Full text of Commercial and Financial Chronicle : August 3, 1961, Vol. 194, No. 6078

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The COMMERCIAL and FINANCIAL

ESTABLISHED 1839

Reg. U. S. Pat. Offic*

Volume

194

Number 6078

AS WE SEE IT

Editorial
This

New York

to

seems

be

7, N. Y., Thursday, August 3, 1961

a

In Canada's Petroleum
By E. D. Loughney,* President, The British American
Oil

Oil

confident

natural

figures in this mass of data appear to us
particularly worthy of study at this time—the
remuneration of wage earners and consumer absorption
of goods and services during the past dozen or more
postwar years. This period includes a* number of years
when, according to the professional pessimists, every¬
thing was about to go to pot, and the poor wage earner
was soon to be
seeking the breadlines. The Department
of Commerce has for a long series of years been esti¬
mating the total "compensation of employees" so far as
the varied forms of pay in this
day and time can be
assigned a cash value. Of course, shortened work weeks,
longer vacations, and the endless list of work restrictions

;

i

would

not

is

be

The

oil and natural gas output

the future outlook.

northern

U. S.

would

not

materially affect

line with views expressed by the major integrated

The industrialist postulates future

optimistic earnings

Public

of

part

1956

as

a

in the

came

Two Possible

early

and

result of the

Exports of

1957.

With

ports

which
.

the

decline

followed

in

ex¬

the

re¬

elimination of direct imports of crude oil
fined

only
was

HAnover 2-3700

Target Levels

the problem, the

Section, starting

on

STATE

MUNICIPAL

and

Lester, Ryons
623

SECURITIES
Securities Co.,

Chemical Bank

on page

24)

State,
and Public

DIgby

30 Broad Street

NY

Head

Office:

Offices

in

Claremont, Corona

Riverside, San Diego, Santa Ana,
Santa Monica, Whittier

THE FIRST NATIONAL CITY BANK
U

OF NEW YORK

TOKYO

Inquiries Invited
California

Affiliate:
SAN

Nikko

Kasai

FRANCISCO

Securities
LOS

del Mar,

Encino, Glendale, Hollywood, Long Beach,
Oceanside, Pasadena, Pomona, Redlands,

New York 15
Co.

Bond Dept.

Agency
Bonds and
Notes

Members Pacific Coast Exchange

Ltd.

1-2759

Co.

Members New York Stock Exchange
Member American Stock Exchange

BONDS

Teletype:

4-7710

&

Hope Street, Los Angeles 17,

Associate

New York 4, N. Y.
Telephone:

So.

California

25 BROAD STREET

NewlhrkTrust Company




(Continued

Municipal

32.1

page

Minister

Housing

JAPANESE

The Nikko

BOND DEPARTMENT

possible way to increase
exports of crude oil

increase

Following the Energy Board's re-examination of

registered with the SEC and poten¬

in Registration"

other
to

As a result of continuing concern over this situa¬
tion, the Canadian Government, in the middle of
I960, directed the newly-formed National Energy
Board to review the question of markets for Cana¬
dian crude oil in the light of developments since
the Second Report of the Borden Commission.

about the need for expansion
a healthy producing
in Western Canada led to the appoint¬

now

re¬

to the United States.

concern

complete picture of issues

and

displacement of products
imported crude oil and

by

Montreal from

(2) The
production

of markets in order to sustain

industry

in

transferred into Ontario.

of the ; Suez Canal,
production dropped

growing

products, and

refined

dian crude oil.
A

Ways to Expand Markets

there were only two possible ways to
expand markets for Canadian production:
(1) Further expansion of markets in Ontario by

sharply, and it became increas¬
E. D. Ldughney
ingly apparent that the devel¬
opment of reserves in Western
Canada
and
the
industry's potential producing
capacity had far outstripped the available markets
that could be economically supplied with Cana¬

a

were

reasons,

crude

Mimicipal

Securities

telephone:

afforded

that

With the Montreal market excluded for economic

soared to an average of
117,000 barrels per day in 1956
152,000 barrels per day in

tial undertakings in our "Securities

Housing,

State and

are

States

oil to Montreal.

to production

SECURITIES NOW IN REGISTRATION—Underwriters, dealers and investors in corporate
securities

United

pipeline facilities for transporting Canadian crude

opening

U. S. Government,

the

these markets.

and

part—and
when a depression reminiscent of 1920
was
according to the prophets of gloom and
doom. In that year GNP was $234 billion. In the
steady
rise since that year to the $504
(Continued on page 23)

and

mission recommended against any immediate Gov¬
ernment action that would force construction of

years

have been eliminated for the most

Canada

advantage

stages

reserves

oil to the United States in these

of the years
"inevitable"

in

accessible to Canadian crude oil by existing pipe¬
line facilities.
Because of the competitive dis¬

expected in the next few years.

in laid-down cost of Canadian crude
oil, as compared with imported crude oil in the
major refining center of Montreal East, the Com¬

early

oil

part of 1957
Suez crisis./

begin with what might be termed the
year—that is after the inevitable
abnormalities-of any period immediately
following a

Commission, which
Commission, dealt

of development of Canadian
following the first major dis¬
coveries in 1947, markets were readily available
and production increased rapidly as pipeline facil¬
ities were completed to serve

the

latter

Let the record

Borden

companies—that the logical markets for increased
production of Canadian crude oil were in those

in Western Canada

first normal postwar

this

of

the

as

areas

A further spur

of

report

known

with the question of crude oil markets.
It was
published in July, 1959.
In
this
report the Commission concluded—in

Mr. Loughney

orderly expansion of markets for oil and

production.

second

became

importance affecting Canada's national
on

Industry

icies and practices which can jeopardize

Canadian

war

in

gas

domestic

crude

The Record

one

Copy

a

growth rates, and cautions against ruinous marketing pol¬

In

but the figure in its historic
great interest, and in light of
current efforts to increase rates of
pay, including fringe
benefits, is definitely informative.

world

an

outlook

included,

nonetheless

changes in

policy and bearing

is

be

course

describes

head

oil

Two sets of

«

Cents

ment, late in 1957, of a Royal Commission on
Energy to study, among other matters the question
of expansion of markets for Canadian crude oil.

Company, Ltd., Toronto, Canada

and other matters of

our

I

50

Developments Renewing Interest

good time to take a look at some
records. The Department of Commerce has
published
the 1960 version of the mass of
figures known as the
national accounts—which include gross national product
(GNP to most observers nowadays), national income,
profits, compensation of employees, and a long series of
other data reaching over a
long period of years including
1960. Some of these figures have also been published
covering the earlier months of the current year, but it
is the longer sweep of time, including what is supposed
to be a not particularly good
year, 1960, which for the
moment is of greater interest than the more recent data.
to

Price

Teletype: NY 1-708

New

York

on

Southern

Securities

Correspondent

—

Pershing & Co.

ANGELES

Municipal Bond Division

THE
CHASE

MANHATTAN
BANK

Net Active Markets Maintained

To Dealers, Banks and Brokers

t. l. Watson & Co.
ESTABLISHED

LOBLAW, INC.

CANADIAN

DIVERSIFIED

BONDS & STOCKS

CALIFORNIA

1832

Block Inquiries Invited

Members
Commission

New York Stock

Exchange

American

Exchange

Stock

Orders

Canadian

CANADIAN

Executed

On

All

Exchanges
DEPARTMENT

Teletype NY 1-2270

25

BROAD

STREET

"

DIRECT

VIRES TO

MEMBERS
•

'

PERTH

AMBOY

Finance

Dominion Securities

Goodbody & Co.

NEW YORK 4, N. Y.

BRIDGEPORT

MONTREAL AND TORONTO

NEW YORK STOCK EXCHANGE

2 BROADWAY
*

NEW YORK

(ORPOKATIOTi

1 NORTH
-

.

•'- V *

-

LA SALLE ST":

CHICAGO

40

Exchange Place, New York 5, N.Y.

Teletype NY

1-702-3

WHitehall 4-8161

MUNICIPAL BOND DEPARTMENT

bank of america
,

N.T.&S.A.

SAN FRANCISCO

•

LOS ANGELES

2

For

(478)

The Commercial and Financial Chronicle

Banks, Brokers, Dealers

The Security I Like Best...

only

Cover the Entire Nation

A continuous forum in which, each week, a different
group of experts
in the investment and advisory field from all sections of the country

Call "HANSEATIC"
Take

advantage

wide

network

affording
able

of

of

and

fast

traders

blanket

and

service

participate and give their

nation¬
wires,

our

private

IRVING

reli¬

cover¬

Resident

Members:

States.
time

you

have

trading

a

B. HARRIS

Chicago

Partner, Robert

New

York Stock

United

Air Lines Convertible Debentures

Security I Like Best" is the

potential markets—they also

United

sure

as¬

of accurate executions.

you

Established

1920

Lines

Air

47/s%

subordi¬

for

common

years

at

•

The

bonds

at

around

130

sell at

American Stock Exchange

Broadway, New York 5

WOrth

Teletype NY 1-40

4-2300
BOSTON

CHICAGO

•

PHILADELPHIA

Private

Nationwide

Wire

premium
the

System

from

& CO.

the

Ass'n

a

easily

reach

40

Exchange Place, New York 5
Phone:

WHitehall

Teletype

3-7830

NY

No.

Irving

1-2762

B.

if

not

in

risk

the

Airlines

H

Life Insurance Co. of Va.
Commonwealth Natural Gas

LYNCHBURG, VA.
TWX LY 77

—5-2527—

Private

Wire to New

York

City

rate

been

Major airlines
earning less than half

this

rate

recently.

and

particular route segments
will permit some relaxing of
on

competition, for example, through
mergers.
Probably
of
greatest
importance

to higher profits in
industry is the advent of the
airliner:
(1)
These aircraft

the

jet

Bought—Sold—Quoted

McGowen Glass Fibers

are
considerably more efficient,
particularly on long hauls, than
piston craft.
(2) For technical
reasons,
it seems unlikely that
present jets will be obsoleted by

aircraft

new

BO 9-8366

for

several

years.

United shifted to jets later than
its
major competitor, American

Airlines,

and

in

historic

U.A.L's

this

19%

of

period,
the

do¬

mestic air travel market declined
to

around

16%.

During

1960,

United

Sulco Securities Inc.
52

Broadway

New York 4, N. Y.

emerged from this period
of competitive disadvantage — its
share of market recovered to 19%

by

end and has actually in¬
creased further this year.
Indus¬
year

try

revenues

cal

in

are

somewhat cycli¬
with
general

sympathy

economic

conditions

rising at this time.

LAMB0RN & CO., Inc.
99

WALL

STREET

NEW YORK 5, N. Y.

profiting

is

effect

of

in

Refined

—

rev¬

the

Liquid

per

$8

in

fare increases

These

1960

to

level

a

in

or

1961

Leece-

from

that

is




(This is under

Leece-Neville is

one

of

Leading

W.

as

a

solicitation of

an

to

NEW

to

during

YORK

OFFICE:

149 Broadway, New York 6, N. Y.
Telephone: BEekman 3-3622-3

years

A Continuing

relation

Fischer & Porter Inc.

the

to

to

78

Interest in

Richardson Co.
Stouffer

Corp.

Keyes Fibre Co.

cents »per

per

year

for the

BOENNING & CO.

cents

share
in cash

per

extras

per

quarter

and

also

Established 1914
1529 Walnut Street
115

Broadway
N. Y.

New York 6,
CO 7-1200

Philadelphia 2, Pa.

LO 8-0900
ATT Teletype PH 30

'

in

Pizzini

trucks

the

the

well

to

bear in

company's

mind

earnings

for

that

the

adversely affected

of the

major ture into the AC motor field. The

systems.

new

plant only reached full pro¬

of

auto¬ duction during the spring of 1961.
now
ad¬ It makes motors for air-condition¬

are

alternator

and its ing and allied industries, already
advantages. Leece-Neville a large field with much potential
developed and was the original growth.
manufacturer of this product.
It
I like this stock because it is
has
recently introduced a new
selling for little more than 10
many

line

of

alternators.

It

is

felt

that

this phase of its business will

times the average

annual earnings

ex¬

for the last 10 years. Considering
perience great growth over future the recent dividends in cash and
years, since it is considered likely stock the
yield is liberal in the
that some-day all cars and trucks
present stock market. It has paid
will be equipped with alternators.
dividends in every year for 40
Alternators represent a revolu¬ years.'
Moreover, its volume of
tionary system of electric power business has grown; it has new

for motive equipment. It replaces
the present generator system on

plants and
which

new

of

are

products some of
an
outstanding

the

AMERICAN MENTAL HEALTH

FOUNDATION, Inc.
151 Central Park West
New York 23, N.Y,

autos, trucks, etc. and has been nature." The stock is traded in the
brought down to a competitive Over-the-Counter Market.
price.
It has
many
advantages
over

an

Pioneers in Mental Health

prevailing generator systems.

The company's latest alternator is

outstanding achievement. It is

described

solution to the long

as a

apparent need for adequate elec¬
trical power in modern cars and
trucks.

The

motorist

can

now

Chicago Bond Club
To Hear on Space
CHICAGO,

111.—The

of

will

Chicago

practically
eliminate
electrical
meeting
system break-down, the "number
Red
one"

of

cause

trucks.
With

an

L-N

battery has to

stalled

cars

hold

in

This
the

be construed

House. Edward J. Kerrigan, con¬
sultant, National Aeronautics and
alternator, all the Space
Administration,
will
be
do is to start the guest speaker.

Mr.

Kerrigan

will

discuss

allows

coldest

buy,

any

as

an

offer

security referred

to

to

sell,

or

herein.)

since

1924

Bond Club
a luncheon

project Mercury and project
easy starting
Apollo, both aimed at eventually
weather, and
putting a man on the moon, and
it's
almost
a
necessity for any
as a special feature will also show
car
equipped with air-condition¬
a motion picture on outer space.
ing or any car loaded with power
Guests may be invited to the
accessories.
'
'
/
1
'
output.

even

and Psychotherapy

<,

on Aug. 10 at 12:15 in the
Lacquer Room of the Palmer

and

engine. The alternator immedi¬
ately begins to produce electrical

difficult

offer

Securities f o., Ltd•

outstanding partly by extra expenses in estab¬
any of the
lishing a new plant in Gainsville,
Ga, This marks their initial ven¬

alternator

and

vertising

in

'960 year were

manufacturers

mobiles

$4-5

circumstances

been

1960, but have averaged

tariff

Reservations
no

DAI IF A

to

luncheon,
4-2727

let-downs

dropping

It is
B.

a

on

suppliers

offices

stock.

Exchanges.

v

DIgby

stock

a

volume

plus

listed

not

branch

JAPANESE

level

a

1950

10

com¬

with

our

investing pufcf.ic.

paid in varying amounts in every
year since
1923. Present rate is

Reason

small

a

to

SECURITIES

last 10 years. Dividends have been

that

small amount of stock

1964.

are

of

pany

should

of

is

is

permitted

factors

better in 1963

Earnings

the

rather constant growth
the past 10 years, with

share in

this, per¬
haps, is that it

share in 1962, and perhaps to

or

has

years

$1.27 per share

for

beneficial

operating earnings from
depressed level of $1.65 per

the

Exports—Imports—Futures
I

feeling

1960.

share
—

In addition to

increased

from

are

so

perienced

and

over¬

the

wires

250,572 shares of sole capital stock
outstanding. Earnings 'per share
have fluctuated widely, attaining
a high of $2.48 per share in 1959

I

looked

pany.

increase

SUGAR
Raw

and

enues,
U.A.L.'s jet introductory
costs are declining and the com¬
pany

to

sales

Neville Com¬

Further,
it
that the CAB recognizes

danger of too much competi¬

tion

available

The lists have in

r, a

that

been

regulation

have

the

Direct

depressed automotive vehicle
12- production. Sales have advanced*

a

some¬

believe has

to

as

major trunk lines.

appears

STRADER and COMPANY, Inc.

that

permit a 10V4%
return on capital for the

average

,

NY 1-1557

Orleans, La. - Birmingham, Ala.
Mobile, Ala.

com¬

closely controlled. Only

during

years,,..

o w e v e

stock

Co!

Exchange
Exchange

of

ties into the

future

and an overabun¬
dance
of competition stimulated
by the CAB.

stated

Hflnover 7-G700

of around $4,400,000
nearly $15,000,000 in
been searched and re-searched for 1959 and about
$14,300,000 in 1960.
prospects even
This is considered a fairly good

bonds

growing airline revenues, the in¬
dustry has been plagued by er¬
ratic
earnings
stemming
from:
rising
costs •- and
lagging
rate

will be such

Navy. For 30 years the

pany was
in
recent

moderate

thing to be desired.

Capital

the

City

Prospecting for "values" in
year-old bull market leaves

15-20%.

be

design have long featured its

Stock

York

United is the largest air¬
to the extent
line in the country and probably
of discounting
the highest quality operation in
the possibili¬
the
industry.
Despite years yOf0

has

Bassett Furniture Industries

New

New York

Industry conditions appear to
be improving substantially.
The
CAB has allowed higher rates and

American Furniture

the

Leece-Neville Company

called.

Stock

19 Rector St., New York 6, N. Y.
New

The company's business has ex¬

ment programs

LD 39

on

York stock,

American

uncer¬

Harris

increases, periodic huge re-equip¬

Trading Interest In

and

short-term

President, B. W. Pizzini & Co., Inc.,

double

than

to

level.

the

B. WINTHROP PIZZINI

In
the common could
100 and the bonds

case,

Following

(To Brokers and Dealers)

Members New
Members

business back in 1910. It is the

the

Exchange.

.

merger,

Odd Lots

Steiner, Rouse &

of

the

down-side

The

elimination

e

and

exceed

such

INC.

Bought—Sold—Quoted

add

1960

$8 per share by 1963 or 1964.

BONDS
on

the

trade

indus¬

p a n y

seems

Bids

im¬

and

more

Dealers

Security

com¬

the

could

Members

Irving B. Harris, Resident Chi¬
cago Partner of Robert J. Levy
& Co. (Page 2)

activities. Products represent elec¬
tainty, the good, long-term poten¬ trical devices and controls for al1
tial makes the convertible bond
kinds of motor equipment—also
"The Security I Like Best." The
electrical devices for the Army
bonds
in
this
$25 million issue

Earnings

GROSSMAN

Y.

How

will

Despite

stems

c o m

N.

routes.

ceed

proving status
try

WEINBERG,

th

minuses

common.

the

of

S.

over

The attraction
of

—

pluses
and
company
that first put electric
Aip in 1981 is
lights on automobiles. It invented
uncertain, but it does seem now the self-starter and first
generator
that operating earnings will ex¬
for
cars;
Invention, engineering

small

a

mon

FRANCISCO

SAN

•

Debs.

facilities,
from
addi¬
tional revenues, from better air¬
At this point the reader might
craft
and
improved service on
get the idea that I am talking
Capital routes, and from addi¬
about a new company with a spe¬
tional revenues on U.A.L.'s route
cialty product. Such is not the
structure
arising from travel
case. In fact, Leece-Neville started
originating, on
Capital's former in

Associate Member

120

Con.

duplicate

$37.50

Corporation

Lines

—

fiting •' from

nated debentures due Dec. 1, 1985.
bonds are convertible into
15

Air

,

These

New York Hanseatic

Alabama &

1961. In 1961, non-recur¬
B. Winthrop
costs of integrating equip¬ Leece-Neville Co.
Pizzini, President, B. W. Pizzini
ment, personnel and service will
&
be substantial.
At the same time,
Co., Inc., New York City.
the combined operation is bene¬
(Page 2)
' ;

-

"The

Week's

ring

Stock Exchange

problem, don't limit yourself to
regional service. Our large trad¬
ing
department and > extensive
facilities not only broaden your

Thursday, August 3, 1961

Louisiana Securities

June 1,

Exchange

and Associate Members American

-

.

Participants and

particular security.

a

to forecast because of the merger
of
Capital
Airlines,
completed

J.

Levy & Co., Chicago, III.

dealers

Next

for favoring

reasons

.

Their Selections

United

reaching banks, brokers and
throughout the United

age,

This

Forum

.

$4.50

should

promptly with James
A.

C.

Allyn

&

per

plate.

be

made

E.

Co., Inc.

Snyder,

N. Q.

B.

OVER-THE-COUNTER
INDUSTRIAL STOCK INDEX
23-Year

Performance of

35 Industrial Stocks
■

FOLDER

ON

REQUEST

National Quotation Bureau
.

.

Incorporated

46 Front Street

-

New York

4, N. Y.

Volume

Number

194

6078

.

.

The Commercial and Financial Chronicle

.

(479)

CONTENTS'

Will Repeal of 257<> GoldCover
Enhance Dollar's Status?

LicHTtnsTtm

AND

By Patrick M. Boarman, Assistant Professor of Economics,

University
*

'

1'/ •'",1'

of

Wisconsin,

Milwaukee,

'''

Articles and News

Wis.
"

'
#

'*

*

•

'

'

Wisconsin economist chides members of the

.

'

•

V

'

,

'

AICHMOPHOBIA

U

Developments Renewing Interest In Canada's Petroleum

"drop the gold reserve

vrequirement" school for advancing the balance of payment and international

25%

>

rule.

cover

His rejoinder also

nebulous,

are

/

—Patrick

M.

Boarman

The

'

-

Columbia Picture—Ira

U.

The economist

(

concludes that freeing our gold reserves is likely to have "baneful

>0

1

—Hon.

stressing since
With

the

pressures

to

the U.

on

S.

with

the
requiring
and

notes

countries

deposits of the
Federal

to

in

covered

be

25%

by

gold.

Current

sup¬

of the

Patrick M. Boarman

bankers,

the

Treasury offi¬
cials, Administration economists,
and representatives of the Inter¬
national Monetary Fund. A presi¬

remove

Congress

been

(H.R.. 6900)

into

the

law

gold

that

is significant

ment

to

cover

rule

that the move¬
the
25%
gold

remove

should be

exciting in¬

time when the

a

still

is

serious

payments

(the
to

1950

United

suffering

deficit

from

the

in

its

deficit

the

from

balance

a

cumulated

end

of

1960

by

the

surplus, it

the

and

ment will

gold

cover

tend to find

substitute for other

a

concerted

domestic inflation.

attack

world.

NYSE

arid

Sponsor

Program

of

Courses

for

17

Chicago

The

-

Regular Features

error

As We

It

See

chemical
(Editorial)

Cover

Bank and Insurance Stocks

Businessman's Bookshelf

i

21

livingston oil

30

_:

the-'

;

Dealer-Broker Investment Recommendations

17

an

inflation-psy¬

monetary discipline and to
economy by
reduced
and

other
in

mar¬

countries

some

cases

advantages

in

many

It is for this

in

Keynesian Ideology

dollar

world

as

of

shortage

was

,.

Mutual

and You

.

(The)—By Wallace Streete

Funds—Joseph C. Potter

Wilfred

Governments

S.

a

gold

reserves

Reporter

on

Public

Utility

Securities

beginning

1958—has tended to divert at¬
tention
from1 the
fact, already

May

Registration

Security

(The)
Corner.

Salesman's

32

—

45
2

State of Trade and Industry

Southern Gulf

27

(The)

9

—

Tax-Exempt Bond Market—Donald D. Mackey__
Washington and You

Continued

on

page

Utilities

6
48

;

26

Spencer Trask & Co.
Founded

1868

Twice

Weekly

*

Copyright 1961 by William B. Dana

.

The COMMERCIAL and

FINANCIAL

25

U.

B.

Park

S.

Patent

Reentered

Office

COMPANY,

Publishers

Place, New York 7,

REctor

Company

CHRONICLE

DANA

CLAUDE

J.

SEIBERT,

Treasurer

MORRISSEY,

Editor

TELETYPE NY 1-5
Chicago

Schenectady

Glens Falls
Worcester

in

United' States,

Territories
and
Union, $65.00

Every

Thursday

vertising

issue)

(general

and

every

and

news

state

and

Other

Chicago

city news,
Office:

3,

111.

135

ad¬

(com¬

quotation

clearings,

etc.)
South

Bank

$45.00

Salle

(Telephone STate

St.,

2-0613).

in

rate

foreign
must

be

of

in

New

39
—

extra).

advertisements

York

BROADWAY, NEW YORK 6

Monthly,

Postage

fluctuations in
remittances
for

and

W>? V. FRANKEL & GO.
INCORPORATED

the

exchange,

subscriptions
made

Record

(Foreign

account

of

year;

Publications

Quotation

year.

Note—On

the
La

and
per

S.

of

year;

of
Canada,
$68.00
per
Countries, $72.00 per year.

Other

Monday

statistical
issue—market
records, corporation news, bank
plete

U.

Members
per

Dominion
Other

Thursday, August 3, 1961

ST., NEW YORK 4, N. Y.

matter Febru¬

Subscription Rates
Subscriptions

Possessions,

SEIBERT, President

DANA

GEORGE

*

TELEPHONE HAnover 2-4300

.

second-class

ary
25, 1942, at "the post office at New
York, N. Y., under the Act of March 8, 1879.

N. Y.

2-9570 to 9576

D.

as

Pan-American
WILLIAM

Members New York Stock Exchange




20

Offerings

Security I Like Best

Reg.

Newark

DIgby 4-4970

4

!

\

19

Security

WILLIAM

Nashville

Broadway, New York 5

noted, that the American position

PREFERRED STOCKS

Boston

39

20

Securities

Now in

Prospective

Published

Albany

Request

J.F.Reilly&Co.,Inc.

4

News About Banks and Bankers

Our

on

18

NSTA Notes

Observations—A.

Prospectus

V

trans¬

world dollar glutreflected in the abrupt, decline
U.

capital

rea¬

cumulating

The suddenness with which the

formed into

electronics intl.!

*

eliminated the original U; S.

in

BROAD

8

Market

of

and

sealectro corp.

48

31

Blinded by

The deficit, in the first place, is
nothing new; it has been going on
for
ten
years.
This fact needs

Coming Events in the Investment Field.

in

foreign
hands have been used ultimately
to buy not our goods but our gold.

as

accounts.

25

co., inc.*

hydrocarbon

Indications of Current Business Activity

upon

•..

St. Louis

goodway printing
25

12

in
part,
that
quantities of dollars

gold reserves and the
disturbing imbalance in our inter¬

specialized in

Philadelphia

21

.Economic Foundation Study to Our Depreciation Policy_w_

chronic

productivity

son,

between the

have

Cleveland

Los Angeles

Securities

From Washington Ahead of the News—Carlisle Bargeron

This

For many years we

-

Direct Wires to

Money and Credit Issues Its Report_ 19

on

N. Y.,

Teletype NY 1-1825 & 1-4844

13

(or disadvantages) of one country
in respect to others are not nec¬

world markets.

strin¬

more

free

cost-price

being the
case, it is important to determine
precisely what is the connection

national

Discussing Formation of Over-the-Counter Market

inc.

40 Exchange Place,

HA 2-9000

13

even

rule.

support

mackie,

&

*

Einzig: "Defense of Sterling Is Ensured—Or Is It?

has

gent but politically less palatable
approaches to the deficit problem
as

#

possibility of structural change;
in fact, the structural advantages

ket

only be assumed

can

present supporters see a
connection
between
the

some
quarters, moreover, the
abrogation of the reserve require¬

such

is

chology in the United States cou¬
pled with the simultaneous return

In

a

deficit

permanent

to

deficit

S.

is its failure to allow for the

the U. S. balance of payments was

certain

U.

ory

roughly $18 billion).
Since no
proposal was made or even
the years when

entertained during

its

Singer, Bean
15

all but the most

essarily given for all time but may
be decisively
altered by policy.
Thus, continued toleration of in¬

of

such

in

Economy's Success

Ware

Trainees

even ben¬

the

flation

that

Our

political and economic leadership
of

States

Electronic Int'l Cap. Ltd.

14

Poor Economic Performance of U. S. Attributed by American

than temporary and that
possibility of its continuance
poses a serious threat to American

Is Gold to Blame for the Deficit?

terest at

Amer. Int'l Bowling;

Knowledgeable?

or

the

the

of

Naive

Warrants

San Francisco

rather

if

formally

backing

4-6551

Adler Electronics

Silver Shortage Claims Questioned by Handy & Harman

believers in a theory of
permanently superior U. S. pro¬
ductivity are inclined to admit

into

which

would

WHitehall

White Shield

12

Clearing House

IBA

X

Del Webb

Industry Lure

an

Rosenthal

C. E. D.'s Commission

•

STREET, NEW YORK

Telephone:

coun¬

S.

countries;

I

*

diehard

currency.

It

NASD

as

__

Option. Is Vital to
M.

i

'

the 25% rule

introduced

U.

.

Common .and

be

ones.

By this time,

Bonds

.

merely temporary phe¬

of the deficit

"impressive." More recently,

remove

could

dollar-short

against

case,

eficial

Bank of New York, declared that

enacted

the

WALL

10

Revenue

#

and to the extent that
they added dollars to the reserves-

force, led by a former
president of the Federal Reserve

has

much

not

Stock

C.

—Thomas

,

nomena,

dential task

bill

The

belief

ia

exports).
The emerging U. S. deficits, where
they were noticed at all, were re¬
garded as being, in the nature of

American

a

to

barriers

prominent

were

from

tries (or risk their raising further

a

of

arguments to

which

dollars

requirement
number

stemmed

/*;.

Solve Its Problems

Lloyd

Stockholders:

—Herbert

done except to continue to supply

reserve

includes

Women

a

about

port for repeal

Selwyn

Industrial

"

•**

their points long ago.

7

_

country.

own

permanently "structural" su¬
periority of the American econ¬
omy to the rest of the world. Like
an Act of God, the dollar shortage
was
supposed
to be something

Re¬

System

serve

their

of

of

V

•

Obsolete Securities Dept.

5

:

Must Take to

—Roger W. Babson

ongoing defThe
preoccupation with the balance of
payments difficulties of other,
icit

Role

alleged world shortage of

an

dollars than with the

repeal

the

-

concerned in these ten years

more

supply

law'

U. K.

objects. Most

junk we've bought lost all

number

of American economists have been

in abeyance for the
nonce, it is regarded once again
as "safe"
to debate the proposal
gold

goodly

a

Cobleigh___

Companies—M. R. Lefkoe

Measures the

for America and for the Free World."

consequences

the
*

Savings and Loan Holding

on

impressed by our domestic fight against inflationary pressures than
by our willingness to back up a depreciating dollar.

V

3

Effect of Proposed Taxes

'

i

'

99

be^more

would

Boarman avers foreigners

Mr,

^
,

ing why he believes even the short-run advantages of the proposed
step

of

Cover

After explain¬

supply is well below its theoretical limits.

money

is the fear of pointed

Will Repeal of 25% Gold Cover Enhance
Dollar's Status?

which denies further inflation would not result from dropping since
our

"

D.\ Loughney__f_-___:.;r

"

contention

the

answers

Industry—E.

,

liquidity arguments to back up their proposal to drop the

gold

COMPANY

Page

•'

"

..

'

1

3

funds.

WHitehall 3-6633

Teletype NY

1-4040

& 1-3540

4

The Commercial and Financial Chronicle

(480)

OBSERVATIONS...

back

the

Treasury

such

Code,
the

the

to

WASHINGTON — The outlook for
both President Kennedy's tax pro¬

April,

submitted last

posals

broader revisions

his

and

to be acted

highlight the
timetable of our legislative
the

over

on

slow

the

reach

House

floor, tax
legislation must get by two Com¬
mittees:
Ways
and Means,
and
Rules.
The Bill embodying the
Administration's
proposals
sub¬
mitted last April (accelerated de¬
preciation
on
capital
outlays,
withholding,' "expense account,"
anti-dividend exclusion) will re¬
main in House Ways and Means'
successive

executive
anothercomes

session

fortnight.

forth

Thence
House

the

to

for

it

floor,

sponsored
by
the
Committee's
Chairman, Mr. Mills, as a "clean

permitting

is,

that

bill,"

no

amendments from the floor.
Senate Handling
After limited debate (such limi¬
tation

the

by

Committee

Rules

seeming probable in this instance),

the

and

passage

by

Bill

will

over

go

House, the
to the Senate

floor, whence it will get referred
to the Senate Finance Committee,

before

possibly
Whether

or

Labor

Day.

not the Congress

has

amendments, will
go to the Senate Floor for a vote.
Then any Senator can propose any
amendment, which if passed, sends
the

whole

Bill

Conference.
not

(the

If

to

agree

House

the

the

Conferees

do

amendment,

members
no

Conferees

Senate's

Senate-House

such

down), there is
If

to

turning it
Bill whatever.

do

agree

on

amendments,

and

possibly-

Reform

comprehensive
"tranche" of tax revision, includ¬
ing possible changes in the entire
rate
structure, and possibly ac¬
companied by some of Mr. Ken¬
nedy's pending proposals, will get
Congressional consideration some¬
time in 1962. This might include,
The

more

haven" legisla¬
tion. The Treasury, and the House
Ways and Means Committee, say
they will welcome public com¬

specifically,

ments

on

tax

revised

Treasury

draft, "to aid further study on the
subject."
Treasury's

The

proposal to re¬

vise drastically the

rates.

fort¬

night ago, likewise faces delayed
this
despite
sponsoring
—

Senator

the

Gore's

shots

Bill,

When

Administration

described1 above,

as

the

to

over

possession of two

his target.

at

current

Tax

moves

Senate Finance

effect

proposal,

if

of

Senator

passed, would

Gore's

be

to

Mr.

in

stalled

the

action

-

In the over-all
passage

of

form would

be

Cold

of

as¬

with "dull"
ment

field

any

within

reform

re¬

the

would

the

stricted

revert

the

status

of

re¬

options granted after the

under

the

has

White

East

660

management

Street

of

Jack

E. Cox.

Seidman,
Accountants,

Coburn Opens

Branch

WASHINGTON, D. C.—J. B. Co-

City

burn

N.

Associates, Inc. has opened a
office
at
1700
I
Street,
under
the
direction
of

Lawrence M. Littleton.

Calif.—Stone

FRANCISCO,

Webster Securities Corporation

opened

a

W.

branch office at 235

Dreyfus Branch
SAN FRANCISCO,

Montgomery Street, under the di¬

Dreyfus

rection of Robert G. Mead.

a

on

Coast

Calif. —T h

the invest¬

in

past, the elec¬
torate and its representatives are

interested in dealing with
planes, submarines and missiles—
outgoing and incoming,
more

'•

J HI; >

:'r

.r,.i

Mr. Ford

•

Options—and
Playing-the-Market
on

Authoritatively confirming the
premise in our Statement before
the

Finance

Senate

Committee

in' this

last

space

GEORGIA SECURITY DEALERS ASSOCIATION
The

summer

Georgia Security Dealers Association

outing of the

will be held in Atlanta

Sept. 21 and 22.

or^

price of its stock, is the following
from
Option-endorsement
given
by Mr. Henry Ford at his com¬
pany's 1960 annual stockholders

We maintain active

trading market in:

meeting

(as

cited

the

on

Senate

Floor

by Senator Curtis, on July
20, 1961). Mr. Curtis, a member
of the Senate Finance Committee,
was
engaging in "full-dress" op¬
position to the Gore Bill:
".
Since 1950, over half the

First Union National Bank of

North Carolina

.

.

firms

listed

the

on

Stock

R. S. DICKSON & COMPANY
INCORPORATE)

CHARLOTTE

NEW

RALEIGH

GREENSBORO

YORK

ATLANTA

RICHMOND

'x
CHICAGO

GREENVILLE

COLUMBIA

MIAMI

not

hard

not

"The

why.

see

of

of

enabling the

business

efforts.

and

are

PACIFIC

210

LOS

W.

COAST

other

STREET

7th

ANGELES

TELEPHONE

14, CALIF.

TWX LA 658

Thus,
further

employees

gives

so

Complete Investment Service

ex¬

an

tion

Messrs.

Ford

validate

that

the

our

UNDERWRITERS • BROKERS • DEALERS • DISTRIBUTORS

.

Curtis

and

demonstra¬

existing Stock Op¬

tion technique operates merely as
a

playing-the-market device.

IN

NAMCO

OUR

MAIL BOX

From A Tax

Authority

Dear Mr. May:
In

PARKER, FORD & COMPANY, INC. Investment Bankers
Dallas

Ft. Worth

Wichita Falls
Paris

Tulsa

Abilene

Amarillo
Denton

Sherman

your

presen¬

Sc

tation, before the Senate Finance
Committee, here are additional
on

the

Stock

Option

(1)

Stockholders

New York Stock

Exchange • Pacific Coast Stock Exchange
Midwest Stock Exchange • American Stock Exchange
Honolulu Stock Exchange • Chicago Board of Trade
and other leading commodity exchanges

vM.

ques¬

options.
taxes

are

paying

a

price for executive stock
Not only

are

everybody's

increased because the stock

option

group

pays

capital

Co.

Members
—

tion:

terrific

Ardmore, Oklahoma

Dean Witter

supplement of

items

El Paso

MAdison 7-2571

through

plan

.

make firm trading markets in

Members Midwest Stock Exchange

SECURITIES

man¬

incentive to make
the
company
profitable.
."
[Emphasis added.]
traordinary

ELECTRO SCIENCE □ WALLACE PROPERTIES □

achieved

No

management

to translate information into action

options

the

up,

DISTRIBUTION

The

a

to participate in the success

the

his

RETAIL PINED

are

DEALERS

stock option is one of the

means

ager




to

•

Specializing in

adopted

RETAIL

pay

go

DISTRIBUTORS

•

worthless.
few

we

UNDERWRITERS

11)22

York

proportion to the company's prof¬
itability. If the value of the stock
does

JACKSONVILLE

you

Pacific Coast Stock Exchange
Established

fixed ex¬
pense.
With stock options, your
management is rewarded in direct

i.
Members Midwest Stock Exchange

"It's

salaries

■

\

have

Exchange
plans.

such

New

HARBISON & HENDERSON
Members

Private leased
'

radiotelegraph

circuit to Honolulu

SAN FRANCISCO

•

44

IOS ANGELES
Offices

gain

r

e

Corporation has opened
branch office in the Russ Bldg.

the

in

week), that the Stock Option-ers
are basically, and blandly, assum¬
ing correlation between a com¬
pany's
profits
and
the
market

1950 has
statutory
treatment to restricted options. It

at

S.

As

(reproduced

which since
giving
special

Co.

office

Branch

C.—Joe McAl¬
opened a branch

HILL,

factor

take out of the Revenue Code sec¬

421,

ister

Stone & Webster Branch
SAN

has

tion

been

di¬

branch

an¬

financial
outside

should

that we

Aug. 1, 1961.

five
and

McAlister Opens

Public

Certified

setting, negating

the

one

of

telephone

ROCK

at all.

New York

intensification.

War

very

Seidman &

&

the

discrimination,

a

installation

the

service to J. S.
Strauss
&
Co., 155 Montgomery
Street, San Francisco, Calif. *

discriminated against

—J. S. Seidman

REFORM

vs.

this

area

Keep banging away.

months.

12

MISSILES

is,

executives.

want to favor if there is to be any

Currency Committee, doesn't hope
favorable

rect

on

Douglas,

five - to
Banking

present

Com¬

amendment.

The

item

reform

the

favorite

April 27, 1961, constitutes another

month, Mr. Gore
there introduce his proposal

an

as

is

charges in connection with exten¬
sions
of
credit")
re-introduced

mittee later this
can

but the

quiring the disclosure of finance

present

a

Con¬

their

for

Not only is

Douglas'

1740, "To assist in the promotion
economic stabilization, by re¬

(S. 1625) to curtail the

Senate Finance Committee

Paul

the local tracks.

announced

cannot get a stock op¬

started

E. Stern & Co., 52 Wall
Street, New York City, members
of the New York Stock Exchange,
are celebrating the 25th
anniver¬
sary of their founding in 1936.

F.
Naddeo
&
Co.,
Inc., 26
Broadway, New York City, have

*

tion

Herbert

To V. F. Naddeo

gone

stock

25th Anniversary

V.

value.

not

their

of

Herbert Stern Co.

J. S. Strauss Wire

automatically

know

value

the

have

that

don't

public

of

other

stockhold¬

market

to

Companies

Credit "Disclosure Bill" (S.

for

of

is,

tax

options

relationship

TIMETABLE

a

the

by

borne

and hence

"reform" could
possibly be included in the first
group of tax legislation.
tax
advantages
in
Stock-Optioning, on which ad¬
vance hearings were
held by the

*

*

serting

option.,. This

cannot get started
knowledge of mar¬
ket value
of the stock, because
there must be the 85%
or
95%

ALSO ON THE "LOCAL"

sumer

stock

-corporate

without ready

what

deadlock

The Bill

Stock

Options.

Hearings before the House Ways
& Means Committee August 9 and

such

the
in

tage in competition for personnel.

event, and irrespective
backing of Senator
Gore, the Treasury and the SEC
(on behalf of its duties under the
Public Utility Holding Company
Act), can independently ask the
Congress for reform measures on

financial

Hence,

all deduction whatso¬
compensation ele¬

the

in

Thursday, August 3, 1961

com¬

(2) Stock options put unlisted
companies at a terrific disadvan¬

any

Senator

the

that

fact

ers.

the

of

for

course,

that

of the possible

liberal reserve
allowances in Savings and Loan
Association
taxes,
will
receive

10.

time

the

at

loses

increase

in

cases

held

there

Courts

due

was

LoBoue

and

The

pany
ever

ment

Option's exercise, and at ordinary

"tax

a

as

Smith

1956.

income

Bundle

early

without

submitted

House

In

tended

or

the

The More Comprehensive

action

with

of

Senate,
for
another
nullifying vote.

adjourned, the Bill will then get
a
thorough working-over by the
Finance Committee, including ex¬

public hearings—likely to
extend over a two-month period.
Then, during the next Session,
in January or February, the Bill,

be

must

floors

years,

incubation.
To

Bill

amended

regulations of
and the Revenue
were litigated in

.

regular taxes, but
compounded by

is

the

of

reason

and

rules

situation

the

would thus become subject to the

general

TAX TIMETABLE

date, April 14, 1961,
pre-1950.
All
options
and
non - restricted,

to

restricted

WILFRED MAY

A.

BY

taxes instead of

cut-off

new

..

.

•

NEW YORK

Serving Investors

•

CHICAGO

V

Volume

Number 6078

194

.The Commercial and Financial Chronicle

.

.

(481)

about

to

600

Universal
This

stock

common

Motion picture
been

only

the

in

basis

to

ensuing

with

decade

and

the

ing

the

decisions

knocking

booking"

of

hit

out

off

court order

requiring divorcement
picture producers
from the
chains of playhouses they had ac¬

States.

of

Four

quired;

are

which

TV

fans
a

finally along
kept millions of

and

at

home, their

knot-hole

picture
closed

of

motion

a

And

screen.

by the drove.

many are now

glued to

eyes

version

theaters

(In England

reopening

Bingo

as

parlors.)
But

there

sides.

were

hundreds of

picked

up

sales

new

some

brighter

some

Popcorn

zoomed,

and

big

drive-in theaters

"Gone

Ten

With

The

Hur"

and

consistently
that
they could still lure viewers, by
the millions, out of their homes
theaters.

screen

not

mortal

a

lous

enemy but a fabu¬
for -hundreds of old

outlet

films

that

had

been

package

films

and

should

now

the

and

$22

versified

investments

ties,

oil

sult

certain

within

been

real

or

the

in

estate.

will

to

movie

a

stocks

past three

years,

by the

income
to

will

popularity

among

ful

to

review

Pictures

in

maker

1959

-

today

Gems.

and

1960

were

25%

to

in¬

(This

distributed

75%

its

sub¬

Gems.)

has

in

This

(89%)

stock

of

sells
so

per¬

ing alone represents

an

value

of

and

certainly

its

impressive; but this year the
Columbia picture is one of a much
brighter hue. After some years of

growth

a

forgot

we

trend.

to

men¬

tion above that Screen Gems also

produces

commercials

for

tele¬

vision, which viewers will at once
recognize as almost a major in¬
dustry in itself!
Screen

Gems

at

common

20,

a

times

20

earning multiple, seems
fairly priced in relation to com¬
parable shares in the industry,

and to

growth stocks

general

a

as

category.
consideration

A

Pictures

of

Columbia

at

common

into

take

must

the

this hold¬

indicated

Gems

pro¬

television

major distributor

a

agency

for

In

addition

early

Screen

exclusive

and

originally

release.

losses

duction.

for
to

Columbia

Gems

also

distribution

has

rights

E.

CPS, listed

at

29%

this

time

account

three

from

A

actual

drive

for

film

pro¬

greater

ef¬

is

a

fairly

conservative

the

on

valued

earnings,

Pictures

in

the

the past

dividend

six

cash

in

re¬

About

2V2% stock

a

EVANSTON,

The policy of
rather than in

tation

in stock
will probably be continued.

CPS

would

board

probably

jargon,

room

University

as

brighter
visible

On

useful

earnings,

a

Merger

of

assets

in

and the

small

present

a

for

Motives

the

for

Road

to

Merger.

ber of shares

(1,391,602) outstand¬
ing. Speculators for the rise have
long favored issues where, either
because
of a minute
capitaliza¬
tion, or a small floating supply
of

stock

closely

due

held,

several years. Instead of

dragging
earnings from other sources,
picture production can now add

to#,shares

shares

can

WE ARE

to
them.
Secondly
the
picture
library will be delivering steady
and increasing earnings.
Thirdly,

Gems

should

continue

increase in net worth and

Registration fee is $150. Further
information may be obtained from
Eliezer Krumbein, Assistant Di¬
rector

of

Education, The Trans¬
Center,
Northwestern
University
1818
Hinman
Ave.,
Evanston, 111.
portation

being

respond

PLEASED TO ANNOUNCE THAT

H. ERICH HEINEMANN
FORMERLY

ASSISTANT

to

FINANCE

EDITOR,

BUSINESS

WEEK

earning

power.

Assets

At

is

went

rough
the

per

film

totals
all

library

in

at
a

Screen

RESEARCH

WITH

US

DEPARTMENT

As

other

minimum

a

share

on

Gems.

$54;allowing

the

BECOME ASSOCIATED

OUR

along we calculated a
share value of $22 for

appraisal, and $32
equity

IN

looking at CPS

the basis of asset value.

on

we

HAS

Discount

a

Another way of

(the

That

nothing

assets

of

DAVID J. G
-.<<'■1

•>+!'

R EE N E
J

"MEMBERS

'

•

for

NEW

Columbia

AMERICAN

YORK

STOCK

STOCK

C □.

&

*-*T

.

,

1

EXCHANGE

>:

(ASSOCIATE)

EXCHANGE

Pictures

Corporation. Thus when
view in the market CPS, sell¬

you

ing at 29%, it would
offered

are

of

of

points

discount

below

that

^

INVESTMENT
ADVISORY

SPECIAL

SERVICE

SITUATIONS

interesting

an

worthwhile

substantial

five

appear

assets

price,

the

1961

at

72

WALL STREET

NEW YORK 5,

N. Y.

and

high

34%.
On

the

1962

we

earnings side for fiscal
do

can

a

little

educated

guessing.

Assuming Screen Gems
$1 a share, Columbia's por¬

earns

tion

of

income

that,

or

$1.60

will

per

be

1.6

We

are

pleased to

times

of

share. Revenues

a

announce

the opening

Branch Office in

from

new motion picture releases
(or at least elimination of losses),

from

and

possibly

TV

BERKELEY, CALIFORNIA

library sales could

deliver

share. Add these

around

$1.50

a

Telephone: LAndscape 4-5257

„

and

you project
applying to
Columbia common, of above $3 a

combined

a

share
This

for
does

wildly

income

the
not

next

fiscal

appear

unreasonable

to

under the direction of "-'i

year.

be

a

JOHN

projection.

BARCHFIELD

B.

Si:

Si;

FREEMAN

COMPANY

&

Established 1905

61

1

Broadway, New York 6, N. Y.

August 1, 1961

Si:
Si:

1936

-

I96I

We

are

pleased to

of Direct

We

ta\e this opportunity

tion to

our customers

and

both here and abroad
We also wish

at

to express our sincere

for the

this time

years

to

J.

of pleasant association.

than\

HERBERT E. STERN

Montgomery Street

SAN FRANCISCO

8
•
iff

Wall Street

New York

V. F. Naddeo




&

m

5,

N. Y*:..

-

>

26 Broadway, New York

Telephone HAnover 5-6330

mmm

4, CALIFORNIA

CO.

Members New York Stock Exchange

52

Telephone Service to:

f

.a

,•

the opening

S. STRAUSS & CO.
155

loyal staff.

our very

announce

appreciar

friends in the financial community

con¬

Merger;

Trends; When Do Mer¬
Pay?; What Is Labor's Stake?;

gers

num¬

agenda

are

put Columbia in the black, in this
division, for the first time in

Screen

con¬

on

the

undervaluation

trend

market

will

Transpor¬

Northwestern

a

ference

include

at

Mergers and Acquisi¬
August 28-29.

tions

the

would

111.—The

-Center

ference

qualify,

"special situation." As such its at¬
tractions

order.

Transportation
Conf. on Mergers

;

this year.

paying

that

of

past,
should

years.

was

to
good
aggressive
buying.
appears to be a speculation

.7 and

no

company,
for 1962,
produce in any event its best

sults in

CPS
of

animation

some

news

multiple.

Accordingly, while there is
denying the erratic earnings
Columbia

with

at

ficiency in studio operation, plus
two
big
budget
pictures
with
powerful box office appeal should

Screen

over-the-

motion .pictures

designed

pictures,
the

is

feature

theatrical

not

Screen

distributes

and

shorts

results

2,-

$32 a share on the
shares of CPS common

inves¬ •outstanding.

of

of

some

1,391,602

films,

power¬

basis

S.

dividends there

documents

Incidentally,

you

ownership

that
Y.

ther

package

another

its

counter at around 20

Columbia

Its

in

1965.

have,

like briefly

is

Corporation.

of

shares

250,000

re¬

Attractions
we'd

contract that

million

Screen

asset

duces

A film

a

Broadcast¬

end
and

Columbia

di¬

and

N.

the

a

tors.
Office

common.

Screen Gems

splendidly and the in¬
dustry has recovered much of its

Box

library

$11
be

Columbia

sidiary

formed

earlier

Columbia

produce

come,

securi¬

As

Using

the

Columbia

on

ing System under

making
and

million.

figure

share

a

licensed

gathering

substantial

playhouse picture

$50

lower

number of companies, Paramount
and Twentieth Century Fox for

have

earnings
result.

a

as

\A portion of these films has been

further
than
supplying vintage
films, they are now making pic¬
tures specifically for TV. And a

from

feature

substantial

for

attrac¬

an

current

of

represents the equivalent of about

on
; their
library
shelves.
Many companies have even gone

example,

These

over

develop

much

million

dust

money

million

down

And

finally acting on the old
political principle "if ycu can't
lick
'em, join 'em," the picture
companies have found TV to be

$41.6

was

1960

On

about 10 times indicated

share, 72 cents. (Fiscal
year
ends June 30.)
The 1961
figure of around $1 a share fur¬

at

Sin¬

production. In the TV Columbia
is well placed through its library
of
post 1948 feature films, not
carried on its books at all, but
valued at somewhere between $30

"Ben

gross

share. For

a

Columbia offered such

So

proved

and into the broad

"Devil

Frank

Tracy.

40 cents

things. First is the elimination of

Wind," "The

Commandments"

the

United

films

off

slack, and block buster films such
as

the

with

Spencer

organization

which can
a
period of
years
(with
less
immediate
charge-offs against current earn¬
ings).
Other
pictures
which
should prove strong earners are
"A
Raisin
in
the
Sun,"
"The
Wackiest Ship in the Army" and
"Pepe." It has been years since
tive

of the attendance

in

lies

budget

written

be

film

Ahead

has
start in

terrific

a

O'Clock"

atra

came

to

smash

It

back.

years

releases

early

the

River Kwai"

the

on

few

a

its

the

Peck, David Niven
Quinn) has drawn

in London than

gotten

"block

then

Navarone"" (star¬

of

"Bridge

did

anti-trust

pictures;

Guns

better

sold at $85 in 1930, and at $1
less than two years later.
In due
the

productions possess¬
box office potentials.

ring Gregory
and Anthony

ago

came

earning power.

the

great

"The

depression.* Technicolor, one of
glamour stocks of 30 years

there

and

Gems

the net per

with feature

the

course

in

Pictures Corp.

production, distribu¬
financing of motion pic¬
tures, Columbia has now come up

nasty

a

assets

earned

tion and

prospered in the
enter difficulties

switchover to talkies

of

lows

corporations have
over the

Many

1920's,

the

on

performers

uneven

years.

viewed

Screen

produced by
prior to 1948.

has been growing dynamically. In
1956 it grossed $16.1 million and

By Dr. Ira U. Cobleigh, Enterprise Economist
A consideration of the current attraction of Columbia

films

Pictures

5

Co., Inc
4, N. Y.

Teletype NY 1-1316

:

6

The Commercial and Financial Chronicle

(482)

there

Although

DONALD

have

may

in

interest

considerable

D.

been

offerings during the
past ten days, very little of it has
developed into positive market
activity. From a practical market
viewpoint the interest has been
studious
the

if

in the

change

interest

minimum

bare

active

to

been

has

7%, buying

European nations adhering to the

reduced

to

the

traditional

a

broad

rates

demand

Whereas

weeks.

few

had

the

moved

brisk

market

nomic

-

during mid-July as much
as a point for longer term bonds,
price cutting has been resorted to
since
the English bank rate rise
effort

an

investor

to

trial

jn

j

,

the

past

bidding has conbe relatively aggressive
institutional

the

and

offerings

sulted

abruptly

has

tnat

extent

the

in

has

already

rebuilding of

issue offerings met with
no

to

experts

re-

now

inven-

response

necessary

/

week

A

List

of

prices

total

$368,440,000 of state and municipal bonds. As then mentioned,
the withdrawal of offerings ac-

withstanding
crements

high

reduction from the previous week

($422,610,000

July

on

of these items, plus the

relisting
X.

moderately heavy unsold balances
involved

in

the

past week's

of

total

offerings

state

and

the

to

trend

market

does

but

the

r

...

policies,

States

been

Great

determined

credit

reached

Economic
Common

Britain

by

Uni ed

States

United

has

at

which

development
States

of

has

However,

eral

this

Europe

ately

set

will

Trust

a

moving

Co.

of

Western

New

York,

stone & Webster Securities

Corp.,

F
s.
Moseley &
Co., Paribas
Corp, and others. The bonds were

reoffered

may

315%

to

for

yield from 1.85% to
a
3%
.coupon.-The

Ybe

union

$2,570,000

bonds,

immedi-

economic

other

cate

and

portion

Sewer

was

of

the

(1962

-

loan,
1986)

bought bv the syndijointly
by
the

managed

bonds

reoffering
for
last

ON

Bankers Trust Co.,

The First Na-

REPRESENTATIVE SERIAL ISSUES
'

.

California (State)
Connecticut
New

__

(State)

______

Rate

(State)
Pennsylvania (State)

___

Vermont

to

(State)
Housing Auth.

Bid

Trust

Smithers

ranging

3.30%

Orders

3%

1978-1979

3.30%

3.20%

is

3%%

1974-1975

3.20%

3.10%

that

1978-1979

3.25%

3.15%

be sold

3.40%

3.25%

account.

3%%

1978-1980

3.75%

3.65%

Baltimore, Md
Cincinnati, Ohio
New Orleans, La
Chicago, 111.

3V4%

1980

3.40%

3.30%

31/2%

1980

'3.40%

3.30%

__

New York City, N. Y._—
•

1




3%%'

1979

31/4%

1977

3%

1980

August 2, 1961 Index=3.373%

-

3.60%

3.50%

3.60%

3.45%

3.60%

3.55%

sale

this

headed
Bank

day.

out

easier

ever,

3,790,000
3,000,000
1,594,000
1.000,000
1,700,000

7.30

1962-1992
1962-1981
1982-1999
1962-1981
1963-1981

11:00

a.m.

7:30

p.m.

p.m.

8:00 p.m.

a.m.

Mobile, Ala.

8,000,000

1962-1990

Noon

1,415,000
25,000,000

1982-1981
1964-1988

Noon

14,000,000

1967-1991

11:00

Diablo

Unified

S.

Couniy, Va.u

10:30

a.m.
;
a.m.

1,000,000

1982-1986

11:00

a.m.

1,200,000

1962-1990

2:00

p.m.

2,500,000

1962-1981

11:30

a.m.

1,250,000

1963-1982

Noon

1962-1971

8:00

9,125,000

1962-1986

Noon

1,250,000

T/h

>
-

p.m.

Manchester, N. H

1,510,000

1962-1981

11:00

a.m.

Maryland State Roads Commission

3,292,000

1962-1976

11:00

a.m.

Newport, Russia, etc. CSD 3, N. Y.
Juan, Puerto Rico

1,190,000

1962-1980

5,000,000

1963-1982

11:00

a.m.

Wichita

1,600,000

1962-1981

10:00

a.m.

2,065,000

1962-1986

Noon

2,000,000

1963-1990

1,900,000

1962-1989

Sch.

Dist.

No.

1, Kan.___

3:00 p.m.

;

of)

_

County, Ga._

___

;

2:00 p.m.
Noon

District, Ohio

1,400,000

1963-1982

Incline General Impt. Dist., Nev.__

5,395,000

1964-1976

11:00

a.m.

Michigan State Board of Education

1,480,000

1963-2000

11:00

a.m.

Rhode

2,175,000

1962-1999

Neon

Island

State

The

School District,

of

carried

3%.%

King County, Washington

No

overall

it

is

Cook County, 111.—

West

Road

road

1:00

1963-1982

2:00 p.m.

10,000,000

1963-1992

10:30

p.m.

a.m.

2,550,000

1964-1990

225,000,000

1962-1987

10:00

a.m.

2,422,000

1963-2000

10:00

a.m.

1:30

p.m.

10:30

a.m.

11:00

a.m.

2:30 p.m.

1963-1991

\

Allis, Wis

'1,350,000

1964-1981

1,562,000

1962-1986

8:30 p.m.

1964-1983

2:00 p.m.

1962-1981

2:00 p.m.

1962-1981

2:00 p.m.

<

2,400,000

3,625,000
1,415,000

Kansas

City, Mo

4,034,000

Aug. 24 (Thursday)
Glendale, Calif.
Pinal County Elec. Dist. 3, Ariz.__

3,250,000

1962-1981

2,250,000

1991

2:30 p.m.
11:00

a.m.

11:00

a.m.

Aug. 28 (Monday)
Bedford

School

District, Ohio

1,800,000

Aug. 29 (Tuesday)

•

San

Diego Unif. Sch. Dist.,

Calif.

20,000,000

1963-19321

Aug. 39 (Wednesday)

,

Islip, New York

1,940,000

1932-1981

of

7,100,000

1932-1973

been

Changes have

exception

Noon

25,000,000

__

Rochester, N. Y.__^______________

have

relatively unimportant, how¬
the

1963-1988

1963-1988

Aug. 31 (Thursday)

Bonds/

issues

1,400,000

Aug. 23 (Wednesday)

estimated

of the Lehman-Chase

8:00p.m.

7,050,000
1,650,000

2,393,000

Dixon, 111.
Montclair, N. J
Rio San Diego Mun.
Dist., Calif.__
Speedway Sch. Bldg. Corp., Ind.__

,3%%.
balance

1
1962-1986

Aug. 22 (Tuesday)

coupons

but

2:00 p.m.

Aug. 21 (Monday)

S.

through-

1,400,000

(State of)
University of Mississippi

bonds.

to

N. J

Arbor, Mich

suc¬

F.,

Colleges.

California

the

along with the other phases

with

Noon

Aug. 16 (Wednesday)

by The
the

were

of the bond market.

been

a.m.

p.m.

,

toll

a.m.

10:30

Washington Sub. San. Dist., Md.

no

%s of the bonds would

Toll

The

a.m.

11:30
11:30

1963-1981

writ¬

and

to be taken

available,

1977-1980

Y.)

of

at

$17,145,000

issues

over

11:30

1,590,000

Plymouth, Conn.

reoffered.

hour

Co.

from

3Va%
Y., N.

not

Co., Goodbody & Co.
the high bidder for the

were

the

cut

1962-1981
1962-1980
1961-1990
1962-1984

1,425,000
4,525,000

a.m.

Knoxville, Tenn.
Paducah, Ky.

1%

a

&

20

3.60%
3.50%

bore

$43,170,000.

3V2%

(N.

late

account

totaling

,

a.m.

Carteret

cessful bidders for 11 of the issues

3.75%

/h/

Aug. 15 (Tuesday)

yields
of
in 1985.

price

coupon

Manhattan

3.40%
3.60%

of

Bank

Wednesday. The group
jointly
by
Lehman
Brothers, Blyth & Co., Inc.1 and
Phelps, Fenn & Co. in association

Bankers

$655,151 realized in

10:00
1:30

Berea School

on

1980-1982

was

1960.

10:00

Richmond

managed

1978-1980

tolls

1962-1981

Holyoke, Mass.
Michigan (State

largest offering in¬
volved $60,315,000 various Public
Housing
Administration
(19622002) bonds which came to mar¬

The

for

July

1963-1981
1964-1991

week's

3%%

1978-1980

Idaho

"3%

a

Activity

Chase

July
approximated $677,000;
largest realized in the road's

Aug. 10 (Thursday)

(1963-

carried

available

remaining
Asked

Falls,

yield

$10,000,000

dollar

a

was

the

the

de¬

vehicles'

3,500,000
3,150,000

Ann

with

Revenues

commercial

July history. The previous record

v

San

Housing Bonds Feature Week's

ket

the

traffic.

from

Aug. 9 (Wednesday)

ing.

The

in

1,041,000

County S. D., Utah
Fairfax County, Va.

the issue.

the

maturity

balance is

Los Angeles, Calif

New

to

and

31/2%

Jersey Highway Auth., Gtd.__ 3%

New York

Maturity

to

3y2%

a

coupon
Due

truck

ing

rived

Ohio

Box Elder

in¬

and

District

scale

1.85%

99V2

the

4,086,000

York

Sacramento,

awarded

group was

MARKET

Fla

America N. T. & S. A. group. The

,

by the Harris Trust and
Savings Bank and including The
First Boston Corp.,
The Marine

2,

School

The

by

Aug. 14 (Monday)
Aug.

on

1986)

appear

Turnpike Commission indi¬
cated further progress in attract¬

Y.

College, N. Hamp

account.

Unified

gen-

group

10, N.

D., Calif.__
Pennsylvania General State Auth.
St. Petersburg, Fla
Tustin Union High S. D., Calif—..
Vero Beach, Fla
Watertown, Conn.

of

approximate bal¬
$6,500,000 bonds remains

of

toll

Anchorage, Alaska
Anchorage Indep. S. D., Alaska
Frankfort Sch. Bldg. Corp., Ind.__
Grossmont Union High S. D., Cal.
Mt.

At the end of the

headed

its

of

Co. and Harriwon

This

capability begins to
speculative.
An
August
1
release

1,100,000

——

National

priced to
3.10%. for

to

California

of

cause of present balance is $1,340,000.

economic
almost

the

rate

were

2.00%

Also

totaling
larger issue, $5,Highway
(1963 - 1976)
to

Barney &

to

revenues

Aug. 8 (Tuesday)

other major under¬

among

bonds

from

of

S. D.

Myers,

Twin

was

day

of New York

Ripley & Co.

in

bonds

awarded

the

First

The

ance

The

was

The

iran

for

calendar

issues

two

obligation

bonds

over-

it

with

700,000

Europe
The
this ac-

effect

scheduled

The

Fort

order period, an

offerings

$8,270,000.

with most of the nations of Western

reoffering.

and

net

«requirements.

of the

interest

an

and

Ohio

Clark County, Nev._:

$16,943,000 State of Mary¬

coupon.

f. continues tobe
n.ia.s offering of $225,000,serial

market

urged

strengthening

this total

$540,000,000.

.bonds

at

1962

less

_

was re¬

rejection
on

for

rates will pro¬

road's progress has been slow but
its

Churchill Area Sch. Auth., Pa.____

various

from

Thursday July 27, Onondaga County New York came to

last

in

tion for many years for the
all

ago

about

Qn

the

means

j!av®
ln buttressing the
the free world.

to

30

Recent Awards

join the European
Community
or
the
^

reduced

for

.

to

Market

bioader

calendar

loan

SmitX

continues to
be barren of sizable pr0Spects.

policies doggedly perpeby the Kennedy Adminis-

tration.

to

negotiated

British whicn may have 9 further
adverse
effect
upon -, the ^easy
trated

%ths

?

.

and

has

rnoney

S®

gent

,.

particularly upsetting in respect to our bond markets, another far reaching decision

been

close

the

cluding

Aug. 16. The spacing of large offerings continues to favor intelli-

.

Jhe forthright action the British was a serious
United

issue

new

has

COO

Money Policies

taken by
blew
to

of

Hempstead

Dartmouth

writers Bankers Trust Co., Halsey,
Stuart & Co., Inc., Lehman Bros.,.

.

the

Another Blow to U. S. Easy

While

decline

$450,000,000. A week
;was

-

.,

market

a

learned

that

City Bank

week ago.

sufficient

vide
meet

be

Aug. 7 (Monday)

the fact that Charleston

officials

hattan

point.

dayS

sharp change in investor thinking,
&

„ri

a

reverse

indicate

to

serve

a

-phe

certainly mot unfavorable

is

3.35%

Conn.

Rolling Hills Sch. Dist.,

general obligation
issue
awarded Wednesday, ;Aug.
2, attracted spirited bidding. The
group headed by The Chase Man¬

on

level

the

that

The

yield

against

North

3%%.

Com-

averages
a

60%

spoken for. It

new

will

to 10%. It

up

that

estimated

is

thereafter the

Medway, Mass.

bids

$4,000,000

after about

on

in*' land

current offerings,
at 3.373% as of Aug. 2,

of

Aug. 2. By present standards this
total

progressive

20-3^ear-bo:id

for

Rates

variously increased

Larger Issues Scheduled For Sale

Bloomfield,

seven

toll rate schedule

new

the following tabulations we list the bond issues of
$1,000,000 or more for which specific sale dates have been set.

city could be classi¬
fied
as
a
depressed
area
and
therefore could qualify for a Fed¬

favorable

The

July 31,

sale

eral

a

effected.

was

In

to

to

mu-

seem

Financial Chronicle's

grade

dicate

un-

municipal
$405,291,000
as
of

to

the

scaled

were

1.80%

were

ported

In terms of dollars this would in-

derwritings, has swelled the Blue
List

be

inflation.

of

Index, based

The

20).

to

bonds

1,

Aug.

Aug. 3 (Thursday)

afternoon

bracket investor, not-

mercial and

part of the large

some

continues

the

city

West Virginia, sewer
(1962-2000) bonds. The
high bidder was The First Boston
Corp. group. Subject to award,
the bonds were reoffered to yield
from
2.00% to 4.00%. However,
the bid was rejected in the late

a

to the high

of

counted for

and

of

the

taxes

within

Thursday, August 3, 1961

se¬

revenue

may

would

are

Charleston,

develop-

state

utilities

submitted

were

fair technical position.
On basic considerations, the general
level
of
tax-exempt bond

offera

the

service

from

based

'market

bond

to be in

reflected by the Blue

municipal
ings, had been reduced to

Dresent

\

The

pledge of the proceeds

a

The

bonds

a +

.

current

months,

be in the process of

nicipa?

July 27, street in-

ago,
as

the

and

from

On Monday,

sharp

many

decline.

Tampa,

"Depressed Area"

Shape

sell-

a

for

last,

account.

Municipal Market Still in Good

0U^

ventories

problem

ing,

apparent
important

for

repercussions
is more par-

new

issue received the enthusias-

new

tic

and

favor

its

Smith,

&

Barney

3.85%. At
present $840,000 bonds remain in

pick up con¬
siderably by early fall. Thus the
declining bond market, predicted
generally by most of our financial

in-

lagged

tories. But few of the week's

investor

g0^

by

limits.

£or bank credit may

vfif °.r recTPt10rj anc* aPPetite for
an

the

as

financial
all

cured
from

yield

0£

solely

various

increases
in domestic military expenditures
being set jn motion, the demands

new issue

tinued to

face

bonds have broken 80. The

■

po¬

indus-r

the

known

be

in view of

through

forces

in

Thursday

payable

U™larIy. bussed by this union)

Apathv

while

financial

colossus to

(our

J

money

higher), the United
of
cheap
money

inherent

conflict with

interest.

However,

of

Also

-

Common Market,

Inventory Rise Measures Investor

week,

and

tentially

stimulate

again

or

policy

New

of

Manhattan

summary statement of op¬
Florida, awarded $2,850,000 special erations
recently issued by the
improvement
(1962-1990)
bonfs
Kansas
Turnpike Authority for
to the group headed by Ira Haupt
the
month
of
June
indicates
& Co. and including J. C. Brad¬
further
progress.
Interest
was
ford & Co., Baxter & Co., Robin¬
earned 1.09 times as against 1.00
son-Humphrey Co., Inc., Rand &
times for June a year ago. As of
Co., and others. The bonds are

likely to quickly become
incompatible in face of the eco-

le vel up

in

concept

(6%

in

tax-exempts States
that had obtained during the pre-- seems
vicus

or

Eng-

from

interest

investors

be.J

we

dealers

Since

of

Bank

land rate from 5%

whether"

.

Co.
Turnpike bond
yield Index averaged 3.80% when
yield from 1.50% to 3.40% with last sampled July 27. This rep¬
lk point sell-off as
a 31/4%
eoupop. A balance of $1,- resented a
135,000 bonds remains in account against the prior week. Quotations
at this writing.
today would indicate a further

affecting

or both, would seem to be
the impact, gradual or otherwise,
exerted on money rates and the
bond
market.
With
all
of
t'^e

academic.

not

directly

Bank

Chase

Lynch, Pierce, Fenner & Smith,
Inc., and Carl M. Loeb, Rhoades
&
Co.
The issue was priced to

present United States policies,
The situation most pertinent to
those of us in the bond business,

bond

empt

forces

City

The

and

MACKEY

financial

tax-ex-

.

Toll
Road
3V2S
which
York Indiana
Bank,, have been subject to a series of
vicissitudes which
are
likely to
and including as majors the Con¬
tinental
Illinois
National
Bank be favorably resolved over a pe¬
riod of time. In the meantime the
and Trust Co. of Chicago, Merrill

tional

TAX-EXEMPT BOND MARKET
BY

.

the

Sept. 5 (Tuesday)
El Paso

County, Texas__

Sent.
Peoples Community Hospital
Authority, Mich.

1,750,009
7

(Thursday)
1,550,000

1963-1990

8:00 p.m.

Volume

194

Number 6078

.

.

The Commercial and Financial Chronicle

.

(483)

Effect of Proposed Taxes

on

loans. The present formula would

loans)

thus

of their

be

changed from

savings

basis

1 In

tax

additions to bad-debt
the

By M. R. Lefkoe, Securities Analyst, Jesup & Lamont,
vif
New York City
i
:

future,

existing

Examined

holding company associations,

posals made
panies

count

here, particularly in terms of their impact upon savings

and loan

by the Treasury.

shifting

of

out

Mr.

insured

Lefko envisions

into

conventional

loans,

and

as

bad

true

some

debt

reduced effective tax rate

a

allowance

is

permitted.

He believes

tax

a

full

biH will be passed this year and, if so, it will have a minimal effect

holding companies.

upon

.

of

serve

-v'tf

tax-free

Savings
have
130

and

loan

existed

in

but

years

associations

this

country

until

1952

completely tax exempt.
the

Finance^

would

the
9

tax

tax

and

10.

"

had

free

the

been

Senate

Finance

in

1951

.

stated

.

dis¬

that

formula

for

reserves

of

and that the

stitutions

earnings
of
associations

terms

for

the

mutual

cannot

of

be

re¬

further commented

that

the

port

12% formula is not

basis

as

though

this

proposal

was

and that

reserve

of

ence

banks.' Al¬

reported

true bad-debt

a

the experi¬

even

depression

the

of

justify the existing

provision.

reserve

favorably

the

1930s does not

Morty Lefkoe

concepts

The

be

commercial

tax

by the Senate Finance Committee,

Despite
this
conclusion,
the
Treasury report goes on to state

it

that

amended

the

on

Senate

floor to permit the associations to
continue to place earnings into re¬

since

"the

serve, tax free,
the total of
their reserves,
surplus, and un¬
divided
profits equaled 10% of

in the tax treatment of

deposits. In conference this limi¬

the

tation

in

jufttil

raised

was

still

stands.

to

12%

;

have

been

made

by
commercial • banking
groups to have this 12% provision
lowered, making it comparable to
their

tax

own

tion

which

though

free

posi-.

reserve

2.4%. Al¬
have
been

averages

bills

many

introduced to effect this reduction

during the past ten
gress has repeatedly
retain the

12%

when

first

the

Con¬

years,

fit

seen

to

provision. In 1951,
tax

measure

was

passed, the associations held $14.8
billion
gages,

in

home

non-farm

29%

or

of

the

mort¬

total

out¬

standing. Since 1959, the industry
has increased its importance in
mortgage lending and as of the
past year-end held $55.9 billion
in

non-farm

home

increase of 278%.

represented 39%
total

mortgages,

an

These holdings
of the estimated

outstanding.

.

thrift

'

>

\.

Thus, although the savings and
industry has found it some¬
what hard to justify its tax free

.

institutions,

the mutual

which

invest

great majority of their funds

a

virtual

these

on

by
quoting another address by Presi¬
dent
Kennedy
in
which
pointed out that residential
struction

total

accounts for 30%

be

On

April 20 of this year, Presi¬
Kennedy delivered a tax
message to Congress in which he
"Some

types

of

the

most

given several dif¬
and

on

assuming
the portfolio.

va¬

36%

return

Rates

25% '

20%

loans

on

Tax

30%

tax

-Tax rate-

1.0%

23.6%

17.3%

11.3?

1.5

33.1

28.9

24.9

34.7

31.7

38.1

35.7

37.8

...

40.7

2.5

<

Based

in-

their

the

on

mortgage

return of

1.98%

outstanding

reserve

of

stantially

provisions which sub¬
reduce
or
eliminate

"their Federal income tax liability.
These
provisions should be re¬
viewed

with

the

aim

Companies

ing

effective

1960.

portfolio

on

and

tax

would

have

of

rate

in

assumes

a

resulting
imposition
of

priate,

such

a

is

interesting
that

stated

housing

to

the

tive

would

proposal had

prior to last

should

private

be
.

partment undertook

a

study of the

tax treatment of mutual thrift in¬

(savings and loan
and

in

mutual

order

any

to

asso¬

savings

determine

changes in the law
On
July
14,

necessary.

Secretary of the Treasury Dillon
copy

of the

results

study to Congressman

Mills,

from

sudden

a

Under

approach,

these,

allowed

be

tax

allowed

be

purposes

centage of

alterna¬

institutions

a

and

reserve

would

this

'true'

action

.

to

the

taxation
next

is

year

inevitable

two,

or

Corporate

supply,

However, as a result of Presi¬
Kennedy's address to the
nation regarding the Berlin situa¬

to

ing,

gress

potential

would

result

taxation

of

revenue

from

the

some

mutual

an

or a

passed, and the effect of
ceivable tax

measure

on

any

ing companies will be minimal, I
believe
some

thq odds currently favor

change in the industry's tax

status this year.

solicitation of

an

offer to hay securities.

Corporation

200,000 Shares Preferred Stock, 5.125% Subordinate Convertible Series
(Par Value $100 Per Share)

'

p

The Preferred Stock is convertible into Common Stock at $20.00 per share

$25.00 thereafter and

per

on or before
before August 1, 1971 and at
before August 1,1976, subject to earlier redemption.

share thereafter and

on or

full

billion to

on

tr.llion

£2

the particular phase

Prices:

of the business cycle. A reduction
of

on or

might " reduce the
res'dential
mortgage

$1

depending

$2 billion

in

mortgage

units per year, a

10% based

on

money

100% for the Debentures

$100

reduction of 8%
current estimates

per

share for the Preferred Stock

TdIus accrued interest on the Debentures from August 1, 1981 and accrued
dividends, if any, on the Preferred Stock from date of issue

Other

t'o~>

o~dv

Chairman

of




of his

Wilbur
the

$500

mi1 lion,

which

might be the equivalent of about

35,000 housing starts.

Copies of the prospectus

D.

House

map

be obtained from such of the undersigned (who
prospectus) as may legally offer
applicable securities laws.

are among

the underwriters named in the

Treasury Suggests Three Plans

these securities under

It is interesting to note that the
r?i t

rrrv

rot

recommend

any

specific measure or method of
taxation,
but
rather,
presented
three
possible methods for the

Dillon, Read & Co. Inc.

consideration of Congress.

(1)

Full Taxation. The mutual

thrift

institutions

lowed

to retain

to

accordance

be

with

formula

formula

the

wouTd

al¬

comparable

applied

to

to

ceiling

three

nual

loss

would
their

times

It

was

limited

over

the

that

the

application of the above bad-debt
reserve would produce an average
bad-debt reserve
ceiling of be¬
tween

2%

and

3%

of

Eastman Dillon, Union Securities & Co.

Glore, Forgan & Co.

Goldman, Sachs & Co. Harriman Ripley & Co. Kidder, Peabody& Co. LazardFreres&Co.
Incorporated

an¬

20-period since

estimated

Incorporated

Blyth & Co., Inc.

com¬

average

experience

worst consecutive
1927.

be

Kuhn, Loeb & Co.

bad-

a

mercial banks, i. e., their bad-debt
reserve

The First Boston Corporation

earnings tax free

uninsured

Lehman Brothers
.

-

-

Merrill Lynch, Pierce, Fenner & Smith
i

t

Incorporated

Stone & Webster Securities Corporation

con¬

the hold¬

August 3, 1961

August 1, 1966, at $22.50

thrift

; Although none of the specific
aforementioned proposals may be

for

diminishing per¬
additional retained

ojjer oj securities for sale

which

partial

instiutions.

a

any

unlikely that Con¬
will completely overlook the

large

bad-

deduct

the budget deficit this year
expected to exceed $5 billion,

is

and it appears

tax

of
by

no,

will be taken this year.

.

a

in

ordinarily,
opinion that,

$30,000,000 5%% Debentures due August 1,1981

he

the

sources

would

us

the

with

*

of

<•

addition

in

Texas Eastern Transmission

of adequate
achieved "to

sented which estimated that

reserve

a

within

along

informed

our

effectively — particularly in
a
period of slump."
During the hearings held by
the Treasury, testimony was pre¬

debt

sent

led

although

history

more

Accordingly, the Treasury De¬

whether

have

of

New Issues

possible
by helning
market
processes
work

in

•were

the

and

controversy,

opinion

year,

This announcement is not

tax

analysis of the Treas-

report

he

that

note

goal

the extent

only

banks)

A careful

ury's

tl>e ; earnings."
(3) Partial Taxation. Here the
hqlding pomp any associations
(which are-.currently making a Treasury seemed to admit 5 that
despite
all of its previous reason¬
negligible
amount
of
insured
become law

housing market absorbs more
private
ere: it
than
any
other
single sector of the economy. It

August 9 and 10 Tax Hearings

ciations

only

effective
be about

were

considered."

have been somewhat higher. Nev¬

ertheless, if

the

ordinary
income
transitional methods of
regarded as appro¬
[an] alternative could be

taxation

"would

tax

mortgage

taxation,

debt

portfolio is in insured loans,
effective

would

ket

loan

actual

their

a

return of 1.88% in

a

earnings;

rate

held. Sinne less than 10% of their
the

example,

effective

tion and his request for $3V2 bil¬
lion in additional defense spend¬

had

36.2%

ap¬

an

(2) Transitional Taxation. The
Treasury stated, "If, because of
the risk of possible adverse im¬
pact on the home mortgage mar¬

loans

average

calculation

This

increase

at

in

result

rate of 18% to 22%.

dent

complete absence of insured loans

the

of

assuring
nondiscriminatory treatment."

stitutions

would

26.7%.

during the year, the
Savings & Loan Hold¬

16 Western

an

24.3%

a

in

increase

loans would produce the

net

same

'

2.0

increase

average

Rite of growth of loans

Average

to

portfolio and

Effective

im¬

private savings
and
lending institutions in the
country are accorded tax deduct¬
ible

Therefore, the Treasury's request
at least $125 to $150 million*

for

reduced, total earnings would
continue

cur-,

savings;
indicate earnings of $144!
million for 1960. Combining these
two figures produces an estimated :,
earnings figure of $695 million.;

estimates ranged as low as a redun-

dent

portant

in¬

1959.'More
mutual

con¬

of

of 1,325,000 starts this year.

stated:

could

their growth considerably.
While their return on loans would

for
for

Washington,

be

portfolio

private investment and. that

portance in the

of mortgage

attract

data

would be reduced. For

would

programs."

to

area

to

million

about

banks

The report stresses tills issue

tax shelter due to its growing im¬

financ'ng.

order

crease

reserve
on
the basis of
supply might reduce new housing
losses, it has been able to ./construction by 100 000 to 135.000

retain what amounted to

in

associations

company

.bad-debt
actual

rpnt

asso--

of

mortgages, must be
the light of its pos¬

in

sible effect

funds

loan

.

$551

average

earnings

residential

weighed

.

efforts

1952,

where

of

continuation

housing programs requires
an
adequate supply of funds for
home mortgages
any change

proper

portfolio

the

savings and by reducing their rate
charged on new loans, the holding

following

in¬

in

loan

on

savings and loan

had

the

•

debt

thrift

income."

the

on

12%-

justified

established

computing

taxed

Since

still

to

the

that

proximately the same rate; never¬
theless, the effective tax
rate

and

existing
computing bad

in

return

on

rate

Estimated

by the

"the

should

it

* would

The

reserve.

the

depending

portfolio. By increasing their ad¬
vertising arid Other promotional

'

.

be

was

tax

institutions

growth

rates

expenditures

a "true" bad-debt re¬
3%, the imposition of a

rious returns

that

Committee

be

sustained.

are

the

tax-" and

could

;

,

conclusion

future

which

tax

still

gage

August

,

tax

table Shows what the effective tax

Treasury's report

same

>

ferent growth rates of their mort¬

regarding
on

'

reached

criminatory"

same

.

committee

hearings

legislation

reached

of

treatment
would

hold

Congressman

his

announced

In essence, the

con¬

tinuance
their

.

com¬

.

.

Committee.

Shortly afterwards,
Mills

1951,

stated

that

Means

and

were

In

Senate

mittee

Ways

for

would provide
yield of between $125 and
$150 million. Recent figures esti¬
a

ciations

ac¬

place
portion of their earnings into a

a

worked out which

mate

into

uninsured loans increase

these

of

effective

be:; taken

corporate

allow

indication

an

what tne worst possible tax meas¬
ure could do to the
holding com¬

panies, the above table vividly
pomts out the difference between

Assuming

long

so

provides

,

year's». effective

bad-debt

true

computing

losses

rate

i

,

last

bad-debt

earnings
•

growth for the industry, and

as

loans.

Although

ing, housing considerations might
Congress from imposing a
income tax
liability,; even
over
a
period of time, and con¬
sequently suggested that, as a
final alternative, some formula be
deter

full

"excess"

would

as

com¬

of

off most

loans

the

additions

made

holding

an

Only

in

free

the three different pro¬

are

a

reserve.

reserve

for

amount

would be split
"true"
bad-debt re¬

and

serve

Ways and Means Committee will hold hearings next week
regarding the tax status of mutual baftlrs and savings associations.

reserves

full

reserves

between

The House

the

insured

during the
and replaced them with con¬

year

deductible

have sold

would

ventional

computing

•

reserve/unin-

a

basis.

loans

surea

to

reserve/

a

7

.

White, Weld & Co.

Smith, Barney & Co.
Incorporated

i

Dean Witter & Co.

8

The Commercial and Financial Chronicle

(484)

ter &

DEALER-BROKER
INVESTMENT LITERATURE

IT

THAT

UNDERSTOOD

IS

INTERESTED

SEND

TO

THE

MENTIONED

FIRMS

PARTIES

THE

WILL

FOLLOWING

PLEASED

BE

*

:

M. Kidder
New York
data

are

Insurance

Savings

and

on

&

market

Memorandum—

—

is

memorandum

a

Motor

on

Broadway,

Bank

Stocks—Quarterly comparileading banks and trust
companies of the United States
—New York Hanseatic Corp., 120

New

Broadway,

Also available is

York
a

5,

VTawata Iron

card

memoran-

Boating Industry—Analytical brochure on the industry and boat
Holman

A.

Y.

N.

6,

analyses
of
Steel; Fuji Iron &

Hitachi

Oil

roanenryo
chemical

Broken Hill Proprietary.

manufacturers—R.

&

York
are

(elec-

Limited

ironies); Kirin Breweries; Sumi>
tomo
Chemical;
T o y o
Rayon;

Y.

N.

New

available

steel;

Survey

Co.

Company;

Sekisui

(plastics);

Yoko-

hama Rubber Co.; and Showa Oil

Co.
j.

_

&

c,

SSwa

.

—.

.

.

Securities

.

„

Co

149

Ltd

«£aiwa SSecurilties OLtd

Co., Incorporated, 54 Wall Street,
New York 5, N. Y.—50c per copy.

tt

Broadway, New York 6, N. Y.

149

Memorandum

'
"L. 1? • Button oI L.O.,
Manhattan Plaza,
New

^

1

Cnase

York
..

.

5,

Fayetteville. N. C.

St., New York 4, N. Y. Also
available are reports on Maryland
Cup Corp., Sanders Associates and
over

Tidewater Oil.

American Viscose Corporation—
Analysis_WinsloWj Cohu & stet.

Truckler

Nova

of

Toronto,

Scotia,

on

N

L
New vt
York 6,
Favorite

a

'

N. v"
Y.

n

of

third

Hill,

'

&

Co.,

New

memorandum

York

City

Bank

securities

quarter

of

Bissell

&

Meeds,

j^ew Yorfc 5

N

120

Stocks—

40 Wall

Investing

for

Banks

Einstein—First
St.

National

305 North
St. Louis 66, Mo.
Louis,

Investment

Major B.

—

Clubs

Bank

club—National

Association

Clubs, First National Building, Detroit 26, Mich.
Japanese Market
maichi Securities

&

Co., of New
York, Inc., Ill Broadway, New
York 6, N. Y. Also available are
reviews
and

of

Asahi

Mitsubishi

Glass

Co.,

llfp nrfw^nn^

Shipbuilding

and the 35 over-the-

industrial

and

stocks

used

in

Pakistan

N

York

N

5

0thers

Y.

Chemical

^

Analvsis

Co.

u

*/ri

j

-MartTln' Monagham and Mul-

Co

Ltd

25

Adelaide

Canadian

St.,

niustrated

brochure—Bank of Amerira
& s

A

300 Montgomery St

Francis™

T

San

^20 p^fgomery bt'' ban
'

'

Rail Stocks for income and
cal

N

cyclirecovery—Review—Dean Wit-

qo1
821
1

M.

Oliver

West,

n

„

—

An-

&

Co., Ltd.,
St., Vancouver
vnnon,,„m<

West Hastings
Poil

—

Memorandum-

DraperSears & Co 50 Congress
btreet> Boston A MassConsolidated Freightways

.

..

.

Industry

turning the corner?

...

Our brochure cites

reasons for cautious
optimism. It points
cost-price squeeze now plaguing industry at
home and endangering its
competitive position abroad
may of necessity lead later to hurried ordering of machine

tools. It calls attention to the

growing concern that U. S.
industry's equipment is "obsolete" vis-a-vis our newlyequipped world competitors' and also the significance of
cutting the unit-cost of a product to avoid being "frozen
out" of

foreign markets.

