., Toronto. Underwriters August 11 A. Builtwell and products for magnetic 33 NEW ISSUE CALENDAR Office— (8/28) components of June concrete June York. of Amphicar development and mining. Proceeds—For diamond drill¬ ing, construction, exploration and general corporate ex¬ penses. Office—80 Richmond St., W., Toronto. Under¬ writer—E. A. Corp. writer—Dean Witter Inc., Washington, D. C. ic Amerel Mining Co. Ltd. July 31, 1961 filed 400,000 therein. purchase of addi¬ computers, data machines, etc. Proceeds—For selling stock¬ holders. Office—2727 W. Chicago Ave., Chicago. Under¬ panels for swimming pools and pumps, filters, ladders, etc. Proceeds—For building test pools; advertising, in¬ ventory and working capital. Office—102 Mamaroneck Avenue, Mamaroneck, N. Y. Underwriter—Alexandria Investments & Securities, distribution processing Corp. (letter of notification) 75,000 shares of stock (par 10 cents). Price—$4 per share. Busi¬ The — Amerline ture 1961 common for 56th St., New York. Underwriter—Robert Associates, Inc., New York. turers purposes. Oak Amcrete 4, merchandise July 3, 1961 filed 150,000 outstanding class A common shares. Price—By amendment. Business—The manufac¬ St., Norwood, N. J. Underwriter—S. D. Fuller & Co., New York (managing). May E. Martin By geophysical surveys for petroleum and mining ex¬ ploration and engineering projects, and the manufacture of oceanographic arid geophysical apparatus. Proceeds— Office—55 of purposes. land For repayment sale Proceeds—For the repayment of debt, tional machines, and other corporate, —D. H. Blair July 28, 1961 filed 150,000 the and working capital. (613) . : »■ $300,000 Continued on page 34 34 The Commercial and Financial Chronicle (614) Continued from Technical Materiel Corp Amerline 33 page (Kidder, Peabody Co.) & 50,000 & Co.) (Cruttenden, Factors, (Thomas Federal Podesta Co.) (J. $780,000 Inc McDonald Williston R. & Beane Factors, Inc (Shields Harn Common Corp. (J. 70,000 shares U. S. Home & Development Corp (Auchincloss, Parker & Red path) Lewis shares (Van (Friday) Brisker Martin Common Associates, Inc.) Alstyne, Small Noel Co.) ' Second Common (No (William underwriting) R. Staats & and 300,000 Shearson, and Balogh & & Polonitza Techno-Vending Inc.) Corp (International T. Common Corp.) Development & Co. Transvision .Common Services V. (Kesselman shares 200.000 and Arizona 21 (Monday) Color Film Laboratories, (Ofiering Bel-Aire (No Processing Inc Products, underwriting) (International (No Equities Co.) underwriting) Blackman $300,000 Corp (Armstrong & Co. Inc.) Seigel Inc.) & Treat & Co.) 150,000 Republic shares Flato Realty Fund (Flato, Frontier Co.) Ameritronics, Inc (Fraser Greene Co.) $320,000 (Thomas (M. J.) Co (Hess, Mohawk Common Grant & Remington (R Dowd *» Inc.) Jolyn Electronic $300,000 Co insurance * Co. Tnc.) .^{ MSade Riverview (Albion Sav-Mor & Co.) u. Securities Co., Inc.) Thoroughbred v; Southern Co. & Inc.) Enterprises, (Sandkuhl (Hirsch Common Inc.) Co. Apache Clarkson $300,000 Lyon & Co. Inc. (APA, Globus Inc.) (Laird & Co. Corp.) (Peter Morgan & shares Common Air Master August 28 H. Inc.) Common Blair Co.) 120.000 stallation of Street, Phoenix. be offered by shares by the stockholders. ness—The operation of 12 the Atherton • company 60,000 and 240,000 discount stores. Proceeds—For working capital and expansion. Office— 350 Fifth Ave., New York. Underwriter—Eastman Dil¬ lon, Union Securities & Co., New York (managing). ic Armour & Co. Aug. 3, 1961 filed $32,500,000 of convertible subordinated debentures due 1983 stockholders. Price to be offered for subscription by By amendment. Business Meat packing. Proceeds—For plant expansion and general cor¬ porate purposes. Office—401 N. Wabash Ave., Chicago. — — Underwriter—Wertheim & Co., New York (managing). Assembly Engineers, Inc. July 11, 1961 ("Reg. A") 100,000 common shares (par 50 cents). Price—$3. Proceeds—For plant, equipment and working capital. Office —3640 Holdrege Avenue, Los Angeles. Underwriter—California Investors, Los Angeles. Asironetic July 11, (par $1). Research, Inc. — $5. Proceeds — 2 common shares For purchase and in¬ October Gulf units • & Common : Co.) $1,800,000 "• r* Co... Bonds $60,000,000 Electric be Corp received) Units Bonds $15,000,000 Pont & David & 200,000 Motti) Co.) Co.) & — Inc. Units York 160,000 Gulf an Office—50 Broad Street, Counsellors, 50 ic Atmotron, Inc. July 27, 1961 ("Reg. A") 150,000 common shares (par 10 cents). Price—$1.15. Proceeds—For general corporate purposes. Office—5209 Hanson Court, Minneapolis. Un¬ Co., Inc., Minneapolis. Audio June Inc. Feb. 27, 1961 filed 150,000 shares of common lish per and share. stock. Price Business—The manufacture and sale of burglar warning systems.. Proceeds—To estab¬ subsidiaries, buy .equipment to make component parts of warning systems now manufactured by others, capital. received) $8,000,000 Bonds received) $20,000,000 (Tuesday) to indebtedness, add to inventory, and for working Office—Bellemore, L. I., N. Y. UnderwriterFirst Broad Street Corp., New York City (managing). Bonds received) $15,000,000 (Thursday) Co Visual 8, 1961 be Bonds to be received) $5,000,000 Teaching Machines, ("Reg. A") 75,000 . Inc. (8/11) shares (par 10 Price—$4. Rusiness-^-The manufacture' 6nd dis¬ tribution of teaching machines, language laboratories, and program texts. Proceeds—For repayment of debt, purchase of equipment, research and development and common cents). working Office capital. Gaithersburg, Md. — 216 E. Diamond Street, Underwriter—To be named. Automated Building Components, Inc. July 28, 1961 filed 100,000 common shares. Price amendment. ductor which and the of loans, N. W. Cohu City Business—The manufacture of me — Lai By con¬ plates used in the prefabrication of wooden roof trusses manufacture are made. of jigs, and Avenue, Stetson and presses Proceeds—For expansion and working 37th & the plates Miami. capital. from repayment Office—7525. Underwriters Winslow, Laird, Bissell & Meeds, New York — (managing). Automated June fire 5 (Bids Street, New York City. Note—This company was formerly the Irving Fund for Investment in U. S. Gov¬ ernment Securities, Inc. —$4 Power $750,000 Broad Audiographic be to December 7 shares Underwriter—Capital derwriter—J. P. Penn & —..Preferred (Wednesday) (Bids Common which will become City. $15,500,000 Virginia Electric & Power Co open-end company with redeemable shares upon the sale and issuance of the shares being registered. Proceeds—For investment New December $200,000 (8/14) in U. S. Government securities. be to (Bids 1960, filed 2,000,000 shares of common stock. $25 per share. Business — A diversified invest¬ ment company, received) New England Power Co shares ..Common & Bonds be to (Bids shares Corp & (Bids j? • $15,000,000 (Wednesday) October 25 Co.) Debentures m.) a. Georgia Power Co... (Tuesday) Stone 18 Co 11 Georgia Power Co $300,000 375,000 Common $1,250,000 (Tuesday) Utilities October $5,000,000 Inc.) underwriting) (Bids Common Co. t- . (Wednesday) (Monday) 3 States $750,000 equipment, and working capital. Office—45 Underwriter — Schirmer, Co., Boston, Mass. Securities 22, reduce 1961^ ("Reg. A") 54,000 class A Price October $4,500,000 Atlantic Fund for Investment in U. S. Government Price of which Price—By amendment. Busi¬ self-service Minn.) Spring Street, Nashua, N. H. July Arlan's to .Units 30,000 (Tuesday) to (No Foamland U. S. A., Inc Underwriter—None. are & (Bids • Common du (Fialkov Continued from page 33 Dept. Stores, Inc. July 5, 1961 filed 300,000 common shares & Instruments shares —22 cents per share. Business—The processing of black, and white and color film. Proceeds—To repay loans and for working capital. Office—2 North 30th snares I. (Hayden, Common & Rochester Gas Common Photo-Cine-Optics, Inc._ Computer (Monday) H. $280,000 Co.) 6z Electric & $1,252,231.50 Inc.) Corp..: September 5 $300,000 Almar Rainwear Corp (D. units (Monday) (William, Woodhill .Common Inc.) (Bids to be received) $500,000 Inc underwriting) (Francis (Friday) (M. 6,280 Corp.) Inc.) Simmons) & Laurence (No 1,000,000 shares Intercontinental Dynamics Corp Common (Monday) September 27 Washington Engineering Services Co., Inc._Common S. O. S. August 25 Inc.) Plan, September 4 Co.) Units — Ellis Gift (J. Texas Capital Corp Gas ; Units (Blunt (Thursday) (Dempsey-Tegeler & Pacific Units Automated $2,500,000 400,000 Common $800,000 Apache Realty Corp Common Co.) shares shares 208,000 Co., R.piey September 26 $800,000 Units Inc. Minneapolis. $400,000 International, Inc August 24 Co. 951,799 40,000 shares Co.) (Schweickart (Friday) (APA Broadcasting & Development T-Bowl Meeds) Apache Corp. - Common and Corp. Ariz. 1 Debentures Reeves . Co.) Laboratories, Inc (Ross. & Corp.) Bargain Town, U. S. A., Inc . Common Richards Common $300,000 $172,500 Inc.) Co. Co.) (Friday) September 25 Common $193,500 Corp Class A & Inc.) Higginson & Capital $300,000 Shasta Minerals & Chemical Co.... (Tuesday) Hindley Lee Inc.) .. Equities Magaril (Harriman $200,000 $1,500,000 Advanced Electronics Corp (Edward Inc.) Debentures Treat September August 22 Co., Co. Securities, Common September 22 Utilities Corp and (Amos (Hill Common Corp.) & $300,000 Gyrodyne Co. of America, Inc West Coast Bowling Corp $340,000 Funding Corp (Trinity Securities & - Co.) (Monday) James I. (J. Common & shares Common unuerwriting) Inc.) Tresco, Inc. * . Inc Co. & $230,000 Smith & Corp Securities & units Common 500,000 Sjostrom Automations, Inc Common underwriting) Realty Co.) & Management (The $1,250,000 shares Bissell & & (Amos) & Co., Inc.. Common (No Units 75,000 Materials, Inc (No Parish Common Co.) Inc.__ —. Inc.) Fund, Inc (Horizon shares 72,500 Security Acceptance Corp ; > Common (Armstrong Empire, Smith & Mairs & Power Income Fund, Inc.— Common Inc.) Ltd Bennett (Laird, $300,000 Oil Corp ... Trinity 33,334 shares ASC, Inc.^2. Old ^ .Class A r 'j .)■ Common j ;_i Common $300,000 Inc.) Fenner (Continental NAC Charge Plan & Nofthertf Acceptance Corp. Lincoln Minichrome, Inc. $900,000 Fenner (Consolidated Manufacturing Corp (Kerns, Common shares (Friday) (Atlantic Co., Winston Jay Common Burstein September 18 shares 125,000 Co., & Irvan Ferromagnetics Units & • Empire Life Insurance Co. of America. (Wednesday) August 30 shares 250,000 Co. .Class A Walter Sign Corp (Amber, .Common Corp Pierce, $20,000,000 Common underwriting) , $761,090 Corp Lynch, & $1,000,000 195,000 140,000 Shares 214,500 Airlines, Inc (No G-W & Aviation (Merrill Shares Bean & Securities (Brager ; Grimm) Co.) Hammill September 15 $500,000 Common Merchandising Corp Common Loeb snares 1 Common Peck) Israel-America Hotels, $250,000 Cosnat Record Distributing Corp & & Pierce, (Shearson, shares Class A Joshua (Midland Common Darlington Lynch, (Tuesday) (John Kuhn, September 13 (Wednesday) King's Department Stores, Inc Corp. Abbey Automation Systems, Inc $300,000 Class A Cellomatic Battery (Amos August 29 Common by 1,075,791 September 12 (Tuesday) Rocky Mountain Natural Gas Co., Inc.— , (Merrill Securities 90,000 Grumet Peck) & .. Industries, Inc Industrial Common Bid D Chemical Co ~ $900,000 $300,000 Inc.) Chemical & $300,000 (Monday) (Westheimer . $462,110 Inc Cle-Ware ...—Capital Standard underwriting) (Adams Common stockholders—no to U. S. Plastic Corp.) Lehman 'Brothers) September 11 United Investors Corp August . i' (Friday) A-Drive Auto Leasing System, Inc $600,000 Corp & • $1,400,000 stockholders—underwritten and 193,750 shares Co.) Co.) & Inc.) Brand, (Adams to (Hill. Electronics, Inc.— $300,000 Inc.) Common Inc.; Co. Common Common Co. Common Bruno-Lenchner and (Offering —Common & shares • Common Inc.) Corp Treat shares Shelley Urethane Industries, Inc (Garat (Amos & (Apache $220,000 French, & Kaufmann (Globus Supronics Hammill & Co.) 320,000 Western Union Telegraph Co shares 400,000 Corp.) Financial, Inc $6,250,000 Capital Co. Co.) Research, Inc v Lytton Financial Corp ' & Fricke (McLaughlin, Treat September8 Common Kreeger & Co. Simmons Co. of Tampa " (Jones, Reher $160,000 Investment —.Common Co.) Common Securities Moyer, $375,000 (Thursday) Inc Metals, shares 150,000 Polytronic Research, Inc Common & Business Beane) Inc (Woodcock, * 100,000 shares Corp. (Copley First and & Common Inc.) Lewis & Clark Marina, Inc shares 125,000 Philadelphia Laboratories, Inc.— American Univend Corp (Robert A. Grimm) Common Common Williston Co. Common & shares Co.) & Fuller D; '(Amos Darlington Hill, and Rodney $300,000 Co.) ___i R. Micro-Lectric, . & (Underbill August 18 & Treat September 7 (Tillie) Foods, Inc Capital 300,000 $300,000 Gloray Knitting Mills, Inc Maltz, Greenwald & Co. Globus, Inc.) (S. Common 100,000 Debentures (Thomas Jay, Winston & Co.; Cressy) Homes, Inc J. (Edward H.) & Son, Inc. Common Douglas Microwave Co., Inc Common Jay, Winston & Co.; Maltz, Greenwald & Co. and Globus, Inc.) $700,000 and Shell (T. & & (Mann Custom Federal Vic Tanny Enterprises, Inc (Amos Corp Cressey, Dockham & Co., Inc $5,000,000 August 17 (Thursday) Applied Research Inc Ihnen Common shares 150,000 Co.) Production (Shearson, Hammill & Co.) 200,000 shares shares Debentures Stearns (Bear, & Witter (Dean TelePrompTer Corp. Thursday, August 10, 1961 . Common Corp Consolidated Common . . 12, 1961 Gift Plan, ("Reg. A") Inc. (9/1) 100,000 common shares (par 10c). Price—$3. Business—The manufacture and sale of "Gift Bookards" designed to provide simplified gift giv-. ing for business and industry. Proceeds—For advertis¬ ing, sales promotion, repayment of loans, working capital and the establishment of national Park dealerships. Office—80 Ave., New York. Underwriter—J. Laurence & Co., Inc., New York. ■ Volume Number 194 6080 . . The Commercial and Financial Chronicle . (615) Automated • Merchandising Capital Corp. (8/14) May 24, 1961 filed 200,000 shares of common stock. Price —$20. Business—A closed-end non-diversified manage¬ investment ment assistance to formed company concerns active in to the provide ing capital and general corporate purposes. Office—1650 N. Damen Ave., Chicago. Underwriter—D. E. Liederman & Co., Inc., New York. financial industry. Proceeds—For investment. Office—10 East 40th St., New York City. Underwriter—Blair & Co., Inc., New York City (managing). it Automated Prints, Inc. ~ July 24, 1961 ("Reg. A")^ 85,000 common shares (par 10 cents). Price—$3.50. Business—The silk screen printing of designs on textile fabrics. Proceeds—For equipment, plant, new a repayment of debt and working • . capital. Automatic Data 19, 1961 Processing, Inc. filed 100,000 common shares, of which 50,000 shares are to be offered by the company and 50,000 shares by stockholders. Price—$3. Business—Elec¬ Brite 000 of offered Proceeds—For construction and Office—92 Highway 46, East Paterson, Underwriter—Golkin, Bomback & Co;, New York (managing). / : ' ' ' •- : -V . farm equipment. Underwriter—Loewi & Co., Colorado shares and $1,000,- common debentures due 1966 to a be of¬ Proceeds— Construction & Materials construction Ltd. Avenue, Chicago. Under¬ ^ Buffums' Aug. 7, 1961 filed 40,000 common • amendment. The Bargain Town, U. S. A., Inc. (9/25) July 27, 1961 filed 300,000 common shares, of which 200,000 shares are to be offered by the company and 100,000 shares by the stockholders. Price—$6. Business— The operation of discount department stores. Proceeds— in stores Business Southern corporate — California. purposes. Office Beach, Calif. Underwriter Angeles. For the repayment of • Builtwell — — shares. operation Proceeds Price of — July 1961 filed 21, Business—The 100,000 common manufacture supplies.; Proceeds—For of shares. hospital — at facilities, oi: equipment, expansion of sales program, der velopment of new products and working capital. Office expansion of plant :—25-11 49th Street, Long Island City, N. Y. ~—First Weber Securities Corp., New York. Bel-Aire ' April -14, .common Products, Inc. (8/21) ... 17, 1961 (letter (8/21) holders. • . Cable land Office — construction and the 3355 Poplar Underwriter—Lieberbaum & special Ave., of Co., New York. * company capital stock. Price which began operations is engaged in the research and development of material handling systems for industrial and commercial buildings Memphis, use based company-owned patents. Pro¬ on ceeds—For working capital. Office—Kirk Boulevard, Greenville, S. C. Underwriter—To be named. Offering— Expected in late October. ! Tenn. / r. Blue List Publishing Co., Inc. ■ -June 26, 1961 filed 160,000 outstanding common shares. Price—By amendment. Business—General printing. Pro¬ ceeds—For selling stockholders. Office—130 Cedar ^Street, New York. Underwriter—White, Weld & Co., Inc., New York (managing). . Boulder Lake Corp. • mineral . .roads and properties. Proceeds—For construction of buildings, purchase of machinery and explora¬ tion of properties. Address—P. O. Box 214, Twin Bridges, Mont. Underwriter—Wilson, Ehli, Demos, Bailey & Co., •Billings, Mont. - - ventory, repayment of loans and working capital. Office —8714 E. Cleta St., Downey, Calif. Underwriter—Mitchum, Jones & Templeton, Los Angeles, Calif. Growth Capital July 18, 1961 filed 660,000 pany. of bowling centers principally in Italy, and for expansion working capital. Office—80 Wall St., New York. San .Underwriters—V. S. Wickett & Co., and Thomas, Wil¬ liam, & Lee, Inc., New York City. ; Brad^ev Industries, Inc. July 25, 1961 filed 70,000 common shares (par $1). Price —$5. Business—-The manufacture of plastic boxes and containers. Proceeds—For repayment of loans, purchase business ceeds—For investment. ♦ ing, Denver. investment Pro¬ Office—611 Central Bank Build- Underwriters—Boettcher & Co.; Bosworth, Sullivan & Co., Inc., and Peters, Writer & Christensen, Inc., Denver. . Price—$3.75. company. . Challenger Products, Inc. June 30, ,1961 filed Proceeds—For the 125,000 common shares. Price—$5. repayment of debt, purchase of new equipment, and working capital. Office—2934 Smallman St., Pittsburgh, Pa. Underwriter—Pistell, Crowe, Inc., Charles Jacquin et Cie, Inc. July 7, 1961 filed 140,000 common shares of which 20,000 shares are to be offered by the company and 120,000 shares by stockholders. Price—By amendment. Business —The production of cordials, vodka, rum, brandy, etc. Proceeds—For working capital, sales promotion and ad¬ vertising. Office—2633 Trenton Ave., Philadelphia. Un¬ Co., Inc., Philadelphia (managing). Offering—Expected in early September. derwriter—Stroud & Charter Industries, Inc. June 22, 1961 filed 100,000 common shares. Price—$4. Business—The manufacture of molded plastic products. Proceeds—For starting up production and plant expan¬ sion. Office—388 — Codwise Standard Ave., New Brunswick, N. J. Securities Corp., New York (managing). • Chemonics Nov. Corp. 100,000 shares of share. Busi¬ the missile industries. Proceeds For general corporate purpose* and working capital. Office—-990 S. Fairoaks Ave., Pasa¬ dena, Calif. Underwriters—Grant, Fontaine & Co., Oak¬ land, Calif, (managing); Evans MacCormack & Co., Los Angeles, Calif.; Stone & Youngberg, San Francisco and Sellgren, Miller & Co., Oakland, Calif. Note—This letter 14, (letter of notification) 1960 stock (par one cent). Price—$3 per ness—Manufacturers of printed circuits for common — California Bowling Internazionale, Ltd. 30, 1961 filed 200,000 common shares. Price—$5. or acquisition of a chain •and small Underwriter California Proceeds—For the construction •June , Computer Products, Inc. (8/14) July 3, 1961 ("Reg. A") 75,0C0 common shares (par 50 cents). Price—$4. Proceeds—For new products, in- June 28, 1961 filed 315,000 common shares;.Price—$2.50. Business—The acquisition, exploration and development of r Caldor, Inc. July 27, 1961 filed 120,000 common shares. Price—$5. Business—The operation of retail discount stores. Pro¬ ceeds—For expansion and working capital. Office—69 Jefferson St., Stamford, Conn. Underwriter—Ira Haupt & Co., New York (managing). the of and New York. —$1.15. Business—The in 1954, 1976 Carriers, Inc. March 23, 1961 filed 190,109 shares of subsidiary, purchase $200,000 due Corp. off Denver 19, 1961 filed 600,000 common shares. Business—A . Building Industries, Enc. 29,. 1961 filed 300,000 class A common shares. Price additional be Office—1009 Wachovia Building, Charlotte, N. C, Underwriter—Auchincloss, Parker & Redpath, Washing¬ ton, D. C. : Blooffifjeld thereon. Group, Inc. (8/15) •' filed 150,000 shares of class A common Price—To June & Finance filed debentures Central Investment Marion Rupe Laboratories, Inc. 20,; 1961 convertible subordi¬ 80,000 common shares underlying such debentures, and 70,000 outstanding common shares to be sold by stockholders. Price—(De¬ bentures) At par. (Common) $2 per share. Proceeds— For construction of a new building. Office—Port Wash¬ ington, N. Y. Underwriters—Brand, Grumet & Seigel, Inc., and Kesselman & Co., Inc., New York. nated Main 201 capital. • of — supplied by amendment. Business through its 20. subsidiaries, is engaged in the consumer finance business in North Carolina, South Carolina and Georgia. Proceeds — For working Office—4000 Water St., Wheeling, W. Va. Un¬ derwriter—Fulton, Reid & Co., Inc., Cleveland. 1 Office —The company, holders. a investment. Dallas April 28,,1961 July 3, 1961 ("Reg. A") 4,000 common shares (par $12.50). Price—By amendment. Proceeds—For the selling stock¬ June For Office—601 — ClVlC stock. Kansas City, Kan. Underwriter— Co., Inc., Kansas City, Mo. —$5. Proceeds—For advances to — Dr., Garland, Tex. Under¬ Son, Inc., Dallas, Tex., and Straus, Blosser & McDowell, Chicago. / writers B-och Brothers Tcbacco Co. , Price Co., Inc., New York. June Byer-Rolnick Hat Corp. 27, 1961 filed 100,000 outstanding common shares. Price—By amendment. Proceeds—For the selling stock¬ goods lines and artificial flowers. Proceeds—For expansion; inventory and working capital. Office—1401 . 20, 1961 cents b Center ; of soft Securities & June of Merchandising Corp. (8/29) June 8, 196F filed 72,500 class A common shares. Price '—By amendment. Business—The wholesale distribution Traffieway, (8/21-25) ("Reg. A'O lOOjOOO common shares (par — $2.50. Proceeds — For repayment of debt, inventory and working capital. Office—300 Dela¬ ware Avbhiie, Archbald, Pa. Underwriter—Armstrong repayment of debt, the opening of additional . /v./ Biackman Fairfax Cellomatic Battery Corp. St., Houston, Texas. Underwriters—Clark, Dodge & Co., Inc., New York; Alex. Brown & Sons, Baltimore, and Rotan, Mosle & Co., Houston., writer—'To be named. Midland 10 "Proceeds notification) 60,000 shares of class a common stock (par $1). Price — $5 per share. Office—1708 W. Main St., Oklahoma City, Okla. Under¬ t June Business .Funds, Inc. (8/14) June 2, 1961 filed 1,750,000 shares of capital stock. Price —$11. Business—A small business investment company. repayment of a loan, new equipment, lease of a plant, and working capital., Office — 25970 W. 8 mile Road,. Southfield, Mich.. Underwriter — Internationa1 Equities Co., Miami, Fla. ' May Inc. common shares. Price — amendment. Business—A small business investment Proceeds—For investment. Office—111 Francisco, Calif. Underwriters—H. M. By com¬ Sutter St., & Co., Inc., Chicago and Birr & Co., Inc., San Francisco. Cal-Val Research & Byllesby Development Corp. June 16, 1961 filed 200,000 common shares. Price—By amendment. Business—Engineering research and de¬ velopment in ground support- equipment in the missile, rocket and space fields. Proceeds—To repay loans and for general corporate purposes. Office—19907 Ventura was withdrawn. Chermil Capital Corp. July 25, 1961 filed 250,000 common shares. Price — $2. Business—A closed-end investment company. Proceeds—For investment. Office—32 Broadway, derwriter—Edward H. Stern & New York. Un¬ Co., Inc., New York. ' of additional molds, acquisition of a w • , 1961 (letter of notification) 150,000 shares of stock.. Price—At par ($2 per share). Proceeds D Chemical Co. and Electronics Corp. 19, 1961 ("Reg. A") 80,000 common shares (par cents). Price—$2.50. Proceeds—For test equipment, reduction of mortgage and working capital. Office—2233 Barry Ave., West Los Angeles, Calif. Underwriter—Har¬ ris Securities Corp., New York. offices and the financing of home sales. Office— Adrian, Ga. Underwriter—The Robinsoh-Humphrey Co., Inc., Atlanta, Ga. (managing). —For Bid shares (no par). common For research 50 sales Underwriter — Casa —For the Price—$3. Proceeds July Homes, Inc. due 1981 and 300,000 shares of common stock, to be offered for sale in 100,000 units, each con¬ sisting of $10 of debentures and three common shares. Price—To be supplied by amendment. Business—The construction financing and sale of shell homes. Proceeds equipment and $5. will use expansion, the repayment of debt and for other corporate purposes. Office—5300 N. W. 37th Ave., Miami, Fla. Underwriter — Shearson, Hammill & Co., New York (managing). debentures / — ture of women's shoes. Proceeds—The company its share of the proceeds for By derwriter—Schweickart & Co., New York (managing), j Supply, Inc. Gardner, St. Louis Caressa, Inc. Aug. 2, 1961 filed 150,000 common shares, of which 75,000 will be sold by the company and 75,000 by a stockholder. Price—By amendment. Business—The manufac¬ (8/11) May 25, 1961 filed $1,000,000 of convertible subordinated Beam-Matic Hospital & development, advertising equipment and working capital. Office—923 S. San Fernando Boulevard, Bur bank, Calif. Under¬ writer—Rutner, Jackson & Gray, Inc., Los Angeles. department debt, and working capital. Office r-Rockaway Turnpike, North Lawrence, L. I., N. Y. Un¬ , Price For general Broadway, Long Lester, Ryons & Co., Los Pine Reinholdt — it Card Key Systems, Inc. July 28, 1961 ("Reg. A") 60,000 repayment of debt, construction, acquisition working capital. Stock—For the selling stockholders, writer—E. F. Hutton & Co., Inc., New York. Underwriter (managing). Office—Jarvis Ave., at Andrews St., Winnipeg, Manitoba, Canada. Underwriter—P. W. Brooks & Co., Inc., New York (managing). paper, documents and non-negotiable in¬ for banks. .Proceeds—For the selling stock¬ — Louis. tures—For and 65,000 manu¬ coatings for industrial Proceeds For repayment of loans, research and working capital. Office—32 Hanley Industrial Court, St. use. , Proceeds—Deben¬ company. shares, of which 35,000 are to be offered by the company and shares by stockholders. Price—$5. Business—The facture of synthetic linings and July 7, 1961 filed $3,500,000 (U. S.) debentures, 6% sinking fund series due 1981 (with warrants) and 300,000 outstanding common shares. Price—By amendment. Business—A common shares Price— consumer For ... it Carboline Co. Aug. 4, 1961 filed 100,000 108,365 common shares to be by stockholders of Brite Uni¬ Business—The operation of By — — St., Wilmington, Del. Underwriter—Capital Management Corp., Miami (man¬ : aging). subordinated British-American Co., Inc., Milwaukee (managing). Office—4652 S. Kedzie Capital Income Fund, Inc. public sale and for bowling centers. Office—100 Wilder Bldg., Rochester, Underwriter—None. July 3, 1961 filed 30,000 common shares. Price amendment. Business^-A mutual fund. Proceeds investment. Office — 900 Market New 4, business in N. Y., N. J., and Pa. Office—441 Lexington Avenue, New York City. Underwriter—None. commercial struments Suite finance Bankers Dispatch Corp. July 20, 1961 filed 100,000 outstanding common shares. Price—By amendment. Business—The transportation of holder. for By amendment. plant, purchase of land, retirement of preferred and working capital. Address—Kaukauna, Wis. stock — Ave., Copley & shares for each class A and class B shares held. , Badger Northland, Inc. June 16, 1961 filed 100,000 common shares, of which 68,000 shares are to be offered by the company and 32,000 shares by stockholders. Price—By amendment. Busi¬ • of Charles subscription versal, Inc. (N. Y.) parent company, on the basis of 21/£ N. J. a of N. Y. Universal, Inc. 10% fered working capital. For St. July 31, 1961 filed 100,000 tronic data processing. ness—The manufacture Office—2833 Orleans, La. Underwriter Springs, CoIg. ■'/ •' •; •••/"> • July share for each four American shares held. Price—$5.50. Business—The operation of bowling centers. Proceeds— For working capital and the construction and operation Brisker purposes. - , it Canbowl Centers Ltd. Aug. 4, 1961 filed 131,500 common shares to be offered subscription by stockholders of American Bowling Enterprises, Inc., parent company, on the basis of one Corp. (8/18) ("Reg. A") 160,000 common shares (par 25 cents). Price—$1. Proceeds—For repayment of loans, machine rental, working capital and general corporate Rd., Charlotte, N. C. Underwriter Co., Inc., New York. ' •, v ♦> for June 2, 1961 Office—201 S. Hoskins —Street & closs, Parker & Hedpath, Washington, D. C. Offering— Expected in late August. it Brinktun, Inc. July 28, 1961 ("Reg. A") 133,000 common shares (par 70 cents). Price—$2.25. Proceeds—Repayment of loans and working capital. Office—710 N. Fourth Street, Min¬ neapolis. Underwriter —McDonald, Anderson, Peterson & Co., Inc., Minneapolis. vending 35 new plant, work¬ Boulevard, Woodland Hills, Calif. Underwriter—Auchin- - 11 Continued on page 36 .