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The COMMERCIAL and FINANCIAL
ESTABLISHED 1839
Volume
194
Reg. U. S. Pat. Offic•
Number
New York
6086
Price
7, N. Y., Thursday, August 31, 1961
Cents
50
a
Copy
!
i
Editorial
AS WE SEE IT
We have the
impression that there is
tion
Administration
in
others— to say
some
that this is
growing inclina¬
a
that
for
circles—and
o
in
matter
—Constructive in
time to count costs
no
to
give too much thought to how greatly enlarged ex¬
penditures are' to be met. Of course, there is a strong
element in the Democratic party which has always held
to some such theory. Its members have long been preach¬
or
ing the gospel that
the
in
of
form
we
aid
or
,
must send many billions abroad
of loans and do a great many
Economic "Brains Truster"
the
which
we
war
can
far
even
now
When
will die to defend his
the
stake
us
the
for
this
leaves me
<-
of
free
as
to
criticize. .v
-
sion
I
on
the whole
on
are
is
It
direction.
absurd
little its contribution by
-
A.
Paul
Samuelson
a
1914 world. The
State,
with the SEC and poten¬
Municipal
Housing
Municipal
JAPANESE
STATE
AND
MUNICIPAL
Lester, Ryons & Co.
623
Hope Street, Los Angeles
So.
SECURITIES
17,
BONDS
The Nikko
Chemical Bank
NewlbrkTrust Company
-
Securities Co.,
*.
Member American Stock Exchange
Associate
Ltd.
Offices
in
Claremont, Corona
del Mar,
New York 4, N. Y.
Oceanside, Pasadena, Pomona, Redlaada,
Riverside, San Diego, Santa Ana,
Santa Monica, Whittier
NY
Office:
Head
•
New York 15
SAN
the first national city bank
Teletype:
4-7710
Affiliate:
Municipal Bond Division
Encino, Glendale, Hollywood, Long Beach,
Telephone:
DIgby
Notes
Members Pacific Coast Exchange
25 BROAD STREET
30 Broad Street
Agency
Bonds and
California
Members New York Stock Exchange
HAnover 2-3700
Viennese
and Public
Securities
DEPARTMENT
charming pre(Continued on page 21)
few vestiges left of that
Housing,
State and
BOND
are
Registration" Section, starting on page 32.
tial undertakings in our "Securities in
inde¬
We Are Post-1914
There
dealers and investors in corporate
complete picture of issues now registered
the process of
debate will testify to the intellectual
<
America wanted, and des¬
Central Bank.
The Aldrich
NOW IN REGISTRATION—Underwriters,
community
and
pendence—I will not say stubbornness—of the Com¬
mission members. If every two years we were to
set
up
a
similars group of public-leaders, they
would after independent examination
come up
with pretty much the same recognition of the
needs of the times, perhaps with even the same
footnotes of vigorous dissent.
And they would
meet with the same criticisms.
irrele¬
afforded
gingerly, within and between
contrary, anyone who has observed
group
-
found." Fifty years ago
a
leftmindedly),
(or
representatives of labor, agriculture,
the universities, have been brain¬
washed into accepting dubious doctrines.
On the
doubtedly great was Newton. But also how lucky.
For he found the System of the World; and of
course there is but one System of the World to be
needed,
The CMC has,
industry
comparisons with the Aldrich Monetary Com¬
of a half century ago.
What the great
French
mathematician Lagrange said about Sir
Isaac Newton
is
to the point here:
"How un¬
perately
rightmindedly
and 10 further
mission
•
however
consisting of 10 pillars of the financial
"
be¬
to
Governor
lines, recognized this important fact of life; and
has, for this very reason, been the target of oldfashioned criticism.
There has even grown up the
fiction that this distinguished group of citizens,
right
in the
SECURITIES
telephone:
ities.
a
important and
very
former
between
of
acts contrary to the wishes of the elected author¬
,:K;V
securities
Public
that,
of the Commis- ;.
Money and Credit are, }
believe,
battle
Bank
the
of
its
com-
,
recent
Canada and the Cabinet
there, point up the same fact: there cannot be in
a modern Democracy an insiilated pocket of power
will go to
sake
the
Coyne
The findings
nearly $279 billion, the holdings of the Federal Reserve
U. S. Government,
similar investigating group
responsibility for the
hands
Evolution in other countries,
the government.
and
the Commission as to
pliment
Hitler, Mussolini and the Japanese, and
are
government, thereby incurring the criticisms
dying-out group of experts who hanker for
the majority report of a
own
Fortunately,
boarding house."
through the national debt had risen to
24)
of
England with those
completely independent Central Bank. In Japan,
a
change tax rates.
vant
to the dreams of
page
of
of
home; but few of
coun¬
before
on
Bank
actions of the Bank of Japan as being in the
man
the total Federal debt
to not far from (Continued
the
the
of that
testifying about the Commission on Money and
I should like to make clear that my
views are wholly personal.
I have no official gov¬
ernmental or private connections.
While I was
happy to serve on the Research
Advisory Board of the Com¬
mission, I feel no personal re¬
sponsibility for its conclusions.
As Mark Twain said: "Many a
try "could stand." But then we undertook to put an end
banks had grown
of
Credit report,
definitely too large. It will be recalled how debates
were
an
on
coordination
increased
for
In
to less than
we
of the
The Radcliffe Report
out
declared in favor of ultimate
event, afford the loose way in
financing was conducted during the late war;
less afford to adopt any such course of action
if the sums are not so astronomically large.
raged at that time about how much more debt the
came
activities
the
coordination, ending of "Bills only" policy,
Presidential power to
and
banks held less than
was
Branch
ecutive
$65 billion. Of this the Federal^Reserve *
$2.5 billion, yyhile the commercial
banks owned less than $21.5 billion. By any standards '
known at the time this was a staggering total national debt, and the amounts of it held by the banking system
came
whole
Endorses particularly pro¬
on.
groups have reexamined in
the monetary systems of the United
objective
years
Kingdom and Japan.
posed abolition of gold cover, closer Federal Reserve Ex¬
any
entered World War II
we
bravely carrying
be
not
Abroad,
recent
charming" pre-1914 world, with cha-cha's subsequent
fraternity
would
of President Kennedy, defending
replacement of Viennese Waltz—but with Central Bankers'
hope that no such staggering expense will prove neces¬
sary to meet the current crisis over Berlin and other
points at which the Communists seem to be pushing
their imperialistic campaign for world dominance, but
there is much evidence to suggest that Federal outlays
of one sort or another will be very substantially in¬
creased during the next year or two.
not, in
System.
possible for any group, however
gifted, to perform a comparable function today.
It
Technology
and Credit Commission Report, reminds critics
Money
of "that
things at home in order to promote growth and prevent
depressions. This view has gained followers of late by
the need, or what is thought of as the need of strengthen¬
ing our defenses and competing with the Soviets in space
pyrotechnics. All this is disturbingly similar to events
at the outbreak of World War II. We must all fervently
We could
Commission gave us our Federal Reserve
By Professor Paul Samuelson,*
Massachusetts Institute of
Today's World
Nikko
•
1-2759
U
Inquiries Invited
of new york
TOKYO
California
•
Kasai
FRANCISCO
Securities
Co.
Bond Dept.
New York
Teletype: NY 1-708
on
Southern
Securities
Correspondent
—
Pershing A Co.
LOS ANGELES
THE
CHASE
MANHATTAN
BANK
Net Active Markets Maintained
To Dealers,
T. L.Watson &. Co.
Banks and Brokers
I
1832
ESTABLISHED
Block Inquiries
Members
New York Stock Exchange
CALIFORNIA
BONDS & STOCKS
Invited
Commission Orders Executed
Canadian Exchanges
DIVERSIFIED
CANADIAN
LOBLAW, INC.
On All
Tourism-
Disneyland
'
American
Stock
CANADIAN DEPARTMENT
Exchange
Teletype NY 1-2270
25 BROAD
STREET
MRECT
vires TO MONTREAL AND
Dominion Securities
TORONTO
Goodbody a Co.
NEW YORK 4, N. Y.
Corporation
MEMBERS NEW YORK STOCK EXCHANGE
.
BRIDGEPORT
:* " PERTH AMBOY
1 NORTH
2 BROADWAY
.
NEW YORK
..
.
-
LA.SALLE ST.
V v'CHICAGO
T
*
-/
40
Exchange Place, New York 5, N. Y.
Teletype
NY 1-702-3
WHitehaU 4-8161
MUNICIPAL BOND
DEPARTMENT
BANK OF AMERICA
N.T.&S.A.
SAN FRANCISCO
•
,
LOS ANGELES
2
The Security I
Brokers, Dealers only
Banks,
For
The Commercial and Financial Chronicle
(902)
Cover the Entire Nation
A continuous forum in which, each week, a different group
in the investment and
Call "HANSEATIC"
of
advantage
trading
a
Stock
Toronto Stock
problem, don't limit yourself to
regional service. Our large trad¬
ing
department and extensive
facilities not only broaden your
..
„
.
Rndffpt"
Budget
tne
,
the
ment
PHILADELPHIA
d i
SAN FRANCISCO
•
a
d
in
a
& CO.
Y.
Dealers Ass'n
Security
David B. Gill
Bids
Secondly, while recent developments may, in the short run, make
Americans question the stability
Odd Lots
on
of
(To Brokers and Dealers)
—
r*
a
Phone:
in
No.
NY
a
favorable light commost other countries,
very
oared
1-2762
to
Even
WHitehall'3-7830
Teletype
broader look still leaves Canada
•
Exchange Place, New York S
40
Dolitical-economic climatG
our
the
U.
S.
has
history of
a
utility expropriation, not to mention
current
a
punitive
Onlv
Trading Interest In
regulatory climate
utilities
to
few
a
general.
in
aeo
vears
Euro-
some
eouXiescu?rentl^popular
nean
foiMnvestment purposes were na-
American Furniture
industries, widely
tionalizing
hiriiHinfr
wnrcp
inflnpntial
These
forgiven
to have been
seem
Life Insurance Co. of Va.
or,
rnm
actios
murfist S
Bassett Furniture Industries
for¬
or
Undoubtedly, the same
apply to Canada again when
remembered that despite re¬
gotten.
will
Commonwealth Natural Gas
it is
cent
country
the
events,
whole
STRADER and COMPANY, Inc.
a
as
wealthier and
is still
more
table than most other democratic
£ome distance
*
Analyst, Research
-ira-
go, in- (a)
to
HA.
y
New
; JOHN P. O'BRIEN
:
>
.
its
nations.
2-0700
over
N. Y..
NY 1-1557
*
Orleans, La.-Birmingham, Ala.
.Direct wires to
branch offices
our
.
.
common
JAPANESE
SECURITIES
rate
recent
industrial
chinery
The
NEW
wnicn
shoulc-
prove
t
>
OFFICE:
YORK
149 Broadway, New York 6, N. Y.
quite
beneficial
share
Telephone: BEekman 3-3622-3
o
GardnerDenver.
is
Limited
DAI
Securities Co.9 Ltd•
earl>
of i
snaip rebouni
It follows from this that the key
Massey-Ferguson
economy
stages
potential value
a
ma¬
field.
is in the
This would
preferreds).
to indicate
of between $20 and $25 per
to
Stock Exchange
Gardner-Denver Co.
net return on
5%
a
American
Mobile, Ala.
Department,
W. E. Burnet & Company,
Pn
ItUUOC OC llU.
19 Rector St., New York 6,
■
performance, rit still has
We
estimate
a
Five years ago,
when the company suffered most
sharp earn¬
ings recovery
MUNICIPAL
from
in
of
management.
financial
and
managerial
difficulties, working control was
acquired by the .Argus Corpora-
the
second
ner-
Denver
'Stores, Canadian Breweries, Do- Gardner-Deliver s traditional line
mmion Tar, etc. under Col. Eric also be made contributions^ will
forjeriftcationl.o^busin^ from the Apex Malliey
For
the
BONDS
half for Gard¬
John P. O'Brien
tion Group, wnicn concern is re- and believe the company capable
garded as having the most able of earnings at an annualized rate
senior management team in Can- of better than $3.60 during the
ada (one only has to look to their second half of the current year.
other c mm p a n re s-^ Dommion'Besides the expected recovery m
WEST VIRGINIA
VIRGINIA
NORTH
CAROL1N,
SOUTH
CAROLIN
call
&co
liuudieu'
Chairman of the Board, chine and Tool Company acquisithe most thorough reorganization tion and a new unique machjie
any major company has.seen for called a "wire-wrap,"
a
.tbne> replacing almost all iGaDdne^-D e n v e r is a wellPhillips
as
RICHMOND/ VIRGINIA*
_
the senior executives, while reor- known, long established manufac-
if***"* bothsales organization of ^ofjn^mLm^hi^that
the internal structure and the
is used primarily in the construction (28% of 1960 sales), petroleum (22%), mining (15%) and
integration in m a n u f a c turing, general manufacturing industries
with a view to reducing costs, and (35%).
Products manufactured
set up Finance Company subsid- include pumps, compressors,
air
iaries to enhance revenue.
'
motors and hoists, pneumatic
the company.
They acquired new
subsidiaries to implement vertical
T,
LYNCHBURG, YA.
J Y„„co
p00r management and consequent
seem
for intelligent ap¬
requirement
experienced.
BONDS
L
disrepute because ot paot
vertible
praisal of the facts as they are.
Firstly, Canada remains a very
wealthy country in terms of the
degree
of development already
INC.
Members
N.
no
ogies, there is
GROSSMAN
Members
had
which
company
a
jior,nn
ff.
DaiiCC
Members New York stock Exchange '
,
million, net for common should
approach $25 million or around
$1.90 per share
(assuming full
conversion o f outstanding con¬
need for apol¬
WEINBERG,
City. (Page 2)
Consequently, even at its current
level of approximately $500
cated.
there is
New York
which
major competitors.-a-
sales
the long run
S.
Bought—Sold—Quoted
ada.
equity, compared We consider Gardner-Denver as
of about 3%. attractively priced here for bujiLikewise, a times earnings ratio nessmen's risk type of accounts
closer to 15 is more usual than its seeking a quality participation in
the
current ratio (between 8 and 12).
cyclical
compli¬
While
>'.
been ln
to
au-
is
(3) As
.
sales to
so-
e n c e
Gill, Analyst, Nesbitt;, Thom¬
& Co., Ltd., Toronto, Can¬
(Page 2)
son
a
able to show
t icated
s
little
System
Wire
h i
a
American
CHICAGO
Private
Nationwide
p
to
Limited—David
New York City
proving internal efficiency, and .,
(b) regaining investor confidence. Members: New York Stock Exchange
An international farm equipment
and American Siock Exchange
company such as this should be
equity invest¬
Exchange
Teletype NY 1-40
•
^e_more recen
the B. C. Electric
Canadian
Member
4-2300
BOSTON
■
rec¬
ommending
Broadway, New York 5
120
.
Province
lumbia,
1920
Stock
"
<<r>
and
as
its only
are
of British Co¬
Corporation
WOrth
Louisiana Securities
Yv
production
cost
Italy.
low
on
such
than do the U. S. companies
<kFleminff -Covne
r leming
coy e
thp
controversy
New York Hanseatic
Associate
Exchange
Following the Canadian "Baby
expropriation of
Company ;by
American
Exchange,'
~
,,
Alabama &
Canadian corporation; «'
" Y,.
n
John P.
it has a greater, political accept- Gardner-Denver Co.
O'Brien, Analyst, Research De- CttIMCD
ability in the Commonwealth and
partment, W. E. Burnet & Co., 01 tlNtlf,
the other middle power countries
Exchange,
Massey-Ferguson Limited
potential markets—they also as¬
sure you
of accurate executions.
Established
areas
(2) As
Montreal Stock
Membersi
Canadian
have
phasis
Toronto, Canada
States.
you
B. GILL
Analyst, Nesbitt, Thomson & Co., Ltd.,
cover¬
reaching banks, brokers and
dealers throughout
the United
Next time
Week's
advisory field from ail sections of the country
B.
age,
Thursday, August 31, 1961
.
Participants and
Massey-Fergu:on
DAVID
.
Their Selections
our
blanket
and
service
able
This
Forum
of experts
participate and give their reasons for favoring a particular security.
nation¬
wide network of private wires,
affording traders fast and reli¬
Take
Like Best...
.
,
.
L
,.
,u
,
tools, small pneumatic hand tools,
„
5
S0CketS etC* and a ful1 line °f
Lol. Phillips stated U would take pgtroieum drills, rigs, etc. The
fJY® years bclore tne citects oi company has enjoyed marked
r-nl
LD 39
TWX LY 77
——5-2527—
Private
Wire to New
York
Nevertheless, while being confi-
City
dent of the inherent advantages of
Canada
as
area
an
for investment,
still remains
it
that, at least unworld
conditions,
current
ler
there
for also
which
are
good reasons
emphasizing
companies
Need Hard to Find
AUrordti
have wide
cation.
geographical diversift-
Consequently,
dian security I favor the
QUOTATIONS?
is
•
FIND
THEM
the
ma-
recognized
company,
outside
largest
a
of
as
North
America.
IN
i
most now
integrated farm
major fully
WILL
Cana-
Limited,
Massey-Ferguson
chinery
YOU
the
*
«
•.*
■
Bank & Quotation
three
(Only $45
per
/
bound
.
It
is
give
on
you
all
the
monthly
listed
will
prices
securities
as
Over
as
-
those
the
-
"hard
to
Counter
will
which
benefit
di-
Common Market area and
from the inevitable rise in
tion and living standard
out the world.
find"
quota¬
u-
^
^
well
the
creased
from
indicated
over
Write
or
$
geographical
The
popula-
through-
following is
1
u
£
-3
12.6%,
U.
a
and
WILLIAM B.
DANA
25 Park Place
CO.
annual
changed to the point that today
rfa^ments^ndtxSaMeTarts"
slightly offering
of
rate
in-
to an
sales
million
am
profit margin from 7.8%
indicated rate of 11.3% for
the current fiscal year.
.
.
.
As the world rate of increase in
agricultural
at
activity
at least
annually
3%
Africa:
Latin
4.8%,
its
S.
reach,
larly dispersed with
a
are
Its
•
'
as
a
is
under
no
an
offer
weak-'
$8.5
or
$3.12
million
per
or
share in the previous
$3.75
year,
v
.
.
.
a
■
"
.;
?
«
■
Y
or a
a^oxImateTy "the
same
as
in
the
first
quarter
of
i11?®?16' however, declined to
guson Limited common stock at
f°r the first quarter of 1%0. This
particularly
Ja°t^nfactors Dhi^the ^fect0^?
around
$12
favorably
em-
to
~
share
V
•
$1-4 million or 60 cents per share
practical possi- from the slightly ]ess tha^
$2 mi]_
bility. Consequently, Massey-Fer- lion or 86 cents a share reported
appears
priced
.
compared
to the
other investment opportunities in
Canada.
circumstances to be construed
solicitation of
«Pnd
vmi
N. Q. B.
OVER-THE-COUNTER
years seem a very
7
,
,
„
(Ihis
nr*r\*rtno
produc^ pj.x
million
ability to
,
REctor 2-9570
<1
a some-
of sales, net income amounted to
the $2 range within the next few
simi-
major
in certain areas and
already demonstrated, earnings in 1960, or slightly below $19 million.
3.9%,
2.6%.,
manufacturing facilities
within
be
their
with
and
to
increase their share of the market
A.:
Asia:
America:
6.2% gain. Reflecting price
profitability objectives of Massey- versus
appear
and friendship
give' food
a re„cord to ,he world s hun9ry ,hru 'hf
^0°nf fn 19™f TnImprefstee CARE F°°d CrUSade' NeW Y°rk
,
for the foreseeable future,, as the $71
Ferguson
You
w;ft,
w.th every >1 package you send
/
}n. 1?6?i,s®les.,r,eached
machinery field.
likely to;ness
is
New York 7, N. Y.
'
,
high degree of stabilitv
in the industrial
a
company
a
i
of
break-down
sales—Canada:
7.7%,
call:
$355
$500 million for 1961, and the for
' Operating
29.4%, Europe: 39.0%, Australasia;
tions.
equipment industry pendence upon any one product
experiencing low or industry. Product mix has been
company's
volume,
continue
international
major
a
rectly from the growth of the Eu-
publication
generally
was
1S'
...
Ti
ropean
This
particularly attrac;
\
—
company
$4)
time the farm
characteristics
important
tive:
year)
—
growth in the post war years
y tne end ot through an active program of in;
s current Hscal year, it is in- ternal expansion and acquisitions,
Cresting to note that from the be-. The company's broad diversificapnnmg of tlhis five ye.ar Pepod tion of products and markets
to Apnl 30th> 1961» durln§ which served has eliminated heavy de$
to
which make it
(1)
(Single Copy
reorganization^really began
?r
..
Massey-Ferguson Limited has
Record
J
buy,
any
as
an
'
„
offer to sell,
or
security referred to herein.)
t
recession"
salf^ showed
Second
"quart e'r
small gain to $22 9
million versus $22.3 million in the
second quarter of 1960, and earnings rose noticeably to $1.95 million
83
or
.
a
cents
per
share versus'
Continued
on
page
26
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 194
The Commercial and Financial Chronicle
Number 6086
(903)
CONTENTS
Consumer Credit to Expand
Sharply in Present Decade
icHTfnsTtin
=
AND
By Ernst A. Dauer,* Director of Consumer Credit Studies,
Household
Finance
Corporation, Chicago, III.
>
^
Articles and News
;;
60% increase in consumer instalment debtor:
The Monetary Commission Report—Constructive in
Today's
,
by 1910. This would b& a rise from 1960's $43 billion to $68 billion
ten years
of
Samuelson
Stamps
No!
Greenbacks
Si!
Cover
-
-
growth prospects and deals with other factors contributing
our
to
World—Paul
hence. Mr. DaUer recapitulates various authoritative studies
COMPANY
Page
Green
Credit expert projects a
3
Consumer Credit to Expand
★
★
★
Sharply in Present Decade
★
growing usage of consumer credit. Note is taken, also, of today's
significant percentage of the
4
population. The facts regarding the weight of consumer debt and
-
not result in a burdensome debt for any
the
—Ernst
;
larger family debt than ten years ago, but the writer holds this will
A.
Dauer
^
______
Obsolete Securities
3
___^
WALL
99
V
A New Approach
to Problem of Underdeveloped Nations
Telephone: WHitehall 4-6551
-
—Stanley de J.'Osborne____:_
potential danger of delinquencies that exist when an economic con-
Dept.
STREET, NEW YORK
5
;_
v
traction occurs—regardless
of the amount of debt—are pointed out.
r
Short-Term Prospects for Construction Machinery
;—Louis B.
research, and a rapid increase in
skill and efficiency had madeiV:
ing the long-range growth of the manpower much - more prOducAmerican economy. This growth tive. In fact, in the 10 year period
Any examination of the past leads
to an optimistic attitude regard-
from
has been per¬
sistent
Ill'
despite
grew at
of 3.9%
its
temporary
interruption
from
time
'cific
riod
*
a
low
a
studies
of
-
one
Our
That
at
grow
-
labor
the
America.''
North
(3)
^
productive
creased
output
processes
a
. .
at
a
assumed
to
year.
more
-
be
'
Our
-
...
convenience, let's
$500 billion. If we
that total output
services grew over
the
50
year
period from
1909
through 1958 at a rate of 2.9% ;a
showed
study
price
goods and
year.
rate
Stocks
f_
;
Bookshelf_____
26
king's department
29
•__
stores, inc.*
X.
___
48
futterman corp.
Dealer-Broker Investment Recommendations.
V.'f'.'.'v
;
•'
/
'
*■'
v
8
■
Einzig: "Solving the Dilemma Confronting the IMF"___
From Washington Ahead of the News^—Carlisle Bargeron
20
Indications of Current Business Activity__i___J_
tonka toys, inc.
12
"
31
17
...
and You
(The)—Wallace Streete
blue list
publishing
^'Prospectus
Mutual
Funds—Joseph C. Potter
19
—
on
Request
■
,
.
<
v
"
¥
News About Banks and Bankers
22
i—
NSTA Notes
J. F. Reilly & Co., Inc.
26
-——
Observations—A.
Wilfred
Governments-
Reporter
on
May."
4
39
Broadway, New York 5
DIgby 4-4970
20
1_^
s
Public
Utility
Securities——
—
15
—
t
This Joint Economic Committee
of
Insurance
total
TlGarn 1 Pnmmilw national product," amounted to
°# the <TT1"+ 5CQ+ fo Congress.
$503 billion, for the year 1960. For
of
United States
k
St. Louis
of new england*
__Cover
__i
Our
;
output of goods and
services, technically called ."gross"
made
(Editorial)
efficient; (3) and from
week.
Philadelphia
.
this they then deducted the effect
0f
a
constantly declining work
total
to
Cleveland
cott bottling co.
Market
■
unemployed ;(2) continued growth in plant and
equipment
to • make
the" labor
force
and
year,,
Thus, the ingredients in growth
(1) an increase in; the labor
force, 4% of whom on the average
are
Bank
See It
■
.
a
As We
"
Coming Events in the Investment Field
are
output at specific
future dates. One of the most re-
I
rate 0f 4.7%
a
Chicago
: a
0f goods and services will increase
shortly after those
studies were made, a number of
outstanding research organizations
and
various
government bodies
attempted to
calculate what a;
continuation of this development
would
mean
to
the
country in
was
in the past.
year
Regular Features
Businessman's
will
age
of--1%
N. Y.
"Operation Bootstrap" Grew Despite Fiscal 1960-61 Recession.. 4
increase of .3%
an
23
.
average
one-tenth
Swearingen__
Los Angeles
Based
on;
theser assumptions,'
they estimate that the total outputs
in-
per
studies
its
compared with
Beginning
such
That
decline
Jinow in this country today.
cent
(4)
-
inc.
40 Exchange Place,
San Francisco
actual
an
18
-
historical rate of 2.4%;
man-hour,
raised wages, and produced the
abundance
of
goods which we.
of
with
!____
1
mackie,
HA 2-9000
Direct Wires
private «'plant" and
compared
Slayton__
&
r
year,-
a
equipment will increase 2.7%
year,
machinery .and
^efficient
more
That
L.
will
force
?^.ls h'Sher
by actual population figures;
;
—William
Singer, Bean
16
:
Outlook for Petroleum—John E.
an actual growthover the last 50 years
rate can be justified
unparalleled economic adbrought about through
terms
—Roger W. Babson
Is $35 Per Fine Ounce the Proper Price of Gold?—Haller Belt 22
compared.-with
was
Amer. Int'l Bowling
14
Teletype NY 1-1825 & 1-4844
estimate.'
1.7%
rate of
a
Adler Electronics.
13
Linde_
F.
1
make this method clear, let.,
illustrate, by the factors used
(1)
the.application of industry, skill,
knowledge,
and more efficient
machinery and productive processes. In other words, ever greater
investment
by
businessmen
in
more
i.
Cobleigh__
: Coming Economic Revolution Due to Scarce Fresh Water
(2) That each year people, will ;
work one-half hour'lesS per/week,-,,:
on the average, compared with an
country during the last century actual 50-year decrease of .6/10
which has truly been called "The of an hour per week, each year; •
vance
—Richard
and
*
middle-ground
They assumed:
\
trolling Factors in Economic Development"). Both described the
factors responsible
for the tremendous r development
in
this
of
Golden Defense—Ira U.
Present and Future Market for Solar Energy Devices
-■
middle-ground /
or
pessimistic
their
our
Dorsett Lab.
10
spe-
facts;
'
•*
in
Ernst A. Dauer
by the Twentieth
Century Fund ("America's Needs
and
Resources"); the other by
the Brookings Institution ("Con-'.
Miracle
The
To
two
economy,
1
Heinemann
The Manufacturer's Stake In Today's Urban Renewal
me
pe¬
there
were
rate
by taking
known
figure,
and
figure.
on
monumental
modified
account
figure
high.
In the early
postwar
—Hans
timistic
output
White Shield
/'
!v'.
'
\
new
a
"•
supportable
assumptions. .V They
prepared three estimates: an op¬
busi¬
decline,
every
to
.
factors,
into
-
■:
-
j- long-range' growth rates of
varying
lengths. After
has moved
annual
average
an
9
■'
output..
1957,
They built their estimates for
f the future, therefore, from actual
to
by
de¬
pressions of
ness
through
1
"■
Capital and Money Markets During the Coming Boom
-
time
total
1947
Neumiller_
."■V",
this
of
32-
».
Offerings
Security
Prospective
47
—
level remains
constant, the
growth rate for 1909-19.58
2.9% would result in a total
output
one-third
higher by
1970.
The actual 0
growth rate of 1947-57
n
Registration
to
that the
actual
They rejected, this average
Ln J too i
fnr
ihl
being
low for the
as
round
assume
Securities Now in
3.9%, would result
in a total
because it was strongly
influenced by the long depression
of the '30s. They knew that in
high rates of invest-
Joint
ment. in
plants and improved
4.7%
23
Corner
Salesman's
Security
2
State of Trade and Industry
Southern Gulf
7
(The)
middle ground growth rate of the
recent years
Security I Like Best (The)
future,
new
output 47%
higher by
Economic
a
equipment, high expenditures for
Committee
would
year,
1970. The
Continued
result
on
in
page
of
Tax-Exempt Bond Market—George L. Hamilton
have
PREFERRED STOCKS
specialized in
28
25
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Founded
,
Members
New
York
1868
Stock
S.
U.
Park Place,
REctor
CLAUDE
WILLIAM
Patent
DANA
B.
_
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COMPANY,
J.
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Newark
TELETYPE NY 1-5
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Publishers
25,
Chicago
Schenectady
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Worcester
SEIBERT,
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and
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city news,
Office:
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clearings,
Salle
(Telephone STate
St.,
2-0613).
in
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of
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Note—On
the
La
matter Febru¬
office
Canada,
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per
Countries, $72.00 per year.
Other
etc.)
South
post
of
1961
statistical
issue—market
records, corporation news, bank
the
Territories
Pan-American
Editor
plete
Other
at
Subscription Rates
Possessions,
Treasurer
MORRISSEY,
second-class
Subscriptions
to 9576
Every Thursday (general news and ad¬
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Albany
ary
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Thursday, August 31,
!
Copyright 1961 by William B. Dana
Weekly
CHRONICLE
FINANCIAL
Reg.
,
Twice
The COMMERCIAL and
WILLIAM
Spencer Trask & Co.
48
Washington and You
a
Published
For many years we
Utilities
6
Record
(Foreign
account
of
the
be
39 BROADWAY,
Monthly,
Postage extra).
in
New
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York
NEW YORK 6
—
funds.
WHitehall 3-6633
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of 6 exchange,
remittances
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subscriptions
and
advertisements
made
WM V. FRANKEL & CO.
INCORPORATED
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rate
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Teletype NY
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4
The Commercial and Financial Chronicle
(904)
other
OBSERVATIONS..
in
announcements
publication
one
any
radio
by
or
"rules
trouble"
is
the
advertising
of
market-beating graphs and charts.
The SEC's original proposal would
have
prohibited
an
investment
adviser
Before Sept. 1.
"3 Stocks to Buy
staff
of
We offer this
Service.
combination
as
above
The
excerpts
are
from
such typical
tip advertising — in the
come-on
self-policing by our
otherwise responsible press—
of
absence
highlights the significance of the
of the SEC to "do
current efforts
something about it." Pending ntow
promulgation
is the Commission's
prohibit
of re-revised proposals to
certain advertisements by invest¬
advisers
ment
"fraudulent,
as
deceptive, manipulative" under
the Investment Advisers Act of
the suggested rules
1940. Study of
revisions underlines "the Govern¬
difficulties
ment's"
in
"doing
•
something about it." They reveal
a
sharp dichotomy between the
achieved
rules
coverage
of the
which
"tipsters"
of
community
term
many
of
(under
them
pri¬
vately refer to themselves); and,
on
the other hand, the adminis-
/
trateability of those rules.
"gray,"
sombre
Such
along .with
are the
of whatever rules are
scribed.----"-
Constructive
of
tension
brella
indeed, is the ex¬
the
regulatory um¬
to
cover
advisers whether
basic
"advertisement."
term
registered
with
practically all
not
the
they are
SEC.
With
voluntarily regis¬
only a com¬
tering who should,*
paratively
small
remains unpoliced;
by
(1)
tions.
some
Is
it
"gray
area"
comprised of:
financial
devoted
publica¬
mainly
to
hews and editorial items; or does
★
Including,
typically, Larchmont In¬
vestors. Guidance
Service, ...Dow Theory
Forecasts, Inc., Capital Gains Research
Bureau,
Inc.,
Value
Line
Investment
Survey, Arnold Bernhard and Co., Inc.
The
Commission's original proposal of
would ,/have
last,,/April
"advertisement"
defined
include
to
any
notice, circular, letter or other
communication, written or oral,
which offers "any investment ad¬
visory service." Trade comments
submitted'! during
the
ensuing
"public reaction period" pointed
out
convincingly that this ap¬
parently clear and simple defini¬
was
that
broad
so
encompassed
conversations
would
it
even
face-to*
between
an
counsel and his pros¬
investment
pective client.
investment
all
or
\.J
...
from the difficulty, by
rule or statute,
of satisfactorily
and clearly deciding what may be
misleading or deceptive, there has
even been trouble in defining the
Apart
face
Plus-Side,
finally.pre¬
-
have
On The
some
the- Agency
Accordingly,
now
revised
term
definition
exclude
to
has
of the
specifically
conversation
personal
client
the
with
a
client, or a
personal letter sent to only one
person.
The
present
proposed
revision
furthermore would
"advertisement"
circulars
and
munications
than
•
one
For
include
other written
addressed
person,
and
have
notices,
to
registered
as
an
it
completely unreal¬
istic to suppose that it is feasible
to rely on a chartist, formula-ist,
•'-Cs"v,
<
..
" /
1
...
:
/
.
year," Mr. Diaz said in New York..
..Preliminary
estimates
revealr
that a record 1,750,000 cases
of
Puerto Rican rum were shipped
The Alternative Treatments
the SEC's adminis¬
alternatives
under
this
trative
hard-and
to the mainland during the year
fast
prescription (as for a .per¬
compared with 951,168 cases in
functory statement like "our charts
■
1959-60.,
are not magic," or, perhaps, "this
In tourism, where the island's
won't necessarily quadruple your
growing hotel business
money except in a bull market,"): rapidly
is obviously impracticable because: added 722 rooms during the year,
resident hotel registrations
of
the
frequent
inapplicability non
basic
difficulty:
climbed to
-
other alternative
The
of
million
ume
In the
in
the
case
government's aegis of
ment,
the " inadequacy
would
caveat
at
its
make
which
Puerto
Rico, Mr. Diaz said, was
awarding of the first Signal
Corps contract, to the Common¬
wealth. The contract, which was
given to Electrospace Corp., Val¬
ley Stream, N. Y., is for the pro¬
duction of telephone hand sets in
the town of Naguabo. More Signal
Corps contracts are on the way,
the Bootstrap official said. .milestone
Another
the
during
tax
year
which
law
a
of
which
offered
cities
still
are
to
:
establish
Rican
Puerto
recorded
enactment
was
,
exemption
who
turers
13
years
manufac¬
plants in
and
towns
underdeveloped.-;
Up to now the Commonwealth tax
exemption grant for new indus-<
tries
-
has
for
been
duration;
/
—
10
:
years
/;
,
Puerto
820
U.
S.
enforce¬
of the
existence
lished
will
increase
mainland
the
"With
economy
improving, we expect a substan¬
tial increase in our plant promo¬
tions
as
the next
over
well
and
factories.
proven
we
work
to
our
lower
certain,
thing is
continue
ward
in
as
tourism
sales.
rum
"One
months
12
records
new
we
diligently
will
to¬
goal of 2,000 Bootstrap
Puerto
As
Rico
offers
production
costs
and
a
high return on investment,
should
attain
foreseeable
and
Puerto
Tour
in the
aim
future."
First Boston Adds
total
(Special to The Financial Chronicle)
CLEVELAND, Ohio — Francis S.
Hastings, Jr. is now connected
First
invest¬
with
The
EDA-promoted industry
in
S. said:
official in the U.
'•
Bootstrap plants are cur¬
rently in operation and Mr. Diaz
estimated that
the
190
projects
now in the process of being estab¬
ment
"I-Told-You-So"
to
/
Looking ahead to the new fiscal
year, the top ranking Bootstrap
Rican
all.
The
visitors
total
Some
of: the
than would none
injurious
more
of
to the island for visits.
public's cog¬
existence
the
of
a new
declined by 4,000 persons to
343,000, as fewer Puerto Ricans
living on the mainland returned
burden.
of either alternative,
light of the
nizance
last year
Rico
days" also hit
Rico
the enormous policing
or
185,000 com¬
high—882,000. However, the vol¬
of
event,
any
Puerto
in
and "tourist
reaching faults of creating the
false
impression of government
in
record
a
pared with 171,604 in fiscal 195960.
Tourists spent a record $55
Com¬
editing of the "rebuttal"
statements would embody the far-
mission
and,
development
to*
any
-
factor.
doubled
the
of
promote them.
EDA's two other major revenue:
a sense, the proposal would,
producing programs, tourism and
result in "the blind leading the
rum
promotion, also enjoyed a
blinder."
'/«
■
"solid
and
vastly
encouraging
In.
Examining
new
further
accelerate
electronic manufacturing in
-
"■ "
Other Revenue Producers
or
position;
Investment Adviser.
Morton1 Salt.)
and
Co.
:Ifrthey-did,/
they :woilld not belioye in them,,
recent
A
ginnings of a "positive new trend"
involving joint ventures between
who: worships his idol with U.'S. mainland and Puerto Rican
religious fervor—and sincerity— investors. Mr. Durand disclosed
for an adequate rebuttal thereof.that in fiscal 1960-61, EDA pro¬
This, of course, is not to accuse moted a record 18 such joint ven¬
him of dishonesty—intellectual or.
tures
compared with only four
otherwise. Beyond their dynamic,
during the previous year. U. S.
conviction, with much rationaliza-; companies who teamed up with
tion
of
their
pet systems, the. island: manufacturers
included
technicians, actually do not. Reichhold Chemicals, W. P. Fuller-
the reasonably full1 knowl¬
than
more
promises
tor
edge of the fallacies.
our
to $62
working fac¬
tories tTipled volume in the same
period to $15 million. > ;
etc.,
possess
manufacturing
apparel
industry, durable goods are be¬
ginning to make strong headway,"
Mr.
Diaz
said.
Since
1956, the
Bootstrap
official
noted,
ship¬
ments
of
U.
S.
appliance and
electronic plants to the mainland
have
(In San Juan, EDA Administra¬
Rafael Durand noted the be¬
is
and
million while metal
Execu¬
Diaz-Hernandez,
J.
said
a
com¬
example, the "Financial World,"
and
Business
Weekly," is
range
strap
else
or
more
"Investment
vitality of the Boot¬
industrialization program,"
long
guaranty of a controversial, and
perhaps inadequately stated "net"
notices
cor¬
hard-and-fast specification;; tive Director of EDA's Continen¬
scrupulously editing the tal Operations Branch.
"caveat"*-.statements. This is so
out
a
prospective
or
S.
U.
than ever before and
that over-all plant promotions de¬
clined only 5%, demonstrates the
enforcing such a rule is faced with
the
Hobson's choice ; of * spelling
because
pros¬
large
more
porations
with
charged
The, Commission
"While
still accounts for most of
J. Diaz-Hernandez
Rico
attracted
working,
electronics
products.
♦,
Durable Goods Production Up
year
n
companies
S.
U.
electrical
reces-
Puerto
strongly
enforcement
basic
highlights
problems.
_
disclose"
difficulties."
rule
prescribed
a
sio
"fully
and
"limitations
its
J
also
must
metal
fact that dur¬
other
or
the
promoted during the year were in
Admin¬
a
of
Many
istration. "The
ing
California Packing Corp.
and
by
Develop^
ic
.
formula,
chart,
device
-
hues,
\
* i
an¬
Rico Econom¬
be
significant, it is proposed
graph,
pects for the SEC's administration
tion
\
The Minus-Side
Also
more
!
to
that the advertised virtues of any.
perhaps slip in investment ad¬
("tipping")* and (2) in the
case
of the broker-dealer, is he
-
about
are
Heresy By Compulsion
it
The persistence of
items '
Davis,
Manhattan Shirt,
B.
F.
Goodrich, Kelvinator Intl., Ameri¬
can
Can,,. Kayser Roth,. Bayuk
Cigars, A. G. Spalding, Brunswick
Corp., General Electric, Daystrom,
Puerto
the
4,000
Among 18 new "blue chip" af¬
are Kimberly Clark, Parke
1960-61,
was
create
filiates
in
nounced
"methods"
"systems" in the prohibitions,
More
subjected to the statute by reason
of his being paid for his advice?
Government
the
fiscal
tips]. Following objec¬
ment
plaint, "Why doesn't the
do
something
about this kind of thing?".
>
j
with the
factories
and
persons.
peration
ootstrap"
it
the value
vice
new
O
wealth during
and
clipping of an advertisement
communicated to us from a reader
the
B
Rican
for
up
million
$550
jobs.
Total
"Bootstrap"
employment is estimated at 50,000
new
among
Puerto
Common-
these
all the material you
postage and handling charges for
will receive during the next 30 days."
cover
were
and
S.
the Caribbean
tions to the inclusion of
up-to-the-minute information our sub¬
week. All we ask in return is $1 to help
of the kind of useful
scribers receive every
"
graph,
any
U.
companies who signed
ad¬
an
190
tions" [i.e.
current example
a
the
chip" and other- to
corporations
sion] could in and of itself be used
to make "investment determina¬
of our Investment Service—we will send you this valuable list
of '3 STOCKS TO BUY SEPTEMBER V with our compli¬
ments. You will also receive a 30-Day Trial Subscription to
the
offering
large
such gadget, [our expres¬
that any
dropped.
limited time only to clearly demonstrate
a
running
A record 23 "blue
chart, formula, method, system or
other
device
which
represents
SPECIAL DOLLAR OFFER
,
"For
from
vertisement
research analysts strongly believes that stock
market prices have begun an upward climb that could set new
highs in the averages. It is no secret that the best time to buy
stock is during the early stages of such a rally and we believe
that time is here right now. Our thousands of regular sub- 1
scribers have already received a report describing three stocks that have excellent profit possibilities if bought soon. We will
be happy to send you this complete report on receipt of the
coupon below.
^, v
Our
greater
far
Eliciting
MARCH
FOR THE IDES OF
:.
Despite Fiscal 1960-61 Recession
|
Madison Avenue On-the-Charts
IN
Thursday, August 31, 1961
.
vision.
BY A. WILFRED MAY
GET
.
"Operation Bootstrap'! Grew
tele¬
or
.
tion,
Union
Boston
Corpora¬
Commerce
Building.
Squabble
■
Similarly laden with broad sig¬
nificance .is the suggested com¬
Complete Investment Service
.
to
promise to the controversy over
the curbing of the "past perform¬
ance" boasting jags. In lieu
of
sell
prohibiting
which
a
large
any
Commission
may
service's
the
that an
either ljst all
recommendations
made within the year,
"a
of
Call.....
truly
all
and
41
[sic]
This
include
or
'representative' list
such recommendations
is
which
leading."
Marketing Department
past
now proposes
advertisement
block?
to
recommendations,
profitable
the
UNDERWRITERS • BROKERS • DEALERS • DISTRIBUTORS
advertisement
:
attention
calls
^
not
.
.
.
otherwise mis¬
-
chore
for the
Dean Witter
Commission
Sc Co.
of
Merrill
Lynch, Pierce, Fenner
&
Smith
INCORPORATED
70 PINE STREET
-
143
NEW YORK
offices in the U. S., Canada, and abroad
5,N.Y.
enforcing the "representative"
prescription again highlights the
placing of undue responsibility on
Members
—
New York Stock
Exchange • Pacific Coast Stock Exchange
American Stock Exchange
Honolula Stock Exchange * Chicago Board of Trade
>/
Midwest Stock Exchange •
the
Agency^-via the "Government
guaranty" implication; plus once
again piling up its workload. Here
again we see that several evil
implications of'saddling the
policeman
are
-
with
multifarious!
a
judge's
-
duties
!
.
.
»
and other
Private leased
1
leading commodity exchanges
radiotelegraph
circuit to Honolulu
SAN FRANCISCO
•
LOS ANGELES
44 Offices
•
NEW YORK
Serving Investors
•
k
CHICAGO
.
.
'
Volume
Number 6086
194
The Commercial and Financial Chronicle
...
(905)
■
ets, including the cost of the Ko¬
rean War, there has been used
up
almost
Of Underdeveloped Nations
$424,000,000,000.
Chemical Corporation, New York City
•
Not
-
the problem
however,
nations will
go—for "as these nations go, so will our world.
.
the
I
direct attention
like to
should
only to the continent of Af¬
not
rica, but to one of the greatest
single issues in the struggle be¬
free¬
tween
dom and
the
and
nations of the
to
the
virus
ha
To
in
pump
Asia
vention
of
of
and
more
exotic
more
mutual
compare
modern
has
nists
are
and
been
forms
walking
in
this
the
into
(3)
,
.
1959,
000,000,000;
NATO, SEATO, and the damaged
to
,
Europe
before
benefit
And
aid
the cost of testing
date.
to
to. countries
the
the expense has
been over $29,000,000,000;-' \ *
And for our own defense budg¬
none;
The
an
our
we
of
success
The
Nations
United
it because
do
define
A>
•-ffie
ruling oligarchies have
probably
lastly,
a
It
either become
can
battleground,
or
an
would
could
or
1 cooperatfv in
v
:: "
'
n
W/'
!
-
.
Continued
on
page
a
whole remained
on
j-". ViOVAVt
••
We take pleasure in announcing that
Alan R. Ackerman
has
;
as
joined
our
organization
as a
Registered Representative.
bare sub¬
-
sistence levels;
(b)
Those
achieved
'
He will also be associated with
nations
their
our
\
which
independence
I,
New Business
after the close of World War
Department.
■
but
where, for one reason or
another, the great mass of peo¬
ple have lived on much as they 1
had for centuries before, arid;
(c) Lastly, the newly emerg¬
ing nations of the past two
WE ARE PLEASED TO ANNOUNCE THAT
HENRY J.
MEMBER
NEW
ZARLENGA
YORK
•'
*
STOCK
HAS
EXCHANGE
-
'
''
BEEN ADMITTED TO OUR
FIRM
.
AS A GENERAL
PARTNER
left
:
MEMBERS
!
YORK
NEW
STOCK
the
economic
fend
Within
AUGUST
28,
can
be
of
for
these
counted
three
categories
practically all of
the peoples of our world, outside
of Europe, North America, Japan,
1061
Australia,
and
countries.
the
We take
:
It has become
a
battle¬
JOHN D. CURRIE
world's most strategic raw matelying
-astride
ern
P
<' Mr. Grahame G. Johnson
•
Director and Vice-President of
a
as
our
Formerly Assistant Commissioner for Financing,
trials and food resources, and
We have pleasure in announcing the election of
• >
.
;-
.
vPublic. Housing Administration
the chief routes of West¬
communications.; ;> ;;
;
•
has become associated with
As these nations go, so will our
as a
world; for it is here that we can
permanently lose the war against
communism, without a shot being
Company
pleasure in announcing that
communist
ground involving a billion or more
people, in areas holjdihg the free
J
STREET, NEW YORK 4, N. Y.
Telephone; HA 5-4848
in
battleground
BROAD
30
/
American Stock Exchange (Assoc.)
protect themselves.
EXCHANGE
NEW YORK 5
120 BROADWAY
themselves
members
Exchange
the world with few, if any> eco¬
nomic weapons with which to
S. M. PECK & CO.
•
to
Andresen & Co.
New York Stock
in Africa,
where colonial powers have either left or have been ejected,
arid which have, therefore, been
principally
years,
-
our
organization
Vice President and Manager
of
our new
office in the
fired by either side.
The scattering, of modern armies
throughout the world during and
...
since World War II; together wtih
modern forms of communication,and
MONTREAL
■
••••
■:
:
P.'
*
>• •*>
^
.
.
^
'
'
II
-
.
V
.
Sherbro.oke
•
•
•
*
•
''u
"
f'
*
■*
*
St. Hyaeinthe
Sorel
Chlcoutimi *
*
:
,
.
„
*
Shawinigan
*
Paris
-
A
Brussels *
*
.
Oll»Wsrv-ff
,i
x
t
.
L
»'
Geneva
.
.
'as.
.
-
August 196 T
j»v.vWa-avk-xw
'ttv
77714th Stroen tlW
WASHINGTON 5, D. C.
Telephone: 347-2008
•
•
only made of legendary
Timbuctoo
an
easily
accessible
p| city, but have'also made the less
"
Quebec *• Trois-Riyieres
"
the
have not
|
;
'
;
?
heavy propaganda bar¬
rages which have infiltrated the
deepest recesses of our world;
L. G. BEAUBIEN 6-CO. LIMITED
i
WYATT BUILDING
:^ ^
developed peoples everywhere-arrive at the conclusion that they
do not need to remain "ill-fed; illhoused,
and - ill-clothed"
and,
above all, "ill-educated."
' * •:
Thus it has b.een easy for emerg¬
ing leaders to convince their -peo¬
WAIN WRIGHTS RAMSEY INC.
Consultants
on
Municipal Finance
.
NEW YORK
MIAMI, FLA.
a
world effort to foster freedom of
the ris¬
per- i
severed while their countries
our
of Russia's
which
us
eco¬
could
efforts.
so
newest
one
have existed, for many decades,
such as Latin America,' where,
outside of Europe,
largely to pay for all of this
the past
will not
gold re¬
and we
future
words "underdeveloped nations."
They fall into three categories:
(a) Those countries which
V.
v
the
from
the
opposition.
A true United Na¬
stupendous tions effort, with an honest Rus¬
development sian participation, might, however,
faces this vast undeveloped world. succeed in
creating the only fore¬
The
rising
demand
for
goods seeable and practical co-existence
which a rising standard of living in this world. The trouble with
wilU create can bring with it an this., would be the
obvious
economic prosperity unheard
of qUestion of how long .Russia
(4)
economic
missile, such
^EfrsUpf > a}|L let
United^fSiates
the
economic
For
Baghdad Pact; to establish an ar¬
second to
health
at
inflation
destroy
Meeting the Demand for Goods
battleground
probably is the
most..pri&gal of -all, is; that ip /the
underdeveloped. xnatzonsi
;,
■ v* o >
v,;;:»jv-
aid
economic
into
head
would
nomic
vacuum;
game
to
continue
abroad
which
cannot
destruction.
II, where the
and development of the
cost approximately $1,000,-
and the
We should look at the
,
For
cannot
riches
000.
regain their economic health; to
has spent close to $28,000,000,000;
contain the territorial expansion,
For military aid to the outside
of communism; to weld the West
into defensive a lii a nc es* like world, we have.spent over $25,-
maments position
We
our
would
they have,
far, been eminently adept.
in¬
craft in World War,
this
record:
of
much
and
Europe
World
bilities.
pour
If we ignore them, however, we
will wake up to find the commu¬
as the
development cost of
the Polaris, of nearly $2^000,000,000,and that of a protoype air¬
15-year effort
fantastic under any
of
standards.
economic
the
prime
The
short
a
democratic philosophy.
research and
are
but
stop the
we
hop into same profligate rate of
basket, but a long 15 years. Our resources
leap from what we, in the West, stand it indefinitely, our
consider to be those of a truly
serves
cannot survive,
as we know, are hugely
costly. To see his problem in the
light
of
modern
weapons,
we
one
are
can
the communist
These,
must
these
the
The United States cannot do it
It is obvious that statements such
as
we
to
of the world? Bank, despite its
extraordinary record of achieve¬
ment, cannot do it alone, even
when coupled with its affiliates,
the International. Finance Corpo¬
.
ing standard by itself can be the
cost
through
and
pawns
can
favorable
alone, for the task is stupendous,
the cost huge, and the manpower
required beyond even our capa¬
benefits
B-17
The
Stanley de J. Osborne
that these countries might
so
material
economic
been
s
profits, have become
(2) Even greater
efforts
being
devoted
to
the
are
and-
worse
no
are
in
communist world.
States
forced:
alliances
defensive
our
For
research
the
II,
United
are
sell.
probably better than those of the
World
War
seen.
Japan and Aus¬
prospering with an
Europe,
efforts;
of communism
since
ever
to
how
war,
results
tional Development Association.
Unfortunately, they could not cope with those
friends, looking provided by the* previous rulers.
best
our
past
ration and the Soft Loan Interna¬
free peo¬
a
Were they not to say these
things, they would have nothing
shipping; none of this could have
been accomplished unilaterally.
forged, albeit backed by the power
of our nuclear navy and our mis¬
sile striking forces, which, despite
the moans of those decrying our
the
contain
has
get rid. of the
overthrow the
the labor of
on
the
many parts
.
ple.
aluminum in England, oil in Italy,
rubber in the Far East, and world
ever-increasing standard of liv¬
ing; communist territorial expan¬
sion by 'force is probably over,
short of a disastrous major war;
veloped,
or
undeveloped,
or
backward,
struggle
its :own
15 years, one of
world
this
commu¬
of capitalistic trade extor¬
tion; and seek out a socialist state
based
in
advantages that
the Communists have achieved in
yoke
upset the trade patterns of such
widely scattered commodities as
and most successful
greatest
tralia
the
In
of
out
It has been, for
Now,
problem
of
underde¬
effort
worldwide
powers;
Europe
new
these West, and how
their present obvious
ruling oligarchies; throw off the
in this huge game, for Russia and
her satellites have been able to
national wealth and resources.
efforts
.the
vicious
for
Communism.
com¬
munism:
world.
even
This, he says, should open up the potentials for
countries from
achieve
economic health.
develop¬
private industry and to the West's efforts, and win these
ment to
colonial
is ' designed
to upset the
West's economic pattern? and its
suggests this new world bank contain an: International Guaranty
Bank so industry can be immunized from the political risks of the
Cold War.
ppoples exactly what the
in
In this
nists would, have wished them to,
without the slightest effort on the
This
In addition, Mr. Osborne
many
of
been telling
have
hart of the Reds:
The communists are now
engaged in emphasizing econom¬
ic, instead of military, warfare.
technical resources to accelerate
for underdeveloped lands.
program
there
(1)
composed of all the "have" and "have-not" nations to harness the
West's economic, educational and
'
.
industry head proposes a new World Development Organization
The
leaders
to
backward
concept of capitalist democracy, as to the direction the
our
'
Furthermore,
by each man,
c|oes not 'appear
be any end to the- cold war,
although it is now taking on a
totally new look:
happy comparisons are made as to the success of the
nessed
decade.
,
this huge and magnificent effort, "
Russians, and to the failure of our money, propaganda and appeal of
>
$506,000,-
over
woman, and child in the United
States of about $3,000; ^Despite
underdeveloped nations of the world, according to Mr* Osborne.
too
total of
a
influence of Communism, sqch as
we
have
so
dramatically wit¬
reach them in freedom, even
though most of them have been
completely unprepared for such
a heady state. „
... •
•
or a contribution to world
peace and recovery
-
The newest and most critical battleground facing us is
of the
000,000,
5
■
of eliminating much of-the
means
to
Battleground'
This is
'
:
The Newest Cold War
By Stanley de J. Osborne,* President, Olin Mathieson
:>
ples that, if their objectives could
quickly under the
status quo, then they should try
not be reached
i
WASHINGTON, D. C.
27
\
6
The Commercial and Financial Chronicle
(906)
reoffering,
TAX-EXEMPT BOND MARKET
As the
By GEORGE L. HAMILTON*
; and
—,
—_
-
the
the
half
;
draws to
summer
bonds
close
a
the nations- toll roads
.
.
Thursday, August 31, 1961
Larger Issues Scheduled For Sale
-
In
the following tabulations we list the bond
issues of
$1,000,000 or more for which specific sale dates have been set.
vacation period comes to
end
an
about
sold.
were
.
are
benefiting both revenue-wise and
,
publicity-wise.-There
have
Aug. 31 (Thursday)
been
This last week of August has been
1982-1990
this year to
date in the field of municipal and
1961rl973
establish this price easing as a several timely articles, both Fort Lauderdale, Fla.____*-._-_--_- " 5,000,000
fact. It is interesting to note that newspaper and magazine, that Rochester, N. Y.___
6,930,000
while the market improved early * have pointed up the worthy in- state
bond
underwritings.
Nor in July, slowed late in the month, •; vestment characteristics involved /
; "
/ ; "* %
kept. X AJjnaayi:
have any other phases of the mu- : and
then
declined
slowly
in in most all of these projects. Even ^Chatham County, Ga
________
1,000,000
nicipal bond market been active August, our average is identical to those projects faced with prob-7
r 7
*
Sept, 5 (Tuesday)
enough
to
stimulate any more 5 June 21, 1961, and the start of the lems possess a greater content of,
/7v"-77-^7'vv'!
than routine business throughout
1,003,000
summer.
In other words if you investment worth than markets Galveston Co., Texas
the least exciting one
.,
10:00
a.m.
2:00 p.m.
v
,
the
issues
new
been
large
until
calendar
after
/
phases
bond
market
since
the
on
Labor Day.
Other
past
no
importance
of
issue
new
the
for sale and there
up
nothing
during
have
There
week.
is
and
Street
,
had
the
general
>
last
ment bond
have
•
•
bonds
to
market
index has been within
1981)
-
bids
awarded
was
headed
gr0up
the
by
been
July
evident.
amounted
flurry
There
in
the
has
been
slight
a
i
maturity
1965-1972
range as rumors persist of an ad-
yield
)
refunding in September, including potentially as much as
$15 billion of bonds. In an advance
vance
refunding
bones
ho 1 d
on?
for their obli-
erm issues,
ff- "t, " 7
♦
take place, the
ties
bonds
3.50%
in
1937)
bonds
gan^
|ngs
the
to
account
g
Moseley
&
terest
in
recent
months.
The
Street
in-
an
hut
$
^T'ac
of
*
of
against last week's
as
$412,953,000.
has
remained
for
the
last
This
relatively
six
figure
constant
and
weeks
with
°
L,
*
A
»•
,
.
P^e?0'
trict
'Unified School Dis-
(1963-1982)
bonds
came
to
rapidly,
With only two syndicates
building up is a serious concern to bidding for the issue, the bonds
all municipal bond dealers. The
were awarded to the group headed
new
issue calendar which more by the Bank of America N. T. &
the
issue
new
calendar
than doubled last week has again
increased to today's total of $609,-
655,000.
This
000,000
State
Health
and
total
supplemented by the addition of $100,of
was
Mental
Illinois
University
Building
27;
$9,000,000 Pasadena, Calif. Electrie revenue bonds for Sept.
12
and $8,000,000 Sacramento, Calif.
(1-25
A
year)
Water
bonds
for
Sept.
bonds also for sale
revenue
Sept. 12.
Not
included
- in
our
30-day
but scheduled for sale
early in October ar° such impor-
S. A. and including Blyth & Co.,
Inc-> Security First National Bank,
the Morgan Guaranty Trust Co.
of New York> The First Boston
CorP-> Harriman Ripley & Co.,
Inc-> Smith, Barney & Co., The
Northern Trust Co. and many
others. The issue was scaled to
yteld from 2.00% to 3.65% in 1981.
The 1982 maturity was not pub-
$7,255,000.
tant
Macon, Ga. also sought bids; on
Aug. 29 for $5,000,000 water and
issues
$35,000,000
Los
Angeles, Calif. School bonds; $16,800,000
Wayne
County,
Mich.;
bonds and $15,000,000 Los Angeles
County, Calif, bonds. Numerous
other
important issues are expected
to
tarily
as
and
be
announced
to
momen-
to
come
market
early in the Fall.
The
Commercial
Chronicle's
state
municipal
yield index shows the mar-
bond
ket
unchanged
The
20-year
offered
since
high
components of
the
and Financial
and
our
side
last
grade
sewerage
-
■
(1982
revenue
-
1991)
for
this
issue.
The
bonds were priced.to yield from
L85% to 3.90% for various
cou-
bond
and only $762,000 bonds remain in
account'"
'
',»*
issue bidding
This week's final issue of importance consisted of $2,725,000
Indianapolis, Ind. Flood Control
indicate, however, that a
slight price easing is in progress,
Later week developments should
District - bonds .. w h i c h
were
awarded to The Northern Trust
Co. group. The bonds maturing
30. The trend of
new
on
Aug.
would
1964
—
*
Pinch-hitiing for Bon Ma-key.
MARKET
/-.
T-c
California
/ C*4.
j.
ON
to
(State)
1983
were
yield from 2.00%
REPRESENTATIVE
Rate
\
July
Allentown
Auth.,
Cheyenne, Wyo.
the
revenue
to
reoffered
to
3.35%. Upon
projects involved.
issues
no
see
Maturity
Bid
importance.
of
Tacoma,
Rochester,
7 There
is
nothing new in the
negotiated financing category. The
proposed
$160
million
Florida
Turnpike Extension and refunding
issue
in
is
tion and
be
the
news
this issue should
on
towards the
forthcoming
of
for .valida¬
courts
September.
Automated
Common Offered:
7
:
&
Co., Inc., is manager of
underwriting group which is
offering
Corp.
115,000 shares
Merchandising
stock
common
of
Auto¬
Capital
$20
at
Waterworks, D., La.
Essex. County, N. J
Fresno, Calif.
share.
It is
all
of
the
net
proceeds from the
sale of the shares will be invested
a.m.
'
1,402,000
4,149,000
2,500,000
Wis.__
1963-1971
1962-1986
7.30 p.m.-
8:00 p.m.
11:00
a.m.
1962-1991
2:00 p.m.;
1963-1987
10:00
a.m. v
1965-1975
10:00
a.m. j
a.m.
1964-1991
10:00
1962-1976
11:15 a.m.;
1962-1991
10:00 a.m..
1964-2001
10:00
1,100,000
a.m.
5,300,000
1962-1991
1,190,000
7 7,250,000
1964-1973
"1962-1976
10:30
(State
a.m.
35,500,000
1964-1986
10:00
a.m.
of)__
Building
Authority, Pa.
,
.
Sacramento, Calif.
8,000,000
8:00p.m.
8:00 p.m.
1
;
iJ
25,893,000
1962-2000
8:00 p.m.
Sept. 20 (Wednesday)
Angeles Dept. of W. & P., Cal.
New Mexico
New
York
(State of)
15,000,000
3,140,000
42,490,000-
City, N. Y.____„
the
company
in
existing
.!
Sept. 26 (Tuesday)
companies and in companies re¬
Detroitjr Mich
22,250,000
cently organized or to be organ-*
Detroit City Sch. Dist., Mich
10,000,000
ized, in the vending industry.
7 The company, of 10 JS. 40th St.,
Sept. 27 (Wednesday)
New York City, is a closed-end
Illinois (State of)
100,000,000
non
diversified management in¬
.
1962-1971
10:00,
a.m.
1962-1967
11:0Q
a.m.
1963-1988
..
-
vestment
the
concern
registered under
Sept. 28 (Thursday)
Investment
Company Act of
firm
was
organized
to provide financial
assistance to companies active in
the vending industry, both domes¬
tic
and
foreign. Automated be¬
1940., The
principally
it
is
at
that
owned whose
present
will be
principal
the
only
publiclypurpose
Indianapolis, Ind.
3 25%
3*15%
3.35%
320%
1977-1980
3.40%
3 25%
1978-1980
3.75%*
3 65%
George J. Schwartz, Fresident of
1980
3.50%
3*.40%
\
Sept. 29 (Friday)
Minneapolis, Minnesota
3,400,000
Oct.
Los Angeles City Col. Dist.,
Los Angeles U. S. D., Calif
10
198O*
3.45%
3 35%
provide financing
with
growth
7,500,000
27,500,000
Oct. 17
compa¬
possibilities
in
Analysts to Hear
York
meeting
of
the
New
Society of Security Analysts
Aug. 31.
/
3,500,000
Nov. 1
(Wednesday)
Commerce, Texas
1,082,000
*
Los Angeles
°
r
to be held
16,815,000
Portland, Ore.
tion, will be guest speaker at the
luncheon
(Tuesday)
Wayne County, Mich
vending industry.
N. Y.
(Tuesday)
Oct. 24
for
1989
(Tuesday)
Calif.
Compo Shoe Machinery Corpora¬
to
1:30 p.m.
2,200,000
is
1978-1979
a.m.
by
1974-1975
August 30, 1961 Index=3.4076%
a.m.
11:00
Sept. 19 (Tuesday)
1,000,000
Pennsylvania State Sch.
Los
expected that substantially
the
3.55%
11:00
1983-1991
a.m.
1,072,000
per
3 30%
3.60%
1966-1991
Sept.. 14 (Thursday)
Caddo Parish
Oklahoma
Blair
3.40%f
.
1:00 p.m.:
9,000,000
Dearborn, Mich
1978-1979
1980
7:30 p.m.