It

states that machine tool orders
appear to be edging
upwards: March 1961's were highest in 3 years—and
although April orders dipped to approximately $48 mil¬
lion, May's were $50 million and June's climbed to about
$60 million. Five companies are briefly written up as likely

candidates to

participate in what appears to be a machine
tool turnabout; namely: The Cross
Company; Giddings
& Lewis Machine Tool
Company; Kearney & Trecker
Corporation, Seneca Falls Machine Company and The
Warner and Swasey Company.

t

Troster, Singer & Co.
Members New York Security Dealers Association

74

Trinity Place, New York 6, N. Y.




Teletype NY 1-376; 377; 378

&

Co.,

100 Mont¬
gomery St., San Francisco 4, Calif.
Also

available

Bristol

memoranda

are

Myers

and

Signal

on

Oil

&

Co.

Tea,

G.

Fixed

reports

on

International

Resist¬

Co., Pillsbury Co. and Rev-

Ion, Inc.

Industries,

Haveg

Bush

&

Harvester

Co.—An¬

Lake

Asbestos

Corp.—

Sanders Associates—Memorandum

—Craig

-

South

Herman

Pine

Busch,

Inc.

and

Petrolite Corp.

Corp.;—

Analysis—L. H.

&

Stern,

30

Herz-

—

Broad

Street,
New York 4, N. Y. Also available
is

memorandum

a

Safeway

on

Stores.

Magma

Copper—Report—Shields
Co., 44 Wall St., New York 5,

&

N. Y.

sis—H.

Hentz

New York 5,

is

& Co., 72 Wall St.,
N. Y. Also available

memorandum

a

Alden's Inc.

on

Corp.—Analysis
&

Department

Co., 65 Broadway,
New York 6, N. Y. Also available
review1

a

Co.

Co.,

4,

McNeil

Consumers

of

Report—Annett

—

Ltd.,

Chemical

320

Bay

Street,

Co.,

Machine

&

Ltd.

—

Co.,

50

Union Commerce

Engineering

14, Ohio.
ing

— Hirsch
& Co., 25
Street, New York 4, N. Y.

Review

—

Also

available

Broadway,

Chas.

Pfizer

York

4,

reviews

are

Co.

&

and

on

Spiegel,

Inc.

Y.

National Aeronautical Corp.—An¬

Analysis—Peter P. McDermott &

alysis—L. F. Rothschild & Co., 120

Co.,

Broadway, New York 5, N. Y.

42

&

Musical

Broadway,

New

York

4,

N. Y.

National

Empire Financial Corp.—Report—

—Analysis—Equitable

Taylor, Bergen, Lynn & Lee, 1830
West Olympic Blvd., Los Angeles
6, Calif. Also available is a report

3, Tenn.

on

Davis Industries.

Firestone
ward

D.

Fourth
First

—

—

Ed¬

Co., 300 North

Street, St. Louis 2, Mo.

Republic

—Stearns

New

&

Corp.—Discussion

&

Co., 80 Pine
5, N. Y.

York

Street,

—
Analysis—Mora &
Co., 9641 Santa Monica Blvd.,
Beverly Hills, Calif.

Ft.

Worth

Steel

and

Old

Manufactur¬

Line

Insurance

Broad

on

&

is

a

International Nickel.
Mathieson—Chart

Olin

Storer

Broadcasting-

79

Corp.,

Memoran¬

—

Forgan & Co., 135
South La Salle Street, Chicago 3,

111.

Underwater

Inc.—Infor¬

Storage,

mation—Searight, Ahalt & O'Con¬
Inc., 115 Broadway, New York
6, N. Y. ■ •• ;
United

Co.^

Fruit

Analysis

—

—

Emanuel,
Deetjen :: & ; Co., ; 120
Broadway, New York 5, N. Y.
U.

S.

Borax

Chemical—Analy¬

&

sis—Penington, Colket & Co.,
Pine St., New York 5, N. Y.
United

States

70

Corp.—

Servateria

Report—Loewi & Co., Inc., 225
East Mason St., Milwaukee 2, Wis.
Also

available

Aqua-Chem

reviews

are

Inc.

on

Thomas

and

&

Betts Co.
U.

Vitamin

S.

&

Pharmaceutical

Organization, Inc., 120 Broadway,
N. Y.

New York 5,

Vanguard

Air

&

Corp.—

Marine

Murphy & Co.,
St., New York 4,

Inc.,

50

Broad

N. Y.

Virginia

Chemicals

Smelting

&

Co.—Analysis—J. C. Wheat & Co.,
East Main

1001

St., Richmond 19,

Washington Steel Corp.—Analysis

La

—Chesley & Co., 105 South
Salle Street, Chicago 3, 111.

Westgate California Corporation—

Analysis

—

Parker Ford & Com¬

Inc., Vaughn Building, Dal¬

pany,

1, Texas.

Lee
John

Higginson Officers

M.

of

Broad

bers

Higginson

Lee

of the

New

Coe

tary,

an

Co., 39
N. Y.

Broadway,

Vegetable

South

sin

of

the

became

President

Oil

Spring
geles 14, Calif.

W.

New

York

change, also became
an

&

Corp.,

20

St., New York City, mem¬

dent

York 6,

■

Cronin, Assistant Secre¬

Davidson, also

Mo.

,

Securities

Oli.n Oil & Gas—Bulletin—Jacques

Parker

;

Inc.—Analysis—

Yale,

N. Y.

alysis—Stern Brothers & Co., 1009
Baltimore Ave., Kansas
City 5,
•

&

Street, New York 5, N. Y.

tary
memoran¬

dum—Auchincloss, Parker & Redpath, 2 Broadway, New York 2,

634

Co.—An¬

15

memorandum

alysis—Turner-Poindexter

Lumber

Co.,

Street,-New York 5, N. Y.

available

Also

Ristine

P.

Pacific

Paxton

St.,

North American Aviation—Memo¬

Corp., Ill
6, N. Y.

York

Memoran¬

—

Co., 45 Wall
5, N. Y.

dum—Glore,

las

ing Co.—Report—Aetna Securities

Broadway, New

Co.

Securities

Corp., 322 Union Street, Nashville

randum—F.

Memorandum

Jones

13,

Va.

Industries—

Electrical

So.

&

Weber

Wall

453

Angeles

Co.,

Report—Pearson,

Broad

New

Co.,

Minnesota Mining & Manufactur¬

Chemical

&

&

Bldg., Cleveland

Partners

Co.,
Memorandum—Purcell &

Tar

Power

Toronto,

Ont., Canada.

Stocker

Y.

N.

Corp.—Bulletin—De Witt Conklin

Co.—Analysis—McDonald

Ltd.

N.

Stores—Review

—Fahnestock &

is

&

&

Los

Spartans Industries

5,

Report—

—

nor

&

Tar

Co.

Eichler

Street,

Spring

First

Rothschild & Co., 52 Wall Street,
New York 5, N. Y.
■ "

Crane

Dominion

Pacific

New York

Anheuser

bulletins

are

Inc.—Memo¬

York

New

St.,

Southern

dum—Cowen

available

May

Co.—Analysis—Dreyfus
2 Broadway, New York

Smith,

H.

randum—First Broad Street Corp.

Mo.

Consolidated

Birmingham

Hallum, Kinnard, Inc.,
Seventh Street, Min¬

Analvsis—A. G. Edwards & Sons,
409 North Eighth St., St. Louis 1,
Also

Co.—Analysis

&

80

feld

an¬

Co., 122 South
La Salle Street, Chicago 3, 111.
Allyn

International

Kalvar

an

Interna¬

Inc.,

Aeronautical
C.

neapolis 2, Minn.

Fearless

E.

Co., 63 Wall
Street, New York 5, N. Y.

Bldg.,

Securities,

of

Corp.—Analysis
Co., Security
Bldg., Denver 2, Colo.

Houston

on

&
a

tional Nickel Co. and Schenley In¬

133

H.1 Lewis

Freightways — Report—Universal Securities Corp.,

Corp.,

Copper Range Co., and
memoranda on Cenco Instruments,

Ryan

-t—C.

Co., and
bulletin on

Searle

D.

Income

alysis

—A.

— Blair
Inc., 20 Broad St., New
5, N. Y. Also available are

Co.,

—John

—

25

data

&

ance

Light Co.

&

Webber, Jackson
Broad Street, New

4, N. Y. Also available are
on
Flintkote Co., National

Haveg Industries—Report
York

Power

dustries.

An-

Frank

HAnover 2-2400

Memorandum—

—

Schwabacher

Gas

Curtis,

York

Brunswick

Building, Cleveland 14, Ohio,

Fluidgenics

Copies Available
';

Tex.

alysis-r-L. A. Caunter & Co., Park

Dominion
out that the

&
Co., Inc.,
Bldg., Dallas 1,

Bank

Midland

N. Y.

The Machine Tool

Mercantile

Marine

3, Ala.
financial institutions only

Memo¬

—

P. R. Mallory & Co., Inc.—Analy¬

Brown-Marx

For banks, brokers and

Leaseholds

Lockheed—Memorandum

Pacific Railway

CarwinCo.

Y.

Detajled

_

street,

&

Coast

Sound

Calif.

N-Y-

Front

Gulf

Puget

—Data—Paine,

Bateman,

Bureau

46

on

Reheis Co.

Blvd.,
avail¬

analyses of G. Di. Searle &
Sunset House Distribut¬

are

and

Jefferson

12q Broadway, New

x' auanaaaCanadian Superior Oil of Californ*a—Memorandum—E. A. LeVay
& Co., 79 Wall St., New York 5,

Inc

data

are

Analysis—Olmstead,

Allen & Co., 5455 Wilshire
Los Angeles 36, Calif. Also

ing Corp.

available

Insur¬

Life

Security
—

gell & Meeds

Quotation Bureau
Averages, both as to yield and
market performance over a
23year period
National Quotation

National

Ltd.

Engineering Co.

2

Co.

ance

able

Data—Boenning & Co.,
St., Philadelphia 2,

Memorandum—

—

Weeks, 40 Wall St.,
New York 5, N. Y.

Boeing Co.—Analysis—Laird, Bis-

«***»alysis-C.

New York 4

Review-Ya-

-

Grimm,

8p°wmg an up-to-date compari- Toronto, Canada.

the

°f Investment

Analysis-

-

&

Campbell
Chibougamau
Mines
Ltd.—Review—Ross, Knowles &

^

Over-the-Counter Index —Folder

counter
Women—

Booklet on basic procedures for
starting and operating an investment

^

Averages

for

Co.

Laird?' hern,- Inc.r 9 Rittenhouse Place,
Ardmore, Pa.

_

Y

in

Broadway,

Watch

Darlington

Broadway,

1961—Van

Alstyne, Noel & Co.,
Street, New York 5, N. Y.

Airlines,

World

Co.

Hornblower &

Trust

—

Co., Inc., 52 Wall St.,

New York 5, N. Y.

Co.

Walnut

Co.—Analysis—G.

Tube

alysis—Eastman Dillon, Union Se¬
curities & Co., 15 Broad Street,
New York 5, N. Y.

Martin Co.

on

&

Broadway, New York 4, N. Y.

T" Bulletin—
2 Broadway,

0Ba"ks

Third Quarter Statisties

List

the

New

.

New York

Cn

V'fty
for

geaboard

^ew York 4> N. Y. Also available

Utilities—Analysis—Jas.
Xr

Race

Y

*

'

Goodbody

oiinLoni

favored

™ Trfnity

Co

York 6

n. Y.
Electric

t alls

P-nrus

e"&
Field—Brochure

growth companies—Peter Morgan
& Co., 149 Broadway, New York

w

Seneca

Ont.,

Canada.
Construction

Corp.,

Peerless

A. Saxton &

Protective

12, La.

Also

on

R.

Greenfield Real Estate Investment

Haloid-Xerox

American Metal Climax—Report
—Hemphill, Noyes & Co., 8 Han-

^
2g Broadway> New York 4,
Machine Tool Industry—Analysis N. Y.
risons
Comparative figures— —With particular refeience to the Aya^ Credit Corp.—Survey—ColEquitable
Brokers
Limited, ' 60 Cross Company.Giddings & Lewis bv & Co Inc 85 state st Boston,
Yonge St., Toronto 1, Ont., Can. Machine Tool Company, Kearney Mass. Also available is a survey of

Canadian Oil—Review—The Bank

1500

Revenue Bonds—Analysis—Ladd
Dinkins & Co., NBC Bldg., New
Orleans

report

a

Petroleum—Report—Wil¬
Staats & Co., 640 SouthSpring St., Los Angeles 14, Calif.

liam

Pillsbury

Corp.—An¬

randum—Carothers

.

American Cryogenics—AnalysisPowell, Kistler & Co., 110 Old St.,

Common Stock Compa-

Canadian

Spartans Industries.
Waterworks

Greater New Orleans Expressway

^™er^an ^an

—

Pet

Walnut St., Philadelphia 2, Pa.

*

1529

Qopnritioo Pn
T.tH
fil
Securities
Co., Ltd., 61

and

Drive-in,

alysis—Butcher & Sherrerd,

Pa.

Stock Market

—

General

on

General

and Florida Water & Utilities Co.

WnmnM
—Nomura

of

Milk

York 4, N. Y.

Also

on

randa

Industry

is

available

Pauley

Equipment—

Steel

available are surveys on Harvey
Wells Corp., General Motors Corp.

Japanese

Broadway,

N. Y.

Precision

Memorandum

New

—

Co., ,120

Shearson, Hammill & Co., 14 Wall St., New York
5, N. Y. Also available are memo¬

Trucks.

Japan

&

Phillips Petroleum.

Handbook for

—

Tokyo,

N. Y.

dum

General

York office 25 Broad Street, New

nprfnrmanrfi—Kidder. Peabodv &
performance—Kidder,
Peabody &
Co., 17 Wall Street, New York 5,

son

New York 5,

McKinnon,

Congress St., Boston 9, Mass. Also

—

Co., Ltd.,

Distillers.

Forman

Stocks—Bulletin

Loan

Industry—Report—Thom¬

&

The Nikko Securities

investors

Leasing Corp.

Boothe

Brown

Bank,

Rubber

able

:

Japanese Stocks

Green Shoe Manufac-

on

turing Co.,
and

Also

Truax Traer Coal.

*
*
& Co., Inc., 1 Wall St., investment, containing 20 essen- American Can Company—Survey
5, N. Y. Also available tial points for stock traders and —Schirmer, Atherton & Co., 50
Industry—Review—A.

Aerospace

Thursday, August 3, 1961

Pershing

Steiner, Rouse & Co., 19 Rector
St., New York 6, N. Y. Also avail—

.

General Electric—Memorandum—

Co., 45 Montgomery St., San
6, Calif.

2 Broadway,
New York 4, N. Y. Also available
are reports on P. Lorillard Co. and

LITERATURE:

.

Francisco

son

AND RECOMMENDATIONS

.

as

a

Stock

Frederick

firm,

Ex¬

Vice-Presi¬
B.

Assistant Secre¬
Assistant Vice-

well.

Corp.—An¬

St.,

& Co.,

Los

W.

Pen

Co.—Review—Robert

Baird &

Co., 110 East Wiscon¬

Avenue. .Milwaukee

California Investors Add

An¬ .LONG

1.

Wis.

son

BEACH,

Trundell

and

Calif.—Bertram
John

have joined the

fornia
Ave.-

Investors,
•

E.

Simon-

staff of Cali¬

4376

Atlantic
"•'

Volume

194

Number

6078

.

.

The Commercial and Financial Chronicle

.

Steel

Production

Electric

quarterly survey of purchasing
agents indicates that the average

Output

Carloadings

The State of

Retail
Food

Auto

TRADE and INDUSTRY

metalworking firm will be carry¬
ing nonferrous stocks of .30 to 60
days over the next three months.

Trade
Price

(485)

Index

Production to

Level

Than

to

week

totals

ter, with important gains occur¬
ring during June in employment,
income, and industrial production,
according to the monthly review
of the business situation prepared

against

activity

the

by

Office

continued

Economics for

of
monthly Survey of Current
Business.
Nonfarm
employment
has shown a rise of nearly a mil¬
publication

issue

July

the

in

its

lion

the second quarter;
the flow of personal income
in
June was
running at a rate of
31/2% above the February reces¬
low.

The

May-June
increase
in
industrial
production
boosted
most major industry groups and
brought the Federal Reserve sea¬
sonally adjusted production index
(1957 = 100) back into the 110-111
of

range

completions

car

during
the

560,000

totaled

20,000

June,

Passenger

ago.

year

a

than

higher

mark and the highest
total since November, 1960. Steel
output, however, declined about
May

7%

during

the

month

and

tive

for some of
centers follows:

the

summary
money

buildup in steel through
year will be gradual. But it

1961

York__
___

%

1,212,525

+

2.9

1,076,000

1,013,000

+

6.2

815,378

772,151

+

5.6

Steel

This

fast

buyers

service

are

most

on

They realize that if they wait
suppliers start quoting four
week
deliveries instead of two,
users

may

East,

buying

appears

running slightly ahead of

to

sumption.

the unemploy¬
ment rate from falling below the
7% range which it has held for
several

be

ber of students entering
force

months.

As in

the

the labor

prevented

previous upturns, some of

recent

gains in output have
been effected by a longer work¬
week. Hours worked in manufac¬

turing

reached

almost

two

hours

the
to

income

fourth

lion,

rate

increase

an

of

of

for

February

$4161/2

bil¬

billion

May.
Payrolls,
especially
factory payrolls, rose sharply dur¬
ing June, and increases were gen¬
over

shipping
days) but 5 to 10% higher in the
aggregate.

In

part, the market's better tone
reflects improved sales of house¬
hold appliances. Makers of wash¬

eral among other income flows.
Retail sales, at a seasonally ad¬

Better

justed rate of $18.3 billion, showed
moderate gains in both durable

stock.

lines.

nondurable

and

increase
been

in

retail

Still,

the

has

not

sales

proportional

rise in
income. With income considerably

above

sales

the

to

the

period last

same

below

year,

in
automobiles, furniture, appliances,
building materials, and hardware.
are

Nondurable

to

have

narrow

a

billion.

$12.6

ago

year

sales

goods

mained within

$12.3

a

re¬

range

of

Expendi¬

tures for

services, however, have
rising.

been

Government spending increased
at all levels including state and
local
expenditures.
Higher de¬
fense

spending

and

payments

to

farmers under the feed grain pro¬

accounted

gram

rise

in

Federal

for

much

of

the

outlays.

de¬
year,

laid

off

and

workers

production.

demand

for

Result:

cold

order

backlog

reinforcing
bars
is the largest
the heavier finished steel
products. Unfilled business is un¬
evenly distributed
among
mills
among

distributors

and

of

because

Demand for

nondu¬

sustained.

well

steel

will

1962

model

tered

turning out
This
will

1961

about

industry

will
show an increase compared with
a
year ago.
Preliminary figures
compiled by the Chronicle, based
upon

telegraphic advices from the

chief

cities

of

the

country, indi¬

to

weekly

clearings

United

for

States

all
for

is

possible to obtain
clearings will be 9.1%

above those

of

the

corresponding




American Iron and

Steel

tons

Production

July

29,

tons

(*99.7%)

in

this

(*93.7%),

through

year

amounted

to

52,386,000
20.8% below the

or

66,135,000 tons (*118.3%) in
period through July 30, 1960.
The

institute

concludes

with

Index of

Ingot Production by Dis¬
tricts, for week ended July 29,
1961, as follows:
*Index of Ingot
Production for
Week Ending

July 29,1961

Pittsburgh
Youngstown

88

Cleveland

99

general business.
not

than

more

65

ter. But 75 to

for

the third

80%

This

delivery dates on
lengthen out progres¬

Immediate

products,
thumb, will not

many

delivery

of

a

116
110

Southern

105

Western

112

Index

of

industry

production

production for 1957-1959.

Auto

Operations

strike-bound

since

NEW

model

Continue

Down

industry's annual
changeover, coming almost

month

earlier

in

1961

than

in

ing

more

of

15

plants

around

car

the

assembly

nation

last

week, Ward's Automotive Reports

Ward's
week

set

ended

industry output for
July 29, at 75,911, a

decline of 26.2% from
102,855 cars
turned out in the previous

week,

and 29.0% below 107,019
produced
in the same week of 1960.

Model

year

production,

lion cars, compared with
6,011,481
for the 1960 model
year; 5,568,046
of

4,260,039

the

of

as

last

early changeover this

July,

1959

the

same

(555,410),
month

last

week's

an

offer to sell

nor a

Carloadings Down 5.8% From
1960

Loading
the

week

584,137

was

Week

freight in

revenue

ended

cars,

American

This

of

the

July 22

Railroads
an

increase

are

solicitation of an offer to buy any of

made only by the Prospectus.

Schools/ Inc.

being sold by stockholders of the Com¬
being issued and sold by the Company

are

of

several

an

Products

Price $9.75

8.1

forms

of

being

re¬

of

4.5

are

average

affected

per

Prior to this offering, there

Copies of the Prospectus

has been

no

Share

public market for the Company's Common Stock.

be obtained in any State in which this announcement
including the undersigned,
lawfully offer the securities in such State.
may

is circulated from only such of the underwriters,
as

may

at

include

and nuts. The increases

gross ton
consecutive week.

$37

a

trade

is

that

for the

third

Consensus

the

Bear, Stearns & Co.

in

will be upw—d 0h
i£cre&££cL consumption in

°f

August.
on

Loeb, Rhoades & Co.

Hemphill/ Noyes & Co.
August 3, 1961.

Nonferrous

pat

Carl M.

stocks.

users

Paribas Corporation

Wertheim & Co.

next

prjCe
prospects

are

standing

Steel's nationwide

Ladenburg/Thalmann & Co.

of

on

Common Stock

and 100,000 shares

of

announced.

(Par Value $.02 Per Share)

*236,625 of these shares

totaled

Association

336,625 Shares*

Famous Artists

but
1958

6.9%, American Motors 11.0%.

Continued

The offering is

of

output, General

the

(vs. 8,551,000 tons in

year,

agency said,

week.

about

reces¬

run.

ISSUE

pany,

Ward's

estimated, will approach 5.4 mil¬

said.

pro¬

walk¬

a

July
26.
StudebakerPackard Corp. has been in model
changeover since June 21.

Motors accounted for 35.9%, Ford
Motor Co. 46.2%, Chrysler Corp.

The U. S. auto

these securities.

outset

(321,017).

A

get their bear¬
ings after labor problems are re¬

the

on

average

possible.

when automakers

at

However, the stand¬
facility at St. Louis has

ard Ford

Of
on

resulted in the clos¬

here will be the certainty
strong demand from Detroit

on

of this week.

and

97.6

__

based

weekly

a

company

its

month in other years. Ex¬
pected to tally at about 400,000, it
will be below July, 1960 (434,377)

other years,

factor

at

same

Cincinnati
St. Louis

of

a

production of
The

Wayne, Mich.
and
San
Jose,
Calif,
July 28, but still had 14

Mercury
plants

in

cars.

the statistical

rule

now

be

for

still

runs

above

*

sessions

Co., by the end of
week, will be the only

model

The

87
96

Total

means

will

brief

Motor

ahead

As Model Changeover Accelerates

quarter is likely.

Ford

the present

sion-plagued 1958

quar¬

for the fourth

for

during the 1959 session, but well

strengthen demand.

at

pacity

others

105

steel labor negotiations

operations, now moving
only about 60% of ca¬
probably
won't
average

three

Chicago

Detroit

will enter

seven

would
tend to distort any comparison of
July production to output for the

getting immediate attention, they
will contribute to a much stronger
buildup later this year. And just
when this buildup gets under way,
strike
hedging against the 1962

Steel

the

model

next week.

out

creases

along

the

ended July 22.

79

the picture to

In¬

1961

plants last week, but will operate

been

arms

are

conclude

1,858,000
week

99

of

to

plants in operation

possibility of price in¬
after Oct. 1, and the better

Although these factors

yet

stitute, production for week ended
July 29, 1961 was 1,818,000 tons
(*97.6%), 2.2% below output of

Buffalo

state

has

making. Chevrolet did close

ended

According to data compiled by
the

model

Buick division of General
Motors,
only Chevrolet, of the GM group,

1961

July 29

buildup,

potential

Steel's composite price on No. 1
heavy melting grade of scrap held

move

the

it

Ended

1961

as of July 28, and with
phaseout earlier this week by

of discounts..

urday, July 29,
of

Week

North East Coast__

a

completed

buildouts
the

auto maker
Steel Production Data for the

said that

agency

being made through reduction

the

cities

buildup as a hedge
higher prices, a national
emergency, or the potential mar¬
ket tightening.

the

production

same

be

fasteners

cap screws
are

will

upward

5%.

cate that for the week ended Sat¬

which

Berlin crisis and

include

models.
steel

the

poured

output

Prices

vised

week

These

up

week's

be

threaded

this

summer

against

both

production. Only one
producer and a few scat¬
plants of another are still

related to final demand.

clearings

are

moment.

slightly from
July's, reflecting the start of the

June).

Bank

to bring
strengthening of
largely ignored—for

Several producers

be

million tons

Corresponding Week Last Year

expected

independent shops.
August shipments of automotive

July's

9.1% Above

a

tors

other

stopped
lowering their stocks. In general,
production is now more closely

Bank Clearings Were

be

not

are

real. There is little evidence of

quick

a

Structural
shapes are moving
actively at most mills and service
centers, but independent fabrica¬
tors are not doing so well because
of
competition from mills and

goods

have

could

booked into October.

are

rable goods industries. The durable

industries

fast

delivery, plus some
prices, contributes
lethargy among steel buyers.
At the same time, some factors

about

full force.

or

softness in

that

into. the

come

The statistical

Chrysler Corp. and American Mo¬

galvanized sheets is

1,860,000 tons that Steel estimates

of

to

cold-rolled, gal¬

being stampeded by any of these
influences,
either
psychological

longed price competition.

the

inventories

summer

are

of concrete

rise

the

the late

automakers

for

tough

rolled

situation during June was a small
in

Age points to Detroit
on

in

from

it

other products when

automakers

This announcement is neither

The

has

apparently ceased. The pri¬
mary
change in the inventory

steel
new

and

demand

make

sheets, silicon steel and enameling

major

Inventory
liquidation,
a
pressing factor earlier this

and refrigerators are

up

.

awaiting
outcome of labor negotiations. In
addition, greater availability of

sively.

recalling

now

Setbacks of auto ton¬
from August to September

1962 models.

stepping

tons

year

in

Iron

steel

ranges,

,

the brake

makers prepare for initial runs of

ers,

this

.

indicate

(because

more

ing
upward
as
metalworking
plants end vacations and auto¬

of late

$3V2

three

the

advanced

since

month

annual

an

basis

average

has

August

on

Steel demand over-all is trend¬

1960.

Personal

daily

lower than July's

June,

than

more

low point

the

at

average

during

40

slightly

a

says.

con¬

Chicago steelmakers, who pre¬
dicted two weeks ago that August
shipments would not equal July's,
are
talking more optimistically.
They now believe shipments will

during the month, the large num¬

100 million

hand, the magazine
Y A;
/•

demand

competing with them for
tonnage.
Four
week
promises
could go to six weeks overnight.
the

to

produced

well

seem

the

market

and start

In

complex of fac¬

demand for
September but will

close

of

steel

rush

the

on a

ex¬

slowing

and

with minimum inven¬

into

is

will

Meanwhile, steel buyers

recovery.

Fall

until

other

of

The

prod¬
ucts, Steel magazine reported.

tories

August

as

protect¬
ing themselves against the possi¬
bility of extended deliveries in
the fall even
though mills still
offer

that

nage

steel

Some

This is based

tors

Buyers Protect

Themselves Against Extended
Deliveries

sustained and reach

more

a
higher peak than has been
pected. The Iron Age reports.

tions

+10.8

1,247,183

Boston

Some

1960

$15,416,893 $13,910,502

Chicago
Philadelphia

will be

pent-up

Reach Higher

advance the recovery timetable as
the year draws to a close. Predic¬

-(000s omitted)

July 29New

be

While nonfarm employment rose

$28,124,735,152
$25,787,181,418
for
the

Week end.

con¬

tinued to fall during early July.

preliminary

at

week in 1960. Our compara¬

large

during

sion

Our

year.

stand

same

Department's

Commerce
of Business

last

the

Previously Expected

The

advance through the second quar¬

vanized

market

Steel

Failures

Commodity Price Index

A

for other users of

Production

Business

this

Business

solved.

automakers

9

Reynolds & Co., Inc.

10,831

page

28

10

The Commercial and Financial Chronicle

(486)

outline

Measures the U. K. Must

in part long-term and

are

matters to which I have been giv¬

ing consideration for

cellar of the Exchequer,

surcharges in an attempt to end "over-drawing

customs and excise

productivity accounts." The announced goal is to end rising

our

on

balance of
5 to

.

in the j

prices which have led to a marked deterioration

and

costs

Program calls for raising the Bank rate from

payments.

tightening up on persona! consumption and property de¬

7%;

purchasing
containing future governmental lending

velopment credit} increasing consumption taxes to shrink

and raise revenue;

power

and

jecting new investment outflow to
test of beneficialness to the U. K.
the

F. to

M.

I.

I

referred

not

unsatisfactory

the

to

of

probable

exoansion of home de¬

payments

because

of

a

funds

effect

million

upon

c o m

t itive-

I

pro¬

ness.

vided

for

•

the

our

p e

£500

million

sterl¬

and

the

thought

In

to

in

likely

than

There

upon

already has
it
than
it

with

of pressure

tic
a

resources,

can

is

the

which

has

third
in

been

clearly not
be

successive

balance

our

deficit

rent account
lion
a

net movement

tal

funds, by

loan

and

1 Ed.
current

there

and
way

private

revenue

and

comes

difficult

more

is

the

and

in

plans

the

economy

as

pri¬

in the

sector, developments

whole are studied

a

number of bodies. These in¬
clude
the
Economic
Planning
by

a

Board

presided

over

by the Per¬

manent Secretary

to the Treasury,
the National Production Advisory
Council on Industry, over which
preside, and various other ad¬
visory councils. I think the time
I

has
of

for

come

these

tend

both
for

better coordination

a

various

activities.

discuss

urgently

to

sides

of

in¬

I

with

industry procedures

pulling together these* various
of consultation and fore¬

processes

casting with
ordination
stated

sell

to

our

view to better co¬
ideas and plans. I
time
ago
that
I
an annual increase

of

thought

that

of 3% .in the Gross National Prod¬

as

we

of

the

make

must

we

the

At

economy.

our¬

competitive. Both are
long-term improve¬
ment in the balance of payments.
more

vital

for

a

Secondly,

.

must

we

that

see

public expenditure is brought
der better control.

Thirdly, we must
designed to protect

of
with

in

the

the

immediate

take

un¬

action

position

our

future.

The proposals which I will now

budget.

that the

6%

a

exports.
both

of

industry the impli¬
cations of this kind of target for
various

the

To

is

of

sectors

:

economy.

••

the:

go-ahead

many

progressive

and

whose

performance
ones

any¬

tion in the field of exports bodies
like the Western

Hemisphere Ex¬
and
the
Export

Council

Council for Europe

cellent

for

industry

doing

are

ex¬

substantial

in

But

work.
of

areas

is

there

room

the part
of both sides for radical changes
greater readiness

a

on

in outlook and methods. That will
be assisted in my

ductions

view by the

tariffs

in

from

current

Much

more

effort

re¬

should

which

come

in

negotiations.

is

still

needed

the

A

training of skilled labor.
determined attempt is needed

to

deal

with

which

are

made

with

restrictive

vate

the
Dividends

-

practices

Restrictive

the

more

to be done

DUTCH

-

-

'

'

•

ENGLISH-you
'

•'

'''

'

•

it

name

'

direct cable connections

to

'•

/f

v

''

offices in

FRANKFURT

MONTREAL

GENEVA

PANAMA

HONG

PARIS

KONG

LONDON

ROME

MADRID

SAN

^

TORONTO

lower

The

costs.

and salaries bill for 1960-61
about £1,000 million, or 8%

higher than in 1959-60. Over the
same
period, incidentally, com¬
pany profits fell by about
£13
million.
than

JUAN

towards

wages
was

With

Personal

incomes

of

tax

they

less,

even

in

increase
year

and salaries

from self-employment)

rose

£450 million or 6%%.* In the
same
period,
gross
dividends

by

1^*1 p
e

or

1 particularly

an

in

sellin'&

-

^

For

or

them

Tax

Before

comes

to

buying

formed

roreign

securities.

call

to

our

foreign securities

trading desk, just dial—WHitehall 4-4732.

j

the

in

and

control

£161

million

of

salaries

with

want

I

That
in

creases

coming

the

of

to

govern¬

I

about

next

budget

year's

forward

bringing

a

speech and again

I

shall

the

tax

over

be

present.
see

The

taxed

The

short-term

than

seeking

which

and

that

we

do

sharei

have

out of increases

attaining

for

shall have to look critically at the

agricultural support dur¬

level of

for

ing the 1962 review. In the serv¬
ices provided by Central and Lo¬
cal Government, we shall have to
ask for desirable proposals to be

as

postponed or abandoned. Authori¬

those who work in fields such

services

to

be

zations

of produc¬

loan

and

Authorities

cal

sanctions to Lo¬
have

will

Fenner & Smith

INCORPORATED

show, at present we are heavily
overdrawing on our productivity

Act,

which

£40

million

account.

with the

In

view

my

there

be

must

further

advances.

sible

any

cover

in

It

is

not

pos¬

particular

at

case.

to

utmost

my

general statement to

every

is now costing about
will, in consultation
Building Societies Asso¬

ciation, be suspended.
Next year, unless checked, gov¬
ernment supplv expenditure will
rise substantially. I intend to do

a

until
productivity
has
caught up, and there is room for
pause

a

level not

keep
more

this increase
in

than 2x/2%

which should be with¬
expanding
capacity
to

real terms,

Where commitments have already

For

dealers,

brokers

in

our

financial

interests:

threat-of-war

deterrents

preparations/rightly continue
and/are doubtless real warthemselves!
Over-all responsibility for

in

defense

civil

&

accelerating

an

now

Defense.

pace,

rests

squarely in the Department of

,

-

^

reflect increasing and obvious need for
new
strategic/storage-warehousing facilities for large
food-for-war supplies such as liquid-solid fuels, muni¬
tions, fresh water, grains, medicines—hospital necessi¬
ties and many others!
Press reports

-This
shelter
shelter

under

basically

trend

fast-moving

seeks

the

best

and/such
facilities insulated

against nuclear fallout-contamination,
now

appears

water

to be

.

.

.

storage

rather than on-or-under land/according to

qualified experts.
In

early 1961, Underwater Storage, Inc. (Washington,

national

per

offered publicly 100,000 shares of stock at $3.00

share.
Copy of our original circular together with

about 3%. These are the figures—

up

million increase in per¬
sonal income against £650 million
increase -in production—and they
do not make

70 PINE STREET




143

sense.

-

to

-

date

information

available

from

SEARIGHT, AHALT & O'CONNOR, INC.

Of course, one
•

savings
from the first
get the,
amount
actually spent, ?but the
second has to provide not,only for
increased
personal ^consumption

l\as

NE^

YORK 5, N. Y.

offices in U. S., Canada, and abroad

to

deduct

ta^c' and
figure to

be

considerably reduced. The House
Purchase Scheme under the 1959

£1,450

Merrill lynch, Pierce,

to

tivity in industry. As the figures
which I
gave
a
little time ago

riod

rose

re¬

their finan¬
cial targets and providing essen¬
tial supplies and services.
The
sums
required for assistance /to
industry will fall away next year,
and
we
shall apply
very
strict
criteria to any new proposals. We
quire

desirable but only

increases

Nationalized), Industries

the-

kind

provided national productivity in¬
creases
sufficiently, always re¬

D. C.)

real
by £650 million, or by

not

interfere with the investment that

in

second

present law.

that

priority is given to

example,

for

Turning to wages and salaries.
Of course, increases in real wages

this—a

in

the

wastefully disrupt programs un¬
der way. We shall, therefore, not

The

are

that

ficiency,

are

in effect, trading activities
(often in real estate) but cloaked
liability

found

lightening

of speculation

in such form as to escape

social

towards

sector

present overload on the economy.
In making these adjustments, we

at

are,

the

imme¬

some

directly affects national ef¬

transactions

membering

want

see

profits,

and salaries

also

I

what

investment;

the

our
chances of
growth will be gravely prej¬

must

those

are

securities.

under

so

of two main kinds.

in the nature

more

say

now

activities I want to

are

kind

first

is

diate contribution from the public

de¬

measures

wider field than

a

to

more

It

long-term,

sound

udiced.

signed to impose a clear liability
to

public expendi¬

later.

relationship with the re¬
likely to be available in

proper

sources

have made suf¬
in this matter to
definitely that in

say

this

to

have

shall

I

great that unless it is brought into

existing system of taxation. I said

to

come

now

ture.

progress

productiv¬

Public Expenditure

that does not affect my view
at present tax
free should be brought within the

able

in

ity.

ever,

be

or

increases

and

sorts

that certain profits

ficient

in¬

follow

increases in incomes of all

tween

say

practical objections to a con¬
ventional capital gains tax. How¬

in my budget
the other day. I

that

national

in

my

so

is

must

outstrip in¬
productivity.
During the pause we must work
out methods of securing a sensi¬
ble
long-term
relationship
be¬

and

wages

policy

incomes

precede

and. not

something
about those profits which escape
taxation. I have already explained

increase. Over the same pe¬

production

pri¬

parts of

prices. A pause must mark
begin^mg of a new long-term

policy.

Profits

Free

20%

terms

in the

those

public sector outside the im¬

creases

deal

I

.

direct

a

-well-qualified to provide

,a^jon when it

in¬

have

is justified.

other

(largely
rents, dividends, interest and in¬
wages

come

both

in

and

sector

mediate

creased substantially.. In the pres¬
ent circumstances, I do not con¬
sider
that
a
further
general

Massive

'

same

elsewhere

to

regard

at

But today I want to deal
in
particular with one aspect of the

with

government ask
lines should be fol¬

aspect,

Costs

'

responsibility

accordance

dividends, al¬ ment.
though it is true that, gross, they
in itself, however, such a pause
represent only 7% of the figure is certainly not a lasting solution
for wages and salaries,
and net to the problem of rising costs
? With

by both sides of industry.

GERMAN

in

The

Prac¬

tices Act, dealing with one

drive

-

act

policy.

some

direct

out of date. A start was

but there is much

Trading in Foreign Securities?

being

now

Wages and Salaries

inefficient gives a
picture. We have

false

totally

this

lowed

v-.-

suggest that British industry

generally

are

shall

we

to some extent, but in
cases they are still too high.

short-term

want' to'discuss with

I

sides

margins

has

which the gov¬

for

areas

ernment

We

squeezed

but only if We,,
annual expansion of, and

where else in the world. In addi¬

aims

.Profit

a

some

port

time

same

also

deals

industries

certain

vate

industries

concerns

investment,
line

be¬

present time should be

growth

can

expenditures in

it

and

abroad.

of government

the

Above

Note:

balance

should maintain in¬
vestment in productive industry
with
a
view
to
the
long-term

of capi¬

overseas

the

on

suffers

Firstly,

on cur¬

was

falls

follows:

£350 mil¬

about

was

sterling

and

demand

by increased production,

burden

selves

Taking 1960, the deficit

personal

petitiveness

at

continue.

to

for

have

.

Aims at the Present Time

payments
this

--ru.

In my view therefore, our;

in

year

nationalized

matches that of similar

domes¬

and

rising

in¬

situation which

a

allowed

of

If

goods

situation. This

critical external

£ 164

by

the past six

over

payments. We have less for ex¬
ports and we import more. In
addition prices go up, our com¬

faced with

are

we

of gold

of

more

the

our

on

fallen

greater but for the special

banks.

the

satisfy, and parts of the engineer¬
ing industry are coming under
increasing pressure.

Simultaneously

balances

our reserves

have

sterling

matched

was

labor

are

areas.
Invest¬
strongly. The builjd-

industry

crease

in

rising investment demand are not

con¬

most

ment is rising
demand

is

more

even

foreseen.

shortages

has

and

debt,

tral

the

since

demand

increase

increase

then

ing

months

three

home
to

still

was

a

In those

plans in the public sec¬

arrangements made with the cen-f uct ' Wa's' feasible,

powers—the, regulators.
the

at

the

dollars

much

further measures.,,1 asked for two

tinued

1961

months. This fall would have been

"might require

Budget,

of

half

of the Ford trans¬
prepayment of

spite

million
Selwyn Lloyd

situation

new

of about

short-term

and

German

I

that

£177

addition
position with

account

of

in

action

indi¬

clearly
cated

and,

I

but

first

though

drawals

ing above the

line,1

during

substantially
lower rate than last year. There
have, however, been heavy with¬

of

surplus

our

of

sterling.

the

current

our

deficit

fig¬

in

to the tune

million

During

a

over

F.

I. M.

£130

large

very

and

strengthened

we

and

sterling

was

flow

by

rose

reserves

with

it

dition to

This

large

great

a

tor, including those of the various

reserve

Indeed,

London.

to

the

1960

upon

1

the

mand with its

costs,

-

in

it

I have thought

deal since and
representatives
of both sides in industry. In ad¬

restraint.

sterling.

reflected

ures

the

and

balance

million

£200

Budget Speech on April 17,

In my

about

discussed

added the unexpected prospect of

fortify reserves;

in the economic de¬

bate last February.

Non-Sterling Area to a severe
He also announced drawing from

capital gains; and appealed for voluntary wage and dividend

The

economy.

in my speech

borrowing and the cost of overseas expenditures and sub¬

new

Economy

growth in
controversial
matter of planning at once arises.
I am not frightened of the word.
One of the first things I did when
appointed Chancellor was to ask.
for a plan of the program for de¬
velopment and expenditure in the
public sector for five years ahead.
I referred to the problem as af¬
fecting the economy as a whole,

Lloyd
astringent monetary policy with austere

policy to back up

announces

the

in

I will deal first with

the

Carrying out provisions mada in April 17th budget, Exchequer

difficulty, what it is all
are
cashing in ahead
of production, and in the process
making ourselves uncompetitive.
about.

Growth

London, England

into, they should be
Subject to this however, a
pause is essential as a basis for
continued prosperity and growth.
met.

figures reveal, in
form, what is our

simplest

entered

been

present
tion.

Chun*

By the Rt. Hon. Selwyn Lloyd,* C.B.E., T.D., Q.C., M. P.,

Thursday, August 3, 1961

.

These

exports.
the

Take to Solve Its Problems

.

but also for increased public ex¬
penditure, private investment and

time;

some

.

--

Members

New

115 Broadway

York

Security

Dealers

Association

New York

6, N.Y.

Volume

194

Number 6078

.

.

The Commercial and Financial Chronicle

.

(487) ~ 11
that is to

carry,

million

about

say

the

above

£125

Estiimates

for

1961-62.
in

the

over

supply expen¬

1961-62

Estimates

will be broadly offset by the sav¬

ings
the

below the
line2 following
completion of the steel loans
the

and

suspension of the

Purchase

House

Scheme.

We

in

have

review

tained.

Treaty.
NATO
of

being to reduce the load in
by some
£175 million
sterling compared with what it
en

as

1962-63

have

would

which

been

otherwise,

be

can

.added

to

below

line, or about
£300 million sterling in total.
I do not wish to create any

false
impression about this; except for
the below the line items these
not

cuts

this

on

year's

are

figures.

They

will
year'

the

House's

With

regard

whole¬

this year's

to

ex¬

penditure, it would be,
ress

a waste of
delay work in prog¬
postpone
necessary

to

resources

to

or

maintenance.

Nevertheless, there
stringent re-examination
what savings can be made

will be
to

a

see

in

administration

other

in

and

respects.

particular matter affect¬
public expenditure the Min¬
Education

of

both sides
mittee

of the

inform

will

Burnham

countries

good

a

cannot

in

ers

size of

primary
and secondary
proposed in the Burn-

schools

as

h

Committee's

a m

agreement.

the

how

on

in

give

will

and

views

Committee

reduction

some

crease,

increases. He will

the

ask

distribution

the

about

of the proposed
therefore

provisional
Minister is also

The

concerned

make

to
in¬

the

his

them

revised

needs

education

the

of

financial

Underdeveloped

lion

underdeveloped
United iKngdom

funds

from

bursements

some

further

contain

it

see

the

of

ure

rise

£80

being

are

to

to

inter¬

and

and

but

to

above

is

no

to

even

fig¬

a

sterling

in

balance of pay¬

our

Associations

views

earlier

best

can

be

the Committee at

made known to
an

the

future

in

how

Government's

stage.

Overseas

Finally there is the cost of

our

and various adminis¬
services
overseas.
The

at

sector

with

home,

I

the

wish

private
to say

sometihng about overseas expen¬

commitments

the

been

services
bution
total

must

their

make

towards

have

I

these

even so

contri¬

reduction

the

in

expenditure overseas which
situation requires. I
for a saving here of 10% in

present

our

look

financial

the

which

discussing. But

1962-63.

year

expenditures over¬

Government
seas

defense, aid and adminis¬

—

at
rate which will certainly rise
some
£480
million
sterling

Private
I

Investment

now

ment

to

and quite possibly on
present trends to £500 million
sterling I do not believe that we
can sustain such a level.
My aim
next

is

year

hold

to

to

come

figure

that

down

to

1962-63* This compares with
million sterling in

1958-59.

Overseas

in

which

area

private

world.

But these

run.

invest further in the

overseas

en¬

of

cause

local

restrictions

and

mittances.
I

will

earnings

will

area

produce

mensurate

a

defense

program

of

to see what
lighten the burden.

whole of this program
be done to

fulfillment

of

commitments

spending some
sterling
a
year
the Exchanges in Western

NATO

we

are

million

£80
across

Europe.

this

Of

over

sum

million sterling goes on
tenance of

our

clear

benefits

and

to

the

to

be

that

and

strain
Note:

ending

items

tew

the

fi¬

vitally needed for exports
productive industry. I am

usual

as

give their full

The
the

attention

banks

houses

of

the

to

see

Association

the

the

the

drawing

other

UK

foreign

and

the

a

similar

I

look

to

these institutions

or

allowances.

the

is

Excise

that

the

essential

forms

ing

Tax.

the

further

to

Thus,

that,

5V2%

and
see

full

fect

on

ticles

for

not to
will

the

list

of

explanatory
duties

note

which

to

prices

will

of

be

a

it

ar¬

for

the

traders concerned to determine.

The effect of the surcharge will

the

in

Chicago.

Byrd Bros., King
Byrd Brothers, 21 West St., New

£210

York

It

million

can,

of

sterling

course,

year.

per

be reduced or
time, but if it

underwriters

tors of investment
announced

admission

UK

partnership, and
firm

the

name

of

Remittance

of

powers

in

Overseas

to

the

control

Profits

invest¬

non-sterling

area

sidiaries.
in

all

tion

I

cases

of

am

an

not

satisfied

that

necessary.

overseas

is

£65

upon
Belnw

in

policies
a

in order to ensure that
higher proportion of earnings is

remitted

-

sterling

investment

I propose

tive

the

the

balance

of

capital
budget financed by
the line

borrowing.




home.

So

far

is

to reinstitute

basis

the

as

not in¬
hire pur¬

Finally, I have decided to take

Rate

action to fortify our reserves by a

CHARLESTON,

substantial

Lane,

Space

opened

a

I. M. F.
The

announcing the rise

from

drawing

the

This is being put in hand.

actual

amount

nounced shortly

will

be

an¬

on a

when the discus¬

S.

C.—Johnson,

Co.,
Inc.
has
branch office at 6 Gillon
&

Rutledge Moore.

This announcement is neither
The

.

an

offer to sell nor a solicitation to buy any of these

securities.

offering is made only by the Prospectus.
August 1, 1961

NEW ISSUE

Canandaigua Enterprises Corporation

Finger Lakes Racing Association, Inc.
$4,000,000

of

accounts by the ex¬
change control authorities to en¬
sure
that this policy is followed.
company

are

now

240,000 Shares of Class A Stock
(1$ Par Value)

come

to

measures

upon

Price $556.10 per

Unit

(.Plus accrued interest from July 1,1961)

de¬

signed to affect the private sector
here at home. The Bank of Eng¬
land have= called

The Debentures and Class A Stock are being offered only in Units; each Unit consists
of $500 principal amount of Debentures and 30 shares of Class A Stock. The Debentures
are convertible, unless previously redeemed, into Class A Stock of the Company on or
before May 10, 1966, at the rate of $8 per share until July 1, 196f, and thereafter at
the rate of $10 per share until May 10,1966, subject to adjustments in certain events.

Copies of the Ufospectus may be obtained from such of the
underwriters as may la wfully offer these securities in such States.

Monetary and Credit Policy
I

7% Sinking Fund Debentures, due 1976
£
(Convertible on or before May 10, 1966)

.non-

selec¬

the Clear¬

ing Banks for further special de¬

posits. In the case of the London

Byrd

Street under the direction of B. H.

concerned

examination

change

Johnson, Lane Branch

does

adequate propor¬

profits earned

a

to

Brothers, King.

;

export

balance

Wil¬

of

I. M. F. Drawing

chase restrictions.

are

distribu¬

Byrd King to general part¬
nership
and
Edward
Byrd * to

ling.

'

the

and

securities, have

liam

in

England

charter

a

be to withdraw purchasing power
from the economy at the rate of

limited

tend to alter the present

was

Firm Name Now

fortify the surplus above the line

appear

He
the

Security Traders
Association
of
Chicago and the
Bond Club of Chicago.

to the extent of £130 million ster¬

government

of

&

with Robinson & Co.

was

member

I do not rule out further measures

The

1908,

manager

Goodbody

of

if they

estment

of the trading
department of

P. Pulver

Henri

development should be postponed.

some

the

n v

ef¬

individual
matter

had

in

since

in¬

I must stress that the

who

was

the

Members

ver

Pul¬

business

goods

forth¬

&

Mr.

i

">/■' Co. and

laid

join¬

Co.,
been

the

15%.

be

Honorable

in

to

at 5%, the
effect raise

in

Order

10%

to

McMaster

Hutchinson

The

clear

r:

at

of 77.

age

Prior

equivalent of
existing rates, not an
a

would

relates.

time, the demands made by

less

the

the

chargeable

will

also

At

make

rates.

with,

in¬

change in the initial

investment

same

to

existing

The

me

any

on

away

suddenly

full

10%

Co.,

passed

which

and

&

Chicago,

in the Finance

to

Purchase

on

of

rate

their support. It is not
intention to force a down¬

give

of

crease

companies should observe
policy in their lending.

surance

of

Customs

increase

now

the British Insurance
that

amount

of

Hutchin¬

son

an

of

securities

a

McMaster

order,
Revenue Du¬

referred

addition

Scottish banks.

ask

made

surcharge of the

a

wish

10%

also

Pulver,

taking Purchase Tax for example,

co¬

the accepting
action taken with

and

put

and

I

•

,

is

with

surcharge will take effect July 25.

banks and

Clearing and

He will

to

,

including

overseas

the

v

Governor

to

Act

that despite the difficulties
Clearing and Scottish banks

will

P.*

trader

com¬

the main¬

obligations
under the revised Brussels Treaty.
I have come to the conclusion that

2 Ed.

sure

Henri

payments.

forces in Germany,

in accordance with our

the

is

nance

and

must

more

I
propose
to request UK firms
operating overseas to look at their

payments
Minister

to

therefore

25,

Henri P. Pulver

Surcharge

"Surcharge on
ties Order," the effect

for

the

London, England, July

at

present. The
investment in the

new

non-sterling
it

propose

than

test

for

test

ment

which it involves.
Defense has put
another review
of the

seas

In

for

Commons,

Parent of

therefore

severe

The

allies around the

the

The

can

be

*An address by Mr.
Lloyd to the House
cf

re¬

on

ticularly in relation to the over¬

hand

have

resolu¬

1961.

have also decided that I

the

with

tion.

earnings

being repatriated to this country.

in

so

should

room

Excise

credit
and

pursued

be

to

necessary for the
I have out¬

measures

lined

to

re¬

that

means

policies and

year's Finance Act. The Treasury

pur¬

finance

as

on

more

be

three

of

payments in the short term —
partly because of the tendency to

£330

commitments to

our

But

be

well

as

years,

period
and this
a

non-sterling
subject to control

is

carefully examined, par¬

must

hire

and

take action under Section 9 of this

consumption,
for

particularly

and

within

five

the

apply equally to investment made
It is right that we should carry f out of profits earned overseas by
heavy burdens for the sake of British companies and their sub¬
friends

including: finance

I

proposals

on

personal

Customs

With my approval, the Bank of

invest¬

has been rising steadily. It is true
that it produces earnings in the

(

Defense

our

to

severe

expensive

get. The impact

personal
consumption
property development.

been

drawings have to

paid

sterling in the year

£400 million

maintaining

have

to

for'

ad¬

the
Fund
are
con¬
cluded. I would remind the House

that such

it is all the

more

difficult

will be felt

that

on

be¬

interna¬

sions'" with

The volume of in¬

overseas.

vestment

trative—are running at present
a

banks

Bank

terprise concerned, and partly be¬

ditures.

fall

partly

unsettled

private
investment,
particularly removed at any
total expenditure on these is not'
on' the
b.uilding
industry,
are were maintained until the end of
large in comparison with that of
growing rapidly and it is right the current financial year it would

do
not always benefit the balance of

Expenditures

deal

I

should

The

related

posing

diplomatic

long

Before

intention

that, when reviewing ex¬
isting commitments or consider¬
ing new lending, they should be

my

Expenditure

serv¬

My Right Honorable Friend will
discuss with the constituent

is the

credit

more

England has made it

it

impact

vances,

make

turn of private investment in pro¬
ductive industry. I am not pro¬

Administrative

ice.

also

the

I

considerable

million

Overseas

trative

clear that

these. operation.

honored.

better.

was

Clearing Banks. In
making this call, the Governor of
of

and

be¬

restrain

The effect of all this will be to

London

the Bank

to

tional situation.

percentage equal

to one-half of that called for from

the

the

duties

again, with

say

of

range

There
a

internally

cause

to 7%.

this partly

need

credit

permitted

much

cutting,

1957-58, when
ments

In

Banks

left

be

level.

of

I

a

1961.

that all possible

in¬

to

increase

not

present

question

for

20,

Scottish

tive purposes,

and

will

the

does

the call is

the

chase,

bound, however, to take steps

to

of

the

speculative building, property de¬
velopment or for other specula¬

organizations

commitments
am

September

case

of

cause

risen

commitments

governments

national

the

agreed to

million

disbursements
under

other

by

ance

bank rate from 5%

have

has

this; year to
sterling. Most

£ 180 million

these

in the
I

£80

expected

are

still

crease

for

de¬

posited by August 16 and the bal¬

particularly

in 1957-58 to £150 mil¬
sterling in
1960, and dis¬

sum

might best be distributed to meet
the

to

from

for

case

to the

agree

review

Com-:

increase in salaries for teach¬

the

next

our

.

defense

the

sterling

increase in pay, the govern¬

ment

by

the

Clearing Banks the call is
1%, of which half^is to be

asked
to

Government

steadily

recognizing

while

that,

that teachers have
some

the

Aid

compares,
one

ister

in
and

our

challenge. It will not be easy. The
figure of £180 million sterling

Demands

ing

pro¬

affect

stand

sustain this level is

Opposes Size of Teachers' Pay

On

to

Assistance

made

..

is

Countries

of

ask

main¬

are

^

Overseas

which

support.

year.

condtions

not

to

Berlin

relate

about

I

does

obligation

West

are part of the process of
containing future expenditure for

hearted

It

£125

the

con¬

Council to

request

a

determination

million sterling on account of the

savings

the]

financial

Such

to

financial

vided for under the terms of the

the decisions which

have tak¬

[asked

the

expen¬

allowed

next

under which our forces

Taking it all
together, I would put the effect of
we

the

this

by

diture cannot be
tinue

increase

This
diture

payments caused

S. D. FULLER & CO.

' * 1

.<

■

12

The Commercial and Financial Chronicle

(488)

distance

some

Role of Industrial Revenue

rials

Industry Lure

as an

-

He notes what

trial
land

northeastern

ties for

and

the

Central

West

and

why

so

many

moving

are

South.

Reasons

New Factories Do

Why

Not Start in Your Area
One

tries

trouble

old

that

is

dying

are

children.

the

education

But

soon

as

progressive

more

a

growth

for

cities.

eastern

Industrial

Revenue

the best

ism; high state taxes; over-popu¬
lation; too great a distance from
raw
materials; leftists who want
don't

don't

want

to

work

and

employers;
state and local officials unfriendly
their

respect

to

industry; and lack of a desire
to help newcomers.
Already six states in the South
have
solved
their problem, but
all

needed

drawn

to

amend

to

constitutions.

These

their
have

state
been

the holders of
tax-exempt
bonds
within
their
states.
Times have changed—and
now

we

ing

a

protect

must choose between giv¬

monopoly to present holders

of tax-exempts

aiding the un¬
employed.
Also, owing to the
new
Congressional mortgage
legislation, we have the U. S.
Government
guaranteeing
40or

First

objected

ers

them

to

Revenue
accepted
sold freely.

such

biggest
Bond

Industrial

such
we

know

about

$25,000,000 issued by the little
city of Cherokee, Alabama.
The
money received from these bonds
will be used to build a huge ferr
tilizer plant to be leased by Arm¬
our
& Company. The bonds give
both the community and the com¬
pany a highly advantageous con¬
tract.
Armour has agreed to pay
the

bonds

4%%

at

period of 26

who

and A.

find

bonds

with

themselves

H

the

bonds

of

issued, only one (that
by West Virginia) has

bonds

out

put

Now
are

to

certain cities in the South

issuing such Revenue Bonds
provide funds for new indus¬

tries.
must

the
been

They
be

are

voted

citizens.

These

bonds

freely accepted by northern
Many of our cities are
taxing their citizens heavily

investors.
now

The

above

which

I

is

now

factories
for

to

their

schools

the

see

g

agers.

Mr.
was

U.

S.

to

get

D.

Bucey

Marshall, assis¬

president, who has been
new

joined

First

Boston

since

cor¬

that

he served with the Finance

The

sell

nor

the solicitation of

an

to

$3

because

provided

in

more

the

in¬

by

a

to

are

be

Corps.

taxes

new

no

present

although there
Some of Mr. Ken¬

be later.

advisers

for

wanted

him

increase

tax

a

that

to
but

now

increased

the

budget

a

of

billion

$5

Republicans

this

but

year

insist

the

deficit

a

the

budget

is

already running at a rate to bring
about a $5 billion deficit with¬
out
the
additional
$3.5
billion
being asked for defense.
Mr.

Kennedy also thought a
request for a tax increase now
would

endanger

his

foreign

aid

already in trou¬

At

the

period

of

the

officials

Steers, Jr., President of Atomics,
Physics
&
Science
Fund,
Inc.,

Russians.

Thirtieth

who

was

Division

Street,

that

N.

Allin

four years

for
of

W.,

has

P.

Corporate

would

that

Regula¬

into

Inc.,

well

as

is

tributor

as

Industry,
Secretary of Co¬

Financial
the
of

Corporation,

Manager

both

funds.

and

Dis¬

to

buy

any

of these

were

prone

weaknesses

The

Russians,

continue

of

he

the

to
the

said,

blockade

because

they knew
incident might be turned

riot, and

a

lution
This

American

the

not

an

come

In

they

indefinitely

tions,

Shares

that

overlook

Baxter,
with the

SEC, has resigned to be¬
Secretary of Atomics,
Physics & Science Fund, Inc., and

ate

tensest

Berlin

WASHINGTON, D. C.—Newton I.

announced

in

riot into

a

the

satellite

revo¬

a

nations.

is just as true today. If any
fighting takes place in West Ger¬
many,
it will be the Russians,
not the East Germans who will do
the

fighting.

Germany

The

people

the

way

the

securities?

We

satellite

nations

and

in

itself.
have

never

surren¬

dered to the Russians at Yalta and

stems

Our

from

with
let

us

in

the

par

try

and

returned

backed

be obtained from the undersigned in

be lawfully offered.

any state

off.

show

pas¬

us

plane

by

the

jSaconTfffiippte &

by

Congress¬

This

is

fine

a

Khrushchev

way

that

we

in

passing
farm

Republican
amendment to the

satellite
ment

is

farm

a

bill

Administration

surplus

own

our

war

which

the

itself

satellites

need

Republican
House

and

Russia

badly.

so

of

members

the

Ways and Means Commit¬

tee have written

dent

economize

letter to Presi¬

a

Kennedy

him

asking

to

nonessential

on

ex¬

penditures.
"As

of

Members

charged

sponsibility

Congress

committee

through

re¬

providing the
ways and means of financing gov¬
ernment
operations," the letter
"we

says,

with

gravely

are

what

concerned

be
the
totally inadequate consideration
given to the fiscal aspects of your
most recent defense spending rec¬
over

in

ommendation
other

have
the

to

over-all

context

the

spending

you

mitted

to

appears

of

recommenda¬

previously

Congress

and

sub¬
the

budgetary posture."

Seidman, Williams
Absorbs Firm
Merger

Fidelity

of

Investors

Service and

Seidman &

investment

firms

securities

general
been

business,

has

announced.

General

larged
be

to

Williams,
engaged in a

liams

partners

in

firm, which
known

with

the

en¬

will continue

Seidman &

as

offices

at

26

Wil¬

Broad¬

New York, are Joseph R.
Seidman, George L. Williams and

way,

William

L.

Cantwell.

The

latter

headed Fidelity Investors Service
as
a
sole proprietorship .special¬
izing in mutual funds, with offices
at 222
Newbridge Avenue, East
Meadow, N. Y., which will become
a

branch

office

Seidman

of

&

Williams.

Gordon Mun. Mgr.
For Bank of Calif.
FRANCISCO, Calif. — The
of California has opened a
municipal bond department under

Bank

the

direction

of

Mr.

Gordon

the

investment

H.

Richard

Vice-President

Moulton

associated

Company
Co.

He

the

First

started

&

Co.

and
has

his

He

Gor¬

charge.

career

business

with

D.

in

with

was

later

Schwabacher

Hill

Richards

recently

Western

been

Bank

&

in
R.

&

&

with
Trust

Company.

Customers Brokers
Announce Outing
The

Association

Brokers

will

of

hold

Customers

their

annual

products

nations.

dorf-Astoria

Hotel.

This

is

a

change of date from that origin¬
ally scheduled (September 14).

prohibiting
from

The

being fought out

selling
to

the

Administration

these surplus products

was

Meyerheim Opens Branch
SCOTCH

amend¬
now

in

selling

to the

A.

PLAINS,

Meyerheim

N.

has

J.—Gerald
opened

a

branch office at 1791 East Second

conference with the Senate.
The

up

dinner September 27th at the Wal¬

The House has succeeded, how¬
ever,

the

to

business.

omnibus




pas¬

the

defied

the

demands

sponsored

August 3, 1961

which

and Senators that

mean

may

at

we do just
that, the Administration has again

share

to

in which such securities
may

nose

that he return

openly

recover

Despite

Copies of the Prospectus

his

force.

men

Price $8.50 per

continue

we

Airlines plane

He
but

sengers

value)

demand

firm

hijacked, along with 33

sengers.

(no

*

standing

thumb

Castro

Eastern

was

Common Stock

ij:

are

we

our

build

to

don,

Khrushchev,

to

trouble

present

that.
*

While

to

SAN

should

Potsdam.

machinery

tools

East

fleeing to
Germany now, there won't
be any East Germans left.
There are food shortages in all
Russia

still

are

precision

are

Wtsst

offering is made only by the Prospectus.

105,000 Shares

lions

tions

He figures

42

wheat

machine, would at the same time
be furnishing food and materials

next

1.

Congress
of

automatic

the

July

of

It seems amazing that the Ad¬
ministration, while spending bil¬

additional

Atomic Fund

1033

new

offer

$2.50

spending

blockade, the
late
Ernst
Reuter,
then
Mayor
of
Berlin, told some of the allied

which

to

According

government

starts

1948

glad to live.

offer

30.

to

money

of

sale

the

balance in the fiscal year starting

Baxter Joins

lumbian

an

of

believes

of

This advertisement is neither

the

ble.

Re¬

which

expects

of

June

program which is

today, when locat¬
factories, the owners are
for localities where the

cities

Congress

activity will bring about

time, inter¬
rupted only by his U. S. Army
service in 1951-53 during which

that

England

billion

next

the

he
R.

tant vice

executives and their wives will be

New

before

ask

in 1950 and has been with the

proper

children.

has

Administration

$2.7

nedy's

assigned

poration

employment
and

The

spend

may

in

Bucey

He

switch.

a

There

responsibilities in
the corporation's New York office.

method

cities in the

provide
their

only

in

paid

bushel

satellites.

with the Administration

and

for

Boston's

Mr.

Members

over

taxpayers

the

every

Russian

Russians.

,

man¬

Bucey

a

for

people

for

ing new
looking

have

n

the

the govern¬
new
spiral of pri¬
vate spending, hiring and buying.

succeeds Frank L.

Your City

member

tax-exempt and
by a majority of

1 i

a

formerly

Getting New Factories in

northeastern

defaulted.

t

o

Kennedy

despite any misgivings it
have because it is anxious to

money

Arkansas.

Of the hundreds of millions worth

Mr.

will

at subsidy prices, mean¬

on

may

ment

Stephen

assistant

the

buy

give

comes

Hastings, Jr.

Mr. Bucey

Investors

Congress

cents

sold to

money,

yields

B.

entirely from Armour's lease pay¬
ment.

the

White House economists, this
roughly will create between 300,000 and one million jobs. These
economists figure that each extra

assisted by

Francis

Chicago office-

years.

fighting

dollar

be

interest

principal will

However,

will

he

tion,

First

and

that

the corpora¬

Both

a

interest

zone

ing

to

vice

come

over

it has

president of

is

for

off

Corporation,

an¬

assistant

but finally they

and

Boston

nounced. An

Issues

highly desirable tax-exempt 4%%
bond. If you are in the 50% tax
bracket you get the equivalent of
a
9.5% taxable yield.
Cherokee
year mortgages at 5% interest!
has no problems because: (1) The
Revenue Bonds the Solution
bond issue is covered by strong
restrictions; (2) the plant
We all are acquainted with non¬ legal
taxable Revenue Bonds for build¬ will employ over 300 workers.
The
second
largest municipal
ing highways. The holder of such
bonds is dependent upon the toll bonding program we have heard
about is a $9,000,000 project for
receipts for his interest. If enough
General Tire in Kentucky. Rank¬
people use the new highway full
interest is paid, but not otherwise. ing third is a $7,000,000 bond issue
At first leading investment bank¬ for Borg-Warner Corporation in
Bonds;

has been appointed man¬
of the Cleveland office of The

ager

Big Tax-Exempt Industrial

The

viet

Bucey

seems

answer.

Revenue

shocking to learn that after
spent billions upon the
military plant,- it will still take
$3.5 billion and possibly more to
put it in a state of readiness.
have

Khrushchev.

CLEVELAND, Ohio—Randolph D.

been

spend before they earn; work¬
who

Bonds

is

we

show united support of the Presi¬
dent
in
his
firm
stand
against

north¬

They need new
the
issuance
of

labor costs due to rampant

ers

Cleveland Mgr.
For First Boston

state.

many

and

depend

now

It

quickly

Hence there has been little popu¬
lation

which

West

cities of the

many

farming.

upon

obliged to leave their native city
and go to a more progressive city

factories,

to

Central

more

intelligent of these children grad¬
uate
from high
school, they are

area
can, get new ones.
In my
estimation, all of the northeastern
states
are
suffering
from
high

union¬

the

applies to

same

their

for

as

BY CARLISLE BARGERON

cities

has many natural advant¬
but it must wake up to the
conditions facing us.
The

ages;

regions of the country.

provide

in

indus¬

than

faster

to

of the

have already issued Indus¬
Revenue Bonds. New Eng¬

new

Many cities wonder why new fac¬
tories do not start in their area,

...Ahead of the News

which

accomplished in this direction and describes its potentiali¬

exempt industrial revenue bonds to attract industry.
the South

tax-

use

controlled

now

Thursday, August 3, 1961

Com¬

preferably from one
growing
Southern

man,

fast

suggests New England cities also

are

of

by "old fogies." The C of C Secre¬
tary should be an
experienced

By Roger W. Babson
Dean of financial writers

which

merce

.

FROM WASHINGTON

provide some offset¬
ting advantages. They must have
Chambers

.

mate¬

raw

must

friendly

Bonds

from

.

So¬

Street
James

under

F.

the

DeRogatis.

direction

of

Volume

194

Number

6078

.

.

The Commercial and Financial Chronicle

.

lasting

Defense of

Sterling

hot

fundamental

at

use

labor

the

restraint

is

before

over

and

thorough

any

for

The

—

the defense

measures

of

sterling,
announced by Mr. Selwyn Lloyd
on
July 25, were largely in ac¬
cordance with anticipations. They

short

circuit

their

included

the

10%

surcharge

on

subject to surcharge

be

may

the

offset by a curtailment of spending
power

resulting

drawal

of

of

means

the

the

the

cut in the government's

a

overseas

to

expenditure,

it

try to keep down the

ment's

domestic

tightening

of

What

govern¬

expenditure,

controls

a

the

over

has

ernment

liable

and

willingness

There

in

private

however,

were,

prise

and dividend

wage

the

^

sector.

two

sur¬

items—the

capital

prospects of a
tax with a limited

gains

scope

and

Bank

rate

the
to

of

the

proposed

re¬

that

on

success

failure

or

of

the

measures

depends entirely on the
way in which the private sector
of the economy will
respond to
and

wage

dividend

From this point

charge
of

will
it

cause

of view the

not

entails

restraint.

be

helpful,

rise

a

sur¬

in

be¬

the

cost

living. Were it not for the two

surprise

items

would almost
to

failure.

prospects

tax

to

measures

certainly be doomed

complete

the

the

of
the

cover

Thanks

capital

a

most

flagrant

speculative

profits, the
might prove to

straint
less

unpalatable to

At

for

excuse

pound

wage

be

trade

they will
insisting

rate

any

of flesh,

re¬

even

unions.

have

less

their

on

that

now

to

gains

of

one

to

Bank rate and

earlier
The

to

monetary

which

in

apply to
and

any

real

will

case

certain

Stock

estate

only

in

more

material
of

and

the

7%

strongly

transactions

ment's
and

Bank

plea

for

dividend

mented

it

as

happy

It

rate.

the

will

govern¬

voluntary
by

wage

Supple¬
certain de¬

a

gree of credit squeeze in the form
of
an
increase
of
the
"special

deposits"
to

which

surrender

the

to

have

banks

the

Treasury,

it

tional

tive

unions

It

demands.

frighten

into

the

is

trade

moderating

facilities

their

defense

vent

probable

seems

rate and the credit

harmful

them

pre¬

may

effect

the

that

10%

surcharge would produce in
their absence. In previous articles
I
pointed
out
that, if applied
against

inflationary

an

back¬

ground, this device is likely to
trigger off chain-reactions in the
form of wage and price increases.

If,, however,
and

with

the

the

credit

such

7%

Bank

squeeze,

economy

of

tional

the rise

in

in

cost

measures

of




save

direction

the

opening

firm

dramatize

distribu¬

are

at

of

61

of

of¬

an

need

for

clearance

of

n

the-Counter

International

deferred

Road

&

Co.,

under

the

opened

management

tions, coupled with
central

al¬

been ab¬
sent. The de¬

ways

sirability
an

and

lected

securities

for

Over

has

daily
the

-

long

Would

se¬

participating
were

been

recog¬

to

had

fa¬

highly

de¬

Over-the-Counter

clearing house be organized.

and at the

same

Committee

with

and/or

the

T.
a

of

Theodore Male.

This

the
pany

the

British

to

the

is neither

gross

a

prepared

new

ex¬

amount

First

Boston,

Broad

certain

a

basic

in¬

joined The
Corporation,
15

Street,. New York City,

the

attached

District No.
tioned

in

in

The figures men¬

12.

items

questionnaire
and

Association

the

of

Shaw, Bauer Branch

3

were

your

of

4

and

the

arbitrarily

answer

to them

BRIGHTON,

Colo.—Shaw,

an

offer

to

sell

nor a

solicitation of

an

offer

Company, Inc. has opened a
branch office at South Main Street
under the management of Gene G.

Coy.

to

buy

any

of these securities.

offer is made only by the Prospectus.

260,000 SHARES*

Quality Importers, Inc.

the

restraint,

sterling

in

the

for the

or

the

is

an

wage

out

moment.

Its

of

fate

long run depends entirely

the

on

to

of

success

the

wage

straint. Unless the above
succeed

in

mands,

or

moderating

AMBASSADOR

re¬

SCOTCH

to

wage

announced

those

to be

drastic

more

ineffective,

sterling

next

de¬

COMMON STOCK
(Par Value $1 per Share)

measures

should

prove

devaluation of

a

year

would

be

in¬

PRICE $5

evitable. What matters is that the

should

restraint
The

should
of

the

not

government

of

always prevent a
disgraceful wage

measures

shares

is

are

being offered to certain

holder, and 10,000 shares
available

being sold by the Company

to

the

as a new

issue and 60,000

Selling Stockholder. As set forth in the Prospectus,

a

are

persons

stands

for.

designated by the Company and the Selling Stock¬

general public will be reduced to the extent that shares are so purchased.

conflect

Having

concessions the

entitled

to

made
Copies of the Prospectus

government

expect

the

unions to do their share in

States

trade

where

the

may

securities

be obtained only in those
may
be legally offered.

saving

sterling.
A

Disquieting Thought

Unfortunately
sistance
I.

M.

given

F.

greatly

and

the

to

external

Britain

Central

Sutro Bros. & Co.

.

as¬

by

the

Banks

has

reduced the chances c>f

a

are

123,000 of these

being retained by the Underwriter. The number of shares

everything the Conservative

Party
these

in

are

*Of these shares, 200,000 are

being sold by

paid in the form of dividend re¬
straint
and
capital
gains
tax,
with

PER SHARE

be

plunder witnessed during the past
12 months. After all, the price is

which

OLD BUSHMILLS
IRISH WHISKEY

measures

alternatively,
unless
government is prepared to

resort

WHISKIES

V

<

V *•

'*■

•

'V'.tM

Bauer

&

August 1, 1961

Inter¬

Barring major strikes
response

as

goods that

the

as

Vice-President.

and

and

of

inadequate

danger

$1,-

G. Judson has

Everett

a

national Monetary Fund appear to
have consolidated sterling's posi¬

tion.

of

First Boston

Government

measures

facilities

□

operating
com¬
in an estimated

Importance of Wage-Restraint
The

□

to

proportionate

Judson V.-P. of

project,
time provide the

purposes,

members

The

Interna¬

straight

□

would

000,000?

questionnaire is being sent to all

chosen

announcement

□

a

of

on

only feasible

but

in

subscription to pro¬
capital funds to

to

subject and believes that it is
an

□

vide

any

the

that

be

make

be¬

not

sirable

addition,

you

and

conferences

amount

In

This committee

several

fund

minimum

$25,000.00?

in scope, and has
willingness to under¬

be created.

guarantee

(4)

national

costs,
subject
reimbursement from

□

(3) If interested, are you
in a position to post a

the

initial

□

estab¬

lished?

Counter

-

investigate
possibility of setting up such
cilities
in
New
York
City
eventually expanding them to
a

one

□
inter¬

be

if

"The Board of Governors of the
Association has appointed a spe¬
committee

you

ested in

clear¬

delivery of

nized.

cial

a

oper¬

Stolle

(2)

central

active

delivery

ation?
Carl

of

organization

ance

path of sound finance.

narrow

transac¬

market

formation for planning and opera¬

Warren

1397

Over-

has

tent of interest in such

has

daily

a

that

investment

at

a

which

tional

office

is

No

feel that there

you

a

the

Ohio—William

Aug. 15, 1961."

function

/b"In order to determine the

i

branch

than

any

the need for

Barchfield.

Wm. T. Robbins Branch

Robbins

later

(1) Do

B.

Broadway, N. Y.

LAKEWOOD,

In

Yes

acted

i

form

corporate

very

able.

clearing house corporation which

of

drawing

were

has

may

Calif., under the

John

of

Headquarters

effec¬

defense

ket

write

Freeman &

final

the

mar¬

t

o

the

of

prompt reply is desir¬
case, the Committee
would appreciate receiving it not

in
the
Over- the -

expressed

and

"A

i t y

Counter

with

substance

upon your

organization.

recent

spate of activ-

has
—

and

NASD.:

"The

be dependent

satisfaction

letter

members

the

will,

of course,

sterling. If this theory

return

rate

checking inflation then
the

people to
exertion.

own

fol¬

Monetary Fund for having

together

the government will adopt, should
succeed

British

fice in Berkeley,

correct, Britain owes a debt of
gratitude to the Washington Ad¬

revival

squeeze.

the

the

anounced

it

is

today

Bank

seems

tors of investment securities have

Selwyn Lloyd an¬
nounced his arrangements for the

and

between

so

until after Mr.

and

discarded
the
whips
scorpions of high Bank rate

squeeze

do

takes

the

Fund

not

that the

unlikely that the meas¬
adopted will save sterling in
long run. External financial

decline of the gold reserve

BERKELEY, Calif.
Co., underwriters

There is
official

additional

from

Monetary

short-lived.

it

performing their task. In the
of
speculative pressure

Opens Coast Br.

re¬

allowed

the

for

of the

wage

Moreover,

prevented

dis¬

This

claims,
now
that
they
realize
that, after all, the authorities have

credit

to

infla¬

check

now

to

prompt

they were
granting large-

Government

tiations

excessive

to

to

are

day

Freeman Co.

impression is con¬
firmed by the fact that the nego¬

if

wage

effort

the

lowing

Clearing House has

on

the

come

that

about

measures

sterling.

the

likely

war

Monetary Fund unless the

British

likely to discourage employers
from
yielding too easily to the

is

also

the

it

for

support to sterling through
the intermediary of the Interna¬

drawing

restraint.

is

an

They

sterling by its

scale

—

important is the
psychological effect

reinforce

for

their activities that induced

of

sent

Clearing House

in the affirmative will in no sense
bind you to an agreement.- Ulti¬
mate acceptance on your
part

Exchange

ical effect should be helpful.
Even

to

that

Washington

understood

be

not

to be dubious, its psycholog¬

seems

since

occasion

reality

Britain,

support will encourage the popu¬
lar belief that there is no need

the

and

statements

believe

to

—

in

are

of

much-

a

the

conven¬

weapons

explanation.

an

to

circles

the

intention

any

for

reason

fect

tax

friends

the

and

ures

high

between

to

Ministerial

claiming
call

resort

induced

gains

a

credit squeeze that

contradiction

tional

to

to

sterling. It
speculation

on

mitigated. While the material ef¬
capital

gov¬

It
is mainly
declared
un¬

resort

their

absence

for the specula¬
sterling during the
part of July.

tive attack

cent

Carl

Committee

13

Discussing Formation
Of O-T-C

will

responsible

was

ministration

the

hurt.

to

the major iniquities in the British
fiscal
system
is
likely
to
be
of

the

long last made

government's

decision

public expenditure does
appear to
be impressive, so

not

are

the

of

7%.

The extent
straint

increase

that

of

government

tion.

to show that, after all, it
is prepared to take measures t;:at
the

voluntary

at

was

from

gesture

export of capital, wage freeze in
the public sector of the economy
restraint

is

very

resume

speculators

make

surcharge.

matters

to

a

unions

discourages
sterling. Yet

true

the

by

consumer,

Government Shows Its Earnestness

promise

a

trade

strength

each

on

with¬

£200 million per

some

from

annum

from

that in

so

the

plundering activities. The
gold for window-

merely
against

indirect taxes provided for by the

budget,

re¬

the gravity of the
cooperate. As it is,

liberty

herent

wage

improvement is made.

are

gold

of borrowed

abused

London, England
taken

NASD

been

dressing does not add to the in¬

drawing and central bank cooperation—may

worst

time

feel

problems. To all this,

wage

convince

to

£1,000 million,
short

a disquieting note. He is fearful that the
improvement in sterling and the surface increase in re¬

I. M. F.

the

the I. M. F. facilities will probably
raise the gold reserve to well over

however, Dr. Einzig adds
to

of payment

reduce

with

situation

short

serves—due

to

pressed

surprise items in Selwyn Lloyd's battery of proposals—
the
prospect of capital gains, and Bank rate hike to 7%. He
suspects the U. S. A. and/or the I. M. F. are responsible for Britain's

run

im¬

fundamental

Stolle, G. A. Saxton & Co.,
serve to
£500 million, the trade
Inc., Chairman of the National As¬
unions might be sufficiently im¬ sociation
of
Securities
Dealers

of the two

its

balance

allowed

Einzig believes British labor will be sufficiently impressed with
their country's
at-long-last serious effort to defend sterling because

correct

the

from London and the

money

adverse

Dr.

to

thorough-going
of

position. Had the withdrawals of

By Paul Einzig

measures

and

provement

Is Ensured—or Is It?

forceful

(489)

14

(490)

The Commercial and Financial Chronicle

\

"Which

Women Stockholders:

Naive

wanted

Knowledgeable?

or

New York

The results of a pilot-study poll reveal

report?
in

the

received,

reports

desire to

a

obtain

meaningful report, and a need for simpler and
in

Would
that

making up

be surprised to

you

of

19

out

holders

say

20

an

graphic

more

The

and
Text

reports

people

they

receive?
that
16

responsibility
nual

For

say

that

the

cited

auditing

lan¬

article,

20

16

out

were

them.

agree¬

of

when

what

we

ceived

these
to

answers

vpilot
of

re¬

recently

Herbert C. Rosenthal.

Partridge,

help of Emma Dot
editor of the publica¬

tion, Club

Women

York,

of New

and official in the New York

Federation

City

of Women's

Clubs, we
questionnaires
to
presidents in the

1,000

women's

this
that

women

the

say

is

club

Metropolitan

to

clear

color

confused

to

language

have
seen
the
growth of pictorial media: movies,

The

area.

women

receiving the questionnaires were
presidents of garden clubs, civic
clubs, PTA's, music and theatre
groups, alumnae associations and
similar groups.

is

pictorial method of

rather

text.

But,

Table

with

the

I shows,

the

stockholder

women

most

preoccupied
as

audience

In

"Which

tion:

the

to

answer

is

when

you

ques¬

Connecticut.
these

but

Westchester

Jersey,

Of course, not all of

women

99

ceived

valid
from

and

stockholders,

were

responses
these

presidents who

were

women's

re¬

club

stockholders
—enough to make for a solid pilot
were

32%

attractiveness

rated

sign.

of the vote.

more

than

because

invited

were

than

more

(Responses total

100%

spondents

the

re¬

TABLE

fill
with

particular corporation's
annual report in mind. They cited
61
corporation reports,
ranging
one

of

Use

design

alphabetically from Alleghany to

illustrations,
photos
Length of report

Xerox.'

Number
Two

was

to

see

stockholders

how

felt

these
about

women

the

type

of

Because
but

and

entation
In

in
of

with

to

response

be

parts,

ori¬

In

stockholders.

the

to

the

leaf
induced to
it becomes

dramatize

annual

visual

general,

holders

24

visual

"Growth"

the

was

synonyms

as'

Again

strong for such
Expanding and
total

answers

that

more

well

woman's

an

report.

about the com¬
the material in
report can be pre¬

in

they

without

audience.
One

fear

the

volunteered,

high

report

with

elements.

the

the

officers

alert

and

all

"Most

I

why

in

of
They
"Yes,

the

significant,
women

she

for

the

kept

reading

it—in
the next year's
And

almost

question:

annual

Co.,

com¬

changed

after

cases

until
out.

the

question,

to

the

question, "What

Corporate

which

in

company

image

of

you

the
own

came

is

not

an

NEW

offer
■The

;

to

sell

nor

a

Solicitation

of

an

offer

to

buy

any

of

these

Co.,

The

over-all

at

to engage

John B. McLean

of

per

emerges

is

like

Granby

securities business.

a

is

a

principal of

Trans western Branch
SANTA

one

of

Stevens

who

the

Poulevard

Creek

management

of

WILL

FIND

TIIEM IN

Bank & Quotation Record
year

—

(Single Copy

prices
lawfully

offer

from

these

the undersigned

securities

in

this

and
state

from

such

dealers

"hard

on

to

all
find"

listed
Over

securities
the

-

-

you
as

$4)

the monthly

well

Counter

as

Write

UNDERHILL SECURITIES CORP.

WILLIAM

or

B.

call:

DANA

CO.

25 Park Place, New York 7, N. Y.
REctor 2-9570

those

quotations.

.

THEODORE ARRIN & CO., INC.

KATZEN3ERG, SOUR & CO.

—

share
This bound publication will give

the Prospectus may be- obtained

FIND

share)

per

Trans-

under

Charles

Shussett.

HARD TO

YOU

—

Corporation

has opened a branch office at 3375

which

women

Calif.

CLARA,

western Management

QUOTATIONS

per

with
Street

the firm.

a

(Only $45

Offering Price $5.00




in

formed

been

7510-B

report

picture

PICKWICK ORGANIZATION, INC.

may

has

Inc.,

offices

1961

COMMON STOCK

Street

J. B. McLean Co. Opens

Willing to Pay for Report

110,000 Shares

(Par Value $.10

branch

NORFOLK, Va.—J. B. McLean &

to the

NEED

as

a

Cary

securities.

July 27,

of

opened
West

offering is made only by the Prospectus.

ISSUE

Copies

has
3318

yes

evaluation

your

at

Krumbein.

comprehensive and
meaningful annual report. To test
announcement

Inc.,

a

would

This

Opens Branch

annual

said

an

the

under

under the direction of Herbert A.

report

time

report

40%

a

Crocker

year-round

many

"Has

Building

Bank

Coast

opened

the

in

office

Rubin

stockholders.

considerable

a

Calif.—Pacific

.

RICHMOND, Va.—B. N. Rubin &

One out of three respondents said

that

with

duty

direction of S. H. Ranson, Jr.

to other questions
made it clear that the annual re¬

on

report aimed

worthwhile

do

Anglo

answers

a

An annual

types of audiences.

office

is

au¬

and

specifications would cer¬

branch

pany?"
The

S.

U.

stockholder

Securities Company has

anything."
aversion to any

executives

women

one.

invest

the

of the

in

stock

Pacific Coast Branch

shares held, business connections,
etc." "This is most important. I
want to know who all the people
when

a

—

knowledgeable

a

FRESNO,

Board

said, yes.
important."

re¬

show that wom¬

majority

a

woman

is

tainly

anything

92%

this

at their

we

answer

is

holding

dience

the question,

know

to

care

Directors?"

ever

stock¬

women

to

the

part of her dividends

persons

that

answers

And despite
that

corporations. Our study indicates

V

-

you

"And

production

being asked to sac¬

was

form

the product of the com¬
in which they had invested.

wrote:

additional

an

in

fact

Recent surveys

of

respondent

about

take

en- now

buy

"Do

results—since

pocketbook test of sincerity.

true

annoying
substantial part of the female

In

re¬

fact

somewhat

was

the

copy

additional

rifice

inter¬

are

reading
products,

annual

pany

a

spondent

in

ested

to

question

against

acceptable level.

the

important fac¬
issuing an an¬
Since 96% of our

be

can

say

any

the

cents

50

an

known

respondents
pany's

a

the

costs to bring most reports up to

consider

nual

extra

such

despite

it would hardly

Curiosity

curiosity
to

this

And

port.

than 100% because some respond¬
ents
checked
two
or
more
re¬

tor

cents in return for

50

that

say

with the

part

in

year

a

cliche

loaded

the

a corpora¬

majority (54%)

they would

company?" This substantiates a
polled had quite posi¬ number of other surveys on the
opinion-making
potency
of the
tive feelings towards the compa¬
annual report.
nies in which they owned stock.