< 36 (616) Church The Commercial and Financial Chronicle Builders, Inc. uring Feb. 6, 1961 filed 50,000 shares of common stock, series Price—$5.50 per share. Business—A closed-end diver¬ 2. sified investment Proceeds—For of company the June Churchill Stereo Corp. ' 17, 1961 105,000 common shares and 105,000 at¬ tached five-year warrants to be offered in units of one The manufacture and/or retail television stores. loans, Price—$3.60 of Proceeds working For — capital radio operation of six corporate • purposes. "Underwriter Co., New York (managing). • - i + sales of products manufactured & Co., Inc. and (co-managing). • and Globus, shares are to offered be by the (Francis The — of H.) & Son, manufacture E. 79th St., Miami, Fla. Underwriter Co., New York.. : V - : sumer finance purposes. Proceeds—For company. Office — Jay W. general cor¬ 53 N. Park Ave., Rockville Center, N. Y. Underwriters—Brand, Grumet & Seigel, Inc. and Kesselman & Co., Inc., New York. — Color Reproductions, Inc. May 10, 1961 (letter of notification) 950 units of $95,000 of 6% subordinated debentures, due June 30, 1971, and 47,500 shares of common stock (par one cent) to be offered in units, each unit consisting of $100 of deben¬ common stock. Price—$287.50 per tures and 50 shares of unit. Business—The makes color photographs and reproductions for chqrches,. institutions, seminaries and schools. Proceeds—For equipment; sales promotion; repayment of loans; construction of buildings and im¬ provements of company facilities. Office—202 E. 44th St., New York, N. Y. Underwriter—William, David & Motti, Inc., New York, N. Y. Columbian Bronze July 13, 1961 Business—The filed Corp. 150,000 common manufacture of shares. marine Price—$5 propellers and electronic equipment, hydraulic products and metal fur¬ niture. Proceeds—For repayment of loans and expan¬ sion. Office—216 N. Main St., Freeport, N. Y. Under¬ writer—Lomasney, Loving & Co., New York (managing). Commonwealth Theatres July 28, 1961 filed 100,000 000 shares are of Puerto common Rico, Inc. shares, of which 50,- to be offered by the company and 50,000 Price—$10. Business—The op- shares by stockholders. aeration of .a chain, of theatres in Puerto Rico.„r Proceeds —For construction of renovations < and a drive-in movie theatre, building general Santurce, Puerto Rico; corporate purposes. Address— Underwriter—J. R. Williston dc Beane, New York (managing). Computer Instruments Corp. (9/5-8) duly 13t, 1961 filed. 160,000 outstanding common shares. Price—By amendment. Business—The manufacture of precision potentiometers, electronic components and meas¬ For — shares the of areas selling stockholder Florida. (Mobilife Fund of one common York. one warrant. Price—$1 Growth Fund, Inc. Proceeds—For expansion. Ave., New York City. UnderwriterNiagara Investors Corp., New York. Fifth ' Continental June Leasing Corp. 19, 1961 ("Reg. A") 100,000 common shares (par Price—$3. Proceeds—For purchase of new cent). one automobiles, advertising and promotion, and working capital. Office—527 Broad St., Sewickley, Pa. Under¬ writer H. B. Crandall Co. and Cambridge Securities, Inc.,. New- York. ,^ ...;; /■ •.../ — . - . ... ★ Continental-Pacific the of repayment Underwriter—Amos Treat & Co., New York City * Cott Bottling Co., Inc. 29, 1961 filed 335,000 June shares 170,000 Industries, Inc. July 21, 1961 ("Reg. A") 300,000 common shares (par 10 cents). Price—$1. Proceeds—For repayment of loans, tooling, a patent purchase, salaries, inventory and work¬ ing capital. Office—1299 Bay Shore Blvd., Burlingame, Calif. Underwriter—Amos C. Sudler & — Proceeds—To common offered be to are The stockholders. manufacture by shares the Price—By which and amendment. carbonated of of company beverages. increase inventory and for expansion. Office—177 Granite Street, Manchester, N. H. Underwriter—R. W. Pressprich & Co., New York. loans, repay Cramer Electronics, Inc. July 27, 1961 filed 150,000 common shares, of which 107,250 shares are to be offered by the company and 42,750 shares by the stockholders. Price—By amendment. Business—The distribution of electronic components and equipment. Proceeds—For repayment of loans, inventory and working capital. Underwriter—Carl (managing). Office—811 Boylston St., Boston. Loeb, Rhoades & Co., New York M. •■> Crank Drug Co. July 3, 1961 filed 130,000 amendment. Distributors, Inc. share and Proceeds—For records. debt, and working capital. Office—315 W. 47th St., New Corp.) unit. Business—The company is the sponsor of Con¬ tinental industrial Coburn Credit Co., Inc. July 18, 1961 filed $1,500,000 of convertible subordinated debentures due 1976. Price—At par. Business—A con¬ porate Mobilife Pro¬ Office—366 shares. Price—$1.50. and Consumers shares for each 5 sew¬ per Clair Ave., Co., Cincinnati. farm of Price—By amendment. Business—The acquisition, units and Inc. common of 3 April 13/ 1961 filed 296,000 common shares and 296,000 warrants for the purchase of stock of Continental Man¬ which company Cobbs Fruit & Preserving Co. July 27, 1961 filed 150,000 common shares, of which 128,500 are to be offered for public sale by the company and 21,500 by the underwriter. Price—$5. Business—The sale of fruits, candies, preserves and novelties. Proceeds —For expansion and other corporate purposes. Office— N. St. agement Corp., advisor to Continental Growth Fund, Inc. The securities will be offered for public sale in : Kaufmann & Wall 1961 filed 302,000 outstanding common shares offered for subscription by stockholders of Mobi¬ Corp., of Bradenton, Fla., parent company, on the Continental Inc., equipment. Proceeds—For materials and inventory, research and development and working capital. Office— 1303 Elm St., Rocky Ford, Colo. Underwriter — Stone, Altman & Co., Inc., Denver. 400 16 .. be ceeds Office—10604 St. Underwriter—Westheimer & July 3, 1961 filed 1,000,000 Business Co., 2nd floor, Office—Sarasota, Fla. Underwriter—Golkin, Bomback & Co., New York City. by corporate purposes. Cfute Trust construction and operation of water-treatment and stockholders. Price—By amendment. wholesaling oL parts, ^chemicals and ac¬ cessories ^related tp the automotive and. marine fields. Proceeds—For repayment of loans, working capita!.and Cleveland. Bankers age-disposal plants in suburban Business—The, other at held. Cle-Ware 25, 160,000 shares phonograph 165,000 shares by to both of New Industries, Inc. (9/11) 1961 filed 195,000 common shares ment. thereof. . July 27, Proceeds (8/21) Distributing Corp. 44,444 outstanding shares by the pres¬ Price—To be supplied by amend¬ Business—The manufacture and distribution of holders Business Consumers Utilities Corp. plart additions, repayment of dfebt, and working capital. Office—1450 Ferry Avenue, Camden, N. J. Un¬ Co., Inc., Cosnat Record (managing). (8/15) basis derwriters—Ross, Lyon & York City. • May 26, 1961 filed 150,000 shares of common stock, .of which 105,556 shares are to be offered for public sale bythe company and (EDST) —For 35,000 (8/28) New York. Information Meeting—Aug. 10, 1961 at 11 a.m. Laboratories, Inc. (8/22) filed 200,000 shares of common stock. per share. Business—The company plans to use. loans; general corporate purposes and working capital. Office—3232 W. El Segundo Blvd., Hawthorne, Calif. Underwriter—Dean Witter & Co., San Francisco. Of¬ ent life compounds for industrial and commercial manufacture fering—Expected in Mid-August. Corp. Halsey, Stuart & Co. Inc.; White, Weld & Co. and & Co. (jointly); Harriman Ripley & Co., and First Boston Corp. (jointly); Morgan Stanley & Co. Bids —Aug. 15, 1961 at 11:30 a.m. (EDST) at 300 Park Ave., 1961 July Production — super-cold liquids and gases. Proceeds of new equipment, repayment of for the storage of —For common shares... Price—By The manufacture of equipment 100,000 1961 filed 12, amendment. Business Shields engage in the development, manufacture, packaging and sale of industrial chemicals and latex, resins and plastic • Consolidated Cosmodyne Corp. June bers: Clarkson April 27, Price—$2 & 23, 1961 filed $40,000,000 of first mortgage bonds due Aug. 1, 1991. Office—212 West Michigan Ave., Jack¬ son, Mich. Underwriters—(Competitive) Probable bid- Under¬ Hardy, Hardy & Office—809 Cameron Office — 1130 Madison Underwriter—Frank Karasik & and general corporate purposes. June Clarise Sportswear Co., Inc. July 21, 1961 filed 125,000 common shares, of which 75,000 shares are to be offered by the company and 50,000 shares by stockholders. Price—$5. Business—The manu¬ facture of women's sportswear. Proceeds—For working New York corporate purposes. Consumers Power Co. .... writers—Alessandrini other Corp., buys and manages fractional interests producing oil and gas properties. Proceeds—For in¬ vestment, and working capital. Office—14 North Robin¬ son, Oklahoma City, Okla. Underwriter — Shearson, Hammill & Co., New York City (managing). Note—This company formerly was named Cador Production Corp. by Clark Office—141 W. 36th Street, New York. 1961 Thursday, August 10, 1961 . Ave., Elizabeth, N. J. Co., Inc., New York. in Equip¬ ment Co., parent. Proceeds—For the repayment of debt. Office—324 East Dewey Ave., Buchanan, Mich. Under¬ writers—Lehman Brothers and Blyth & Co., Inc., New York City (managing).- Offering — Temporarily post¬ poned. ~~~ capital. Un¬ Production Clark Equipment Credit Corp. April 21, 1961 filed $20,000,000 of debentures, series A, due 1981. Price—To be supplied by amendment. Busi¬ ness—The financing in the U. S and Canada of retail time stock¬ May 26, 1961 filed 200,000 shares of common stock. Price —To be supplied by amendment. Business—The com¬ pany, which plans to change its name to Consolidated Office—200 E. 98th Street, Brooklyn, N.. Y. —Lieberbaum & selling Securities, Inc., Washington, D. C. Offering— Expected in late August. expansion, repayment of other and hi-fidelity, the and the Street, Alexandria, Va. Underwriter—Alexandria Invest¬ ments unit. Business— per stereophonic, equipment 20, tal and July warrant. For Industries, Inc. filed 200,000 common shares. Price—$6. Business—A holding company for concerns engaged in the pleasure-boat industry. Proceeds—For working capi¬ Office—501 Bailey Avenue, Worth, Texas. Distributor—Associates Management, Inc., Fort Worth, Texas. one — Consolidated Marine investment. Fort share and Proceeds Office—92 Madison Ave., Hempstead, N. Y. derwriter—Hayden, Stone & Co., New York (managing). type. management instruments. holders. . . Co., Denver. stores. Business— Proceeds—For pansion. Office—1947 Underwriter Mo. — (managing)., , shares. Price — By operation of retail drug common The repayment of loans, and for ex¬ E. Meadowmere St.,- Springfield, Reinholdt V ' "• & •- r; Gardner, v:. /• V- St. Creative Playthings, Inc. 'r" July 28, 1961 filed 100,000 cbmmon shares. Price Business—The amendment. and material for children. Louis • — By manufacture, of equipment Proceeds-^--For research and development, expansion, repayment of loans and' work¬ ing ; capital. Address—Cranbury, N, ;Jir Underwriter—A. G. Becker & Co., Inc., Co., Inc., St. Louis. Chicago and Semple, Jacobs & Cressey, Dockham & Co., Inc.:;(8/ 1C-9/1). June 15, 1961 '("Reg. A"1)- 100,000 common shares (par $1). Price—$3.-Proceeds-rFor working capital. Office— 1 IGA Way, Salem, Mass* Ufidcrwriter-e-Manri & Creesy, Salem, Mass. '■•■'■* ■' -vV /:vv' ★ Cromwell Business Machines, Inc. / \/• ; Aug;;!, 1961 ("Reg. A") ,100,000 common shares (par 50 cents). Price—$3. Proceeds—For repayment of .loans, machinery, leasehold- improvements, /advertising and ★ Continental Real Estate Investment Trust Aug. 3, 1961 filed 300.000 shares of beneficial interest. Price—$10. Business—Real estate. Proceeds—For invest¬ ment. Office—530 St. Paul —F. Baruch & Place, Baltimore. Underwriter Co., Inc., Washington, D. C. (managing). ★ Control Lease Systems, Inc. July 21, 1961 ("Reg. A") 260,000 common shares (par 10 cents). Price—$1.15. Proceeds—For equipment, re¬ search and development and capital expenditures. Office • —3386 Brownlow Ave., St. Louis Park, Minn. Under¬ writers—M. H. Bishop & Co., and J. P. Penn & Co., Inc., Minneapolis. Office—54 Tarrytown writer—Candee • Crown Drug ("Reg. A'')//4,^2 common shares; /par 25 cents). Price—$2.50. Pro^epd^Foi*- working capital.,Office 2110 Central, Karisa^ July 21, 1961 — ★ Cook (L. L.) w; • ' Aug. 4, 1961 filed 49,736 common shares, of which 9,600 shares are to be offered by the company and 40,136 shares by stockholders. Price—By amendment. Business —The processing of photographic film, wholesaling of photographic supplies and the manufacture of post cards. Proceeds—For N. 16th St., Milwaukee general corporate purposes. Office—1830 Underwriter—Milwaukee Co., Milwaukee. (managing). Copycat Corp. ; , ; ' \, - - * ?•/■;-?: a / . 19, 1961 ("Reg. A") 100,000 common shares' (£ar 10 cents). Price—$3. Business—The distribution and sale of photocopy and distributing machines. Proceeds—For .working capital, advertising, research and expansion. Office—200 Park Ave., S., New York. Underwriters— Treves & Co. and Reich & Co., New York. ★ Corning Glass Works Aug. 4, 1961 filed 150,000 common shares (par $5). Price —By amendment. Business—The manufacture of spe¬ cialized glass products. Proceeds—For the selling stock¬ holders. Address—Corning, N. Y. Underwriters—Harri¬ man Ripley & Co. and Lazard Freres & Co., New York (co-managing). Cosmetic Chemicals Corp. June 28, 1961 — filed 100,000 common shares (par one cent). $4-. Business ---The distribution of- cosmetics. Proceeds—For search, advertising, sales expenses, inventory, re¬ working capital and other corporate purposes. Office—5 *E. Nance-Keith 52nd Street, " New Corp., New York. York, , Underwriter— Cosmo Book Distributing Co. 'July 6; 4961 filed 110,000 common shares.t.Price ^-$3. Business—The wholesale distribution of books. Proceeds —For repayment of a • Homes1,* Ihc. '(8/29 )>:"' ; May 8, 1961 (letter of notification/ 120,000 shares of common stock (par 10 cents)* Price—$2.50 per share. Proceeds—To erect sample homes, repay a loan, and for expansion and working capital. Office—412 W. Saratoga St., Baltimore, Md. Underwriter—T; J. McDonald & Co., Washington, D. C. s : ' : Custom Dadan, •* June Price ^" None. loan, inventory, working capital Shell Inc. J,une 29, 1961 ("Reg. A") 1'60,000 -common shares1 (par 50 cents). Price—$1.15. Business—The manufacture- of Proceeds—For repayment of loans, development products and working capital;; Office—209 Wilder games. of new Bldg., Rochester 14, N. Y. Underwriter—McDonald, An¬ derson, Peterson & Co., Imc.; ■ Minneapolis. • Dallas Airmotive, Inc.1 (8/16) / May 26, 1961 filed 390,000 shares of common stock, of which 350,000 shares are to be offered for public sale by the present company holders amendment. and 40,000 outstanding shares by the thereof; Price — To be supplied by Business—The overhaul of aircraft engines for commercial and military customers. Proceeds — For realty acquisitions, the repayment of debt, and for ex¬ pansion. Office—6114 Forest Park Road, Dallas, Texas. Underwriter—Eppler, Guerin & Turner, Jnc., Dallas. Data Components, Inc. 1 ' - June 6, 1961 ("Reg. A") 120,000 common shares (par .10 cents), Price—$2. Business—The. marking and fabri¬ cation for metal plant Office equipment, — parts. Proceeds—For moving expenses, sales promotion and working capital. 2212 McDonald Ave., Brooklyn, N. Y. Writer^A. J. Frederick Co., Inc., New -York/" Continued from page 35 . ' Under; .Volume Data 194 Number 6080 . . . The Commercial and Financial Chronicle Management, Inc* <617) 37 July 17; 1961 ("Reg. A") 260,869 class A common shares (par 10 cents). Price—$1.15. Proceeds—For purchase of June Dynamic Toy, Inc. 30, 1961 ("Reg. A") 81,000 common shares (par 10 cents). Price—$3. Business — The manufacture of toys. Price—$2. Proceeds — For advertising arid promotion, legal and audit fees, and working capital. Office—247 Charlotte St., Asheville, N. Y. Underwriter—Courts & equipment, investments, and working capital. Office— 1608 First National Bank Building, Minneapolis. Under¬ writer—M. H. Bishop & Co., Minneapolis. Proceeds—For advertising, development of new products expansion and working capital. Address—109 Ainslie St., Brooklyn, N. Y. Underwriter—Hancock Securities Corp., New York. Offering—Expected in September. Co., Atlanta. if Data pulse, Inc. • July 25, 1961 ("Reg. A") 300,000 capital shares. Price— ($1). Proceeds—For research and development, equipment, furniture and working capital. Office—509 Hindry Ave., Inglewood 1, Calif. Underwriter—None. Datom Industries, Inc. 17, 1961 filed 112,500 ; common shares. E. C. June Price—$4. Business—The manufacture of electrical products such as transistorized and conventional tube radios, portable • Executive Equipment Corp, Aug. 1, 1961 filed 100,000 common shares. Price — $4. Business—The long-term leasing of automobiles. Pro¬ ceed^ — For the purchase of automobiles, establishment of a trucking division and a sales office, and for work¬ ing capital. Office — 790 Northern Blvd., Great Neck, Eastern Air Devices, Inc. (8/16) filed 150,000 common shares to be offered subscription by common stockholders of Crescent Petroleum Corp., parent, on the basis of one share for June 16, 1961 phonographs and educational kits. Proceeds—For work¬ ing capital and other corporate purposes. Office—350 Scotland Road, Orange, N. J. Underwriter—Robert L. Ferman & Co., Miami, Fla. (managing). for each 10 . Crescent shares held. Business—The manufac¬ N. ture of power and servo components. Deco Aluminum, Inc. July 5, 1961 ("Reg. A") 100,000 common shares (par five cents). Price —h$3. Proceeds — For repayment of loans; inventory; equipment and working capital. Office —4250 Adams Ave., Philadelphia. Underwriter—R. P. & R. A. Miller & Co., Inc., Philadelphia. equipment and other Office—385 Central Avenue, Dover, N. H. Underwriters —Sutro Bros. & Co. and Gregory & Sons, New York (managing). Eckerd Drugs of Florida, Inc. , June Discount Stores, Inc. »': July 12, 1961 ("Reg. A") 120,000 par). Price—$2.50. Proceeds—For new subsidiaries. Colo. Office Underwriter color — of shares (no organization of common the be offered in units consisting of one common share and Price—By amendment. / Business— The operation of drug stores. Proceeds—To open 5 new stores, repay loans and other corporate purposes. Office —3665 Gandy Blvd., Tampa, Fla. Underwriter—Courts & Co., Atlanta (managing). ' Bldg., Denver, Copley & Co., Colorado Springs, 'C.'f.'v;r:-v. ~ Diversified fndustries, lhc. ('TOg. A"; ^4,059 7% convertible pre¬ ferred for each 10 shares of 'cbrnmon held of record on common, stockholders ori the hasis of one share of pre¬ ferred" shares" (par1 $5) beihg offered for subscription by June 12, 5j 1961 with rights to expire Aug. 9. Price—per repay.debf; and" for working capital. Office—8450 San Fernando /Jtoad, <Sun Valley, Calif. Underwr iter s-^-R. E. Berhhard- & Co.,r Beverly Hills, Calif.; Hardy & Cd, NeW Arthur B. Hogan, Inc., Burbarlk, Calif.; Wedbush ^Cd. and Wheeler & Cruttenden, Jhe^fihs'^geles^M^B^^^^ker & Co., Long Beach, Calif.,.and V, H; Anderson; & -Co., Salt Lake City. Diversified Wire& Steel Corp. of America ; amendment. equipment. for repayment of debt, acquisition and improvement Of property, equipment, and working capital. Office—3525 E. 16th St., Los Angeles. Underwriter—V. K. Osborne & Sons, Inc.; Beverly Hills, Calif, (managing). Dollar Mutual Fund, Inc. April 25, 1961 filed 100,000,000 shares of capital stock. $1 per share. Business — A diversified mutual Price Proceeds Bank Bldg., — For investment. Office — 736 Midland Minneapolis,, Minn. Underwriter—Fund Dis¬ tributors, Inc. amendment. Business—The manufacture of microwave components, test equipment and sub-systems. Proceeds —For repayment of loans; research and development, advertising, purchase of equipment and other corporate purposes. Office—252 E. 3rd Street, Mount Vernon, N. Y. Underwriters—J. R. Williston & Beane and Hill, Darling¬ ton & Grimm, New York (managing). Drug & Food Capital Corp. July 14, 1961 filed 500,000 common shares. Business—A small business investment ceeds^- For investment. Price—$10. company. Pro¬ Office—30 N. La Salle St., Chi¬ Underwriters—A. C. Allyn & Co., Chicago & Westheimer & Co., Cincinnati (managing). cago. Duke Shopping Center.Limited Partnership June 28, 1961 filed 269 units of limited partnerships in¬ terests. Price $1,000. Business—The acquisition and construction of a shopping center at Alexandria, Va. Proceeds—For; the purchase of the above property. Of¬ fice—729-15th Street, N. W., Washington, D. C. Under¬ writer—Investor Service Securities, Inc., Washington, — I>. C. v'lS..' Dunlap & Associates, Inc. June 30,1961 filed 75,000 copuhpn shares, of which 60,000 'WilL be offered by the compaiiy and 15,000 by stock¬ holders. Price—By; amendment; Business—The company provides, -scientific research, engineering consulting and development services to the Armed Services, U. S. Gov¬ ernment agencies and private industry. Proceeds—For purchase of building sites, expansion, arid working cap¬ ital. Office—429 Atlantic St., Stamford, Conn. Under¬ writer—Dominick & Domiriick, New York. Offering—• Expected in early September. if Dynamic Cable Systems July 31, 1961 ("Reg. A") 50,000 common shares (par 50 cents). Price—$6. Proceeds—For repayment of debtequipment and working capital. Office — 8421 Telfair Avenue, Sun Valley, Calif. Underwriter — Raymond Moore & Co., Los Angeles. Dynamic Gear Co., Inc. ■ June* 29, 1961 filed 125,000 common shares of which 100,000 shares are to be offered by the company and 25,000 -shares by a stockholder. Price—$3. Business— Manu¬ facture of -precision instrument gears. Proceeds—For purchase and Tebuilding of automatic gear-cutting ma¬ chines, prepayment of a note," inventory, a new plant and for general corporate purposes. Office—175 Dixon Avenue, Amityville, N. Y. Underwriters—jFlomenhaf,. Seidler: & Co., Inc. %arid Lomasney, Loving & Co., New 'York"(managing).: >u •*; shares, Price — By Proceeds—For the . electronic International, Ltd. (8/14-18) : May 5, 1961 filed 70,000 shares of capital stock. Prices To be supplied by amendment. Business—,The manufac¬ 1 : ture of products in the automotive ignition field for sale outside of the United States. Proceeds,— For research, writer—S. D. Fuller Co. Note—July 11, the* SEC insti¬ "Stop Order" proceedings challenging the accuracy and adequacy of this statement. A hearing on the matter -will be held Aug. 14. Offering—Expected in late Aug. development, and working capital. Office—222 Park Ave., South, New York City. Underwriters—Robert A. Martin Associates, Inc., and Ezra Kureen Co., both of New York City. Electro-Med, Inc. For of medical-electronic working capital. Office — instruments. 10 4748 France Electro-Miniatures Corp. to company's subsidiary; repayment of loans; advertising promotion, and other corporate purposes. Office— 1711 N. Glenstone, Springfield, Mo. Underwriters — Globus, Inc. and Ross, Lyon & Co., Inc., New York. June 19, 1961 ("Reg. A") 100,000 common shares (par 10 cents). Price—$3. Business — The manufacture of elec¬ tronic and electro-mechanical devices for the aircraft, radar, missile and rocket industries. Proceeds—For the selling stockholders. Office—600 Huyler St., Hackensack, N. J. Underwriter—Burnham & Co., New York. and • mon Corp. addition of chemicals. Proceeds—For research and de¬ velopment. Office — 1100 Shames Dr., Westbury, L .1., N. Y. Underwriter—Globus, Inc., New York. . Empire Fund, Inc* . . .. .• June 28, 1961 filed 1,250,000 shares of capital stock to be offered in exchange for blocks of designated securities. Business—A "centennial-type" fund which plans to offer a tax free exchange of its shares for blocks of corporate securities having a market value of $20,000 or more. Office—44 School Street, Boston, Mass. Underwriter— A. G. Becker & Co. Inc., Chicago. • Empire Life Insurance Co. of America (9/18) 14, 1961 (letter of notification) 30,000 shares of capital stock (no par). Price—$10 per share. Proceeds— To go to selling stockholders. Office—2801 W* Roosevelt Road, Little Rock, Ark. Underwriter—Consolidated Se¬ curities, Inc., 2801 W. Roosevelt Road, Little Rock, Ark. March Equitable Leasing Corp. .' A") 90,000 common, shares (par 25 -cent»>- tb be: offered for subscription* by stockholders* June 19, 1961 ("Reg. finance ness-^A company. Proceeds—To repay loans, working capital. Office—400 S. Beverly Drive, Beverly Hills, Calif. Underwriters—Thomas Jay, Win¬ ston & Co., Beverly Hills, Calif.; Maltz, Greenwald & Co. and Globus, Inc., New York, N. Y. r Federal Tobl & Manufacturing Co. June 12, 1961 filed 300,000 outstanding common shares. Price — $5. Business—The manufacture of short-term • stampings out of metals. Proceeds—For the selling stockOffice—3600 Alabama Ave., Minneapolis. Un¬ derwriter—Jamieson & Co., Minneapolis. holders. • Fifth Dimension Inc. (8/11) May 25, 1961 filed 60,000 shares of common stock. Price, —To be supplied by amendment. Business—^-The design, development, maniiacture and sale of precision instru¬ ments for measurement ceeds filed 150,000 common shares. Price—$1. Business —The company plans to develop a device to make non-conductors into electrical conductors by the 1961 1961 and for September. Electro-Temp Systems, Inc. 30,1 1961 ("Reg. A") 75,000 common shares (par one cent); Price $4. Business—The sale of refrigeration machinery and equipment. Proceeds—For repayment of a loan, inventory, promotion and advertising, and, work¬ ing capital. Office—150-49 Hillisde Ave.; Jamaica, N. Y. Underwriters—Planned Investing Corp., New York and Bayes, Rose & Co., Inc., 39 Broadway, New York. Inc. (8/17) filed $700,000 of 6Vz% convertible sub¬ 70,000 Shares of com¬ stock. Price—To be supplied by amendment. Bust8, ordinated debentures due 1976 and relays, and precious metal products. Proceeds—For the selling stockholders; Office — 10 Romanelli Ave., South Hackensack, N. J. Underwriter—Harriman Ripley & Co., Inc., New York (managing). Offering—Expected in late June Federal Factors, May Electro-Tec Corp. July 28, 1961 filed 91,000 common shares (par 10 cents). Price—By amendment. Business—The manufacture of slip rings and brush block assemblies, switching devices, July 26, commonjshares and 10 warrants. The registration also 40,800 common shares. Price—$100 per unit, and $6 per share. Business—The construction of shell homes. Proceeds—For redemption of 8% debentures; advances covers Avenue, N. Minneapolis. Underwriter—Craig-Hallum, Kinnard, Inc., Minneapolis (managing). Electronics Discovery Fashion Homes Inc. - July 18, 1961 filed $600,000 of subordinated debentures due 1971; 100,000 common shares and 100,000 five-year warrants (exercisable at from $4 to $8 per share) to be offered for public sale in units of one $60 debenture, July 17, 1961 filed $540,000 of convertible subordinated debentures due 1971. Price—By amendment. Business — components, including dielectric and eleetro- lytic, capacitors and pffedsion tungsten \^ire forms/ Pro* ceeds—For the payment of debts and for Wbbrking capital. Office-^471 Cortlandt Street; Belleville} N.1 J. ^Under¬ tuted and manufacture Faradyne Electronics Corp. . 