1963-1982
11:00
.
Fridley, Minn.
Milwaukee, Wis:
nies
3.55%
1962-1981
1963-1989
Houston Nav. Dist.,Tex.
Harris Co.,
i
3 35%
3.55%
,11:00 a.m.
Sept. 18 (Monday)
3 50%
3.65%
1963-1987
11:00
100,000,000
6,010,000
Atlanta, Ga.
1978-1980
3.65%
2:00 p.m.
4,500,000
Rollins College, Fla
Jersey Highway Auth., Gtd.__ 3%
(State)
3%
Pennsylvania (State)
33/8%
Vermont (State)
3.%%
'
8:00 p.m.
1962-1981
Sept. 15 (Friday)
3 35%
1977
1963-1990
1963-1982
1. Fla.___
Franklin U. H. S. D. No. 2,
3 65%
1979
;
a.m.
Sept. 13 (Wednesday)
'
3.80%
Housing Auth. (N. Y., N. Y.) 3V2%
Los Angeles, Calif
33/4%
Baltimore, Md.
3Y4%
Cincinnati, Ohio —T_
3%%
New Orleans, La.__
3Y4%
Chicago, 111
3Y4%
New York City, N..Y
3%
11:03
end
3.45%
New
Noon
1962-1976
4,000,000
Dade Co. Spe. Tax S. D.
bonds,
1980-1982
York
1964-1991
1962-1981
1,125,000
.
1978-1980
New
8:00 p.m.
1,862,000
1,450,000
9,000,000
1,262,000
3,000,000
Wash.
$6,930,000$ 7'" 7Vi
(1962 - 1973) California (State of)
Y.
N.
33/4%
(State)
New
11:00 a.m.
1963-1991
47,000,000
High Sch. Authority, Pa.
the week's largest issue
3y2%
Connecticut
f,
week totals only $40,888,000. with
company
Asked
1,000,000
10,000,000
Pa
Pasadena, Calif.
St. Anthony, Minn.____
Springfield, Mass.
:
Suffolk County Water Auth., N. Y.
The volume 6f sealed bids fur the
lieves
SERIAL ISSUES
1,000,000
1,200,000
?
County, N. J
Mooresville, N. C._
Although the over-all calendar
continues
heavy,
next_ week's
schedule, because of the ffoiklay,
will
2,340,000
1,940,000
7 7
"7
1,550,000
2,030,000
7.;
1964-2001
11 (Monday)
Commonwealth of Massachusetts—
with¬
Almost
month.
■
a.m.
Sept. 12 (Tuesday)
and
Manor Jt.
mated
bidder
Noon
1,200,000
Middlesex
eluding R. W. Pressprich & Co.,
Shields
&
Co.,
HornblowerJ &
Weeks, Ira Haupt & Co., Shearson,
Hammill & Co., Wood, Struthers
& Co. and others was the success-
P°ns- The lssue was well received
index, taken at
the market,
for
operating and in¬
exception
an
ful
1964-1991
an
requirements for the second
bonds. The account headed by
Kidder, Peabody & Co. and in-
week.
of
averaged out at 3.4076%
showed
llcly reoffered. The initial demand
f°r the bonds was good and the
unsold balance on Aug. 30 was
isupply,
u
South Windsor, Conn
Other
reports
en
On Tuesday, Aug. 29, the largest
^sue of the week $30,000,000 San
Aug. 31,
total
^
ount
76%.
.
continue to improve and strength¬
out
,
IVisonn^LJ.
as measured by the Blue
List float stands at $410,498,000 as
ventory
8.4%
met
consecutive
From
„
over
Turnpike
of
than
more
Co.,
likely to participate
Wood Strathers & c
Bramhall
a technical viewpoint
the,.Falio^ & Co Inc. and 'charles w
state and municipal bond market
Scranton & 'Co
Scaled to
ield
is m a less favorable position than
i7c(v
+„
o rnw
^
o rro/
are
increase
con-
Harris Trust & Sav-
p
Worth
Fort
Aug. 24, Groton, Conn,
$1j276,Oo6 school (1962-
on
awarded
to
~
—
traffic running twice as high as V
Sept.
expected, the Mississippi Highway; Fort Myers, Fla.__
Department reported. The Dallas- Parma City Sch. Dist., Ohio
in
remain
11:00 a.m.
10:00
1,465,000
projects such as the newly opened, Tampa, Fla.
Mississippi River Bridge has had
7
.
account.
.-° '-sisting of the
1965-1972 maturi-
priced to
a.m.
1962-1986
_
.
maturity was not
this writing $1,090,-
the
of
to
.
first six V Gettysburg School Authority, Pa.
months' net revenue was up 22.4%
Greenville-Spartanburg Airport
over
the like period a year ago.
District, S. C—
In comparison with the same pe¬
Islip, N. Y.
riod of 1959, the tollway's first
Peoples Community Hospital
Authority, Mich.
full year of operation, the increase
last
reoffered. At
000
were
1.65%
from
The
is80.
eligible
of
e i s
offered better yielding,
are
others. The bonds
,
the
and
(1960)
11:00 a.m.
2,500,000
Authdrity, Minn.___
,
relatively steady over . America N. T. & S. A. and includ-the past few weeks and the calen;ing The First Boston Corp:, R. H.
dar
of
new
flotation
continues > Moulton & •
Co., Merrill Lynchlight. U. S. Treasury intermediate . pierce, Fenner & Smith, Wertand long term bonds drifted aimfheim & Co., Laidlaw & Co., W. H.
lessly with little trading activity Morton & Co., Inc. and several
1962-1981
1963-2000
continues as perhaps the most *
'
,TV
»
v
spectacular performer, July's net:
*
'
•
kept. 7 (lnursaay;
revenue "increased 14.7% over last "Florida State University_i_______->
: 1,486,000
of
Bank
2:00 p.m.
10:00
1,070,000
Rosary Hill College, N, Y
way
the
to
Noon
1962-1981
2,u00,000
^Frederick County, Md
0.05% of
an
figure. The Illinois Toll High- ; St. Paul Port
this
for
competitive
bidding. The issue which attracted
fjVe
field. Corporate bonds
(1962
sewer
1962-1981
1962-1981
1,838,000
Franklin, Mass.
aged 3.86% on Aug. 24, the last reporting date. Since June 29, this
Thursday, Aug. 24, Glendale,
Calif, brought $3,250,000 general
[obligation
reporting and there is
nothing of note to report from
the corporate and U. S. Govern-
3:00 p.m.
„
:On
inactive
11:00 a.m.
1965-1990
taken the summer off, the might indicate. The over-all mar-.
:
■
c
averages would be the same today *: ket for tollitoad; bonds continues
Sept* 0 (VVcdnesUay)
- as the day you left,
as an example of stability to in-Covington, Va.
l,0j0,000
i.
This week from an underwritvestors. The Smith, Barney & Co. East Haven, Conn
______
2,935,000
ing viewpoint was extremely light. turppike bond yield index aver- El Paso County, Texas
—
1,750,000
.
also
of
were
1966-1990
/
.
Nov. 14
(Tuesday)
Flood Control D., Cal;
7
Los Angeles Co.
^
15,000,000
Dec. 12 (Tuesday)
Hosp. Dist., Calif.
3,781,000
1966-2001
1964-1983
4:30 p.m.
Volume 194
•
Number 6086 ;
.
The Commercial and Financial Chronicle
.
(907)
7
.
>
•;*'^'p ■ * *' Jf ■ •' -VvVv«:j; • j1
p Steel
v■»'•
*';• ?,
Production
■
y:'Electric Output "■
r
;.'V'
:"W
;> v
y, Cctrloadings
>
' ' Retail
.
V'
■
'
,V
v
•
.
*
Trade
? X,'J
;
.Food Price Index^
■*■;
•:
i4rtto
.r....
.
Production
' •*
■
Buitite&s Failures
.
'»*
»t'
!
Commodity Price Index
...
New Issue
All
of
areas
expected
to
the
economy
are
provide
strength to
the recovery during the next year
states the August issue of Barome¬
ter of Business published
by Har¬
ris
Trust
and
Savings
Bank,
Chicago. With personal income up
over $13 billion from its recession
low in
ing
February,
consumer spend¬
expected to rise sub¬
be
can
stantially later in the
1
The
gan
latest
purchase
reports
new
quarter
buying
plans to
consumer
that
in
cars
the
in
the next few months."
In.
*
are
are
the
Harris
business
Bank
accumulation
plans
for
sector,
the
inventory
will
continue
and
plant and equipment
suggest a 5%
rise in
spending
capital expenditures by the fourth
quarter.
Also
penditures
with
government
ex¬
definitely climb
spending budgeted
Federal
the
incided
the
with
level
$7
end
in
last
week
Reserve
March.
,
,
Consumer
the
was
Bank
Bank.
product
Personal
been
robust
more
rose
of
this
~
Bank
Clearings for Week
within
and
personal
in
the
of
possible
real
the
.
v.
year
a
first
time
New
*ork__
1,206,073
been exceeded only four times
the postwar period.
\
•
third
the
are
quarters
of
second
1950
in
and
(Korean
War buying
spree), the first quar¬
ter of 1955, and the second quarter
1959
(inventory
buildup
anticipation of steel strike).
in
in the second quarter observes
Bank.
ventories
After
at
annual
the
$4 billion in
the
reducing in¬
an
first
rate
quarter
of
of
1961, business added to stocks at
a rate of $2.5 billion in the second
quarter.
;
V
Inventory accumulation early in
economic recovery is unusual
points out the business summary.
an
Typically, inventories
ing
reduced ' after
the
business
reached.; This
1958
the
cycle
was
trough in
has been
true
and. 1954
still be¬
are
in
both
upturns.
In
1958, output
was recovering in the
quarter but inventory ac¬
cumulation did not turn positive
second
until
the
GNP
bottomed
fourth
quarter -and
quarter.. In
out
in
the
1954
second
inventory rebuilding
2.50%
1,000,000
■rn-; ^,1967
2.65%
1,000,000
;M*r;
2.80%
1,000,000 »; >•; 5
V ■■■"
Purpose and Security
'These bonds, issued under provisions
8.8
without limitation of rate or amount.
>'■-
-•
-
'
value,
and
1970
3.05%
3%
1971
3.15%
3%
1972
100
1,000,000
3%
1973
3.35%
1,000,000
3
V*
1974
3.40%
1,000,000
3%
1975
1,000,000
3'/2
1976
1,000,000
:'
v/i
19 77
a
3'/,
-
1978
3.55%
1979
3.60%
1980
3.60%
1,000,000
other underwriters not
Messrs.
r
Orrick,
•
.V
Administration and Democratic
congressional pressure is building,
to halt any moves to increase
up
steel
prices, The Iron Age reports.:
This
is
reflected
in
last week's
Harriman
massive, attack against steel price
increasesX;by
backed
up
,
group,
of
up
moves
the,. Senate's
by
most
representing a.
.
Senate
-
votes.*
It
by behind-the-scenes
administration; people
to the cabinet level.
these
But
is
two
facts
The Iron Age says:
-
been
dustry
reached
in
what, if
out,
WX X''
any,
on
steel
price
■
,
X%-
-
?
National Bank.
,
in¬
move
will be made after the Oct. 1 steel
Hayden, Stone & Co.
r
■'
■+
*
:
X
:
.
Commerce Trust
Kansas
Francis I. duPont & Co.
Company
City, Mo.
...
Incorporated
.
.
Eqoitabie Securities Corporation
J. Barth & Co.
•
.jt
.
The National
>•
-r
■
A. G. Becker & Co.
j
;
i
-
...
But
%
*
.
industry leaders
not
to
be
determined
intimidated
by
include
market
Incorporated
New York Hanseatic Corporation
•
Fitzpatrick, Sullivan & Co.
,
Gregory & Sons
National Association
J.
•,
Brush, Slocumb & Co., Inc.
F. S. Smithers & Co.
'■
■
Freeman & Company
A. G. Edwards & Sons
Cruttenden, Podesta & Co.
Hirsch & Co.
deter¬
are
by
threats or pressure from Washing¬
ton. The final price action will be
These
,
Kansas City, Mo.
,
First Security Bank of Utah
of Cleveland
Coffin & Burr
,
...
City National Bank & Trust Company
.
Incorporated
,
increase.
wage
,v v
.
'
E. F. Hutton &Co.
Shearson, Hammill & Co.
The Robinson-Humphrey Company, Inc.
City Bank
Seattle-First National Bank
.
W. E. Hutton & Co. f Lee Higginson Corporation
,
,
Incorporated
■•
Stone & Youngberg
Wm. E. Pollock & Co., inc.
•
The First Boston Corporation
Weeden & Co.
,
WiHiam R. Staats & Co.
;
.
'lis
Merrill Lynch, Pierce, Fenner & Smith
The Northern Trust Company
Bacon, Whipple & Co.
Wertheim & Co.
•
-
(Incorporated)
R. W. Pressprich & Co.
- -
Not re-offered
of New York
John Nuveen & Co. '
=».
-
;
Morgan Guaranty Trust Company
u'
X
'
American Trust Company.
-N
•'
-
Shields & Company >■;
3.65%
4982
1
'
'
of whose
copy
a
Wells Fargo Bank
*;.■f, X'f.x r'-j
The Philadelphia
^
•
;
L
-
X
'
the
Incorporated
Dean Witter & Co
••
Lehman Brothers
Smith, Barney & Co.
Ripley & Co.
X
t
Increases in steel prices are still,
"phantom increases." No decision
has
:
'
.i
stand
;
-•
1,000,000
1981
.
Security First National Bank
T.&S.A.'
:.N
California,
Herrington
' Blyth & Co., Inc.
Bank of America
j
3'/2
3%
as
& Sutdiffe, Attorneys, Son Francisco,
legal opinion will be printed on each bond.
Dahlqulsf,
' U...
*'
.
"
and if issued and received by the underwriters listed below, as well as
shown whose names will be furnished on request, and subject to approval of legality by
offered when,
are
100
100
3'/2
1,000,000
1,000,000
Legal Opinion
The above bonds
3.45%
j
,
named political subdivision at not less than their par
taxable gain may accrue on bonds purchased at a discount. Investors are required under exist•
ing regulations to amortize any premium paid thereon.
initially issued by the above
be
will
bonds
.X
Amortization, of Premium
Tax Gain,
These
2.95%
3%
t
limited rates),
(except certain intangible personal property, which is taxable at
1969
;
■
1,000,000
X' X X
'
(j 1968
1,000,000
.
"■'X.y ■■■'' V
.
1,000,000
.
0.4
5.4
+
699,352
7.6
4-
990,000
Is Building Up to;
Oppose Increasing Steel Prices.,
mined
The reversal of inventory policy
by
businessmen
accounted
for
nearly half of the GNU-incr^ase
Harris
2.35%
1966
Administration and Congressional
in
has
year-
1965
5
1,000,000;.
*
four
+
—
1,210,595
-
-761,119
Boston
seven
For a. comparison, the
monthly
publication indicates, that thef2.8%
rate of .growth im gross national
product-between
the. first
and
the
5
1,000,000
-
<•
1,043,000
.
quarter-toT-quarter rise in the his-, powerful
majority
tory of the country.
of
1,000,000
LegaKty for Investment
to
real gross national product. This
real dollar increase was the largest
quarters
2.00%
2.20%
'
.1960
$13,569,499 $12,610,957
_z_
Philadelphia
four
increase
an
1963
1964
District"
Chicago
in
5%
Week End.
1961
or
Price
5
We UJieve .that these bonds are legal investments in New York for savings banks and trust
funds ahcj,ir\ California lor' savings banks, subject to the legal limitations upon the amount
:'
; c>f a bdfrk'fcnbvekttfent, and are'likewise le^af investments in California for other funds which
iU
/rhdy'W Invested in bonds which dre iegal investments for savings banks, and ,pre eligible 6s
'
'
security for deposits of public moneys in California.
-
-(000s omitted)-
Due
Rate
1,000,000
rj,
-
Yield
Coupon
$1,000,000
of Division 16, Chapter 7, California Education Code,
for various school purposes, in the opinion of counsel constitute valid and legally binding
obligations of the San Diego Unified School District. The Board of Supervisors of San Diego
County has power and is,obligated to levy ad valorem taxes for the payment of said bonds
and the interest thereon upon all property within said District subject to taxation by said
Aug. 26-
(Accrued Interest to be added)
from all
*
week
has
AND YIELDS OR PRICES
State of California personal income taxes under existing statutes,
regulations and court decisions.
for the
leading money centers for the
follows:.'"X;r.7:XXXXXXXX'
X.
a
AMOUNTS, RATES, MATURITIES
Exemption
opinion df counsel, interest payable by the District upon its bonds is exempt
present Federal and
Opposition
entirely
These
In the
Our comparative summary
the Barometer of Business
points out. The $14 billion gain in
total spending in the spring quar¬
second
weekly clearabove those of
corresponding week last year.
preliminary totals' stand at
$26,000,133,683" against- $24,139,002,526 for the same week in 1960.
pro due-'
first
obtain
<
Amount
Tax
,
Our
price inflation in
no
the
was
Due October 1, 1963-82, Inch
Payment and Registration
.
Principal and semi-annual interest (April I and October I) payable, at the option of the
holder, at the office of the Treasurer of San Diego County in San Diego, California, or at the
main offices of Bank of America N.T.&S.A. in San.Diego, Los Angeles, and San Francisco, Cali¬
fornia, or at any fiscal agency of the District in New York, N. Y„ or in Chicago, III. First
coupon (annual)
payable October I, 1962. Coupon bonds in denomination of $1,000
registrable only as to both principal and interest.
t"
..
.
the
dollar
expansion
to
ings wilT be 7.7 %
of the record level of
was
for
the
.
cities of the country, indicate that
for
the
week
ended
Saturday,.
quar¬
income
1961
1%
There
of
Dated October 1, 1961
Ended
ago. Preliminary figures compiled
by the Chronicle based upon telegraphic advices from the chief
years
.
5%, 3V4%, 3V2%, 3%% and 1% 1960 School Bonds, Series B
clearings last week showed
increase compared with
an
January, 1960.
ter
SAN DIEGO COUNTY, CALIFORNIA
7.7% Above
August 26 Are
this
to feach both
8%
rose
GNP
SAN DIEGO UNIFIED SCHOOL DISTRICT
■
than
second
addition -industrial
months
;
ex-."
consumption
$2.5 billion
rose
'
high each, month since
X
new
March.
$20,000,000
billion
substantially boosted spending.
$14 billion be¬
over
year
rate.. Also;
tion
-
an
fense expenditures up $1.5
had
record.", monetary
In
was
pared with the first quarter. And
the Federal Government with de¬
1
business
tween the first and
,
durable
on
duringthe second quarter. Spending on
durables, paced by auto sales, was
up 6% in the second quarter com¬
Fed¬
System.
in
recovery
forecasters
a
spending
impor- 5
tant element in the expansion in
spending, points out the-Harris.
anticipated
six months ago indicates the busi¬
ness
periodical.
Gross
national
set
of'
Aug. 26, clearings for all cities of
the United States for which it is
has
ters
co¬
economy
Industrial
Inventory poliby
contributing to an ex-.
pansion
in
output
during
the
spring months of 1961.
;
•
inadvert¬
an
published in this
survey
The
most
cycle,
recovery
performance
thus
billion
ence, we failed to mention that
the source of the business situ¬
year
the
Corresponding 1960 Week
Ed. Note:—Due to
eral
business
states the'
Barometer.
production'
declined
through February and
inventory liquidation came ~ to an
Bank
ation
current
over-all
above fiscal 1961.
■space
fourth
will
fiscal. 1962
at
In
penditures
indicates,
the
however, inventory
fourth" goods and services
high.- Since housing
climbing,
residential
spending should increase further
starts
in
quarter.
was
• »
University of Michi¬
of
survey
intentions
year.
moderate
was
Hooker & Fay,
J. A. Hogle & Co.
Lyons & Shafto
Irving Lundborg & Co.
Lawson, Levy, Williams & Stern
Kenower, MacArthur & Co.
Johnston, Lemon & Co.
Hutchinson, Shockey & Co.
Inc.
competition,
from
McCormick & Do.
Incorporated
forces.
William S. Morris & Co.
McMaster Hutchinson & Co.
Shuman, Agnew & Co.
Rowles, Winston & Co.
Stein Bros. & Boyce
other materials and from imported
steel, and over-all demand.
Without
Stockyards National Bank
f'nal
decision
reached, Th? Iron Age speculates
there is
a
chance of selective
\
board, but Iwould
,
'XXX-
apply to, prod¬
strongest
demand
and
products where, present prices
out
line with
of
costs.'
,•
-
' are
ministration
will
raised,
the
make
every
Continued
H. V. Sattley &
on
Jones, Cosgrove & Miller
.
-
v
Co., Inc. : Singer, Deane & Scribner
Robert L. Whittaker & Co.
Ad¬
page
at30
August 3Q, 1961
«
Nongard, Showers & Murray, Inc.
Stern, Frank, Meyer & Fox
Frank & Robert Bender Co.
circular relating to these bonds may be obtained
other
.
Hannahs, Ballin & Lee
Dallas Union Securities Co., Inc.
•
Ryan, Sutherland & Co.
Putnam & Co.
-
A
unlikely that selective in¬
will approach $5 per ton.;
Instead, they could range from
$2.50 to $3.50 per ton, if they
prices
Incorporated
of Salt Lake City
underwriters not shown
whose
Wagenseller & Durst, Inc.
Herbert J. Sims & Co., Inc.
are
It is
If
Hill Richards & Co.
■/
creases
come.
Incorporated
Nashville, Tenn.
The Continental Bank and Trust Company
Chapman, Howe & Co.
price
These would not be across-thein
Arthur L. Wright & Co., Inc.
J.C. Wheats. Co.
Wells & Christensen
any
increases.
ucts
Third National Bank
from
names
any
of the above underwriters,
will be furnished
on
request.
as
well
R. D. White & Company
C. N. White & Co.
as
•
8
<.
The Commercial and Financial Chronicle
(908)
Hale
DEALER-BROKER
Stores, Bullock's Inc.,
Department Stores,
Roebuck—Paine, Web¬
able
data
are
PARTIES
INTERESTED
SEND
MENTIONED
FIRMS
THE
WILL
FOLLOWING
THE
LITERATURE:
&
Cincinnati,
Cleveland,
cago
PLEASED
BE
Dow
Chi¬
Exchange—Mid¬ Japanese Market—Survey—Daiwa
Securities
Co., Ltd., 149 Broad¬
year 1961 edition of booklet giving
industrial classification of securi¬ way, New York 6, N. Y.
ties traded on the exchange, with
American, Stock
Japanese Stocks
high-low-last prices for 1960 and
first half of 1961—American Stock
New
PL,
Trinity
86
Exchange,
York
6, N. Y.
Handbook for
—
investment, containing 20 essen¬
tial points for stock traders and
investors
The Nikko Securities
—
Ltd., Tokyo, Japan — New
Bond Market — Discussion — New York office 25 Broad Street, .New
York 4, N. Y..
/,/.;
' /•' v:
York ^ Hanseatic Corporation, 120*
Co.,
Industry
Rothschild
&
—
Survey
L.
—
120 Broadway,
Co.,
poration and
road
Pennsylvania
Western
tions
Reports
—
.
,
Building & Construction Industry
particular
—Analysis—With
Standard
Manufacturing
Co.,
&
Carey
Philip
Sanitary,
ref¬
Radiator
American
to
erence
Giant
York
New
Port¬
land Cement and National Lead—
Second
compari¬
between
Japanese
New
Broadway,
Ill
over-the-
stocks
used
Quotation
in
Bureau
period — National Quotation
Bureau,
Inc.,
46
Front
Street,
year
Corpora¬
Shawinigan Water & Power.
Western
Fairchild
York
6, N. Y. Also available are
analyses of Nippon Suisan Kaisha,
Ltd. and Toppan Printing Co. Ltd.
War Changes in
Post
Economy
can
Bullock, Ltd.,
5, N. Y.
the Ameri¬
Study
—
Wall
1
Calvin
St., New
—
York
Retail
Trade
Discussion
with
particular reference to Broadway
♦
•
;/Y
Co., Ill
6, N. Y.
New York
Taylor,
Lynn
&
bulletins
are
Electrosolids
on
Industries,
Lasco
American Corp., and
search
on
institutions.
Broadway,
available
are
Consolidated
ital Corn, and Union Bank.
Evans
Co., 40 Wall St.,
Also available
Haveg
Georgia Pa¬
on
growth of-the -nation's ^economy and
stimulate the:
J accelerate the flow of private capital,.Congress in 1958 passed the
Small Business Investment Act. It
-
among
other things,
unprecedented tax advantages, namely:
51.
:
provides
ordinary loss deduction to the S.B.I.C. rather than a
An
capital loss deduction—in case of losses.
2.
duction to investors who sustain losses upon
regardless of the period held.
3.
Below is
treated as capital gain and subject
maximum tax of 25%, after 6 months.
a
list of
a
representative S.B.I.C.'s which
position and
we
■»
f
Original
Current
Price
Price
Range
1814
2934—13V4
UK
14
Company
i
Boston
Approx.
Offering
15
Capital Corp.
Capital for Technical Inl, Inc.
10
Capital Southwest Corp.
11
Electronics
n. y.
l'ropane^a^and
Florida
Capital Corp.
••••
:
Cap. Corp.
tle
-10
-21
Corp...
Narragansett Capital Corp.
:
.
-
,
.
>
34
/
'
2054—1314
Capital Inc.
ll/s
/■
12
■'
10
Capital Corp.
19
.14%
1.15
ii
-
-20%
8
.
Jose
on
8%
,
Techno Fund, Inc.
Machine
the
Tool
New York
2
way,
—
—
are
Hayes
E.
St.,
Survey
Memorandum—
—
M
•
—
Report
ing, Duluth 2, Minn.
Sound
1214 '
24%—10%
Robbins,
Drourr
82 Wall
74.
Analysis—Johnston
& Co.,
Inc., Hanna Bldg„Cleveland 15, Ohio.
j
Inc.—
Filter—Memorandum—Theo-
Lee
—
Ja-
Build¬
Co., Inc., 82 Beaver
St., New York 5, N. Y.
Lithonia
Courts
<
Corp.—Report—
&
Clark,
Inc.,
St., New York 5, N. Y.
is
a
bulletin
Lorillard
Co.
Textiles.
on
Equipment—Chart analysis
way,
Sparks & Co.. 120 Broad¬
New York 5, N. Y.
on
request.
.
.
—Auchincloss, Parker & Redpath,
2 Broadway, New York 4, N. Y.
Troster, Singer & Co.
Members New York
74
Security Dealers Association
able
La
*
Trinity Place, New York 6, N.Y.
HAnover 2-2400
Wall
St., New York 5, N. Y. Also avail¬
tin—A. C.
..
Manhattan
Consolidated Foods Corp.—Bulle¬
•Prospectus
Teletype NY 1-376; 377; 378
Salle
recognized statistical services, company reports or other
expression of our opinion. It presents information be¬
lieved to be of interest to the trade and does not purport to be complete. This firm has a
long position in these securities and may, from time to time, have a long or short position.
sources
commonly relied oh,
or
on
is
an
&
bulletins
are
American
on
Tran^portat
Company,
Manufacturing
Union
United
Gas
Insurance
America.
Chas.
Auto
Philip
Co.,
right Oswego Falls Corp.,
ern
Also
Co.
Review—
—
Van Alstyne, Noel & Co., 40
&
are
reviews of San Diego Gas
Electric and ACF Industries.
Seal-
South¬
Company
and
Company
related
The
activities.
of
McDonnell
Aircraft
Corp.
—
An¬
alysis—J. R. Williston & Beane,
2 Broadway, New York 5, N. Y.
Midland
Guardian
Co.
—
Memo¬
randum—Kidder, Peabody & Co.,
17
Wall
Also
on
St.,
New York
available
Polychrome
is
<
"
-
of 43
company,
com¬
..
W. 63
St.,
New York, is engaged in the pub¬
lication
of a
monthly /magazine
entitled "The National Real Estate
Investor." The magazine is a pro¬
fessional
estate
real
dealing
with
of
the
publication
and
problems
special interest to the
.
..
.....
entire.-real estate industry, -y..,.
T\
l
<
T
•
KlCharCl D. IrWlIl
o.
.
i
•
COmmOll Olie™
a
5, N.
Y.
memorandum
Corp.
A. G. Becker & Co., Inc., heads an
underwriting group which is of¬
publicly
shares
of
160,000
Richard
D.
common
Irwin, Inc.,
at $16.
Of
the
total
35,000
000
the
for
account
being
are
offered for the company
and 125,-
of
certain
shareholders. Proceeds to the firm
will be
General
on,
Company, Monroe
Equipment
Carey
The information herein is based
St., Chicago 3,- 111.
available
Pfizer
Allyn & Co., 122 South
Shirt
the
increase the magazine's
subscriptions and advertising, ex¬
pand its editorial staff and fori
to
pany
fering
Memorandum
—
—J. W.
Clark
Proceeds will be used by
Inc.—Report—
&
Co., 11 Marietta St.,
W., Atlanta 1, Ca. Also_ avail-
able
P.
Lighting
1
Uttered.
Inc., at $1 per share is being made
by Globus, Inc., and Harold C.
Shore & Co., Inc., New York City.
—
N.
Cla'rtOTie
&
dore Arrin &
mieson & Company, Torrey
13%- 954
Oil Industries, Inc.—
Co., Inc.,
St., New York 5, N. Y.
Kromex,
•
f\_cr
matters
Wall
4, N. Y.,
Inc.
Fishman, Inc., 2 Broad¬
New York 4, N/Y.
Report—Walston
1
11*
T*
j
Public offering of 100,000 common
' shares of Dornost Publishing Co.,
of .Central
surveys
'
15
A.
Jordan
Paper Co.
Kerr McGee
Broadway,
11%- 814
11%—1014
Ltd.
Analysis
—
Co.,
10
10%
Kelsey
Industry,
Chroma-Glo
MARKETS ON ALL THE ABOVE
FIRM TRADING
Memorandum
Y
~
and Taylor Instrument Companies.
reports
are
Express International Corp. '
1214
•11
♦Business Funds, Inc.
available
Kahr Bearing Corporation and Air
1214
Capital Corp.
—
Co.,'25 Broad St., New
OOHIHIOR
Maine Power, Midland-Ross Corp.:
Water
17%- 8%
8%- 7%
Corp.
N
DOmOSlPUDllSning
Chemi-
&
&
4
t\
—Schirmer, Atherton' & Co., 50
Congress St., Boston 9, Mass. Also
Singer & Co.,
New York 6,
available
Also
Y.
&
-1%
XuUo.'.Com .—'.Analysis—
York
Divine &
Goodbody
2
Jose
Refineries
Kodiak
23%—1214
-
Corporation
San
and
Papers
/
•/'•/'..
Brothers
Droulia
.
&
Minerals
Co., Ltd., 11
Toronto 1, Canada.
Pacific Northwest
Champion
m
■
.
—
-1114
*
m,
Capital Corp.
-9%
28%—11%
1314
—
^J*, gliding, Dal-
Memo-
—
Ristine
Osier
Wash/Also available are
on First National Bank of
24,
San
N.
1434
cal
Works.
26
15 V"
Ohio.
Warner
U a";
Thtokoh
Co.,
St., New York 5, N. Y.
International
Financial
Report
P.
International
Companv, 1000 Second Ave., Seat¬
2414
11
,
Broad
of Canada Limited and
Company
—Report—Troster,
74
Trinity Place,
Marine
Southeastern
Canada
1514- 5/4
20
randum—F.
Company, Du Pont of
Limited,
Ford
Motor
814
Washington Ind. Inv. Inc.
Analysis
—
&
Co., Union Com¬
Building,
Cleveland
14,
merce
—
New York 6, N. Y.
Dominion
Canadian
Capital, Inc.
Science
Chemical
—
12%- 9%
25
McDonald
Sherman.& Co., 52 Broad-
International
Company,
reports
1814
—
Analysis
—
International Harvester
Bridge Company, Dominion Tar &
1414-12%
Greater
St. Louis
Canadian
Lines,
D.
way,
Steamship
Canada
69
Growth
Minnesota Scientific
Company,
121/4
10
Midland
are
L.
1, Canada.
Also available
analyses of Canada Cement
31/4
10
Corporation
Corporation
5, N. Y.
Therm-O-Disc Inc.
Analysis
—
Amott, Baker & Co., Incorporated,
—Fahnestock & Co 65; Broadway,,
150 Broadway, New York 38, N. Y.:
New York 6, N. Y. Also available
Calgary Power Ltd. — Analysis —
is a survey of Kroger Company.
Royal Securities Corporation Lim¬
ited. 244 St. James St., West, Mon¬ Income Pioperties Inc.—Analysis
California
1961
V 9%
8
Mid-States Business
Chemical—Memorandum—
10
Corp, of N. J.
Capital Corp.
Franklin
/;■:v.:-:
Bzura
m
Capital Corp,
First Small Bus. Inv.
I
.
York
Halle &
Simpsons Limited.
•
c.
Royal Crown Cola — Survey —
Shields & Co., 44 Wall St., New
Standard
Newburger, Loeb & Co., 15 Broad
St., New York 5, N. Y.
Compari^—Report—Gerst-
Power
Stockholders profits are
only to
Industries
Brothers,, Inc.—Analy¬
Hayden, Stone & Co., .25
St., New York 4, N. Y.
—
Bread
Company.
Hupp
treal
ordinary loss deduction father than a capital loss de¬
sale of their stock,
An
of
to^pnlted Air Lines
Co.—AnalysisStieglitz,J52.Wall St., New': Hill/Richards & Co.; Inc., 621 So:.
York 5, N.: Y. a Also available-are Spring St.,. Los Angeles-14, Calif.
Burling ton. Industries^-Analysis—
Eisele
King, Libaire, Stout & ATala^°? ^pIan^e' :CJll ^a £°
Westgate California Corporation—
.Railway,
Co.VI 50 Broadway, New .York 4,
JVTcCrory- Analysis
.parker Ford & Com-
INVESTMENT COMPANIES
to
Steel
Sunstein & Co., 211 South
Broad St., Philadelphia 7, Pa.
1
SMALL BUSINESS
order
analysis
an
Pressed
5, N. Y.
memorandum
Rockower
& Co., Inc , 300 Park Ave.,
22
N. Y.
Also avail-
is
Air
the
and Northwest Air Lines.
York
able
and
Industry, with particu¬
lar reference
list of Invest¬
a
Corp.
Transport
Uompanv—Analysis
Hanna
A.
New
Co.—Memorandum
—J. A. Hogle &
Machinery
Meeds,
120
5, N. Y.
York
sis
M.
Brown
St., New York 5, N. Y. Also avail¬
are
reports on United Shoe
poses.
Water
C"
'
+
Corporation of America—
able
Suggestions for various pur¬
Power & Paper Co., Midland Cap¬
a
Radl°
Electronics
&
&
New
available is
Also
ment
memo¬
ley,
vIn
Bissell
—Laird,
New York
?IyQfS
State St" Boston> Mass*
&
Corporation—Analytical brochure
cific Corp.
For banks, brokers and financial
Telephone
randum—Schwabacher & Co., 100
on
&
Bell
and
at
Analysis—H. Hentz & Co., 72 Wall
General
Bank of California, N. A.—Memo¬
randa
Optical
v
St., New York 4, N. Y.
*hil? Carey Manufacturing Co.-
Howell.
Kramer-
Products Re¬
Company.
Also
*Jpm,T
Co., 14:
Cable-Report-Blair
American
Hardeman, Inc. -Mem oranfg/i
v'
broad
Corporation—
Co., Inc., 20 Broad St., New York
5, N. Y. Also available are reports
1830 West Olympic Blvd.,
Los Angeles 6, Calif.
Also avail¬
Corp.,
companies.
•
St., New York 5, N. Y.
General
Cable Co.,: Brown &
Tobacco Co., Feder-
ated Purchases, and Scrap Metal
Corporation
Analvsis—W. E. Hutton &
Lee,
able
General
Conduit :&
Olin::
of
Rosario
Discussion in Sep-
year. Also in the same
lJisue, Yre „dlicu,s,sio"s of Triangle
Y —Also
N
Chemical
Financial
Wall
Bergen,
4
reviews
Honduras
&
—
S1.00 per
—
and Union Bag-Camp Paper Corp.
American Laboratories, Inc.—Bul¬
letin—
York
are
Mathieson
—
Broadway,
&
Haupt
New
St
//•
*
.
Incorporated —Analysis
Aldens
in
;
.
Review
—
available
Benrus Watch
—
stratoi
York
tember issue of American Investor—American Investor, American
Stock
Exchange
Building,
New York 6, N. Y.—15c per copy,
80
Pine St., New York 5, N. Y. Also
available
is
a
memorandum
on
Montgomery St., San Francisco 4,
New York 4, N. Y.
New
ner, Union Trust Building, Pitts¬
burgh 19, Pa.
"
Calif.
Japanese Market — Review — Yamaichi Securities Co. of New
Inc.,
35
both as to yield and
performance over a 23-
—
*4
York,
National
market
Electronics Industry
61 Broadway, New York 6,
Ltd.,
the
and
industrial
Dow-Jones
the
Averages,
Analysis—Nomura Securities Co.,
N.Y.
in
industrial
counter
the
listed
the
used
Averages
Co., Inc., 1 Wall
St., New York 5, N. Y.
Folder
—
up-to-date
an
dum—E. F. Hutton & Co., 1 Chase
Manhattan Plaza, New York 5,
N. Y.
Hemphill, Noyes & Co., 8 Hanover
Ira
showing
son
Kidder &
11
Over-the-Counter Index
stocks
A. M.
on
Bissell
Broadway, New
Meeds, ^120
N. Y."
Pine
Educational Publishers—Review—
Statistics
New York 5, N. Y.
Mining Co.
Co.,
322
National Standard Co.—Memoran-
Card—Me-
Pennsylvania Corporations~(ninth
edition)—Singer, Deane & Scrib-
Banks—Laird,
York 5,
Penington Colket & Company, 70
St., New York 5, N. Y.
Stocks—
Bank
Quarter
York
New
&
City
Chicago 4, 111.
&
Corp.,
Murphy Corp.—Memorandum—R.
W. Pressprich & Co., 80 Pine St.,
Manufacturing—Analysis—
morandum—Estabrook
.
Broadway, New York 5, N. Y.
Inc.—Analysis
Co.—Analysis—
Securities
St., Nashville 3, Tenn.
Electronic Accounting
,
83
on
Union
ucts and Phillips' Lamp Works.
discussion of Rail¬
a
prospects.
Cookie
Equitable
1500 Walnut
St., Philadelphia 2, Pa. Also available are analyses of Ekco Prod-
F.
5, N. Y. Also available
survey of National Steel Cor¬
a
Bradstreet
—
Mother's
Butcher & Sherrerd,
New York
is
Incorporated
Analysis—Copley & Co., Inc., 620 North
Tejon St., Colorado Springs, Colo.
Illinois Company, Inc., 231
Echlin
*
Steel
Mortgages
5,
Co.—Memorandum
&
South La Salle St.,
Co. and Lockheed Aircraft.
1
York
New
&
&
—The
Insurance
Fund
Jones
Dun
Illuminating, Aldens
Fireman's
Inc.,
St.,
Co., Inc., 155 Sansome
St., San Francisco 4, Calif.
St. Louis Railroad, Cleve¬
land Electric
Pine
80
—Birr
Hercules Powder
on
Co.,
THAT
UNDERSTOOD
TO
Thursday, August 31, 1961
.
N. Y.
ber, Jackson & Curti^ 25 Broad
St., New York 4, N. Y. Also avail¬
RECOMMENDATIONS
> AND
Sears
and
—
Co.,
Stores, J. C. Penney,
Department
IS
.
Discussion—Stearns &
Dimplex
Fed¬
May
erated
INVESTMENT LITERATURE
IT
.
-T»K .Ij.
added to
The company,
wocd, 111., is
working capital.
located in Home-
publisher of college
a
textbooks, specializing in business
and
economic
sidiary,
The
<
subjects:; A
sub¬
Press,
Inc.,
Dorsey
Publishes textbooks in the social
sciences.
Volume
194
Number 6086
.
.
.
The Commercial and Financial Chronicle
(909)
tralia
Short-Term Prospects for
Construction Machinery
Domestic
sales
of
machinery have improved seasonally since the first of the year
as they usually do in the
spring,
However, the
early stages of
the
sales
should
continue
at
a
commodity
re-
restricto
Basic
exporting
coun-
early
..of
recovery
the
U.
S.
economy' and
the : continued
economic advance in-
European
that
sure
the
to
this
countries
<
hestitation in sales
material
raw
hand, are expected to show a
slight decline from recent levels.
will
brief,
be
*ta.tenJfnA bY M/- Neumiiier at tha
producing Months^of i96i»° seir spon^£d bj
the First National
Bank
the
upturn in the U. S.
...
,
.
domestic
sales,
economy
A
W1^. *eac*
.
*°
improvement
construction machinery
seasonal
after
adjustment,
(Special to The Financial Chronicle;
BEVERLY
A.
Mohon
Clinton
[ILLS,
is
now
year.
Foreign sales,
on
the other
Gil
jrt
&
economic
recovery
have
been
not
by
any
n
u
o
This
marked
announcement
is neither
n
c
offer
an
to
sell
nor a
solicitation of offers to buy
The offering is made only by
pro-
any
of these securities.
the Prospectus.
d
e
strengthening
in
,
the
con¬
struction
ma-
~
chinery
ness.
busi¬
Perhaps
con
tractors
$32,648,300
exercising
*./. greater
than
are
■
usual
}
caution
ARMOUR and COMPANY
Louis B. Neumiiier
in their
ment
equipbuying because adverse
ditions
;
have
struction
.
characterized
activity
for,,
concon-'.
4j/2% Convertible Subordinated Debentures
longer"
a
period than most other lines. The
Non-callable prior to January 1, 1963
Highway Program was cut back
sharply in the middle of 1959 and
about the time it
its
former
tractors
in
1960,
confronted
were
developing
restored
was
level
economic
with the
moving
activity
construction
second half of
justment
the
for
;::a" •'
Company is offering
to
on
1'
.
"
further
$58.00
per
share
' v';'
'
•
holders of its Common Stock of record
at
the
rate
of
$100 principal
Subscription Offer will expire
at 3:30
■
', \ '
■■
August 24, 1961, the right
■
.
on
amount
of Debentures for each
P.M., Eastern Daylight Saving Time,
Debentures
pursuant
to
the
terms
and
conditions
set
forth
in
the
Prospectus.
djt
Subscription Price 100%
.v-
Copies
in¬
moderate
offer
may be obtained in any State only from such of the several Underwriters,
including the undersigned, as may lawfully offer these securities in suck State.
of the Prospectus
if Congress acts favorably
creases
September 1, 1983
September 12,1961. Both during and after the subscription period, the several Underwriters
may
for
are
to
subscribe for these Debentures
16 shares held. The
1961, after ad¬
usual seasonal
Highway construction, the most*
important
activity
requiring
earthmoving machinery, has now
recovered
to
the
peak
level
achieved during early 1959 and a
further .increase of modest proportions is expected in highway;
contract awards this year. Longer
range prospects for highway work
-
at
,
■
The
decline.
0
Due
Convertible into Common Stock
is increasing, industry sales are
expected to show improvement in
the
September 1, 1961
con¬
recession.
Now that the economy is
upward and
Dated
to
the
pending proposals for financing the Interstate System.
on
Residential building has been
increasing again; since ; the beginning of. the year. This should
-lead .to higher demand for ma;
chinery for site development andr \ basement < excavation - and,;
after
-lumber inventories have geen ad- »
<
•
,
Wertheim & Co.
•
GIore,Forgan & Co.
!jlisted,, to greater requirements for;
•
c? crawler
>
■
,
logging,'
-;,;S -
in
used
tractors
operations.
-
; Similarly, the requirements for
machinery used in various indus¬
trial
applications are likely , to
respond to the economic recovery.
The expansion of steel production,
which has now gone on for four
c
'
months, will eventually lead to a
revival of open-pit iron ore min•
j
ing. It has already led to an in-
Harriman Ripley & Co.
Foreign demand for construc¬
tion machinery during the first
half of 1961 has been at a higher
Dean Witter & Co.
the
for
year
as
a
whole, sales are likely to recede
moderately from the record 1960
level.
'
business
machinery
Canadian
especially weak during
the first part of 1961 because of
the
recession
there
paralleling
that in the U.
the
cutback
ever,
industry.
lumber
in Canada as
the United
Western
trial
output
4%
this
Britain
has
be
Incorporated
A. C. Allyn and Company
Bear, Stearns & Co.
Dominick & Dominick
Clark, Dodge & Co.
A. G. Becker & Co.
Incorporated
Incorporated
F. Eberstadt & Co.
Incorporated
Equitable Securities Corporation
Hallgarten & Co.
Hemphill, Noyes & Co.
Ladenburg, Thalmann & Co.
continues
Bacon, Whipple & Co.
F. S. Moseley & Co.
William Blair & Company
Reynolds & Co., Inc.
Blunt Ellis & Simmons
Burnham and Company
Chapman, Howe & Co.
Cruttenden, Podesta & Co.
in
unabated
First Southwest Company
Julien Collins & Company
The Illinois Company
Incorporated
Europe where indus¬
is
expected
year.
the
to
rise
McCormick & Co.
McMaster Hutchinson & Co.
Mullaney, Wells & Company
Only in Great
industrial output
been stable for the past year
even
-
it is
States.
Prosperity
■
White, Weld & Co.
How¬
business now appears to be
recovering
by
Stone & Webster Securities Corporation
S., which has been
accompanied by a sharp
in
Paine, Webber, Jackson & Curtis
been
has
.
Kidder, Peabody & Co.
Incorporated
Lehman Brothers
expected.
been-
had
than
Nevertheless,
in
Hornblower & Weeks
Lazard Freres & Co.
Smith, Barney & Co.
level
Goldman, Sachs & Co.
Incorporated
tion, which also employs some
types of construction machinery.
.
Eastman Dillon, Union Securities & Co.
in bituminous coal produc¬
crease
»
Carl M. Loeb, Rhoades & Co.
Blyth& Co., Inc.
and,
Rodman & Renshaw
there, expansion is likely to
renewed : again
soon.
Con-
sequently,^European •machinery
•A
August 28, 1961
Thornton, Mohr, Farish & Gauntt, Inc.
Calif.—James
connected with
York.
period of time. The
Chicago.
With Clinton Gilbert
.
m
tries to buy from the industrial during the second half of this
a
of
In summary, it is expected that
nations for
in Latin
and Aus-
mainder of the year
America, Africa, Asia,
of
measures
demand.
high
the '
for
Aus-
necessary to
of
payments
commodity prices declined during
1960 and, although an upturn appears to have occurred early this
year, the decline in export earnings has reduced the ability of
the
prospects
it
balance
sHiH
level.
Sales
encouraging.,
found
a
use
Company, San Francisco, Calif.
construction
has
combat
By Louis B. Neumiiier,* Chairman of the Board, Caterpillar
Tractor
less
are
tralia
9
Co.
of
New
10
The Commercial and Financial Chronicle
(910)
not
By Ilans Heinemann, New York, N.Y.
;
-
of the economic outlook does not doubt that
Mr. Heinemann's survey
a
*
■
making, and perhaps even a super boom, as well as
boom is in the
mately the
Moreover, the
perceives substantial military and foreign aid ex¬
investment banker
budgetary deficit but, also, to our
which is said to not he under control and to
penditures not only adding to our
balance of
payment gap
advised to be
same
level
controls at an early stage, which may redress
running so strongly in favor of equities. They are
advised on the investment merits of growth companies, old
more
in
further
line investment
mentum
companies' stocks and fixed income obligation during
the
to
in
that
recession
second
the
the
of
one
declines
The
turnaround
by
;
in
ending
an
tory liquidation and a
government spending.
no
the
timid
a
means
1961
.
was
of inven¬
speedup of
But it was
or
partial
Gross national product
recovery.
There
boom
v
,
it
that
probable
can
be
sus¬
tained for many months, vaulting
the economy to new peaks.
mildest
and
shortest
record.
on
sparked
by
in
began
quarter of 1960 and ended
first quarter of 1961 was
is
is
now
in
is
the
that
doubt
no
asleep
the switch.
at
business.
indictator, except unem¬
ployment, reflects the improve¬
splurge
$515 billion in the
the
every
climbing, touching off a
round of capital spending by
new
Such
possible
a
chain reaction is
though
even
the next
not due
in population is
until the mid-1960s and there are
great consumer needs that are
ment in business conditions.
no
the forces shaping the
upturn show differing character¬
istics from the three previous re¬
coveries in the post-war period,
The Ameri¬
can urge to upgrade is still strong,
however, and after three or four
years of comparative sobriety, ris¬
Indeed,
which
ahead may
to
the
1954-55
that ' the period
bear little -resemblance
suggests
booms
of
boom
was
the
past.
The
triggered by
a
in consumer spend¬
ing; the 1958-59 spurt by a turn¬
around
in
defense
spending; in
big
presently unsatisfied.
work.
Pitfalls
A
the
of
rise
National
Gross
stimulated
yardstick
would merit a boom label, but the
outlook
for
corporate profits is
increased
defense and foreign aid spending,
which gives it a solid look. And it
an
annual rate of $560-
$570 billion not later than 1983 is
which by
possible,
any
by
ment
resistance-to price
first, to
restore
American economists
the
in
mous
of the recession before it
seeking
;
be¬
high
a
putting through price rises.
then, across-the-board in¬
creases
are improbable, for those
industries with a high labor con¬
tent are likely to face increased
can
Even
as
demands, and those already
confronted with foreign competi¬
greater
tion cannot hope for
a
tion
the
un¬
essential
one
as
to
were
pressure
Congress
and
for ad¬
scribed
will build up in
measures
the
broad
cision
measures
to deal with
until
the
had taken
economy
all its slack.
soe-
up
>;
This forced feeding of the econ¬
hastens recovery and boom,
another factor inviting the
excesses of a super boom. -If the
-
or
securities. The
as
a
circumstances to he construed
solicitation of
an
as an
offer to buy any of
offering of
bucH
any
United States
.'J
n e r a
offering is made only by the prospectus.
/even
b 1
a
August 31, 1961
-
•But
'7
i
much
States
damage.
also
must
i
^
/'
,
of
the
do¬
mestic economy
by heavy doses of
deficit spending while the deficit
•
;
''7
United
over-stimulation
and
115,000 Shares :,.l
'■
boom could be tol¬
super
the
pressures,
safeguard the status of the dollar,
f-=-
«.
external
to
e
somehow invul-
without too
erated
NEW ISSUE
was
■■
'
7
'
V
balance
in; the
creases
Automated Merchandising
this
seems
payments in¬
unlikely ; to serve
-
of
objective.
But such
course
a
has been
em¬
barked upon.
Capital Corporation
It will mean growth,
but it will also mean pain.. The
Administration
has
yet to face
up to the consequences of its bur¬
dens.
The
defense
budget has
*
-
Common Stock
almost
raised
been
Eisenhower
(Par value $1 )
expenditures
well.
•
The
of
mate
t
20%
over
the
estimate, while other
have
official
the
1962
increased as
Treasury esti¬
deficit
is
Price $20
guide, the deficit will prob¬
ably be considerably larger.
Share
per
Cautious Cavalier
floundered in its undue fear of in¬
Copies of the Prospectus
flation when the economy was in
may
as are
be obtained in
any
State only from such of
..
the
Six.
deficit
The
the balance of pay¬
swollen
is
the
dollar
by
emergency
will
,
again
be
ques¬
The fact is that the United
tioned.
States
can
no
longer
the
afford
kinds of deficits that were consid¬
ered
*
tolerable in the past..
*
„.
Treasury Traumas
•
.
.
v
t
The Treasury is confronted
with
the "awesome
task
funds
to
for the Administra¬
tion's
commitments without jeop¬
pay
of
finding the
ardizing the position of the dol¬
lar.
r'. \
The
:
„•
*
has
team
Treasury
new
talked in terms of using fiscal pol¬
icy and debt management
lizing
the
-
weapons,
reliance
But
in
on
as
stabi¬
distinction
to
Administration's
Eisenhower
monetary policy alone.
Kennedy's tax proposals were
mixed bag, lacking
the cohesiyeflexibility that would
take iiscal policy out of mothballs.
True., it recognized the validity of
an
'"incentive" plan to stimulate
a
and
ness
business
investment, but its em¬
misplaced, for most of
benefits would have gone1 to
phasis
the
was
the
firms
already
capital-equipment.
spending on
thorough¬
going tax reform might have been
passed by Congress before Cuba;
but once that opportunity passed,
the chances of any basic changes
A
lost.
But
the
Treasury
managed
to
resuscitate debt management as a
useful
and
stabilizing tool, innovating
experimenting with consider¬
With
success.
money
m a r
k
e
t
most
foreign
offering
s.
high
yields, it sought, with the cooper¬
ation of the Federal Reserve, to
maintain
istration, with its emphasis on
growth as the means of meeting
all its responsibilities, may be go¬
-
Administra¬
Kennedy
and
decline; but the Kennedy Admin¬
registered dealers in securities in such State.
behind.
outlays, such as Berlin and Cuba
have inspired, then the status of
able
The Eisenhower Administration
the several Underwriters
ments
were
is any
For
jeopardy, the
far
by waiting for the out¬
the negotiations between
of
now
$5,3 billion, but if past experience
in
be
the deficit in
was
on the theory
growing pains were unlikely
that
the
the pound.
on
is
pound
escape;
delayed
the- federal. budget is sure ' to
raise some qu.alms abroad; and if
stimur
recovery
conditions
the
in
in-r
clearly discernible
Administration
which apparently favors a
approach rather than pre¬
itself,
the
after
the
Britain
But anti-recession
were
still being pre¬
stimulants
appreciably,
ditional
British .find
come
a
lating growth.
cline
run,
seems
the dollar
-
than
rather
long
dollar
entry [into the ECM] too on¬
But
first -few
aimed at countering
recession
the
In
The
tion cannot prepare its defense of
government
proposed »in.,-its
.
months
increase
However, if
,of
measure
stimulation
disposed
are
run."
on
dollar cannot
economic
Kennedy's
braintrusters
relief-in the
commensurate
the
if
yet, no meeting of minds with¬
the Administration itself, al¬
though
wage
employment.
short
by the attacks
gredient.
Necessarily, many of the spend¬
ing measures that the Administra¬
in
of
balance
erous, the dollar will not
the onslaught will only be
The issue is just how it
best be achieved.
There is,
gin
States
resume with the expan¬
sion of the Common Market. Even
if
of
rate
United
likely to
unani¬
are
but is
of the securities for sale
the
growth.
can
the
pressure
-
omy
no
in
payments deficit, particularly over
;
.
Deficits
The rising level of foreign aid is
invest¬
Growing Pains;
...
-
has
V
;
of Payments
bound to increase the "hard core'*
for
;
.
This announcement is not and is under
Balance
United
Europe,
employment does not begin to de¬
Product to
the
United States
capital abroad.
-
price cuts made in the first half
in
contrast, the economyus now
moving forward on a broad front,
massive
beset
without
Profits and
method of financing.
productivity 'rising
income
increase
by
still
unchanged, how¬
than deficit
course
its manufac¬
in
advanced
Western
could start a new form of rising prices,
y / "y ,,.
spree
without any additional 1.. Industrial production c a n in¬
stimulus beyond those already at crease for a considerable
period
ing
in
labor
attracting
ground it had lost, reaching a
new
peak in July. Today almost
first quarter to
of
next year, then
is being considered; With
no other
financing, with
or without
controls, which, in the
long run, can, be a most costly
increasing
and
high
a
rise in taxes will
a
necessary
the government has
ever,
States, but this has been offset by
labor-management cooperation in
But they are
business
just over an an¬
billion in the
$500
raise
to
presented, and if
of the Treasury,
the tax structure
be
bill
no
European industry has dem¬
an
enviable ability to
down costs at home.
continue-
of
to
-
mi¬
second, while the industrial pro¬
duction index recovered almost all
from
rate
bill
no
been
his word that
amount
They
mass
safyifice,
has
Secretary
•not
increases, and though this- may
change
in a boom
atmosphere,
nual
the
United States la¬
production costs are cheaper; and
they have made serious efforts to
improve their efficiency and hold
a
threaten
Douglas Dillon, is to be taken at
utilize
not
tories;
consumer
spending, al¬
though rising more slowly, could
accelerate as personal incomes
increased
about
which has kept
as fast, or
faster, than wages, resulting in a
rapid rate of real growth.
This
factor has acted like a magnet in
in
that
steps
Kennedy's courage in response
to challenge is commendable, but
challenges cannot be met without
a cost.
Despite all his eloquence
onstrated
American corporations have not
been
by
diminish its status.
able.
gration to foreign countries where
business outlays for inven¬
lowed
ply^ while Europe has until now
always had surplus labor avail¬
cau¬
have been engaged
are
to defend the dollar has been fol¬
bor has been due to the short sup¬
capital spending.
new
token, his firm statement
same
the high cost of
further
may
throw
rec¬
taxes
ahead with
or
our
so
the
unprepared to
thorough reform of the
a
structure, although Congress
awaiting Kennedy's lead; by
was
labor'' shortage-,
a1
tion to the winds and go full speed
may
haps
a super boom that will strain
productive capacity and sop
up the comparatively large num¬
ber
of
unemployed. .Federal
spending is rising at a rapid pace;
from
tax
turing while the United States is
showing a constant decrease. Au¬
tomation' is probably .somewhat
it
businessmen to
cause
a
making and per¬
long
a
ommend
yet it still holds a competitive
edge, in many areas. Historically
short-fall in Treasury rev¬
and
•
in
but
measures
and
boom; but it will
mean a
coming boom.
-•
-
rising
States,, but there is
suffering
upturn,, This
enues,
the
—
now
unemployment prevalent in the
United Statesy Western Europe is
than the rise to be expected
normal cyclical
k
-
are
faster rate than in the
a
to go before the gap is closed.
contrast;-to the high -level of
In
will be enough to give some mo¬
a
V
•
costs
way
improvement, the fact is
that it .will not represent anything
the balance now
The
United
as
istration, including
costs.
Wage
Europe at
stantial
prepared for unorthodox steps by the Kennedy Admin¬
of
pockets
wage
While this may appear a sub¬
tax.
Investors are
currently by iliusionary methods.
have been narrowed
unemployment.
inflationary
stimulus, .increasing the deficit,,
and putting greater pressure on
in 1960;
based on the pattern of the 1950s;
which saw a percentage shrinkage
in corporate profits/ the 1962 level
should reach. $52-$53 billion pre¬
accompanying pressures on prices, wages and profits.
Thursday, August 31, 1961
.
This could be another
thereby assured. The new era
competitive pressure confront¬
ing American enterprise is plainly
reflected in the squeeze on profits,
and though sales volume will rise
as demand increases, there is sorpe
doubt that profits can keep pace.
Corporate profits in 1961 should
be in the neighborhood of $45-$46
billion before taxes, or approxi¬
Capital and Money Markets
During the
C
cific
of
.
.
level
-short-term
that
would,
rates
not
fresh outflow of funds.
at
a
induce
a
By confin¬
ing most of its borrowings to the
short-term
it
managed
to
keep short-term rates from falling
state of affairs that the. stock
Blair & Co.
.
Incorporated
Francis I. duPont & Co.
the other extreme. While
inflation is not a current threat, it
is far from being exorcised, a
the 91-day
ing to
Newburger, Loeb & Co.
ket is
clearly indicating,
Kennedy's program is
yl
of
still in
formulation. The
-parts that have
fcjeen revealed are
the
The First Cleveland Corporation
Gerstley, Sunstein & Co.
process
strange
a
and
J. A. Hogle & Co.
Chas. A. Taggart &
Co., Inc.
mar¬
the
and
the
mixturg of the cautious
cavalier, the imaginative
pedestrian.
if
w
In domestic policy, the Admin¬
istration was prompt in its use of
the standard bag of anti-recession
'
area,
below. 2%
below
The
(in both 1954 and 1958,
Treasury bill rate fell
.75%).
period
ahead
offers
a
Based on the Treas¬
ury's own estimates, it will be
borrowing about $5 billion in cash
sterner test.
of calendar
estimates range
up to $7^,billion); 'and in the first
half of 1962, normally a period of
paying down. jdebt, the Treasury
during /the
balance
'1961 : (unofficial
Volume 194
Number 6086
.
.
The Commercial and Financial Chronicle
.
(911)
be
may
tional
faced
cash
with
raising addi-
and, in
any
case,
but
the
desire
to
not
"rock
the* of short-term
gaging in a series of big refinaneings. Under current conditions^
funds, it is logical to
increased
labor
shortage in
view of the en<f of the
migration
monetary manage- from East Germany to West Ger¬
ment, i.e., high interest rates. But* many. As a.
result, it seems likely
another bout with high-rates
may
that Europe will have to deal with
boat" was undoubtedly a deter-* expect that
mining influence.
In effect, the' old reliance
en-
will return to
we
an
the
on
ever
-
itself
ture
would
have
infla— tral
an
tionary potential.
bank
reached
agreements
at
seek
a" way
~
"
Basle, the proposed expansion in
the
Monetary Defenses Against
■
Although the threat of inflation
; is not immediate, the premonitions,
showing up in both the stock market and the. money market cannot
be dismissed out of hand. The de-
,
fenses against inflation, after all,V are far from foolproof; and it does
.
| not take actual
merely
,
the
inflation,
expectation
but
infla-
of
tion, to start, a run on the dollar;
The rising total of dollar balances
held abroad is like a bomb that
could go off by spontaneous com-
■
;
;
bustion.
This is
changes
since
*
in
the
the
have
balance
-
major
taken
of
place
payments
serve
to
pressures; but
they
.
inter-
have
national repercussions.
",
cannot be counted
.
,
.,
with
the
deficit
the
was
a-
on
as
part of
a
-
tions/
A ft
the
e r
elections,
-This
slated to increase
Though
in
private
Latin
substantially,
investment
-America,
tainty.
may
must
will
this
is
of
not,
But
the
course,
astute
a
new expen--
take
boom
will
in-
imports,
and
the
,
Canadian
and
possibility of great
expansion;: Nevertheless, invest¬
in American ^equities
de¬
mands
flexibility and alertness
never
before.-:
issues
have
The
a
sell
small
they
ness
are
at
capital
doing.
may
blight
slackening
a
in
to
sure
reduce
the
payments deficit is
a
putting
something
on common stocks."
de-;
The
Stock
very
investment
Oechsel, Mudge & Co.
>
(Special to The Financial Chronicle)
CLEVELAND, OhiQr—Roderick
R.
Russell
of
J.
N.
has
joined
Russell
the
staff
&
Co., Inc., Union
Commerce Building, members of
the New York and Midwest Stock
Exchanges.
are
With Dean Witter Co.
.(Special to The Financial Chronicle)
-
PORTLAND, Ore. — Herman L.
Lind,, Jr. is now connected with
Dean
growth stocks in earnings and in
stock prices in the months ahead.
Building. He
Camp.& Co.
Witter
&
Co.,
Equitable
previously with
was
,,
i
,
.
i■ j
Two With Garat Polonitza
The coming boom, stimulated by
the realities of the cold
war, will
differ
West
With J.N. Russell
Investor Choice
*
possibility,
Henderson, 210
The big rise
heavily capitalized, and these
Market
Today, with the new boom get¬
ting under way :in the United
States while European economic
activity pauses to catch its breath,
American ' equities command re¬
&
stocks promise to out-perform the
trade
surplus. -Thus, a return to the
1958-60 level in the balance of
money
health
continue- market. while
strong if Europe's-growth rate is of a
seems
and a budget surplus. The Kennedy prescription is bold and unorthodox, involving easy money
Such controls might
of the bond
war.
the
Harbison
extremely
companies which
restore
'
Seventh Street/ members of the
Pacific Coast Stock
Exchange. Mr.
Bedard, who has been in the in¬
vestment .business for
many years,
was
formerly sales manager for
so-called
in relation to the volume of busi¬
con¬
.
(Special to The Financial
Chronicle)
as
high price-earnings ratios. Growth,
companies are, vulnerable to any
reimpositron of excess profit taxes
because, for the most part, they
investor
Henderson
in labor costs; LOS
ANGELES, Calif.-^Raleigh J.
American Bedard has become
associated with
offering /the
cer¬
possibility of
American
growth
Harbison &
which
ment
into account, particularly as
interest Tales appear headed for
the cold
R. J. Bedard With
to
dboqomies have excess capacities
and
ja large pool of unemployed,/
the
trols
the increase
problem, with
The
Looking ahead, the -deficit in. President's demand for sacrifices
the balance of payments is bound may express itself in the form of
to/rise in 1962.
On Capital ac-V
legislation to control credit, wages
count,7 government spending for and prices.