17

the

women

an

many

so

can

read

and

In

further responses to ques¬

tions tied

in

color

70

shares owned

omitted

influence

spots

charts

and

Survey's Purpose
The main purpose of our survey

32%
34

of

that for

I

Quality of writing

She

—but the vote

shares of stock in
brought you $100

A good

of

adjectives for this
question
was
supplied
by
a
woman
editor (and stockholder).

port

worthwhile

Attractiveness

list

falls off in direct
ratio to the density of the printed

stop

respondents were asked to
out
our
16-question survey

are

6

group

through

study.
The

33

.

indications

page.

answer.)

one

meaningful report?"

Young

individual report, this "read thor¬

oughly"

check

to

26%
47

_

parts.
thoroughly

The

Quality of writing got only

34%

since

Gener'ly don't bother to read

de¬

of

some¬

III

through.—__

Read

illustrations, charts and photos
prime influences, and another

as

8

4

1

—

are

Read

New

be

may

overstatement

TABLE

of

Long Island,

in¬

checked
two
categories, such as "read

of

York

as

21

Old

respondents

of these factors are
Leaf

well

Dynamic

dividends, would you be willing
for the company to use 50 cents
of that to try to bring you a
more interesting, informative and

and

parts" and "read thoroughly"—
evidently meaning that they read
parts thoroughly. (This dual re¬
sponse is also the reason the total
adds up to more than 100%.)

is

prime influences in the amount

women's

elements

figure
an

more

or

attention you give a company an¬
nual report?", 70% 'rated the use

as

of

some

The area covered
included the five boroughs of New

City

that

what

intrigued by the visual ele¬

ments.

visual

in

color

And

presentation appeals to women for
annual reports, too. A good many
people involved with producing
corporation
annual
reports
are
still

55

particularly
important "Am now purchasing shares of
examine the response an insurance company. Would buy
to the question, "How do you gen¬ through this company, if needed
erally rCad these annual reports?" extra protection."
As shown on Table III, only one
And three out of four women
out
of
three
read
thoroughly. said that they had some occasion

years

clear that the

about

Information
terest

as

It

Expanding
Sluggish

the

One-Third Are Thorough Readers

to

simple

as

other visual ele¬

"If

tion

sented

good

a

effort

extra

some

as

ments.

accounting

.

it might be

use

this

by

well

as

some¬

picture magazines and TV.

the

mailed

of

know

this question:

them

your

*■.

to

68%
yes and only 32%
said no. Here
the women, with their sense of
fashion, decorating, etc., were re¬
sponding with greater interest to
something that is brightened with

report,

a

19

think the use
the readability sponses.
of the annual re¬
of the women said V- That
you

stock¬

women

for such

desire

asked

we

the

of

depth

40%

69

interest

the

holders'
IV

Dynamic.

to the

response came

port?"

questions

find themselves

Recent

completed.
With

an¬

possible.

women

stockholders
we

who

make

survey

to

language

terminology,
idea

a

plus photographs—_— 5

and

However, for the four out

20

ably surprised

nice
20

of

auditing

the

beginning

is

it

guage is clear
them?
We

to

the

at

in

9%

17

plus charts and photo¬

question, "Do
of color adds

corporate

producing

for

instance,

of

the

the

have

II

Thursday, August 3, 1961

.

the following

gave

TABLE

The

charts—_—

plus

An allied

reports.

out

to

report.

graphs

nual

_■

attractive

Text

report they are getting.

they read the
accounting statements in the an¬

And

them¬

Text

responses we

who

be seen

by

illustration

text—no

All

presen-

got to the sur¬
vey would, we knew, enable us
to
give some valuable hints to

that

a

annual

and

photographs by
visual necessity

TABLE

annual report.
of annual

learn
stock¬

women

as can

more

than
as

charts

charts

II,

seemed

an

plus

And,

Table

women

for

Mr. Rosenthal reviews the findings that should be considered

tation.

v

comprehensive

a

they

.

responses.

Conservative

text

a

serious interest

a

stock?"

Big

selves

corporation's annual

a

10

wanted

the

particularly want to find in

women

do

in

1

all-text report with no
illustrations.
Almost
7
in
10

from

City

report

than

an

themselves
What do

"less

photographs.

i
•
By Herbert C. Rosenthal, President, Graphics Institute, Inc.
,

.

kind of annual

prefer?"

you

.

I.

Volume

Number

194

6078

.

.

The Commercial and Financial Chronicle

.

in

pany

The Stock

Option Is Vital
To Our Economy's Success
By Thomas M. Ware,* President, International Minerals &
Chemical

Industrialist

■

and

much risk in staying at the top

as

there is

to the individual

Ford's

and the

the

>

and improper way of correcting certain abuses.

What
What

of

management's

faith

and

mo-

rals.> a further check on the stock
option plan is the required ratifi-

take

•

and the DC-8?
pnmnarativp

tbo
the

arp

are

ricka

comparative risks

investor and the top man-

of the

>

agement executive in these situa-

;

tions?

and comments on

majority of stockholders and by Congress;
the proper

•

;

isn^t the ^tock option

The criticism that stock option
Plans do not serve their-intended
Purpose is generally based on the

vair 880

option system; notes its approval by

In these in-

cafj?n of stockholders.

stockholder, Mr. Ware explains how stock options

few should condemn the whole

retain
ment?

in developing and bringing into passenger
service the Boeing 707, the Con-

individual, to the corporate entity and

He refuses to admit that the abuses of a

that

other

Capital

their

pose

p

In

th

,d

sloc

absence

b

h

for

stock

lne,r

...

*

,

auick

quick

statistics

of

,

it

_cs' 1

Q

tivl eafe'The'execuUvrcLmu"' P^ve.this, but where it

,

,

argument that executives use the
caPltal gains tax provision to dis-

out.

can move m or

.

exists to

?^^«^stSithatthe

Let

Options

of

by

—

It is nat-

if

you

wish to attack
issue to do

an

:

most

uie

only to

language,

are

so

hear stoctc

verv

gives rise to

tacked

of

which
tend

a

as

issue

I

interest.

is

There

con¬

in
options.

morality

they are

stock

not.

moral

The

as
stock

"Do

1 ications

i t

To those who claim the tax law

to

me,

m

p

i

Zu

u

of

broader

incentives

0rc?
i
Stock

moral

are

+•

consideration to
those under the former classifies-

special

lowing

terms of their effective-

in

tion. In

aiding management.
The Stock option program gives

it

is

a

intended to

pensate

precise

and

risk

the

upper

ing

decisive risks,

ranks

com-

takers

Other

forms

of

the

broad

employee

pany,

limited
nies

to

of

base

the

Some

spe-

And

devised compensatory
that reach into the main
body of employees with incentives such as a profit-sharing pro-

ing

do

to

you

unless

make

the

you

ready

are

of

to

in

has

wisdom

its

for

need

the

the

of

Congress

States

a

Finance

the

Senate

Committee, in approving

its purpose in these words:
v
"Such
options are frequently
as

incentive devices by cor-

porations who wish to attract new
management
to convert their
officers into partners by giving
...

them

stake in the business

a

services

the

retain

to

of

.

.

.

execu-

otherwise leav?
or give their employees, generally, a hiore direct interest in

tives
.

.

who

Not
I

do

there
stock
do

I
I

of

success

corporation.

the

Defending

not

overlook

have

option
defend

P^w^?,p
,

—

A answeF 1S
;

.,

Option

,

p.ans

PahV(~.J£®
°/
?v?5"
Trs a^d of^nnVrJco ™arehu°ld~
rmrf

.

coTt., ThL

+Z62

b

careMllJd^^

*
°* c°r~
p^ I checks and balances that a

borate

se'I-deahng benefit system could
be

perpetuated

,

by

management

without deliberate, collusion.
condemn the whole option

Tosys-

£e,m aa ^.because of the abuses.

our'Wnd^economv PUSh "^der-

°«

been

Abuses

abuses

system,

but

of

the

neither

them.

prepared

to




that

stock

the

option

th^rprnrd*

pbprkpd

nf

instrument

.

.

.

salaries, bonus

tua<7ko7°|)w0!!f nn^Mrmtrvwp/whJ and finally, after all these, the
have exercised their options' have
°Ptlon.
held ttieir stock I
t offer fhis
Misconceptions Plentiful
can

l

but

w^d

Uke

? Simple and clear

this

as

is intended as incentive to believe that it reflects the care it is amazing to me to
onjy for those who bear the burDut into the development of what misronrpntirm*
den of decisic)n and take the con- Zr
plan and the attention we give nriSted and steted IbSut

s"\ce

we

wHh

This is in keeping

its administration

should be

comparable to risks.
T

3

much

cannot

be

+bjs

one

one

concludes where he stands on

j think he might ask himself

is

to

to

compensate

cast

function

doubt

but

on

not

thfte
•

condemn the svstem for

commissions--of
a few
If there are malpractices in
the handling of stock option pro-

are immoral.

Before any-

g

questions:

"

,

.

Is ^ wron§

the

fbe omissions o7
f

or

this

and therefore likely
to
produces some human failures. But
rionu

that

reason

ani?ther

consequence,

beings
n1]

one

wWch * trusted with

Ousted

fairlv

imnivlnp

options'for

stock

greater

other major decision, some

every

ori

management of

stances
+v>p

i

T

- •

,

^

Management's Responsibility
To say that the

mihliclv

the

of the stock option

use a compensa-

®rancer.

^fS

^

top3 managemTnt°execup manasemenx execu
?en derellGt
thl^
t,

thetrue

«0n,Tn somffstanres,
has befn
they do themselves
fallow

and

di^ervice
by^ steteSStatihSri?
statements leveaiing tneir ^
norance. Is it any wonder, the and

ah

manaeement

a

«:=" &srass SSS-SSS
fomplete disregard

goals'

'

for

.

its

,

This advertisement is under

sell,

or a

The

Not

a

one

times

such

no

circumstances to be construed as an offer

solicitation of

an

offer to buy these securities.

offering is made by the prospectus only.

New Issue

170,680

Shares

W. A. BROWN MANUFACTURING CO.
(Chicago, Illinois)

full

COMMON

the

corporate

Price:

dark, the demand for
akie executives pressing, and it is

problematical whether or not the
company, even under capable, aggressive management, can sucrehabilitation

ceed

with

gram.

Certain heroic efforts would

demanded

be

gired

rjod>
^

a

_

reSults.

available
or

man

0f

realize

would

which

best

^agk

secure

the

During such

A copy

a

as

the

paid

a

LOEWI & CO.

well

as

i

to

the

PAINE, WEBBER, JACKSON & CURTIS
G. H. WALKER & CO. INCORPORATED

'

DEMPSEY-TEGELER & CO., IMC.

BAKER, SIMONDS & CO., INC.

STRAUS, BLOSSER & McDOWELL

THE ILLINOIS COMPANY
INCORPORATED

to
their
own
business
reputation if they fail, and therefore request, or are offered, opticm contracts on- stock as part of
danger

their payment."

BLUNT ELLIS & SiMMONS

CRUTTENDEN, PODESTA & CO.

prob¬

possible

Share

be obtained from any of the

INCORPORATED'

BACHE & CO.

the

speculative risks in-

may

Per

•

pe-

company

difficult

of the prospectus

de-

management.

assuming

men

revamping
fully

be

$7.00

undersigned licensed to sell securities in your state.

pro-

cash reserves may be low
and there may be a limit to

saiaries

-pbe

to

STOCK

(No Par Value)

[s

RAFFENSPERGER, HUGHES 6 CO., INC.

MULLANEY, WELLS & COMPANY

SAUNDERS, STIVER & CO.

RODMAN & REDSHAW
\

i

'

.

.

„

Conceding that there is risk in
the above situation, the critics
then ask, "What about the com-

value

Is it wrong to compensate exe- compete aisrega: a to
ts a u
cutives with due regard for the ^ diuimng
f
risks that they take?'
It is only after careful thought
~
Is it immoral to use the capital has been given to planning corgains feature of the tax law to
Continued on page 22

.

to

real

^nd

purpose ol tne stock option. And,

Stock Options Immoral?

-

..

purpose

aamin sirai on-

philosophv that rewards

+he

seems

discover

arp

C.
Baker,
noted com¬
pensation authority, describes this
situation vividly:
oufiook

of

li Ln Proyid? the incentives that will

checked the records of our own make it work

Speculative Ri^ks Involved

volved,

the fact that

sophisticated

a

John

lems and the

discuss the
well-conceived, well-directed option
program
as
a
means
of
achieving
important
corporate
am

able

T

adversities?

of

might

.

the

in-

that

Internal

used

there is no risk
executive

stable situation and risk

recog-

capital gains provision of the
Revenue
code,
defined

the

to

management.

"At

that

notable

is

a proprietary interest

management

the successful manager to leave a

careers.

It

says

manage-

Un^er these
conditions, and with high income
taxes, what incentive is there for

would
provide
incentive under
high income taxes for those willing to risk either their caphal
or
their management reputation
and

.

mean*

puts

new

United

law

hold skilled

panies and in companies experiencing serious difficulties of one
sort or another and in need of

re-

ready to go that far, then the
question of stock options is relatively-minor, indeed.
'

nized

lan-

the

serve

his

in

moving incentive from our free
competitive system.
If we are

The

e

time of earnings

not gostock op-

decision

broader

the

his career and a lifebehind his belief
company? Doesn't he risk
far more than money?
The risk conditions I refer to
here are very real in new comwho

are

with

away

tions

and

who

the

for

gram.

opinion,

with

of

ment.

have

my

<: *- 7 7

counter

must

attract

is

compa-

programs

In

j

nqplf

Congress referred to
earlier which plainly states that
stock
options
are
intended to

com-

compensation

salary.

early

gains

guage

cial

At

nrovidp

,But *n a properly constructed modern management,

ig discriminatory and properly so

ital

I

incentive

compensation exist to attain
goals.

not

does

tended purpose.

of

bo-

a

7h?s
this

at
at

risk

of

treatment was never
intended to benefit the manager,

in

of management,

there is

!

it

(3)

point of discussion because there
are those who claim that the cap-

=2: smlnus.

istered by the few who derive the
benefit

deciding the course of a business.:'.

It

purpose.

motivate

few

the

of supplying

to

.

.

?7P°rat~

scene

doing, it recognizes that
risks in

so

a

is

,,

,

Why would a

areas.

considerationV ship.

Aside irom tax

there ara critif

few who take the

a

agfemeift
e.gement instrument—^pre^ise
instrument
precise In"
in- „,S
questions
strument for

.

.

the penslon .ai?d profit plans al- sequent risks.

£

in

ness

is

answer

between the stock option plan and

options, one of several
form of incentives, should be discussed

the

discriminatory,

ConJrec/ha<f
f^rawn^^diftynction
Congress has drawn a distinction

auestion

oroaaer question

•

whether

is

Thomas M. Ware

"with ^he

dated

,

question,

involved,
seems

;

es-

options exist to give a few execufives quick, tax-eased profits?"

i

manage
wron£r

this

plan

is

it

out

critics

come

The

"tffcfent* income

man^P

who contend that the stock plan that integrates corporate
Let me put the stock option in
°Ption is morally wrong for any goals, provisions for growth and its proper perspective as I see it.
a question of conflict or aI1 o£ the £°'lowing reasons: .
sound compensation practices, First, you determine the goals of
(1) U
discriminatory and in- there is little temp.ation for the the corporation; you build the
also
a
question of equitable in application.
executive to dispose of stock ac- structure to attain these goals; you
the true purpose of
(2) It is structured and admin- ^Uj^ee+Q+ic*ine
t
peop?® ^ structure; y?u, ^en
who

ones

the

direct

and

options at¬
moral

...

anniv

since the few

few, and
often the

a

tablish

thpv

:

tn

inflammatory
we

enCV: important

ton

are
•

it in

^I thtconseauences

15

economy
,
,?
top executive rid himself of stock
While I am interested m these
omy.
„1 be,leve u wa.s these risks that ln his: company? There may be moral aspects of the stock option
Where the auestion of morality pongl"ess recognized in establish-, good and valjd reas0ns, some of principle, as chief executive offi«, raised
the
Z; ' W8 ,the capital gains feature for which we will discuss. It may be cer of a corporation, I am most
that' stork S,^ fre rik! stock °Ptlonsan outright case of financial hard- concerned with its performance ai-..

my

Practical Applications.
ural

^™sf figS; Vout tTthe^end' ^oration

discussing the goals and I am prepared to distitle .V.'Stock cuss my views on the morality of
Their Morality and incentives in our kind of econ-

begin

me

semantics

and stimulate

js it

Remember too, in this question

launching
Henry J?

the

or

executives

try

with the established companies in need of managerial

new

Edsel

in

What risks did the aircraft Indus-

In pointing out

hJp to equate the small with the large, the weak with the strong,
talent and short of cash.

in

involved

certain

be

can

malpractices

stances, it

in getting there. W. at

were

you

are

management areas.

can

risks

suggests criteria in establishing such a plan.
benefits to the recipient

the

visions,
there

as

raised against stock options

major criticisms

answers

What
■

only repiy that any top
manager who-feels he can relax

•' I.

..

stable situation?
there?"
•.

a

involved

is

I

Corp., Skokie, III.

'

.v

risk

(491)

August 3, 1961
a

The Commercial and Financial Chronicle

(492)

16

operates

Texas Eastern

pipeline system for the

a

transportation and sale at whole¬
sale of natural gas extending from
the Mexican border in southern

Transmission

Texas

Securities Sale

has

The

York.

New

to

system

authorized delivery capac¬

an

principal sales area of
Dillon, Read & Co. Inc., heads an approximately 2,362 million cubic
investment banking group which feet per day, including deliveries
is offering publicly $30,000,000 of from its gas storage facilities. The
products
transporta¬
5%% debentures due Aug. 1, 1981 petroleum
and 200,000 shares preferred stock, tion business is conducted by its
5.125%

$100

series,
The

value,

par

Transmission

Eastern

100%

and

are

included
miles

are

cost

of

but

num,

per

time

any

The convertible

share

per

on

or

of

before Aug.

1, 1966; at $22.50 per share there¬
and on
or
before Aug.
1,

Beam,

1971; and at $25 per share there¬
and
on
or
before Aug. 1,

Of

Stearns

the

offered, 236,625
selling

rate

purposes

be

including construc¬

construction

estimated

the

company's

which are
approximately

programs,

to

cost

The

gas.

company's

principal

ond

busi¬

is the transmission of natural

It

is

in

engaged

also

may

largest

in

study field. A

and

and gas.

in

the

offer

a

home
in

courses

the

production of oil
The company owns and

the

photography.

branch

ex¬

office

entire

Its

usages

teaching

on

the

Stock

of

this

will

ji|

the close

CORPORATION

10, 1961.

August

July 26, 1961

W. Bai.gooyen,

Executive

Pice

President

and

Secretary

A

YORK

20,

N.

share

September 22,1951, to stock¬

mailed.

holders of record

61

A

the close

John G. Greensurgh,
Broadway
Treasurer

mon

C>nts

Stock

^

th0

Corn-

1961 to

_

October

stock-

record

Prbl^Ute°co^pt.l5,«61.
Brooklyn,

Also

B°LOEB, President

M

declared

September

for

1961

30,

and

ONE

ONE-HALF

or $1.50 per share
STOCK,
payable
1961. to shareholders of
October 6, 1961.

THE TITLE GUARANTEE

PREFERRED

on

^a^een declared,

h0l

has

Directors

of

quarter
ending
DIVIDEND of

(11/2%) PER CENT

Dividend No.

Five

Board

coW^Y' mC'

mInufacturino

20,

declared

a

DIVIDEND

of

COMPANY
DIVIDEND

$.45

on COMMON
STOCK, pay¬
September 1, 1961 to shareholders
of record August 11, 1961.

share

per

have
dividend of forty (40)
share designated as the
third regular quarter-annual
dividend for 1961, payable Au¬
gust 18, 1961 to stockholders of
record on August 4, 1961.
Guarantee Company

declared

Thomas Welfer

Pittsburgh,

EATON

on

COMPANY

william h. deatly

common

President

•

10, OHIO

O'okiep Copper Company
Limited

dividend of

a

shares

of

of record

close of business

The

the

at

Secretary

of

.

Canada and Brazil.

Common Stock*: $.30 per share

cents per

on

September 1, 1961 of Amer¬

ican shares issued

under the terms of the

Deposit Agreement dated June 24, 1946.
The dividend will amount to approximately
$1.75 per share, subject, however, to any
change which may occur in the rate of ex¬
change for South Africa funds prior to
August 25, 1961. Union of South Africa
non-resident shareholders tax at the rate

.$4 Cumulative Preferred Stock: $1 per share
$4.50 Series A Convertible 2nd Preferred Stock: $1.12V2
per share
$2.25 Series B Convertible 2nd Preferred Stock: $.561/4
per share

quarterly dividend of ninety cents

(90(0

per

New York,

share

on

the

outstanding

capital stock of this Corporation has
been
1961

declared, payable

September 1,

stockholders of record

to

close of business August

at

the

4, 1961.

John F. Shanklin
Secretary and Treasurer

By Order of the Board of Directors,
F. A. SCHECK, Secretary.

payable September 15, 1961 to stock¬

A

will be deducted.

of 6.5667%

holders of record at the close of business
August 18, 1961.

CARBIDE

Ordinary Shares of the Company
payable August 25, 1961.
The Directors authorized the distribu¬
tion of tiie said dividend on September 8,
1961 to the hohhrs of record at the close
the

of business

cities, located in six states,

Rand 25

one

UNION

declared a
share

Board of Directors today

di vidend
on

the

Aug. 7, 1961.

No. 59

Dividend

share

per

Company, payable Aug. 25, 1961,

follows:

1961.

July 27,

MANUFACTURING

July 28, 1961, the Board of

the

a

cents per

Secretary

of

NOTICE

iTrustees of The Title

able

N. 7.

Manufacturing plants in 18

JAMES E.

at

New York 6, N. Y.

R. G. Hengst,

as

(35e) cents per
declared payable

was

of business September 8,1961.

Y.

have been declared

quarterly dividend of

thirtyTive

July 28, 1961.

open.

john r. henry, Secretary

to shareholders

NEW

CORPORATION

TENNESSEE

1961 to share¬

September 11,
business

TENNESSEE

payment

holders of record at

DIVIDEND No. 165

THE FLINTKOTE COMPANY

'132nd dividend
consecutive

of the

Company,

remain

forty-five cents (45tf)

are

YORK 7.N.Y.

for

Slock

Common

payable October 2, 1961 to Stockholders of
record at the close of business September 8,

NOTICES

Diversified Products For Home and Industry

Dated: July 29,1961.

COMPANY INC.
100 CHURCH SIR IE I, HEW

quarterly dividend of

Directors declared

These dividends

Secretary
S

or

pro-

close of business on Augus
31,1961.

:

STOCK

and three-quarters per cent was declared

home

course

and

September 14, 1961 to
stockholders of record at the

POWER

subsidiary will

study
art

the

able

Company, at a meeting held
this day, declared a dividend
of 12y2 cents per share on the

July 25,

Checks will be

on

Stock of Soulhern

Natural Gas Company, pay

W. S. TARVER

Upon

On

books

Common

46 V2

or

one

Transfer

has

S

FOREIGN

II.

1961.

declared

been

■

I

AMERICAN &

of

Preferred

A regular quarterly divi
dent of 50 cents per share

]

CAN COMPANY

a

S

■

Notice

Dividend

AMERICAN

1961

Common

•

the

Stock Dividend No. 90

5

■

NOTICES

DIVIDEND

reve¬

share.

PREFERRED

Birmingham, Alabama

Thirteenth

501

Street, N. W.

DIVIDEND NOTICES

On

quarterly dividends

at

The Board of Directors

CLEVELAND

DIV1DEND

F1INTK0TE

WASHINGTON, D. C.—The Drey¬
fus
Corporation
has
opened
a

net in¬

$437,103,

was

common

per

COMPANY
■

aggregated $6,904,824 and

income

GAS

NATURAL

Dreyfus Office

equal to 13 V2
share. For the

common

per

be incurred in

the

new

transportation of petroleum prod¬
ucts

including

purposes,

New

and

in

sold

$4,441,004 and

$127,315

SOUTHERN

I

ended Sept. 30, 1960, tuition

painting, cartooning and writing
exclusively, and that it is the sec¬

$89,000,000 in 1961.
ness

of

of

tuition

had

contracts

from

being sold by
and 100,000

company's

which

loans, and
$366,738 of 6% debenture bonds,
due Sept. 30, 1983.

completion of the current financ-

Westport, Conn, and New York
City, believes that from the stand¬
point of tuition revenue, it and its
wholly-owned subsidiaries are the
largest in the country offering
home study courses by correspon¬
dence in the field of illustration,

credit notes which
for general corpo¬

with

connection

subsidiaries

its

bank

ended

months

seven

1961, the company

30,

DIVIDEND NOTICES

preparing, printing and advertis¬
ing a new home study course in
the field of photography.
Famous
Artists
Schools,
Inc.,

The balance will be used in

tion.

are

proceeds

porate

used to retire currently outstand¬

incurred

the

April

shares

100,000

the

penses

from the sale of the deben¬
preferred stock, ap¬

ing revolving

For

1,

asso¬

from the sale of
shares will be added
working funds
and will be used for general cor¬
its

to

tures and the

were

1960, 40,037 active
students made up the student body
of the company's schools.

cents

company.

Net

proceeds to the comr

will

of

number

stockholders

by the

ing the 12 months period ending
Aug. 1, 1962 to $100 per share
after Aug. 1, 1982.

$35,000,000

Oct.

of

As

Thursday, August 3, 1961

stock; $300,-

common

000 of short term

Artists.

and

Co.

&

total

subject to the company's
right of earlier redemption.
The
convertible preferred stock is re¬
deemable at prices ranging down¬
ward from $105.13 per share dur¬
1976,

proximately

agency

United States Office of Education.

net

the

of

recognized accredit¬
as
defined by the

nationally

ing

.

Accrediting

the

by

ciates.

after

pany

Famous

in their fields.

500 shares of

Study Council, Washington, D. C.,
a

Schools,
Inc.,
is
being
made
through the sale of 336,625 shares
at a price of $9.75 per share, by

after

Of the net

offering

public
stock

common

is priced at $100 per share and is
convertible into common stock at

$20

first

The

preferred stock

and

.

ing, outstanding capitalization of
the company will consist of 1,046,-

Commission of the National Home

revenue

Common Offered

vari¬

artists

Artists Schools, Inc.,

Famous

accredited

is

cents

Schools, Inc.

105.38% to 100%.

downward from

The

Schools'

include

writers prominent

year

an¬

the

of

courses

ous

nue

Famous Artists

able at the option of
at

of each

ties

come

otherwise redeem¬
the company
at
prices
scaling

are

company

process

amount

interest

at an
less than 5.375%
years,

The

states.

13

in

not refundable for a

are

of 5

pipelines.

exploration
production of oil and gas

and

for

fund, beginning
which will retire ap¬
proximately 95% of the deben¬
tures prior to maturity. The de¬
sinking

period

of

2,182

approximately

is also engaged in the

Feb. 1, 1964,

bentures

Big Inch Division through
system which at Dec. 31, 1960

a

Texas

Corp.

priced at
entitled to a semi¬

debentures

annual

of

its

Little

convertible

subordinate

in

ity

and faculty are now in the
of organization. The facul¬

gram

.

UNION CARBIDE CORPORATION

New York, July 27, 1961.

McCAULEY, Treasurer
August 2, 1961

NATIONAL

DISTILLERS

PHELPS

and

AMERICAN
BANK NOTE

CORPORATION

CHEMICAL

NATIONAL UNION
Fire Insurance

COMPANY

CORPORATION
The

Company

Company with
The

the Five

declared
DIVIDEND

159th DIVIDEND DECLARATION

Common Dividend No. 212

quarterly dividend of 75ff

Preferred
1961

and

Stock
a

for

share (llA%)

on

the

the quarter ending September

30,

per

dividend of 30£ per share on the Common

Stock have been declared. Both dividends
October 2, 1961 to

are

payable

holders of record September 1, 1961.

The stock transfer books will remain open.

The
a

Board

The

A

company on
a

of

Directors

a

this

August 1,1961, declared

cash dividend of

(55^)

of

Fifty-Five Cents

share on the capital stock.

Board

qua

on

of

21, 1961, to shareholders of

record

on

NOTICE

Directors

has

terly dividend of 30;

the

outstanding

payable

on

stockholder

of

1951.

transfer

The

lecord

1,

on

share

Stock,

1961,

August

books

dend

a

will

to

11,
not

per

PAUL

July 27,

C.

JAMESON

1961.

this

on

the capital stock of

Corporation,

tember 8, 1961 to

payable

Sep¬

stockholders of

record August 16,

1961.

Treasurer

M. W.
LIQUORS

•

PLASTICS




has
divi¬

close.

September 1,1961.

•

FERTILIZERS

METALS

URQUHART,
Treasurer.

CHEMICALS

Secretary and Treasurer
Treasurer

Directors

of Seventy-five Cents (7o(f)

share

Louis T. Hindenlang

July 26, 1961

of

third-quarter

declared
pe;

Common

September

The dividend is payable Septem¬
ber

Board

industry Future

of Pittsburgh, Pa.

Preferred Dividend No. 222

DODGE

July 26, 1961

Volume

194

Number

6078

THE MARKET
BY

.

.

.

.

WALLACE

Industrial stocks ended

than

more

two months of suspense this week

The Commercial and Financial Chronicle

.

AND YOU

.

STREETE

pany

able

was

the

over

second

by decisively penetrating the alltime peak posted on May 19. And

while

in

contributed

the process some

tions that

ominous

chart forma¬

starting to
patterns to some
were

technicians

assume

of

the

disrupted as the
senior Average once again forged

into

areas

As

been

in

the

general economy were those that
were in favor as the new
strength
unfolded. Chemicals,
in

were

good

particularly,

form

largely due to

and

it

was

spirited upsurge
Average

a

in du Pont that the D.-J.

able

was

to

hurdle

the

old

peak

easily.

so

picked up on the feat
which is always an encouraging
sign since without an increased
following

strength

would

rather abruptly.

tion

by

tered

no

the

old

that

by almost eight points.
supporting element—again
emphasis
on
quality—came

The

the
from

the

utility
section.
This
group was busy nudging its aver¬
age to new peaks for more than
30 years as July ended and started
off the

in

new

tune
Rails

month

by

its
it

so

increased

foreign

1960

11

owner¬

subsidiaries.

ahead of the $z.22

was

Chrysler
rather

is

still

the

center

hailed

was

at

a

new

peak

of

marketwise

enough to push the issue onto the

highs. The point made
about Chrysler by its fanciers is
that its limited capitalization of
less

than

against

nine

million

285

some

shares—

million

of General Motors and

shares
than

more

Ford—gives it
leverage in reflecting
decided
improvement
in

far
any

The

it

removes

coaster

nature

of

rather

reaches

them.

change their future for

can

Growth

in

Piggy-Backing

selling

were

the

There

at

less

than

half

of

level.

1955

auto

directly affected by the
piggyback shipping is
Freight which is the nation's
largest
freight
handler.
Fourof

its

of

income

despite

comes

recent

from

efforts

to

expand including acquisition of a

was

sales

decided

a

in

upturn in
which is

mid-july

cars

relatively light

are

of

eve

the

of
on

factories

closing
change-overs.
High hopes are held, however, for
a
good
response
to
the
new
models to give the auto makers
down for the model

steel

fabricating

company

are

room

for

and

sumer

for

transshipping via steam¬
ships in what has been dubbed
the
fishyback shipping idea for
water transportation. U. S. Freight
despite the spotty record of rail¬
roads
able

in the last decade
to

more

than

has been

double

reven¬

and income. And the company

was

take

optimistic enough to under¬
a
$15 million-plus financing

recently to expand its operations
continue
the
growth pattern
apparent in recent years. Whether
or
not the piggyback idea is the

to

an

do

necessarily

not

cide

with

They

those

box

destined

the

a

car

to

direct

rails

cost

as

some

so

many

30% less

shipments seems
importantly

increase

benefit

to

U.

S.

those

of the

continue

to

show

good

buoyancy, Ford particularly after
demonstrating its ability to hold
up profits well although the auto
business is still not an especially
thriving one in general.
Ford's
fortunes were not particularly im¬
pressive in the first quarter, but
for the second quarter the com¬




situation.

shortage

the

of

past several

and

Earl

City

and

is

New

Corp.,

York

of

at

$2

sold.

by

Electronic

Edden

be

forced

of the

by declining earnings

1960 fiscal year.

winds

up

The

com¬

another fiscal

year

are

not expected to be impressive

but

a

good rebound is forecast for

An

issue

of

mally

shows

action

is

period.

quality

that

restrained

Pillsbury

nor¬

market

Co.,

second

largest flour miller in the coun¬
try. The last spirited play in the
stock

the

around

was

1959

Proceeds

Products

will

be

used

the

and

and

company
for machinery
equipment, sales promotion
advertising, research and de¬

tized

Road, Baltimore, Md.,
porated

in

Maryland

incor¬
June 3,

time

of

coin

devices

research

and

and

to

•

engage

development

in

Its products

interval

timers, program
timers for guided missiles, port¬

from

is

a

others

Free

The
future

of

time

longer

Harman

anywhere
monetary

de¬

For the short

stock

United States

automatic

system.

fire

alarm

Authorized

term,

shares,

look

of

which

283,950
outstanding.

shares

is

bility

the

Recently

New Riecke Branch

ping Treasury

STOWE-POTTSTOWN, Pa,—H. A,

aid

Riecke

No

opened

&
a

Co.,

the

Incorporated

has

branch office at Race &

to

lead

action

gument
sales

ment of Irwin Forman and Ernest

of silver and

are

V. Hunter. William Levin will be

interests.

office manager.

silver

This

announcement

is

not

an

as

zinc

fact,

Association,
of

major

silver

the

producers.
but

that

the

1934

offer of these securities for sale.

to

buy

Forms Own Inv.Co.
MIAMI, Fla.
formed

—

Emery Flinn has

Specialized

Investments,

Inc., with offices in the Ingraham

Building. Mr. Flinn who has
in

the

investment

Florida for

many

been

business

years

was

merly with Oscar E. Dooly & Co.

Hutton Opens Branch

the
have

BANGOR,

Maine—W.

E.

Hutton

& Co. has opened a branch office
at 27 State Street under the

man¬

agement of James M. Wentworth.

The offer is made only by

the Prospectus.

1,000,000 SHARES

its own way Pillsbury has
diversifying out of the prime
flour milling field, busily adding
all manner of cake mixes, instant
potatoes, frozen foods, cleansing
products and baked goods to its

OHIO FRANKLIN Rfl FUND INC.

line

and

has

been

able

to

COMMON

STOCK

OFFERING PRICE: $20.00 PER SHARE

show

good growth pattern, interrupt¬
ed
only
in
1956,
for the last
decade. The company's efforts to
build up its consumer lines have
reached the point where they now

Without
incurring federal capital gains tax at
the time of exchange for Fund shares,

account for about half of the sales

investors

a

volume.

trating on increasing
efficiency, but has a
clouded

earnings
and

outlook
of

a

better

The

stock

sales and
somewhat

the

moment

strike. Its per-share

last

pected this
erupted.

at

year

things
year

were

had

a

diver¬

the

opportunity

for

diversification and professional invest¬
ment

The objective of
Inc. is possible
long-term growth of capital and in¬
come
through selective participation
in the progress of American business
and industry.
Ohio

management.

Franklin

Individual

Fund

investors may

exchange

blocks
a

of

acceptable securities, with
market value of $10,000,

minimum

for

Fund

based

on

Fund Inc.

shares.
one

for

The

share of
each

Copeland,

conse¬

was marked down from
peak as the hope of new
records faded. That does

however,

detract

from

the

THE

OHIO

$20.00 of market

Investment dealers and individuals
may obtain a copy of the Prospectus^
in states where authorized for dis¬

tribution,
Dealer

COMPANY

Member of the Midwest Stock

is

deposited, less com¬
pensation to the Dealer Manager, as
described in the Prospectus.

from The Ohio Company,
Manager of the Fund.

51 N. High St.
of

exchange

Ohio Franklin

value of securities

ex¬

1961

profit

not,

have

a

company.

strike

quently
its

investment

record

been

until the

Ohio Franklin Fund Inc. is
sified

Exchange

in

for¬

ar¬

Et cetra

In

it

en¬

Emery Flinn

NEW ISSUE

been

of

silver,

Handy & Harman
dorses this position.

Treasury

however,

since

law

I

Diversification into Cake,

the

establishment

its

split. Since then it has been

in¬

in

policies.

States.

taken

ever

up

of

the

damaging producing

In

made
users

quired by

ounce.

an

holding down the price

laws

Market

Users

should continue its present selling

Administration

made

was

Center Streets under the
manage¬

77,000,000
July 31,

of

free market for silver through
repeal of all existing silver legis¬
lation. It believes, however, that
so
long as the Treasury is re¬

eventu¬

possibility of stop¬
silver sales as an

and

was

is

advocating

be

price.

long

so

United

considered the

1946

United States, has for years been

policies, the out¬
continued price sta¬

for

in

not

was

From

about

Free

Silver

dustrial

Treasury maintains

its present silver

now

which

price will go
high as the

as

ofe $1.29

one

consists of 750,000 no par common
are

of

that

that the
near

sold

Favors

ally higher price levels can be
expected but most definitely does
not believe

silver

them.

under the Act

The

the

about

one

believes

they otherwise would
to

1946.

Treasury silver will no
be available, and Handy

able missile system panel trainers
an

is

1946

a

question

silver

During
through
received a price

from

domestic

and

ounces

Price

Market

than

silver

future.

real

con¬

substan¬

a

through 1960 the Treasury bought
in excess of 375,000,000 ounces of

be¬

will

industry,

passed

accept

producers

available

countries

there

was

to

years

because

demone¬

various

and

source,
in the

and

tection

included

was

of mak¬

substantial amounts.

more

including Mexico, Cuba and Saudi
Arabia.
Right now the Treasury

was
on

have

silver

of

sources

1946

domestic

it

had

13

1958,

these sta¬

but

years

31,

purpose

which, on the average, was con¬
siderably higher than the market
price, and consumers had to pay

ously misleading appearance of a
future critical shortage.
Histori¬
cally, there have always been

velopment and working capital.
The
company
of 4642
Belair

mundane item.

a

Invest¬

share, has been

per

the

well

a

to

when

very

em¬
con¬

tistics do not tell the whole story
Used alone, they create
a
seri¬

Stock All Sold
Bros.,

It

July

the

increase in the price paid by
Treasury for domestic silver.
Up until 1959 the Treasury regu¬
larly bought more than it sold by

future,
require¬

the

past, for
industry.

of

for

the

known fact that consumption has
exceeded new production for the

Electronics Prod.
Bertner

in

pro¬

tial

State¬

predicting
in the near

Handy & Harman believes
phatically that silver will
as

Act

sumers

tinue to be available in the

ments

only.]

include

outfits

to

because

Freight.
Autos

"Chronicle."

as

the electronics field.

good
auto year, the leading boom-bust

with equipment, has been concen¬

with

time coin¬

any

the

presented

are

author

at

of

in

movement at

of

recently

press

high"

as

ing non-monetized Treasury silver

future.

[ The views expressed in this article

thoroughly respectable.
Boom-Cycle Issues

The

enacted

but

the

all

exclusively benefited

considerable

silver

critical

a

&

With prospects favoring a

almost

been

in

of

ducers.

ac¬

ments have been made

electronic

hope, the growth in this type of
than

markets.

needs,

available

has

about the

.overall year of sales that will

be

Copeland Refrigeration, second
biggest of the independents in
supplying makers of commercial
refrigeration and air conditioning

salvation

a

repeal

but not "near

up

recent

New

processors

in

discussion

10%, leaving
expansion in con¬

overseas

leading

through

York City,
of
precious
statement.

Avenue,

There

com¬

than

less

Third

1959, for the purpose of develop¬
ing and manufacturing Various

S.

Freight is not only con¬
importantly with railroad
piggyback shipments but is add¬
ing to the idea with trailers suit¬
able

the

future

insists

of $1.29 an ounce.

cording to Handy & Harman, 830

In

cerned

ues

ports
much

year.

U.

in

one

shortage of silver

no

industry's

metals,

three-

mercial refrigeration field and ex¬

all

not conclusive since the stocks

More

small

is

work

for

silver

for

price may go

sources

the 1961-62 fiscal

U. S.

last

its

dom¬

a

now,

There will be

the

the mint

as

shares

1961 highs this week

new

the end of this month and results

warded.

believes

despite

pany

freight tonnage for¬

Harman

ahead,

Without Treasury silver available, Handy

coming
available
at
different
price levels.
In the
past such

fifth

the

&

silver shortage

no

market

Planning Group, Inc., East
Orange, N. J., report that their
offering of 100,000 common

the better. Last year these piggy¬
back shipments came to about a

freight

of

is

free

a

existing silver legislation.

recent

was

improvement

of

sees

exclusively benefit producers, and endorses

the shares have reflected this and

that

general

establishment

1934

secondary

Piggyback operations have been
expanding greatly
and, to rail
fanciers, are the new development

economic

the

since

ment

of the moment, that seem
heading toward the boom
part of the cycle, are the auto
equipment
makers.
The
high
yielding item in this section is
Kelsey-Hayes offering 4V2% de¬
spite a trim in the dividend that

as

laws

Co.,

the

fortunes

leading silver processor

silver

definitely from
the status of a blue chip of con¬
stant profit making ability.
But

new

section

roller

Chrysler's
earnings
in
recent
years is well known and, to some,

industrials.

their

fifths

fifths

it

As

Chrysler's earnings

laggard

investment interest at this

growth

Among the
of the man¬
agement is stepping up its room
air conditioning, home freezer and
beverage cooler lines where it ad¬

more

the

of

ambitious plans

lists of 1961

were

stage until it is more clear that
the important turn has been made
in

around

more

inant factor.

divided
camps
change in manage¬

the

that

111/2%.

only

17

Queries Silver Shortage Claims
A

for the first half of its fiscal year
but the profit drop was held to

mittedly is far from being

radically

despite
ment

the

have been for months.
But they are still well above their
lows, which, incidentally, was the
level at which they showed on
the first trading session of 1961.
Their earnings reports, or rather
the lack of earnings, was hardly
the
grist that would
serve
to
arouse

of

9%, with

up

reported for 1960's second quarter.

with

they

as

<of

Even

peter

The penetra¬

slim margin, either.
peak was 705.96,
the first leg of the breakout bet¬
was

Where

quarter

was

5%

long-term prospects of the com¬
pany which has been busy devel¬
oping new equipment, expanding
foreign operations and increasing
efficiency via automation.
The
steps taken to improve the profit
potential were apparent when it
reported a sales decline of 14%

54 million shares of

Volume

out

ship

so

improvement

sales

Divided Camps Over Chrysler

benefit most from

can

continued

profit

boost

cents of the $2.42 per share
profit

seen.

roundly pre¬
back, the cyclical

weeks

issues that
a

before

never

had

dicted

were

to

(493)

investments
Columbus 15, Ohio

18

(494)

The Commercial and Financial Chronicle

$8.14

or

MUTUAL

FUNDS

The Funds Report
American-South

BY

JOSEPH

C. POTTER

ment

Co.,

June

at

African

Invest¬

Ltd. reports net
30

amounted

assets

to

$37,share.

236,223, equal to $31.02 per
This compares with assets of $35,-

The

Banker's

cooperative
investing
on its way to dis¬
place
baseball as the national
pastime,
our
bankers,
oddly
enough, have not been full par¬
ticipants. It's not, you may be
sure,
that bankers haven't ap¬
preciated these many years the
excellent
investment
opportuni¬
Although

well

appears

ties in the stock market.
The

reference

tally, is to the chiefs of our mu¬
savings banks. Hobbled by
state laws,
they generally have
been unable to exploit in behalf
of their depositors the prime op¬
portunities in this era of people's
tual

capitalism.
In

New

law

i

York

does

banks

State,

permit

where the

have

demonstrated

their

ment

know-how

a

command

in

universal

Empire State has
fund

savings

the

leeway, the bankers

some

a

invest¬
to

manner

respect.
common

The
trust

which might well be
studied by other legislatures with
a

law,

view

to

islation.

quires

passing

This

a

investments

enabling

particular

bankers'
to

fund

issues

Special

leg¬

law

re¬

limit

to

registered

six

on
a
national exchange and to
equities that have disbursed divi¬

dends

have

for

10

straight
earnings

shown

A

this

of

and

totaled

year

realized

net

gain

investment was $29,355. Com¬
parative year-earlier figures were
$878,035 and a net loss of $25,780.
on

over
that
at least equal to the payout.
in the field is In¬

span

months

$1,011,899

and

years

''

J'

V'':"

pioneer

,i;i*

■

*

*

'

U "

V"

" "

'

stitutional Investors Mutual

B'ue Ridge

Mutual Fund, Inc.

re¬

ports that at June 30 total net

as¬

84

Fund,
whose shareholders number

banks,

16

life

insurance

sets

de¬

amounted

$12.60

to

$37,154,572,

or

share. This compares with
$33 604,826
and
$11.53,
respec¬

couple
of retirement plans. At latest re¬
port this fund had common stock
a

a

tively,

dustries) of varying shades of blue.

During the quarter ended June
30

the

net

bankers'

(May

fund

17)

June

of

reached

and

30.

value

asset

levels

vestment

this

S.

Co.

to

rose

record

a

June 30, Chairman
Coleman and President

Waldo

Robert

on

te

were

L.

Cody

informed

stock¬

fund

$258.79 and at the middle of 1960

1960.

the

advanced in

figure

On

$226.07.

was

the

of

board

Institutional

to

June

asset

veteran

ings

banks

he feels sav¬
beyond
New
York

State

should

banker,
have

a

portunity to invest

a

centage

in

of

assets

similar

counted

do

to

on

added

op¬

high-grade

$9.51

30,

on

Dec.

31,

the

net

1960

$7.49

was

the

share

per

first half of 1961

the

to

share.

per

stocks

common

portfolio

a

"balanced"

in

cordance

with

who

of

handles

the

James

Talcott.

eliminated

Common

included

4%)

eral

represented

Providing

judgment.

terest,

Mail this

of

I960,

As¬

PPC

Name_

ments

notable

for

the

industries

Of

24

the fund

has

utilities

.State.

DISTRIBUTORS GROUP, INC.
Street, New York 5, N. Y.

strong

see

Brake

which

the

each
in

second,
nine.

taking

The

Johnson,

Pharmacal
Here

a

is

&

portfolio,

is

dollar

The Directors of Television-

declared
per

Fund, Inc. have

a

dividend of At

share from earned in¬

come,

payable August 30,

1961, to
record
dend

shareholders of

July 27, 1961. Divi¬
reinvestment

date:

July 27, 1961.

The

Chester D.

Tripp
President

120 S. LaSalle Street, Chicago




in

its

in

*

,

period

They

the

have

automotive
a

General

3,000

Champion

which

is

mere

Spark

slender

6,000

Motors

and

Plug,

3, llllnoif

All in

diverse
in

all, it's
and

glamour

And

these

reflect

a

a

representation

but

not

things,

in

after

banker's bias.

growth.

all,

do

*

report

dis¬
a

30,

found¬

1956,

effect

of two

to

shares for

April 1, 1959 and on April
the original net asset

one

on

28,

1961,

value per share rose from an ad¬
justed $2.66 to $6.95 on June 30,

last.

Total

creased

gain

asset

$1,622,892

52%

which

value

in¬

during the
This was a

1960-61.

year

of

for

net

to

is

accounted

resulting

as

from / sales
investors amounting

to

$262,414 and a net capital
preciation of $291,872.
❖

to

June

on

Giving

in¬

an

the

June 29,

on

ago.

during

and

since

Wisconsin
at

June

to

ap¬

❖

V1,;. V.

Fund, Inc. reports that

30

383,495,

•:•*!«

of

net

assets

$7.17

were

$19,-

share.

This
with year-earlier figures
$16,339,715 and $6.27.
or

per

compares

30

Life

reported total

Fund

assets

June

at

at

a

At the

time, net asset

same

share

per

reached

the

time

same

the

new

a

Common

stockholdings

64.05%

June

at

59.69%

were

30, compared to
June
30,
1960,
and

at

59.18%

before,

year

at the year-end.
*

*

of

new

high of $73,019,182, com¬
to $60,302,776 at June 30,

high of $22.63, compared to $21.05

*

Quality Importers
Common Offered
Offering
of
260,000
shares
of
Quality Importers, Inc., common
at $5
per
share is being

stock

made

by Sutro Bros. & Co., New
York City. Of the total
200,000 are

being

$

:j:

Capital Fund, Ltd.

ports

at

that

amounted to

June

sold

by

the

company

and

the remainder for

holder.

shares,
sold

a selling stock¬
of
the
260,000
shares are being

Again,
123,000

at

the

offering price to em¬
ployees and certain other persons
designated

New York

30

net

$31,470,255,

re¬

assets

by the company and
10,000 shares are being retained
by the underwriter.

$15.62

Net proceeds from the sale of its

share, against assets of $29,972,788, equal to $13.43 a share, a

200,000 shares will be used by the
company
for payment" of short
term loans, which were incurred

or

per

earlier.

year

;
t

:!:
•'

*

i:

"/--Iv V' ::

George

Putnam

reports

that

asset

value

Fund

as,,,

of

of

to

'•: ?

Boston

June

share

per

with

compared

30

was

$16.47

finance

net

corporate

$16.49,
three

inventories

receivable

counts

earlier and $14.59 a year
Total net assets increased to

stockholder
company.

will

new
all-time
hish
of
$263,722,000, compared with $257,768,000 three months ago and $212,-

New

572,000

United " States

The

.

Scotch

The market value of all invest¬

by

June

30

$88,075,000.

represented

Common

69%

vestments,
three

exceeded

of the

blend

compared
with 68%
earlier and 66% a

New

ago.

additions

stock

section

to

Corp.,

40,000

the

Railway

which

Co.

and

Bush¬

The

com¬

is

product
86

an

Scotch

proof

whiskies.

Ambassador

is

available

in

Scotch
limited

Upon
completion
of
financing,
outstanding
capitalization of the company will
current

consist

14,600

of 600,000 shares of com¬
stock, out of 1,600,000 shares

mon

Bearing

the

quantities.

Philadelphia

Ball

Deluxe,

100%

old

year

included

Suburban Water Co., 13,000 South¬
ern

"Old

and

whiskey.
largest selling

of

for

"Ambassador"

of

The company also imports 12-year
old Ambassador Scotch and 25-

shares of American Guar¬

eral

distributor

and

Ambassador

in¬

the

to

accrue

Irish

pany's

stocks

months

year

the

of 55 Fifth Ave.,
City, is the exclusive

whiskies

mills"

cost

total

of

company

York

importer

a year ago.

on

ac¬

other

None

purposes.

months

ments

and

for

and

proceeds from the sale of the 60,000 shares being sold for a selling

ago.

Co.

authorized.

"B."

Stein

asset

value

•

i

$10.13

to

share
in

net assets amounted to

net

from

12-month

30.

amounted to $669,979,268

30, compared with
earlier.

Assets
on

June

$577,276,508

a

year

New

port

holdings listed in the

are

quette
Ltd.

common

Cement

Investments

cluded

common

Oil

Refining

Co.

and

Co.,

of

Moore

re¬

Mar¬

earlier

and

in¬

Champlin

Dow

Chemical
Marine Corp.

*

$36.98.
tV'"

assets
per

#

t

'

■

$13,285,761

This

'

*

;' 'u.

or

compares

' •:

$33.85
with

of assets and $29.42

share at June 30,
*

a

1960.

t

investment

Fund

of

t

Conant,

shareholders

This

report.

052,028, the equivalent of $11.08 a
share, compared with $2,425,144r,

UBS
assets

President,

in

the

rise

in

•

offering

told

semi-annual

total net

as¬

:

of

110,000 com¬
mon
shares of Pickwick Organi¬
zation, Inc., at $5 per share is be¬
ing made by Theodore Arrin &
Co., Inc., Katzenberg, Sour & Co.,
Underhill

and

Securities
Corp.,
City. Net proceeds, es¬
timated at $444,000 will be used
for the acquisition of land and the
New York

investment in
the

a

"Pickwick

Joint
debt

shell homes, for
project known as

of

-

Round

Swamp

Venture," for repayment of
and for working capital.

The

of
Huntington
L. I., New York, is en¬
gaged in the management, opera¬
company

Station,

tion, development, and investment,

sets reflects the sale of additional

in, of all types of real estate and

shares

construction.

well

as

as

appreciation of

the portfolio.
The
of

tual
at

net

this

June

consists
value

asset

new

fund

the

per

direct-by-mail

increased

year-end

30.

to

$10,-

of

net

$4,449,883, compared with
$3,486,588 as of Dec. 31, 1960, H.

to

from

$10.40

share
mu¬

$9.51
as

by the
$299,736.
t

report

stock

2,000,000 10-cent par
shares, of which 217,500

outstanding

upon

comple¬

tion of this sale.

of

appreciation
during the period
amounted

F. E. Braucht Opens
(Special to The Financial Chronicie)

MERCED,
Braucht is

t

Authorized

of

common

will be

Unrealized

of investments

were

Ltd.,

totaled

Nelson

Public

construction

operations

Canada,

Stock Offered

Year-

$46,356,466

were

$24,540,018,

were

June

assets

Pickwick Common

$62,740,999,

share.

per

t

share.

Imperial Fund Inc. reports that at
net

$38.63

figures

covered

30

Balanced

Stein Roe & Farnham Stock Fund,
Inc. reports that at June 30 net

Corp.,

eliminated

stock of

Outboard
Hi

stock

and

to

equal

of

Inc.

rose

the

June

ended

Farnham

&

At the end of the first six months

Investors,

pe,r

Roe

Fund, Inc. reports that at June 30

net

t

*

tidy portfolio—

conservative, lacking

Fund,

to

debentures, 39:63 %
in common stocks, 2.43% in
pre¬
ferred stock; and 7.41% in gov¬
ernment obligations.
;

$9.15

Apparently the bankers have no
difficulty in restraining their en¬

months

companion

annual

&

gersoll Rand.

12

com¬

corporate

one

Telegraph and the only indus¬
trial machinery outfit is rich In-

with

year

$1,611,734,

Industrial

is, of course, American Telephone

for

(Can.)

Massachusetts

SKF

*

fund,

Fundamental

of

were

share of $18.88 on
June
30, against $16.73 on the
same date a year ago. As of June
30, 50.53% of assets was invested

one-of-a-kind

Kodak.

vf\

amounted

compared with $111,925,300 at the
1960 year-end.

asset value per

Drug.

Thus, in picking a single
stock, the bankers have

shares

t

$161,331

The

stock is Crown Zellerbach,
the one office
equipper is PitneyBowes, the sole telephonic issue

group.

assets

$17.15 per share.
with $170,898,771

share at the close of

a

to

closed

Norwich

indeed.

July 27, 1961

assets

Swedish

Financial

diversity

Eastman

thusiasm

net

or

compares

$15.10

earlier.

.

Electronics

total

paper

51st consecutive dividend

net

•

anty Corp., 100.000 Financial Gen¬

30

pared

recreation

chosen

FUND, INC.

'A/a

re¬

Ju^e

total net assets of

of

stocks

Sterling

the

President,

port.

common

*

completed its first fiscal

industry

and, of
there has been growth.

choice.

ELECTRONICS

Bradford,

announced in the semi-annual

161%

years

31%

months,

ing of the fund

shares

K.

of

crease

F.arold

10,0.00

*

Also of interest in studying this

TELEVISION-

*

1960.

Robbins,

Merck,

and

again

course,

Northern

12

country

half-dozen

McKesson

Mead

Trust,

Gas, Peoples Gas Light &
and United Gas Corp.

This

this group are Abbott Labora¬

tories,

Kennecott,

Financial Industrial Income Fund

medicine-health

ranks

Chemical,

Min¬

than

more

past

1961,' compared with
$5.32 (U. S.) on Dec. 31, 1960, and
$4.93
(U.. S.) on June 30, 1960,

Dreyfus Fund reports that at June

and

represented.
The

American

International

$237,704,401,

easily the favorite.
Something like one of every six

of

commit¬

new

the

fiscal

a

or

June

Telephone- &
Travelers Insur¬

and

*

growth.

part

were

the

Eliminations:

&

Coke

are

every

at

Natural

dollars is committed to the group.
There are a dozen in the group,
with

During

Manufacturers

stake, the electric

a

net assets

$268,791,248,

were

Shoe.

erals

Bullock

American

Co.

ance

growth

in

in

Telegraph

prospects in this company, which
is part of an industry that has not
been

Address.

fund

total

share.

a

common

a

Calvin

$308,035 661, equal
share. At June 30,

quarter there

by

savings bank
in¬
must be that managers

it

the

per

assets

$2.96

than

the

$3.35

to

Transportation.
yield
that's
even

a

in

group, reports
30 were

American

management's

City.

is

Shares Inc.,

fund

June

railway equipper and leaser Gen¬

advertisement.

Inc., had a net asset
$6.10 in U. S. dollars on

of

Register, Singer Manufactur¬

and

stock

a close-up look
portfolio, which totes up
to more than $64,000,000. It will
probably come as something of a
surprise that the biggest stake

af¬

Diversified

820,589, or $3.40 a share, against
$11,104,631 and $3.18 a share a
year earlier.

Dividend

trusts,

mutual fund

Investors

lington Industries, Champion
Spark
Plug, Gladding McBean,
Walter E. Heller. Maytag, National

stocks

this

(nearly

ac¬

Services,

Group Cana¬

Mutual Tru^t reports that at May
31 net assets amounted to
$11,-

ing

Now, let's have

smaller

80 Pine

device

proven

professional

vesting in bonds,
preferred and com¬
mon stocks,
with
the proportions

Ltd.,

of

Ad-

were

of Institutional Investors.

is

it-

dressograph - Multigraph, Ameri¬
can Can, Armstrong
Rubber, Bur¬

Cash

outstand¬

an

value

Among

modest per¬

the

from

Brooklyn's Lincoln Savings Bank.

value

asset

On

1960.

A

Net

figure

"

$10.18

Investors sits Wilfred Wottrich of

large and small.

in¬

filiate

value

*

of Investors

Fund

I960.

at

mutual

dian

value

This

A

■

Shares

30

growth

of GROUP SECURITIES, INC.

to

:i:

March 31

and

assets

slightly

the distribution

pared

was

net

crease

earlier.

compared

the net asset value

30

in per-share asset value of

.

re¬

five

$152.860,539 on Dec.
$148,516,467 on June 30,

asset

ended June 30, Venture Se¬
Fund, Inc., shows an in¬

year

$1,366,908, or $15.77
per
share, against $1,060,950 of
assets and $14.29 per share a year

The

sociates Investment, Bendix Corp.,
largely Continental Assurance, Continen¬
from dollar-cost averaging by the tal
Insurance, Kaiser Aluminum,
member banks, has been an im-, f Pacific*
>.(Finance, uChas,
Pfizer,
portant influence in the long-term nRohm '& Haas and U. S. Gypsum.

ADMINISTERED FUND

amounted

all-time

The flow of fresh funds,

the FULLY

at

Inc.

'

on

ing job.

on

June

that

with totals of

be

BOOKLET-PROSPECTUS

ports

'

*

•

Investors

holders in the semi-annual report.
net

t

International

highest for any single day and for
any quarterly reporting date. On

is difficult
competent
stewards
and,
given
properly
drawn regulations, the banks can

f

sj:

$112,315,051

Commonwealth In¬

Thursday, August 3, 1961

curities

Total

i[i

rf

$162,096,815

$265.60

at $261.82

was

These

:j:

Net assets

equities. After all, it
to
imagine
more

ree

share, at the middle of

a

sjs

earlier.

year

a
/

,

.

1960.

'

holdings in 77 companies (24 in¬

.

June" 30,

Inc.,

partments of banks and

inciden¬

here,

099,109, or $29.25 a share, at June
30, 1960. Net income for the first

.

*

In its annual report for the fiscal

business from
18th

Calif.

Street.

F.

—

conducting

a

Ernest

securities

offices at 545 West

1

•

Number 6078

194

Volume

.

.

The Commercial and Financial Chronicle

.

March

Among the

Commission

Credit

discretionary

tax

are

proposals to:

improving centralization

line with

policy in

Colorado Interstate

>

growth, reasonable price stability and low-level unemploy¬

economic

Economic Growth
consolidating the Fed in
the Treasury, and to a return to "bills only" policy and to "pegged"
bonds. It favors measures to increase inter-state flow of funds and
to increase competition in the money and capital markets*
ment," and revive Eisenhower's Advisory Board on

comprehensive study of
States' public and pri¬
money
and credit system
made by a group of private

The most

the United
vate
ever

citizens

average

to

money

President

stable

that in

19.

of

priate

o n

Money

operations

the
Frazar

report con¬
tained more
than

80

B.

YVilde

recommendations

for

changes designed to improve the
functioning

coordination of
government and private financial
institutions.
The

300

apd

document was
presented to President Kennedy
by Commission Chairman, Frazar
B. Wilde
other

page

-

of

Hartford, Conn., and

ceived

the

of

members

Commission.
the

the

The

25-man

President

re¬

first

printed copy of
entitled "Money and
Their Influence on Jobs,

report

Credit:

Credit

was

Money and

on

established

an

independent

the

Committee

in

1957

organization

for

as

for

Economic De¬

Commission

the

and

velopment,

its studies

launched

in

The report covers a

ommendations
tional

1958.

wide range

concerning the na¬
It sets forth a
national
economic

economy.

of

number

mendation does not

This

mean

recom¬

return

a

structure of prices
and yields for government securi¬
pegged

And the normal

market

of open-

use

operations in bills to carry

technical

changes

seasonal

and

bank

in

is

reserves

ap¬

Discount Rate

discount

is

facility

considerable value in

still of
banking

our

system, and that it should be re¬
tained

ultimate

an

as

of

source

temporary credit.

intent of the Fed¬
Board

Reserve

have

to

is

interna¬
monetary relations, and or¬

tional

ganizations

coordination for

and

national economic
the

Behind

gaols.

report

is

mission urges continued efforts to

uniform

dis¬

of

standards

vast

independent
research
conducted by the Commission, in¬
cluding 109 research studies by
individual scholars,
special re^
of

body

ports from the Federal Reserve
System, the United States Treas¬

and 12 leading private finan¬
cial trade organizations. Much of
this work will be published later

ury,

Commission.

by the
In

"deliberations of
citi¬
selected as men with dif¬
backgrounds in business,

represents
a

Wilde

the

diverse group

zens

.

.

of American

.

ferent

finance,

labor,

and

all of them with
tical

the

government,

broad and prac¬

experience."

"There

were ino

supporters as to the scope and
of work, or as to the

judgments reached."
He added
that the conclusions represent "a
consensus of
American and eco¬

judgment today."




course,

that

mean

Colorado Interstate
interest

in

in

differences

differences

gional

conditions

that

practice where
so

Colorado

Oil

Commission

fully

a

the

of

gas

7.5

re-discount

form

lished

for

rate

be

Federal

all

in

West

the

consolidated

parent

with

those

Reserve

chase

contract

cubic

feet.

totaled

reliance

the

on

but«

supplies'of naturalBgas. Its exten¬
sive
gathering system of some
miles

1700

bility

in

large

area

of

affords

line

obtaining
of

gas

flexi¬

over

a

and potential

proven

supply in six states. The

of Kansas, Okla¬

the

be

for

the Rocky
to

supplies

Gas

new

large
about

of

gas

markets
sales

to

Company

would

be

diameter
350

built

may

The

gram.

40

reduced

in
El

for

transmission

miles

in
the

from

length
West

ver;

is

there

All these shares

a

that

future

any

ket operations for

major

should

ingly and to
jectives.
The

be

"spin-off."

price of 35, the priceearnings ratio drops to 17.7.

cents

during
The

construction

prices,

1962-63,

pro¬

reduced

from

to

cents

Mcf

per

33.4

in

are

the

new

negotiated with El Paso.

original

contract

would

have resulted in costs for facilities
and gas

exceeding

million

for

the

under

lqsg ^

by $32

the1>'fii,st,;1Me1Ijfears,

'

but

revenues

this

contract

new

Wm. R. Staats Co.
(Special to The Financial Chronicle)

+

break-even

the

for

heed

crease,

making

date

and

a $10
an earlier
eliminating

early

an

in¬

rate

it is reported.

Colorado Interstate has

rapid

growth with

enjoyed

revenues

cur¬

five times
those of 1952. Share earnings have
running

over

favorable

a

trend

showing

an

associated

the

York

New

Stock

and

Pacific

Exchanges.

Mr.

be

earnings

made

for; the
were

fact

lower

Los Angeles man¬
for Glore, Forgan & Co. and

ager

prior thereto

was

with Weeden &

Co.

Now

Robinson, Bowers

CHICAGO, 111.—The firm name of
Hooper,
Bowers
and
Hilliard
Company,
765
East
Oakwood
Boulevard, has been changed
Robinson,
Bowers,
Hilliard
Company.

Thaler

Robert
stein

and

Iksiel

engaging in

are

from

business

offices

the

firm

name

of

that

1952-60

average

the

increase

v

a

at

would

about 8%.

Colorado

Interstate

Gas is

cur¬

(1960-61 range about 48-32). It
$1.25 to yield 2.86%. Earn¬

pays

for

the

12

months

ended

having been sold, this advertisement appears

only

to

Parker

at

East

in

Officers

president;

Posy,

824

engage

business.

that

a

that

*

Commission

the

demand

requirements
banks

for

as a matter

Manuel

Resnick,

•

July 24, 1961

ELECTRONIC PRODUCTS CORP.
Common Stock
(No Par Value)

Underwriters

reserve

all

member

be made identical

classification

Bertner Bros.

of

Continued

and that

banks
on

into

page

28

Investment

Ninth

securities

are

of record.

Earl Edden Co.

recommends

deposit

Co.

Zimel

retary-Treasurer.

is

it

&

Vice-President; and F. Posy, Sec¬

t,

.

v

continued.

The

the

recommends

East

Limited has been formed

offices

with

rently quoted over-counter around

adequate for the purposes of gen¬
eral
monetary
policy
and
the
Commission

212

BROOKLYN, N. Y.—M. Posy As¬
sociates

Street

spar¬

deposits

Wein-

securities

M. Posy Forms Co.

general form of
requirements

demand

&

Broadway, New York City, under

reserve

net

against

to

Form Parker & Co.

than

those of 1952. On the overall basis

longer-run ob¬

serve

present

fractional

only

Coast

Damon

formerly

was

compounded—but allowance

1954

ings

become

with William R. Staats & Co., 640
South Spring Street, members of

since

increase. This rate of

must

45

has

Damon

adjusting for the retro¬

gain averages about 11% per an¬
num,

ANGELES, Calif.—F. Alden

LOS

will be! replaced by

million profit,

for

F. A. Damon With

countercyclical

used

there

net

100,000 Shares

adjustments and believes that the
power to change reserve require¬

ap¬

share—although

uni¬

Reserve

deduct

to

Gas which

indication

no

be
a

proj¬
prices

gas

from $1.04 in
$1.96 in 1960, each year

the southern California market. A

line

delay.

active rate settlements in 1958-59;

Mountain area and also

Natural

Paso

approval

some

slower

a

an

present

estab¬

favors

latter

Com¬

ambitious,
earnings increased
designed to. 1954
to

has

substantial

make

final

and

1954 after

program

additional

Power

involves

shown

available

June

The revised Rock Springs
ect
and

River and Wind River

Basins of Wyoming.
company

out.

Federal

subject to

rently

Green

carried

the

homa, Texas, and Colorado; the
Julesburg Basin of Colorado; and
the

logical

Oil &

At

which

Paso

in¬

area

in Colorado

will

cludes Anadarko Basin and Hugoton Embayment

those

revisions

El

later

mission

of

.

for the acquisition, of new

to

seems

On

a

diversification

in

also

is in

certificate

a

it

of open mar¬

use

the

of

the market value of its investment

with

contract

company

sources

issued

before

trillion

4.5

California Commission

Commission issued final
on the California phase
of the project. However, on July
24, a further hearing commenced

year-end.
controlled by pur¬

reserves

that

in

proximates $10

6,

Re¬

Field of Texas and the
Field of Oklahoma were

NEW ISSUE

Requirements

Commission

Gas,

the

and

company

companies, subject to certain pro¬
posed revisions of the contract

Pan-

handle

companies

of

banks.

The

&

approval

trillion cf, or more than

owned

Commission

recommends

discretionary,

.

57%

a

interests, a refinery, pipe lines,
and marketing facilities. The earn¬
ings
of this
company
are
not

re¬

require.

'

owns

which has extensive oil producing

economic

in

needs

or

pic¬

;

like

ment, at the same time permitting

be

restrictions by,

methods

nomic

of

ards,

ments

to the report
stated that it

foreword

a

Chairman

by

approval

earnings

counting practice. Uniform stand¬

The
a

37%

about

and also a 155 mile line from
Green River, Wyoming, to Provo,
Utah. Including pumping stations
and other facilities this program

circumstances result in like treat¬

programs,

1960

The

were

Panhandle Field in Texas to Den¬

icy, the public debt, and role of
private financial institutions, Fed¬
credit

special short-term sales

remainder.

relatively

discount administration

assure

eral

1960

of

homogeneous among the 12 Fed¬
eral Reserve banks, and the Com¬

before delving into seven
separate economic topics.
These
are:
monetary policy, fiscal pol¬
goals

the

make

eral

59%

for

accounted

The

The

program'

application of

to

California

then

sales volume, and regular field

expansion

Commission concludes that

The

the

in

serves

propriate.

Clearly the

offers concrete rec¬

and

of issues

of varied maturities.

by

tion, the Merrill Foundation, and
Committee

securities

deal in

should

and

poli¬

monetary

ap¬

its

,

state

the

favorable
position not only in total quanti¬
ties of proven reserves controlled,

■

subject

FPC

•

state.

The

condi¬

international

or

expansion

from

Provo.

./'•

million

Gas

the normal or usual
general monetary

Paso,

Paso
near

the

1960

and also the related
El

3.0 trillion cubic feet at

of

Economic De¬

velopment (CED). Financial sup¬
port, amounting to $1,300,000 was
furnished by The Ford Founda¬
the

,

the

proved

at

24 times 1960 sales and usage.

of open market

use

contracyclical

ties.

sells

company

December

El

point

clarifying

ture.

does not receive any dividend in¬
come.. Hence in appraising Inter¬

were

recommends

influence direct¬
ly the structure as well as the
level of interest rates in pursuit

out

Prices and Growth."
The Commission

domestic

a

The

for
a

transport

thus

distributing

In

tions warrant, to

to

In

connects

cf

and

by
continuing
over-all
growth. The company by the end
of 1960 had disposed of all
pend¬
ing rate problems and litigation,

facilities to be constructed by the

for

policy. Instead of relying on a
"bills-only" policy, the Federal
Reserve should be willing, when

cies

-

Keyes

as

instrument

of

extension
through
with the El
Gas system at Green

an

sales and

appro¬

of the economy at high

the continued

previous

(through its own pipe¬
line system) to utilities serving an
estimated population of over one

gas

supply to
less rapidly than

Commission

The

and

478,000,000

mainte¬

be

may

River

Green

near

fields to

gas

to

company

daily to El Paso Natural Gas

Green River to

Kansas Hugoton

the

239,000,000 cf of

as

and

sales

that the

employment.

on

Credit,

Policy

money

or

more

the output

financed Com¬
missi

it

the

for

grow

by
privately

study

the

the

enable

much

as

gas

high

circumstances,

result

The

of three years

area,

require about $83 million.

would

sell

handled by the system was pro¬
employment at
duced from its own reserves. Total
prices and adequate eco¬
growth, but it recognizes proven gas reserves controlled by
accordance with particular ,the company at the end of 1960

nomic

Monday, June

the

Texas, New Mexico,
Colorado and Wyoming. Pipeline

continued

the

of

nance

at
the
White
House,
nedy

in

operator

wholesale

rate of growth of the
supply should be consist¬

with

ent

Ken¬

F.

John

ELY

Company

of line from the Texas Panhandle

River.

follow:

Monetary

It

Paso Natural

of

The Commission urges

was

presented

recommendations

Commission

Gas

would

Denver;
Wyoming

Stability. The C. M. C. is opposed to

The

were
$1.98 compared
(adjusted for split) in

$1.71

of 1961 compared with 800 in the
first quarter last year; while warm
weather retarded sales, this was

pipeline
Rocky Mountain

has annual
revenues of about $65 million. It
operates a network of 3,549 miles

end member bank stock ownership in Reserve Banks;
(3) eliminate completely the domestic gold standard; and (4) make
as our overriding economic objective the tripartite goal of "adequate

and

OWEN

BY

Colorado Interstate Gas Company,

leading

and

power

31

19

12 months, making
earnings ratio 22.7. Earn¬
ings of .81$? for the first quarter

of

(2)

policies;

•Ji^

offset

allow the President

(1)

tighten the President's control over
Federal Reserve Board, provide the Board with greater monetary *

counter-cyclical
the

the

country's banking and fiscal system by the G. E. D.'s Money

of the

and

with

recommendations resulting from a three-year study

87

A.-'v, •, ft &'j

the price

SECURITIES

Money and Credit Study

u-c.

(495)

PUBLIC UTILITY

C.E.D. Completes Massive

i-,vv

Planning Group, Inc.

20

The Commercial and Financial Chronicle

(496)

was

NEWS ABOUT

of

as

close

the

of

business

*

*

.

.

Thursday, August 3, 1961

Our Reporter on

July 22.
Vs-.?.;-

.

*

By

a stock dividend the common
capital stock of The First Na¬

BANKS AND BANKERS
Consolidations

New Branches

•

Pittsburgh,

Co., New York announces the ap¬
Wilheim

taries:

Ellen

Miss

Anders,

F.

K.

R.

George

Bowers,

Fritz, John F. McElheron, Gerald

Murphy, W. Rodman Robinson,
J. Schildt, Harold Speck,

J.

Charles
Jack

Harry

Campfield

R.

Glaser

W.

Donald

and

Treasurers.

Vice-President

Assistant

an

Thomas

J.

Casey

As¬

an

as

Co.,

'«

of
the
'
/aj-;.

•

Howard

G.

been

Arensberg,

Assistant

named

bank.

_

Jr.,

Horace

by

1

C.

*

*

*

Cashier

in

Mellon Bank's Controller's Office,
*

*

ley,

Main Streets office.

Mr.

Papit

Co.,

Trust

Bankers

have

elected* to

been

position of First VicePresident, it Was announced Aug. 2,
by William H. Moore, Chairman
the

new

of the Board.
Mr.

Baylis is in charge of the
Division, and Mr. Hamil¬
ton of the Central Division, of the
National Banking Department of
the Bank. Mr. Strait will continue
as head of Division I of the Metro¬
Eastern

in charge of
Banking
De¬

Mr. Davies is

while

International

the

Department,

Banking

politan

partment.

I'
H<

sj*

%

elections

The

William

of

J.

Kenney, Joseph B. Koechel and
W.
Kennedy B. Middendorf
as
Vice-Presidents of The Bank
of
York

New

31

Jr.,

Simmonds,

C.

Albert

by

July

announced

were

Chairman.
*

:!:

Total

resources

Dec. 31, '60

$6,253,508

$4,626,996

1,681,739

574,426
2,184,520

__

3,639,142

bks.

clue fr.

COMPANY,

TRUST

June 30, '61

Deposits
Cash &

U. S. Government

600,257

600,310
863,020

hold'gs
Undivided profits
security

*

*

By

665,007

*

Chairman of the
Emigrant
Industrial

of

Savings Bank, New York has an¬
nounced that William H. Walters
and John M.

the

of

Joyce, Jr., have been

the

to

elected

of

Board

Trustees

bank.

Mr.

Joyce is

Director of the

a

Bank

National

Westchester,

of

as

Vice-President.

Trust

and

Bank

Com¬

of Fort Wayne, Fort Wayne,
Indiana
increased
its
common

capital stock from $3,000,000 to
$4,000,000,
effective
July
18.
(Number
of shares
outstanding

of

the

of

Board

Chairman

Allen,

Trustees

the

of

Kings County Trust Co., Brook¬
lyn, N. Y., died July 29. He was
68 years

Mr.
dent

old.
served

Allen
of

the

as

the Presi¬

Trust

County

Kings

He

joined

the

Kings

1931, became
was

County
Vice-

a

named

President in

1952. Mr. Allen

served

Trustee

a

the

of

also

Wil¬

Savings Bank and the

liamsburg

Stuyvesant

Company,
both of Brooklyn, N. Y.
Insurance

*

*

National

First

in

Bank

New

Castle, Indiana, was

Castle, New

increased from ^100,000 to $200,000 by a stock dividend, effective
July 18. (Number of shares out¬
standing 20,000 shares, par value

$10.)
:J:

Frederick

J.

t|:

Foersterling, invest¬

has been elected a
Vice-President in the Investment
ment

officer,

Division

of

Title

Chicago

Trust Company,

Union

and

Chicago Illinois.
$

#

;v

of new stock, the
capital
stock
of
The

sale

the

common

National

Shore

North

from

of

Bank

Chicago, Chicago, Illinois
creased

in¬

was

National

capital

common

Bank

in

stock

from

$449,100 to $673,650 by the sale of
new
stock
effective
July
15.

to $1,July 20. (Num¬
ber of shares outstanding 120,000
shares, par value $10.)
$1,100,000

*

*

Citizens

The

Union

*

its

creased
from

%

National

of

Bank

capital stock

common

$1,000,000 by a
stock dividend effective July 17.
(Number of shares
outstanding
50,000, par value $20.)
$800,000 to

*

*

capital stock of The

common

Naitonal

First

in

Bank

East

Peoria, Illinois was
increased from $50,000 to $150,000 by a stock dividend, effective
Peoria,

East

July 18. (Number of shares out¬
standing 1,500 shares, par value
$100.)
*

*

*

National Bank in Newark,

Newark,

NX. J.,

changed

its

title

to Broad

Njjhonal Bank, Newark,

effective

"July 15.

.

.

*

*

Trust

Bank

Johns,

Michigan, with

St.

and

Johns,

stock

common

of

$400,000,

and The State Savings
of
Elsie, Elsie, Michigan,

Bank

with

stock

to

H?

Board

The

*

of

.

*

.

Directors

the

of

Ontario,

Canada, announced July 24 that
they have appointed Louis Rasminsky as Governor.

W. A. Brown Mfg.

consolidation
charter

Inc., Milwaukee and
Simmons, Chicago,
are
making a public offering of
170,680 common shares of W. A.
Brown Manufacturing Co.,
at $7
per share. Proceeds from the sale
will go to the selling stockholders
and
no
portion > thereof will be
received by the company.
W. A. Brown, whose address is
Prudential Plaza, Chicago, is en¬
gaged principally in the manu¬
Ellis

Blunt

facture

&

of

sale

and

photo¬

mechanical equipment, including
large scale precision cameras for
four color separation work. About

the company's sales are
printing and publishing
industry.
Authorized stock con¬
sists of 1,000,000 no par common
shares, of which 490,680 shares
to

of

the

outstanding.

are

the

markets
defensive

Adelphi Elect.

National

under

Bank

$508,000,

shares
par

Clinton

of

Trust

and

Com¬

St. John, with capital stock

pany,

of

title

of

divided

value of $20
♦

into
stock

common

25,400
the

of

H.

Crandall

B.

uncertainty
shrouding these

near-term

gations

17

the

the recent

The highly pro¬
movements in the
Government obliga¬

past.

electronic

sists

Authorized

stock

of

this

sale.

Appears to have

R.

FRANCISCO, Calif.—Donald
is

conducting

a

secu¬

rities business from offices at 111
Sutter Street under the firm
of

Cohen

Cohen

was

name

and
Company.
Mr.
formerly with Godnick
j

about.

To be sure,

there is uncertainty in the capital
because of the fear that

bring with it higher interest rates
order to

new

successful

the

forces

the

able

same

past,
meet

to

It

is

kind of condition?

and

have

we

them

and

of

conceivable

that

and it will not be able to

money

made public. And
President
announced

the

for

then

was

there would be increased
defense

purposes

the

in¬

spending for
defense purposes will be taken
care
of through higher taxes so

that there will be

and
capital markets, when the British
program
to
protect
the
pound
Sterling involving higher interest
rates

too

being done.

able influence

the

been

without

the Treasury was having a favor¬
on

of

Also, the action of the
equity market appears to indicate
that the way to hedge against in¬
flation is through the purchase of
common stocks. However, we have

creased Government

refunding

raising operation

money

combat

inflation.

much damage

Markets Under Pressure

that

spending
by
this

a

inflation fear

no

generates
Also

boom and bust psychology.

this preparedness program,
Jn

opinion

of

some

the
market

money

specialists, will not bring about
higher interest rates since it can
and will be financed at levels
about where

they

just

are now.

country.

With Calif. Investors

This combination of the British

uncertainty, and the prospects of
larger spending for defense im¬
provement by the United States,
had

adverse

an

effect

the

on

markets here.

money and capital
The
rates
for
all

fixed-income

LOS

ANGELES, Calif.—Steven S.

Glass

has

affiliated

become

with

California

Investors, 3932 Wilshire
Boulevard. He was formerly with
Dempsey-Tegeler & Co.

bearing obligations moved up, in¬
cluding short rates because of the

Seymour, Bernard, DuBoff

fear that the very

Stanley DuBoff has become

terest

ciated

high British in¬
rates
(Central Bank rate
7%)
would
attract
the

readily moveable type of money

been
nard

our

near-term

yielding

issues to the

English

short-

is

under

ket at

York

available

to

DuBoff,

Seymour, Ber¬
Offices are

Inc.

Broadway, New

City.

short-term

K-Pac

Securities

formed

with

has been

Corp.

offices

at

80

Wall

mar¬

However, the prevail¬
ing conditions in England are a
long way from being normal and
it will take a period of time be¬
once.

likely to improve
of all

nervous

Form K-Pac Securities

the

in

markets would,
conditions,
take

our

they are
that the most

changed
&

located at 50

now

doubt but that the

no

fore

asso¬

with

Seymour, Bernard &
Co., Inc., and the firm name has

from

Street, New York City, to engage
in

securities business.

a

Pack

is

a

Louis J.

principal of the firm.

Demarest Branch

so

com¬

modities, namely hot money, will
be making a path to the British
Isle
seeking a safe haven with
higher
interest rates
than
are

WARSAW,
Co.

rest

N.

Y.—C.

B.

Dema¬

has opened a branch of¬

fice at 14 West Buffalo Street

un¬

der the direction of David N. Per¬
kins.

available here.

to

other

take

the

S. Kasdan Co. Formed

Deficit Picture

Federal

The

to

force

edge

which

off

the

helped

S.

money

formed

be

spent for defense purposes
upped sharply.
This brought

be

with it the

Cohen

real sig¬

capital markets was President
Kennedy's request that the money

(Special to The Financial Chronicle)

SAN

no

nificance at this time.

and

D. R. Cohen Forms Co.

our

market

in

of

tion

else to worry

had these

tions

common

will be

time with all

same

great capacity and ability to pro¬
duce. In addition, there is no rea¬
son why we should not pay as we
go so that the deficit of the Gov¬
ernment should not be something

con¬

1,000,000
10-cent
par
shares, of which 250,000
outstanding upon comple¬

have

ter" at the

longer-term

Electronics, Inc., at $3 per share.
Net proceeds, estimated at $220,000, will be used by the company
for the repayment of debt,
the
acquisition and equipping of new
quarters, inventory expansion and
working capital.
The company
of 142 Mineola
Blvd., Mineola, N, Y., is engaged
of

why this coun¬
"guns and but¬

no reason

fessional price

funds out of

distribution

There is

try cannot

in

money
normal

components, parts and equipment,
all of which is manufactured by

the past.

dency of the Treasury on this area
for
both
refunding
and
new
money raising purposes, rates have
remained pretty much within the
range which has been in effect in

return

York

rampant like it has at times

come

in

the deficit of the Government will

term securities.

New

will
be
kept within
proportions so that the inflation
fears, with the attendant boom
and bust psychology, will not be¬
Treasury

money and capital markets and,
in spite of the increased depen¬

better

the

obli¬

continue to dominate the

English

in

capi¬

evident

that

that the anticipated deficit of the

coun¬

and

money

City, is offering to the public
100,000 common shares of Adelphi

Co.,

the

of

responsible for
which
is now
markets.
It is

icit

opinions that the def¬

the

of

in

Government

coming fiscal

the

would be very
much larger, than had been ex¬
pected. In addition, there would
be no provisions made for higher
year

Kasdan

57th

in

&

with

Street,

engage

in

a

Co.,

Inc.

offices

at

has

been

101

West

New York City, to
securities business.

Officers are Saul Kasdan, Presi¬
dent; and Edwin N. Charnin, Sec¬
retary-Treasurer. Mr. Kasdan was
formerly an officer of the Glenn
Arthur

Company, Inc.

E. B. Ledqc

Opens

(Special to The Financial Chronicle)

taxes until the Congress convenes

TURLOCK, Calif.—E. B. Leduc is

early 1962.

*
;

July

our

the

There

& Son.

each.

*

on

tal markets that is

higher

Stock Offered

defenses

is

again a question of
knowing
what the
effects
of the English program, or our
enlarged defense spending, will

now

of

effected

was

and

the

It

Common Offered

$135,000
consolidated, effective as of the
close
of
business
July 19. The
common

the

Office

Now Corporation

the

of

as

evident

is

It

to

whether

that
or

the

answers

the

deficit

sizable

figure

not

conducting

a

securities

business

from offices at 900 Yosemite Ave.

Comptroller of the Currency ap¬
proved an application to merge
the
Bank
of
Carolina
Beach,

ALBANY, N. Y.—Continental In¬
come Planning, 1593 Central Ave¬
nue, is now doing business as a

will

Carolina

corporation.

defense

ENCINITAS,

President and
Treasurer; M. L. Phillips, VicePresident and Secretary; and Ed¬

ment

Tegeler & Co., Inc. has opened a

ward M. de

money market circles that there
will be ways and means found so

Beach,

North

Carolina,

into First National Bank of Jack¬
*

sonville,
Carolina,

Assistant Vice-President
in the Trust Department of Mel¬

title




St.

Co.,

William H. Bierman has been ap¬

pointed

National

Clinton

The

On

*

capital
to

over

not

Waukegan, Waukegan, Illinois in¬

(Number of shares outstanding
22,455, par value $30.)
*

$3,484,800 by the
sale of new stock, effective July
18. (Number of shares outstand¬
ing 348,480 shares, par value $10.)

200,000 effective

*

Newark, Newark, N. J., increased
its

$2,904,000

80%

By

the
The

capital

common

others.

President in 1933 and

as

its

Calif., increased
stock from

Oakland,

Bank,

National

Valley

Loewi & Co.

capital stock of the

common

until last December.

Trust Co in

try.

The

*

*

*

The

The

*

*

*

gone

prove

400,000 shares, par value $10.)

*

Arthur

Central

pany

White Plains, N. Y.