1961 filed $2,000;000 of 6% convertible sub¬ Price—100% of principal amount. Business—The company is engaged in the manufacture and distribution of high reliability materials and basic ordinated debentures. Electra Proceeds longer underwriting this issue. Corp., and no Jan.. 30, Supply Co., Inc. " June 29, 1961 ("Reg. A") 5,099 capital shares (par $10). Price—$20.: Proceeds—For repayment of loans. Office— 2617 Kay St., Sacramento, Calif. Underwriter—None. , • Fairfield Controls, Inc. May 19, 1961 filed 150,000 shares of common stock. Price —$1 per share. Business—The manufacture of electronic solid state power controls designed by the company's engineers from specifications supplied by customers. Proceeds—For equipment, repayment of a loan, inven¬ tory, advertising and working capital. Office—114 Man¬ hattan Street, Stamford, Conn. Underwriters—Globus, Inc., and Lieberbaum & Co., both of New York City. ' . Educators Furniture & —The . Douglas Microwave Co., Inc. (8/28-9/1) June 29, 1961 filed 100,000 common shares. Price—By common The manufacture of electronic . — fund. — Co., and Jacques Coe & Fairmount Chemical Co., Inc. June, 28, 1961 filed 150,000 common shares, of which 125,000 shares are to be offered by the company and 25,000 shares by stockholders. Price—By amendment. Business —The manufacture / of chemicals, Proceeds—For. pur¬ chase of equipment and the repayment of loans. Office— .117 Blanchard Street, Newark, N. J. Underwriter—Andresen & Co.; New York. .• 'r :]■ s e l 1 i n g stockholders. College Point, N. Y. Underwriters—Paine, Webber, Jackson & Curtis* and Kidder, Peabody & Co., New York (managing). Offering—Ex¬ pected in early September. ' / !. 116(1,100,600,^8^ A common shares. Price manufacture of cold dfawn steel \\yirej; furniture 'springs an4, Xefet&d products. Proceeds— filed 108,971 & Underwriters now are First Philadelphia Lieberbaum & Co., both of New York. ;' Business Underwriters—Reich Note—-Globus, Inc., is Office—1404 111th Street, . ; July 37; l961f —$4.-' Business—The , debentures. Eda Corp. June 14, 1961 share. Proceeds^To ■ of 1961 June ' 29, 1961 filed 90,000 common shares and $900,000 7% convertible subordinated debentures due 1971 to $10 707 Colorado Y. Co., New York. Proceeds—For the corporate purposes. purchase of . & Galvan, Inc. (8/14-18) June 1, 1961 filed 209,355 common shares, including 100,000 to be sold by the company and 109,355 by stockhold¬ ers. Price—By amendment, Business—Installs electrical and electronic systems in missile installations. Proceeds —For general corporate purposes. Office—551 Mission St., San Francisco, Calif. Underwriter—Van Alstyne, Noel & Co., New York (managing). P. I., Inc. (8/14) 14, 1961 ("Reg. A") 52,500 common shares (par 25 cents). Price—$5.50. Business—The training of person¬ nel to operate IBM electronic computers and punch card tabulating equipment. Proceeds — For expansion and working capital. Office—116 W. 14th Street, New York. Underwriter—Stern, Zeiff & Co., Inc., New York. At par July Ets-Hokin — For research and control applications. and new product Office—P. O. Box 483, Princeton, N. Milton D. Blauner & Co., Inc., New First Mortgage Pro¬ development. J. Underwriter-^ York (managing). Fund June 12, 1961 filed 1,000,000 shares of beneficial inter¬ ests, Price — $15. Business — A real estate investment trust. Proceeds—For investment. Office—30 Federal St., Boston. Underwriter—Shearson, Hammill & Co., N. Y. Offering—Expected in September. First National Real Estate Trust June 6, 1961 filed 1,000,000 shares of beneficial interest in the Trust. Price—By amendment. Business—Real es¬ tate investment. Office—15 William St., New York. Dis¬ New York. tributor—Aberdeen Investors Program, Inc., Investment Company (8/18L Oct. 6, 1969 iiled ,500,000 shares of common stock. Prtoe —$12.50 per share. Proceeds — To provide investment capital. Office—Tampa,- Fla.- Underwriter—None.• First of Small Business Tampa, Inc. Fischbach & Moore, Inc. 1961 filed 50,000 outstanding common shares. Price—By amendment. Business—Electrical contracting June 29; : *y- - - Continued on page 3ft 38 The Commercial and Financial Chronicle (618) General Life Insurance Corp. of Continued from page 37 June 16, office buildings, industrial plants and missile, radar Proceeds—For the selling Office — 545 Madison Ave., New York. Underwriter—Allen & Co., New York (managing). on for and power plant installations. subscription by stockholders on the basis share for each two and one-half shares held. amendment. Flato (8/21) Realty Fund April 21, 1961 filed 2,000,000 shares of participation in the Fund. Price—$10 per share. Business—A new real investment estate trust. Proceeds For — investment. Office—Highway 44 and Baldwin Blvd., Corpus Christi, Texas. Distributor—Flato, Bean & Co., Corpus Christi. •>'if} Fleetwood Securities Corp. of America Aug. 8, 1961 filed 70,000 common shares, of which 56,000 are to be offered by the company and 14,000 ^shares shares by stockholders. Price—$10. Business—A brokerdealer registered with NASD. Proceeds—To increase net capital and for investment. Office Underwriter—General York. York. — 44 Wall St., New Co., Inc., New Securities .■ ^ Flora Mir Candy Corp. 24, Florida Capital Corp. June 23, 1961 filed 488,332 common shares to be offered for subscription by stockholders on the basis of one new share for each two shares held. Price—By amend¬ Business—A small business investment company. Proceeds—For investment. Office—396 Royal Palm Way, Palm Beach, Fla. Underwriter—A. C, Allyn & Co., New York (managing). • A., Inc. (9/5) June 22, 1961 filed 150,009 common shares, of which 90,000 shares are to be offered by the company and 60,000 shares by the stockholders/Price—$5. Business— The manufacture and retail sale of household furniture. Proceeds—For acquisition Of new stores, development of items, working capital and other corpo¬ Office — Cherry Valley Terminal Road, West Hempstead, N. Y. Underwriter — Fialkov & Co., Inc., New York (managing). new furniture purposes. Fotochrome Inc. shares/ The debenture's! are offered by the to be company stockholders. Price — By amendment. Business — The processing of photographic films; the wholesaling of photographic supplies and the develop¬ ment and sale of film new a processing/Proceeds — For con¬ plant, purchase of equipment, mov¬ ing expenses and for other corporate purposes. Office— 1874 Washington Ave., New York. Underwriters—Shear- Hammill & Co., and Emanuel, Deetjen & Co., New Offering—Expected in September. York. if Foursquare Fund, Inc. Aug. 4, 1961 filed 500,000 common shares. Price — By amendment. Business—A mutual fund. Proceeds—For investment. Office—27 State St., Boston. Underwriter— None. Fox-Sfanley Photo Products, Inc. (8/15) 29, 1961 filed 387,500 shares of common stock (par $1) of which 50,000 shares are to be offered for public sale by the company and 337,500 outstanding shares by the present holders thereof. Price—To be sup¬ plied by amendment. Business—In May 1961 the com¬ pany plans to take over the businesses of The Fox Co., San Antonio, Tex., and the Stanley Photo Service, Inc., St. Louis, Mo., which are now engaged in the processing of photographic films and the sale of photographic equipment. Proceeds—For working capital and possible future acquisitions. Office—1734 Broadway, San Antonio, Tex. Underwriter—Equitable Securities Corp., Nashville, March Tenn. Airlines, Inc. (8/21) March 16, 1961 filed 250,000 outstanding shares of com¬ stock. Price—To be supplied by amendment. Busi¬ the selling stockholders. Office — 5900 E. 39th Ave., Denver, Colo. Underwriter—To be named. G-W Ameritronics, Inc. (8/21) 25, 1961 filed 80,000 shares of common stock and 160,000 warrants to purchase a like number of common Jan. shares, to be offered for public sale in units, each con¬ one share of common stock and two warrants. Each warrant will entitle the holder thereof to one share of common purchase stock at $2 per share from March to August 1961 and at $3 per share from September 1962 February 1964. Price — $4 per unit. Business — The company (formerly Gar Wood Philadelphia Truck Equipment, Inc.), distributes, sells, services and installs Gar Wood truck bodies and equipment in Pennsylvania, Delaware, and New Jersey, under an exclusive franchise. Proceeds — For general corporate purposes. OfficeKensington and Sedgley Avenues, Philadelphia, Pa. Un¬ derwriter—Fraser & Co., Inc., Philadelphia, Pa. Note— This company plans to change its name to G-W Indus¬ to tries. if General Kinetics Inc. Aug. 7, 1961 filed 200,000 General shares. Price By Business — The company conducts various within the fields of electronics, mechanical engineering, instrumentation and mathematics. expansion. Office —2611 Proceeds Shirlington Road, Ar¬ lington, Va. Underwriters—Balogh & Co., Inc., Wash¬ ington, D. C. and Irving J. Rice & Co., Inc., St. Paul Minn. Gyrodyne Co. of America, Inc. (9/22) July 13, 1961 filed $1,500,000 of convertible subordi¬ nated debentures due 1976 (with attached warrants) and 90,000 common shares to be offered in 30,000 units each /consisting of $50 of debentures (with warrants) and three common shares. Price—By amendment. Business— The manufacture of helicopters. Proceeds—For redemp¬ com¬ Securities Spray Service, Inc. June 23, 1961 filed 90,000 class A common shares and warrants to purchase 90,000 class A common shares to tion of preferred stock, construction, purchase of ma¬ chinery and equipment, furniture and fixtures and work¬ ing capital. Office—St; James, L; I., N. Y. Underwriter be offered in units, each unit consisting of one class A share and one two-year warrant. Price—$3.50 per unit. —Harriman Ripley & Co., New York manufacture of a spraying machine. Katonah, N. Y. Underwriter— Ross, Lyon & Co., Inc., New York (managing). Business — The if Hallmark Insurance Co., Geoscience Instrument Corp. 1961 ("Reg. A") 125,000 common shares (par cent). Price—$1.25. Business—Preparation of min¬ erals and metals for the electronic, metallurgical and geoscientific industries. Proceeds — For repayment of one Aug. 2, Price . Business — stockholders. > The manufacture Proceeds—For By of scientific instruments. — repayment of loans, expansion and work¬ s ing capital. Office—140 Van Block Ave., Hartford, Conn. Underwriter—Estabrook & Co., Boston, Mass. Gilbert Youth Research, Inc. May 29, 1961 filed 65,000 shares of common stock, of which 50,000 shares are to be offered for public sale by the company and 15,000 outstanding shares by the pres¬ ent stockholder. Price—To be supplied by amendment. Business The company conducts consumer research, does telephone sales promotion and prepares articles are related to or . Proceeds—For acquisition of plant, purchase and construction of new ma¬ chinery and equipment, research and laboratory product development, sales program, advertising, working capi¬ tal and other corporate purposes. Office—102 Hobart Street, Hackensack, N. J. Underwriter—Winslow, Cohu & Stetson, New York (managing). new Underwriter—Birr & Co., Inc., Harn power i writers—Bache & Co., ufacture of products for baby care such, as quilts, pil¬ lows, knitted garments, etc. Proceeds—For the repay¬ ment of loans, purchase of raw materials and equipment, Ave., New York. Under¬ Hirsch & Co., New York and . ; leasehold . Inc. July 21, 1961 ("Reg. A") 300,000 common shares. Price ($1). Proceeds—For construction of a coliseum —At par Gloray Knitting Mills, Inc. (8/28-9/1) 30, 1961 filed 125,000 common shares. June amendment. Business — The manufacture of boys and mens' knitted sweaters. Proceeds—For Office—Robesonia, Pa. Co., New York (managing). purposes. & Price—By general corporate Underwriter—Shields Gordon (I.) Realty Corp. 20/ 1961 filed 320,000 common shares. Price—$5. eral estate investment. Proceeds—For gen¬ Office — 112 Powers Bldg., Rochester, N. Y. Underwriter—George D. B. Bonbright & Co., Rochester, N. Y. corporate purposes. improvements, and working capital. Office— 1800 E. 38th St., Cleveland. Underwriter—J. R. Williston & Beane, New York (managing). -Globe Coliseum, building, furnishings and incidental expenses. Address— Cody, Wyo. Underwriter—Northwest Investors Service, Inc., Billings, Mont. (8/28-9/1) subscription by stockholders and the balance (amount¬ ing to $300,000 after underwriting commissions) by a stockholder. Price—By amendment. Business—The man¬ San Francisco. Fifth (managing). Corp. June 20, 1961 filed 150,000 common shares of which an undisclosed number will be offered by the company for —By amendment. Business—Real estate. Proceeds—For Office—501 80-00 development, advertising, etc. Office—18141 Napa St., Northridge, Calif. Underwriter—Hamilton Waters & Co., Inc., Hempstead, N. Y. if Glickman Corp. Aug. 3, 1961 filed 600,000 class A common shares. Price investment. repayment — and common of common shares. The distribution of ,a • Harmon (George) Co., Inc. July 21, 1961 ("Reg. A") 62,500 common shares. Price— $4. Proceeds—For working capital, equipment, research shares. Price—$5. supplies for arc welding equipment. Proceeds—For repayment of a loan and working capital. Office—703—37th Ave., Oakland. 80,000 manufacture — Vista, Ariz. Underwriter—None. -Glenn Pacific Corp. filed Business if Hargraves Electronics Corp. July 24, 1961 ("Reg. A") 292,500 common shares (par 20 cents). Price—$1. Proceeds—For purchase and instal¬ lation of equipment, research and development arid working capital. Office — 108 Buena Highway, Sierra films and related products. 1961 ($1). of bank loans and working capital. Cooper Ave., Glendale, L. I. (Queens) N. Y. Underwriter—Godfrey, Hamilton, Magnus & Co., Inc., New York. " Office Girder Process, Inc. July 21,1961 filed 80,000 class A common shares. Price— $5.25. Business—The manufacture of adhesive bonding 27, par if Hamilton Electro Corp. ~ . ■ Aug. 9, 1961 filed 135,000 common shares, of which 80,000 shares are to be offered by the company and 55,000 shares by stockholders. Price—$7.50. Business—The dis¬ tribution of solid state electronic parts and equipment. Proceeds—For inventory, new product lines, repayment of loans and working capital. Office—11965 -Santa Mo¬ nica Blvd., Los Angeles, Calif. Underwriter — William Norton Co., New York. \ : —For relate to merchandis¬ ing advice to the teenage youth and student fields. Pro¬ ceeds—For working capital. Office—205 E. 42nd Street, New York City. Underwriter—McDonnell & Co., N. Y. a At Hampton Sales Co., Inc. July 27, 1961 filed 150,000 common shares. Price—$4. Business—The operation of real discount stores. Proceeds — and books which — writer—None. amendment. Price ^ thermal shock and corrosion resistant undercoating for automobiles, aircraft and other vehicles. Proceeds—For inventory, advertising, equipmentrand* working 'capital. Office—3769 Delaware Avenue, Buffalo, N. Y, ; Under¬ July 14, 1961 filed 78,000 common shares, of which 60,000 shares are to be offered by the company and 18,000 the / ' if Hamco Products, Inc. ; 1961 ("Reg. A") 25,000 capital , loans, purchase of equipment, expansion, working capital and other corporate purposes. Office—110-116 Beekman St., New York. Underwriter — First Philadelphia Corp., and Globus, Inc., New York. t , :, by (managing). Inc. Aug. 3, 1961 filed 225,000 common shares. Price — $3. Business—An insurance company. Proceeds—For capital and surplus. Office—636 S. Park St., Madison, Wis. Un¬ derwriters—Braun, Monroe & Co., Milwaukee and Harley, Haydon & Co., Inc., Madison. June 22, shares Harrison, Kansas City, Mo. Under¬ Co., New York (managing), r v writer—Allen & Corp., New York (managing). Business—Real common amendment. —For investment & Webster Stone shares (par $2). Price Office—2215 tories. closed-end — common —$10. Business—The processing of foods. Proceeds—For purchase of buildings, equipment and additional inven¬ Proceeds—For investment. Office—90 Broad St., New York. Underwriter June activities (managing). Offering—Expected sometime in August. filed 3,947,795 common shares to be of¬ on. the basis of share for each two shares held. Price—By Business—A A..V Bldg., San Rafael, Calif. Under¬ )if Guy's Foods, Inc. Aug. 2, 1961 filed 97,000 subscription by stockholders Business—The . ness—The transportation by air of passengers, property and mail between 66 cities in 11 states. Proceeds—For sisting of fice—Suite 418, Albert 1961 new pany. July Frontier mon one /• be writer—Pacific Coast Securities Co., San Francisco, Calif, General Public Service Corp. amendment. Properties common stock. Price supplied by amendment. Business—The com¬ pany plains to engage in all phases of the real estate business. Proceeds — To reduce indebtedness, construct apartment units, buy land, and for working capital. Of¬ —To .v Gerber Scientific Instrument Co. and the stock by struction of Growth 20, 1961 ("Reg. A") 60,000 common shares (par $1). Price—$5. Proceeds—For repayment of loans, in¬ ventory, equipment and working capital. Office—12414 Exposition Blvd., West Los Angeles, Calif. Underwriters —Pacific Coast Securities Co. and Sellgren, Miller & for ; May 9, 1961 filed 100,000 shares of June . June 29,1961 filed $3,500,000 of convertible subordinated debentures due 1981 and 262,500. outstanding' common son, if General Plastics Corp. July 31, 1961 ("Reg. A") 75,000 common shares (par 10 cents). Price—$4. Proceeds—-For repayment of debt, inventory, equipment and working capital. Office—100 W. 10th St., Wilmington, I)dl. Underwriter — Pacific Coast Securities Co., San Francisco. fered (8/21) Co. Growth, Inc. May 17, 1961 (letter of notification) 100,000 shares of common stock (par $1). Price—$3 per share. Address— Lynn, Mass. Underwriter—Mann &'CreeSy, Salem, Mass. Office—156 Katonah Ave., Foam land U. S. rate purposes. July 26, Thursday, August 10, 1961 writer—Hess, Grant & Remington, Inc., Philadelphia. Office—8500 W. Capitol Drive, Milwau¬ kee. Underwriter—Piper, Jaffray & Hopwood, Minne¬ apolis (managing). ; 1961 stock Business—The manufacture of candy ment. Price—By Proceeds—For expansion and other corpo¬ Co., San Francisco. (letter of notification) 85,700 shares of (par 10 cents). Price—$3.50 per share. products. Proceeds —For repayment of loans; working capital, and expan¬ sion. Office—1717 Broadway, Brooklyn, N. Y. Under¬ writers—Security Options Corp.; Jacey Securities Co. and Planned Investing Corp. all of New York City. May common (M. J.) . 14, 1961 ("Reg. A") 75,U00 common shares (par 10 cents). Price—$4. Proceeds — For expansion, and working capital. Office—14 Wood St., Pittsburgh. Under¬ of one new General Plastics Corp.-/' Greene . June 1961 filed 348,400 common shares to be offered stockholders. rate • Wisconsin . ^ • Harper (H. M.) Co. (8/14) June 15, 1961 filed 180,000 common shares (par $1) of which 150,000 shares will be sold by the company and 30,000 shares by stockholder. Price — By amendment. Business—The manufacture of stainless steel and nonferrous corrosion resistant fasteners and parts. Proceeds —For working capital. Office—8200 Lehigh Ave., Mor¬ — Blunt Ellis & Simmons, Chicago. > ton Grove, 111. Underwriter Hexagon Laboratories, Inc. July 20, 1961 filed $540,000 of 6% convertible subordi¬ nated debentures to be offered and 50 due in units common 1976 and 90,000 common shares consisting of $300 of debentures shares. Price—$500 —The manufacture of medicinal per unit. chemicals. Business Proceeds— For equipment, expansion, repayment of loans and work¬ ing capital. Office—3536 Peartree Avenue, New York. Underwriter—Stearns & Co., New York (managing). • if Great West Insurance Co. July 27, 1961 ("Reg. A") 13,333 common shares (par $10). Price—$22.50. Proceeds—For investment. Office— 2609 Dakota Ave., South Sioux City, Neb. Underwriter Hi-Shear Corp. Aug. 1, 1961 filed 139,500 —None. holders. Price—By amendment. Business—The manufac-' 000 will be sold common shares, of which 105,by the company and 34,500 by stock¬ Volume 194 Number 6080 . The Commercial and Financial Chronicle . . of high strength fastening devices and assembly systems for the aircraft and missile industries. Proceeds ture —For construction, repayment of loans and porate purposes. Office — 2600 W. 247th Underwriter—William R. Staats & Calif. other • June cor¬ common St., Torrance, Co., Los An¬ . 30, debentures due manufacture be to used of in of 6V2% convertible sub¬ 1979 amendment. .Business—The manufacture a fiber patented new rocket motor glass Proceeds— cases. and working capital. Office— Washington, D. C. Underwriter —Atlantic Equities Co., Washington, D. C. and; 195,000 common shares to be offered for public sale in 6,500 units, each consisting of one $100 debenture and 30 common shares. Price—By ness—The For expenses, equipment 1025 Shoreham Bldg., Corp. filed $650,000 1961 Inc. (9/18) (letter of notification; 150,000 shares of stock (par one cent). Price—$2 per share, Busi¬ material Homes ordinated Materials, April 27, 1961 geles. Hilco Industrial (619) Industrionics Controls, Inc. July 26, 1961 filed 84,000 , of common shares. Price — $5. Business—The manufacture of electronic controls for the monitoring of machinery. Proceeds—For repayment of a loan, purchase of raw material and equipment, adver¬ pre-cut homes and components in the heating, plumbing kitchen equipment fields. Proceeds—To organize a new finance subsidiary, for plant expansion, and for working capital. Office—70th* St., and Essington Ave., Philadelphia. Underwriter—Rambo, Close & Kerner, Inc. Philadelphia. % .V . v . . and tising, establishment of field engineering service or¬ ganization and other corporate purposes. Office—20 Vandam St., New York. Underwriter—Jacey Securities Co., New York (managing). a . Hoffman July International 1961 -filed 18, Corp. $1,890,700 r 7% convertible dinated debentures due 1973 to be offered for tibn by for stockholders each shares 25 manufacture of • held. Price—At par. pressing and Price—$5. subscript... struments and controls for the aircraft writer—J. Williston R. & Hogan Faximile Corp. July 26, 1961 filed 300,000 Underwriters—Milton M. York. shares. Price manufacture of - Holly Stores, Inc. : 1961 filed 175,000 common shares, of which 100,000 shares are to be offered by the company and 75,000 shares by the stockholders. Price—By amend¬ ment. Business—The operation of a chain of women's and children's apparel stores. Proceeds—For land pur¬ • \ —For • working capital The operation of a Proceeds—For expan-1 For 1961 May 16, 1961 filed 75,000 shares of common stock. Price _$5 per share. Business—The construction of public and private swimming pools and the sale of pool equipment. Proceeds—To reduce indebtedness, to buy equipment, and for working capital. Office—Montvale, N. J. Un¬ derwriter—Amos Treat & Co., Inc., New York 12, 1961 filed Office—13856 Saticoy Underwriters—Thomas Jay, Wins¬ Co., Inc., Beverly Hills, Calif, and Maltz, Greenwald & Co., New York. Irwin 125,000 by stockholders. Price—By amendment. Business —The publishing of textbooks on business and economic subjects. Proceeds — For working capital and general corporate purposes. Office—1818 Ridge Road, Homewood, 111. Underwriter—A. (managing). 100,000 outstanding common shares Price—By amendment. Business—The manu-v gear-cutting tools,measuring instruments, etc. Proceeds—For -the selling stockholders/ Office—2501 N. Keeler Ave., Chicago. Un¬ derwriter—White," Weld & Co., New York (managing). of metal and plastic fasteners, Offering—Expected in early September. Planning Corp. (8/14) Dec. 29, 1960 (letter of notification) 5,000 shares of cumulative preferred stock (no par) and 10,000 shares of class A common stock (par 10 cents) to be offered in open - per share — of preferred and two Industrial Electronic Hardware Corp. June 29, 1961 filed $1,000,000 of 6% convertible subor¬ dinated debentures due Aug. 1, 1976 to be offered by the and 25,000 outstanding common shares by the stockholders (par 50c). Price—For debentures—100%; For stock—By amendment. Business—The manufacture of oasic component parts for the electrical and electronic equipment industry. Proceeds—For expansion, inven¬ tory, introduction of new products and general corporate Office—109 Prince Street, New York. Under¬ writer—S. D. Fuller & Co., New York (managing). Of¬ fering—In early September. purposes. Industrial cents). Gauge & Instrument Co., Inc. (8/16) 1961 ("Reg. A") 75,000 common shares (par 10Price — $3. Business — The sale of industrial valves and allied products. Proceeds—For pro¬ duction, inventory, working capital and repayment of loans. Office—1403 E. 180th St., New York 69, N. Y. Underwriter—R. F. Dowd & Co., Inc., New York. gauges, • payable Business—The in cash or State of Israel bonds. operation of hotels. Proceeds—For con¬ struction and operation of a hotel at Herzlia, Israel. Ad¬ dress—Tel Aviv, Israel. Underwriter—Brager & Co., New York. Ivest ; Fund, Inc. Feb. 20, 1961 filed 150,000 shares of common stock. Price —Net asset value at the time of the offering. Business — A non-diversified, open-end investment company, Underwriter—Ivest, Inc., One State Street, Boston. Of¬ one Office—3300 W. Hamilton Boule-' vard, Allentown, Pa. Underwriter—Espy & Wanderer, Inc., Teaneck, N. J. June 28, share, Price—$1 branch office, development of business and of working capital. company - Israel-America Hotels, Ltd. (8/29) June 8, 1961 filed 1,250,000 ordinary shares. $40 per unit. Proceeds—To consisting a new Co., Inc., New York whose stated objective is capital appreciation. Proceeds —For investment. Office — One State Street, Boston, shares of dommon. Price for G. Becker & • Income units (Richard D.), Inc. filed ,160,000 common shares of which are to be offered by the company and July 10, 1961 35,000 shares - fering—Expected in September. • Jaymax Precision Products, Inc. (8/14) July 5, 1961 ("Reg. A") 75,000 common shares (par 10 cents). Price—$4. Proceeds—For construction, purchase of equipment, inventory and working capital. Office— 15 Broad St., New York. Underwriter—Armstrong & Co., Inc., New York. Jefferson Growth Fund, Inc. July 11, 1961 filed 1,000,000 shares of capital stock. Price —Net asset value plus 8y2% sales commission. Business —A mutual fund. Proceeds—For investment. Office—52 Wall tors St., New York. Underwriter—Jefferson Distribu¬ Corp., New York. ^Jergens (Andrew) Co. Aug. 3, 1961 filed 250,002 outstanding Price—By amendment. Business---The shares. manufacture of selling stockholders. Office Ave., Cincinnati. Underwriter— Hornblower & Weeks, New York (managing). Spring Grove Jolyn Electronic Manufacturing Corp. (8/30) April 24, 1961 (letter of notification) 65,500 shares of stock (par one cent). Price —$3 per share. common loan, working capital, and general cor¬ Office—Urban Avenue, Westbury, L. 1., Underwriter—Kerns, Bennett York. products, & Co., Inc., New N. Y. Kane-Miller Corp. (8/14-18) May 17, 1961 filed 120,000 shares of common stock. Price —$5 per share. Business—The company is a wholesaler and distributor of grocery products to institutions, res¬ taurants, steamship lines and the like. Proceeds—For inventory, and working capital. Office 81 Clinton Street, Yonkers, N. Y. Underwriters—Netherlands Secu¬ rities Co., Inc., and Seymour Blauner Co., both of New York City and J. J. Bruno & Co., Pittsburgh, Pa. — ' Keller Corp. June 29, 1961 filed $1,200,000 of 6%% convertible sub¬ ordinated debentures due 1968. Price—At 100%. Busi¬ ness—The development of land, construction of homes and related activities in Florida. Proceeds—For repay¬ ment of debt, acquisition of Yetter Homes, Inc., and Office—101 Bradley Place, Beach, Fla. Underwriter—Casper Rogers & Co., Inc., New York (managing). general corporate purposes. Palm Kent Washington, Inc. 19, 1961 filed 200,000 common shares. Price—$5. Business—General real estate. Proceeds—For repayment of loans, working capital, construction and other cor¬ purposes. Office—1420 K Street, N. W., Washing¬ ton, D. C. Underwriter—Hodgdon & Co., Inc., Washing¬ ton, D. C. porate ★ Kimberly Gold Mines, Inc. July 31, 1961 ("Reg. A") 571,625 capital shares (par 20 cents). Price—50 cents. Proceeds—For payment of wages and exploration of mining claims. Address—P. O. Box 62, Tacoma, Wash. Underwriter—None. King's Department Stores, Inc. (9/13) July 12, 1961 filed 500,000 common shares (par $1) of which 250,000 shares are to be offered by the company and 250,000 shares by the stockholders. Price By — amendment. Proceeds—For expansion. Office—910 Com¬ monwealth Ave., Boston, Mass. Hammill & Underwriter—Shearson, Co., New York (managing). King's Office Supplies & Equipment, Inc. July 5, 1961 ('"Reg. A") 65,000 common shares (par $1). Price—$2. Proceeds—For inventory and working capital. Office—515-5th St., Santa Rosa, Calif. Underwriter Co., San Francisco. — Kirk (C. F.) Laboratories, Inc. (8/16) / June 16,{(1961 filed 100,000 common shares/ Price—By amendment. Easiness—The manufacture of pharmaceu¬ ticals. Proceeds—For repayment of a installation tion of of equipment, loan, purchase and development and promo¬ products and for working capital. Office— W. 23rd Street, New York. Underwriter—Hill, Dar¬ lington & Grimm, New York (managing). new 521 Kleber Laboratories, Inc. 1961 ("Reg. A") 150,000 common shares (par cents). Price — $2. Proceeds — For repayment of debt, equipment, research and development, and work¬ ing capital. Office—215 S. La Cienga Boulevard, Beverly July 17, two Hills, Calif. Underwriter—D. E. Liederman & Co., Inc., New York. Kroneld . (Phil), Inc. July 28, 1961 ("Reg. A") 75,000 common shares (par 10 cents). Price—$4. Business—The operation of men's re¬ tail stores. and Proceeds—For a new general corporate purposes. Street, New York. Inc., New York. store, working capital Office —201 W. 49th Underwriter—Kerns, Bennett & Co., ★ Krystinel Corp. (8/11) April 12, 1961 filed 90,000 snares of class A stock. Price —$2.50 per share. Business—The company produces ferrites, which are ceramic-like materials with magnetic properties, and conducts a research and development program for ferrite products. Proceeds—For the repay¬ loan, research and development, new equip¬ ment and working capital. Office—P. O. Box 6, Fox Is¬ land Road, Port Chester, N. Y. Underwriters—Ross, Lyon & Co., Inc., and Schrijver & Co., both of New York City. ment of a L. L. Drug Co., Inc. July 26, 1961 filed 100,000 Business — ceeds—For repayment of research shares. Price—$4.50. pharmaceuticals. Pro¬ loan, purchase of equipment, common The manufacture a or and development, advertising and working capital. Office—1 Bala Ave., Bala-Cynwyd, Pa. Under¬ writer—Stevens Investment Co., Bala-Cynwyd, Pa. ★ Lansing Sportman's Club July 21, 1961 ("Reg. A") $150,000 of 12-year 5% reve¬ nue debentures due July 1, 1973 to be offered in units of $100. Price—At par. Proceeds—for construction of a golf course and other corporate purposes. Office—186th St. and Wenworth Ave., Lansing, 111. Underwriter—None. Lease Plan International Corp. (8/14-18) June 14, 1961 filed 125,000 common shares, of which shares are to be offered by the company and shares by stockholders. Price—By amendment. Business—The leasing of trucks and cars. Proceeds—To repay loans and for working capital. Office—9 Chelsea Place, Great Neck, N. Y. Underwriter—Hayden, Stone & Co., New York (managing). 