/
'
T
foreign economic and military aid
is
automation
more
industry has long been familiar.
money or an increase in taxes be¬
fore the 1962 Congressional elec¬
mand by both Canada and Britain
classic
remedy of deflation—tight
not
defense; 'V **
a permanent
maintained,
-
f
Eisenhower's policy for dealing
.
which
ready acceptance of high interest
sub-* rates,
a
s e v e r e* tightening
of
discipline and
deficits must be controlled if they* crease demand for
be avoided, and that do-* though exports
can
Administration
for
in the American market in the last'
abroad in response to the*.
new peaks that might slow down, few
years has, in many cases, ig-'
challenge of an expanded Com- or
halt the economic boom 5so es¬ nored
the 1 old
line
investment
mon Market;
On current
account; sential to the Successful
waging of - stocks of
pol-
inflation
the
offset
a
short-term
are
stitute for internal
icy.y Today, it is recognized that the United Stiles
mestic
Inter-*
ditures
cannot
.
the
moderate
probably be offset by
was
government
of
of
controls
philosophy
for
wages and for an increased
demand
Monetary Fund and the * stresses the need to reallocate re
Treasury's excursions into the for-' sources, and its sophisticated po¬
eign exchange market -can also litical
feel,' both argue against a
fall
1950s, when the deficit
objective
an
,
that
of the
one
of
credit facilities
out through
The economic
pressures
increasing
higher
national
Inflation
.
instead.
'
.
sterling and the dollar
this is
bound to
exert
upward* was relieved by an informal and
pressure on interest rates; and iftemporary retreat from converti-- prove distasteful to the Demo¬
it continues to concentrate on the*
-bility, and ad hoc improvisation cratic party which- has tradition¬
short-term area, the debt struc-' that has
proved useful. The cen- ally favored low
rates, and it may
pressure on
11
substantially from the pat¬
(Special to The Financial Chronicle)
LOS
C.
ANGELES, Calif.
Green
and
William
—
J.
>
Thomas
Reigel
have become
affiliated with Garat
tern of previous booms. It seems
Western Europe must increase
and government spending to stim- its foreign aid programs at a much
likely.,'.therefore, that investor' & Polonitza; 8736 Sunset Boule¬
newed
attention
both here
and
members
of
the
Pacific
ulate -growth,
choices will undergo substantial vard,
while relying on faster pace now that the United
abroad.* In the .last few years the
flexible
changes.
The investor can no Coast Stock Exchange. Both were
techniques in monetary States is increasing its own spends*
management and debt manage- in£- It must also share the burden equities of the Common Market, longer afford to make permanent formerly with Olmstead, Allen &
.
t
,
•
ment
to
resist
inflation.
.of military aid
the
In
now
that the
con-
first half of
1961, the Federal He-' cept of a full-scale preparedness
helped maintain the short- has replaced the absolute reliance
1
serve
:
term rate by abandoning its
the nuclear deterrent and, is in*
only creasing the .United States defense
on
pre-
vious
adherence to trading
bills, a technique that had ex1 aggerated fluctuations in yields;
:
But with a rising economy, which
in
should
activate
increased
an
budget,^
I
.
,
7.
The United: State# ^hfust
use
breathing spell more
fectively than it has done to date,
de-
foreign cooperation, * the United
States deficit will increase unless
short-term
further efforts
Their
rate.
Even with
concern
will be to keep it from going too
far too fast.
it.
,
1
*
••
.
After. three
balance
taling
of
.'of
years
payments
over
...,
;
v
-
cut
-
swollen
deficit^ to-
first
half
that
prospect
year
of
with
1961,
deficit
the
the
for
the
would be much smaller than
anticipated. Yet this reversal does
not
that the deficit is under
mean
control
or
emerge.
On the contrary, the defi-
cit is like
that
it
will
-
not
re-
storm that after lash- *
a
ing the shoreline with high winds,
has moved out to sea in a position
to
with
strike
greater
even
de-
structive force in the future.
The
defense
is,
The
of
strength
the
dollar
in
partly an illusion—it im¬
proved its position largely because
the pound sterling weakened.
Germany's
prepayment
of
almost $600 million in its postwar
indebtedness
contributed
decline of the deficit.
to
the
Even more,
the inclusion in the total of United
States
merchandise
exports figshipments of farm surpluses and "tied" loans gives a
false impression on the surplus
of
ures
side—a
difference
in
1960, and
in
1961.
sleight
cjpiine which the British
practicing and the
are
of
$1.5
billion
that
to
cannot
of
a
be
„
banks
strength
which
restrained
United
States
restraint in the
as
use
of the
purchases of gold from the
United States.
This was not the
of
as
tained
any
formal I agreement
of England ob-
the Bank
after
Germany
This announcement is neither
the
and
revaluations
The
by
Netherlands;
equities.
Joins Blalack Staff
excessive
excessive
Under
de¬
(Special jto The Financial Chronicle)
these
SAN MARINO, Calif. — Thomas
investor must H. Wells " HI is now associated
adopt, hit and run tactics. If the with Blalack > & >-*
Co., Inc., 2477
cult of equities goes to new ex¬
Huntington - Drive, members of
tremes, which seems,. likely, it
the Pacific Coast Stock Exchange.
may,
paradoxically, offer the
fixed income obligation a chance Mr;: Wells was
previously with
conditions,
to
shine
the
anew.
Dean Witter &
•
an
Co.
offer'to sell nor a solicitation of an offerjo buy any of these securities.
offer is made only by the Prospectus.
"
'/;■'*
The
.
*
NEW ISSUE
August 28j 1961
150,000 SHARES 7 i
ubiq-
uitous expense account, wage
re-
straints, rigorous control of waste
in agricultural subsidies, in military spending and in all government
expenditures.
need
a
for
tax
consumption
capital investment,
"
"/*■
'
~
to
measures
down
and
cut
increase
;
;
' ';7' V I .' 7;
.
7
,
.1
,,
.
'
COMMON STOCK
■
/
•
($1-00 Par Value)
-
The Bond Market
*
During the first half of 1961, a
period when the economic decline
halted
was
Eastern Air Devices, Inc.
Also there is
and
recovery
These shares
are
being offered by the Company to the holders of the Common Stock
of the Crescent Petroleum Corporation, subject to the terms and condi--
v.
.
tions set forth in the Prospectus. Subscription Rights expire at
3:30 P.M., Eastern Daylight
The several Underwriters may
as soon as recovery becamb
apparent.
T h e difference; can
rates
Time, September 15, 1961.
offer the Common Stock of Eastern Air Devices, Inc.
both during and after the subscription period, pursuant to the terms
and conditions set
largely be explained by the Fed-
forth-t>rri the Prospectus.
eral Reserve's change in strategy;
in 1958, it began reversing its
credit policy very promptly; in
1961,
it
made
would be
no
clear
there
that
SUBSCRIPTION PRICE: $5.00 per Share
immediate applica-
Hon of the credit brakes.
But
the
expectation
would continue stable
by
the
pound
British
that
defense
and the Berlin
V
rates
shaken
was
of
the
crisis.
Al-
up
in Wall Street
are
Copies of the Prospectus may be obtained from only such of the underwriters,
including the undersigned, as may lawfully offer these securities in this State.
not
entirely
nore
warranted, it cannot igmarket psychology either at
home or abroad. Its new emphasis on stimulating growth will
continue, but investors should be
prepared for a change. As lnflaHon recurs, a new crisis in rates
^
their
result
own
now
for
bring
and
can
cropping
tantamount
might
have been exposed if it were not
for the cooperation from European
such
is
though the Federal Reserve feels
that / the inflationary
symptoms
hand
illusion
central
problems. Its
facing the prob¬
integrating the Inner Sixes
and the Outer Seyens. It is facing
economy
lem of
well
rates
now
still larger amount
continued indefinitely.
The
Europe has its
self-imposed dis-
is
a
This
of
mand
European cqjnpanies have
been
may
Interest
Company.
of
began,
lull we are now experiencing has* interest
rates, both short-term and
produced an air of complacency, long, were remarkably stable. This
so that little is being done to preperiod
contrasts
with
the
1958
pare against another battering.
pattern, which saw a sharp rise in
1961 was
commitments; alertness and flex¬
ibility are called for because the
boom
ignore only at its peril. These
$11 billion, the TOIted^diseiplines' include such measures
'States balance of payments registered a marked improvement: in
the
of
sort
super
made to control
long-run
the
Europe's
much bigger i^ise than
known
but this cannot be achieved with-
•
Improvement
•
are
a
equities in the United States, but
no.w,
the shares of most: well-
non-inflationary growthj
courser
Illusionary Balance of Payment;
\
The
greater measure'of
a
from
boom* had
bid,,up. to a,level where their
its price-earnings ratios equal those
of
American
stocks.
Moreover,
ef^
j,./
-
credit, the money managers, will not have to concern
themselves with shoring up the
'
;
.
present
mand for
1
Vl
benefiting
will develop
as
omy, one
an
Gregory & Sons
aff
Allen &
Company
•'
*
overstimulated
which invites
an
the
econ-
outflow
'
*
*
Dempsey-Tegeler & Co., Inc.
the desire to stim-
ulate growth clashes with
ne^d to protect the dollar,
Given
Sutro Bros. & Co.
Schirmer, Atherton & Co.
12
The Commercial
(912)
not
pressure
is
cies
sound
Confronting the IMF
.'•v
'
-
situations
„■
•
problems and proposed solutions apt to
IMF's annual meeting,
come
starting September 15 at Vienna,
at the
up
Standards
reviewed
are
national monetary
to this
ward
of inter¬
cause
neophyte when it
no
ber
comes
the
of
development
a
•
weakening
Euro-Dollar
international
sees
be
all'
markets
financial
the
over
,
world, and also the more intelli¬
gent section of public opinion,
will be focused upon Vienna on
Sept. 18 when the annual meeting
of
the
International
Monetary
Fund will open
there. On previous
occasions the approaching date of
the annual meetings gave rise to
speculation
widespread
,
changes in parities; or
possible widening of
spreads between support points of
exchanges. On the present oc¬
casion there appears to be no such
anticipation,
even
though
the
possibility of some speculation de¬
veloping to that effect before the
opening of the meetings, or during
its duration, cannot be ruled out.
At the time of writing, however,
the expectations of the outcome
of the impending meeting are of
possible
the
about
a
different
some
the
'
,*•
_vv;'
the
very
fundamental
will
have
change
of
system that has been in
dual purpose—to
a
fied
do
would
enable
French
the
under
lone
a
wilderness.
operation for the last 15 years.
Opinions differ about the formula
which should be adopted in order
to obviate or mitigate the one¬
ters
sided
voice
Even
which the two
principal
international
reserve
currencies, the dollar and sterl¬
ing, have been exposed from time
to
time.
been
Various
proposals
have
put forward to that end, and
their
principles
details
and
are
national
during
controversy
the
meeting.
the
financial
stein Plan stands
of
the Bern¬
press
a
better chance
being adopted than the Triffin
Plan..
But
formula
possibly
quite
chosen
will
ferent lines from
be
on
the
dif-
either of them,
and
case
defend
to
for
enable
to
resources
their
govern¬
currencies
against purely speculative attacks
and
a
movements
strong
should
tary
the
of
hot
money,
is
International
it
make
too
points
regardless
does
-
not.. If
case
the
On
believes
one
for increasing draw¬
unanswerable.
in
It
face
of
as
...
be
a
of
raises
considerably
sterling
burdensome
solution
com¬
a
of
looked
was
international
upon
as
an
dollar
advantage from the point of view
of both prestige and material in¬
terests of the country concerned.
During the last year or two, how¬
ever, it has become increasingly
fashionable
to
argue
that
the
possession of such a currency is
for
more
But
wish
it
trouble than it is worth.
So
of
sterling
relinquish that
that
my
a
If my
it
to
express
with
the
can pay
the
to
out
greatest
United
decision
a
carry
bank should decide
longer wishes
no
account it
ance
for
easier
is
that effect than to
States
But
Britain
ease.
or
to
cease
bal¬
my
act
as
in¬
paying out of balances amounting
to
many
billions
of
dollars.
Neither
Britain
nor
the
even
United States could afford to lose
New Issue
any
be
the operation would
feasible
unless
dollar,
of
of
sterling. Moreover, un¬
importers and exporters all over the world can be
or
persuaded to transact their busi¬
in terms of such a unit At
would be necessary to keep large
dollar
or
sterling balances for
ness
meeting current business require¬
While
Treasuries
make
Central
might
the
Banks
be
and
willing
to
change, unless private
interests
also
are
willing
the
monetary authorities would have
to
continue
of
their
to
keep
large part
principal
likely to be
a
in the
reserves
currencies which
are
required.
Terms It Utopian
It seems, therefore,
that suggestions that
States
and
quish
their
bankers
tions
Britain
role
quite clear
the .United
should
the
as
relin¬
world's
have in existing condi¬
distinctly Utopian flavor.
a
An alternative solution would be
to increase the number of
curren¬
cies
i^sed - for international re¬
serves. Why not add the D.
mark,
the Swiss franc, the
guilder, the
French franc, the lira, the Swedish
kronor, etc., to the list? Because
the
extent
which
such
efforts
successful
they
would
they
to
would'be
create-
more
would
solve.
problems
In
than
theory
would be spread more
practice only
cies
at
one
of the
risk
curren¬
to
given moment,
any
the
widely; In
be; subject
would
attack
that it
face the full weight
would have to
so
,
of such attacks.. Even if the in¬
ternational, reserves are dispersed
among
their
eight countries,
reduction, coupled
seven, or
sudden
with heavy speculative and hedg¬
ing transactions, and the operation
of
"leads and lags," 'would be
quite sufficient to endanger the
stability of the currencies con¬
cerned.
If
reserve
currencies
able
of
any
stand
to
the
the
secondary
should
be
un¬
strain
its
de¬
preciation would generate distrust
against the other.
' -
Already
markets
various
the
in
development
deposits
of
terms
in
foreign currencies,
of
the
on
lines of the Euro-dollar has gone
a
*
lon£
towards
way
weakening
question cannot arise because the
ternational money market. Should
amount of
this
as
concerned
foreign-held short-term
assets
sterling
is
is
gold
the" United
reserve.
States
it
times
several
is
As
con¬
trend
might
pressure
it
be
greatly encouraged
mitigate
on
would
potential
the
sterling
or
certainly
of these securities.
dollar but
the
increase
August 29, 1961
120,000 Shares
in.,
''
solicitation of
an
offer to buy
any
such States where these securities may be
These securities
are
offered
as
a
share)
Copies of the Prospectus
may
"
'
be obtained from the undersigned in
In which such securities
Cruttenden, Podesta & Co.
29,
1961
STOCK
(Par Value $.01 Per Share)
f
any state
PRICE
may
•'
Dornost Publishing Company, Inc.
COMMON
-
•
100,000 SHARES
Price $6.50 per share
.
-
lawfully sold.
August
Common Stock
•
offer
speculation.
NEW ISSUE
per
an
'
.
(Par Value 25*
as
of these securities.
(The'offer is made only .by the Prospectus which is available only
Vin
are
sterling-dollar duopoly in the in¬
Britain
as
to sell or a
^
large
less millions of
This announcement is under no circumstances to be considered
t
the
the
far
to sell nor a solicitation of an offer to buy
offering is made only by the Prospectus*
structure
prepared to accept some form
international currency in lieu
such gigantic amounts of gold. As
far
credit
number of holders of balances
ternational bankers would involve
was
relatively little weight. After all,
domestic
In any case,
not
to take
long
as it was only sterling that
exposed to the disadvantages
derived from serving as a reserve
currency, such arguments carried
the
and for the requirements of ex¬
ternal military and economic aid.
which
would
it
to
out.
reserve
immense
balance, but it. would be grossly
inadequate for serving as the basis
in Britain against
or
under
role.
more
offer
an
The
for
case
and
currencies appears
reserve
larger than the
This advertisement is neither
the
it
overwhelming.
While
until re¬
cently there was fierce competi¬
their
will
dilemma
second
purposes
whether
of
Sterling's and Dollar's Role
either
all cost
at
paratively recently the possession
of a currency which is used for
its members to mobilize additional
resources,
expansion
One
and ) extension
months.
ideological
are
technical.
that will emerge from
Vienna
meeting will be a
all
of
the practices that, have been in
actual - operation
during recent
the
technical- character.- Until
Mone¬
easy
the
or
On the other hand,
one.
Fund
is
The
inter¬
providing
the
sibly
United States
scale.
No doubt the
ments
in
national
a
currencies, subject to cer¬
tain limits, and the International
-
Reserve Currencies
advocated
on
dilemma
than
involved in
»
the
by M. Rueff.
Many of us are not happy about
the prospects of a solutioh which
might open the floodgates for in¬
flation
pre-
each
,
deflationary policy of doing
away
with
the
gold exchange
standard
are
hold
and
tempting to disregard or-un¬ tion-between the United States,.
and also other countries
derrate the dangers involved-and
to exaggerate the advantages.*' It. from time * to time,, for the role
remains to
be '"seen 'whether in of the world banker, jt ,js doubt¬
finding' a : solution' the; Interna- ^ ful whether any,,substantial sec¬
tional Monetary Fund will be able tion of influential opinion could
to resist that temptation. ■* - V be mobilized today either in the
policy
expansionists and
by
Banks
role
tears"
advocated
likely to be the subject of lively
According to the popular forecast
between
without
problems
''
the operation would leave
a
others
to relax instead of reinforce
one
use
quar¬
medium
"inflation
acquire
very
the
to
pressure
ihappy
a
Central
pared'to
Monetary Fund
ing rights and facilities
regimes
many
Under it
in it it is easy to persuade oneself
crying ih the
so,
put into operation to some extent.
that the
feel that there must be
may
resorting to
already been
relieving the dollar
of
their
risky and
or
holding office during something
like a quarter of a century. But
his is
realistic solution has
regularization
International
believes,-in
Govern¬
various
dollar. A less ambitious and more
drawing rights
in terms of a
wider variety of currencies. Pos¬
rather
financial
influential
be
Monetary Fund has come to grant
above
the
liquidity. The op¬
posite point of view was put for¬
ward
recently
by
M.
Jacques
the
of
course
governments
cerned
ments.
un¬
The
international
to
.
matter
a
should
its vigilence over their use...
governments to pursue
expansionary policies without
being handicapped by inadequate
adviser
disadvantages
from
the
of view
of international
Accordingly*
bolstering up their
against pressure justi¬
of
has
reserves
stability.
for
instead
so
international
the
member
Rueff,. the
the
point
the ground of fundamental
on
were
that
if ,'only
.
system
only two currencies
popular measures to correct the
disequilibrium would be greatly
strengthened if at the same time
as
increasing drawing facilities
The
solution
world.; arrived
various solutions
have been put forward to relieve
the one-sided burden imposed by
that role on the sterling and the
facilities
become
which
great
disequilibrium. The temptation to
difficult dilemma.
a
free
the
over
serve as
that in
aware
That would of
currencies
overwhelming majority of
vocal opinion throughout the Free
World is strongly in favor of a
r-
facilities
such
am
such
to
made
facilities
in¬
liquidity
without resorting to an all-round
devaluation, and to relieve sterl¬
ing and the dollar from the strain
to which they are exposed through
their role of serving as reserve
currencies.
In
respect
of both
solutions the meeting will be con¬
fronted with
of
could be trusted hot to misuse the
international
crease
use
of
use
ideal,
Problem
The solution that will be sought
ment
widely
Vienna
in'
kind.
hoped that the
deliberations Svill result
is
It
•
about
the
of
Crux
all
under
routine.
The
it.
at the. conclusion that the
the
the :sterling-dollar
duopoly.
LONDON, Eng.—The attention of
Fund
advocating this I am swimming
against the tide, for the fashion¬
able view is that not only should
drawing facilities be increased but
than the
relinquish their role as the World's bankers. In fact, he
the
tightening of the rules under
is authorized. I
present two reserve currencies and of having Britain and the United
States
with
governments
which
unjustified creation of international
liquidity, and refers to the difficulties of creating more
<•,.
tic
other phase of international economics. The internationally
known economist warns against
,>*
resulting from
should be accompanied by a dras¬
subject as his forthcoming book, "A Dynamic Theory of For¬
Exchange"1 (St. Martins Press, New York City) should testify
to any
or
Exchange tactics in the
stability. Dr. Einzig is
the series of crises
When,
however,
even
the
It is of the-utmost importance,., dollar,
with its
immense gold
therefore, that any increase in the backing, came under a cloud in
potential drawing rights of mem¬ 1959-60,; a. great many^quarters
by Dr. Einzig who urges that international organization encourage
its members to use Forward
to have managed to survive
pears
Standing Up to Essential
Probable
...Thursday, August 31, 1961
...
on their curren¬
already during the 19th Century
justified by basically un-.. Britain established a tradition ofand policies, the
managing the international gold
immediate^ ' advantages
derived standard on a shoestring. There
f r o m
additional / facilities
are
was
nothing new in the inade¬
likely to be paid for heavily in quacy of the British gold reserve
the long run.
in recent years, and Britain ap-.
or
By Paul Einzig
Financial Chronicle.
ana
be lawfully offered.
Spear* Leeds & Kellogg
GLOBUS, INC.
$1.00 PER
SHARE
HAROLD C. SHORE &
CO.* INC.
:y, -
it
i
.
Volume 194'
potential pressure
Number 6086
other
on
.
.
The Commercial and Financial Chronicle
.
(9i3)
cur¬
which
gold
Advocates Forward Exchange
Tactics
By Dr. Ira U. Cobleigh, Enterprise Economist
-s
What then is the
right solutiori?
There is ample scope for mitigat¬
ing that potential pressure with¬
out materially altering the inter¬
national
balance
of
*
power
A
brief
outline
With .the
Dow-Jones
Industrial
large degree the forces making -Averages fluttering around an all
for instability have increased in time high some 325 points above
recent years as a result of the in-: the 1929 top of 386, increasingly,
a
influence
of
forward
There is now much
cial
disturbing,,board room.discussion,.these days,
of: the potential
Crease
covering
v*)
volume
The
ihvestments
abroad
which
you: have plump
"
profits you want, to cash in
means
greatly:
expanded and is likely to continue
expand,
whenever
under
foreign residents owning;
cloud
a
a
currency comes
form of assets hasten to hedge
any
^ain£^lSk
exchange
depreciation,
an
would
be
idle
landslide
to
try
represented
on,
ancl 'y
you want to protect
Prf®.e
or ^additional invested
that
-.?f vert -Klce ero"
has
to
of
you :do with the
it
<
gion9
-
p*rrftntiv
te,
swpr(;
one-
sided
hedging, covering and speculation against the currency with
the aid of technical devices. There
however, many situations in
Which judicial and timely application of Forward Exchange tacare,
eWnHarH
+hp
thp«p
nn
mixtion-
havp
been found in bonds, particularly
exempt
to^ resist a avaiiable
by
possible reces-
.
ones,
member
governemploy Forward Ex-
encourage
ments. to
change tactics to the best advantage to themselves and ' to the
The^™lrone
stability. There is ample scope for
for
international cooperation and for
the
exchange
.technical
of
assist the authorities in their task
elaborating the right technique.
Tr.+or.r.o+fnnoi Mnnotorv TTVinH
t
r
buv
Void
in!
r&h
and
,
he's
been
doine'so
?"nc®;: ■aSg> b|rs been aolng 30
^2^
an extension is probable,
Together these two partnership
interest delivered $1V4 million in
omili
change and has demonstrated
The
Admittedly,
progress
direction would
not be
spectacular
in
commodity has become not
g0j^en calf but a sacred cow!
There is/however, a way around
a
as
the solutions, advocated jn various'quarters./For
as
Onething the subject is generally considered to be too technical for most people to underStand., Even -the • overwhelming
tabu
against
0£
also
i
4
.
Exchange is not beyond the un¬
derstanding of/the average:in¬
telligent person, provided Tie does
not make up his mind in advance
that
he; cannot-
o-
Forest W.
L
today's
Kaufman
/
Golden Cycle
Mr.' Lim
and
formerly with
Company.
of
detailed
a
the thing
could be reached at the
present, meeting. An announcement to- that, effect
should go
^ome
way
subversive
towards
discouraging,
activities
in the. For.-
eign Exchange markets,,
would-reduce
so
that-
Morris
f
c
r
•
Johnson, Lane, Space
*
Atn
/
u"s
Staff
10,
(Special to The Financial Chronicle)
Admit Partners
'
1
•
•
.
,
is
;
formerly
Brothers/
'
change, will admit Herman Sinnet, John E. Stieglitz, and ArthurD. Sokolow to partnership.
♦« /•
was paid in stock, 12/30/60.'
Golden
Cycle is not a popular
stock today,
but to those who
place reliance on book values, and
believe
in
gold as a two-way
hedge against either inflation or
bdddd
deflation, this stock could scarcely
;
/
be adjudged. overpriced 3t; the MONTREAL,;(QUE., Canada—
L. G. Beaubien & Co. Limited,
present time.
221
Notre
Dame
Street,
West,
One
final
word
about
gold
L. G. Beaubien Co.
v
shares. While
have
they suffer a profit
announced
the
Grahame G. Johnson
election
as a
of
director
in good times with rising
And Vice-President of the com¬
costs against a fixed sale/ipyice,
pany.
they benefit in depression as and
when
the
price of labor goes
With Pacific Coast Sees.
down.
And
in the
background
■*
there's always the hope, if not
the
'
;
i / (Special to The Pinanciai. Chronicle)
.
/
-
.
The
v
offer to sell nor & solicitation to buy any
offering is made only by the Prospectus.
V
NEW ISSUE
of these securities•
*
"
August 28,1961
$2,000,000
the «.lar gest
$30 million in
million today,
6% Convertible Subordinated Debentures
due August
-
To bear interest from
jn
its
,■' vvi'-"
!
famous
mine
in
South
$34.91 per ounce, against procosts of arouhd $27. At
end
of
1960
selves totaled
known
ore
100%and accrued interest
Copies of the Prospectus may be obtained from'such of
duction
-
"j underwriters
as may
the
<\
lawfully offer these securities in such State,
re-
13,727,350 tons asaverage,
at $12.40.
S. D. FULLER & CO.
sive additional deposits, deeper in
WESTHEIMER & COMPANY
STEIN BROS. & BOYCE
the e^irth, have already been located but not fully explored or
assayed. Gold delivered 65% of
ARTHURS, LESTRANGE & CO.
LAIRD, BISSELL & MEEDS
consolidated income in I960.
Homestake
$10.00 per share.
(Subject to adjustment under certain conditions.)
Price
HOmestake produced, in
1960, 554,770 ounces of gold'which
it sold at an average net price
the
/
Initially convertible into Common Stock of the Company at
Dakota,
0f
15,1976
August 15,1961
1954 to about $50
has
large
associated*. together, delivered 235,000 tons of
pre
profits
a,
. uranium ore with ore tax Profits
uranium ore
DRAPER, SEARS & CO.
BOENNING & CO.
interests
in, - and derived substantial profit ^
It owns tliree~
outright, La Sal,
Co., Inc., 2423 Le Jeune Road. Mr. North Alice, and Huber which,
was
•
bers of the New York Stock Ex¬
This announcement is neither ah
HAMPSTEAD INVESTING CORPi
..
i
Trotter,^'III has become associated^from,
uranium.
Johnson, Lane,-'Space and uranium mines
Sutro
•
Johnson V.-P. of
ducer, Golden Cycle, is not nearly
so well known, as it has a much
Smaller capitalization (251,185
with
with
'
Sept. 8, Stearns & Co., 80
Pine St., New York City, mem¬
Homestake Mining Company; Homestake
CORAL GABLES, Fla.—James M.
Trotter
&
Cohon
squeeze
:
iKsaying,-on the
the system,
Mr.
were
On
earnings
were
$199,951
before
heavy writeoffs totalling $292,662.
A loss of $92,711
was reported
after this deduction. A 2%% divi¬
the;.need for the Exploration continues/and exten-
elaborate changes in
s
Stearns & Co. to
$59 in 1936, and at $25 as
recently as 1955. The 1960 range
was
between 9V2 and 13%. 1960
The second largest gold pro-
course,
elaboration
i
current
Golden Cycle
buyer. The stock
,
The
an,
r
e
Winston.
technicalities.
policy and technique would require prolonged interchanges. But
it would be a great achievement
if a decision on the principle of
m
and Robert A.
Shipley
-
Of
r
Hop¬
John
f f e r,
Daniel J. Lim
M.
American gold producer and has
been so for decades. It accounts
to for one-third of total : domestic
bothered
be
M
sold at
pecially under conditions of economic rigor,
/
output.
Homestake
is
an
extremely durable and dependable
obviously a brief enterprise, having paid dividends
meeting such as the Vienna an- continuously since. 1878 with the
nual frieetmg of the International
exception
of
the * war
years,
Monetary Fund, could not be ex- 1943.45. It has,' since 1956, sunpected to do more than decide On plemented its earnings from gold
the
broad - principle
of an 4nr by
substantial
production
and
creased
application - of F<$rward delivery of uranium oxide to the
Exchange tactics and of interna- Atomic Energy Commission. Its
tional
cooperation to that ;end. total assets have increased from
its
master
favors
issue
attraetav.eto individuals interested
4n the preservation: of capital/ es-
*
Forward
c s.
per,
K a u f
Market range on
a
These debentures sell currently at
^tween 13%% and 20% m dismal
e c o n o m
staff aYe Pat¬
rick W.
stock
debenture, convertible
into common at $39.50 per share.- dend
„
of it. .Yet,i unlike; .nuclear physics or advanced mathshy
matical
attractive
over
join¬
Sellel4 Miller
the
market.
re-
51/2%
shall shortly^ discuss,- ranged ;.between 8 /»/*nd 11 ®. m
and
bankers and monetary
fight
an
share, roughly $8
a
$2.74. Indicated dividend is
is
the
heavy charge-off for depreciation
and
depletion for many years,
book value, still stands above $17
60 regular, plus a 40 cent extra,
There
of
quotations. In any event
Golden Cycle has a quite satis¬
factory balance sheet with current
assets, at the beginning of the
year of $860,726, against current
liabilities of only $291,217. After
of 31
and a high of 53V2.
Earnings per share for 1960 (ineluding a special credit of 43 cents)
^
value
at current
low
w6re
g r
believed, by some, to ♦ be
♦perhaps more than the en¬
market
Mar-
Co.
Also
ing
gold,
owning
of -Treasury
officials,
economists
majority
tire
of
ache &
mining and mill¬
shares of $10 par) and its shares expectation, of a dramatic increase LOS ANGELES, Calif. — Paul J.
You. can own it, stored in the are traded over-the-counter. To- in the price of gold if for no other Nicoletti Jr. has rejoined the staff
ground—not at Fort Knox but in day this stock is available at reason than to reflect the higher of Pacific Coast Securities Com¬
costs of its production. The last pany, 215 West Seventh Street. He
a mine. And the way to do this around a five year low of 8%.
is to buy gold stocks. Their de- - Golden Cycle owns .the ■ Ajax time the gold price rose from has recently been with Dempsey'
fensive qualities have been well Mine at Cripple Creek, Colorado $20.67 to $35 an ounce (in 1934) Tegeler & Co.
demonstrated. For example,
/ :
:
Homestake- common,/: whiph- we
that this
nearly
area,
worth
rang-
ing from 1950 to date between
dent
1960..
ing assets, Golden Cycle has real
estate holdings in the Pike's Peak
respected for its
--^
markable stability in price
cannot legally buy it or own it.
;
is
in
In addition to
Pr® tax earnings in i960.
Homestake
Vice-presi¬
production pfodnce'd"$750,000 in'
till the end of 1966. In a
second joint venture—HomestakeNew Mexico Partners, Homestake
has a 24,25%. interest. Here the
contract runs through March 31,
^Aw,°ntJhmg wrong
at home
with
can
This
revenue
ning
gold.. Americans
tka-
by. providing the channel for such
arrangements. . :/
: .
basis.
.v
...
-
owners
fee
run-
fr?m
toothpicks to/^5.
solid gold Cadillacs. And m reHomestake common represents
cent decades it has been^respected the major goi,j equity in North
**
The
rtSwarSSf -Awtfe" and possesses sturdy, if
the 4rld, Untie
r^ntic, investment, qualities
_
P. Shipley With
Miller
independent
with
ing, its large ore reserves and its
supplementary income from uranium. The stock outstanding in
the amount of 2,011,910 shares is
listed on the New York Stock Ex-
Statistical information that would
of
uranium • contract
Energy Commission
pre-eminent stature in gold rnin-
mitigate the storm or bomb shelter for cividevelopment of such situations, lized man for over 3,000 years
The
monetary authorities of a has been gold. This glittering asriumber
of countries
have duly set has been prized for its imrealized the' advantages of such munity to_ rust and corrosion, for'
tactics but others are lagging be- its portability and storability, for
hind in this respect. It would be its
universal acceptance as a
to the great advantage of all if medium of exchange a;id a store
the International Monetary Fund of value, and -for its artistic and
were to use its prestige and power
decorative qualities in everything
to
Atomic
convertibles
tics could prevent or
"
-
-
(with
only
a
moderate
premium required for the conyertible privilege!; raw and income
producing real estate; and,
for
the
sophisticated, paintings,
precious stones and even aged
brandy. But the favorite financial
a
on
-
and
spec¬
\
-
'
respectable yield
basis
Smaller
responded
per
there for conversion into
a
cerite^arouhd defensive securi- million
^ie®- What should
hedging than,
and
War.
the
before
exchanges/
more commer-
mine
plus
of two
as
between the various currencies. To
tons
36,200
averaging $24.79
bring their ore
gold; on
custom milling LOS
leading issues.
ANGELES, Calif. — Forest
has provided steady revenues, to W.
j
- 1 Shipley has become associated
of over $1 million. In addition, itJ Golden Cycle for decades.
with Sellgren, Miller & Co.; 639
The company is also a signifi¬
has a 25% interest in a uranium
'/
; '
South Spring
cant ' producer of uranium, pri¬
partnership
with Sabre - Pinon
S f r e e t. Mr.
Corp., and thus shares in a 1,500 marily at. its Atk inso n Mesa
Shipley w a s
ton per day/null,: and in a $118 property in Colorado.
Uranium
formerly
a
profits and for defending against possible recession!
a
ore
Creek.
consideration of gold stocks as useful vehicles for
salting away
market
produced
of' gorld
shares
ton tacularly.
in I960. In addition Golden Cycle
operates the largest ciistom gold
mill in the world, also at Cripple
rencies.
13
i
H,.-
;/
.
'J'
/.
PETERS,
T "
v*
'|jJ
..
-A
*
■#.
WRITER &
t.
•*<.
U
"
f
?
'*»(*•
4
*'»
^
14
The Commercial and Financial Chronicle
(914)
the
of
Present and Future Market
these
the
Vice-President, Technical and
Service Division of C. F. C. Funding, Inc.,
Netv York City
7
.
in
by
energy-sources
way or
~
that,
already has over 100 companies involved in it one.
which is available.
sources
and
There
of
sources
eous
will be
required
i f
our
civiliza-.
ergy
t i
is
o n
but
this
could
of
times this
reactor
a
than
dant
and
Most
everyone
is
warms
any
,
that
it
aware
teristics
of
the
quire some intermediate devices
working on electrical or steam;
power (which might be generated
using solar energy), heating sys¬
makes up the surface). Most of us
also
are
that if the light is
aware
focused
on
small
a
area
using
combustible
burn
materials
to
tion
such
the
These
be
can
perature
of
or"
heated
several
to
hundred
de¬
grees
i-77^777"
if
much
are
fissionable
the
type:
abun¬
more
III.
materials
control
figure within five
would
energy, sources
with
spaces
a
collecting surface
which
water
is
generally placed,
water flowing
picks up the heat
absorbed by the blackened surfaceand flows to an insulated storage
tank where it is kept until heating
the
on
are
The
roof.
,
It
well
is
known
that
photo¬
synthesis
(the chemical process
which produces carbohydrate in
put
considerably farther into the fu¬ plants) involves the conversion of
sunlight: into
chemical
energy
ture.
•
r '■
stored in plants. In recent years a
II. Solar Energy
of
heat
under
or
passed. They
Reactions
:
.
enclosed
are
± in the collectors
Catalysis of Chemical *7-
*
,
V''
■
.radiation
over
are
In such systems,areexposed to,
absorb 'the
heat.;
use.
blackened
a
radia¬
source
which
collectors
tem¬
a
solar
heat
sole
in
already
These phenomena can
applied so that confined water
paper.
or
the
as
air
as
utilize
which
tems
a
lens, enough heat is produced
great
a
potential for (the use of solar
energy. While cooling would re¬
which
material
States is
residential
cool
or
This represents
buildings.
surface
(to a lesser or greater ex¬
depending upon the charac¬
tent
total energy:
in the United
heat
to
used
of the
25%
consumed
Heat Energy
to
n. Solar Heating of Houses
About
strikes
problems can
be.solved in an economically feas¬
ible manner, the problem of a lack
$17-20 million,
easily increase to
five
to
re-"
which would be used in this
only
at
fusion
of
Conversion
sunlight
This is not an; be
control
7
photo¬
the
.
solar distillers and
crystalizers, and miscellan¬
items such as solar toys and
timated
II.
t
cigarette lighters. The total pres¬
ent sales of all these items is es¬
en¬
The
of
pot or vessel ,;can be
actions has not yet been solved,
similarly- heated.
The practical
but.much work is being done to-'
applications
are
numerous
and
ward« this
end.
The
materials varied..
furnaces,
salt
and fossil fuels is limited.
is
little doubt
that new
power
use
,
fuels.
solar cookers
solar water heaters,
of conventional
of energy such as water
power
immediate problem, but is similar
in
magnitude
to that of ' fossil
or
availability
high
present
the amount of fissionable material
manufacturing breakthroughs,
output will continue to expand.
without technological
solar batteries
The
How¬
of
fission reactors will be limited by
.
another with sales of $17 to $20 million for solar batteries,
even
the
producing electric
in this way is reduced the
points out that this tyro among
Mr. Linde, who
if
even
of
cost
application
electric effect possible.
at
Some
convert it to electric power.
photoelectric cells, solar water heaters,, etc. The writer foresees
adolescence succeeding infancy in the next five years and observes
..
form.
usable
a
,
v,
tical
reac¬
atomic, reactors have already been
this energy and to
opportunities presented by the new field of solar energy
described
are
but,
fission
of
built to utilize
ever,
investment
rapidly,
case
of
energy
ways have been found to
control the release and collect the
By Richard F. Linde, Executive
\
the
tions,
Devices
energy
Management
Atomic
elements.
release
reactions
in
least
For Solar Energy
lighter
weapons
Thursday, August 31, 1961
..
.
be
is
house is
When the
desired.
to
be
heated, the hot water is passed
through coils around which air is
blown.- The
circulated
thus
air,
heated,
various
the
to
is;
rooms
■
i t
maintain
rate
present
o
f
years.
s
Conventional
of
The
Energy Sources
actions
re¬
While
offer
the
gigantic
atomic
fusion reactor and part of the en¬
.
Nuclear
a
conventional
chemical
have
been developed
light.
While only
a few of these are actually in use
earth as sunlight.
The quantity' on a commercial scale, and those
available to us from this source*
that are generally use an artifi¬
is staggering.
If even as. little as cial light source, this is an area
t
*'
ment..
is
sun
industrial
of
number
Availability
A.
advance¬
sources
processes
utilize
which
released from it reaches the
ergy
the fossil fuels
(coal, oil, and gas)
and water
source
of en¬
power appear to be very abun¬
one
hundredth of
1%
could be; of
ergy, but the
significant potential for future
dant, they are not uniformly dis-i
converted into a usable form it
supply of fis¬
work.
tributed
geographically and are.
would supply considerably more
sionable
ma¬
not in unlimited supply.
Some;
than our present total energy re¬ D.
terial is quite
Richard I. Linde
Advantages and Limitations to
authorities have estimated that by"
limited and a
quirements. The* annual energy
7
,
The
Use of
Solar Radiation
as early as the year 2000, the fos-\
controlled fusion reaction has not
As An Energy Source
sil fuels will be in short supply. consumption in. the United States
is about 15 trillion horsepoweryet been achieved.
While previous estimates of this
The primary advantages of solar
hours while the average annual
The energy of the sun which nature have
proven overly pessi¬
radiation as a source of energy
quantity of solar energy which
reaches the earth as sunlight is a, mistic,
there are already signs
are that it is available at no cost,
reaches its land area is in
the
that these, sources of energy will
very abundant source and is avail-,
of 25,000 trillion horse¬ is very abundant, and, it is not
able at no cost.
If as little as become increasingly more costly range
restricted in its availability geo¬
power-hours. i(t \ .;
1/100th of 1% of the sola* radia¬ to obtain.
y
tJV Water power has not
graphically (although some areas
tion were converted • into a usable- been fully utilized in all the coun¬
C. Methods for Utilization of
'
are
more> favorable
than.others).
form it would .be greater than our tries of the world, but most of
Solar-Energy
-7n7 ..77 It's, main ; disadvantages 'are that
total energy requirements. There the practical and easily applied1
it is available for only part of the
are
several ways in which it is sources in the United States have
There are three ways in which
day, it is diffused and requires
potentially possible to do this. The been developed. In any event,! solar energy can be applied prac¬
focusing or a large collecting sur¬
radiation
can
be
converted
di-, there
is
little
doubt: that
new
tically:
< \
;
face
for
use,
its intensity and
rectly into electricity by means, sources of energy will be required
availability" are affected
by
I. Direct Conversion to ;
of a photoelectric process such as in the relatively near future if our
weather .and, in many cases, the
Electrical Power
in a "solar battery."
It can be civilization is to maintain its pres¬
initial-cost of the equipment in¬
converted into heat by being ab¬
ent rate of advancement.
In 1876 W. G. Adams and R. E.
volved
in
its use
is relatively
sorbed by some material such as
Day discovered that light falling high. '.J." "
by a piece of metal painted black.; B. New Energy Sources
on a
selenium plate would caqse
of
such
energy
as
new
one
>
.
'
-
•
.
,
The
be
heat
used
thus
to
absorbed
then
can
I.
Nuclear Reactionsr
V
,
hot water,:
As a consequence of the dis¬
steam, or hot air and/or can be
further
converted
to
electricity. coveries in atomic physics and the
Finally, solar radiation can be development of nuclear technol¬
utilized
in
produce
chemical
produce fuels
other
cells,
This
of
a
devices which
presently available
electric
actions
|
The solar energy
are
of
sources
stored energy.
ogy
become
or
to
processes
"solar
are
photo¬
batteries,"
announcement
is not
an
during the 20th century,
nuclei
of
of
atoms
re¬
have
En¬
ergy is released in the fission or
source
energy.
splitting of nuclei of the heavier
chemical elements and also in the
fusion
combination
or
offer of these securities for sale.
nuclei
of
electric current to flow into
cuit
to
which
nected.
the
plate
then
several
came
the
in
same
have
- been,
developed.
breakthrough to date
1952
Bell
when
scientists
at
•
..
*
The
photoelectric cell was one
first- commercial-applica¬
the
of
tions of solar radiation.: However,
it
-almost
used
was
Laboratories
semiconductor
cell
system.
measuring light rather than as a
developed a.
device to produce usable power.
using treated silicon which had a'
Within the past few years im¬
relatively
high conversion effi¬
ciency (8%). This made the prac¬ proved cells of the selenium type
have
been used
to provide the
pools
for the change of lens
openings in cameras apd • have
been used to activate relays in
power
only by the Prospectus.
NEW ISSUE
to light.
response
and
household
air
water
for
It
are
to heat
areas
purposes.
a
heating
collectors
used in the sunnier
general;
has been
estimated that there are approxi-,
mately 25,000 solar water heaters
already
in
the
in
State
While the sunnier cli-.
obviously
are
which
just
use
of Florida.
mates
such
the
ones
heating
a
in
system
would operate most efficiently, it,
should
be
noted
that
several
with
houses
have
this type of system
successfully heated in
been
the State of Massachusetts.
Solar Furnaces and Cookers
III.
Through
the
lens
of
use
and
mirrors
it has
been
possible to produce devices which
concentrate enough
solar radia¬
parabolic
tion
to
produce
temperatures of
of
degrees.
large devices
are
being
used
both 5* experimentally
and
commercially as. furnaces for
thousands
several
These
.
melting various metals and other
Smaller devices
minerals.
of
this
sold as portable
stoves for campers and for people
in underdeveloped regions. While
type have
been
of these devices is limited
use
at
present, the potential for them
is good if the price can be brought
down and their operation made
more foolproof.
The number of
Solar Distillation and
IV.
Salt Production
The
.
'The offer is made
Similar
of
manner
blown
for
solely
Telephone
the house in the
conventional
the
Solar Batteries
other
materials which exhibit this
property
Photoelectric Cells and
I.
con¬
•-
Since
The greatest
Presently Available Devices
cir-; E.
a
was
of
distill
saline
tense
study
United
under
to
in¬
several
pilot
erected in the
and
and
States
termine the
is
water
been
plants have
radiation
solar
of
use
to
abroad
de¬
feasibility of this ap¬
proach.
'
7
.
.
.
/
.
these cells used has been growing
1,000,000 SHARES
rapidly.
very
OHIO FRANKLIN
work
FUND INC.
that
COMMON
t
STOCK'
OFFERING
contains
PRICE: $20.00 PER SHARE
its
Ohio Franklin Fund Inc. is
investment
a
in- .the
diver¬
Without
incurring federal capital gains tax at
the time of
exchange for Fund shares,
investors have
the
opportunity for
diversification and professional investment management. The
objective of
Ohio Franklin Fund Inc. is
possible
long-term growth of capital and in¬
come
through selective participation
in the progress of American business
and industry.
Individual
trace
a
blocks
a
company.
investors
may
of
acceptable
securities, with
for
Fund
based
on
Fund
Inc.
shares.
The
of
per
$10,000,
exchange
of
except
metal,
arsenic
for
each
pensation
.
to
Prospectus.
•
cells have efficiencies of
12-15% and it is believed that the
ultimate
The
cost
■
inch
watt of. cutout.
„
Unless lower cost
little
technical
achievements.
F.
economic
*
Market of
Total
or
.
.
Solar Energy
Present
I.
In
field
a
such
as
of
that
the
applications of solar energy which
is, in a commercial sense, very
both the technology and tee
new,
products using it are changing so
rapidly that it is almost impossi¬
ble to get an accurate picture of
the
market
for tvese
products.
However, -some
made.
7-7 7 7
-
estimates can be
7
7
7
'
.
veloped, these cells
panies
tribution,
only in
and/or .doing research on products
Dealer
from
The
Ohio
Company,
very
which
lave
ments
Manager of the Fund. 77"
and
Exchange
51 N.
will be used
special applications
low power require¬
where
'
'
'
light
investments
-
:
■.
%
essary.
portable
ing equipment with
Military and space equip¬
ment will
are a.
may
be the
primary end use
- applicatidns
Commercial
be in
c
evices such
priced portable radios.
i
as
higher
"
There
de¬
good reliability, long life, and no
maintenance requirements is nec¬
High St.
Columbus 15, Ohio
are
;
•
Devices
manufacturing techniques
COMPANY
■
been
present
of active surface or about $100 per
r■0f.
the
placed, on
represent
as
lighters
the market,
in terms of
may obtain a copy of the Prospectus,
in states where.authorized for, dis¬
Emms
OHIO
nearly
of
is. about $6 per square
units
' j.
has
value
reached.
Investment dealers and individuals
exchange
Member of the Midwest Stock
the
to
but
unit of area and weight, but
more costly.
While theo¬
power genera
THE
exposed
boron
cigarette
have been
used in place of the
It produces more power
is
present
$20.00 of market
deposited, less com¬
the Dealer Manager, as
described in the
of
retically these cells could have a
conversion
efficiency
of
22%,
is
value of securities
*
trace
devices
and
toys
either
such
other
few
A
solar
is much
share of Ohio Franklin
one
a
surface
v
selenium.
minimum market value
and
base
light,
,
basic principle
t
in
sified
same
photoelectric cell
piece
of
silicon
a
which
**
^
the
on
the
as
.
batteries"
"solar
so-called
The
Other Uses
V.
which
solar
solar
four
over
100
com¬
involve
the
application of
product with
volume is the
energy.The
dollar
battery.
There
are
at least
whose total sales
devices probably are in
producers
these
the
well,
manufacturing 7d eviceS
larest
the
of
are
of $8-10
present. •_
both
the
range ',
year
at
cells
of
selenium
,
million
per
Photoelectric
silicon
and
type account for an es-
-
Volume
Number 6086
194k
.
The Commercial and Financial Chronicle
.
(915)
timated
$5-6
million
.
in
of return
sales.
There are at least 12 manufactur¬
much
not
the
aggregate.
and
acceptance,' but
in
volume
the V total
cigarette
lighters and similar items account
sales of only a few hundred
thousand dollars, at most. Some
desalinization equipment has been
under the
purposes
government program in this field,
this
but
cannot
considered
be
in
the commercial stage at this time.
the
From
above,
it
be seen
field is still
can
in its
infancy.
V
the
If
;
k-
is diffi¬
only
present market
future
can
without
technological 1 or
manufacturing
breakthrough, the use of solar
hypothesized.
batteries
Even
continue
will
this
of
extent
The
to
this
for
double
purpose
next
the
over
two
.
.
.
small areas in West VirNorth
Carolina; * gas
service is limited to the Hampton
will
years.
rural
and
laneous,
RE As
including
in
the
In
The
sale
\
costs.
the
cost
In
fuel
of
Among
the
gence
new
m a
un¬
both
)
ern
Virginia
Eastern
t i
Division
the
Vice-
A.
Vice- Presi¬
E.M.Hunt
dent and See-
the
start
Execu-
Druliner,'
north-
in
n,
v e
Jerome
building,
and
area;
the.
President;
Central Intelli¬
Agency
office
located
in
our
*
Dale C. Tinst-
quite
more
hold
M.
~
.
TT
n
^
jetary; Gene H. Tallman, Vice-
of
av*t
rtvt
J
rT*
r\
fi
ll
V
r\
Y»*
rl
n v\
the $140 million
VJJJSS
bridge-tunnel between the East-Secretary and Assistant Treasurer.
ern Shore and the growing seaMr. Hunt and Burmeister are of¬
construction
on
,
year,
million
per
btU
were $1.93 compared with
$1.81 in the previous 12 months,
despite some unfavorable factors.
in6s
At
'
the
recent
den
co-manager
& Co.
for Crutten-
p0desta
...
International
price around 62,
Plans are beinS developed for the stock yields 2.1% and sells at
installation of a unit in 1965* 1g>- 32 times recent earnings. - catedr In the- coal fields of West ■ *
: - y
,
Virginia, which should - produce
"niGr,11QC! 001X1111011
electricity at even lower costs due J? UIlu lUIl t/CI JL/lpvIipS
second
j-0! the use of; .cheaper coal plus
lower transportation costs, not-
lowest in the U. S.
(the first city
being Washington, D. C.)/ in.the
"IV T
Y»lr\rvf
Burstein
Amber,
r\in
lViarKet Oil T V
&
Co.,
is
Inc.,
offering 75.000 shares of Interna-'
stock market and the role it tional Flight Caterers, Inc., Miami,
plays in the American economy Fla., at $4.0Q,per share. Net proAmer'
on
"51it£r's ceeds estimated at $247,000 will
will be examined
Choice Sunday, Sept. 3 (ABC-TV, b
d
Diant
110:30-11 p.m., EDT), ' ' Keith be used £or pia 1 expansion ac~
"°"T with
10r
exPansion' ac
ugmro food trucks, working
11- Funston> President' oD "the * New Quisition of
nauonai
national York Stock Exchange, appearing capital and advertising.
The
have Sh0wn
mil¬
several
at re-
this
June
sportsmen.
to
reach
is the
abou*
^uardg
neighboring utilities
duced
during this period
Unemploy,
Richmond
80
some
four plant
from
company
in
in that state,
The current outlook seems
will
Evert
will
reve-
of; available interruptible power 60 000 kw last year. Recent earn- Lincoln'
and net income 202%.
for
by
increase in population of
ment
nues originate
be
port of Norfolk. The company ex- ficers of the First Trust Co. of
Pects to add about 115,000 kw in
Lincoln; Mr. Tinstman and Mr.
commercial and industrial load Tallman are officers of Tinstman
computer which permits purchase this, year compared with
some
'*TnV Mr
Druliner
is
has benefited by
37%
in dhe past decade in its area al*
though the state of Virginia as a
whole gained only 20%. Revenues
.
employees.
the period 1962-64 they expect
^
Residential
increased 157%
Stock
change.
eight cdal handlers.' The company
re^en^y
installed
an
analog
the national average.
an
has
company
900^000 kw which
require only four operating
nearly 4,100 kwh is above
usage of
in
port and the
the
personnel
add^
all
to
was
estimates that
company
1957
tot add
miscelmiscel
sales
area.
York
300,000 kw unit to be installed/ portant activities in the area are
1964 may cost only $98 per the new Dulles
International Air¬
tion
residen-
9%
9%
and
and
unit
added 700,000 kw in generating
capacity but,has reduced produc¬
commercial,
32%
industrial
industrial
generating
new
a
Since
bacco, textiles, paper, chemicals,
food products and ship building.
15%
15%
membership
in the New
re*
favorable.
company
net kwh.
1,357 communities is
served, with additional munici¬
palities receiving wholesale serv¬
ice.! Principal industries are to¬
tial
rate
any
Exchange
membership; /
some
2,800,000 in
about 44%
that
less favorable, only 8% of
in
are-
unlikely
pears
a
Hunt, ;Presi-."
dent, who'
a
applications of these prod¬
important. New
cheaper and more compact solar
cookers are being developed and
are
expected - to
be
important
should
operations ^ (although
is earning nearly 7%), it ap--
acquire
promotional.rate reductions on its
own initiative.. While the regula¬
tory climate in North Carolina is
and
ucts may become
Sales
electric
1001
at
Officers
joining
Revenues
Sept. 7 with offices
Street, The firm will
O
on
U. S., the
.
population of
of
cur-
only $117 compared with $145 in
1955;v while/the former figure is
the lowest cost reported for the
gas service.
Virginia and adr
..
,
LINCOLN, Neb. —First Nebraska
Securities, Inc., will be formed as
Com-
is
v
OT*mPn
Virginia. Moreover, the
company from time to time makes
The'
tor
from
most of
serves
Other
products
the
company
H
.*
Ex
has - established
interesting records for efficiency. In~1960 the "cost per kwh
sale of elec¬
from
revenues
tricity and 8%
It
Sales of cells
should at least
grow.
from
the
'
TV
HO
10
time
some
with annual revenues
$160 million, obtaihs 92%
over
of its
will
and
established
well
continue^ to
As
T!
deductions will be ordered at this
v
company,^
of
defend primarily upon our space
program.
New thermoelectric
and/or
thermionic
type
cells
utilizing solar energy, as a heat
source may take the place of some
of the present type cells. The use
of'photoelectric cells in cameras
seems
stricted for deferred taxes should
be/included in< the equity, the
ratio would-increase to 40%. .
v
mate, and sound management. The
grow.
growth
its
gas
Roads area.v A
II. Future
cult to gauge, the
be
Virginia Electric & Power Company
Virginia Electric & Poweir, rated
one of the "fast growth utilities/'
has benefited by a good rate of
industrial growth in this old line
state, a.favorable regulatory.„cli-
m
to &%■ with-
up
rently earning less than 6V4%T
ginia
that the solar energy
earn
interference
mission.
is
for
made for test
out
sales'
States
toys,
•
permitted to
some
estimated at under $500 thousand
annually. ". Solar
ELY
pro¬
received
United
the
OWEN
BY
Neb. Sees.
tele-
a
phone company in the area. Gas
companies in the state have been
cookers
by several
have
SECURITIES
$2.5 million
Solar
have been offered
ducers
are
than
more
turn has been approved for
whose
probably
water)
units
of these
sales
in
pool
heating
as high as
6M>% might
permitted, and this rate of re¬
be^
of solar water heaters (mainly
ers
for
15
an
ay
If faZ
sion line tojbring, the-current into
(compounded), rate
mrninesrtbe system. This line will also .bp
of 10.4%, while .per share earnings
to three years if they can be of¬
an extra
increaspH
nparlv R%
part
fered for under $10 each, as now, increased nearly 8%.
"°r Part Ox
of/n ext/a high voltage grid
high voltage grid
within
dollars
lion
the
next
nUal
two
'
"
-
Solar heating of
probable.
seems
buildings is still not perfected to
they point where it is generally-
cerned
good progress is
being made and readily salable
systens should become available
within the next five years.
This
field has perhaps the greatest po¬
Federal dam
acceptable,
but
tential
of
of
new
the
the
which
territory for operations.
Sales
Peak
for
pools.
-
m
salinization of-water also presents
po:sibility of-achievm^very
large sales volume, but it is too
early to tell which of the various
to
approaches
will
•
obtaining
some
is being carried out
to
energy
portable
an
t
r
the
are
and
ade equipment
reach
seem
that
least
at
the
en¬
pared
year.
$30
associated
now
V.
the
with
it
Tully
the
pump,
j
kwh
six
of
•«
a
.
Co.
common
*
i.
y
■
i
}
i
stock. trader.,
'
>
-
,
•
j
\
space
.«
Choice'y. is
•
«
t
;
-•
.
1
-,/■
1
.'
>
with
unit
should
•'
the
-/'
construction
In
1
i
i/va
•%
.
of record only, these securities having been
placed
]
$3,000,000
•
ond
"i
of
t
$4,000,000
million
the.
ca¬
a
may
;"
■
/'
614% Junior Notes due January 1, 1975
(with Warrants for the purchase of 95,000 shares of Common Stock)
in
'1
prograrh
at
with ' $57
June
same
completed
be
$35
this
million
million
sold
bonds
30,000 Shares
last
company
and
mortgage
$3,125 Cumulative Convertible Preferred Stock
'
(without
par
value)
later, at which \ime
have to sell some $30-40
year
details
of
Announcement
such, financing
will
however,
if
earned, surplus' re-
Carl M.
Kuhn, Loeb & Co.
r.>5
,
August 30, 1961
7,700
leased at
produced • ties. The company employs ap-»
x'
614% Senior Notes due January 1, 1971
'■
and
are
Metromedia, Inc.
/
.
±.
^
by Sidney Darion and directed by proximately 100 people to operate
Marshall Diskin. *
j .
.
r the two plants.
•
/
1,-
Mr.. probably be made next; February.
At present the capital set-up is
Tully was formerly in the stock
53%
debt, 10% preferred! stock
trading department of Weeden & and 37% ' common stock' equity;
as
of
ISSUES
the
.
5,200
Idlewild to service catering facili-
"Editor's
con¬
times
load
peak
million securities.
firm
feet
feet of space
its
pumps
are
small investor.
.
securities, have
Cormac
Miami
square
the next financing is scheduled ::or
about
that
Under lease at
...
privately through the undersigned.
!■',
is estimated
year
distribu¬
:
(Idlewild), N. Y.
and; the company,,
about
to
compared
is
area
with
The
Wall. Street,. New York
Miami International Airport and
New York International Airport
space-heating installa¬
1963.
annoanced
heat
£06
and
square
This announcement appears as a matter
925,000. Two 2C0.000 kw units will
be corcp-eted in 1 £6 2 and a hydro¬
Ripley & Co. Incorpo¬
Airnort
phasis on what it means to the
'^
that in view 01 the automatic in—
NEW
at
business
^af10nal economy, with em-
July 31, 1961 .generating
capability was 2,104 000 kwl com¬
Harriman Ripley
.
,.
Caterers
Flight
catering
of
As
infant-will
and
,
a
TntPrnational
market and' the effect it has on
fK
which
pacity
tors of investment
up
previous amount.
adolescence within
underwriters
'
international
conducts
increase
to
presidential
sumption
C. V.
City,
reached with the
-
,
future
electric
rated,. 63
stepped
program
are^ now
3,500
increases
the next five years.
Harriman
was
.
electric house-
has
and
residential
some
potential in the heat
be
chemical
would
utilizing solar
recently adopted flow
through accounting^ an informal
.
Mr. Funston will be interviewed
at the New York Stock Exchange
by Fendall Yerxa, editorial director of "Editor's Choice," to explain the operation of the stock
con¬
believes that there is a real
found
in -many
plants.
Therefore,
it
will
home j
new
stimulate
tions in the
being
given considerable study and it
is likely that within the next dec¬
ergy
as guest.
as
pany
number of all-electric homes.
There
$3-5 million annually.
run
in
promotional
re¬
Sales volume
Photochemical reactions
to
heating,
additional item for sale
to the outdoorsman.
a
Virginia
The
has reduced
rates
frigerators,, If this is successful, it
will be
oy
by
listed
is
pany
Work*
on.using, solar
operate
result of
a
as
occur
greatest construc¬
currently in the Washing¬
ton area, resulting from additional
Pentagon employees.
The ;com-
notable
areas.
survey
firm
agreement
requirements
pumps
tion
type of apparatus using solar
appears to have applica¬
at least
load
struction.
energy
in
Commission
the summertime
heat
most economic.
prove
recent
recenx
heavy air conditioning demand^. crease in. earnings resulting irom
To improve the load factor, the- this method of accounting, a rate
company
is
promoting
electric
De¬
the
mig
State Cor¬
to ' allocate
million
achieved.
growing demand
tion
the
empowers
hundred
be
a
research
search
has
Dam
several
water heating units willcontinue to expand along with the
The
Church
poration
pool
water
Salem
annual
would
dollars
.
a
Fredericks1
cooling)
of
sales
of
-
v
solar
of
------
Construction
near
(and/or
heating
from
——Mr-—---
'
nelg
.
construc¬
use
competition
-
-
states where regulaheen nrnnospH
hut tho" nrhiprf is
110 n 1 s Partlcularly favorable,
S mnSrt ecnLmlrallv^ fP!,= while original, cost rather than
fhle MaSi.
m A, L ™"
fair value is used for establishing
tnmer^ have he^n good,; probably a rate base' the rate of return is
nrnhahl
tomers bate been cnnH
somewhat:
as* a
result of the Facilities Act
mo? iiberal than in
many other states. When the comcalled
10%
if only
residential
involved
tion
of
since
any
with
public power.
-
ti°e"neC mg W1
The company is not much con-
it
- A
'
i
'
i.*.-
Loeb, Rhoades & Co.
5
>>
1l
16
The Commercial and Financial Chronicle
(916)
subdivisions; but only God
more
natural
fresh
more
Comiri g Economic Revolution
make
can
capacity for burgeoning population
fact that
"only God
make
can
more
GEORGE W. HELME COMPANY
into
running
v
=
lightly on some of the investment problems involved.
•
N. Mound,
New York
City attorney, to the
directors
of
Oppen-
of
the
v
;?/ -
and
Chairman
/
-
-
7W',!■ £>''J,'
fund,'
Mr. IVfound
President
is
J
the
East
West
this
Coast
Coast.
and
chemists
All
be done; but
can
it is
the
on
one
Defense
agencies
are
recommending, there should be included
fully charged
storage batteries
along with the food and other
needed supplies. Fresh water may
be shipped by tank cars or great
know
pipes,
pensive. The Ionics Inc. Company
of Cambridge, Mass., has the best
success therewith; but I hear they
recommend only that the "brack-
cents)
DIVIDEND NOTICE
ishness" be taken out of
The
plan
greatly
the
to
Northwest
large lakes that drain
rainfall northward into the
Arctic
Ocean
which
—
is
very
wasteful.
very
Although it would be
expensive, great canals could
be built for turning these streams
;
and
reversing
ward.
their
this
Then
flow
fresh
southwater
Would be used to irrigate the
dry!
plains of Montana, the Dakotas,
; Wyoming, f Arizona,\ and
New
7 Mexico.
For further derails,
readers
should write 1 Mr. John
hence.
a
house
unpolluted
Mining Fresh Water
•
In
view
crease
per
-
in
water and
lem
the
the
projected
To
use,
"soft
citiesto build
a
can
make
•
lat
salt water. Thus
each house and industry would
have two water bills to pay. Unless there is a World War IH,
only
b
.
,
some
,
such
dramed
This advertisement is neither
an
offer to sell
The
nor a
and
an
77.;.
i
,r.
this
•*, *Of-which 35,000.Shares
business;on
.
5
SOLVENTS
NO.
107
fifteen
of
cents
payable
Corporation,
(15?!)
the close
at
Sep¬
on
1961, to stockholders of
of business
c7'i.yiv.r
on
A. R. BERGEN
August 28, 1961.
FUEL
4'/j%
of
'
on
PREFERRED
regular quarterly
dividend of $1.12M a share,
payable October 1, 1961 to
September 29, 1961, to share-
*
^
7-7-"'
July 26,1961
J
A
quarterly dividend of
thirtydive.' (35^) cents, per
share was declared payable
September 22,1951, to stock'
,
-
R. P
TIBOLT, President
250 Stuart St., Boston 16, Mass.
August 24, 1961.