Chester

and

money

have

have

The

Bank of Canada, Ottawa,

stock dividend the Lincoln

a

National

John T. Madden,

Board

served

he

where

sjc

YORK

NEW

bank

the

to

comes

*

CORPORATION

THE

Bank of Westminster.

from the Citizens Bank and Trust

Assistant

York,

a

is. a conversion of the First State

*

Papit, of Charlottesville, Va.,
The Bank of Virginia,
Richmond,
Va.,
on
Aug.
14
as
Assistant Cashier, Herbert C. Mose-

Hamilton, Harold C. Strait and
George T. Davies presently ViceNew

Cashier, N. M. Spuhler.
a capital of $206,000
surplus of $195,615.42. This

The Bank has

join

Company

of

the

and

and

fice.

Messrs. Chester Baylis, Jr., Frank

Presidents

July 19 the Office of the
Comptroller of the Currency jssued a charter to the First Na¬

has

and

Aug.

The

V:

On

following the announced plans of
Britain to protect the position of
Daniel
C.
Dempsey has also
its currency and the request of
tional Bank, Westminster, West¬
been appointed Assistant Cashier
the President of the United States
Adams
County,
Colo.
in the Administrative Office and minster,
The President is Ivan L. Woodring for more money in order to im¬
.

announced

Flanigan, Chairman of the Board.

❖

*

an

turers Trust Co., New York, were

of Manufac¬

Officer

Trust

increased

was

value $12.50.)

par

*

to

Bank President, announced
Aug. 1. He will serve as a com¬
mercial loan officer at the Eighth

sistant

Shrevep ort,

$3,562,500 to $3,750,000, ef¬
fective
July
17.
(Number
of
shares outstanding 300,000 shares,

by Frank R. Den¬

ton,
Vice-Chairman
■},v
;,<;■

will

Appointments of Harold W. Smith
and

and Trust

according

of

La.,

from

John
sft

»}»

as

•

Assistant

named

are

Also,

Drift.

Vander

A.

Turnier

H.

Herbert

Taxier,
John

and

announcement

Secre¬

11 Assistant

pointment of

Bank
Pa.,

Batik

Shreveport,

Revised Capitalizations

•

lon National

Trust

York

New

Bank

Chemical

New Offices, etc.

•

tional

of

Jacksonville,
under
First

Jacksonville.

the

National
The

North

charter

and

Bank

effective

of

date

mond

P.

.

Officers

are

Ray¬

Phillips,

Castro, Assistant Sec¬
retary and Assistant Treasurer.

or

reach

whether

a

very

there

will

be

taxes to offset the indicated

new

heavy

spending of the Govern¬
cannot
be given at
once.

However, there is more than a
passing
amount
of
opinion
in

Dempsey-Tegeler Branch
Calif.

—

Dempsey-

branch office at 650 Second Street,
under the management of
L.

Suhm.

Clifford

Volume

194

Number

6078V. The Commercial and Financial Chronicle

(497)

stead

BANK AND INSURANCE

STOCKS

Bank

Chase

HAWAIIAN

Two

BANKS FEATURED

Hawaii became

ago

years

—

a

state. In the intervening period to
the present time much interest

has

developed

the finan¬

among

cial community

regarding invest¬

Bank Stocks
chase of bank stocks. The follow¬

ing statistics show the two major
banks
to
be
interesting invest¬
ments
and based.
on
past and
present performance, these shares
do

not

Bank of

The
been

described

tourism

dependent

as

agriculture,

upon

and

of this state has

economy

government,

with

no

important

than the other.
The latest available figures point
to each as contributing equally.
Total personal income in Hawaii
was
$1.3 billion in 1959. Of the
more

total

the

wise

was

breakdown

percentage¬

First

State

(military
local

and

Wholesale

12/31/60

and

civilian)

34%

retail

and

trade

Manufacturing

—_——

Construction

i

increase

Net

'60

Current

7.6

11.1

12.1

78.5

35.4

146.0
*

bid

11.7

$136

$56

,.$2.40

$1.40

1.76

2.50

$7.50

$4.10

18.lx

13.6

payout (percent)__32.0

34.1

Dividend

;

(percent)
net

8

1961

ratio--

Transport,

utilities,

State

financial--

studies

of

9

income

Personal

in

1970

is
or

50%. Construction—much of which
results

tourism

from

show

should

—

equivalent
Total bank deposits are

increase.

an

million and

$950

now

expected to equal
$1.9 billion by 1970. Although the
Federal Government is important,
creased

made

are

expenditures
,,r"

^Banking

in

land.

this

over

Bank

differs

the main¬

on

The

law prohibits banks
performing trust company
functions. Mortgage and consumer
loans represent a higher percent¬
age of loans in Hawaii than in

most

other

The

major

banks

the

are

Bank of Hawaii and the First Na¬
tional

Bank

banks have

(Honolulu).

Both

additional loan¬

some

ing capacity; however, the capital
in

accounts

each

instance

are

somewhat low relative to deposits.

Certainly deposit growth and esti¬
mates

of

growth

Earnings

not

were

the

Bank

six

months

of

National

reported
for

Hawaii

of

for
first

the

1.961, but the First

reported

$2.00 for 1961

favorable.

are

earnings

of

$1.79 for the

versus

period of 1960. This increase

same

compares very

mainland

stock

is

favorably with the

banks.

Neither

bank

selling at price earnings

ratios which

are

high

compared

as

National

banks.

Due

need to build the

dividend

the

to

may

not

be

forthcoming readily.
In

the

spite of the dependence

upon

growing
out"

Government, other
factors should "round-

the

economy,

nomic indicators

tial

growth

for

and

all

eco¬

point to substan¬
Hawaii.

One

of

the obvious ways to particinate in
this growth is through the pur¬

July

20

(1961 vs. 1960) for
some of the leading banks in the
country.
In
the
case
of
the
Crocker-Anglo National Bank of
San

Francisco,

that

the

it

was

earnings

data

available.

This

the figures
the
Bank.

indicated

in

was

not

were
error

as

had been publicized by
the

For

the

over

months of the

six

increment was
4.2%
achieved in the

the

year

period ldst year

same

for the first

results

first half of

I960.—Editor.

by

Building, which
in

the

late

Bank News Briefs

rate

in

for

flow

the

Britain

Great

5%

from

creased
reason

past week, the bank

this

of

One

to

is

move

in¬

was

7%.

to

halt

from Britain
and to bring about a reversal of
foreign funds. The increase is a
large one historically and brings
interest

rates to

level which

a

twice that imposed

than

more

money

is

by

is

concern

cause

as

in

bankers

among

the United States

it could

once

outflow of gold.
Cbviously
these
measures
are
often
"stop-gap"
ones
because
again

the

spur

like any other commodity,
priced competitively. The long

money,

is

range

implications point to higher
for

rates
and

the

favorable

a

United

impact

States
on

bank

earnings.

sole

Chase

nounced

plans

deposits
bank
those

to

Bank.

of

this

Although
Nassau

less than

are

the Chase,

of

acquire

the

the

County

percent of

one

Request

the

the

this

two

of

who

member

a

phia-Baltimore

of

the

Stock

1954

was

Club

of

Baltimore.

has been
of

of

member

a

As the

in

scher has
C.

Club

seven cor¬

various

fields

of

industry.

&

Co., Inc., Mr. Kol¬

announced

that Vernon

Barlag will continue

Treas¬

as

Gilbert

and

A. Lewis
been elected Secretary.

urer,

Fuller

to

has

Represent

Nat'I Sees. & Research
Thomas

P.

National

Fuller

has

Securities

Corporation

as

resentative

in

a

joined

Research

&

wholesale

the

rep¬

states

Alabama,

Arkansas.

will work

under

of

Georgia,
Louisiana and Tennessee, it was
announced
by Philip C. Smith,
Vice-President in charge of sales.
In his new position, Mr. Fuller
Vice-President

his

Prior
with

L.

had

retail

to

this

The

for

National.
managing

been

investment

he

Stock

by

as

part of this concentrated

a

summer

training

program.

is

and

Harold

Bion

B.

in

the

Finance

in

IBA

Graber
Street

North¬

in

as

basic

the

to

Read

The

Jerome

are

was

National

Slutsky

was

formerly

Co.; Mr. Graber

Co.

detail:

ANGELES, Calif. —William

J. Thornton is

conducting

a

secu¬

rities business from offices at 2600
Wilshire Boulevard. He was form¬

erly with Dempsey-Tegeler & Co.

State¬

of

Now With

Investment

Goodbody

(Special to The Financial Chronicle)

.Concepts

of

Investment

Special

Financial
Corporation.

Analysis

of

Problems

Major

Classes

Securities.

of

of

Atherton & Co.

v

;

>

Marketing of Securities.
Investment

Policies

Rej'oins Pressprich

and

Pro¬

(Special to The Financial Chronicle)

BOSTON, Mass.—Paul J. O'Leary

Various

supplementary ad¬
given during
the course by prominent investm e n t
bankers
on
specialized
aspects of the business: U.
S.
Government Securities; Municipal
Financing;
Securities
Merchan¬
dising;
Securities
Salesmanship;
Securities Analysis;
Institutional
Investment Policies; and other se¬
lected topics.

has

Registrants

have

rejoined

R.

W.

Pressprich & Co., 75 Federal

St.

will also be

He

has

the

staff

recently

Francis I.

of

with

been

du Pont &

Co.

Lowell, Murphy Branch
CHADRON, Nebraska
Murphy
a

&

branch

Inc.

Co.,

office

at

—

Lowell,

has

opened

346

Main

states

for

this

under the management of Roy G.

coursd.,; Minnesota

leads

the

na¬

Chicoine.

21

This

announcement

is

neither an of fer

to sell

nor

a

solicitation of

buy any of the securities. The offering is made only by the

an

offer to

Offering Circular.

NEW

ISSUE

July 20, 1961

Shares

100,000

Com¬
&

Chemical Corporation and Dun &
Bradstreet, Inc.

Adelphi Electronics, Inc.

this will give

the Chase Manhattan 15 branches
to

add

their

to

present

105

Opens Branch Office

New

York offices. Each share of Hemp-

LOS

ANGELES,

Tamazuka

NATIONAL AND

GRINDLAYS

opened

branch

a

Sawtelle

Calif.

—

COMMON

STOCK

Taiyo

Securities

Inc.,
office at

(Par Value $.10 Per Share)

has
2025

Boulevard under the

di¬

rection of Nobutaka Kiriu.

Offering Price $3.00 Per Share

Head Office:

Rosenwasser Co. Formed
BROOKLYN.

London Branches

Rosenwasser
54

PARLIAMENT STREET,

13

ST. JAMES'S

S.W.I.

curities

SQUARE, S.W.I.

150
firm

Bankers

to

the Government

In:

ADEN,

name

Y.—Arthur

conducting

business

Liberty

wasser

N.

is

from

Avenue
of

Arthur

a

offices

under
J.

J.
se¬

Copies of
from

the Offering Circular

such other dealers

as

may

may

be

obtained from the undersigned and

lawfully offer these securities in this State.

at

the

Rosen¬

Co.

H.

B.

Crandall Co.

KENYA, UGANDA, ZANZIBAR

Laird, Bissell 8 Meeds
Branches

Members New York Stock

Exchange

Members

Exchange

120

American

Stock

BROADWAY, NEW YORK 5, N. Y.
Telephone: BArclay
Bell

Teletype NY

7-3500

1-1248-49

Specialists in Bank Stocks




in:

v

A

_

Underwriter

Bosworth, Sullivan Branch

INDIA, PAKISTAN, CEYLON, BURMA,
KENYA,

UGANDA,

TANGANYIKA,

ZANZIBAR,

ADEN, SOMALI REPUBLIC,

NORTHERN

AND

SOUTHERN

RHODESIA

GREELEY, Colo.—Bosworth, Sul¬
livan
&
Co., Incorporated, has
opened a branch office in the Kin¬
ney Building, under the direction
of Marvin E. McCarthy.

St.

assembled

different

from

firm.

Minerals

|

BOSTON, Mass. — Robert S;
Welling has joined the staff of
Goodbody & Co., 125 High Street.
He was formerly with Schirmer,

associated

Supply

I.

Herman

Corporate Reports.

Instruments

dresses

&

(Special to The Financial Chronicie)

LOS

Yield.
the

Lodato

W. J. Thornton Opens

Banking.
Basic

Court

with Francis I. du Pont & Co.

was

indoctrination

Financial

Lian,

been

16

President;

and Leavitt &

rapidly. The following

and

at

has

engage in a securities

and Josephthal &

ing.
How

of

Samson

—

with Dreyfus & Co., Leavitt & Co.

Economics of Investment Bank¬

ments

offices

Officers

Mr.

urer.

Investment

are covered in

,Y.

Inc.,

Slut sky,
Vice-President; and
Leonard Graber, Secretary-Treas¬

of

of

(care

Lazarowitz,

been

with

with

business.

1946,

N.

Co.,

Geringer) to

17-week

a

cooperation

&

formed

other

since

year

W.

Department.

has

each

of

Samson, Graber

BROOKLYN,

Howard

assistance

members

Form

being

L.

International

pany,

Professors

more

topics

,

New York

administered

Moorman,
charge of the

in

territory

Fuller

own

Ex¬

grams.

President of George

new

Shriver

he

Board

McDonogh School,

director of

a

1955

the

City, the Merchants

business and

G.

of

Bond

of the Kiwanis

Baltimore

Club, and
porations

Since

member

a

Trustees

the

much

Philadel¬

the

and

they may become inte¬
grated into the securities business

Exchange,

President'fbf

of the

that

so

Vice-President.

North¬

Education

time

program

intensive

an

Executive

is

the

Fundamentals

Kolscher

at

Committee of the
Central States Group of the IBA.
It is being offered for the first

Banking is designed primarily to
give investment banking trainees
A.

members
the

Business, Northwestern
University.

immediately following his gradu¬
ation from McDonogh School in
June 1932, and for
many years has
He

of

School

Jack

and

University in 1958 by the "

Exchange

Banking, will be
conducted through Aug. 25. This

program

the

six

each

Investment

offered

con¬

in

Fundamentals

course,

Fundamentals

with the Firm

been

first

Inaugurated by the

pur¬

from

The

Stock

five

York

established

was

western

Fundamentals of Invest¬

western

Jack

course

the

courses

Banking
and
change Operations.
of

course

Northwest¬

on

Illinois,

and

New

The second
course, Stock Ex¬
change Operations, will be offered
from
Aug. 26 to Sept. 2.
This

country
on

16

Eleven

Pennsylvania.

30

wom¬

first

week

campus

features

faculty

Kolscher,

Mr.

the past few weeks the
Manhattan
Bank has an¬

in

began

of

July

and

University. The training

with

owner¬

Southern

Within

from
men

parts

enrolled

by
Torgerson

under the

now

the Federal Reserve Board in this

country. Naturally this move will

all

taught

Shriver,

of

Within the

from

en

part

G.„

A.

estab¬

was

1931

George

is

.

26, BISHOPSGATE, LONDON, E.C.8.

BANK STOCKS
on

Trust

Boston Stock Exchange and the
Pittsburgh Stock Exchange, and in

ana

record,

business

Sept. 2r. Over 80

ment

and Associate Member of both the

than in the

securities

sequence:

Md.—The Invest¬
ment Banking Firm of George G.
Shriver
&
Co., Inc., Mercantile

enrolled.

from

California

ern

BALTIMORE,

representatives
registrants are

Ex¬

Missouri,

program

its

N. Y. CITY

Bulletin

Kolscher Acquires
Geo. Shriver Co.

Stock

from

Evanston

share for the first
quarter of 1961 were 8.7% greater
per

Third Quarter

11

Corp.

York

tion in total
registrations with

America

from

which

associated

data

BANK LIMITED
Statistics

Investment

are

of

cooperating in offering

are

related

Hempstead

Federal

largest

bank.

any

Mr. Kolscher

obvious

capital accounts,

increases

of

Business

the

Family.

with the stocks of major commer¬

cial

Small

it

make

New

concentrated five-week program
of two courses for trainees in
the
to

will

Association

the

change

Shriver

Earnings Figures
of

Bankers

which

became

restrict

two

sub¬

trolling inter¬

column

states.

Banking law
branching, thus
as the islands develop, the banks
are able to take advantage of the
growth.
I
not

does

This

in¬

a

gave

State

from

business

companies.

comparative earnings figures and

earnings

Hawaii

somewhat from that

in¬

to

as

available.

Crocker-Anglo

are

estimates

decade.

Not

economic

expected to climb to $2.1 billion

small

sidiary is to be known as the First
Capital Corp. of Chicago and will
start
with
capital of $3 billion

est

growth over the next decade show
substantial growth in all economic
areas.

of

Bank

and

chased

7

Sponsor Program

Of Courses for Securities Trainees
EVANSTON, 111.—The Investment

instituted

ship

operating

earns./share

Price/earnings
Dividend

66.2

1st six

'61

over

price

53.8

6.9

IB A and NYSE

has

lished

earns./share

oper.

in earns./s^are

Inc.

54.9

'56-'G0:

Depcsits

*

no

$168

9

7

—

Fauns

$310

omit.)_$179

assets

Percent

Estimated

15

Services

omit.)_$326

(000,000

as pet. ol deposits
Cap. accts. pet, of depos.
Cap. acct. as pet. of risk

Yield

It)

government.

(000,000

Loans

mos.

1959

Federal

12/31/60

National

Loans—

follows:

as

Bank

Deposits—

factor

one

1st. Nat.

Hawaii

ex¬

the

at

time.

present

ment in Hawaii.

overpriced

appear

be

share of

a

Chicago became one of many of
the major commercial banks that
vestment

Week

will

Manhattan.

The

This

stock

changed for 13/18ths of

21

New York 5, N.

79 Wall Street

WH

3-1981

Y.

22

(498)

The Commercial and Financial Chronicle

"I

The Stock

Option Is Vital
To Our Economy's Success

Continued from page

porate goals, corporate structure,
staffing and
compensation
that
the stock option should come into
consideration.
its

serve

until

cannot

purpose

all

been

It

of

the

as

accomplished

steps

in

have

that

Functioning at its best, the stock
option benefits not only the recip¬
ient

individual,

rate

entity

but

the

the

and

corpo¬

individual

stockholder.
How

does

attracts

top

and

managerial

conceived it

gerial
other

tends

hold

to

talent.

Properly

help the company
competition for mana¬

the

meet

stock

option
corporate entity?

benefit the
It

the

can

talent

while

still

fulfilling
objectives. How¬

corporate

the stock option plan adopt¬
ed
solely for competitive head¬
hunting
not
only
harms
the
ever,

particular

corporation

by

the

narrcwmindedness of its purpose,
but
damages the repute of the

business community generally.

option
plans
work
to
equate, to some degree, the small
and large companies. This is true
of

the

new

company

managerial

talent;

or

somehow

in need of
the small

short of cash. It also
equates the weak company with
the strong when the weak com¬
to

needs top managerial talent
on its feet.

put it back
Stock

options

benefit

the

cor¬

porate

entity by producing the
possible performance from
employees
who
are
moti¬

best

key
vated

.by their proprietary

est.

.v.

.

The
rate

stock

goals

the

stock

'

in

It

vested

a

a

to

interest

success.

option helps unite
and the stockhold¬

management
ers

meaningful

more

company's

The

corpo¬

common

purpose.
cor¬

poration by identifying individual
needs
rate

of

executives

with

corpo¬

goals.

It

provides

corporate

growth

by encouraging executives to take
the calculated risk.

I

How does the stock option func¬
tion as incentive for the individ¬
ual?

Mainly,
I
would
say
by
recognizing human needs which
not

of

satisfied

by

compensation.

other

The

forms

most

tender

capital. This is particularly ap¬
pealing to the long-service em¬
ployee at the peak of his career
and

approaching retirement whose
to

response

incentives reflect his

It

gives the valued employee a
interest in his com¬

proprietary
It

puts a premium on creativ¬
ity and encourages personal con¬
tributions.
It stimulates
the

more

financial

tilizer

of

directs

ward

It

individual efforts to¬

desirable corporate goals.

provides

training

a

feature

executive,
benefits

tem
even

also

the

benefits

though

contended

There

stock

this

by

are

the

option.

think

sys¬

stockholder

point

has

been

values for the

in

option

benefits

every

one

I

of

have

the

stock¬
stock

cited

so

far.

To conclude otherwise would
be to admit that the stockholder's
interest in his company is moti¬
vated bv

aspirations other than its

successful
A

principal gain that the stock¬

holder

gets

options
ing of the
on

operation.
from

the

granting of

greater

understand¬
stockholder's interests

a

-

the part of
management.

Perhaps the gains I would like




shares

stockholder

that

complaints

when

he

would

own

gain

the stock

consider

to

which

is

longgoal of

the

Another argument advanced by
stockholders is that if exec¬

that

same

By paying off
could borrow

all

was

finished

40,840 shares,

they

should

open

market.

buy

the

company

shares

the

on

embarassment

investor

good executive.
for

his job

But

demonstrations

sacrifice

that

investment

that

ration

is

a

by

the

successful
in

health

demands

and

far, the
It is no

money.

executive

States
the

Itiis

of

faith

of

exceed,

calls

in

which

his

risk: i At

times

job will cost
him some personal happiness and
maybe some domestic tranquilitv.
In times like these, it is only faith
himself

that

and

keeps

The

what

man

a

argument

he is doing
going.
that executives

should

buy their shares
market overlooks a

open

mental

tion

feature

which

the

is

that

build

to

the

on

funda¬

stock

op¬

the

invest, until he

sufficient

capital.

can

That's

whv the option provides him time
to build his company, increase its

value and therebv create the capi¬
tal he needs to become

This

partner.
naturally
to
the
executives should

leads

argument

that

option.

While the end

en¬

visioned by this argument is most
desirable, the means is unfair and

discriminatory.
preciated

If

in

attributable
gco-i

is

the

value

to

was

takes

company

the

undoubtedly
of

measure

Once

the

ex¬

his option, he
like anyone else,

and he must be free to operate on
the market as he will.

The

Many will recall what happened
year
when George Romney
sold
10,000 shares of American
stock.

The

flurry

a

American

precipi¬
selling
and

news

of

Motors

lost

9^2

points
days before holding at 69.
not

sold

the stock,

said

sold

it, he said, because there
way by which I can
increase my outright investment
in the company's future."
no

other

Time

magazine,
story, said:
"As

a

telling

the

had

managed to buy 3,240 shares
in his company. When he became
President, he got an option for

35.000

shares."

red

dropped
Romney

and

meanwhile the

below
was

in

the
a

option

bind.

manager

building, while maintaining stock¬
holders' faith in his integrity.

stock

price.

six
en¬

the stock

as

and

the

not

his

stock

for

for

bound

to

investment

that for the

me

likely to invest
money or his time in

stock

either
a

his

company

stock^is non-negotiable.
to'risk

major

depression,

a

market
to

means

slump
his

protect

If

or

with

a

no

investment,

executive will exercise his op¬
He would be in the cate¬

no

tion.:

of

gory

second-class

a

Unwarranted

investor.

restriction

de¬

stroys the incentive which is the
main

of the management

purpose

stock option.
As a means
ecutives

to

as

of

encouraging

hold

their

optioned

investment,

an

value

resulting

waiting period

of

a

ex¬

option

year

that

the

success,

be

be

can

exercised

in

practical argument for its

a

limited

who

to

are

we

amend¬

of

stock

option
practical,

be

to

in

are

stock

option

the

few

should

executives

position to influence
company's growth by their
a

If

such

circum¬

unusual

recession,

as,

of
the

on

or

a

technological revolution in an in¬
dustry,
should
drop
the
stock
price below the option for a pro¬
tracted period, some amendment
of the option price is necessary
if management is to employ this
kind of

incentive with effect.

few

A

duced

have

companies

intro¬

price amendments without
approval
and
their

stockholder
action

upheld by the courts,
dictates

was

but I feel that good faith

that

amendments

of

this

kind

should have stockholder approval.
I have drawn the perspective in
which

I

works

and

believe

corporate

the

that

is

goals

stock
.

.

option

after

.

ture

are

you

provide

are

secured

.

.

the

salaries,

as

set,

the

the
structure to attain them is built,
after the key people for the struc¬
and

that is when

.

incentives

bonuses

such

and

stock

options.
Meets

two

or

one year.

As

the

realize that the price

market.

I
see
from
a

before the option can be exercised
and in limiting the amount of the

any

If

stances

surviving

are

less

has

lower

n.ust

free

option to be practical it must rec¬
ognize that the executive will be

his

consideration

to

ments

the

distribution.

it seems to

if

include

the

While retention of the shares by
executive is highly desirable,

he

Option Price Amendment

price.

he,

the

...

Discussion of the practical feat¬
ures of
a stock
option plan must

we

Advisable

per cent to 14%
being 4.7%.

one

Today's Needs

Uniquely

suited

to

times

our

and

the needs of our economy,
the stock option is well placed in
the compensation portfolio of the

top executive who is expected to
provide his company's growth.
Let

give

me

respected authori¬

a

tative opinion

background for

as

why I think that the stock option
is a fundamentally sound part of
decisions and contributions.
our
economy and an unusually ef¬
Where you place the responsi¬
fective way of maintaining itbility and risk, you should also
The
noted
historjan
Arnold
place the rewards for success.
Toynbee, in his examination of
Reported practices would indi¬ 23
civilizations, concluded that all
cate
that
most
companies have but one—our own—had
died, or is
adhered well
the

,

Stockholder

ILiPerhaps

.,

evidence

Support

the r, .most

of

how

convincing

most

stock¬

holders really feel about the stock

to

this

stipulation

option is revealed by the decisive
support they have given it in ap¬

by

proving

agement. A random study of stock
option plans showed that in the

plans

after

another.

York

Stock

vealed

in

one

company

Results

Exchange
September,

in

of

New

a

survey

re¬

1960, that
of the 1,135 companies with

61%

stock

change have

listed

the

on

form

some

of

stock

My argument in support of the
stock
fact

option is predicated
that

the

on

the

plan is well con¬
ceived, well planned and well ad¬
ministered.
that

said

I

Recall

its

depended not only
but even
in

where

was

of

sequence
.

other

.

a

.

compensations

provided, then the stock
plan becomes meaningful.

are

option

hope

courage

large

so

of

as

to dis¬

acquiring

the

total.
Counsel
on
this
subject
would indicate that IV2 to 2 times
annual
salary
is
not
incentive

enough
or

that

and

than

more

annual

in¬

man¬

one-half of 1%,

four

5,900 employees, re¬
stock options.

growth

the

of
business should be included.

Financing
Some method

utives

salary is too

of assisting exec¬
financing in order to

with

acnuire their options is also desir¬

able.

Without

certain

that

this,

it

is

almost

the

executive, whose
salary, will be
forced, in thD era of high taxes,
sole

income

to sell

some

his

is

of his shares in order

acquire

The

permanent holdings.
Romney incident illustrates

this.

Several
stock

methods

options

financing
time pav-

through

bank

ments,

of

loans,

Jloans

or

through pension funds, insurance
companies
and
private
indivi¬
duals

not

subject to the Federal
Reserve Board Regulation U, are
followed in practice, but there is
value

for

chase

plan

the

to

ensure

as

desired.
The

company

if

is provided.

a

pur¬

It helps

kind

shares

of

used

for

recent survey of options
granted
to 50 top executives was

concern

annual

shares, which is the common prac¬
tice, brings additional funds to the
business and at less expense than
buying them on the open market.

arrived

at

in

The

2% times

salary.

Since
able

of

one

features

that

it

•

the

of

stock

a

makes

most

the

accept¬
option is

executive

a

partner in the business, retension
the

stock

encouraged

should

by

the

be

strongly
plan, but not

stipulated.
It

seems

better

is

if

has

me

of

the

granted

that

the

there

stock

executive
as

is

a

being

of

kind

option

promptly

as

compensation.

Appreciation of the value

portion

an

option increases during the wait¬
ing period that many plans re¬

matter of

shrink

you

of

before

examine the

shares

avai'able

Exchange

in

19^5

1956, the shares available for
compared

outstanding,

to

ranged

did

with

not

meet

V.

this

civilization

man's

basic

has

intuition

to

strive and to grow. Here in Amer¬

ica, under such incentive, the
has developed
its

cor¬

and

finest

performance,
unequalled anywhere in the world

for

the

its

contributions.

have

variety and greatness of

the

Nowhere

interests

of

the

else

stock¬

holder, management and board of
d.rectors worked in such harmony.
If our civilization is the one to

survive,
that

after

23

survival

is

failures,
to

be

if

and

under

our

free and independent system, then
we

must

the

best

vival

highest

at hand.

growth

level

of

Sur¬

demand

the

performance

we

command.

can

If,
the

develop leadership with
incentives

and

the other hand,

on

intellect

of

our

fetter

we

best

creative

leadership and destroy the incen¬
tives so vital to growth, then the
outcome
matter

We

the

of

this

of cold

civilization

number

are

an

address

National

31st

sponsored

by

is

a

statistics.
24.

by Mr. Ware before
Business

the

Conference

Harvard

Business

Boston, Mass.

treasury

or

the
pro¬

for

ing; In 100 plans reviewed by the

tion,

far,

o

problems

that

needs.

School Association,

stockholders.

option in mo^t companies, com¬
pared to the total shares outstand¬
New'York

of

a

raised the question of
equity .But cbmctions

of

this

to

of unissued

dilution

fact, when
to

chance

not

other

use

This

5

current

solutions

*Frrm

some

median

is

difficulties and from attempts

solve

old

that the plan will work

options is often

The

to

poral on
achieved

Assistance

that

and

weakening of the will to meet

new

fostered

the

demise

of creative leader¬
failures resulted from

ship. The
a

should be eouitable. All top man¬
agement with comparable respon¬
for

each

one

the major

was

the drying up

present

sibilities

weakness

in

cause

of

stock

much.

in the death throes. He found

common

mining who should be covered by
stock
options
is that
coverage

*

five times

top

Another consideration in deter¬

to

What are some of the considera¬
tions in establishing a good stock
option plan? 1
One
consideration' is the im¬
portant
relationship
of
option
shares to executive
salary. The
number of shares offered should

centive, but not

option

responsible

company

out

ceived

was

it

company's development
after
the goals are set, after the
organi¬
zation is
structured, and peopled,
after

30

stock

outset

how it

on

the

or

the

for

median

functioning

proper

applied,

introduced

the

at

keeping

centive

Ex¬

option.

retained

Romney
voluntarily
cut
his
salary when his company was in
the

top

a

to create enough capital
invest in the business he is

to

of

Vice-President, Romney

acquire

of

illustrates

a

Romney, for any lack of faith.
I

it

be large enough to
provide an in¬

Romney Sale

last

Motors

invasion

an

But

go

ap¬

up

investor,

an

stock

during

some

management.

must

a

be required to hold stock acquired

under

was

the effort to which

common

executive,
has only his laboy

outset,

skills

the

of

no

United

his

of

this

privacy.

corpo¬

the

he

28%

or

can
expect to encounter. It may
have seemed to him and his fam¬

that

least

purchase,

and children

greater

their

It goes without saying that faith
in his company is essential in the

that

spouse

than

median

option shares is determined

effect

stock

ily

at

its

op¬

plans require that
optionee sign a statement to

spread

other

hold

investment.

The value of the Romney story
is that it was given such wide¬

some

utives have faith in

year

than when he started.

personal

for

after

Retention

an¬

public attention through
the press. It may have caused him

option.

to

Some

21,000

again. Time magazine figured that

about

the

fail

available

another option.
his first debt, he

in

stock

director

the

on

produce

by..stock¬

term

is

some.

holder

the

and

$200,000 short of what he needed
to pick up
14,500 shares on his
first
option plus another 12,600

"a lit¬

holders

He had

option

of fer¬

dilution of equity made

in two

believe

for

$31.82 %

additional

remaining from his first purchase,
$70,000 for tithings to his

more

provide them with

stock

it

does

so

at

an

church. He netted $430,000, about

he completed

as

for

tioned

an

moved

and

a

time.

tated

a

then,

Motors

By selling 10,000 shares, Rom¬
ney
realized $900,000, of which
$200,000 went to pay capital, gains
tax, another $200,000 for debts

lit¬

a

on a

shares at $56.29.

planted

option can be
practical matter,
Exchange Com¬
which requires an

rule,
or

record,
big loan

Thursday, August 3, 1961

.

a

courages retention of

sizable expense.

a

shares

other

My point being that just as the
stock option functioning properly
produces benefits in time for the

for younger executives who strive
to qualifv for positions that would

I

who

shrubs according to

dividend

.

the

As

officer

months

^0,500

American

tional

old

an

his task, he would remark,
tle bit of time."

the

company.

It

and

participation

growth

of

...

ecutive

pany.

in

gardener

new

ontion period, it

particular situation.

here

before

mission

borrowed

ahead, Romney got two more sets
of options:
one for 21,000
addi¬

dilute

ritual he had developed
tle bit of soil, a little bit

at¬

tractive feature is the
opportunity
afforded
the executive
to
build

reminded

am

Mexican

at
*

options

of stock values.

and

Capital Builder

are

stock

tax

a position to buy
by borrowing."
.

carrying charges

As

that

the

in

spotty

could be

objection

shareholder, through appreciation

in

promotes loyalty to the

was

Motors'

option is that it requires no cash
outlay by the corporation. As the
option holder benefits, so does the

secret

option makes

employees with
in

inter-

the

under

enough
shares, leav¬
14,500 still to go. At that, it
a
gamble: with
American

ing

equity.
On the contrary, one of
the appealing features of the stock

company

pany

is

quire

up

the Securities and

position,

my

Romney

Mutual Benefits
There

pick

in

money to buy

realized

to

exercised.

the

I

Stock

be

borrow

laws, is not

stockholders.

some

se¬

quence.

best

can

to

those options," he said. "A fellow

stock except

by
answering the chief complaints
against stock options raised by

hope to
incentive

an

other

list

to

15

had

.

total

David J. Greene
H.

Erich'Heineman

David

J.

Street,

Greene

&

has

Co.,

New York City,

of the New York Stock
in the firm's research

it has been
Mr.

joined
72

Wall

members

Exchange,

department,

announced.

Heineman

was

an

assi tant

and
finance

editor

with

"Business

op¬

shares

from

Heineman Joins

less

Week" magazine for the past
years.

three

Volume

Number

194

6078

AS WE SEE IT
billion

in

only two
for

ure

there

1980,

year

any

were

not

was

greater than the year imme¬
diately prior to it, and in
decline

the

instances

those

Chronicle

(499)

Form Myers & Co. Ltd
according to the
,With Richard Kohn
the Department
(Special to The Financial Chronicle)
NEWARK, N. J.—Jack Gourdji,
of Commerce, rose from $165 CHARLOTTE, N. C. — Myers &
an economic millennium here
originally a native of Baghdad,
on
this earth. Neither work billion in 1947 to $329 billion Co., Ltd., has been formed with Iraq, has become associated with
offices at 1414 East Fifth Street,
Richard E. Kohn & Co., members
in 1960, an increase of almost
nor the fruits of it are evenly
to conduct an investment banking
of the New York Stock
Exchange,
100%;
actually "disposable business specializing in bonds and in their
distributed,
o r
distributed
Newark office at 20 Clin-'
precisely as justice would personal income" — i.e. per¬ preferred and common stock. Of¬ ton Street. He will be a customer's
direct. The economy is con- sonal income left after taxes ficers are Joseph D. Myers, Presi¬ representative.
of

estimates

dent

and

Treasurer;

William

H.

hardly consequential. s t a n 11 y changing, shifting —rose 110%. It is unfortu¬ Morrow, Jr., Vice-President; and
Precisely the same thing can from one place to another, nate that so many of us fail Shirley B. Myers, Secretary. Mr.
the
facts before Myers was formerly with R. S.
be said of the compensation from one product to another, to consult
Dickson & Co., Inc.
of employees. In fact, only and from one technique to reaching judgments about
another.
Business
has
been
once
was
the figure
public
policies;
v
*
>
>
lower
Form Sees. Research
than in the immediately pre¬ remarkably steady since the
LOS
end of
the war, but
ANGELES, Calif.—Securi¬
there
Youngberg With Boenning
ceding year and then the de¬
was

cline
of

In

one-half

than

less

was

1%.

been

have

downs

and

ups

In

nevertheless.

1947

in¬

some

employees
totaling a stances, these changes which*
little more than 55% of total adversely
affect some em¬
output; in 1960 they got over ployees have been stimulated:
58% of it. Individuals on the by attempts of government to *
paid

were

sums

for a
number of years immediately
prior to 1960 fared about as

payrolls

well

of

business

sometimes

and

the

than

better

the whole
Now

little

a

for

average

as

that

knows,

everyone

misfortunes

more

such
such

all

adjustments

and

friction

of

minimum

and loss when it is left to its

devices.

of wage earners has
But he would have to dis¬
in larger and larger degree in
recent years been in certain regard the facts completely to
make the
claim that the
forms not formally a part of
their wages — pension bene¬ working man has not fared.
well in this country since the
fits, social security in one
end of the war. In point of
form or another and the like
pay

at the expense

The

er.

of the employ¬

Department of Com¬
the;se things

terms

merce

to wages and
s." These supple¬

"supplements
s a

Ta

i

r

e

ments

rose°jfi*0m

billion

,in '1947

lion

1960.

in

let

But

no

that these benefits
took the place of increased
ordinary wages. Actual wages

the

salaries

tional

the

of

type

rose

bilhon in 1947 to
in

1980,

one

conven¬

from $123
$271 billion

there

and

was

just

in which these pay¬
were
not larger than

year

ments

dur'ng the preceding year. In
1947
thev
were
equal to
about 52% of GNP; in 1960
they

were

and

let

made

GNP

that
rose

more

rate

These

The

of

number

women

carefully and con¬
tinuously in mind when union
leaders go forth to set up the

be

borne

claim
in

and

men

larger share of current output
they are now getting.

The progress

payrolls" of
(including house¬
of course) rose very

ordinarily has contributed
mite.

a

Despite

from

1947

1960.

to

increase in the
whom com¬
pensation had to be distrib¬
uted, th'e average annual
earnings of the "full-time emnumber

plovee"

this

among

rose from ,$2,589 in
$4,705 in 1960. And

1947

to

here

there

not

single
year in which the figure was
not higher than the year im¬
mediately preceding it.
No
;

,

was

a

Millennium, but

Naturally

no

one

.

.

.

would

claim that these facts portray




Monczewski

D.
is

Another statistic somewhat

do with

tion

stimulating

consump¬

by the ordinary
The

woman.

thought

man

and

seems

to

be that the rank and file have
not the

945

Pennsylvania

the firm

a

branch

ment

office

of Richard

at

River

65

manage¬

C. Larson.

D. Loren Lake,

are

D. L. Crusey Opens
ANCHORAGE, Alaska—David L.
Crusey is conducting a securities
business
Fifth

Investors

ANGELES, Calif.—Howard
Diamond
and
Raymond Donges

a

been

have

under

Avenue,

With Calif.

LOS

in

to

added

California

staff

the

from

offices

at

means

with which to

what

they

ways

and

found to

produce,
means

Forms Holm Inv. Co.
GREAT FALLS,

Holm

is

Mont.—Hugo A.

engaging in

frpm

Seventh

securities

a

offices

at

Avenue, North.

Newport Nev/s Shipbuilding and Dry Dock Company
Profit and Loss Information for the six fiscal months

ended June 26, 1961

and June 27, 1960
Six Fiscal Months Ended
msiHJCw..

am- ;

incomd'Trorri' shipbuilding/

Gross

end

1961

profit

Net

:
.

.

.

.

Deduct—Provision

for

taxes

on

1960

,.^r,

(

$frip ^conversions

repairs, hydraulic turbines and other work

Operating

June 27,

June26,

t-

"t•:<»!,J'•

$101,588,999

$90,453,334

$

$11,552,755

8,233,061

6,500,000

4,225,000

income

profit before allowances

.

.

.

leng-term contracts

.

.

Deduct—Increase in allowances
Net

profit—Amount

Net

profit—Per
The

and

.

.

$

$ 5,052,755

4,008,061

so,

must

be

provide those

times,

it

so

persuade

seem,

to

spend

what they

the fact

.

is

us

on

200,000

$

sharePoutstanding

at the

-

$ 4,502,755

3 808,061

$2.34

close of the period

550,000

$2.79

*

that

all

on

based

is

in

large part

upon

estimates and is subject to year-end audit, adjustments

as

at June

The underlying contract estimates as at June
25, 1961 will be revised hereafter.

percentage-ofThe profits so estimated and
recorded are subject to the provision of such allowances as may be considered advisable, taking into account the
stage of completion of each contract, po sible increases in costs not included in the estimates, guarantee liabili¬
ties, unsettled contract adjustments and other faciors. The performance of such contracts may extend over periods
long as several years, and revisions in the contract estimates and allowance requirements during performance
and upon final contract selilements have the effect of including in
subsequent accounting periods adjustments
necessary to reflect the results indicated by the revised estimates and allowances. Tho amounts reserved as allow¬
The

Company records profits

completion basis, and

on

on

its long-term shipbuilding contracts through estimates on the

its other long-term

contracts as billings are made thereon.

as

reflect the reductions in

allowances materialize, and
at

June 27,

Federal and state income taxes

which

would

if the matters covered

result

by the

aggregated $4,200,000 at June 25, 1961, $4,000,003 at December 31, I960, $3,050,000

1960 and $5,825,030 at December 31, 1959 of which

$3,325,000

was

applied

as

a

direct contract ad¬

justment in June, I960.
A

substantial part

contracts

therefor

may

of the Company's business is with departments and agencies of the United States and the
be subject to profit limitations, renegotiation, and to termination at the convenience

of the

Government.

Quarterly Statement of Billings, E:timated Unbilled Balance %
of Major Contracts

and Number of Employees

■

Six Fiscal Months Ended
June

-

June

26,

27,

1960

1951

Billings during the period from shipbuilding, ship con¬
versions and

Estimated

repairs, hydraulic turbines and other work $

balance of major contracts

close of the

period

On

July 20, 1961

a

a

price.

Including this

record

high of about $575,000,030.

The

Company

income

themto

for

contract the

reports income

any

$

98,083,950

|

$436,419,181

contract was executed

nuclear-powered submarines at

89,125,425

unbilled at the

.

Equivalent number of employees, on a 40-hour basis,
working during the last week of the period
....

means

17,836

$255,718,802

16,762

with the Department of the Navy for the construction of 4 Polaris

ceiling price cf $154,903,030, with provision for laler negotiation of a definitive
Company's backlog

of unbilled estimated contract balances is presently at a

from long-term shipbuilding contracts on the percentage-of-completion
vary from the bii.ings on the contracts.

basis;

period will therefore

'

By Ordar of the Board of Directors

Now

expendi¬

current

information

27, 1960 have since been revised, and those

would

earn.

the

above

charges and is not necessarily indicative of the full year's results.

such

at

ture of

and

con¬

131

Avenue.

business

Wil-

3932

Investors,

of

Blvd.

shire

of American Funds.

name

buy what they want, or even

and

a

Heights Drive under the

Two

C.—Matthew

engaging

securities business from offices at

ances

%

Consumption Large

substantially during the related to such figures and
period under review. The De¬ facts as we have been citing,
partment of Commerce has is of importance and signifi¬
long converted the total num¬
cance,
particularly at this
ber of employees, many of
time. Much of what Washing¬
them working only part, time,
to the equivalent number of ton has been planning—and
full-time employees.
The been planning in some in¬
number of "full-time equiva¬ stances for
years past—to in¬
lent employees" as thus esti¬
jure continued prosperity and
mated by the Department of
a
higher rate of growth has to
Commerce rose from 47 to 58
million

State Bond & Mtg. Branch

of

made

been

even

the

on

E.

wage earners
since the end of the war has

business

holds,

wage earners are
entitled to a much

with,

stock¬

that

fact

than

er

York

MASON CITY, Iowa—State Bond,'
& Mortgage Company has opened

Presi¬
dent; Joseph P. Mclntyre, VicePresident; James J. Fagan, Secre¬
tary and Treasurer; and Robert
W. Driscoll, Assistant Secretary.
Mr. Lake was formerly with John
M. Flynn & Co.

Burr,

New

Forms American Funds
WASHINGTON,

truths which must

are

ther of which the wage earn¬

than 115%;!

•

&

representative

Co.,

ducting

Officers

;

&

brokers.

ties Research

at an unprec¬
during that

progress

edented

possible largely
by achievements in technol¬
ogy and by the investment of
more than 53%—
vast
amounts
not be forgotten
o(f capital in
over
that period production equipment, to nei¬

it

A

customer's

Wolfe

not

had

earner

wage

suppose

and

Coffin

disre¬

period—made it at the ex-;
bil¬ pense of others in the;.com¬
munity in a number of cases.
one

$22

with'

Inc.

gard the facts to suppose that

$6

some

to

would have to

fact he

formerly

Recently Mr. Gourdji has been
a

Corporation is con¬
securities business from
offices at 3465 West Eighth Street.

PHILADELPHIA, Pa. — R o b e r t
Youngberg
has
joined
the
re¬
search staff of Boenning & Co.,
1529 Walnut Street, members of
the Philadelphia-Baltimore Stock
Exchange.
Mr.
Youngberg
was

future..

the

in

changes
a

fear

makes

Business

own

the

shall have

we

We

business.

stimulate

with

period.

23

sumption,

Continued from page 1

when the fig¬

years

The Commercial and Financial

.

July 26, 1961

R. I. FLETCHER,

Financial Vice President

3312

24

(500)

The Commercial and Financial Chronicle

I

Basis for Renewed Interest
In Canadian Oil
Continued from page 1

this

of

1

and

Trade

of

House

which

in

the

has

is, briefly, to achieve tar¬

get levels of production of oil, in¬

cluding natural gas liquids, which
will be set from time to

which

will

be

time, and

designed

to reach

approximately 800,000 barrels a
day in 1963."
A target level was also set for
for

barrels

an

day, with

not less than

to

640,000
level

a

625,000 barrels

attained

be

of

average

per

comparison,

production

oil and natural gas

now

day

a

of

crude

day.

per

that

appears

the

mid¬

year target
level has been met
and, if export demand holds up,

there

is

every

the target

should

It

this

is

also

will

mind

about

1961

for

the

higher

the

in

day,

per

remaining 40% from
by Canadian re¬

demand

reference to

expansion of
market, we expect

Ontario

before

that

the

there will be

end

where

of

the

year

Ontario

market, displacing
refined from imported

product
oil

crude

in

Montreal.

Increase

States

Great

increase

will be

Puget

Lakes

Sound

should

of

part

markets

the

the

Puget

With

crude

oil

outside

the

S.

U.

United

domestic

increase
other

in

U.

volume

S.

achieve

of

markets

required

to

established

our

target
moderate in

levels would be very

cause

why this should

reason

no

material dislocation of

any

U. S. domestic

production.

Anticipated
Growth

to

Rate

Excessive

Not

Looking ahead to 1965,
see
exports of crude

natural

hope

we

oil

and

liquids increase from
173,000 barrels per day projected
gas

for

This

is

to

of

a

strongly

as

I have

as

dications

seen

as

in-

some

misconcep¬

grave

to the further increases in

as

volumes

required to
target levels estab¬

the
under

Policy. Let
this

on

point which I would

a

National

our

remove

me

With

score.

the

Oil

doubt

any

gains

in

troit

creases

nesota-W i

Michigan
decline

i

s c o n s

the

and

will show

areas

in

n

in

that
Min-

Upper
small

a

1961.

natural

per

by

liquids reach the

gas

ticipated

level

of

an¬

173,000 barrels

day in 1961, they will exceed
substantial

margin the pre¬
vious peak of 152,000 barrels
per
day
in
1957,
during the
Suez
a

We

in

Canada

ducer

has

markets

similar
own.

the

U.

domestic

respects

many

Accordingly,

to

an

timed

so

as

of

With

exports

target levels
than

more

of

There

has

in

pressed

pro¬

entry

entire

Erie.

the

is not necessary,

contemplated,
increase at

a

that
more

Detroit

western

This

stalled

ex¬

has

area

of

capacity

of

order

the
now

nor

exports

will

area

expect that

we

about

average

Over

the

hope to
in

four

next

see

exports

this

to

25,000

years

the

that would level

off in the months ahead"

or

a

con¬

tinuing trend. Although I cannot
„

speak

lor

the entire Canadian pe-

troleum

industry,

that

1961

the

which

will

my

increase

level

this

off

year

opinion
is

in

a

spurt,

the

later

in

and

perhaps

area,

the order of 5,000
day annually. Such an

however,

would

Even

increases

will

result

projects

U.

in

from

surplus
and

to

her

mean

available

much

a

higher
of

reserves

ground

the
at

trillion

for

rules.

cubic

the

For

Alberta

estimates
of

end

on

than

more conserv¬

Board

the

1960

feet,

re¬

at

32.9

these

and

would

the

gas reserves

States

Export

it

is

Informed

markets

that

appears

clearly evidenced in
the

of

Conservation

Board

a

very

for

the

the

Al¬

be

as

the subject

almost

unanimous

significant

increase

capacity

States

in

the

struct

pipe

lines

for

contemplated 1
of

natural

of

a r g e-s c a

natural

gas

into the United States
for

the

anticipated
found
der

cf

in

We

of

only

a

proposal

limited

would

and

natural

indeed

Western
Over

into

markets.
are

every

will

gratified at the

the

in

future

the

to

is

For

this

on

problem

is

countries.

take

Accord¬

optimistic view

an

producing industry.

pointed out, the target level
National Oil Policy for pro¬
of crude oil and natural

our

that

anticipate in the current

we

and

with full

implementa¬
of

domestic

own

markets, we
hopeful this target

certainly

level will be met.

In

meeting the 1963 target, not

less than 50%
is

crease

expansion
In this

of

seen

ment

of

of

the

the

barrels

per

an

you

area.

announce¬

construc¬

refinery

will

additional outlet for

crude

30,000

of

capacity

This

from

markets.

have prob¬

recent

day

is

pro¬

come

immediate

new

a

to

domestic

connection,

ably

tion

of the required in¬

expected

Toronto

this

the

liquids in 1963 is 800,000 bar¬
per
day. With the progress

Expansion of Domestic Markets

supplied by

expect

case.

the

Outlook for the Future

or¬

longer term, there

reason

be

do

of the future prospects of the Ca¬

our

Canada.

TABLE

in

the

provide

Canadian

oil, displacing products

re-

II

Canadian Production and Proven Reserves of Crude Oil

remarks.

(Excluding Natural Gas Liquids)
(All Volumes in Thousands of Barrels)
Crude Oil

Estim.

I960

1961

1965

1950

Producing
Remaining

Capaci.y

in Reserves

Reserve at

Average

Producing

Rate of

Drilled

Reserves

for Year

Year End

Daily

Capacity

Production

(2)

(3)

(4)

(5)

((»)

(7)

(8)

(9)

78

28,378

880

1951

130

47,318

485

220,300

172,982

370

1952

166

60,500

961

363,409

302,909

16

98

88

99

1953

221

80,597

906

245,075

164,478

1954

261

95,157

928

457,343

362,156

1955

348

885

426,605

299,633

1956

462

899

508,672

339,959

1,058

24,865
296,322

8

Inventory change (net

855

890

1,068

113

173

264

23.2
19.7

750

62

16.9

870

57

15.8

3,165,904

939

49

19.1

331,220

3,497,124

973

52

19.1

1,035

51

19.3

1,050

57

17.3

1,083

60

16.8

1,121

64

15.8

1,155

65

15.5

1,185

67

166,045

849

503

183,789

905

205,972
457,495
514,959

521

191,104

818

372,522

181,418

219,000
235,900

750

331,500

112,500

3,678,542
3,791,000

900

397,800

161,900

3,952,900

397,800

138,000

745

259,800
272,600

900
900

397,800

125,200

794

289,800

900

600

9

7

6

1962

646

7

12

11

1963

712

989

1,082

1,349

1965__.

__

*An

drilled

''exploratory

test"

in

new

search

of

is
and

defined
as

yet

397,800

any well that is
undiscovered pools or
as

Compiled

by

68
71

496

..

325

65

455

1961___

62

63

535

1958

1960

210
265

365

1957

1964__.
200

.

128,972
168,713
181,107

..

at Annual

Year

349

1959

% of

(1)

645

1,349

as

Daily

347

1,082

Supply

Net Increase

to

544

989

Years'

Additions

Test Weils

23

._

Production

♦Exploratory

159

192

The British American Oil Company Limited.

Reserves—
,

Total for

1,202,600
1,375,582
1,678,491
1,842,969
2.205,125
2,504,758
2,844,717
2,869,582

including

^

Production

Average

gas

200

products

in

We

concern

as

both

we

nadian

are

quirements to provide a major ex¬
pansion of markets for production

un¬

as

1957.

tion of the policy in expansion

this growth in the U. S. import re¬

volumes

move

ingly,

that

imports. The Canadian petroleum
industry is counting heavily on

pattern
Board,
and

the

favor

condensate

export

e

marketing

by

which

1

liquids

long

to

crue

der to meet the

not suit¬

as

undue

for
so

year,

the

highly unlikely. Therefore, in

gas

and

only dur¬
the Suez

proper
perspective
background of- the
longer-term benefits that will ac¬

gas

such.

on

producing

United

about

thinking

to

any

recognized

1956

standby

as

on

kept in
its
against
the

rels

States, and I believe in re¬
sponsible quarters in the United

Recognition of the necessity for
orderly
development
of
export
was

circumstance

of

for

feel, however, that there is any

As

United

for Large-Scale

production

duction

to be

appears

of

score,

of

The abundance of these oil and
fortunate

recommendations

not

Fortunate Circumstance for U.S.

gas

level

current

ing emergencies such

reason

figure

gas

increase to between 60 and
necessity
of
subjecting
to
the
closest scrutiny any export pro¬ 70 trillion cubic feet by 1990.
posal which might result in large(
volumes of crude oil or natural Abundant (t)il and Gas Reserves

Rejected

the

these market areas.

crisis

CPA does under its

liquids entering U. S. markets
expense of U. S. domestic
production.

in

domestic

capacity to be drawn

own

The Alberta Conservation Board

realize the

S.

Naturally, we are not very fa¬
disposed
towards
any
suggestion that Canadian crude

coming

export.

serves

the

a

by existing
without any

facilities,

oil should be regarded

alone,

NGL

over

sustain

served

areas

line

future—large volumes of

requirements

re¬

in

pipe

gas

duce the current level of U. S. do¬

Proposal

to

into the

mestic production for this market.

Board

the

United

be required

years

natural

ative

Conservation

that

for

the

vorably

panded markets and would not

at

to

later this year, Canada
will have—for a great
many years

puts

we

day.

per

stream

proven

time

that

export

new

only to normal growth in crude oil
requirements in the area for ex¬

same

feet

substantial

my

DEMAND—




cubic

the

that Canadian crude oil would look

At the

will

few

in

believe
room

exports

that

57

Growth

Experts

Canada

next

Na¬

our

suc¬

indicated in

as

is

the

healthy

on

I

Total Supply

by

per

for

S.

ample

in

growth
States

ap¬

barrels

in
is

day.

the

we

berta

2

Compiled

1960 production rate of

able

1945

Demand

We

there

words—"a spurt

Actual

Total

38.4

movements

SUPPLY—

'

at

estimated

were

of

with

exports.

Room
U.

barrels—equivalent to only
about 13 years' supply at the av¬

1960

at

in the first half of 1961. He ques¬
whether this was—in his

our

Ample

into

its stated
reasonable increase

a

in volume of

liquids

gas

States

objective of

end

production

in

,

for

United

Policy

the

with

further increase

some

Refined Petroleum Products in Canada

demand

ex¬

barrels per day or only about 8%
of total installed capacity.

Day)

Domestic

natural

overland

and also in the

reception

Oil

reduction

1961

Supply and Demand for Crude Oil, Natural Gas Liquids,

oil

the

and

moving

tional

billion

In

three weeks ago with regard to a
number
of
applications to con¬

tioned

earlier

crude

over

ments will have to be

TABLE

of

to

oil

tion.

will

Interior

the

Production

in¬

major

a

a

favorable

mand

is

and

essential, in

national

of

the United States,

years' supply at the average
1960 production rate of close to 1.5

day

per

it

Ca¬
same

producing
industry
in
Canada's
proved
reserves
of Canada. Again, I would like to
patural gas at the end of 1960 emphasize that in order to achieve
were
estimated by the Canadian this
position
in
exports,
it
is
Petroleum
Association
at
30.7 necessary for Canada to partici¬
trillion cubic feet—equivalent to pate in the normal growth of de¬

320,000

is it

rapid rate.

oil

erage

Lake

total

a

about

equivalent

were

proximately 8,000,000

To¬

and

end

make

the

the

security,
healthy producing in¬
dustry in the United States, ap¬
ply with equal force to- the pro¬
ducing industry in Canada.
This,

to sustain

market for U. S. domestic produc¬

no

by existing pipe line facil¬

ities. It

25,900 B/D

quarters about
Canadian crude oil

around

the

at

that

interest

crude

and

billion

billion,

late in 1960 into the refining area

our

per day in
tier of states

northern

served

years

and

crude

some

of

oil

liquids of t4.2

gas

years'

in

concern

estimated

crude

supply at the average
production rate of 544,000
barrels per day.
By
comparison,
reserves
of

Refining Area—

been

of

1960

areas.

1961 Average:

reasons

the

From

view,

of

your

that

proper

and

Detroit-Toledo

Canada's

reserves

barrels
21

over

of 23,000 barrels

of

government

domestic

S.

U.

duction for these

annual in-

something in

ceeding

of

required

average

months

part

in-

equivalent to

are

an

understanding of the problem'on

a

not
cur¬

1960,

natural

target

should

point

has been recognized by
government in the exemption
from import quotas of Canadian

Reserves

crude exports to the United States

manner,
properly
not to cause any dis¬
markets for U. S. do¬

mestic production.

In

proven

exports

reduction in the

critical.

are

nadian

of course,

Gas

the

orderly

location

in
our

increase

result in any
rent level of

the

healthy producing industry in

a

pro¬

that our expansion of markets in
the United States must be achieved
in

further

years

liquids produced in the province.
The
Board
rejected
a
proposal

recognize

we

own

to
re¬

Secretary
Udall
re¬
cently
expressed
concern
about
the
sharp increase in Canadian

problem in finding
potential production,

a

for
in

recognize

S.

our

made

attitude

continuing growth
in
demand
for
petroleum,
a
steadily increasing percentage of
total
U.
S.
petroleum require¬

crisis.

fact that

in

of

the next few years to achieve

crease

If total exports of crude oil and

This

levels.

increase,

emphasize

possible,

barrels

markets,

refineries

increase

achieve

to

barrels per

23,000

far

This

the next few

concerned for

areas

moderate

needed

something

approximately
day.

domestic

Toledo. We expect

the

the

in

of

mainly from refineries around Deto

ments

1961, to 264,000 barrels per
day in 1965—an average annual
increase over the next four years
per

thus

it.

Thursday, August 3, 1961

ducing industry in both countries,
however, the next four or five

Policy and

Canada.

ports of Canadian crude oil to this

expansion

and

of

an¬

of 23,000

Canadian crude
looking only to normal fu¬

barrels

Export

of

ticipated

exports

more

an

growth in crude oil require¬

centered

see

areas.

efforts

Oil

Canadian Oil and

ledo

We

the

In other words,

relation to total crude oil require¬

being

latter

be

absorb

to

years.

ments of refineries in those

export volumes to be achieved in

the

area,

area

the

would

adequate

barrels per day over

area, the
exports to

the current year and with the an-

Lakes

and

products
in
the
areas
existing pipe line fa¬
when expressed in crude

by

equivalent,

ke^s in the Puget Sound

of

States

to

of
mar-

Great

United

the

Canada's National

growth of only 2 or 3%
in consumption of pe¬

nual increase in exports

ture

would

major expansion of

a

lished

be¬

oil

oil is

Sound

reception accorded in the U. S. to

a

flects, I believe, a recognition on
the part of both government and
industry in this country of the
importance to the U. S. economy

re¬

Northwest,

that

troleum

the

established

Pacific

rather than

achieve

export demand

divided about evenly
the

tween

in

logical

point out

production.

tion

Exports—Puget

Sound,
The

is

the

sources

export

in

the

Canada

meet

Canadian

other

in the movement of crude oil into
the

Growth

displace imports of crude oil from

noticeable increase

a

that

major

levels
of

of

fineries.
With

Export

export

to

target

pro¬

rise

a

the

in

quired

production

from

come

for

that

60%

exports of 55,000 barrels
with

of

achieved.

be
in

voluntary

expect,

anticipated

increase

average

an

borne

purely

a

We

gram.

the

be

expect

day for the full

per

will

1961

year

to

reason

level of

640,000 barrels

this

to

indicate

.

implement

than

which

growth

By

liquids in 1960

averaged 544,000 barrels
It

of

mid-year.

by

why

reason

done.

believe

area

1961

no

We

look

of

like

.

per annum

cilities

Area

to

rate

served

Logical

area

studies

Industry

see

be

cannot

also

our

both sides of the bor¬

de¬

National Oil Policy

a

on

that:

Government

the

.

upon

Feb.

on

announced

year

Commons

of

.

cided

Commerce

industry
der, we

would

that

.

108,000
in

search

Data

for

4,090,900
4,216,100
4.324,100
of

long

1951

to

extensions
19(iO

are

The British American Oil Company Limited

to

from

pools
CPA

already

14.9

discovered.

statistics.

SSSSSSSS&3MI

Volume

Number

194

6078

.

.

The Commercial and Financial Chronicle

.

(501)
fined

from

imported crude oil in

Montreal.

supply and demand projections in
Schedule

We expect

that in 1961

receipts

In

sate by Canadian refiners will be

than 40,000
about
10%

more

day

or

About

barrels

1960.
in¬

over

three-quarters

per

this

of

approximately 30,000
barrels per day, will be due to
increased
take
by
Ontario
re¬
crease,

or

finers.

Table

I, in the tables supplied,

projects

the

liquids,

and

overall supply and
demand for crude oil, natural gas

refined

petroleum

products
for
Canada for
1965.
This projection is based
on
the
assumption that the target level

Hogle Training School Graduates

"A."

Outlook for Industry Earnings

of Canadian crude oil and conden¬

up

the

light of the encouraging
very substantial
in¬
in production of crude oil

outlook

for

creases

and

natural

years,

in

gas

the

next

few

naturally look for a
very
marked
improvement
in
earnings and cash flow from this
phase of the business. With in¬
we

creased revenues from

production,
producing segment of the in¬
dustry should begin to show an

the

overall
cash

profit in this

exceed

period; and

from operations

flow

by

should

substantial

for 1963 will be met and that sub¬

margin
further outlays required for capi¬
tal and exploratory
programs.

sequent expansion of markets will
the level of production in

plaguing

1965 to

820,000 bar¬

years

demand,

earnings from refining and mar¬
keting operations. Unfortunately

raise

rels

Under

day.

per

the

average of

an

on

half of the Schedule,
264,000 barrels per day

bottom
that

note

will be for export markets.
what it may be

For

current
of

projection
oil

crude

liquids

and

1970

for

a

Another important problem

the

is

there

our

production

is

natural

gas

in the order
of 1.2 million barrels per day.

is

areas

industry

the

so

operate

market

little

provement

worth,

of

25

in

for

prospect

of

recent

reduction

earnings

in

in

im¬

these

long as we continue to
in a marketing environ¬

ment in which the

emphasis is

volume rather than

While there

are

on

profit.
reliable sta¬

no

tistics for the industry as a whole,

Exploration, Production and
Producing

Potential

that

Assuming
of

production

these

estimates

what do they

in terms of exploration

in

mean

activity in

Western Canada and the relation¬

ship

II

which

in

some

Note

assumptions.

"B" is concerned

oil

production

does

Schedule

that

only with crude

and

natural

gas

liquids.
Our main point in this
projection is that we believe we
look for

steady improvement
in the ratio of production to pro¬
ducing capacity over the next five
years, if the target levels of the

can

National

the

a

Oil

Policy

assumptions

this

ratio

met. On
have made,

are

we

should

increase

from

51% in 1960 to 67% in 1965.
To put it another way,

remaining
each

estimated

at the

reserves

end

of

expressed in terms of
supply at the applicable

year,

years'

current rate of

decline from
1960 to

production, should

19.3

years' supply in

14.9 years

in 1965. By that
time it will begin to approximate
the

ratio

present

5% after income taxes

statutory rates

tal employed in

on

capi¬

refining and

mar¬

keting operations.

the

in

taxes if the

vestment

United

earnings from

required

are

proportionate
costs

and

reserves

include

not

earning

are

vestment in this phase of the bus¬
iness is earning a much lower rate
of return than 5%
after income

necessarily have
very
broad

we

make

to

at normal

inte¬

many

companies

as

to give some in¬

dication of this by means of Table
had

oil

Certainly, at current price
levels, the average new capital in¬

to

capacity?
We have tried

doubtful if

very

much

as

potential

production

of

am

grated

somewhere

are

the ball park,

I

of

This
not

share

new

to

of

operation.
is

situation

a

believe

which

continue

can

I

tain

the

heavy

capital

expendi¬

ture programs required to supply
the growing demand for petroleum

products. I do not believe you
have

healthy industry if any
important segment is not profit¬
able in its own right.
The only long-range solution to
these problems lies in a careful

reappraisal
and

the

of

of the

a

full

impact that

un-

realistically low prices have in
depressing
general
price
levels
and earnings from this phase of
is

evidence

that

such

something of an exercise in arith¬
metic, we do think it tends to sub¬
that

the

out¬

Western

Canada

is
encouraging
relatively short time.
this basis, we feel it can sup¬
port the high level of exploration
that will be absolutely esential if
we are to be in a position to take
advantage of the opportunities for
for the

even

On

expansion of markets that will de¬

velop after this period.
for

Markets

As
we

for

to

for

markets

expect that in
domestic

export

markets

will exceed 3 billion cubic feet per

day

as

compared

with

billion

cubic

mated

1.6

day in

1961

feet

per

and

day

per

sales

of

over

day

in

2.1

in

1965

additional

some

feet

billion

1962.

billion

3

esti¬

an

per

cubic

Projected
cubic

anticipate
volumes

and

area

feet

capital,

that

of markets for the

natural
and
gas

the

finding

gas

liquids

of

natural

sales

increase, will require

effort

on

a

sound

industry.
orderly mar¬

economic

is

have
natural

reason

taken
gas

basis,

for

liquids in




on

we

a

feel

optimism. We

account

an

improvement in

of

can

return

on

be looked

invested

for

in

the

of
our

these

overall

exchanges
and
having

graduates and
Co.

Training School of J. A. Hogle &

jurisdiction

they

Co.

business.

awarded

was

tificates

in

graduation cer¬

Salt

Lake

The

school

the

Intermountain,

selected for

»

fornia

Southern

New

and

Cali¬

York''City

area*

The

intensive

15-week,

securities

established

was

office

home

training

as

center

careers

a

for

in
na¬

'men

stock brok¬

as

with various of the J. A. Hogle
Co.
offices.
The
principal

ers

&

brokerage firm.

firm's

tional

the

over

course

course

is

ing

offices

the J. A.

with

affiliated

which

Jerry
Feder, Tucson, Ariz.; Arnold S.
Newman
and
Frank
M.
Mosier,
Los Angeles, Calif.; James Dixon
Rivenes, Corona del Mar, Calif.;
Donald
C.
Stansell,
Riverside,
Calif.;
James
Milton
DeVore,
Beverly Hills, Calif.; John Joseph
are

now

are:

J.

City re¬
cently by James E. Hogle, manag¬
ing
partner
of
the
21-office

is securities

analysis. Sell¬
also are stressed.

the men
to
qualify as full registered repre¬
sentatives subject to approval by

Special classes cover
corporate
financing,
money
and
banking,
effective
speaking
and
speed

McGarrie,
Jr.,
and
Nathan
D.
Weisbard, New York City; James
DiSanto, Ogden, Utah; Dean W.
Cluff,
Provo,
Utah,
and
John
McGee
Allen, Salt Lake City,

the

reading.

Utah.

in

stock

signed

broker

to

New

training

de¬

prepare

York

Stock

Exchange,

techniques

*An

First

Related to Depreciation

address

New

by

York

Gorey Co.

(Special to The Financial Chronicle)

SAN

full

and

FRANCISCO, Calif.—Carlton

with

Walter C. Gorey Co., Russ
Building. Mr. Thomas was for¬
merly with Hill Richards & Co.
and in the past conducted his own
investment business in Grass Val¬

ley, Calif.

Partner

The United

economic

of

rate

c en

of the

Stock

Exchange.

Hicks, Price Partner

growth and the

eight leading industrial

jof

cording

to a special report re¬
recently
in
New
York

leased

world,

free

ac¬

American
shows

there

is

the countries

the

more

free

and

ranks

among

in

eco¬

the

Italy,

Japan,

survey

were

Germany,

West

France, Sweden, England, Canada
the

All

United

the

States.

other

seven

growth

employ¬

and

Canada, suffering from the

delayed

effects

recent

the

of

American recession, had a greater

than
the United States, but in spite of
of

percentage

unemployed

this, its economic growth rate over
the past seven years was shown
to be significantly higher and its
allowances

The

report

corre¬

the

the

top

prietor

to

em¬

poor

which

has

of

with
the

the

that
most

American
of

Japan,

generous

de¬

had

growth

the

work

its

rates

its

quasi-

not only

a

13%

States

factor

a

as

health

pro¬

allowances,
rate

of

Proprietorship

Dishy is

sole

now

Investors

of

pro¬

America

in

West 12th Street, New
City.
He was formerly a

Co.,

48

York

partner in the firm.

Johnson, Lane, Space Adds

greater

since

1953

ATLANTA, Ga.—William

C. Set¬

tle has been added to the staff of

Co., Inc.,
was for¬

Johnson, Lane, Space &

eco¬

Commerce

than

merly with the Trust Company of

and

the

of

in

nation

the

economic

was

Building. He

Georgia.

last

year,

said that
boom

a

was

the

report

threatened
avoided

stated.

It

investment

by

Wode & Co., Inc.

the

Bonn

through a reduction
in the extremely generous German
government

allowances.

base

pany,

comparison

of

countries

studied

had

engage

Officers

from the effects of World

and had either reached or

surpassed

their

production levels.

peak

pre-war

1515

in

Cleveland Place to

business.

securities

a

Edward

are

E.

Wode,

Jr., President; and V. I. Scheehser,

Secretary-Treasurer.

Mr.

Wode

formerly with Peters, Writer

& Christensen.

eco¬

re¬

Inc. has

offices at

New McKee Office

growth because by then all

the

War II

for

Colo.—Wode & Com¬
been formed with

DENVER,

was

explained in the report
that the year 1953 was chosen as
was

Formed

(Special to The Financial Chronicle)

graphi¬

cally illustrated in West Germany

of

J.

un¬

all

nearly full employment.
The importance of depreciation

a

*■}

Vine,

has

covered

performance

of

generous

has

United

It

M.

(Special to The Financial Chronicle)

more

nomic
the

worst

of

with

Sweden,

also

nomic

contrasted the

second

6.8%

with

United

The

problem

socialistic economy,

but

Of¬

Presi¬

Berman,

Sidney

and

Now
Victor

idle.

Even

countries,

Canada, exceeded the
United States in depreciation al¬

had

nations,
force

now

except for

at

employment

City.

Treasurer.

the

regard

work.

force

States

Harry

are

Secretary;

than twice that

States

nations

labor

200 West

offices at

Street, New York

since 1953 has been

United

country
three

vides

studied.

in

Included

depreciation

Ex¬

significant

a

industry, by far, the
depreciation rates of all

economy

Stock

of

its

lows

York

Midwest

Foundation

Economic

the

relationship between these factors
and the fact that this country al¬

and

allowance in the
world. The Japanese rate of

considerably

Co.,
securities

a

Shirley Berman, Joseph R.
Sterling
and
Leo
Vine,
VicePresidents;
Marvin
J.
Berman,

preciation

nomic growth

in

dent;

compared

ployment with all but 1.1% of the

the

by

conducted

survey

spondingly larger.

changes.

the lowest

nations

the

unemployed

the worst in

unemployment bur-

CHICAGO, 111.—On Aug. 1 Nathan
Hill became a partner in Hicks,
Price & Donaldson, 231 South La
Salle Street, members of the New
and

next to

engaging

business from

ficers

eight leading free world countries.

States has

second worst

ment.

Aug. 1 Donald H. Cox became
a
limited partner in Delafield &
Delafield, 45 Wall Street, New
York City,, members of the New
York

and

to

lowances,

Delafield

growth

Securities

Peninsula
is

Inc.

57th

employment and economic growth. We are ranked last in

economic

lowest

Thomas has become associated

Policy

Study finds high correlation batwesn libaral deprecation allowance

A

Mr. Loughney before
Society
of
Security
Analysts, Inc., N. Y. City, July 17, 1961.
the

First Peninsula Sees.

Our Poor Economic Performance

City.

major

the part of the

However, with the
keting of these products
there

be¬

On

by-products of

gas—namely,

sulphur—as

to

next few years.

be

those currently approved.

recognize

that

terms

authorized for export in excess of

We

optimistic

that

will

principal

&

way

the general level of earnings from
refining and marketing operations,

G.

other

11

a

lieve that good business judgment
will
eventually prevail
in
this

gas,

1965 total sales

and

sufficiently

am

With Walter

natural

the

The

companies
where
the
greater emphasis is being given to
rather than to volume.
I

GSts

Natural

of

Hogle

some

in

class

state and Federal agencies

business.

our

profits

view

first

practices by all companies in

said, because
of its broad assumptions, that this
projection
in
Schedule
"B"
is

our

11-member

newly established Securities Sales

marketing policies

industry. There must be

awareness

in

The

can

a

There

look for the producing industry in

do

indefi¬

reappraisal is already under

stantiate

a

fixed

the

nitely if the industry is to main¬

States.

While it might be

in¬

bear

MONROEVILLE, Pa.—C.

S.
branch
3981 William Penn High¬

McKee & Co. has

office at
way

under

John

M.

opened

the

Aulbach.

a

management

of

*

26

(502)

The Commercial and Financial Chronicle

Will Repeal of 25% Gold Cover
Enhance Dollar's Status?
Continued from page 3
the

in

world

point,

has been
unfavorable for a
economy

continuously

decade.
Only obsession
with
Keynesian ideology prevented the
imbalance

with.

being

dealt

and

seen

The obvious

monetary e*r
planation of the early dollar shortages of the postwar era. viz., the
inflationism practiced in the defi-

cit

countries,1
conflicted

it

rejected, since

was

with

Keynesian

tions of what each
and

could

the

in

of full employment and
the blessings of the welfare state,
Instead, the "it's fate" thesis beway

the academically respectable

came

explanation
tries'

the

of

difficulties.

it

economy,

predicted,

lead

coun-

American

pessimistically

would

ductivity

deficit

The

was

retain

its

other

over

tries regardless of what

procoun-

monetary

and

economic policies they or the
U. S. might pursue.
_

Considering
view

the

fact

that

this

propounded by, among
prominent growth theor-

was

II

—that

relation to the U. S.).

in

?
!?^
surprl?e
find
that the holders of such

views,

given their former disparagement
of the role of inflation (m other

c?un^les)
should

shortage,

pooh-pooh

inflation

(m

the U. S.) as a factor in the erner-

ably, t

rt^°rar

suggestions of this school
for curing the deficit m the bale

of payments of the U. S. aim

ance

its

at

symptoms

rather

than

its

resulting from the current

Criticizes
.

decline

|of

tra-

our

should

large trade surpluspersist and foreigners

should

continue
dollar

excess

in

this

to

their

convert

earnings into gold?

eventuality,

reason

to

billion

of gold

suppose

there is no
that the $11

which

would

be

'freed" if the gold cover requirement

eliminated, would not

were

sooner

down

later

or

theoretically

—

meet

ounce—to

be

drawn

the

to

last

international

our

What then?

which

in

ort-run

as

essence

panacea

The

truth

js

that

dropping the

symptoms of the balance of
deficit

menfs

will

have

no

pay-

effect

the real

on

which

causes of the latter
(1) the progressive in-

are

ability of n

pro3ucers

s

to

com-

pete |n worjd markets due to the
almost

uninterrupted rise of doprices and costs'in the postperiod and (2) the tendency

mestic
war

^or

u- S.,j producers, given the
relatively high level of domestic
costs and the associated

relatively
incomes,
concentrate their selling efforts

bigh
£0

level

of

domestic

^MthZrP0rPrf,ttOTtCraP^ ?*♦
d
rule.
It
important

g

c

ver

is

Y?rt^SS' J

dropping of the 25%

thi

nf

would

SuF ™JF

^niiar1

+i!

*

°

t^rnntiniJoi

+

ei\

?!

The

results

that

are

because

other

of

exports

countries

increasingly able to undersell

thirl m^rk

in

us

additio"

In

otherwise

exportable resources
diverted to American home

are

rule

market.

processes

^ajj

represented

is

6

tionary expansion of domestic demand. Conversely, imports tend
to rise in a context of inflation
k°th because they are more com-

«

substantial

improvement

international
United

liquidity

ta

the

of

the

[fS

satlsty tnem)-

States.
The present law
$11 billion of the total of

up

Cost

my,

y

,

closer the
Loww ? «iCi Kan^r°a+v?eS
ItfuHhr
-1°1 f
^J^on, the r?10re
pWf i
dollars
c

k

What is available

inflation

hardly be the

can

cause

present international

our

em-

barrassment since the U. S. costof-living index (the most commonly used barometer of infla-

mto gold due to for- tion) has not moved up any faster
pnnYriS
hi °+h
Y»n
-° than this same index in some of
onnY Th^frJYintf6
6 gold,.ls the countries now draining off
ftifkMr
currently our gold, e.g., West Germany.3
, ^

f

fnnp

JnS
would, m
postpone into the

0

f

Thi Yt^Uohiiif
if
availability of

1

additional

*

re-

But the movements of price indices by themselves, contrary to
widespread belief, provide only
very inadequate and sometimes
even

misleading

measures

pel Sfhpr
US+lWv
parative international
Srptfpr.?
American authorities flation (or deflation).
g eater leeway in the admmistracause

nrw-?*
d

domestic monetary policy;

frn
from
the psychological stand-

such

indices

immediately
in

upen

and

1945

due

were

the cessation of hostilifor

not to
Dollar aid

shortages
rather

is

a

war-caused

to

dislocations,
inflation.
but

not

the

time

deliberate
to

cover

what

is

thereafter

shortages

and

policies

these

here

criticized,

persistence of such

short-

well into the Fifties cr long after
abnormalities
of
the
reconstruction
process could be reasonably proffered as
the

excuse

2 The

$4.1

rates

$17.5
with

billion

in
Of

higher

This is be-

say

figure excludes

credits

the

International

Fund.




of

the

the

United

Monetary

terms—at given

exchange

and

—

American

Were

far

commodity

,

lower at the end of

World War II than those prevailing in Europe, a situation which
fnimj

^

^

OUnd its explanation and its juS-

————

rates

those

to

gap

of

has

—

elsewhere;

of

U.

cent

Moreover,
ment

mestic
that

base
of

the

year

195Q

considered

as

a

(1950=100), the per cent increase
c~st-rf-living in West Germany

the

and

in

and

1959

the

the

the

of

absolute

indication

The

remain

nation

that

inflation

United States between
was
the same, viz., 21%.

1950

.

is

ple

offsets

absorbs

or

our

of

the

full

of

measure

home¬

our

made inflation.

ditionally,

the

private capital out of the

United
not

that

out, ad¬
large move¬

States

unrelated

in

recent

to

the

is

years

domestic in¬

flation of costs and prices.

Entre¬

preneurs everywhere seek to in¬
vest their capital in
projects which
will yield the highest return. But

returns
other

will

tend

to

be

higher—

things

being equal—where
costs, especially wages, are lower.

flow

of

private

country
with

it

close

from

the

of

a

of

the

same

"slack"

It

the

is

in

the

ironic

that

who lament the

persons

in

tend to favor

invest

to

domestic

economy

precisely that

course

of action—the toleration of infla¬
tion
for
the
sake
of

alleged
"growth"—which is creating the
slack by forcing domestic
capital
into foreign enterprises.
This is
not

intended

to

imply

that

we

should

raise artificial barriers to
the export of American capital or
4 Neither

rise

any

is

proof

these

the

fact

that

rises

that

inflation

some

is

prices

of infla¬

the

on

but

that

on

most

account

of

tion.

It

is

hard

international

to

how

see

accounts

our

be

can

brought into better balance until
these

issues

faced

are

effec¬

and

tively dealt with; it is, however,
even

difficult

more

to

see

doing away with the 25%
requirement will enable

how

reserve

us

to deal

with them.

Even

a

the

tute

Concern
of

for

payments
reason

abolish

the

the

sentiment

consti¬
optimistic

views

such

that

excessively

an

judgment of recent history and a
failure to understand the real rea¬

of an in¬
problem. It
is in fact because many once sta¬
the emergence

for

son

ternational

liquidity

ble national currencies have been
eroded by

inflation since the gen¬

standard

and

1931

in

the

of

abandonment

eral

U.

gold

balance

S.

the

not
move

cover

gold
par-'

more

since the end of World
they have been ren¬
dered useless for purposes of mak¬
ticularly
War

that

II

ing international payments. As a
result, the burden of these pay¬
functions

ment

shifted

was

in¬

creasingly from- the eroded "soft
currencies" to gold and to such
hard

currencies

lars)

as

still

(including

remained

national circulation.

gold is
to

in

dol¬
inter¬

It is because

preferred increasingly

now

"softened" dollar

a

only

were

other

(as dollars

preferred

recently

currencies)

to

that

a

international

oped.
Tne international

lem—if

there

liquidity prob¬

indeed

is

such

a

thing—is not a general illness af¬
flicting the world because of the
failure
of
the
growth
in
gold
stocks to keep up with the growth
in world trade.
It appears only

where

countries have chron¬

some

ically unbalanced balances of
ments

(surpluses

nations'

imports

on

current

and

quired

at

all.

rarely

if

If

exports
account

international

would

be

re¬

Admittedly this is

Hypothetical

a

no

cash

of

and

capital

exactly balanced,
movement

pay¬

deficits).

or

all

situation

which

realized.

ever

is

the

But

principle (it is hoped) is clear:
viz., that surpluses and deficits
(or excess liquidity and deficient
liquidity) arise in individual coun¬
tries as the product of their indi¬
vidual

policies

world

at

and

large.

disequTibria,
not

extreme

give rise to

not

Even

providing
in

in

the

short-run

amount,

they

are

will

not

"liquidity problem"
since these can be bridged in the
normal case by a country's own
of

reserves

is

position is
behind the

25%

crises would

of payments

a

cash

its

and

international short-term

ni

the

persistence

indivi "ual
to

cases

of

access

deficits

which

to

credit. It

gives

in

rise

liquidity problem.

a

to

rule.

When

for

repeal is also
linked to the emergence of an al¬
leged international liquidity prob¬

International

Crises
Our

Were

present

Liquidity

Nonexistent

situation

needs

to

be compared with the
^operation
of -of the
gold standard in its heydey,
international means of payment
one of the striking characteristics
(principally gold) behind the vast of which
was
the small interna¬
growth in world trade of recent
tional movements of gold it re¬
years.
And this is asserted to be
quired. In consequence, the gold
a problem for whose solution the
reserves needed by an individual
United States, as in so many other
gold standard country were rela¬
cases, bears the major responsi¬
tively modest.
International
li¬
bility.
quidity crises of the kind experi¬
Members of the "drop the gold
enced regularly in recent decades
reserve requirement"

i.e.,

a

lag in the growth

school main¬
development in our
time of responsible monetary pol¬
icy and the growth of interna¬

tain

that

tional

the

financial

tying

of

institutions make

money

to

gold

an

anachronism.

A gold reserve, it
argued, adds nothing to the do¬
mestic strength and stability of a

is

nation's

were

the

currency.

The

Romney,

Customer

original

nonexistent

standard,

under

precisely

the

gold

because

the

relative

stability of national

cur¬

rencies,

due to the
inflation

chronic

avoidance

of

everywhere,
made
them
as
"good
as
gold"
in the financing of international
transactions. The ready accepta6 Thus

Henry Clay Alexander, an au¬
spokesman for the New York
banking
community, recently
declared:
"Repeal of the 25% gcld-backrng pr-vi-

thoritative

present,

be offset by falls
in other sectors.
Properly speaking, only
movements of the general price
level, not
those of individual prices are entitled to
the appellation of
inflationary or defla¬
tionary or "stable."
may

issue

have received under the existing,
politically feasible level of taxa¬

lem,

country.

superficial acquaintance
adventures in inflation
of the free world in the postwar
era
and
the
associated chronic
■

with

shortage of
the former commodity has devel¬

greater share of the total output
goods and services than it would

tunities for employment of domes¬

uneconomic

."5

.

deceptions, will not
infrequently be found deliberately
using inflation to divert to itseif

The

home

out

and

wage

outflow, where it occurs
in sufficiently
large amounts and
rapidly enough to depress oppor¬

it

de¬

productivity and
price movements
elsewhere in the world, and on
the other hand, the failure of the
monetary and fiscal authorities to
offset, or even to resist this proc¬
ess.
Indeed, the government it¬
self, in one of the least under¬
to

Capital

labor, is something about which
has a right to be alarmed,
particularly where the outflow is
occurring because inflation makes

and

unrelated to

are

only

one

the
has

hand, the ability of large, or¬
ganized groups to foist wage and
price rises on the country which

upon capital—the instruments of
production—cannot be overlooked.

tic

.

is the central

a

endowed
States, the
employment

Illiquidity

relative

United

dependence

nation is in

our

.

,

plentifully

so
as

capital

.

International

Real Reason for

certain

effective

Capital Outflow

ment of

expansion abroad rather

one

'

munity's need for this commodity
to finance world trade.6

thing about them

stood

It is necessary to point

base

to

necessary

which the others revolve:

In this situa¬

foreign deficits — the
imports over exports—
which, together with whatever
price rises have occurred, reveal

it

tion, in the final analysis, around

tion, imports will tend to increase
and exports to decrease. It is
pre¬
cisely

be
are

Depicts the Central Issue

otherwise

the

phes recurring" today is very re¬
mote, there is little ground for
using gold as insurance against
them. But above all, it is asserted,
the U. S. holds too much gold in
relation to the international com¬

the problems and try to do some¬

It

available for exports and to spill
over into other countries (the less

excess

ought to

economic facts

rather than to face the issues and

in¬

mand, insofar as it is not absorbed
in,to price ,rises, tends tp consume

inflationary ones).

the peo¬

.

early stages of having
thing happen to it that
already happened to Detroit
Michigan; namely, economic
cisions
being made to get

quantity of money or (2)
an increase
of imports over ex¬
ports, which has the same effect.
In
fact, inflationary excess de¬

r e s ou rce s

.