40,000 85,000 Lee Filter common toiletries. Proceeds—For the —2535 Y. subordi¬ ton & City. (par $10). iacture convertible of St., Van Nuys, Calif. Illinois Tool Works Inc. July $5,859,400 repayment of loans and research. (9/5-8) Inc. filed N. tool Proceeds—For Pacific Coast Securities For expansion, working capital and other corporate pur¬ Ave., Bronx 57, N. Y. Underwriter—To be named. & Son, 1961 Inc. Ferromagnetics Corp. (8/30) July 6, 1961 ("Reg. A") 40,000 common shares (par 50 cents). Price—$5. Proceeds—For production equipment, Plastics (Edward H.) 15, Department Stores, Irvan repayment of debt; advertising and sales pro¬ motion;, expansion and working capital. Office—4077 Ihnen repayment Office—111 Eighth Ave., New York. Underwriters —Lehman Brothers and Shearson, Hammill & Co., New York (managing). the Park M. poses. and & Chemical Companies, Inc. (letter of notification) 40,000 shares of common/stock (par one cent). Price—At-the-market. Business—The manufacture of plastic items. Proceeds— Howe H. Aug. 1, 1981 being offered for sub¬ scription by common stockholders on the basis of $100 of debentures for each 20 shares held of record Aug. 1 with rights to expire Aug. 17. Price — At par. Business—Operation of department stores. Proceeds—• Co., New York. Offering—Expected in late August. March 29, — nated debentures due general corporate purposes. Office—First Federal Bldg., St. Petersburg, Fla. Under¬ writers—Blyth & Co., Inc., Lehman Brothers and Allen & Underwriter Colorado, California and other states. Proceeds Interstate June , pipexUne system of natural gas. 42nd of debts and general corporate pur¬ Office — 10391 Magnolia Ave., Riverside, Calif. Underwriter—Currier & Carlsen, Inc., Los Angeles. 9, 1961 filed 583,334 common shares to be offered subscription by holders of common and class A stock. sion, amend¬ poses. Corp. — H. — centers in ("Reg. Pric(e—By amendment. Business M. — Interstate Bowling Corp. July 25, 1961 filed 150,000 common shares. Price—$3.50. Business The acquisition and operation of bowling June for W. Place, Chicago. Byllesby & Co., Chicago. ; St., New York. Price a porate purposes. July (8/25) ("Reg. A") 200,000 common shares. Business—The sale of replacement parts for auto¬ Proceeds—For the selling stockholders. Office —4101 A") 100,000 common shares (par 10 cents), Price—$3. Business—The production of mo¬ tion picture and TV feature films. Proceeds—For repay¬ ment of loans, producers' fee, stories and working capi¬ tal. ;OffiGC^-3501 'Lincoln Rd., Miami Beach, Fla. Under¬ writer—A. M. Shulman & Co., Inc., New York. 37 Wall louston (managing), repayment of Co., New York. Price—By Hollywood Artists Productions Inc. July 28, 1961 Co. mobiles. chase, inventory and general corporate purposes. Office Fifth Ave., New York. Underwriter—Allen & Co., • & —$1.50. Business—The manufacture of electronic and electro-mechanical devices used to determine the ac¬ curacy of aircraft flight instruments. Office—170 Cool- ment. —115 (managing). 1 & International Parts Corp. June 20, 1961 filed 300,000 outstanding class A common shares to be sold by stockholders. 28, New York Blauner idge Avenue, Englewood, N. J. Underwriter Woodhill Inc., New York. Co., Los Angeles (managing). 1 D. & July 18, 1961 — By electrolytic recording paper and equipment. Proceeds—For repay¬ ment of debt and working capital. Office—635 Green¬ wich St., New York. Underwriter—William R. Staats & July Lee Intercontinental Dynamics Corp. common Business—The amendment. L. Co., Inc., Lieberbaum Offering—Expected hT late August. T r electronics Proceeds-^For expansion and working capi¬ Office—129-07 18th Avenue, College Point, N. Y. tal. dry-cleaning Beane, New -i and Industries. Business—The equipment. Proceeds—For repayment of loans and general corporate purposes. Office—107 Fourth Ave., New York. Under¬ - Systems Corp. 150,000 common shares (par 25 cents). Business—The manufacture of precision in¬ June 28, 1961 filed subor¬ the basis of $100 of debentures on Instrument Business—The manufacture of machine drift meters, sextants and related Items. 39 Corp. 7, 1961 ("Reg. A") 1,334 capital shares (par $1). Price—$7.25. Business—The manufacture of air, oil and gasoline filters for vehicles. Proceeds—For the selling July stockholders. Office—191 Talmadge Road, Edison, N. J. Underwriter—Omega Securities Corp., New York (man¬ aging). Continued on page 40 40 The Commercial and Financial Chronicle (620) ital. Continued from page 39 ^Office—189 Lexington Avenue, New York 16, N. Y. Underwriter—Continental • & Clark Marina, Lewis May 9, Inc. (9/8) ^letter of notification; 150,000 shares oi stock (par $1). Price—$2 per share. Address— Yankton, S. D. Underwriter — The Apache Investment Planning Division of the Apache Corp., Minneapolis. Lewis (Tillie) Foods, (8/28-9/8) Inc. July 3, 1961 filed 400,000 common shares (par $1), of which 200,000 shares are to be offered by the company and by stockholders. Price—By amend¬ Business—The processing, canning, bottling and 200,000 shares ment. of fruits and vegetables. Proceeds—For repay¬ debt and working capital. Office—Fresno Ave. selling ment of Way, Stockton, Calif. Underwriter—Van Alstyne, Noel & Co., New York (managing). & Charter ^ Libby International Corp. Aug. 3, 1961 ("Reg. A") 100,000 common shares (par 10 cents). Price—$3. Business—The distribution of tractors and farm equipment manufactured by Kramer-Werke, a German company. Proceeds — For repayment of loans, inventory and working capital. Office—325 W. Houston Street, New York. Underwriter—Tau Inc., New York. Liberty Real Estate Trust of Florida in in in real and mortgages on property share. Office—1230 N. Palm property Florida. Price—$10 per Sarasota, Fla. Underwriter Corp., Sarasota, Fla. Ave., -• Liberty Securities — Fund, Inc. (9/18) filed 95i,/uu shares of common stock. 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. Distributor—Horizon Management Corp., New York. Price 30, 1961 Net asset value — — Loew's Companies, Inc. Business—The bution of building retail and subscription by stockholders for 14 days in units of $100 each. Price—At par. Proceeds—For working cap¬ ital. Office—300 writer—Lewis & Co., Jackson, Miss. wholesale — By ap¬ common June and guidance systems and missiles. Proceeds—For tooling production; repayment of loans; equipment; adver¬ tising; research and development and working capital. Office—19 Debevoise Avenue, Roosevelt, N. Y. Under¬ and ic Magazines For Industry, Inc. Aug. 2, 1961 filed 135,000 common shares. Price — By amendment. Business—The publishing of business pe¬ riodicals. Proceeds—For promotion, a new publication and working capital. Office—660 Madison Ave., New York. Underwriter—S. D. Fuller & Co., New York (man¬ writer—Underhill • Magna Pipe Line Co. Ltd; June educational field 000 will micro-wave 1, 1961 filed 750,000 common shares, of which 525,be offered for sale in the U. S., and 225,000 in Canada. Price—By amendment. Business—The company plans to build and operate an underwater natural gas transmission pipeline from British Columbia to: VanIsland and a subsidiary will build a pipeline from Microwave Proceeds—For Bldg., Van¬ couver, B. C. Underwriters—(In U. S.) Bear, Stearns & Co., New York. Gn Canada) W. C. Pitfield & Co., Ltd.. Montreal. Note—This registration has been temporarily Foncier instruments. 28, '1961 151,200 Proceeds—For tries. common The — the shares. manufacture of selling stockholders. Office— Hayes Avenue at 21st Street, Camden, N. J. Underwriter —Butcher & Sherrerd, Philadelphia (managing). • Mairs June 7, & Power 1961 filed Income 40,000 Fund, Inc. common amendment. Business—A mutual fund. Proceeds Feb. Business—An Corp. pliances, etc. Proceeds — For the selling stockholders. Wilkesboro, N. C. Underwriter—G. H. Walker & Co., Inc., New York (managing). ^ Londontown Manufacturing Co. Aug. 8, 1961 filed 150,000 common shares. Price vestment luma, Calif. Underwriter—Grant, Fontaine & Co., Oak¬ land, Calif. — By Office golf jackets. — 3600 Clippermill Rd., Baltimore. Underwriter—Alex. Brown & Sons, Baltimore. Long Falls Realty Co. July 21, 1961 filed $1,708,500 of limited partnership in¬ terests. Price—$5,000 per interest. Business—General real estate. Street, Proceeds—For investment. New York. Underwriter Office—18 E. 41st Securities Tenney — Corp., New York. Long Island Bowling Enterprises, Inc. (8/14-18) May 24, 1961 (letter of notification) 100,000 shares of common stock (par 10 cents). Price—$3 per share. Busi¬ ness—The operation of bowling alleys. Proceeds—For general corporate purposes. Address—Mattituck, L. I.. N. Y. Underwriter—Trinity Securities Corp., New York City. repayment of a loan and working capital. Redwood Ave., Los Angeles. Office—4101 Underwriter—Rutner, Jack¬ & Gray, Inc., Los Angeles. Scranton, Securities Corp., New York. Lortogs, Inc. July 26, 1961 filed 150,000 shares 200,000 to be common shares, of which offered by the company and 50,000 shares by the stockholders. Price—$6.50. Business —The manufacture of children's sportswear. Proceeds— For repayment of loans; inventories; new products; working capital, and general corporate purposes. Office —85 Tenth Ave., New York. Underwriter—Reich & Co., New York (managing). are ^ Lucerne Oceanfront Hotel, Inc. July 26, 1961 ("Reg. A") $250,000 of 8% debenture bonds due 1967 to be offered in units of $500. Price—At par. Proceeds—For repayment of loans, and general corpo¬ rate purposes. Office—4101 Collins Ave., Miami Beach, Fla. Underwriter—.None. Marks June March •company Financial Corp. (8/18) loan associations. It also operates an insurance for working capital. Office — 8150 Sunset Boulevard, Hollywood, Calif. Underwriters—William R. Staats & Co., Los Angeles and Shearson, Hammill & Co., New York City (managing). MPO 28, Videotronics, Inc. 1961 filed 60,000 (8/14) common shares. Price—By amendment. Business—The production of television com¬ and motion pictures for industry. Proceeds— expansion. Office—15 camera share for and The E. .53rd Underwriter—Francis I. duPont & held. Street, New York. Co., New York (man¬ Y. slenderizing equipment. Proceeds—For re¬ equipment, new products," sales pro¬ advertising, plant removal and working cap¬ • Water N. At the current market price. Office 8, 1961 Price — By — Lee Higginson : "/,• Ave., South, Corp., New St., Minneapolis, Minn. Underwriter Minneapolis, Minn. " (8/14) (letter stock Y. — C. 1961 filed 200,000 Business—A be added to common life shares. insurance capital and Price—By Pro¬ company. surplus Lindell Blvd.,. St. Louis. Allyn & Co., Chicago (managing). Missouri accounts. Underwriter— , Utilities Co. July 3, 1961 filed 50.676 common shares to be offered subscription by stockholders on the basis of one new for share for each Proceeds—For 10 shares repayment held. of Price—By amendment. loans and for expansion. Address—Cape Girardeau, Mo. Underwriter—Edward Jones & Co., St. Louis, Mo. Mite June Corp. 23, 1961 D. (8/16) filed 325,000 capital shares. Price—By amendment. Business—The manufacture of mechanical, electro-mechanical and electronic equipment, including sewing machine attachments, small electric motors, Po¬ laroid Land cameras, etc. Proceeds—For equipment, re¬ 53 payment of loans; research, development and engineer¬ ing and general corporate purposes. Office—446 Blake St., New Haven, Conn. Underwriters—Kidder, Peabody & Co., New York and Charles W. Scranton & Co., New Haven, Conn, (managing). closed-door membership department expansion. Office—1211 Walnut Underwriters—Midland Securities Barret, Fitch, North & Co., Mobile June Estates, Inc. 27, 1961 filed 140,000 Proceeds—To purchase Co. June 19, 1961 ("Reg. A") $300,000 of 6% convertible 15-year subordinated debentures due' 4976 to-be offered 14, Office—4221 Co., Inc. (managing) and Inc., Kansas City, Mo. Merchants Underwriter (managing). ceeds—To A. C. Medco, Inc. July 13, 1961 filed 125,000 class A common shares. Price —By amendment. Business—The operation of .jewelry in York. amendment. additional share for each two shares Proceeds—For First — Missouri Fidelity Life Insurance Co. July St., South Norwalk, Conn. Underwriter—None. concessions Office—2615 — it Measurements Systems, Inc. July 27, 1961 ("Reg. A") 30,000 common shares (par $1) to be offered for subscription by common stockholders — Proceeds—For investment. Price—By investment development and working capital. Office—245 4th St., Passaic, N. J. Underwriter Hopkins. Calamari & Co., Inc., 26 Broadway, New York, N. Y. Offering—Imminent. Calif. Underwriter—None. one shares. business — Corp. Inc., small Business—The Staats & Co., Los An¬ & Co., New York (man¬ Securities, common A — of notification) 151,900 shares of (par 10 cents).„ Price—$1.50 per share. manufacturers of technical equipment. Proceeds For payment of loans; machinery and office equipment; reduction of current liabilities; research and components and missile appli¬ Electronics the basis of 800,000 Missile-Tronics Corp. May Corp. July 20, 1961 ("Reg. A") 180,000 common shares (par $1). Price—At par ($1). Proceeds—For organization, equipment, quality control, advertising, supplies and working capital. Office—7987 N Ave., Lemon Grove, on filed Business Bank common electronic Proceeds—For general corpo¬ Office—95-01 150th Street, Jamaica 35, Underwriter—Sulco . —Continental Securities, Inc., industrial plastic devices. 4r Matrix Bldg., Invest¬ (8/30) 16, 1961 ("Reg. A")* 150,000 common shares (par 15 cents). Price—$1.15..,Proceeds—For film processing machines, machinery installation and working capital. 10, 1961 filed ("Reg. A") 75,000 common shares. Price—$4. Business—The manufacture of medical and purposes. Bank Planned June Price—By amendment. Master Craft Medical & Industrial Midwest — Proceeds—For National Minichrome, Inc. July St., Kansas City, Mo. York Underwriters—William R. geles and Shearson, Hammill aging). MacLevy Associates, Inc. July 20, 1961 ("Reg. A") 150,000 common shares (par one cent). Price—$2. Business—The distribution of health, payment of loans, of instruments primarily for space stores. motion and New Proceeds—For cations. Proceeds—For repayment of debt and advances to subsidiaries. Office—2065 Huntington Dr., San Marino, Calif. 1961 Office—980 W. 79th manufacture First shares. Price—By fund. Business—General factoring in the textile and apparel fields. Proceeds—For working capital, and the repayment of debt/ Office—380 Park This company formerly was named each four shares —? in¬ Park, amendment. ★ Marshall Industries Aug. 4, 1961 filed 131,305 common shares to be offered for subscription by stockholders on the basis of one new Business 1815 — common mutual Mill Factors Corp. (8/14) May 31, 1961 filed 75,000 common shares. ventory and working capital. Office — 136 Orange St., Newark, N. J. Underwriter—T. M. Kirsch & Co., New — Address—Elkins Bldg., Minneapolis. Underwriters Lee Higginson Corp., New York and Piper, Jaffray & Hopwood, Minneapolis. purchase of equipment, research and development, expansion of the Missiltronics Division, advertising, in¬ City. Note 14, National the York Price—$10. Proceeds—For Inc., Minneapolis. company. common manufacturer. capital. Business—A Office amendment. Industries, Inc. (8/11) June 6, 1961 filed 125,000 shares of class A common. Price—$4 per share. Business—The issuing firm is a holding company for Jersey Packing Co., and a closed aging), exercise and July For —- — . Midwest Technical Development Corp. Marsan held. Price mercials For ments, Underwriter—Vickers shares. Price —. By expansion, acquisition of new facilities and other corporate purposes. Office—15316 Tenth Ave., Whitestone, N. Y. Underwriters—Ross, Lyon & Co., Inc. (managing), and Globus, Inc., N. Y. N. 1961 filed 300,000 shares of capital stock. supplied by amendment. Business—The owns the stocks of several California savings be agency, and through a subsidiary, Title Acceptance •Corp., acts as trustee under trust deeds securing loans made by the associations. Proceeds—To repay loans and • 1961 filed 95,000 working shares. common company. Minneapolis. Underwriter Corp. 30, Price—To June 27, Polarized amendment. Proceeds rate Lytton investment. Pa. Underwriter Investment Co. investment and amendment. Corp. Ave., re¬ 116-06 Midwest Investors Fund, Inc. American Missiltronics Corp. • and Cliff — Proceeds—For working Under¬ & Co., and A. W. Benkert & July 17, 1961 filed 5,000,000 28, 1961 ("Reg. A") 50,000 common shares (par one cent). Price—$1. Proceeds—For working capital. Office —301 equipment, Office Pa.^Underwriter—Best & Garey Co., Inc., Washington, June circuit television ^ Long-Lok Corp. July 26, 1961 ("Reg. A") 100,000 capital shares (no par). Price—$1. Proceeds—For a new subsidiary, machinery, son 1961 Mark Truck Rental additional company. Sheinman June/22, 1961 filed 70,000 Address—North amendment. Business—The manufacture of rainwear and L. Middle Atlantic First National Bank Bldg., St. (letter of notification) 100,000 shares oi common stock (par one cent). Price—$3 per share. Pro¬ ceeds—To purchase raw materials, advertising and foi working capital. Office—204 E. Washington St., Peta1, Inc. Co., Inc., New York. For Paul, Minn. Underwriter—None. Marine Structures Instruments Office—1518 Walnut St., Philadelphia. writers—R. By — — & Planning Co., Washington, D. C. and industrial finance capital. (9/18) shares. Price and Middle Atlantic Credit Corp. July 27, 1961 filed $120,000 of 6V2 % subordinated deben¬ tures due 1971 and 60,000 common shares to be offered in units consisting of $200 of debentures and 100 shares of stock. Price—$500 per unit. Business—A commercial Price—By magnetic components used in the electrical and electronics indus¬ filed Business Proceeds—For First Investment Metals Co. amendment. Semiconductor search, inventory and working capital. Myrtle Avenue, Richmond Hill, N. Y. postponed. July and the manufacture of electronic components. May 12, 1961 filed 120,000 shares of common stock. Price—$3 per share. Business—The research, develop¬ ment, manufacture and sale of microwave devices and Angeles, Washington. Credit Corp., New York. Corp. Proceeds—For expansion and working capital. Office—55 Ninth St., Brooklyn, N. Y. Underwriter—Manufacturers Securities Corp., 511 Fifth Ave., New York 17, N. Y. cover Office—508 Securities Micro-Precision July 28, 1961 ("Reg. A") 100,000 common shares (par 20 cents). Price—$3. Business—The development and man¬ ufacture of language laboratories for the electronics aging). construction. St., Hattiesburg, Miss. Under¬ Micro-Lectric, Inc. (8/28) 12, 1961 ("Reg. A") 55,000 common shares (par 10 cents). Price—$4. Business—The manufacture and de¬ sign of potentiometers used in computers, ground control shares (par inventory, equip¬ working capital. Office—2419 Hiawatha Ave., Minneapolis. Underwriter—Craig-Hallum Kinnard, Inc., Minneapolis. distri¬ supplies, household fixtures and 250,000 E. Pine • 10 cents). Price—$1.15. Proceeds—For ment investment. Office—1002 July 28, 1961 filed 431,382 common shares. Price amendment. for Corp., Wash¬ Mag-Tronics Corp. July 17, 1961 ("Reg. A") Magnetic Lincoln March Share ; Bremerton to Port 30, 1961 filed 2,500,000 shares of beneficial interest the Trust to be offered in exchange for real property, June interests & Thursday, August 10, 1961 . ington, D. C. 1961 common Bond . . - r'"i common "■* shares. Price—$6. land, construct and develop about 250 mobile home sites, form sales agencies and for work¬ ing capital. Office—26 Dalbert, Carteret,1 N. J. Underwriter—Harry Odzer Co.,- New. York/ (managing)**;* Volume 194 Number 6080 . . . The Commercial and Financial Chronicle Moderncraft Towel Dispenser Co., Inc. by the company and 6,250 outstanding shares by the under¬ writer. Price—$4 per share. Business—The manufacture improved towel dispensing cabinet. Pro¬ advertising, research and development, pay¬ ment of debt, and working capital. Office —20 Main Street, Belleville, N. J. Underwriter—United Planning Corp., Newark, N. J. an Mohawk Insurance Co. and (8/21-25) kits. tile Proceeds—For retirement of debt, increase of inventory and purchase of equipment. Office E. Grand Blvd., Detroit. Underwriter — Davis. Rowady & Nichols Inc., Detroit. July 17, filed 1961 plant expansion and Ontario, Ore. Underwriter New York (managing). Orkin shares. Price—$3. Office—713 land, construction, general administrative costs and working capital. Address—Glendive, Mont. Underwriter homes. —Wilson, Ehli, Demos, Bailey & Co., Billings, Mont. Monmouth • Proceeds—For Era Aug. 1, 1961 filed 200,000 shares of capital stock. Price— $10. Business — A small business investment company. July Office—First of debt and National Bank N. J. Underwriter—Meade & • Monticello Main St., Freehold, Co., New York. Bldg., Lumber & Mfg. Co., Inc. (8/14) (letter of notification) ^5,000 shares of common stock (par 10 cents). Price—$4 per share. Busi¬ ness—The sale of lumber, building supplies and hard¬ ware. Proceeds—To repay loans and for working cap¬ ital. Address—Monticello, N. Y. Underwriter—J. Lau¬ rence & Co., Inc., New York, N. Y. April 1961 11, Mortgage Oct. Guaranty Insurance Co. (8/16) 17, 1960 filed 155,000 shares of common stock (par $1). Price—To be supplied by amendment. Business— Insuring lenders against loss on residential first mort¬ loans, gage homes. West principally Proceeds—For Wisconsin —Bache & Co., single on family capital and surplus. non-farm Office—606 Avenue, Milwaukee, Wis. Underwriter New York City (managing). Note—This Coils Motor July 27, 1961 filed 100,000 common shares. Price—$6.50. general corporate Second Municipal field cap¬ Office—110 Thirty- Underwriter—Golkin, Bomback St., Pittsburgh. & Co., New York. « purposes. I Municipal ■ . /■ h ,■ 1961 5, Mining Co. filed 800,000 equipment, common shares. capital, equipment. Proceeds—For working products and Hazel Street, Glen Cove, L. I., N. Y. Underwriter—General Securi¬ ties Co., Inc., New York. Pacific Underwriter—None. ver. New West Land to be sold by stockholders. Price—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¬ cisco (managing). Pacific Trampoline Co. May 4, 1961 (letter of notification) 9,400 shares of com¬ mon stock (par $1). Price—At the market. Proceeds— For the selling stockholders. Office—930 27th Ave., S.W., Cedar Rapids, Iowa. Underwriter — Yates, Heitner & Woods, St. Louis, Mo. Note—This issue has been tem¬ porarily postponed. Nitrogen Oil Well Service Co. if Palestine Economic Corp. 7, 1961 filed 120,000 common shares. Price—$25/ payable in cash or in certain State of Israel bonds. Busi¬ ness—The company plans to engage in banking/agricul¬ ture, industry, etc. in Israel. Proceeds—For investment. Office 18 E. 41st Street, New York. Underwriter — — None. Palmetto June shares. Business—The company pressure nitrogen to the oil and gas unsubscribed \ j. 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. New York City. Offering-r-Expected in early September. Neuhaus June 1961 2, filed Business—The * 1,386 company shares. applied for common has a Price—$350. New York insurance and annuities. Proceeds—For general corporate pur¬ poses. Office — Meadow Brook National Bank Bldg., Mineola, N. Y. Underwriter—None. — NAC Charge Plan and Northern Acceptance Corp. (8/21) June 27, 1961 filed 33,334 class A common shares. Price —By amendment. Proceeds—For working capital. Of¬ fice—16 East Pleasant St., Baltimore, Md. Underwriter —Sade & Co., Washington, D. C. (managing). North Electric Co. March 30, 1961 filed 22,415 shares of common offered for subscription by stockholders of stock being record May 15 with rights to expire Aug. 25. Price—$25. Business— This subsidiary of L. M. Ericsson Telephone Co. of Stockholm, Sweden, manufactures telecommunications equipment, remote control systems, electromechanical and electronic components, and power supply assem¬ blies. Proceeds—To repay loans and for working capital. Office—553 South Market St., Galion, Ohio. Underwriter ucts; the capital. financing, sale and servicing of home food N. Y. 93-25 Rockaway Blvd., Ozone Park, Underwriters—William, David & Motti, Inc., and Office — if Northern Milling Co. July 31, 1961 ("Reg. A") 210,000 common shares (par $1). Price—$1.10. Proceeds—For printing, advertising, exploration and assessment work. Address—Box 361, Townsend, Mont. Underwriter—None. ■ NuTone, Inc. Price—By if Nation-Wide Real Estate Investment TrustV y Aug. 7, 1961. filed 750,000 shares of beneficial interest. Price—$10. Business—Real estate investment. Office— 10 Post Office Square, Boston. Distributor—Reit Secu¬ household rities / Corp., Boston. , National Bowling Lanes, .Inc. repayment of loans, and working capi¬ tal." Office—220 S. 16th Street, Philadelphia. Under¬ & Co., Inc., New York. — writer—Bear, Steams & Co.,; New York National Hospital Supply Co., (managing). . ' 1961 filed $3,962,500 of subordinated convertible due 1976 to be offered for subscription by common stockholders on the basis of $100 principal amount of debentures for each 100 shares held. Price— Inc. « 22, 1961 ("Reg. A") 100,000 common shares (par 10 cents). Price—$3. Business—The distribtuion of me¬ dical supplies. Proceeds—For inventory, advertising and promotion, expansion, repayment of loans and Business—The acquiring and developing of oil properties. Proceeds—For exploration and de¬ velopment of oil leases and working capital. Office— 8255 Beverly Blvd., Los Angeles. Underwriter—None. At par. gas Old May 1, Empire, 1961 debentures Inc. (8/30) filed $800,000- of. -convertible due 1971.,* Price—At working par. subordinated Business — The distribution of cosmetics, pharmaceuticals and household, chemical and industrial specialties. Proceeds—For the repayment of bank loans, property improvements and working capital. Office— 865 Mt. Prospect Avenue, Newark, N. J. Underwriter— manufacture,-packaging June . debentures and ; National Cleaning Contractors, Inc. July .19, 1961 filed 200,000 oustanding common shares. Price By amendment. Business — The maintenance of commercial buildings. Proceeds—For the selling stock¬ holders. Office—60 Madison Avenue. New York. Under¬ * . Petroleum Corp. June 29, For expansion, Lewis Underwriter—Kidder, Peabody & Co., New York (managing)., Occidental . July 21, 1961 filed 200,000 capital shares. Price—$5.50. \ Business—The operation of bowling centers. Proceeds— writer—Edward * Proceeds—For the selling stock¬ & Red Bank Roads, Cincin¬ appliances. Office—Madison holders. nati. j Pan-Alaska Fisheries, Inc. 1961 filed 120,000 common shares. Price — By — The processing of Alaska king crab. Proceeds—For acquisition of fishing boats, equip¬ working capital. Office—Dexter Horton Bldg., L. Ferman & Co., Inc., ment and Underwriter—Robert Seattle. New York (managing). Pan American Resources, Inc. (8/15) (letter of notification) 40,000 shares of common stock (par $1). Price—$7 per share. Office—600 Glendale Federal Bldg., Glendale 3, Calif. Underwriter —Fred Martin & Co., 1101 Woodland Dr., Norman, Okla. May 1961 11, Pargas, Inc. Aug. 3, 1961 filed 150,000 common shares, of which 75,000 will be sold by the company and 75,000 by a stock¬ holder. Price—By amendment. Business — The sale of petroleum gas and equipment. Proceeds—For general corporate purposes. Office—Waldorf, Md. Un¬ derwriter — Kidder, Peabody & Co., Inc., New York liquified (Amos) and Laird, Bissell & Meeds, New York City. _ .