>
CORPORATION
V'
A
ber 5, 1961.
thirty cents (3.0^) a share
the Common Stock, payable
owners
TENNESSEE
V
^
sharejbolders of record Septem¬
quarterly dividend
a
CUMULATIVE
CORPORATION
TINNIMtt
shareholders of record
STOCK
The Board of Directors .has...
declared
to
holders of record
at
the close
of business September 8,1961.
61
Our stock
listed on the
New York Stock Exchange.
Symbol is EFU.
John G, Greenburgh,
Treasurer
Broadway
New York 6, N. Y.
of record at the close of
business
September 8, 1961.
on
B. M. Betsch,
;
Secretary and Treasurer
August 24, 1961. *
;
UAL I T Y
' 7,
any
.
of these securities.
7
y7-.
;;
^
s
7:777
7'7-7
7'''7^7'-"'7V*
7" 7;" ) 7
,7-." 7:'
•'"
:7
I
.
228TH PREFERRED DIVIDEND
w.;.
A
-
-7:7-17
7' ;^r;
A--.. :;■*¥% 'i
f
>
,
7
\
quarterly dividend of
($1.50
share)' has' been declared
Company, payable in cash
he obtained in any state from such of the Underwriters,
including the undersigned, as may lawfully offer the securities in such state.
may
A. G. Becker & Co.
1961,
to
close
of
upon
a
the Pre¬
"X.
October 2,
on
of record at
September
"
8,
v,
the
1961,.
7
- -
Harry L. Hilyard
,
,
Vice President and Treasurer
White, Weld & Co.
Incorporated
August 30,1961
business
Checks will be mailed.
Incorporated
Lehman Brothers
stockholders
;
^
v
: :
: >
f
-
ferred Stock of The American Tobacco
•
;
-
7
Copies of the Prospectus
,
Secretary.
-
DIVIDENDS* v
COMMON
September 5, 1961. •
Ybrk, N. Y.
New
j'
Price $16 per Share
McGrew,
Secretary
ASSOCIATES
:
Notice of Dividend
offer to buy
new-issue *-V
for
-
September 5, 1961.
GAS
AND
at
R. E. SCHNEIDER
(No Par-Value)*.•. '.7-; !-77'7:. '«■•••
'*"f "Tcenstitute a
record
-COMPANY
ever
160,000 Common Shares*
C.
' '
the outstanding common stock of
on
INDUSTRY
develop
solicitation of
'
share has today been declared
record
BOND AND SHARE
is
offering is made only by the Prospectus.
;
of
HOME AND
EASTERN
ELECTRIC
.
houses
stock
' .v;'■
dividend
tember 29,
"
along with life insurance
more
action
no
•,
Corporation
■■
1961
and good stocks. Man can always
build
per
*•
land_well
.
of
1
STOCK
A, regular1
quarterly dividend of 40 cents
a share,
payable September 28,
money
you
(50^)
Secretory and Treasurer
need to sell. If you wish to specu-
separate plant to
j. LANDSTROM
SERVING
or
today
therefrom when and if
with this probstep might be for
first
distribute
column.-, - You
drinks" will in-
of
close
s.|
in-
help
"7.- 77.
WITH ESSENTIAL BASIC PRODUCTS
dividend
Broodway, New York 4, N, Y.
25
worth a premium over inland locations. Look ahead and speculate
the cost of fresh on the information given in this
the
a
1961,
an
stream
location
a
1961, to
shareholders of record
close
September 5, 1961.
population and greater
capita
crease!
of
which borders
running
5
river.- Such
September 25,
per
capital stock of
stockholders
to
-
have
v
D.
A
share,
supply of fresh water. If possible,
\
took
common
•
COMMERCIAL
payable September 28,
>1 urge my readers to- consider
the fresh water problem when
locating their . home.
Select a
state and city which has a good
of Homewood, Alabama. The Atomic Energy Commission may now be considering
such
a
"peace" project for 50
its
on
;
;
the
to
respect
the
1961.
8,
Directors
of
quarter.
at
Rock/ord, Illinois
the par value of $50 per
roofs,
v
Cents
Fifty
share
People who could not afford cisterns went to the "town pump"
twice a day to fill their pitchers
and pails.'Each- community would
bave several of these "town
pumps" for the convenience of
the people. Sources of diphtheria,typhoid, and other diseases were
traced to these public/ pumps —
leading to the installation of city
water systems and later to munic-;
ipal sewerage.
Powers, Jr.,
years
the
upon
declared
of
boy most homes
rain which fell
Canada
three
common
this
record
of
Vice President-Secretary
COMPANY
ANACONDA
has today
had brick cisterns in their cellars,
These were kept filled by the
which interests me
bring fresh Water
Canada.
from
has
is
with
share on the
stock, payable
4r
payable September 30,
are
September
on
Board
August 24, 1961
When Buying a Home
a
The
of 12Vif£ per
The Board of Directors of
source
was
dividends
to- holders
1961
quarterly dividend
and three-fourths cents (§8.%
share on. the series B $50 par
DIVIDEND
of fresh water,
When I
.
PAT.Of*
THE
of water supply. I have
visited,such a plant. It
is both practical and economical.
ing
recently
_
Colorado
(Tues¬
today
DIVIDEND NO. 213
revolution is ahead based upon a
exist-- scarcity
an
These
business
a
-
per
August 22, 1961
economic
an
7
r
The board of Directors de¬
clared
7 ;7,7..
The
of
Corporation
preferred stock. ,77
value
AnacondA
is now shipped. The purpose of
this column now is to get readers
thinking about what
NOTICES
-Iron
(62Vi cents) per share on the
serips A: $50 par value preferred stock, and
*
G.
may be
frozen food
as
FUEL AND
September 11, 1961.
the fresh water
or
frozen and shipped
very ex-
DIVIDEND
and
sixty-eight
~
close
-
half, cents
LOS
.
vegetable products of the ocean,
as
we do
its fish, etc. However,
Congress has appropriated money
to build two experimental plants
for desalting ocean water—one on
the
at
Secretary
day, August-29, 1961) declared thfe regular
quarterly dividend-of sixty-two and one-
CORPORATION
,
.
Y.
Preferred
NEUMANN,
Directory
of
Board
Fuel
SUHDSTRAND
(Special to The Pinanctal Chronicle)
ANGELES, Calif. —Thomas
Kent Euper has joined the . staff
•'
;
out" when using water from of Keon and Company, Inc., 618
Salt Water Treatment
streams,
lakes,
and
uncovered South
Spring Street, members of
) As three-fifths or more of the reservoirs.
7 7-,',7;*7
the Pacific Coast Stock Exchange.
world is covered by salt watery
Driven
wells, moreover,
are He was
formerly with Harbison &
it may be useless to try to turn wholly dependent upon electricity
Henderson.
it into fresh water. We may do far for pumping. Hence, as a part of
better to learn
to live off the any "shelters" such as the Civil
.
the
7;77"77' Dividend. Notice
Joins Keon & Go.
'
N.
quarterly
IRON CORPORATION
The
"
New York 20,
a
on
THE; COLORADO
7.7 '
partner in the
a
J.
P.
law firm of Mound & Isaacs.
are talking about the homes and factories with successful
population, "explosion'' ahead of driven -wells will be in demand,
lis; but no one explains how the ns- will those bordering non-polgreatly increased population is to luted rivers, streams, and lakes,
get enough fresh water for drink- My reference to World War III
trig and irrigation.
;;
concerns the danger from "fallx
per
1961, to stockholders of record
business September 12, 1961.
2,
of
the
of
'^7;■'*:
Plaza,
30, 1961,
share
dividend of
Stock,
and a dividend of 40 cents per share on the
Common Stock, were declared, payable October
Most writers
r
August
cents
Fund, Inc., has been an¬
nounced by Max E. Oppenheimer,
vcapable of creating numerous economic problems. Mr. Babson touches
;
Rockefeller
On
433,4
heimer
natural fresh water" is shown
NOTICES
NOTICES
DIVIDEND
9
a
pace
DIVIDEND
-
Named Director
board
-
Thursday, August 31, 1961
.
,
The election of Milton
Man's
.
water.
Due to Scarce Fresh Water
By Roger W. Babson
.
August !?, J961
,
••
194
Number
The Commercial and Financial
6086
THE MARKET
Chronicle
pre-holiday lull for the stock
market set in early this week as
Labor Day approached. This par¬
ticular dividing line between the
doldrums of
pickup
a
business
in
become
cent
summer
the fall
and
activity
has
time for caution in
and the pattern
years
re¬
held
intact this time.
As
the
was
in
case
the
June-
July stalemate, the industrial av¬
erage refused to give ground im¬
portantly, carving out a range of
only a little more than 10 points
since
the 725 high was posted
early last week.
business
third
has
■'/ "VC
apparent lack of
an
failed
sions, held in
volume
boost
to
which, for
four
sesr
rut between 3,050,-
a
3,160,000 shares.
The
Berlin
Angle
disposition to
some
was
the
crisis
continuing
Berlin for the
lack of
in
interest in
'the market and a cautious invest¬
ment
approach. But the crisis has
been
around
some-vtime
for
all-time
fering
peak
well as suf¬
as
setbacks.
time for
spirited
been ample
some
There
has
in
ones
the quiet
were
this major
neither
group,
getting alarmed by the threats of
a
strike
or
strikes, nor overly
cheered by the, agreement by the
union and American Motors which
introduced
industry
as
profit-sharing to that
far as thev rank and
file workers
concerned.
are
American Motors, in fact,
of the more
is one
sluggish stocks of the
year, having held
five point range so
had
shares
in less than
far., The same
range of a dozen
a
,
points last; year after,"they had
been split.
The old shares were
the volatile ones,
having marched
$8 in 1958 to a peak of nearly
from
$97 the following year.
favorable
much
There
comment
on
was
the
shares, but it probably will take
time
ducer
this
well
how
on
evidence
the
for
can
do
to
emerge
secondary pro¬
against
the
models of the Big Three.
-*
new
f
Food Chain Activities
Great Atlabtic &
•
for
nent
ances
it
in
of
one
was
its
rare
appear¬
a case
And here
of talk since
little concrete
to
sup¬
port the rumors of the chain mov¬
ing importantly into the discount
field.
The rumors started in the
well
usually
-
informed
trade
papers.
The stock of A/& P. had its last
big runup in 1958 just prior to a
largely
enterprise pre¬
10-for-l split as what was
a
family-owned
prospects favor
a
for
entrance
after
into
an
the
initial
drug store
acquisition
late last year.
Whether it will be
able to show an improvement over
last year's earnings of $1.87 with
a
good second half windup is
moot, but for next year the out¬
is bright as is the prospect
of some improvement in its divi¬
look
facets
the
of
All
haven't
been
spelled out yet, but the acquisition
by First National Stores of the
New York outlets of Safeway was
enough
to
this issue to
sweep
a
high since 1959, but still well
short of the peaks of 1958 and
First National is the domi¬
1959.
chain of New England,
nant food
has
been
busy enlarging its
service
area
by adding units in
New York and New Jersey.
The
and
prospects for steady improvement
in
earnings that were inherent in
this expansion were given a pow¬
erful boost with 164 stores added
in
fell
one
swoop.
straining
item
to
National
First
was
not
was
an¬
nounced
immediately, nor the date
when the acquisition will become
effective.
Shares
■.
.
,
of
Safeway, with little
specific to go on,* were somewhat
heavy on the announcement since
this chain has been busily expand¬
ing for at least the last five years,
in the process
adding 877 modern
while closing 658 obsolete
stores
range
of around 30
posted in 1958, and this year
was
extreme
until
they climbed toward the
high mark as interest picked up.
Food stocks generally were in
mild but persistent demand, even
through sluggish markets.
Even
Hershey
Chocolate, which has
doubled in a year and a half, still
proved to be a popular item. Fol¬
haven't approached either
lowers
of the
issue note the mar¬
appreciation but point to the
steady and sharp improvement in
the company's fortunes to1 justify
ket
it.
'
■'"
•
AST the- fihaneial
"
;
analyses note,-
are
not expected
matic for
But
and
extremely
prides itself
est cost
items
in
well
serve
the
sociation
Paul
dozen
a
that
tional
separate
The
able to show
edged ahead
comparable results,
a good achievement in an
indus¬
try that had troubles. By next
year, some heavy start-up
costs
are expected to taper off and that
will help earnings show a rebound
as heavy investments in past years
start to pay off. r.
necessarily
not
with
They
are
It had
a
total of
more
those
at
any
of the
presented
as
Trust
the
batable
utility
item*
<
section
was
the
N. T.
I.
w«t"
The
Sasaki,
President,
California; Jacob
Makoto
of
Bank
President,
Shibata,
h™m
Bank
The
BaTko
Paul
Kelly,
B.
W.
Transportation
and Joseph
J.
Vice-President, Bank of
S. A.,
Chairman; J. G.
Assistant Vice-President, First
T.
N.
Bank
Vice-President,
Bank, Vice-ChairExecutive
First
N.
Johnson,
O.
Schieck,
National
Senior
Bank
of
¥
Senior Vice-
Vice-President,
Paul
...
E. J Hoover,..
Chairman; Mrs.
Edwin
E.
Adams,
Vice-Chairman;
Mrs.
C. R. M. Allan;
Mrs. Robert B. Arnold;
Mrs. Francis S. Baer; Mrs. S. Clark Beise;
Pacific
Mrs. Ransom M. Cook; Mrs. W. W. Crocker;
Mrs.
Frank
M.
Dana;
Mrs.
George
J.
Francisco.
**
«
I>aciies Committee
Mrs.
Bank; Ralph
Vice-President, Wells
San
sw
.
;
Greenwood; Mrs. I. W. Hellman; Mrs. H.O.
•
-•Entertainment Committee
*
/
J
...
'
.
Richard
H.
Woodward Jr.,
investment
advisor,
regis¬
and
former
general partner in Mer¬
Lynch, and Co., and E.. A.
Pierce and Co., has been elected
Director
in
Chemtree Corpora¬
tion, Harriman, N. Y.
Low, Senior Vice-President,
Bank, tChairman; Ferd
Vice-President,
Crocker-Anglo
Bank,-.Vice-Chairman; Halden L.
Harold C.
California
United
R.
';
Herrick
E.
Named Director
Mrs.
Stent,
National
Conrad,
Jr.,
Assistant.-Cashier,
United
California Bank;
James M. Crane, Vice-
United
dent,
Horsburgh,
and
Trust .Company,
Trust
Company;
and
of California N. A.
*
"
Housing
'
Committee
-
A.
J
,
Breeden,
an
a
'officpc
af
however,
been
able
Con-Ed's
York's
to
fat
show
gains
'
-'
...
The Lawton: office
2.3%.
has
been
Hart and Robert B. Barton.
nor a solicitation of an offer to hny any of these Shares.
made only by the Prospectus.
August 30, 1961
50,000 Shares
Fischbach and Moore,
in
Incorporated
COMMON STOCK
off
city,
with
And the frantic build¬
(#1.00 Par Value)
new skyscrapers and
buildings sprouting —
will, in time, give Con-Ed's busi¬
a
good increase because of
the far greater demands for serv¬
ice that modern buildings require.
Price
ness
The argument
demic if
a
would become
rate increase to bring its return
more
in line with that
# 18.25
per
Share
aca¬
Con-Ed in time is given
Copies of the Prospectus may he obtained from the
undersigned.
given other
utilities.
t
Favored Chemical
In the chemical section Hercules
Powder, although not statistically
cheap, is a favored item
much of its operations are
To~the' over-capscity
because
immune
aud price-'
.
the
•
*,
13th
established in the two-state area
ing and rebuilding activity in the
apartment
.
is
?f Texas and Oklahoma by the
vice-president.
New Issue
service artea while New
population
Airin
T mx/ttvc
opened OlllCes at Lawton, (Jkla.,
facets.
of Con-Ed,
j
Ford
"has
Leslie P. * LagOm, Chairman Of the
Board, announced recently. — • '
lation losses of New York are the
Followers
'
i
offer to sell
The offer is
Not
L'
D
„
Wells
Fargo
Bank
American
Trust
Company, fast-growing firm in the last SIX
Chairman; Walter F. Winrott, Jr., Vice-, years. The new facilities will be
President,
Crocker-Anglo. National
Bank,
initiallv
bv
RiobarH
Tl
Vice-Chairman; Don A. Beecher, Vice-PresiSiaiiea initially Dy Kicnard U.
John
dent, Bank of America n. t. &s.a.; Irving
This announcement is neither
»
,.
1BrKClT, TOrCI DrStllCll
.
nnpupH
Western?
i
South.
-
D-J—
•
-
R.:
:
•
_
Carter L.
.
^
(Special to The Financial Chronicle)
Eliot J. Swan.
>
'
-
Larsen, Assistant-Vice-President, The Bank
White Inv. Co. Formed
and Mrs.
-
Ki^k Jcf-
Vice-President, First
Senior
Peterson; Mrs. Ralph H.'kbbele;
K.
Schieck;
Mrs.
Russell
W.
California Bank; James- A. LAWTON, Okla. — Parker,
Vice-President,Wells.. Fargo, and
Company,
Of < Dallas
American
Bank
frey,
Carl
Schumacher;
President,
Pacific National Bank of San
Francisco; William S. Creighton, Vice-Presi-
Bank
(net dropped from $3.92 in
$3.88 in 1960) and the pop-
unfavorable
Vice-
Company,
*
'
-
Fargo Bank American Trust Company; Carl
K.
Trust
Sodin^ Vice-Resident, Bank of America
California
Executive
and
SJJ,* ,01 inS
Schumacher.
United
&
Western
Vice-Presi-
fornia
Rebele,
'
Committee
Fischer,
M.
America
wood,
H.
cllifornhS
of
Cashier» Crocker-Anglo-National Bank.
of
Treasurer; George J. GreenVice-President, The Bank of Cali-
President,
Barfk
«LA, "uZ,
'
Association,
H.
The
VlceA.;- and "Michael Bank of California
Fresldent- TIle J. Walsh, Assistant
Manager, The San Francisco Clearing House
A.;
Of!
tothM
^f™ann.'d,J°yJ?-rHrnmmprcp65)r^f*
SXifwifiS?
Lank o'f America NT&S A anrl A F
National
Russell
man;
M
e
N.
dent, Lank of America N. T. & S. A., Chairman;
Shv
iI'bK
Executive
Dana,
Crocker-Anglo
Bank
Fargo
™
Updegraff,
M.
Wells
Committee
Executive
Frank
Crorker.
-
vice-PrSident"
The Hibernia Bank.
President,
Tobin,
Vice-President
1
The
She-
of Tokyo
Reserve Bank of San Francisco;
a
and
Eliot J. Swan, President, Federal
California;
Derre
Americann Trust Company, Vice-Chairman;
muiom
*
Harold C.
Hongkong
F
T^Hnrml
Vice-President,
.
,
a
Alvin
of the Board and President, Golden Gate National Bank; Tatsuichi
marily to private and negotiated
financing, a field in which R. W.
Pressprich & Co. has been most
-
Rnar!f
Company;
-
,
£"?10
Bueii,
The
of the Board, First West-
Trust
_
.
ip
.
Bank;
Registration Committee
Chairman
mano,
the
active.
*
thi
nf
Board,
the
of
_
.r
Elliott
Francisco;
San
President,
Sumitomo
To the clan that is
anti-Con-Ed, the fact that the
hasn't been able to show
comfortable
pre-share
earnings
1959 to
and
Bank
. Canton;
country and are
New. York and
Stock
Exchanges.
Mr.
of
Bank;
Shanghai
Banking
Corporation of
California; Clarence Poon, President, Bank of
Walling will devote himself pri¬
tered
of
Chairman
California
Consolidated
company
results
Bank
*i/nni phnfrn
Millen, Chairman
cities
K.
Charles F; MacLellan, Vice-President,
Pacific National Bank of San Francisco,
Chairman; Lewis L. Bush; Vice-President,
Wells Fargo Bank American Trust CornPany, Vice-Chairman; John A. Dillon, VicePresident, Bank of America N. T. & S. A.;
Sigfred E. Hansen, Assistant Vice-President,
Crocker-Anglo National Bank; G. Harry
Hutaff, Cashier, The Bank of California
N. A.; and Oliver C. Scholle, Vice-President,
United California Bank,
;
American
Edwin E.
National
Crocker-Anglo
r>*t
the
throughout
Midwest
Fargo
Bank
Vice-Chairman;
Hellman,
McAllister,,
This firm
Gordon
Personnel Committee
Beise, President, Bank of America
A.; W. W. Crocker, Chairman of
National
O.
Vice-President,
Lank;
United
„
Fargo
pany;
CHICAGO, 111.—English Walling,
formerly Vice-President of the
Chicago
National
Bank,
has
joined the Chicago office of R. W.
Pressprich & Co., 135 South La
Salle Street, Walter J. Fitzgerald,
members
Committee
Chairman of the Board,
Bank American Trust ComEarle H. LeMasters, President, Pacific
W.
Wells
Assistant
National
Vice-President,
& S.
Board,
Peterson.
principal
chairman;
and Robert A. Saxe, Vice-President, Wells
Fargo Bank American Trust Company.
'
I
President,
Clark
em
in
\
of the Board,
man
-
offices
Of
membership
(California); Francis S. Baer, ChairUnited California Bank;
merce
S.
those of the
Partner has announced.
A
of California N. A.; Franklin A. McWilliam,
The Bank of California
N. A.; C. R. M. Allan, President, Bank of
Montreal (San Francisco); Robert B. Arnold,
President,
The Canadian
Bank of Com-
time coin¬
;
N
de¬
Edison, which is one of the world's
largest utilities with annual rev¬
enues
of nearly two-thirds of a
billion dollars.
Wells
Company,
Adams,
"Chronicle."
English Walling
With Pressprich
Crocker-Anglo
Hoover, Chairman; Ransom M. Cook,
Mr.
«n
author only.]
has
of
Convention
General
than
Reacting
In
roster
President,
[The views expressed in this article
cide
'
was
last year's
CarlUe'
James
NaIN a
Crnrkpr-Antdn
croCKer AnglO
nf
01
,
the
do
of Caiifornia
Bank
Hoover, President Of the Donald Falconer, Vice-President, Bank of
America n. t. & s. a vice-chairman; t.
the committees follows:
Despite the recession,
company
Committee
Alfred J. Mayman, Senior Vice-President,
Bank, is General Chairman. Craig, Assistant Trust Officer, The Bank
TLn
first half profits that
of
E.
Prp<;idpnt
President
of the
line
Information
making final
are
San Francisco Clearing House and
being the low¬
many
15-18,
pig meeting,
Hercules has
conscious,
on
in San Fran¬
held
to be
arrangempnt*. for tbp hie mppfinp
arrangements ior tne
cost
over
industries.
space
to be dra¬
diversified
its
tion of The American Bankers As-
cisco Oct.
producer for
Ai AAdr,e<w c,- °alther- v*ce-
President, Pacific National Bank of San
Francisco; and N. John Thompson, VicePresident, United California Bank,
,
time.
some
meanwhile,
been
the
of
w- Oanielson, Vice-President, The Bank of
the San Franicsco Clearing House,
i
,
or.,,
A
.
%
1
host to the 87th Annual Conven-
MINNEAPOLIS, Minn.—White In¬
vestment - Company, Inc. is con¬
2,200 stores at the end of last year.
ducting a securities business from
"Con-Ed"—Ambivalent
offices "at
712
Second
Avenue,
ones.
Motors, the new ones settled down
to
routine
trading.
They have
a
Arrangements Completed
Committees representing banks of
rill,
,
some
low, 59 for the high which
work
The only re¬
that the cost
hold that the suburban areas have
since held in
two
dend.
pared to distribute a good portion
of its holdings to the public.
In
that
year
the old shares more
than doubled and, like American
for the
in
important
resumption
long-term earnings uptrend
the chain, bolstered in part by
field
in
benefits
The
moon.
of the
promi¬
the limelight.
Was largely
there
The
Pacific in the
food store chain group was
chain,
new
the crisis to be discounted.
The auto shares
grocery
the recession's effects took hold.
as
and
despite it the market Had posted
an
largest
mundane, which is in
large part due to a drop in earn¬
ings for the first half of this year
its
120,000 American
as
importantly
There
an
been
such
blame
from
Kroger, despite its standing as
the
for
public and even some large
000 and
to
the cocoa market.
on
good
was
Airlines
$2.75
oversupply, hence low prices, for
cocoa, its basic material, Hershey
has been busy introducing new
products to lessen its dependence
process,
interest in the market by the gen¬
blocks
benefiting
to
were
omens
;
There
from
$7.69, with a goal of some $8.75
And in the process the
company has increased its divi¬
dend moderately in each of the
last half dozen years
to lift it
from $2 to last year's $3.70, and a
possible total of $4 this year. In
a
ignored.
eral
earnings
addition
position
leading
a
missile " work
this year.
-
In the
boost
to
has
projects, the Minuteman and the
Polaris.
And for the future, it is
working now on development of
Hershey has been able rockets capable of landing on the
since 1954
showing in the fall
favorable
some
STREETE
17
87th. Annual A. B. A. Convention
the
cules
The
(917).
cutting that have characterized
prime chemical 'lines.
Her¬
AND YOU
WALLACE
BY
1*"
'
-
Volume
cAllen
&
C
18
(918)
The Commercial and Financial Chronicle
scheduled for rehabilitation. These
The Manufacturer's Stake
Supplementary insured loans
contain
96,000
dwellings
designated for conservation. Con¬
areas
servation
pleted
has
Thursday, August 31, 1961
are
newal, regardless of the building
material used, would be, delighted
if the steel companies — which
the maximum interest rate is
and
in
.
available. The limit is $10,000,
now
already been com¬
nearly 13,000 of these
units, and is in process in nearly
8,000 more.
In Today's Urban Renewal
.
.
the
•
maximum
years.,
term
6tyo,"
is
"
20
have
The
legislation
new
in¬
also
also
istration, Housing and Home Finance Agency, Washington, D. C.
of
home
equipment and materials
directly into the urban renewal
describes
area
urged to get
are
be met.
product design if the needs of home improvement
take
ex¬
Cited
as
are
at
c
V.
to
housing, with mortgages of
years
1, hardship cases
.
.
.
.
loans
40
.
Sears,
Roebuck
and
Company,
Reynolds
Metals
Company and
and with down-
.
There
the
Manufacturers, I believe, have
tremendous
newal
both
...
as
in
urban
by the city, with the Federal Gov¬
a
ernment
re¬
citizens and busi¬
In addition to
nessmen.
p
stake
three-fourths
need for
a
citizen
is
also
We
en¬
in
Practically
oppor¬
ing in
mately
Later,
engaged
I shall
give examples
I
both.
to
like
review
be
m
a
the
I
home and said to
.
about
multi-billion
a
undertaking
that
I
which
they
participate'.
to
of
newal
1949,
should " be
the
the basic
structures
in
urban
an
rebuilding.
area
Other
include both clearance
re¬
aid,
and
lend
money
acquisition,
preparation
and
land
what
can
of
clearance,
the
ready for
the
land
for
local
a
Can
as
though
year,
' '
'
manufacturers
-
new
Government
and
the
are
dollar
Congress
ago,
amounts
authorized
authorizes
program
than
more
$2
That
in
public
funds.
date
indicates
makes
$6
Experi¬
that
every
spending of from four to five dol¬
in private
investment, so we
expect this $4 billion Federal in¬
lars
for
vestment to generate
private in¬
a
vestment of about $20 billion.
and
sale
Now lets take
.
a
look at rehabil¬
recent
report by the
Administration
itation.
A
Urban
Renewal
estimates that
about $225 million
will be spent by property owners
agency
to
conserve
homes
partly
period in
12
in
or
the
With
/
of
years
renewal
experience
in
exception
into the act?
in
can
121
vast
buy
any
is neither
are
the
in
old-
al
.
companies
rethink
must
.
.
services, their prod¬
ucts,. their ideas
perhaps even
their merchandising techniques.
.
First
of
.
.
are
of irehabili-
all,
manufacturers
in such worthy
ACTION. Such
represented
organizations:
as
or,ganizationsc,are wonderful
.
.
and are doing a world of good
but that isn't
provide cities
will
ers
improve
project
Now
we
also
have
the
.
enough. Manufactur¬
have
to
.
.
hoods and whole
across-the-board
ban
renewal
job.
authorization in the
new
housing
renewal
gram
future
Kennedy
urban
Let
provides
a
solid
operations.
base
pro¬
ples
for
give a couple of exam¬
how this is being done.
me
of
Ace of 1961 has tremendous impli¬
cations for urban planning/ mass
Sears, Roebuck and Company is
carrying on a nation-wide pro¬
gram of participation in urban re¬
transportation, housing for vari¬
newal
ous
The
Housing
income groups, and home im¬
in
chain's
the
stores
cities
are
where
located.
the
Store
provement. In urban renewal, for
managers; are
example,
gage in local renewal programs;
the organization produces a na¬
have
we
provisions
for
habilitated
both
several
new
and
new
re¬
encouraged
to
tional newsletter
their
The Federal
Housing Administration has a new
areas
home improvement loan program.
urban renewal matters. This is
housing.
ture films
,
*
*
en¬
motion
pier
and publications on
..
v
.
example of private
^engaged
in
an
en¬
community
v
Or take
Reynolds Metals Com¬
Service
Corporation as its urban
renewal subsidiary. Last week it
broke ground for a 500-unit hous¬
ing development in the Southwest
Washington urban renewal area.
continually urging locali¬
emphasize good design. •
How many are keeping up with
the
new design needs and trends?
Thinking in terms of products that
should
and
be
used?
For
in¬
stance,. who will be the first to
devise a really efficient self-con¬
tained heating and air-condition¬
ing unit that can be installed in a
wall
.
.
that is
one
.
lived, reliable,
priced?
'
quiet, long-
and
moderately-
Where is the manufacturer who
is
researching into
sive
material
for
less expen¬
a
concrete
forms
that will make it possible to have
exposed
concrete
without
an
ex¬
pensive treatment after the forms
are
stripped' away?
contribute
This
would
significantly to bring¬
ing down the cost of buildings.
What about other products that
new frontier in urban renewal
the
needs
.
.
and will
.
ultimately find
competitors? I am
some
thinking of more functionally de¬
signed
kitchen
equipment
and
plumbing fixtures
new, stablepi a stios!.
a le?s expensive wall
covering for bathrooms
fewer
.
.
.
.
.
.
INTERNATIONAL FLIGHT CATERERS, INC.
*
.
.
■
short time the project will be
showcase for Reynolds products
.y,-
.
area
as well as. a good residential
for middle income families.
the
groundbreaking,
my
chief, Housing Administrator Rob¬
ert C.
(Par Value lc Per Share)
erings
cov¬
balconies — the new
apartment trend — that will be
...
in
And
rethinking services for
renewal, we should not
overlook the unique requirements
of rehabilitation work. Many firms
urban
will need to re-do their distribu¬
tion
system. This is not
volume
large-
a
project : operation.
Rather, the work is done by thous¬
-
per
-
ands of small
home
I
contractors,
The
owners.
mentioned
or even
Census report
earlier
also
states:
that, of the $9.5 billion spent by
owner-occupants, about one-third
went for do-it-yourself projects.
;
Therefore,
think
in
firms
terms
of
small
orders.
will
have; to
huge
volume
thousands of
In, urban
renewal
where rehabilitation is tak¬
areas
ing place
cost
know that the
we
aver¬
of
conserving and im¬
proving residences is about $3,000'
age
^
.
.
and it is in this kind of frag¬
mented market firms will have to
operate.
•
Well, in this brief
paper
I have
tried to describe the
opportunities
for home equipment and building"
materials manufacturers in urban
".
.
much
(1) Retool
the significance of this de¬
can
as
an
example of how
be
.
in this
State.
industry. It
step
turer of
a
basic building material
directly into the redevel¬
for
the
manufac¬
opment field, as Reynolds Metals
CO., INC. &
i
York 5, N. Y.
i
I
for
(3) Pay closer attention to the
needs of home
improvement
oper¬
was a revo¬
lutionary
move
thinking
(2) Participate as sponsors and
organizers of projects.
.
to
be obtained from the undersigned and
their
urban renewal.
ations.
ment and
lawfully offer these securities
possibilities
sire great. Firms should:
Weaver, pointed to:
.
accomplished in the
redevelopment of our cities by a
partnership between
'. govern¬
SHARE
renewal. I believe the
.
velopment
Exchange Place*New
designs and
'
Common Stock
AMBER, BURSTEIN
better organized
colors in floor tiles and other
a
At
PRICE $4.00 PER
and
~
In
a
40
in
we
are
ties to
composed of untold
pany;! A few years ago it estab¬
lished' the
Reynolds Aluminum
75,000 Shares
may
and
Administra¬
good, cheap, and sturdy.
Companies Entering the Field
■
and
1
.on.
housing and ur¬
The $2 billion
matters of vital importance,
may
tion
v.
.
Renewal
.
build, and rebuild neighbor¬
areas are going
save,
legisla¬
tive tools to accomplish a genuine
August 24, 1961
as
Urban
among
,
an
Copies of the Offering Circular
the
.
'
offer to sell nor a solicitation of an offer to
of these securities. The offering is made only by the Offering Circular.
from such other dealers
lic-private program
.
should begin now to participate in
urban renewal. I know that many
urban
and
newer
.
rethink their
ur¬
stimulating
new
Urban
.
.
a
participate in
the speed they have a right to ex¬ urban renewal not
only on the
pect and the stability they need to national level, but also
and
proceed with their renewal plans even more importantly
in the
and programs.
.localities where the campaigns to
.
NEW ISSUE
firms
if
selling
they are mak¬
big mistake. To capitalize on
the opportunities in urban renew¬
ing
terprise
announcement
But
answer,;
excellent
This
get
Selling the building
equipment needed
undertaking is one
fashioned way
.
to stop and learn the ABC's of the
.we
this
manufacturers
and
thinking :of
...
process
materials
and
pushed.
better designs than any other pub¬
working
are
is
market
projects is the
ideas
i
will-be
renewal
are investigat¬
shortening the
we
renewal
where-new
designs
sister government agen¬
materials
to
tation, we are. well experienced in
urban renewal
we do not have
and
.
,''
construction
new
urban
can
programmih^ and abtlon.
the
of
V
...
towns.
to
crucial
a
in
several
up
.
and
billion
is
we
-.
.,.
.
>
Designs
Needed" £..
area
Administra¬
Now, how do home equipment
;
.! and
Crucial Period
This
.
obvious
afford
means
speeded
ways
our
■[
• •'
■■
and .New
^
This
that
busi¬
processing period.
""
"
see
cies, such as the Federal Housing
Administration, to telescope the
innumerable
get into urban renewal? I believe
citi¬
dollar in Federal public urban re¬
newal expenditures results in the
builder and
renewal
their
being matched
billion by the
ence
get for it is met partly by the
Federal
process
ban renewal history. We have had
Kennedy
cities
finance
to
in which
This $4 billion
by
ex¬
to private builders. The difference
between what it costs to get proj¬
ect
3.4%.
the
another $2 billion.
reha¬
requirements
upgrade
in Federal funds is
proj¬
of
to
$2 billion for urban renewal. The
new
city's plan for renewal
Federal
we
land
up
beginning
weeks
bilitation.
a
well
as
Last
new
with
additions, alterations, repairs, re¬
placements, and maintenance were
de¬
of the Kennedy hotisihg and urban
renewal
program
a
couple
of
isting buildings, with varying ex¬
tent of repair; Still other
projects
When
cross-
of the urban re¬
newal program in 1949 to passage
.
involve rehabilitation
meets
im¬
con¬
to
Renewal
have
we
ing
starts were down about
18% from the preceding year, to¬
tal
expenditures
on
residential
live.
What
legislation, the Urban Re¬
complete
ects
home
at. local
Urban
,procedures
to
housing
involved in urban renewal? From
help them
get rid of slums and blight. Some
of the projects involve demolition
all
only
addition
that
creates
industries,
.
communities
zens
newal Administration makes loans
and grants to cities to
of
employment
others.
.
common
In
.
environment
know
Through Title I of the Housing
Act
.
by
manufacturers of home equipment
and materials can afford. It is also
eager
.
construction
new
—
can't afford to buy." But
in
real
a
.
of
overlooked.
insight
Administration
tion
V/V*.'1-:
-
Ideas
'
...
;,the
nominator—they are making the manufacturers should ask them¬
dramatic, forceful, and com¬ selves
and their home offices:
prehensive building and rebuild¬ "Can we afford not to
get into
ing effort in our nation's history urban renewal?"
a
planned, organized drive
lady of the house, "I want to
an item your neighbors
one
.
.
as
most
show you
dollar
have
we
the program have one
William L. Slayton
one
I shall talk
have
New
..
.in. many ways ; ,« as far
urban renewal is concerned. At
a
to think of markets in
provement
communities
renewal
this
manufacturers who
many
enough
ness
struction sites, it provides jobs in
the lumber, cement, and appliance
provement. All of the localities in
who
say you
the
urban
the
Approxi¬
large cities,
projects embrac¬
ing every aspect of physical im¬
like
stopped at
here
So
sales-
n
over
of
in
terms
250,000
is participat¬
point out that here is
prone
have
of
program.-
200
small towns
the slick door-
to-door
the
section of America
urban renewal
won't
city
every
that 1961
J"
similar trend.
a
me
market
900
localities.
some
10,000 people.
briefly the
process.
Let
vari¬
on
and I believe
.»
will show
or
populations of less than 25,000; of
these, about 100 have fewer than
First,
should
approved
about 500
population and
tunity forhonestprofit.
of
depending
ban renewal?
your
many
give
was
;
firm thinking
of participating in this way in ur¬
other aspects of
Kennedy housing and
are
new
begin¬
are
into urban renewal.
come
Question: Is
v
urban renewal program, but I be¬
lieve that my brief summary will
are
have
projects
there
two-thirds
factors.
ous
roductive
deavor
paying
reported
billion
new
apartment developments.
housing at below-market rates., i-;
that more than $13
spent on home imr
provement in the United States in
:>
Aluminum Corporation of America.
for
Aluminum
Corporation
of
America, as Doctor Weaver also
pointed out, is participating in two
for
years
I960
of
Other manufacturers
for
payments of only 3%. The other is
FHA-insured mortgages for rental
The Bureau of the Census recent¬
ly
FHA-insured
to 35
up
intense interest in every¬
an
looking
The
sales
the
thing that makes for home im¬
provement, even though much of
it may be outside of our
program.
example of what is being done is the activity
an
look
improvement
market.
As
Urban Renewal Commissioner, I
pected to result from $6 billion injection of public funds. They must,
according to Mr, Slayton, rethink their selling and distribution
methods and
another
home
by Federal housing official who
opportunities involving $20 billion in private spending
take
ning to
is
for
Home Improvement Market
Let's
Manufacturers
cludes two major aids for housing
families of moderate income.
One
By William L. Slayton,* Commissioner, Urban Renewal Admin¬
been
markets—would decide to become
investors in this field also."
-
Company has in this and its other
projects. The benefits of that step,
They will find that it
as
pavs
.
.
.
urban renewal has paid the 500
which have undertaken
localities
projects and the industries which
have participated. It means better
business,
sounder
communities,
and
a
more
economy.
;
national
prosperous
.
.
.
however, will be felt far and wide.
*From
Those of
terested
us
in
who
are
primarily in¬
promoting
urban
re¬
National
d.
c.
a
talk
by
Mr.
Slayton
at
the
Housing Center, Washington,
:*r v ■■■
■*
*
\
(V
Volume
194
Number
6086
.
.
The Commercial and Financial Chronicle
.
1
During the three months ended
July 31 purchases were made of
•
.
BY
JOSEPH
News, Ampex, Avnet
Electronics, Broken Hill Proprietary, Custom Credit Corp. of Australia, Fidelity Bankers .Life In=
surance
Ladies' Day
crodot,
Hachette
Societe
(bearer),
Credit
*
Mi-
reached by
Mobilier
cents
share
a
TI7
ord
achieved
was
TT
The
W1til
/-m
i
,0
AAUtlUil KjKJ'
(Special to The Financial Chronicle)
■
LOS ANGELES Calif—William
Wells
rec-
month
i
HllttOTl (
.
-
this
TX7'x1
W 611S
T71
Hi. JH
19
TXT^ll
U.
.
T71
investment counsel
an
O
VV
profits,
>
*
<(no load" mutual fund.
(bearer), Sperry Rand, Technical
..
Earlier this month the New York
5
securities
For the first time, the
$100,000,000
mark in total net,assets has been
Corp., D. C. Heath & Co.,
Librairie
of
realized
(919)
payable Oct. 2 to stock of record
Sept. 1.
"'
.
C. POTTER
distribution
a
from
American
.!
E.
has'become
F.
Hutton
by
&
a^ciMed
Co.
623
q
with
South
'
'
Measurement and Union Carbide the Loomis-Sayles Mutual Fund
Stock Exchange, keenly aware of cept traihing.
^ v'
-• .«:■■■■■■>•.•. j'l (Australia)
Ltd. Th e company, which, since its founding in 1929. 1
of the growing eminence of the
Well, as most of us beleaguredi Sold ?ut its ?olar0id and Technol-in Boston by the investment counj,
ladies as purchasers of securities, males
know, they certainly know'ogy .Instrument e°rP- "
" : sel firm of Loomis, Sayles & Com-' >
announced it would
do a more how to train' meii.'
And; as com-1
;
; *
*
*
■'Y\pany, Jnc.,> has shown-steadily in^" ^
thorough job of appealing to them petitors, they are
enough to give' Delaware Fund announces it has creasing growth'in-number of r
in its upcoming advertising cam- the
average fellow the shudders.- completed "a substantial common shareholders in 29 of the 31 years
;
paign. And s m a 11- wonder: the Beauty and brains are a.combipa-it stock position'/ in General Port- <?f operation.. The fund has over
;
dear girls are destined to domition no man can hope to match, { land Cement.
At latest report 13,200 shareholders residing in all hate the marketplace in our afwnr
d in
cnriPtvthese- holdings -1 o t a 1 e d 26,000 50 states and, in many foreign fluent society.
:
> where get-togethers were Xkld> shares,.representing 3/lOths of 1% countries.
• Y,Y .\
v
«
Any veteran of stockholder hv
opnaratinn nf thp
with- of the fund's total net assets and
v The fund is set up as a diversimeetings/can attest that, where t/ l ri,
+
i
17% of its „total commitment in tied portfolio of common stocks, :
to
train
and
willing to
more
ac-
*
.
if
r
mpn
p
a
r
p
a
.
-
rpvp«
„
the
once
annual
gals
nearly
few at stuffy
were
they
conclaves,
numerous
as
and
kiddieSj it>s
are
now
menfolk,
as
iW
manyacoprata,*
Cially those wrth consumer products, finds that this growing trend;
imnpls
morp
impels more Rnrif?htlv meetings,'
sprightly mpptinpfs
luncheons,
more
pleasant
sur¬
roundings
and
souvenirs;
adtast
,
going to be
gabbing
ab
t
sal's
to
*
ital gai
set
values
For
one
thing ,t wiu
®
ff
h
economic
and
trends.
end
mean an
boardrooms, which used
,
preferred ^stocks and bonds in -
.
*
v a r y i n g propertions depending
Financial industrial Fund says it UP°" the management's appraisal
Passed the quarter-billion-dollar
a"d■ ec°,10'T c?ndl"
mark in assets, hitting an historic
p.la,ced °n °"6-
Spring Street.
of
*
*
of such separation and a great day,' Peak; of $250,433,000 on Aug. 17.
ft, ■>.
At the close of this month the
for the
J Denver-based *
X
open
end invest-
ia§ies
^-
And
brokers'
buildmg jstoqks,
ment company
to
to reek of foul tobacco smoke and
The Funds
provide
-
•
William
S. Wells
Mr. Wells, who has
" bttt £ue been in the investment business
Regard is given to the preservation on the Coast for many years, was
the capital invested., : • • > , ■
formerly Executive Vice-President
completes 26 years
Supervised
Walston
&
Co., Inc.
Affiliated
scant Comfort, now feature smart decor, living-room at-
mosphere and
other
numerous'
amenities.
1
'
.
; /Plainly, .Wall. Street, operating
in its headquarters or represented
Main
St., will never be the
again, Even the diehards in
business, who insist the old days were good, are
on
same
the
investment
reconciled, especially
to the bank.
-.
.The people
to
which
has
way
V; "
:
whose fortunes are
mutual fund field,
the
linked
their
on
,
ancients
few
and
no
y
ancient
traditions, have cultivated
As
the lasses from the beginning.
like
not,
as
yesterday's
sale
fat
made by some salesman who
was
first
spoke
registered
Her
husband,
time
and
less conscious of
no
the wisdom of
gram,
a,;.housewife
to
favorable impression.
a
investment pro-
an
just wouldn't have had the
>
Comes
fund
mutual
a
Kazeltine
Perkin
Eli
Lilly
Elmer ' /
-
Eliminations:
Atlantic
R
-
-•
•
-
-
e
f i
i
n
Mutual
that
ization
-
as
example.
an
_
of
Renyx, Field & Co., says his firm
.has engaged more gals for mana^
gerial and sales posts in the last
eight months than in its entire 16year history.
Since the start of
1961 Renyx, Field has added 18
women
in these jobs
and they
screened
from
of ap-
scores
plicants. Previously, the cdmpany
had only eight women in sales or
executive positions and was just
all-male
an
organization,
aside from clerks and secretaries.
Bair attributes the
rising tide of
marking
31,
the
fiscal
year,
were
per
■
end
year.
*
of
the
'
'
~i~~—>——"
j
Airlines, Armstrong Rubber, Carborundum,
Chase Manhattan Bank, Continental Can,
E. I. duPont,
EaglePicher, General Motors, Goodyear,
Great Northern Railway, International Nickel, Ranco, Republic
Steel, Stauffer Chemical and
m e r 1 c a n
Stewart Warner.
The stock of
Florida Power & Light was eliminated.
'
*
*
*
Axe-Templeton .Growth
Fund
owned/subsidiaries
amounted
to
is
his
wives
for
the
period
that
as
house-
more
familiar
with
the
control
the
of
family
chequer—they will seek
in
ex-
career
a
the field.
he
What
less
than
He says
know
sees
a
ahead
boon
to
is nothing
his business.
enthusiastically.
how
to
sell
Women
other
women.
f
.
Albert M. S h eIdo n , PresMent,
Tb'
which is underwritten and mana§e(i by Imperial Financial ^e^vlc®s> ,als<? bas been approved tor
sale in these states.. ■
*
j
rpv._
imnAfioi
Conifai
Pun,1
the6home wUhou? thrfmTarras'sment that
a
male salesman might
create."
Bair
And
the
has
salesmen
small
with
solace
whom
the
for
.
,•
-
*
*
•
*
.
:
total
or
of their time than most
Also, as a general rule,
organizers
men.
Renyx,
Field finds they
are
net
$8 84
lznnuii
imnmg Emmett H. Organthe Morton Steele,
were
Sr.,. Eugene
L
Lough.
r
-
.
•
B.
:
-
Jeans and Hollis
"
;;
-
WJ'""
■
.
1
the firm of Stanley R.
O
31 at
sharfi
$284,788,374,
0f
York City, as a
Registered Repre¬
sentative.
'
Mr.
formerly with
in the Advisory
Dept., and previously, had been
with Marron, Sloss & Co., Inc. He
will continue in his post as ViceSpargo
was
Pabson Reports,
.
president
of Squires Whitney &
Co., a corporation in the general
financing field, while working
with the Ketcham organization. »
o
'
;
.
Joins Holton. Henderson
i
.
(Special to The Financial Chronicle)
LOS
210
of
ANGELES,
Wilson
has
Calif. —Donald
become
connected
Henderson & Co.,
West Seventh Street, members
Holton,
the
Pacific
Coast
Stock
an
nor a solicitation to buy any of
made only by the Prospectus.
offer to sell
The offering is to be
NOT A.NEW ISSUE
200,000 Shares
TASSETTE, INC.
Class A Stock
(Par Value 10^
per
Share)
Price $8.00 per
or
Copies of the Prospectus may be obtained from the Undersigned in any
State in which the Undersigned may legally offer these shares
were
share.
$40,084,687.
Oct. 31,
At
Amos Treat
.
'
comparable figures were $20,728,-
easier 396 and $6.55.
Share
compliance with the securities laws of such State.
juiy 31 quarter
assets
per
joined
Ketcham &
Inc., 76 Beaver Street, New;
Co.,
with
rorm income rroperues
.
Wheeler Spargo has
John
M.
-
Inrnmp
p
these securities.
in
own
:
'
,.
This announcement is neither
Chase Fund of Boston reports that
dies
;
*'
#
$16.93.
encj
'
.
,
puts total net assets
£
Thi^ c(;mp^res
with year-earlier assets value of
of.$230,,
and
pre-share
228,785
$ g 3g
la-
compete, insisting t h at his
organization has found them
to be more enthusiastic: and 1setter
#
Fund
JuJy
with
¥
_
Ex-
BROOKLYN,N.Y.—-IncomePropinstitutional Income Fund has de- erties, Inc. has been formed with change. Mr. Wilson was formerly
clared a dividend of 8 cents per offices at 1801 Dorchester Road, with Sutro & Co. and Marache,
share from investment income and to engage in a securities business. Dotilemyre & Co.
.
pane. Holdings of Abitibi, Loblaw
and Siemens & Halski were re-
Qf
associated
now
.
increased. New commitments were made m Superior Pro-
ag
is"
A.
•
troleum, Scurry Rainbow and
Sherwin Williams 7% preferred
Boston
Wulff
Wis.—Eugene
-
c
,J. W. DpargO Joins
Stanley K. K.etcham & Co.
the Canadian dollar,
on
duced-
n A
With Bache & Co. '
...
.
.funds—and this will be abetted by "were
their
Toxr a
MILWAUKEE
$6.05,
to
what.he calls a comdevelopment in
become
-
Capital gains and losses having (> D p Morton Branch
balanced Off during the first six
/!_••••*
•
„
months of 1960, total income was ATLANTA, Ga. B. C. Morton &
$5.37.
;
V.
/
Company has opened an onice in
new
belief
H
801,000, or $5.37 a share, in the Bache & Co. as a registered repfirst half-of last year.-Net realized resentative in the investment
gains on: investment transactions firm's office at 229 East Wisconsin
of 23 cents per share brought total Avenue.
>
total net assets were $6,417,172^ up
from $6,207,964' three months earhomemaking. It is his contention Der.
Net asset value per share'
that the plan method of buying rose to $10.68 from $10.45.
funds makes investing an integral
-During the quarter the holdings
part of the household budget. It °f Tesco Stores, Royal Dutch Pebusiness
paratively
to
*1 v\
of
Canada Ltd. reports that at July
based
Q Yy
.
-
During the quarter the company
added to its common stock port-
feminine vocational interest in his
^
*■
_
*
*
X
"
the Capqler,Ruilding. .
Imperial Financial Sendees, Inc,
Regional Manager is inomas w>
hn« rAnpivpH nrvrirrival fn hp^in onCrowe, Jr. He was formerly with
las| fis;cai has received approval to begin op; ; *:
* " orations - in ^ Arizona and Texas, f<Lrtfan
-
31," I960',
folio A
—j.
jncome
re-
$160,970,060,
share, against
$122,509,840 and $8 a share at Oct.
y
equal to $9.77
°
Ross A. Bair, Vice-President of
1
g.,
Fund, Inc.
July
at
months
'
about
n
J *''
ports
He cites
reports
any like period in American Machine
& Foundry,
company's histqry.. ;/r
>
Gulf Oil, Foremost Dairies, Sperry
I?
^Combined net operating income Rand and TexacPof thei -company and its wholly.... v
n
f
o
vi
l
Cement,* $8,471,000, or $5.82 per share; for
Chamnion the half year, compared with $7,-
Fibre, First National
stores, Lily-Tulip Cup; Merck,
Radi0 Corp. of America, Sinclair
oil and Parke, Davis. •
v
American
nation-wide sales organ-
Inc.
B)! higher than for
Ce-r
&
paper
total net assets
in this business.
Shares,
during the six months' ended
Joseph Mayr to
American
growing instalment-plan practice
purchasing fund shares is
stimulating the interest of career
p
were
(Class
Permanente
ment, Shulton (Class A); Su.burban Gas, Welch Scientific^ WesU
ern Union Telegraph and
Zenith,
nine
own
that
Cutler'
ecutive who reports that the fast-
women
*
^
ex-
of
.)
In the\ semi-annual report to June 30 it purchased the following
stockholders of Investors Diversi- common stocks: Pullman Incorpomonths of its fiscal year, net assets fied Services, Inc., W.* Grady rated, American Cyanamid, Boei i
7
amounted to $756,382,744, equal to Clark, President, announces that ing, Carolina Power & Light, Cit- ^iQIIlIl.1 Jt artH6rS
$8.45' per share;" This compares total assets under the company's ies Service, General Electric,
' '
' * " ' ''
•
w|th $585,947,573 and $7.07 a share management
reached
a
record General Mills, General Telephone Joseph - Mayr- & - Company
50
at Oct. 31, 1960, close of the last $3,798,521,000 at June 30.
This & Electronics, S. S. Kresge; Lig- Broad Street, New York City;
fiscal year.
*
' •VY was an increase for the six months gett - &• Myers - Tobacco, - Lone Star paembers of .the NevL York Stock
Added to portfolio in the neriod of $380,396,000-and for the past Gas,
Philip Morris, Penn Dixie Exchange on Sopt. 7 will admit
year, of $581,066,000., Earninfa Cement, J. C. Penney, Southern Neil
B. Gold and RonaldI E
Bormah Food Stores'Continental' from operations increased in the California Edison and Textron. ■ ■
Levick to partnership Mr, Gold
Petroteum
first half of 1961 by over 9% from
The company o v e r the same will acquire a membership in the
Hammer
Food Giant
Markets
the first half of last year and were span sold common shares of New York Stock Exchange,
-
-
-
now
n.
Fund
reports that at
July 31 j close of the first nine
inclination to hear out the
or
salesman.
his
Report
August 30, 1961
& Co., Inc.
Bruno-Lenchner, Inc.
20
(920)
.>•
The Commercial and Financial Chronicle
Our Reporter on
-v ■-.-V'
<
;
.
.
Thursday, August 31, 1961-
.
Government will get at. least - a
1961 new money from
>
part of its
the
sale
a note.
This type of
would, 'however, still
follow pretty much the pattern
which the Treasury has been us-;
ing in taking care of its needs
of
financing
GOVERNMENTS
JOHN
BY
T.
CHIPPENDALE, JR.
•
•
•
since the start of the year.
Even
though
,
the
CARLISLE
BY
BARGERON
commercial
have / been; reluctant
to
make other than short-term com¬
banks
The capital market appears to be
getting
tion
a
modicum
because
it
more
since they did not take advantage
of the offer when it was made to
of atten¬
them
though
the Treasury will be undertaking
an
"advance
refunding" opera¬
tion very shortly if some opinions
of the
issues
supposedly
to
in¬
be
volved in this
undertaking, name¬
ly, the longer-tap issues, the 2%s
1972.
As against this
1970 and
the
institutions
and
with
11
distant
most
bonds
moved
will
there
crease
down in
price since
most,,likely be
in the
ernment
Government
supply of long Gov¬
with
bonds
a
.
It
seems
The
theme
in
the
and
money
markets at this time is to shorten
maturities
tunity
among
banks.
are
whenever
presents
the
the
will
meeting
and
oppor¬
hand
bulk
of
is
is
not
something
distasteful to
exactly
only been
buyers - of . near-term issues - but
they have also been takers of se¬
them,
lected
usually looked upon
tax
-
This
free
bonds.
bond
the
market
line
of
a
and
December
is
given
ing
will
-
longer
maturity
This would
over-all
capital market
to mean
"advance refunding"
favorable
~
.
;
it
future.
It is
September
Tickets
for
$12.50
should
be
-
each
s at
// • /
,
d i
the
and
believed that in late
raised
or
will
made
with
Mr.
-
most of it quite
the
bills with
also
likely to be raised
sale .of tax
a
anticipation
June maturity. There
opinions around that the
Calif.—Earl
C.
&
was
Mass.
—
think
toward
offer to sell
nor a
Roland
W.
was
securities. The offer is made
•
any
of these
parties, that
is
their
nedy
toward
behind
.
sion
whole
question
of
with
Russia."
the
New
former
takes
nothing
view
its
.
that
V
b*'
">
" i' 1 ■
•
? <»;! H' y
>
"
<
r
>
C*
i
.1,
' c:
Economic
Advisers,
that
party
grams
and expansion«of existing
though it means a sub¬
shows, .the Demo¬
supports new pro¬
ones, even
stantial
con¬
increase
in
the
They follow the Samuelson
theory of what he calls a "prudent
deficit," and no new taxes were
recommended to
help finance the
increased defense cost.
the
The
other
Republican
:
party,
the recession. I do
not think it prudent to continue
enlarging Federal spending pro¬
grams."
/*
'•
"/
Rusk said, it might
negotiations with
Russia
Borrowing from the Treasury to
finance purely legislative matters
make
exports to
■
.
"more difficult."-
host
a
of
spending,
$28 billion at this session,
Meanwhile,
synthetic
rubber,
rail equipment, coal tar products,
carbon
black,
pipe,
industrial
and
"back-door"
or
<
*
third
of
the
total
budget.-
First of Mich. Office
other
Communist nations.
Michigan Corporation has opened
Congressmen
a
frequently
urged Secretary Hodges to make
public the names of shippers who
apply for licenses to send goods
Russia
but
on
have
each
the
would
time
office
Mich.—First
in
the
the
J. L. Free
Opens
(Special to The Financial Chronicle)
;
SANTA
BARBARA, Calif.—James
business from offices at
need
to
countries
keep
there
so
is
conducting
Figueroa Street.
American busi¬
-
HARD TO
FIND
Bank & Quotation Record
•
.
-
/
•
,
,
per year
—
(Single Copy
—
$4)
This bound publication will give you the monthly
from
prices
l
"hard
on
all
listed
to find"
Over
securities
-
Write
ASSOCIATES, INC.
the
or
-
well
as
Counter
as
those
quotations.
call:
WILLIAM B. DANA
CO.
25 Park Place, New York 7, N. Y.
a
YOU WILL FIND THEM IN
Share
,
'•
NEW YORK 19, N. Y.
.
>;*
>'
-
"
Michigan
Building under the
L. Free is
other
of
direction of Harold L. Butt.
information
give
competitors. ,,."/
branch
National Bank
has
that
ground
he
HURON,
QUOTATIONS
680 FIFTH AVENUE
;
PORT
NEED
dealer in such States where the securities may be legally
offered.
ROBERT A. MARTIN
totals
or one-
contributing to a mili¬
tary buildup continue to flow to
(Only $45
{
to
stop fighting
Why?
Because,
no
or
the
come
these
curtail
or
countries.
*,
be obtained from the undersigned
on
hand, follows the theory of
Dr. Burns: "The-time has
exports.
Both
Rusk
and
Hodges said they-were opposed
to legislation which would elim¬
(Par Value $1.50)
may
national
debt.
problem.
than
clearly
the
Common Stock
Copies of the Prospectus
/<
the record of this Con¬
as
cratic
such
American Uniyend Corporation
your own
lies
*'//.-Y*•,.'/,//.
100,000 Shares
Price $9.00 per
of
gress
Administration,, at
discretion, could control
own
head
Eisenhower's
the /inflation
*
,
Thus,
Frontiersmen
tangible
of
ahead.
between
more
time
one
the opposite view, warning
against
and
and
President
-
Council
Hodges and
of State Rusk produced
Secretary
of
Economist
-
greater
even
an
last- January,
("prudent deficit" in
a rapid expan¬
Federal spending to fight
employment slack. Dr, Arthur F.
Burns,, Columbia
University's
•
tempo
report
a
from
y,;
fiscal
the recession and take up the un¬
the
,
staff
The Administration's attitude is
that Russia can get the materials
August 31,1961
'
bad
;.
difference
his justification of
and
trade
to
NEW ISSUE
as
V
distinct
a
is
one
-
attitude
referred to
na¬
/ Rut
commenting
upon
■]. carryinf^i,'Oiutusuchi prbgram
of
licensee
only by the Prospectus.
-
expres-/
materials
Tucker, Anthony & R. L.
solicitation of an offer to buy
shipped
the
the
refused
an
Communist
kind
to
This announcement is neither
in
parties
economist who prepared the Ken¬
the
a
were
chemicals
Jones, Jr. has been added to the
Day,
74 State
Street.
He
formerly with Brown & Co.
of
any
>
inate
(Special to The Financial Chronicle)
BOSTON,
is the differ¬
two
the other.
There
temper of our people/in the last'
six or eight .weeks has changed
Dillon, Union Securities
Tucker, Anthony Adds
staff of
to
Curtain.
Conferences
Co., 3670 Wilshire
formerly with
Dempsey-Tegeler & Co., Inc.
Treasury bills with
the two
4
Boward has become affiliated with
by the end of 1961./ Some
money will be
obtained
the, seriousness
on
shipment
"I
BEACH, Calif.—Francis C.
Karr
but
.
With A. C. Karr
C.
law
crisis, U. S. goods licensed
fronted
(Special to The Financial Chronicle)
A.
of
Because of the protests from
Congressmen and the public gen¬
erally,
Commerce. Secretary
Hodges recently told a news con¬
ference:
/ '...
„< v
-••/'. •-
Strong has become affiliated with
Boulevard. He
effect
foodstuffs.
policy does not
in
with
ANGELES,
the
among people is that they
can't tell the difference between
coun¬
as
Iron
Frank
'Gd/^;
(Special to The Financial Chronicle)
LOS
satellite
surplus
any
the
items
Joins Eastman Dillon
LONG
the
startling 800%. In
all, $6,278,566 worth of ball bear¬
ings, machine; parts
and
other
are
/$$' *
this
regular
of
tions jumped
>.
n n e r
Ladenberg, Thalrhan &
and
the
for
reservations
f
re¬
early- October the
be
picking
up
needed new money with between
$5 and $6 billion probably to be
are
.
of Congress
between
ence
sion
Russia
Berlin
officers will precede
..
the;
on
The
biggest ^ issue, y : in ; this J
writer's opinion, to develop at this-
session
fiscal policies. A common
nation
Quarterly
with the elec¬
& Co., 138 Locust Avenue. He was
formerly with Dean Witter & Co.
"forward
expected
Treasury
from
be
Government' in addition to
now
from
New
will
.
Eastman
...
funding operation" will be raising
new
money
in the not distant
of
new
dinner.
appear
the Treasury when
undertaken.
the
be
issues,
the
The
the opportunity of switch¬
into
the
extend
New Money Needs
made in
1969-64's
purposes
there should be con-,4
appeal for the owners
longer-term 2Vz% tap is¬
venture for
opportunity to exchange for
longer term issues in thelast
Septem¬
ber 1960.
It is not expected that
the 2V2S due June
1967-62, the
December 1968-63, nor the June
money
possible for the
with current
sues.
the
was
it
financial
the
Members of the dinner commit¬
-
siderable
refunding" operation in the very
near
future involving the World
War II 2 Vzs" that were not given
offer which
refunding
made
Govern-
new
of
tee are Frank Dunne, Jr., Merrill
Lynch, Pierce, Fenner & Smith
Incorporated, Chairman; Albert F.
Frank, Ladenberg, Thalmann &
Co.; Sam Minsky, Hardy & Co.;
T. Alvah
Cowan,- Peter P. McDermott
&
Co.;
John Howatt,
Harris, Upham & Co.; and Leon
Herbert, Hayden, Stone & Co.
Also
Conditions
"advance
an
short-term
to
is
maturity of the Federal debt.
If
the coupon rate on the "forward
refunding" issue or'issues is in
especially in the late Sum¬
However, it now, appears to
money market followers as
though there will be
not
Treasury
ture, it was not generally assumed
that, it would be coming along so
many
which
as
mainly for
raising* and
has
the debt this Fall, through the use
of this kind of a refunding ven¬
mer.
bonds.1'
being fa¬
"advance refunding"
an
of
use
ernments
a
period of inactivity and
dullness, which is not unusual at
this time of the year, is getting at¬
tention now from money market
specialists since the beliefs' are
now strong that an "advance for¬
ward" refunding operation will be
undertaken by the Treasury, in the
very near future.
Even though
there were some money market
experts who believed that there
would be a move by the Govern¬
ment to extend the maturity of
soon
the 'condition
of
the
appeal/in
be
operation by the Treasury.
after
,
is
vorable for
Government
could
term* Government
longer
Likely Advanced Refunding Issues
The
there
tion
Wal¬
,
meeting
in
>*
*,!
a
in
declara¬
a
>
.
Association's
The
bill
getting
'.=
products, as near as can be deter¬ matters. /
.•/y L';/.
y/';': y
mined, has ceased.
Y The Administration takes the
But the fight is still on against
view
expounded * by .the - Presi¬
the shipment to these countries of
dent's Council of Economic Ad¬
other strategic materials. In the
visers that under current condi¬
three »weeks following President tions, big spending is sound. Dr.
Paul
A.