.

same

creased

domestic

cur¬

the

valves,

the

make

economic

apart from increased saving, are
available:
(1) a rise in prices,
which

character

country

what the

than at home

tion is to generate excess demand
for goods and services. For such
escape

the

elsewhere

as

of this

that

the

demand, two

well

told

The point is that

form
of
rising
The initial effect of infla¬

excess

•

made to move sig¬
nificantly the automotive base in
the United States to the world,
based on components from here,

inflation need not, though it often

prices.

of

rently being

as

tion

indicate

in

I believe that before economic

.

decisions

doing so because
inflationary expansion of the

take

.

no

not

protect
the horrors of
to

balance

bdm

and in other

domestic market from abroad

our

gold-money link
the people from
a galloping infla¬
or a deep depression.
Since
likelihood of these catastro¬
the

for

reason
was

the

abroad,

1961

Thursday, August 3,

investmen^jof Ameri¬

excess of that re¬
quired to meet the needs of for¬
eign markets. It is intended im¬
portantly for the penetration of

prevented from

supply A

the

industries, is in

For example, technologi¬
cal
improvements, other things
being equal, should cause some
prices to fall, but they may be

money

the

automobile business

present.

of

afflicted

has

.

and

cause

a

Romney writes:
.

capital

can

.

is

which

years.

fact

mere

both

are

United States for the past several

move¬

stable

it

of

symptom of the economic stag¬

a

in

migration

large

from

as

cost-of-living index

inflation.

prices

to

reason

capital
both within the country as well

in turn, the

commodities

S.

corrected.

be

little

validity of the view
expressed by George Romney, a
leading figure in the American
automobile industry, that the re¬

again at

—

should

seems

the

doubt

and Eu¬

exchange

which

There

wages
are
an
important
part of costs have been subjected
to upward pressures not present
in the same degree in other coun¬

since

3 With

net

money

Were

the

In ,fact' American

,

PricCS

therefor.

billion

States

Wages

of

dollar

ages

an

com¬

nothing
about the absolute differences of
prices and wages in effect in dif-

the-Eu'ropekr1dofi'ite'whfci '."siaS base period'

ties

of

rates of in-

ferent countries at the time of

77
Of

given

unhealthily large capital out¬

flow

States,

son

yeY

fi

wage

money

they choose.

is, rather, the conditions which
giving rise to what may be

an

the productivity gap be¬

the United States

to place

are

has been closing fast whereas

rope

the

United

While there is in principle no rea¬
to be concerned at the out¬

Living Index

Misleading

Occasionally it is asserted that

+

on

of

Held

approximately $17.5 billion in gold

tt

is,

tween

h

cooh

ties

that

the

of investors

freedom

.

interfere with

other way

any

their money wherever

as

in

ratio

same

consumption because of the infla-

? jant£,
remam unaffected. Pro- petitive cost-wise than comparable
V1
1? were not interpreted as domestic products and because,
tTS °,oYrL°Wn P°Yfn™e+nts apart from price level differences,
Of fhp HollatvS
^
.ure they serve to fill the "inflationary
norfanf
nrovicrf
^ ^
gaP" (which OCCUrs when the toLnlH aSmSi
m^asiire tal monetary claims on a nation's
vi

It

in

is well known,
the ratio of productivity increases
to money wage increases in Eu¬
rope has been greater than this

does,

gold-backing requirement and
similar attempts
to palliate the

these

,

sue

recently,

(or of other similar indices) only
partially reveals the extent of do¬

relative

ditionally

foreign

Gold Proposal

v

s

More

superior

to

the

in the domestic rather than in the

t

the

greatly

tries.

causes.

ti

European
productivity which then obtained.

the

high level of private capital outflow, from economic and military
aid to other countries, and from

debts.

the world

American

which

cifically, what if the basic deficit

the probability of a structural alteration of the American econ-

relation to the rest of the
world (or conversely of structural
changes occurring in the rest of

of

prices

what then of the long run? Spe-

also

in

dollar

the

be safely postulated only for

may

others,
ists, it is curiously "static," seemingly blind to the possibility and

omy

of

llle short run.

no-

itself

upon

defense

in*

level

requirement not being given an, tended to close much more slow¬
unfavorable interpretation abroad; ly. This has had the effect of "in¬
they are results, moreover, which flating" U. S. wage levels relative

country should

bestow

the

in the money markets of the world
would doubtless be substantially
eased. These are results, it is necessary to emphasize, which depend on the repeal of the reserve

tification

.

5

Gecrge

and the t\aticn's

Sharing

Economy, verbatim

tran¬

of statement by Mr. Romney at
York press conference, December
15,
1960,
published
by
American
Motors

script

sion

New

improvement

Corporation

(Detroit),

pp.

7,

13.

'

tary

would

be

a

logical step in the further

cf

framework."

^international mone¬
(Quoted in TIME, De-

our

&M

Volume

194

Number

6078

.

.

The Commercial and Financial Chronicle

.

27

(503)

3
bility of its national currency gave
a
country a second line reserve,
to

o

fcl
u

tions in international interest rates

tiny

brought corrective movements of
short-term capital to the aid of a

ever

involved

country in temporary payments
difficulty, reducing still further
the pressures exerted on the do¬
mestic gold- supply. As the emi¬
British

authority on inter¬
economics, Roy Harrod,
recently observed: "It is a para¬
dox, which I believe is not open
to question, that you need a much
larger gold reserve if you are not
on the
gold standard than if you
are.'"7

ing

the

on

be

not

that

assumed

Mr.

Harrod, a moderate Keynesian, is arguing for a return to the

gold standard in making this ob¬

in this

kind

CORNER

the

the

For

short-run

proposed

closer

thing,

Board

the

should

objected,
has

the

the need for such

arise.

when

suspend

But

such

would

the

ing

The

the

taken

of

the

25%

national

only
dollar

rule

is

abandon¬
forestall

to

by bolstering inter¬

confidence

More

now.

of

purpose

crisis

a

NOTE:

the

the

in

dollar

specifically, the

move

of

that

borderline

always
The
the

more

the

higher

go

for

associated

been

probably not have
difficult to have re¬
old type of gold

very

to

turned

the

standard after the post-1931
ries

were

But

over.

flur¬

did

we

not

want to do so, because we did not
want to put ourselves back into

position in which we might once
again feel it incumbent to put up
a

the

Bank

Rate

with

view

a

to

external situation.

The easy money policy seemed to
be
....

.

having good effects internally
The price that we had to pay

for the freedom to have whatever
internal

policy suited

us

need to have and to hold

gold

than

reserve

accustomed

been

larger

a

had

we

the

was

ever

is

possible here to take
up the large and difficult subject
of whether the gold standard in
its

old

form

What

is

should

be

however,

necessary,

that at least

one

restored.

is

fundamental pre¬

requisite of the gold standard sys¬
tem, viz., the maintenance of mon¬
etary and fiscal discipline within
the

several

receive
sis

new

national

everywhere

tional

as

policy.
(as well

of other

and

goal'of

a

Only

the ultimate

can

deficit

economies,

and vigorous empha¬

in

way

of the U. S.

cause

of the

as

na¬

this

deficits

countries) be eliminated

the

international

problem

reduced

to

liquidity
manageable

proportions.

"basic"

to

be

impressed

more

worth noting that while
of the active supporters of
repeal of* the internal gold re¬
quirement will admit, if pressed,

that such

step is unable to amel¬

a

iorate the basic deficit in the U. S.
balance

will

dence

pects

of the
with.

ping

on

create

climate

a

in which

dealt

t

they will
the grounds that

payments,

for it

argue

it

of

of

confi¬

the short-run

deficit
Fears

the

of

be

can

as¬

better

the drop¬
requirement

that

reserve

will invite further inflation in the

'$

U.

S.

groundless,

are

since

even

the

now

they

U.

S.

add,

money

sppply is still well below the the¬
oretical

gold

'1
3

limit

upper

rule.

This
to

have

an

obstacle

We

Must

the

Keep

only
to

is

symbolic
inflation.

Gold Even

as

at home, thus mak¬

pressures

ing

gold

than

by its willingness to

outflow

its entire gold

the

our

gold

just

as

unnecessary,

reserve

depreciating

where

To

duced

society most

tional

of

whose

arrangements

in

institu¬

and

whose

prevailing ideology tend to favor
inflation, the value of even a sym¬
bolic

reminder

that

the

quantity

definitely
great.

is

As

a

certain

to

be

fiscal
rule

limits of monetary and
irresponsibility, the
25%

has much

the

same

function

the community's laws and or¬
dinances governing vehicular traf¬
fic. There is just as little reason
as

to

abandon

ment

thorities
cumbed
7

the

because

have
to

the

reserve

the
not

require¬

monetary
as

yet

temptation

new

is zero, there is

much

to

run

reason

American

on-

approach

this

gold

as

limit

as

level.

Only

the

some

stopping

inflation, not the availability of
gold to pay out, can stop a
outflow—a fact for which

more

gold

the recent experiences of a num¬
ber of European countries which
have returned to monetary dis¬

cipline

provide

What

ask,

ample testimony.

benefits,

will

States

is entitled to

one

result

to

the

United

from

dropping the gold
(a) such a step
is unable of itself to cure the ba¬
rule

cover

sic

since

deficit in

balance

our

of pay¬

ments

(b) it will do away with
important psychological bar¬

an

rier

to

inflation

basic

in

society and

prone

tent create

a

an

(c)

inflation-

to that

Rry

a

actually

may

inflation

is


{

i

"bear"

a

a

markets.

he

of

little

resisted

of

all

agen¬

difference

internationally
U. S. internal goldrequirement is dropped
or
not.
But if, as seems likely,
the "freeing" of the gold reserves
the

backing

will

tend

tional

to

perpetuate

illusion

that

we

the

na¬

can

con¬

tinue to
manipulate our money
supply and interest rates and to
shape our economic policies (with

respect to wages, prices, employ¬
taxes, etc.) without regard

ment,

the

to

international

thereof, it

consequences

have only baneful
consequences for America and for
the

free

can

world.

With

Sherman,

Vice-President

of

formerly
A.

C.

a

Israel

Commodity Co., Inc., is now as¬
Newburger, Loeb &
Co., members of the New York
Stock
Exchange, at their main

sociated with

office,

15

writers

is

and

Broad

St.,

N.

Y.

City.

to

In

In

welcome

a

can

help

"bull"

pro¬

pay

Weil & Doyle to Admit
New

&

Doyle,

York

New

30

Broad

Street,

City, members of the
Stock
Exchange, on

York

Aug. 7 will admit Herbert J. Mc-

Cooey

to

Cooey

is

partnership.
M»\ Mcpartner in Blair S.

a

WilLams & Co.

,'

D. L. Truman

.

,

Opens

LOS

markets

stock

to

of

use

one

House

Ways

and

sell,

man

is

and

the

a

better

he

the

be

can

disas¬

trous to his future production and

his

livelihood.
That is why it is
important for the salesman to dis¬
criminate

lative

in

his choice

issues

that he

was

the

ders for

of specu¬

offers to

his

clients who buy this

of

$12 number.

a

threw

I

in

market

or¬

both the

liquidation and
It went to 13V? tha*

day, the next day 14

high and

on

increasing voiume, and it has now
faded back to about 12 on reduced

volume.

didn't

He

know

friend of mine had

tip

a

that

a

that

on

same
stock at 4 several months
before he went in at 12; my friend
knew some
of
the
people con¬

the company so well

completely lacking in

was

confidence
and

sold

did

I

in

out

not

the

their
around

management
seven.

tell my customer this

reader may wonder
is

answer

telephoned

and

why.

simple.

very

me

gave

He

me

and

exclusion

approved

my opinion.
fairly successful dur¬

ing the past

year and a half wher.
low priced speculative cats
and dogs came to
market, or hac"

many

or

boy;

either

run

on

over-the-counter

Exchange.
He's a big
likes to gamble and he

an

he

can't sit

still Jong enough to take
a
long-term six months' capital
gain. He's the compulsive, reach

type of secu¬
rity. The pitfalls are not always
clearly marked and mistakes can; for it and grab, smalT-time
specu¬
be made both of omission as well
lator, who always comes out into
as commission.
It is better, how¬
the sunshine when we have "bull"
ever,
to miss a good deal that marxeis, and he is just made 10
turns out to be

real winner

a

casionally through being too
servative
with

than

to

take

clientele.

your

doubt—don't!

It's

oc¬

con¬

chances

When

in

good rule to

a

follow.

tribute

Guide Posts

learned

the

years

has

something
to sell, that they want to get rid
of, they dress it up as nicely as
For this

possible.

I am al¬

reason

if

there

party.
tail
of

is

I

never

or

a

cocktail

attend

attended

No

ment

your

you

a

had

Someone

smuggle in

a

later,

there.

sense
enough to
court reporter, and

when I read his notes

a

few days

wondered

I

tender

invest¬

(even at that
whether or not the

age)

parties

agents,
or

staged by
promoters, un¬
company offi

complain if

can

get

you

bad piece of fish.

President

Stock

story and forget

account.

I

Unless

can

obtain

in¬

sources

without fanfare and hul¬

his

second

said

Then

there

on a

is

stock.

this

matter

of

It may be listed

unlisted, but the fellow who
wants to get rid of something is
still working this old one'to per¬
fection.

It

never

seems

to

wear

business from offices at 749 North

boils, the

La

"tipster."

And

the
more

more

the

market

active becomes the

A few weeks ago one of

relieved

the

for

consideration

listing

the

change to

double

of

continued

the needs of

a
generally expand¬
ing economy, to help in maintain¬
ing fair and orderly markets, and

to adjust for the substantial
ap¬
preciation in securities values.

(2) The Exchange, with the as¬
sistance of The Psychological Cor¬
poration completed

a Uniform Se¬
curities Examination to be offered
to States.
The test is designed to

assist State securities commission¬
who

ers

tions

examine

of

the

salesmen

Exchange

qualifica¬

estimated

an

curities

not

NASD

or

25,000

se¬

subject

to

jurisdiction.

(3)
Passing scores
Exchange's own new

for

the

registered

representative examination were
raised by about 3% at the end of

June,

the

this

Psychological

test

second

went

into

revision

effect

the

at

part of

to

training

strengthen

since

Corporation

of the year as

(4)

Instructors

in

change-approved

a

start

program

of

regis¬
Ex¬

courses

June

(5)

To

formed

against

warn

and

the

on

to

unsound

fringes

of

unin¬

speculation

the

securities

markets, the Exchange issued

cau¬

tionary statements on April 4 and
again on May 16. The Exchange
continued

to

to

steps

sary

all

urge

organizations to

iwem-

take

neces¬

encourage

sound

principles of investing, and it
disclosed

that

most

had

Work

member

adopted

was
or¬

specific

area.

was

informational

1962

eration

Census.

forms

of these

The

for

Exchange

companies, other

Exchanges, the National Associa¬
Association

Companies

(7)

go

in

of

Invest¬

the

project.

for

out to

Share volume for the first"

half of 1961

reached

a

record

572

million shares, or a

daily average
of 4.6 million shares, but second
quarter volume was down almost
10% from the first quarter.

Ex¬
rep¬

(8)

Ad¬

half

proposals to
Keith Funston

repeal the $50

4% tax credit that provide partial
double

taxation

of

dividend income.

income.

Net

revenues

for

the first

$1,070,000 after taxes,
approximately $350,000 over the
comparable 1960 period. Increased
revenues, particularly from mem¬
ber charges based on commissions
and
clearing operations, largely
were

reflected the higher share volume.

Exchange's stand on proposals for
tax withholding on dividends and
interest

ten

similar information
member firms in
the latter part of July.

hun¬

from

the

University

and
met for two days
improve registered
representative training courses.
Institute

in

will

exclusion

some

all

strengthened to meet

were

Requests

dreds wrote to

relief

of

(1) Standards for original list¬
ing of common stock and criteria

ment

Mr. Funston also reiterated the

out.

are

taxation by the $50 exclusion.
Other highlights of the report
included:

tion of Securities Dealers and the

ministration

or

lion

National

that

opposing

"tips"

less

$7,500 and at least three mil¬

expressed gratitude for the coop¬

Fun¬

promises, hopes,

chunk of the

share-

of

has

quar¬

Mr.

ask

all

than

shareowners

by

of

income

Exchange,

re¬

resent them in

or a

half

total

the

divi¬

on

labaloo, I have no interest what¬
soever
in
taking any stock in
big blue sky.

have

the

dend taxation.

ter,

argument

of

taken note of the wide public sup¬

In

had

begun on the
Exchange's 1962 Census of Shareowners,
the
third
ever
taken.
Some
6,700 public corporations

ston

of the

certified audit and income

than

more

owners

received

Funston,
York

stanu

his

House

change testimony, he said, showed
that

(6)

Funston Report
For 2nd Quarter
New

that

the

opportunity to refute

procedures in this

Keith

out

fore

e

Means Committee
an

ganizations

low

a

b

that the credit and exclusion ben¬
efit only a privileged few.
Ex¬

ber

stock, or issue propaganda to se¬
curity salesmen, who, it is hoped,
be gullible enough to swal¬
some

Ways and

also

port for the

about

pointed

the/ Administration's

restaurant, where
eat lunch every day. Ai
own

drunk, crazy, or a
plain crook. Parties, dinners, and
staged affairs are still being con¬
ducted
to
promote the sale of

will

also

presented

Except to the waitress in

port generated by the Exchange's

was

He

appearance

didn't

least there you know to whoir

a

every
town
was

in

man

cocktail

you

practically

rants;

I

Nor did I mention it to

one.

tips.

cock¬

of the city's finest restau¬

one

that

cials.

shindig in
New Orleans in 1928; it was given
in

sure

derwriters,

speculative character.
once

is

the

press

parties given by underwriters
prospective stock issues of a

I

it

policy to—

and salesmen,

dinner

a

also

what

for

withholding,

blanket rate of 16%%.)

a

tered personnel.
be

can

Avoid

suspicious of stockholders'
meetings where special invitations
sent to brokers

exactly

sev

them, and

any of my associates in my office
If you want to protect
your clien¬
tele it is a good

ways

are

that's

up

this

over

someone

prices

telephone and call
any of my other customers about

Rocky Road
have

at

dis¬

worth.

pick

the

on

stock

some

eral times what it cost
often

You

Some

I

order for those who want to

and

plan

a

an

order; he didn't ask
He has been

their

at

to sell out

me

insistent that I do it at

so

that

the purchase.

and

sell,

I could

as

once

The

can

make mistakes that

He

who

opportunity he will have to

more

much

Means

cancellation of

a good
telephone stock, also another good
growth
stock, and buy him as

his facilities

thereby. The sales¬
vital cog in this business,

of

appeared in

hundred shares of

that he

benefit

income

tentatively vetoed

and told

me

several

his

opportunity to all
promoters, lawyers,
and various under¬

with

ANGELES, Calif.—David L.
Truman is conducting a securities
Brea.

reported

Committee has

on

speculative accounts excitedly

nected with

formation from qualified company

Weil

Ultimately,
exist between

types should be eliminated
through electronic processing of
tax forms, to begin in 1962.

credit

the

an

wish to make

speaker

Newburger, Loeb

A.

overhead.

grow

government, it will make

whether

business

that when

firmly

primary objective

cies

duce

climate in which the

deficit

integ¬
rity of the currency becomes once
again, as under the gold standard,

suc¬

Harrod, Policy Against Inflation
(London: Macmillan, 1958), p. 53.
8
Roy Harrod, Ibid.

markets

ex¬

and the maintenance of the

au¬

(or to

"bear"

with

popular
during both

man

and

those, from
accountants,

Moreover,
legal floor under

reserves

reserves

very

symbolic reminder of

outer

marked

to back up

dollar.

of money cannot be expanded in¬

the

salesman

is both

"bull"

clients offer

there is where the floor is at

John

this it must be answered:

the

out

pay

expect
accelerated psychologically-in¬

an

a

Symbolic Reminder

.

a

by

rule, in short,

declared
value

as

set

that

investors. They also

or

clientele

a

securities

offered to either

organization because he

ary

If

is

sell
be

addition to the ranks of any sales

larger?
It

and

to

that

active

public speculates,
the prices and the

to hold the line against inflation¬

IV

many

realize

crop

by the ability of the United States

higher

before."8

to

not

devaluation)

being added to the

certain

are

of

It

of

deficit (in the trade and long-run
capital accounts). But foreigners

a

correcting the

and

reserves

is

never

heaviest

the

speculative issues
in "bull" markets.

appear

it

underwritThey

market.

to

come

know

also

speculators

diminishing "free"

said.
may

the

of articles

The first

called

unworthy

many

ings that

to

from

series

a

are

easier

would

in

my

should

"It

second

Experienced salesmen know there

is calculated to prevent a specula¬

fears

the

he

gap

and

dividend and interest

tive deficit (outflow of dollars due

standard.

is

subject matter.
of July 27.

issue

He is candid

the gold

This

above-indicated

suspen¬

already been seriously dimin¬

such

taxable,

(The
ED.

rule

cam¬

all

action, it is

be

prestige

Re¬

power

servation.

up

is

Pertaining to the
Servicing of Speculative Accounts

enough, however, to acknowledge
the price that must be paid, in part,
giving

BY JOHN DUTTON

Some Observations

on

Federal

already has the

temporarily to
sion

seem

shareowners,

educational

an

paign reminding dividend and in¬
terest recipients that this money

advantages

step

inspection to be nebulous.

one

serve

continue

whatever

it;

m

to

fair, particularly for mil¬

of low-income

earned

Even
of

more

lions

of of¬

fM

He is not.

be

SECURITY SALESMAN'S

fense.

ished.

should

It

II

print

grounds that only a
fraction of the people are

national

m

to

the penalties for hit-and-run driv¬

nent

i

pressure)

currency up to the limit permit¬
ted by law as there is to abolish

speak, behind its gold sup¬
ply; in addition, the existence of
gold points and associated varia¬
so

I

government

It

would

Expenses were also up, by $1,250,-,
000,
to

more

than half

of

higher payroll costs.

this due

i

23

(534)

The Commercial and Financial Chronicle

STATE OF TRADE AND INDUSTRY
Continued from page

above the preceding

1.9%

or

cars

The

The

loadings represented a de¬

crease

5.8% be¬
corresponding week in
but an increase of 47,742
of

35,681

or

cars

the

1960,

8.9%

or

cars

sponding

in

week

nationwide

the

above

steel

corre¬

when

1959
strike

a
in

was

There

10,730

were

loaded with

included

total).

one

more

or

revenue

in

that

This

was

week's

over-all

increase

an

I,167 cars or 12.2%
above
corresponding week of 1960

of

the
and

increase of 3,199 cars or 42.5%

the

above

1959

Cumulative

week.

piggyback loadings

for the first 28 weeks of
taled

305,966

II,539

for

3.9% above the

cars or

period

87,374

or

cars

to¬

class

cor¬

1960

and
the

in
U.

I

of

above

period

58

were

of

40.0%

corresponding
There

1961

increase

an

responding

1959.
rail¬

S.

systems originating this type

traffic

in

the

current

pared with 52
in

50

Dun

the

Continued from page

country

in

meats

general

function

is

1%

one

week

year

com¬

Ahead

week

Tonnage

of

1360

About

Week's

in
of

the

corresponding
the
American

1960,

Trucking

Associations,

Inc.,

an¬

areas conducted
by the ATA De¬
partment of Research and Trans¬

flects

400

The

report re¬
handled at more

tonnage
truck

terminals

carriers

of

of

general

com¬

freight

throughout the country.
Electric

Output

Than
The

in

amount

Higher

and

hide

electric

energy

15,829.000,000 kwh.
kwh.,
or
6.3%

950,000,000

levels, their increases
outweighed by declines in
prices quoted for wheat, rye, oats,
coffee

and

ceding

week

date

same

Shipments Were
1960

the

1%

252.

trated

July 22,

board

feet

Compared with 1960 levels out¬
put dropped 4%, shipments dipped
1%, and orders rose 4.5%.
of

off

fell

board

figures

feet

for

in
the

weeks indicated:

in

l

July 23,

1 96 1

$100,000, in contrast,
slightly to 43 from 36
week ago and in the simi¬

reported

Retail

227,220

..231,054

216,139

221,181

Wholesale Food Price Index

Food

Price

In¬

by Dun & Bradstreet, Inc., dipped moderately in

Index

was

lowest
1.3%

and

also

On

ago.

down 0.9%

level

below

similar week

Declining

in

five

the
of

in

fell

Aug.
to

1,

&

omit

to

would

its

other

an¬

necessary

Trade
Review of the Week for the week
ended July 26. It will be resumed
report

usual, however, with the next

as

report to

the period

cover

Department

Increase

the

growth

the

Federal

dex

for

the

the like

sales

on

Board's

ended

rise

a

18%,
adjust the

can

to

of

2%

over

period last

ended

sales advanced 2%

over

meet

of

emergency

According
serve

price

New

ended

higher

the

last year.

Federal

department
York

July

Re¬

The

Commission

be

of

the

be

Reserve

recommends

extension

no

Federal

Reserve

non-bank

over

of

di¬

controls

financial

institu¬

tions.

than

July

22,

reported

2%

a

above

increase

the

while from Jan. 1 to

increase

over

parable

the

recorded.

sales

period

was

1960 period,
July 22, a 2%
in

of

the

com¬

1960,

was

in

and

The

FRB

Chairman

Chairman

should

and

be

Vice-

designated

President's.

The

FRB

the

should

members,

odd

should

be

consist

with

of

overlapping

expiring

one

this

BOSTON,
week

jsian

has

Mass.—John
become

hand, higher prices

with

K.

associated

Torowith

& Co., 21 Con¬
was

Goodbody & Co.

formerly

for

same

should

Board.

In

this rate the Board

all

be

each

should be

Chairman

the chief executive

should

be

officer of

Board, empowered to
ministrative matters.

the

handle

ad¬

should

be vested in the

lishing

these

various supervisory authori¬
to
presently
nonregulated
lenders, including nonfinancial
corporations.
by

with

sult

bank

to

12

Federal

Fiscal

con¬

The

Reserve

Commission

the

stock

recommends

its

present form of capital
the
Federal
Reserve

of

each

by

of,

$500, the

say,

member

that the

public should be kept in¬
with

of the

reasonable

with

and

ness

for its

reasons

and

in

avoid

be

de-ail

order

to

misunderstanding and mis¬

interpretation.

the

difficulties

the

existing debt

to

justify

are

giving

great

priority

as

to

a

fective

the

in

as

debt

combined

sustain¬

to

growth

with

only

other

maintain

low

ef¬

be

can

stimulant

a

economic

able

if

measures

levels

of

un¬

petence,
jectivity
mended
ment

ment,

and

ob¬

sound

with

the

that

responsibilities
them

low

in

levels

the

recom¬

achieve¬

of

unemploy¬
adequate
rate
of

economic

growth, and reasonable

stability

cf

price

levels

in

the

Salaries of top govern¬

economy.

officials

should

and

of

in

their

be

sharply

view

cf

available for appointive offices in
the government.
The

present

statutory Federal
Council should be re¬

Advisory
placed
12

by

advisory council

an

members

Board

appointed

from

nominees

by

two

Reserve

banks.

nominations, not

the

of

the

make

from each
ner

as

to

its

representative

of

the

economy.

American

members
year

should

terms,

not

all

a

man¬

of

aspects

Council

for

serve

three-

immediately

re¬

newable. The councU should meet
with the Federal Reserve Board
at

least

twice

a

year.

should

be

source

further

of

recog¬

and

strengthened. The law
should formally constitute the 12
Federal
as

a

bank

serve

least

four

Board,
finds

Reserve

conference

bank
of

Re¬

presidents, to meet at
times

and

a

oftener

year
as

of

with

the

the

Board

necessary.
The determination of open mar¬
ket policies should be vested in

time, would

over

and

the

marketable

should make

debt

sus¬

that

and

can

contribution to

some

level

economic

of

activity. However, the primary re¬
sponsibility
for
achieving
this
objective must be borne by mone¬

and

transition

The

maturity

to

a

and
reversible
fiscal
changes for stabilization purposes
are disassociated from
permanent
and structural changes. Techniques
should

should

made

during periods of buoy¬
economic activity in line with

the

attaining of our basic objec¬
tives of low unemployment, price
level stability, and growth.
The

that
to

Commission

the

the

recommends

take

Treasury

expand

measures

proportion

the

of

public debt in the form of savings
bonds

terms

on

petitive

with

alternative
for small

which

yields

forms

are

com¬

suitable

of

of

investment

tion

of

Federal

method

a

the

as

as

coordinating

debt

and monetary

policy.

The

ening

Commission

the

consolida¬

Treasury

Reserve

developed

be

can

which

by

expenditure policies

applied

flexibly, and

more

the first step in this direction lies
in

sharp

a

short-run

demarcation between
changes
and

cyclical

long-run structural changes.
Tax

Adjustments

The tax structure and expendi¬
ture

change

from
changed
the growth of the
do

programs

time to time and must be

periodically

as

alters the tax

economy

revenue-

expenditure relationship. The
reassessment

the

of

pe¬

rela¬

tionship between tax revenues and
expenditures is necessary, and an
effective stabilizing fiscal policy
calls

for

changeg required by the

reassessment

to

timed

be

to

co¬

incide with stabilization needs.

The

Commission therefore

con¬

cludes that when

discretionary tax

adjustments

are

used

short-run

stabilization,
consist of variations

they should
the

in

to

promote

economic

first-bracket

rate

of

the

personal income tax.
Stabilizing Tax Policy
One

obstacle to stabilizing tax
policy has been the failure to dis¬
associate temporary and reversible
changes for stabilization purposes
from
permanent
and
structural

changes.

It

view that

is

the

Commission's

techniques must be de¬

veloped by which tax

policy

can

be applied more flexibly, and that
the first step in this direction lies
in
the separation of
short-term

cyclical

changes

tax

structural

run

from longchanges in the tax

system.

savers.

The Commission does not favor
drastic

be

taxation and

bal¬

more

structure

re¬

only be successful if tem¬

can

tary and fiscal policy.
anced

policy

a

maturity structure for the

stabilizing the

presidents

Federal

pursue

fiscal

porary

riodic

balanced

more

II.

War

shortening of the debt
structure is arrested, management

so

important internal

World

shoulcf

which,

mar¬

the

once

one

broadly

of

of

occurred

has

Commission concludes

The

ant

Board

end

a

shortening

debt.

than

The

to

tainable

more

council

a

lead

requires

publicly held

Treasury

program

be

district, in such

secure

The

least

selection,

the

which

debt

the

since

At

of them frqm any single sec¬
tor of the economy, should be
pre¬

by each bank.

ketable

presented

by the beards of directors
Federal

of

management

arrest

the outstanding

the

responsibilities,

debt

we

auto¬

to

response

quires speed of decision and effect

economic stability and growth.
The Commission concludes that

independence,

an

ment

com¬

commensurate
for

of

education,

or

in

Discretionary

posed by

so

made

be

changes
appropriate economic indicators.

in
of

This increase cannot

would

tax

matically

Commission concludes that

The

feasible.

proach that merits detailed in¬
vestigation is formula flexibility
by which changes in the firstbracket rate of the personal in¬
come

The Public Debt

which

positively qualified

by experience

are

provided to any significant de¬
gree by changes in the structure of
taxes or expenditures of the con¬
ventional sort. A promising ap¬

major policy

actions

gains for automatic stabiliza¬

be

prompt¬

reasonable

to the conclusion

tial

be desirable.

rule

formed

automatic sta¬

an

strengthening of the existing de¬
gree of built-in stabilization would

believes that the Federal Reserve

general

as

came

no

The Commission believes that a

Although there is no easy solu¬
issue, the Commission
the

a

tion

same

bank.

tion to this

follow

examined

changes in the tax struc¬
ture that would result in substan¬

non-earning

a

strength

bilizer and
that

banks should be retired.
Instead,
membership in the System should

evidenced

Policy

Commission

variety of changes in the exist.ng
tax structure aimed at increasing

presidents.

The

that

the

ties

the

required to

.York

Exchange and the Comp¬
troller of the Currency, be applied

In estab¬

requirements

should be

Board

continue

Board,

margins,

Stock

quired to consult with the 12 Fed¬

Occupational and geographical employment and reasonable price
qualifications for Board members, stability. In short, the debt should
should be eliminated.
Instead, the be permitted to fluctuate in re¬
statute should stipulate that mem¬
sponse to the policies required for
bers shall

favor

set by the New

now

as

minimum

that

ommend

re¬

stabilizing fiscal policy. A gradual

FRB

the use
Although

not

does

Commission

such

eral Reserve bank presidents.
The
determination
of
reserve

reduction

The

should continue to

authority over margins for
the secondary market, it does rec¬

establishing

eligible for reappoint¬

ment.

to

of the

technique.

refunding

Treasury

the

Re¬

members

year;

use

experiment further with

vested

policy of debt reduction if such
a
policy would interefere with a

numbered

r

An

(Special to The Financial Chronicle)

the

none

10-year terms,

advice

Shearson, Hammill

with

by the President from among the
Board's membership, to serve for
four-year terms coterminous with
the

the

of the auction technique.

presi¬

.

nized

With

(the

banks)

decisions

should

In the preceding week
ended
July 15, sales were 5%
higher than in the same period

rate

serve

for

Federal

Commission

sented

year.

count

recommends

become

with

broad

certificate

to

bank

The determination of the redis¬

should

The

rect

Reserve

continue

Treasury

experiment

dents.

System

required

that there

City for the
had been
same
period

22,

Federal

that all insured commercial banks

store

$5.90, the

weeks,

$5.98

System,
in

week

to

12

be
Federal Reserve

in¬

July 22,

year. For the
July 15, an increase
of 3%
was
reported. The fourweek period ended July 22, 1961,

week

re¬

FRB members should be
compen¬
at the highest salary level

taken from

as

Reserve

week
a

reserve

a

sated

Week

store

showed

grant

Board

be set for demand

Board

or

gravity

Store

2% Above

1960

Department

which

can

increased,

country-wide basis

1961,

ended

1961.

The

1960.




be

regular

wheat,
corn,
rye,
oats,
barley, hams, lard, cheese, sugar, Shearson, Hammill
coffee, cocoa, eggs, and potatoes.1 gress Street. He
the

Inc.,

Bradstreet,
it

be¬

were

On

that

increased
Dun

ing

compiled

week

Available

Not

last year. For the four weeks end¬

Lowest in Five Weeks

year

Canadian failures
against 45 in the

as

Data

Trade

nounced

last

186.335

a

losses

preceding week and 30 in the cor¬
responding week of last year.

2%

181,855

224,915

latest

with

failures

last

lar week of 1960.

I960

218.810

Wholesale

size

up

a

within

to

needs.

continued

this

of

the

in

307

of

excess

turned

228,043

Production

The

which

$100,000,
but

257

Large

year.

concen¬

was

from

week

the

above

sales
July 15,

Shipments
Oraers

concerns

1939 when

casualties involving

276

to

previous

recommends

Reserve

be

requirements

years.

one

the

July 22,

more

under"

Sales

with

are

10%

in pre-war

among

liabilities

ma¬

the

The

recommends

Commission

The
that

advanced

establishing its open
policy the Board should
required to consult with [the

re-

outstanding

for

as

securities.

market

deposits, perhaps from 8 to
so

recorded.

were

with

continue

Federal

quirements

cash

System.

comparable 1959 toll of

Also,

to five

re¬

either

securities

Congress

the

members

preceding

above the

to

of

Commission

should

Latest Week

Nationwide

181,855,000 board
feet in the prior
week, according
to reports from regional associa¬
tions. A year ago the
figure was
228,043,000 board feet.

thousands

the

on

week, reported
Dun
&
Bradstreet, Inc.
Despite
this downturn, casualties remained
above a year ago when 293 oc¬
curred
and
were
considerably

Volume

218,810,000

Following

268.94

declined moderately to 319 in
week ended July 27 from 343

Lumber production in the United
States in the week ended

pared

and

last year.

Business Failures Turn Down

ures

form

specific level to meet the needs

sugar.

The daily wholesale commodity
price index stood at 271.83 (193032^100)
on
Monday, July
31,
compared with 271.85 in the pre¬

Aug. 2,

totaled

from

rose

were

Thirty-eight

above that of the comparable 1960
week.

Below

prices

week's

permitted to hold

the

up

The

range

last

be

in

Treasury

steer,

were

by the electric light
and power industry for the week
ended
Saturday,
July
29,
was
estimated
at
16,107,000,000 kwh.
according to the Edison Electric
Institute. Output was 278,000,000
kwh., above that of the previous

Lumber

or

that

Week

distributed

week's total of

them

slightly from the
comparable day a week ago. Al¬
though tin, rubber, corn, lard, hog,

both

6.3%

1960

of

to

off

was

The week's decline

the

weekly survey of 34 metropolitan

Economics.

pending repeal of such re¬
quirements, those banks and com¬
peting thrift institutions subject

turities

and

••

on

recommends

existing statutory reserve re¬
quirements
against
savings
and
time
deposits be repealed,
and

five

of this year.

eliminated.

that

July 25, dipped later in the week

291

These findings are based

city

reserve

for

treatment

tax

same

offerings

the Board. In

19

and

Commission

serves

greater than that of the previous
week

be

The general wholesale commod¬
ity price level, after again edging
up to the year's high of 272.20 on

failed than

the

general

prices at the whole¬

Dips From Prior Week

nounced. Truck tonnage was 2.6%

low

The

banks

that

in

tonnage in the
July 22, was less
0.8%, ahead of the

or

volume
week

dex,

banks

Wholesale Commodity Price Index

the

truck

ended

1%,

and

the

a

chief

not

Its

Commercial and industrial fail¬

Truck

Intercity

than

show

to

trend of food

is

It

use.

index.

and

ago,

Volume

mon

foodstuffs and

raw

cost-of-living

corresponding week in

Intercity

port

Inc.,

perpound of 31

In

than

Bradstreet,

Thursday, August 3, 1961

the

Wholesale Food Price Index repre¬
sents the sum total of the price

1959.

coir

&

.

Completes Massive
Money and Credit Study

beef,

reported

cars

highway trailers or highway con¬
tainers (piggyback) in the week
ended July 15, 1961 (which were

road

flour,

sale level.

effect.

an

for

.

C. E. D.

bellies, milk, steers, and hogs.

week.

low

quoted

were

9

.

a

and

the

means

of

management

Among various alternative taxes,
personal income tax lends it¬

the

self best to countercyclical varia¬

tion, and adjustments in the firstbracket rate

the

favors

broad¬

of

best

In

are

order

recommended

as

of change.

type
to

provide

maximum

discretionary
cebt management authority exer¬
cised by the executive branch of

mends that

the Federal Government.

Specifi¬
cally, it recommends the abolition

President limited conditional pow¬

of

cyclical adjustments in

the first-

the

personal

of

the
the

range

debt

limit, the elimination

interest

rate

ceiling,

and

flexibility

changes,

er

,

to

for

stabilizing
tax
Commission recom¬

the
Congress grant to the

make

bracket

rate

temporary
of

counter¬

Volume

194

Number

6078

.

.

The Commercial and

.

Financial Chronicle
v

(505)
income tax, the grant to be accompanied by the following quali-

fications

and

(1) The
for

able

has

in

a

statement

judgment

economic

running

are

counter

fnrth

cet

in

only when the

issued

his

conditions

cantly

should be avail-

power

exercise

President
that

safeguards:

the

to

the

Teif of

this

?enort

rp,

,0.

p

.

The range of permissible
adjustment should be limited to
5
percentage points upward or
(2)

that' in order to establish prior- liance

be

the adjust-

limited

to

six

months subject to renewal by the
same

unless Congress acts
extend or sup-

process,

by law to

sooner

plar?t

™

(4)

The

tional

x,

.

the

of

exercise

condi-

by the President
should be subject to a legislative
veto by a concurrent resolution
power

which
of

expenditure

particular

growth

and

adjustment

tax

takes

effect,

in accordance with the procedures

familiar by

made

the recent Re-

organization Acts.
To this end
the President should be required
to

lay before the Congress any
proposal to adjust the tax rate,

fhp

nrnnncnl

davs

unless

Ron

of

voted
take

is
is

the

In

only if

importance

enact

o"the

amended

a

for

be

cannot

developed

without

a

fresh look at the appropriate division

of

responsibilities

the various

levels

of

to

manner

resoluxct,uxu

of

for

enacted

reve-

has

been

a

nppd

hp

to

to pro-

for

basic

to

research

the

and

yision ior uasic lesedicu ana uie
training of

research

aid

be

should

Such

talent.

placed

on

sus-

a

higher
ingiiex

to
iu

education.
euuLduua.

safety of the financial system. The
other seeks to provide greater flexibility for portfolio investment, in-

be

initiated

length
its

the

of

time

a

that

the

are

would be favorable.

Changes in planning and budgeting techniques would also help
to

make

expenditure policy more

recommendations

The

mercial banks
the

works

programs

con-

recommends

bility to savings banks and savings and loan associations to acquire a wider range of suitable
long-term debt instruments. Com-

The
possibility of adappropriations for public

be

their

time

Financial

of

of

recommends

the

present

interest

pro-

payments'

on

deposits.

should be

allowed

flexibility in investing
and savings deposits,
institutions

should

be

Th

Commission

twnmmpnHc

uommissl°n

,

lecommends

m
t

the

convert

nresent

stand-by authority

a

pnntiniinil53
i

j

rather than

regulation

o\

1.-3

_j

in_

to

\

•

nf

hS

hiliyatinn
bilization

mlicv

economfc

in

renuire-?
requires

that
that

budget be presented

eral

different

conventional

staFedtea

the
tne

eral

a

role

Voosits

similar

and

•

<<

u

of savlngs

i

liahili•

a

banks and savings

sev-

in

The present
administrative

ways.
or

budget and the cash consolidated
budget need to be supplemented
by a budget as it will be reflected
in the national economic accounts,

Information

also be given

should

will

which

show

impact

the

basis'" F^nafly th^signif hiance

of

of

changes in tax and expenditure
should also be presented

policl
imHpr

thp

assumution

employment level
reasonable

S

stability
stability

of

a

high-

income and
of

the

price

;

.

and

1!

+ •

that state

laws

re1s^tneting inte^rstalte
d S,
^.al® a"d ppap?~Ya' pLnnrafP the
®ag®s b®,
encouraSe the
fre® fl°™ of funds'
The

Commission

recommends

2Ptt

1

rpsTint7

institutionrXX

i ected

maximum

to

[n

when

the

propriate
teregt

rate

Hpnn^it^

niiPri

opinion

ripempd

and

subonlv

the

of

not

maintaining

in

that

mn^idpratinn

nprPoearuv

be

rates

ap-

authorities further incompetition for these

Merest

nc

Pnmmis-

recommends-'that

further

{

fu™

The

the nub-

when

bp

given

annronriatp
identical

ap-

interest

to

not

but

rate

maxima for comneting institutions
•

Prohibiting the payment of

in-

terest on demand deposits and
permitting it on time and savings
deP°sl*_s requires a precise denni,?£. eacl1 vp® °f dePas. *
Hie difference in treatment is to
be
5,
Re§ulatlor\ ^ ,0?.. e
Federal Reserve Board aetines
dea?aad deposits precisely.
definitions tor time ana savings

savings banks, and sav-

restriction

available

of them
The

.

to

any

one

Unemployment and Growth
Commission

The

mutual

?Iai!a

recommends
conditions

Bank

sav

g

Branching

Gnomic
arfsuclTlSat^unemployment

The Commission recommends:

minimum levels and when

(1)

that

when

is at
growth

accelerated merely by
raising the supply of new investable funds through increased pnvate saving or a larger govern-

may

be

ment surplus
ment

used for debt retire-

primary reliance should be

increasing the government surplus rather than on the
drastic change in the tax struc-

placed

on




Bank Branch,nff

commission recommends
af| appropriate regulatory

ovef mdvate

r

dewi.^e and enforce !
?!
j devise and enforce appropnate standards in investment
to

??<T

v!

u'

plan

£•

participants

of

their

and

!?a*

of

permitting

"basket"

in

or

clauses

order

to

increasing

avoid

state

..rw

citpVi

chartering

,

^eaerai

n

cremt

§

n.v

*

r

™

Sln^ dlrect lendlng Programs
to, achieve a Particular allocation
of resoafees resemble government

+

exPendlture programs, the amount
of credit extended should be
determmed as a part of the budgetary process- However, merely
because direct lending programs
are credit rather than expenditure
Pr(Jgrams, the amount of credit
exfended should not be singled
ouf
as
being
either
uniquely
appropriate
for
countercyclical
variation or uniquely insulated
from such variation.
r<rpdit

private

Acfaniioh^

nrngramo

the

effectiveness of

credit

system

aoS

poncr^ifv
especially

^

that

rr

»

m

nsb

Federally

Commission

rpU

n

The
that

Commission

the

fha

recommends

and

va

the

in

+hn

written

loans

and

by

tax ^^

fe

s e r v e

fw

s'Tc^umuteted

re serve s

accumuiaiea

StStSS
^ gpecial treatment> they should

and

fall

with

conditions

of general monetary
If the financing of direct

lending
issue of

dential construction.

capital markets, Treasury issues
rather than fully guaranteed is-

jn order

ensure

the continued

requires
the
in national

programs

securities

tary

home
and

gram

that the

volun-

of

government corporations

mortgage

Statutory or rigidly administered interest rate ceilings should

thm

not be employed in Federal credit

credit procertified agency

of the Federal Housing
Administration be encouraged.

programs

The
that

funds.

pr0gram

Commission

recommends
self-supporting

iimited

a

insurance

Federai

urogram

insurance

program

be

De

featuring

low

not

amortization.

should

be

Such

available

complete
insurance

only

under

take

advantage

yide g satisfactory leyel of family
income under reasonably good
farm

foe

d

j

ed

^y the borrower.
The

Commission

Commission

u

r

ff

i

recommends

and

reCommends

that

tho capital assets, other than real

be

farm umt-

only

one

examining authority

for commercial banks. The Comp-

be

e

.

limitations

that

affect

credu should also be

amoved.
Federal agencies to create and

maintain secondary markets for
financial instruments, such as

buy and

the instruments at market

sell

prices

tTel/pr"
att6mPt t0 °0ntr01
®ir pr ces'
Pending

the development of
effective private secondary

,

y

market

oDeratiom?

POntinupd

anH

of

marlP

*ni?qmred for an efflclent ^o^tffective The^roecial aSist
Federal

troller of the Currency and his
functions and the FDIC should be

signed

the Federal ReThe
Commission
also recommends that there be a

pose,

transferred to
serve
System.

they

aboUshed.

^gag^e^"

and supervisory authorities.
At the Federal level there should

that

oeneves tnat

r£des on underwriten mortgages
outweigh their automatic contribution to economic stabilization

of three to ten years to help
farmers finance the acquisition of

ing

priloan

believes

t

more

Federal loan insurance pro-

the

for

^e harmful effects of the ceiling

gram for intermediate-term credit

a

on

system

adequate mortgages, should

(2)

and

ghQu

^e
+u

which rely

financial

aggdcultural

of existin§ technology and promanagement,

vate

corporation tax rate.
recommends

the

the. needs

also

Commission

in

Interest Rate Ceilings

be subjected, as now, to the full
The

allowing

contractual interest rates to rise

surance programs to facilitate the
plow 0£ private funds into resi-

stringentcondiUonsperhapssu

ta <capital
Bdaquaqr
aad j^rixtLt Xt the Federal
the extent that the i ederai

poli-

tuD

policy.

necessarily

^ ^

counter-

cies of the government by varia-

the continuation of the Federal
Housing Administration loan in-

and

to

nndnr

tnat tne *±iA and VA underwriting programs be used to aid

rates on the private participations
should be varied in response to

'Tutual do™n Pa/ments. long maturities,
d

insurance

recommends

agencies.

loans

\

inonrLoo

loan

programs, should at times be used
to supplement and reinforce gen-

participating in direct loans on a
guaranteed
basis,
the
interest

sponsored

™ortSage

recommends

banks

c a

pro-

lending

preferable to programs that estab-

commission

commereial

be

gen-

<=

developed^and administered by an
established farm credit agency for

«at com

the

should

designed to be sensitive to
eralmonetary
Some

programs

Bank Income Tax

•

of

_

reaerai

narticination

type

functloning
°f
private
credit
mar^ets and to stimulate greater
Where the funds for direct
enterPrise and competition therein JendlnS programs come partly
should be self-supporting. In gen- from the Treasury and partly
eral, loan insurance programs are fror^ private financial institutions

sion recommends

authorities

hp

pan

D,rect. Lending Programs

deslfaed to lmP/ove the aHocative

tional Banking Act should
be
revised so as to enable national
banks to establish branches within
"trading
areas"
irrespective
of
state laws, and state laws should
be revised to provide corresponding privileges to state-chartered
banks.
(2) In exercising this power to

the

dlrect lending

should be employed,

that

it

ommends that overriding Federal mortgage market.
charters a?d regulatipn to.; en- , The Commission recommends
coarague uniformity of high stand- that the Federal Home Loan Bank
ard« should be available to insur- System operate its programs in
ance comPamesclose harmony with the general
Federal Credit Agencies
stabilization policies of the govFprlpral
rrprtit
ernment*

increased coordination of examin-

provisions of

Wherp

loan guarantee tvnc

sues

is.

IrTn
nnvlfl

whieh
thn

pro£rarn'

firm*

Na-

The

a

Pfhe

on

^

bene-

leeway

m-

effeetiire

?er stat.es follow the prac- cyclical and price-stabilizing

tice

.

.

nf
enecuve, a loan guarantee type of
Program should take preference

the

Pcuucxpaxus ana txieir oene

•

effective

^* afai£?

v,

behalf

on

and

with

financial svstem

coron" increase

^m nVn 'in"
C
S"
sfhflitie^ Should include the

cost

least

areas of the country, the Commis-

recommends wnen

^

Funds

rnmrr,iocinri

SDonsibilitiM

,

he

avadabiiity of insured loans in all

when

.

Commission

derived

or

investment of the

or

least

will

arprpei^Indp^

^mmercial^ banksthe^

deposits!

in-

funds.
Pension

the

which

deposits are less specitic, ana do n

that investment m equities con- f0a^nfSSOetations be
subjected
tinue to be restricted. However, f°an associai o s pe s oj

ings and loan associations should
all enjoy the least burdensome

to

^deposft^tndud^ng3^! jurisdictions
comPUcations °f multiple state
% 2^^+^
the Commission rec-

lendinS over a wider ge«graphi- from the Federal Savings and
cal area than at Present should Loan Insurance Corporation, and
liberalized

use

with

of

"authorities1"S® "Ind tJhe Commission recommends in implementing

fimp

The Commission recommends
that Federal deposit insurance tor
all savings banks and savings and
loan associations be available

in

accruing

ficiaries*

be obliged to do so.
The Commission recommends
that restrictions on financial institutions which prevent or impede

the

associated

to convert the present power into malfeasors

governments to modify their pub-

of

to

unwarranted

anv

benefits

regulations

procedures

dividuals responsible for handling
institutional funds
which might

into

nower

moxe xxixe ueuwuu ucp

annraisal

authorities

existing

against

personal

on

funds, to assure adequate
ing regulation of interest rates on periodic disclosure to beneficiaries

ment practices but they would not

nrnnpr

supervisory

their

the

lecislat

'

i

* 01; credit terms. The

interfere

recom-

that the present statutes authoriz- of. the

permitted to change their invest-

A

postwar

review

existing

examination

power

Efforts should be made to pro-

expenditure
programs
countercyclical direction.

and

^ ai

vide incentives for state and local

lie

review

Congress

of

that

Thp

u

that the regulatory authorities be
authorized to permit greater flexi-

same

and

'

_

Commission

vance

sidered.

are

interrelated.

flexible.

should

means

simultaneously and stresses

in the early period
subsequent
periods

to

as

economic

filled

as well
as
appropriate,
recession a high ratio

spending

relative

if

and

both

for

borrowers

stimulate

and

funds,

the

are

project

pattern

To combat
of

useful

and

and

savers

of

alternatives

es-

expanded

or

only if these expenditures

mobility

that

adequacy

and loan associations, and (3) to

growth.
The Commission strongly believes
that both objectives must be ful-

programs

-

Commission

demand

ties

seeks to preserve and increase the

should

and

mends

liberalized

Interest Rates
The

x-

Private Institutions

creased

associations,
be

conform.

andP ft

tained basis,
should play a
key role in the government's contribution
ixxuuuuxx

loan

should

rapid

,

dpvplnnpd

adiuJtlng
ad3ustl S

change

to

sential

to

and

laws

the

financial^ institnti^f

however, the Commission

of economic

the costs of

projects

For

savings

to federally charsavings banks and

of

of

be

mote technical progress should be
encouraged.
At the same time

technical

view

u

shoSldbe^ made

over the

Review Needed
In

from the

hibition

tures,

flexibility

authori-

aUUlorities-

mutual

decade. Vigorous policies

increased

to

as

so

at

ensure

recommends

branching privileges recommended for national banks be

continuation

fo shar^

banks.

Commission

growth
in the past, and public policy has
made a major contribution to the
growth of research in the past

permit greater
and timing,
countercyclical
expendi-

years

executive

ards of these two Federal

available

seek to reconcile partially
conflicting objectives. One strand

number

a

local

new

*

basis

tered

progress

source

nrouranK

banks

that

The Commission's recommenda-

There should be more adequate
planning for postponable projects;
suitable
expenditure
programs
be

The

nonlocal

on

with applications for

in

wl"1 °f below-market

a

grams

made

tions

should

branches
par

State

Technical

30-day period.
Expenditure Program

insurirsTv?nfis

of

chnil

between

nue sources.

vdthin°a

upcm

Federal

and loan

government

and the interrelation of the

major

on

It should treat applications for

branches of

high " priority
should be given to budgetary pro-

a

new

deed,

vision

authorizes

the

nation

associations and mutual savings
banks. The activities and stand-

federally

growth

applications
a
par with
unit bank applications.

on a

comprehensive program
public
capital
expenditures

branch

the

branches

new

a

new

should treat
new

elude the state and local level. In-

time
tunc,

in

an^^voted.3

duced

on

It

for

The review of

reso-

concurrent
cuiicuxxeni

a
d

of

that
mat

the parliamentary

hoc

expenditures

prospects of the

to

program

such

two houses should be

ad

that
tnai

ensure

sooner

a

in
m
that

law

the adjustment

rules

fs

capital

are

no

adopted
aciopiea

same

30

resolu-

rej?cted^ anTto

aiid

effect

to

nn

ebneurrent

disanmoval

on

lution
lunon

fhprp

Hp

to
a

programs

public capital formation must in-

of both houses of Congress before
any

th* aPPlicanfs integrity,

on

lties and to conduct an efficient managerial competence, and his
program, Congress should explore judgment in regard to the earning

such

should

at

exam

authorities

f^e-year basis.

ment

the

^

vo

downward, that is, one-quarter of
+

authority

for

compete even if their ties should be coordinated with
Xi/ji compositlon of the business must be partially bid each other and with the respective
Th
rnmn,;00;nn
aW^y^ v? existing competitors, state examining and supervisory
rhe Commission recommends and should place considerable re-

ih%PSmuntJ0^rate*
(3) The duration of

.u

unified
level

P aPce to

objectives
Ant

grant
branches,
the
chartering
-authority should adopt the followare
ing practices.
an

^CP as to require a higher level
It should avoid undue concenump1lon,jPrimarJ r.elia^ce tration of the local market.
f
? place;d on reducing the
It should give new entrants a

signifi-

Fmninvment

amended in Chanter

as

ture required to accomplish
equivalent result.
When economic conditions

29

to

resources

credit

programs

de-

alter, the allocation of
to achieve a public pur-

and

b

market

FNMA

wftu

ihe>

sunnort

which

are

Healer

nro

inenn"

Lnrtinn

P
* apnp^py
aisimcx ana separate manner irom
subsidy
Continued on page 30

which
even
a
perfectly
functioning private market system
would not attain, require a

^or®

30

The Commercial and Financial Chronicle

(506)

Continued from page 29

secondary market operations,

the

preferably by a separate agency.
of

Balance

costs

and lower

ment

of

balance

unemploy¬

deficit

payments

general restrictive monetary
and fiscal policies that alternative
means must be sought to achieve

by

the necessary

should

believes

dollar price

present

retained

be

as

of

should

structure

of

threat

would

be

crisis

greatly

reduced

if

it

generally recognized, both
and abroad, that all of the

were

here
U. S.

gold is available to meet our
obligations.
Any
doubts
about
the
U.
S.
policy

international

should be removed
of the

by elimination

gold reserve requirement at

the earliest convenient moment so
all of the U.

that

S. gold stock is

settle¬

for international

available

should

States

United

now

multilateral arrangements to

seek

protect the world payments mech¬
anism
against
exchange crises.
This

objective
with

be

can

plished through
tion

accom¬

greater coopera¬

central

banks

other

of

industrial

countries

short-term

capital movements and

in

handling

through further evolutionary de¬

Fund.

Monetary

IMF

should be increased
that

doubt

they

its

of

needs

so

foreseeable

consistent

members

with their economic stability.
be

can

accomplished
in

increases

by

fund

IMF

the

further
quotas and

right

borrow

to

This

by

member

formalizing

the

the

of

curren¬

cies of countries in payment

Legislative Mandates
The

Commission

the

that

recommends

Congress modernize

consistent

make

the

which

mandates

set

and

legislative
national

our

economic goals in the two statutes
that

most

bear

directly

the

on

field of the Commission's concern,

namely, the Federal Reserve Act
and

the

Employment Act of 1946.
language should be in¬
corporated simultaneously in each
to formulate the goals
of a low
Identical

level

of

quate

unemployment,

rate

counter to the

an

ade¬

applicable to all Federal agencies

administering economic
The

In

Commission

issued from the

recommends

Commission

accordingly

whenever in the President's judg¬
ment the current economic situa¬

his

over

in the indictors

time

a

span

of

issued from

Executive

Office, or on the
basis of other information, run¬
ning significantly counter to the
objectives

set

forth

ployment Act

will

be

effect

their

advice.

in

the

Em¬

as

forth:

setting

up

a

the

of

he

understanding

weekly

meetings

of

of

Economic

Advisers, may cul¬
minate in periodic
meetings of
their chiefs in the presence of the

to

use

existing

instru¬

ments and resources available for

better

achieving the goals of the
Employment Act as amended;
(3) Explanations for any seem¬




J,

of

the

Pioneers

James

—

Don

Edwafds'

University, East Lansing,
Mich, (cloth), $6.50.
Nemesis

Counterfeiters'
Daniel

Russell

—

Columbian
Banknote Company, 345 Hudson
St., New York 14, N. Y. (paper).
M.

Security

—

of View —Israel

Point

Nostrand

Van

Kirzner—D.

clear

Bretton

the

Inc.,
120
Princeton, N.

Woods

President

to

designate

;

nual

Restrictions—12th

an¬

report—International Mone¬

International and Financial Prob¬

Edsel

the

Commission

recommends that the

Government

Corporation

Act

be

Control

amended

so

as

to

of

1946

direct

the

Mer¬
Economics,

Director,
for

O.

Chairman,

Yntema,

Ford

Committee,

was

Bryant

Graduate

the

of

He

was

by Dr. Eli Shapiro, Pro¬
Finance

of

fessor

of

at

School

Administration.

Business

assisted

Fox,.

Professor

Ford

Administration

Business

Harvard

of

director

chusetts

of

Massa¬

the

at

Institute

Technology.

exercise

of

the

over

his

clearance

securities

of

government

of

the

amended,

Employment

and

management
that

not

Act

merely

as

debt

considerations;
of

cases

disagreement

Members

and

Business

Background
The
sion

members

of

the

Commis¬

are:

Frazar B. Wilde, Chairman, Chair¬

Connecticut

man,

General

Life Insurance Company.
Christian

Sonne,

Vice-Chair-

Adolf A. Berle, Jr., New
Y.
(Withdrew
to
the

of

Department
Latin

Task

become
S.

State

Force

on

America)

James B.

of the

Board, Pacific Gas & Electric
Company
Joseph M. Dodge, Chairman of the

Board, The Detroit Bank and
Company
(Resigned
Oct. 7, 1960)

Trust

S.

Eccles, Chairman of
Board,
First
Security
Corporation

the

the

Henry

Jr., Chairman of

Board, Anderson, Clayton
H.

Fowler,

Fowler,
Symington

Feb.

3,

1961,

as

Under

Leva,
(Re¬
on

A.

Freeman,

his

T.

eral

Greene,
Home

Jr.,

dianapolis
1961)

President,

Loan

(Died

Bank

Popular Exhibits, 1
Street, New York 38,

N.

Y., $10.

German

Trade

American

Presi¬

Fed¬

American Chamber of
Inc.

News,
York

East

60

Commerce,

American Trade

German

—

Street,

42nd

17,

New

Statistics—Re¬

—

on Eco¬
Superintendent

Documents, U. S. Government

Office, Washington
(paper), 10 cents.

C.

Grants,

Loans,

rencies— Their

Robert

—

and

Local

Role

in

Cur¬

Foreign

Asher

E.

25,

The

—

(paper), single copies

on re¬

of

pamphlets

NATO:
on

A

series

of

AGARD in Science

Defense, Defense Production
and
Infrastructure, Economic
Problems
and
NATO,
NATO's
Military
Development,
Political
Consultation, and Pipelines for
Information Serv¬

ice, Paris, France

(paper),

on re¬

quest.
1960—Mineral

in

Report—U.

Market

S. Department of

the

Interior, Bureau of Mines, Wash¬
ington 25, D. C.
British

Exports

Restrictions

Exchange

and

Abroad—Swiss

Bank

Corporation, London, E. C. 2, Eng¬
land (paper).
Building

Permits:

Units Authorized

New

Housing

by Local Build¬

the

Census, Washington 25, D. C.,

250.
Business

in

New

State

York

—

partment

bany

of

Street,

Commerce,

Albany

112

7,

Al¬

N.

Y.

(paper).

D. C. (paper), $1.50; (cloth),

$2.50.
Million

Self

Dept.

a

of

the

Education
Obtain

Wonders

Reading

Technical

—

A

Public

Modern

a

Program
to

Matter

Help on the Job — Harold S.
Sharp—Employee Relations, Inc.,
19 West 34th Street, New York 1,
N. Y.

(paper), 25 cents.

How

to

Get

Medical

the

and

Most

Out

Hospital

Decades

of

Management and

an

Early

Look at Resort Business—Federal

Symposium

in

Tax

Ad¬

—

Tax

Packing Industry—1960 Fi¬

nancial

Facts

American

—

ing, 59 East Van Buren, Chicago,
111.

Money Management Story
1960

—

Mutual

of

Industry:
Tax

A

Canadian

Concessions

ducements—Stewart
Federation

Municipalities,
Royal Hotel,

of

Benefit

Englewood

Bigelow

for

the

motivate

must

—

and

who

Inc.,

peo¬

Enlgle-

Cliffs, N. J., $12.50.

International

Monthly
tion

working

manage

ple—Prentice-Hall,
wood

A

executive

Coal

Inventory

From

Trade

—

Informa¬

of

United States

Govern¬

ment

Foreign Service Offices and
Other Sources—U. S. Department
of
Interior,
Bureau
of
Mines,
Washington 25, D. C. (paper).

Study

of
In¬

Fyfe—Cana¬

of

Mayors and
Sheraton
Mount

Montreal

2, Canada

(paper), $1.25.
New

England

—Revised

Economic

and

Almanac

Updated

Second
Edition—Federal Reserve Bank of

Boston, 30 Pearl Street, Boston 6,
Mass. (paper), on request.
Port

of

New

1960 Annual

York

York

Authority—

Report—Port of New

Authority, 111 Eighth Ave.,
11, N. Y. (paper).

Problem of the International Mon¬

etary Liquidity: Report to the In¬
ternational

Xenophon

Greece,

Monetary Fund
Zolotas—The Bank

Athens,

Greece

Profitable

Management

Street—A

Small

book— Dun

Public
Box

&

Relations

803,

swers

Energy

for

Street

Main
Hand¬

Station,

(paper),

questions

United

and

States

Commission

•—•

on re¬

Printing

ington 25, D.
Railroad
1961

C.

Superin¬

Yearbook,

Eastern

—

Gov¬

Office, Wash¬
(paper), 25c. '

Information

Edition

an¬

Atomic

tendent of Documents, U. S.
ernment

of

Bradstreet, Inc.,
Division, P. O.

Church

—

j—

(paper).

Business

Railroad

Presidents

Conference,
1
Ex¬
change Place, Jersey City 2, N. J.
(paper).
Real

Estate

Finance

—

Richard D. Irwin,
Inc.,
111. (cloth), $10.60.

Burton

1940-

other

and

—Prentice-Hall, Inc.,
Cliffs, N. J., $3.95.

manual

—

New

Hoagland

—■

Meat

Institute, Department of Market¬

Plans—Ruth and Edward Brecher

and

Leo

D.

Henry

E.

Stone

•—

Homewood,

Securities Regulation (Second Edi¬
tion)—Louis Loss—In Three Vol¬

umes—Little, Brown & Company,
34 Beacon
Street, Boston 6, Mass.
(hard covers), $60.
Statistics of Paper—1961 Supple¬
ment—American Paper and Pulp

Association, 122 East 42nd Street,
New York 17, N. Y.

Statistics

on

(paper).

the

Savings Market
—1961 Edition—Amercan Bankers

Association,
New

12

East

36th

Street,

York, N. Y. (paper).

Investing for Banks—Revised Edi¬

Spain and Defense of the West—

tion

Arthur P. Whitaker—Council on
Foreign Relations, 58 East 68th
Street, New York 21, N. Y., $6.

—

St.

Major B. Einstein

National

Louis, Mo.

Bank

Clubs

Booklet

Basic

of

National
Mich.

Louis,

for

Women—

Procedures

Club—National

Investment

The

—

St.

(paper).

Investment
on

in

Starting and Operating
Review—Six

Stake

—

Radiation—18

,

ment

Business

Management's
ministration

quest.

First

1961—New York State De¬

for
Employment
Re¬
search, 709 South Westnedge Ave.,
Kalamazoo, Mich, (paper).

ton 6,

Human Side of Sales Management

Bauxite

Institute

New York 8, N. Y.

or

quest.

Chamber of

—

United States-

Brookings Institution, 1775 Massa¬
chusetts Avenue, N. W., Washing¬

Up

N. Y.

•

A Conference of the Washington
Chapter Society for Advancement
of Management — W. E. Upjohn

New York

17, N. Y., $4 per year.

Close

of In¬

March

News—

Monthly Magazine of the German-

Library Showing How to Plan

420 Lex¬
York
17,

..

Management in the Scientific Age:

—

Beekman

Advertising Agencies,
ington
Avenue,
New

July,

dent, The First National Bank
of Chicago
Fred

Directory

Associations-^—

Loan

&

of

Secre¬

tary of the Treasury)
Gaylord

Oppor¬

ing Permits, May 1961—Bureau of
&

mercial Banks, Savings Banks and

House

NATO—NATO

Black, Chairman

Career

Its

and

and

York, N.

U.

to Com¬

tunities—American Association of

Aspects

New York, N. Y.

chairman

Advertising: The Advertising

•

Washington 6, D. C. (paper), 500
(quantity prices on rgguest).
;

dian

Exhibits Available

Free

Aid

be

Their

Com¬

Affairs, New York
of
Commerce,
New

Chamber

D.

BOOKSHELF

'

•

•

Promote

Municipal Assistant to Location of

Foreign

Printing

and

Stability

'*

'

to

Policy for the '60s
on

and

merce

of

taken to the President.

Commission

Committee

port of the Subcommittee

corporations, to take into account
explicitly the full range of objec¬
tives

Foreign Trade

nomic Statistics

Businessman's

" ■ / .;•

'

Chicago

Avenue,

of the

owned

-

Peterson

46, 111. (paper), $2.

power

issuance and sale

•

Action

York,
Broadway at 55th Street, New
York 19, N. Y. (paper).

Clearing House, Inc., 4025

Government Price

Secretary of the Treasury, in the

,

'.

Z1

■

Security

1961—Com¬

in

Amended

as

Savings

Bertrand

Dr.

Social

of

York, N. Y.

College

Commission's

The

research

Accordingly,

Law

—

Motor Company

the

(NAC) and to assign the
responsibility for its staff support.

Board,

Thorp,

Finance

•chairman and membership of the
National
Advisory
Council
on
lems

the

of

Center

Theodore

1945 should be amended to'enable

the

L.

Amherst

c)

Agreement Act of

Retired

7

Commerce of the

Meat

Exchange

West

Thomson,

"

$5.50.

& S.A.

Cameron
Chairman

for this, the

way

the

of

1961

Alexander' Institute, Incorporated, Princeton,
J. (cloth), N. J. (cloth), $6.

Company,

merce

rill

^

Chairman

Tapp,

Book,

Insurance, 488
New York 22,

(paper).

"

Business
•

gan State

Board, Bank of America, N.T.

Willard

Advisory Council
To

W.

President,

Shuman,

Northwest Bancorporation

President.

appointment

System,

Jesse

department

and agency deputies, supported by
staff assistance from the Council

signed

Reserve

(paper), 500.

V

Fact

Life

Avenue,

Management

: i

Commission—Prentice-Hall,
Englewood
Cliffs,
N.
J.

Explanation

B.

Charles

Madison

of the

Street,
and

President

Board, The
Bowery Savings Bank

and

—Institute of

N. Y.

Inc.,

of

year.

Insurance

Supplement
Statement
by
H.
Christian
Sonne, Vice-Chairman

eration

contributing to the un¬
tendency;
The steps being taken by
Federal

(Re¬

per

Life

Money & Credit—

on

American Farm Bureau Fed¬

economy

by government agencies,

Schwulst,

B.

Chairman

Stability,
a chairman to be designated
him, and plan its work so that

favorable

the

Earl

Commission

Elasticities

Constant-Output
Demand Curves for Labor, etc.—
University of Chicago Press, 5750
Ellis Avenues,
Chicago 37, 111.,
$6

25, D. C. (paper),

sus, Washington
25 cents.

Economic

Schnitzler, Secretary-

Treasurer,
AFL - CIO
signed April 28, 1960)

consider

-

—Summary—Bureau of the Cen¬

to

Hawes

including

& Hollister

William F.

Street, New York 36, N. Y., $11.50.
City Government Finances in 1960

Benefits;

Substitution and

42nd

West

Inc.,. 330

under

Growth

the

and

Sawyer—Taft, Stettinius

Charles

Co.,

Highway

Senn—McGraw-Hill

R.

tary Fund, Washington 25, D. C.
(paper).

Economic

in

factors

Research,

of

AFL-CIO

along the
Advisory Board on

as¬

the

Ruttenberg, Director,

H.

Department

council

and

of

1960)

18,

which

& Co.

sessment

Stanley

Commission

that

Lamar Fleming,

His

(Died April

congenial

created

The

recommends

prevails, the President shall sup¬
plement his annual Economic Re¬
port
with
a
statement
setting

(2)

make

constricting his
choice of advisers or formalizing

Marriner

him

to

nomics
of Information;
Welfare
Aspects of Benefit-Cost Analysis;
Land Values and Measurement of

Reginald R. Isaacs

Dyckman,

Book

and Roland F. Salmonson—Michi¬

Beardsley Ruml, New York, N. Y.

of

amended, and at
least quarterly thereafter for so
long as the unfavorable tendency

(1)

need

Economy, June
1961—Containing articles on Eco¬

Urban

for

Thursday, August 3, 1961

Journal of Political

Philadelphia,

Contributions of Four Accounting

The

Chase Manhattan Bank

Employment Act,

should

man,

Employment
be amended to provide that

revealed

the

arrangements,

the

President Emeritus,
Workers of America,

Rieve,

David Rockefeller, President,

him, for staff and interagency

has

R.

Robert

Nathan,

Textile

machinery to assist
him in discharging his expanded
responsibilities. No st a tut or y

H.

recommends that the

as

Emil

consultative

Executive Office

Employment Act

tion,

in

council

Cummins Engine Co.

R.

Nathan Associates, Inc.

assuming the adoption
changes already recom¬

suitable

to

Chairman of the

AFL-CIO

President

the

Miller,'

Board,

sum,

the

Af¬

Rutgers University

J. Irwin

Robert

Public

of

Professor

fairs,

as

programs.

of the President.

The

bilt

objectives set forth

Act

Federated Depart¬
Stores, Inc.

Lubin, Arthur T. Vander-

Isador

significantly

Employment

mended

that Economic Indictors should be

Act

the

in

of

Chairman

.

(paper).

Requirements

W.

ment

amended.

economic growth
price stability as

of

reasonable

and

tendency running

a

Capital

.

Development and Renewal—John
and Peter

Lazarus,, Jr.,

of

Bank

Social Council)

the Board,

rec¬

current

sur¬

plus.
>

therefore

the

Reserve

Philadelphia, Pa.

United Nations Economic and

Fred

Employment
Act be also amended to provide
that the Congress may, by con¬

resources
there is no

adequate to

are

maximum

the

thait

he

comments

International

the

of

velopment

meet

ommends

lines

ments.
The

other

Any

deems appropriate.
The Commission

be

that

believes

confiaence

a

(5)

of

Commission

The

any

current economic situation reveals

this pivot.

around

the

the

of

1961
on his appointment as United
States Representative to the

deems

that

pivot in the exchange rates struc¬
ture
among IMF member coun¬
tries and that any needed realign¬
ment

for

gold

central

a

Recommendations

resolution,
request
the
President, if he has not already
done so, to furnish such a state¬
ment, whenever it finds that the

balance.

Commission

The
the

(4)

Congressional action he

that

growth would be
trying to correct

from

great

so
our

of

terms

in

Illinois (Resigned Feb. 8,

advisable;

believes

Commission

The
the

Payments

Philip M. Klutznick, Park Forest*

ingly inconsistent use being made
these instruments;

of any of

.

Clubs,

Building,

an

for

Invest¬

Association

1245

Detroit

First

26,

State
I960

Government

—

Compendium

Finances
—

U.

S.

In
De¬

partment of Commerce Bureau of
the
Census
Superintendent of
—

Documents,
U.
Printing Office,
D. C.

S.

Government

Washington

(paper), 40 cents.

25,

_

Volume

194

Number

6078

.

.

Ihe Commercial and Financial Chronicle

.

(507)

Indications of Current
Business Activity
AMERICAN

IRON

xnu.caveu

Cruae
42

and

and

gallons

Crude

(.per

castings

PETROLEUM

oil

(net

capacity)

Aug.

tons)

stills—daily

(bbls.

average

Kerosene

output

(bbls.)

fuel

oil

output

oil

*

(bbls.)
fuel

fuel

ASSOCIATION

at„

oil

oil

OF

Previous

Month

Week

Ago

63.6

Ago

66.0!

1,858,000

at

1____

(bbls.)

1,570,000

(bbls.)

6,832,360

Orders

8,204,000

New

29,116,000

July 21

30,812,000

29,558,000

27,275,000

Tilv 21

2,795,000

2,184,000

2,276,000

2,759,000

July 21
July 21

13,423,000

12,922,000

11,925,000

12,381,000

5,673,000

5,757,000

5,395,000

5,700,000

at

21

196,455,000
30,720,000

197,841,000

21

30,284,000

29,580,000

29,533,000

21

124,717,000

*121,380,000

105,956,000

123,920,000

21

49,859,000

48,647,000

203,399,000

194,779,000

46,091,000

43,488,000

July 22
July 22

1584,137
V

573,306

467,062

CONSTRUCTION—ENGINEERING

600,001

619,818

493,285

479,124

v,

S.

Private

y'~

construction

construction—.

Public

x

construction

State

and

:

municipal-

Federal
COAL

OUTPUT

Bituminous

(U.

coal

Pennsylvania

S.

BUREAU

and

STORE

ELECTRIC

Electric

output

FAILURES

Pig

AGE

INDEX—FEDERAL RESERVE
AVERAGE=100

Scrap

Electrolytic

,

Lead

(St.

(East St.

Straits

S.

ton)
J.

•.

;

at

at

'

(New

at

pig,

99.5% )

York)

at

at-

PRICES

DAILY

i

1-

Group

1

Utilities

Industrials

U.

S.

Group

Group

BOND

YIELD

Government

DAILY

.

132,100,000

48,700,000

19,000,000

7,785,000

7,440,000

9,065,000

7,964,000

371,000

347,000

382,000

404,000

July 22

122

123

127

July 29

16,107,000

15,829,000

15,183,000

15,157,000

July 27

319

343

326

293

July 24
July 24
July 24

6.196c

6.196c

6.196c

6.196c

$66.44

$66.44

$66.44

$66.41

$36.67

$36.67

$37.83

$31.50

30.600c

30.600c

30.600c

32.600c

26

27.850c

27.725c

28.350c

30.550c

11.000c

11.000c

10.800c

10.800c

28

11.000c

12.000c

10.800c

11.800c

July 26

12.000c

12.000c

12.000c

13.500c

July 26

11.500c

11.500c

11.500c

13.000c

July 26

26.000c

26.000c

26.000c

26.000c

July 26

115.625c

115.250c

119.500c

104.750c

Aug.

1

Aug.

Aug.

87.19

87.56

87.42

1

85.85

86.11

86.65

1

89.51

90.06

90.63

Aug.

1

88.13

88.27

Aug.

1

85.20

85.33

—x-——:.—

Railroad
Public

Utilities

Industrials

MOODY'S

88.95,,
/.

85.98

INDEX—

PAPERBOARD

80.81

81.05

1

83.28

83.53

84.17

84.04

Aug.

1

86.78

87.32

88.13

86.91

Aug.

1

87.45

87.45

87.72

88.27

Aug

1

3.93

3.89

Aug.

1

4.72

v t

81.54

4.70

1

4.45

4.41

3.90;
r

(tons)

Percentage

of

Unfilled

activity-

orders

PAINT

(tons)

AND

at

DRUG

end

of

period

REPORTER

PRICE

4.66

4.68

4.37

4.35

Aug.

1

4.55

4.54

4.49

4.50

Aug.

1

4.77

4.76

4.71

4.71

Aug.

1

5.12

5.10

5.06

5.15

1

4.92

4.90

4.85

Aug.

1

4.86

4.65

4.61

4.55

Aug.

4.64

1

4.60

4.60

4.58

4.54

Aug.

1

374.1

373.1

371.5

July
July
July
July

22

310,025

274,741

338,921

FOR

ACCOUNT

OF

316,273

22

308,751

245,221

336,864

22

310,052

91

73

95

91

480,165

478,595

451,761

464,279

113.91

113.63

109.55

purchases
sales

Other

sales

Total
Other

;

;.

sales

transactions

Total

sales

Other

sales

Total
Other

initiated

off

the

sales

transactions

Total

initiated

the

on

July
July

7

1,818,110

2,086,750

3,109,370

1,890,930

7

325,500

312,890

485,410

356,720

*"ly

7

1,670,430

2,547,980

1,450,800

July

1

1,995,930

1,690,170
2,003,060

3,033,390

1,807,520

July
July

7

233,050

218,140

488,280

278,700

7

4,100

14,100

42,600

26,800

uuiy

7

206,620

249,530

440,210

223,960

July

7

210,720

258,630

482,810

250,760

floor—

July

7

549,940

650,490

982,652

539,520

Short

sales—

July

7

123,170

112,850

120,230

Other

sales

85,280

July

7

580,392

588,489

831,896

594,935

July

7

703,562

701,339

952,126

680,215

July
July

7

2,601,100

2,955,380

4,580,302

2,709,150

7

452,770

439,840

648,240

468,800

Total
Total

sales

round-lot

Total

sales

Other

sales

Total

DEALERS

Number
JUuimv

Odd-lot

of

SPECIALISTS

shares

N.

ON

EXCHANGE

7

2,457,442

2,523,189

3,820,086

2,269,695

7

2,910,212

2,963,029

4,468,326

2,738,495

Y.

short

sales

Customers'

other

sales__

Dollar

value

Round-lot

__

by

sales

Number

of

_

sales-

Other

sales

July-

7

July

ACCOUNT

round-lot
sales

Other

sales.

—

—

sales

_

_

—

_

_

__

_

dealers—Number of shares

STOCK

SALES

ROUND-LOT

THE

STOCK

MEMBERS

OF

ON

N.

Y.

LABOR

2,026,451

1,367,483

7

$76,585,660

$75,586,252

$113,739,038

$67,487,754

7

1,178,491

1,370,685

2,104,429

1,328,035

5,390

10,647

8,387

5,358

July

7

1,173,101

1,360,038

2,096,042

1,322,677

July

7

$59,301,331

$68,634,032

$108,594,583

$61,799,383

July

7

279,930

417,060

664,650

391,470

July
July

7
7

279,930

417,060

664,650

391,470

July

1

547,900

484,430

575,920

486,940

U.

S.

All

July

543,900

548,120

July

11,843,730

13,540,480

19,592,830

11,703,490

July

12,387,630

14,088,600

20,347,670

12,228,760

754,840

525,270

DEPT. OF

:

.—.

foods

:

Meats
All

'■Revised
sold

on

—

commodities

figure.

delivered

other than

tNumber of

basis




farm

at

and

foods

orders not

centers

where

reDorted since

freight

from

103

1,403

1,545

1,334

$18,944,000 '
10,791.000

$41,111,000
15,632,000

24,776,000

12,500,000

19,162,000

18,613,000

8,762,000

6,798,000

22,597,000

$83,828,000

$80,471,000

$126,450,000

$1,986,300

$367,900

$1,948,300

$1,460,000

♦$1,478,000

28,497,000

of

as

OF

July

1__

824,144
1,962,119

2,064,523

1,594,565

5,459,677

6,379,367

6,681,062

126,494

l

active

AND

of

as

July

COTTON

OF

1

SEED

667,705

103,944

860,363

128,669

506,012

593,616

503,014

17,297,000

17,346,000

17,604,000

PROD¬

COMMERCE—Month of
,

Received at mills (tons)
Crushed
(tons)
Stocks

(tons)

and

Stocks

June

:

30

June

30

(tons)
(tons)

Hulls-

Stocks

(tons)

Produced

June

30

(tons)

Shipped

(tons)

V.

,

,(bales)

Produced

Shipped

176,600

395,000

191,100

196,900

June ,30-

83,000

163,100

84,700

110,200

119,200

35.500

67,500

39,800

69,200

48,200

170,900

199,600

113,400

49,600
78,300

83,500

52,300

110,300

70,800

19,697,000

19,008,000

20,004,000

17,297,000

17,346,000

17,604,000

10,263,000

8,514,000

10,737,000

—

hours

July

on

1

July

on

(000's

1___

omitted)

July

1

Active spindle hrs. for spindles in
place June
AND

LABOR

202,800

138,100

(DEPT. OF COMMERCE):

Spinning spindles in place
Spinning spindles active

EMPLOYMENT

245,500

85,000

133,600

43,200

(bales)

spindle

10,400

( >'

,

(bales)

COTTON SPINNING

Active

19,400
292,500

52,200

x—

Linters—

Stocks

11,600
175,900
230,700

Meal—

(tons)

Produced

PAYROLLS—U.

REVISED

410.5

429.5

DEPT.

S.

SERIES—Month

■t

of

June:
All

manufacturing

Durable

All

workers)

(1947-49

indexes

(1947-49

number

12,332,000

♦6,585,000

7,056,000

5,151,000

♦5,051,000

5,276,000

95.8

""*94.1

avgs.=100)—
99.7

avge.=100)—
i

of

♦11,636,000

6,695,000

manufacturing

turing

170.5

*165.1

172.5'

employees in manufac¬

industries-

manufacturing

Durable

LIFE

11,846,000

-

goods
indexes

manufacturing

Estimated
All

(production

goods

Nondurable

;

goods

15,952,000

:

goods

INSURANCE

BENEFIT
—

PAYMENTS

INSTITUTE

benefits

OF

*15,713,000

16,422,000

9,152,000

*9,028,000

9,504,000

6,800,000

*6,685,000

6,918,000

$316,800,000

$272,600,000

$285,600,000

TO

LIFE

Matured

„

endowments

60,600,000

56,400,000

Disability payments

11,100,000

10,800,000

10,200,000

Annuity payments

62,900,000

61,000,000

60,100,000

161,400,000

154,000,000

139,000,000

Surrender

values

Policy dividends
Total
LIFE

i

INSURANCE

OF

LIFE

PURCHASES

INSURANCE

of

Industrial

;

Group

—

MONEY IN CIRCULATION—TREASURY DEPT.
As of May 31
(000's omitted)—
;
YORK

As

of

STOCK

June

120,900,000
$673,500,000

$4,764,000

♦$14,455,000

$4,560,000

firms

on

Total

of

hand

net

value

of

value

of

in

listed
listed
on

Member

borrowings

on

FEDERAL

ESTATE

SAVINGS

in

U.

bonds

shares

U.

S.

other

Govt.

—

BY

U.

*$6,297,000

*$6,353^000

$32,200,000

$31,800,000

$31,900,000

$4,066,000

*$4,100,000

$3,188,000

S.

issues-

collateral

51,000

40,000

415,000

453,000

366,000

1,280,000

1,453,000

1,016,000

118.5

118.8

119.5

86.7

86.2

86.4

88.0

July 25

107.2

107.0

107.5

107.5

July 25

92.2

91.6

91.7

96.4

July 25

127.5

127.5

127.7

128.3

introduction of Monthly Investment Plan.
tPrime Western Zinc
East St. Louis exceeds one-half cent a pound.

106,000

109,297,021

110,426,853

106,876,435

348,858,603

358,862,078

298,142,880

432,000

424,000

595,000

2,924,000

2,680,000

2,285,000

5,096

4,145

FORECLOSURES-

AND

LOAN

CORPORATION—Month

RECEIVED

S

credit balances

free

borrowings

REAL

$6,595,000

accounts—

balances

banks

Member

NONFARM

*676,000

*1,117,000

customers

customers'

Market

margin

debit

to

and

Market

*592,000

♦1,250,000

omitted):

carrying

extended

677,000

1,154,000

EXCHANGE

(000's

30

customers'

Cash

PRICES

126,900,000

$681,700,000

May

Ordinary

NEW

128,800,000

$741,600,000
INSTITUTE

—

Month

—

57,700,000

omitted):

of

FARMERS
DEPT.

—

OF

INSUR¬
March

6,272

INDEX

AGRICUL¬

TURE—1910-1914=100—As of June 15:
All farm products

234

Feed,

grain

Food

grains

and

221

233

220

!

261

250

250

hay

152

Fruit

Oil-bearing

235

230

253

—

vegetables,

236

231

fresh

—

crops

151

158

200

203

199

260

261

238

261

285

216

177

176

209'

516

517

494

236

241

248

240

241

235

286

292

131

139

149

238

239

248

Exports

$1,743,800

$1,705,500

Imports

1,194,500

1,041,900

$1,803,800
1,261,800

__

Dairy products
118.6

July 25

t-'

♦$1,115,000

BALES:

Livestock

July 25

products

123

27,192,000

Tobacco

(1947-49=100):

commodities

Processed

;• 123

$26,590,000
8,784,000

Potatoes

PRICES, NEW SERIES

—

213

Seed—

Commercial

Commodity Group—
Farm

DEPARTMENT

May:
Cotton

Crops

sales—

—

680

255

YORK—

June

Cotton

—

NEW

establishments

SEED

NUMBER

TRANSACTIONS

—

110

222

OF

omitted)

—

of

:

(SHARES):

—

LINTERS

spindles

ANCE
■

STOCK

sales

WHOLESALE

1,464,249

7

.

_

_

purchases by

Short

—

1,448,269

sales) —

sales
=-

_

AND

Cotton

Credit

dealers—

_

ROUND-LOT

EXCHANGE

total

—

shares—Total

Short
Round-lot

(customers'

orders—customers

OF

(000's

month

Stocks—July

Total

value

of

BANK

30

consuming

Member

STOCK

COMMISSION

—

Customers'

Total

July
July

FOR ODD-LOT ACCOUNT OF ODD-

AND

SECURITIES

—

167
731

OUTSTANDING—FED¬

Total

:

purchases by dealers

Number

Total

members-

!.

.

TRANSACTIONS

LOT

FOR

of

account

—

sales—

EXCHANGE

TOTAL

for

purchases

Short

STOCK

transactions

228

.

BY

DEPT.

In public storage as of
July 1
Linters—Consumed month of June

(000's

purchases

269
♦

696

INSURANCE—Month of May:

floor—

purchases

Short

AND

Consumed

OF

29,555

,

June

COTTON

Death

registered—

Short

-

REPORTED

-

PAPER

POLICYHOLDERS

MEM¬

.