*#..■ & Co., Inc. (9/18) 23, 1961 filed 208,000 outstanding common shares. Price—By amendment. Business—Business advisors and June specialty and department stores. Proceeds selling stockholders. Office—:500 Fifth Ave¬ consultants to —For nue, the New York. Underwriter—The James Co., New York, Inc. (8/15) June 21, 1961 filed 141,000 common shares (par $1) of which 100,000 will be sold by the company and 41,00(1 by stockholders. Price—By amendment. Business—The operation of a chain of retail drug stores and licensed departments in closed - door "membership department stores. Proceeds—For expansion. Office—2323 Grand Avenue/ Kansas City, Mo. Underwriter—Scherck, Richter Co., St. Louis. Parkview 17, 1961 filed 375,000 outstanding common shares. amendment. Business—The manufacture of July Flomenhaft, Seidler & Co., Inc., New York. * • Parish freezers, and the operation 0f a supermarket. Proceeds — For consumer time payments, expansion, and working . Address—P. O. Box —Stone & Co. (managing). —None. Na*pac Inc. July 28, 1961 filed 100,000 common shares. Price—$4.75. Business—The processing of meat and frozen food prod¬ 1,000,000 common shares. Price— growth of timber. Proceeds—Fof the possible purchase of a mill. 199, Orangeburg, S. C. Underwriter amendment. Business sell life, accident and health license to State filed July 26, Insurance Co. of America North Atlantic Life Pulp & Paper Corp. 28, "1961 $3.45. Business—The working capital and Underwood, — vending machines and working capital. Office- Aug. (8/16) Houston, Texas. Underwriter & Co., Inc., Houston, Texas. par new Three Welding Company; $10 per share for not 24,500 shares to be offered to holders (other than Big Three) of the outstanding common on the basis of one new share for each V/s shares held; and $10.60 St., Inc. ("Reg. A") 25,000 common shares. Price— ($1). Proceeds—For acquisition and leasing of 506 E. 16th St., Olympia, Wash. Underwriter — Arthur J. Coney, 1325 Broadway, Longview, Wash. At less than 11th & ... Vending Co., July 20, 1961 Big high Corp. $6. Nissen furnishes Steel stock (par 50 cents) Corp. 30, 1961 ("Reg. A") 200,000 common shares (par $1). Price—$1.50. Proceeds—For repayment of notes and acquisition of real estate interests. Office—3252 Broad¬ way, Kansas City, Mo. Underwriter — Barret, Fitch, North & Co., Kansas City, Mo. any States 1961 filed 100,000 outstanding shares of capital June 21, June per Inc. capital, research and development, new general corporate purposes. Office—115 repayment Ave., Den¬ Office—9635 W. Colfax reserves. Products Co., July 28, 1961 ("Reg. A") 60,000 common shares (par 10 cents). Price—$5. Business—The manufacture of car '■ and window washing Price—50c. working Proceeds—For cluding $880,000 for the purchase of 20 additional liquid nitrogen high pressure pumping units. Office—3602 W. April 28, 1961 filed $6,375,000 (6,250 units) of interests. Price—To be supplied by amendment. Business—The fund will invest in tax-exempt bonds of the Commonwea th of Pennsylvania and its political sub-divisions. Proceeds—For investment. Sponsor—Ira Haupt & Co., Ill Broadway, New York City, Offering—Expected in / Address—Col- Chemical Co., Inc. 1961 2, Osrow of industry. Proceeds—For general corporate purposes, in¬ Investment Trust Fund, First Pa. Series early September., capital. sale 22, 1961 filed 100,000 shares of common stock. Prices—$10 per share for 51,000 shares to be offered to Manufacturing Co. Business—The manufacture of armature, stator and coils. Proceeds—For repayment of loans, working ital and working and May stock is not qualified for sale in New York State. * construction linsville, Va. Underwriters—Cruttenden, Podesta & Co., Chicago and McDaniel Lewis & Co., Greensboro, N. C. New Capital Corp. The Courts hnd St., N. E., Atlanta. Under¬ Pierce, Fenner & Smith Inc., & Co., Atlanta. Offering—Ex¬ (letter of notification) 100,000 shares of common stock (par 10 cents). Price—$3 per share. Busi¬ ness—Manufacturers of drugs. Proceeds—For expansion, and working capital. Office—38-01 23rd Ave., Long Is¬ land City, N. Y. Underwriter—Havener Securities Corp., New York, N. Y. Offering—Imminent. of $10 of debentures and two common shares. Price—By — Lynch, Ormont Drug & May Homes, Inc. (8/15) 12, 1961 filed $1,500,000 of 8% sinking fund con¬ subordinated debentures due 1976 and 300,000 common shares to be offered in units, each consisting Business—The. breeding of livestock owned by others. Proceeds—For drilling of water test wells, purchase of York New Proceeds—For selling stockholders. pected in late August. Nationwide Business Inc. Peachtree W. writers—Merrill /• Office—Mallory Plaza Bldg., Danbury, Conn. Underwriters — Lee Higginson Corp., New York City and Piper, Jaffray & Hopwood, Minneapolis (managing). amendment. Co., • • Exterminating Co., control services. ite June common Kidder, Peabody & — 1961 filed 360,000 outstanding no par common k shares. Price—By amendment. Business—Pest and term¬ vertible Lot, Inc. 150,000 of debt, purchase of equip- 1 working capital. Office — July 6, corporate purposes. • raw ment, Proceeds—For the selling stock¬ Office—575 Lexington Avenue, New York. Un¬ development, manufacture and sale of quality transistors for military and industrial use. Proceeds — For new equipment, plant expansion, working capital, and other —1548 Mon-Dak Feed of May 11, 1961 filed 75,000 shares of capital stock. Price —To be supplied by amendment. Business—The design, Inc. be sold by the company and 20,000 by stock¬ Price—By amendment. Business—The processing 1 potatoes into various packaged frozen products. Proceeds—For the repayment magazines of National Semiconductor Corp. 26, 1961 ("Reg. A") 60,000 convertible preferred shares. Price—At par ($5). Business—The manufacture mosaic Publishers Shearson, Hammill & Co., New York and Prescott, Shepard & Co., Inc., Cleveland (managing). June of — derwriters— fice—198 Broadway, New York City. Underwriter—R. F Dowd & Co., Inc., 39 Broadway, New York 6, N. Y Mon-Art, Business paperback books. holders. Aug. 8, 1960, filed 75,000 shares of class A common stock Price—$12 per share. Proceeds—For general funds. Of¬ 1 By amendment. will 000 holders. Publications, Inc. July 18, 1961 filed 500,000 common shares (par $1). Price — Inc. 29, 1961 filed 220,000 common shares of which 200,- June National Periodical ceeds—For 41 Ore-Ida Foods, capital. Office—38 Park Row, New York. Underwriters —Edward Lewis & Co., Inc. and Underhill Securities Corp., New York (co-managers). ". (8/15) March 30, 1961 filed 80,000 shares of common stocK:, oi which 73,750 shares are to be offered for public sale and sale of (621) Drugs, Patent Resources, Inc. (8/14) stock. Price Business—The com¬ pany was organized in November 1960 to acquire, exploit and develop patents, and to assist inventors in develop¬ ing and marketing their inventions. Proceeds—For gen¬ eral corporate purposes. Office — 608 Fifth Ave., New York City. Underwriters—Darius, Inc., New York (man¬ aging); N. A. Hart & Co., Bayside, N. Y., and E. J. May 24, 1961 filed 150,000 shares of common —To be Roberts supplied by amendment. & Co., Inc., Ridgewood, N. J. ; if Pelvic Anchor Corp. Aug. 3, 1961 ("Reg. A") 150,000 common shares (par 40 cents). Price—$2. Business—The manufacture of medi¬ cal equipment. Proceeds—For repayment of loans, plant Continued on page 42 7 |. : 42 I i (622) The Commercial and Financial Chronicle - . Thursday, August 10, 1961 . iv- Continued from 41 page and equipment, research and development, inventory, advertising and working capital. Office—806 W. Main Street, Rochester 8, N. Y. Underwriter—None. ^ Peralta Fund July 26, 1961 ("Reg. A") 30,000 units (no par) beneficial interests. Price—$10 per unit. Proceeds—For investment. i . M ■0 V>. Office—608 Financial Center rate purposes. Office — 99 Hudson Street, New Underwriter—J. J. Krieger & Co,, Inc., New York. Bldg., Oakland 12, Calif. Product Research of Rhode Underwriter—None. 17 July 28, 1961 filed 330,000 V. )) Philadelphia Laboratories, Inc. (8/28) May 26, 1961 filed 75,000 shares of common stock. Business Price —$8 per share. Business—The development, manufac¬ ture and sale of pharmaceuticals, vitamins and veterinary products. Proceeds —For the repayment of debt, and other corporate purposes. Office — 400 Green Street, Philadelpnia, Pa. Underwriter — Woodcock, , Moyer, Fricke, & French, Inc., Philadelphia. Photo-Animation, Inc. July 26, 1961 filed 150,000 shares. Price—$1.25. Business—The manufacture of machines, equipment and devices used in the creation of animated motion pic¬ Proceeds—For development of new products, re¬ of loans and working capital. Office — 34 S. tures. payment West St., Mount Vernon, N. Y. Underwriter—First Phila¬ delphia Corp., New York. Photographic Assistance Corp. 27, 1961 filed 150,000 common shares. Price—$1. Proceeds—For expansion, equipment and working cap¬ ital. Office—1335 Gordon St., S. W., Atlanta, Ga. Under¬ writers—Globus, Inc., and Harold C. Shore & Co., Inc. New York (managing). June Pickwick International, Inc. ■I*, July 27, 1961 filed 100,000 shares. Price — $3. Business—The distribution of phonograph records. Pro¬ advertising and promotion, merchandising, repayment of loans, additional personnel, working cap¬ ceeds—For 'I ital other and corporate n Ave., Long purposes. Island City, N. Y. Motti, Inc., New York. David & Office 8-16 — 43rd Underwriter—William, Center, Inc. April 21, 1961 (letter of notification) 100,000 shares oi common stock (no par). Price—$3 per share. Proceeds —To pay for construction, working capital and, general corporate purposes. Office—921-1001 Riverside Drive, Burbank, Calif. Underwriter—Fairman & Co., Los An¬ geles, Calif. Offering—Expected in September. w I i\ vi!!!' f ^ Pike's Peak National Life Insurance Co. Aug. 1, 1961 ("Reg. A") 150,000 class A common shares (par$l). Price—$2. Proceeds—For investment. Office— 208 P. B. M. T. Bldg., Denver. Underwriter—None. Pioneer Astro Industries, Inc. July 27, 1961 filed 150,000 common shares. Price t amendment. $ machined 7h Business The — components and manufacture assemblies of By precision guid¬ for missile systems. Proceeds — For a new plant, additional equipment and working capital. Office—7401 W. Law¬ rence Ave., Chicago. Underwriter—Francis I. du Pont & Co., New York (managing). < - li PEasticon f Corp. (8/16) 8, T961 filed 665,666 shares of common stock, ol which 90,666 shares are to be publicly offered, 25,000 May shares are shares are the on to be offered to Leyghton-Paige Corp., 150,000 Leyghton-Paige stockholders to be offered to basis of Plasticon one share for each Leyghton-Paige shares held, and 400,000 shares are to' $1,200,000 of 5% promissory notes. Price — $3 per share, in all cases Business—The manufacture of large plastic containers. Proceeds—To discharge the indebtedness represented by Plasticon's 5% promissory notes, with the balance for more equipment and facilities. Office Minneapolis, ''I 'I — 'V Minn. Underwriter—None. • .In Polytronic Research, Inc. '! development, electronic engineering devices for and aircraft, production missiles, of certain oscilloscopes, 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. (managing)... t > .• Precision Circuits, Inc. July 20, 1961 ("Reg. A") 260,000 common shares (par -10 cents). Price—$1.15. Proceeds—For a new building, equipment and working capital. Office—2532-25th Ave., S., Minneapolis. Underwriter—Naftalin & Co., Inc., Min¬ neapolis. Premier ''i i July i , ,' 1 Albums, 1961 filed Inc. 120,000 common shares. Price—$5. marketing of new stereophonic records working capital. Office—356 W. 40th St., New York. Underwriter—Gianis & Co., New York. H and * I». ■i, Prep Products, Inc. July 6, 1961 ("Reg. A") leases, repayment of debt and working capital. Address—High¬ way 20, Thermopolis, Wyo. Underwriter—Wilson, Ehli, Demos, Bailey & Co., Billings, Mont. President Airlines, Inc. I June 13, 1961 (par f ■ !», ' /if • one ("Reg. A") 150,000 class A common shares cent). Price—$2. Business—Air transportation of passengers and cargo. Proceeds—For payment of cur¬ rent liabilities and taxes; payment of balance on CAB certificate and working capital. Office — 630 Fifth Avenue. Rockefeller Center, N. Y. Underwriter—Conti¬ 'V nental Bond & Share Corp., Maplewood, N. J. N. shares (with war¬ of which 55,000 shares will be sold by the com¬ 20,000 by stockholders. Price—$10. Proceeds— payment of debt, the establishment of a new subsidiary, plant improvements and working capital. Office—400 E. Progress St., Arthur, 111. Underwriter— Tabor & Co., Decatur, 111. (managing). • Progressitron Corp. (8/16) June 9, 1961 ("Reg. A") 100,000 common shares (par 10 cents). Price—$3. Business—Manufacturers of electronic, electro mechanical and mechanical devices. Proceeds— For general corporate purposes. Office—14-25 128th St., College Point, N. Y. Underwriter—Netherlands Securi¬ ties Co., New York. Publishers Vending Services, Inc. $600,000 of 5convertible sub¬ ordinated debentures due 1971; 120,000 common shares which underlie 2-year first warrants exercisable at $7.50 per share, and 120,000 common shares which underlie 5-year second warrants, exercisable at $10 per share. 3, 1961 filed The securities of are to be offered for public sale in units $100 debenture, 20 first warrants and 20 second Price—$100 per unit. Business—The design, manufacture, sale and leasing of coin-operated vending machines for magazines, newspapers and paperback one books. Proceeds—For the repayment of debt, advertis¬ ing, sales promotion, and the manufacture of new ma¬ chines. Office—1201 South Clover Drive, Minneapolis. Underwriter—D. H. Blair & Co., New York. it Puerto Rico Telephone Co Aug. 9, 1961 filed 120,000 common shares to be offered for subscription by stockholders on the basis of one share for each five shares' held. Price—By amend¬ Proceeds—For expansion and repayment of loans.: new Farmingdale, L. I., Pierce, Fenner & — Lynch, Inc;, New York (managing). \ Fine Foods, Inc. July 17, 1961 ("Reg. A") 2,181 common shares (par $1). Price—$22. Proceeds—For erection of a food processing plant. Office—Reser Bldg., Cornelius, Ore. Underwriter —William, David & Motti, New York. pany and the Address Underwriter—Merrill Reser's Progress Industries, Inc. June 26, 1961 filed 75,000 common For selling stockholder: Y. Smith Bond * t Rexach Construction Co., Inc. July 28, 1961 filed $1,500,000 of §Vz% sinking fund de¬ bentures (with warrants) due 1976 and 105,000 outstand¬ ing common shares. Price—By amendment. Business— The construction of ceeds—For highways, buildings and homes. Pro¬ of a loan, purchase of stock in : Aggregates Co., and working capital. Ad¬ dress—San Juan, Puerto Rico. Underwriters P. W. * Brooks & Co., Inc., New York and CIA Financiera de Inversiones, Inc., San Juan (managing). Puerto repayment Rico — • Riverview ASC, Inc. (8/21) f May 18, 1961 ("Reg. A") 100,UUO common shares. Price —$3. Business—Real estate and utility development in Florida. Proceeds For — Washington Ave., expansion. Office Titusville, Fla. So. 2823 — • Underwriter—Albion Securities Co., Inc., New York. it Ro Ko, Inc. Aug. 7, 1961 filed 120,000 class A —$5. Business—The manufacture common of shares. Price stuffed toys. Pro- ; < ceeds—For down payments on the purchase of buildings, equipment and expansion. Office—3115 E. 12th St., Kansas City, Mo. Underwriters—Midland Securities Co., Inc., and George K. Baum & Co., Kansas City, Mo. (managing). ' ' '■* . -.J- . Roanwell Corp. ; ■ July 11, 1961 filed 150,000 shares of common stock of which 50,000 will be sold by the company and 100,000 by stockholders. Price—By amendment. Business^The manufacture voice of electro-acoustical communications field. transducers Proceeds For — in the additional equipment, writer—None. working capital and other corporate pur¬ Office—180 Varick St., New York. Underwriter— Paine, Webber, Jackson & Curtis, New York. Offering:— Expected in early September. it Pyramid Holding Co. July 27, 1961 ("Reg. A") 210,000 common shares. Price— At par ($1). Proceeds—For the acquisition and develop¬ June 28, 1961 filed 55,000 common shares are to be offered by the ment. Tanca St., San Juan, Puerto Rico. Under¬ ment of properties. Office—3382 El Camino Ave., Sacra¬ mento, Calif. Underwriter—None. it Quebec Mortgage Associates, Inc. July 25, 1961 ("Reg. A") 150 participating units con¬ sisting of one common share (no par) and one 8% fiveyear debenture bond. Price—$505 per unit. Proceeds— For purchase of property. Office — 635 F St., N. W., Washington, D. C. Underwriter—None. Rabin-Winters Corp. June 19, 1961 filed 000 shares shares are 180,000 shares of which 80,the company and 100,000 Price—By amendment. Busi¬ by stockholders. ness—The manufactuer lighter loans fluid and common to be offered by of related and pharmaceuticals, items. cosmetics, Proceeds—To repay for working capital. Office—700 N. SepulBoulevard, El Segundo, Calif. Underwriter—H. Hentz & Co., New York. veda July 25, Properties Corp. of America 1961 filed 365,000 class A shares. Business—A real estate investment Price—$10. company. Office— 1451 poses. Roberts Lumber Co. '' shares of which 20,000 > company and 35,000 shares by a selling stockholder. Price—By amendment Business—The sale of building materials. Proceeds—For repayment of a loan and working capital. Office—2715 Market Street,Wheeling, W. Va. Underwriter—Arthurs," Lestranne & Co.. Pittsburgh. Pa. Robins Industries Corp. July 27, 1961 filed 100,000 (managing). . common shares. Price—$2.50.; Business—The manufacture of products in the electronic sound and recording field. Proceeds—For repayment of a, loan, moving expenses, research and development, tool¬ ing, advertising and working capital. Office — 36-27 Prince St., Flushing, N. Y. Underwriter—Carroll Co., New1 York. Rocky Mountain Natural Gas Co., Inc. (9/12) July 10, 1961 filed $1,500,000 of sinking fund debentures due 1981 (with attached warrants) and 150,000 common shares to be offered in 75,000 units, each consisting of $20 of debentures (with an attached warrant) and two common shares. construction Price—By and general amendment. corporate Proceeds—For purposes. Office— 1726 Broadway, New York. Underwriter—Stanley Heller Co., New York City (managing). Champa St., Denver. Underwriter—Merrill Lynch, Pierce, Fenner & Smith Inc., New York (managing). it Red Wing Fiberglass Products, Inc. July 28, 1961 ("Reg. A") 260,000 common shares (par 25 cents). Price—$1.15. Proceeds—For repayment of debt, building improvements, equipment, research and devel¬ it Roddy Recreation Products, Inc. • r~ July 31, 1961 ("Reg. A") 100,000 common shares (par $1). Price—$3. Proceeds—For repayment of debt. Office & opment, and working capital. Office—Industrial Park, Red Wing, Minn. Underwriter—York & Mavroulis, Min¬ neapolis. it Redman Manufacturing & Engineering Co. Aug. 9, 1961 filed 70,000 common shares, of which 35,000 shares are to be offered by the company and 35,000 shares by stockholders. Price—By amendment. Business manufacture of moulds used by the plastic and container and packaging industry. Proceeds—For repay¬ ment of loans, equipment, working capital and a new plant. Office—1630 Oakland, Kansas City, Mo. Under¬ writer—Stern Brothers & Co., Kansas City, Mo. (man¬ aging). Reeves (8/22) 16, 1961 filed $2,500,000 of convertible debentures. Price—At par. Business—The operation of TV stations and recording studios and the development of real estate properties in North Carolina. Proceeds—For expansion, the repayment of loans, for working capital and other corporate purposes. Office—304 E. 44th St., New York. Underwriter—Laird & Co., Corp., Wilmington, Del. (managing). Reher Simmons Research Inc. (8/28-9/1) May 8, 1961 filed 150,000 shares of capital stock. Price— $6 per share. Business—The research and development of in the field of surface Proceeds—For plant construction, processes and . —1526 W. bison & 166th St., Gardena, Calif. Underwriter—Har-. Henderson, Los Angeles. Rodney Metals, Inc. (9/7) June 30, 1961 filed 140,000 common shares. Price—$10. Proceeds For the repayment of debt and other .cor¬ — porate purposes. Office—261 Fifth Ave., New York. Un¬ derwriter—Amos Treat & Co., Inc., New York (manag¬ ing). Ross Products, Inc. July 14, 1961 filed 200,000 common shares, of which 100,000 shares are to be offered by the company and 100,000 shares by the stockholders. Price—By amend¬ ment. Business—The importing and distributing of gen¬ merchandise. Proceeds—For repayment of debt, expansion and general corporate purposes. Office—1107 Broadway, New York. Underwriters—Blair & Co. and eral Broadcasting & Development Corp. June 1,400 common shares. Price— At par ($100). Proceeds—For royalty payments on 'li Providence, R. I. Underwriter—Continental Corp., Washington. D. C. —The Business—The manufacture of long-playing stereophonic and monaural phonograph records. Proceeds—For acqui¬ sition of facilities, A ' 31, the Share Real electronic ,• & (8/28) June 7, 1961 filed 193,750 common shares, of which 150,000 will be sold for the company and 43,750 for stock¬ holders. Price—By amendment. Business—Research and fi Nort three be offered to holders of the company's H, shares.; Price—$2,05. vinyl automotive, Office—261 — ance Mt the warrants. Pickwick Recreation i't of Republic Aviation Corp. (8/29) July 11, 1961 filed 214,500 outstanding common shares. ;> Price—By amendment. Business—The manufacture of • airplanes and ground support equipment. Proceeds—For \ Island, Inc. common manufacture York. Proceeds—For July common The it Reid Laboratories, Inc. July 20, 1961 ("Reg. A") 50,000 capital shares. Price— At par ($1). Proceeds—For working capital. Office—664 Eleventh St., N. E., Atlanta 18, Ga. Underwriter—None. plastic products marine and household fields. repayment of debt, new equipment and working capital. Office —184 Woonasquatucket Avenue; — in used rants) common Office—545 Broad St., Bridgeport, Conn. Underwriter —McLaughlin, Kaufmann & Co., (managing). it Prevor-Mayersohn International, Inc. July 31, 1961 ("Reg. A") 80,000 common shares (par 10 cents). Price—$3.75. Business—Export, import, broker¬ age and wholesale marketing of fruits, vegetables and poultry. Proceeds—For expansion, sales promotion, ad¬ vances to growers, working capital and general corpo¬ and biochemistry. equipment, research development, sales promotion and working capital. F. L. Rossman & " Co., New York. . . it Roval Land & Development Corp. Aug. 2, 1961 filed 2,000,000 class A common shares. Price -—$1. Business General real estate and construction. . — Proceeds—For construction and general corporate pur¬ Office—400 Stanley Ave., Brooklyn, N. Y. Under¬ writer—Lieberbaum & Co., New York (managing). poses. Royal School Laboratories, June 23, 1961 filed 170,000 Business—The manufacture Inc. common of . shares. Price—$5. labora¬ expansion, general corporate purposes and working capital. Office —Meadow & Clay Sts., Richmond, Va. Underwriter—• B. N. Rubin & Co., Inc., New York. tory furniture for schools. special Proceeds — purpose For Volume 194 Number 6080 . The Commercial and Financial Chronicle . . ( Rudd-Melikian, Inc. ucts. June 16, 1961 filed 130,000 common shares. Price—$10. Business—The manufacture of automatic coffee dispens-, ers and similar items. Proceeds—For repayment of loans,. promotion and manufacture of a new product, working capital and general Jacksonville & corporate Office —300 purposes. Road, Hatboro, Pa. Underwriter—Stearns Co., New York. —697 Proceeds—For general corporate purposes. Address Route 46, Clifton, N. J. Underwriter—Smith, Barney & Co., New York (managing). S. Photo-Cine-Optics, Inc. (9/4) — The printing of * wrap —For automation, devices. ^Southern Electrical Belle of machinery and inventory, building con¬ struction and working capital. Office — 4793 E. 10th Court, Hialeah, Fla. Underwriters — Aetna Securities Corp., New York; Roman & Johnson, Fort Lauderdale, Fla. and Guardian Securities Business The purchase, inventorying and wholesale roofing materials, sheet metal products heating and air conditioning accessories. Proceeds— For repayment of debt, purchase of merchandise and operating expenses. Office — 3690 Northwest 62nd St., — distribution of and Corp., Levittown, Sav-Mor Oil Corp. (8/21-25) July 5, 1961 ("Reg. A") 92,000 common shares (par one cent).. Price—$2.50. Business—Wholesale distribution of Miami, Fla. Underwriter Inc., New York. gasoline and oil to service stations. Proceeds—For ex¬ pansion. Office—151 Birchwood Park Dr., Jericho, L. I., N. Y. Underwriter—Armstrong & Co., Inc., New York. June Southern advertising, public relations, additional employees,, working capital. Office—135 W. 52nd St., New York. Underwriter—B. G. Harris & Co., Inc., New York. Enterprises, Inc. Price—$2.25. a low mark¬ Second June 20, Financial, Inc. (8/28-9/1) filed 1961 100,000 common snares. Price—$3. purchase of notes, mortgages, contracts, etc., from Shell Home Builders. Proceeds—For invest¬ ment. Office—2740 Apple Valley Road, N. E., Atlanta, Business Ga. — common $400,000 of 7%% 10-year debenture bonds, to consisting of $100 of debentures and 25 shares of stock. Price—$200 per unit. Business—The purchase of conditional sales contracts on home appli¬ writer—None. Semicon, For working capital and expansion St., N. W., Washington, D. C. Under¬ V;1"--'' ;i.. shares. common Price Business—The develop¬ unimproved land in Florida. Proceeds—For the repayment of debt, the development of property, work¬ ing capital and other corporate purposes. Office—1674 Meridian Avenue, Miami Beach, Fla. Underwriters — York & City Co., and Lee Higginson Corp., both of New (managing). / Southwestern Growth Fund, Inc. July 21, 1961 filed 200,000 common shares. Price—At net asset value plus 8J/2% sales commission. Business — A fund. Proceeds—For investment. Inc. v Inc. (managing). Offering—Expected in late Aug. shares held, with the unsubscribed shares to be sold to public. Price—To stockholders, $100 per share;, to public, $110 per share. Business—Manufacturers of Pharmaceuticals. Proceeds For testing new products, inventories; marketing and general corporate purposes. the the — September. Office—10 Pine St., Morristown, N. J. Underwriter—E. Star June ment, and exploration of mining properties. Proceeds— For general corporate purposes. Office — 1406 Walker due 1 Shelley Urethane Industries, Inc. (8/18) May 24, 1961 filed 200,000 shares of common stock. PriceTo be supplied by amendment. Business—The manufac¬ units, each unit consisting of $50 of debentures and 20 shares. Price—$100 per unit. Business—The common construction and sale of shell homes. ment ot branch sales Proceeds—For re¬ subsidiary, establish¬ offices and working capital. Office advances to a distribution of urethane foam Proceeds — For expansion, new equipment/repayment of debt, and working capital. Of¬ fice—4542 East Dunham St., City of Commerce, Calif. Underwriter 82,000 shares are to be offered by the company and 