Kennedy's recent address to the
Samuelson,
an
M.I.T.
annual
the
Tribune,
business
which
of-town banks have not
and
editor
Herald
guest speaker.-
income
their
L. .Rogers,
business
York.
tion
there
omnibus farm
inserted
Administration has taken the hint
and
the
sale
of
surplus
farm
Wednesday, Sept.
on
especially interested in taking tax
losses in these 2V2S and in addi¬
reports that the smaller out-
corporate
Donald
and
securities
these
hold
About ",
Congress
The declaration of
Customers'
of
dinner at
dorf-Astoria,
27.
held by investors who are not
are
especially
money
center
other
the
trust
$2 xk
shipment
of.
strategic v goods
near
countries.
.
.from
business.
to
-•
Association
..
Brokers
Government
about
that
itself,
•
large
On
the
The
accounts
and
main
capital
/.
Annual Dinner
System
the
over
enemy
month ago
have
billion with the
balance of about $2 billion held
by the banking system.'? The fact
forward
the
Reserve
Executive
strategic:«or
been
tries
investors
billions owned by
Federal
Branch
nessmen
the
tion of policy against the sending
Brokers
private
and
to
have
group.
own
though
as
about
in¬ this
an
these
constant tussle between
a
Congress
Customers'
held mainly by
are
There is
,
the
.
1972
indications
institutions
sizable operations.
very
obligations with a distant ma¬
turity. The 2Vi% bonds due in
refunding venture.
\
and 19721 some "iri&anceS
1970
for
of 1970 and
of
making purchases of selected
intermediate-term obligations.
In
longer-term "taps" aggregat¬
ing $15,660,000,000 will be given
the opportunity of exchanging a
part if not all of their securities
has been favorable marketwise to
the
2^s due in
certain
are
the
This kind of thinking
right.
are
last
are
these
there
mitments,
that
September. According¬
ly it appears as though the owners
as
seems
•.
Y REctor 2-9570
-
-YY.YY*
*
securities
115 West
Volume
194* Number 6086v.vThe
Commercial and Financial Chronicle
(921), 21
ercise of
rights. Both the warrants
evidencing the subscription rights
Eastern Air ;;
and the common stock of Eastern
Devices, Inc.
-Air
Devices, Inc.
will
be traded
Benedick to Aid
N. Y. USO Drive
the American Stock Exchange;
on
Walter
Benedick, President of
The company of Dover, N. H.,
Investors Planning Corporation of
legacy of a transient populist' Eastern Air Devices,* Inc.*' is Offer¬ produces a line of power com¬
America will serve as Chairman
ponents and servo components, iriWaltz is gone in favor of the char- Congress-^-men keen to push for 4
ing rights to subscribe to 150,000
of the Mutual Funds Division dur¬
.>
cha; .r stately ^Edwardian ' coaches ' the last full measure of full em¬ shares of its common Stock at. $5 eluding servo motors and tach¬
ometers.
TheN principal items in 1 ing the Greatei New York USO's
have- been replaced by
compact ployment with small considera-" per share to holders of the out¬
1961 fund-raising drive.:
the power line are miniature fan
hot-rods;
peaceful
international tion for the goal of price siabil-J standing common: stock of Cres¬
and
blower units used in elec¬
relations are but a memory
ity?'. There is no / foom in this cent Petroleum Corp.
The announcement was made by
(or a •
parent, at
tronic equipment for cOoling pur¬
dream; ' But'
the;:, fraternity
6f-: country for a House of Lords. And the rate-of one share of Eastern
even
the Supreme Court, as Mr.
poses.
Ther servo line units per¬ Major General Melvin ,L. KruleCentral Bankers;
bravely carries
Air Devices, Inc. stock for each
form precise control functions in witch, USMCR (ret.), Chairman of
on
under heavy odds. The
'kings, Dooley; said, does follow the elee-v» .10 shares of Crescent Petroleum
automatic;' control' systems.'
The the New York Stale Athletic Com¬
of Europe, "used to address each tion returns.
''>/'
'
stock held of record Aug. 25, 1961.
other- in
their letters as, "Dear ■
1 need not here evaluate each
Rights will expire Sept. 15, 1961. ^company also recently developed mission and Chairman of the New
and is producing a line of motors
Brother." One almost suspects that and every recommendation of the
Sutro Bros. & Co. and Gregory &
York USO's annual campaign.' To
the Central Bank Governors ad¬
Commission, telling why'; I like - Sons are managers of the group employing transistorized invertors
do an effective job in the present
to transform direct current-into
dress each other as "Dear Cousin " the
proposal 'to abolish the 25% underwriting the new issue." • *
Whether or not the/CMC report gold cover and think
alternating
current,
eliminating defense situation, the USO needs
poorly of the
> Prior to this offering, all of the the .brush used
has brought joy to
in conventional
Mudville, one innocuous discussion concerning;'
$11,525,000, of which New York
cannot expect it to have elicited debt management. Let me merely' capital stock of Eastern Air De¬ direct current motors.
vices
was
owned
City's quota is $1,250,000.
byNorbute
champagne toasts in the Central summarize a few reactions on
Corp., a wholly owned subsidiary
Mr. Benedick pointed out that
Banks around the world. For, as fundamental matters:
S. J. Liftin Opens
of Crescent Petroleum.
The un¬
>
Continued from page!
the
*
.
.
.
,
,
-
,
Sir
Theodore
Gregory, an econ¬
old school, said seri¬
omist of the
ously in London
"The
motto
should
a
for
be
(1)
to
few years ago;
Central Banks
'Who
touches
from
economist
that
serious
25
from
years
-bit
whether
the
the
stone
of
place in
of the one or
of the other,
place in a. co¬
in the interest
marble
the
execution
takes
management
palace
building
it,takes
so-long, as
ordinated-way and
points
direction
this
the
the /American
system
and
is
balances
change
in
first
business
curities
common
134-11
offices
from
at
America's
ates
military build-up
greater
a
services than
need
at
any
cre¬
USO's
for
time during
the Cold War.
Newport Avenue.
dura¬
The need for closer coordi¬
man
I have al¬
has
upon,
the
at
serve
.
will
the
of
always, Congress
right and a duty to take a
a
view
to the correctness of gen¬
as
eral Federal Reserve
be
;
As
President.
policy. The.
Washing¬
<5 i
issue of Regional versus
Indeed the day
lKJi*
4r
-
■
*'i
I
k)
\
■
"r
U
rMb&r*
,br>-
"•
rsoD'ns
ton
authority within, the Federal
Reserve System I t&inl^, ^in^r-h^
when the Federal
come
Inc.
Devices,
stock not subscribed for upon ex¬
PARK, N. Y.—Sid¬
J. Liftin is engaging in a se¬
ney
including the
desirability of having the Chair¬
of
will
structure
our
all
of
the Executive Branch.
the
that
ROCKAWAY
pur¬
Fed's
ready touched
checks
of
such
slow and gradual.
may
nature
The
(2)
small finger in
a
and
to
nation of the Federal Reserve and
of economic stability and progress.
The CMC
Air
ern
agreed
share all the East¬
previous stand
in this matter was a cranky, idio¬
syncratic one, not called for by
Central Banking tradition, expe¬
rience abroad, or by orthodox and
modern monetary analysis.
complete
harmony with
the
Treasury; that it will not matter
a
their
securities
ernment
tions.
doubts
eral Reserve will have to work in
debt
departure
while not mo¬
import, seem to
policy,
in
have
ing the Board free to deal in gov¬
the Fed¬
now
that
Recent
derwriters
chase at $5 per
to confirm the wisdom of hav¬
me
Treasury-Central Merger
No
doctrine.
mentous
touches all'."
Commission was right
out
against the "bills
come
only"
one,
Future
The
*
-i
,
Reserve, the creature of a popu-. point of historical fact the officers
listic .Congress, will flee from, the of the
regional banks have more
demagogues and seek asylum and and more become .the willing, co.
a
of freedom
measure
folds
of
opinion
-
it
whether
within the
Executive.
the
is
In
important
Board.- of
the
opera tors
my
so
fice.
Governors
not
u
-*
on
that
is
each
new
gress
guard
the Open Mar-'
ket Committee. Whatds
v'
•
"
•
raise tax rates quick-,
or
ly, and within
Admin¬
a
limited range, for
sta¬
the purpose of increasing the
istration have the power to name
the
•::•
allocate under proper safe-:;
to the President the right
to lower
important
elected
'
(3) I applaud the recommenda¬
tion of the Commission that Con¬
consists
of
5 -or,: 7
persons,
or
whether the Regional Banks have
representation
with the Washington of¬
■
bilizing potency of fiscal policy.
Chairman, and that monetary
Such - a reform would contribute- are made v on the -basisgreatly to the,- admirable "bu iIt -
decisions
,
of. the;, same
fiscal
that
considerations
should
in
.
;
guide
deci¬
policy
automatic
that al¬
stabilizers"
system: so well'.
realizing that Congress is,
cies ^thot- strike the right balance,
jprbperly, reluctant to give up its
ready
sions—homely;,- in terms of poli¬
between too
r
much and too
-
little
authority without good reason and '
limitations, I insist that
total dollar demand, between too-
careful
much and too-little capital forma¬
proposals like these are not at all
quixotic. They are bound to come,
tion, too-much and too-little bal¬
ance
of exports in
terms of
-■
imports'. A ' * '•« :
Cy* ■
and
'••• v;f; • '*
J
That Monetary-Fiscal Dichotomy
our
serve
While
the
needed,
,
better.
Something
Con¬
CMC
the
has
gone
account at The Dime
as
America ought to go in
as
the
lower
level
total
dollar
of
spending, and the final parcelling
out
of
such
changes
in
total
spending
between ' output
and
price changes is quite independent
of
the
initiating force.
If. this
1
technical
of
fact
economics
in
A? Ten
tends
*
which
to
the
<
favor
the
than
the
does
gress
-
is
seen
Indeed
one.
what
are
Executive
by
the
.
find it necessary to
>
now
public. But
will remember it fondly
recommendation
in
to
helps give
a
important area. In public
this
Latest
for
affairs, not to be quixotic is to be
pollyannaish..
And although the
Commission has jousted
when
windmills,
been
it
is
hard
to
know
■make when such goals seem to
—
you
can%
now
permits withdrawals of $5,000 and more
time, without loss of dividends earned to the date of
year
or
money
more
from
with few
a
total
r
on
deposit 2 years
31/2% a year regular
plus V4%'
day of deposit,
year Special for money on
posit 2 years or more.
roll call is
st
large withdrawal. By a special arrangement, you
~
day of ^withdrawal:-.
If you
quarterly, dividend
make
get the full advantage and effect of dividends paid from day of deposit
have
an
account with
Cards entitling your Fund to
If you
serve
do not have
an
V
V
us now,
please write
the benefits of the
account with
us, we
or
*
phone for
new
Signature
would like nothing better than to
For information and personal service in opening
you.
new
Special Dividend Plan.
a new
account,
de¬
call Mr. Clinton Keeler at TRiangle 5-3200. He will be happy to help you.
on
the side of the angels.
be
v*Testimony
'
mission
/
on
the Report-rf the Comand Credit - by Prof.
the Joint- Economic
cn-Money
befire
Committee U. S. Congress,
SAVINGS
Aug. 18, 1961.
in
conflict; but there is no reason
why such an argument should be
-decided differently in the mone¬
tary than in the fiscal
sphere.*1"
.1 wonder how the partisan ad¬
Central
deposit
to be an anomalous
the best compromises to
vocates -of
on
they will be found to have
"made
Con^
the
limits to the amount
no
withdrawal. You need not wait until the end of a quarterly period if you**
from now the Com¬
Money arid Credit may
forgotten
its
\
with
Special Dividend Plan
to be made at any
rise to evolutionary developments
of
or
on
scholars
is
price
stability ' more strongly relative
to high-employment and growth
goal
be
if
Bank
Central
important area.
The
—
payable, in effect, from day of deposit to day of withdrawal...
York State
years
mission
agreed to, then the present situa¬
tion-in
this
Administrators and Trustees of Church, Charity and
enjoy total dividend earnings at the highest bank rate paid in New
now
inflation
maintain full employment. Either
instrument can of itself add to Qf
has been added to the service The Dime Savings Bank
Educational Funds. In addition to the privilege of maintaining the entire
this
-matter; but I suspect they have
that- monetary policy
has some gone
farther . than' many Con¬
special competence to stabilize the gressmen will care to follow, and
price index, while fiscal policy one. can only hope for a period of
has some- special competence to
discussion, debate, and education
fas
new
offers to Treasurers,
experimentation will be
and' I - honestly,; do not
that
think
No expert on the mechanics of
believes for" a moment
the
sooner
siderable
"independence
of the
Bank" would feel in the,
not
unthinkable,
ed"
with ardent growth
where the
Board of Governors were "pack¬
case
mongers,
A. J. Miller Opens
Downtown
-
Fulton
Street and
Bensonhurst
(Special to The Financial.Chronicle)'
V
/
86th Street and
Flatbush
Avenue J and
a-
securities (
Member
Federal
-
business from offices at 2631 West
Olympic Boulevard under the firm
name
19th Avenue
-.
Coney Island Avenue
BANK OF BROOKLYN
Coney Island Mermaid Avenue and'West 17th Street
Green
.
Acres
Green Acres Shopping Center, Sunrise
Highway, Valley Stream P.O., N. Y.
.
Allen J.
LOS^ANGELES, Calif
Miller is engaging in
.
DeKalb Avenue
of Pacific Business Sales.
r
Deposit' Insurance Corporation
■
'
-
1
"
,
•
22
(922)
The Commercial and Financial Chronicle
*
■
♦
■
*1
.
Trust
Company, Bridgeport,
Conn., has been approved by di-
NEWS ABOUT
BANKS AND BANKERS
Consolidations
New
•
Branches
New
•
Revised
Offices, etc.
rectors
terms
each
the
of
$25
West
both
of
''
:
V
T
V
ft* O P"
I C
.
'
"Tfc
N\
.
.
Thursday, August 31, 1961
.
'; '
<
\
'
Bank
Company.
of Chemical Bank
York
Trust Company,
have
elected
New
New York,
Hulbert
S.
the
at
Empire State Office, Fifth
Also
Aldrich,
announced
pointments
in charge of the
and Charles J. Lasch
bank's important
Secretaries.
Fiduciary
Division, / it was an¬
nounced today by Harold H. Helm,
Chairman.
•
.j
Mr. Aldrich, who continues as
merger,
share of the
would
H 1T1A
Adrian
been
the
M.
elected
bank's
will
be
who
Committee
executive
tinues
as
Mr.
training.
John T.
•
By Haller Belt, San Francisco, Calif.
October,
he
seph
Chemical
Bank
New
'
*
have
elected
Helm
three
has
been
liabilities
"official"
of
it
against
effective
The
the
close
by foreign countries.
short-term
our
end
one
of
the
liabilities, internal
scale
and
debt, paper
dollars, imbalance of payments, official Washington moves to
drop
the 25% gold reserve
requirement and taxes. He finds this results in
Aug.. 18.
Pa.
of
as
reserve
Government claims abroad to
balances
of busi¬
imbalance
an
^
necessitating
Dime
N. Y.,
he
an¬
Senior
Mercer,
Aug. 25.
They
Hauser, Arthur P.
position
Hingler and Keith M. Urmy.
Hauser is in charge of the
office
Vice-
of
Mr.
gold
a
price change.
serv¬
to
*
to
14
,
price of gold?" decidedly is
positive and an unequivocal "no."
Our monetary
National
the
Defaulted Debt
'j
year
.'
the
'
7/
t-
\
*
"
-
that
the
now
are
default to
a
total of $19.1 bil¬
increasing yearly through
unpaid interest
A
of
feature, seemingly inactive,
long-term claims against
these
foreign countries is that, in 1955,
and,
Russia
volume of
short
include
debts
debt
I
too, with the
increasing
$
not
I
gov¬
foreign
charges.
huge
growing
structure
i
"official"
against
the accrual of the
our
-and
do
War
lion and
increasing
Savings 'internal
/
countries
World
in
each
so
claims
ernment
.monetization
to pur- /of
assume
.
However, these
with the
Cam-
at
Company, Cambridge* Ohio.
from
us
total
of
World
$545.0
War
million
(mostly accrued interest charges)
and, on June 30, 1960, with more
our
Haller Belt
term
owed
the
accrued
interest
charges, the
totaled
$593.0 ' million.
Meldrum, :abroad. Our $17.5 billion stock of Agam, toaay, the USSR is indebtExecutive Vice-President, and Mr. monetary gold has been depleted ed to us for an additional
$219.0
Jerome J. Zielinski, Senior Vice- ;from $22.8 billion in 1957 to $17.4 million from World War II. These
President, ' as Directors
of; the billion at the end of I960, an two debts from World Wars I and
Public Bank, Detroit, Mich.
'average of $i.7 fciiiion yeariy, ana II,
combined, amount to more
Counties,"
Directors
of
elected
Goshen, Orange County, N. Y. The
President
tnore
ap-
The
Joseph F. Verhelle announced the
of
branch office
and
is
becoming
\
"of
Bank
mined.
the
Bank
is
The effective date is to be deter¬
Board
Ulster
•
application
assets
situation
■
*
Comptroller
the
17
of
date
<
*
the
Bank
*
National
and
*
;
Aug.
chase
of
"The
effective
liabilities of The Citizens
Vice-
elected
was
grants, and other credits currently
to a a total of $12.9-billion, increasing yearly.
a
as-
liabilities
bridge, Cambridge, Ohio,
Aug. 27.
Senior
The
Central
The
investments; Mr. Ringler, opera¬
tions, and Mr. Urmy, metropolitan
Orange
Pa.
proved
of Brooklyn,
on
the
assume
to .be determined./; f
Comptroller of the
Currency issued a charter on Aug.
bank's
and
*
of
*
The
the
questhe
ounce
proper
Mercer,
purchase
fine
per
ehaotic and is
as an office boy in 1921,
steadily through the ranks
He
to
of
$d5
horribly
the
Bank's Board of Trustees in 1953.
H.
Pa.,
Bank
"Is
donia,
Trustee
and
President.
Vice-
Harold
tion
The Fredonia National Bank, Fre-
with
completed 49 years of
the
National
,
Savings Bank
rose
to
York,
prompt answer to the
-*•
~
Aug, 17, .the Comptroller apthe
application ,of ■ The
sets
Marcks,- Senior
President
Trust
New
A
On
and Assistant
1954.
*
H:
R.
announced,
H.
ness,
Starting
Chairman
Alfred
was
On
#
Trust Company,
to
Assistant
an
1936,
since
;
.
Alfred
of Chemical Bank New
Presidents,
are
*
The
f
as
ice with the institution
,
York
Reilly
New
Company.
Directors
Cresson,
date
of Jo¬
appointment
since
into
York
has
York,
Reilly
Comptroller
which
merged
was
of
pries of gold and tin discon¬
a
He favors universal
usage of the decimal standard and of the nomen¬
clature
of our
currency units. Mr. Belt confines gold and our
First National Bank, of Cres-f
son,
'
*
New
the
G.
Mr.
\
career
of
*
Vice-President.
President in 1959 when that
was
Bank,
bank
his
began
Company,
institution
The
Madden, Chairman of the
nounced
on
con¬
1930, with The
Trust
Brennan^ is., as¬
assume
First
-
York
ap¬
proved
-
in
advocates changing the mint
tinuance of the use of the dollar as
Ebensburg,
purchase the
assets
ings
of
Director.
a
Aldrich
application
Pa.,
Board of Emigrant Industrial Sav¬
and
He
*
a
banking and trust matters and also
on
Comptroller
Ebensburg,
banking office at 55 Broad Street.
re¬
consultant
a
the
and
llTRPO
The Proper Price of Gold?
ex¬
First National Bank of
ap¬
Assistant
the bank's advertising
department and Mr. Lasch to the
suc¬
Vice-Chairman
as
Mr,
the
J.. Brennan
as
signed to
Mr. Massie has
Trust
serve
bank,
Massie
"of Sept. 1.
as
Hugh
I
'
*
17
the
;
*
Vice-Chairman of the
tires
of
Aug.
proved
were
Chairman of the Trust Committee
ceeds
On
Avenue at 34th Street.
'
,
,
X lilt/ \J LLIlLfc/
Writer
Directors
' '
•
"PI•
kr/YY*
4-M $00XT t/1
Under
changed for eight shares of $10
par value stock of the City Trust
Capitalizations
'•
^
proposed
value
par
Side
banks.
*
Mr.
A
on
Chester
amount
24 liabilities
g,-
J.
.
with
the
1937
1949.
began
bank
in
hisv
1928
and
career
and
Vice-President
and
He
is
Trustee
a
of
began
Chemical
with
Ringler
Bank
Trust
Company
in
1927,
:
r
This
Bank
.
New
career
New
and
•
W.
F.
bank
380.51.
Empire
his
The
$220,000
in
City Savings Bank of New York.
Mr.
is
"
is
-
of
has
a
V
-A-\-
.
Orange
'
■
Herbert L.
The
.
.
■
elected
1929,
becoming
in !•
1952
Assistant
'
.
and
£
'
Vice-President'
Milbank
#
i*
*
been
ettcourage
N.
son,
nominated to
J.,
Chairman
Trustees
Valley
the
Bank
of
New
York.
The
Bank
of
in
Harri¬
President
and
the
National
Chetta
.
as
The
of
Trust
ficer
new
nue
of the Board.
in
Street
Third
Home
National
Bark
of
its
of
Unclaimed
BANKERS
FEDERAL
i
24 John
The
ito
persons
whose
from the Irecords
appear
unclaimed property
of
new
*
..
.
*
.
*
of
.
iif-
*•. r>
■
J.
AND
of
DUE
Fricke
ON
2103
170
Robert Denton, Jr.
and Ruth
Stern
John
3950
Magee
A
to
of
was
N.
10.
301
of
(Contained in such notice is
property
the
on
So.
72
unclaimed
Section
Bedford
65
^
Barrow
has
and
St.,
Harrison
been
Abandoned
file
John
Y.
St.,
made
Property
York
pany
14, N.
A
State
list
the
a
names
be
liable
Comptroller
therefor.
.
and
it
shall
thereupon
of
.;
...
,
of
rate
$50 0
Bank
has
Jr.-
and
been
Director of
■
Trust
Com-|
;
America,
elected
f,
,
;
/
.
;
H.
B?lin
run
and
Africa
-President, resident representative
for
Sweden,
Norway,
Holland and Belgium.
the
a noticeable
continued stabil-
^h^AdmfnMratim11^™"
el^nat^nn
25%
of
the
elimination of the 25%
cSSIe
bf
he
increases in the money supply
the rate of growth of the
Gross National Product with no
reference to the reemability ratio
managed
paper
total $311.5 bil-
to gold.
-redeemable ratio of • in the face of these disturbing
to our $17.5 billion stock of factors, our various governments
"liquid
paper
assets"
(Federal,
tinue
tax
currency
the
banks
our
monetary
gold
af the end of 1980 and
are
and
local)
both
the
conmany
and the wages
in
at
nual
To balance eff these huge claims
against
structures
operation's;
strives
.
for,
greater
management
profits;1 labor
with its many strikes and threats
of more strikes demands greater
stock, Wages
increas-
of1 all
salaries
supply" of adjusted
outside
State
increase
to
and
public employees
and, too, to resort to volumes of
deficit expenditures in their aft-
billion, plus time deposits
$108.5 billion.
-•
| ing
.
gener-
are
follow
,
at atn annual rate approaching
division.; $2.0 billion. Unfortunately, these
C. M. Van Vlierden, a Vice-Presi(claims
against foreign countries
dent, head of the European, divi- are not being liquidated and they
-sion, and Eric Hallbeck,. a. Vice-; include indebiedness to the- ExEast
in
E~ic
conver-
7-,
our "official"
government claims
San Francisco, i abroad
approximated $22.0 billion
W^illiam
y
'•
„
/nn/^ conc/red Tnd sur/isrn^f fecommendtd that ^
$140.4
at
A
a
circulation
,
uniformitv
Washington
in
^7
bil-
now
"active money
!
worldAree
a
a.'p^+y' a
Private)
trillion and is
| demand deposits plus
.
.
a
;
,
\
.
"liquid
with
«««,{«»**
^oward
* s?bi?
„
rom-
arP
era
and
concern
structure
are increasing at an annual.volume
approximately $12.5 billion
and are comprised as follows; the
:
Vice-President in charge of the
Middle
.
to
a
•
goid. These
date
of Houston, Texas.
Calif.,
Comptroller
of
to public inspection at the principal
of the bank, located at 24
John Street in the
City of New York N. Y.
«vnere such abandoned
property is payable.
»' •
Such abandoned
property will be paid on or before October
31st next to
persons establishing to its satisfaction their
right to receive same
'
In the
succeeding November, and on or before the tenth
day thereof, such
unclaimed Property will be
paid to the State
cease
Our
all
'
j0,ral
and
questionable
dollar assets"
business
of
.....
C.'Bolinger,
Bank
open
office
effective
close
Y.
Orange, N. J.
New York 14, N. Y.
the
The
the
."
Tennessee
St., East
to
j
-
New York
Law.
tule^of The
National Bank of
elected President and
12, N. Y.
P,?ntHp9
atmg
-
j greater and greater volumes of
our managed paper dollars of ap-
$10).;,
-.
...
IVTacDougal St., New York 12, N. Y.
Thompson St., New York 12, N. Y.
New
of
as
Aug. 26.
Bainbridge St., Bronx, New York
34
Carolina
,
Road,
Blcecker St.,
177
Hood
report
York
Lake
$1.0
at
•
nrice^of^die^nrimarv^ro?
.
value
par
C.,
York, N. Y.
Silver
increasing
under the charter and
South
1 GO
Derrico
Dorothy E. Jlriscoll
pursuant
Island
94
its
:
-
- •
trade
restrictions, both^ at home and
are being reduced,. the slowly rising costs of
production in the .industrial na-
+
debt
Corporate
Le
Charleston.
Ford,
,
internal
Mo- mow exceeds
increased
^ach, . Myrtle Beach, S.' C. into lion
The^South Carolina National S
Bank 5.6%
of Uharleston, Charleston
more.
105
Linsky
Norrria Karr
Vance R.
J.
McAlester,
has
the First National Bank of Myrtle
DEPOSITS
Statcn
Miss
-
ASSOCIATION
Boy an ton Ave., New
of
Okla.
(Public,
On
1
or
*
Debt
export
#;f :./
■
barriers and
v
,
trade
To^com"
These factors really
Internal
•;
'
*
*
*
proachmg
Aug. 17 the Comptroller ap- i tibility."
proved an application to merge
t.
Machray Ave., Winnipeg, Canada
Liberty Ave., Richmond Hill, N. Y.
c/o
Pierre La Place
Marion
Certain
Tiebout Ave:, Bronx, New
1015
Anthony J. Madden
Mrs.
of
■
tobe
foreign
abroad, gradually
'
131-10
Anne Deanne Novick
James P.
Owners
by
twenty-five dollars
Freedman
Bernard
as
LOAN
Bank
50,000 shares,
and
last known
addresses are set forth below
above-named banking organization to be entitled
the
AMOUNTS
Gustav
6.
Appearing
Property Held
SAVINGS
amounts
The
capital stock from $400,- : Hon
yeariy
continuing mone000 to $500,000, effective Aug. 16.
tization of these debts is creating
(Number of shares outstanding
Merger of the West Side Bank of
Bridgeport, Conn., into the City
1'
with
of the inter- - Pehtive
also-,, could be P™es-
'
common
,
Street, New York 38, N. Y.
names
in
1
*
""
Our
a
tional
Ave¬
Persons
stock dividend The First Na-
*
By
capital* stock
common
•>t„
Names
i
par
.
—
of
value
'
Alester,
upon its opening next
His current assignment is
Notice
$2,- j banks. The holdings
effective national institutions,
from
standing 212,500 shares,
$20).
>
;
to $660,000 by a
stock, effective Aug.
16.
(Number of shares outstand¬
ing 13,200 shares, par value $:0).
office
month.
^^hmentTand
-
stock
in
Payments
ities in the industrial nations in
order to combat.the rising costs
"private"
holdings that could be made "of-
Qf-.fead^
sale
He will be Of¬
and
our mone-
!Larggal?
the
Trust
&
from, $550,000
Charge at the company's
43rd
/
creased
York, was announced Aug.
by Horace C. Flanigan, Chair¬
man
promptly on demand to
vT';.r.\:tary
gold; 1 $6.9
are
United
of
years and includes in the U; S.
private investment factor the exP°rt °f moneys for increasing investments in manufacturing facil-
convertible
are
Bank of Omaha,
ficiaL", by transfer to the central
has (increasedits .j-governments
or
to- the central
capital
Brockton, Brockton, Mass. has in¬
Company,
New
24
"official" and
$3,750,000 .erating deficit in cur Balance of
to $4,000,000 by a stock dividend
Payments of $7.4 billion against
and from $4,000,000 to $4,250,000
a negligible
increase in our
by sale of new stock, effective ,ficial 'holdings
cf
short - termn
Aug. 18. (Number of shares out- claims" against foreign countries.
J,
*
Philip ;■ J.
Vice-President' of
a
Manufacturers.
The
Balance
has been increased from
and
of
Board
Bank
*
appointment
'.
*
dividend
Neb.,
common
"
*
#
National
Omaha,
Company of Valley Stream, N. Y.
"
*
stock
States
are
its wide acceptance.
*
a
its growth and
promote
County National
National
fill the vacancies in the Board of
of
lion; of this volume, $10.3 billion
to
entered
Hudson
Riggs and Thomas F.
have
Our.
liabilities /to
.
1980.
'
r*- •*
r
,
William R.
Vice-
1947, Vice-President
Branch Administration in
ment on the part of the USSR,
foreign trade, as stated above, has
interna- been. running deficits of recent
short-term
000,000
to> $3,000,000,
banking as an As¬ Aug/14. (Number of shares out- 7 convertedto our gold if circumsistant Bookkeeper in 1915 at the
standing 30,000 shares, par value 'Stances warrant.
*
Hudson County National Bank in
$100).
:
Within
the
past
four
years,
*
*
*
Jersey' City, N. J.
Among the
these short-term1 liabilities have
other
banking positions he has The common capital stock of the increased $2.4 billion
and, witn
held are those of Executive Vice- First.
Continental National Bank jour gold loss of $5.0 billion, have
President and Director of the West & Trust
Company, Lincoln, Neb., i combined to bring about an opHe
Mr. Urmy began his banking ca¬
reer with Chemical New York in
President in
no evidence of an intent of pay-
foreign countries and to
tional institutions total $21.1 biL
Vice-President,
a
Bqnk^since thd time
;
Execu-
much
Bv
Our
i
area,
Vice-President, he has done
tive
$
thiW
in
its organization and as
of
,
advancing to Assistant Treasurer, Bank, Worcester, Mass., will re¬
tire on Aug. 31. Mr. Morris joined
in 1937, Treasurer in 1945, Vicethe
bank
in February,
President and Controller in 1953
1957 as
and Vice-President-Operations in
Treasurer, and later that year was
1960.
banking circles
With Public
Morris, Vice-President
of the Worcester
1935,
the
County, Goshen,
York.
*
became
of:
-
,
than $750.0 million and there is
Meldrum, with a the redeemability ratio 'of our
background of 42 years of active/managed paper currency to our
banking service, is one of the most j stock, of monetary gold, gradually,
widely known lendirig^ffipers 'iri.
approaching "zero."
Mr. Chester J.
a
conversion
a
Jr.
Blau-
capital of
surplus of $603,-
York
Assistant Branch Manager in
Murray,
the Cashier is Wallace
velt.
ad¬
investment trust officer
vanced to
in
administration.
Hauser
Mr.
and greater benefits; and
the consumers,-^ have become
increasingly dependent upon mstalment .<~buying and ..long-term
we,
deferred payment contracts./
.
So, taken all in all, not only are
we over-burdening our economy
with a tremendous structure of
.
debt
and
credit
but
also
we
.are
port-Import Bank, loans for mu- -resting the welfare of that econDenmark, ■ tual security, lend-lease, surplus omy- upon -the weakest possible
property - and;
settlements * for foundation of a managed paper
..
Volume
Number
194
60£6
,
.
The Commercial and Financial Chronicle
.
(923)
currency
stable U.
an
unsound, ".un¬
S.- dollar, domestically
to
its
fixed
gold
and
.
S
inconvertible
content..';
The
;
/.■
.
$35
price
of
: Chemical N. Y. Trust
;
Directors
V, ?,
v
-
.
BY
fine
a
JOHN
ounce
DUTTON
•
\
of
gold in terms of the U. S. dol¬
lar wiih the convertibility ratio
of
Chemical
Bank
23
Elects V.-Ps.
New
York Trust "Company have
v, elected three Senior Vice-Presidents, Chairman Harold H. Helm
announced.
They are Alfred H. Hauser, Arthur P. Ringler and
Keith M. Urmy. Mr. Hauser is in charge of the bank's
investments;
approaching "zero'' is far beyond
the
of
capacity
their
consequence,
of
cur¬
paper
any
of any nation today to meet
foreign obligations and, of
rency
world
a .new
What About the Prudent, frugal Investors?
*
„
Despite
price
Would;Change the Gold Price,
the
of
flood
issues"
"nevv
gold must be established.
speculative
have
that
been
family could be bought for $5,795
but today the same house will cost
$12,450. A tour year college edu-,
of¬
fered to the public during the past
few
years
not everyone is
in¬
cation could be
.
;
;
irva x'fast
terested
the terms of The Bretton
Woods Agreement of 1945 estab¬
By
buck."' There
and
get.,
Fund,: the IMF is iuily organized
to review the monetary status of
can
and correct world
new
a
price
revision
a
nations.
>
for
■■
.
Accordingly, it is urgently rec¬
ing the Administration to present
to
the
IMF
a
recommendation
that
of;
represent
tained
don't
review the
monetary status of the various
members, to revise the gold con¬
tent of the various currency units
finance; experts^. to
new
the
for
reserve
currencies
bers
lish
new
a
ounce
cies.
v
dollar
S.
years
there
few
we
;
understanding in
inflation,: con¬
vertibility, depreciation, the crea¬
and,
only
guides
finally, of the monetization
there
cal
units of the U. S. currency.
policies
it
our
is
we
pursuing
are
T
-
Months
of
seven
burden
has
billion
ernment. Only $4.5
defense
to
to
"has
of
Mr.
York
be
can
Controller
has
been
in
on
active
Federal Fiscal procedures of the American
He
is
a
member
in
1952
Vice-President-branch
and
-some
"the
made
side.
proceeds from the sale will
be used by the company primarily
for advertising market develop¬
Net
and
as Lt. Commander. He is trustee o£
College, Flower & Fifth Avenue Hospitals.
every
community there
What
^
:
company
in
test-marketed
a
_
its,
current
-
.
ting
the
sold «in
investment "salesman
of
this
^
' ^
-j '
:
which
Robins
&
The
undertake
list
A
company
this
national basis.
-
;
1:
fixed
that
way.
?
such
them
will
for
dollars
investments
lars they pay
and
a
con-
one
investments.
the same
to
come
less
in
that-the
is
dol¬
•
joined the staff of Equitable
V-.,
Dollar
Would
12 V-2.
5
7.7
.
,
BOSTON, Mass.—Bernard S. Dunn
loaves
lbs."
'
of
qts.
Q15-
of
bread
coffee
of
OA
In 1940
Buy
In
In is40
Joins Hornblower & Weeks
milk
IA1UK-
,
5
4
.
loaves
IV2
lbs.
qts.
^
of
UA
Federal St.
i
could buy a good
today it costs him
a man
$65. A six-family house for
shares
$35
one
1
-\
;
corporate
The
of
76
S.
tic
I. M. Brodie
Domes¬
John E. Swearingen
range
of the esti¬
J
so
over
the relative improve¬
year ago will not be
in the first half."
.;
a
as
pect this year for easing of natural
gas* regulation, change in deple¬
tion allowed for tax
purposes,
or
significant modification of import
regulations. These problems will
continue into 1962, along with the
industry's most pressing problem
of recent years—to prevent over¬
production of crude oil and re¬
fined
products from building ex¬
cessive
inventories
unsound
and
marketing practices.
*
the
A
statement
"Business
by
Swearingen at
Ha'f
Mr.
Outlook
for the Lest
seminar
sponsored by the First
Bank of
Chicago.
of
up
Westheimer Adds
were up
earnings should average some 10%
higher for the first half.
the
1961"
National
at least 5%.
markedly in t e
first quarter
of 1961, but they
were
measured
against a very
weak 1960 .quarter. The effect of
Earnings
Earnings
product price declines will be felt
in the second quarter, but even so
^
Earnings for the-sec¬
period of better earnings
There appears to be little pros¬
(3) Product prices up an aver¬
of 3 to 4%. Although fuel oU
In
be
good
view, the outlook for the
a
large
as
mate.
Opens
last year's
half
1960;
ment
strengthened with a cold
winter, both fuel oil and gasoline
prices began to decline late in the
first quarter. Nevertheless, aver¬
age prices for the half-year should
HARTSDADE, N. Y. — Irwin M.
Brodie is engaging in a securities
businer,c
offices at 15 Field-
stone Drive.
in
age
analysis,
missiles
and
satellites, and radar and telemetry
systems. "
-
should
half, and earnings should
slightly.
our
against
prices
-(4)
domestic
3%,
about
best
ond half of 1961 will be measured
demand
the
at
with
even
o£ the year.
higher,
within
production
3%,
products
is' reasonably
opti¬
mistic, even in the. face of a 5%
general wage increase at the first
.would be about 1%.
be
about
for
second
for petroleum products up 1 to 2%.
A more accurate estimate today
Bayles
about
In
moder-
'
purposes.
company
what
rise
product prices
2% higher,
a
domestic- crude
demand
increase
ate increase in
\
1960,
should
second
oil
(2)
being
■
ooffee-
milk
"V1*
blower
Weeks, 75
'
of-bread'.
.of
suit
for
.
1960
has become affiliated with Horn&
the
quency
A
A.-;.'
(Special to The Financial Chronicle)
of
sold by the
Ave., Port Washington, N. Y. is
also been very .engaged in the design, develop¬
ment, manufacture' and sale of
gradual.-It has not started to speed
devices, systems, and sub-system?
up to the point where people have
become alarmed. "Vet here are a used in connection with space and
;earth communications, radio fre¬
few facts on the subject:
•
\~
Securities Corporation, 75 Federal
„
'
an recount:d including tha most
of excessive inventories and unsound marketing practices.
aoout 2.5%..
in this cotmtry has
BOSTON, Mass.—Stanley Roberts
?...
substantial numbers
The rate of monetary depreciation
r-
(Special to The Financial ■Chronic e>
,
own
company,will be used
"as follows:"; $40,000 for leasehold
improvements; $75,000 for addi¬
tional production machinery and
test equipment; and the balance
of $223,500 for additions to work¬
ing capital to be used for general
inflation.
of
to
Proceeds
continue to buy less
periods
•
to
crude
with
of shares after the sale.
pay
years
tic
production
*
tinue
they have paid in the past,
only thing that is wrong with
The
With Equitable Securities
Street.
\*4
(Indiana), Chicago, III.
Gruttenden, Podesta & Co. and
natural gas
Spear, Leeds & Kellogg are sole
underwriters iof
an
offering of ^production.
it
120,000 common shares of Applied Today
t h e
Research, Inc. being made at $6.50 appears
actual
figure
per
share. Of the total, 60,000
for
crude
oil
shares are being sold by the com¬
pr 0 ductinn
pany and 60,000 shares by certain
will be someselling stockholders who \vill con¬
govern¬
insurance,
these
with
of
Most
dis¬
uu
1
'
pstrohum industry. Its problems
pressing
1
they have known
There* is nothing
because
other
wrong,
proposes
program
'
'
••
reasonably optimistic outlook for ths last half of 1961 is madt for
the
Common Offered
i.
bonds, mortgages; bank
accounts,
savings
accounts
and
conventional preferred stocks for
no
sheet
world-wide
receives
tribution.
life
bonds,
years
York- metro¬
into
savings
.
New
Medical
By John E. Swearingen,* President, Standard Oil Company,
u'V;",'-':' .V'v.":."
***';
ventional
marketing
politan area by 1500 druggists, by
Macy's, L. Bamberger and Stern
Brothers, and is included in the
McKesson
their
ment
•
company
which includes a largeschedule, Tb»
product is currently being
advertising
revised
has
Income
Investments?-,
They invest the same way.
Millions of people have been put¬
program,
scale
New. York
Outlookfor Petroleum
Applied Research
'•
■.
habit.
number
and Midwestern cities.
16,' 1961, ,the
Feb.
launched
to
*•v
People are creatures' of habit.
They shop in: a'store by - habit,
they patronize the same profes¬
sional people mainly because of
expenditure being made
of Eastern
On
Fixed
About
;'V T;
with offices in
Stamford, Conn., markets a wom¬
en's personal product which has
The
been
■,.v .,;-1v
"■
-
medical research
administrative o'verhea d,
in each category.
in
are
,
programs,
parallel
administration
fund for emergencies
-
ment
Controllers Institute of
of
Urmy, began his banking- career with Chemical New
1929, becoming Assistant Vice-President in 1947, Vice-
in
( Wall Street
Journal, rfew hundred shares that he can
Last December we anticipated that
August 25). Such spending as this -pass "along to someone who is only
the oil industry in the first half of
does not indicate that our Federal interested in trying to get some¬
1961
would
see,
in comparison
Government
is
inclined toward thing for nothing. '
;
'
with the same 1960 period:
economy. Nor does, it indicate that
(1) Domes-,
inflationary pressures will - sub¬
speculation.
a
and
numerous
ernment.
by Amos
Treat
&
Co., Inc. and BrunoLenchner, Inc. The securities are
as
on
During World War II, from November
1942 to November
1, 1945, he served in the U. S. Naval.Reserve; returning to inactive
welfare,- education •today—not sitting around an of¬
housing,
public
works,
peace fice waiting for some promotional
corps, and additional funds for the "new issue" to come along so that
general administration of the gov¬ he can place an indication for a
of Tassette, Inc. at $8 per
offered
1953
1960.
the
costs,
in
'
President
for
sums
He
Association.
America.
ac¬
country can go out and do a con¬
remaining $6.2 billion is made up structive, job for hi3 .feUowman-
200,000 class A
Public offering of
Bankers
cause
they .have never had this
explained to them. This is where
Gov¬
Federal
he
1960.
and the Committee
a
people who are not aware of their
precarious financial situation be¬
of
added
been
the
of
total
a
way
ad¬
Vice-President-operabanking industry
committees, including the New York Clearing House Association's
Committee on Accounting procedures, of which he is
Chairman,
tions in
'capital and also a"
with
deflationary hedge as well. ;
In
months
-
.
being
con¬
Kennedy
administration
billion
$10.7
savings
and
and
against,, the-?, further^ yduty
jfifirv .protection';"} >his
erosion of
reserve
During the first
Tassette, Inc.
is
Funds.is
an#
here
a
the
of
between
1928
trustee of
Vice-President and
convertible preferreds, and Mutual
of
is moreto.qome,if
jt&e
this
ratio-
-
gov-^
threat;
a
;
gages,
that
attitude
thinking
attributed
share,
reasonable
assets
in
and Vice-President
Ringler began his career with Chemical Bank New York
Company in 1927, became Assistant Eranch Manager in
1935, advancing to Assistant Treasurer in 1937, Treasurer in 1945,
put some common,
into his program is
his
1937
Mr.
is
leaders. Inflation is no
Seven
of
divide
to
constructive
It would be a most
and
safety
sense
tinue.:;?
accomplishment if the Board of
Managers of the* IMF could get
universal adoption of all curren¬
cies to the decimal standard and
to the nomenclature of the various
not. He
or
a
in
.Trust
counts, government bonds, mort¬
etc. and high quality com¬
mon
stocks,
convertible
bonds,
nothing"
the
longer
of debt and credit;
shares
investor
guess
country, and the "some¬
for
ernmental
money
paper
..
can
part
that
an
building overall through¬
are
thing
sion and lack of
managed
a
One
years.
out this
the fundamentals of
of
for
always be main¬
gambling
the cost of living will stop
going up and begin to go down.
The only way he can become an
normal
many ;
it
with the bank
Inc.; trustee of American University
in Beirut,
Chairman, Investment Committee, Board of Home
Missions of Congregational & Christian
Churches; trustee, Ameri¬
can
Bible Society, and
member, Governmental Securities Com¬
mittee, Investment Bankers Association of America.
capital invested in such in¬
knows
He is
Director
vestments is gambling whether he,,
what will transpire with the debt
much confu¬
tion
of his
career
Association,
tained that includes them. But any
as
began his
investment trust officer
Empire City Savings Bank of New York;
director of Maracaibo Oil Exploration
Corp., Granby Mining Co.,
Ltd., and other corporations. He is President, Near East College
•
investor that has the greatest
Hauser
to
vanced
to their deflation
as
A reserve should
Keith M. Urmy
Ringler
Ringler, operations, and Mr. Urmy, metropolitan branch office
Mr.
payments either.
•
Arthur P.
administration.
raised
not
protection and their convenience.'
change
that
promises them some fair chance
of living normally during the next
and proper
of. gold,in all;curren¬
•
still
are
triple A
are
not normal times. But
are
investment
estab¬
price of the
A, VJ;.'J-
few points
a
people who would like to make
the stability of the
of the various mem¬
There is much too
jump
Mr.
These fixed income investments
_They
ago.
interest
have
Alfred H. Hauser
,
1949.
it is offered.
as
These
a
as
to¬
$1.50.
AAA Investments
to put
may
soon
-
finally, thus to
and,
fine
U.
the
of
him
mortgages
their
majority
few
a
care
issue
values, to discontinue
par
use
costs
and
their money into
asking for a prompt conference over-priced ' common
stocks ; of
in ;Washington of the Board
of- marginal companies just rbecause
Managers of the IMF with their someone tells them that some new
to
hair-cut for 50 cents which
day
stock¬
holders interests at many times
what these people could have ob¬
Joint Resolution instruct¬
a
issues
"
new
"bail-outs"
ommended that the U. S, Congress
enact
a
Everything
from subway and bus rides, tele¬
These people are not interested in phone calls, newspapers, gasoline
Zu-Zu Electronics common that- <due to hidden high
taxes) has
is coming out tomorrow and may doubled and tripled.
Yet, savings
be selling at a premium a few
accounts are still paying their 3%
hours later. They are not looking and 4% and conventional bonds
of f the par
value in the fine gold content of
each currency unit of the member
through
they
years so
enjoy some self respect, se¬
curity ; and ; independence
now.
estab¬
member nations and to
$4,000
'$8,000- to"
millions of substantial citizens" $10,000. It is difficult to remeftiber
who
have
sacrificed
and
saved
that 20 years ago a man could
during their earlier
lish
secured for
cost3 is
are
lishing the International Monetary
its
the: I960
second
half
of
1961,
as
comoared with the second half of
(Special to The Financial Chronicle)
CINCINNATI,
Ohio
—
David M.
Lance has been added to the
of Westheimer
Walnut
New
Street,
York
Exchanges.
and
staff
and "Company; 322
members
Cincinnati
of
the
Stock
24
(924)
The Commercial and Financial Chronicle
,
AS WE SEE IT
So far
tures
are
as
defense
concerned,
expendi¬
one
must
$91 billion. In addition there largely depend upon the
were
large quantities of judgments of those in author¬
"pegged" governments in the ity and in possession of facts
of
hands
the
general public
which had to be accorded the
status of at least
semi-money.
which
us—that
to
denied the rest of
are
which
is
as
such
the
to
borne at
to
us
and should be
time
or
another.
a
time
what
must the passage of time, but will
be undertaken. What is clear
Controls Did Not Work
one
And it will not decrease with
extent
expense
.
Thursday, August 31, 1961
.
placed with nonbanking lend¬ ply should be put on the shelf
ers.
If there is need for sub¬ or rather put entirely out of
stantial increases in such out¬ mind for good and' all. Very
lays, the burden of carrying few if any of them are in any
them in this
way will be sub¬ way essential. If this is a time
stantial, but the cold fact is not to quibble about defense
that that burden has to be expense, it certainly is also,
Continued jrom page 1
$25 billion, and those of the
commercial banks to nearly
,
to
not
is
hesitate
do
to
is
period of time but
rather
down
tures
of
now
to
the
means
the
New
minimum
an
clear to
under consideration.
—
a few
naive souls who gree by current .receipts, or
thought that we had been by such receipts plus the pro¬
clever enough to avoid infla¬ ceeds of
longer term loans
tion despite all the monetary
and credit, expansion. In a
relatively short time, how¬
ever,
we
learned the hard
way that we were deluding
were
ourselves. Within three years
the
con¬
price index was 102.8
compared with 76.9 on the
sumer
as
average during the last year
of the war. Today the figure
stands
at
little
a
of
end
the
war
after the
saw
from about
68.8 to
ON
NORTHERN STATES
POWER COMPANY
in¬
an
wholesale
in
crease
128.
over
The first three years
prices
Owned by 78,900 shareholders and
serving
over
600 communities in Minnesota, North Dakota, South Dakota and Wisconsin
104.
over
Today the figure stands at
a
little less than 120.
What
this
did
about
Not very
are
to be
ment?
facts
after
the
indebt¬
manage¬
MEET THE MEN WHO LEAD
much if the
taken
guide. In the first
total
by all
of
debt
and
edness
learn
we
control
close
as
a
two
year or
of the
war
IN PLANNING NSP'S FUTURE
public debt reflected the
of certain
elimination
issues
which had been in the nature
of
war insurance
leaving the
Treasury with abnormally
large cash balances. By the
end of 1947 total gross debt
of the Treasury was down to
.$257 billion; today, 16 years
after
the
stands
end
at
of
the
decline.
to
total,
the
than
more
has
huge
And their
year
grow
just past
our
men
and
a
long-range planning helps
and better service for
more
the
—
the members of the Com-
r
who provide the top-notch
Their stewardship
prosper.
record
for the Company.
one
sound growth
assure
.
.
even
.
customers.
little
a
$24 billion at the
end of 1945.
Behind this "first team"
Bank
commercial
which held
are
supporting groups of
and
managers
Holdings
executives, specializing in the various phases of the Company's activ-'
"
The
helped make this
Reserve
with
are
leadership that has helped NSP
it
$27 billion,
some
compared
as
Of tins
of NSP's "unlisted assets"
are some
pany's Board of Directors. These
disoosi-
no
Federal
banks hold
Here
$290
nearly
very
billion and shows
tion
war
:I
banks
nearly $91 billion
at the end of
1945
ities. And
able
were
continuing
a
program
of personnel development —within
to reduce their
holdings con¬
siderably during the first few
years after the end of the
the
war,
but have
able
to
been
never
Company
t
^
keep
their
portfolios
'
of governments down to the
lowest postwar level. They
now
own
And
prices,
$62
over
•"*'
*
V •'*'
v-'
.
T
*
;
is preparing others to advance, to
•
/
.
.
4v*.
'
i
~
t
..
,
,v •.
assume more
.V--'
if■r»
v*
l ■'
•
:♦
>/.••/
♦
r
*
So whether it's
planning
living, forming
a
to do the
because it has the kind of
^n
'#;
'
♦**.;.*
••
■.
;
•>;
.
-
••
*
f'
atomic power plant, promoting all-electric
-
no
"power, pool" with othjer suppliers,. NSP is geared
disposition whatever to read¬
just
therrv^lves
downward.
job
—
men
who get jobs done.
In point of fact the tendency
seems
to
direction
be
in
the
although
opposite
not
very
markedly so at the moment.
If, however, we are to revert
to
anything
resembling
the
policies and the attitudes of
the
war
on
much
could count
years we
active
more
price
reaction unless extended
trols
*.
deferred
it
or
con¬
rather
concealed it ,fpr a time.,;- j':.:
::
billion.
showing
are
—
responsibilities.
•
to
plans
Among
the
other
probability grow larger without asking for all the dis¬
things
as
the disruptions of our turbances which go along that need another close look
economic life due to its exist¬ with an inflationary period.. is the activity designed to get
In particular, proposed out¬ us to the moon ahead of the
ence
grow more and more
serious. *
lays which have been sug¬ Soviet Union
and all other
gested as means of promoting kindred
spectacular but ad¬
Put Them on the Shelf
economic growth should be
As to many if not most of eliminated forthwith and for¬ mittedly useless programs in
the other planned increases gotten. They at best would space. Putting such things on
in Federal outlays, they sim¬ not promote
growth over any a "crash" basis can not fail to
the war various all the authorities in Wash¬
controls managed to hold
ington is the fact that what¬
prices—or at least quotations ever the necessary volume of
as they appeared in the press
outlays is, they must be met
—relatively steady, and there in the greatest possible de¬
war
end
Deal
in all
During
of the end of the
This
it.
play with such
foolish and costly ideas. We
must strip our public activi¬
ties and our public expendi¬
most
necessary
retard
time to
no
—and that
to carry
essential defense outlays
any
extended
would
PRESIDENT, NORTHERN STATES POWER COMPANY
MINNEAPOLIS 2, MINNESOTA
,
:
.
.
.
result
Number 6086
194
Volume
serious
in
wastage of
funds and manpower
precise¬
ly at the time that we should
be as frugal as possible with
both. But the main thing »at
the
undertake
is to
moment
only those things which can
be financed out of current in¬
come—and
that
they
are so financed either through
taxation or * nonbank longer
term
to
see
D. W. Leonard Co. Opens
nut
Street
a
The Commercial and Financial Chronicle
the
Armour and Co.
offering with Wertheim & Co.
The
1983
holders
of
is
Co.
its
offering
common
debentures
will
be
able at optional
redemption prices
annually from a pre¬
decreasing
and
stock
to
the
right to subscribe for $32,648,300
principal amount of 4J/2 % convert¬
mium
of
4V4%, and through the
com¬
stock at any time before ma¬
has
been
ment under certain circumstances.
in
to-engage
each
shares
16
held
$58
at
The, company's
of
Foods and
been
bentures
made
list
to
the
the New York
on
de¬
Stock
Wertheim &
Co.; Glore, Forgan
&
Co.
fields
the
managers
of
mixes
and
components
underwriting syndicate which in¬
cluded
Morgan Guaranty Trust
which
it
It also makes
and
Company of New York; Blyth &
Co., Inc., and Security First Na¬
detergents, glycerine, fatty
nitrogen
derivatives,
abrasives, cushioning prod¬
ucts, and adhesives.
tional
29
name
is
Sheffield
&
Industries
of
is
leader
a
agricultural
in
the
chemicals,
Company,
The dollar bid
net
a
interest
was
Street, has been changed
maintains
purchased
$20,000,000
Aug.
on
bond
trict, San Diego County, Calif.
The group paid a premium of
$15,079 for a combination of 5%,
3%%, 3%%, 3%% and 1% bonds.
LONDON, Conn.—The firm
of
Bank
the
issue of
the San Diego Unified School Dis¬
>
Now A. C. Sheffield Co.
NEW
Foods
Bonds Offered
fertilizers,
of
soaps,
the
Armour
$20,000,000
San Diego
A Bank of America N. T. & S.
a.
acids
coated
25
man¬
Chemical In¬
Armour
which is underwriting household soap, and fatty chemi¬
group
products.
to A. C. Sheffield & Co. The firm
S. Leonard Miller
as
food
325 State
ical
acting
,
and
United States, and Armour Chem¬
Co., and Carl M. Loeb, Rhpades
are
other
mines and produces.
largest meat packer in the
dustries.
second
Exchange.
sells
and
vided into two segments:
has
products
Armour Chemical Industries
business is di¬
Armour
of. record Aug. 24. .' Rights
will
expire Sept. 12, 1961. Application
&
principal of the firm.
price
share, subject to adjust¬
per
secu¬
a
conversion
a
slaughter
the processing of
their
by-products, and it also
manufactures, processes, purchases
certain
The deben¬
case.
operates
the
animal
and
ufactures
turity
Foods
of livestock and
meats
sinking fund at par, plus accrued
mon
for
Armour
interest in each
tures will be convertible into
debentures,, due
Sept. 1, 1983, at par on the basis
of $100 principal amount of de¬
ible subordinated
cals.
packing plants for
non-callable prior to Jan. 1, 1963,
after which they will be redeem¬
To Stockholders
Armour
(i)25)
handling tne books.
Debs. Offered
offices at 1420 Wal¬
rities business.
is
Inc.
Co.,
formed with
W.
Pa. —D.
PHILADELPHIA,
&
.
bentures
borrowing.
Leonard
.
.
3.44%.
100.075 and the
was
cost
the
to
The
bonds
District
were
re-
offered to yield from 2% to 3.65
branch office in Hart¬
according to maturity Oct. 1, 1963-
ford.
1981.
not
Bonds
due
in
1982
were
reoffered.
The bonds sold
offering
of
were
the second
school
1960
bonds.
Proceeds will be used for various
school
purposes.
Bank
,
of
America
finance
groups
aoded
are
underwriting
major part of the
a
schools and classrooms which
new
cational
to
the
Plant
commodate
California
each
growing
Edu¬
to
year
ac¬
enrollments.
The bank and its associates in the
past 12 months bought more than
million
$677
and
of
Other
bank
major
A.
NSP President. Started work¬
S.
P.
DUFFY
ing part time with NSP while
President
in college;
ager
employee
1922.
became a regular
as
engineer in
up through
an
Came
Company^ ranks
and
President
Director
ir>
Northwest¬
1954. Director of
National
ern
become
to
Bank
of
Northwest
Minneapolis and
Bancorporation.
and
of Our
President
General
Own
Man¬
Hardware
Company of Minneapolis, an
organization owned by more
than
600
retail
hardware
dealers. -Director, Northwest¬
National
ern
B. JACKSON
Bank of Minne¬
apolis and Northwest Bancor¬
poration.
and
Co.
Director,
Fire and
ance
Company and St. Paul
Marine
Insur¬
B.
C.
MARKS
Mercury Insurance Company.
President,
Director of
In¬
Life Insurance Company.
Company, Gould Na¬
Batteries, Inc., First
Chairman of the Board, First
surance
tional
National
Western
Bank
Life
of
St. Paul,
Corporation,
Northwestern Bell Telephone
Company.
*
First Bank Stock
Federal
Pioneer
Mutual
sociation
of
First
Boston
Ripley
Harriman
&
L
Incorporated;
Witter
ean
Trust Company;
Incorporated; Seat- J
Bank; *'■ The 4
Weeden & Co.
tie-First
Fargo. Director,
&t, Co.; Wells^Fargo
American
Bank
»
.Savings and Loan As¬
The First National
the
Smith, Barney
&
Co.; Lehman Brothers;
The
Northern Trust Company; Kuhn,
Loeb & Co.; Merrill Lynch, Pierce,
Fenner
&
Smith
Incorporated;
St.
Paul
of
members
The
were:
Corporation;
s. king
State
which purchased the
group
bonds
allen
California
Municipal bonds of all types.,
National
Philadelphia National Bank; John
Nuveen & Co. (Incorporated); J.
Bank and
Barth
& Co.; Equitable Securities;
Corporation Shields & Company;
Trust
Company of Fargo.
Fargo i.Industrial
Development Corporation.
President,
R.
W.
R.
Staats
& Co.; William
Pressprich
&
Co.; Shearson, Hammill & Co.; E. F. Hutton & Co. In¬
corporated; Hayden, Stone & Co.;'
"Wertheim & Co.; Bacon, Whipple-
,
& Co.; A. G. Becker & Co. In¬
corporated; City National Bank &
Trust Company, Kansas City, Mo.;
Commerce Trust Company, Kan-
City, Mo.; Francis I. du Pont
Co.; W. E. Hutton & Co.; Lee
Higginson Corporation; New York
Hanseatic Corporation.
-
sas
&
H.
C.
H.
CUMMINS
First Vice
Retired
of
Past
NSP.
Oil
Shaeffer
President
President,
and
Refining
Company (now Deep Rock Oil
Company).
dent
Past
Vice
Presi-!
charge of Operating
in
M.
Fischbach & Moore
GALLAGHER
Senior Partner in the law firm
of
Gallagher and Madden,
Minnesota. Former
Waseca,
Chief
sota
Justice
of
the
of the State
Indus¬
ity
p.
President,
Railway.
Northern
Director,
Northern
fining
Railway Company,
Smelting and Re¬
Company, First Bank
Stock
Corporation of Minne¬
American
Corporation.
apolis,
and
Paul,
of
First
Trust
National
Company
Pacific
h.
Bank
of
National
St.
President,
Howalt-McDowell,
Inc., Sioux
kota.
Falls, South
Da¬
Director, Northwest Ban-
National
Bank
Insurance
are
of
Stores, Inc.
and
Company,
installation of control systems
electric
rocket
and-radar
Vice
President, Director and
Merchandise
General
ger
of Dayton's
Mana¬
Department
Store. Member,
Advisory
Board, Lincoln Office of North¬
western
tee
National Bank. Trus¬
of Carleton College.
man,
Trade
mittee of
Wholesale
Company. Chair¬
Associa¬
tion. Vice Chairman, Dept.
tion
of
Distribu¬
Research and Marketing
Advisory Committee;
plants,.generating
lines and
transmission
GARDEN CITY, N. Y.—Shearson,
Hammill
BOARD
OF
DONALD
C.
President,
The
pany,
DIRECTORS
eers
air
Trane
transfer
and
opened
a
Franklin
1000
at
Avenue under the
Com¬
management of
Robert R. Keating.
Manufacturing Engin¬
of heating, ventilating,
conditioning
has
Co.
&
office
branch
MINARD
office
equipment, LaCrosse,.
will
Harold
Wisconsin.
be
land L.
•
Pile,- .v
a.........
Leo
Palmer,
Frederick'G.
.
the
with
associated
Also
heat
>*
L
power
Shearson, Hammill Branch
Relations Com¬
Food
installations;
of
National American
Agriculture's
at
launching
substations.
Board
Grocers'
in
stations,
Super Valu. Stores, Inc., Di¬
rector, Federal Reserve Bank,
Ninth
District;
Director of
Green Giant
missile
and
used
systems
-power
*
and installation of electrical facil¬
ities
N. DAYTON
Madison
545
industrial- plants;,
and,
and
buildings
Company, Chicago, Bur¬
T/G. HARRISON
KENNETH
of
company
facilities
the
stockholders.
other
certain
Ave;, New York City, is engaged,
in electrical contracting on office
•
of
company,
already
are
The
Bank
lington and Quincy Railroad.
Chairman
and
as
the
outstanding
being sold for the account
Henry F. Fischbach, Chairman
to
and
Minnesota Mutual Life Insur¬
ance
50,000
offering
of Fischbach
the
accrue
shares
of Sioux
Falls, Raven Industries, Inc.,
Red Owl
■
Moore, Inc., at $18.25 per share.
None of the proceeds from the
sale
of the
common
stock will
corporation, Northwest Secur¬
ity
is
Co.
shares
common
Seattle, St. Paul-Fire and
Marine
&
Allen
Mcdowell
Pacific
Pacific
trial Commission.
Engineering, Public Util¬
Engineering and Service
and
MACFARLANE
Minne¬
Supreme Court; former
member
Common Offered
ROBT. S.
G.
John
new
Federman,
Avera,
C.
P.uehler, Jr., Mait-
Bishop, Jr. and Robert E.
••. ■
..
.
4.
»■>.,
.
*
26
The Commercial and Financial
(926)
Briefs
News
BANK AND INSURANCE
Chronicle
»
.
.
,
Thursday, August 31, 1961
J. D. Currie v:
.*
month the Morgan Guaranty Trust Company
upstate New York banks filed application with the State
Federal Reserve Board to form a bank holding company. It
Within the past
and
and
STOCKS
With Wainwright
six
will pass before action is taken on
and subsequent formation of this
might temporarily depress the market on the
holding company shares as savings banks in Massachusetts are
not now able to buy shares of bank holding companies. It is not
expected that any divestiture by Massachusetts savings banks wdl
be necessary.
x
;
Stockholders of both the Long Island Bank & Trust Company
and the Chemical Bank of New York Trust Company approved a
is expected that many months
these applications. Approval
This Week
*'
J. * Basil
company
President
Ramsey,
Federal Reserve has stepped into the
government market and purchased bills and short Treasury bonds.
This move by the Open Market Committee indicates an unwilling¬
ness to raise money rates in the near future. The problems of the *
Treasury in raising additional funds in the calendar year should
alone help to raise th'^general level of money rates. This problem
coupled with an improving economy does point to a favorable
earnings trend for the banks over the next year or more even
though the Federal Reserve is reluctant to do anything at the
merger.
This
Federal
Reserve
contingent
still
is
'
Board.
;•
.
of
over
area.
$500 million will be the largest institution
.$ V
*<•••.;
.
•
bank
of
shares
that
New
1930. Prior to
selling at the highest level since
are
banks were selling at almost twice
date, however,
current
point to the fact that over the past decade banks shares are not
selling at high multiples of their earnings. For the years 1950 and
1955 banks were selling at higher multiples than the average of
those companies in the Dow-Jones Industrial 30 Stock Index. At
end 1960 bank stocks were "cheap" relative to industrials.
