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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'*-',
@FedFRASER