43,200 shares by stockholders. Business—The distribution converting to (managing). name to and industry. — Garat & Note—This Urethane Polonitza, company Industries Inc., plans Los to International Angeles change its Inc. 75,000 shares of common stock (par one cent). Price — $4 per share. Business—The manufacture of high altitude breathing and ventilation equipment. Proceeds—For repayment of loans; new equipment, research and development, plant improvement, purchase of inventory, advertising and capital. Office — 787 Bruckner Boulevard. Bronx, N. Y. Underwriters—L. C. Wegard & Co., 28 West State St., Trenton, N. J. (managing); L. J. Termo & Co., Inc., New York and Copley & Co., Colorado Springs, Colo. Shulton, Inc. July 21, 1961 filed 50,000 50,000 class B Business—The manufacture of toiletries and household chemical prod¬ common shares. class A and Price—By amendment. E. Salisbury Street, Raleigh, N. C. Liederman & Co., New Inc., Underwriter— York (managing). Sterling Electronics, Inc. July 24, 1961 filed 125,200 common of electronic parts and equipment. shares, re¬ Fuller & are to be common offered by the . • . . Stratoflex, Inc. (8/15) June 8, 1961 filed 120,000 common shares. Price — By amendment. Business The manufacture of hydraulic — * on Proceeds—For Office—South Vt. Under¬ Strouse, Inc. June 27, 1961 filed $600,000 of 6% convertible subordi¬ debentures due 1981. Price—At par. Proceeds— For plant expansion, working capital and other corpo-: rate purposes. Office — Basin and Cherry Sts., Norristown, Pa. Underwriter—H. A. Riecke & Co., Philadel¬ phia (managing). Sun Valley Associates t March 30, 1961 (letter of notification) $205,000 of lim¬ ited partnership interests to be offered in units of $5,000, or fractional units of not less than $2,500. working capital. Address Proceeds—For Hariingen, Texas. Under¬ writer—Nat Berger Associates, Inc., New York City. — Supronics Corp. (8/28-9/1) May 29, 1961 filed 90,000 shares of common stock. Price —To be supplied by amendment. Business—The com¬ pany is engaged in the distribution of wholesale elec¬ trical equipment and supplies. Proceeds — For the re¬ of payment bank loans and other corporate purposes. Office—224 Washington St., Perth Amboy, N. J. Under¬ Treat & Co., Inc., and Standard Secu¬ rities Corp., both of New York City and BrunoLenchner, Inc., Pittsburgh, Pa. writers—Amos Surfside Marina, Inc. ' July 19, 1961 ("Reg. A") 60,000 common shares (par $1). Price—$5. Proceeds—For the construction and operation of a boating and fishing resort. Office—616 Broad St., Chattanooga, Tenn. Underwriter — Branum Investment Co., Inc., Nashville, Tenn. Paper Corp. filed 150,000 29, 1961 35,000 shares 115,000 are shares by be to the common offered by stockholders. shares, of which the company and Price—By amend¬ products. ment. Business—The production of tissue paper general corporate Office—205 purposes. E. 42nd St., New York. Underwriter—Blair & Co., Inc.,, New York (managing). Offering—Expected in late Aug. ' Swingline Inc. „ ,irl - June 14, 1961 filed 200,000 outstanding class A common shares. Price—By amendment. Business—The manufac¬ ture of stapling machines. Proceeds stockholders.'Office—32-00 Skillman For the selling Ave., Long Island City, New York. Underwriter—Paine, Webber, Jackson & Curtis, New York (managing). Offering—Expected in — late September. T. F. H. Publications, Inc. 1961 ("Reg. A") 60,000 common shares (par Price—$5. Business—The publishing of books, pamphlets and magazines. Proceeds—For repayment of June 22, loans, production of new garden books, installation of air-conditioning and working capital. Office—245-247 Cornelison Ave., Jersey City, N. J. Underwriter—Arnold Malkan & Co., Inc., New York. • T-Bowl International, Inc. (8/22) 1961 filed 400,000 common shares, of which 325,000 shares are to be offered by the company and 75,000 shares by stockholders. Price—By amendment. Business—The operation of bowling centers. Proceeds— For expansion. Office—27 B Boulevard, East Paterson, June 15, N. J. Underwriter—Peter Morgan • T. & Co., New York. V. Development Corp. (8/28) May 26, 1961 filed 100,000 shares ui common stock. Price —$5 per share. Business—The manufacture and sale of replacement knobs for television sets. Proceeds—For the repayment of debt, the expansion of product lines and working capital. Office—469 Jericho Turnpike, Mineola, N. Y. Underwriters Kesselman & Co., and Brand, Taddeo Seigel, Inc., New York (managing). Bowling & Leasing Corp. (8/14-18) subordi¬ March 31, 1961 filed $600,000 of 8% convertible nated debentures due 1971, 125,000 shares of stock common and 50,000 class A warrants to purchase common stock to be offered for public sale in units consisting of $240 of debentures, 50 common shares and 20 warrants. Price $640 per unit. Business — The construction of — bowling centers. Proceeds—For construction and work¬ ing capital. Office—873 Merchants Road, Rochester, N Y. Underwriter—Lomasney, Loving & Co., New York City (managing). Taft Broadcasting Co. May 26, mon 1961 filed 376,369 outstanding shares of com¬ to be offered for public sale by the present Price—To be supplied by amendment, stock holders thereof. Business—The operation stations. —1906 ing.) • of TV and radio broadcasting Office Proceeds—For the selling stockholders. Highland Avenue, Cincinnati, Ohio. —Harriman shares of which 20,000 company and 92,300 shares by the stockholders. Price—By amendment. Busi¬ ness—The design, lithographing and stamping of metal caps or closures for containers. Proceeds—For .working capital. Office—316 W. 16th St., Erie, Pa. Underwriters— Fulton, Reid & Co., Inc., Cleveland and Walston & Co., Inc., New York (managing).r shares Vermont. resort nated which Office—1616 Mc- Houston, Texas. Underwriter—S. D. Co., New York (managing). Kinley, Sterling Seal Co. Aug. 2, 1961 filed 112,300 of Proceeds—For payment of loans and working capital. • Shepard Airtronccs, Inc. (8/14) April 26, 1961 (letter of notification) working D. recreational Londonderry, writer—Cooley & Co., Hartford, Conn. Homes, Inc. 28, 1961 filed $500,000 7% subordinated debentures and 200,000 common shares to be offered in —336 S. ture, construction. Grumet & 1971 payment of loans, summer — T. Andrews & Co., Hartford, Conn. (10/2) April 24, 1961 filed 500,000 shares oi common stock. Price—$2.50 per share. Business—Acquisition, develop¬ products winter and a 10 cents). Spencer Laboratories, Inc. (8/14) May 1, 1961 (letter of notification) 1,624 shares of class A common stock (no par) to be offered for subscription ' by stockholders on the basis of four shares for each five 30, 1961 filed 125,000 class A common shares. Price —By amendment. Business—The manufacture of semi¬ conductor devices for military, industrial and commercial use. Proceeds—For equipment, plant expansion and new products. Address—Sweetwater Avenue, Bedford, Mass. Underwriter—S. D. Fuller & Co., New York (managing). Bank Bldg., Salt Lake City, Utah. Underwriter—None. of Stratton Mountain in southern Office—402 • . Shasta Minerals & Chemical Co. of principal amount ment of New York June • —At 100% — — Offering—In early eration Swanee (par 10 cents). Price—$4.50. Business—The design, development and manufacture of electronic systems, instruments and equipment, including microwave, radar and underwater communication devices. Proceeds For purchase of equipment, plant expansion, patent development and general corporate purposes. Office—812 Ainsley Bldg., Miami, Fla. Underwriter—Hampstead Investing Corp., be offered in units 9th Underwriter—Capital Securities Corp., June 9, 1961 filed 83,750 class A common shares litock and Proceeds debentures, due Dec. 1, 1981. Price—At 100% of principal amount. Business—The development and op- Proceeds—For Spectron, Underwriter—Globus, Inc., New York. Office—724 Pro¬ Building, University Towers, El Paso, Texas. Underwriter—None. • ances. company. convertible subordi¬ nated debentures and warrants for five mutual The Security Acceptance Corp. • (8/30) March 7, 1961 filed 100,000 shares of class A investment Office—Poinsett Hotel Corp. June Hirsch Proceeds—For new stores, inventory, and working capital. Address—East Windsor, Conn. Underwriter—• Willis E. Burnside & Co., Inc., New York. • ' up. • Stratton March 3, 1961 filed $650,000 of 5% Realty & Utilities Corp. (8/30) May 26, 1961 filed $3,140,000 of 6% convertible deben¬ tures due 1976, with warrants to purchase 31,400 common shares, to be offered for public sale in units of $500 of and Business—The retail sale of merchandise at business Southern sales¬ July 21, 1961 filed 175,000 common shares. small Greenville, S. C. Greenville, S. C. men, Scot's Discount • Industries, Inc. filed 100,000 common shares./ Price—$6. ceeds—For investment. merchandising in New York City. Retail establishments who join tile plan will give 3% discounts to members to Netherlands Securities Co., Growth 1961 28, Business—A ' salaries — . Save-Tax Club, Inc. July 6, 1961 ("Reg. A") 150,000 common shares (par 10 cents). Price—$2. Business—A plan to stimulate retail Club. Proceeds—For Corp., Miami, Fla. it Southern Diversified Industries, Inc. Aug. 8, 1961 filed 250,000 common shares. Price—$5.50. New York. Save-Tax Industries, Inc. ,-T. July 25, 1961 ("Reg. A") 50,000 common shares (par 10 cents),, Price—$4. Proceeds—For repayment of loans, purchase and handbag frames. Proceeds—For purchase of machinery and equipment, working capital and general corporate purposes. Office—413 Thatford Ave., Brooklyn, the Worth. Tex. Underwriter—First Southwest Co- Dallas. . purses of Proceeds 140 N. W. 16th St., Boca Raton, Fla. Underwriter—J. I. Magaril Co., Inc., New York. Inc. it Salvo Manufacturing Corp. Aug. 2, 1961 ("Reg. A") 72,000 common shares (par 10 cents). Prise—$3.50. Business—Manufacture of metal Underwriter—I. R. E. Investors controlled the repayment of debt, purchase of additional equipment and inventory, and working capital. Office— equipment and working capital. Address—120 TwentyFifth Ave.,; Bellwood, 111.-Underwriters—Stifel, Nicolaus & Co., St. Louis and Walston & Co., New York. N. Y. boys' Hammill & Co., New York (managing). electronically Proceeds,—For papers. and loans, equip¬ Sjostrom Automations, Inc. (9/18-22) 1961 filed 70,000 class A common shares. Price —$4. Business — The design, manufacture and sale of Price—By amendment. Business gift and pneumatic type hose, primarily for the aircraft and industries. Proceeds—For repayment ot loans, and working capital. Address — P. O. Box missile • June 19, 1961 filed 113,600 common shares of which 40,000 shares are to be offered by the company and 73,600 shares by stockholders. For repayment of June 28, ment, advertising, research and development, capital and other corporate purposes. Office—602 W. 52nd St., New York. Underwriter — William, David & Motti, Inc., New York. Specialty Manufacturing Co., — working capital and other corporate purposes. Office—230 Fifth Ave., New York. Underwriter—Shear- son, equip¬ working Clair The manufacture of men's — ment, shares. Price—$40 per unit. Business—The manufactur¬ ing, renting and distributing of motion picture and tele¬ vision production equipment. Proceeds—For new St. Business sportswear. Proceeds i' ... 10398, Fort Siegel (Henry I.) Co., Inc. July 27, 1961 filed 270,000 class A shares (par $1), of which 135,000 shares are to be offered by the company and 135,000 shares by stockholders. Price—By amend¬ ment. O. S. June 29, 1961 filed $50,000 of 6% subordinated deben¬ tures due 1969 and 50,000 common shares to be offered in units consisting of $10 of debentures and 10 common 43 (623) Underwriter Ripley & Co., Inc., New York City (manag¬ Offering—Temporarily postponed. Inc. (8/14) Feb. 15, 1961 filed 200,000 shares of class A stock. Price —$12 per share. Business—The company was organized Tassette, under Delaware law in 1959 to finance the exploitation patented feminine hygiene aid. Proceeds—For advertising and promotion, market devel¬ and sale of "Tassette," a opment, medical research and administrative Office—170 Atlantic expenses. St., Stamford, Conn.. UnderwriterContinued on page 44 The Commercial and Financial Chronicle I (6241 54 ! of the issuing company and Continued from page 43 Treat 1,171,004 shares, represent¬ ing outstanding stock, are to be offered for the account holders thereof. Price—For the company's & Co., Inc., New York City (managing); Bruno-Lenchner, Inc., Pittsburgh; and Karen Securities Corp., New York City. . Amos Tastee Freez Industries, Inc. Tax-Exempt Public Bond Trust Fund, Series 2 Feb. 23, Price—To be filed by —The fund will invest in counties, municipalities and territories of the U. S., and political subdivisions thereof which are be¬ lieved to be exempted from Federal income taxes. Pro¬ states, ceeds For — Office investment. Street, Chicago. — South 135 Sponsor—John Nuveen & Co., Chicago. ment houses Business Proceeds — — A small — June Textilfoam, in Newark, East Orange and Jersey City, general corporate purposes. Office —420 Lexington Ave., New York City. Underwriter— Nat Berger Associates, Inc., New York. — — TV Materiel Dempsey- Fenimore Rd., Mamaroneck, N. writer—Kidder. Peabody & Co.. New York. Tresco, Inc. (8/39) 5, 1961 filed 100,000 June common shares. Price—$5. Business—Manufactures transformers for electronic Proceeds—For the repayment of debt, re¬ development, to finance a new subsidiary and for other corporate purposes. Office—3824 Terrance St., Philadelphia. Underwriter—Amos Treat & Co., New equipment. search expansion, working capital and general corporate purposes. Office—200 Fair St., Palisades Park, N. J. York Underwriters—Flomenhaft, Seidler & Co., Inc., and New York (managing). Street & Co., Inc., Theil Y. Under¬ 24, 1961 five cents). 1961 Business—The * (managing). Displays, Inc. ("Reg. A") 260,000 common shares (par Price—$1.15. Proceeds—For working capital. Office—1221 Glenwood Ave., Minneapolis. Underwriter —Naftalin & Co., Minneapolis. July Publication, Inc. 25, and ic Tri-State filed 110,000 common shares. Price—$3. writing and producing of technical ma¬ terial for industry and Department of Defense. Proceeds —For repayment of loans, working capital and general corporate purposes. Office—1200 Hempstead Turnpike, Franklin Sq., L. I., N. Y. Underwriter-^-None. July • Techno-Vending Corp. (8/18) June 9, 1961 ("Reg. A")I00,000 class A common shares (par one cent). Price—$3. Business—The manufacture of coin-operated vending machines. Proceeds—For re¬ payment of loans; sales promotion and advertising; ex¬ Office—460 North Avenue, Underwriter—Adams & Peck, New Rochelle, N. Y. 'York. Inc. Proceeds—For 30, 1961 filed 50,000 outstanding common shares. By amendment. Business — The design, manu¬ facture and sale of components for high frequency radio communications. Proceeds—For the selling stockholder. — Office—700 Proceeds—For expansion, repayment of working capital. shares by the stockholders. Price—By amendment. Busi¬ — The lamination of a synthetic foam to fabrics. (8/16) Corp. Business—The June 23, 1961 filed 130,000 common shares of which 100,000 shares are to be offered by the company and 30,000 June Price and New Electronics, Inc. (8/28-9/1) 140,000 common shares. Price—By manufacture of specialized 1961 filed equipment. debt 104 E. ness Technical 29, amendment. investment business For investment. Office Eighth St., Georgetown, Tex. Underwriter Tegeler & Co., Inc., St. Louis. Proceeds—For J. 26, 1961 filed 185,000 common shares of which 75,000 shares are to be offered by the company and 110,000 shares by stockholders. Price—By amendment. Business—A holding company with subsidiaries in the savings and loan, real estate and insurance fields. Pro¬ ceeds For repayment of loans and working capital. Office—9460 Wilshire Blvd., Beverly Hills. Underwriter —William R. Staats & Co., Los Angeles (managing). Transvision company. ship will acquire all the outstanding stock of five apart¬ N. Trans-World Financial Co. June Texas amendment. June, 12, 1961 filed $2,420,000 of limited partnership in¬ terests. Price—$10,000 per unit. Business—The partner¬ 15, 1961 Street, Salt Lake City, Utah. Underwriter—Continental Securities Corp., 627 Continental Bank Building, Salt Lake City, Utah. v Capital Corp. (8/24) June 16, 1961 filed 1,000,000 common shares. Price—By Taylor-Country Estate Associates Investment Co. (letter of notification) 120,000 shares of common stock (par $1). Price—$2.50 per share. Pro¬ ceeds—For advances to subsidiaries. Office—278 S. Main March — • Co., New York (managing). Transcontinental None. Salle La products and other corporate purposes. St., Stamford, Conn. Underwriter new Prospect —F. L. Rossman & ^ Texam Oil Corp. ' July 27, 1961 ("Reg. A") 240,000 capital shares (par $1). Price—$1.25. Proceeds—For repayment of loans, gen¬ eral expenses and purchase of additional leases. Office 235 S. County Rd., Palm Beach, Fla. Underwriter — (100,000 units) ownership amendment. Business interest bearing obligations of 1961 filed $10,000,000 certificates. Thursday, August 10, 1961 . Office—65 shares, to be related to A.S.E. prices at time of the offering. For the stockholders' shares, the price will be supplied by amendment. Business — The company, for¬ merly Sentry Corp., is primarily a general contractor for heavy construction projects. Proceeds—The proceeds of the first 12,000 shares will go to Netherlands Trading Co. The balance of the proceeds will be used to pay past due legal and accounting bills, to reduce current indebt¬ edness, and for working capital. Office—11-11 34th Ave., Long Island City, L. I., N. Y. Underwriter — (For the company's shares only) Greenfield- & Co., Inc.. New York City. 12, 1961 filed 350,000 common shares, of which 200,000 shares are to be offered by the company and 150,000 shares by a stockholder. Price—By'amendment. Business—The franchising and supplying of stores with a soft ice cream product and selected food items. Pro¬ ceeds—For acquisition of properties and working capi¬ tal. Office—2518 W. Montrose Ave., Chicago. Under¬ writer—Bear Stearns & Co., New York (managing). . equipment, of the present July . (8/14-18) Triangle Instrument Co. 'March 30, (letter of notification) 100,000 shares of common stock, (par one cent). Price.—$3 per share. Busi¬ ness The manufacture of precision instruments and components. Proceeds—For equipment, inventory, the repayment of debt, and working capital. . Office—Oak Drive and Cedar Place, Syosset, L. I., N. Y. Underwrite* —Armstrong & Co., Inc., New York City. 1961 — pansion; purchase of raw materials; research and devel¬ opment, and working capital. Office—599 Tenth Avenue, New York. Underwriter—International Services Corp., July 27, Paterson, N. J. flexible Telecredit, Inc. processing systems. Proceeds—For organizational ex¬ establishment of service centers and reserves. Office—100 W. 10th Street, Wilmington, Del. Under¬ penses, writer—Globus, Inc., New York (managing). Telephones, Inc. 26, 1961 filed 250,000 common shares, of which 200,000 shares are to be offered by the company and shares by stockholders. Price—By amendment. holding company with eight telephone sub¬ Business—A Office—135 So. La Salle St., Chicago. Under-/ writers—Hayden, Stone & Co., New York and McCormick & Co., Chicago. TelePrompTer Corp. (8/16) July 6, 1961 filed $5,000,000 of convertible subordinated, debentures due 1976. Price—By amendment. Business— The manufacture of communication systems and equip¬ ment. Proceeds—For repayment of loans and working capital. Office—50 W. 44th St., New York. Underwriter —Bear, Stearns & Co., New York (managing). ^■Televiso Corp. Aug. 8, 1961 filed 97,400 shares, of which 60,000 company and 37,400 shares by stockholders. Price—By amendment. Business shares to are be common offered —The manufacture of by the electronic and electro-mechanical apparatus used as ground to air aids to aircraft naviga¬ tion. Proceeds—For repayment of loans, purchase of a plant and working capital. Office — Wheeling & Ex¬ change, Roads, Wheeling, 111. Underwriter—Kalman Co., St. Paul (managing). and metal parts manufacturers. Proceeds—For working capital and general corporate purposes. Office— Y. Underwriter—Levien, ; 701 Atkins Ave., Brooklyn 8, N. Greenwald & Co., New York. Templeton Damroth Corp. March 30, 1961 filed $445,000 of 5%% convertible de¬ bentures, due 1969. Price — 100% of the principal amount. Business — The management and distribution of shares of four investment companies, and also private investment counselling. Proceeds—To increase the sales efforts of subsidiaries, to establish a new finance com¬ and for general corporate purposes. Office—630 Third Avenue, New York City. Underwriter—Hecker & Co., Philadelphia, Pa. Offering—Expected in late Aug. Investors, Inc. May 16, 1961 filed 500.000 shares ol common stock to be publicly offered, and 4,206 common shares to be offered to holders of the outstanding common on the basis of one new share for each nine shares held. Prices—$12.50 per share for the public offering and $11.40 per share for the rights offering.. Business—A small business in¬ vestment company. Proceeds — To finance the com¬ pany's activities of providing equity capital and long term loans to small business concerns. Office—Life and Casualty Tower, Nashville, Tenn. Underwriter—Paine, Webber, Jackson & Curtis, New York City (managing). Terry Industries, Inc. Feb. 28, 1961 filed 1,728,337 shares of common stock of which 557,333 shares are to be offered for the account 150,000 common shares (par a a Tri Thermo-Chem June be Corp. * 14, 1961 filed 130,000 common shares. Price—$4.50. Thermotronics Corp., Inc. July 10, 1961 ("Reg. A") 100,000 common shares (par 10 cents). Price—$3. Business—Research and development and devices, principally an elec¬ Proceeds—For raw materials, plant New Office—30 N. LaSalle wholesale stores. Turf & ' *. of food Proceeds—For repayment products Union of debt and June Water Office— 121 Miller Securities of loans and inventory. *— Corp., Atlanta, Ga. Tinsley Laboratories, Inc. 29, 1961 ("Reg. A") 100,000 capital shares (par 16% cents). Price—$3. Proceeds—For repayment of loans, purchase of equipment and working capital. Of¬ fice—2448 Sixth St., Berkeley, Calif. Underwriter— Troster, Singer & Co., New York. • • < June Tor Education, Inc. 100,000 capital shares. Price — By amendment. Business—The production of self instruc¬ tional courses and devices. Proceeds—For purchase of July 28, 1961 filed Paddock, Inc. 'rV.'Y- \ Leagues, Inc. 28, 1961 filed $700,000 of 7% subordinated sinking 1976 (with attached warrants) and 140,000 common shares to be offered in units consisting 80 common shares and $400 of debentures. Price—• of Electronics, Inc. St., Tampa; Underwriter 62Y2 cents per fund debentures due unit. Business—The operation of bowling cen¬ of debt, acquisition of a warehouse and working capital. Office—11459 E. Impe¬ $800 July 20, 1961 ("Reg. A") 41,500 class A common shares (par $2.50) and 83,000 class A common shares (par $1) to be offered in units consisting of one class A and two class B common shares. Price—By amendment. Proceeds S. —r ^ Union Finance Corp. 1 July 24, 1961 ("Reg. A") 14,000 class A common shares (par $1). Price—$10.50. Proceeds—For working capital. Office—505 Twiggs St., Tampa, Fla Underwriter—None. corporate purposes. Office—Church & Hender¬ son Rds., King of Prussia, Pa. Underwriter—Kidder, Peabody & Co., New York (managing). —For repayment (par 25 cents). Price Co., Inc., Washington, D. C. general Thurow Y 26, 1961 ("Reg. A") 100,000 common shares (par one cent). Price—$3. Proceeds—For working capital.Office—One State St., Boston. Underwriter—Shawe & Co., Inc., Newark, N. J., distribution . June Thriftway Foods, Inc. July 13, 1961 filed 140,000 common shares, of which 66,915 shares are to be offered by the company and 73,085 shares by stockholders. Price—By amendment. retail •. L(letter of notification) 400,000 Shares of gines, and related activities. Proceeds—For research and development, and working capital.; Office—1346 Con¬ necticut Ave., N. W., Washington, D. C. Underwriter—■} T. J. McDonald & Co., Washington, D. C. breeding of thoroughbred race horses. purchase land, build a stable, and buy additional horses. 'Office—8000 Biscayne Blvd., Miami, to A;/ Turbodyne Corp. . a May 10, 1961 filed 200,000 shares of common, stock. Price. —$2 per share. Business The research; development,, manufacturing and marketing of space and rocket en-< The Business—The YorkY;-*-; Bldg., Seattle, Wash. Underwriter-^H;„P. Pratt & Co., Inc.. Seattle, Wash. , V ;v v Proceeds—To City. company. rities St., Thoroughbred Enterprises; Inc. (8/21) June 2, 1961 filed 85,000 common shares. Price—$4. Underwriter—Sandkuhl & York. common-stock plus. Office—457 Starks Bldg., Louisville. Underwriter— Stein Bros. & Boyce, Louisville. Fla. .Price—$6.^ share. Proceeds—For mining expenses; Of fice^r-511Secu-> ★ Thomas Jefferson Insurance Co. July 27, 1961 ("Reg. A") 63,750 common shares (par $1). Price—$4.70. Proceeds—To increase capital and sur¬ and New York t industrial finance working capital.- Office-yl 107, Broadway, Underwriter—Trinity Securities Corp., 40 April 7, 1961 , Chicago. Underwriter—None. — and Tungsten Mountain Mining. Coj . investment. consumer Exchange Place, New 30 North La Salle Street Realty Fund July 3, 1961 filed 200,000 shares of beneficial interests.. Price—$5. Business—A real estate investment company. Proceeds—For 1961 filed 250,000^ common. shares. Proceeds—For ^ . 