—

RESERVE

Non-durable
114.32

.

liabilities

omitted)

of

All

BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Transactions of specialists in stocks in which
Total

——

liabilities

liabilities

ERAL

370.8

22

July 28

TRANSACTIONS

liabilities

service

Employment

INDEX—

AVERAGE—100-_-

ROUND-LOT

3.64

13,964

!

S.

Payroll
:

number

CORPORATIONS—U. S.
COMMERCE—Month of June:

80.45

ASSOCIATION:

(tons)

Production

85.98

11,821

144

CASH DIVIDENDS—PUBLICLY

90.91

F'uh 88.81
,

6,042

218

liabilities

Construction

86.38
-

Aug.

Aug.

Group

Group

received

1949

:

COMMODITY

NATIONAL
Orders

;

Group—

88.88

321

3,360

BRADSTREET

&

liabilities

Commercial

Cake

3,666

3,142

1—

UCTS—DEPT.

26

1,214

June:

COMMERCE—RUNNING

26

148,571

number

Manufacturing

120

266,389

:

of

—

(000's

175,863

252,864

undelivered

number

Total

Ago

144 637

number

COMMERCIAL

—

Baa

month)

and

number

Total

May

Year

Month

157,543

cars

order

service

U.

July 22
July 22

—Aug.

.•

A

OIL,

230,800,000

AVERAGES:

Bonds

corporate

Aaa
Aa

220,800,000
86,200,000

tons) end of

Previous

INSTITUTE—

FAILURES—DUN

Shipped

Bonds

A

Average

195,300,000

Month

delivered
on

Commercial

AVERAGES:

Aa

MOODY'S

July 27
July 27

214,400,000

'

Aaa

Public

151,100,000

July
July
July
July

:

.

corporate

Railroad

279,500,000

QUOTATIONS):

at

freight

cars
cars

number

&

at

Government

Average

307,000,000

MINES):

CAR

Construction

In

at

(primary

tin

Retail

COTTON

Louis)

MOODY'S BOND
U.

DUN

—

!

M.

refinery

Louis)

Aluminum

INDUSTRIAL)

ton)

&

York)

(delivered)

Zinc

$456,700,000
177,200,000

$365,500,000

202,500,000

PRICES:

gross

(E.

refinery

(New

tZinc

$509,500,000

170,800,000
228,900,000

copper-

Domestic

Export
Lead

AND

lb.)

gross

(per

PRICES

of

Wholesale

As

kwh.)

INC.-

(per

(per

steel

METAL

000

COMPOSITE
steel

iron

$399,700,000

juiy 27

MINES):

(tons)-

(COMMERCIAL

Finished

July 27
July 27

33,600,000

of that date:

June:
new

Manufacturing

INSTITUTE:

(in

BRADSTREET,
IRON

(end

BUSINESS

Retail

SALES

SYSTEM—1947-49
EDISON

OF

lignite (tons)-

anthracite

DEPARTMENT

of

for

freight
Backlog of

Wholesale

NEWS-RECORD:
U.

RAILWAY

INC.—Month

July
July
July
July

OF

aluminum (short

Month

7,096,760

AMERICAN RAILROADS:

ENGINEERING

of

7,865,000

freight loaded (number of cars)-:
Revenue freight received from connections (no. of
cars)

Total

Stocks

AMERICAN

6,930,310

:

(BUREAU

of primary aluminum in the U.
S.
(in short tons)—Month of May

8,167,000

_

at_

either for the

are

are as

Production

6,947,960

.

of quotations,

cases

Latest

ALUMINUM

55.1

1,925,000

transit, in pipe lines—

in

or,

Year

8,284,000

Revenue

CIVIL

date,

July 21

(bbls.)

gasoline (bbls.)

Distillate

1,818,000

or

-July 21

(bbls.)

output

Stocks at refineries, bulk
terminals, in
Finished and unfinished
Kerosene

6

62.2

week

production and other figures for the

cover

month available. Dates shown in
first column
month ended on that
or

of

(bbls.)

average

(bbls.)___;

fuel

6

Aug.

output—daily

output

Residual

Week

eaeh)_—
to

runs

Residual

cent

<

following statistical tabulations

latest week

INSTITUTE:

condensate

Gasoline

Distillate

INSTITUTE:

tc—

ingots

AMERICAN

Latest

STEEL

op~racioiIs

stcei

Equivalent
Steel

AND

The

31

Meat

—

animals

Poultry

and

eggs

Wool

UNITED

,

STATES

BUREAU

OF

EXPORTS

CENSUS

—

AND

,i

303

IMPORTS

Month

of

May

(000's omitted):

32

The Commercial and Financial Chronicle

(508)

furniture, fixtures and equipment and
debt. Office—140*7 Broadway, New York.
the

of

NOTE—Because

large number of issues

D. Klapper

awaiting processing by the SEC, it is becoming
increasingly difficult to predict offering dates
with a high degree of accuracy. The dates shown
iri the index and in the accompanying detailed
but

general, to be considered

not, in

are

firm

as

offering dates.

A.G.E.

June

Funds,

Inc.

and

develop oil and gas leaseholds.

Salle Street,
T.

A.

Chicago, 111.

U.

Office—120 South La

Inc.

June

1, 1961
("Reg. A.") 1C0,000 shares of common
stock (par 10 cents). Price—$3. Business—TV film pro¬
ductions. Proceeds—For general corporate purposes. Of¬
fice—130 W. 57th Street, New York, N. Y. Underwriter
—Marshall

mercial

Advanced

Co., New York.

cents).

operated vending machines. Proceeds—For moving ex¬
penses, an acquisition and working capital.
Office—79

developmental work and

Brooklyn,

N.

Underwriter

Y.

Wright & Co., Inc., 135 Broadway, New York.
Accesso
Jan.

filed 40,000 shares of common stock and
(par $10) to be offered
public sale in units consisting of one share of com¬
1961

30,

for

mon

and

share

one

of

preferred

Business—The company

unit.

manufacture

sale

and

stock.

Price—$15

leans,
&

lighting systems,
acoustical tile hangers, metal tiles and other types of
acoustical ceiling systems. Proceeds—For the repayment
of loans and general corporate purposes.
Office — 3425
Bagley Avenue, Seattle, Wash. Underwriter — Ralph B.
Leonard & Sons, Inc., New York City (managing).

cents).

electronic

and

electrical

equipment.

Proceeds—For re¬

new

trucks

and

for

periods

of

over

Ainslie Corp.

it Airbalance, Inc.
July 17, 1961 ("Reg.

Office—1616 Northern

Boulevard, Manhasset, N. Y. Un¬
derwriter—Hill, Darlington & Grimm, New York City
(managing).
Admiral

Photo

20, 1961

("Reg. A") 60,000
are

Air Master

shares (par 10

common

to be offered by the company

underwirter.

Price—$5.

ing,

together
be

equipment
in

costs

connec¬

tion with constructing a race

Units Sold

well

as

for

as

working

track
capital

Co., is manager of
an
underwriting group which is
offering in units, $4,000,000 of 7%

sinking
fund
debentures,
due
1976, and 240,000 shares of class
A stock, (lc par value) of Canandaigua
Enterprises
Corp.
Each
unit, consisting of $500 principal
of

amount

debentures

and

30

shares of class A stock, is offered
at

$556.10,

on

the

plus

accrued

class

previously

A

stock

on

convertible,
redeemed, into
or before
May

are

10, 1966 at $8 per share until July
1, 1964, and thereafter at $10 per
share until May 10,
to

1966, subject

adjustments in certain events.

units

are

transferable separately from

date

Components

of
.

of

the

issue.
Net

New

proceeds from the financ-




of 26 Broadway,
City, has acquired a

company

York

substantial

stock

interest

in

Fin¬

Association,
Inc., which has the franchise to
conduct thoroughbred horse race
ger

Lakes

common

—

shares

to

in

engage

motion

the

are

of

class A common

to be offered for public

initiation,

acquisition

or

recreation

facilities

depending

upon

of

struction

a
race
track,
which,
completion, will be operated
by the Association under lease
from the company. The company

upon

expects

racing

the

Association's

reason

1961.

The

ferred

if

approved

may

operable

by

Commission

of

Miami,

cated

motels
at

or

or

near

100,000 class A common shares, of
be offered by the company and 30,-

000 by

stockholders. Price—$9. Business—Manufacturers
wear. Proceeds—For working capital. Office
N. W. 5th Ave., Miami, Fla. Underwriter—Clay¬
ton Securities Corp., Boston (managing).
of women's

—2700

All

Star

July 7,
nated

World

Wide,

is

the

the

debentures

due

The

not

completed

on

time.

Canadaigua Enterprises intends

and

Price—For

debentures, at par; for stock, $5. Business—
bowling centers. Proceeds—For expan¬
general corporate purposes. Office -— 100 W.
Tenth St., Wilpaington, Del. Underwriters—Alessandrini
& Co., Inc. and Hardy & Hardy, New York (managing).
The operation of

sion

and

Allstate

Bowling Centers,

Inc.

May

19, 1961 filed 300,000 shares of capital stock, of
which 200,000 shares will be sold for the account of the
company and 100,000 shares for All-State Properties,
Inc., parent. The stock will be offered for subscription
by holders of All-State Properties
The

each nine

construction

shares

and

on

the basis of

debentures

are

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. (8/14-18)
filed 120,000 shares of common stock.
supplied by amendment. Business — The
manufacture and sale
of plastic film raincoats and re¬
lated items for men, women and children.
Proceeds—
For
inventory, taxes, accrued sales commissions and
working capital. Office—Washington, Ga. Underwriter
—D. H. Blair & Co., New York City (managing).

April
Price

28,

—

1961

To be

it Alpine Geophysical Associates,
July 28, 1961 filed 150,000

Inc.

Price — By
conducting of marine and
land geophysical surveys for petroleum and mining ex¬
ploration and engineering projects, and the manufacture
of oceanographic and geophysical apparatus. Proceeds—
amendment.

Business

—

common

shares.

The

YOUR PRIME SOURCE FOR

or

all

redeemable

case

NEW

with accrued interest.

Upon completion of current fi¬
nancing, outstanding capitalization
of
the company will consist of
$4,000,000 of sinking fund deben¬
tures due 1976; 498,150 shares of
class A and 445,101 shares of class
B capital stock; and 60,000 war¬
rants to purchase class A stock.

New

BOUGHT

has

opened

South

a

Clinton

branch office at
Avenue

under

-

mnetf,

17

direction of Charles C. Dunphrey.

-

QUOTED

J. SlE(iEL
V

the

SOLD

for Banks, Brokers, Institutions

Hardy Branch

ROCHESTER, N. Y.—Hardy & Co.

one

held. Price—$10. Business—

at

be de¬
track

Racing

of 5% convertible subordi¬
150,000 common shares.

1971

recreational

constructed,
owned '
operated by the company.

race

State

Inc.

1961 filed $250,000

operation of
restaurants lo¬

facilities

cor¬

Inc.

1961 filed

8,

to begin September

opening

an

first

general

the construction and

each

con¬

Proceeds—For

pro¬

Commission

has under

Alaska.

other

ventures,
the success of this

optional
redemption
prices
ranging from 107% to par, and at
sinking fund redemption prices
beginning July 1, 1966 at par, in

near the city of Canandaigua in the Finger Lakes re¬
gion of New York State. On this

Co.

and

initial venture. Plans also call for

Racing

company

(par

2046 E. Lehigh Ave.,

meetings on a 490 acre site ap¬
proved by the N. Y. State Racing

site, the

debentures.

The debentures

unless

interest

The

60,000

Office

Corp. (8/9)
filed 200,000 shares

hotels,

purposes.

S. D. Fuller &

A")
$5.

—

stock, of which 50,000 shares

building,

land,

architect's

and

1961

with other funds,
by the company to

used

defray

Enterprises

May 26,

Proceeds—For

will

Price

Philadelphia. Underwriter—A. Sussel Co., 1033 Chestnut
St., Philadelphia.

Corp.

cents) of which 54,000
and 6,000 by the

five cents).

in

wnich 70,000 are to

•

Price—$4. Proceeds—For purchase of equipment, repay¬
ment of debt and working capital. Office—531 Pond St.,
Braintree, Mass. Underwriter -— First Weber Securities
Corp., Boston, Mass.

phia, Pa., and New Haven, Conn.; lease and equip a large
garage in New York City and lease additional trucks.

June

common

June 29, 1961 ("Reg. A") 75,000 common shares (par $1).

offices in Philadel¬

June

share for

outstanding

shares.
Price—By amendment. Proceeds—For the selling stock¬
holders. Office—29 W. 38th St., New York City. Under¬
writer—Goodbody & Co., New York.

year.

one

and

Inc.

Aileen

System, Inc. (9/11)
Jan. 19, 1961 filed 100,000 shares of class A stock, of
which 75,000 are to be offered for public sale by the
company and 25,000 shares, being outstanding stock, by
the present holders thereof. Price—$10 per share. Busi¬
ness—The company is engaged in the business of leasing
Proceeds—To repay loans; open new

systems

June 27, 1961 filed 200,000

A-Drive Auto Leasing

automobiles

Office—2036 Broadway, Santa Monica,
Co., Inc., Hemp¬

Underwriter—Hamilton Waters &

teaching machines. Proceeds—
For a plant and equipment, research and development,
inventory and working capital. Office—7 Clinton Place,
Utica, N. Y. Underwriter—None.

plant, purchase of in¬
ventory, research and development, advertising, promo¬
tion and merchandising, repayment of debt and other
corporate purposes. Office—269 Shurs Lane, Philadel¬
phia. Underwriter—Roth & Co., Inc., Philadelphia.
a

Electronics, Inc.
80,000 capital shares (par 10
Price—$3. Proceeds—For repayment of debt and

electronic

Honolulu

properties

Aiix

stead, N. Y.

July 17, 1961 filed 100,000 class A common shares. Price
Business — The manufacture of transformers for

Brooklyn 3, N. Y. Underwriters—Rothenberg, Heller &
Co., Inc. and Carroll Co., New York.

Underwriter—None.

it Aidiation Electronics Co., Inc.
July 26, 1961 ("Reg. A") 268,500 common shares (par
five cents).
Price—$1.
Business—The manufacture of

—$4.

and

porate purposes. Office—120 S. Third St., Las Vegas, Nev.

("Reg. A")

working capital.
Calif.

installation of heating, ventilating and air
Proceeds—For moving, purchase
of machinery and equipment, inventory, repayment of
loans and working capital.
Office—1425 Utica Avenue,
design

Space
1961

& Co., Inc.

(A. J.)

conditioning systems.

gas

equipment,

For

Garey Co., Inc., Washington, D. C.

July 17,

Aero Electronic Products Co.

locating to and equipping

—

of notes and equipment.
Office — 185
Avenue, N. W., Atlanta, Ga. Underwriter—Best

Aero

fluorescent

of

Proceeds

purchase

Walton

per

in the design,

is engaged

1961 to engage in the development, manufac¬

Fidelity Acceptance Corp.
July 11, 1961 ("Reg. A") 100,000 common shares (par
five
cents).
Price—$3.
Proceeds—For repayment of

40,000-' shares of preferred stock

Proceeds—For working capital, and
Office—20th Street, and Alle¬

pansion and working capital. Office—6900 West Road 84,
Fore
Lauderdale, Fla.
Underwriters — Stein Bros. &
Boyce, Baltimore & Vickers, MacPherson & Warwick,
Inc. (managing). Offering—Expected in late August.

Alaska

Aero

Corp.

of

alu¬

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 and 2,560 shares. Price—$2,560 per unit.
Business—The exploration and development of oil and

working capital. Office—1208
Title Insurance Building, Minneapolis, Minn.
Under¬
writer—Naftalin & Co., Minneapolis.

H.

L.

—

sale

other

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.
Business
The manufacture of electronic, mechanical
and components. Proceeds—For repayment of loans, exand electro-mechanical rocket and missile system parts

(8/15)

Inc.

Instruments,

equipment.

and

and

1961

29,

^ Aksman

ture, sale and lease of electronic, electro-mechanical and

electro-optical

doors,

July 28, 1961 ("Reg. A") 80,000 common shares (par 10
cents). Price—$3. Business—A mechanical contractor in

(

May 19, 1961 filed 875,000 shares of common stock. Price
—$1.15 per share. Business—The company was formed
in March,

Place,

Edward

—

Rock, Ark.

it Abby Vending Manufacturing Corp.
July 26, 1961 ("Reg. A") 100,000 common shares (par 10
cents). Price—$3.
Business—The manufacture of coin

manufacture

and

International Corp. of Florida

Airtronics
June

100,000 common shares (par 25
Proceeds—For purchase of furniture,

Scientific

windows

gheny Avenue, Philadelphia, Pa. Underwriter—Francis I.
du Pont & Co., New York City (managing).

and working capital.
Office — No. 15 Village
Shopping Center, Little Rock, Ark. Underwriter—Affili¬
ated Underwriters,
Inc., 1321 Lincoln Avenue, Little

Advanced

storm

other corporate purposes.

Investment Management Corp.

Price—$3.

Price—To be supplied by

Business —The

products.

minum

reserves

1961

Clifton

aluminum

July 11, 1961 ("Reg. A")

Systems, Inc.
filed 100,000 common shares. Price — $3.
Business—The design, manufacture and sale of automa¬
tion equipment for industry.
Proceeds—For new facil¬
ities, sales program, demonstration laboratory and work¬
ing capital. Office—37-05 48th Avenue, Long Island City,
N. Y. Underwriter—John Joshua & Co., Inc., New York.
6,

Underwriter

Y.

N.

and 150,000 outstanding shares by

—

Hindley & Co., New York City.

Abbey Automation

June

Hicksville,

St.,

Thursday, August 3, 1961

.

present holders thereof.

amendment.

Associates, Inc., New York.

May 31, 1961 ("Reg. A") 150,000 class A shares (par 10
cents). Price—$2. Business—Designs and manufactures
radio telemetry systems, frequency filters and power
supplies for the missile, rocket and space programs.
Proceeds—For
research
and
development, equipment,
repayment of loans and working capital. Office—2 Com¬

Underwriter—None.

Productions,

the

Advanced Electronics Corp.

1961 filed 200 co-ownership participations in
exploration and development fund H.
Price—$5,000 per unit. Proceeds—To evaluate, acquire
30,

the company's 1961

.

sale by the company

repayment of
Underwriter—

it Admiral Plastics Corp.
July 27, 1961 filed 340,000 common shares, of which
20,000 shares are to be offered by the company and
320,000 shares by the stockholders. Price—By amend¬
ment.
Business—The manufacture of plastic houseware
products. Proceeds—For a new warehouse, repayment
of debt and other corporate purposes.
Office — 557
Wortman Ave., Brooklyn, N, Y.
Underwriter—Shearson, Hammill & Co., New York
(managing).

items reflect the expectations of the underwriter

.

39

Dlgby 4-2370

Jnc.

Broadway, New York 6, N. Y,
Teletype No. N.Y. 1-5237

Volume

194

Number

6078

.

.

The Commercial and Financial Chronicle

.

(509)

Securities
Continued from

preceding

For repayment of debt
Office—55 Oak St.,

Now

page

Proceeds—To

May

4,

1961
The

—

(letter

stock

common

ness

Corp.
of

notification)

75,000

(par 10 cents). Price—$4

sale

of

pre-cast

and

shares of
share. Busi¬

per

pre-stressed

concrete

sales

up

establish

and

&

Co., Inc., 115 Broadway, New York.

Business

A

—

small

Proceeds—For investment.

company.

Investments & Securities, Inc., Washington, D. C.

June 29, 1961 filed 40,000 common shares.
Business
The insuring of

•

Amerford International

Corp.
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¬
vertising and working capital. Office—80 Wall St., New
June

York.

Underwriters

V.

—

Wickett

S.

&

•

American Electronic

May

26,

stock

1961
be

to

the rate of
-—To

filed

offered
one

Laboratories, Inc.

10,632
for

shares

of

class

subscription by stockholders at
Price

supplied by amendment. Business—The com¬
pany is engaged in research and development in the field
of electronic communication equipment. Proceeds—For
construction, new equipment, and other corporate pur¬
poses.
Office—121 North Seventh Street, Philadelphia.

Underwriter—Suplee, Yeatman, Mosley Co., Inc., Phila¬
delphia, Pa.
Inc.
$500,000 of

April 21, 1961 filed
6% convertible sub¬
ordinated debentures due 1971; 75,000 shares of common
stock,

and 25,000 common stock purchase warrants to
be offered for public sale in units consisting of one $200

debenture, 30 common shares and 10 warrants. Price—
$500 per unit. Business—The company and its subsidi¬
primarily engaged in the automobile sale fi¬
business. One additional subsidiary is a Maryland
savings and loan association and two are automobile
insurance brokers. Proceeds—For the retirement of de¬
are

nance

bentures, and capital funds. Office — 1472 Broadway,
New York City.
IJpderwriter—Lomasney, Loving & Co.,
New York City. Offering—Expected in
September.
American Mortgage investment Corp.

April 29, 1960 filed $1,800,000 4% 20-yr. collateral trust
and 1,566,000 shares of class A
non-voting com¬

bonds

stock.

offered

for

vestment

It is proposed that these securities will be
public sale in units (2,000) known as In¬

Certificates,

each

representing $900 of bonds
and 783 shares of stock. Price—$1,800 per unit. Proceeds
—To be used principally to originate
mortgage loans and
them until market conditions are favorable for
disposition.
Office
210 Center St.. Little Rock. Ark.
Underwriter—Amico. Inc. Offering—In late August.
carry

—

American

Orbitronics 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.,
June 1, 1961

Washington, D. C.
American

'

1

-

Packing Co.

Proceeds—For
E.

general

Northlake

corporate

Office—303

purposes.

Way,

—

Joseph

American Realty

Trust
July 25, 1961 filed 500,000 shares of beneficial interests.
Price—$10. Business—A real estate investment company.
Office—608

Thirteenth

St.,

N.

Underwriter—Stifel, Nicolaus
American

Recreation

W.,

&

Washington,

Co.,

Centers,

Inc.,

St.

C.

D.

Louis.

Inc.

Business—The operation of seven bowling centers. Pro¬
ceeds—For repayment of loans, working capital and
gen¬
eral corporate purposes. Office — 1721
Eastern Ave.,

Sacramento, Calif. Underwriter—York & Co., San Fran¬
(managing).

American Sports Plan, Inc.
June 29, 1961 filed 200,000 common
Business—The

operation

of

—For

expansion.

Mass.

Underwriter—None.

American

amendment.
the

bowling

Office—473

Winter

shares.

Pr?ce—$6.

centers.

Proceeds

Street, Waitham,

sale

Business—The
of

Price — By
leasing of vending machines

merchandise

for

distribution

therein.

A.

Amerline Corp.
July 3, 1961 filed 150,000 outstanding class A common
shares. Price—By amendment. Business—The manufac¬

components

and

products for sale

to

Underwriters—Ross, Lyon & Co., Inc.,

for

public sale in 100 units.

Price—$7,500 per unit. Busi¬
acquisition, holding, testing, developing and
operating of gas and oil leaseholds. Proceeds—For gen¬

ness—The

eral corporate purposes.
Office—523 Marquette Ave.,
Minneapolis. Underwriter—APA, Inc., Minneapolis.

corporate purposes.

Office—523 Marquette Ave., Minne¬
apolis, Minn. Underwriter — The company and its sub¬
sidiary, APA, Inc., will act as underwriters for the Pro¬
•

Apache Realty Corp. (9/1)
31, 1961 filed 1,000 units in the First Apache
Realty Program. Price—$5,000 per unit. Business—The
Program plans to engage in the real estate business, with
emphasis on the acquisition, development and operation
of shopping centers, office buildings and industrial
prop¬
investment.

lis &

shares

shares

by
of

June

America

15, 1961 filed 100,000 common shares. Price—$5.
Business—The manufacture of amphibious automobiles.




523

—

used

in

connection

with

space

and

Co.

Inc.)

&

telemetry systems.

(J.

Fairfield

19,

$1.15.

1961

filed

1,000,000

shares.

common

Business—The marketing of

an

Price—

electric hot water

heating system. Proceeds—For inventory, salaries, ad¬
vertising and promotion, and working capital. Office—
writer—M. H.

Arcs

May

Building, Minneapolis.

Under¬

Bishop & Co., Minneapolis. Offering—Ex¬

pected in late

K.

Jones

Norton

filed

1961

for

with rights to

of

6

expire Aug. 8.

manufacture

fields.

shares held

100

of

convertible

use

of

&

subor¬

par.

electrical

July 26,
Business—

and

(Ross,

Inc.

and

Lyon

in the missile and

computer

Proceeds—To

Processing Laboratories, Inc.

(8/21)

23,

1961

offered

filed 2,100,500 shares of

common

(J.

for

share.

Business—The processing of black

and white and color film.

working capital.

Proceeds—To repay loans and
Office—2 North 30th Street, Phoenix,

Underwriter—None.

$300,000

Zeiff)

$300,000

Common
&

Co.)

Dept.

Stores,

are

to

be

Inc.

common

offered

by

&

Inc.

Co.

Inc.)

and

Common

$300,000

Schrijver & Co.)

Proceeds—For

of

12

$^2o,u0d

Interests

Securities

Corp.)

$646,500

&

Co.

Inc.)

Common

$300,000

....Common

(Netherlands

Securities

Co.)

$300,000

Laboratory, Inc.
(hayden,

Second

Common
Stone

&

(I.

Co.)

100,000 shares

Financial, Inc

Shepard

Airtronics,

C.

Wegard

Common
Inc.)

$300,000

Inc

Common

& Co.;
L. J. Termo &
Copley & Co.) $300,000

Co.

the

Inc.

Space Technology & Utilities Corp
(Henry

Fricke

Co.)

and

..Common

$300,000

Spencer Laboratories,.'Inc:
(Offering

to

Class A

stockholders—underwritten by E. T,
&
Co.)
$162,400
■■■'"'• •

Andrews

Tassette, Inc

A

Treat

Vic Tanny

&

Co.,

D.

August 8

Electrarc,

Bruno

Lenchner,

Corp.)

$2,400,000'

Inc.

Fuller

&

and

Common

Co.)

320,000

shares

(Tuesday)

Inc.
(P.

Greene

Inc.;

Securities

Enterprises, Inc
(S.

Common

de

Rensis

&

Co.,

Inc.)

$500,000

(M. J.) Co
(Hess,

Common

Grant

&

Remington

Inc.)

$300,000

Gulf-Southwest Capital Corp.__
Ripley &

Co.

Inc.)

Co.,

(Bids

Pueblo

Common

and Underwood,
1,250,000 shares

Neuhaus

10

a.

Bonds

CDST)

m.

$20,000,000

Supermarkets, Inc

(Merrill

Lynch,

Pierce,

Service Photo

Fenner

A.

Hart

Smith

&

&

U. S. Fiberglass Products
(Hauser,

August
Air

Murdock,

9

Master

Inc.)

self-service

discount

stores.

working capital and expansion. Office—
Continued

on

page

34

100,000

$600,000

Co

Common

Rippey

&

Co.)

$400,000

(Wednesday)

(Francis

Common

I.

du

Pont

&

Co.)

200,000

shares

Atlantic Fund for Investment in U. S.
Government Securities, Inc
(Capital

Bloomfield
(Westneimer

Gulf,

Counsellors)

Common

$50,000,000

Industries, Inc.-.

&

Co.

Mobile

and

&

Divine

Ohio

(Bids

-Common

Fishman

&

RR

noon

CDT)

Inc.)

140,000

Equip.

Trust

Co.)

1,000,000

shares

(Thursday)

Homes,

Inc

Units

(Robinson-Humphrey

Co.

Inc.)

units

100,000

Business Funds, Inc
(Clark,

Dodge

and

Federal

&

&

Alex.
Co.)

Brown &
$14,300,000

Inc

Greenwald

and

(Blunt

Co.;

Globus, Inc.)

Co.

Maltz,

Greenwald

&

Co.

70,000 shares

Co

Ellis

&

$700,000

Common

Winston &

Jay,

(H. M.)

Sons

Debentures
Maltz,

Globus, Inc.)

Factors, Inc

(Thomas

Harper

Inc.;

Mosle

Winston & Co.;

Jay,

and

Federal

Capital
Co.

Rotan,

Factors,

(Thomas

Cfts.

Common

(Dempsey-Tegeler &

10

shares

$3,600,000

Texas Capital Corp

Builtwell

shares

Class A

Co.)

Corp

.-Common
&

Simmons)

180,000

shares

August 11

(Friday)
Audio Visual Teaching Machines,
(No

T.

V.

underwriting)

Development

(Kesselman

&

Co.

and

Inc.—Common

$300,000

•

Corp

Brand,

Common

Grumet

&

Seigel Inc.)

$500,000

August 14

(Monday)
Almar Rainwear Corp
(D.

American
to

H.

Blair

&

Electronic

Common

Co.)

shares

120.000

Laboratories,

stockholders—underwritten
Mosley

shares of which 60,000
company and 240,000

Common

.

Industries, Inc

(N.

.

by the stockholders. Price—By amendment. Busi¬
operation

$150,000

Radiation Instrument Development

(Offering

ArFan's
shares

Common
.Common

Stern,

Lieberbaum

Laurence

stock

subscription by common stockholders
the basis of one new share for each share held. Price

—22 cents per

shares

Progressitron Corp.

Loving & Co., New York City (managing).

Ariz.

170,000

Monticello Lumber & Mfg.
Co., Inc

for

Arizona Color Fifm

shares

—Class A

& Co.

(Tenney

electro¬

repay loans, purchase a building,
working capital.
Office — 755 Park Avenue,
Huntington Station, L. I., N. Y. Underwriter—Lomasney,

for

Co.)

Templeton)

and

(Armstrong

record

Price—At

electronic,

mechanical devices for

on

.Class A
150,000

Krystinel Corp

August

$1,630,000

each

Common

Controls, Inc

(Globus

Industries, Inc.

19,

be

shares

shares

.Class A
&

September.

dinated debentures due 1971, being offered for subscrip¬
tion by common stockholders on the basis of $500 of

•

50,000

Jaymax Precision Products, Inc.-'--

Proceeds

Aqua-Lectric, Inc.

June

The

400,000

Co.)

leasehold

improvements, equipment and general
corporate purposes. Office—76 S. Bayles Avenue, Port
Washington, N. Y. Underwriters—Cruttenden, Podesta
& Co., Chicago and Spear, Leeds &
Kellogg, New York.
•

shares

Northern States Power Co

communications, radio frequency analysis, missiles

—For

82,500

Electronics, Inc

(Harriman

(8/28)

be

devices

$300,000

Dominick)

Podesta

(Mitchum,

Calvideo

Mar¬

120,000 common shares, of which 60,offered by the company and 60,000
stockholders. Price—$6.50. Business—Manu¬
to

are

and satellites and radar and

ness—The

of

&

(Cruttenden,

June 23, 1961 filed
000

Co.)

—Common
&

California Computer
Products, Inc

Simmons, Chicago (managing).

App'ied Research Inc.

shares

.........Common

Calandra Photo, Inc

&

•

shares

Corp.

Office

quette Ave., Minneapolis, Minn. Underwriter—Blunt El¬

July 5, 1961 filed 300,000

(managing).

&

754,730

Finance Group, Inc.__
(Auchincloss, Parker & Redpath)

March

For

Co.)

(Monday)

Karen

—

shares

Photocopy Manufacturing Corp

(Amos

Proceeds

60,0000

Merchandising Capital Corp.__Common

(Blair

gram.

erties.

Inc.)

Inc

August 7

BBM

shares

Capital

(Globus

Apache Corp. (9/1) r
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¬
ating of gas and oil leaseholds.
Proceeds—For general

writer—Dean Witter

Co., San Francisco

Co.,
&

•

tape, electronic computers, data
processing machines, etc. Proceeds—For selling stock¬
holders. Office—2727 W. Chicago Ave., Chicago. Under¬
&

&

Inc

Automated

100,000

Lafayette Realty Co

manufac¬

magnetic

Amphicar

on

shares held.

common

Apache Corp. (9/1)
v/"
May 29, 1961 filed $750,000 of participating units in the
Apache Canadian Gas & Oil Program 1961 to be offered

to

56th

of

100

Globus, Inc., New York.

and

Univend

St., New York.
Underwriter—Robert
Martin Associates, Inc., New York.

of

unit for each

one

Miami Beach, Fla.
and

120

turers

5-year

$100 per unit. Proceeds — For expansion and
capital. Office—1270 N. W. 165th St., North

working

March

ture

and

stockholders

Proceeds—For the repayment of debt, purchase of addi¬
tional machines, and other corporate purposes. Office—
E.

debentures

tures and warrants to purchase 20 shares. The units
will
be offered for subscription
by common

debentures

Corp. (8/14)
May 29, 1961 filed 100,000 common shares.
and

to purchase 125,000 common shares to be of¬
6,250 units, each consisting of $100 of deben¬

the

Inc.)

Common

Blauner

Specialties,

Co.,

for

warrants

of

1608 First National Bank

June 26, 1961 filed $1,250,000 of series A convertible sub¬
ordinated debentures due 1973. Price—By amendment.

•

subordi¬

on

—

D.

Common

Associates,

Inc

(Dempsey-Tegeler

Precision

CMC

issuance

Price

Martin

(Shields

Anodyne, Inc.

the basis of

(Milton

Price—$15.50.
primarily race

Co., Inc., New

in

A.

(Harrison

(managing).'

fered

(Friday)

(Dominick

animals,

conversion

ISSUE

First Surety Corp

Ripley

pacers. Proceeds—For expansion and
general corporate purposes. Office—92
Liberty St., New
York. Underwriter—Bernard M. Kahn &

earth

Seattle.
Underwriter
Nadler & Co., Inc., New York
(managing).

cisco

—

facture

June 29, 1961 filed 150,000 common shares.
Price—$4.50.
Business—The processing and sale of canned salmon.
N.

Co., Hart¬

•

American Finance Co.,

mon

&

reserved

be

aries

—

Insurance Co. of America

common

share for each 10 shares held.

new

By
investment

June 20, 1961 filed
$625,000 of 5% convertible
nated debentures, 156,250 common shares

(8/14)
A

August 4

Fifth Dimension

horses, trotters and

Co., Inc., and

Thomas, Williams & Lee, Inc., New York.

REVISED

NEW ISSUE CALENDAR

Office—150 Cause¬

Street, Boston. Underwriter—Putnam
ford, Conn, (managing);
way

York

ITEMS

American Univend Corp

Price

business

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

Animal

PREVIOUS

(Robert

Anderson New England Capital
Corp.
July 21, 1961 filed 400,000 common shares.

amendment.

•

ADDITIONS

SINCE

parts depot in

a

service

—

Edmond

* INDICATES

Registration

Newark, N. J.,
organizations, and for work¬
ing capital and general corporate purposes. Office—660
Madison
Avenue, New York.
Underwriter
Herbert
set

and

general corporate purposes.
Norwood, N. J. Underwriter—S. D.
Fuller & Co., New York
(managing).
Amcrete

in

33

Co.

Inc.)

10,632

by

Inc.__Common
Suplee,

Amity Corp.

Common

(Karen

Brisker

Securities

Corp.)

$266,217

Corp.

Common
(Copley

Clarkson
(Ross,

&

Co.). $160,000

Laboratories, Inc
Lyon

Yeatman,

shares

&

Co.

Inc.

and

Common
Globus

Inc.)

Continued

$400,000
on

page

34

34

The Commercial and Financial Chronicle

(510)

Continued from page 33

(Friday)

18

August

Southern

Lytton Financial Corp
Production

Consolidated

Corp

Common

Record Distributing Corp

Cosnat

Treat

(Amos

150,000

Co.)

&

Electra

390,000

Inc.)

Turner,

Capital

Inc.

Associates,

Martin

A.

Ezra

and

Kureen

Garan

Common

Noel

&

Co.)

209,355

Williston

&

Beane)

shares

Common

Inc.
(J.

Income

R.

(Espy

(Netherlands

.Units

Wanderer

&

$200,000"

.Common

Securities

Stone

(Hayden,

Seymour

Inc.;

Co.,

•&

Bruno

J.

Blauner

$600,000

Co.)

International

Plan

Inc.)

Corp
J.

Lease

$780,000

Corp.

Planning

Kane-Miller

Securities

Nationwide

125,000

&

Podesta

(Darius

Pell

(R.

P.

&

'

Units
Lewis

&

E.

and

Co.

&

Co.

&

Inc.)

Loving

Inc.)

&

(No

;

Mohawk

(Naftalin

&

August 22
Reeves

EDST)

Securities

(United

Packer's
Pan

Planning

Blauner

D

American

Martin

Wisconsin
(Offering

&

Richter

Co.)

Power

to

&

written

Wisconsin

Smith,

by

Baird

W.

Power

Barney

Co.

&

&

MPO

W.

(Offering

Inc.)

Common

Robert

and

Baird

&

(Merrill

Common

^

Co.)

&

&

(Amos

Alstyne,

and

(C. F.)
(Hill,

Mite

Co.

Treat

Hill,

Grimm)

&

I.

Walter

(Kidder,

Beane)

150,000

&

&

and

Co.

U. S.

&

Co.)

325,000

Co.)

&

400,000

Pont

&

Co.)

Plastic

W.

Co.)

(XXn^p'-wnod,

&

&

French,

Kaufmann

Co.

Inc.;

&

Inc.)

Neuhaus

&

Co.)

Technical

Materiel

(Kidder,

Standard
Inc.)

Securities

90,000

Peck)

&

Pacific

Rochester

Irvan

$1,000,00°

October

Co.)

50,000

(Bear,

&

Co.)

August

17

&

(Kerns,

Redpath)

300.000

—

stallation of equipment, and
working capital.

Spring Street, Nashua, N. H.
Underwriter
& Co., Boston, Mass.

Office—45

—

Schirmer,

Atherton

Atlantic Fund for Investment in U. S. Government
Securities Inc. (8/9)

—

1960, filed 2,000,000 shares of common stock.
$25 per share. Business
A diversified invest¬

ment company,

with

—

which will become

redeemable

shares

upon

the

an

open-end company
sale and issuance of

the

shares being registered.
Proceeds—For investment
in U. S. Government securities. Office—50
Broad Street,
New York City.

Underwriter—Capital

Counsellors, 50

Broad Street, New York City. Note—This
company was
formerly the Irving Fund for Investment in U. S. Gov¬
ernment Securities, Inc.




&

Inc.)

per

fire and

share.

$193,500

Inc.)

Bissell

&

Meeds)

December

$172,500

.

June

Gulf

and

Street

of

purchase of

working

Proceeds—To estab¬

Corp., New York City

(managing).

teaching Machines, Inc.

(8/11)

75,000 common shares (par 10
Business—The manufacture and dis¬

teaching machines, language laboratories
texts. Proceeds—For repayment of debt,

equipment, research and development and

capital.

Office

Gaithersburg, Md.

—

216

E.

Diarhond

Street,

Underwriter—To be named.

July 28, 1961 filed 100,000

ductor

trusses

which

common

Business-^The

the

of

loans,

N,

W.

the

shares.

manufacture

manufacture

plates

are

expansion

37th

Bonds

$15,000,000

Co

11

a.

Debentures
m.)

$15,000,000

Bonds
be

received)

$15,500,000

Preferred
be

received)

$8,000,000

to

be

Bonds

received)

5

$20,000,000

(Tuesday)
to

be

received)

Bond*
$15,000,000

(Thursday)

Co

Bonds
to

be

received)

$5,000,000

Stetson, New York and Laird, Bissell & Meeds,
(managing).
■

Wilmington, Del.

Avenue,

made.

and

of

jigs

Price
of

—

metal

presses

Proceeds—For

working

Miami.

and

capital.

•

Automated

Gift Plan, Inc^ (9/1)
12, 1961 ("Reg. A") 100,000 common shares (par
10c). Price—$3. Business—The manufacture and sale of

June

"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
dealerships. Office—80
Park Ave., New York. Underwriter—J. Laurence
& Co.,
Inc., New York.
•

Automated Merchandising
Capital Corp. (8/7)
May 24, 1961 filed 200,000 shares of common stock. Price

—$20.
ment

By

con¬

from

repayment

Office—7525

Underwriters

—

Business—A closed-end non-diversified manage¬
company formed to provide financial

investment

assistance

York

plates used in the prefabrication of wooden roof
and

Corp.

received)

to

concerns

active

in

the

vending

Proceeds—For investment. Office—10 East 40th

it Automated Building Components, Inc.
amendment.

Power

Cohu &

Price

("Reg. A")

program

..Bonds

.

$60,000,000

Business—-The manufacture and sale of

Price—$4.

tribution

be

to

(Bids

Inc.

Visual

8, 1961

cents).

Co

received)

(Wednesday)

December 7

$700,000

$800,000

buy equipment to make component
parts of warning systems now manufactured by others,
reduce indebtedness, add to inventory, and for
working
capital.
Office—Bellemore, L. I., N. Y. t Underwriter—
Broad

units

(Wednesday)

to

(Bids

Units

underwriting)

burglar warning systems.

Audio

.Units

3u,0()0

Virginia Electric & Power Co

subsidiaries,

First

!

Common

Feb. 27, 1961 filed 150,000 shares of common stock.

—$4

shares

.....Debentures

(No

lish

Common
208,000

New England Power Co

$200,000

Corp

Inc.)

Co.

$300,000

(Wednesday)

October 25

Common

(Laird,

Inc.

July 11, 1961 ("Reg. A") 54,000 class A common shares
(par $1). Price — $5. Proceeds — For purchase and in¬

Price

Co.,

Securities

Co.)

Cj.)

Electric

(Bids

$850,000

Security Acceptance Corp

Audiographic

Angeles. Underwriter—California Investors, Los Angeles.

22,

Inc.)

Inc

shares

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

July

Empire,

,

Ave., New York. Underwriter—Eastman Dil¬
lon, Union Securities & Co., New York (managing).

•

Bennett

shares

(Tuesday)

October 18

Common

&

units

.Common

500,000

Georgia Power Co

Manufacturing

(Continental

Capital

Fifth

Astronetic Research,

Winston

75,000

Georgia Power Co

Ferromagnetics Corp
Jay

..Units

Inc.)

(Tuesday)

Utilities

Inc.)

Minichrome, Inc.

Continued from page 33
350

Co.

$5,000,000

(Thursday)
Parker

Smith

shares

Development Corp

(Auchincloss,

&

Co.)

be

to

3

States

Class A
&

&

(Friday)-'

to

(Bids

Old
U. S. Home &

shares

Treat

Jolyn Electronic

Debentures

Stearns

Common
Fenner

Smith

Co.)

Ripiey

&

shares

(Wednesday)

(Thomas

$1,996,998

TelePrompTer Corp.

Class A

$1,000,000

(Monday)

(Bids

Pierce,

&

&

Electric

(Bids

...Common

125,000

&

Gas

$761,090

214,500

Co.

Common

September 27

Shares

Class A

Peck)

&

shares

Corp

Lynch,

(Amos

Common

&

Loeb

snares

America,''Inc!—.—

(Bids

..Common

140,000

Gas

Corp.

Conolite, Inc..^

Corp

Peabody

Kuhn,

(Friday)

September 26

$900,000

(Tuesday)

Common

shares

Inc.)

Grimm)

Fenner

James

(Bids

Common

Co.

underwriting)

&

Burstein

(Harriman

$600,000

.Capital

&

underwriting)

Aviation

(Merrill

Common

No

Common
by

1,075,791

(Amos) & Co., Inc

Gyrodyne Co. of

Common

Chemical Corp

August 30

Corp.
i

$1,400,000

(Wednesday)

September 22

shares

60,000

Scranton

Nitrogen Oil Well Service Co
Plasticon

Republic

shares

155.000

Common

—

Inc.)

Corp._

(The

Common

&

Fricke

Sign

shares

Gulf

shares

Mortgage Guaranty Insurance Co
'Barhe

$375,000

(Tuesday)

September 18
Parish

Common

Common

(Adams

Common

Charles

Co.

Hammill

(Amber,

shares

Electronics, Inc

Capital
Peabody

Common

inc.)

shares

Research, Inc

&

August 29

Corp.

12

Lynch, Pierce,

Common

Inc..;

du

(No

$225,000

100,000

Co.

(Monday)

September 15

Grimm)

&

United Investors Corp.

Laboratories, Inc
Darlington

&

Darlington

(Shearson,

Darlington

125,000

Bruno-Lenchner

Transvision

Inc.).

shares

.Common

—

shares

Co.)

Noel

Moyer.

Common

&

160,000

King's Department Stores, Inc.—

Common

$300,000

Corp

and

Inc.)

Co.

stockholders—underwritten by Sutro Bros.
Gregory & Sons) 150,000 shares

Dowd

&

Brothers)

September 13

$780,000

!

Cressy)

and

(McLaughlin,

Supronics

(Wednesday)

F.

Common

Co.)'

(Friday)

Lehman

September

$300,000

Common

Simmons

and

(R.

Corp

stockholders—underwritten

(Hill,

Industrial Gauge & Instrument Co., Inc.__Common
Kirk

Treat

September 11

$2,500,000

Foods, Inc

(Woodcock,

Reher

shares

Devices, Inc

to

Co.

Corp.)

Podesta

&

Beane

(Adams

Eastern Air

to

and

Philadelphia Laboratories, Inc

shares

50,000

August 16

(Offering

Inc..:

Williston

(Francis

Preferred

Robert

and

Units
$200,000

Western Union Telegraph Co

Development

Co.

Videotronics,

Common
shares

employees—under¬

Co.

15,000

Motti)

(Thursday)
Inc

Metals,

Septembers

$1,500,000

—

R.

(Tillie)
(Van

—Preferred

&

Inc.)

(J.

$280,000

Light Co

Co.

&

Barney

&

Corp.

Lewis

—Common

and

&

&

Treat

(Amos

(Monday)

(Shields

Harn

-V--

stockholders

Rodney

$340,000

Corp.)

Woodhill

Research

Common

Light Co

preferred

Common

Inc.)

100,000

$600,000

141,000

David

Common

&

&

H.

Williston

R.

(J.

Common

Co.)

shares

(Tuesday)

September 7

$230,000

Douglas Microwave Co., Inc

$320,000

Corp.)

Drug^, Inc.——T
(Scherck,

(Smith,

Co., Inc

& jCft..,,Inc.)

$330,000

(Monday)

Stone

(Amos

Gloray Knitting Mills, Inc

Resources, Inc.——

(Fred.

Parkview

Inc.)

Co.

Co.

Securities

(Mann

Super Markets, Inc
(Milton

&

&

(Cruttenden,

$600,000

Moderncraft Towel Dispenser

Inc.)

375,000

Common

—Common
Co.)

Common

(Edward H.j & Son, Inc

shares

33,334

Cressey, Dockham & Co., Inc

Corp.) 387,500 shares

&

Co.

Instruments

(Friday)

August 28
Applied

Common

Marsan Industries, Inc.
Kirsch

$5,000,000

*

Rocky Mountain Natural Gas Co.,. Inc

$40,000,000

Fox-Stanley Photo Products, Inc

M.

&

underwriting)

(Hayden,

Ihnen

Debentures

(M.

Bonds

Consumers Power Co
a.m.

Inc

Photo-Cine-Optics, In^._

Computer

&

shares

112,278

Laurence

September 5

$900,000

Intercontinental Dynamics Corp

Common
Co.)

Inc.)

(Tuesday)

August 25

Common

City Gas Co. of Florida
&

Co

Co.)

$750,000

Simmons)

&

Plan,

(William,

Class A

&

Inc.)

A-Drive Auto Leasing System, Inc

Fontaine & Co.; Evans MacCormack & Co.; Stone
Youngberg and Sellgren, Miller & Co.) $300,000

(T.

$1,252,231.50

$320,000

Common

fit

Broadcasting

Common

Peabody

Co.)

Corp.

$2,000,000

$1,006,250

Co.)

S. O. S.

Units

Corp

(Trinity

$300,000

(Grant,

(Eouitable

Inc.)

Units

Ellis

September A

shares

250,000

Co

(Sandkuhl

Units

Corp.

11:30

Co.

■

$20,000,000

$1,600,000

Inc.)

Co.)

——Shares

Co.)

Oil Corp

Trinity Funding

(Tuesday)
Scientific Instruments, Inc

(Bids

&

Common

Units

Gift

(No

Common

&

(Armstrong

August 15

(Kidder,

$500,000

Washington Engineering Services Co., Inc..Common

$250,000

Thoroughbred Enterprises, Inc

Common

&

&

DowH

T?

(Laird

Chemonics

Inc.)

Units

(J.

Common

__

Inc.)

Co.

underwriting)

(Sade

Debentures
Fuller

Automated

Acceptance Corp.

$300,000

Corp.

Advanced

Co.

(Monday)

,

——

Bean

Insurance
(R

$300,000

Co.)

& Co.

(Armstrong

D.

units

6,280

Inc! Minneapolis. Minn.) $4,500,000

(Blunt

Class A

Ameritronics, Inc

Sav-Mor

Triangle Instrument Co.

(S.

&

(APA

$300,000

$300,000

Airlines, Inc

Common
Co.,

&

Flato Realty Fund

Common

Miller

Co.)

Corp

(Armstrong

Roberts

J.

Taddeo Bowling & Leasing Corp

Vinco

Cellomatic Battery

Co.)

shares

150,000

Securities

(Lomasney,

Units

Corp.)

Apache Realty Corp

NAC Charge Plan & Northern

ASC, Inc
(Albion

Richarus

(APA,

$462,110

.

underwriting)

(No

G-W

underwriting)

Equities

(International

Common

Inc.)

A.

R.

Higginson

Apache Corp.

Common

Bid D Chemical Co

Frontier

:

Inc

(Fraser

Pharmaceuticals, Inc

Riverview

Treat

September 1
Apache Corp

Common

stockholders—no

to

(Flato,

Common

——

Hart

A.

Co.

&

(Hill

Processing

Products,

.

Inc

N.

Inc.;

(Offering

Bel-Aire

shares

and McDaniel
units

Co.

150,000

Patent Resources,

shares

Inc.—

$300,000

Corp.)

Homes, Inc.-

(Cruttenden,

Film

Color

;

.

:—Common

Corp
Co.)

&

and

Co.

-

Long Island Bowling Enterprises, Inc
(Trinity

Arizona

Laboratories,

Ets-Hokin & Galvan, Inc
Alstyne,

Lee

Common

(Amos

(Monday)

21

Co.)

shares

70,000

(Van

August

shares

International, Ltd._

(Robert

Utilities Corp

&

and

West Coast Bowling Corp

Common

200,000

Inc.)

Co.

Common

&

Guerin

Polonitza

&

(Garat

&

Thursday, August 3, 1961

.

Tresco, Inc.

Hammill & Co.)

Shelley Urethane Industries, Inc

shares

Dallas Airmotive, Inc
(Eppler,

and Shearson,
300,000 shares

.

Realty

(Hirsch

Capital

(William R. Staats & Co.

200,000 shares

Hammill & Co.)

(Shearson,

Common

.

Winslow,

City.

Underwriter—Blair

&

Co.,

industry.

St., New

Inc.,

New

shares,

of

York

City (managing).
Automatic Dala

July

19,

1961

50,000 shares
000

shares

tronic

data

filed
are

Processing, Inc.
100,000

by stockholders.

processing.

working capital.

common

which

to be offered by the company and 50,-

Prise—$3.

Proceeds—For

Business—Elec¬
construction

and

Office—92 Highway 48, East Paterson,

Volume

N. J.

Number

194

6078

.

.

The Commercial and Financial Chronicle

.

Underwriter—Golkin, Bomback & Co., New York

(managing).

(511)

Bowling Internazionale, Ltd.
30, 1961 filed 200,000 common shares.

June

Price—$5.
acquisition of a chain

Control Corp.
(letter of notification) 60,000 shares of
(par $1). Price—$5 per share. Proceeds
—For advertising, new products and working capital. Of¬

Proceeds—For the construction

fice—1007 East Second Street,
—To be named.

liam, & Lee, Inc., New York City.

Automotive

March

30,

1961

stock

common

•

Vacuum

Wichita, Kan. Underwriter

BBM

Photocopy Manufacturing Corp. (8/7)
May 26, 1961 filed 50,000 shares of common stock. Price
—To be supplied by amendment. Business—The assem¬
bly and sale of accessory equipment for photocopy ma¬
chines.

Proceeds—For
Co.

cator

acquisition

division

a

Office—42

W.

of

of

Willmor

the

Bohn

Dupli¬

International

Corp.

15th

St., New York City. Underwriter—
Co., New York City (managing).

Shields &

Company
June 30, 1961 filed

$2,500,000

ordinated debentures due

debt and

repay

convertible

Price—At par.

sub¬

Proceeds

for possible

reserve

a

as

5%

of

1966.

tions. Office—818 Market St.,
writer—-None.

acquisi¬

Wilmington, Del.

Under¬

Badger Northland, Inc.
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¬
June 16,

ness—The
For

manufacture

of farm

equipment.

Proceeds—

plant, purchase of land, retirement of preferred

a

stock

and

working

capital.

Address^-Kaukauna,

Underwriter—Loewi & Co., Inc.,

Wis.

Milwaukee (managing).

Bankers

Dispatch Corp.
July 20, 1961 filed 100,000 outstanding common shares.
Price—By amendment. Business—The transportation of
commercial

paper, documents and non-negotiable in¬
for banks.
Proceeds—For the selling stock¬

struments
holder.

Office—4652 S. Kedzie

writer—E. F. Hutton & Co.,

Avenue, Chicago.
Inc., New York.

Under¬

Bargain Town, U. S. A., Inc.
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—
For the repayment of debt, and working capital. Office

—Rockaway Turnpike, North Lawrence, L. I., N. Y. Un¬
derwriter—Schweickart & Co., New York (managing).
Beam-Matcc

July

21,

Hospital Supply, Inc.
filed 100,000 common shares.

1961

Business—The

bowling centers principally in Italy, and for expansion
working capital. Office—80 Wall St., New York.

and

Underwriters—V.

S.

Wickett

manufacture

supplier*'Proceeds—For

containers. Proceeds—For repayment of loans, purchase
of ^additional molds, acquisition of a new

pl$nt, work¬

ing capital and general corporate

of

hospital

expansion

of

Price—$3.
equipment and

plant

facilities,

Island City, N. Y. Underwriter
Corp., New York.

Bel-Aire

Products, Inc. (8/21)
1961 (letter of notification)

stock.

—For

Price—At par

repayment of

($2 per

loan, new equipment, lease of a
plant, and working capital.
Office — 25970 W. 8 mile
Road, Southfield, Mich.
Underwriter — Internationa.1
a

Brisker

(8/14)

Corp.

("Reg. A") 160,000 common shares (par 25
Price—$1.
Proceeds—For repayment of loans,

cents).

machine rental,

working capital and

Office—2833

purposes.

St.

—

D

17,

class

a

1961

(letter

(8/21)

-

• Brite Universal, Inc.
filed 100,000 common shares and $1,000,000 of

10%

fered

for

subordinated debentures due 1966 to be of¬

public sale and

108,365 common shares to be
subscription by stockholders of Brite Uni¬
versal, Inc. (N. Y.) parent company, on the basis of V-k
offered

for

shares for each class A and class B shares held.

By amendment.
finance

Price—

Business—The operation of a consumer

business

in

N.

Y.,

N.

J., and Pa. Office—441
Lexington Avenue, New York City. Underwriter—None.
British-American

Construction

&

Materials

Ltd.

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 construction
company.
Proceeds—Deben¬
tures—For repayment of debt, construction, acquisition
and working capital. Stock—For the selling
stockholders,
Office—Jarvis Ave., at Andrews St., Winnipeg, Manitoba,
Canada.
York

Underwriter—P.

W.

Brooks

&

Co., Inc., New

(managing).

•

Builtwell Homes, Inc. (8/10)
May 25, 1961 filed $1,000,000 of convertible subordinated
debentures
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
—For

financing and sale of shell homes. Proceeds
debt, the opening of additional
and the financing of home sales.
Office—

the repayment of
offices

Adrian, Ga. Underwriter—The Robinson-Humphrey Co.,
•

Business

Funds,

Inc.

of

stock

named.

Merchandising Corp.
8, 1961 filed 72,500 class A common shares. Price

Proceeds

—

investment.

For

Office

—

Main

201

St.,

Houston, Texas. Underwriters—Clark, Dodge & Co., Inc.,
New York; Alex. Brown & Sons, Baltimore, and Rotan,
Mosle & Co., Houston.

27, 1961 filed 100,000 outstanding common shares.
Price—By amendment. Proceeds—For the selling stock¬
holders.

Office—601

Marion

Dr., Garland, Tex. Under¬
writers
Dallas Rupe & Son, Inc., Dallas, Tex., and
Straus, Blosser & McDowell, Chicago.
—

CMC Finance Group,

April 28,

Inc.

(8/7-11)

filed

—By amendment. Business—The wholesale distribution

stock.

of soft goods

—The

company,

lines and artificial flowers. Proceeds—For

expansion; inventory and working capital. Office—1401
Fairfax Trafficway,, Kansas City, Kan. Underwriter—
Midland Securities Co., Inc., Kansas City, Mo.
Brothers Tobacco Co.

July 3, 1961 ("Reg. A") 4,000 common shares (par $12.50).
Price—By amendment. Proceeds—For the selling stock¬

holders.; Office—4000 Water St., Wheeling, W. Va. Un¬
derwriter—Fulton, Reid & Co., Inc., Cleveland.
Bloomfield

Building

Industries, Fnc.
June 29, 1961 filed 300,000 class A common shares. Price
—$5. Proceeds—For advances to a subsidiary, purchase
of

additional

thereon.

land

Office

and

Underwriter—Lieberbaum
•

Bioomfield

May

1,

1961

construction

the

3355* Poplar

—

&

Ave.,

of

buildings

Memphis,

Tenn.

Co., New York.

Industries, Inc.

filed

—

amendment. Business—The manufacture and sale of food

(for

restaurants,

hotels,

etc.,)

and

houseware and hospital products. Proceeds—For product

expansion,
poses.

working

Office—4546

writers

Blue

West

and

other

corporate

pur¬

47th

St., Chicago, 111. Under¬
& Co., Cincinnati and Divine &
Chicago and New York City.

Westheimer

—

Fi.-hman,

capital

Inc.,

List Publishing Co.,

Inc.

June

26, 1961 filed 160,000 outstanding common shares.
Price—By amendment. Business—General printing. Pro¬
ceeds—For

the

Office—130 Cqdar
Street, New York.
Underwriter—White, Weld & Co.,
Inc., New York (managing).
BouSdei'
June 28,

Corp.

mineral

common

shares.

tion of

acquisition, exploration and development
Proceeds—For construction of

properties.

buildings, purchase of machinery and explora¬
properties. Address—P. O. Box 214, Twin Bridges,
Underwriter—Wilson, Ehli, Demos, Bailey & Co.,

Billings, Mont.




.

consumer

Ca'andra

Photo, Inc. (8/7)
May 29, 1961 filed 170,000 class A shares, including 50,000 to be sold by the company and 120,000 by stockhold¬
ers.
Price—By amendment. Business—The processing of
photographic film, wholesale distribution of photographic
equipment, and operation of retail camera stores. Pro¬
ceeds—For exampansion, equipment, and working capi¬
tal.
Office—116 North 42nd Street, Omaha, Neb.
Un¬

derwriter—Cruttenden,

Podesta

& Co.,
,

Ca'dor,
July

Chicago
.

y

900

shares.

Market St.,

Price

Proceeds

By

—

—

For

Wilmington, Del.

Capitol Research Industries, Inc.
28, 1961 filed 165,000 common shares and 75,000
common stock purchase warrants.
Price—For stock, $2;
June

for

warrants, 20 cents. Business—The manufacture of
X-ray film processing machines. Proceeds—For repay¬
ment of loans and

working capital. Office—4206 Wheeler
Avenue, Alexandria, Va. Underwriter—None.

ic Caressa, Inc.
V
Aug. 2, 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 manufac¬
ture of women's shoes. Proceeds—The
company will use
its share
of

debt

N.

W.

of the proceeds

and

for

other

for

expansion, the repayment

corporate

^ Casa
July
50

Electronics Corp.
1961 ("Reg. A") 80,000

19,

cents).

Price—$2.50.

Office—5300

purposes.

37th

Ave., Miami, Fla. Underwriter
Hammill & Co., New York
(managing).

—

shares

common

Proceeds—For

Shearson,

test

(par

equipment,

reduction of mortgage and working

capital. Office—2233
Barry Ave., West Los Angeles, Calif. Underwriter—Har¬
ris Securities Corp., New York.
Cellomatic

Battery Corp. (8/21-25)
("Reg. A") 100,000 common shares (par
cents). Price — $2.50. Proceeds — For repayment of
debt, inventory and working capital. Office—300 Dela¬
June

20,

1961

10

Avenue, Archbald,
Co., Inc., New York.

ware

&

Center
June

nated

20,

Pa.

Underwriter—Armstrong

Laboratories, Inc.
filed $200,000 of

1961

debentures

due

1976

convertible

subordi¬

and

80,000 common shares
and 70,000
outstanding
shares to be sold by stockholders. Price—(De¬

underlying
common

such

debentures,

bentures)

At'parr (Common) $2 per share. Proceeds—•
a new building. Office—Port Wash¬
ington, N. ;Y. Underwriters—Brand, Grumet & Seigel,
Inc., and Kesselman & Co., Inc., New York.

For construction of

June

Corp. of Denver
19, 1961 filed 600,000 common shares.

Business—A

small

business

ceeds—For investment.

investment

Price—$3.75.

company.

Pro¬

Office—611 Central Bank Build¬

ing, Denver.

Underwriters—Boettcher & Co.; Bosworth,
Co., Inc., and Peters, Writer & Christensen,
Inc., Denver.

Sullivan

&

Challenger Products, Inc.

•

50

27, 1961

3,

Computer Products, Inc.

(8/7)
("Reg. A") 75,000 common shares (par
Price—$4. Proceeds—For new products, in¬

1961

cents).

1961

filed

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.,
New York.

Charles iacquin 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¬
derwriter—Stroud

&

Offering—Expected
Charter
June

22,

Co., Inc., Philadelphia (managing).
in early September.

Industries,

Inc.

1961 filed 100,000

Price—$4.
plastic products.
production and plant expan¬
common

Business—The manufacture
Proceeds—For starting

Office—388

sion.

Underwriter

—

up

Codwise
Standard

shares.

of molded

Ave., New Brunswick, N. J.
Securities Corp., New York

(managing).
Chemonics

14,

1960
stock

Corp.

(8/15)

(letter of notification)

100,000 shares

of

cent). Price—$3 per share. Busi¬
ness—Manufacturers of printed circuits for the missile
industries. Proceeds
For general corporate purposes
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.
common

Inc.

California

30,

Proceeds—For the

Nov.

filed 120,000 common shares.
Price—$5.
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).

July

June

(man¬

.

Business—The

(par

one

—

ic Chermil Capital Corp.

ventory, repayment of loans and working capital. Office
E. Cleta St., Downey, Calif.
Underwriter—Mit-

July 25, 1961 filed 250,000 common shares. Price — $2.
Business—A closed-end investment company. Proceeds—

chum, Jones & Templeton, Los Angeles, Calif.

For

—8714

investment.

Office—32 Broadway, New

derwriter—Edward H. Stern &
•

California

Growth

Capital

Inc.
Chock Full

July

18, 1961 filed 660,000 common shares. Price — By
amendment. Business—A small business investment com¬

pany.

Proceeds—For investment. Office—111

Sutter St.,

San

Francisco, Calif. Underwriters—H. M. Byllesby &
Co., Inc., Chicago and Birr & Co., Inc., San Francisco.

Price—$2.50.

roads and

Mont.

—

Nuts

York.

Un¬

Co., Inc., New York.

Corp.

April 7, 1961 filed $6,938,900 of 4%%. subordinated de¬
bentures, due Aug. 1, 1981 being offered for subscription

the basis of one $100 debenture for

by stockholders

on

each 50

shares held of record July 21

common

with rights

expire Aug. 7. Price—At par. Business—The operation
of a chain of restaurants in the New York City area,
to

1961 filed 315,000

Business—The
of

selling stockholders.

Lake

the

aging).

140,000

equipment

1961

through its 20 subsidiaries, is engaged
finance business in North Carolina,
South Carolina and Georgia.
Proceeds — For working
capital. Office—1009 Wachovia Building, Charlotte, N. C.
Underwriter—Auchincloss, Parker & Redpath, Washing¬
ton, D. C.
in

(8/9)

shares of common stock, of
which 40,000 shares are to be offered for public sale by
the company
and
100,000 outstanding shares by the
present holders thereof. Price
To be supplied by
service

investment. Office

Inc.
common

mutual fund.

Central Investment

150,000 shares of class A common
Price—To be supplied by amendment.
Business

B'och

amendment. Business—A

(8/10)

capital stock. Price
Business—A small business investment company.

—$11.

Blackman

June

New York.

Capital Income Fund,
July 3, 1961 filed 30,000

June

notification) 60,000 shares of
(par $1). Price — $5 per share.
Office—1708 W. Main St., Oklahoma City, Okla. Under¬

writer—To be

Stern, Zeiff & Co., Inc.,

Byer-Rolnick Hat Corp.

Chemical Co.

common

Ave., Suite 4, New
Copley & Co., Colorado

July 31, 1961

'

Bid

general corporate

Charles

Orleans, La.
Underwriter
Springs, Cole.

Equities Co., Miami. Fla.

May

Electronics, Inc. (8/7-11)
("Reg. A.") 100,000 common shares (par
cents). Price—$3. Proceeds—For repayment of debt
and working capital.
Office—18601 S. Santa Fe Ave.,
Compton, Calif. Underwriters—J. K. Norton & Co. ana
1961

10

aging).

June 2, 1961 filed 1,750,000 shares of

150,000 shares of
share). Proceeds

Calvideo

May 29,

Underwriter—Capital Management Corp., Miami (man¬

Ave., Chicago. Underwriter—D- E. Liederman
Co., Inc., New York.

Inc., Atlanta, Ga, (managing).

common

Office—1650

•

Washington, D. C. Offering—

&

—25-11 49th Street, Long

—First Weber Securities

14,

purposes.

closs, Parker & Redpath,
Expected in late August.

N. Damen

sales

April

Co., and Thomas, Wil¬

Bradley Industries, Inc.
July 25, 1961 filed 70,000 common shares (par $1). Price
—$5. Business—The manufacture of plastic boxes and

purchase of equipment, expansion of sales program, de¬
velopment of new products and working capital. Office

•

&

June 2, 1961

BSF

—To

of

or

35

-

'

...

.

Cal-Val

June

Research

&

Development Corp.

filed 200,000 common shares. Price—By
Business—Engineering research and de¬
velopment in ground support equipment in the missile,
rocket and space fields.
Proceeds—To repay loans and
16,

1961

amendment.

for

general

corporate

purposes.

Office—19907

Ventura

Boulevard, Woodland Hills, Calif. Underwriter—Auchin¬

and the

For

packaging and retail sale of coffee. Proceeds—expansion. Office—425 Lexington Ave., New York

17, N. Y. Underwriter—F. Eberstadt & Co., New York
City (managing).
Continued

on

page

36

36

(512)

The Commercial and Financial Chronicle

Continued from page 35
Church

renovations

Builders, Inc.

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

company

investment.

of

the

management type.
Office—501 Bailey Avenue,

Fort

Worth, Texas. Distributor—Associates Management,
Inc., Fort Worth, Texas.
Churchill Stereo

July

17,

105,000 common shares and 105,000
tached five-year warrants to be offered in units of
share and
The

one

warrant.

manufacture

and/or
retail

Price—$3.60

per

at¬

unit. Business—

stereophonic, hi-fidelity, radio
equipment and the operation of six

television

stores. Proceeds

For

—

expansion, repayment of

loans,

working capital and other corporate purposes.
Office—200 E. 98th Street, Brooklyn, N. Y. Underwriter
•—Lieberbaum & Co., New York

(managing).

City Gas Cg. of Florida
June 15,

1961 filed 112,278

amendment.
chase of

common

Proceeds—For

tank

Price — By
loans, pur¬
Office—955 E. 25th

of

and expansion.
Fla. Underwriter—Kidder, Peabody
(managing).

cars,

Street, Hialeah,
Co., New York

&

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

sales

of

products manufactured by Clark 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.

,

Ciarise Sportswear
000 shares

be

to

are

facture

of

capital.

women's

common

shares, of which 75,-

offered by

the company and 50,000
Price—$5. Business—The manu¬

shares by stockholders.

sportswear.

Office—141

W.

Proceeds—For working

36th

Street, New York. Under¬
writers—Alessandrini & Co., Inc. and Hardy &
Hardy,
New York
(co-managing).
•

Laboratories, Inc.

1961

filed

200,000

share.

per

(8/14-18)

shares

of

Business—The

stock.

common

plans

company

compounds for industrial and commercial

to

Proceeds

use.

•—For

plant additions, repayment of deb.t^.and working
capital. Office—1450 Ferry Avenue, Camden, N. J. Un¬
derwriters—Ross, Lyon & Co., Inc., and Globus, Inc.,

both of New York
•

Cle-Ware

25,

160,000

35,000

City..

Industries,

1961

shares

Inc.
195,000 common

filed

shares

are

to

be

offered

shares

by

the

of

which

and
amendment.

company

by

Business—The
cessories

stockholders. Price—By
wholesaling of parts, chemicals and

related

to

the

automotive

and

marine

ac¬

fields.

Proceeds—For repayment of
loans, working capital and
other corporate
purposes. Office—10604 St. Clair Ave.,
Cleveland. Underwriter—Westheimer &

(Francis

—

equipment.
search
1303

^

Son,

common shares. Price—$1.50.
manufacture of farm and industrial
Proceeds—For materials and

re¬

Office—
—

Stone,

&

preserves

other

and novelties. Proceeds

corporate purposes.

Miami, Fla. Underwriter
Co., New York.

Office—

—

Jay W.

due

finance

1976.

Price—At

company.

par.

Business—A

Proceeds—For

general

con¬

cor¬

porate

purposes. Office —53 N. Park
Ave., Rockville
Center, N. Y. Underwriters—Brand, Grumet & Seigel,
Inc. and Kesselman &
Co., Inc., New York.

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¬
tures and 50 shares of common
stock. Price—$287.50 per
unit.

and

Business—The

company makes color photographs
reproductions for churches, institutions, seminaries

and schools. Proceeds—For

repayment

equipment; sales promotion;

of loans; construction of
buildings
provements of facilities. Office—202 E. 44th

York, N. Y.
New

Underwriter—William, David

York, N. Y.

and

St.,

im¬
New

shares.

Price—$5

N.

Main

• Commonwealth Theatres of Puerto Rico, Inc.
July 28, 1961 filed 100,000 common shares, of which
50,000 shares are to be offered by the
company and 50,000
shares by stockholders.
Price—$10. Business—The op¬
a

Crank

M.

chain of theatres in

construction of




a

Puerto

drive-in movie

Rico.

Proceeds

theatre, building

Loeb, Rhoades & Co., New York

Drug Co.

1961 filed

amendment.

stores.

Mo.

•

Co., New York.

(managing).

pansion.

Washington, D. C. Offering—

for

equipment. Proceeds—For repayment of loans, inventory
and working capital.
Office—811 Boylston St., Boston.

ments

& Securities, Inc.,
Expected in late August.

and

Business—The distribution of electronic components and

July 3,

130,000

Business

operation

repayment

Office—1947

Underwriter

E.

of

—

retail

By

drug

of loans,

and for ex¬
St., Springfield,
Gardner, St. Louis

Meadowmere

Reinholdt

—

shares. Price

common

The

—

Proceeds—For

&

(managing).

Consolidated Production Corp.
(8/14-18)
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

amendment.

Production Corp., buys and manages fractional interests

and

in

development, expansion, repayment of loans and work¬
ing capital. Address—Cranbury, N. J. Underwriter—A.
G. Becker & Co., Inc., Chicago and
Semple, Jacobs &
Co., Inc., St. Louis.

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
company

formerly

Consumers
June

23,

(managing).

Note—This
named Cador Production Corp.

was

Power Co.

son,

1961

filed $40,000,000 of first mortgage bonds
1, 1991. Office—212 West Michigan Ave., Jack¬
Mich.
Underwriters—(Competitive) Probable bid-

bers:

Halsey, Stuart & Co. Inc.; White, Weld & Co. and
& Co.
(jointly); Harriman Ripley & Co., and
(jointly); Morgan Stanley & Co. Bids

—Aug. 15, 1961 at 11:30

a.m. (EDST) at 300 Park Ave.,
New York. Information Meeting—Aug.
10, 1961 at 11 a.m.

(EDST)

at Bankers Trust Co., 2nd floor, 16 Wall St.
it Consumers Utilities Corp.
July 27, 1961 filed 302,000 outstanding common shares
to

be

offered

for

subscription by stockholders of MobiCorp., of Bradenton, Fla., parent company, on the

life

basis

of

held.

Price—By amendment. Business—The acquisition,

3

Consumers shares for each

Mobilife

5

shares

construction and operation of water-treatment and

sew¬

age-disposal

Pro¬

ceeds

plants

For

in

suburban

of

areas

Florida.

the

selling stockholder (Mobilife Corp.)
Office—Sarasota, Fla. Underwriter—Golkin, Bomback &
Co., New York City.
—

Continental

Fund

Distributors, Inc.

April 13, 1961 filed 296,000

it Creative Playthings,

July 28, 1961 filed

of

one

material

for

warrant.

one

Fund,
sale

in

Price—$1

unit. Business—The company is the sponsor of Con¬
Growth Fund, Inc. Proceeds—For
expansion.
Office—366 Fifth Ave., New York City. Underwriter—
per

tinental

Niagara Investors Corp., New York.
Continental

Leasing Corp.
("Reg. A") 100,000 common shares (par
one
cent).
Price—$3. Proceeds—For purchase of new
automobiles, advertising and promotion, and working
capital.
Office—527 Broad St., Sewickley, Pa.
Under¬
19, 1961
.

writer

H. B. Crandall

—

Co.

and

Cambridge Securities,

Inc., New York.
Copycat Corp.
19, 1961 ("Reg. A") 100,000 common shares (par
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.
June

Cosmetic Chemicals Corp.
June 28,
Price

—

1961 filed 100,000 common shares (par one cent).
$4. Business — The distribution of cosmetics.

Proceeds—For advertising, sales expenses, inventory, re¬

search,

working

Office—5

E.

Nance-Keith
Cosmo

capital

and

other

52nd
Street, New
Corp., New York.

corporate

York.

and

Custom

of

a

Price

—

$3.

loan, inventory, working capital

general corporate purposes. Office

Ave., Elizabeth, N. J.
Co., Inc., New York.

—

1130

Underwriter—Frank

8,

(letter

.

50

Madison

Karasik

&

new

for the storage of super-cold
manufacture

of

shares.

Price—By

liquids and

gases.

Proceeds

equipment, repayment of
loans; general corporate purposes and working capital.
Office—3232 W. El Segundo Blvd., Hawthorne, Calif.
Underwriter—Dean Witter & Co., San Francisco.
Of¬
fering—Expected in Mid-August.
new

,

Cosnat

Record

Distributing Corp. (8/14-18) '
150,000 shares of common stock, of
which 105,556 shares are to be offered for public sale by

May 26,

1961

filed

the company and 44,444 outstanding shares by the pres¬
ent holders thereof.
Price—To be supplied by amend¬
ment.

Business—The

manufacture

and

distribution

of

shares

common

(par

manufacture

of

Bldg., Rochester 14, N. Y. Underwriter—McDonald, An¬
derson, Peterson & Co., Inc., Minneapolis.
Dallas

May 26,
which

Airmotive,

1961

filed

350,000

Inc.

390,000

shares

(8/14)
shares of
be

to

are

stock, of
public sale

common

offered

for

and 40,000 outstanding shares by the
thereof.
Price — To
be
supplied by

company

holders

present

Business—The overhaul of aircraf t engines

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, Inc., Dallas.
Data

Components,

Inc.

June

6, 1961 ("Reg. A") 120,000 common shares (par
10 cents). Price—$2. Business—The
marking and fabri¬

cation for metal parts.

Proceeds—For moving expenses,
plant equipment, sales promotion and working capital.
Office

2212

—

McDonald Ave., Brooklyn, N. Y.

writer—A. J. Frederick

Under¬

Co., Inc., New York.

Data Management, Inc.
July 17, 1961 ("Reg. A") 260,869 class A common shares
(par 10 cents). Price—$1.15. Proceeds—For purchase of

equipment, investments, and working capital. Office—
1608 First National Bank
Building, Minneapolis. Under¬
writer—M. H. Bishop & Co., Minneapolis.
Datom

Industries, Inc.

July

17, 1961 filed 112,500 common shares. Price—$4.
Business—The manufacture of electrical products such as
transistorized

and

conventional

tube

phonographs and educational kits.

ing

capital

Scotland
Ferman
Deco

5,

and

other

corporate

radios,

portable

Proceeds—For work¬
Office—350

purposes.

Road, Orange, N. J. Underwriter—Robert
Co., Miami, Fla. (managing).

L.

&

Aluminum, Inc.
("Reg. A")

1961

cents).

Price

—

100,000

$3.

shares

common

Proceeds

—

For

(par

repayment

of

loans; inventory; equipment and working capital. Office
—4250 Adams Ave., Philadelphia. Underwriter—R.
P. &
R. A. Miller & Co., Inc.,
Philadelphia.

it Discount Stores, Inc.
12, 1961 ("Reg. A")

July

Price—$2.50.
subsidiaries.

Colo.
common

The manufacture of equipment

160,000

Business—The

Proceeds—For repayment of loans, development
products and working capital. Office—209 Wilder

games.

of

Price—$1.15.

cents).

new

—For

and

Shell

1961

Dadan, Inc.
June 29, 1961 ("Reg. A")

par).

—

research

Homes, Inc.
of notification) 120,000 shares of
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.
May

five

Book

repayment

—■
By
equipment

of

common

July

Business—The wholesale distribution of books. Proceeds
—For

manufacture

Proceeds—For

1 IGA Way, Salem, Mass. Underwriter—Mann &
Creesy,
Salem, Mass.

purposes.

Underwriter—

Distributing Co.
1961 filed 110,000 common shares.

July 6,

shares. Price

common

children.

Cressey, Dockfcam & Co., Inc. (8/28-9/1)
15, 1961 ("Reg. A") 100,000 common shares (par
$1). Price—$3. Proceeds—For working capital. Office—

by the

shares and 296,000

common

share and

common

Inc.

100,000

Business—The

June

(8/15)

due Aug.

amendment. Business

expan¬

Office—216

eration of

shares.

common

and

it 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.

Underwriter—Carl

Industries, Inc.

200,000

Cosmodyne Corp.
12, 1961 filed 100,000

St., Freeport, N. Y. Under¬
writer—Lomasney, Loving & Co., New York (managing).

—-For

Marine

filed

June

Business—The manufacture of marine
propellers and
electronic equipment, hydraulic
products and metal fur¬
niture.
Proceeds—For repayment of loans and

a.

1961

& Motti, Inc.,

.

Columbian Bronze
Corp.
July 13, 1961 filed 150,000 common

sion.

20,

which

of

company

inventory

increase

loans,

Underwriter—R. W. Pressprich &

Price—$6.
Business—A holding company for concerns engaged in
the pleasure-boat industry. Proceeds—For
working capi¬
tal and other corporate purposes.
Office—809 Cameron
Street, Alexandria, Va. Underwriter—Alexandria Invest¬

June

Coburn Credit Co., Inc.
July 18, 1961 filed $1,500,000 of convertible subordinated

Color

Consolidated

June

Co., Inc., New York.

public

Inc.

The

—For expansion and
400 N. E. 79th St.,

sumer

Co., Inc.; the

the

Office—177 Granite Street, Manchester, N. H.

units

&

inventory,

debentures

and

purchase of

by

Price—By amendment.
of carbonated beverages.

manufacture

repay

H.)

fruits, candies,

Kaufmann

the "Conolite" business of Continental Can

&

The

—

Proceeds—To

for commercial and

it 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

aircraft industries

Proceeds—For the

repayment of debt; moving expenses, and working capi¬
tal. Office—Suite 414, 52 Broadway, New York. Under¬
Treat

Business

shares

common

offered

be

stockholders.

amendment.

development and working capital.
St., Rocky Ford, Colo. Underwriter
Co., Inc., Denver.

Elm

construction, furniture and
electrical insulation.

to

are

165,000 shares by

agement Corp., advisor to Continental Growth
Inc.
The securities will be offered for

and

Altman &

the

Thursday, August 3, 1961

.

Bottling Co., Inc.
filed 335,000

29, 1961
170,000 shares

in mid-September.

July 3, 1961 filed 1,000,000
Business

June 1, 1961 filed 170,000 class A shares.
Price —$5.
Business—Manufacturers "Conolite," a laminate used in
for

Cott
June

expansion.

(8/30)

.

phonograph records. Proceeds—For the repayment of
debt, and working capital. Office—315 W. 47th St., New
York. Underwriter—Amos Treat & Co., New York City
(managing).

warrants for the purchase of stock of Continental Man¬

Co., Cincinnati.

Offering—Expected
CEute

Conolite, Inc.

First Boston Corp.

engage in the development, manufacture, packaging and
sale of industrial chemicals and
latex, resins and plastic

July

Un¬

Shields

Ciarkson

April 27,
Price—$2

Office—92 Madison Ave., Hempstead, N. Y.

—

Co., Inc.

July 21, 1961 filed 125,000

&

derwriter—Hayden, Stone & Co., New York (managing).

•

shares.

repayment

Address—

purposes.

precision potentiometers, electronic components and meas¬
uring instruments.
Proceeds — For the selling stock¬

writer—Amos

(8/15)

corporate

Computer Instruments Corp. (9/5-8)
13, 1961 filed 160,000 outstanding common shares.
Price—By amendment.
Business—The manufacture of

one

of

general

July

holders.

Corp.

1961

and

Santurce, Puerto Rico. Underwriter—J. R. Williston
Beane, New York (managing).

.

Underwriter

120,000

common

shares

(no

Proceeds—For

Office
—

—

707

Copley

the
organization of
Colorado Bldg., Denver,

&

Co.,

Colorado

Springs,

Colo.
Diversified
June

12,

1961

ferred shares
common

ferred

Industries, Inc.

("Reg. A") 24,059 7% convertible pre¬
(par $5) being offered for subscription by

stockholders

for

each

10

on

shares

the

basis of

of

common

one

held

share
of

of

pre¬

record

on

June 5, 1961 with rights to expire Au& 9.
share. Proceeds—To
repay

Office—8450

San

Underwriters—R.

Price—$5 per
debt, and for working capital.
Fernando Road,-.-Sun
.Valley, Calif.

E.

Bernhard
&
Co., Beverly Hills,
Calif.; Hardy & Co., New York; Arthur B.
Hogan, Inc.,
Burbank, Calif.; Wedbush & Co. and Wheeler & Cruttenden, Inc., Los Angeles; M. S. Walker & Co.,
Long Beach,
Calif., and V. E. Anderson & Co., Salt Lake City.

Volume

194

Number

6078

,

.

.

The Commercial and Financial Chronicle

(513)

Diversified Wire &

Steel

Corp. of America

July 17, 1961 filed 100,000 class A

shares.

common

Business—The manufacture

—$4.

cold

of

drawn

Ave., South, New York City. Underwriters—Robert
Price
steel

wire, furniture springs and related products. Proceeds—
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.
Price-—$1 per share. Business — A diversified mutual

Proceeds

fund.

Bank Bldg.,

—

For

investment.

Office

—

Midland

736

Minneapolis, Minn. Underwriter—Fund Dis¬

tributors, Inc.

.

-

,

'

-

i

-

.

Martin

A.

Associates, Inc.* and Ezra Kureen Co., both of

New York City.
•
Electrarc, Inc. (8/8)
April 21, 1961 filed 100,000 shares of common stock,
Price
$5 per share. Business —The research and de¬
velopment of arc welding and wire shielding. Proceeds
—

—For

equipment,

working capital and miscellaneous
expenses. Office—505 Washington St., Lynn, Mass. Un¬
derwriter—P. de Rensis & Co., Inc.,
Boston, Mass.

Electro-Med, Inc.
July 17, 1961 filed $540,000 of convertible subordinated
debentures
—The

due

1971.

manufacture

Price—By

of

amendment.

medical-electronic

Business

instruments.

Proceeds
For working capital.
Office —4748 France
Douglas Microwave Co., Inc. (8/28-9/1)
June 29, 1961 filed 100,000 common shares.
Price—By ; .Avenue, N. Minneapolis.
Underwriter—Craig-Hallum,
Kinnard, Inc., Minneapolis (managing).
amendment. Business—The manufacture of microwave
—

components, test equipment and sub-systems. Proceeds
repayment of loans, research and development,
advertising, purchase of equipment and other corporate

—For

purposes. Office—252 E. 3rd Street,
Underwriters—J. B. Willistpn &

Mount Vernon, N. Y.

B^ane and Hill, Darling¬

ton &

Grimm, New York (managing).

Drug & Food Capital Corp.
July 14, 1961 filed 500,000 common shares.

Price—$10.

Electro-Miniatures

Corp.
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.

ceeds— For investment.

Electro-Nucleonics, Inc.
July 25, 1961 ("Reg. A") 49,500 common shares (par 7V2
cents). Price—$5. Business—The manufacture of elec-

cago.

tro-nucleonic

Business—A

small business investment

company.

Pro¬

Office—30 N. La Salle St., Chi¬
Underwriters—A. C. Allyn & Co., Chicago & Westheimer & Co., Cincinnati (managing).

Duke Shopping Center Limited
June 28,

Partnership

1961 filed 269 units of limited partnerships in¬
Price

terests.

Business — The acquisition and
construction of a shopping center at Alexandria, Va.
Proceeds—For the purchase of the above property. Of¬
—

$1,000.

fice—729-15th Street, N.
writer—Investor
D.

W., Washington, D. C. Under¬
Service
Securities, Inc., Washington,

C.

Dunlap & Associates, Inc.
30, 1961 filed 75,000 common shares, of which 60,000
be offered by the company and 15,000 by stock¬

June
will

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, and working cap¬
Office—429

ital.

Atlantic

St., Stamford, Conn. Under¬
writer—Dominick & Dominick, New York. Offering—•
Expected in early September.
Dynamic Gear Co., Inc.
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¬

June 29, 1961

instrument gears. Proceeds—For
purchase and rebuilding 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—Flomenhaf,
Seidler & Co., Inc. and Lomasney, Loving & Co., New
York (managing).

facture

of

precision

Dynamic Toy, Inc.
June 30,

and

test
equipment, research and development and
working capital. Office—368 Passaic Avenue, Caldwell,

N. J.

Underwriter—None.

it Electro-Tec Corp.
July 28, 1961 filed 91,000

Hackensack, N. J. Underwriter—Harriman Ripley & Co.,
Inc., New York (managing). Offering—Expected in late
September.

Electro-Temp Systems, Inc.
30, 1961 ("Reg. A") 75,000

June

cents).
nel to

I., Inc.
1961 ("Reg. A") 52,500 common shares (par 25

Price—$5.50. Business—The training of person¬
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.
•

Eastern Air Devices, Inc. (8/16)
June 16, 1961 filed 150,000 common shares
for

subscription

by

common

to be offered

stockholders of Crescent
the basis of one share for

Electronic

Instrument Co., Inc.
28, 1961 filed 175,000 capital shares, of which 118,000 shares are to be offered by the company and 57,000
shares by a selling stockholder. Price—By amendment.
Business
The manufacture of electronic equipment.