Since that time there has been a substantial rise in the prices of
the year
these shares but when
are
compared with multiples at which indus¬
selling bank stocks do not seem over-priced. The aver¬
return, as indicated, is low as compared with
age
industrials; however, dividend increases are
the return on
expected in the case
Bank stocks have often been included in the
D.C.
Continued
from
page
the
in
first
half
of
1960.
ter.
Profit
margins
in
the
fir^t:
•'
projected
profit margins for the second half
could improve on the 8.5% shown
in the second quarter. This would
Pr$qe Earnings Ratios of Bank Stocks
H
'
'
,
'
'
«'
<
1955
1950
'"V
1
Dec. 31
Aug. 21
1960
.
1961
Yield
%
%
14.1
12.0
17.8
2.87
indicate
Chase Manhattan Bank
12.7
14.5
11.6
15.9
3.03
the
Chemical Bank-N. Y. Trust Co.
13.9
13.3
12.2
15.9
3.30
First City National
11.9
15.9
13.1
16.8
3.08
14.0 "
15.9
14.7
20.8
2.94
12.0
14.9
13.7
18.1
3.11
——
Bank___
Morgan Guaranty Trust Co
Bank of America
_
_
_
__
National
First
14.1$
12.7
of
2.16
16.2
•
2.TT
12.8
11.3
15.9
3.40
15.6
14.2
18.9
1.75
10.4
15.0
12.6
14.3
2.80
9.4
15.6
11.9
17.9
2.31
16.8$
11.5
14.8
3.65
some
year,
City Bank of Cleveland
Philadelphia National Bank
Republic National Bank
11.3*
15.0*
20.3*
-29.8*
9.4
18.0
14.2
20.3
Security First National Bank
Valley National Bank (Phoenix)
6.3
13.0
17.5
22.6
4.1$
12.7$
16.8
18.9,;
26.3
1.68
15.5
21.6
to
1.77
1.48
;•
Trust Co.____
Price
Ratio of DowJones Ind. Index (30 stocks)
19.2
13.9
7.7
—
Yield
on
t Based
Not
19.0
13.7
24.4$
Stocks
2.52
Dow-Jones Ind. Index—
2.99
on
based
average
on
price for
the year.
earnings which include the Howard Corp. dividend.
t Estimated.
Current Price Earning Ratios of
Selected Utility Companies
and Banks Serving Similar Areas
American Electric
Power. 26.1
Public Service
Arizona
Co
36.5
Valley Nat'l Bank
26.3
First Nat'l Bank of Boston
15.9
22.2
First Nat'l Bank of
Florida Power & Light Co. 33.1
H'uston Light & Power Co. 33.2
Pacific Gas & Electric Co._ 18.6
Texas
Utilities
First City
Nat'l (Houston)
16.0
18.1
Bank of America
30.0
Va. Electric & Power Co
Aver. Price Earn.
Chicago 18.9
Citizens and S'thern Nat'l 18.0
Republic National Bank— 29.8
29.8
Wachovia B. & T. Co
Ratio. 27.4
21.6
Aver. Price Earn. Ratio.
areas
than
as
well
as
makin<*
important acquisitions. Last
Apex
Machine and Tool
introduced
'
in
1959,
which
electronic
and electrical circuits and panels
and has particular application in
the computer field as well as for
wiring consumer appliances such
as television
sets. This device is
automatically
Cleveland 17.9
18.4
Boston Edison Co
Com'wealth Edison
Nat'l City Bk. of
other
first
8/18/61
8/18/61
better
Company, manufacturers of uni.versal joints and industrial fast¬
eners
used
in
pneumatic tools,,
was acquired, and, in
1958, Mayhew Machine Company, producers
of a portable rotary drilling rig
for the petroleum and construc¬
tion industries, was acquired.
These two acquisitions accounted
for approximately 15% of 1960's
sales volume and made important
earnings contributions. An inter¬
esting product that GardnerDenver
has
developed is what
they call a "wire-wrap" device
Earnings
Curr. Av. Yield for Bank
*
;
15.3
11.5
Average Price Earnings Ratio
20.9
:
.<
of
in
petroleum equipment market
through increased penetration in¬
2.20
14.3$
half
earnings
The
2.24
Seattle First National Bank—
Wachovia Bank &
second
10.9
National
annualized
BANK
INSURANCE
STOCKS
lic
180
BROADWAY, NEW
YORK 6, N. Y.
Telephone: BArclay 7-3500
Bell
Teletype NY
1-1248-49
Specialists in Bank Stocks
t
brings to
of experience
Authority,
Housing
working capital- in the field of municipal finance.
$56.25 million vs. current lia¬ He has been associated with the
of $7.0 million. This gave:, Public
Housing
Administration
the company a current ratio of since February, 1954, and has held
million cash with
of
bilities
8:1. The very strong
working,
sales
the
efforts, Gardner-Denver
two
the
«f
start
wholly
Association? Na¬
;of 'Bank1
Auditors and Comptrollers; Amer¬
Association
tional
Banking; Munici¬
ican Institute of
pal Finance Officers of Ohio, the
Ohio Municipal League and other
at
similar organizations.
&
Corpora¬
post with Wainwright
Inc., Mr. Currie will
Ramsey
as'/liaison officer- between
'''finance
officers
of
serve
his
Company.
These
two
sub¬
sidiaries will not be consolidated.
firm,
municipalities across the country,
and in some instances, the Federal
Government.
Wainwright & Ramsey. Inc. also
an office in Miami, Fla.,
maintains
George
in munici¬
under the management of
well-known
Shaw,
N.
pal circles for years and a former
director
of finance of that city
close to provid¬
come
Municipal
can
ais
ciation will
of the U/S:; Ameri¬
Association
Wor}d; ,Eqdipipie$it Rent--;
tion and
of
Director
was
Finance, City of Akron, Ohio, his
hometown, and he has been active
in the Municipal Finance Officers
subsidiaries1;
Credit
Gardner-Denver
he
thereto
est^bli^ed, UM-In'his new
year,
owned
positions in that agency.
various
Prior
and
past President of the Munici¬
pal
ing the necessary funds for the
anticipated capital expenditure
program for 1961 and 1962, this
Finance
Association
Officers
of the U. S. and Canada.
available cash could well be used
to
in
aid
acauisition program.
an
Ackerman Joins
The current annual dividend of
per
an
share is quite safe and affords
attractive yield of 4.2%.
;
Andresen & Co.
last Dec. 31.
totaled $7.4 million, $4.4 million
of
which
was
represented
by
41/i%
subordinated
convertible
Long-term debt
due
1976
vertible
37 Vs
through
1966,
and 38%
shares
are
version
There
of
these
also
were
Oct.
thereafter.
reserved
for
Andresen &
York
has
1
119,946
the
totaled
2 267,503
shares
new
business department.
shares of
as
Named Director
William
of the
eral
firm
FRANCISCO, Calif.—Frank
has become connected
Co., Ill
Sutter Street. He was formerly
SAN
agement is very optimistic on this
McElnea,
Jr., a gen¬
in the investment
of Van Alstyne, Noel & Co.,
of the
Stock
York
New
Exchange, has been elected to the
board
of ' directors
of .Nedick's
(Special to Thk Financi". Oynomr
unique and has been showing re¬
markable sales gains. The man¬
H.
partner
members
With Wm. R. Staats
with William R. Staats &
particular device and can foresee
sales of $12 million per year in
He will
firm's
be associated with the
end of 1960.
S.
Ackerman
R,
also
$100 par $4 cumulative preferred
stock. Common stor>k outstanding
wires
Alan
that
joined their organization as a
registered representative.
con¬
debentures
15.207
Co., 30 Broad St., New
City, members of the New
Stock Exchange, have an¬
York
con-: nounced
and
debentures
at
1
on
Stores, Inc.,-it was announced by
H. Phillips,
President of
Reed
Lewis
Nedick's.
with First California Company.
L. Newman
Opens
Lawrence
—
Newman is. conducting a securities
business
Road
from
under
offices
the
175
at
firm
Bell
of
name
"
L. Newman Co.-
;
Head Office:
86, BISHOPSGATE, LONDON, E.C.3.
London
54
'
Feldman
Laurence
PARLIAMENT STREET, S.W.I.
ST. JAMES'S
Laurence Fe!dman
•
NSTA
Branches
.
a
at " 295
Madison
York City.
In:
ADEN,
KENYA, UGANDA, ZANZIBAR
: \
Branches In:
INDIA, PAKISTAN,
CEYLON, BURMA,
REPUBLIC,
NORTHERN AND SOUTHERN
RHODESIA
Opens
*
conducting
from
Avenue,
;;
offices
New
...
Almon, McKinney Branch
TYLER, Texas—Almon & McKin¬
SECURITY
TRADERS
ASSOCIATION
OF NEW
YORK
,
ney,
KENYA, TANGANYIKA, ZANZIBAR,:
UGANDA, ADEN, SOMALI
i3
securities business
"
SQUARE, S.W.I.
Bankers to the Government
Members New York Stock Exchange
Stock Exchange
as
a n
his post many years
20.3
13
Members American
t
s
condition and had in excess of $5
AND GRINDLAYS
Bought—Sold—Quoted
Laird, Bissell & Meeds
i
Commissioner for financing, Pub¬
BANK LIMITED
and
Currie,
resigned
s s
[ SCARSDALE, N. Y.
^NATIONAL
.
.
reciently
A
$3.60 per share. At the current Side
benefits
of
the
financing
price Gardner-Denver, therefore,- subsidiaries will be that they will
is selling at 13.3 times estimated
contribute profits and free work¬
minimum annualized second half
ing e&nital for other purposes. For
earnings of $3.60.
'
example, it is expected that J*"3
Gardner-Denver
has
lessened million in working raoital could
\the company's
dependence upon be freed this year. Since depre¬
17.3
Chicago
of Detroit.
National Bank
18.0
12.9$
13.1
8.0$
of Boston
Bank
.
11.5
Citizens and Southern Nat'l Bank
Continental Illinois Nat'l Bank
First National Bank
%
%
%
16.6
Bankers Trust Co.
who
John D. Curi-io
earn¬
capital position is typical of this
industry. It has been the practice
in recent years for the industry
surpass last years net of $7.1 mil¬
to give more and
more liberal
lion or $3.12 a share. As a result
terms
on
its sales to, in .effect,
o f
conversions
and
exercised
carry its customers. This has been,
options,
a
greater^ number
of made necessary by-, the higher
shares are outstanding and, there-.
price tags on the more complex
fore, per share earnings may be
machinery developed and in¬
held to around $3.20. This would
creased competition for sales. To
mean a very strong fourth
quar¬ establish better control and aid in.
"defensive" and
.
Mr.
year
half year were 7.9% and
Dec. 31
substantial
results are expected
to post another healthy sales gain
of about 6% and earnings could
e. is also much lower. It would appear that banks still enjoy
price advantage relative to most other areas of equity investment,
and the comparison with utility stocks seems appropriate in view
of similar price behavior of stocks in both these categories.
Dec. 31
the
in
ings contributions.
As of March 31, 1961, GardnerDenver was in a strong financial
over
Full
and
future
the
2
$1.69 million or 75 cents per share
in
the
second
quarter of 1960.
This brought first half 1961 totals
to $41.9 million in sales and prof¬
its of $3.3 million, or $1.43 a share
versus
$41.3 in sales and profits
of $3.6 million, or $1.61 a share
p.
J
in
charge
of
a
newiy-opened
THE SECURITY I LIKE BEST...
utility stocks. Looking at selected utilities
and banks serving approximately the same general areas, bank
shares in each case sell at lower p. e.'s than utilities. The average
rroftT»n
c eand
Bldg.,
Washington,
category with
,
V i
•Wyatt
of many banks.
stable
the firm
a
.
Manager
in
■
the current
price levels.
The following historical price earnings ratios of bank stocks
trials
now
President
prices. Many indices such as the American
York City Bank stock prices indicate that
stock
of
Index
bank
s
office
There has been much recent discussion regarding
level
Cur-
.i
e
'.as
present time.
Bank
i
r
D.
with
Maryland stockholders of the Baltimore National Bank and
the County Trust Company have approved a merger. This institu¬
tion will be known as the Maryland National Bank and with
resources
John
associated
In
the
that
nounced
•
and
the State
approval , by
"
on
of
Ramsey Inc., 70
Pine
St., N. Y.,' consultants on
municipal finance, have an&
Wainwright
,
the past week the
Within
-•
Bank Stocks
—
STOCK PRICES
BANK
& Ramsey
holding
The
at
STANY
Club will start
rehearsals
on
Tuesday, Sept. 5,
City, beginning at
All those interested in joining should contact Salvatore J.
Oscar's
5 p.m.
Glee
Delmonico
Restaurant,
New
York
Rappa, Chairman, Mergott, Rappa & Co., Inc.
'
Inc. have opened a branch of¬
fice in the Fair
Petroleum Build-
*
ing
under
the
Robert G. Day.
management
of
Volume
194
Number 6086
.
.
The Commercial and Financial
.
Chronicle
(927)
A New
Approach to Problem
Of Underdeveloped Nations
Continued from
5
page
of
mind, of body, and of want while
keeping the vast peoples of its
satellites in complete coloni-
own
alist subjugation.
We must not and cannot ignore
this challenge even though it
ap-
to be
pears
Failure
into
an
further
of
race
lead
us
directly
of frustration, into a
and
ultimately., useless
armaments,
and
eventual destruction of
of life,
into
our
freedom,
nomic well-being.
way
our
will
the
whole
,
mu
accepted
(1) Money alone won't do it. The
oft-suggested "Marshall Plans" for
Latin
America
for
or
Asia won't
Africa
or
necessarily do the
give
vast
quantities
spent directly
of
to be
by
foreign governments has often
money
sheer
been
in
waste,
uj
^
stantial
amounts
wasted, im-
are
estsss 3£&2i
"numbered
accounts"
banks, further to
gold problem, and
of
foreign
accentuate our
lot
a
is
spent
projects which
funds to maintain.
unnecessary
quire
more
To
kppn
unilateral
nJSJ
rShpl
^
i
have set ourselves?
we
Now is
re-
*'■
Ampriran
achieve
we
perfect time, and
a
one
preservation
in
gler for a better world of free
nai,1.onf"
,
,
+irsi we s^ou^d accept the fact
^.e Pr°gram bas,a
,
....
multilateral one among the have
nations of America, Europe, Asia,
t.«»
and im
capabilities,
,^riv,a
resources,
the
Third^n must^e™ 'program
L!iHc hS nn!
results but one that encompasses
tw
pnpnmmQQPQ
world:
urn
educat;on,
a
arrd'ttie usual'Stack on° American art of government,
? +iJp
usuaf atmcK on American jocai
in domestic affairs.
_
interference
We
lose
our
money,
able to speak
language, in order to help
tua
Communi^deworldd
ex!
peopte wf^ndeTfo Tl ^ SSWS &&S8&
ESS ,,ects be
mam
(2)
been
spent
supplying the
unhelped.
Western
propaganda
beaten at its own
have
in
Madison
is the
our
own
Avenue
has
country
likes
to
feet
what
believe
highest powered mechanism
in the world to sell
products and
ideas.
have
With
it
we
vast economic system.
On
the
failed to
it
other
frue
a
>»
'•
West
that
has
.freedom;-, that
created
i-wbilef tee
Communists mouth ideas of free¬
dom, to. others,
populations
they
hotd
vast
We
the
the
act,
end
•
Reds
fail
we
talk,
and in
impress the
to
And_
insist
cannot
a
broad
worid as dramatically as possible that the West has a program,
that
is
it
accomplishing it, that
promises have substance, and
jg genuineiy interested in
future oX the peoples of these
Xands
,
.
.
A
,
.
,
,
A mechanism must be created
accomplish these aims, and one
sucdl method I will now propose.
our
on
people educated, economically independent, and beyond the stage
of bare subsistence
Labeling
those
other lands
as
levels.
in
control
of
dictators and those
image, merely helps to create
of the troubles in which
ourselves.
No
one
And
(1)
can
we
call
within
outside
if
of
and, if not,
the U.N., by treaty, a
possible,
world Development
which
not
countries
United
Organization,
"have"
the
only
but
those
all
be
to
helped will be represented. The
objective of this organization will
be to harness the West's
educational,
and
,
economic,
technical
re-
to accelerate the program
most of
for
underdeveloped lands,
cratic nations.
(2) Create within this organization, and, ideally to be managed
today's leaders of the underdeveloped nations truly demothey
They wouldn't last
We should not,
try to change overform nor the philos-
were.
therefore,
night- the
ophy of government
our
initial
efforts
in
might
naturally,
cease
-
-(4)
effort
come
part
as
the
jhis
developed^ world,
stance
new
has
in effect
money
covers
o
under-
the
the World Bank, an
tional Guaranty Bank.
by
]y[ucb
0f
the
development
world's
can
cir,cum-
about
more
countries.fjnance„ without
tp^ibb underdeveloped, y ; ,ment budgets or
will
required: No
succeed
permanently
that is not based
on
the
out
iUis
and
not
multi¬
principle
tax
rolls.
desirable
But
-
from
cure
normal
se¬
business
risks;
stride, and it
does it daily. But it cannot cope
with political risks, nor can it be
put in the middle of fluctuating
it
takes
in
policies.
A guaranty bank, backed by the
guaranty powers of the govern¬
coupled
with
the
Each
how
of-
dux
lean
such
money
management be harnessed?
a
and
technicians
in
West
either alone
or as parts of inter¬
development
consortia.
Only -approved projects for the
underdeveloped
lands
should
qualify for such a guaranty, in
order
to
guard
against
useless
The
companies
insurance fee. In
would
pay
of
case
an
expro¬
priation,
broadly
defined,
the
claims against the country would
devolve upon the bank and even¬
tually
upon
the
guaranteeing
nation.
ed
,!•
*
nations, members of the organiza¬
tion, and not to the so-called
Expand
World
Bank
and
ability of the
its
affiliates, to
undertake the non-industrial type
of
development
in
backward
lands and, as a matter of national
policy, have the United States and
other
principal nations of * the
West funnel their broad develop¬
ment funds through such multi¬
national channels.
(4) Establish within the Treas¬
or State Department of the
ury
United States
one
lending
agen¬
cies dealing with underdeveloped
lands, with the end in view that
one
policy will prevail and
red
tape be eliminated
greatest possible degree.-
to
economic
field, harness to the
greatest possible extent all pres¬
ent
efforts
in
world
health, edu¬
cation, and agriculture, some of
which are being carried out by
the United Nations, others by in¬
dividual nations, such
Point
Four
as
programs,
our
and
cold
own
some
a
tape has, surprisingly,
powerful weapon of the
Western
red
tape, and
forces
upon
new
and
emerging governments
a
mass
of detail, admittedly re¬
quired by law, with which they
particularly
ours,
just physically unable to cope.
The
East,
on
the
other hand,
makes it appear as simple as the
"Spider and the Fly."
are
Either
the
West
must
supply
technicians to cope with this com¬
plication or eliminate it in the
first place.
which
moved
is
i
the
the;
into
countries.
keyhole
They
of
the
have
,
thror-*^
Communists;
some
or
of
the
has
Therefore,
must
be
alone
the
to
other
our
gov-
vsHia
_
institutions!
and
of
international
many
organizations.
established
To
oc¬
bring these all together, to
direct
the
and
program,
^ leadership, I
frequently been
to
help
to
give-
propose the World
to
...
send
of
our
possible,
as
countries
levels
aments
train
•
at
people
before
backward
to
of
be
schools
and
to
must
few
a
education
with
pre-
the
senior notes> due Jan
jan.
Democracy,
as
we
know
it,
be transported
today to
these lands until they are much
the
common
but
was
ideas
our
to
out
(9)
Lastly,
vast
must
be
world
to
the
Russian
is
admittedly
only
be
KMBC-
trZ
ANGELES,
Mitchum,
members
Pacific
we are
freedom
and
Calif.—Richard
Jones
the
of
Coast
&
City
Templeton,
New
Stock
York
and
Exchanges,
have opened a new wire servicing
office at 37 Wall Street, New York
City in charge of Anthony J.
Landi, resident partner, and Rob^
ert A. Donahue, Manager.
by
urged
Office
In New York
discussing
to succumb to the slavery offered
by the East than to rise to a posi¬
true
KMBC-AM
TrQ„C!le
Mitchum Jones
an
It is much easier for the under¬
of
will
and
elementary sketch of a vast pro¬
gram
that vitally needs imple¬
menting without delay.
tion
sale
Kutner, Jackson & Gray, Incorpo¬
rated, 811 West Seventh Street.
Mr Roller was previously with
Shearson, Hammill & Co.
Mr.
Willoughby was with Eastman
Dillon, Union Securities & Co.
satellites.
This
the
E. Roller and John P. Willoughby
have been added to the staff of
the
of
Loeb, Rhoades
(Special to The Financial Chronicle)
effort may even have the benefi¬
cial effect of penetrating the iron
curtain
ir.
LOS
plan is and to
keep hammering at the results it
may accomplish. Such a massive
Chinese
financing
With Rutneiy Jackson
the
tell
convertible
The
additional working capital.
population
harnessed
stock.
ln Kansas Clty' Mo" and for
propaganda
what
{or
arranged through Kuhn, Loeb
Stations
utmr
be
facet of the
potential
every
cumulative
Proceeds from
will trend towards democracy and
free enterprise.
West's
warrants
applied towards the-acquisition of
subject to the
corruption of Communism.
educated
and
& Co..
weak and therefore
an
6V4%
1971
95,000 shares of
and 30,000 shares
& Co. and Carl M.
a
strong
transition pe-
turns
x
of
stock,
$3,125
preferred
have
that fits
one
ideal
with
purchase
of
economically,
technically,
and
educationally.
Until then, we must compromise
with leadership of varying kinds,
keeping in mind that it is some¬
to
1975
the
advanced
during
V
$4,000,000 6y4% junior notes, due
cannot
better
rT*lV£n P
countries tional investors, $3,000,000
a major undertakof the development orgamzation and paid for multilaterally.
riods than
by Mr. Osborne
Society of
City.
Affairs
York
Metromedia, Inc. (formerly Metropolitan Broadcasting Corp.), New
York, N. Y., has sold to institu-
but educa-
ing
of
in
nivatUij
colleges
by trained Western
^hers within
shouid become
times
unused
-i
of many
further
address
an
African
Sn fl
value
basic
this
Metromedia
Securities
Scholarships
Western
are
world
on
the
rapidly.
up
lose
only
origin.
(8) The education of people in
stepped
to
created
ever
America, Ltd., New
when they know the language of
the country, regardless of their
the
afford
armory.
♦Based
the
government
such
cannot
keeping the finest and
costliest exotic weapons and arm¬
program
to
quickly
as
We
Western
crash
a
these
technical
and
of
undertaken
Westerners,
the West.
Naturally, they will gravitate
from their former colonial
away
Two With Bache & Co.
overlords;
naturally,
they
will
suspect the motives of capitalistic
powers, which, they are told, had
exploited
once
their
.
they will more easily
to the honeyed, words,
antics, and the diaboli¬
cally ruthless and utterly worth¬
Jr.
prey
the clever
less
promises
of
the
]
(Special to The Financial Chronicle)
are
& Co.,
connected with Bache
now
Johnston Building.
Two With E. F. Hutton
Communist
world.
(Special to The Financial Chronicle)
The
Reds, in this battle, never
need
fully to deliver on their
promises. If their offers are ac¬
SAN
E.
countries
will
soon
FRANCISCO, Calif.—Alfred
Hopkins and David W. Terris
have joined the staff of E. F. Hutton & Company, 160 Montgomery
cepted, if their technicians, poli¬
ticians, and educators move in, if
their trained personnel infiltrate
the bureaucracies of government,
the
.
CHARLOTTE, N. C.—Paul B. Arrington and Walker M. Slaughter,
resources'
naturally,
Street.
Meyers Adds Four
become
(Special to The Financial Chronicle)
additional
satellites,
after
which development not essential
to Russia or China stops, and still
Reinhardt ' J.
another group
Somers
just
Our job is
ficult
OMAHA, Neb.—James W. Acuff,
of slaves begins to
one.
by far the
more
.
red
We
cannot
ignore
the tremen¬
development by
private"; industry,; nor the public
relations
have
We
J
This
forces
cannot
is
a
do
at
it
battle
our
command.
alone,
which
•
can
•
-
be
.
„
C.
Wurde-
J.
.
staH of M- M"
With McCarley Co.:
■<
dous potential for
Wesley
Koch,
Trafford
Meyers Inc., Insurance Building,
tape.
_
and
man Iomed the
dif-
We cannot continue to
fragmentize the West's efforts and
to tie them up with bureaucratic
African
supplied
left
to
try> of public bealth
cre¬
work for the Communist masters.
We Lack Bureaucrats
(7) One of the major problems
in most of- the emerging nations is
just 1 a * lack
of
governmental
This
are
fall
Red
war.
of
that
developed lands
the.
(5)
The
World
Development
Organization should, in the non-
be
war, while
over-all control
of all United States
cannot
Development Organization.
Only
the
united
by the infiltration
Communists,
"have-nations."
(3)
and
help, but the appeal
has only been answered, if at
all,
leadership
Such guaranties would be limit¬
to
specified
underdeveloped
It
government
asked for this
vious
national
massive
-
command.
qtih
mechanics
left by former colonial
cupants of the country.
tion
nationals,
those
a
a huge effort,
by many nations,
front
°under for Rrequires^he Mpo^W^stern
Tn f6dl ctfrol »
unSiel^flhe
in rel. control
fundamental
on
political risk of its
own
and
ated, not along Communist lines,
but
united
a
ostensibly
now
now
sre
the
nation, through the guar¬
anty bank, would guarantee the
.
source
buTSJvT
tncy
The
Industry does not ask to be
won, but it requires
the
mentafbureaus,
be raised
income from the
the
They
order
thievery have recently
bureaucrats.> Not
enough people
bave had the education to cope
of world with the simple and normal functapping govern- ;.tions of-daily government;
money required can
norrriai channels
organized
! '
economic
expert
of national
lnterna-
carried
at
country.
fields, such as finance,
banking, mining, and eco¬
development. They have
nomic
of
adept
the
government. The bureaus
private industry, and much of
.
when, these
JSelp-help is
be
of
only direct expropriation, and not
the many forms of indirect
expro¬
priation which the newer forms
become
the
sources
if
any
invested; it
(6)
Guaranty Bank
Create,
Nati0ns,
in
who oppose them as democrats in
find
been
only
covers
not at all.
We
more
today: it
projects, before
Proposes World Development
concept of capitalistic democracy,
which requires an electorate of
our
seventH, the entire effort
public relations campaign to show
world.
(3)
of
Sh01jid be harnessed with
abject
slavery,
that, consistently and without exception, Russian promises fail to
materialize, while Western aid mvariably comes through as promised and on schedule.
in
minimizing the adverse efexporting currencies and,
eventually, gold.
1
Sixth, each country which is
being helped should provide as
much 0f its own labor as possible
and pay for it from its own internal budgetary resources.
have
we
to the world tnat
prove
the
is
built
-
hand,
in the countries
loans1 or grants,
thus
We
game.
tions
nn,,~+vWe.
COuntnes t0 g0Vern
lose
we
critical
central
guaranty system went a
towards doing this for
American
industry in the
im¬
mediate post-war period, but this
system lacks important protec¬
undertakings.
3
personnel
sent
A.
the strug- velopments throughout the world.
the
sovereignty,
of "
own
trained
way
which,
boliticfan his Ireat- ' ag™ultufal' progress, public
1SuL health, and /practical governfflrnrS^ cipppK
mental administration.,y,
With
Our
war.
a dramatic note credit of the industrial companies
creatlng
hope among themselves, would be enough to
tbe PeoPles of the underdevel- raise the money for a vast num¬
°Ped w0ldd ai\d by again asserting ber of economically important de¬
nacioufe local
ripalift*
C.
long
" would strike
derdeveloped
n
I.
cold
psychologically admirable,
for a bold> imaginative program to ment involved, could provide a
be developed by the still new adguaranty system against political
ministration in the United States. risks,
the other great needs of the
tu?pC
have
the
of
national
that is
particularly
undeveloped countries; for sub-
on
*
*
American leadership
w(i)r^
To'
ac-
risks
these
How, therefore, do
.
reaching such a goal, howcertain fundamentals must
ever,
self-
The Way to Achieve the GoaI
i
;
.
; •
;
„•
Failure of Money and Propaganda
In
This
emancipation,
the goal
,
helping.
the nation itself and a big step on
the raad .to successful economic
our eco-
war>
for
the
language
complished the result will be a developed;
big psychological advantage for national.
Success could well win the cold
be
do
belP will need to be created and
properly channeled, but when
stupendous task.
a
will
age
self-help. The road to lasting
improvement is not an easy one,
and it requires some sacrifice by
the underdeveloped nations tnemselves, as well as by those who
It is necessary that
industry be
immunized
from
the
political
27
(Special to The Financial Chronicle)
HICKORY, N. C.
—
T. Manly
Whitener, Jr. is representing Mc¬
Carley & Company, Inc. of Ashe-^
ville
from
offices
Street, N. W."
at 349
Seventh
28
the
Consumer Credit to Expand
for
producing the goods and serv¬
total output 58% higher, or $790 ices, but also in the form of divi¬
dends, rents, profits and interest.
billion, by 1970.
/
- :
The question to answer then is:
Will the needs of the public and
i N. P. A.'s Growth Projection
Let us check this figure against their desires justify such an out¬
;.
a projection made by the National, put?
Planning Association, In the early y I think most of us would be
postwar, period, this private non¬ willing to admit, if our incomes;
profit organization, made one for were increased over the next 101960, both of which were ; ex¬ year -period by 40%, that we
tremely accurate. Early last year, would have no difficulty in using
they published an estimate of the the additional income.
But, we
gross
national product for- 1970 may wonder about the other fel-"
which also amounts of $790 bil¬ 'low. V*, ' '.'. ■ *,T\
l' * •/ ./•
lion dollars. For our purpose, let
[ Let's take a brief look at the
us round both of these figures to
factors most important in increas¬
$800 billion as of 1970, or an in¬ ing the demand for goods and
crease of 60%.
services.
First
is
the
amazing
The crucial question, of course,
population growth and the chang¬
is: Will those individual factors
ing age structure in the United
continue
to
operate in such a States. The birth rate turned
,
.
i(
tion?
up
this projec¬
to justify
in
-
mained
During and since the Presi¬
dential campaign we have. been
Currently we
Today
by
Bureau
coming out of
are
a
203
employment. As we recover, em¬
ployment will grow and with it
total output. Once we reach
reasonably full employment, the
rate of economic growth there¬
after will depend (1) on-the rate
which
add
we
even
rate
the
(3)
of
and
we
add to the labor
If
supply.
1970.
The number of retired
partly retired elderly people is
also rapidly increasing. In other
words, the entire composition and
age structure of the population is
changing in such a manner as to
in railroading, in agricul¬
ture, and in many manufacturing
work,
stimulate-
We will need to. remove
concerns.
the future.
impediments to -.efficiency
whether they arise from careless
business
management,
coercive
Families
and need
to
of
of trade unions, or from
government legislation. Unless we
remove'those
impediments, our
rate of growth will remain be¬
low its maximum potential.
No
amount of government expendi¬
power
correct
will
our
year
•/,.
•
,
victims
communistic
of
This American
.no
no
less they
evoke
in
j/.
becoming
homes
families
or
ones..
are
and when they
'permit.; *' *
larger
additions
One-fifth
moving-each
move
to the
k :'"VyV •-/'*/.. ■\
/
•
/'
Estimated Consumer Instalment
Debt,
Let
us
of
use
of
the
and
unchanged.
consumer
instalment
short and intermediate term debt
the
lion.
it
$43 bil¬
60% increase would bring
of
end
A
1960
was
to
$68
billion.
Is
amount, 10 years from
tainable
and
first
At
such
an
now,
at¬
reasonable?
blush, it sounds much
low, in view, of the $5.4 billion
increase both in 1959 and 1955.
too
However,
in
must remember that
1958 the total
and
that
increases
The
if
we
debt
in
reason
of
consumer
actually
1956
were
and
in¬
declined,
the
1957
modest.
for this will be clear
examine
briefly the nature
of the growth in consumer instal¬
ment debt. The years
1954 and
1958 were years of recession, with,
higher." than average ' unemploy-*
ment. In such a period those who •
are
unemployed, and those who
fear that they may become un¬
employed, are reluctant to make
major purchases and to assume
instalment debt. Thus, they post-,
pone
the
purchase of durable
goods. At the same time, if the:
deterrent to purchase is fear of
unemployment rather than actual
unemployment, they continue to
buildup liquid; assets.
we
When
those
is
resumed,
which rhave post¬
recovery
families
poned the purchase of desired or
needed
durable
aware
more
jet planes, no television sets;
wonder drugs, no Nylon, Or¬
goods
become
of these deficiencies..
Let
rate
us
we
in
and
emphasize
a
year
services—and let me
the words "physical output". be¬
is
assumed
this
projection
will
not
that
increase
-Now let
us
or
in
making
price levels
decrease.
ask, "How will
we
sell the increased output?" First,
let us assume that there will be
meed and
was
the
sume
that the manufacturers have
produced those
particular
goods
and services that the people will
want, at the right prices. Then it
follows that those needs Or desires
will be transformed into demands
wage
Second, there has been
creased
in-
an
acceptance of the use of
credit by an ever
consumer
ening+u S°UI?
growth erf
-for/ the<
gan
have
had; short-term
wid- Vdebt.
The
?f
Federal
Reserve
Board, shows that in recent years
six out of every 10 spending units
:
v?
...
;*
•
instalment
•
The highest concentration of in¬
private and public pen- stalment
debt
exists
among
funds, hospital and medical families whose heads are betweenunemployment
com- 25 and, 34 years of age. Home
insurance,
pensation and other forms of in- mortgage debt, the record
shows,
stitutional saving have made fam- finds
its highest concentration in
ilies
more
willing
and
better a
slightly
older
age.
sion
.
able
to
family
credit
use
group,
to
assets.
acquire
:
namely, those from 35 to 44
of
,
the
tendency
toward
marriage has prevented
young couples from building up
substantial cash nest eggs before
Third,
whose heads
earlier
44
marriage. To acquire the
family assets which they consider
essential, they have utilized con¬
sumer credit. They have been able
to
service
such
debt
readily,
regularity
growing
has
lower
and
in the
UCiUW ulUb*
/or:
are
re¬
unem¬
:
When
,,
those who
otherwise
are
ployed,.
find most
part-time
we
other
workers,. and
tired
The proportion of workafiriculturo Bird in mBnu-
in
"
concen¬
and below those
where
a year,
students
income.
ers
above
use
$2,000
consumer^
of
higher
a
least w^.ocGprs. among
the
been
instalment
use
of instalment debt
•
15-year period.
factor
average,
spending units
income groups between $3,000 and
$10,000 a year, with materially
highest in the first five'years of
marriage and has continued at a
reasonably high level throughout
fourth
and
frequently.
There is also
tration
18
greater
a
the
f:
older
credit much less
to high salaries for be¬
ginners, and the customary prac¬
tice of the wife working until the
first child's arrival is apparent.
A
the
years
families
of consumer instal-
than
and the unmarried
thanks
the
debt
whereas
show
age
concentration
all
between
are
of
years
ment
their
Use of instalment credit has been
However,
age.
;
we "combine
y<y.
the 25-34 age
.
S^oups'. with> th6 ^niiddl6' income
groups;, we find that about 9 out
facturing-has been-declining and
is expected to continue to do so.
The
proportion
of workers in
government, and in service estab-
0 ' ?
i^acve
m^nt debLThisJ>rmgs^forcibly to
our' attenUon .the f act; that con.
_
been
sumer instalment debt has become
occupational
characterized
by a grbater degree of regularity
of .employment and of income, a
Juway of life;for thegroups which
the.sociologists call the"frowinfi"
young
,nnri.
lishments
of
has
kinds
all
increasing.
These
groups
have, been
r
T
,
.
.
conducive to
Condition
willingness to
assume
-x
Fifthi there
tinued
growth
a
.
iail?
?
•
-^e,.
far^A1^3.^/At,this point in the^lifo.
almost t constantly for/the. pupp^e^of^acqiur-
greater
instalment
a
mg . the family fixed assets . that
•
debt
.
<■
.
has
in
been
the
a
^
con-
supply
American scale of living.
of
The
,
-
.
pretty well limited to families
cycle.
.
.
tributed. to
of
a
instalment
the
15
last
and whether
So
recognizing that
we
are
But, and this is signifi¬
likely to have only one year, or
cant, about one-half of all fami¬
perhaps a i5-month period, out
lies, regardless of income group,
of each cycle of four years or so,
said that those newer appliances
in which the rate of increase in
are
very useful and that every¬
consumer
debt
will
be
really
body will want to own them
large, the projection of a total,
sooner
or
later.
This study was
increase
over
the next 10-year
based on a small sample and I
period of $25 billion does not ap¬
4o not believe it has been pubpear unduly low. However,
our
.lished. Nevertheless, it justifies
estimate. will be too. low if the
year.
tentative conclusion that fami¬
lies
use
of
consumer
credit
in
rela¬
will acquire a wider range
tionship to the economy continues
family equipment as their in¬ to
grow iii the future, as it has in
comes permit.
the period since World War II.
Lastly, let me mention the in¬
Factors Increasing the Use
herent
drive
in
the
American
-of
Of Consumer Credit
"people for improvement in theirresult of putting Jthe own
lo]t(apd Jhajt
Let tis look brip^^at'the
1hejr rfamjUqs;,
^agf v
money: With' whibE to 1 buy 'the'' -it is the key to our'
emphasis- on torsr whieh have been responsible goods in the hands of the people. education, and
vocational
im¬ for the growth in the use of con¬
They will get that money not only
provement; it is the key to our sumer credit.:
in, the form of wages and salaries desire for
physical goods; it is
Firsthand by far the most im¬
merely
annual,
Suxvey: of Consumer . Finances; also throws somd- .light on
perity phase of the cycle, a point singleTpayment bank loans by in-, the burden of .debt -tippn • individ-.
is reached at which a substantial stalment credit,. ' arid the recent; ual - fandltes,' 'although / their.. esnumber of families feel that their development of check credit. It- tirriates probably uriderState con-.
deht has attained a point at which has been reflected in the wide- sumer liabilities^ Early^ m : 1959;
it is prudent not to add to their spread
adoption ^ of
revolving instalment payments alone ac¬
required monthly payments. As credit plans by department stores, sorbed 29% or more of consumer,
the cycle proceeds, there is a point replacing the traditional charge' jneome after taxes in the case of
at which credit is created at a account and cash purchases. These .13% of all spending units.; A few
slower pace. At the same time, appear
to be long-term trends umxs nad committed 40% or more
the total of monthly repayment which will continue and will cer- of their income to- instalment payobligations has crept upward and tainly not be reversed. There has merits.; In; what might be called
the difference between credit ex¬
also been a progressive relaxation the "lower-middle income group"
tensions and repayments narrows. in the terms required' on time with: annual incomes of $3,000 to
$5,000 .per family, almost 20% of.
Thus, the net addition to con¬ payment contracts.
all: spending units1 were devoting
sumer
instalment debt proceeds
All five of these factors con-
in the income group above $7,500
a
desire on the-part of
people to purchase the in¬
creased output. Then, let "us as¬ ra
a
as
y
.
of growth of 4.7%
it
grow
'/',.:
,
Survey \.of Consumer Finances,
prepared by the Survey Research
productivity > Center of the University of Michi-
growth in volume 20% or more of .their, disposal mdebt, which over come
to instalment -payments,
years has- increased
This is a groupan which there are
a substantial minority of
.Per Year,.. .. /
families ; pering off after a period of, time,: from $2.5 billion to $43.3 billion, many, younger, families .whose
//{;; in all income
groups above $3,(100 and reaching a minimum or be¬
Whenever
consumer
debt ' rises breadwinner lacked seniority and
assume for the moment
a ye^r had one such newer appli¬
coming non-existent ' during the rapidly, there are some who ques- hence was particularly vulnerable
are
able to maintain a ance.
Ownership of two or more recession phase of the business tion whether the
rise is too rapid,
unemployment m; the. recent
the physical output of goods
cause
larger amounts-of debt. More also
have horrie mortgage debt. - The
-
-
that
today have debt and, many have
durable goods and to assume debt: instalment credit.. This has been
At a certain stage in- the prosK reflected ip the Replacement of
maximum of ion, Bacron and no atomic ener¬
private initiative and enterprise. gy. Within the next 10 years
Stated somewhat differently, our there will be other new products
rate of growth depends on : how to whet our appetites, new proc¬
government manages its affairs; esses and new ideas on the loca¬
it depends on the attitude of gov¬ tion of homes and places to work
ernment toward business; it de¬ and shop.
~
pends on the attitude of business
The Survey Research Genter of
management toward the future;, it
the University of Michigan made
depends on the "climate" of labora study in June of 1955 with re¬
management relationships; it de¬
spect to consumer attitudes to¬
pends on the amount of savings;
ward the newer home appliances
and it depends on the willingness
such as dishwashers, clothes dry¬
oL investors to provide the nec¬
ers,
air-conditioning units, gar¬ in a somewhat wavelike pattern,
essary funds for expansion.
bage
disposal units and deep occurring at the most rapid rate
freezers.
This study shows that early in the recovery phase, taAssumes 4.7% Physical Growth
a
credit
higher
incomes.
•
a
Not many years ago there were
.
continue to
.
credit
consumer
total economy remains
at
of
occurs
degree
greatest
consumer
permits
1970
assume, for the moment,
relationship between the
The total
of
an
second chr.- Then their accumulation of liquid
the suburbs need hospitals, assets and their
optimism with
roads, water and drainage facili¬ respect
to
future
employment
ties, and so forth.
prompts them to purchase the
rate of growth un¬
our
new
present
as
that the
The
amount.
use
.
important factor among families with incomes of
our needs and l our from $3,000 to $10,000 a year. This
fast ' as our incomes segment .of the population will
provement is
in increasing
desires
appeals.
drive for self-im¬
And
In fact, government expenditures
and government action: will hot
accelerate
are
suburbs, many need
condition.
that
their
demand
consumer
such
ture
num¬
between the ages
or
with' the "restrictive prac¬
that afebund in construction
tices
spectacular. The
will, too.
rate
away
more
Thursday, August 31, 1961
-
stalment
Youngsters, I -find as a
father, are heavy consumers, both
directly and indirectly. Grammar
schools are bursting at the seams.
Soon the high schools and colleges
-really want to accelerate
of. growth,'. we must do
we.
our
million.
be
14vand 17 will go up over 40%
lay
at
capacity,
war.
expects it to be between
will
.
our desire for leisure portant, has been a constant inan understanding- of its signifienjoy the fruits of our crease in the margin of income cance by- examining the existence
labors, to seek spiritual enrich¬ over the amounts necessary .'for of debt among individuals and the
subsistence /spending.
In degree to which it is or can be
ment, to visit the - beauty spots mere
of
our
country and the world. 1941, 15% Of American families burdensome.
' r\ >.
\
Vj v/
It is a drive which does not exist had an annual money income, be¬
The Burden of Consumer
in those countries where people fore taxes, of more than $3,000.
Instalment Debt y/ V;
find themselves frozen to the lot By 1951, 54% had an income of
to
which
they were born and more than $3,000 and, by 1960,
As compared with the situation
thus, through frustration, hecome 70% had incomes in excess of that4 of 10- years ago, more'families
high
the
have a population of
By 1970 the Census
of children
ber
capacity, (2) the degree of effi¬
ciency with which we use that
which
of
end
re¬
.
productive
to
has
adding over one
million people to the labor force
each year, but the increase in un¬
productive
consumers
will
be
the
at
and
unexpected
an
the
and 220
We
level of
reduced
we
1930s
million.
183
recession which has been char¬
acterized
at
since
level
hearing much about the need to
accelerate
our
rate
of
growth.
a
middle
the
.
key to
■
as
.
in which to
Sharply in Present Decade
Continued from page 3
manner
Chronicle
The Commercial and Financial
(928)
as a
s
consumers
are
recesslon-
being
burdened with debt. Let
look at this question.
us
During 1 that - same
15
year
dollar aggregates
have
period,
been
reaching new highs year
after year in all areas of the
American
economy/ hence
the
dollar increase in consumer debt,
per
se,
;
for social security and retirement
funds.*
debt
taxes
to
consumer
what
has been
of
to have
plateau. We can obtain
latest
^
more of' income
-,case
oner~half or .mpre
^ ^ tiriitSK and
absorbed-
less
than
one-fifth
of
the
itsjjf to a heavy burden
regqlar'fixed payments.
'
iji» y
V'
f'i,
-:4\ i"■ iv;
1.
,
Yet, despite what appear-to he
burdensome commitments
of instalment debt appears
a
,
mitted
late in 1957 arid
hovering between 13- and
13^% 'ever fince. Thus; in relartion to the economy, the volume
reached
the
information
spending units. These estimates
suggest that a significant propor¬
tion of the population has com¬
called
"disposable
personal: income").
That ratio reached a peak some¬
(technically
what above 13%
1957,
such
such, payments abr
ln
income
in
which
ls
/
growth in consumer debt to
the economy has been to calculate
the ratio of repayments of 'instaiafter
Early
date for
late
ment
(in addition to instalment pay-
ments)-, mortgage and rent, life
insurance, premiums and payments
is rio guide. One of the
most common devices used to re-
•*.
-
Let. us. use a broader measure
of "required payments" including
unduly
-
—
arid
the [ level has not: changed much
in the last five years—the record
Volume
!l
194
Number 6086
The Commercial and Financial Chronicle
...
(929)
that
shows
deliquency* and
possession rates
re-:
-
and-, the Tate
of
But
regardless, the cost of run¬
ning the car and the cost of in-,
Embassy Extraordinary: The U. S.
Mission
charge-off
remained :moderate ' surance will go up. Thus, in this,
even
during each of the recent first period, convenience credit,
recessions. *\
:,.vi<
? namely,
charge. accounts
espe¬
) The most adequate figures are cially for soft goods and services,,
available
with
respect
to
de¬ may show the greatest relative
linquency / rates
of
commercial increase. : j Personal
instalment
banks. 'From 1950 through 1956, cash
loans—to
refinance
accu¬
the percentage of delinquent loans mulated debt—will also benefit.
declined almost continuously year The
second
period
will
be
by year, with the exception of a dominated
by the "newlyweds""
modest upward*movement in 1954..
and
John
the
1959; the steel strike caused them
to rise sharply and they declined
slowly thereafter into the spring
'
■
of
>!
1960,
however, regain¬
never,
ing the previous low point.
2%
of
instalment
About
accounts
are
delinquent,
currently
well above
the low points Teached in
1955
and temporarily regained in the
of
summer
this
is
However—and
1959.-
most
significant—the
cur¬
rent level remains
materially be¬
low the delinquency level of the
early j years of the last-1 decade,
namely from 1950 through 1953.
Household's •> figures •' show
a
1
somewhat
Since
similar-: movement.
operate in 45 states and
throughout Canada and currently
/ have loans outstanding to- more
than two out of every 100 families
in the United States, it is inevi¬
table that widespread unemploy¬
1
h
we
.
would
ment
be
reflected
v
in
our
figures.
During the
recovery
period, unem¬
delinquency
1958-60
?
ployment went below 5% in only
one
month
and
averaged 5%—
level
well, above the
of the pre¬
vious recovery periods.. Thus, our
delinquency, remained
low,
levels
r.
above
rose.
i
/,
the
I
usual
because
ularity of compact
Thus, the experience in recent
months, as in previous recessions,
provides an indication of the po¬
tential danger which does, exist,
regardless of the amount of debt,
:'*i;
whenever
traction
•"
In
economic
severe
with
ployment
widespread: unem¬
occurs.
'V
con¬
.
Conclusion
we
*
:
should recog¬
in
birth
rates
29%
increase, in ,the. number of
people in the age group from 15
through 19—the "Teenagers." The
next
five-yearperiod, 1965 to
1970/ will show a 28% increase
in the age group from 20 through
24—the "newlyweds." The third
five-year period, * 1970 to
1975,
will show a 28% increase in the
k
from 25 through
the "expanding family."
age
1
In
group
the
will be
and
reason¬
a
29—
tion.
If
a
few
household
Research
Institute,
Calif., $1
Guide
and
ily
years,
formation.
The
-
A
second
■
decade,
be
I think the estimate
described
annual
Instalment
by Mr. Dauer before the
of the Wisconsin
Bankers
Association, Madimeeting;
s
increase
commissions
Prentice-
—
lication
7099—U.
S.
Government
Printing Office, Superintendent of
Documents, Washington 25, DC.
(paper).
.
.
.
York
Joint
Corpora¬
State:
Report of the
Committee on
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Joint Legislative
Committee on
etc.
Department
—
Publication
t-0 c
Documents,
U.
Government
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.
Ohio
Business
Trends
—
,
.
Monthly
BuHetin—Bureau of Business Re-
s.earc.h\ College of Commerce and
Avery Wilson—Bobbs Mer¬
Admmistration,
The
Ohio
State
University, Columbus, Ohio.
Operating
Health
The
ernor
the
West
and
Unit y—Lionel
on
request).
Banks
Insurance—Report to Gov¬
serve
Featuring
Descriptive
State
—
New
Health
—
Michael
M. D.—Public
York
H.
K.
Trends in
search—Pierre
Scientific
Re¬
M.
request).;
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The
—
:/
on
Comments
A*'
Internal
Affairs—
Affairs, Commonwealth
Pennsylvania, State Capitol,
Harrisburg, Pa. (paper), on reof
Savings & Loan Fact Book, 1961—
United States
Savings
and
,
Loan,,
League, 221 North La Salle Street,
Chicago 1*,111. (paper).
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Sclence
Adviser
0f
the
Depart-
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of
Documents, U. S.
Printing
Office,;
Washington 25, d; C. (paper). 15c.
secrecy & Publicity: Dilemmas of
Democracy—Francis E. Rourke—
The Johns Hopkins Press, Balti-
-
18, Md. (cloth), $5.
Simplifying
Unemployment
In-
Objectives—Harry Malisoff_iBenefits and Insurance Re-'
surance
search
Center, Industrial Relation!
Section,
California
Institute of
Technology, Pasadena, Calif. (paper) $2 (quantity prices on request).
gingr|e
Contract
CJuest-
—Associated
Pittsburgh, Pa.—Annual Report of
System—Booklet
0f
the
Controller
City
troller's
Office,
— City
ConPittsburgh, Pa.
(paper).
Sciences
Contractor!
East
Catalogue of
Reprint
Series—
—
Bobbs Merrill
Massachusetts
ind.
Economic
—
Embassy
for
Brookings Institution, 1775
Avenue,
N.
W.,
Washington 6, D, C. (cloth), $8.75.
Newsletter—Cur¬
Developments
Negotiations
General
America, 1957 E Street, N. W.,
Washington 6, D. C. (paper), on
request.
Social
Postwar
—
of Postwar Residential Mortgage
ton
University
Princeton,
N. J.
Press,
(cloth), $7.50. •'
Press
Photography: A Guide Book
Service
for
Economic
"
Development—
of
India, 2342 Massachu¬
setts Avenue, N. W., Washington 8,
D. C. (paper).
Introduction to
Enterprise
can
B.
A b
1 e—Wadsworth
Sielaff
John
and
Photographers—Robert
Rhodes and Floyd H. McCall—
60 Fifth
Avenue, New York 11, N. Y., $6.
Proceedings
Action—Theo-
in
J.
News
The MacMillan Company,
Business—Ameri¬
dore
of
—Board
of
County,
Suffolk
Iron
Riverhead,
Ore
—
the
Board
o#
Supervisors, Suffolk County, N. Y.
W.
Company, Belmont, Calif. (Cloth).
e r
Company, Inc., 1720
Street, Indianapolis 6,
38th
Suggested
Guide
Accounting
for
for
Field; Cost
Building
Con-
Market—Saul B. Klaman—Prince-,, tractors—Associated General Con-
Illustrated Brochure—Information
.
Corn-
on
Money and Credit Reti o n a 1 Association of
—The
Newsletter
Washington 8, D. C.
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Geraldine
,
Wermel, and
Bookstore, California Institute of
Technology, Pasadena, Calif, (ring
binding), $10 (quantity prices on
Bobbs-Merrill
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Your
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C.
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Amenca>
Internal
Avenue, Washington 8, D. C.
(paper).
■
Docu¬
22
Current
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Economic
—
7040
Safeguarding
a Study of
setts
ments, U. S. Government Printing
D.
Em-
New
Retirement Preparation Programs:
Embassy of India, 2107 Massachu¬
Publication
25,
telle Memorial Institute,
bus 1, Ohio,
Control—Bernhard G. Bechhoefer
India
India's
Check-Ups:
York
of
Stationery and
Office
Equipment Association, 740 In¬
vestment Building, Washington 5,
D. C. (paper).
on
the people and the countryDepartment of State Publication
Office,
Washington
(paper), 50.
r' &
4.
Monthly Bulletin—Department of
Bulletin
National
Pamphlet—
of
Brochure-
5?nnSr
300
.
Leaflet of highlights' India, 2107 Massachusetts Avenue,
Superintendent
Service, French
Fifth Avenue,
972
Research at Battelle Memorial In-
more
Pakistan-Illustrated
study of office products industry-
7114
Superintendent of Docu¬
ments, U. S. Government Printing
Office,
Washington
25,
D.
C.
(paper), 100.
—
Mo.
wave*)-
Labor, 80 Centre
Street, New York 13, N. Y., $2.
Company, 427 Sixth Avenue, S. E.,
Cedar Rapids, Iowa, $10 per year.
—
City,
cial
Guide—Stamats Publishing
Cambodia
Kansas
Pennsylvania
Department
Condition, Lighting and Elec¬
of
of
Re-
Montgomery Street, San FranCisco, Calif, (paper).
;
Index of Office
—
Bank
Re-
1960-Federal
Welfare in New York State—Spe¬
(paper), 15 cents.
trical
District
Income Distribution and Economic
25, 1961—Superintendent of Docu¬
ments, U. S. Government Printing
Office,
Washington
25,
D.
C.
July Issue
bassy,
Government
Member
of
the Tenth Federal
serve
Nelson A. Rockefeller of the
Special Task Force to Study Cata¬
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—
of
Ratios
A.
by President Kennedy, July
Buildings
formation
Containing
Survey:
Printing-office, Washington 25,
D-c-
Designed for Grades
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Air
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Republic of Senegal—Descriptive
Illustrated Brochure—Press & In-
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20c per copy; New Orleans, La., Mutual;
Savings .Banks, 60 £ast'
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Street, New York 17^ N. Y.,
per
copy. —
Superintendent of 50 cents per copy, $5 per year. ' *: V
of
7069—African
strophic Expense Health Insur¬
Praeger,
ance—in four volumes—New York
Publisher, 64 University Place,
State Labor Department, Albany,
New York 3, N. Y., $5.
Berlin
Fifth Avenue, New York, N. Y.
(PaPer)*
•
/
mission
Wage
to schools
Gelber—Frederick
Illustrated
Occupational
Company, Inc., 1720 East 38th
Street, Indianapolis 6, Ind. (price*
Leadership
of
Anglo-American
—
country, its people
and economy—Press & Information Service, French Embassy, 972
Albany, N. Y. (paper).
description of the
rill
Place:
Chad
the
stitute: The First 30 Years—Bat-
Security Program for the
gress—Department of State Pub-
1-8—Charles C. Wilson and Eliza¬
Britain's
of
on
York, N. Y; (paper).
Fiscal Year 1960—Report to Con-
Greece—
of Textbooks
in
brochure
Mutual
Health for Young America—Series
America
Republic
„
Hall, Inc., Englewood Cliffs, N. J.
(cloth), $4.95.
•
Series 4—Superintendent of Doc¬
uments, U. S. Government Print¬
ing Office, Washington 25, D, C.
(paper), 50.
■
\
C
may /be^ necessary. * Press, Baltimore 18, -Md., $8.50/
I
help to open up unlimited opportunities for the salesman to
-
re-
Savings Bank Journal, July, 1961,
country,
lvu»;
f t
future, which will
on
ft?11,81*0?* **at®s an<* Regulation,
State
r
-
quest—Nuclear-Chicago Corporation, 359 East Howard Avenue,
Des Plaines, 111.
African
Selling—The
researchers
Guinea—Brief
*An address
first
Jackpot
creative sales
New
in
of
industrial
tion, S. A., 8 Dragatsaniou Street,
Athens, Greece—loose-leaf bind¬
ing, $15. •
can
conservative.
as
will
ca r,
a
Park,
Development
to
Industrial
7123,
tips, techniquest and methods for
Quarterly,
Menlo
and
,
Perspectives
Investment
credit,
the facts with respect to fam¬
formation
during the next
consumer
'
/
-
Publication
Miracle
per copy.
of
use
De-
uments, U. S. Government Printmg Office, Washington 25, D. C.
(paper), 50.
Future—Stanford
pansion in
-
'■
the
for
factors leading to a continued ex¬
dominate
the University Press, New York 27,
direction
of
family
spending. N. Y., $6.75.
They eat much more than younger
Doctors, Patients & Health Insur¬
children. They also have a higher
ance—Herman
M.
Somers
and
demand for clothing, for records,
Anne R. Somers—The Brookings
sporting
goods,
entertainment,
Institution, 1 7 7 5 Massachusetts
and
for
telephone
service.
In
Avenue,
N. W., Washington 6,
general,; living expenses of high
D. C. (Cloth), $7.50.
;u
school and college students will
put a strain on the family budget, Economic Development of Tangan¬
and less will be spent ; on furniyika—Report of Economic Sur¬
.ture and appliances of all kinds. vey Mission—The Johns Hopkins
"Teenagers"
5
Forum
take into account the
we
Sources
~T Princeton University Press,
^Jnc^on,-N. J. ;(cloth), $10,
Series 7—Superintendent of Doc-
Peoples—Stan¬
on
Needs,
Universities-National
Bureau
Committee for Economic Research
.
Radioactivity Measuring * Instruments—Catalog—Available to edLivonia/Mich:—paper Aucators, • physicians, biochemical
request.
State
for
of
re¬
the
description of
country, etc.—Department of
the
Growth; Entrepreneurs: Key to
lationship of instalment debt to Growth; Investing in Education;
Managing Innovation for Growth;
consumer
income
has
not
re¬
sulted, and will not result, in a Cooperation for Development;
an
International
Econ¬
burdensome debt for any signifi¬ Toward
cant percentage
Meeting
of
Free
Minds;
of the, popula¬ omy;
Inc.,
there
fairly low rate of family
next
Free
containing articles
evidence
indicate that such
Department
will have.
Population, changes, from
now
until
1965
are
dominated by a
ii
seems
for
area—Industrial
Finances:
and Utilization—A Conference of
Malagasy— Brief
Education;'Inc., Irving-
ford Research Institute
—
concluding,
bulge
'
1970
available-
All.
to
seems
Burma
nize the effect which the postwar
■
able.
Growth
60% increase in instal¬
a
ment debt by
tion
cars.
—on
tion
Audio
Devices,
Incorpo¬
rated, 444 Madison Avenue, New
York 22, N. Y. (paper), on request.
housing
Everything considered, the esti¬
mate of
car
market brought about by the pop¬
*
Studies
in
Space-Age
Psychology—A symposium of car¬
toons spoofing the age of automa¬
experi¬
the demoraliza¬
of
Mile Road,
Further
other consumer fi¬
companies and among sales
tion in the conventional used
"depressed"
ton-on-Hudson, N. Y., 500.
'v
'
space.
Public
so-called
a
Salazar; Tax
velopment Commission, 33001 Five
Robber
etc. 'Foundation
—
Economic
beth
companies has been simi¬
lar. Some sales, finance companies
have had a higher level of auto¬
mobile repossessions than at any
time in the postwar period. Their
average dollar loss on repossessed
cars
has also been higher than
Containing
initiative in
Professor
"arid Public Debt System- —• Dr: f
Ralph von Gersdor^f— Verlag
&nst and Werner Gieseking,
Bielefeld, West Germany—in German (PaPer)> P^ce: DM 18.80.
/"
.
local
on
—
additional
and
the
finance
»<
servative
among
nance
—
Barons; Foreign Aid Off Target;
Revolutions,
Liberal
and
Con¬
;*?•:/\
that
1961
Modern
on
,
understand
I
ence
Articles
period, as the "expanding fam¬
ily" requires additional furniture,
certain other types of major apliances
Y. .forms of
Livonia, Mich.—A reference study
—
Freeman, July
third five-year
the
60 cents.
(paper), 25 cents.
Economic
Develop¬
ments—Monthly bulletin of Bank
of /Finland,
Helsinki," Finland
(paper).
will
a
,
U
...
into
N.
East
1, N. Y.
Finland
representing use of the time pay¬
ment .plan
will be ' particularly
The; steel, strike
higher* level; of
delinquency which;.was being re^
duced during the early months of,
I960. * As unemployment rose; in
the
latter
half
of
1960, delin¬
quency on, consumer loans
also
/
York
furniture, certain
major appliances, radios, phono¬
graphs,
television
and
housing.
Thus, from 1965 to 1970 (or a few
years
earlier), consumer credit
continue
27,
T
\
—
accompany
That stimulation
York
-
Affairs'
—
for
stimulated.
Broadway, New
(cloth), $15.-
Nations—
Public
Labor-Management Reports—
38th Street, •
Register of All Labor Organiza(paper), 250.
tions which filed reports required
under the Labor-Management ReFifty Extra Vacations a Year
Suggestions for 50 week-ends—. porting and Disclosure Act of 1959
Lee
Hill
Employee; Relations, —U. S. Department of Labor, 341
Inc., 19 West 34th Street, New Ninth Avenue, New York 1, N. Y.,
Pamphlets,'* 22
high rate'of-family formation
—demand
which/ had ..existed
prior: to 1957.
brought about
\
a
which
needs
United
—
New York 16, N. Y.
.
Thereafter, they continued to de-.
cline, but showed significant sea-.
sonal movements During the 1957
recession they moved upward but
had regained what was practically
their low point by the summer of
the
to
\
MacVane
29 =
Publishing
1960—American Iron
Supervisors,
N.
County
Y.
Suffolk
Center,
(cloth).
Ore
tractors of America, Inc.,
1957 E
Street, N. W., Washington 6, D. C.,
$2.50.
Suggested Program for Financing
Area Development in Michigan—
Harold T.
Institute
E. Upjohn
Employment
Re-
Smith—W.
for
search, 709 South Westnedge Avenue» Kalamazoo, Mich, (paper).
Teaching Salaries Then And Now
—Sidney G. Tickton—A 50-year
comparison with other occupations
^nd industries — The Fund for
Advancement of Education, 477
Research Madison Avenue, New York 22,
1141 East N. Y. (paper).
Association,
600
Bulkley Programmed Learning: Evolving
Building,
Cleveland
15,
Ohio •Principles and Industrial Applications—Foundation
(paper).
Jobs and Growth
Economic
to
Gear
—
our
on
to
Human
Catherine
Budget"
Potentials
Needs—Conference
on
An "American
Performance
Mich,
our
for
Behavior,
Street,
(paper), $3.
Ann
Arbor,
Psychovoltaic Reflex and Its Ap-
Economic
Progress, 1001 Connecticut Ave¬ plications to Objective Audiometry
A
nue, N. W., Washington 6, D. C. —A. Manfredi & G. Ceresia
;
translation—Belton Institute
for
(paper), 50 cents. :
/
Joint International Business Ven¬ .Hearing Research, 2900 West 36th
*
;
tures
Edited by Wolfgang G. Street/Chicago 32, III.
—
,
—
Friedmann and George Kalmanoff
;
Public Finance in Portugal: HisFinancial; Re-
—Columbia University Press, 2960 L'-torical-Abstract;
Tested
by
Harshaw
p
Story
Time:
Chemical
of
the
Company
—
The Harshaw Chemical Company,
Cleveland, Ohio (cloth).
Tobacco Industry
Research
Com-
of the Scientific Director — Tobacco Industry
Research
Committee, .150 .East
mittee: 1960 Report
42nd Street, New York 17, N. Y,
(paper):.y -■;
:
; V.
,
30
The Commercial and Financial Chronicle
(930)
STATE OF TRADE AND INDUSTRY
Continued from page
scheduled to rise
present USW
contract.
Sen.
Albert
Gore
(D.,
Tenn.) led the arguments offered
try's wages
7
are
in October under the
tempt to "roll back" the increases
through "persuasion."
In the over-all market picture,
the Senate floor.
on
major upturn are
Meanwhile, some steel product
strength, The Iron
price action is taking place.
Age says. This is reflected in a
A German producer reduced its
late, August
surge
of orders, a
wire rod. prices 10 cents per 100
lengthening of lead times in somepounds for November and Decem¬
areas,
and
a
stronger over-all
forces of
the
still
a
gaining
ber
demand.