19, Business—A Underwriter—J. B. Coburn Associates, .. etc;'" It also engages in Trinity Funding Corp;-:(8/21:-25jn^ June electrical equipment, advertising research and development working capital. Office—27 Jericho Turnpike, Mine- ola, L. I., N. Y. Inc., New York. by the stockholders. Price—At the market. designing, cconverting and equipping —The and manufacture of vacuum furn¬ aces, ovens and components in the fabrication of metal equipment for the food; pharmaceutical and chemical industries. Proceeds—For the selling stockholders. Of-, fice—Bennard & Warrington Sts., East Riverton, N. J.t Underwriters—R. L. Scheinman & Co., New York and Blaha & Co., Inc., Long Island City/N. Y.'v* loan, and purchase equipment, for re¬ development, administrative expenses and — Noeland Ave., Penndel, Pa. Underwriter—Best & Garey Co.. Inc., Washington, D. C. and Inc* the research, design and tronic water heater. Works, trucks used in sale of ice cream; working capital. Office of electronic and offered Business Business—The manufacture of coatings for fabrics. Pro¬ search Metal ,J[une 29, 1961 filed 68,000 outstanding common shares to Trenton, N. J. Underwriter—D. L. Capas Co., New York. pany, Tennessee ("Reg. A") Price—$2. Business—The manufacture of heating tape. Proceeds—For construction of research and development, ^ales. engineering working capital. Office — 500 Edgewood Avenue, and Business Templet Industries Inc. June 2, 1961 ("Reg. A") 100,000 common shares (par 25 cents). Price—$3. Business—Licenses patents to diemakers 1961 cents). ceeds—To repay a July 50,000 10 Corp. machine, July 24, 1961 filed 155,000 common shares. Price—$1. Business—The development of high-speed electronic data sidiaries. Industries Thermionix ters. rial _ per Proceeds—For repayment Highway, Henderson & United Norwalk, Calif. Underwriter — Holton, Co., Los Angeles. Investors Corp. (8/28-9/1)- » May 26, 1961 filed 76,109 shares of class A stock. Price —$10 per share. Business—The company plans to ac¬ quire 15 realty properties in eight states. Proceeds—Fo^ the repayment of debt, property acquisitions, and work¬ ing capital. Office—60 E. 42nd Street, New York City. Underwriter—None. * U. S. Dielectric Inc. - w,:,. iv. :>;:)/ July 24, 1961 ("Reg. A")99,990 commdn shares (par 10 cents). Price—$3. Business—The manufacture and dis¬ tribution TTnp of epoxy-resins rQnn.rmont <->-P for. potting uses. Proceeds— "H^UPlrtrmPnt. y Volume moving Adams 194 Number 6080 . . . expenses and working capital. Office 140 St., Leominster, Mass. Underwriter Richard Co., Inc., New York. — — Bruce & U. S. • Fiberglass Products Co. (8/14) April 27, 1961 filed 200,000 shares of common stobk. Price—$2 per share. Business—The company plans to manufacture fiberglass shingles, beams, purlin and other materials. and Proceeds — equipment, and For working sales capital, promotion. inventory Office Clark- — ville, Texas. Underwriter—Hauser, Murdock, Rippey & Co., Dallas, Texas. U. S. Home & Development Corp. (8/17) May 11, 1961 filed 300,000 shares of class A capital stock. Price—To be supplied by amendment. Business The planning, development and marketing of single-family— home communities in New Jersey. Proceeds—For the repayment of loans, purchase of land and development of properties. Office — 52 Neil Ave., Lakewood, N. J. Underwriter—Auchincloss, Parker & Redpath, Washing¬ ton, D. C., and New York City. • > , . U. S. Markets, Inc. July 31, 1961 filed 200,000 000 shares shares shares, of which 160,by the company and 40,000 stockholder. Price—$5. Business—The op¬ chain of supermarkets and other retail food by a eration of a common to be offered are stores in the San Francisco of ment area. Proceeds—For repay¬ loans, working capital and general corporate Office—60 Fallon Street, Oakland, Calif. Un¬ derwriter—Stanley Heller & Co., New York. purposes. U. S. Plastic & Chemical Corp. July 11, 1961 filed 125,000 common (8/28-9/1) shares. Price — By amendment. Business—The manufacture of plastic mate¬ rials for use by the button and novelty industries. Pro¬ ceeds—For the repayment of debt, expansion, and work¬ ing capital. Office — Metuchen, N. J. Underwriter— Adams & Peck, New York. .. '. Fund, Inc. investment.'Office—20. W. 9th Street, Kansas City, Mo. Underwriter^-Waddell • & Reed, Inc., Kansas City, Mo. Offering—Expected in early November. ,, . ^ Universal Electronics, Inc. // ; ■ July 27, 1961 ("Reg. A") 213,000 common shares (par 10 cents). Price^$l;,i5i. :O^ffice-r-402 Minnesota Bldg., St. Paul; • Underwfiter^Br.ap'dtjeh? Bayliss, St. Paul. Universal Health,;Inc...V ("Rbg. A")/100,000 common Fiber shares. Price Glass Corp. 18, 1961 filed 275,000 outstanding common shares sold by stockholders. Price—$10. Business—The manufacture of fiber glass reinforced plastic. Proceeds •—For the selling stockholders. Address—Commonwealth June to be Ave., Bristol, Va. Underwriter—A. G. Edwards & Sons, St. Louis (managing). Universal Publishing & Distributing Corp. 28, 1961 filed 50,000 6% cumulative preferred shares (par $10) and 50,000 common shares to be offered in units, each consisting of one preferred share and one common share. Price—$15 per unit. Business—The pub¬ June lishing of magazines and paper bound books. Proceeds— For expansion, additional personnel, sales promotion, working capital and other corporate purposes. Office—• 117 E. 31st Street, N. Y. Underwriter—Allen & Co., New York. Inc. Aug. 1, 1961 filed 200,000 common shares, of which 100,000 will be offered for public sale and 100,000 to stock¬ holders of Houston Fearless Corp., parent company, on the basis of one share for each 30 shares held of record Sept. 1. Business — The sale of medicine, surgical and laboratory equipment manufactured by others. Proceeds —For the repayment of debt. Office — 9107 Wilshire Blvd., Beverly Hills, Calif. Underwriter — DempseyTegeler & Co., Inc., St. Louis. Upjohn Co. July 28, 1961 filed 633,400 amendment. Business—The common shares. manufacture of Price — By drugs. Pro¬ ceeds—For the selling stockholders. Office—7000 Port¬ Rd., Kalamazoo, Mich. Underwriter—Morgan Stanley Co., New York (managing). age 27, 1961 amendment. bank loans filed 400,000 common shares. Price—By Proceeds — For expansion, repayment of Office — 950 56th St., and working capital. Oakland, Calif. Underwriter—Wilson, Johnson & Higgins, San Francisco (managing). ; —$4 per share. high Business—The manufacture of industrial systems vacuum and equipment. Proceeds — For the repayment of debt, plant expansion, equipment, sales promotion and working capital. Office—Northport, N. Y. Underwriter Stanley R. Ketcham & Co.",1 New York. Offering—Expected in late August. — if Vending International, Inc. July 27, 1961 ("Reg. A") 70,588 10 cents). Price—$4.24. Proceeds C. Underwriter—H. P. Black common & Co., Inc., Washing¬ ton, D. C. • Valley Title & Trust Co. June . filed 120,000 common shares. Price—$5. Business—The writipg and selling of title insurance and the acting as trustee-and escrow agent. Proceeds—For working capital, reserves and other corporate purposes. 13, Vic Tanny Enterprises, Inc. (9/5) 11, 1961 filed 320,000 shares of class A common (par 10 cents) of which 120,000 shares will be of¬ fered for the account of the company and 200,000 shares by the present holder thereof. Price—To be supplied by amendment. Business—The operation of a national chain of gymnasiums and health centers for men and women. May stock 1961 City. Vinco Corp. (8/14) 19, 1961 filed $2,000,000 of 6% convertible subor¬ of princi¬ pal amount. Business—The production of gauges and measuring instruments and the manufacture of precision parts and subassemblies for the aircraft, missile and industries. Price—At 100% Proceeds—For the repayment of debt, expansion, working capital and reserves for possible fu¬ ture acquisitions. Office—9111 Schaefer Highway, De¬ Price—$11. company. Pro¬ New York * Watson Electronics & Engineering Co., Inc. July 25, 1961^ ("Reg. A") 75,000 common shares (par 10 cents). Price — $4. Proceeds—For manufacturing, laboratory and office facilities, equipment and working capital. Office—2603 S. Oxford St., Arlington, Va. Un¬ derwriter—Hodgdon & Co., Inc., Washington, D. C. Wesco industries, Inc. July 19, 1961 ("Reg. A") 80,000 common shares. Price— $3. Business—The manufacture of pumps, mist coolant general tanks and machine component parts for the mis¬ ment, Proceeds—For moving expenses, equip¬ and development, and working capital. Burbank, Calif. Underwriter — First Madison research Office — Corp., New York. West Coast Bowling Corp. (8/30) May 26, 1961 filed 128,434 shares of common stock, of which 115,000 shares are to be offered for public sale by the company and 13,434 outstanding shares by the present holders thereof. Price—$9.75 per share. Busi¬ ness—The company plans to acquire and operate centers primarily in California. Proceeds—For corporate purposes. Office—3300 West bowling general Olive Avenue, Burbank, Calif. Underwriter—Hill Richards & Co. Inc., Los Angeles (managine). Western Factors, Inc. 700,000 shares of common stock. Price share. Proceeds—To be used principally for the purchase of additional accounts receivable and also may be used to liquidate current and long-term liabil¬ per ities. Office 1201 Continental Bank Bldg., Salt Lake City, Utah. Business—Factoring. Underwriter—Elmer K. Aagaard, Newhouse Bldg., Salt Lake City, Utah. — Western Union July 12, for fered Telegraph Co. (9/8) 1961 filed 1,075,791 common shares to be of¬ subscription by stockholders on the basis of troit, Mich. Underwriter—S. D. Fuller & Co., New York share for each six shares held of record Sept. 8, 1961. Price—By amendment. Proceeds—For repayment of loans and ^expansion. Office—60 Hudson St., New City (managing). York. * ; » common shares (par one Business—The manufacture of a patented heat and mass transfer system. Proceeds—For cent). Price—$2.50. equipment, filing of patents, inventory, ^advertising and promotion. Address—2 West 45th Street, New York. Underwriter—Glass & York one new Underwriters—Kuhn, Loeb Brothers, New York • Ross, Inc., 60 E. 42nd Street, New 17, N. Y. Voron Electronics Corp. July 28, 1961 filed 100,000 class A shares. Price — $3. Business—The manufacture of electronic test equipment, the sale, installation and servicing of industrial and commercial communications equipment and the furnish¬ ing of background music. Proceeds—For tooling, pro¬ Wetterau June 27, institutions. Proceeds—For working capital. Office—350 Avenue, New York. Underwriter—A. J. Gabriel Co., Inc., New York. Z. Fifth Wisconsin Power & Light Co. (par $100) shares. common manufacture of of frozen foods. Proceeds—For the selling stockholders. Office—13 Vesey St., Newark. Underwriter—None. Wainrite the distribution Wald Research, Inc. $3. Business The manufacture of ground support equip¬ ment for the aircraft, misisle and related industries. Pro¬ ceeds—For repayment of loans, purchase of equipment and inventory, working capital and general corporate purposes. Office—79 Franklin Turnpike, Mahwah, N. J. Underwriters Martinelli & Co., New York and E. R. Davenport & Co., Providence, R. I. 1961 filed 65,000 common filed of and shares to employees and preferred Aug. 10, 1961, with rights to ex¬ pire Aug. 30, 1961. Price—By amendment. Proceeds— For construction. Office—122 W. Washington Avenue, Madison 1, Wis. Underwriters—Smith, Barney & Co., 15,000 New York and Robert W. Baird & shares. Price — — — Waldbaum, Inc. July 21, 1961 filed 183,150 common shares, of which 120,000 shares are to be offered by the company and 63,150 Co., Inc., Milwaukee (managing). Wonderbowl, Inc. 6, 1961 (letter of notification) Stores, Inc. 23, 1961 ("Reg. A") 100,000 common shares (par 10 cents). Price—$3. Business—The operation of dis¬ count merchandising centers. Proceeds—For repayment of loans, expansion and working capital. Office—691 E. Jericho Turnpike, Huntington Station, N. Y. Underwriter —Omega Securities Corp., New York. July 26, (8/15) 65,000 cumulative preferred shares which 50,000 shares will be offered to 1961 stockholders of record Business—The and new Wilco Commercial Corp. < July 21, 1961 ("Reg. A") 100,000 common shares (par 10 cents). Price—$3. Business—The financing of business public cakes and other pastries common — Joshua & pies, Lehman (managing). 17, Price—At-the-market. and shares; Price—By equipment and working capital. Office — 7100 Englewood Ave., Hazelwood, Mo. Underwriter G. H. Walker & Co., Inc., New York July Wagner Baking Corp. July 5, 1961 filed 50,637 outstanding Co. .<fH 100,000 amendment. Proceeds—For duction, engineering, inventory and sales promotion of Co., Inc., and Reuben Rose & Co., New York. & (managing). Foods, Inc. 1961 filed its products and for working capital. Office — 1230 E. Mermaid Lane, Wyndmoor, Pa. Underwriters — John Feb. 150,000 shares of ($2 per share). Proceeds —To discharge a contract payable, accounts payable, and notes payable and the balance for working capital. Office —7805 Sunset Blvd., Los Angeles, Calif. Underwriter— Standard Securities Corp., Los Angeles, Calif. stock. common Price—At par ic Wood Manufacturing Co., Inc. 24, 1961 ("Reg. A") 250,000 common shares (par $1). Price—$12.05, $1.24, $1.25. Proceeds—For working capital, repayment of loans, purchase of equipment, ad¬ vertising and building construction. Office—1035 Chest¬ nut St., Conway, Ark. Underwriter—J. P. Penn & Co., July Minneapolis. • , ; : : •; World Scope Publishers, Inc. July 31, 1961 filed 300,000 common shares. Price—By amendment. Business—The publishing of encyclopedias and other reference books. Proceeds—For repayment of the working capital and general corporate purposes. Broadway, Lynbrook, N. Y. Underwriter— Standard Securities Corp., New York. wholesaling of food products. Proceeds—For repayment of loans, expansion, inventory and other corporate pur¬ poses. Office—2300 Linden Boulevard, Brooklyn, N. Y. Enterprises, Inc. 1961 filed 130,000 common shares. Price—$4. Business—The operation of bowling centers. Proceeds— For repayment of shares by the stockholders. Price—By amendment. Busi¬ ness—The operation of a supermarket chain Shields & Co., New York Offering—Expected in late September. — Walter Sign Corp. and (managing). The manufacture and Dreyling & Co., 25 Livingston Ave., New Brunswick, N. J. Valve Corp. of America July 26, 1961 filed 160,000 common shares, of which 75,000 shares are to be offered by the company and 70,000 shares by stockholders. Price—$7. Business—The manufacture of valves and accessories for aerosol con¬ installation of highway of debt and working capital. Office^—1720 • Fairfield Ave., Bridgeport, Conn. Underwriter — Lomasney, Loving & Co., New York tainers. 5 Proceeds—FOr repayment ' - 'r* tion, inventory and reserves. Office—4700 76th St., Elmhurst, L. I., N. Y. Underwriter—Amber, Burstein & Co., 40 Exchange Place, New York 5, N. Y. Washington Engineering Services Co., Inc. (9/1) 29, 1961 filed 375,000 common shares. Price—$1. Business—The servicing of manufacturing companies and engineering professions, through various training pro¬ grams. Proceeds—For / leasehold improvement, repay¬ ment of loans and working capital. Office—4915 Cordell Avenue, Bethesda, Md, Underwriter—None*:.... June Office—290 World Wide Bowling July 20, —Fraser & (9/15) March 30, 1961 (letter of notification) 100,000 shares of common stock (par one cent). Price—$3 per share. Busi¬ — debt, debt, expansion and working capital. Philadelphia. Underwriter Office—2044 Chestnut Street, writer investment Office—122 E. 42nd Street, New Underwriter—Hornblower & Weeks, (managing). —$1.50 City. Underwriter—S. D. Fuller & Co., New York other business York. York signs. Proceeds—For the reduction of debt, sales promo¬ /(managing). J.;.- ' small ceeds—For investment. June 29, 1960 filed ness Louis R. Business—A Proceeds—The company will use its part of the proceeds for the opening of new gymnasiums and the promotion of home exercise equipment. Office—375 Park Ave., New Office—1001 North Central Ave., Phoenix, Ariz. Under¬ — Water Industries Capital Corp. July 21, 1961 filed 964,100 common shares. sile industries. shares (par — For repayment of debt, expansion and a new building. Office—c/o Brownfield, Rosen & Malone, 1026-16th St., N. W., Washington, D. 45 Underwriter Vacu-Dry Co. June Equipment, Inc. May 29, 1961 filed 80,000 shares of common stock. Price June Universal Surgical Supply & Lab. Vol-Air, Inc. J. : July 2?r 1961" C?Reg.' Asv) 96,000 —$3.y Business —^The operation of a chain of health expansion, advertising, financing of time payment memberships and other corporate pur¬ poses. Office—15A South Maih St., West Hartford, Conn. Underwriter-^-Cortlandt Investing Corp., 120 Wall St., New York. '/ Moulded Vatronic . studios. Proceeds—For Universal New York. dinated debentures due 1976. April 11, 1961 filed 2,500,000 shares of stock. Price—$10 share. Business—A new mutual fund. Proceeds—For ; and working capital. Office — 397 Seventh Brooklyn, N. Y. Underwriter — Kenneth Kass, May per June 14, 1961 receivable Ave., . (625) Varitron Corp. July 25, 1961 filed 100,000 shares of common stock. Price —$2. Business — The manufacture of electronic items, principally TV and radio parts. Proceeds—For equip¬ ment, financing of merchandise, imports and accounts • United Variable Annuities 6..- . The Commercial and Financial Chronicle Co., Philadelphia. Wyoming Wool Processors, Inc. June 5, 1961 Business—The filed 700,000 common shares. Price—$1. processing of wool. Proceeds—For the purchase of equipment, building rental, and working capital. Address—Box 181, Casper, Wyo. Underwriter —None. XTRA, Inc. June 28, 1961 filed 182,570 common shares of which 160,000 shares are to be offered by the company and 22,570 stockholders." Price—By amendment. Business leasing of truck trailers to railroads or customers Proceeds—For repayment of debt and for shares by —The of railroads. t . • Continued on page 46 46 '.t The (626) Commercial and Financial Chronicle . . Thursday, August 10, 1961 . 1 Continued jrom page 1 Office—150 Causeway Street, Boston. capital. working 45 Underwriter—Putnam & Co., Hartford, Conn.4 (manag¬ ing). 4' July 18, ; primary and rechargeable batteries. Proceeds—For pur¬ }■> manufacture chase and installation of equipment and O)' of silver-zinc property, work¬ ing capital and other corporate purposes. Office—40-52 St., New York. Underwriter—Kidder; Peabody Leonard :1 & r: Vi>> i| ■' ' w* :| V l' common Business—The amendment. ^ ' 1961 filed 200,000 shares. Price—By ; 4 !•* ^ ~ "June 28, 1961 class A shares. Price—By amendment. Business—The testing of industrial and consumer products. Proceeds—For the establishment of a new laboratory and the purchase of equipment. Office— 1 Atlantic Street, Stamford, Conn. Underwriter—Allen Corp. filed 75,000 1 (managing). Zep Aero fi>- i 4 !ju Corp. July 20, 1961 filed 110,000 common shares, of which 90,- •{if 000 shares :!'{ shares Zion Foods are by the company and 20,000 to be offered Price—$5. Business— The processing of meat and poultry. Proceeds—For in¬ ventory and plant expansion. Office—482 Austin Place, Bronx, N. Y. Underwriter—Finkle & Co.,, New York >v<} WJ *v< Best July 25, 1961 file to Co., New York (managing). Plastic Corp. it was that this company plans reported "Reg. A" shortly covering 125,000-common shares. Price—$3. Business—The manufacture of plastic a 39th St., Brooklyn, N. Y. Underwriters—S. B. Co., and John R, Maher Associates, New York. Cantor Carbonic Equipment Corp. 28, 1961 it was reported that a "Reg. A" will be filed covering 100,000 common shares. Price $3. Proceeds —For expansion of the business. Office—97-02 Jamaica June Ave., Woodhaven, N. Y. Underwriter Co., Inc. Caxton shares, of which 30,000 shares are to be offered by the company and 20,000 shares by a stockholder. Price—By amendment. Business —The manufacture of oxygen systems and accessories for aircraft. Proceeds For inventory, plant improve¬ ment, equipment and working capital. Office—113 Sheldon St., El Segundo, Calif. Underwriter—Francis J. Mitchell & Co., Inc., Newport Beach, Calif. common — 'l.f tif) derwriter—S. D. Fuller & fice—945 York Research July 28, 1961 filed 50,000 :| 4 and party favors for children. Proceeds—For expansion. Of¬ Co., Inc., New York. & Co.. New York <•>(? shares to raise some $2,500,000. Business—Research, production of items in the fields of medical electronics, etc. Proceeds — For expansion and working capital. Office—43 Leon St., Boston, Mass. Un¬ mon development Yardney Electric Corp. W Bay State Electronics Corp. Aug. 2, 1961 it was reported that this company plans to file a registration shortly covering about 270,000 com¬ by a selling stockholder. — R. F. Dowd & House Corp. reported that a full filing of this company's stock, constituting its first public offering, will be made. Price—Approximately $3 per share. Busi¬ ness—Book publishing. Office—9 Rockefeller Plaza, New York City. Underwriter—To be named. - Jan. 24, 1960 it was Central Louisiana Electric Co., 1961 it was reported that the company is con¬ sidering the issuance of $6,000,000 of bonds or deben¬ the latter part of 1961. Office — 415 Main St., Pineville, La. Underwriters—To be named. The last is¬ sue of bonds on April 21, 1959 was bid on by Kidder, Peabody & Co. and Rauscher, Pierce & Co., Inc. (joint¬ ly); Salomon Bros. & Hutzler, and Merrill Lynch, Pierce, & Fenner Smith Inc. (jointly); Halsey* Stuart & Co., Inc.; White, Weld & Co. (managing). Feb. 16, 1961 it was stated in the company's 1960 annual report that this utility plans to sell both first mortgage il4? ATTENTION ;:l? !:!» Do you have an Our i.H Corporation Department News so that we can would like an item prepare similar to those you'll find hereunder. Would write telephone you us at us REctor and 2-9570 at 25 Park Place, New York 7, N. common 000 construction UNDERWRITERS! issue you're planning to register? know about it to stock in 1962 to finance its $45,000,Office—Fourtin & Main Sts., Cincinnati, O. Underwriter—(Bonds) To be determined by competitive bidding. Probable bidders: Halsey, Stuart & Co. Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc. and Lehman Brothers (jointly); Morgan Stanley & Co. bonds and or W. E. Hutton & Co. (jointly),-, Blythjf Co., Inc., Corp. (jointly);'Eastman JDillon, Union Weld & Co. (jointly). The common stock (81,510 shares) was sold pri¬ Securities & Co., and White, in'l last issue of iir uV- reported that a "Reg. A" will be filed with the SEC shortly covering 100,000 common shares (par 50c). Priee—$3. Business—Automotive fabri¬ cating. Proceeds—To establish a new industrial air con¬ lit., ditioner m 1961 it 30, was division. All-American i-i'f Airways Co. 1, filed N', < writer—Edward Lewis Co. Inc., d- New York City (manag¬ ing). V< 1(» ^ AIuma-Rail, Inc. Aug. 9, 1961 it was reported that a ("Reg. A") will be filed shortly covering 100,000 common shares. Price— $3. Business — The manufacture of new color anodized vt ,U aluminum chain link fencing. irf h)- and expansion. plant Kearny, N. J. Proceeds—For inventory Office Underwriters — 44 New York. •N Appalachian Power Co. 1, 1961 it was reported j!;>. Feb. •'fi American ',\t < /<> ■ M ;'V t Electric that this subsidiary /•« Arizona jm» I i Public Service Co. 4 i •<: May 26, 1961 it was reported that this company is con¬ sidering the sale of about $5,000,000 of preferred stock this summer and about $35,000,000 of first mortgage bonds —501 •> # in November. South Third To be named. Proceeds—For construction. Office Ave., Phoenix, Ariz. Underwriters—> The last sale '•i 18, 1958 f.f '•i 26, 1959 Co., and of preferred stock on June the First Boston Corp. The made privately through Blyth & Co., and last sale of bonds on March also handled privately through Blyth & First Boston Corp. However, the company stated that there is a possibility that these bonds will be sold at competitive bidding, in which case the follow¬ ing are expected to bid on them: Halsey, Stuart & Co. Inc.; Kidder, Peabody & Co.; First Boston Corp.; Blyth & Co.; White, Weld & Co., Inc., and Merrill Lynch, Pierce, Fenner & Smith Inc. < ■ was V» it I! ;•* was i Baltimore Gas & Electric Co. vf V'» •i May 15, 1961 it was reported that this company plans to issue about $20,000,000 of first mortgage bonds in late 1961 or early 1962. Office — Lexington and Liberty i f ,'i i . i i > * i{ . Baltimore 3, Md. Underwriters—To be deter¬ mined by competitive bidding. Probable bidders: Halsey, Stuart & Co. Inc.; White, Weld & Co., and First Boston Corp. (jointly); Harriman Ripley & Co., Inc., Streets, and Alex. Brown & Sons « Columbus (jointly). & Southern manufacture of Offering—Expected in Dec. -— Delaware Power & Light Co. it was reported that the company has postponed until early 1962 its plan to issue additional Feb.^ 7, 1961 stock. common 10 The stockholders first mon shares held. offering would be made to com¬ on the basis of one share for each Based on the number out¬ shares of standing on Sept. 30, 1960, the sale would involve about 418,536 shares valued at about $14,600,000. The last of¬ fering of common to stockholders in June, 1956, con¬ sisted of 232,520 shares offered at $35 a share to holders of record eight June shares 6, on held. the basis of one share for each Office construction. Proceeds—For —600 Market; Street, Wilmington, Del. Underwriter-*— be determined by competitive bidding. Probable To bidders: Carl M. Loeb, Rhoades & Co., New York; W. C. Co., and Union Securities Co. (jointly); Leh¬ Brothers; First Boston Corp.; White, Weld & Co., man and Shields & Co. (jointly); Kidder, Peabody & Co., and Lynch, Pierce, Fenner & Smith Inc. (jointly).^ Merrill Dixie Pipeline Co. April 17, 1961 it was reported that this firm, recently eight major oil companies, plans to build a 1,100 mile liquified petroleum gas pipeline from Texas formed by and Louisiana to Mississippi, Alabama, Georgia and the that the multi-million dollar pipeline will be financed in part by the sale of bonds and that it will be in operation by late 1961. Office—• Tulsa, Okla. Underwriters—First Boston Corp.; Morgan Stanley & Co.; Carl M. Loeb, Rhoades & Co. It Exploit March 8, a is expected Films, 1961 it Inc. ~ reported that this was > plans company full filing covering 100,000 common shares. Price—$5 share. Proceeds—For the production of TV and mo¬ tion picture films, the reduction of indebtedness, and for per working capital. Office—619 W. 54th Street, New York City. Underwriter—McClane & Co., Inc., 26 Broadway, New York City (managing). National Bank of Toms River (N. J.) March 22, 1961 it was reported that stockholders voted on this date to increase the authorized stock to provide for payment of a 66%% stock dividend and sale of 20,000 new shares basis of one of (par $5) to stockholders on the share for each 20 shares held of record common new July 17, with rights to expire Aug. 17, Price — $22 share. Proceeds—To increase capital. Office—Toms River, N. J. Underwriter—None. per Florida Power & Light Co. May 11, 1961, it was reported that the company may is¬ System, Inc. Ohio Electric Co. > 13, 1961 it was reported the company will sell about $10,000,000 additional common stock in late 1961. Proceeds—For expansion purposes. Office—215 N. Front St., Columbus 15, Ohio. Underwriter—Dillon, Read & Co. Commonwealth Edison Co. July 12, 1961 it was reported that the company plans spend $720,000,000 on construction in the five-year period 1961-65 and that the program would require bonds in the second half of 1961 sue to finance its cur¬ rent $40,000,000 construction program. Office—25 S. E. 2nd Ave., Miami, Fla. Underwriter—To be determined by competitive bidding. Probable bidders: Merrill Lynch, Pierce, Fenner & Smith Inc and Kidder,'Peabody & Co. (jointly); Halsey, Stuart & Co., Inc.; White, Weld & Co.; First Boston Corp.; Blyth & Co., Inc. Gabriel Co. April 27, 1961, the company announced plans to form a new subsidiary, Rocket Power, Inc., by merging the present Rocket Power, Talco and Bohanan divisions. In the fall offered of 1961, stock of the new subsidiary would be through subscription rights to Gabriel stockhold¬ and debenture holders with about 20% ers of the offer¬ ing going to the public. Office —1148 Euclid Avenue, Cleveland, Ohio. Underwriters—To be named. The last financing by the company in September, 1959, was han¬ dled by Carl M Loeb, Rhoades & Co., New York City and Prescott, Shepard & Co., Inc., Cleveland. - to $150,000,000 of outside financing. Present plans call for $40,000,000 of debt financing in 1962 and about $20,000,000 in each of the following three years. No common or preferred stock financing is planned during the period. Office 72 West Adams St., Chicago 90, 111. Under¬ writers To be determined by competitive bidding. — : «' Gas March of .v» Springs, Colo. April 24, 1961 it was reported that this company is con¬ sidering the sale of either $20,000,000 of debentures, or $25,000,000 of common stock in the fall. Office—120 East 41st Street, New York 17, N.- Y. Underwriters—To be determined by competitive bidding. Probable bidders on the debentures: Halsey, Stuart & Co. Inc.; Morgan Stanley & Co.; Merrill Lynch, Pierce, Fenner & Smith Inc., and White, Weld & Co. (jointly). The last sale of common stock on May 4, 1960 was handled by a group headed by Merrill Lynch, Pierce, Fenner & Smith Inc.; Shields & Co.; R. W. Pressprich & Co., and Carl M. Loeb, Rhoades & Co. Power Co., Inc., plans to sell $35,000,000 to $40,000,000 of bonds late in 1961 or early in 1962. Office—2 Broadway, New York City. Underwriters —To be determined by competitive bidding. Probable bidders: Halsey, Stuart & Co., Inc.; First Boston Corp.; Harriman Ripley & Co., Inc.; Kuhn, Loeb & Co. and Eastman Dillon, Union Securities & Co. (jointly). Mr. A. N. Porter of the treasury Columbia Passaic Avenue, Omega Securities Corp., — rado Mich. Underwriter— 1961 it was reported that a "Reg. A" will be shortly covering 75,000 shares of common stock. Price—$4 per share. Office—Danbury, Conn. Under¬ May •'t4 /. Office—Adrian, Morrison & Frumin, Inc., Detroit. yh >\h- Business—The Magazine & Broadcasting, Inc. May 3, 1961 it was reported that this corporation will issue stock later this year. The firm denied the report. Business Publishing and allied fields. Office — 488 Madison Ave., New York City. Underwriter—Goldman, Sachs & Co., New York City (managing). First Co. department that the • company is awaiting a hearing before the full FPC with reference to approval of its application for expansion of its sys¬ tem, which will require about $70,000,000 of debt fi¬ nancing which is expected in the latter part of 1961. Proceeds—For expansion. Office—P. O. Box 1087, Colo¬ company's Adrian Steel Co. June Gas Oct. 17, 1960 it was reported by Prospective Offerings f'U Interstate shares. common Cowles vately to employees in August, 1960. Colorado of Underwriter—To be named. program. and First Boston Y. ber contact lenses. Office—353 East Main St., Rochester, N.Y. Carolinas. Cincinnati Gas & Electric Co. ;.iy 19, 1961 it was reported that this company plans a "Reg. A" shortly covering an undisclosed num¬ to file Langley Inc. Feb. 21, tures in Contact Lens Guild, Inc. June — Probable bidders: Co. First Boston Corp.; Halsey, Stuart & Inc.; Glore, Forgan & Co. Consolidated Edison Co. of New York, Inc. May 16, 1961, H. C. Forbes, chairman, stated that the company must issue almost $100,000,000 of securities in late 1961 and early 1962. He added that if the com¬ pany decides to issue any of the 1,000,000 shares of cumulative preference stock approved by shareholders at the May 15 annual meeting, it will be on the basis of convertibility into common with subscription rights to shareholders. Office—4 Irving Place, New York City. Underwriter—To be named. The last rights offer¬ ing to stockholders (of debentures) on Jan. 28, 1959 was underwritten by Morgan Stanley & Co., and First Bos¬ ton Corp., both of New York City. The last sale of bonds on Nov. 23. 