June

Proceeds—For repayment of loans and

Office

—

Northern

33-00

general corporate

Blvd.,

Island

Long

City, N. Y. Underwriter—Goodbody & Co., New York
(managing).
it Electronics Discovery Corp.
July 26, 1961 filed 150,000 common shares. Price—$1.
Business
The company plans to develop a device to
—

non-conductors

velopment. Office
N. Y.

into

chemicals.

of

—

electrical

conductors

Proceeds—For

1100

research

tax free

Office—44
A.

held.

Business—The manufac¬

components. Proceeds—For the
purchase of equipment and other corporate purposes.
Office—385 Central Avenue, Dover, N. H. Underwriters
—Sutro Bros. & Co. and Gregory & Sons, New York

Eckerd Drugs of Florida,

Inc.

29, 1961 filed 90,000 common shares and $900,000
of 7% convertible subordinated debentures due 1971 to
be offered in units consisting of one common share and

Price—By amendment. Business—
The operation of drug stores. Proceeds—To open 5 new
$10

of

debentures.

stores, repay loans and other corporate-purposes. Office
Gandy Blvd., Tampa, Fla. Underwriter—Courts

—3665

&

Co., Atlanta (managing).

School

Edo

Street, Boston, Mass.
Chicago.

and

audit fees,

and

Corp.

equipment.
Office—1404

Proceeds—For the selling stockholders.
111th Street, College Point, N. Y. Under¬

Kidder,
Co., New York (managing). Offering—Ex¬

writers—Paine, Webber, Jackson & Curtis and
Peabody

&

pected in early September.
Educators Furniture &

("Reg. A") 5,099 capital shares (par $10).
Proceeds—For repayment of loans. Office—
Kay St., Sacramento, Calif. Underwriter—None.

June 29,

1961

Price—$20.
2617

Ltd. (8/14-18)
May 5, 1961 filed 70,000 shares of capital stock. PriceTo be supplied by amendment. Business—The manufac¬
ture of products in the automotive ignition field for sale
outside of the United States. Proceeds — For research,
Electra

and

International,

development, and working capital.




Office—222 Park

Office—247

Underwriter—Courts &

Ets-Hokin

& Galvan, Inc.
(8/14-18)
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

•

systems in missile installations.

general corporate

purposes.

Office—551
—

Proceeds

Mission

Fuller

Street,

Belleville, N. J.

Under¬

Co. Note—July

Fashion Homes Inc.

10 common shares 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%
covers

to

debentures; advances
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.

Federal

May

—

Underwriters—Reich

&

Co., and Jacques Coe

&

Co., New York.
1
Fairfield Controls, Inc. (8/7)
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.

Factors,

1961 filed $700,000 of 6M>% convertible
ordinated debentures due 1976 and 70,000 shares of
stock.

mon

ness—A

Price—To be supplied by amendment.

finance

—.*■

Inc." (8/10)

8,

sub¬
com¬

Busi¬

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 &

and

company.

for

Co. and

Globus, Inc., New York, N. Y.

Federal

Manufacturing & Engineering Corp.
30, 1961 filed 535,002 common shares of which
92,782 shares will be offered for subscription by stock¬
June

basis of

on

1

new

share for each 5

shares

held,

92,782 shares offered for subscription by stock¬
holders of Victoreen Instrument Co., parerit
firm, on the
basis of one new share for each Victoreen share held.
Proceeds—For the repayment of bank loans arid other
corporate

purposes.

Office—1055

Stewart

Ave., Garden

City, N. Y. Underwriter—None.
Federal Tool &

Manufacturing Co.
1961 filed 300,000 outstanding common shares.
Price
$5. Business—The manufacture of short-term
stampings out of metals. Proceeds—For the selling stock¬
a

June

12,

—

holders.

Office—3600

Alabama

Ave.,

Minneapolis.

Un¬

derwriter—Jamieson & Co., Minneapolis.

it Fibercraft Products Corp.
13, 1961 ("Reg. A") 240,000 common shares (par
10 cents). Price—$1.25. Proceeds—For
salaries, repay¬

July

loans and working capital. Office—1820 N., E.
St., North Miami, Fla. Underwriter—None.

of

• Fifth Dimension
Inc. (8/4)
May 25, 1961 filed 60,000 shares of

common

stock.

Price

—To be

supplied by amendment. Business—The design,
development, manufacture and sale of precision instru¬

ments for

measurement

ceeds— For

Office—P.

June

research

O.

Milton D.

Box

and

and

control

new

applications.

product

Pro¬

development.

483, Princeton, N. J. Underwriter—
& Co., Inc., New York (managing).

Blauner

Mortgage Fund

12,

1961 filed 1,000,000 shares of beneficial inter¬
$15. Business — A real estate investment
trust. Proceeds—For investment. Office—30 Federal St.,
Boston. Underwriter—Shearson, Hammill & Co., N. Y.
ests. Price

—

Offering—Expected
First National

in

September.

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

tributor—Aberdeen Investors

St., New York. Dis¬
Program, Inc., New York.

First Surety Corp. (8/4)
May 31, 1961 filed 754,730 outstanding shares of capital
stock to be offered for sale by stockholders. Price—By
amendment. Business—The company owns Surety Sav¬
ings & Loan Association, a California corporation; op¬
erates an insuranec agency, and acts as a trustee under
of trust. Office—237 Olive Ave., Burbank, Calif.
Underwriter—Dempsey-Tegeler & Co., St. Louis (man¬
aging).

deeds

Fischbach

June

Executive

Y.

Cortlandt
D.

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,

Van Alstyne,

Equipment Corp.
Aug. 1, 1961 filed 100,000 common shares. Price — $4.
Business—The long-term leasing of automobiles. Pro¬
ceeds
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,
N.

Supply Co., Inc.

and

will

First

June 1, 1961

—For

electro¬

11, the SEC insti¬
"Stop Order" proceedings challenging the accuracy
adequacy of this statement. A hearing on the matter
be held Aug. 14.
Offering—Expected in late Aug.

146th

Underwriter—

working capital.

Charlotte St., Asheville, N. Y.
Co., Atlanta.

and electronic

and

tuted

ment

To go

San Francisco, Calif.
Underwriter
Noel & Co., New York (managing).

14, 1961 filed 108,971 common shares.
Price —By
amendment.
Business — The manufacture of electronic

Office—471

writer— S.

& Co. Inc.,

St.,

June

including dielectric

lytic capacitors and precision tungsten wire forms. Pro¬
ceeds—For the payment of debts and for
woorking capital.

L .1.,

Shames Dr., Westbury,

Empire Life Insurance Co. of America
arch 14, 1961 (letter of notification) 30,000 shares of
capital stock (no par). Price—$10 per share. Proceeds—

legal

June

Business—The company is engaged in the
manufacture
and distribution of high
reliability materials and basic
electronic components/

the

(managing).

shares

Faradyne Electronics Corp.
30, 1961 filed $2,000,000 of 6% convertible sub¬
ordinated debentures. Price—100% of
principal amount.

de¬

exchange of its shares for blocks of corporate
having a market value of $20,000 or more.

G. Becker

equipment and the repayment of loans. Office—
Street, Newark, N. J. Underwriter—AnCo., New York.

•

by

Underwriter—Globus, Inc., New York.

securities

Business
Proceeds—For pur¬

chemicals.

Jan.

and

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

Price—By amendment.

of

117 Blanchard

—

purposes.

'!■

dresen &

and

Equitable Leasing Corp.
June 19, 1961 ("Reg. A") 90,000 common shares (par 25
cents) to be offered for subscription by stockholders.
Price—$2. Proceeds — For advertising and promotion,

Corp., parent, on

Crescent

10

manufacture

chase of

holders

Investing Corp., New York and
Bayes, Rose & Co., Inc., 39 Broadway, New York.

ture of power and servo

each

—The

Underwriters—Planned

to selling stockholders. Office—2801 W. Roosevelt
Road, Little Rock, Ark. Underwriter—Consolidated Se¬
curities, Inc., 2801 W. Roosevelt Road, Little Rock, Ark.

Petroleum

shares by stockholders.

common shares
(par
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.
one

addition

P.

shares (par 10 cents).
Business—The manufacture of
common

—•

Proceeds—For

E. C.

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

and

Price—By amendment.
slip rings and brush block assemblies, switching devices,
relays, and precious metal products. Proceeds—For the
selling stockholders. Office
10 Romanelli Ave., South

make

June 14,

and

gas-atomic machinery.
Proceeds—For purchase and installation of a laboratory

1961 ("Reg. A") 81,000 common shares (par 10
cents). Price—$3. Business — The manufacture of toys.

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.

electro-

and

37

29,

&

Moore, Inc.
filed 50,000 outstanding common shares.
amendment. Business—Electrical contracting

1961

Price—By
office

buildings, industrial plants and missile, radar
plant installations. Proceeds—For the selling
Office
545 Madison Ave., New York.
Underwriter—Allen & Co., New York (managing).
on

and power

stockholders.

Flato

—

Realty Fund

(8/21)

April 21,

1961 filed 2,000,000 shares of participation in
Fund. Price—$10 per share. Business—A new real
estate investment trust. Proceeds — For investment.
the

Office—Highway 44 and Baldwin Blvd., Corpus Christi,
Texas.

Distributor—Flato, Bean &

Flora

May

24,

Co., Corpus Christi.

Mir Candy Corp.

1961

(letter of notification) 85,700 shares of

common
stock (par 10 cents).
Price—$3.50 per share.
Business—The manufacture of candy products. Proceeds

Continued

on

page

33

38

The Commercial and Financial Chronicle

(514)

*

Continued from page

37

sion.

of loans; working capital, and expan¬
Broadway, Brooklyn, N. Y.
Under¬

Office—1717

Florida

Jacey

Corp.;

Options

writers—Security

Securities

Co.

Investing Corp. all of New York City.

and Planned

Palm Beach, Fla. Underwriter—A.
York (managing).
Foamland

U.

S.

General

new

—

1961 ("Reg. A") 125,000 common shares (par
one
cent). Price—$1.25. Business—Preparation of min¬
erals and metals for the electronic, metallurgical and

stores, development of

Proceeds — For repayment of
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.

September.

Gerber Scientific Instrument Co.

Inc.

shares. The debentures
and

the stock

are

to be offered by the company

by stockholders. Price

—

shares

By amendment.

The

—

struction of

new

a

plant, purchase of equipment, mov¬

Fox-Stanley Photo Products, Inc.

Gilbert Youth

(8/15)

Frontier

does

New York

Girder

amendment. Busi¬

transportation by air of passengers, property
mail between 66 cities in 11 states. Proceeds—For

Jan.

Ameritronics,

25,

Inc.

(8/21)

filed 80,000 shares of common stock

1961

and.

Each warrant will entitle the holder thereof to

purchase.

March
August 1961 and at $3 per share from September 1962
to February 1964. Price — $4 per unit. Business — The
company
(formerly
Gar
Wood
Philadelphia
Truck
Equipment, Inc.), distributes, sells, services and installs
Gar Wood truck bodies and equipment in Pennsylvania,
Delaware, and New Jersey, under an exclusive franchise.
Proceeds
For general corporate purposes.
Office—•
Kensington and Sedgley Avenues, Philadelphia, Pa. Un¬
derwriter—Fraser & Co., Inc., Philadelphia, Pa.
Note—
This company plans to change its name to G-W Indus¬
share of

one

common

stock at $2 per share from

to

—

tries.
Inc.

(8/14)

at

Lambert, Miss., and for working capital. Office—112
W. 34th Street, New York City. Underwriter—J. R. Williston & Beane, New York City (managing).
Gatlinburg Ski Corp.
July 14, 1961 ("Reg. A") 145,000 common shares (par
$1).
Price—$2.
Proceeds—For development of'a ski
resort.

Address

—

Gatlinburg,

Tenn.

Underwriters

—

Cumberland Securities

Corp., Nashville, and Davidson &
Co., Inc., Knoxville, Tenn.
General
June 16,

Life

Insurance

1961 filed 348,400

Corp. of Wisconsin

common

shares to be offered

for subscription by stockholders on the basis
share for each two and one-half shares held.

of one new
Price—By
Proceeds—For expansion and other corpo¬

amendment.
rate

purposes.

kee.

Underwriter—Piper, Jaffray & Hopwood, Minne¬
(managing).

apolis

Office—8500 W. Capitol Drive, Milwau¬

Photos, Inc.
(par

50

new

30, 1961 ("Reg. A") 100,000 common shares
cents). Price—By amendment. Proceeds—For
purchase

Office —130
Divine &

N.

of

stock

and

working

capital.

Wells

St., Chicago, 111. Underwriter —
Fishman, Inc., 134 S. La Salle St., Chicago, 111.

General

Plastics

Corp.

June 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 &
Co., San Francisco.




filed

1961

80,000

shares. Price—$5.
supplies for arc

common

manufacture

of

power

June

undisclosed number will be offered by the company for

subscription by stockholders and the balance (amount¬
ing to $300,000 after underwriting commissions) by a
stockholder. Price—By amendment. Business—The man¬
ufacture of products for baby care such as quilts, pil¬

knitted garments, etc. Proceeds—For the repay¬
loans, purchase of raw materials and equipment,
leasehold improvements, and working capital. Office—
1800 E. 38th St., Cleveland. Underwriter—J. R. Williston
& Beane, New York (managing).
lows,

(H. M.)

Harper

30,000 shares by stockholder.
manufacture

1961 ("Reg. A") 300,000 common shares. Price
($1). Proceeds—For construction of a coliseum

Gloray Knitting Mills, Inc.

30,

filed 125,000

1961

amendment.

Business

—

common

Office—Robesonia, Pa.
Co., New York (managing).

Gordon

20,

(I.)

Business—Real

general corporate

Underwriter—Shields

&

corporate

—For

ton

Office

shares. Price—$5.

Proceeds—For

gen¬

—

Co., Rochester, N. Y.
Greene

(M. J.)

Co.

14, 1961 ("Reg. A") 75,000 common shares (par
10 cents).
Price—$4.
Proceeds — For expansion, and
working capital. Office—14 Wood St., Pittsburgh. Under¬

writer—Hess, Grant & Remington, Inc., Philadelphia.
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.
Growth

Properties

May 9, 1961 filed 100,000 shares of common stock. Price
—To be supplied by amendment. Business—The com¬
pany plans to engage in all phases of the real estate
business. Proceeds — To reduce indebtedness, construct
apartment units, buy land, and for working capital. Of¬
fice—Suite

418, Albert Bldg., San Rafael, Calif. Under¬

writer—Pacific Coast Securities Co., San Francisco, Calif,

(managing). Offering—Expected sometime in August.
•

Gulf-Southwest

Capital Corp.

(8/8)

filed 1,250,000 shares of common stock.
Price
To be supplied by amendment.
Business — The
company is licensed as a small business investment con¬
cern. Proceeds—For investment. Office—Esperson Build¬
19,

1961

ing, Houston, Texas. Underwriters—Harriman Ripley &
Co., New York City and Underwood, Neuhaus & Co.,
Inc., Houston (managing).
•

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
three

of

common

$50

of

shares.

non-

Proceeds

working capital. Office—8200 Lehigh Ave., Mor¬

Grove, 111. Underwriter

—

Blunt Ellis & Simmons,

Chicago.
•

Hexagon Laboratories,

Inc.

nated

1961 filed $540,000 of 6% convertible subordi¬
debentures due 1976 and 80,000 common shares

to

offered

July 20,
be

in

units consisting

of $300 of debentures

shares.

Price—$500 per unit. Business
—The manufacture of medicinal chemicals.
Proceeds—
and

50

common

equipment, expansion, repayment of loans and work¬

Office—3536 Peartree Avenue, New York.

ing capital.

Underwriter—Stearns & Co., New

* Hi-Shear

York (managing).

■*#»*** ,

Corp.

. ...

Aug. 1, 1961 filed 139,500 common shares, of which 105,000 will be sold by the company and 34,500 by stock¬
holders. Price—By americlfrient. Business—The manufac¬
of

ture

high

strength

fastening

devices

and

assembly

systems for the aircraft and missile industries. Proceeds

Calif.

construction,

of loans and other cor¬
2600 W. 247th St., Torrance,
Underwriter—William R. Staats & Co., Los An¬
repayment

Office

—

geles.
Hilco

Homes

30,

Corp.
filed $650,000

1961

debentures

of 6 V2 %
1979

due

and

convertible sub¬
195,000

common

debentures (with warrants) and
Price—By amendment. Business—

The manufacture of helicopters.

consisting of one
Price—By

sale in 6,500 units, each
$100 debenture and 30 common shares.
Business—The

amendment.

manufacture

of

pre-cut homes and components in the heating, plumbing
and kitchen equipment fields. Proceeds—To organize a
finance

new

subsidiary,

capital.

for plant expansion, and for
Office—70th St., and Essington Ave.,

Philadelphia. Underwriter—Rambo, Close & Kerner, Inc.
Philadelphia.
Hoffman

July

18,

International

1961

filed

Corp.

$1,890,700

7%

convertible

subor¬

basis of $100 of debentures
par. Business—The
manufacture of pressing and dry-cleaning equipment.
Proceeds—For repayment of loans and general corporate
purposes. Office—107 Fourth Ave., New York. Under¬
writer—J. R. Williston & Beane, New York.
for

each

25

shares

held.

Price—At

it Hogan Faximile Corp.

(8/8)

June

•

and

tion by stockholders on the

common

investment.

estate

purposes.

steel

dinated debentures due 1973 to be offered for subscrip¬

Realty Corp.

filed 320,000

1961

shares. Price—By
of boys and

The manufacture

purposes.

June

By amendment.

—

stainless

ferrous corrosion resistant fasteners and parts.

working

(8/28-9/1)

mens' knitted sweaters.' Proceeds—For

&

Price

of

shares to be offered for public

building, furnishings and incidental expenses. Address—
Cody, Wyo. Underwriter—Northwest Investors Service,
Inc., Billings, Mont.
June

|

15, 1961 filed 180,000 common shares (par $1) of
which 150,000 shares will be sold by the company and

ordinated

Co., Inc., San Francisco.

(8/10)

Co.

June

Underwriter—Birr &

July 21,

,

(8/28-9/1)
20, 1961 filed 150,000 common shares of which an

June

—

June

equipment,

27,

Tenth

Corp.

welding equipment. Proceeds—For repayment of a loan
and working capital.
Office—703—37th Ave., Oakland.

May

General

Harn

For

112 Powers Bldg.,
Rochester, N. Y. Underwriter—George D. B. Bonbright

May 29, 1961 filed 120,000 shares of common stock. Price
—$6.50 per share. Business—The manufacture of men's
and boys' sport shirts. Proceeds—To equip a new plant

★ Happy House, Inc.
28, 1961 filed 700,000 common shares .Price—$1.
Business—The marketing of gifts, candies and greeting
cards through franchisea dealers.
Proceeds—For equip¬
July

porate purposes.

—At par
.

Y. Underwriter—Godfrey, Hamilton, Magnus & Co.,
Inc., New York.

—For

eral

Garan

Underwriter—McDonnell & Co., N. Y.

it Globe Coliseum, Inc.

160,000 warrants to purchase a like number of common
shares, to be offered for public sale in units, each con¬
sisting of one share of common stock and two warrants.

N.

it Glenn Pacific Corp.
Business—The

selling stockholders.
Office — 5900 E. 39th Ave.,
Denver, Colo. Underwriter—To be named.

repayment of bank loans and working capital.
80-00 Cooper Ave.,
Glendale, L. I. (Queens)

—

Price—
$5.25. Business—The manufacture of adhesive bonding
films and related products. Proceeds—For acquisition of
a
new
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).
July

the

G-W

City.

Process, Inc.

July 21, 1961 filed 80,000 class A common shares.

ness—The
and

prepares articles
relate to merchandis¬

and

promotion

sales

telephone

filed

1961

Business—The

Research, Inc.

and books which are related to or

16, 1961 filed 250,000 outstanding shares of com¬

stock. Price—To be supplied by

mon

of loans, expansion and work¬

ing advice to the teenage youth and student fields. Pro¬
ceeds—For working capital. Office—205 E. 42nd Street,

(8/21)

Airlines, Inc.

amendment.
instruments.

—

—

1961

Tenn.

March

By

scientific

Price
of

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,

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 v.the s^let of photographic
equipment. Proceeds—For working capital and possible
future acquisitions. Office—1734 Broadway, San Antonio,
Tex. Underwriter—Equitable Securities Corp., Nashville,
29,

manufacture

Office—140 Van Block Ave., Hartford, Conn.
Underwriter—Estabrook & Co., Boston, Mass.

Kammill & Co., and Emanuel, Deetjen & Co., New
Offering—Expected in September.

March

stockholders.

ing capital.

York.
•

—

Proceeds—For repayment

ing expenses and for other corporate purposes. Office—
1874 Washington Ave., New York. Underwriters—Shearson,

the
The

by

Business

processing of photographic films; the
wholesaling of photographic supplies and the develop¬
ment and sale of film processing. Proceeds — For con¬
Business

150,000 common shares. Price—$4.
Business—The operation of real discount stores. Proceeds

27,

ment of

July 14, 1961 filed 78,000 common shares, of which 69,000
shares are to be offered by the company and 18,000

June 29, 1961 filed $3,500,000 of convertible subordinated
debentures due 1981 and 262,500 outstanding common

1

★ Hampton Sales Co., Inc.

July

22,

geoscientific industries.

Inc., New York (managing). Offering—Expected in early

Office—St. James, L. I., N. Y. Underwriter
Ripley & Co., New York (managing).

ment, inventory and working capital. Office—11
Ave., S., Hopkins, Minn. Underwriter—None.

Instrument Corp.

Geoscience

June

items, working capital and other corpo¬
rate purposes.
Office — Cherry Valley Terminal Road,
West Hempstead, N. Y. Underwriter — Fialkov & Co.,

Fotochrcme

Ave., Katonah, N. Y. Underwriter-

Ross, Lyon & Co., Inc., New York (managing).
•

ing capital.

Office

23,

preferred stock,

—Harriman

—For

Service, Inc.

Spray

Office—156 Katonah

furniture

new

& Webster Securities

Stone

(managing).

warrants

A.,

acquisition of

—

St.,

1961 filed 90,000 class A common shares and
to purchase 90,000 class A common shares tor
be offered in units, each unit consisting of one class A
share and one two-year warrant. Price—$3.50 per unit.
Business
The manufacture of a spraying machine.
June

Inc.
June 22, 1961 filed 150,000 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

Underwriter

York.

Office—90 Broad

investment.

Proceeds—For

Corp., New York

C. Allyn & Co., New

construction, purchase of ma¬

tion

chinery and equipment, furniture and fixtures and work¬

New

Corp.

Capital

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¬
ment. Business—A small business investment company.
Proceeds—For investment. Office—396 Royal Palm Way,

Thursday, August 3, 1961

1961 filed 3,947,795 common shares to be of¬
fered for subscription by stockholders on the basis of
one
new
share for each two shares
held. Price—By
amendment.
Business—A closed-end investment com¬
pany.

June

.

.

it General Public Service Corp.
July 26,

•—For repayment

of

.

Proceeds—For redemp¬

July 26, 1961 filed 300,000
amendment.

Business—The

common

shares. Price

manufacture

—

By

of

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 &

Co., Los Angeles (managing).
it Holly Stores, Inc.
28, 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¬

July

Business—The operation of a chain of women's
children's apparel stores. Proceeds—For land pur¬

ment.
and

chase, inventory and general corporate
—115

Fifth

New York

purposes. Office
Ave., New York. Underwriter—Allen & Co.,
(managing).

Houston

Corp.

June 9,

1961 filed 583,334 common shares to be offered
for subscription by holders of common and class A stock.
Price—By amendment. Business — The operation of a
pipe line system of natural gas. Proceeds—For expan¬

working

sion,

capital

and

general

corporate

purposes.

Office—First Federal

Bldg., St. Petersburg, Fla. Under¬
writers—Blyth & Co., Inc., Lehman Brothers and Allen
& Co., New York. Offering—Expected in late August.
Howe

Plastics

& Chemical Companies, Inc.
(letter of notification) 40,000 shares of
(par one cent).
Price—At-the-market.
Business—The manufacture of plastic items. Proceeds—
March

29, 1961

common

For

stock

the

repayment of debt; advertising and sales pro¬
expansion and working capital.
Office—4077
Avenue, Bronx 57, N. Y. Underwriter—J. I. Mag-

motion;
Park

aril & Co., New
was

withdrawn

York, N. Y.
as

Note—J. I. Magaril & Co.

underwriter.

Volume

194

Number

6078

.

.

The Commercial and Financial Chronicle

.

(515)
C

I

•

June

Inc.

Price—$2.50

per

com. stock (par $1)
Proceeds—To further the corpo¬

share.

•

Securities

Corp., Denver,
withdrawn July 31.

was

Colo.

for

indebtedness, to buy equipment,
capital. Office—Montvale, N. J. Un¬

wald &

fasteners, gear-cutting tools,
etc:* Proceeds—For the selling

35,000

Offering—Expected in early September.

—The

125,000 by stockholders. Price—By amendment. Business
publishing of textbooks on business and economic
subjects. Proceeds —■ For working capital and general

Income

Planning Corp. (8/14)
(letter of notification) 5,000 shares of
preferred stock (no par) and 10,000 shares
of class A common stock (par 10 cents) to be offered in
units consisting of one share
of preferred and two
1960

<

cumulative

shares of

Price

Israel-America Hotels, Ltd.

:

vard, Allentown, Pa.

*

Inc., Teaneck, N. J.
Industrial

June

—

Underwriter—Espy & Wanderer,

8,

1961

filed 1,250,000 ordinary shares. Price—$1
payable in cash or State of Israel bonds.
Business—The operation of hotels. Proceeds—For con¬

share,

per

struction and operation of
dress—Tel Aviv, Israel.

a

Underwriter—Brager

June 29, 1961 filed $1,000,000 of 6% convertible subor¬
dinated debentures due Aug. 1, 1976 to be offered by the

ic Israel Investors Corp.
July 26, 1961 filed 100,000

and 25,000 outstanding common shares by the
stockholders (par 50c).
Price—For debentures—100%;

Business—An

For

350

Company

stock—By amendment.

of basic

Business—The manufacture

industry.
tory, introduction of

Proceeds—For expansion, inven¬
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

Gauge & Instrument Co.,

Inc.

(8/16)

June

28, 1961 ("Reg. A") 75,000 common shares (par 10
cents). .Price — $3.
Business — The sale of industrial
gauges, valves and allied products. Proceeds—For pro¬

duction,

working capital and repayment of
St., New York 69, N. Y. Un¬
Dowd & Co., Inc., New York.

inventory,

loans. Office—1403 E. 180th
derwriter— R. F.
Industrial

Materials, Inc.
(letter of notification) 150,000 shares of
common stock (par one cent). Price—$2 per share. Busi¬
ness—The manufacture of a new patented fiber glass
April 27,

material
For

1961

to

be

used

in

rocket

motor

Proceeds—

cases.

equipment and working capital. Office—

expenses,

Bldg., Washington, D. C.
•—Atlantic Equities Co., Washington, D. C.
1025

Shoreham

Underwriter

it Industrionics Controls, Inc.

July 26,

common shares. Price — $5.
Business—The manufacture of electronic controls for the

1961

filed 84,000

monitoring of machinery. Proceeds—For repayment of a
loan, purchase of raw material and equipment, adver¬

tising, establishment of a field engineering service or¬
ganization and other corporate purposes. Office—20 Vandam St., New York.
Underwriter—Jacey Securities Co.,
New

York

(managing).

Industry Fund of America, Inc.
July 10, 1961 filed 740,000 common capital shares. Price
—Net asset value plus a sales charge of up to 8%%.
Business
A mutual fund. Proceeds — For investment.
—

Bldg., Salt Lake City. Under¬

Office—400 Utah Savings
writer—None.

ic Inland Investment, Inc.
July 17, 1961 ("Reg. A") 300,000 common shares (par
50 cents). Price—$1. Proceeds—For general corporate
purposes. Office—2037 13th St., Boulder, Colo. Under¬
writer—None.'
•

Instrument

Systems Corp.
filed 150,000 common shares (par 25 cents).
Price—$5. Business—The manufacture of precision in¬
struments and controls for the aircraft and electronics
June 28, 1961

industries.
tal.

Proceeds—For expansion and

Office—129-07

18th

Underwriters—Milton

M.

L.

Lee

College

Avenue,

D.

&

Blauner

&

Co., Inc., Lieberbaum
Offering—Expected in late August.
Intercontinental

working capi¬
Point, N. Y.
(managing),

Co.

electro-mechanical

used

devices

to

of aircraft flight instruments.

idge Avenue, Englewood,
Woodhill Inc., New York.
International

N.

(8/25)

determine

Office

J. Underwriter

Business—The sale of

mobiles.

—4101

the

42nd

Place,

ac¬

170 Uool— M. H.

Interstate

replacement parts for auto¬

Chicago.

stockholders. Office
Underwriter — H. M.

1961 filed 150,000 common shares. Price—$<^u.
Business
The acquisition and operation of bowling
—

repayment




—

A

Proceeds—For investment.

Office—

—For

open-end

investment

company,
stated objective is capital appreciation. Proceeds
investment.
Office — One State Street, Boston,

fering—Expected in September.
Jaymax Precision Products, Inc. (8/7)
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.
Counsel

Corp.
March 13, 1961 filed 30,000 shares of class B common
stock (non-voting). Price—$10 per share. Business—The
company was organized under Delaware law in January
1961 to sponsor the

organization of the Jefferson Growth
Fund, Inc., a new open-end diversified investment com¬
pany of the management type. Proceeds—For organiza¬
tional and operating expenses. Office—52 Wall St., New
York City. Underwriter—None.
Jefferson Growth Fund,

Inc.

Proceeds—For investment. Office—52

St., New York. Underwriter—Jefferson Distribu¬
tors Corp., New York.
Jolyn Electronic Manufacturing Corp. (8/30)
April 24, 1961 (letter of notification) 65,500 shares of
common
stock
(par one cent).
Price — $3 per share.
Business—The manufacture of machine tool products,
drift meters, sextants and related items. Proceeds—For
repayment of a loan, working capital, and general cor¬
Y.

N.

York.

purposes.

Office—Urban Avenue, Westbury, L. I.,

Underwriter—Kerns, Bennett &

Co., Inc., New

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¬
and

York

Co., Inc., and Seymour Blauner Co., both of New
City and J. J. Bruno & Co., Pittsburgh, Pa.

Keller Corp.

29, 1961 filed $1,200,000 of 6%%
debentures

due

1968.

convertible sub¬

Price—At

100%.

ness—The

development of land, construction of
and related activities in Florida. Proceeds—For

ment

Busi¬

homes
repay¬

of

debt, acquisition of Yetter Homes, Inc., and
general corporate purposes. Office—101 Bradley Place,
Palm Beach, Fla. Underwriter—Casper Rogers & Co.,

Proceeds
corporate pur¬

California and other states.

of debts and general

July

19,

1961

(C.

16,

Inc.
filed 200,000

(
common

Business—General real estate.

shares.

Price—$5.

Proceeds—For repayment

of

loans, working capital, construction and other cor¬
porate purposes. Office—1420 K Street, N. W., Washing¬
ton, D. Gs Underwriter—Hodgdon & Co., Inc., Washing¬
ton, D. C.
King's Department Stores, Inc. (9/13)
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¬
July

F.)

Laboratories,

Inc.
(8/16)
100,000 common shares. Price—By
Business—The manufacture of pharmaceu¬

1961 filed

amendment.

ticals. Proceeds—For
repayment of a
installation
of
equipment,

loan, purchase and

development

and

promo¬

new

products and for working capital. Office^W. 23rd Street, New York.
Underwriter—Hill, Dar¬

521

lington & Grimm, New York (managing).

Kleber
Laboratories, Inc.
v
July 17, 1961 ("Reg. A") 150,000 common shares
(par
two cents).
Price — $2. Proceeds —For repayment of
debt, equipment, research and development, and work¬
ing capital. Office—215 S. La Cienga

Boulevard, Beverly

Hills, Calif.

Underwriter—D. E. Liederman & Co., Ine..

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

general corporate

Street, New York.
Inc., New York.

a

new

store, working capital
Office —201

purposes.

W.

Underwriter—Kerns, Bennett

49th

& Co.,

Krystinel Corp. (8/7)
April 12, 1961 filed 90,000 shares of class A stock. Price
—$2.50 per share. Business—The

rites, which
properties,

ceramic-like

are

and

conducts

company produces fermaterials with magnetic

research

a

and

development

program for ferrite

products. Proceeds—For the repay¬
ment of a loan, research and
development, new equip¬
ment and working capital. Office—P. O.
Box 6, Fox Is¬
land

Road, Port Chester, N. Y.
Underwriters—Ross, Lyon
Co., Inc., and Schrijver & Co., both of New York
City.
★ L. L. Drug Co., Inc.

&

ceeds

—

For repayment of

research

common

The manufacture

and

a

shares. Price—$4.50.

pharmaceuticals.
Pro¬
loan, purchase of equipment,
or

development,

advertising and working
capital. Office—1 Bala Ave.,
Bala-Cynwyd, Pa. Under¬
writer—Stevens Investment Co.,
Bala-Cynwyd, Pa.
•

Lafayette Realty Co.

April 28,

1961 filed

owns a

per

(8/7)

129.3 limited

interest.

partnership interests.

Business—The

contract to purchase the fee title
to

Building in Detroit, Mich.

Proceeds—To

partnership

the, Lafayette
purchase

the

above

property. Office—18 E. 41st Street, New York
City. Underwriter—Tenney Securities Corp., 18 E. 41st
Street, New York City.
Laurel Oak Corp.
July 20, 1961 ("Reg. A") 5,260 class A common shares
(par 25 cents); and 1,000 class B common shares
(no
par).
Price—$25. Business—The operation of golf and
recreational facilities.

Proceeds—For repayment of
loans,
construction, equipment, landscaping, etc.
Office—120
Kings Highway W., Haddonfield, N. J.
Underwriter —
Butcher &

Sherrerd, Philadelphia.

Leader Durst Tri-State Co.

July 21, 1961 filed $2,015,750 of limited
partnership in¬
terests.
Price
$5,000 per interest. Business
A real
estate

investment company. Proceeds—For investment.
Office—41 E. 42nd
Street, New York.
Underwriter—
None.

Le^se Plan International
Corp. (8/14-18)
14, 1961 filed 125,000 common shares, of which
40,000 shares are to be offered by the
company and
85,000 shares by stockholders. Price—By amendment.
June

Business—The leasing of trucks and cars. Proceeds—To
loans and for working capital. Office—9 Chelsea

repay

Place, Great Neck, N. Y. Underwriter—Hayden, Stone &
Co., New York (managing).
..

Lee

Filter Corp.

July 7, 1961

("Reg.

A")

1,334 capital

shares

(par $1).
air, oil and
gasoline filters for vehicles. Proceeds—For the selling
stockholders. Office—191 Talmadge
Road, Edison, N. J.
Underwriter—Omega Securities Corp., New York (man¬
aging).

Price—$7.25. Business—The manufacture

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

rities

Santa Rosa, Calif. Underwriter
Co., San Francisco.

—

Wall

porate

St.,

—

July 11, 1961 filed 1,000,000 shares of capital stock. Price
—Net asset value plus 8V2% sales commission. Business
—A mutual fund.

Kirk

June

Price—$5,000

•

Jefferson

515-5th

Business

Underwriter—Ivest, Inc., One State Street, Boston. Of¬

•

Office

Pacific Coast Securities

July 26, 1961 filed 100,000

Inc.

non-diversified,

whose

July 5, 1961 ("Reg. A") 65,000 common shares
(par $1).
Price—$2. Proceeds—For inventory and working capital.

of

Lewis & Clark

Marina, Inc.
(letter of notification) 150,000 shares of
common stock
(par $1). Price—$2 per share. Address—
Yankton, S. D. Underwriter — The Apache Investment
Planning Division of the Apache Corp., Minneapolis.
May

9,

1961

Lewis (Tillie)
Foods, Inc. (8/28-9/8)
July 3, 1961 filed 400,000 common shares (par $1), of
which 200,000 shares are to be offered by the
company
and 200,000 shares by stockholders.
Price—By amend¬
ment.

Business—The processing, canning, bottling and
selling of fruits and vegetables. Proceeds—For repay¬
ment of debt and working capital. Office—Fresno Ave.
& Charter Way,
Stockton, Calif. Underwriter—Van Alstyne, Noel & Co., New York (managing).

Liberty Real Estate Trust of Florida
June 30, 1961 filed 2,500,000 shares of beneficial interest
in the Trust to be offered in exchange for real
interests

in

in Florida.

property,
real property and mortgages on property
Price—$10 per share. Office—1230 N. Palm

Ave., Sarasota, Fla. Underwriter
Corp., Sarasota, Fla.
Lincoln

July 25,

—For

shares. Price—$104.
formed to invest in

Kent Washington,

A common
By amend¬

Bowling Corp.

centers in Colorado,

common

company

Inc., New York (managing).

Byllesby & Co., Chicago.
•

Fund,

ordinated

|

Proceeds—For the selling

W.

Co.,

Feb. 20, 1961 filed 150,000 shares of common stock. Price
—Net asset value at the time of the offering. Business

Parts Corp.

June 20, 1961 filed 300,000 outstanding class
shares to be sold by stockholders.
Price
ment.

&

Broadway, New York. Underwriter—None.

June

Dynamics Corp.

investment

enterprises.

Ivest

& Co., New York.

July 18, 1961 ("Reg. A") 200,000 common shares. Price
—$1.50.
Business—The manufacture of electronic and
curacy

Israeli

component parts for the electrical and electronic

equipment

hotel at Herzlia, Israel. Ad¬

New York.

Hardware Corp.

Electronic

corporate purposes. Office—1818 Ridge Road, Homewood,
111. Underwriter—A. G. Becker &
Co., Inc., New York

(managing).

$40 per unit. Proceeds—To
open a new branch office, development of business and
for working capital.
Office—3300 W. Hamilton Boulecommon.

Co., New York.

10,

Office—2501 N. Keeler Ave., Chicago. Un¬
derwriter—White, Weld & Co., New York (managing).

29,

Office—13856

(Richard D.), Inc.
1961 filed 160,000 common shares of which
shares are to be offered by the company and

July

Ave., Boston, Mass. Underwriter—Shearson.
(managing).
King's Office Supplies & Equipment, Inc.

Hammill & Co., New York

tion of

Irwin

stockholders.

•

Proceeds—

Saticoy
St., Van Nuys, Calif. Underwriters—Thomas Jay, Wins¬
ton & Co., Inc., Beverly Hills, Calif, and
Maltz, Green-

facture of metal and plastic

Dec.

stores.

(managing).

repayment of loans and research.

filed 100,000 outstanding common shares
Price—By amendment. Business—The manu¬

instruments,

department

Ferromagnetics Corp. (8/30)
July 6, 1961 ("Reg. A") 40,000 common shares (par 50
cents). Price—$5. Proceeds—For production equipment,

1961

measuring

of

Irvan

.

Illinois Tool Works Inc.

(par $10).

filed

expansion, working capital and other corporate pur¬
poses. Office—111 Eighth Ave., New York. Underwriters
—Lehman Brothers and Shearson, Hammill &
Co., New
York

monwealth

Department

1961

Business—Operation

derwriter—Amos Treat & Co., Inc., New York City.

July 12,

15,

For

*.

reduce

working

Magnolia Ave., Riverside, Calif.
Carlsen, Inc., Los Angeles.

&

of deben. for each 20 shares held of record about
Aug. 1
with rights to expire about Aug. 17.
Price — At par.

Note—This

Ihnen
(Edward H.) & Son, Inc. (9/5-8)
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

10391

Stores, Inc.
$5,859,400 of convertible subordi¬
nated debentures due Aug.
1, 1981 being offered for sub¬
scription by common stockholders on the basis of $100

bottlers, the local and national pro¬
motion and advertising of its
beverages, and where
necessary to make loans to such bottlers, etc.
Office—
704 Equitable Building, Denver, Colo. Underwriter—
Industrial

Interstate

June

and enfranchising of

registration

—

Underwriter—Currier

rate purposes and in the preparation of the concentrate

and

Office

poses.

29, 1960 filed 600,000 shares of

39

March
Price

30,

Fund,
1961

—

Liberty Securities

Inc.

filed

951,799 shares of common stock.
selling commission.
open-end, management-

Net asset value plus a 7%
Business — A non-diversified,
—

Continued

on

page

40

40

The Commercial and Financial Chronicle

(516)

Continued from page 39

16

type investment company whose primary investment ob¬

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.

jective

capital appreciation

is

and,

it Loew's Companies, Inc.
July 28, 1961 filed 431,382 common shares. Price
bution

retail

Business—The

amendment.

and

wholesale

By

—

distri¬

etc. Proceeds — For the selling stockholders.
Wilkesboro, N. C. Underwriter—G. H.

pliances,

Address—North

Walker & Co.,

(managing).

Inc., Neew York

Proceeds—For investment.

Street,

New

Underwriter

York.

—

Ave., Whitestone, N. Y. Underwriters—Ross,
Lyon & Co., Inc. (managing), and Globus, Inc., N. Y.
•

Marsan Industries,

Office—18 E. 41st

Securities

Tenney

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.,

Medco, Inc.
July 13, 1961 filed 125,000 class A

Y.

Underwriter—Trinity Securities Corp., New York

City.

shares

200,000

offered

be

to

are

common

by

shares,
the

of

company

and

-—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—Teich & Co.,
New York (managing).

Lytton Financial Corp.

(8/18)
March 30,
1961 filed 300,000 shares of capital stock
Price—To be supplied by amendment.
Business—The
company

of several California savings

the stocks

owns

loan

and

associations.

also

It

operates

insurance

an

agency,
and through a subsidiary, Title Acceptance
Corp., acts as trustee under trust deeds securing loansmade by the associations.
Proceeds—To repay loans and
for

working

capital.

Office

—

8150

Hollywood,

Calif. Underwriters—William
Co., Los Angeles and Shearson, Hammill
York City (managing).
MPO
June

Videoironics, Inc.

28,

filed

1961

60,000

Boulevard,

Sunset

K.

&

Staats

Co.,

&

New

(8/28)
common

shares.

Price—By

amendment. Business—The production of television com¬

mercials
For

motion

and

expansion.

pictures for

Office—15

industry.
53rd Street,

E.

Underwriter—Francis I. duPont &

York.

Co., New York (man¬

aging).

Price—$2.

common

Business—The

shares-(par one

distribution of health,

slenderizing equipment. Proceeds—For re¬
payment of loans, equipment, new products, sales pro¬

motion and

advertising, plant removal and working cap¬
Avenue, New York 16, N. Y.
Underwriter—Continental Bond & Share Corp., Wash¬
ington, D. C.
,4
Office—189 Lexington

it Mag-Tronics Corp.
17, 1961 ("Reg. A")

$100 each.
ital.

ment

and working capital. Office—2419 Hiawatha Ave.,
Minneapolis. Underwriter—Craig-Hallum Kinnard, Inc.,
Minneapolis.

1, 1961 filed 750,000

000 will

be

shares, of which 525,the U. S., and 225,000 in

common

offered for sale 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

Bremerton to Port

construction.
couver, B.

subsidiary will build
Angeles, Washington.

Office—508

Credit

pipeline from

a

Proceeds—For

Foncier

Bldg.,

Van¬
Underwriters—(In U. S.) Bear, Stearns &

C.

Co., New York.
Montreal.

IVEicro-Lectric

par.

Pine

Fitch, North

Barret,

&

Co.,

shares.

manufacture

of

Price—By

magnetic

components used in the electrical and electronics indus¬
Proceeds—For

the

selling stockholders. Office—
Hayes Avenue at 21st Street, Camden, N. J. Underwriter
—Butcher & Sherrerd,
Philadelphia (managing).

it Mammoth Capital Corp.
Aug. 1, 1961 filed 200,000 shares of capital stock. Price—
$10. Business

—

Office—First

National

A small

business

Bank

N. J. Underwriter—Meade &

investment company.

Bldg., Main St., Freehold,
Co., New York.

Avenue, Roosevelt, N. Y.

1,

common

1961

(letter of notification) 100,000 shares of
stock (par one cent). Price—$3 per share. Pro¬

ceeds—To purchase raw materials,
advertising and for
working capital. Office—204 E. Washington St., Petaluma, Calif. Underwriter—Grant, Fontaine & Co., Oak¬
land, Calif.
Mark Truck Rental Corp.
June

28, 1961 ("Reg. A") 50,000 common shares (par one
cent). Price—$1. Proceeds—For working capital. Office
Cliff

Ave.,

Scranton,

Pa.

Underwriter—Vickers

Securities Corp., New York.

Polarized

Corp.

27, 1961 filed 95,000 common shares. Price — By
amendment. Proceeds — For expansion, acquisition of




filed

325,000

Business—The

capital

shares.

manufacture

of

electronic

27,

1961

Moderncraft Towel Dispenser Co., Inc. (8/15)
March'30, 1961 filed 80,000 shares of common stock, of
which 73,750 shares are to be offered for public sale by
the company and 6,250 outstanding shares by the under¬
writer. Price—$4 per share. Business—The manufacture

Under¬

Corp., New York.

and sale

of

ment

of

improved towel dispensing cabinet.

an

ceeds—For

Pro¬

advertising, research and development,
and

debt,

working

capital.

Office

—

pay¬

Main

20

Aug. 8, 1960, filed 75,000 shares of class A common stock.
Price—$12 per share. Proceeds—For general funds. Of¬

Microwave

May

12,

1961

Price—$3

•

Corp., New York.

Semiconductor

&

Instruments

Inc.

120,000 shares of common stock.
share. Business—The research, develop¬

per

Proceeds—For

additional

First Investment

of

—1548

July

June

22,

Atlantic

1961

vestment

Pa.

D.

70,000

working

Underwriter—Best

Under¬

&

shares.

common

Price—$10.

Proceeds—For

company.

capital.

•

Co.

Address—Elkins

Garey Co., Inc.,

~

in¬

Park,

Washington,

11,

common

Business—A

Office

—

mutual

Minneapolis. Underwriter
ments, Inc., Minneapolis.

fund.

First

1815

Midwest

—

Proceeds—For

National

Bank

Planned

Bldg.,
Invest¬

ware.

14,

1961

filed

Development Corp.

800,000

Business

—

A

common

small

Price—By
investment

Office—2615

First

National

Bank Bldg., Minneapolis. Underwriters — Lee
Higginson Corp., New York and Piper, Jaffray & Hopwood, Minneapolis.

Mill

Factors

May 31,

Corp.
1961 filed 75,000

amendment.

shares.

Price

—

By

Business—General

factoring in the textile
Proceeds—For working capital, and
the repayment of debt.
Office—380 Park Ave., South,

and

apparel fields.

New
York

York.

Underwriter

—

Lee

Higginson

Corp.,

New

(managing).

16.

debt

and

1961

filed

105,000 class A common shares of
which 50,000 shares are to be offered by the company
and 50,000 shares by a stockholder and 5,000 to certain
employees. Price—By amendment. Business—The manu¬
facture of ball bearings. Proceeds—For repayment of
capital improvements. Address—Keene, N. H.
Underwriter—Tucker, Anthony & R. L. Day, New York
(managing). Note — This registration was withdrawn
July 31.

Msnichrome,

Inc.

loans

and

for

working

&

cap¬

Lau¬

Co., Inc., New York, N. Y.

Proceeds—For capital

—Bache &

and surplus.

Office—600

Avenue, Milwaukee, Wis.

Underwriter

Co., New York City (managing).

Note—Thii

stock is not qualified for sale in New York State.

it Motor Coils
July 27,

Manufacturing Co.

1961 filed 100,000

common

shares. Price—$6.50.

Business—The manufacture of armature, stator and field
coils. Proceeds—For repayment of
loans, working cap¬

general corporate purposes. Office—110 Thirty-

Second

St., Pittsburgh.
& Co., New York.

Municipal

Underwriter—Golkin, Bomback

Investment Trust Fund,

First Pa.

Series

April 28, 1961 filed $6,375,000 (6,250 units) of interests.
Price—To be supplied by amendment.
Business—The
invest

in tax-exempt bonds of the Common¬
Pennsylvania and its political sub-divisions.
Proceeds—For investment.
Sponsor—Ira Haupt & Co.,
Ill Broadway, New York
City. Offering—Expected in
early September.
wealth

of

Municipal Investment Trtist 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.

(8/30)

June

16, 1961 ("Reg. A") 150,000 common shares (par
cents). Price—$1.15. Proceeds—For film processing

machinery installation and working capital.
Office—980 W. 79th St., Minneapolis, Minn. Underwriter

New York

Minn.

Sponsor—Ira Haupt & Co., Ill Broadway,
City. Offering—Expected in early September.

NAC Charge Plan and Northern
Acceptance Corp<

machines,

—Continental Securities, Inc., Minneapolis,

repay

Mortgage Guaranty Insurance Co. (8/16)
Oct. 17, 1960 filed 155,000 shares of common stock (par
$1). Price—To be supplied by amendment. BusinessInsuring lenders against loss on residential first mort¬
gage
loans, principally on
single family
non-farm

fund will

Miniature Precision Bearing, Inc.

June

lumber, building supplies and hard¬

Address—Monticello, N. Y. Underwriter—J.

ital and
common

of

West Wisconsin

shares.

business

Proceeds—For investment.

sale

Proceeds—To

homes.
Midwest Technical

Mfg. Co., Inc. (8/7)
(letter of notification) 75,000 shares of
stock (par 10 cents). Price—$4 per share. Busi¬
1961

ness—The

rence

Midwest Investors Fund, Inc.
July 17, 1961 filed 5,000,000 common shares. Price—By
amendment.

Inc.

150,000

Monticello Lumber &

April

ital.

C.

investment.

filed

1961

—Wilson, Ehli, Demos, Bailey & Co., Billings, Mont.

investment

and

17,

common shares.
Price—$3.
breeding of livestock owned by others.
Proceeds—For drilling of water test wells, purchase of
land, construction, general
administrative
costs
and
working capital. Address—Glendive, Mont. Underwriter

Co., and A. W. Benkert &

Investment

filed

Grand

Business—The

Co., Inc., New York.
Middle

E.

Mon-Dak Feed Lot,

1971 and 60,000 common shares to be offered
units consisting of $200 of debentures and 100 shares
of stock. Price—$500 per unit. Business—A commercial
and industrial finance company. Proceeds—For
working
in

&

tile

increase of

tures due

Sheinman

mosaic

kits. Proceeds—For retirement of debt,
inventory and purchase of equipment. Office
Blvd., Detroit. Underwriter — Davis.
Rowady & Nichols Inc., Detroit.

—

★ Middle Atlantic Credit Corp.
July 27, 1961 filed $120,000 of 6V2% subordinated deben¬

L.

(8/21-25)

Mon-Art, Inc.
26, 1961 ("Reg. A") 60,000 convertible preferred
shares. Price—At par ($5). Business—The manufacture

Planning Co., Washington, D. C.

Office—1518 Walnut St., Philadelphia.

Mohawk Insurance Co.

Planning

June

equipment, re¬
Office — 116-06
Underwriter

Underwriter—United

J.

fice—198 Broadway, New York City. Underwriter—R. F.
Dowd & Co., Inc., 39 Broadway, New York 6, N. Y.

filed

search, inventory and working capital.
Myrtle Avenue, Richmond Hill, N. Y.

15

Marks

June

(8/16)

1961

facturers Securities

•

Marine Structures
Corp.

Price—By amendment.
loans and for expansion.

of

Street, Belleville, N.
Corp., Newark, N. J.

amendment.
common

held.

•

Proceeds—For repayment of loans,
expansion, sales, advertising and working capital. Office
—55 Ninth Street, Brooklyn, N. Y. Underwriter—Manu¬

company.

The

shares

chanical components.

July

—

-

Estates, Inc.
filed 140,000 common shares. Price—$6.
Proceeds—To purchase land, construct and develop about
250 mobile home sites, form sales agencies and for work¬
ing capital. Office—26 Dalbert, Carteret, N. J. Under¬
writer—Harry Odzer Co., New York (managing).

it Micro Precision Corp.
July 28, 1961 ("Reg. A") 100,000 common shares (par 20
cents).
Price—$3. Business—The manufacture of me¬

registration has been temporarily

Business

and

Mobile

systems and missiles. Proceeds—For tooling
production; repayment of loans; equipment; adver¬
tising; research and development and working capital.

Magnetic Metals Co.
July 28, 1961 filed 151,200
amendment.

10

repayment

Corp.

23,

June

Gn Canada! W. C. Pitfield & Co., Ltd..

Note—This

insurance

capital

Price—By
mechanical,
equipment, including
sewing machine attachments, small electric motors, Po¬
laroid Land cameras, etc. Proceeds—For
equipment, re¬
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).

14 days in units of
Proceeds—For working cap¬
St., Hattiesburg, Miss. Under¬

Securities

shares.

Price—By
company. Pro¬
surplus accounts.
Louis. Underwriter—

common

life

to

electro-mechanical and

guidance

Debevoise

200,000

added

each

amendment.

Ib^o

writer—Underhill

be

for

Mite
June

and

Office—19

filed

Business—A

Jones & Co., St. Louis, Mo.

Price

of jewelry

("Reg. A") 55,000 common shares (par 10
cents). Price—$4. Business—The manufacture and de¬
sign of potentiometers used in computers, ground control

postponed.

—301

shares.

operation

June 12, 1961

Business—An

Magna Pipe Line Co. Ltd.

Feb.

common

writer—Lewis & Co., Jackson, Miss.

writers—R.

tries.

E.

equipment.
loans; machinery and office

Address—Cape Girardeau, Mo. Underwriter—Edward D.

Co.

Price—At

1961

Proceeds—For

closed-door

Office—300

capital.

250,000 common shares (par
cents). Price—$1.15. Proceeds—For inventory, equip¬

cover

share

C.

19, 1961 ("Reg. A") $300,000 of 6% convertible
15-year subordinated debentures due 1976 to be offered

10

•

Y.

N.

of

share.

July 3, 1961 filed 50,676 common shares to be offered
subscription by stockholders on the basis of one new

for subscription by stockholders for

July

June

Inc.,

shares
per

technical

for

June

instruments.

exercise and

ital.

and

ment, manufacture and sale of microwave devices and

MacLsvy Associates, Inc.
July 20, 1961 ("Reg. A") 150,000
cent).

Merchants

Proceeds—

New

medical

of

151,900

Price—$1.50
of

Missouri Utilities Co.

membership
department
stores.
Proceeds—For expansion.
Office;—1211 Walnut
St., Kansas City, Mo. Underwriters—Midland Securities

which

50,000 shares by the stockholders. Price—$6.50. Business

shares.

common

Securities,

Business—The

Co., Inc. (managing) and
Inc., Kansas City, Mo.

it Lortogs, Inc.
July 26, 1961 filed
150,000

Underwriter—Sulco

in

notification)
cents).

Lindell
Blvd., St.
Allyn & Co., Chicago (managing).

A. C.

Proceeds—For general corpo¬
Office—95-01 150th Street, Jamaica 35,

N.

concessions

14,

ceeds—To

industrial plastic devices.

—By amendment.

of

10

For payment of

—

amendment.

Corp.

July 10, 1961 filed ("Reg. A") 75,000
Price—$4. Business—The manufacture
purposes.

(par

manufacturers

Office—4221

Corp., New York.

N.

July

—

Master Craft Medical & Industrial

Y.

(letter

stock

Missouri Fidelity Life Insurance Co.

136 Orange St.,
Newark, N. J. Underwriter—T. M. Kirsch & Co.,j New
York City. Note — This company formerly was named

rate

Thursday, August 3, 1961

development and working capital. Office—245 4th St.,
Passaic, N. J. Underwriter — Hopkins, Calamari & Co.,
Inc., 26 Broadway, New York, N. Y. Offering—Imminent,

the purchase of equipment, research and development,
expansion of the Missiltronics Division, advertising, in¬

ventory and working capital. Office

.

equipment; reduction of current liabilities; research and

Proceeds—For

manufacturer.

camera

1961

Proceeds

June 6, 1961 filed f25,000 shares of class A common.
Price—$4 per share. Business—The issuing firm is a
holding company for Jersey Packing Co., and a closed
television

8,

common

Business—The

(8/15)

Inc.

.

Missile-Tronics Corp.

May

American Missiltronics Corp.

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.

•

Tenth

circuit

building supplies, household fixtures and ap¬

of

facilities and other corporate purposes. Office—153-

new

b

.

(8/21)
June 27,

By

1961 filed 33,334 class A
Proceeds—For

amendment.

common

working

shares. Price

capital.

Of-

f

Volume

194

Number 6078

.

.

■

The Commercial and Financial Chronicle

.

(517)
fice—16

East Pleasant

St., Baltimore, Md. Underwriter
Co., Washington, D. C. (managing).

—Sade &

household

holders.

common shares. Price—$4.75.
Business—The processing of meat and frozen
food prod¬

the

financing,

sale

and

Occidental

servicing

freezers, and the operation of

of home food
supermarket. Proceeds

a

—For consumer time

payments, expansion, and working
capital. Office — 93-25 Rockaway Blvd., Ozone
Park,
N. Y.
Underwriters—William, David & Motti, Inc., and
Flomenhaft, Seidler & Co., Inc., New York.

1961

filed 200,000

oustanding

Business

—

common

shares.

National Periodical

velopment of

oil

8255

Blvd.,

holders.
of

Publications, Inc.

ite

Un¬

shares

common

to

be

offered

of $10 of debentures and two
amendment.

homes.

Business

—

Proceeds—For

and

construction

and

in

The

con¬

sale

of

Address—Col-

linsville, Va. Underwriters—Cruttenden, Podesta & Co.,
Chicago and McDaniel Lewis & Co., Greensboro, N. C.
★ Nevada Consolidated Mines, Inc.
12, 1961 ("Reg. A") 150,000 common shares (par
25 cerits). Price—$2. Proceeds—For
expenses incidental

July
to

mining operations. Office—c/o John M. Bennett, 200
W. 57th St., New York. Underwriter—None.
New West Land

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.
June

Nitrogen Oil Well Service Co. (8/16)
May 22, 1961 filed 100,000 shares of common stock.
Prices—$10 per share for 51,000 shares to be offered to
Big Three Welding Company; $10 per share for not
less than 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

IV5

shares held;

and

$10.60

unsubscribed shares. Business—The company
furnishes high pressure nitrogen to the oil and gas
industry. Proceeds—For general corporate purposes, in¬
per

any

cluding $880,000 for the purchase of 20 additional liquid
nitrogen high pressure pumping units. Office—3602 W.
11th

St.,

Neuhaus

Houston, Texas. Underwriter
&
Co., Inc., Houston, Texas.

—

Underwood,

North Electric Co.
common stock being
subscription by stockholders of 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

The

operation of

—

Kidder, Peabody

&

Co.,

services.

Proceeds—For selling stockholders.
Peachtree St., N. E., Atlanta. Under¬

W.

Lynch,
Courts

York

and

Pierce, Fenner & Smith Inc.,
Co., Atlanta. Offering—Ex¬

&

Ornont

Drug & Chemical Co., Inc.
1961 (letter of notification) 100,000

2,

chain

a

in

of

closed

retail

Proceeds—For

drug stores and licensed

door

-

membership

expansion.

Avenue, Kansas City, Mo.
ter Co., St. Louis.

department

Office—2323

Grand

Underwriter—Scherck, Rich-

•

Patent Resources, Inc.
(8/14)
May 24, 1961 filed 150,000 shares of common stock. Price
—To be supplied
by amendment. Business—The com¬
pany was organized in November 1960 to
and develop

acquire, exploit
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.,

Roberts & Co., Inc., Ridgewood, N. J.

and

Pharmaceuticals, Inc. (8/14-18)
May 24, 1961 ("Reg. A.") 150,000 common shares
(par
cents). Price—$2. Proceeds—For
equipment, ex¬
pansion, inventory, and working capital. Office—1 Bel¬

five

Ave., Bala-Cynwyd, Pa. Underwriter—R.
Co., Inc., Philadelphia.

P. & R.

A. Miller &

Philadelphia Laboratories, Inc. (8/28)
May 26, 1961 filed 75,000 shares of common stock. Price
—$8 per share. Business—The
development, manufac¬

ture and sale of

products.
other

pharmaceuticals, vitamins and veterinary

Proceeds

corporate

For

—

the

repayment of debt, and
Office — 400 Green Street,

purposes.

Philadelphia, Pa.
Underwriter
Woodcock,
Fricke, & French, Inc., Philadelphia.

Moyer,

ic Photo-Animation, Inc.
July 26, 1961 filed 150,000

common 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¬
payment of loans and working capital. Office — 34 S.
West St., Mount
Vernon, N. Y. Underwriter—First Phila¬

tures.

Photographic Assistance Corp.
27, 1961 filed 150,000 common

June

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

window

washing equipment. Proceeds—For an acquisition, repayment of loans, working capital and gen¬
eral corporate purposes.
Office—115 Hazel Street, Glen
Cove, L. I., N. Y. Underwriter—General Securities Co.,
Inc., New York.
States

J.

delphia Corp., New York.

York, N. Y. Offering—Imminent.

Pacific

E.

Pell

—

New

and

,

by

mont

1961

Corp.
June 21, 1961 filed 100,000 outstanding shares of
capital
stock (par 50 cents) to be sold by stockholders. Price—
$6. Business—The manufacture of steel products. Pro¬
ceeds—For the

selling stockholder. Office—35124 Alvarado-Niles Road, Union City, Calif. Underwriters—First
California Co., Inc., and Schwabacher &
Co., San Fran¬
cisco (managing).
it Pacific Vending Co., Inc.
July 20, 1961 ("Reg. A") 25,000 common shares. Price—
At par ($1). Proceeds—For acquisition and leasing of
new vending machines and
working capital. Office—506
E. 16th St., Olympia, Wash. Underwriter — Arthur J.
Coney, 1325 Broadway, Longview, Wash.

(managing).

★ Pickwick International, Inc.
July 27, 1961 filed'100,000* common shares. Price

—

$3.

Business—The distribution of phonograph records. Pro¬
ceeds—For advertising and
promotion, merchandising,
repayment of loans/ additional personnel, working cap¬
ital

and

Ave.,

other

Long

David &

corporate purposes. Office — 8-16 43rd
Island City, N. Y. Underwriter—William,

Motti, Inc., New York.

Pickwick Recreation Center, Inc.

Steel

April 21,

1961
stock

common

—To pay

(letter of notification) 100,000 shares of
Price—$3 per share. Proceeds

(no par).

for construction, working capital and, general
purposes.
Office—921-1001 Riverside Drive,

corporate

Burbank, Calif. Underwriter—Fairman & Co., Los An¬
geles, Calif. Offering—Expected in September.
★ Pioneer Astro Industries, Inc.
July 27, 1961 filed 150,000 common shares. Price
amendment.
machined

Business

The

—

components

and

manufacture

assemblies

of

—

By

precision

missile guid¬
plant, additional
equipment and working capital. Office—7401 W. Law¬
rence
Ave., Chicago. Underwriter—Francis I. du Pont
& Co., New York (managing).

systems. Proceeds

ance

—

For

a

for

new

•

Packer's Super Markets, Inc. (8/15)
May 25, 1961 filed 100,000 shares of common stock. Price
—$6 per share. Business—The operation of 22 retail

self-service
Proceeds

53rd

—

food

For

stores

general

in

the

New

York

City

corporate purposes. Office

which
shares

are

shares

are

Palmetto

Pulp & Paper Corp.
28, 1961 filed 1,000,000 common shares.
Price—
$3.45. Business—The growth of timber. Proceeds—For
working capital and the possible purchase of a mill.
June

Underwriter

the

on

(8/16)

1961 filed 665,666 shares of common stock, of
90,666 shares are to be publicly offered, 25,000

25

Brooklyn, N. Y. Underwriters — Milton D.
Blauner & Co., Inc., and M. L. Lee
Co., Inc., both of
New York City (managing).

Orangeburg, S. C.

Plasticon Corp.

May 8,

area.
—

St.,

Address—P. O. Box 199,

March 30, 1961 filed 22,415 shares of

—

^ Osrow Products Co., Inc.
July 28, 1961 ("Reg. A") 60,000 common shares (par 10
cents).
Price—$5. Business—The manufacture of car

300,000
units, each consisting
shares. Price—By

capital.

Business

(managing).

control

New

common

working

par.

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.,,

Nationwide

1976

Ore. Underwriter

writers—Merrill

•

Office—Mallory Plaza Bldg., Danbury, Conn. Underwriters — Lee Higginson Corp., New
York City and Piper, Jaffray &
Hopwood, Minneapolis
(managing).
sinking fund

At

Price—By amendment. Business—The processing

6,

May

purposes.

due

—

pected in late August.

—

debentures

Price

Foods, Inc.

Office—713

May 11, 1961 filed 75,000 shares of capital stock. Price
supplied by amendment. Business—The design,
development, manufacture and sale of quality transistors
for military and industrial use.
Proceeds
For new
equipment, plant expansion, working capital, and other

subordinated

1971.

Exterminating Co., Inc.
filed 360,000 outstanding no par common
shares. Price—By amendment. Business—Pest and term¬

Semiconductor Corp.

Homes, Inc. (8/14)
12, 1961 filed $1,500,000 of 8%

working capital. Office—
Angeles. Underwriter—None.

Orkin

—To be

vertible

due

York

July

Co., New York and
Prescott, Shepard & Co., Inc., Cleveland (managing).

June

and

Los

raw

Ontario,

—

★

leases

potatoes into various packaged frozen products.
Proceeds—For the repayment of
debt, purchase of equip¬
ment, plant expansion and working capital. Office —

.

July 18, 1961 filed 500,000 common shares (par $1). Price
By amendment. Business
Publishers of magazines
and paperback books.
Proceeds—For the selling stock¬

corporate

Price—

Empire, Inc. (8/30)
1, 1961 filed $700,000 of convertible subordinated

New

Office—575 Lexington
Avenue, New York.
derwriters— Shearson, Hammill &

shares held.

200,by stock¬

—

National

Beverly

Ore-Ida

Securities

holders.

100

June 29, 1961 filed 220,000 common shares of which
000 will be sold
by the company and 20,000

dical

Co., Inc. and Underhill
Corp., New York (co-managers).

each

basis

subscription by
of
$100 principal

improvements and working capital. Office—
865 Mt. Prospect
Avenue, Newark, N. J. UnderwriterLaird, Bissell & Meeds, Wilmington, Del.

June 22, 1961 ("Reg. A") 100,000 common shares
(par
10 cents). Price—$3. Business—The distribtuion of me¬

&

the

on

for

property

writer—Bear, Stearns & Co., New York (managing).
^National Hospital Supply Co., Inc.

Lewis

offered

packaging and distribution of cosmetics,
pharmaceuticals and household, chemical and industrial
specialties. Proceeds—For the repayment of bank loans,

buildings. Proceeds—For the selling stock¬
Office—60 Madison Avenue, New York. Under¬

—Edward

be

Business—The acquiring and developing of oil
properties. Proceeds—For exploration and de¬

gas

debentures

The maintenance of

supplies. Proceeds—For inventory, advertising and
promotion, expansion, repayment of loans and working
capital. Office—38 Park Row, New York. Underwriters

to

stockholders

par.

May

commercial

holders.

1976

manufacture,

\> National Cleaning Contractors, Inc.
By amendment.

due

Old

—

Drugs, Inc. (8/15)
21, 1961 filed 141,000 common shares (par $1) of
100,000 will be sold by the company and
41,00®
stockholders. Price—By amendment. Business—The

which

stores.

and

Price—$5.50.
bowling centers. Proceeds—

Parkview
June

debentures

At

expansion,, repayment of loans, and working capi¬
tal.
Office
220 S. 16th Street,
Philadelphia.
Under¬
writer—Edward Lewis & Co.,
Inc., New York.
19,

Bank

departments

For

—

Red

Petroleum

amount of debentures for

Bowling Lanes, Inc.
July 21, 1961 filed 200,000 capital shares.
Business—The operation of

July

&

Corp.
June 29, 1961 filed $3,962,500 of subordinated convertible
common

National

Price

Proceeds—For the selling stock¬

nati.

July 28, 1961 filed 100,000
ucts;

appliances.

Office—Madison

Roads, Cincin¬
Underwriter—Kidder, Peabody & Co., New York
(managing).

Natpac Inc.

41

to be offered to

to be offered

basis

of

one

to

Leyghton-Paige Corp., 150,000
Leyghton-Paige stockholders

Plasticon

share

for

each

three

Leyghton-Paige shares held, and 400,000 shares are to
be offered to holders of the company's $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,
Minn. Underwriter—None.

—Stone & Co.

offered for

—None/

'

•

s

•'"" '■

Northern
due

23,
1991.

States

Power

Co.

1961 filed $20,000,000
Offices—15

So.

La

(8/8).

of first mortgage

bonds

Salle

Street, Chicago 4,
111.; 15 So. Fifth Street, Minneapolis 2, Minn.; Ill Broad¬
way, New York 6, N. Y. Underwriters—(Competitive)
Probable bidders: Halsey, Stuart & Co. Inc.; Merrill
Lynch, Pierce, Fenner & Smith Inc.; Kidder, Peabody
& Co., and
White, Weld & Co. (jointly); First Boston
Corp. and Blyth & Co. Inc. (jointly). Bids—Expected to
be received at 10

a.m.

(CDST)

on

Aug. 8.

NuTone,Inc.
.

-

common

Price—By, amendment.

manufacture




Business—The

shares.
of

June
000

—

ment and

Seattle.

Miami

working capital. Office—Dexter Horton Bldg.,

Underwriter—Robert

Pan American

May

L.

Ferman

&

Co.,

Inc.,

(managing).

11,

Resources, Inc.

(8/15)

1961

(letter of notification) 40,000 shares of
(par $1). Price—$7 per share. Office—600
Glendale Federal Bldg., Glendale 3, Calif. Underwriter
common

stock

—Fred Martin &

Co., 1101 Woodland Dr., Norman, Okla.

7, 1961 filed 193,750 common shares, of which 150,be sold for the company and 43,750 for stock¬

will

holders. Price—By amendment.

Business—Research and
production of certain
missiles, oscilloscopes,
electronic vending machines and language teaching ma¬
chines. Proceeds—For expansion, repayment of debt and
working capital. Office—7326 Westmore Rd., Rockville,
Md. Underwriters—Jones, Kreeger & Co., and Balogh &
Co., Washington, D. C. (managing).
development,

electronic

engineering

devices

for

and
aircraft,

ic Precision Circuits, Inc.
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.
July

it 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
liquified petroleum gas and equipment. Proceeds—For
general

corporate

derwriter

—

purposes.
Office—Waldorf, Md. Un¬
Kidder, Peabody & Co., Inc., New York

(managing).
Parish

(Amos)'& Co.,

Inc.

(9/18)

June 23,

1961 filed 208,000 outstanding common shares.
Price—By amendment. Business—Business advisors and
consultants to

July 17, 1961'filed 375,000 outstanding

Polytronic Research, Inc.

Fisheries, Inc.

July 26, 1961 filed 120,000 common shares. Price — By
amendment. Business
The processing of Alaska king
crab. Proceeds—For acquisition of fishing boats, equip¬

•

★ North Western Mining & Exploration
July 13, 1961 ("Reg. A") 2,500,000 common shares (par
one cent).
Price—$0.02. Proceeds—For expenses inciden¬
tal to mining operations.
Office — 12822 3rd Ave., S.,
Seattle,' Wash. Underwriter—None.
June

^ Pan-Alaska

specialty and department stores. Proceeds
selling stockholders. Office—500 Fifth Ave¬
nue, New York. Underwriter—The James Co., New York
—For

the

★

Precision Specialties,

Inc. (8/4)
(letter of notification) 100,000 shares of
common stock (par 10 cents).
Price—$3 per share. Busi¬
ness—The manufacture of precision instruments.
Pro¬
ceeds—To
repay
loans for construction, purchase of
equipment; research and development, and working cap¬
May

15,

ital.

Office—Hurffville, N. J.

1961

Underwriter—Harrison &

Co., Philadelphia, Pa.
Continued

on

page

42

42

The Commercial and Financial Chronicle

(518)

Albums, Inc.
filed 120,000

^ Premier

common shares. Price—$5.
Business—The manufacture of long-playing stereophonic

July

1961

31,

and monaural

phonograph records. Proceeds—For acqui¬
sition of facilities, marketing of new stereophonic records
and working capital. Office—356 W. 40th St., New York.
Underwriter—Gianis & Co., New York.
Prep Products, Inc.
July 6, 1961 ("Reg. A") 1,400 common shares. Price—
At par ($100). Proceeds—For royalty payments on leases,

repayment of debt and working capital. Address—High¬

20, Thermopolis, Wyo. Underwriter—Wilson, Ehli,
Demos, Bailey & Co., Billings, Mont.
way

President Airlines,

Inc.

13, 1961 ("Reg. A") 150,000 class A common shares
(par one cent). Price—$2. Business—Air transportation
of passengers and cargo. Proceeds—For payment of cur¬
liabilities

rent

and

taxes; payment of balance on CAB
working capital.
Office — 630 Fifth
Avenue, Rockefeller Center, N. Y. Underwriter—Conti¬
nental Bond & Share Corp., Maplewood, N. J.
and

ic Product Research of Rhode Island, Inc.
July 28, 1961 filed 330,000 common shares. Price—$2.05.
Business
The manufacture of vinyl plastic products
—

in

used

the

automotive,

Proceeds—For

marine

and

repayment of debt,

working capital.

Office

household fields.
equipment and

new

184 Woonasquatucket Avenue,

—

Nort
&

Providence, R. I. Underwriter—Continental Bond
Share Corp., Washington, D. C.

Progress Industries, Inc.
26, 1961 filed 75,000 common shares (with war¬
rants) of which 55,000 shares will be sold by the com¬
pany and 20,000 by stockholders. Price—$10. Proceeds—
For the payment of debt, the establishment of a new
subsidiary, plant improvements and working capital.
Office—400 E. Progress St., Arthur, 111. Underwriter—

•

Progressitron Corp.

(managing).
(8/7-11)

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

128th St.,

general corporate purposes. Office—14-25

College Point, N. Y. Underwriter—Netherlands
ties Co., New York.
Publishers

Vending Services,

Securi¬

3,

1961

Fueb!o

Inc.

filed

Inc.

(8/8)

6, 1961 filed 100,000 outstanding shares of class A
to be offered for public sale by stockholders.
Price—By amendment. Business—Operates seven super¬
markets in Puerto Rico. Proceeds—For the selling stock¬
Office—P. O. Box

10878, Caparra Heights, San
Juan, P. R. Underwriter—Merrill Lynch, Pierce, Fenner
Smith

Inc., New York.

Offering—Expected

in early

August.
Rabin-Winters

Corp.

June 19, 1961 filed 180,000 common shares

of which 80,000 shares are to be offered by the company and 100,000
shares by stockholders.
Price—By amendment.
Busi¬
ness—The manufactuer of pharmaceuticals, cosmetics,
lighter fluid and related items.
Proceeds—To repay

loans

and

veda

Boulevard, El Segundo,
& Co., New York.

Hentz

for

Radiation
Inc.

working capital.

Instrument

Office—700 N. SepulCalif. Underwriter—H

Development

Laboratory,

(8/7-11)

June 1, 1961 filed 100,000 common

shares, including 86,13,334 by
stockholders.
Price—By amendment. Business—Devel¬
ops, designs and produces electronic instruments for the
detection of atomic radiation.
Proceeds—For working
666 to be offered for sale by the company and

capital, and expansion.
Office — 61 East North Ave.,
Northlake, 111. Underwriter—Hayden, Stone & Co., New
York City (managing).
Ram

June

Tool

Corp.

9, 1961 filed 100,000

amendment.

common

Business—The

shares. Price

manufacture

of

By

—

electrically

powered tools. Proceeds—For working capital. Office—
411 N. Claremont Ave., Chicago, 111. Underwriter—Aetna
Securities Corp., New York (managing).

★ Real

Properties Corp. of America
1961 filed 365,000 class A shares. Price—$10.
Business—A real estate investment company. Office—
1451 Broadway, New York. Underwriter—Stanley Heller
& Co., New York City (managing).
July 25,

Reeves

plant. Office—Reser Bldg., Cornelius, Ore. Underwriter
—William, David & Motti, New York.
it Rexach Construction Co., Inc.

July 28, 1961 filed $1,500,000 of 6V2% sinking fund de¬
bentures (with warrants) due 1976 and 105,000 outstand¬

shares. Price—By amendment. Business—
highways^buildings and homes. Pro¬
ceeds—For repayment of a loan, purchase of. stock in'
Puerto Rico 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).
ing common

The construction of

•

(8/4)
filed 82,500 shares of common stock, of
which 25,000 shares are to be offered for public sale by
the company and 57,500 outstanding shares by the pres¬
ent holders thereof.
Price—To be supplied by amend¬
ment.
Business—The manufacture and distribution of
R»p!iey Co., Inc.
1961

19,

photoelectric

light controls, centrifugal blowers
equipment.
Proceeds—For new

street

electronic

other

and

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).




\

.

Thursday, August 3, 1961

Underwriter—Stearns

Pa.

Road, Hatboro,

Co., New York.

(9/4)

Inc.

Photo-Cine-Optics,

S.

O.

S.

June

29,

1961 filed $50,000 of 6%

tures

due

subordinated deben¬
shares to be offered

1969 and 50,000 common

of debentures and 10 common

in units consisting of $10

shares. Price—$40 per unit.

Business—The manufactur¬

ing, renting and distributing of motion picture and tele¬
vision production equipment. Proceeds—For new equip¬
ment, advertising, research and development, working
capital and other corporate purposes. Office—602 W.
52nd

St., New York. Underwriter
Motti, Inc., New York.

Specialty Manufacturing

Clair

St.

William, David &

—

Co.,

—

The

equipment and working capital. Address—120 TwentyFiftn Ave.,
Bellwood, 111. Underwriters—Stifel, Nicolaus & Co., St. Louis and Walston & Cp., New York.
Oil

Sav-Mor

(8/21-2S)

Corp.

July 5, 1961 ("Reg. A") 92,000 common shares (par one
cent). Price—$2.50. Business—Wholesale distribution of

Proceeds—For ex¬

to service stations.

gasoline and oil

pansion. Office—151 Birchwood Park Dr., Jericho, L. I.,
N. Y. Underwriter—Armstrong & Co., Inc., New York.
Save-Tax Club, Inc.

/"

merchandising in New York City. Retail establishments
join the plan will give 3% discounts to members
Save-Tax Club. Proceeds—For salaries to sales¬

who

the

of

advertising, public relations, additional employees,
capital. Office—135 W. 52nd St., New York.
G. Harris & Co., Inc., New York.

men,

and working

Underwriter—B.

Scot's Discount

Enterprises, Inc.

up.

City

Riverview

(managing).

ASC,

—

Roanwell

Underwriter—Albion

Corp.

voice

electro-acoustical

of

communications

field.

—

For

the

in

transducers

Proceeds

additional

equipment, working capital and other corporate pur¬
Office—180 Varick St., New York. Underwriter—
Paine, Webber, Jackson & Curtis, New York. Offering—
Expected in early September.
poses.

Roberts

to

are

be

offered

by

the

shares of which 20,000
company and 35,000

shares by a

selling stockholder. Price—By amendment
building materials. Proceeds—For
repayment of a loan and working capital. Office—2715
Market

low mark¬

20,

Business

Financial, Inc.
filed 100,000

1961
—

The purchase

(8/7)
common

Price—$3.

shares.

of notes, mortgages, contracts,

etc., from Shell Home Builders. Proceeds—For invest¬
ment.
Office—2740 Apple Valley Road, N.'.E., Atlanta,

Underwriter—Globus, Inc., New York.

s

(8/39)
March 7, 1961 filed 100,000 shares of class A commorJ,
stock and $400,000 of 7M>% 10-year debenture bonds, to
be offered in units consisting of $100 of debentures and
25 shares of stock. Price—$200 per unit. Business—The
purchase of conditional sales contracts on home appli¬
Security Acceptance Corp.

Proceeds

ances.

Office—724

For

—

9th

working capital and

St., N. W., Washington, D.

writer—None.

expansion.
C.
Under¬

■■

Lumber Co.

June 28, 1961 filed 55,000 common
shares

a

stores, inventory, and working

new

Address—East Windsor, Conn.
Underwriter—
Co., Inc., New York.

Second
June

Ga.

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
11, 1961

manufacture

Price—$2.25.

Willis E. Burnside &

May 18, 1961 ("Reg. A")
common shares. Price
—$3. Business—Real estate and utility development in
Florida. Proceeds
For expansion. Office — 2823 So.

July

Proceeds—For

capital.

(8/14)
100,000

Inc.

,

July 6, 1961 ("Reg. A") 150,000 common shares (par 10
cents). Price—$2. Business—A plan to stimulate retail,

dletown, Conn.
New York

and 73,600/

stockholders. Price—By amendment. Business
printing of gift wrap papers.
Proceeds — For

product development.

Office—One Factory Street, MidUnderwriter — Dominick & Dominick.

Inc.

which 40,-

shares by

July 21, 1961 filed 175,000 common shares.
Business—The retail sale of merchandise at

Underwriter—Arthurs,

Street,Wheeling, W. Va.

Lestranrre & Co.. Pittsburgh. Pa.

(managing).

Semicon,

Inc.

June

30, 1961 filed 125,000 class A common shares. Price
—By amendment. Business—The manufacture of semi¬
conductor devices for

military, industrial and commercial
equipment, plant expansion and new
products. Address—Sweetwater Avenue, Bedford, Mass.
Underwriter—S. D. Fuller & Co., New York (managing).
use.

Proceeds—For

Offering—In early September.

it Robins

Indsutries Corp.
July 27, 1961 filed 100,000 common shares. Price—$2.50.
Business—The manufacture of products in the electronic

May 26, 1961 filed loU,000 class A shares (par one cent).
Price
$4. Business — The company, formerly Service

sound and

Photo

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., New
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

in 75,000 units, each consisting of
(wit;h an attached warrant) and two
common
shares. Price—By amendment. Proceeds—For
construction and general corporate purposes. Office—
1726 Champa St., Denver. Underwriter—Merrill Lynch,
Pierce, Fenner & Smith Inc., New York (managing).
be

offered

$20 of debentures

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).

Service

'

■

/

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
F. L. Rossman & Co., New York.

June

23, 1961 filed

Business—The

170,000

manufacture

furniture for schools.

—Meadow

&

purposes

Inc.

Suppliers, Inc., is engaged in the importation and
of a wide variety of photographic equip¬

distribution
ment.

Proceeds—For the repayment

and sales

of

shares.
Price—$5.
special purpose labora¬

Proceeds

Clay

B. N. Rubin &

Sts., Richmond,
Co., Inc., New York.

Rudd-Melikian, Inc.
16, 1961 filed 130,000

June

—

For

expansion,

and working capital.

common

Va.

Office

Underwriter—

shares.

Price—$10.

Business—The manufacture of automatic coffee dispens¬
ers

and similar items. Proceeds—For

promotion and manufacture of
capital

and

general

corporate

a

repayment of loans,
new product, working

purposes.

Office

—

300

of debt, advertising

Of¬

promotion, and other corporate purposes.
17th

East

St., New York. Underwriter—N. A.
Hart & Co., Bayside, N. Y. (managing).
Shelley Urethane Industries, Inc. (8/18)
May 24, 1961 filed 200,000 shares of common stock. Price
To be supplied by amendment. Business—The manufac¬

converting

ture,

products

to

and
industry.

distribution
Proceeds

urethane

of
For

foam

expansion, new
equipment, repayment of debt, and working capital. Of¬
fice—4542 East Dunham St., City of Commerce, Calif.
Underwriter
Garat
Polonitza,. Inc., Los Angeles
(managing). Note—This company plans to change its
—

—

name

to

Urethane

Industries

International

Inc;

;

r

•

Srsepard Airtronics, Inc. (8/7)
April 26, 1961 (letter of notification)
common

stock

(par

one

cent).

manufacture

and ventilation equipment.

of

75,000 shares of
$4 per share.
altitude breathing

Price

high

—

Proceeds—For repayment of

loans; new equipment, research and development, plant
improvement, purchase of inventory, advertising and
working 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,
Skuiton, Inc.
July 21, 1961 filed
shares.

manufacture

common

(8/8)

Industries, Inc.

—

common

Royal School Laboratories,

Photo

Business—The

Ross

eral

•

fice—33

general corporate

June

&

.

June 19, 1961 filed 113,600 common shares of
000 shares are to be offered by the company

(managing).

July 17, 1961 ("Reg. A") 2,181 common shares (par $1).
Price—$22. Proceeds—For erection of a food processing

tory

Broadcasting & Development Corp.

(8/22)

,

Inc., New York

Business—The sale of

Supermarkets,

common

&

Smith

Ave., Titusville, Fla.
Securities Co., Inc., New York.

June

holders.

filed 214,500 outstanding common shares.
Price—By amendment. Business—The manufacture of
airplanes and ground support equipment. Proceeds—For
the selling stockholder. Address — Farmingdale, L. I.,
N.
Y. Underwriter—Merrill Lynch, Pierce, Fenner
&

Washington

$600,00(h<rf 5^%-eCTivertible 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.
The securities are to be offered for public sale in units
of one $100 debenture, 20 first warrants and 20 second
warrants. Price—$100 per
unit. Business—The design,
manufacture, sale and leasing of coin-operated vending
machines
for
magazines, newspapers and paperback
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.
July

(8/29)

Republic Aviation Corp.
July 11, 1961

May

June

Tabor & Co., Decatur, 111.

May 8, 1961 filed 150,000 shares of capital stock. Price—
$6 per share. Business—The research and development
of processes in the field of surface and biochemistry.
Proceeds—For plant construction, equipment, research
and. development, sales promotion and working capital.
Office—545 Broad St., Bridgeport, Conn. Underwriter
—McLaughlin, Kaufmann & Co., (managing).

it Reser's Fine Foods, Inc.

June

certificate

Jacksonville

(8/28-9/1)

Inc.

Research

Simmons

Reher

Continued from page 41

.

ucts.

—697

of

50,000

class

A

and

Price—By amendment.

50,000 class B
Business—The

toiletries and household chemical

prod¬

Proceeds—For general corporate purposes. Address
Route
46, Clifton, N. J.
Underwriter—Smith,

Barney & Co., New York (managing).

• Siege I

(Henry I.)

Co., Inc.
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¬

July 27,

ment.

1961

filed

Business

—

The

sportswear. Proceeds

ment,

working

—

capital

manufacture

of men's

and

boys'

For

repayment of loans, equip¬
and other corporate purposes.

Office—230 Fifth Ave., New York. Underwriter—Shearson,

Hammill & Co., New York (managing).

Volume

194

Number 6078

Sjostrom Automations,

.

.

,

The Commercial and Financial Chronicle

Inc.

June 28, 1961 filed 70,000 class A

common

• Surfside Marina, Inc.
July 19, 1961 ("Reg. A") 60,000 common shares (par $1).
Price—$5. Proceeds—For the construction and operation

shares. Price

—$4. Business — The design, manufacture and sale of
electronically controlled automation devices. Proceeds

of

the repayment of
debt, purchase of additional
equipment and inventory, and working capital. Office—
140 N. W, 16th St., Boca Raton, Fla. Underwriter—J. I.
Magaril Co., Inc., New York.
—For

1961

Business—A

Industries, Inc.
100,000 common shares.

filed

small

business

ceeds—For investment.