As
in
the
wire
orders, August is likely to be
best month of the year for
was
its 5%
Orders started to pick up a
weeks
two
over
mills
getting
little
with
lift
even
more
The gain has been a
broad one, with emphasis on prod¬
recently.
in
tied
ucts
Galvanized
construction.
with
and
remain
tinplate
'. .•
Although September and Au¬
gust look like good months, a lot
hinges on the auto picture. Al¬
though auto steel orders are com¬
ing in, volume is not great enough
to strain capacity. The labor situ¬
strong.
should
ation
this
clarified
be
week. Until contracts between the
Big Three,
Workers
long
the United Auto
signed, automakers
their
steel
orders
$8
are
placing
cautiously.
The
discount
was
feet
5
over
Pittsburgh firm may
as much as $6 to
a
buyers
While
Detroit's
marketers
stage for the
are
curtain
raiser
on 1962 models, Steel says
engineers and designers are well
their
on
with
way
for the 1963s.
preparations
as
of
one
change
will shape up
most
extensive
the
years
record. Early
industry's tool¬
on
estimates put the
ing
bill
above
the
$4.5
billion
mark, almost double what it cost
to
bring the 1962
tooling
for
1963
breaking in the
next
Will
Month
Than Any
September
factor: The
Since April 1959
ship
they
any
ring
and
metal in September
have turned out in
more
than
vast
produce
will
Steelmakers
,/
month since April, 1959, bar¬
an automotive strike,
Steel
magazine predicted.
Leading producers from one end
of the country to the other are
booking new orders at highest
sustained
in
rate
60 days.
Probably the
in
Made
Be
more
than
most
1963
number
cars
significant
will have
a
of
interchangeable
components. It is the only way the
industry
can afford to bring out
the variety of models it is build¬
ing.
Autodom
is
offering
400
dif¬
ferent models and styles of auto¬
mobiles for 1962 compared with
a
354
in
the
1961
400
figure
will
model
year. The
increased in
be
1963.
production
should
ingot tons and
exceed nine million
10%
be
may
American
Kenosha
Entire
Was
first
1962
General
that
Steel
Auto
Industry This Week
Completely Given Over to
•,
Truck
also
two
million
tons
for
the
production
pletely
to
1962
climbed to its
output
turned
at
No.
1
scrap
1,980,000
tons.
The
price
composite
on
heavy melting grade of
unchanged at $38.33 a
was
gross ton.
especially
are
encour¬
aged because the pickup is coming
at
time when their biggest cus¬
a
tomers, the automakers, are hard¬
ly buying. But they are optimistic
about fourth quarter automotive
demand.
been
month
rnsp
Dealer
inventories
trimmed to
790,000
from
453
12 964
have
in
the
U.
to
returned
to
Harvester,
the
nation's
largest truck maker.
work
the
cars
were
of
Chevrolet
1961
again
model
was
maker to build
000,000
its
Atlanta
(Ga.)
.
,
the
leading
than 1,-
more
.
_
,
-
~
.
Chrysler' Corn
29 0%'
Motor Co
3.7%; American Motors 3.3%, and
T5r» rtlrrv*!
O O (Tf
Studebaker-Packard Corp. 3.3%.
highs
record
for
commodity price
level
vjf'1 " remained aPPre"J
•
_
vvneai
Production
Week
Data for
Ended
in the previous week and
in the similar week of last
-
<
q
i
quoted for corn,, lard, sugar, and,
■
hides. Only three increases from
a week earlier were noted ~~ in
steers, cotton, rubber.
^
We^
.
.
,
The Daily Wholesale Commodity
.
.The amou.nt of electric energy
distributed by the electric light
and power industry for the .week
ended Saturday, Aug. 26, was
estimated at 15,491,000,000 kwh.,
according to the Edison Electric
Institute, Output was 174,000,000
Price Index stood at 273,79 (193032=100)
on
Monday, Aug. 28,;
down from the year's peak of
274.76 in the preceding week, but
considerably above the 266.45 on
the comparable day last year.-
and 473,000,000 k wh . ./ot 3.1%
ab°Ye that of the comparable 1960
Wholesale
Lumber Shipments Were
the
Lumber
production in
the
stitute, production for week ended
Aug. 26, 1961 was 2,020,000 tons
(*108.4%), 3.9% above the output
of 1,944,000 tons (*104.4%) in the
week ended Aug. 19.
AUf ^. totaled 229,029£TO£oard
fe«t compared with 223,339,000
Steel
bteei
Production
this
year
through
26 amounted to 60,110,000
tons (*94.4%) or 16.9% below the
period through Aug. 26, 1960.
The year to date production for
1960 through to Aug. 27, 1960, 34
weeks,
was
72,302,000
tons
or
Aug.
■
totaled
concludes
with
Ingot Production by Disweek ended Aug. 26,
for
tricts,
229 029 006
hnarH
put climbed 0.1%, shipments
gained 0.6% and orders feil.2.1%.
Following are the figures in
thousands of"board feet for .the
weeks indicated:
Aug. 19
Institute
'
„" '
'.
A196112
isoi
wall
223,339
228,688
226,390
225,767
216,925
orders
224,030
221,645
Freight Car Loadings for the Aug.
: i9 Week Totaled 595,154 Cars,
*Index of Ingot
Week Ending
North East Coast__
Buffalo
An Increase
Loading
93
Pittsburgh
Youngstown
119
Detroit
134,
This
Chicago
109
or
114
ceding
Cincinnati,
.
St. Louis
125
Southern
•
111
Western
117
Total
an
Week
above the pre-
1%
week.
loadings represented a decrease of 1,310
cars or 2/10ths of
1%
below
the
corresponding
week in 1960, but an increase of
52,668 cars or 9.7% above the
There
Slightly
Price
week,'
Index,
On Aug. 29, it edged
a year a^°-
Q 2% tQ $5 g9 frQm $5 98 jn thej
up
were
week
in
1959
'
The
or more revenue
or
Dun
&
Inc^
Bradstreet,
represents the sum total of the price
per pound of 31
raw
foodstuffs
an(i meats in general use. It is not
cost-of-living
a
function
is
highway
to
index.
con-
chief
Its
the
show
general
prices at the whole-^
1
r
■
-
Nationwide Department Store
Sales Were
2% Higher Than
The
1960
:
Week
i Department store sales on a
country-wide basis as taken from
Federal
Reserve
Board's
in-
dex for the week ended Aug.
19,
2% more -than the
last year. For the
week ended Aug. 12, sales were
unchanged over last year. The
four-week period ended Aug. 19,
1961,
like
were
period
1961, sales advanced 2%
10,907 cars reported
loaded with one
highway trailers
in
Ended Aug. 24
and eggs. On the other hand,
lower
prices were quoted-> for
wheat, corn, oats, hams, lard, coffee, potatoes, steers and hogs.
cocoa
the
The
1957-1
1957 1959.
Off
Food
k|£ber*.n ^epraceding week
although again rising slightly from
announced.
increase of 4,092 cars
7/10ths of
corresponding
Failures
Business
was
Railroads
95™ ,nw <during the ateel strike>-
weeitiyeXprodocttonCf'o"
pr.duct.on for
Wholesale
sale level.
revenue
.
108.4
weekly
site.
of
American
/
,
For the third consecutive
1
the
trend of food
1%
freight in
the week ended Aug. 19 totaled
595,154 cars, the Association of
97
96
Cleveland
of 7/10ths of
Above Preceding Week
116
*■.
-
Price Index
Prior Week
Wholesale Food Price Index
1961, as follows:
•
to
board feet in the prior week, aclevel" of"S5 90""o~n7he~comnacording to reports from regional F? ■
°
compa
associations. A year ago the figure Id°ie ady ldSl year.
.
was 228>688>888 board feet.
Increases in price were noted
Compared with 1960 levels out- for rye, beef, bellies, sugar, milky
114.1%.
The
.*
Food
Close
compiled by Dun & Bradstreet,
Inc., remained virtually un¬
changed, moving only fractionally
0.6%
Above 1960 Volume
United States in the week ended
and
ana
Holds
*
Inin
American Iron
American, iron
v
.
kwh. below that of the previous
15,665,000,000 kwh."
According to data compiled by
the
tne
Trice*1declined
prices, .aeciinea.
xin
37
year.
3.1% Higher
n
_u
26
Aug.
ana
,*
J.
assembly,
Reports said.
assembly
setting
wholesale
week's total of
re¬
representing
final
Ford
Motor
Co. operations for that model at
After
AIier seumg recora nigns ior.
casualties, four having fewer,
_
year,
of standard size.
cars
,,
S.,
output, about
1961 vintage,
Dips From Peak
■
were
decline in the South Atlantic
,
1,800
_
molrnX^Ze^risffrom' — dipped reports Dun & Bradstreet,'
Sradually duri"g the PasY
r108! noticea^e. rj®e *roweek,
Electric
producer
of passenger
cars,
building
1,502,798
cars
in
the
span. For the second
successive
year, Chevrolet was also the only
from
week's
freignt
mi^ea witn tour regions sunering three straight weeks, the general
——
this
re-
'
;
' ■
Wholesale Commodity Price Index
mi Ced with four rpeinnq <?iiffprincr
third
,
.
16,948 last
week and 53% above
38,952 com¬
pletions in the same year-ago
period.
Of
carriers of general
throughout the country,
to 74
Year-to-year trends
report
mon
and
87
Central^up
East North
from 54.
from
98
The
tonnage handled at more
than 400 truck terminals of com-
Mountain
3^
same
this week, including International
The statistical agency estimated
this week would reach
up
to
un
Economics.
port
de*J fleets
milder
the
manufacturers
output
units,
in
Twenty—four Canadian failures markedly in the week just ended,.
were reported as compared with and slight dips prevailed in prices;
genera 1
Automotive
conducted by the ATA De-:
partment of Research and Transareas
with
period a year
independent
truck
makers on
vacation during
the
changeover by the big car-truck
cars,
manufacturers
Pacific
'compared
and
14,688 in the
ago.
Many
com¬
model
while
prevailed
States
tl^e
previous period.
to 21
nn
'ago
tic
more
production for the week
week
highest level of the
all
as
Wards'
59,692
Steelmen
assom-
the
New
England Regions.
In
contrast, four areas had heavier
tolls, including the Middle Atlan-
Production for
this week given over almost
time since early June, Steel
forecasts. It estimates last week's
first
magazine's
incroased
in
ancj
Aug. 26, 1961
Auto
Ingot production this week will
exceed
Corn
blies from the
Studebaker-
and
Model Cars
estimates
will be made in August.
v
units
■-
-
•
.
Corp.,
at
completed .its
this week, while
Turning Out New 1962
higher than the 8.6
tons
and
the middle of
Motors
Motors
Packard
-
•
million
operations
■>
Casualties
(Del.), to 6 from 22,
(Wis.),
Index of
year.
September
framing
,
leadtime has been let. Most of the
line
ended.:
States dropped to 79 from 103 and
in the East South Central States
to market.
cars
models will start
Steel
More
initial
far, only tooling with long
assembly
Newark
will be producing by
next week.
1
Steel
So
reached
ai Los Angeles began clines
car
It looks like 1963
Tuesday,
and
Louis
.For
ton.
a
setting the
and
are
by
some
some
the
prices of rigid
on
cold finished bars
save
ago,
discount
reinstated
suspended about two months ago.
Eliminating of cutting charges
on
pessimism.
steelmaker
conduit.
steel
undertone of
an
§.
?
a
Ohio
An
this
Early
conditions.
month there
Japanese
a
unchanged.
shipments, for some mills at least.
This indicates the speed at which
the
market
can
change
under
present
But
kept its open hearth
rod prices for fourth quarter
last
the general assembly stage at five
of six plants in the Detroit area,
steelmaker
result of the recent upturn
a
production.
beginning
Thursday, August 31, 1961
...
year.,
last
over
'
-
According
to
Svstem
serve
the
Federal
denartment
Restore
tainers (piggyback) in the week saies in'New York City for the
ures dipped slightly to 352 in the
^n<^ed
12» 1981> ( which were wee^ ended Aug. 12, were 3%
And, a Federal survey
week ended Aug. 24 from 366 in lnF
mi.1?1
week s over-all hjgher than the same period last
the number of families
stocked
with
1961
components, the
planning
preceding week, reports Dun
^
year.
In
the
preceding
week
but 10 other Ford
in July to
assembly lines &
buy new cars was the
Bradstreet, Inc. However, cas,2 nf iQfin nnrf
ended Aug. 12, sales were unhighest in at least three summers. moved into new model making.' ualties remained
moderately highThe company will start 1962
Sease ofTl^ cars or 40 6% changed over the same period
op¬
the
year
level
ago
cars
vs.
of
1,060,000.
shows that
Commercial and industrial fail-
One other Ford plant at St.
Louis,
on
strike since July 26, is still
™
nn
As
the
steel
brightened,
week
steel
opened
demand
Senate
a
outlook
liberals
last
drive to press the
industry into foregoing
any
price increase this fall. The indus¬
erations
week,
plant
at
three other sites next
but
its
will
be
several
Dearborn (Mich.)
in conversion for
weeks.
Ward's said that Chrysler
than
er
from
257
Over
1959.
FOR SALE
Commercial
&
one-third
toll
was
from 1930
159
Chronicles
phone
REctor
2-9570
New York
154 from
Place
*
7, N. Y.
in
off
to
S°I U^S. S
year ago.
,against
levels
34.
in
Tolls
all
groups except
Four
With Dempsey-Tegeler
.
(Special to the financial chronicle)
Street.
1959
.
with 33
and
1960
service.
geographic regions reportjust
ed fewer failures in the week
.
He
formerly
was
Cohon
Morris
&
Co.
and
with
Horn-
Ended Auj. 19 was 3.7% Ahead
°f 1960 Week
Mltchum, Jones Adds
truck tonnage in the
Aug. 19, was 3.7%
ahead of the volume in the cor-
LOS ANGELES, Calif.—Lawrence
Intercity
week
of
1960,
the
Associations,
Inc., announced. Truck tonnage
was 1.3% above that of the previous week of this year.
L.
These findings are based on the
weekly survey of 34 metropolitan
was formerly with Merrill Lynch,
Pierce, Fenner & Smith Inc.
American
,
(Special to the financial chroniSle)
ended
responding
as
trade
__
sey-Tegeler & Co., 210 W. Seventh
Iat"c!ty.Truck TonnYSl"1,,We?]k blower & Weeks,
dipped
exceeded
industry
was
tn
centered
in wholesal-
service
of -1960,
LOS ANGELES, Calif. — Thomas
Zee has joined the staff of Demp-
38
commercial
period
systems
originating
this
type traffic in the current week
compared with 55 one year ago
an(j 50 in the corresponding week
road
under
167 and
comparable
t^e reC°rded'
of $100,000
from 43. Among
manufacturers, there was a contrasting climb to 71 from 64, while
virtually no change appeared in
construction, 56 as against 58, or
Edwin L. Beck
25 Park
•
of n>826 cars or 3.5% above the
downturn
For the four weeks end-
,
busi-
of this size last year.
ing
■t i-
or
a
year.
,
264.
excess
iast
aD°ve
weeK.
ing Aug, 19> a 2% increase was
Cumulative piggyback loadings reported above the 1960 period,
,the 0f^sJ0k? ^we
while from Jan, 1 to Aug. 19, a
tatalfE* 349'437 f2rc^an uincre?ue 2% increase over sales in the
of
Failures
$100,000 declined mildly to 316 from 327, but
continued considerably above the
to
City immediately
Mr.
more
in retailing where the toll
Volumes, (all bound), available
Please address
40.6%
315
sharply
week
a'gafns^ 3^eaW'week
as
losses
with
278
through June 1959
in New York
rasifalUes
earlier and 37
Thd week's
Financial
similar
failed than in pre-war 1939
the
when
the
in
Liabilities in
OUTSTANDING OPPORTUNITY
when
ago
year
occurred and they were up
nesses
Corp.,
a
week
Trucking
,
Bird
staff of
ton
has
been
added
to
the
Mitchum, Jones & Temple-
650
members
South
of
the
Spring
New
Street,
York
and
Pacific Coast Stock Exchanges. He
Volume
194.
Number
6086
.
.
The Commercial and Financial Chronicle
.
(931)
Indications of Current
The
following statistical tabulations
latest week
week
Latest
AMERICAN
IRON
lnaicated
steel
Equivalent
Steel
and
gallons
42
•
,
Week
capacity)
cent
Sept.
Week
69.1
3
(net
tons)
Sept.
(bbls.
average
of
(bbls.)
oil
output
8,339,000
8,284,000
«
^Kerosene
30,026,000
,30,061,000
30,812,000
29,467,000
2,583,000
2,595,000
2.795,000
2,445,000
14,212,000
13,423,000
13,097,000
5,673,000
196,455,000
30,720,000
124,717,000
192,094,000
143,831,000
49,859,000
oil
fuel
5,642,000
(bbls.)
at
193,621,000
32,801,000
—I—————__ Aug. 18
—
:
——Aug. 18
-
5,469,000
Residual
fuel
ASSOCIATION
oil
OF
(bbls.)
32,123,000
137,927,000
50,005,000
48,943,000
at
-
AMERICAN RAILROADS:
•'
-
;.t
-
.
4
freight loaded (number of cars)—:
.1_L—— Aug. 19
Revenue freight received from connections (no, of cars)— Aug. 19
CIVIL
ENGINEERING
CONSTRUCTION—ENGINEERING
.'
NEWS-RECORD:
Total
construction-
State
and
COAL
OUTPUT
Bituminous
(U.
S.
.1,
BUREAU
coal and
DEPARTMENT
STORE
495,378
EDISON
ELECTRIC
Electric
output
IRON
AGE
steel
•
(E.
M.
&
Domestic
(New
Lead
(St.
fZinc
York)
J.
Zinc. (East St.
Aluminum
Straits
MOODY'S
U.
37,900,000
Aug. 19
8,200,000
Aug. 19
All
122
139
15,665,000
15,491,000
16,061,000
15,018,000
All
Aug. 21
$66.44
$66.44
$66.44
$66.41
S.
$37.83
$37.83
$36.67
$32.50
Surrender
30.600c
30.600c
30.600c
32.600c
28.150c
BOND
.
.
Aug. 23
'
'
Average
27.875c
11.000c
11.000c
12.000c
10.800c
10.800c
11.800c
OF
Aug. 23
12.000c
12.000c
12.000c
13.500c
(000's
Aug. 23
11.500c
11.500c
11.500c
13.000c
26.000c
26.000c
26.000c
119.500c
115.750c
LIFE
INSURANCE
LIFE
102.125c
Aug. 29
87.15
86.56
87.27
85.59
85.59
85.85
Aug. 29
89.64
89.64
92.64
t
—~
87.59
87.72
88.13
Industrial
84.68
85.20
80.93
82.15
Aug. 29
•
v4ug;?a wul!
V
80.81
80.93
88.81
METAL
Month
Orders
*
United
83.15
83.15
83.40
85.01
Gold
86.38
86.38
86.91
89.37
Silver
87.32
-87.45
87.45
89.51
Copper
„Aug. 29
3.94
4.02
3.92
3.66
Aug. 29
4.74
4.74
4.72
4.44
4.44
r ■-.
;
.
INDEX
(tons)
5.12
5.11
5.11
5.01
Aug. 29
4.93
4.9$
4.68
4.68
Aug. 29
4.61
376.2
at
end
of
period-
REPORTER
Short
sales
Other
v
sales.
Total
Other
'
94
374.0
361.6
v
Aug. 25
■V'310,025
283,315
308,751
314,607
518,944
•..480,165
426,145
;t
109.60
114.32
114.46
114.59
tJ V bu
i
•122,72tf<r
124,994
ounces)
short
*•'
159,659
3,014,502
•22,808
19,356
•39,564
39,070
$32,400,000
$32,200,000
$32,100,000
$4,041,000
I
95,232
22,659
tons)
2,549,424
•102,450
39,369
tons)
►3,155,188
98,544
tons)
short
June
of
(000's
30
YORK
As
of
STOCK
July 31
Member
firms
Total
omitted)
•$4,076,000
$3,113,000
on
Total
of
Market
hand
and
value
1,818,110
325,500
2,068,940
569,140
2,636,440
508,100
3,064,870
:•
356,790
4
4
2,403,210
2,280,610
1,670,430
1,754,960
4
2,972,350
2,788,710
1,995,930
2,111,750
accounts—
balances
banks
U.
S
i
Govt.
S.
110,000
1,018,000
109,631,415
bonds
U.
51,000
443,000
1,207,000
issues-
415,000
•1,283,000
109,297,021
360,382,360
balances-
shares
on
50,000
*
in
credit
free
listed
of
borrowings
348,858,603
642,000
♦431,000
361,000
108,993,941
292,391,667
677,000
"
Member
borrowings
PERSONAL
INCOME
(DEPARTMENT
4
in
listed
of
margin
debit
customers
to
customers'
M'arket value
omitted):
net
extended
Cash
of
EXCHANGE—
(000's
carrying
customers'
Credit
other
personal
collateral—
OF
♦2,915,000
2,203,000
•$417.3
$404.7
COMMERCE)—Month
.
■
■.
.»
,
income
.i
:
282,5
•280.7
113.5
Wage and salary receipts, total
Commodity
producing ; industries
•112.7.
273.6
111.3
89.4
73.8
industries
Government
♦73.5
72.6
•42.9
41.1
51.7
—
88.9
43.5
Manufacturing only
." Distributing
industries
Service
2,868,000
$421.8
on
IN THE UNITED STATES
July-'-(in billions):
Total
floor—
the
fine
(in
short
Member
91
Aug.
.
off
i.
94
Aug.
——
.
initiated
*.
Aug.
—
sales_L__—
333,959
V
MEM-
OF
2
——;
ounces)'
fine
(in
(in
As
4.45
332,332
515,626
-
.
transactions
4.60
V
INDEX—
ACCOUNT
FOR
t
Sates—
(in
(in
NEW
4.78
376.4
327,549
—Aug. 19
12.
PRICE
J
TRANSACTIONS
$6,325,000
MONEY IN CIRCULATION—TREASURY DEPT.
4.46
4.60
326,330
Aug. 19
BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
;"Transactions of specialists in stocks in which registeredTotal
purchases
'J.
:
:L- Aug.
-
4.91
4.64
'
-Aug. 19
-
.
DRUG
Aug. 29
Aug. 19
:
:
.' 1949 AVERAGE=100
ROUND-LOT
.
—
(tons)
AND
$6,595,000
•
4.67
•
activity
orders
PAINT
4.55
4.77
•
ASSOCIATION:
(tons)
of
:
___
MINES)—
June:
Zinc
4.39
4.58
4.81
Aug. 29
..
PAPERBOARD
received
.Unfilled
4.22
/
4.59
4.81
Aug. 29
._
;
Group
Percentage
OIL,
4.44
*
Aug. 29
__
-
OF
4.56
.
Group
(BUREAU
Lead
Aug. 29
Production
of
Aug. 29
AVERAGES:
Bonds
Group
NATIONAL
611,000
1,106,000
production of recoverable metals in the
..Aug. 29
__
COMMODITY
677,000
1,154,000
$6,255,000
Aug. 29
._
MOODY'S
$4,608,000
628,000
1,141,000
i.
OUTPUT
Mine
'
Industrials
.
$4,764,000
June
of
—
._
'
Utilities
130,200,000
$672,900,000
INSTITUTE
—
Month
—
Total
87.32
—
Public
;
Group
90.34
..Jt-Jl 84.68
——-v— *7——'r* —1
Aug. 29
Railroad
128,800,000
$741,600,000
87.99
89.64
-
Baa
.
60,800,000
134,700,000
AVERAGES:
'
A
PURCHASES
INSURANCE
;
._
corporate
161,400,000
omitted):
Ordinary
26.000c
121.625c
'
Aug. 23
1
dividends
28.075c
at
values
-
Total
11.000c
Aaa
Aa
9,900,000
62,900,000
$4,486,000
endowments
10.800c
Aug. 23
DAILY
57,300,000
11,100,000
TO
LIFE
OF
benefits
Policy
-
YIELD
$280,000,000
60,600,000
149,700,000
147,300,000
PAYMENTS
June:
29.650c
Aug. 21
,
Group
Government
$316,800,000
11,700,000
63,800,000
Disability payments
Annuity payments
Death
"
U.
16,250,000
9,342,000
6,908,000
$739,200,000
315
-
—————*——
MOODY'S
►15,975,000
♦9,169,000
•6,806,000
59,200,000
BENEFIT
6.196c
at
i
9,124,000
6,824,000
319
_Aug. 29
Group_
98.2
169.0
.
15,948,000
6.196c
Aug. 29
Industrials
•95.9
*170.8
169.8
goods
366
Bonds—
Group-
95.6
>
of employees in manufac¬
6.196c
_
Utilities
•
$307,500,000
number
INSURANCE
Aug. 23
—
Public
6,888,000
5,257,000
industries—
352
Aug. 23
DAILY
12,145,000
•6,710,000
•5,156,000
avgs.=100)—
avge.—100)—
INSURANCE—Month of
—
PRICES
(1947-49
POLICYHOLDERS—INSTITUTE
Aug. 23
99.5%)
I
—
goods
:
pig,
•11,866,000
6,661,000
5,167,000
'
(production workers)
6.196C
;
at
$896,700
of
„
manufacturing
Durable
QUOTATIONS):
L-i
;
manufacturing
Non-durable
&
—_
.
$1,986,300
11,828,000
SERIES—Month
'• v
Aug. 24
,
...
REVISED
r
turing
356,000
131
302,154
338,860
$935,700
—
All
manufacturing
Payroll indexes (1947-49
8,104,000
371,000
318,000"
297,555
361,159
PAYROLLS—U. 8. DEPT.
—Aug. 21
corporate
Railroad
8,065,000
8,220,000
142
Aug. 26
v'
343,000
456,332
286,917
July:
j
—
Employment indexes
161,200,000
123,300,000
33,600,000
;
York)
Government
S.
Average
LABOR
Matured
at
(New
omitted)
goods
Nondurable goods
245,200,000
195,300,000
CONSTRUC-
.
Durable
$406,400,000
$399,700,000
170,800,000
228,900,000
!
Louis)
BOND
$479,000,000
253,200,000
31,000,000
.
(primary
tin
150,300,000
194,800,000
—
at
(delivered)
DUN
—
-
at
Louis)
—
i
at—
refinery
refinery at
Export
....
$323,500,000
STEEL
(tonnage)—estimated
July:
PRICES:
lb.)—;
Electrolytic copper—•
Lead
OF
490,227
225,800,000
—
——.
INDUSTRIAL)
6,911,203
(AMERI¬
of July:
(tohnage)—estimated—
closed
All manufacturing
Aug. 19
INC.——,
(per
PRICES
467,062
21,000,000
—
iron, (per gross ton)
Scrap steel (per gross ton)
METAL
(000's
,
152,200,000
—-
OF
STEEL
COMMERCE—Month of
LIFE
AND
400
by
CASH DIVIDENDS—PUBLICLY REPORTED BY
U. S. CORPORATIONS—U. S. DEPT. OF
•
v'
INSTITUTE
Shipments
MINES):
kwh.)__
000
transport
STRUCTRUAL
TION)—Month
Contracts
Estimated
.___
Pig
.
CAN
«
.
596,464
INSTITUTE:
(in
COMPOSITE
Finished
"584,137-
173,200,000
-
AVERAGE=100„
(COMMERCIAL
BRADSTREET,
-
483,758
.
FABRICATED
SALES INDEX—FEDERAL RESERVE
SYSTEM—1947-49
FAILURES
OF
(tons)
freight
(in tons)
EMPLOYMENT AND
Aug. 24
Aug. 24
—
-
lignite (tons)
anthracite
31,368,000
-Aug. 24
I
—:
Pennsylvania
591,062
Aug, 24
.
—
municipal
Federal
.;.
.
595,154'-
Aug. 24
—
i
construction
Public
.
'>
U, S. construction
Private
6,833,660
'"
"
.Revenue
>
•>
ri92,098,000
141,635,000
Aug. 18
13,726,000
*
*
,.
6,997,724
Ago
June:
general
44,314,000
i
£±222#
7,190,702
Year
Month
ASSOCIATION, INC.—
5,626,000
Aug. 18
*
-
;
(bbls.)——
at—-j——:
(bbls.)
7-'. Distillate
of
Intercity
8,135,000
Aug. 18
Aug. 18
7,073,060
r
Stocks at refineries, bulk terminals, in transit, in pipe lines—
Finished and unfinished gasoline (bbls,) at—-—Aug. 18
-
6,947,960
7,045,360
8,437,000
1
!
oil. output.(bbls.)
fuel
1,533,000
.-Aug. 18
:-l—Aug. 18
(bbls.)
1
average
i
*
•
Month
AMERICAN TRUCKING
53.8
1,818,000
1,944,000
2,020,000
3
of that date:
Previous
-
—Aug. 18
*
_
(bbls.
fuel
Residual
Ago
62.2
carriers
output—daily
each
output
Distillate
-
Ago
either for the
are
are as
Latest
INSTITUTE:
condensate
output
!; Kerosene
Year
Month
Crude runs to stills—daily
Gasoline
**
Month
66.5
'
V
quotations,
Previous
INSTITUTE:
(per
and castings
PETROLEUM
oil
Crude
STEEL
or
to—
ingots
AMERICAN
AND
operations
production and other figures for the
cover
month available. Dates shown in first column
month ended on that date, or, in cases of
or
31
51.6
,
,
88.0
48.6
■
Total
'
'
sales
*
:
transactions
Total
initiated
on
the
Other
389,990
246,500
233,050
323,830
17,200
25,200
4,100
45,220
4
303,300
253,100
252,310
4
320,500
278,300
206,620
210,720
*
297,530
Aug.
sales—
4
Aug.
4
Short
636,650
Personal
160,600
Transfer
4
924,093
957,094
580,392
4
1,083,143
1,110,234
703,562
4
4,477,490
745,390
3,775,678
2,601,100
452,770
sales
sales—
STOCK TRANSACTIONS
LOT
DEALERS
495,880
„
656,480
EXCHANGE
sales
Odd-lot
Number
Dollar
Odd-lot
dealers
(customers'
shares.
of
N.
ON
SECURITIES EXCHANGE
—
by
SPECIALISTS
—
value--
686,440
562,610
orders—customers
of
Customers'
short
other
total
sales
NUMBER
3,065,760
TURE— 1910-1914=100—As
All
value—
Dollar
Round-lot
Number
Short
4
4
1,946,045
$100,784,597
Aug.
by
4
1,866,564
Aug.
:.
4
10,542
4
1,856,022
Aug.
1,942,780
$99,854,436
1,448,269
$76,585,660
1,474,665
$70,704,191
sales..
4
Aug.
—
4
Aug.
sales
$94,033,954
1,650,227
12,302
1,178,491
5,390
1,371,430
18,427
1,637,925
$83,931,142
1,173,101
$59,301,331
1,293,003
$61,0^3,438
345,500
4
548,070
436,910
279,930
OF
4
548~070
436~910
279,930
345~500
Aug.
4
653,560
730,760
547,900
•9.8
9.3
•400.2
388.3
237
234
INDEX
—
AGRICUL¬
of July
15:
1
vegetables,
fresh.
236
231
222
261
253
225
265
261
265
grain
Food
hay
grains
Oil-bearing
crops
200
194
260
235
261
213
261
-
Potatoes
-
189
Tobacco
219
516
—
products
animals
516
491
236
249
248
—
and
177
156
241
—
Livestock
Meat
152
201
and
156
241
Feed,
Poultry
Aug.
Round-lot purchases by dealers—Number of shares
28.8
232
Dairy
-
DEPT.
Fruit
dealers—
shares—Total
of
S.
products
Commercial
Aug.
'.
:
sales
farm
U.
—
Cotton
sales
26.3
9.8
Crops
Aug.
1
FARMERS
2,503,150
2,910,212
sales)—
i—_—:
BY
2,457,442
4,177,244
Aug.
sales
Customers'
RECEIVED
3,490,804
"
Number
PRICES
3,630,603
4,375,993
purchases)—t
purchases by dealers (customers'
14.0
27.1
*33.0
"
404.7
income
4
COMMISSION
—
11.7
35.4
—
nonagricultural
4
STOCK
Y.
—•;—
—
——
insurance
Aug.
FOR ODD-LOT ACCOUNT OF ODD-
AND
12.3
11.5
•14.3
27.2
Aug.
—.———
13.0
3,029,420
,—Aug.. 4
—_i.
——
income
payments
Less employees' contribution for social
Total
^
.
interest
36.3
11.5
persons-
10.9
36.4
14.3
of
11.0
36.6
professional
income
123,170
Aug.
sales-.
Rental
549,940
Aug.
purchases
Other
11.1
12.9
and
Farm
153,140
Aug.
sales—
Total
income
labor
Business
892,738
1,022,630
159,050
Total round-lot transactions for account of members—
Total
Other
Dividends
sales—
Total
4
floor—
purchases
Short
-
;
—
4
Aug.
—
sales
Total
Other
Aug.
.-
sales
:
Aug.
Aug.
!'
purchases
Short
Other
~
240
244
286
288
—
232
300
131
138
eegs
Wool
149
238
240
29,970
32,325
523,150
-
TIN—CONSUMPTION OF PRIMARY AND SEC¬
TOTAL ROUND-LOT
EXCHANGE
FOR
Total
STOCK
AND
ACCOUNT
round-lot
Short
ON
THE
N.
Y.
STOCK
MEMBERS
OF
(in
sales
LABOR
—
871,930
878,090
543,900
796,010
Aug.-x 4
■
——
WHOLESALE PRICES,
18,608,470
17,225,830
18,103,920
11,843,730
12,791,610
12,387,630
13,587,620
—Aug.
—
NEW SERIES
—
4
19,480,400
products
Processed
Meats
Aug. 22
118.6
•119.0
119.4
Aug. 22
88.2
88.2
86.7
86.9
Aug. 22
108.1
♦108.3
107.1
94.8
95.1
92.2
96.4
and foods—:—__—2—Aug. 22
127.4
127.4
127.5
128.3
,
——
j.—J-*.::.—•—,
All commodities other than farm
UNITED
STATES
of
of
June:
28,995
period-
—...
Stocks
6,620
6,750
at
end
of
period
35,955
38,945
28,535
—
5,985
35,745
-
28,995
31,110
7,210
processed
6,960
7,835
240
Primary
Secondary
150
6,860
7,685
4,380
5,220
2,480
2,465
$1,698,900
transactions.
manufacturing
scrap
100
6,970
4,420
2,550
in
$1,743,800
$1,737,400
1,220,200
1,194,500
1,306,800
108.0
Aug. 22
——
foods
———
118.9
THE
MINES)—Month
beginning
Intercompany
*
IN
OF
tons)
Supply
Consumed
commodities
Farm
in
Receipts
Total
U, S. DEPT. OF
(1347-49=100):
Commodity Group— All
long
Stocks
4
Aug.
j.—
TIN
(BUREAU
sales—
sales
Total
ONDARY
(SHARES):
sales
Other
SALES
ROUND-LOT STOCK TRANSACTIONS
—
,.i_
UNITED
STATES
BUREAU
OF
EXPORTS
CENSUS
AND
IMPORTS
Month
of
June
(000's omitted):
*Revised
sold
on
tNumber of-orders not reported since introduction of Monthly Investment Plan.. tPrime Western Zinc
delivered basis at centers where freight from East St. Louis exceeds one-half cent a pound.
:
figure.-
,
-
Exports
Imports
:
V
32
The Commercial and Financial Chronicle
(932)
.
.
Thursday, August 31, 1961
.
ADDITIONS
* INDICATES
Now
Securities
Registration
in
Because of the large number of issues
—
awaiting processing by the SEC, it is
becoming
increasingly difficult to predict offering dates
with a high degree of accuracy. The dates shown
in the index and in the accompanying detailed
son,
but
are
offering dates.
for
supplies
'
V
research
and
space
development,
(no par).
working
capital. Office—652 Mateo Street, Los Angeles. Under¬
Aug. 1, 1961 ("Reg. A") 40,000 common shares
— $7.50.
Proceeds — For equipment and
Marino, Calif.; Harbi¬
son & Henderson, Los Angeles; May & Co., Portland,
Ore., and Wheeler & Cruttenden, Inc., Los Angeles.
writers—Blalack & Co., Inc., San
Alaska
programs.
equipment,
Abbey Automation Systems, Inc. (9/5-8)
June 6, 1961 filed 100,000 common shares.
Price —$3.
Business—The design, manufacture and sale of automa¬
tion equipment for industry. Proceeds—For new facil¬
•
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.
Abby Vending Manufacturing Corp.
July 26, 1961 ("Reg. A") 100,000 common shares (par 10
cents). Price—$3. Business—The manufacture of coin
operated vending machines. Proceeds—For moving ex¬
an acquisition and working capital. Office—79
Clifton Place, Brooklyn, N. Y. Underwriter — L. H.
Wright & Co., Inc., 135 Broadway, New York.
Advanced Investment Management Corp.
/
marble and
common
shares.
importation and distribution
nated debentures due
and installation
of
Price—$5.
of Italian
Accesso
30,
Corp.
1961 filed 40,000 shares
of common stock and
40,000 shares of preferred stock (par $10) to be offered
sale in units consisting of one share of com¬
mon
and one share of preferred stock. Price—$15 per
unit. Business—The company is engaged in the design,
for public
manufacture
acoustical
and
sale
fiuorescent
of
lighting
systems,
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).
jj> '<
Aero Electronic Products Co.
'!;
July 17, 1961 filed 100,000 class A common shares. Price
—$4. Business—The manufacture of transformers for
\
electronic
14
and
electrical
equipment. Proceeds—For
locating to and equipping
i,
a
new
re¬
plant,' purchase of in¬
ventory, research and development, advertising, promo¬
tion and merchandising, repayment of debt and other
corporate purposes. Office—369 Shurs Lane, Philadel¬
phia. Underwriter—Roth & Co., Inc., Philadelphia.
'■-'J.
A-Drive Auto Leasing System,
(9/11)
stock, of
which 75,000 are to be offered for public sale by the
company and 25,000 shares, being Outstanding stock, by
Jan.
19,
1961 filed
Inc.
100,000 shares of class A
the present holders thereof. Price—$10 per share. Busi¬
">
ness—The company is
«
automobiles
and
engaged in the business of leasing
for periods of over one year.
trucks
Proceeds—To repay loans; open new offices in Philadel¬
•J
phia, Pa., and New Haven, Conh.; lease and equip a large
garage in New York City, and lease additional trucks.
Office—1610 Northern Boulevard, Manhasset, N. Y. Un¬
,
'i i'
derwriter—Hill, Darlington & Grimm, New York City
(managing). ~
•
Admiral
Plastics
Corp. (9/18)
340,000 common shares, of which
are to
be offered by the company and
320,000 shares by the stockholders. Price—By amend¬
July
27, 1961
20,000 shares
: t •'
filed
;f ■
1971
convertible subordi¬
and 150,000
common
shares.
Allied
Stores Corp.
(10/9)
^
moulds, machinery and equip¬
ment, research and general corporate purposes. Office—
250 Goffle Road, Hawthorne, N. J. Underwriters—Cam¬
bridge Securities, Inc. and Edward Lewis Co., Inc.,
Aug. 4, 1961 filed $27,006,200 of convertible subordinated
debentures due Oct. 1, 1981 to be offered for subscrip¬
tion by stockholders on the basis of $100 of debentures
for each ten shares held. Price—By amendment. Busi¬
New York.
ness—The
•
-
new
,•
f.]
stores. Proceeds—
Office—401 Fifth Ave.,
New York. Underwriter—Lehman Brothers, New York
penses,
Jan.
//'"
/'/•■/'
■'
Inc.
debentures, at par; for stock, $5. Business—
The operation of bowling centers. Proceeds—For expan¬
sion and general corporate purposes. Office — 100 W.
Tenth St., Wilmington," Del. Underwriters—Alessandrini
& Co., Inc. and Hardy & Hardy, New York (managing).
Proceeds —For the purchase,
mosaic tiles.
/
July 7, 1961 filed $250,000 of 5%
-
The
' '
Star World Wide,
Price—For
Rock, Ark.
—
Honolulu Co.
Underwriter—None.
All
Shopping Center, Little Rock, Ark. Underwriter—Affili¬
Underwriters, Inc., 1321 Lincoln Avenue, Little
Business
Inc.
'
ated
Aero-Dynamics Corp.
Aug. 7, 1961 filed 100,000
& Co.,
July 24,1961 filed 1,600,000 common shares and oil leases
on 400,000 acres to be offered in 625 units each consist¬
ing of 640 acres and 2,560 shares. Price—$2,560 per unit.
Business—The exploration and development of oil and
gas properties in Alaska. Proceeds—For general cor¬
porate purposes. Office—120 S. Third St., Las Vegas, Nev.
Hindley & Co., New York City.
July 11, 1961 ("Reg. A") 100,000 common shares (par 25
cents). PHce—$3. Proceeds—For purchase of furniture,
reserves and working capital.
Office —No. 15 Village
(L. J.)
Brooklyn 3, N. Y. Underwriters—Rothenberg, Heller &
Co., inc. and Carroll Co., New York.
repayment of loans and working capital. Office—2 Com¬
mercial St., Hicksville, N. Y.
Underwriter — Edward
Plastik Pak Co., Inc.
Price
/ /,
rocket and
missile,
the
Proceeds—For
A. & E.
Corp.
Electronics
Advanced
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
expectations of the underwriter
not, in general, to be considered as firm
items reflect the
ISSUE
REVISED
design and installation of heating, ventilating and air
conditioning systems. Proceeds—For moving, purchase
of machinery and equipment, inventory, repayment of
loans and working capital.
Office—1425 Utica Avenue,
(managing).
Hammill & Co., New York
PREVIOUS
July 28, 1961 ("Reg. A") 30,000 common shares (par 10
cents). Price—$3. Business—A mechanical contractor in
Proceeds—For a new warehouse, repayment
of debt and other corporate purposes.
Office — 557
Wortman Ave., Brooklyn, N. Y.
Underwriter—Shear-
products.
NOTE
SINCE
ITEMS
•
Aksman
Business—The manufacture of plastic houseware
ment.
"
operation
department
of
For general corporate purposes.
Aero
Fidelity Acceptance Corp.
July 11, 1961 ("Reg. A") 100,000 common shares (par
five
cents).
Price—$3.
Proceeds—For repayment of
(managing).
•
loans, purchase of notes and equipment.
Office—185
Walton Avenue, N. W., Atlanta, Ga. Underwriter—Best
& Garey Co., Inc., Washington, D. C.
...
-
•.
,
Almar Rainwear
Corp.
(9/1)
filed lzu,000 shares of common stock.
supplied by amendment.
Business — The
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
1961
28,
—
To be
manufacture and sale
Aero Space Electronics, Inc.
July 17, 1961 ("Reg. A") 80,000 capital shares (par 10
cents). Price—$3. Proceeds—For repayment of debt and
working capital.
Office—2036 Broadway, Santa Monica,
Hemp¬
Underwriter—Hamilton Waters & Co., Inc.,
Calif.
Alpine Geophysical Associates* Inc.
July 28, 1961 filed 150,000 common shares. Price — By
amendment. Business
The 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—
Fpr repayment of debt and general corporate purposes.
Office—55 Oak St., Norwood, N. J. Underwriter—S. D.
Fuller & Co., New York (managing). .Offering—Ex¬
pected in early October.
*
;
.?
stead, N. Y.
Airbalance, Inc.
July 17, 1961 ("Reg. A") 60,000 common shares (par
five cents). Price — $5. Office — 2046 E. Lehigh Ave.,
—
Philadelphia. Underwriter—A. Sussel Co., 1033 Chestnut
St., Philadelphia.
•
Air Master
Corp. (9/25-29)' f"
r
1961 filed 200,000 shares of class A common
May 26,
stock, of which 50,000 shares are to be offered for public
sale by the company and 150,000 outstanding shares by
the present holders thereof. Price*—To be supplied by
amendment.
aluminum
minum
Business
storm
products.
—
The
windows
Proceeds—Far
other corporate purposes.
sale
manufacture and
and
Amcrete
of
••
and other alu¬
working capital, and
doors,
:
Office—20th Street, and Alle¬
gheny Avenue, Philadelphia, pa. Underwriter—Francis I.
du Pont &. Co., New York City (managing).
Airtronics International
Corp. of Florida
Corp.
^
v.
1961 (letter of notification) 75,000 shares of
common stock (par 40 cents-). Price—$4 per share. Business — The sale of pre-cast and pre-stressed concrete /
panels for- swimming pools and pumps, filters, ladders,
etc. Prqceeds-^-For building test pools; advertising, inyentory and working, capital. Office—.102 Mamaroneck *
Avenue,;Mamaroneck, N. Y. Underwriter—Alexandria
,Inyestmejals.& Securities, Inc., Washington, D, C.
May
'
-v
June
filed 199,000 common shares of which
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
29, 1961
110,000 shares
pansion and working capital. Office—6900 West Road 84,
Lauderdale, Fla.
Underwriters — Stein Bros. &
Baltimore & Vickers, MacPherson & Warwick,
Inc. (managing). Offering—Expected in October.
I
Amerel
July
Mining Co. Ltd.
filed 400,000
'
-
shares. Price—50
in exploration,
development and mining. Proceeds—For diamond drill31,
1961
.
common
cents. Business—The company is engaged
!
ing, construction, exploration and general corporate ex¬
penses.
Office—80 Richmond St., W., Toronto. Under-.
writer—E. A. Manning, Ltd., Toronto.
Fort
BoyCe,
4,
Amerford International Corp.
June
10
28, 1961 ("Reg. A") 75,000 common shares (par
cents). Price—$3.50. Business—International air and
4ii
<■.
t
■
1?.
4,.
,>
( v
.
t
'
».
f
The company with headquarters
Vinco Corp.
Debs. Offered
v'
>'
in
The
Z
/
an
of
underwriting group offering
issue of $2,000,000 Vinco Corp.
6%
4'
if'r.
;f'
D
i
\
■t
.
convertible
subordinated
de¬
convertible
into
*
j
*
■
/
at $10
are
if: i
i"
common
*.
; <
\
t.
per
stock until maturity
share: The debentures
at optional re¬
from
redeemable
demption
105 %
prices* ranging
in 1962 to par; and through
liji
ij«rhttp://fraser.stlouisfed.org/
"V*
Federal Reserve Bank of St. Louis
T
»
tools
Diyision,
manufactures
and
located
in
precision
checking and
production instruments, and pre¬
cision
production parts.
The
gauges,
Common Offered
Initial public sale of the common
,.
$
YOUR PRIME SOURCE FOR
stock of American Univend Corp.
is
I
Recony Division, located in Belle
Isle, Richmond, Va., designs and
products
under trade
(Special to The Financial Chronicle)
names
of "Alkaid," "Cloramint"
BEVERLY HILLS, Calif.—Dennis .and "F&F" cough lozenges;
On
G. Gramza has been added to the May 15, 1961, the
company had
staff, of H.
Hentz &
executed leases'for approximately
Co., 9680
Santa Monica Boulevard. He
are
was
BOUGHT
-
SOLD
-
QUOTED
for Banks, Brokers, Institutions
lonew
£$. SIEGE!/
sold
37,000 machines of which about
sinking/fund at par, plus ac- previously with Eastman Dillon, 2,500 had been delivered to vend¬
-crued interest
both cases/.7;-,. Z" Union Securities &Co/-/ ' ing/operators, r7 - ';•:;"// /
the
ill!
,
American Univend
being made through the offer¬
ing of 100,000 shares at $9 per
share, by Robert A. Martin Asso¬
bentures, due Aug. 15, 1976, at
100% and accrued interest.
manufactures
ground support ciates, Inc.
Net proceeds from the sale will
Net proceeds from the sale will
servicing and testing equipment
be used by the company for addi¬
for military aircraft and missiles. be used by the company for the
tions
and
improvements to its In Jan. 1961, the company entered repayment of outstanding loans,
the
purchase
of
vending
plants and facilities; for repay¬ into an agreement for the acquisi¬ for
ment of the balance of a 6% note;
tion of all the outstanding stock of machines and for working capital.
for
The company of 120 E. 56th St.,
the
redemption of its 5% Scanoptic, Inc., which will also be
cumulative
preferred stock and operated as a division of the com¬ New York, N. Y., was formed in
the payment of interest thereon;
Sept. 1960 for the purpose of sell¬
pany. Scanoptic, Inc. makes opti¬
and
for repayment of working
of coin
cal instrumentation for the mili¬ ing products by means
capital advances. The balance of tary
services
and
the
motion operated vending machines leased
the proceeds will be used for re¬
to operators for the exclusive sale
picture industry.
search and development, and for
of products sold to them by the
possible future acquisitions.
company. The company's present
H. Hentz Adds to Staff
The debentures are
an
I«)J,
■
Vinco
Detroit
S. D. Fuller & Co. is Manager
i61
Detroit, Mich., conducts its
through two divisions.
business
39 Broadway, New York 6, N. Y,
Dlgby 4-2370
Teletype No. N.Y. 1-5237
Volume
194
Number
6086
;
.
The Commercial and Financial Chronicle
;
freight forwarding. Proceeds—For expansion, advertising and working capital. Office—80 Wall St., New
York. Underwriters
V. S. Wickett & Co.,
Inc., and
Thomas, Williams & Lee, Inc., New York.
X Aihoi-t wa!„* .
★ Albert Voigt Industries, Inc.
Aug. 29, 1961 filed 80,000 common. Price—$4. Business—
(933)
33
ocean
MET1A#
ICCIIT
Wtww
IwdUL vnLEillliAK
—
September 1
Ansul
fixtures, show cases and
loans, working capital, a leasehold improvement and moving expenses. Office-14-20 Dunham Pl„ Brooklyn, N, yT Underwriter
David Barnes & Co, Inc., N. Y. C.'
-T*
,
,®r«ca»i Data Machines, 4nc*::
V
Aug. 17,1961 filed 150,000
common
.
shares.
■
'•
•
,.
.
"
26,
the rate of
—To
(Schirmer,
..
share for each 10 shares held.
electronic communication equipment.
construction,
North
(McDonald,
filed
ordinated debentures due
6%
&
G-W
(Fraser
.
&
Co.)
insurance brokers, rrweeds^For the retirement of de-'
-bentures, andcapital iunds.^Oifice —, J472 Broadway,
New York City. Underwriter—Lomasney, Lovmg &
Co,,
New York City:1
Offering^Expected in September.
65,000-shares
by
Price—By amendment."
Business—Magazine and book publishing. Proceeds—For
*
fice—551
Weld.&
in
in
Into
xate
»••'"-
DntnBor.
uctooer.
•
;
.
Trinity
<
\
"
American Micro
Aug.
2,
.
1961
filed
Price —$1.15.
Devices,. Inc.
1,500,000
Business—The
class
A
of
^^aSUnJneXSS^ir^SLCapital and
Co., Inc., Minneapolis.
writer
Nattalm
&
.
re"
stock.
offered
for
vestment
is
public sale
Certificates,
in
units
a
(2,000)
known
as
■American
.
/
Seattle.^ Underwriter
—
.
•
Y V
r
Office—303
purposes.
_
•'
,
X.
■
■
Debentures
Corp.)
Fenner
Dowd
$18,000,000
&
&
Smith
-Units
Inc.)
75,000
Co.)
$600,000
Sons)
units '.
Debentures
.
Glass Corp.
&
..Common
$2,750,000
J
/.
-j-X:***.1Common1
Co. .Inc.)
&
Perin
(Nat
&
Co.,
$225,000
Inc.),
Y'
:
.
-
l-__*..._Common
Inc.)
$304,950
.
.
Common
—
Berger
Associates, Inc.). $2,420,000
underwriting)
(Putnam
;
shares
375,000
Common
1
—
& Co.)
September 15
shares
182,570
>
.
.
(Friday)
Rudd-Melikian, Inc.
Co.)
&
$1,300,000
Surgical Supply Inc
(Dempsey-Tegeler
Walter
shares
Common
«.*,
(Stearns
.
Centers,
Business—-The operation of
seven
&
....Common
Inc.)
Co.,
200,000
shares
Sign Corp.—
0
.
mmon
Common
Kuhn,
Loeb
.
>.1
:
(Fialkov
"
(McDonnell
*
.
Co.)
&
&
co.)
.
j
inc.)
Plastics
General
•
_
'
Alstyne,
Micro-Lectric,
;
•
Noel
&
-Common
Hill,
Darlington
shares
Inc.)
:
&
__Ben* Int.
$15,000,000
Co.)
•
■
Common
Sellgren,
and
Miller & Co.)
.
-(Pacific
Common
—
Securities
Coast
100,000
Co.)
shares
•
.
.Common
'
Shares
.
.
.
Williston
R.
(J.
Homes
and
Close
--(Allen
Corp.
D.
(S.
(S.
'
.
&
$1,000,000
Co.)
Hardware Corp..__-Common
Fuller
D.
583,334 shares
Hardware Corp..-Debentures
Fuller
&
25,000
Co.)
shares
Common
Fund, Inc
Management Corp.)
(Horizon
Lowe's
Common
shares;
Common
Electronic
.
Lincoln
175,000
—
Industrial Electronic
$200,000
units
6,500
_-_—
Co.)
stockholders—no underwriting)
(Offering to
Common
Inc.)
&. Kernev,
&
Companies,
(G.
H.
951,799 shares
.
Common
Inc
Walker & Co.,
Inc.)
388,250 shares
Common
M P I Glass
Mairs & Power Income Fund, Inc..
Fibers, Inc.—--r_-
----Common
(Atl'atttlc Equities 'CO.") $ft)0,oW
(No underwriting)
shares
*
'
—-Units
Corp.-—.
'.-(Rambo,
Houston
shares
150,000
Beane)
Holly Stores, Inc.-____
;
Common
400,000
Grimm)
$300,000
Common
Co.)
&
...
.
Corp.—_____
Growth Properties
\
'
shares
Inc
(Underbill
$300,000
$300,000
**
(Tillie) Foods, Inc
(Van
Hammill
■J.
•
Instrument Systems Corp.a——Common
(Milton"*b. mi&rxiet &
i^e & Co., inc.
Lewis
Common
Co.)
Securities,
((Pacific Coast Securities Co.
V
Hilco
Tsrael-America Hotels^Ltd
'
Israel Ame Ca("a^r '&^^boriuso/ooT^"
and
-100,000
(Shearson,
^
.
'
Units
Wanderer
Beane
&
.(Consolidated
Industrial
&
&
Harn Corp.
Planning Corp
(Espy
$300,000
First Mortgage Fund———X—X
v
$750,000
65,000
Co.)
•
—Common
Co.)
Williston
...
:
"
$20,000,000
Gloray Knitting Mills, Inc
(Shields & Co.) 125,000 shares
.
34
&
.(T. J. McDonald
R.
Common
.C°rp.__--—--7'^"—t*xSSPSE?11
rBean
Common
Drug & Food Capital Corp.--—-—
.Common
Z'/ (A. C. :Al)yh & "Cb.fand Westheimer & Co.) $5;()00,000 ;
Empire Life Insurance Co. of America.—^.Capital
,
'
'*
$1,000,000
Corp
Douglas Microwave Co., Inc
$462,110
.
(Fiato.
Beane)
&
Production
;
72,500 shares
Gilbert Youth Research, Inc._^
bowling centers. Pro-
page
Securities Co., ;Inc.)
shares
Rico, Inc._Com.
y".
- (Shearson, Hammill & Co.) 200,000 shares
,
Cromwell Business Machines, Inc
...Common
.f„(J.
.
/
'
i__Cdmmon
underwriting)
150,000
-
>.
•
t.
Inc.
Co.)
*
Units
* "'TNo'underVritTngT$6/250,000
Realty Fund—
X
Income
,
Processing
shares
Common
Williston
R.
>
.
Common
340,000
*;
"'..(Pacific Coast Securities
Custom Shell Homes, Inc
•
Simmon//"ss/ooo,ooo~"
,
•
'
*
«
Class A
$1,000,000
^In^^^S
^usiness investment uo..
,
on
Grimm)
,
.
.
,—
(J.
.
*
Co.)
Commonwealth Theatres of Puerto
Consolidated
Foamland U. S. A., Inc
"
:
$300,000
___—
Hammill &
(Shearson, Hammill &
Co.
Co.)
(Monday)
..
.1—^—
&
&
Corp
(Shearson,
•
■
1,075,791 shares
,
&
&
Plastics
Caressa, Inc.
Common
by
Burstein
September 18
Cle-Ware Industries, Inc....
..Common
(Westheimer & Co.) -195,000 shares
•
"
Inc.
Continued
Ellis
Leasing
loans, working capital and genOffice — 1-721-Eastern Ave.,!i:;;
Sacramento, Calif. Underwriter—York & Co., San FranCisco (managing).,
v,
sh"es
(Amber,
*
......
stockholders—no
'i. ' (Midland
^
ceeds—For repayment of
eral corporate: purposes.
-
to
.
■
June 26, 1961 filed $1,250,000 of series A convertible subordinated debentures due 1973. Price—By amendment.
"
Common
r'Blackman Merchandising Corp..
! r
.
-
Thirteenth
Recreation
.
Color Film
(Offering
v/s
v;
St./'N.IW., Washington, D. C.
TJnderwriter-Stifel,: Nicolaus & Co., Inc., St. Louis.
American
P..
(No
.
Universal
(Monday)
Corp!
Laboratories,
-
Co*,; New
:X:'
x.
Office—608
Units
.
(Tuesday)
Riecke
XTRA, Inc.
(Friday)
Darlington
(Blunt
*:
^
-
(managing),
-V
$750,000,
Co., Inc. and Semple,, Jacobs & Co.,
-j 100,000
shades "
(Arden
Common
T
,
Apache Realty
metalsrPreceedsr-For a new plant and eQuipment, research;andrdevek>pment,irepayment of debt and ./..™"
working capital, Office^390i ' Union Rd:, Buffalo.;Un-« / • Flato
f
A
Arizona
;
American Realty^
^
^
\
-'-1 *
July 25, 1961 filed 500,000 .shares of beneficial interests. ':
.Price—$10. Business—A real estate investment company.
v
.
..
Joseph
/Business—The naadtiining and fabrication of components
and assemblies frorn ^stdel, aliiminum and certain*
alloys
.
-—Common
shares
American Electronic Laboratories, Inc..-Common
(°fferlne t0 stMoS^?ydec^incr^oS shyaresUPlee' Yeatman'
.
Ine^^e^^c^v^anaging)/^/':^^ ^^/?.1
derwriter-^Eastman Dillon, Union Securities
r
_
.
115,000 shares, are ta be offered by the company and : Z
38rCK)0r^^ shares;'Jhy;<^tQckhQideFS.'<'Pri€e—By amendment*
'
York
Distributing Corp
Co.)
&
$1,500,000
stockholders—underwritten
to
(Hill,
^American Pr«c«s«on4nous*triesr Inc.
Aug.;;18vr!1961^^ filed'
Common shares, ;of which
C
&
..
;
,
A-Dnve Auto Leasing System, Inc
general corporate
;'Northlake ^Way,
Co.,
.
and other-
-
55,000
100,000
and Lehman Brothers)
Co..,;'v.
.
:
'
$300,000
"5 v
.(First Philadelphia Corp.) $187,500
v-^'Taylor-Country Estate Associates._j__.^-Interests
Hcnu'& Co7ieo,ooo shares""'
ih
•
;
;
Corp.)
.
(Thursday)
September 11
,
Inc •
Packing
Proceeds—For
"
(Offering
inc.^
June 29, 1961 filed 150,000 common shares.
Price—$4.50.
Business—The processing and Sale of canned salmon*
i
shares
Washington Engineering Services Co., Inc._Comm©n
Western Union Telegraph Co
St., Little Rock,'Ark!
^
%
V- V '
Common
"
Common
Investing
Photo,-Animation, Inc.
*
——Common
September 8
In-
representing $900 of bonds
Price—$1,800 per unit. Proceeds
principally to originate mortgage loan? and
Underwriter—Amico
tiimciwiHci
rvmu-u,
«.
125,000
Playthings, Inc
.
.
Admiral
each
—
; Nadler &
v,
proposed that these securities will be
^rry them Office market Center
until
conditions are favorable for
disposition.
210
N. ^E.
PecK)
Edwards
G.
Becker
G.
Debentures
National Cleaning Contractors, Inc
'
win't®ear' p"Lns " co'' 200,00°
.
and 783 shares Of stock.
-
Common
'. Liverpool Industries, Inc.-Xd.^
.Xommou
Co.)
$300,000
'
It
—To be used
(A.
.
&
Inc.)
Corp.—X—
Industrial Gauge &. Instrument Co., Inc-^Common
$200,000
—
witter
(Dean
Mortgage investment Corp.
April 29, 1960 filed $1,800,000 4% 20-yr. collateral trust
bonds and 1,566,000 shares of class A non-voting common
inc.)
Cosmodyne Corp
American
>
X
:X
.
Corp
September 7
shares
—-Common
Shares
Co.
Boston
A.
-
X
:
..(Wilson, Johnson & Higgins) 400,000 shares
electronic
140,000
140,000
September 13 .(Wednesday)^
*
& Development
^acu"^^Xrti^0""T~u
shares.
common
components. Proceeds—The purchase of equipment and
Co.)
I—
(A.
\
Creative
.Common
Co.,
(Trinity securities corp.)
manufacture
-
scheinman
Corp
Lestrange & Co.).
Funding
$340,000
Inc.
shares
:
Roberts Lumber Co*_
(Arthurs,
&
Universal Moulded Fiber
—Common
&
Common
Inc.)
Common
&
&
Lynch, Pierce,
Strouse,
(Laird & Co. Corp.) $2,500,000
-
-
;
75,000
Winston
Jay,
Reeves Broadcasting
Corp.—
;
repayment of loans.and general corporate
purposes/OfFifth Ave.,' New York.
Underwriter—White,
Co.; New-York'(managing). Offering—Expected
(Thomas
shares!
250,000
$585,000
Supply Co
(H.
l.
Intercontinental Dynamics
v.
Co.)
Rocky Mountain Natural Gas Co., Inc
—Class A
.
Irvan Ferromagnetics
stockholders.
&
Inc.)
Co.
Peck)
12
Fuel
_...(R.
Publishing
Aug. J8, 1961; filed ;140,00ft common shares,,; of/which
.75,000 shares afe to be .offered by the'company and
&
Chemical
(First
(Merrill
r.
by
—
Co.)
&
Co.,
Feabody
September
Mountain
$500,000-
inc.)
...
,
CoXcXXZ ©"
4'American'Heritage^
-
(Alien
„
-J
$300,000
..Common
Garey
(Allen
Common
York Research Corp.—
*
&
Universal Publishing &
^lc T^y ,fnD Kn^fi So f sot.mo"Vh^eV
>
Corp.)
Common
(Adams
Common
tS' '^"68l-°°? shapn™
- •
shares
Common
Services
(Cortlandt
si'naer &~col"$30~o~o~oo
Co.
$500,000
-Common
*' " •'
__________
Co.); 350,000
Universal Health, Inc
Common
&
•■>
,
:xxCommon
$5,000,000
stockholders—underwritten
to
&
(Adams &
*
Common
Treat
$381,875 '
Grumet & Selgel lnc.)
Electronics, Inc
*
; '
Common
(Amos
*
$300,000
Corp
(Kidder,
$1,000,000
Tri Metal Works, Inc
(Offering
Brand,
r.(International
Common
Inc.
'
*
primarily-engaged in the automobile sale fibusiness. One additional .subsidiary is a Maryland X
savings and loan association and two are automobile*/
are
J
Transvision
1'000'000 8har«
nance
.
'
Texas Capital Corp.rrroster
Corp..).
&
Industries, Inc.___
Debentures
8tearns
shares
Common
■
Triangle Instrument Co.__
'
stock, and
aries
and
(Bear,5, Stearns
'
(Greenfield & Co., Inc.) 1,728,337 Shares
y
Co.
(Sandkuhl
.
inc.)
200,000
$600,000
Co.7 inc.)
Corp.^
(Armstrong
Co.
Co.)
Corp.)
Investing
Malkan
U. S, Plastic &
&
&
Industries, Inc.—^
Securities
'
.
Common
(Best
(B. n. Rubin & Co., inc.) $850,000
Tresco
Rossman
■
Thermo-Chem Corp.
-
--
$320,000
TelePrompTer Corp.
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-
-L.
ui.Common
Thriftway Foods, Inc.—
Royal School Laboratories, Inc.—
of common
*
Common
Neuhaus
$300,000
$1,400,000
(Hayden, Stone & Co. and McCormick
-
Nitrogen Oil Well Service Co
sub-
&
v-, -
v
..
Minichrome, Inc.
(Underwood.
Inc.)
Inc.)
Telephones,. Inc.
(Vickers securities corp.) $50,000
,
Co.