1960 was handled by First Boston Corp., and Halsey, Stuart & Co., Inc. (jointly). Morgan Stanley & Co., also bid competitively on this issue. common Cosmetically Yours, Inc.' May 16, 1961 it was reported that this corporation is contemplating a public offering. Business—The manu¬ facturing and sale of cosmetics. Office —15 Clinton Street, Yonkers, N. Y. Underwriter—P. J. Gruber & Co., Inc., New York City. Georgia Bonded Fibers, Inc. Sept. 14, 1960 it was reported that registration of 150,000 shares of common stock is expected. Offices—Newark, N. J., and Buena Vista, Va. Underwriter—Sandkuhl and Company, Newark, N. J., and New York City. Offering —Expected in October. Georgia Power Co. .. . (10/18) Dec. 29, 1960 this subsidiary of the Southern Co., vapplied to the Georgia Public Service Commission for per¬ mission to issue $15,500,000 of 30-year first mortgage bonds, and $8,000,000 of new preferred stock. Proceeds— For construction, plant modernization or refunding of outstanding debt. Office—Electric Bldg., Atlanta 3, Ga. Underwriters ding. — Previous To be determined by competitive bid¬ for bonds included Harriman bidders Ripley & Co., Inc.; Lehman Brothers; Blyth & Co., Inc., Kidder, Peabody & Co., and Shields & Co. (jointly); First Boston Corp.; Morgan Stanley & Co.; Halsey, Stuart & Co. Inc.; Equitable Securities Corp., Eastman Dillon, Union Securities preferred were & Co. First (jointly). Previous bidders for Boston Corp., Lehman Brothers, Morgan Stanley & Co.; Eastman Dillon, Union Securities & Co.; and Equitable Securities Corp. Bids—Expected to be received on Oct. 18. ★ Glenmore Distilleries Co. Aug. 9, 1961, Joseph A. Engelhard, President, stated that the company cause it loans are plans thinks that to issue bonds later this year be¬ its $12,000,000 in outstanding bank "too heavy for out our volume." Business— The production and sale of domestic whiskeys. 660 South 4th Street, Louisville, Ky. Office— Underwriter—To Volume 194 Number 6080 . . The Commercial and Financial Chronicle . (627) be named. The company last sale of debentures on has never issued bonds, but its Sept. 12, 1952 was underwritten by Glore, Forgan & Co., New York City and associates. Gulf Power Co. New England Power Co. (10/25) Jan. 20, 1961 it was reported that this subsidiary of New England Electric System plans to sell $20,000,000 of first mortgage bonds. Office—441 Stuart St., Boston 16, Mass. Underwriters — To be determined ^12/7) Jan. 4, 1960 it was reported that this subsidiary of The Co., plans to sell $5,000,000 of 30-year bonds. Office—75 North Pace Blvd., Pensacola, Fla, Under¬ vious be determined by competitive bidding. Pre¬ Halsey, Stuart Si Co. Inc.; Mer¬ bidders included rill (jointly); First Boston Corp.; Lehman Brothers. & Hutzler and Drexel To be received Lynch, Pierce, Fenner Si Smith Inc.; Salomon Bros. & Co. (jointly); Equitable Secu¬ rities Corp.; Kidder, Peabody Si Co. and White, Weld & Co. (jointly). Bids—Expected to be received on Dec\ 7, 1961. ■ ' on Oct. 25, Appear Bids— St., Los Angeles, Calif. Underwriter—To be named. The on May 12, 1948 was handled a negotiated basis by First Boston Corp., New York City and associates. The last sale of bonds in April 1961 . last sale of preferred stock on $15,000,000 of common stock will be sold to stockholders through subscription ■ rights in September or October. Proceeds—For construction. Office—2223 Dodge St., Omaha 1, Neb. Underwriter—Blyth & Co., Inc., New York City (managing), (10/3) July 25, 1961 it was reported that this company plans to issue about $15,000,000 of debentures. Office — 285 Liberty Ave., Beaumont, Texas. Underwriters Com¬ petitive. Probable bidders: Salomon Brothers & Hutzler — Pacific Gas & July 25, 1961 it (jointly); Halsey, Stuart & Co. Inc.; Kuhn, Loeb & Co., Equitable Securities Corp. (jointly). ★ Teeco Automated Systems, Inc. Electric Co. Aug. 9, 1961 it was cisco. Underwriters First filed $3. 3, 1961 at 11 a.m. Information Meeting—Sept. 28 (11 a.m. EDST) at 70 Broadway (18th floor) New York City. Boston Hygrade Packing, Inc. June 28, 1961 it was reported that this company plans to sell about $500,000 of common stock. Business—The Proceeds ceeds—For Ozone expansion. Park, N. Y. Office—92-00 J. Avenue, Gruber, N. Y. 17^ shortly covering Bay Harbor, New York Maine. Feb. 1, Corp., For Metropolitan . Underwriter—Nance-Keith City. Edison it 1961 that this subsidiary of Corp., plans to sell about $10,,000.000 of first, mortgage bonds and $5,000,000 of deben* tures in August or September. Office —2800 Pottsville Pike, Muhlenberg Township, Berks County, Pa. Under-? writers To be determined by competitive bidding. Probable bidders: Halsey, Stuart & Co. Inc.; White, Weld Si Co.: Kidder. Peabody & Co. and Drexel & Co. (joint¬ ly); Blyth & Co., Inc. reported was General Public Utilities — . Milo Components, Inc. June 19, 1961 it was reported that this company plans to file a "Reg. A" covering 150,000 common shares Sel-rex N. J. working capital. Office Stream, N. Y. Underwriter— Co., New York. September. manufacture of teen-age apparel. Proceeds—For the sell¬ Los Angeles Street, Los Angeles,.Calif. Underwriter—Mitchum, Jones & Templeton, Los Angeles. .1 ing stockholders. To — be • Center Centers, Inc. offering of 198,000 was it reported that com¬ Centers, Inc. at $5 per being made by Russell Inc.; V. S. Wickett & Co., Thomas, Williams & Lee, share offering sale the stock. company's common ' Of the total number of shares, 120,000 shares are being sold for and will be reported was that this On a pro olis Bowling Centers, State Bowl¬ ing Center and City Hall Bowling of the current standing financing, capitalization the company and 78,000 shares for certain selling stockholders, who company will shares common will hold to 75,000 Net its proceeds 120,000 stock will pany for from shares be the of sale of common used by the com¬ improvements to its - being added to working capital to be available for general corporate purposes, including the acquisi¬ tion by lease or purchase of addi¬ tional bowling centers. The Fulton Street, Brooklyn, N. Y., is en¬ gaged in the acquisition and op¬ eration of bowling centers. It company presently of 647 center and has entered into agreements to purchase two additional centers. owns The one - center owned and operated by the company is .the 52-lane fully air-conditioned;,Brooklyn . i 1 • t. of of the 292,000 stock, and $1,- • ■■./ Common Offered ' I & being made by P. de RenInc., Boston. Net pro¬ Co. ceeds from the sale will be used by the company for the development of new products, advertising, op¬ erating expenses, purchase of equipment and working capital. The company of 505 Washington St., Lynn, Mass., is engaged in re¬ search and development relating to arc. welding and wire shielding.. Authorized stock consists by the offering, being are sold remaining 118,000 shares by the 57,000 Proceeds from the sale of are of the indebtedness. The balance The t company with headquar¬ ters in Long Island City, N. Y., of 500,shares, of electronic testing and measuring equipment, high fidelity compo¬ nents, amateur radio transmitters and citizens band radio apparatus, nearly all available in kit form or factory-wired at the customers' option. Consolidated ended net sales for the Sept. 30, 1960 $8,011,287 with net earnings of $245,596, equal to 50 amounted cents it reported that was for this subsidiary of sell about Aug. J), 1961 it per to share outstanding. was reported that a full registration will shortly covering 100,000 common shares.. Price Business — Engineering and design services, the —$6. publications. Proceeds—For expan¬ Office—155 Washington Street, Newark, N. J. Un¬ sion. derwriter—Omega Securities Corp., New York. Virginia Electric & Power Co. March on For 489,143 shares the (12/5) 23, 1961, the company announced plans to sell $15,000,000 of securities, possibly bonds or debentures. Office Richmond 9, Va. Underwriters — To be deter¬ mined by competitive bidding. Probable bidders: Halsey, Stuart & Co. Inc.; Stone & Webster Securities Corp.; Eastman Dillon, Union Securities & Co.; Salomon Broth¬ & ers Hutzler; Goldman, Sachs & Co. ceived on Dec. number of shares outstand¬ ' - . capitalization of the company as of Aug. 1, 1961 and giving effect to this offering, consists of 200,000 shares of capi¬ tal stock and 407,143 shares of class B first eight Bids—To be capital stock. Chrislin Photo Industries Corp. Class A Offered Lewis Wolf Inc., New York City, is publicly offering 50,000 class A shares of Chrislin Photo Indus¬ Calandra Photo tries Corp., at $6 per share. Net proceeds, estimated at $225,000, Class A Offered will be used by the company to loans, remodel its factory, research and develop¬ ment activities and purchase equipment. prepay Public offering of 170,000 class A Photo, Inc., at being made by shares of Calandra per share is Cruttenden, Podesta & Co., Chi¬ cago. the Proceeds purchase additional of new will be used for installation and of equipment, the opening stores and for working The company Omaha, the of 116 North 42nd Neb., processing black and white on a is engaged printing in equipment greeting and card now the photographic operation stores and and party of one goods Authorized stock Magazine within - A - 75 Vision, combination seconds an projector and Authorized stock 500,000 class A and 200,000 class B shares, of which 55,000 and 150,000 shares will be consists of outstanding this upon completion consists of 1,000,000 $1 par class A and mon 1,000,000 $1 par class B com¬ C. C. Whitfield Opens shares, of which 170,000 and WASHINGTON, D. C.—Charles C. outstanding upon 40 cents were per $195,966 equal share, based on to the of sale. 360,000 shares respectively, will be Whitfield is conducting "common and automatic slide earnings par 288,170 will be outstanding completion of this financing. and pic¬ phonograph. which $1 Loaded capable of taking developing black and white Camera, Tune of prod¬ ready for marketing are Instant photographic film camera store in Omaha. Two of the company's an tures nationwide basis, the whole¬ retail ucts for commercial and industrial' use. of and sale-distribution six The company of 17 Jeffrey Lane, Hicksville, N. Y., is engaged in the developing and designing of a number of diversified prod¬ ucts capital. St., conduct months of the current fiscal year, net sales were $5,696,324 and net 000 re¬ 5, 1961. Outstanding $10 118,000 shares will be used by the company to liquidate all short- year 1961 company. shares being sold for the account Harry R. Ashley, President. * 8, an designs, produces and distributes Public offering of 100,000 common shares of Electrarc, Inc., at $5 per sis Of term Electrarc, Inc. share is of will be added to general funds of the company. . bowling centers, with the balance v. of consist offering of 175,000 capital stock of Elec¬ made The out¬ 019,681 of sundry debt. continue shares, or 25.7% of the outstand¬ ing stock following the financing. ' of radar, towers be filed ing. share. Center, for the fiscal year ended March 31, 1961 had consolidated revenues of $699,509 and net in¬ come of $29,375. Upon completion antenna Peabody & Co., both of New York City (managing). will same underwriting group headed by Goodbody & Co. The stock is priced at $7.50 per forma basis, Metrop¬ broadcast $32,000,000 of bonds and $10,000,000 of pfd. stock in Sept. Office—120 Broadway, New York City. Underwriters- Merrill Lynch, Pierce, Fenner & Smith Inc., and Kidder, Price—$2. company tronic Instrument Co., Inc., is be¬ ing and — public shares purchased reported that a registration state¬ shortly covering an undisclosed num¬ shares. Price—$10 per share. Business— was aration of technical shares. Cap. Stock Offered by the company. is & Saxe, Inc., and Inc. The marks the initial public of company, Greenpoint Panhandle Eastern Pipe Line Co., expects to ("Reg. A") will be a common Electronic Instr. The 42-14 — Underwriter—Omega development of electromechanical and electronic devices for industry and the Federal Government, and the prep¬ in tan, have been operated by cer¬ tain principal stockholders of the shares of Metropolis Bowling mon Avenue Brooklyn and the City Hall Bowl¬ ing Center at Park Row, Manhat¬ , Common Offered Public Flatbush on Office Trunkline Gas Co. Wr^w.'- Strand Center, on Fulton Street Brooklyn. The State Bowling 1961 it March need an additional $35,000,000 to finance its 1961 con¬ struction program. No decision has yet been made as to whether the funds will be raised by bank loans, or the sale of preferred stock or bonds. Office—601 West Fifth Office—860 in determined Southern California Edison Co. 1961 expansion. ir Vector Engineering Inc. shortly covering 100,000 May 23, For — Boulevard, Long Island City, N. Y. Underwriter—Omega Securities Corp., New York. Business—The Price— micro-wave military and commercial use. Office 2700 Hawkeye Drive, Sioux City, Iowa. Underwriter — C. E. Unterberg, Towbin & Co., New York (managing). Business—The manufacture of medical electronic equip¬ ment. Proceeds—For expansion. Office—28-21 Astoria Aug. 9, 1961 it was reported that a registration statement covering about $1,000,000 of this company's outstanding stock will be filed in it — common relay Corp. 1961 shares. material The installation and maintenance Underwriter—To be named. Aug 9, filed it Miss Fat, Inc. common Underwriter * Servonuclear Cprpi%0;- —For expansion, equipment, and —9 Cleveland St., Valley • ber of ,'May 16, 1961 it was reported that this firm is contem¬ plating its first public financing. Business — Precious metals manufacturing; Office—75 River Road, Nutley, (par 10-cents). Price—$1. Business—The manufacture of com¬ ponents for the missile and aircraft industries. Proceeds T. M. Kirsch & construction. automated ment will be filed by competitive bidding. Probable bidders: Halsey, Stuart k Co. Inc.; Kidder, Peabody & Co., White, Weld & Co. and Shields & Co. (jointly); Kuhn, Loeb & Co.; Salomon Bros, Si Hutzler, Eastman Dillon, Union Securities & Co., and Equitable Securities Corp, (jointly): Blyth & Co., Inc.; The First Boston Corp. Bids—To be received about Sept. 27. Co.- of Tower Construction Co. July 5, Rochester Gas & Electric Corp. (9/27) Jan. 24, 1961 the company stated it plans to issue about $15,000,000 of 30-year bonds in September. Proceeds— $300,000 of common stock. Pro¬ general corporate purposes. Address—Booth ceeds—For ("Reg. A") will be a common Pipe Line Co. Pierce, Fenner & Smith Inc., and Kidder Peabody & Co., both of New York City (managing). Electronics & Marine Development Corp. 1961 it was reported that a "Reg. A" will be filed Eastern 1961 Merrill Lynch, Mainco July 8, it was reported that this company ex¬ pects to sell about $72,000,000 of debentures in Septem¬ ber, subject to FPC approval of its construction program. Office—120 Broadway, New York City. Underwriters— packaging. Pro¬ Atlantic Underwriter—p. Panhandle that Avenue, Long Island City, N. Y. Securities Corp., New York. 1961. March reported handling systems for large wholesale and retail establishments and industry. — . 26, was shortly covering 100,000 Business—The custom, design, manufacture and in¬ stallation Competitive. Probable bidders: Corp., and Halsey, Stuart & Co., Inc. (jointly) and Blyth & Co., Inc. Bids—Expected on Sept. Oct. consumer by Blyth & Co.; First Boston Corp., Dean on Witter & Co. (9/26) reported that this company plans to sell about $60,000,000 of first and refunding mortgage bonds in September. Office—245 Market St., San Fran¬ Dillon, Union Securities & Co. (jointly); Brothers; Halsey, Stuart Si Co. Inc.; Merrill Lynch, Pierce, Fenner & Smith, Inc., and White, Weld & Co. (jointly); Stone & Webster Securities Corp. Bids— Lehman manufacture of industrial and bid was , Eastman Page 29. on 1961. Northern Natural Gas Co. March 15, 1961, it was reported that some $12,000,000 to Gulf States Uti!ities Co. and Dividend Advertising Notices by competitive bidding. Probable bidders: Halsey, Stuart & Co. Inc.; Kuhn, Loeb & Co.; Equitable Securities Corp., and Blair & Co. (jointly); Merrill Lynch, Pierce, Fenner & Smith Inc., Kidder, Peabody & Co., and White, Weld & Co. Southern writer—To 47 this sale. upon completion of ties business from a offices Fifteenth Street, N. W. securi¬ at 734 ^ i 48 The Commercial and Financial Chronicle (628) r. , Thursday, August 10, 1961 *5, 1961 (Rochester, N. Y.) Association of Bank Annual Convention at the Oct. 9-12, National WASHINGTON AND YOU Women Hotel. Sheraton f 1961 (Toronto) Canadian Group of Investment Oct. BEHIND-THE-SCENES INTERPRETATIONS 1 7 FROM THE NATION'S CAPITAL ci: Bankers Association meeting. V'? •' Vi>/< Bankers WASHINGTON, D. C.—The pace in Washington has now slowed down very much this summer. There is too much going on in the Nation's Capital. I is There 'Wf i.i the at f increase in activity an Pentagon River. tomac and the across Po¬ Many men, civilian brief cases under the arms are going in and out of this vast military building. military, There V) f the the Pentagon on at night-time, so since the Korean and than seems, automobiles more near week-rends War. with are parked it It appears that the tempo at Pentagon has stepped de¬ up spite the hot, humid, summer days. ■■>>> 4' prior consultation, and that he had received headquarters the of tional Aeronautics and I ministration is a scientists engineers ;£ and :!i:: and going. headquarters matter of creased. time The missiles to example: The a with Times editorialized: Telegraph" - County) (Smith the is nation to give help us grow Hill is busy a backed the most part, with summer ':ih coming i;*ih have been busy all many, constituents Washington busi¬ ness. flib to Constituents I'itf Washington ,i-K that i;n'- coming are business on to matters most important to the in¬ are dividuals IT'1' on and to llV not com¬ munities and areas, •' if* some -if but they were stories, not by any headline means. proposal are Both had sufficient that in reality classrooms than and already, in needed were small Some k in¬ they have merchants Perpetuity Oct. community as does not mean a will assistance Federal forthcoming. immediately at in ment tell things is neck deep in shopping districts they should choose as ten¬ ants? Now the owners of shop¬ ping districts, who risk their cap¬ ital, prefer to rent to chain stores Hit rt'<) '• these because ('•, credit ili have stores high ratings. ;<U. where in a like Hubert H. Humphrey of Minnesota—who sincerely believe •f '!■ that /'I the Federal should step chants iv»t Government in to help small reinsuring by their teeing -■M iJ\ result t.ii how /,<> ' or guaran¬ minimum yearly position would in effect a in the Federal center Welfare Unfortunately, in uij- State <•;? United •'"1 nated ;-u legislation 460 States counties the ■•'.t have been many towns in all nation are becoming the desig¬ As a parts of eligible fact as that areas are resenting the they have been labeled of chronic and thus are ,K unemployment The new from Republican Texas, keep to directly the pro¬ Therefore, these going. #*>>• Senator Senator John G. all In ident probability the bill Pres¬ signed Kennedy into running handouts. Federal want the will from Republican It is the borrow Treasury one $200,000,000 to set of funds Admin¬ two up $100,000,000 for rural redevelopment the other for industrial rede¬ or distressed correct, said He maintained on 47 areas. Texas It just Senator Tower* that the label was these counties without »;■ Castro or column that the low- is there circles is in speculation Washington the grams proposed spending pro¬ along the New Frontier mean meet¬ may (New York City) Sept. 13, 1961 George Dinner in the main ballroom 14-15, Sept. or may $293.2 intended to re¬ Capital coincide with not (Cincinnati, Municipal This National country, that or any matter. Dealers Group of In¬ Bankers Association, meeting at Hayden Lake, Idaho. Sept. 21-22 ciation (Omaha, Neb.) Sept. 27, 1961 dinner Sept. 29, (Detroit, Mich.) summer outing at St. Clair Inn & Country Club, St. Clair, Mich. 1961 Club of Bond Club of Denver annual frolic at 17; and the golf, golf sum¬ tournament Petroleum Club, lunch and dinner Columbine Country Club Aug. 18). Sept. 8, 1961 Northern (Cleveland, Ohio) Ohio Group of Invest- Association too meeting at the St. Anthony York - City) at the Waldorf May 6-9, 1962 (Seattle, Wash.) National Association of Mutual Savings Banks 42nd annual con¬ ference at the Olympic Hotel. Sept. 23-26, 1962 (Atlantic City, N. J.) American Bankers Association an¬ nual convention. April Savings (Boston, 1963 Association 43rd Banks of Mutual annual con¬ Hotel Statler. ference at the (Philadelphia, Pa.) Philadelphia 36th day at the Philmont 1, 27-May Mass.) National r General Securities Form WASHINGTON, D. C.1— General Securities Oct. formed with offices at 1012 Four¬ 4, New 1961 York Oct. 7, Security (New Group York of City) Investment Association meeting. 1961 City) Association Traders Hotel the been Street, N. W., to engage in J. O'Connor, President Brown and Treasurer; and K. A. O'Con¬ nor, (Denver, Colo.) of Stock Exchange Firms, Fall meeting of Board of at has securities business. Officers are Thomas Association Governors Hotel. Corporation of Commodore. Oct. 9-10, 1961 teenth a (New York New York annual dinner dance at Secretary. Mr. O'Connor was formerly president of O'Connor & Sons, Inc. Palace Attention Brokers and Dealers MARKETS TRADING !VjT is the long Bank¬ America, an¬ of Country Club, Philmont, Pa. Bankers Aug. 17 & 18, 1961 (Denver, Colo.) (New Asso¬ outing. Astoria. Bond Basis Club fourth annual Dealers summer Association of Customers Brokers annual IN INVESTMENT FIELD (Atlanta, Ga.) Security annual ers Hotel. Northwest Georgia EVENTS V Tex.) nual Sept. 15-17, 1961 Sept. 20-21, 1961 views.] COMING 1961 , (San Antonio, Texas Group of Investment American Cement Botany Industries Maxson W. L. Official other country for Not 15th annual mid¬ meeting. year Group annual fall outing at Queen City Club and Kenwbod Country Association annual field day. 11, Diplomat 4-5, 1961 (New York City) Association of Mutual Dec. April 8-10, 1962 States debt today is billion. of Ohio) Cincinnati the and Club. both. own 1961 that the Federal debt The United Association Hotel Hotel. Testimonial Rieber E. have to be raised further. about (Hollywood, Bankers Investment Beach Nebraska Investment Bankers' the 1961 Annual Convention at Hollywood ing. vestment Aug. Valley Group of Investment Fla.) Invest¬ Group Association Bankers ment Pacific at fiscal Mountain Rocky pretation from the nation's the "Chronicle's" Ky.) (Louisville, 1961 26, ing. flect the "behind the scene" inter¬ (dinner Waste ago Films King Congress passed a bill raising the Now the there Kennedy possibility that Administration may is a above $300 as [This Aug. for counties time them¬ selves another whipping boy other than the New Frontier, of course. They can blame it on mer Meantime, Investment of Bankers Association annual meet¬ Nov. 26-Dec. 1, (Denver, Colo.) Sept. 13, 1961 annual field to meet¬ Savings Banks about cost money advocates found and Association Bankers ment the Waldorf-Astoria. like Redevelopment Administra¬ designating on tration. velopment. may 5% the Eisenhower Adminis¬ it They will The law authorizes the may One bearing more. istrator and out blamed and grow communities and towns the officials The grow. will it are securities. came They providing for $394,000,000 is merely a foot-in-the-door law. Area tagged issue or went beyond 4% ago government note interest. two rate interest law- before adjournment to raise the national debt ceiling Tower, protested the action of the Isn't years on of being liquidated. Group Bankers Association annual meet¬ ing. clear and pro¬ instead expand usually a tion ' three loud up public debt ceiling to $298 billion. depressed. 'ir« I "..4 Minnesota happen to own it!" biggest debt in the history of our Some counties H the pro¬ result a bonds S. or more. hollered when Rise in Federal Debt Ceiling for Federal assistance. •!- As influence, their use grams has in "distressed areas." as result, -'■'1 bureaucracy. gram that than these once U. numerous Many New Deal-Fair Deal Dem¬ ocrats Berlin get started there is built indirectly, in more themselves Washington and in the field development program. Already MJ for livelihood for future assistance. moved ahead under the Area Re¬ ■4 communities unemploy¬ both owners operate their business. Unwanted Aid » areas. on amount to 4% Indicated shopping to Government /■<( "4 industrial family, have been designated each, telling ■ most many revolving Such if the underunemployment, workers do not sufficient wages for a decent and mer¬ rentals. *1 but I me (Minneapolis-St. 1961 24, Paul) down went common Oct. and where seg¬ Congress—members Senator fa is area is there Chances is there Nevertheless, ment designated the Agricultural-type they now. of owners whom labor a depressed and i r law commonly used yardstick to iden¬ tify Should the Federal Government JH bother XYZ Ohio rates eligible for low interest rate public facility loans and grants. A substantial and continuing rate of unemploy¬ large Government con¬ ing. may too many ' that fact The also may become grams »»• t the wouldn't be jobs. more this Under eral .v*» "Normally aimed development plans providing areas shopping •¥! national annual 11th Clubs Designation of depressed area find space in the districts that are con¬ tinually springing up. But this raises a serious question. The Fed¬ so t)'U- National Association of Investment vention at the Hotel Schroeder. In receive been coming to Washington to see if there is anything can be done (Milwaukee, Wis.) stances. and Federal Help? More <p . October 20-21, 1961 more few a 19, meeting at Rolling Rock, Pa. need for classrooms in some coun¬ ties meeting. 1961 (Pennsylvania) Western Pennsylvania Group;of Investment Bankers Association Oct. the showing statistics with up Investment of Group Bankers Association Federal the Mich.) (Detroit, 1961 Michigan socialistic, are of Some course. 17, Oct. somewhat similar in their motives. of ment iii,r Asso¬ Traders Springs Riviera Hotel. Palm Federal-aid-to-education overall of the Capitol it¬ of Congress, for Members Security ciation Annual Convention at the area ing in and out ;*<• National redevelopment wel¬ fare law and the AdministrationThe for place (Palm Springs, 16-20, 1961 Calif.) towns and cities must first submit self. L Oct. don't we need." come. Capitol S nual convention. willing to tap the taxpayers of the with thousands of tourists stream¬ W American Bankers Association an¬ that fact the Federal Government would be that >1 Calif.) that distresses us "The only thing (San Francisco, Oct. 15-18, 1961 apparently and Sulphur Association meeting. Bankers "Courier- Texas, Tyler, in¬ age" "space grow in be W. Springs, Southeastern Group of Investment An a to years to that will have satellites and is destined coming apparent NASA I place with busy is It Na¬ Space Ad¬ (White Va.) 1961 13-15, Oct. complaints. numerous education assistance backers came The W#; ! Group Canadian 'M.' t (Montreal, Canada) of Investment Association meeting. 13, 1961 Oct. W- 1' 10, ask Carl Marks FOREIGN Congress 20 Our New York telephone number is CAnal 6-3840 SECURITIES SPECIALISTS Abroad street TEL: HANOVER 2-0050 billion. & Co Tnt • new york 5, n. y. TELETYPE NY 1-971 LERNER & New Frontier spending programs ^apparently-will affect the market of United States, securities.„_ The current interest CO., INC. * Investment The Securities 10 Post Office Square, .'.Telephone. N . y. Boston 9, Mass, V'*-',