Pro¬

i

k

k

of

Office—32-00

Skillman Ave.,

T.
10

June

9, 1961 filed 83,750 class A common shares (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

—

of

purchase

plant expansion, patent development and
general corporate purposes. Office—812 Ainsley Bldg.,
Miami, Fla. Underwriter—Hampstead Investing Corp.,
New York (managing). Offering—Expected in late Aug.
equipment,

Spencer Laboratories, Inc.

May 1, 1961
A

(8/7)

1,624 shares of class
stock (no par) to be offered for subscription

common

by stockholders

the basis of four shares for each five

on

shares held, with the unsubscribed shares to

be sold to

the

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

—

Office—10

Pine

St., Morristpwp, N.,. J. Underwriter—E.,

T. Andrews & Co., Hartford, Conn.

22,

Homes, Inc.
28, 1961 filed $500,000 7% subordinated debentures

1961

Proceeds—For

re¬

subsidiary, establish¬
ment o± branch sales offices and working capital. Office
—336 S. Salisbury Street, Raleigh, N. C. Underwriter—
Liederman

&

Co.,

Inc.,

a

New

York

Sterling Electronics, Inc.
July 24, 1961 filed 125,200 common
82,000 shares
shares

200

are

(managing).

parts

shares,

Business—The

equipment.

and

which

of

distribution

Proceeds—For

re¬

payment of loans and working capital.

Office—1616 McUnderwriter—S. D. Fuller &

Kinley,

Houston, Texas.
Co., New York (managing).
Stratof ex,

June

N. J. Underwriter—Peter

—$5

share.

per

amendment.
and

120,000

common

The

—

shares. Price

manufacture

of

—

By

hydraulic

pneumatic type hose, primarily for the aircraft and

missile

industries.

Proceeds—For

repayment

of

loans,

and

working capital. Address — P. O. Box 10398, Fort
Worth. Tex. Underwriter—First Southwest Co.. Dallas.

Taddeo

Corp.

eration

of

a

Business—The

winter

Stratton Mountain

and

summer

recreational

in southern Vermont.

Strouse, Inc.'

subordi¬

100% of
development and op¬
resort

on

Proceeds—For

construction.
Office—South Londonderry,
writer—Cooley & Co., Hartford, Conn.

Vt.

Under¬

purposes. Office — Basin and Cherry Sts., Norristown, Pa. Underwriter—H. A. Riecke & Co., Philadel¬
phia (managing).

Val!ey Associates

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. Proceeds—For
writer—Nat

—

Harlingen, Texas.

Berger Associates, Inc., New York

equipment and supplies.

payment

of

bank

loans

and

Proceeds
other

—

rities

Corp.,

Treat

both

&

of




& Co., and
(managing).

penses,

Services

systems.

155,000

common

Proceeds—For

.

Corp.,'

shares.

Price—$1.-

establishment

of

service

organizational

centers

and

Office—100 W. 10th Street, Wilmington, Del.
writer—Globus, Inc., New York (managing).

ex-'

reserves.

Under-.'

★ Telephones, Inc.
26, 1961 filed 250,000 common shares, of which
200,000 shares are to be offered by the company and
50,000 shares by stockholders. Price—By amendment.
Business—A holding company with eight telephone sub¬
July

sidiaries.

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).
Templet Industries Inc.

Brand,

June

2, 1961 ("Reg. A") 100,000 common shares (par 25
Price—$3.
Business—Licenses patents to die-

cents).

makers

and metal parts manufacturers. Proceeds—For
working capital and general corporate purposes. Office—

(8/14-18)

701 Atkins

Ave., Brooklyn 8, N. Y. Underwriter—Levien,
New York.

Greenwald & Co.,

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¬

•

Templeton

Damroth

Corp.

March

30, 1961 filed $445,000 of 5Vfe% convertible de¬
bentures, due 1969. f 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¬
pany, and for general corporate purposes.
Office—630
Third Avenue. New York City. Underwriter—Hecker &

—

ing capital. Office—873 Merchants Road, Rochester, N. Y.
Underwriter—Lomasney, Loving & Co., New York City
(managing).
•,
•

Taffet

April

Electronics,

28,
—

$3

Inc.

filed

1961

132,000 shares of common stock.
share.
Business — The manufacture of

per

Co., Philadelphia, Pa. Offering—Expected in late Aug.

equipment, principally electronic test equip¬
ment, partial electronic systems and assemblies, and the
fabrication of electronic components, for use primarily
in

the

communications

field.

Proceeds—For

Tennessee Investors, Inc.
May 16, 1961 filed 500,000 shares of common stock to be
publicly offered, and 4,206 common shares to be offered
to holders of the outstanding common on the basis of

additional

equipment, capital improvements and working capital.
Office—27-01 Brooklyn Queens Expressway, Woodside,
Y.

Underwriters—Fialkov

ctanlev Heller &

one

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

Co., Inc. (managing);
Co., Amos Treat & Co., Inc., all of New

York City. Offering—Imminent.
Taft

Broadcasting Co.
1961 filed 376,369 outstanding shares of com¬
mon stock to be offered
for public sale by the present
holders thereof. Price—To be supplied by amendment.

term

May 26,

—1906

Highland Avenue, Cincinnati, Ohio.

ing.)
•

Terry Industries, Inc.
28, 1961 filed 1,728,337 shares of common stock of
be offered for the account
1,171,004 shares, represent¬
ing outstanding stock, are to be offered for the account
of the present holders thereof. Price—For the company's
shares, to be related to A.S.E. prices at time of the
offering. For the stockholders' shares, the price will be
which 557,333 shares are to
of the issuing company and

(manag¬

Offering—Temporarily postponed.

Tassette, Inc. (8/7)
1961 filed 200,000 shares of class A stock. Price

Feb. 15,

per

share. Business—The company
1959

to

finance

was

organized

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

the exploitation

and sale of

"Tassette," a patented feminine hygiene aid.
Proceeds—For advertising and promotion, market devel¬
opment, medical research and administrative expenses.
Office—170 Atlantic St., Stamford, Conn.. UnderwriterAmos Treat & Co., Inc., New York City (managing);

Bruno-Lenchner, Inc., Pittsburgh; and Karen Securities

corporate

York City.

Industries, Inc.

July

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

states,

counties,

and

territories

Proceeds — For investment.^ Office — 104 E.
Eighth St., Georgetown, Tex. Underwriter — DempseyTegeler & Co., Inc., St. Louis.

Textilfoam,

of

Street, Chicago.

the

which are be¬

lieved to be exempted from Federal income taxes.
ceeds— For investment.
Office —135 South La

re¬

Under¬

municipalities

Pro¬

Inc.
130,000 common shares of which 100,to be offered by the company and 30,000

June 23, 1961 filed
000

shares

are

Price—By amendment. Busi¬
a synthetic foam
to fabrics.
expansion, working capital and general
corporate purposes. Office—200 Fair St., Palisades Park,
N. J. Underwriters—Flomenhaft, Seidler & Co., Inc., and
Street & Co., Inc., New York (managing).
shares by the stockholders.
—
The lamination of

ness

Proceeds—For

'

Salle

Sponsor—John Nuveen & Co., Chicago.

Taylor-Countrv Estate Associates

Theil

July

25,

Publication,
1961

Business—The

110,000

terial for industry and

terests.

—rFor

1961 filed $2,420,000 of limited partnership in¬
Price—$10,000 per unit. Business—The partner¬
ship will acquire all the outstanding stock of five apart¬
in

Newark, East Orange and Jersey City,

Inc.

common shares. Price—$3.
writing and producing of technical ma¬

filed

June 12,

ment houses

(8/9)

—

company.

interest bearing obligations of

S., and political subdivisions thereof

Capital Corp.

16, 1961 filed 1,000,000 common shares. Price—By
Business
A small business investment

amendment.

(managing).

—The fund will invest in

purposes.

Texas
June

Tax-Exempt Public Bond Trust Fund, Series 2

U.

Office—-Life and

Feb.

Office

Underwriter

—Harriman Ripley & Co., Inc., New York City

loans to small business concerns.

Casualty Tower, Nashville, Tenn. Underwriter—Paine,
Webber, Jackson & Curtis, New York City (managing).

operation of TV and radio broadcasting

Proceeds—For the selling stockholders.

share for each nine shares held. Prices—$12.50

new

per

&

City.

Co., Inc., and Standard Secu¬
New York
City and Bruno-

Lenchner, Inc., Pittsburgh, Pa.

Kesselman

Feb. 23, 1961 filed $10,000,000 (100,000 units) ownership
certificates. Price—To be filed by amendment. Business

For the

Office—224 Washington St., Perth Amboy, N. J.

writers—Amos

(par

Under¬

Supromcs Corp. (8/28-9/1)
May 29, 1961 filed 90,000 shares of common stock. Price
—To be suoplied by amendment.
Business—The com¬
pany is engaged in the distribution of wholesale elec¬
trical

shares

Morgan & Co., New York.

Bowling & Leasing Corp.

Tastee Freez

Address

common

Corp., New York City.

rate

working capital.

60,000.

stock and

,

June 27, 1961 filed $600,000 of 6% convertible subordi¬
nated debentures due 1981. Price—At par. Proceeds—
For plant expansion, working capital and other corpo¬

Sun

—

under Delaware law in

March 3, 1961 filed $650,000 of 5% convertible
nated debentures, due Dec. 1, 1981. Price—At

principal amount.

processing

March 31, 1961 filed $600,000 of 8% convertible subordi¬
nated debentures due 1971, 125,000 shares of common

—$12
Stratton

Inc.

Grumet & Seigel, Inc., New York

stations.

Business

Telecredit, Inc.
July 24, 1961 filed

Business—The manufacture and sale of

Underwriters

Office—599 Tenth Avenue,1;

Underwriter—International

Business—The development of high-speed electronic data1

replacement knobs for television sets. Proceeds—For the
repayment of debt, the expansion of product lines and
working capital. Office—469 Jericho Turnpike, Mineola,
Y.

York.

Paterson, N. J.

• T. V.
Development Corp. (8/11)
May 26, 1961 filed 100,000 shares of common stock. Price

Business—The

Inc.

8, 1961 filed

New

Business—The operation of bowling centers. Proceeds—
For expansion. Office—27 B
Boulevard, East Paterson,

hN.

to be offered by the company and 43,-

by stockholders.

electronic

of

opment, and working capital.

International, Inc.
*
15, 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.

Price

E.

payment of loans; sales promotion and advertising; ex¬
pansion; purchase of raw materials; research and devel--

T-Eowl

electronic

D.

Techno-Vending Corp.
9, 1961 ("Reg. A") 100,000 class A common shares
(par one cent). Price—$3. Business—The manufacture
of coin-operated vending machines.
Proceeds—For re¬

June

construction and sale of shell homes.

advances to

("Reg. A")

selling stockholder.
Rd., Mamaroneck, N. Y. Under¬

June

cents). Price—$5. Business—The publishing of books,

1971 and 200,000 common shares to be offered in
units, each unit consisting of $50 of debentures and 20
common
shares. .Price—$100 per unit.
Business—The

due

payment of loans,

Publications,

Proceeds—For the

Fenimore

—

Star

June

•

N.

(letter of notification)

H.

•

frequency radio

writer—Kidder, Peabody & Co., New \ork.

pamphlets and magazines. Proceeds—For repayment of
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.

furniture and

Inc.

F.

June

Space Technology & Research Corp. (8/7)
20, 1961 ("Reg. A") 300,000 common shares (par
Price—$1. Proceeds—For repayment of debts,

Spectron,

Office—700

Long Island

late September.

•

communications.

which

repayment of debt, the development of property, work¬
ing capital and other corporate purposes. Office—1674
Meridian Avenue, Miami Beach, Fla.
Underwriters-Hirsch & Co., and Lee Higginson Corp., both of New
York City (managing).

10 cents).

i

shares,

common

by

City, New York. Underwriter—Paine, Webber, Jackson
& Curtis, New York
(managing). Offering—Expected in

June

h

—

—

100% of principal amount.

equipment, and working capital. Office—
Savings Bldg., Denver, Colo. Underwriter—
Henry Fricke Co., New York.

Materiel Corp.
(8/16)
30, 1961 filed 50,000 outstanding common shares.
Price
By amendment. Business — The design, manu-

to

are

shares

stockholders.

Price

520 Midland

Technical

June

facture and sale of components for high

Business—The develop¬
ment of unimproved land in Florida. Proceeds—For the

•

a

St.,

A

St., New York. Underwriter—Blair & Co., Inc.,,
New York (managing).
Offering—Expected in late Aug.
Swingline Inc.
June 14, 1961 filed 200,000
outstanding class A common
shares. Price—By amendment. Business—The manufac¬
ture of stapling machines. Proceeds
For the selling

shares, to be offered for public sale in units of $500 of

i

Broad

.

E. 42nd

Southern 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

—At

.

Proceeds—For

general corporate purposes. Office
Lexington Ave., New York City. Lnderwriier—
Nat Berger Associates, Inc., New York.

Branum Investment

/'

J.

43

—420

be offered by the company and
the stockholders. Price—By amend¬
ment. Business—The production of tissue
paper products.
Proceeds—For general corporate purposes. Office—205

Building,

shares.

Corp.
filed 150,000

1961

shares

115,000

Greenville, S. C. Underwriter—Capital Securities Corp.,
Greenville, S. C. /
;
/

common

29,

35,000

investment company.

Office—616
—

N.

Swanee Paper

Price—$6.

Office—Poinsett Hotel

debentures and warrants for five

boating and fishing resort.

June

Southern Growth

28,

a

Chattanooga, Tenn, Underwriter
Co., Inc., Nashville, Tenn.

.

June

(519)

Department of

repayment of loans, working

Defense. Proceeds

capital and general

Continued

on

page

44

44

(520)

The Commercial and Financial Chronicle

Continued from page 43

Tresco, Inc.
(8/30)
5, 1961 filed 100,000

•

June

corporate
Franklin

Office—1200

purposes.

Hempstead

Turnpike,

Sq., L. I., N. Y. Underwriter—None.

Industries Corp.
July 27, 1961 ("Reg. A")" 150,000 common shares (par
10 cents).
Price—$2. Business—The manufacture of a
heating

tape.

Proceeds—For construction of

equipment.

Proceeds—For

search

development,

Triangle Instrument Co.

ness

electronic and

and

Tri

June
be

common shares

(par 10
development

North

Proceeds—For

Salle

Street

investment.

N.

St.,

Office—8000

wholesale

Biscayne

distribution

Proceeds—For

general corporate

Rds., King
Peabody & Co.,
son

Blvd.,

Prussia,

New

be offered

class B

in

of

food

products
debt and
Hender¬

&

Pa. Underwriter—Kidder,
(managing).

York

units consisting of one class A and

one

29,

16%

cents).

1961

("Reg.

100,000

capital

shares

fund

amendment.
tional

Business—The
and

courses

production

devices.

equipment,

new

Office—65

Prospect

Proceeds—For

products and

•—F. L. Rossman &

—

rial

of

ment.

thereof.

Business
radio

seven

—

Price—To

The

be

operation

broadcasting

supplied
of

six

stations.

selling stockholders. Office

television

and
the

United

Niagara St., Buffalo,
N. Y. Underwriters—Carl M.
Loeb, Rhoades & Co., and
Bear, Stearns & Co., both of New York City (managing).
Offering—Imminent.

Calif.

Underwriter

—

Holton,

working capital. Office—
St., Minneapolis. Underwriter—None.

Investors

tribution

Transcontinental Investment Co.
15, 1961 (letter of notification) 120,000 shares of
common
stock (par $1).
Price—$2.50 per share. Pro¬

Fund, Inc.

share. Business—A

per

investment.

new

Office—20

mutual fund. Proceeds—For

9th

W.

Street, Kansas City, Mo.
Reed, Inc., Kansas City, Mo.
Offering—Expected in early November. Underwriter—Waddell

&

Universal

Health, Inc.
14, 1961 ("Reg. A") 100,000
Business — The operation

June

—$3.

shares. Price
chain of health

common

of

a

expansion, advertising, financing
of time payment memberships and other corporate pur¬
poses. Office—15A South Main St., West Hartford, Conn.
Underwriter—Cortlandt Investing Corp., 120 Wall St.,
New York.
Universal
June

be

to

Moulded

Fiber

Glass

Corp.

1961 filed 275,000 outstanding common shares

18,

sold

stockholders. Price—$10. Business—The
fiber glass reinforced plastic. Proceeds
—For the selling stockholders. Address—Commonwealth
by

manufacture

of

Ave., Bristol, Va. Underwriter—A. G. Edwards & Sons,
St. Louis (managing).
June 28,

Publishing & Distributing Corp.

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¬
lishing of magazines and paper bound books. Proceeds—
For

expansion, additional personnel, sales promo Lion,
working capital and other corporate purposes. Office—•
117 E. 31st

Street, N. Y. Underwriter—Allen & Co., New
V//'

York.

■g;

•

if Universal Surgical Supply 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

Houston

of

the basis of

Fearless

Corp., parent company,

share for each

one

Sept. 1. Business

—

30 shares

on

held of record

The sale of medicine, surgical and

laboratory equipment manufactured by others. Proceeds
the repayment of debt. Office — 9107 Wilshire

—For

Blvd., Beverly Hills, Calif.
Underwriter
Tegeler & Co., Inc., St. Louis.

—

Dempsey-

^ Upiohn Co.

July 28, 1961 filed 633,400

common

amendments Business—The
ceeds—For

&

shares. Price — By
of drugs. Pro¬

manufacture

the

selling stockholders. Office—7000 Port¬
Rd., Kalamazoo, Mich. Underwriter—Morgan Stanley

Co., New York (managing).
Vacu-Dry Co.

June

27,

bank

filed 400,000

1961

loans

shares. Price—By
expansion, repayment of
working capital. Office — 950 56th St.,

Proceeds

amendment.

and

—

common

For

Oakland, Calif. Underwriter—Wilson, Johnson
gins, San Francisco (managing).

Hig-

&

Valley Title & Trust Co.
June

filed 120,000 common shares. Price—$5.
writing and selling of title insurance and
acting as trustee and escrow agent. Proceeds—For
working capital, reserves and other corporate purposes.
Office—1001 North Central Ave., Phoenix, Ariz. Under¬
writer
Louis R. Dreyling & Co., 25 Livingston Ave.,
New Brunswick, N. J.
13,

1961

the

—

^ Valve Corp. of America
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

July

manufacture

tainers.

of

valves

Proceeds—For

and

accessories

repayment

for

aerosol

of debt and

con¬

working

Office—1720 Fairfield Ave;, Bridgeport, Conn.
Lomasney, Loving & Co., New York
(managing).

capital.

Underwriter

—

if Varitron Corp.
July 25, 1961 filed 100,000 shares of common stock. Price
—$2. Business — The manufacture of electronic items,

moving

for potting uses. Proceeds—
loans, research and development,
expenses and working capital.
Office — Leo¬
minster, Mass. Underwriter—Richard Bruce & Co., Inc.,

principally TV and radio parts. Proceeds—For equip¬
ment, financing of merchandise, imports and accounts
receivable and working capital.
Office — 397 Seventh

New York.

New York.

For

Office—278 S. Main

of

York.

Business—The

^ U. S. Dielectric Inc.
July 24, 1961 ("Reg. A")99,990 common shares (par 10
cents). Price—$3. Business—The manufacture and dis¬

March

ceeds—For advances to subsidiaries.

Norwalk,

Co., Los Angeles.

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—For
the repayment of debt, property acquisitions, and work¬
ing capital. Office—60 E. 42nd Street, New York City.
Underwriter—None.

70

—

cen¬

$50. Proceeds—For

2432 N. 2nd

by the pres¬
by amend¬

Proceeds—For

Highway,

common,

St., Stamford, Conn. Underwriter
Co., New York (managing).

stock to be offered for public sale

holders

common

hardware dealers. Price—For the preferred $100; for the

purposes.

Transcontinent Television Corp.
May 25, 1961 filed 400,000 outstanding shares of class B
common

shares to be offered in units consisting
shares and $400 of debentures.
Price—

if United Hardware Distributing Co.
July 12, 1961 ("Reg. A") 484 shares of 5% cumulative
preferred stock (par $100) and 3,660 common shares (par
$50) to be offered to certain stockholders and retail

•

ent

80

(8/28-9/1 )<

Corp.

United Variable Annuities

age

common

Henderson &

By

purchase

other corporate

&

Proceeds—For repayment of debt, acquisition of a
warehouse and working capital. Office—11459 E. Impe¬

instruc¬

self

of

Underwriter—Shawe

ters.

of

loans, purchase of equipment and working capital. Of¬
fice—2448
Sixth
St., Berkeley, Calif. Underwriter—
Troster, Singer & Co., New York.
if Tor Education, Inc.
July 28, 1961 filed 100,000 capital shares. Price

State

$800 per unit. Business—The operation of bowling

(par

repayment

stock. Price

Leagues, Inc.
28, 1961 filed $700,000 of 7% subordinated sinking
debentures due 1976 (with attached warrants) and

June

of

Proceeds—For

common

Union

140,000

A")

company.

Paddock, Inc.
26, 1961 ("Reg. A") 100,000 common shares (par
cent). Price—$3. Proceeds—For working capital.

St., Boston.
Co., Inc., Washington, D. C.

r

Price—$3.

finance

York.

Office—One

two

•

Universal

Price—$6.

Turf &

June

Tinsley Laboratories, Inc.
June

industrial

and

T. J. McDonald & Co., Washington, D. C.

Price—By amendment. Proceeds
repayment of loans and inventory. Office — 121
Water St., Tampa. Underwriter — Miller Securities

Corp., Atlanta, Ga.

consumer

York and

manufacturing and marketing of space and rocket en¬
gines, and related activities. Proceeds—For research and
development, and working capital. Office—1346 Con¬
necticut Ave., N. W., Washington, D. C. Underwriter—

—For

S.

L. Scheinman & Co., New
Co., Inc., Long Island City, N. Y.

research^ development,

shares.

common

pharmaceutical and chemical
the selling stockholders. Of¬
Warrington Sts., East Riverton, N. J.

Turbodyne Corp.
May 10, 1961 filed 200,000 shares of
—$2 per share. Business — The

it Thurow Electronics, Inc.
"
v Ul11'
July 20, 1961 ("Reg. A") 41,500 class A common shares
(par $2.50) and 83,000 class A common shares (par $1)
to

food,

Tungsten Mountain Mining Co.
7, 1961 (letter of notification) 400,000 shares of
common stock
(par 25 cents). Price — 62V2 cents per
share. Proceeds—For mining expenses. Office—511 Secu¬
rities Bldg., Seattle, Wash. Underwriter—H. P. Pratt &
Co., Inc., Seattle, Wash.

Miami,

repayment of

Office—Church

purposes.

of

the
&

Chemical

Adams & Peck, New

furn¬

April

City.

stores.

vacuum

working capital. Office—1107 Broadway,
Underwriter—Trinity Securities Corp., 40
Exchange Place, New York.

Underwriter—Sandkuhl & Co., Inc., Newark, N. J.,

retail

Proceeds—For

New

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.
to

of

Proceeds—For

—

Business—The

market.

converting and equipping
It also engages in

Trinity Funding Corp. (8/21-25)
19, 1961 filed 250,000 common shares.

Thoroughbred Enterprises, Inc. (8/21)
2, 1961 filed 85,000 common shares.
Price—$4.
Business
The breeding of thoroughbred race horses.
Proceeds—To purchase land, build a stable, and buy

and New York

for

industries.

Business—A

•

horses.

the

and components in the fabrication of metal

equipment

&

shares to

common

Price—At

June

June

Fla.

designing,

&

studios. Proceeds—For

Underwriters—R.

Chicago. Underwriter—None.

additional

The

—

ovens

Blaha

LaSalle

by the stockholders.

fice—Bennard

Realty Fund

Office—30

offered

aces,

July 3, 1961 filed 200,000 shares of beneficial interests.
Price—$5. Business—A real estate investment company.
Proceeds—For

Works, Inc.
29, 1961 filed 68,000 outstanding

trucks used in sale of ice cream, etc.
the research, design and manufacture

devices, principally an elec¬
raw
materials, plant
advertising research and development

La

Proceeds—For

Metal

Business

equipment,
and working capital. Office—27 Jericho
Turnpike, Mineola, L. I., N. Y. Underwriter—J. B. Coburn Associates,
Inc., New York.
30

precision instruments and

equipment, inventory, the
debt, and working capital. Office—Oak
Place, Syosset, L. I., N. Y. Underwrite*
■—Armstrong & Co., Inc., New York City.

electrical

tronic water heater.

of

Plastic

S.

Thursday, August 3, 1961

.

April 11, 1961 filed 2,500,000 shares of stock. Price—$10

Drive and Cedar

Thermotronics

of

manufacture

U.

.

July 11, 1961 filed 125,000 common 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-

of

repayment

working capital. Office — Noeland Ave., Penndel, Pa.
Underwriter—Best & Garey Co.. Inc.. Washington, D. C.

Business—Research and

The

—

components.

ceeds—To repay a loan, and purchase equipment, for re¬
search and development, administrative expenses and

cents). Price—$3.

(8/14-18)

March 30, 1961 (letter of notification) 100,000 shares of
common stock
(par one cent). Price—$3 per share. Busi¬

Corp.

Corp., Inc.
("Reg. A") 100,000

the repayment of debt, re¬
to finance a new subsidiary
Office—3824 Terrance

St., Philadelphia. Underwriter—Amos Treat & Co., New
York (managing).

a

June 14, 1961 filed 130,000 common shares. Price—$4.50.
Business—The manufacture of coatings for fabrics. Pro¬

July 10, 1961

and

and for other corporate purposes.

machine, research and development, sales engineering
and working capital.
Office — 500 Edgewood Avenue,
Trenton, N. J. Underwriter—D. L. Capas Co., New York.
Thermo-Chem

Price—$5.

Business—Manufactures transformers for electronic

it Thermionix

flexible

shares.

common

.

epoxy

repayment

resins

of

Ave.,

Brooklyn,

N.

Y.

Underwriter

—

Kenneth

Kass,

Street, Salt Lake City, Utah.
Securities
Lake

Corp., 627

Underwriter—Continental
Continental Bank Building, Salt

U.

April

City, Utah.

Trans-World Financial Co.
filed

75,000

shares

are

to

185,000
be

common

offered

110,000 shares by stockholders.
Business—A holding
company

savings

and

s

Z
■

loan, real estate

by

shares

the

of

which

company

with

subsidiaries

and

in

the

insurance fields. Pro-

For rePayment of loans

and working capital.

Wilshire Blvd., Beverly Hills. Underwriter
William R. Staats &
Co., Los Angeles

•

(managing).

•

Transvision

Electronics, Inc.

June

29, 1961 filed 140,000
amendment.
Business—The

New

Rochelle, N. Y.

York.

shares.

manufacture

TY
e(lulPmen^ Proceeds—For
debt and
working capital.

(8/28-9/1)

common

of

Price—By
specialized

expansion, repayment of

Office—460

North

Avenue,
Underwriter—Adams & Peck, New
'

Trebor Oil Co. Ltd.

May 1, 1961 filed $150,000 of limited
partnership internJ? be offe.red for Public sale in 150 units. Price—
$1,000

per

unit.

leases

and

the

First

National

Proceeds—For

development

Bank

writer—None.




of,

the

acquisition of oil
thereof.
Office—213

Building, Abilene, Texas.

Under¬

Fiberglass

Products

Co.

•

(8/8)

«

Vatronic

Lab.

Equipment,

Inc.V

200,000 shares of common stock.
Price—$2 per share. Business—The company plans to
manufacture fiberglass shingles, beams, purlin and other

May 29, 1961 filed 80,000 shares of common stock. Price
—$4 per share. Business—The manufacture of industrial

materials.

the

27,

1961

filed

Proceeds

For

working

capital,

inventory
and equipment, and sales promotion.
Office — Clarkville, Texas. Underwriter—Hauser, Murdock, Rippey &
Co., Dallas, Texas.

Price—By amendment.

and

S.

—

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-familyhome 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.

if U. S. Markets, Inc.
July 31, 1961 filed 200,000
000 shares

shares

are

by

a

eration of

a

to

stockholder;

Price—$5.

chain of supermarkets

stores in the San Francisco
ment

of

purposes.

shares, of which 160,the company and 40,000

common

be offered by

loans,

working

area.

Business—The

op¬

and other retail food
Proceeds—For repay¬

capital and

general

corporate
Un¬

Office—60 Fallon Street, Oakland, Calif.

derwriter—Stanley Heller & Co., New York.

high

vacuum

systems and equipment.

Proceeds

—

For

repayment of debt, plant expansion, equipment, sales
promotion and working capital. Office—Northport, N. Y.
Underwriter — Stanley R. Ketcham & Co., New York.
Offering—Expected in late August.
•

Vic Tanny

Enterprises,

Inc.

(8/7)

11, 1961 filed 320,000 shares of class A common
stock (par 10 cents) of which 120,000 shares will be of¬
fered for the account of the company and 200,000 shares
May

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.
will use its part of the proceeds
opening of new gymnasiums and the promotion
of home exercise equipment. Office—375 Park Ave., New
York City. Underwriter—S. D. Fuller & Co., New York
City.

Proceeds—The company
for the

•

Vinco

May

Corp.

(8/14)

19, 1961 filed $2,000,000 of 6%

dinated debentures due 1976.

convertible subor¬

Price—At 100% of princi¬

amount Business—The production of gauges and
measuring instruments and the manufacture of precision
parts and subassemblies, for the aircraft, missile and
pal

.

I

,

194

\

i

4

Volume

Number

6078

.

.

The Commercial and Financial Chronicle

.

other industries. Proceeds—For the repayment of
debt,
expansion, working capital and reserves for possible fu¬
ture acquisitions.
Office—9111 Schaefer Highway, De¬
troit, Mich. Underwriter—S. D. Fuller & Co., New York
City (managing).

^ Vol-Air, Inc.
July 27, 1961 ("Reg. A") 96,000
Price—$2.50.

cent).

shares

common

Business—The

Address—2

(par

manufacture

one

of

a

45th

Street,

New

York.
Ross, Inc., 60 E. 42nd Street, New

Underwriter—Glass &
York

West

—

$3.

background

music.

Proceeds—For tooling, pro¬
inventory and sales promotion of
its products and for working capital. Office — 1230 E.
Mermaid Lane, Wyndmoor, Pa. Underwriters
John
Joshua & Co., Inc., and Reuben Rose &
Co., New York.

duction, engineering,

—

Wagner Baking Corp.
July 5, 1961 filed 50,637 outstanding
Price—At-the-market.

cakes

frozen

Underwriter

and

Business—The

other

pastries

and

shares.

common

manufacture

of

distribution

of

the

Proceeds—For the selling stockholders.
Vesey St., Newark. Underwriter—None.

Wainrite

Stores,

common shares. Price — $5.
The manufacture of ground support equip¬

ment for the

aircraft, misisle and related industries. Pro¬
repayment of loans, purchase of equipment

ceeds—For

and

inventory,

working capital and general corporate
Office—79 Franklin Turnpike, Mahwah, N. J.

purposes.

Underwriters

Martinelli & Co., New York and E. R.
Davenport & Co., Providence, R. I.
•

&

Co., Inc.,

Proceeds—For working

Avenue,

Waldbaum,

17,

New

York.

capital.

J.

For

construction.

Madison

Inc.

of

to

supermarket

a

chain

and

employees

W.

New York and Robert W. Baird

6,

&

Co., Inc., Milwaukee

bonds

(letter

of

notification)
($2

par

per

150,000 shares of
share). Proceeds

a

Publishers, Inc.

filed 300,000 common shares. Price—By
Business—The publishing of encyclopedias
and other reference books. Proceeds—For
repayment of
and

general

corporate

Broadway, Lynbrook, N. Y.
Corp., New York.

July 20,

filed

1961

For repayment of

130,000

issue

Price—$4.
Proceeds—

5,

1961

purchase- of

&

Co., New York

(managing).

Offering—Expected in late September.
Walter Sign

1961

stock

Corp.

shares by stockholders.
of

(letter of notification) 100,000 shares of
(par one cent). Price—$3 per share. Busi¬

ness
The manufacture and installation of highway
signs. Proceeds—For the reduction of debt, sales promo¬
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¬
June

ment of loans and working capital. Office—4915 Cordell
Avenue, Bethesda, Md. Underwriter—None.

Water Industries

Capital Corp.
July 21, 1961 filed 964,100 common shares.
Business—A

small

business

York.

investment

Price—$11.

Underwriter—Hornblower

&

company.

Pro¬

Weeks, New York

(managing).

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¬
sile industries. Proceeds—For moving expenses, equip¬
ment, research and development, and working capital.
Burbank,
Corp., New York.
—

Calif.

Underwriter

West Coast Bowling Corp.

—

First

Madison

holders

thereof.

Price—$9.75

per

share.

Busi¬

ness—The company

plans to acquire and operate bowling
centers primarily in California.
Proceeds—For general
corporate purposes.
Office—3300 West Olive Avenue,

Western

Underwriter—Hill Richards & Co. Inc.,
(managing).
Factors,

or

of

debt' and

for

Office—150

Causeway Street, Boston.
Co., Hartford, Conn, (manag¬

&

filed

Inc.

York

shares.

common

Business—The

manufacture

28,

1961

amendment.

filed

class

75,000

A

silver-zinc

of

shares.




company

plans to

competitive

bidding.

Probable

bidders:

company plans to
shortly covering about 270,000 com¬
some $2,500,000.
Business—Research,

1961

a

39th

to

are

aircraft.

Proceeds

—

by the

company

For

and 20,000

inventory, plant improve¬

Corporation

News

Department

know about it

Would
write

you

us

so

that

telephone

we

can

at

us

register?

would

prepare

REctor

at 25 Park Place, New York 7,

an

like

item

2-9570

or

N. Y.

(9/8)

16, 1961 it

;

30,

with

1961
the

it

was

SEC

reported

shortly

that

a

covering

its

was

stated in the company's 1960 annual

Cincinnati, O. Underwriter—(Bonds) To be determined
by competitive bidding. Probable bidders: Halsey, Stuart
& Co. Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.
and Lehman Brothers (jointly); Morgan Stanley & Co.
and W. E. Hutton & Co. (jointly); Blyth & Co., Inc.,
and First Boston Corp. (jointly); Eastman Dillon, Union
Securities & Co., and White, Weld & Co. (jointly).
The
last issue of common stock (81,510 shares) was sold pri¬

Colorado

Interstate

Gas

Co.

by Mr. A. N. Porter of the
company's treasury 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¬
rado Springs, Colo.
Oct. 17, 1960 it was reported

Gas

System, Inc.

April 24, 1961 it was reported that this company is con¬
sidering the sale of either $20,000,000 of debentures, or

Adrian Steel Co.
filed

that

000 construction program. Office—Fourtin & Main Sts.,

Columbia

Prospective Offerings
June

reported

constituting

vately to employees in August, 1960.

UNDERWRITERS!

Do you have an issue you're planning to

was

stock,

report that this utility plans to sell both first mortgage
bonds and common stock in 1962 to finance its $45,000,-

shares, of which 90,-

common

by the company and 20,000
shares by a selling stockholder.
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
(managing).

ATTENTION

24, 1960 it

Cincinnati Gas & Electric Co.
Feb.

to be offered

R. F. Dowd &

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.

Foods

Corp.
July 20, 1961 filed 110,000

—

House Corp.

Louisiana Electric Co., Inc.
21, 1961 it was reported that the company is con¬
sidering the issuance of $6,000,000 of bonds or deben¬
tures in 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,

Co., Inc., Newport Beach, Calif.

are

expansion of the business. Office—97-02 Jamaica

Central

ment, equipment and working capital. Office—113 Shel¬
don St., El Segundo, Calif. Underwriter—Francis J. Mit¬

Zion

York.

Feb.

shares, of which 30,-

common

be offered

St., Brooklyn, N. Y. Underwriters—S. B.

and John R. Maher Associates, New

a full filing of this
first public offering,
Price—Approximately $3 per share. Busi¬
ness—Book
publishing.
Office—9
Rockefeller
Plaza,
New York City. Underwriter—To be named.

shares by a stockholder. Price—By amendment. Business
—The manufacture of oxygen systems and accessories

City, Utah.
Business—Factoring.
Underwriter—Elmer
Aagaard, Newhouse Bldg., Salt Lake City, Utah.

-

Lynch,

will be made.

ic Zep Aero
July 28, 1961 filed 50,000

K.

Brothers, New York (managing).

Jan.

products. Proceeds—For the establishment of a
laboratory and the purchase of equipment. Office—
Street, Stamford, Conn. Underwriter—Allen
Co., New York (managing).

for

Merrill

Plastic Corp.

Caxton

Atlantic

12,

reported that this

Ave., Woodhaven, N. Y. Underwriter
Co., Inc.

Price—By

—

1961 filed 1,075,791 common shares to be of¬
subscription by stockholders on the basis of
one new 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
York. Underwriters—Kuhn, Loeb & Co. and Lehman

file

—For

sumer

to

fered

and

June

Business—The testing of industrial and con¬

similar to those you'll find hereunder.

Western Union Telegraph Co.

was

registration

company's

—$1.50

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¬
ities.
Office
1201 Continental Bank Bldg., Salt Lake

Inc.,

Equipment Corp.
28, 1961 it was reported that a "Reg. A" will be
filed covering 100,000 common shares. Price $3. Proceeds

Price—By

Research Corp.

Our

per

a

shares to raise

fice—945

St., New York. Underwriter—Kidder, Peabody
& Co., Inc., New York.

chell &

is

Carbonic

200,000

June 29, 1960 filed 700,000 shares of common stock. Price

July

to

Leonard

for

handled

it was reported that this company plans
"Reg. A" shortly covering 125,000 common
shares. Price—$3. Business—The manufacture of plastic
party favors for children. Proceeds—For expansion. Of¬

customers

primary and rechargeable batteries. Proceeds—For pur¬
chase and installation of equipment and
property, work¬
ing capital and other corporate purposes. Office—40-52

Burbank, Calif.
Los Angeles

1961

000 shares

(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

18,

000 shares

Wesco

Office

capital.

amendment.

&l

June

Boston

there

by

Best

Yardney Electric Corp.

1

First

Cantor Co.,

June

also

was

July 25,

ing).

July

on

and production rof items in the fields of
electronics, etc. Proceeds — For expansion and
working capital. Office—43 Leon St., Bostqn, J)Jass. Un¬
derwriter—S. D. Fuller & Co., New York (managing).

new

Office—122 E. 42nd Street, New

ceeds—For investment.

Proceeds—For repayment

Underwriter—Putnam

—

stock

development

Price—By amendment. Business

leasing of truck trailers to railroads

railroads.

working

(9/15)

of preferred

about

a

mon

XTRA, Inc.

Underwriter

Shields

Proceeds—For construction. Office

medical

—The

—

file

building

—None.

the

Co.

★ Bay State Electronics Corp.
Aug. 2, 1961 it was reported that this

rental, and working
Address—Box 181, Casper, Wyo.
Underwriter

capital.

mddiiig. Probable

Halsey, Stuart & Co. Inc.; White, Weld & Co., and First
Boston Corp.
(jointly); Harriman Ripley & Co., Inc.,
and Alex. Brown & Sons (jointly).

filed 700,000 common shares. Price—$1.
processing of wool.
Proceeds—For the

equipment,

early in

was

that

mined

Underwriter

Wyoming Wool Processors, Inc.
June

or

of

$35,-

$20,000,000 of first mortgage bonds in late
T961 or early 1962.
Office — Lexington and Liberty
Streets, Baltimore 3, Md. Underwriters—To be deter¬

-

debt, expansion and working capital.

Office—2044 Chestnut Street, Philadelphia.
—Fraser & Co., Philadelphia.

1961

sell

Ave., Phoenix, Ariz. Underwriters—-

The last sale

May 15, 1961 it

shares.

common

to

Baltimore Gas & Electric Co.

Underwriter—

Business—The operation of bowling centers.

Service

& Co.;
White, Weld & Co.,
Pierce, Fenner & Smith Inc.

purposes.

Standard Securities

Enterprises, Inc.

subsidiary

privately through Blyth &
Corp.
However, the company
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
stated

1961

debt, working capital

by competitive

in November.

26, 1959
Co., and

amendment.

Office—290

this

plans

made privately through Blyth & Co., and
the First Boston Corp. The last sale of bonds on March

Sunset

31,

Public

South Third

18, 1958

Blvd., Los Angeles, Calif. Underwriter—
Standard Securities Corp., Los
Angeles, CalifJuly

that

Inc.,

Broadway, New York Xyty^TJnderwr iter®

determined

To be named.

contract payable, accounts payable, and
notes payableand the balance for working capital. Office
—7805

Co.,

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
—501

stock. Price:—At

—To discharge

be

Arizona

Washington Avenue,

V

1961

Power

Inc.; First Boston Corp.;
Ripley & Co., Inc.; Kuhn, L©eV& Co. and
Eastman Dillon, Union Securities & Co.
(jointly).

Wonderbowl, Inc.
common

Electric

Co.

reported

was

bidders: Halsey, Stuart &
Co.,

Underwriters—Smith, Barney & Co.,

(managing).

Power

it

Harriman

preferred

and

10, 1961, with rights to ex¬
Price—By amendment. Proceeds-—

Office—122

1, Wis.

Business—The

operation

shares

1961.

1961

1962. Office—2
—To

stockholders of record Aug.

pire Aug. 30,

1,

American

000,000 to $40,000,000 of bonds late in

June 28, 1961 filed 182,570 common shares of which 160,000 shares are to be offered by the company and
22,570

common

Appalachian
Feb.

Gabriel

wholesaling of food products}" Proceeds—For repayment
of loans, expansion, inventory and other corporate pur¬
poses.
Office—2300 Linden Boulevard, Brooklyn, N. Y.

March 30,

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¬
writer—Edward Lewis Co.
Inc., New York City (manag¬
ing).

(8/15)
filed 65,000 cumulative preferred shares
of which 50,000 shares will be offered to
15,000

1,

filed

Office—350

Underwriter—A.

Office—Adrian, Mich. Underwriter-

All-American Airways Co.

May

New York

1961

(par $100)
public and

—

July 21, 1961 filed 183,150 common shares, of which 120,000 shares are to be offered by the company and 63,150
shares by the stockholders. Price—By amendment. Busi¬
ness—The

new

Walker

World Wide Bowling

1961 filed 65,000
—

H.

division.

45

Morrison & Frumin, Inc., Detroit.

Price—By

Co., Inc., New York.

^ Wald Research, Inc.

26,

shares.

common

equipment and working
7100 Englewood Ave., Hazelwood, Mo.

G.

World Scope

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

—

—

institutions.
Fifth

Inc.

June

Business

ditioner

100,000

Wilco Commercial Corp.
July 21, 1961 ("Reg. A") 100,000 common shares (par 10
cents). Price—-$3. Business—The financing of business

Feb.

foods.

Office—13

filed

Wisconsin Power & Light Co.

commercial communications equipment and the furnish¬

pies,

1961

capital. Office

July

Business—The manufacture of electronic test
equipment,
the sale, installation and servicing of industrial and

of

27,

amendment. Proceeds—For

1.7, N. Y.

^ Voron Electronics Corp.
July 28, 1961 filed 100,000 class A shares. Price

ing

Wetterau Foods, Inc.

June

(managing).

patented heat and mass transfer system. Proceeds—For
equipment, filing of patents, inventory, advertising and

promotion.

(521)

"Reg. A" will be
100,000 common

$25,000,000 of common stock in the fall. Office—120 East
41st Street, New York 17, NJ Y. Underwriters—To be
determined by competitive bidding. Probable bidders on

shares (par 50c). Price—$3. Business—Automotive fabri¬

cating. Proceeds—To establish

a

new

industrial air

con¬

Continued

on

page

46

46

The Commercial and Financial Chronicle

(522)

Stuart

&

Co. Inc.; Morgan
Fenner & Smith

&

Stanley & Co.; Merrill Lynch, Pierce,

Inc., and White, Weld & Co. (jointly). The last sale of
common stock on May 4, 1960 was handled by a group

Merrill Lynch, Pierce, Fenner & Smith Inc.;
Co.; R. W. Pressprich & Co., and Carl M.

headed by
&

Shields

Loeb, Rhoades & Co.

>

Southern

&

Columbus

Ohio

Co.

Electric

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
March

13,

St., Columbus 15, Ohio.

Underwriter—Dillon, Read & Co.

Commonwealth Edison Co.

preferred stock financing is planned during the period.
Office — 72 West Adams St., Chicago 90, 111.
Under¬
writers
To be determined by competitive bidding.
—

First Boston Corp.; Halsey,

bidders:

Stuart &

Edison Co. of

Consolidated

New

York,

Inc.

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¬

May 16,

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
common shareholders. Office—4 Irving Place, New York
pany

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
City. Underwriter—To be named. The last

Nov.

on

was

handled

by

First Boston

Halsey, Stuart & Co., Inc. (jointly). Morgan

and

&

1960

23,

Corp.,

Stanley

Co., also bid competitively on this issue.
Cosmetically Yours, Inc.

sale

and

of

cosmetics.

Office —15 Clinton
J. Gruber & Co.,

Street, Yonkers, N. Y. Underwriter—P.
•

City.

York

Inc., New

Contact Lens

Guild, Inc.

19,, 1961 it was reported that this company plans
a "Reg. A" shortly covering an undisclosed num¬
of common shares. Business—The manufacture of

June

writers

contact lenses. Office—353 East

Main St.. Rochester, N.Y.

Underwriter—To be named. Offering—Expected in
Cowles

Broadcasting,

Magazine &

Dec.

Inc.

reported that this corporation will
issue stock later this year. The firm denied the report.
Business
Publishing and allied fields. Office — 488
May 3,

1961 it

was

—

City. Underwriter—Goldman,
Co., New York City (managing).

Madison Ave., New York
Sachs &

Delaware

Power

&

Light Co.

7, 1961 it was reported that the company has
postponed until early 1962 its plan to issue additional
common
stock.
The offering would be made to com¬
mon stockholders first on the basis of one share for each
10 shares held. Based on the number of shares out¬

Feb.

involve about
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 June 6, on the basis of one share for each
eight shares held.
Proceeds—For construction. Office
—600 Market Street, Wilmington, Del.
Underwriter—
To
be
determined by competitive bidding.
Probable
bidders: Carl M. Loeb, Rhoades & Co., New York; W. C.
Langley & Co., and Union Securities Co. (jointly); Leh¬
man Brothers; First Boston
Corp.; White, Weld & Co.,
and Shields & Co. (jointly); Kidder, Peabody & Co., and
Merrill Lynch, Pierce, Fenner & Smith Inc. (jointly).

standing

Sept. 30, 1960, the sale would

on

Monica
To

—

be

Corp.

•

ceeds—For
Ozone

General

sell

York

of New

Probable bidders on the
Inc.; Blyth & Co., Inc.;
Lazard Freres & Co., and First Boston Corp. (jointly);
Merrill Lynch, Pierce, Fenner & Smith Inc.; Kidder,
Peabody & Co., and White, Weld & Co. (jointly); Salo¬
mon Bros. & Hutzler, and Eastman Dillon, Union Secu¬
rities & Co. (jointly); Equitable Securities Corp. Prob¬
able bidders on the common: Blyth & Co., Inc.; Lazard
Freres & Co.; Kidder, Peabody & Co.: Merrill Lynch,

•

City.

N. J., and Buena Vista, Va.

Underwriter—Sandkuhl and

•

(10/18)

Pipeline Co.

its

Louis, Mo.

&

was

It

is

bidders: Salomon
Halsey, Stuart & Co. Inc. Bids—
Aug. 9 at Noon (CDST) in Chicago.

Competitive. Probable

(12/7)

subsidiary of The
of 30-year bonds.
Blvd., Pensacola, Fla.
Under¬

expected

that the multi-million

Co.

Films,

Exploit

Inc.

reported that this company plans
shares. Price—$5
per share. Proceeds—For the production of TV and mo¬
tion picture films, the reduction of indebtedness, and for
working capital. Office—619 W. 54th Street, New York
City. Underwriter—McClane & Co., Inc., 26 Broadway,
New York City (managing).
March 8,
a

1961 it

was

full filing covering 100,000 common

First

National

March 22,
on

1961 it

Bank of Toms
was

River

(N.

J.)

reported that stockholders voted
to provide

this date to increase the authorized stock

for payment
new

shares

basis of

one

66%% stock dividend and sale of 20,000
of common (par $5) to stockholders on the
new share for each 20 shares held of record
of

a

17, with rights to expire Aug. 17. Price — $22
per share. Proceeds—To increase capital. Office—Toms
River, N. J. Underwriter—None.

July

Florida

Power & Light Co.

May 11, 1961, it was reported that the company may is¬
sue bonds in the second half of 1961 to finance its cur¬
rent

$40,000,000 construction program. Office—25 S. E.

Miami, Fla. Underwriter—To be determined
by competitive bidding. Probable bidders: Merrill Lynch,
2nd

Ave.,




be

1957

was

and

associates.

filed

Bay

Halsey, Stuart & Co. Inc.; Merrill
Lynch, Pierce, Fenner & Smith, Inc., and White, Weld &
Co. (jointly); Stone & Webster Securities Corp. Bids—
Oct. 3, 1961 at 11 a.m.
Information Meeting—Sept. 28

Hawaiian

Telephone Co.
it was reported that this company plans
to sell about $5,000,000 of common stock to stockhold¬
ers through subscription rights later this year.
Office—

March

8,

1961

Alakea St.,

1130

Honolulu, Hawaii. Underwriter—None.

Hollywood Artists Productions, Inc.
reported that this company plans to

June 20, 1961 it was

file

a

"Reg. A" shortly covering 100,000 common shares

(par 10 cents).

Price—$3.

Business—The production of

and TV feature films.
Proceeds —■ For
working capital and other corporate purposes. Office—
350 Lincoln Road, Miami Beach, Fla.-Underwriter—A.M. Shulman & Co., Inc., 37 Wall Street, New York.

motion picture

of

debentures

in

April

1

.

Industries

1961 it was reported that a "Reg. A" will be
shortly covering $300,000 of common stock. Pro¬
general corporate purposes. Address—Booth

17,

Maine.

Harbor,

Masters

Brothers;

(18th floor) New York

issue

Underwriter—Nance-Keith

Corp.,

New York City.

petitive. Probable bidders: Salomon Brothers & Hutzler
Eastman Dillon, Union Securities & Co. (jointly);

(11 a.m. EDST) at 70 Broadway
City.

last

ceeds—For

and

Lehman

The

underwritten by First Boston Corp., New York,

Mainco Electronics & Marine Development Corp.

July

Stanley & Co.: Carl M. Loeb, Rhoades & Co.

named.

—To

Long Island. Office—2060 Jericho Turnpike, New Hyde
Park, L. I., N. Y. Underwriter—To be named.
:

& Co. and White, Weld
Bids—Expected to be received on Dec

it Gulf States Utilities Co. (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¬

in Texas and Oklahoma.

filing of about 500,000 common shares (par $1). Business—The company owns a chain, of lumber yards on

Kidder, Peabody

(jointly).

securities, possibly de¬
Business—The company pro¬

May 2, 1961 it was reported that this company, formerly
named Macrose Lumber & Trim Co., Inc., plans a full

,

7, 1961.

September.

in

Macrose

Lynch, Pierce, Fenner & Smith Inc.; Salomon Bros,
& Hutzler and Drexel & Co. (jointly); Equitable Secu¬

pipeline will be financed in part by the sale

undisclosed amount of

Office—301 South Harwood St., Dallas, Tex. Underwriter

rill

Corp.;

an

duces and distributes natural gas

competitive bidding. Pre¬
bidders included Halsey, Stuart & Co. Inc.; Mer¬

rities

Co*,

1961 it was reported that this company plans

bentures,

Jan. 4, 1960 it was reported that this
Southern Co., plans to sell $5,000,000

dollar
of bonds
and that it will be in operation by late 1961. Office—
Tulsa, Okla. Underwriters—First Boston Corp.; Morgan
Carolinas.

to sell

Gas

Star

Lone

July 26,

writer—To be determined by

by eight major oil companies, plans

1961-65

ing is that it will not be necessary to turn to long-term
securities until May 1962. Office — 1017 Olive St., St.

Brothers & Hutzler and

vious

formed

New York City (managing).

Mr. L. A. Horton, Treasurer, reported that
will need to raise $33,000,000 externally for
construction program, but the current feel¬

the utility

Gulf, Mobile & Ohio RR. (8/9)
July 26, 1961 it was reported that this company plans to
sell about $3,600,000 of % to 15 year equipment trust
certificates. Office—104 St. Francis St., Mobile, Ala. Un¬

reported that this firm, recently
to build a
1,100 mile liquified petroleum gas pipeline from Texas
and Louisiana to Mississippi, Alabama, Georgia and the

April 17, 1961 it

Co.

Nov. 15, 1960

Oct. 18.

Pace

Y. Under¬
early 1962.

Laclede Gas Co.

•

North

Power & Light

First Boston Corp.,

Inc.; Equitable Securities Corp., Eastman Dillon,
Securities & Co. (jointly). Previous bidders for
preferred were First Boston Corp., Lehman Brothers,
Morgan Stanley & Co.; Eastman Dillon, Union Securities
& Co.; and Equitable Securities Corp.
Bids—Expected

Office—75

Ave.. Bronx. N

15, 1961 it was reported that this company Js
considering the issuance of $13,000,000 of debentures
in the third quarter of 1961. Proceeds—For construction.
Office—800 Kansas Ave., Topeka, Kan. Underwriter—

418,536 shares valued at about $14,600,000.

Dixie

Office—1200 Zerega

Kansas

Co.

Gulf Power Co.

Bargain Stores Corp.

March

Union

received

was

writer—To be named. Offering—Expected in

Previous bidders for bonds included Harriman
Ripley & Co., Inc.; Lehman Brothers; Blyth & Co., Inc.,
Kidder, Peabody & Co.,, and Shields & Co. (jointly);
First Boston Corp.; Morgan Stanley & Co.; Halsey, Stuart

be

John's

goods.

ding.

To

it

1961

16,

July 27, 1961 it was reported that this company plans to
file
a
registration
statement
covering
an
undis¬
closed number of common shares. Business—The opera¬
tion of a chain
of discount stores selling household

For construction, plant modernization or refunding of
outstanding debt. Office—Electric Bldg., Atlanta 3, Ga.
Underwriters — To be determined by competitive bid¬

—

Co.

the sale later this year

29, 1960 this subsidiary of the Southern Co., ap¬
plied 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—

derwriters

&

reported that this company plam
of about $8,500,000 of first mort¬
gage bonds. Office—710 North Twelfth Blvd., St. Louis,
Mo. Underwriter—Halsey, Stuart & Co. Inc., Chicago.

Jan.

Inc.

Dec.

on

Stuart

Illinois Terminal RR.

Bonded Fibers,

be received

Halsey,

Pierce, Fenner & Smith Inc. Offering—Expected in late
or early November.

Company, Newark, N. J., and New York City. Offering
—Expected in October.

to

of 1961. Proceeds—To repay
Underwriters—To be deter¬

and for construction.

bonds:

Sept. 14, 1960 it was reported that registration of 150,000
shares of common stock is expected. Offices—Newark,

&

that this company plans to

mined by competitive bidding.

Curtis, and Stone & Webster Se¬

Georgia Power Co.

the fourth quarter

in

loans

Telephone Co. of Florida

Georgia

Power Co.

$10,000,000 of bonds and about $5,000,000 of com¬

mon

Feb. 8, 1961 it was reported that this subsidiary
eral Telephone & Electronics Corp., expects

•

»•

Office—92-00 Atlantic Avenue,
Underwriter—P. J. Gruber, N. Y.

Y.

Jan. 10, 1961 it was reported

(jointly); White,

of Gen¬
to offer
about $15,000,000 of bonds in November. Office — 610
Morgan St., Tampa, Fla. Underwriters—Stone & Webster
Securities Corp., and Paine, Webber, Jackson & Curtis,

'• V /-■■V/

,

expansion.

Park, N.

Idaho
•

—

Kidder, Peabody & Co. (jointly); Paine,

Webber, Jackson &
curities Corp.

■/, /

Hygrade Packing, Inc.
28, 1961 it was reported that this company plans
to sell about $500,000 of common stock.
Business—The
manufacture of industrial and consumer packaging. Pro¬

June

Stuart & Co. Inc.; First Boston

Equitable Securities Corp.

and

Weld & Co. and

Power Co.

Hutzler.

Blvd., Santa Monica, Calif. Under¬
determined by competitive bidding.

Probable bidders: Halsey,

to file

ber

Santa

Lighting &

•v

Telephone Co. of California
Feb. 1, 1961 it was reported that this subsidiary of
General Telephone & Electronics Corp. plans to sell
2020

of the new
and the re-

Building, Houston, Texas. Underwriter — Previous financlng was headed by Lehman Brothers, Eastman DilIon, Union Securities & Co. and Salomon Bros. &

•

each 20 shares
shares outstanding

$20,000,000 of bonds in December 1961. Office

added that 80%

He

pending on market conditions. Proceeds—For construc¬
tion and repayment of bank loans. Office — Electric

York 4, N. Y.

about

supply concern.

:■>

Dec. 31, 1960, the offering will involve a minimum
1,141,922 additional shares. Office—67 Broad St., New
Underwriter—None.

on

of

both

May 16, 1961 it was reported that this corporation is
contemplating a public offering. Business—The manu¬

facturing

the 22,838,454 common

pital

17, 1960 Mr. T. H. Wharton, President, stated that
between $25-$35 million dollars is expected to be raised
publicly sometime in 1961, probably in the form of pre¬
ferred and debt securities, with the precise timing de-

tion rights on the basis of one share for
on

27,

'Houston

General Public Utilities Corp.

held. Based

Fearless Corp.

Houston

Feb.

> Oct.

.

March 14, 1961 it was stated in the company's 1960 an¬
nual report that the utility expects to sell additional
common stock to stockholders in 1962 through subscrip¬

Thursday, August 3, 1961

maining 20% sold to the public.
Office — 11801 W.
Olympic Blvd., Los Angeles 64, Calif. Offering — Ex¬
pected in mid-September.

present Rocket Power, Talco and Bohanan divisions. In
the fall of 1961, stock of the new subsidiary would be
offered through subscription rights to Gabriel stockhold¬
ers and debenture holders with about 20% 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

.

firm's stock would be retained by Houston

General

Glore, Forgan & Co.

Co. Inc.;

Co.

April 27, 1961, the oompany announced plans to form a
new
subsidiary, Rocket Power, Inc., by merging the

Prescott, Shepard & Co., Inc., Cleveland.

July 12, 1961 it was reported that the company plans
to spend $720,000,000 on construction in the five-year
period 1961-65 and that the program would require
$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

Probable

Gabriel

.

1961, Barry J. Shillito, President, stated that
the company plans to expand its Western Surgical and
Westlab divisions into a new national medical and hos¬

Co.

Halsey,

debentures:

the

•

Fenner & Smith Inc. and Kidder, Peabody &
(jointly); Halsey, Stuart & Co., Inc.; White, Weld
Co.; First Boston Corp.; Blyth & Co., Inc.

Pierce,

Continued from page 45

.

Inc.

Jan.

6, 1961 it was reported that this
contemplating its first public financing.

corporation la
Business—The

operation of a chain of discount houses.
38th Avenue, Flushing 54, L. I., N. Y.

Office—135-21

McCulloch
•"

Corp.

it was reported that this corporation will
schedule its initial public financing for late 1961 or
some time in 1962.
Business—The corporation manufac¬

Jan.

tures

9,

1961

Scott outboard motors and McCulloch

Office—6101

chain

saws.

West Century Blvd., Los Angeles, Calif.

Metropolitan

Edison

Co.

1, 1961 it was reported that this subsidiary of
General Public Utilities Corp., plans to sell about $10,Feb.

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
&

Co.; Kidder, Peabody & Co. and Drexel & Co. (joint¬

ly); Blyth & Co., Inc.

Volume

•

Number

194

6078

.

.

.

The Commercial and Financial Chronicle '

distribution.

J? ood

—

Proceeds

For

—

wonting

capital. Office — 45-10 Second Ave., Brooklyn, N. Y.
Underwriters—Brand, Grumet & Siegel, and Kesselman
Co., Inc., New York City (managing).

"

Metropolitan Telecommunications Corp.
;

:

aging).

i

j

Lee

&

Co., Inc., New York

of the stock. Office—135 East 42nd

Panhandle

;

,

March

Mississippi Power Co.

V; /,
Jan. 4, 1961 it was reported that this subsidiary of The
Southern Co., plans to sell publicly $5,000,000 of 30-year
bonds
and $5,000,000 of preferred stock
(par $100).
Proceeds—For construction and expansion. Office—2500

Southwestern

Pipe Line Co.

Eastern

1961

8,

Peabody & Co., both of New York City
.*•.

\

•

...

-/

:

■

'

r

(managing).

Power & Light Co.

Pennsylvania

April 11, 1961 it was stated in the 1960 annual report
that this utility expects to spend $140,000,000 on new
construction in the 1961 to 1965 period, of which about
$56,000,000 will have to be raised through the sale of
securities. However, the company now sees no necessity
for the sale of equity securities, but expects to convert

*

;

scription by

and Equitable Securities Corp. (jointly). Note —
28, 1961 it was announced that this financing has
been temporarily postponed.
.
Monterey

Gas

Transmission Co.

United Fuel Gas Co., principal

supplier to other Columbia Gas System companies.
It
is expected that the pipeline will be financed in part by
public sale of bonds. Underwriter — Lehman Brothers,
New York City (managing).
.

National Airlines,

proval of the Board and the SEC. The stock was or¬
iginally obtained under a Sept. .9, 1958 agreement under
which the two carriers agreed to a share-for-share ex¬
change of 400,000 shares and the lease of

each others jet

CAB
disapproved this plan and ordered the airlines to

planes during thier respective busiest seasons. The
later

Producing Properties,

themselves of the

mon

stock. Price

—

About $20 per

demand loan, and
Office—Miami International

purposes.

Underwriter—Merrill Lynch,
Inc., New York City (man¬

aging).'
New

company

—

England Power Co.

floor,

Southland Center, Dallas, Tex. Un¬

derwriters—To be named.

•

1960, W. D. Virtue, treasurer, stated that com¬
plans the sale of about $25,000,000 in first mortgage
to be offered stockholders through subscription

Proceeds—For expansion. Office—-900 15th St.,
Colo. Underwriter — Last
equity financing
handled on a negotiated basis by First Boston Corp.
Offering—Expected in November.

Denver,

Electric Corp.

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.

& Co. Inc.;

bidding.

(jointly); First Boston Corp.; Lehman Brothers.
on Oct. 25, 1961.

Bids—

To be received

Omaha

construction.

York

Office—2223

Underwriter—Blyth & Co.,

Neb.

1,

Dodge

St.,

Inc., New

City (managing).

July 25,

1961

to sell about

(9/26)

in September.

cisco.

Underwriters

Office—245 Market St., San Fran¬
Competitive. Probable bidders:

—

Halsey, Stuart &" Co., Inc.
(jointly) and Blyth & Co., Inc. Bids—Expected on Sept.

First

Corp.,

Boston

and

1961.

26,

Pacific

Lighting Corp.

reported by Paul A. Miller, Treas¬
company will probably go to the market
for $20,000,000 to $40,000,000 of new financing in 1961
and that it probably would not be a common stock offer¬
ing. Office—600 California St., San Francisco 8, Calif-

Jan.

3,

urer

that

1961

it

was

the

Pacific

Telephone & Telegraph Co.

June 30, 1961 the company turned over its business and
assets in Washington, Oregon and Idaho to Pacific North¬
west Bell Telephone

Co.,

a new

subsidiary. The company

plans to offer about 56% of the stock of Pacific
west to stockholders through subscription rights

North¬

in late
them with¬
in three years. Pacific Northwest Bell expects to sell a
large issue of debentures publicly in from six to nine
September with the balance being offered to

months.

Office

—

140 New Montgomery St.,

San Fran¬

cisco, Calif. Underwriter—(For the rights offering) None.
However, A. T. & T., which owns about 90% of the
Pacific Tel's outstanding shares plans to exercise its

of the offering.
Probable bidders:

rights to subscribe to its pro rata share

Competitive bidding.
Halsey, Stuart & Co. Inc.; Morgan Stanley &, Co.;
(Debentures)

First Boston Corp.




To

be

determined

bidders: Halsey, Stuart

Kidder, Peabody & Co., White, Weld & Co.
Kuhn, Loeb & Co.; Salomon
Bros. & Hutzler, Eastman Dillon, Union Securities & Co.,
and Equitable Securities Corp. (jointly); Blyth & Co..
Inc.; The First Boston Corp. Bids—To be received about

reported that this company will
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
St., Los Angeles, Calif. Underwriter—To be named. The
last sale of preferred stock on May 12, 1948 was handled
on a negotiated basis by First Boston
Corp., New York
City and associates. The last sale of bonds in April 1961
was bid
on by Blyth & Co.; First Boston
Corp., Dean
Witter & Co. (jointly); Halsey, Stuart & Co. Inc.; Kuhn,
Loeb & Co., Equitable Securities Corp. (jointly).

and

it

1961

pany

was

Natural

Southern

Gas

July 5,
ber of

1960 it was reported by Mr, Loren

$35,000,000 of 20-year first mortgage bonds some¬
time in
1961, with the precise timing depending on
market conditions.
Proceeds — To retire bank loans.
Bale of

Building, Birmingham, Ala. Underwriter
—To be determined by competitive bidding.
Probable
bidders: Halsey, Stuart & Co. Inc.; First Boston Corp.:
Blyth & Co. and Kidder, Peabody & Co. (jointly). Offer¬
ing—Expected in October.
Office—Watts

21,

relay

it

1961

stockholders

approved

the

issuance

of

approved. Proceeds — For general corporate pur¬
including the possible acquisition of Central of
Georgia Ry. Office—Washington, D. C. Underwriter-—
Halsey, Stuart & Co; Inc., will head a group that will

also

poses.

on

the bonds.

reported that
shortly covering

was

broadcast antenna

and

commercial

through

made

a

an

registration state¬
undisclosed num¬

towers

for

military

and

use. Office
2700 Hawkeye Drive, Sioux
City, Iowa. Underwriter — C. E. Unterberg, Towbin &
Co., New York (managing). Offering—Expected in Aug.
—

Trunkline Gas Co.
March

8, 1961 it was reported that this subsidiary of
Panhandle Eastern Pipe Line Co., expects to sell about

$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,
Peabody & Co., both of New York City (managing).
Universal Oil Products Co.
Jan.

17, 1961 it was reported that this company many
require financing either through bank borrowings or the
sale of debentures in order to further expansion in a

No
named
"Compound X," will be produced. Business—The com¬
pany is a major petroleum and chemical research and
process
development concern. Office — 30 Algonquin
major field which the

company

would not identify.

whether the product,

on

Road, Des Plaines, 111. Underwriter—To be named.
The
company has never sold debentures before.
However,
the last sale of common stock
dled

on

Feb. 5,

1959

was

han¬

Brothers; Smith, Barney & Co., and
Merrill Lynch, Pierce, Fenner & Smith Inc., all of New
York City.
Lehman

by

Virginia Electric & Power Co. (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,
March

—

Stuart

&

Eastman
ers

&

Feb.

Co. Inc.; Stone & Webster Securities Corp.;
Dillon, Union Securities & Co.; Salomon Broth¬

Hutzler; Goldman, Sachs & Co.
on Dec. 5, 1961.

Bids—To be re¬

1961, J. Lee Rice, Jr., President of Allegheny
System, Inc., parent company, stated that West
Penn expects to sell about $25,000,000 of bonds in 1962.
Office
800 Cabin Hill Drive, Hempfield Township,
Westmoreland County, Pa. Underwriters—To be deter¬
10,

Power

mined by competitive bidding. Probable
Stuart & Co. Inc.; W. C. Langley & Co.;

bidders: Halsey,
Lehman Broth¬
ers; Eastman Dillon, Union Securities & Co., and First
Boston Corp. (jointly); Harriman Ripley & Co.; Kidder,
Peabody & Co. and White, Weld & Co. (jointly).
Union Telegraph Co.

Western

has approved
cable system
to a newly organized company, Western Union Inter¬
national, Inc.
The plan provides for the issuance by
Feb. 28, 1961 it was reported that the FCC
the company's plan to transfer its Atlantic

$4,000,000 of sub¬
of class A stock
stockholders of Western Union Tele¬

Western Union International of about

ordinated debentures and 400,000 shares
be

offered to

graph Co. in units of $100 of debentures and 10 shares
In addition, American Securities Corp., New
City, would purchase from Western Union Inter¬
national about 133,000 additional shares of class A stock

of stock.

,

York

giving American Securities ownership of approximately
25% of the outstanding class A stock of WUI.
Then
Western Union Telegraph would purchase 250,000 shares
of class B stock for $100,000 and WUI would sell $4,500,000

of

debentures

bonds.
Office — 60 Hudson
Underwriter—American Secu¬

or

Street, New York City.

Railway Co.

1960

$33,000,000 of new bonds. The issuance of an unspeci¬
fied amount of additional bonds for other purchases was

bid

was

common

rities Corp.
Southern
Nov.

1960

shares. Price—$10 per share. Business—
The installation and maintenance of radar, micro-wave

to

Co.

Fitch, com¬
comptroller, that the utility is contemplating the

Oct. 28,

13,

—

California Edison Co.

additional $35,000,000

an

Feb.

West Penn Power Co.

Underwriter—To be named.

Southern

on

ment will be filed

Corp.

firm is contem¬
plating its first public financing.
Business — Precious
metals manufacturing.
Office—75 River Road, Nutley,
N. J.

stock

common

ceived

May 16, 1961 it was reported that this

need

it was reported that this company plans
$60,000,000 of first and refunding mortgage

bonds

—

and Shields & Co. (jointly);

May 23,

St Electric Co.

Pacif&c Gas

Underwriter

by competitive bidding. Probable

Sel-rex

$12,000,000 to
$15,000,000 of common stock will be sold to stockholders
through subscription rights in September or October.
15, 1961, it was reported that some

Proceeds—For

construction.

Sept. 27.

Natural Gas Co.

Northern
March

(9/27)

stated it plans to issue about
$15,000,000 of 30-year bonds in September. Proceeds—

Jan. 24, 1961 the company
For

of

decision has been made

2,

pany

Rochester Gas &

(10/25)

underwritten by

was

Public Service Co. of Colorado

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 by competitive

Jan. 20,

1954

Hemphill, Noyes & Co., and Shields *& Co., New York
and Rauscher, Pierce & Co., Dallas.

Dec.

on June 29,
by Halsey, Stuart & Co. Inc., New
Other competitive bidders were Merrill

handled

was

City.
Lynch, Pierce, Fenner & Smith Inc.; Goldman, Sachs
& Co.; Stone & Webster Securities Corp. The last sale

The last offering of common

and debentures in November

rights.

Pierce,

had

shares.

5,000,000

Office—35th

other

Miami 59, Fla.
Fenner & Smith

stockholders

that

subject to approval of the SEC. Business—The
purchase and operation of oil and gas properties. Pro¬
ceeds
For the development of underground reserves.

share. Proceeds—To repay a $4,500,000

Airport,

reported

Robert J. Bradley, chairman,
intends to sell sufficient com¬
shares to net $5,000,000 after commissions and ex¬

to

stated that the

bonds

corporate

was

increase authorized common stock from 3,000,-

voted to

000

it

1961

12,

Inc.

penses,

Inc.

May 8, 1961, it was reported that the CAB had approved
the company's plan to sell publicly 400,000 shares of
Pan American World Airway's Inc., subject to final ap¬

divest

Club, inc.

working capital. Office—15th and Locust St., Philadel¬
phia. Underwriter—To be named.

July

one

con¬

Tower Construction Co.

Penthouse

June 1, 1961 it was reported that this company plans to
issue 60,000 common shares. Price—$5. Business—The

natural gas from southwest Texas to Alex¬

andria, La., for sale to

of

Stone & Webster Securities Corp.

Corp.; Dillon, Read & Co., Inc., and associates.

operation of dining clubs. Proceeds—For expansion and

April 24, 1961 it was reported that Humble Oil & Refin¬
ing Co., a subsidiary of Standard Oil Co. of New Jersey,
and Lehman Brothers, had formed this new company
to transport

underwritten

was

Boston

,

June

The last public offering of bonds on Oct. 4,
by Smith, Barney & Co.; First

privately.
1945

Underwrit¬

basis

writers—To be named. The last sale of bonds

—9th and Hamilton

Streets, Allentown, Pa.

the

on

Tampa Electric Co.
May 10, 1961 it was reported that this company plans
to spend over $80,000,000 on new construction in the
next three years. No financing is planned this year but
in 1962 the company may issue bonds or common stock.
Office—111 No. Dale Mabry Hwy., Tampa, Fla. Under¬
1960

The last four bond issues were sold

stockholders

common

Bldg., Dallas 1,
Texas. Underwriter—To be named. The last rights of¬
fering to stockholders in January 1957 was underwritten
by Dillon, Read & Co., New York City.

York

be named.

Co.

struction. Office—720 Mercantile Dallas

its present $35,000,000

ers—To

Service

share for each 20 shares held. Proceeds—For

new

when securities market conditions are favorable.

Co.,

•

of bank loans to long-term debt
Office

Public

stock in March 1962. The shares will be offered for sub¬

14th

Equitable Securities Corp. (jointly); Halsey, Stuart &
Co. Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.
Previous bidders for preferred stock included Halsey,
Stuart & Co. Inc.; Eastman Dillon, Union Securities &

Page 16.

July 19, 1961, Herbert L. Nichols, Chairman, stated that
the company plans to issue about $13,000,000 of common

mined

St., Gulfport,. Miss. Underwriter—To be deter¬
by competitive bidding.
Previous bidders for
bonds were Eastman Dillon, Union Securities & Co., and

on

St., New York City.

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—
Merrill Lynch, Pierce, Fenner & Smith Inc., and Kidder

Jupe 19, 1961 it was reported that this company plans to
file a "Reg. A" covering 150,000 common shares (par
10-cents). Price—$1. Business—The manufacture of com-

ponents for the missile and aircraft industries. Proceeds
—For expansion, equipment, and working capital. Office
—9 Cleveland St., Valley Stream, N. Y. Underwriter—
T. M. Kirsch & Co., New York,

Appear

Underwriter—To be named.

(man¬

Milo Components, Inc.

j

'

L.

Dividend Advertising Notices

respective busiest seasons. The CAB later disapproved
this plan and ordered the airlines to divest themselves

July 5, 1961 it was reported that a fully registered seconday offering of this firm's stock will be made in September. Office—Ames Court, Plainview, L. I., New York.
Underwriter—M.

47

Inc.

May 8, 1961 it was reported that the CAB ordered this
company to sell its 400,000 share holdings of National
Airlines, Inc., and to file a plan of sale with the board
within 30 days. The stock was originally obtained under
a Sept. 9, 1958 agreement under which the two carriers
agreed to a share-for-share exchange of 400,000 shares
and the lease of each other's jet planes during their

12, 1961 it was reported that this company plans
to sell 150,000 common shares.
Price — $4 per share,
April

business

World Airways,

Pan American

Metropolitan Food Co.

(523)

(managing).

Wisconsin Southern Gas Co.

12, 1960 It was reported in a company prospectus
undetermined amount of capital stock or bonds
will be sold in 1961-1962. Proceeds—For the repayment
Dec.

that

of

an

short-term

tions.
Wis.

Office

bank
—

loans

Sheridan

incurred

Underwriter—The Milwaukee

(managing).

for

Springs Road,

addi¬
Geneva,

property

Lake

Co., Milwaukee, Wis,

■S"

48

(524)

The Commercial and Financial Chronicle

t

.

.

.

Thursday, August 3, 1961

New York annual dinner dance at

Commodore.

Hotel

WASHINGTON AND YOU

(Denver, Colo.)
Stock
Exchange

Oct. 9-10, 1961

of

Association

Fall meeting of Board of
at the Brown Palace

Firms,

BEHIND-THE-SCENES INTERPRETA TIONS

Governors

FROM THE NATION'S CAPITAL

Hotel.

(Rochester, N. Y.)

Oct. 9-12, 1961

Association
of
Bank
Women Annual Convention at the

National

WASHINGTON, D. C.—Vast Latin
natural
tion

popula¬

a

20,000,000 more than that
States, is affecting

of

United

the

of

and

resources

going

floor fight was
shaping up in the Senate over the
Kennedy Administration's
longrange foreign assistance program,
major

a

United

the
the

delegation

States

Inter

important

to

American

-

Conference in Uruguay was leav¬

ing for Montevideo.
comprehensive

A

of

program

assistance to help Latin American
countries

help themselves will

to

President Kennedy
of his top officials

presented.

has sent

some

by

headed

conference,

the

to

his

of Treasury Dillon;

Secretary

Ambassador to the Organiza¬

new

tion of American States, deLesseps

Assistant

S. Morrison, and his new

State
for
InterStanley Wood¬

of

Secretary.

American Affairs,

1961 (Toronto)
Canadian
Group
of Investment

at Princeton and

educated

of

ments

plan

must

program

or

country's

design

own

be
and

nual convention.

Calif.)

National

summed

up

whole

our

America

Latin

well

as

Oct.

this manner;

plan that will be submitted

The

"The

has been in the process of prepa¬

for six months

ration
the

of

our

will

alliance

the

that

authorities

It is

so.

or

belief

and

hope

development of a long-

result

in

range,

integrated system of plan¬

ning.
Although

there

be

may

some

whether it can be ac¬
complished, the aim of the plan is

question

to show that the

Democratic

coun¬

different economic levels

of

tries

of miles apart can

and thousands

achieve social
and economic progress in a strifetorn
world
without
giving
up

work

together

to

Highway Development
first

the

of

the

in

things

development program will call for

highway construction which will
be a long-range program so that

grazing
Less than
6% of the land in Latin America
is currently devoted to agriculture
agricultural

more

and

opened

lands may be

up.

compared with about one-quar¬

as

in

land

the

of

ter

United

the

the

than

American

Pan

Highway, which still has some
incompleted links, there are no

in

highways

long

Central

either

South America. Roads will help

or

to open up

trade among the coun¬

tries.

that

The road building program

tech¬

lies ahead means that many

United

the

from

nicians

States,

consulting engineers, will be
needed. There will
be need for

like

cement

plants,

deal
machinery will

and

building

of

road

be

shipped

to

a

great

various

the

Assistant

Secretary

Woodward, who

was a

Chile

was

before he

new

of

State

diplomat in

appointed to

post, told the Senate For¬

eign Relations Committee recently
that

of

one

at the

of the things most needed

for their children.
They start, in most cases, from
terrible poverty."
opportunities

Latin

and South America.

Varied from country to

are

not

in

United States delegation at

forthcoming
nor

the

conference

does this country

future—propose

does

now

to

or

inter¬

fere in the domestic affairs of any

Latin American country. Our sug¬

gested

program

document

among

cept,

area

coun¬

Brazil, as most school boys
know, is the largest and by far the
wealthiest potentially. Not only is
the land area the biggest, but it
has

population of 70,000,000 who

a

speak Portuguese. The soil is rich,
and there are tremendous deposits
of iron, but the country is greatly
underdeveloped.

However,

is

borne

circulated

in

the various countries,
of course, Cuba and

Dominican

ex¬

Republic. We have

diplomatic

relations

a

privately

with

the
no

those

countries.

Henry R. Labouisse, who heads
the International Corporation Ad¬
ministration

and




is

Chairman

of

about

going

things

government

our

worried

been

American

country

in

feeling

has

ever

re¬

Washington

should

Brazil

if

that

Latin

any

this country.

ceived from
The

and

giving

already
than

aid

more

Brazil

Nevertheless, the
is

States

Brazil

has

of the

some

in

on

countries.

other

is

Com¬

go

might as well
write off all, of Latin America as
falling into the Communist orbit.
then v you

munist,

Certainly there is no apprehension
than

land
more

United

the

lining

of

States

of Europe,

than all

thinking

and

is even

with

up

the

Kremlin.
Venezuela used to be

closest

our

friend, outside of Mexico, in Latin
America. The small percentage of

is

there

Certainly

a

risk is lessened by

the

Argentina is

prime example of

a

partnership and good rela¬
tionship. Kaiser Industries, with

local

investments
headquarters

domestic

big

has

Louisiana,

meeting at Rolling Rock, Pa.

and

Kaiser

making automobiles
vehicles in Argentina.

put

half

about

up

of the

The people invested the
remainder. Argentinians are run¬

capital.

turning out

plants and

the

ning

the automobiles and other

vehicles

by the tens of thousands. Lack of

roads is the only thing
holding back the Kaiser

adequate
that

is

auto

industry from expanding

in

Argentina.
Throughout

Latin America to¬

reform and industrial¬
ization are paramount issues.
day,

land

[This

column

intended to

is

re¬

pretation

from the .nation's Capital

and

or

may

Fund
SIOUX

not

may

coincide with

Dak—Fund
a branch

S.

the

in

under

the

Paulton

Building

management of Verne

who

others

Club, St. Clair, Mich.

Corporation has opened

Street

under

Clarence

H.

at

920

the

East

Northern

Ohio

Association

Bankers

ment

meet¬

a

of

the

that

Mountain

Rocky

Bankers

ment

Group

Association

Invest¬
meet¬

ahead

is

4-5, 1961 (New York City)

14-15,

Sept.

(Cincinnati,

1961

Association

National

Savings Banks

meeting.

Cincinnati

Municipal

Dealers

Texas Group of Investment

er's

Association

All
agree

City Club and Kenwood Country
Club.

Hotel.

May 6-9, 1962 (Seattle, Wash.)

15-17, 1961
Northwest

Group

Bankers

of

In¬

Association,

Association

National

meeting at Hayden Lake, Idaho.

ference

Sept. 20-21, 1961

Sept. 23-26, 1962

Nebraska

(Omaha, Neb.)

Investment Bankers'

Association annual field day.

29, 1961

Sept.

Club

Philadelphia

4,

36th

day at the Philmont

1961

New

York

Oct.

7, 1961

(New

York

at

the

that

businessman
and make

Yet,

a

there

Washington
substantial

Hotel.

(Atlantic City,

N. J.)

nual convention.

April

Association

National

City)

Group

of Investment
Bankers Association meeting.

1963

1,

27-May

(Boston,

Mass.)

Savings Banks

43rd

at the Hotel

ference

Mutual

of

annual con¬
Statler.

(New York

Traders

City)
Association

of

Attention Brokers and Dealers

MARKETS

has been
America and

Botany Industries
W. L.

place in the years

sources

day

seem

the

strong

Waste

Carl Marks

there

to

FOREIGN
20 BROAD

South

in

remains

opportunities for for-

&

PIoJnt

Our New

York telephone

number is

CAnal 6-3840

STREET

NEW YORK 5, N. Y.

•

„

•

TELETYPE NY 1-971

LERNER & CO., INC.
Investment

Ifill

Films

King

SECURITIES SPECIALISTS

TEL: HANOVER 2-0050

over.

belief

Maxson

Official

foreign

quick fortune is

that

Olympic

American Cement

expects to go

is

the

American Bankers Association an¬

(Philadelphia, Pa.)

of

Mutual

of

Savings Banks 42nd annual con¬

TRADING

up.

qualified

Bank¬

of

America, an¬
nual meeting at the St. Anthony

going to affect the lives

stepped

(San Antonio,

•Tex.)

Ohio)

re¬

in the United States.
While changes have been slow in
the past, the tempo appears likely
be

Mutual

of

15th annual mid¬

April 8-10, 1962

of every one

to

Association

Hotel.

year

ing.

what

Latin

in

on

what will take

have

Bankers

Convention at Hollywood
and
the
Diplomat

Hotel

Beach

States with

United

the

feeling

going

months

recent
to

(Hollywood,

Fla.)

Dec.

(Denver, Colo.)

Sept. 13, 1961

Security

Holding.

1, 1961

26-Dec.

Nov.

ing.

have made tours into Latin Amer¬

in

-

Valley Group of Investment

Annual

of Invest¬

Group

Country Club, Philmont, Pa.

Main

direction

Cv/

(Louisville, Ky.)

1961

26,

Investment

Sept. 8,1961 (Cleveland, Ohio)

Oct.

office

Investment

of

ing.

outing at St. Clair Inn & Country

annual field

vestors

Group

Bankers Association annual meet¬

Basis Club fourth annual summer

Bond

DeHaan.

branch

(Detroit, Mich.)

11, 1961

vestment

Corp. Branch

FALLS,

Minnesota

Oct.

Pacific

views.]

own

(Minneapolis-St.

1961

24,

ing.

IN INVESTMENT FIELD

Sept.

Corporation has opened
office

EVENTS

Group annual fall outing at Queen

flect the "behind the scene" inter¬

the "Chronicle's"

Oct.

Paul)

Aug.

is

other

con¬

Ohio

Oakland, Calif.

Kai^br

national

annual

11th

Clubs

vention at the Hotel Schroeder.

Bankers Association annual meet¬

RICHMOND, Va.—Associated In¬

and

(Milwaukee,

at

Communists who have been busy

Calculated Risk

Group of
Association

Bankers

in

Associated Inv. Branch

there for years.

(Pennsylvania)

Pennsylvania

Investment

COMING

into partnership. The
Kaiser industries in

the

of

risk, but
taking the

people holding most of the land
have caused unrest, along with the

Businessmen

1961

19,

National Association of Investment

eigners who are willing to make
the local people their partners.

arable

that Brazil, with more

now

turned

Responsibility

The

land

a

larger than the United States and
Canada
combined.
Its
problems

ica

Local

has

Oct.

Wis.)

case

America

Association meeting.

October 20-21, 1961

local people

Political Ideology

outset is water and sewage

for the cities and towns of Central

the

products of their country,
health
and
educational

the

better

coun¬

tries.

the

areas

Investment

of

Bankers

Western

desperately need and want higher
living standards, progressive ad¬
ministrations, a fairer distribution

United

States.
Other

of the less de¬
of
the
earth

try.

freedom.

One

veloped

Twit, who was going to speak to us on successful
investing, is unable to be present—
he's filing for bankruptcy."

"Mr.

peoples

Group

some

as

developed countries in

less

(Detroit, Mich.)

1961

17,

Michigan

in

aim

Asso¬

Traders

Riviera Hotel.

Palm Springs

Labouisse

Mr.

Security

ciation Annual Convention at the

investment
guaranties and surveys of invest¬
ment opportunities, and develop¬
grants,

research.

.

16-20, 1961 (Palm Springs,

Oct.

type of assistance offered
development
lending,

ment

(San Francisco,

Calif.)
American Bankers Association an¬

includes

developing

Association meeting.

Oct. 15-18, 1961

responsibility.
The

(White Sulphur

1961

13-15,

Bankers

The United States is
prepared to assist them in the
process, if they desire. However,
in the final analysis, each develop¬
ment

Group
of Investment
Association meeting.

W. Va.)
Southeastern Group of Investment

priorities.

the

'

(Montreal, Canada)

Springs,

of

programs

1961

13,

Oct.

in develop¬

their plans and

ing

Association meeting.

Oct.

Bankers

countries

recipient

the

the initiative

take

Bankers

Canadian

Harvard, declares

that it is essential for the govern¬

to

10,

Oct.

of the

Mr. Labouisse, a member

Hotel.

Sheraton

America.

other

ward.

on

assistance,
is
hand in our
program
for
Latin

New York bar, who was

and more.
As

Kennedy's task force

economic
to have a

assistance

foreign relations policies more

our

be

President

undeveloped foreign

rich

with

America,

10 Post Office

Securities

Telephone
HUbbard

.

••

1

?

Square, Boston 9, Mass.

2-1990

'.1

.1'

Te»ctype
BS 69