Thoroughbred Enterprises, Inc
Mark Truck Rental Corp
-
Co.,
—Common
&
V. Development
Common
$600,000
Co.)
F.
(Capital
Xastee Freez
X'
j
Units
&
and
Growth
(Kesselman
~
.
units
Inc.—;
Techno-Vending
Ameritronics, Inc
corporate pur-
1971; 75,000 shares
.-
Units
6,000
F.:H;/ Publications, Inc.L^X___^____^_;_Common
T.
$300,000
co.)
(jamieson & co.)
Price
convertible
Co.
Common
Terry Industries, Inc
Of
.
$184,000
_
Federal Tool & Manufacturing Co.__
Seventh
$500,000
Corp
(Burnham
'
American Finance Co., Inc.
1961
>
Co.)
Securities
(Arnold
Inc. -and
Anderson, Peterson & Co., Inc.)
(Bear.
21,
T.
■,
.
Street, Philadelphia.
Underwriter—Suplee, Yeatman, Mosley Co., Inc., Pniladelphia Pa.
A-pril
&
—
.
Co.). $270,000
&
Common
Treat
(Hampstead
Computerf^HU1?,n?^Corp.-.Common
Dadan
Tn" 1
1
Co.) leo.ooo shares Comm^n
Proceeds—For
equipment, and other
new
Office—121
poses.
*
shares
$800,000
Spectron, Inc.
..Common
Bosworthr Sullivan & Co.,
'V Electro-Miniatures
75,000
Products,. Inc..**.*.—.*4.
,•
Peters, writer & christensen, inc.) $2,250,000
►
^
for
new
shares '.
,
Capital Stock
Services, Inc
Blair
Metals,
(Blair
>
fifaggsrrflSBWP?.
Atherton ,&
(Boettcher & Co.;
be supplied by amendment.
Business—The comis engaged in research and development in the field
pany
of
one
Ross
'
*
150,000
Corp.)
Common
shares
Debentures
H.
(Amos
T
'
Co
200,000
ASC, Inc
(Albion
Rodney
Central Investment Corp. of Denver.^.*—Common
10,632. shares of
subscription by stockholders at
offered
Riverview
..Common
«
Inc.
(9/ll.)( ,;
class A common
1961:,filed
be
to
,
PjX.
Co., Inc. and Golkin Bomback & Co., N. Y. C.,(mgr.).
May
„
: (Dean witter & co.)Astronetic Research, Inc..—
v.
•
capital.and general corporate purposes. Office—V7.Commercial St., Hicksville, N. Y. Underwriters—Amos Treat
stock
(D.
snares
Common
(Tuesdav)
♦
'
.
/a/4«\
12,000
Amerline
.
'XXv/XX './•■■■
Price—$4,50.
■
Curtis)
(Peter Morgan & Co.) 400,000 shares
A
Co.)
Higginson
Publishers Vending
internatioS" Inc.".?! ™ "..Common
?
&
(Laird, Bissell & Meeds)
shares
„
,
.....
A.,
^
X SJ
manufacture of data processing equipProceeds-Fdr repayment of loans, new
products,
advertising, engineering, new -machine tools, working
Electronic Laboratories,
&
Allyn
Empire, Inc
Southern
ment.
American
120.000
Common
Jackson
-September 5
Business—Thfr
&
co.j
'
Business—The sale of merchandise through '
vending machines. •Proceed^E'or the repayment pfcdebp.
and other corporate- purposes.
Office - 7501: Carnegie
Ave., Cleveland, :p.; -Underwriter —McDonald .& Co.,'* >
Cleveland..;.;, ...... V
V /"/''J'"'/
-'X;
&
Co
Wcjber,
.
T.Bowl
.
American Automatic Vending Corp./ •>„
filed 270,000 common shares. Price—By
•1 '
Biair
C.
(Lee
Old
Common
Lon8 ^n^^1^?^^^cisr--ComraoB
amendment.
.
(A:
(Friday)
Casa Electronics Corp
(Adams & Co.) $200,000
'.
Aug. *15,71961
v-
h.
Chemical
(Paine,
items. Proceeds—For repayment of
:
(d.
.
Fidelity Life Insurance
r
National Semiconductor Corp..*
Almar Rainwear Corp
The manufacture Of metal store
;
Missouri
CMI^AD
%' ic-'
.
related
ai
!
■
Common
40.000 shares
Common
Securities
Corp.)
$220,000
,
...
-
.
.
..
i
Continued
on
page
34
34
(934)
Continued
The Commercial and Financial Chronicle
from page 33
Marks
Polarized
Lyon
(koss,
NAC
Charge Plan & Northern
Acceptance Corp.
(Sade
National
Co.)
Publications, Inc
Hammiii <te
Co.
Inc.)
and Prescott,
Peabody
&
Co.)
Morton
Parish (Amos)
&
James
Inc.)
N.
&
Hart- A
A.
Co.
Inc.)
Co.
and
150,000
S.
(Hirsch
Co.
&
Supronics
and
Inc.)
Lee
Nuclear
Inc.;
(No
of
(Bear,
6,280
;
(S.
Fuller
D.
(Hess,
Co.)
&
Northern
Remington
$300,000
Pacific
A
Co.,
Inc.)
underwriting)
stockholders—no
to
September 25
Anodyne,
$20,253,300
1.
underwriting)
&
Co.)
200,000
(bchweickart
A
Capital Corp
(Blair & Co.
and
First National
Spray
Hentz
&
Lyon
(Amos
Lewis & Clark
Co.)
&
Friedrichs &
Hannett
Co.,
2
Movie
Inc.)
&
Co.
Co.)
October
Co.
Common
Inc.)
Corp.)
Common
$300,000
\
Continued from page
;
Treat
Globus, Inc.)
33
and
operation of self-service shoe stores. Proceeds—
of loans and expansion.
Office—1908
Washington Avenue, St. Louis.
Riehter Co., St. Louis.
Underwriter—Scherck,
★ American Technical Machinery
Corp.
Aug. 29, 1961 filed 95,000
common, of which 65,000 are
to be offered by the
company and 30,000 by stockholders.
By amendment. Business
machinery for prefabrication
Proceeds
For
ing capital.
of
—
The manufacture of
twisted
wire
brushes.
equipment,
repayment of loans and work¬
Office—29-31 Elm Ave., Mt.
Vernon, N. Y.
Underwriter—M. L. Lee & Co.,
Inc., N. Y. C.
•
Amerline Corp. (9/5-8)
July 3, 1961 filed 150,000
-
outstanding class A common
amendment. Business—The manufac¬
shares.
Price—By
ture
components and products for
of
magnetic tape,
electronic
sale
to
manufac-'
computers, data
macnines, etc. Proceeds—For selling stock¬
holders. Office—-2727 W.
Chicago Ave., Chicago. Under¬
writer
Dean Witter &
Co., San Francisco
processing
(managing).
Amphicar Corp. of America
15,
Business
1961
filed
The
100,000
manufacture
Proceeds—To establish
sales
and
a
service
common
shares.
of amphibious
Price—$5.
automobiles.
parts depot
in Newark, N. J.,
organizations, and for work-
yiS capitai and general corporate purposes. Office—660
Madison Ave., New York.
Underwriter—J. J. Krieger &
Co., New York. '
Anderson New England
Capital Corp.
July 21, 1961 filed 400,000 common
shares.
Price—By
amendment.
Business
A small business
investment
company. Proceeds—For
investment. Office—150 Causeway Street, Boston.
Underwriter—Putnam & Co. Hart¬
ford, Conn, (managing).
'
—
Animal Insurance Co. of
America
r^wi29' 1961_frled.40»000
pusiness
—
The
common shares. Price—$15 50.
insuring
of
18
animals, primarily-race
Co.)
—Common
$1,650,000
EDST)
a.m.
Debentures
$50,000,000
(Wednesday)
Preferred
11
EDST)
m.
a.
$7,000,000
October
23
W.
Scranton
&
&
Inc.)
Wonderbowl,
$300,000
Natpac Inc.
,
A-;...'.
shares
Inc
Pickwick
Corp
Inc.)
11:30
a.
Co.,
m.
200,000
150,000
Rochester
shares
David
14
Gas
November
,
'
Consolidated
'
1
••.v.
Common
1
11
5
*
'■
!
(Bids
race, Oakland
J. J. Bruno &
the
to
one
$100
working
unit for each
per
capital.
100
unit. Proceeds
Office—1270
N.
common
—
For
W.
Ansul Chemical Co.
held.
165th
Miami Beach, Fla.
Underwriters—Ross,
and Globus, Inc., New York.
•
shares
expansion and
St., North
Lyon & Co., Inc.,
(9/1)
Address—Marinette, Wis. Underwriter—Paine, Webber,
Jackson & Curtis, Milwaukee.
Apache Realty Corp.
(9/11)
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
empnasis on the acquisition, development and operation
of shopping centers, office
buildings and industrial prop¬
March
Proceeds
—
For
investment.
Office
—
523
Mar¬
quette Ave., Minneapolis, Minn. Underwriter—Blunt El¬
lis & Simmons, Chicago (managing).
Aqua-Lectric, Inc.
June
$1.15.
19,
1961
filed
1,000,000
v
,v
——Units
$205,000
-v
'
'
-
Bonds
$15,000,000
New
EDT)
m.
York, Inc._Bonds
$50,000,000, 0
•„
•
to
be
received)
!
..—Bond*
$15,000,000
'
Park, Ft. Lauderdale,> Fla. Underwriter-^
Co., Inc., Pittsburgh.;
;
!
.
'
(9/11)•
to
Processing Laboratories, Inc.
1961 filed 2,100,500 shares of common stock
be offered for subscription by common stockholders
23,
the basis of
on
one
new
share for each share held.
Price
Business—The processing of black
and white and color film.
for working
Ariz.
capital.
Proceeds—To repay loans and
Office—2 North 30th Street, Phoenix,
Underwriter—None.
Arlan's Dept. Stores, Inc.
July 5, 1961 filed 300,000 common shares of which 60,000
shares are to be offered by the
company and 240,000
shares by the stockholders. Price—By amendment. Busi¬
ness—The operation of 12 self-service discount stores.
Proceeds—For working capital and expansion. Office—•
Fifth Ave., New York. Underwriter—Eastman Dil¬
lon, Union Securities & Go., New York (managing).
350
July 24, 1961 ("Reg. A") 12,000 common shares (par $1).;
Price—By amendment. Proceeds—For working capital.
erties.
Co. of
Arizona Color Film
.
^
debentures and 5-year
purchase 125,000 common shares to be of¬
fered in 6,250 units, each consisting of
$100 of deben¬
tures and warrants to purchase 20 shares. The units will
be offered for subscription by common stockholders on
—
;
:
Corp
received)
a.
—22 cents per share.
basis of
;
$300,000
(Tuesday)
issuance
Price
*
(Tuesday)
March
the
'
—.Common
—
Motti,^ Inc.)
&
be
21
Anodyne, Inc. (9/28)
20, 1961 filed $625,000 of 5% convertible subordi¬
nated debentures, 156,250 common shares reserved for
warrants
$20,000,000
Virginia Electric & Power Co._
•
■
•
of
?
Bonds
Electric
to
Edison
December
.
$1,250,000'
June
conversion
$475,000
(Tuesday)
&
(Bids
$230,000'
pacers. Proceeds—For expansion and
general corporate purposes. Office—92 Liberty St., New
York. Underwriter—Bernard M. Kahn &
Co., Inc., New
on
Inc.)
received)
International, Inc..
(Bids
$30,000,000
Inc.)
(managing).
be
to
scares
Shasta Minerals & Chemical Co
York
Motti,
Power Co
November
Bonds
EDST)
underwriting)
v;
.—Common
Co.)
Co.
&
_——
Common
&
$300,000 'l
Common
David
Sun Valley- Associates-li'l'i.
ftilljfLM. ' u.Wat Berger Associates,Trie.)
«.X
$300,000
Inc.)
Co.,
<5c
Corp.)
(Wednesday)
(William,
.
ICapital
100,000 shares
Commbh '
Pont
—_—Common
—
Securities
—Common
.-V y. .<' •
V
,
(Bids
•
.
.
Industries, Inc
du
•«
,
*
—Class A
I.
-
(Standard
1
.^..Common
150,000
Co.)
&
~
(Allen & Co.), $970,000
New England
Co.)
$10,000,000
(Monday)
Foods, Inc
vy
Charles
.Bonds
EDST)
noon
$6,250,000
horses, trotters and
repayment
&
shares
Nichols
&
Securities
(No
/
11
(Bids
-
325,000
Ryons
(Armstrong
$300,000
American Self Service
Stores, Inc.
Aug. 11, li)61 filed 100,000 common
shares, of which 50,000 shares are to be offered
by the company and 50,000
shares by stockholders.
Price—By amendment. Business
$900,000
(Tuesday)./
(Bids
•
Corp.)
—_—Common
Inc.)
Georgia Power Co
-
Sav-Mor Oil Corp
Common
;
Si.are
17
October
Public Service Co. of Colorado.
$375,000
Marina, Inc
$1,200,000
Corp..—
Morgan
(Bids
(Monday)
Blauner
D.
Pioneer Astro
"f
"
$315,000
shares
300,000
Public Service Electric & Gas Co
Bonds
Star, Inc
(Milton
Units
-
$180,000-y.,
Inc.)
Co.,
$300,000
Industries, Inc
(Francis
A
(Continental Bond &
up
(Peter
Class A
Co
Co.)
Co.,
&
Microwave
$600,000
Co.)
.
..Common
&
&
Treat
October 25
(Albion
$3,000,000
MacLevy Associates, Inc
set
Precision
'
■
Common,
Co.)
inc.)"
Co.,
Staats
Rogers
(Amos
.
Common
$720,000
>
Common
&
Murray Magnetics Corp.—
\
Corp.)
———.Preferred
$5,000,000
Debentures
(Casper
;
,
—Preferred
(Lester,
Co.)
\
& Son, Inc
Treat
(Apache
June
&
(Friday)
Rowady
(Bids
turers
Share
Dressen-Barnes Electronics
.-Common
w
Service, Inc
Ihnen (Edward H.)
of
$650,000
Group
Keller Corp.
;
Capital
(Amos
Realty & Construction Corp..-Debs.
(Ross,
Price
Co.)
Cosnat Record Distributing Corp
$250,000
Howard, Weil, Laboiiisse,
500,000 shares
(H.
General
For
;
.
Delta
—The
J
Units
Peabody
October
Common
Inc.)
*
$13,000,000
Corp
R.
(William,
$1,800,000
Corp
—^.Debentures
received)
Morton
Faximile
Common
Co.)
(Armstrong A Co.
„
Hogan
„
Common
Mon-Art, Inc
shares
Bargain Town, U. S. A., Inc
,
shares
Corp.
(Kidder,
^
(Monday)
(William
(Thursday)
September 29
(Davis,
Cellomatic Battery
125,200
Lyon & Co., Inc. and
Common
Pont
be
underwriting)
16
(Jay
'
•
Guy's
$279,351,840
'
;
—.
Electra-Tronics, Inc
>
.
Inc
(Ross,
(Monday)
du
October
Common
Corp
(Francis
v!
(Tuesday)
September 28
>
&
Master
Co.)
Electric
shares;
Georgia Power Co..
Mite
Air
&
Common
120,000
(Friday)y-V4'"'
(No
shares
Dreyling
to
Research
,
Capital
;
$900,000
Co.)
125,000
&
Co.)
(Tuesday)
13
(Bids to be received) $60,000,000
$900,000
Pacific Northwest Bell Telephone Co
(Offering
Columbia
;
»
Common
stockholders—no
to
Gas
$300,000
Indiana Public Service Co._-Debentures
(Offering
R.
September 26
Co
Dowd
F.
Inc.-
Voron Electronics Corp
snares
Inc.)
"
,
$1,996,998
Common
Insurance
(R.
shares
Valley Title & Trust Co.__—
Common
Grant
200,000
(John Joshua & Co., Inc. and Reuben Rose &
Securities
October
Laboratories, Inc
Bond
10
(Bids
Debentures
United Scientific
(M. J.) Co
Mohawk
Co.)
&
&
Kansas Power & Light Co
$2,087,800
Co.)
Co.)
&
Stone
-Debentures
,—Common
(Cooley
Common
(Equity
Capital
;
shares
—
&
Electronics, Inc.-——
(Hayden,
,
October
Kauimann A
Fuller
Bros.)
'
Sterling Electronics, Inc
$300,000
300,000
&
Lehman
by
Hopwooa)
A
Stratton Corp.
General Forms, Inc
Greene
Jafiray
-—Debentures
stockholders—underwritten
to
Panoramic
Common
D.
Common
Co.)
$700,Out)
536,280
underwriting)
(Mccaughlin,
.
(S.
(Wednesday)
Witter &
&
$15,000,000
$27,006,200
sxiares
Co.)
m.)
a.
Corp.-:
Common
.——Common;,
Stearns
(Louis
(Dean
&
Stearns
(Continental
September 20
Fipcr,
——Debentures 4
Co
11
(Monday)
Stores
(Oflering
America
(No
Semicon, Inc.
Corp.
shares
Control Data Corp
Allied
'
$761,090
Corp.)
October 9
Inc.)
units
Securities
..
Securities
Co.,
Corp.
'
Units
Corp.)
90,000
underwritting)
(Omega
Stearns
Corp.
Class A
Stores, Inc
and
Reher Simmons Research
Corp
Inc.)
&
:
Pavelle Corp______—
.Common
Standard
Bruno-Lenchner
Benkert
Inc.)
Co.,
(Tuesday)
Utilities
(Bids
Units
W.
a.
America
of
(Bear,
Common
Co.
&
Corp.
8
States
$300,000
Corp
ana
Garey
corp.
$300,000
Higginson
Gulf
193,750 shares
United Investors Corp
Wainrite
Nuclear
Roberts
Corp
"Treat
(Amos
Higginson
Plasticon
Utilities
and
(i.ee
Common
(Globus
October
Thursday, August 31, 1961
.
shares
Midwest Technical Development Corp.—Common
Common
Financial, Inc
Realty &
&
(Best,
(Bear,
J.
95,000
Middle Atlantic Investment Co.—
Common
2
(Jones, Kreeger & Co. and Balogh & Co.)
Southern
Corp.)
shares
Polytronic Research, Inc
Second
CO.
800,000
-.
Inc.)
$300,000
208.000 shares
Patent Resources, Inc
Inc.;
&
(295,000
„
Co.)
Globus,
Common
Credit
shares
& Co., Inc
(The
Atlantic
L. Schehiman
(it.
Common
Co.,
Common
and
Securities
Co.,
Common
375,000
Sarasota, Inc
(Jay
(Darius
Common
Shepard &
-
Olson Co. of
(Manufacturers
500,000 shares
NuTone, Inc.
(Kidder,
Inc.
shares
33,334
Middle
Periodical
(buearson,
Corp
Co.,
Micro-Precision Corp.
Class A
&
&
.
.
common
shares.
Price—
Business—The marketing of an electric hot water
•
Armour
.%
Co.
:
Aug. 3, 1961 filed $32,500,000 of convertible subordinated
debentures due Sept. 1, 1283 being offered for
subscrip¬
tion by stockholders of record Aug. 24 on the basis of
$100
of debentures for each
16
common
held
of
record
24 with rights to expire Sept. 12. Price—At par.;
Business—Meat packing. Proceeds-—For plant
expansion
Aug.
and general corporate purposes.
Ave., ..Chicago.
(mgr.).
&
N. Wabash
Co.,
N.
Y;
'
Associated
Aug.
Office—401
Underwriter—Weriheim
25,
1961
Products, Inc.
filed 359,000 common,
•
•
-
which 175,000
are to be offered by the
company and 184,000 by stockV
holders. Price—$17. Business^-The manufacture of dog
and
cat
of
food, cosmetics, drug items and toile'.ries.
heating system. Proceeds—For inventory, salaries, ad¬
vertising and promotion, and working capital. Office—
ceeds—For repayment of loans and
1608 First National Bank
Pro¬
Co.* N. Y. C. and Allyn & Co., Chicago (co-mgrs.)
Building, Minneapolis.
Under¬
writer—M. H. Bishop &
Co., Minneapolis. Offering—Ex¬
pected in late September.
fice—445
Park
Ave.,
if Astrodata,
filed
Y.
C.
Underwriters—Allen
Inc.
Aug.
N.
workiug capital." Of¬
28,
1961
&
'
825.000
shares
of
Capital stock, of
public sale and 625,000
^ Architectural Marble Co.
Aug. 28, 1961 filed 100,000 common. Price—$3.50. Busi¬
ness—The cutting,
designing, polishing and installing of
will be offered for subscription
by stockholders of
marble products. Proceeds—For
share held.-
plant expansion, inven¬
tory and working capital. Office—4425 N. E. Sixth Ter¬
which 200.000 will be offered for
Inc., parent,
ufacture
of-
Epscq,
the basis of one new share for each Epsco
Price-^-By-amendment. Business—The man^
on
electronic
data
handling
equipment, range
Volume
194'
Number 6086
......
The Commercial and Financial Chronicle
(935)
timing devices and standard
ceeds—For
repayment
electronic
products.
Pro¬
if Bin-Dicator Co.
Aug. 25, 1961 filed 160,932
loans
of
and
working capital.
Rd., Anaheim, Calif.
Under¬
writers—Granbery, Marache & Co., N. Y. C. and William
R. Staats & Co., Los Angeles.
Office
—
240
E.
Palais
ment.
•
Spring Street, Nashua, N. H.
Underwriter
& Co., Boston, Mass.
—
Atlantic
Underwriter—Smith,
Black
derwriter—J. P. Penn & Co., Inc.,
Minneapolis.
if Authenticolor Inc.
Aug. 29, 1961 filed 148,200 common, of which 136,800 are
to be offered by the company and
11,400 by stockholders.
Price—$3.25. Businesi—The furnishing of photographic
Business—The
•
of
—
metal
Midland
Securities
Co., Inc., Kansas
of
By
W.
are
made.
Proceeds—For
repayment
loans,
N.
plates
Cohu
City
expansion and working capital. Office—7525
37th Avenue, Miami.
Underwriters — Winslow,
&
Stetson and Laird, Bissell &
(managing).
Meeds, New York
,
•
Automated Gift Plan,; Inc.
June 12, 1961-("Reg. A") 100,000
''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.
Prints, Inc.
July 24, 1961 ("Reg. A") 85,000 common shares (par 10
cents). Price—$3.50. Business—The silk screen printing
of designs on textile fabrics. Proceeds—For
equipment,
a
new
plant, repayment of debt and working capital.
Office—201 S. Hoskins Rd., Charlotte, N. C. Underwriter
—Street & Co., Inc., New. York..
V
'
Automatic Lata Processing, Inc.
July
19, <1961 filed 100,000 common shares, of which
50,000 shares are to be offered by the company and 50,shares
by stockholders.
Price—$3.
Business—Elec¬
tronic data processing.
Proceeds—For construction and
working capital. Office—92 Highway 46, East Paterson,
N. J.-
Underwriter—Golkin, Bomback & Co., New York
(managing).
■
•
.
-*•
;
Avemco Finance Corp.
Aug.
15,
1961
filed
300,000
shares.
common
Price—By
amendments Business—The retail financing of time sales
to consumers and the financing of dealer sales of aircraft
and related
debt.
equipment.
Office—8645
Proceeds—For the repayment of
Colesville,
Rd.,
Silver Spring,
Office—4000 Water
Electronics
Corp.
Aug. 11, 1961 filed 300,000 capital shares, of which 50,000 shares are to be offered by the company and 250,000
shares by stockholders. Price—By amendment. Business
—The
trol
manufacture
of 'aircraft.
of
electronic
units
Proceeds —For
for remote
repayment
of
.
con¬
working capital and general corporate purposes.
Monrovia Avenue, Costa Mesa,
Calif.
Under¬
writers—Blyth & Co., Inc., New York and Schwabacher
& Co., San Francisco (managing)..
Bankers
Dispatch Corp.
July 20, 1961 filed 100,000 outstanding common shares.
Price—By amendment. Business—The transportation of
struments
holder.
paper,
for
documents
banks.
and
non-negotiable
the selling stock¬
Avenue, Chicago. Under¬
Co., Inc., New York.
Proceeds—For
C.o., New York (managing).
Beam-Matcc Hospital Supply,
Inc.
-V*
July 21, 1961 filed 100,000 common shares.. Price—$3.
Business—The manufacture of hospital equipment and
supplies.
Proceeds—For expansion of plant f acilitieS}
and
June 28, 1961 filed 315,000 common shares.
Business—The acquisition, exploration and
of
mineral
properties.
Proceeds—For
Capital Income, Fund,
July 3, 1961 filed 30,000
Price—$2.50.
development
construction
•
Big O. Chemical Co..."<». u yy*r:..s
r.-»" - May 17, 1961 (letter of notification) 60,000 shares of
$5
per
share.
Office—1708 W. Main St., Oklahoma City, Okla. Under¬
writer—To be named.
&
Carboline
Inc.
("Reg. A")
—$2.30. •-! Business—The
tronic scorecards for
100,000
common
manufacture
of
shares.
shares
Price
By
—
Proceeds
—
For
to
are
be
common
offered
by
shares, of which 35,000
the
company
and
65,000
shares by stockholders. Price—$5. Business—The manu¬
facture of synthetic linings and coatings for industrial
Proceeds
For repayment of loans, research and
working capital. Office—32 Hanley Industrial Court, St.
use.
Price
automatic
shares.
Co.
Aug. 4, 1961 filed 100,000
Bowi-Tronics,
Aug. 16, 1961
Inc.
common
aging).
buildings, purchase of machinery and explora¬
214, Twin Bridges,
Mont. Underwriter—Wilson,
Ehli, Demos, Bailey & Co.,
Billings, Mont.
elec¬
—
Louis.
bowling alleys and other electron¬
Underwriter
—
Reinholdt
&
Gardner, St. Louis
ic entertainment devices.
(managing).
and
Card Key Systems, Inc.
July 28, 1961 ("Reg. A") 60,000 common shares (no par).
Price
$5. Proceeds — For research and development,
advertising equipment and working capital. Office—923
expansion.
Washington,
Securities,* Inc., Staten Island,
Y., and Burry, de Sibour & Co., Washington, D. C.
Bowling Internazionale, Ltd.
D. C.
N.
Proceeds—For working capital
Office—1319 F St., N. W.,
Underwriters—Fund
June
30,
1961
filed
200,000
—
S. San Fernando Boulevard,
Burbank, Calif. Under¬
writer—Rutner, Jackson & Gray, Inc., Los Angeles,? *
shares. Price—$5.
acquisition of a chain
common
Proceeds—For the construction
of bowling centers
or
•
Caressa, Inc. (9/18)
Aug. 2, 1961 filed 150,000
principally in Italy, and for expansion
and
working
capital.
Office—80 Wall St., New York.
S. Wickett & Co.,'and
Thomas, Wil¬
Underwriters—V.
its share of the proceeds for expansion, the repayment
of debt and for other corporate purposes. Office—5300
N. W. 37th Ave., Miami, Fla. Underwriter
Hammill & Co., New York (managing).
containers. Proceeds—For repayment of
loans, purchase
additional molds, acquisition of a new
of
plant, work¬
ing capital and general corporate purposes. Office—1650
N. Damen Ave., Chicago. Underwriter—D. E.
Liederman
& Co., Inc., New York.
&
Materials
Adams &
•
construction
company.
Ltd.
common.
wear
purposes.
Office—
Battery Corp.
(9/25)
("Reg. A") 100,000 common shares (par
cents). Price — $2.50. Proceeds — For repayment of
debt, inventory and working capital. Office—300 Dela¬
ware
Avenue, Archbald, Pa. Underwriter—Armstrong
& Co., Inc., New York.
20,
1961
10
•
Price—$6. Business
accessories.
corporate
Ave., Paterson, N. J. Underwriter—None.
Cellcmatic
Office—Jarvis Ave., at Andrews St., Winnipeg,
Manitoba,
Underwriter—P. W. Brooks & Co., Inc., New
(managing).
/
'
of men's
Vreeland
June
York
—The manufacture
of loans and general
ment
250
Proceeds—Deben¬
debt, construction, acquisition
working capital. Stock—For the selling stockholders,
if BronziBii, Ltd.
Aug. 23, 1961 filed 125,000
Co., Los Angeles (managing).
Casavan
Industries, Inc.
/
*
1961 filed 275,000 capital shares. Price — By
amendment. Business—The production and importation
of marble and vitreous mo aic products
used in the
building construction field.
Proceeds — For equ'pment,
inventory, leasehold improvements, construction, repay-.,
tures—For repayment of
and
Shearson,
Aug. 21,
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
—
• Casa
Electronics Corp. (9/1)
July 19, 1961 ("Reg. A") *80,000 common shares (par
50 cents). Price—$2.50. Proceeds—For test equipment,
reduction of mortgage and working capital. Office—2233
Barry Ave., West Los Angeles, Calif.
Underwriter—
Brinktun, Inc.
July 28, 1961 ("Reg. A") 133,000 common shares (par
70 cents).
Price—$2.25. Proceeds—Repayment of loans
and working capital. Office—710 N. Fourth
Street, Min¬
neapolis.
Underwriter—McDonald, Anderson, Peterson
& Co., Inc., Minneapolis.
Construction
shares, of which 75,75,000 by a stock¬
holder. Price—By amendment Business—The manufac¬
ture of women's shoes. Proceeds—The company will use
Bradley Industries, Inc.
July 25, 1961 filed 70,000 common shares (par $1). Price
—$5. Business—The manufacture of plastic boxes and
British-American
:i
common
000 will be sold by the company and
liam, & Lee, Inc., New York City.
Central
June
Proceeds
Investment Corp. of Denver (9/5-8)
19, 1961 filed 600,000 common shares. Price—$3.75.
—For redemption of the 10% preferred
stock, repayment
of a loan, expansion and working capital.
Business—A
Fif'h Ave., N. Y.
N. Y.
ing, Denver. Underwriters—Boettcher & Co.;» Bosworth,
Sullivan & Co., Inc., and Peters, Writer & Christensen,
Inc., Denver.
Buffums"
Aug. 7,
1961
amendment.
stores
in
filed
40,000
Business
Southern
common
The
—
California.
shares.
operation
Proceeds
Price
of
—
Business—The
electronic
tions.
debt
—
—
ment.
For
and
working
moving expenses, repayment of
capital." Office—171 Fabyan Place,
J.)
-
the
U.
S. Proceeds—For
International
general corporate purposes.
Park Ave.,
Charles Jacquin et Cie, Inc.
July 7, 1961 filed 140,000 common shares of which 20,000
shares are to be offered by the company and 120,000
shares by stockholders. Price—By amendment. Business^
—The production of cordials, vodka, rum, brandy, etc.
Proceeds—For working capital, sales promotion and ad¬
earth communica¬
—
(William
common. Price—By amend¬
mining, refining and smelting of
N. Y. C. Underwriters—Morgan
Stanley & Co., and Smith, Barney & Co., Inc., N. Y. C.
Underwriters
Bruno-Lenchner, Inc., Pitts¬
burgh and Harry Odzer Co., New York (co-managing).
Burns
Business—The
Office—300
Proceeds—For
and
Newark.
Pro¬
production of copper
wire, brass and bronze rods, aluminum sheet and coils
in
space
company.
nonferrous metals in Peru and the
shares.
Price—$4.
design, development and manufacture of
components for
investment
Office—611 Central Bank Build¬
if Cerro Corp.
Aug. 24, 1961 filed 350,000
By
department
general
Pine at Broadway, Long
Lester, Ryons & Co., Los
—
small business
ceeds—For investment.
Office—720;
Underwriter—A. J. Gabriel & Co., Inc.,
vertising. Office—2633 Trenton Ave., Philadelphia. Un¬
Co., Inc., Philadelphia (managing).
Detective
derwriter—Stroud &
—By amendment.
Island City, N. Y. Underwriter
—First Weber Securities Corp., New York.
—
in¬
St., Wilmington, Del.
Underwriter—Capital Management Corp., Miami (man¬
of
tion of properties. Address—P. O. Box
3—25-11 49th Street, Long
(par $1) ,-Price
Price—$3.
Y. Underwriter—Russell
amendment. Business—A mutual fund.
investment. Office — 900 Market
roads and
Agency, Inc.
Aug. 22, 1961 filed 175,000 class A
stock
13th
St., Brooklyn, N.
Saxe, Inc., N. Y. C.
Boulder Lake Corp.
•purchase of equipment, expansion of sales program, de¬
velopment of new products and working capital. Office
common
"
ventories and accounts receivable. Office—Second
Ave.,
Bundy Electronics Corp.
Aug. 22, 1961 filed 100,000 common
a
\
shares.
personnel,
Price
a
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. L, N. Y. Un¬
class
com¬
Business—The manufacture of sanitation chemicals. Pro¬
ceeds—For advertising, additional sales
Building Industries, Inc.
29, 1961 filed 300,000 class A common shares.
corporate purposes. Office
Beach, Calif. Underwriter
Angeles.
derwriter— Schweickart &
By
—
Investors
if Camp Chemical Co., Inc.
'
Aug. 25, 1961 filed 110,000 capital
St., Wheeling, W. Va. Un¬
Bargain Town, U. S. A., Inc. (9/25)
July 27, 1961 filed 300,000 common shares, of which
200,000 shares are to be offered by the company and
'
California Real Estate
subsidiary, purchase
of
additional land and the construction of
buildings
thereon. Office
3355 Poplar Ave.,
Memphis, Tenn.
Underwriter—Lieberbaum & Co., New York.
in¬
Office—4652 S. Kedzie
writer—-E. F. Hutton &
Haupt
Aug. 17, 1961 filed 1,000,000 shares of beneficial interest.
Price—$10. Business—Real estate investment. Office—■'
12014 Wilshire Blvd., Los Angeles.
Underwriter—Har- :
nack, Gardner & Co., (same address) (managing).
City, Mo.
Canada.
loans,
Office
—1640
commercial
St., Stamford, Conn. Underwriter—Ira
Co., New York (managing).
Proceeds—For investment. Office—111 Sutter St.,
Francisco, Calif. Underwriters—H. M. Byllesby &
Co., Inc., Chicago and Birr & Co., Inc., San Francisco.
Bloomfield
Md.
Underwriters—Sterling, Grace & Co., - New York and
Rouse, Brewer, Becker & Bryant, Inc., Washington, D. C.
Babcock
Price—$5.
San
derwriter—Fulton, Reid & Co., Inc., Cleveland.
.
Automated'
000
shares.
common
pany.
B.och Brothers Tobacco Co.
•
common shares (par
10c). Price—$3. Business—The manufacture and sale of
:•
120,000
amendment. Business—A small business investment
July 3, 1961 ("Reg. A") 4,000 common shares (par $12.50).
Price—By amendment. Proceeds—For the selling stock¬
holders.
and
patents. Pro¬
Office—Kirk Boulevard,
California Growth Capital Inc.
July 18, 1961 filed 660,000 common shares. Price
—By amendment. Business—The wholesale distributionlines and artificial flowers. Proceeds—For
expansion; inventory and working capital. Office—1401
Fairfax Trafficway, Kansas
City, Kan. Underwriter-
con¬
from
presses
the
industrial
—
ductor plates used in the prefabrication of wooden roof
trusses and the manufacture of
jigs and
which
&
Dillon, Union
of soft goods
June
Business—The manufacture
of
Of¬
Merchandising Corp. (9/11)
8, 1961 filed 72,500 class A common shares. Price
June
.
for
operation of retail discount stores. Pro¬
expansion and working capital. Office—69
ceeds—For
Blackman
—$5. Proceeds—For advances to
amendment.
manufacture
Proceeds—For the selling stockholder.
ing capital and repayment of loans. Office—525 Lexing¬
ton Ave., N. Y. C. Underwriter—None.
Building Components, Inc.
July 28, 1961 filed 100,000 common shares.
Price
Caldor, Inc.
July 27, 1961 filed
(managing).
-
systems
company-owned
Jefferson
amendment.
tools.
service for the professional market. Proceeds—For
work¬
Automated
&
Decker
fice—To wson, Md. Underwriter—Eastman
Securities & Co., New York
Corp.
Aug. 29, 1961 filed 500,000 common. Price—$12.50. Busi¬
on
working capital.
Greenville, S. C. Underwriter—To be named. OfferingExpected in late October.
Price—By
Capital
:
Atmotron, Inc.
1
\
July 27, 1961 ("Reg. A") 150,000 common shares (par 10
cents).
Price—$1,15.
Proceeds—For, general corporate
purposes. .Office—5209 Hanson Court, Minneapolis. Un¬
&
handling
based
use
ceeds—For
Business—The
power
.
Newark, N. J. Underwriter—Paine, Webber, Jackson &
Curtis, N. Y. C.
' ' ■/.: •../
Hague
material
commercial
control
Manufacturing Corp.
Aug. 11, 1961 filed 120,000 outstanding common shares.
Schirmer,
ness—A small business investment
company. Proceeds—
For general corporate
purposes. Office—744 Broad St.,
automatic
Co., Detroit.
equipment, and working capital. Office—45
Atherion
Price—By amend¬
of
devices for handling bulk granular or
pulverized mate¬
rials. Proceeds—For the selling stockholders. Office—
17190 Denver, Detroit.
Astronetic Research, Inc.
(9/5-8)
July 11, 1961 ("Reg. A") 54,000 class n. common shares
(par $1).- Price — $5. Proceeds — For purchase and in¬
stallation of
special
common.
Business—The manufacture
35
„
common
shares.
Offering—Expected
Price
.
ers.
Proceeds—For the selling stockhold¬
Office—101 Park Ave., New York. Underwriter-
Smith, Barney & Co., Inc.,> New York (managing);-
*
Cable Carriers, Inc.
' •
March 23. 1961 filed 196,109 shares of capital stock.
Price
—$1.15. Business—The
/'.•
which began operations
in 1954, is engaged in the research and
development of
company
in
Charter Industries,
early September.
Inc.
June
22, 1961 filed 100,000 common shares.
Price—$4.
Business—The manufacture of molded plastic products.
Proceeds—For starting up production and plant expan¬
sion." Office—388 Codwise Ave., New Brunswick, N. J.
Underwriter
Standard Securities Corp., New York
—
(managing).
"
■
Continued
on
page
36
36
The Commercial and Financial Chronicle
(936)
from
35
page
"
■>'
w
'
Commonwealth
(9/18)/
•
Chermil
Capital Corp.
Price
July 25, 1961 filed 250,000 common shares.
—
derwriter
Note—This
Office—32 Broadway, New York. Un¬
H. Stern & Co,, Inc., New York.
registration
Church
shares
Builders,
investment
Inc.
the
of
company
investment.
management
Office—501
type.
r
retail
one
television
and/or
equipment
Proceeds
stores.
working
loans,
corporate
Office—200 E. 98th Street, Brooklyn, N. Y.
of
bentures
common
6Y2%
one
$100 debenture and 20 common.
prefabricated
corporate
leans.
and
manufacture
Business—The
unit.
per
in
stockholders. Price—$5. Business—The manu¬
facture of women's sportswear.
Proceeds—For working
capital. Office—141 W. 36th Street, New York. Under¬
&
Co., Inc. and Hardy & Hardy,
(co-managing).
25,
35,000
shares
Business—The
cessories
to
are
to
offered
be
by
the
of
which
the
automotive
and
Cleveland.
Underwriter—Westheimer &
Clute
&
Son,
July 3, 1961 filed 1,000,000
Business
The
—
marine
of
of
par.
securities
will
be
offered
Proceeds—For
company.
Office
53
—
N.
general
the
Industries,
if Cote Vending Industries, Inc.
Aug. 28, 1961 filed 115,000 common. Price—By amend¬
ment. Business—The
manufacture, sale and servicing of
vending machines. Proceeds—For working capital. Office
W. Lake St., Chciago.
Underwriter—Straus, Blos& McDowell, Chicago
(mgr.).
Real
Estate
ser
(par
provements
of
facilities.
Office—202
E.
44th
Aug.
N. Y. Offering—Imminent.
'
Columbia
equipment.
caiptal
Park
1961
filed
150,000
manufacture
■
10
shares." Price—$5
marine propellers and
common
of
expan¬
Office—216
N.
• Combined Insurance Go. of America
-I
Aug. 25, 1961 filed 300,000 common. Price—By amend¬
ment. Business—The writing of accident and
health inOffice—5050 Broadway, Chicago.
.—Smith, Barney & Co., N. Y. C. (mgr.).
of
and'general
Underwriter
Cook
"
*
'•
and
.
Crossway Motor Hotels, Inc. ;
Aug. 4; 1961 filed 70,000 common shares. Price—$5. Busi¬
Proceeds—
acquisition, expansion and the repayment of, debt.
Office—54 Tarrytown Rd., White Plains, N. YV Under-,
writer—Candee & Co., New York.
V
X :
'
/ >
Custom Shell
Homes, Inc.
(9/18)
y
-
,
,
May 8, 1961
(letter of notification) 120,000 shares of
stock (par 10 cents). Price—$2.50 per share.
Proceeds—Ta erect sample homes;, repky .a loan,, and for
expansion and working capital. Office-—412 W. Saratoga
cpmmon
St.r Baltimore, Md. Underwriter—T. :J. McDonald & Co.,
Washington, D. C. •
;
f.- * - ' \
Dadan, Inc. (9/5)
A •" /
A
June 29, 1961 "("Reg. A") 160,000 common shares (par
;
,
,
50
cents).
Price—$1.15.
Business—The
manufacture
of
Proceeds—For repayment of loans, development
products and working capital. Office—209 Wilder
Bldg., Rochester 14, N. Y. Underwriter—McDonald; An-
games.
„
of
(L. L.)
Proceeds—For general corporate purposes'. Office—1830
Proceeds—For research
/
'
•-
purposes.
Aug. 4, • 1961 filed 49,736 common shares, of which
9,600 shares are to be uffered by the company and 40;136
shares by stockholders. Price—By amendment. Business
—The processing of photographic film, wholesaling of
photographic supplies and the manufacture of post cards;
children.
For
Price—By
Lease Systems, Inc. \
1961 ("Reg. A") 260,000 common shares (par
cents). Price—$1.15. Proceeds—For equipment, re¬
for
ness—The operation of a motor hotel chain.
Office — 501
Avenue, Minneapolis.' Underwriter—Dean Witter &
corporate
material
.
■
T
mechanical
?
machinery, -leasehold improvements,. advertising
and
working capital. Office—-7451^Coldwater- Canyon Ave¬
nue, North Hollywood, Calif. Underwriter—Pacific Coast
Securities Co., San Francisco.
,
X
Of¬
Proceeds—For repayment of loans, working
Minneapolis.
Main
St., Freeport, N. Y. Under¬
writer—Lomasney, Loving & Co., New York (managing);
surance.
shares.
manufacture
,
^yy
-
• Cromwell Business
Machines, Inc.^ (9/18
Aug. 1, 1961 ("Reg. A") 100,000 common shares-(par 50
cents).
Price—$3.
Proceeds—For repayment of loans,
search and development and
capital expenditures. Office
—3386 Brownlow Ave., St. Louis
Park, Minn. Under¬
writers—M. H. Bishop &
Co., and J. P. Penn & Co., Inc.,
electronic equipment, hydraulic products and metal fur¬
niture.
Proceeds—For repayment of-loans and
sion.
/
.
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.
"
Pro¬
capital.
July 21,
Columbian Bronze Corp.
>
and
V
-
Control
.
Business—The
Business—The
•'-•TX'X;-'-';
1961 sfiled 100,000 common shares. Price — By
amendment/ Business—The manufacture of equipment
Co., San Francisco (managing).
-
eral corporate purposes. Office—3600 Market
Street. Salt
Lake City,-Utah. .Underwriter—None. ?
:
13,
10,
Corp. (9/20)
1961 filed 300,000 common
7/
July 28,
Price—By amendment.
Data
amendment.
Research
Group (10/13)
June 20, 1961 filed
5,000,000 preferred shares (par one
cent). Price—$1. Business—The production of religious
and educational
phonograph records. Proceeds—For gen¬
July
Control
.-''XVv-;yv'X
.
L. I., N. Y;
Underwriter—Hardy & Co., New York (managing)..
•
Loeb, Rhoades & Co.; New York
Creative Playthings, Inc.- (9/13)
;:
convertible subor¬
ceeds—For repayment of loans and working
fice— 956 Brush Hollow
Road, Westbury,
New
M.
—
v
St.,
C^
•
.
—
Business—The manufacturing of vending machines.
York, N. Y., Underwriter—William, David & Motti, Inc.,
.
.
Ave./
Y.
Drug Co.
July 3, 1961 filed 130,000 common shares; Price — By
amendment. Business
The operation of retail drug
stores. Proceeds—For repayment of loans, and for ex¬
pansion. Office—1947 E; Meadowmere St., Springfield,
Mo. Underwriter
Reinholdt &' Gardner;
St; Louis
(managing).
■
'
■ T 7'■
>.f
Place, Baltimore. Underwriter
Co., Inc., Washington, D. C.. (managing);
for each 80 common shares held.
-
N.
Crank
Investment Trust
Aug. 11, 1961 filed $5,052,700 of 6%
cent) to be
units/ each unit consisting'of $100 of deben¬
tures and 50 shares of common stock.
Price—$287.50 per
unit. Business—The
company makes color photographs
and reproductions for
churches, institutions, seminaries
arid schools. Proceeds—For
equipment; sales promotion;
repayment of loans; construction of buildings and im¬
Madison
& .Co.,
•
Continental Vending Machine Corp.
one
Sachs
.
(managing).
dinated debentures due 1976/to be offered for subscrip¬
tion by stockholders ion the basis of $100 of debentures
stock
common
...
stations. Proceeds—For
Office—488
Underwriter—Goldman,
Underwriter—Carl
.
/
Inc.
47,500
of
purposes.
equipment. Proceeds—For repayment of loans, inventory
and working capital.
Office—811 Boylston St., Boston.
—F. Baruch &
shares
corporate
Business—The distribution of electronic components and
Reproductions, Inc.
May 10, 1961 (letter of notification) 950 units of $95,000
of 6% subordinated
debentures, due June 30, 1971, and
offered in
Y.
.
capital shares.:
.
ment. Office—530 St. Paul
Color
Co.; New York City
T Cramer Electronics, Inc. r .;
A
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;
Aug. 3, 1961 filed 300,000 shares of beneficial interest.
Price—$10. Business—Real estate. Proceeds—For invest¬
■—560
of
Broadcasting,
350,000
(mgr.),.
Securities,
Calif. Underwriter—Amos C. Sudler & Co., Denver.
Continental
of
repayment
the
X-
operation of TV and radio
N.
July 21, 1961 ("Reg. A") 300,000 common shares (par 10
cents). Price—$1: Proceeds—For repayment of loans/'
tooling, a patent purchase, salaries, inventory and work¬
ing capital. Office—1299 Bay Shore Blvd., Burlingame, ?
,
1961' filed
30,
general
Continental
Continental-Pacific
distribution
and
Inc.
•
- /
Price—By
^pibndnienl:. BusinessLiiThev publication of "Look" mag¬
azine, the sale of subscriptions to other .magazines and
Aug.
Inc., New York:
cor¬
_''
■
:'if Cowles Magazines
Pro¬
Leasing Corp. (9/11)
19, 1961 ("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¬
con¬
manufacture
Proceeds—For
records.
(managing).
sew¬
June
Park
44,444 outstanding shares by the.pres¬
Price—To be supplied by amend¬
thereof.
debt, and working capital. Office—315 W. 47th St., New.
for
writer— H. B. Crandall Co. and Cambridge
Blvd., Hawthorne, Calif.
Dominick, Inc., New York.
York. Underwriter—Amos Treat &
public sale in
units of one common share and one warrant. Price—$1
per unit. Business—The company is the sponsor of Con¬
tinental Growth Fund, Inc. Proceeds—For expansion.
Office—366 Fifth Ave., New York City. Underwriter—?'
Niagara Investors Corp., New York.
•
working capital.
and
purposes
Segundo
Business—The
phonograph
—
The
holders
ment.
warrants for the purchase of stock of Continental Man-,
agement Corp., advisor to Continental Growth Fund,.
Ave., Rockville
Center, N". Y. Underwriters—Brand,. Grumet & Seigel,
Inc; and Kesselman &
Co., Inc., New York.
•
the company and
v
Inc.
El
• Cosnaf Record
Distributing Corp.y (10/2*6); O X
May 26, 1961 filed 150,000 shares of common stock, of
which 105,556 shares are to be offered for public sale by
*
Distributors, Inc.
April 13, 1961 filed 296,000 common shares and 296,000
industrial5
Business—A
of -Florida.
W.
Price—By
equipment
The manufacture of
—
Underwriter—Dominick &
'
finance
purposes.
(9/7)
100,000*common shares.
filed
Business
Office—3232
Continental Fund
.
Price—At
areas
1961
loans; general corporate
For the selling stockholder (Mobilife
Office—Sarasota, Fla. Underwriter—Golkin, Bomback &
Co., New York City.
ceeds
shares. Price—$1.50.
and
and operation of water-treatment and
12,
amendment.
Consumers shares for each 5 Mobilife shares-
age-disposal plants in suburban
Co., Cincinnati.
farm
3
construction
Coburn Credit Co., Inc.
t
July 18, 1961 filed $1,500,000 of converrtible subordinated
porate
purposes.
vCosmodyne Corp.
Price—By amendment. Business—The acquisition,
.
sumer
$3.
—
books. Proceeds.
loan, inventory, working capital
Office — 1130 Madison
Underwriter—Frank Karasik &
a
corporate
Ave., Elizabeth, N. J.
Co., Inc., New York,
ent
basis
Preserving Co.
1976.
repay--
for the storage of super-cold liquids and gases. Proceeds
—For manufacture of
new
equipment, repayment of
held.
July 27, 1961 filed 150,000 common shares, of which
128,500 are to be offered for public sale by the company
and 21,500 by the underwriter. Price—$5. Business—The
sale of fruits, candies, preserves and novelties. Proceeds
—For expansion and other corporate purposes. Office—
400 N. E. 79th St., Miami, Fla. Underwriter —
Jay W.
Kaufmann & Co., New York.
.T
•
/.!
•.
;
due
of
repayment
and general
New York City (managing). Note—This
formerly was named Cador Production Corp.
ac¬
equipment. Proceeds—For materials and inventory, re¬
search and development and working capital.-.Office—
1303 Elm St., Rocky Ford, Colo. Underwriter —
Stone,
Altman & Co., Inc., Denver.
debentures
—For
Corp., buys and manages fractional interests
producing oil and gas properties. Proceeds—For in¬
fields.
Inc.
common
manufacture
Cobbs Fruit &
Proceeds—For
loan, advertising, equipment, inventory, re¬
development and working capital.; Office—
Clinton St., Ybnkers, N. Y. Underwriter—P. J. Gruber1
Co., Inc., N. Y.
a
and
Business—The wholesale distribution of
July 27, 1961 filed 302,000 outstanding common shares
to be offered for subscription by stockholders of Mobilife Corp., of Bradenton, Fla., parent company, on the
and
amendment.
company
Proceeds—Foi*' repayment of loans, working capital and
other corporate purposes. Office^-10604 St. Clair
Ave.,
(Francis H.)
,
/ Cosmo Book Distributing Co. 3
*
July 6, 1961 filed 110,000 common shares. Price
1
(9/18)
Consumers Utilities Corp.
by stockholders. Price—By
wholesaling of parts, chemicals and
related
Production Corp.
Underwriter—William, David & Motti, Inc., N. Y. C.
Industries, Inc. (9/11)*
1961 filed 195,000 common shares
160,000 shares
&
cosmetics.
of
June
Cle-Ware
July
15
Office—809 Cameron
Securities, Inc., Washington, D. C.
of
search
—
writers—Alessandrini
r
purposes.
manufacture
ment
if Consolidated Vending Corp.
Aug. 29, 1961 filed $150,01)0 of 6% debentures due 1971
and 50,000 common to be offered in units each
consisting
of $150 of debentures and 50 common.
Price—$400 per
unit. Business—The operation of vending machines. Proceeds
For repayment of loans, new equipment and
working capital. Office — 129 S. State St., Dover, Del.
the company and 50,000
shares by
New York
if Cosmetically Yours, Inc.
*
; ; r
'
1961 filed 42,500 common. Price—$4. Business
—The
company
shares, of which 75,-
common
be offered by
to
52nd
Street, New York. . Underwriter—;
Corp.,- New York.;/ y::TT ITX 7 T.XrT.-' vv
son,
Oklahoma
Hammill & Co.,
Co., Inc.
July 21, 1961 filed 125,000
are
E.'
Aug. 23,
"
Price—$6.
vestment, and working capital. Office—14 North Robin¬
City, Okla.
Underwriter — Shearson,
shell homes. Proceeds—For general
Office—129 S. Claiborne, New Or¬
Underwriter—None.
000 shares
;
Production
of
purposes.
Clarise Sportswear
Industries, Inc.-
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
de¬
be offered in
consisting of
units
&
ments
convertible
94,000
to
other corporate
Consolidated
and
Price—$2C0
Office—5
Nance-Keith
Street, Alexandria, Va. Underwriter—Alexandria Invest¬
Underwriter
1969
Marine
20,
tal and
purposes.
(managing).
^Citation Industries, Inc.
Aug. 28, 1961 filed $470,000
advertising, sales expenses, inventory, re-.
capital and other corporate purposes.;
search," working
Business—A
the operation of six
expansion, repayment of
other
and
—Lieberbaum & Co., New York
due
—
Proceeds—For
1961 filed 200,000 common shares/
holding company for concerns engaged in
the pleasure-boat industry. Proceeds—For working capi¬
June
and
For
—
capital
Chemicals Corp. 1961 filed 100,000 common shares (par one cent)..
$4. Business — The distribution of cosmetics.
Cosmetic
June 28,
Price
.
Consolidated
warrant. Price—$3.60 per unit. Business—
manufacture
of
stereophonic, hi-fidelity,
radio
The
Address—Corning, N. Y. Underwriters—HarriRipley & Co. and Lazard Freres & Co.}* New York
(co-managing).
-
man
derwriter—Hayden, Stone & Co., New York (managing).
17, 1961 105,000 common shares and 105,000 at¬
tached five-year warrants to be offered in units of one
Works
Glass
Corning
holders.
general corporate purposes.
holders.
Corp.
July
share and
op¬
Proceeds
instruments.,. Proceeds —For the selling .stock¬
Office—92 Madison Ave., Hempstead, N.Y. Un-.
uring
.
Churchill Stereo
Business—The
drive-in movie theatre, building
.
Bailey
Co.,
Underwriter—Milwaukee
St., Milwaukee.
(managing).
Aug. 4, 1961 filed 150,000 common shares (par $5). Price
—By amendment. Business—The manufacture of spe¬
cialized glass products. Proceeds—For the selling stock¬
Computer Instruments Corp. (9/5-8), V
July 13, 1961 filed 160,000 outstanding common shares.'
Price—By amendment. Business—The manufacture ofr
precision potentiometers, electronic components andmeas-
Avenue,
Fort Worth, Texas. Distributor—Associates Management,
Inc., Fort Worth, Texas.
7
•
and
a
-
Address—
Santurce, Puerto Rico. Underwriter—J. R. Williston &
Beane, New York (managing).
"
•
6, 1961 filed 50,000 shares of common stock, series
2. Price—$5.50 per share. Business—A closed-end diver¬
sified
Price—$10.
chain of theatres in Puerto Rico.
a
renovations
Feb.
Proceeds—For
N. -16th
Inc.
Rico,
Thursday, August 31, 1961
.
Milwaukee
—For construction of
withdrawn Aug. 28.<-
was
of" Puerto
•
by stockholders.
eration of
Edward
—
*
July 28, 1961 filed 100,000 common shares, of which 50,-:
000 shares are to be offered by the company and 50,000
$2.
Business—A closed-end investment company. Proceeds—
For investment.
Theatres
,
Continued
.
.
'
';
new
derson, Fetersoh & Co., Ine;,- Minneapolis. -.vX; ,.i
Date
-Systems,; Inc.
Aug. 9, 1961 filed
Business—A
■,
100,000
shopping
common
service
shares.
which
^ ,
.yy
.
.
..
Y
Price—$3.50.
checks
the
effi¬
ciency of retail sales employees:" Proceeds—FoLexpan-
Volume
sion
194
and -general
-
Number 6086
corporate
■The Commercial and Financial Chronicle
purposes.
Office
—?
1790
(937)
Dynamic Dear Co.y Inc. • ; 29,1961 filed 126,000 common shares of which 100,are to be offered by the
company and 25,000
Broadway', New York. Underwriter—Theodore Arrin -&
Empire Life Insurance Co. of America (9/18) :
(letter of notification) 30,000 shares of
capital stock (no par), Price—$10 per share. Proceeds^
To go to soiling stockholders. Office—2801 W. Roosevelt
Road, Little Rock, Ark. Underwriter—Consolidated Se¬
curities, Inc., 2801 W. Roosevelt Road, Little Rock, Ark.
June
Co., Iric.f New York.
000 shares
-
: <
.
» :
>
.
,
.
Management, Inc.•
'•.> v. ■ /: • \
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.
Data
.
July
//
*
common
$3. Business ^ Mariugears. 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
,,
<
/
transistorized "and
conventional tube radios, portable
phonographs and educational kits. Proceeds-—For Work-
-
ing capital
-
other corporate
Scotland Road,
Ferman &
Deco
/ ^ Empire State
Building Associates
Aug. 24, 1961 filed $39,000,000 participations of general
Amityville, N. Y. ; Underwriters—-Flomenhaf,
partnership interest, to be offered in units; Price—$10,000
& Co., Inc. and
Lqmasney, Loving & Co., New 7 per imit. Busmess-r-G^eneral real estate.
Proceeds—To
York
Price—$4.
Business^The manufacture of electrical products such as
and
Orange, N. J.
purposes.
—
of
Avenue,
.>;
shares.
March; 14, 1961
facture
Seidler
Datorn
Industries, Inc*
17, 1961* filed 112,500
shares by. a stockholder. Price
.
Office-i—350
precision instrument
(managing).
"
i
Dynamic Toy, I nc-
'
;
* */"/' J
v
help finance the purchase of the Empire State Building,
Office—60 E. 42nd St., N. Y. Underwriter—None.
7
June 30,. 1961 ("Reg. A") 81,000 common shares
(par 10
cents). Price—^$3. Business — The manufacture of toys.
Proceeds—For advertising, development of new products
Equitable Leasing Corp.
("Reg. A") 90,000 common shares (par 25
cents) being offered for subscription by stockholders
of record August 15, with rights to expire
August 30.
Price—$2. Proceeds — For advertising and promotion,
legal and audit fees, and working capital. Office—247
June 19, 1961
expansion and working capital. Address—109. Ainsiie St.,
Brooklyn, N. Y. Underwriter—Hancock Securities Corp.,
Offering—Expected in September.
Underwriter—Robert L.
Co., Miami, Fla. (managing).
New York.
Aluminum, Inc.
• Eastern Air
Devicesf Inc.
5, 1961 ("Reg. A") 100,000 common shares (par
June 16, 1961 filed 150,000 common shares
being offered
cents). Price —$3. Proceeds — For repayment of 1.
for subscription by common stockholders of Crescent
loans; inventory; equipment and working capital. Office Petroleum Corp., parent, on the basis of one share for
—4250 Adams Ave;, Philadelphia. Underwriter—R. P. & ;
each
10
Crescent shares held of record August 25
R. A. Miller &; Co., Inc., Philadelphia.
with rights to expire Sept. 15. Price—$5. Business—The
^ De Kalb-Ogle Telephone Go.
manufacture of power and servo components. Proceeds—
Aug. 18, 1961 ("Reg. A") 19,018 common to be offered
For the purchase of equipment and other
corporate pur¬
for subscription by stockholders of record on Sept. 11,
poses. Office—385 Central Avenue, Dover, N. H. Under¬
Charlotte
St., Asheville, N. Y.
Co., Atlanta,
/
July
five
1961
on
the
held.
shares
basis
of
one
Price—At
additional
share
for
each
.,
Business —A
amendment.
small
business
Price
—
By
investment
investment. Office—610 Na¬
tional Bank of Commerce Building, New Orleans.. Un¬
company.
Proceeds—For
derwriters—Blair & Co., New York and Howard, Weil,
Labouisse, Friedrichs & Co., New Orleans (managing).
Delta
*
Ave., Hawthorne,
Co., Los Angeles.
^ Executive House, Inc.
Aug. 29, 1961 filed $2^000,000 of 6% subordinated sinking
fund debentures due 1971 and 400,000 common to be of¬
fered in 200,000 units, each consisting of a $10 debenture
(with 2 warrants) and two common. Price—By amend¬
ment. Business—The operation of hotels. Proceeds—For
investment in a subsidiary and realty acquisitions., Office
—71
E.
Wacker
Dr.,, Chicago.
Underwriters — Bear,
Stearns & Do., N^. Y, G. and -Straus,~Blosser»&/McDowell
Co;, Chicago (mgrs.).
..
.
•
' '
•
-
;
Co.
and
Eastern
r
.
t
June
Guide, Inc.
Aug. 4, 1961 "Reg. A" 50,000 common shares. Price—
$6. Businessr—The company plans to publish, a national
magazine featuring detailed FM radio program/ listings,
reviews, interviews, etc. Proceeds—For general corpo¬
rate purposes. Office—1711 Walnut Street, Philadelphia.
Underwriter — Valley Forge Securities, Co., Inc., New
York City and Philadelphia.
29, 1961 filed 90,000
common shares and $900,000
convertible subordinated debentures due 1971 to
be offered in units consisting of one common, share and
.
*
$10 of debentures. Price—By amendment. Business—
The operation of drug stores. -Proceeds—To open 5 ndw
"stores, repay loans and other corporate purposes. Office
—-3665 Gandy Blvd., Tampa, Fla. Underwriter—Courts
& Co., Atlanta (managing),
•*,/
v ^
•
,
■
•
Electra International,
Ltd.
/
.
,
.
Mqy 5,; 1961 filed 70,000 shares of capital stock. Price—
springsahd related products, Proceeds—
TP be. supplied by amendment, Business—The manufacfor repayment of
debt,/, acquisition and improv^mej}!;, of i .ture of products in the automotive ignition field for sale
•property, equipment, anil working capital: Office—3^25 - outside of the United. States. Proceeds •—For
research,
wire, furniture
E. 16th
St., Los Angeles. Underwriter—V. K. Osborne & /
Sons, Inc., Beverly Hills, Calif, (managing).
development, and working capital. Office—222 Park :
Ave., South, New York City. Underwriter—Ezra Kureen
Co., New York City. ^
^
.
Electra-Tronics, Inc. (10/16)
Aug. 14, 1961 ("Reg. A") 60,000 common (par 75c).
Price—-$3. Business—The company is a military sub¬
,
—
Minneapolis, Minn. Underwriter—Fund Dis¬
tributors, Inc. " "V' •'
\
'
-7
•
;•
.Douglas Microwave Co., Inc.(9/18)
29, 1961 filed 100,000 common shares.
.
manufacture of
contractor
microwave
Business—The
•
debentures
—The
(10/2-6)
;
Aug. 14,1961 filed 100,000 capital shares, of which 75,000
shares are to be offered by the company and 25,000
shares by stockholders. Price—By amendment. Business
—The manufacture of power supplies and automatic
label dispensers. / Proceeds—For repayment of loans,
and working
capital. ? Off ice—250 N; Vinedo -Street,
Pasadena, Calif. Underwriter—Lester, Ryons & Co., Los
Angeles.
:/■'■
Corp.
,
Shopping Center Limited Partnership
1961 filed 269 units of limited partnerships in¬
$1,000. Business — The acquisition, and
construction of a shopping center at Alexandria, Va.
Proceeds—For the purchase of the above property.Office—729-15th Street, N. W., Washington, D. C. Under¬
writer—Investor
Service Securities, Inc., Washington,
D. C.
\
'
>
*
the
'
due
1971.
—
of
Price—By amendment.
medical-electronic
Business
instruments.
For
Fashion Homes Inc.
Corp. (9/5-8)
June 19, 1961 ("Reg. A") 100,000 common shares (par 10
cents). Price—$3. Business — The manufacture of elec¬
N. J: Underwriter—Burnham &
Co., New York.
July 28, 1961 filed 91,000 common shares (par 10 cents).
Price—By.amendment. Business—The manufacture of;,
slip rings and brush block assemblies, switching devices,
relays, and precious metal products. Proceeds—For the
selling stockholders. Office — 10 Romanelli Ave., South
Hackensack, N. J. Underwriter—Harrimian Ripley & Co.,
Inc., New York (managing). Offering—Expected.'in late
September.
1
\
7"' '••/
Duke
-
.
,
Dynamic Cable.Systems
,
July 31, 1961 ("Reg., A") 50,000 common shares (par,50
cents).
Price—$6. Proceeds—For repayment of debt-
held.
rights expiration date in both
cases are Aug. 25 and Sept. 14, respectively.. Price—$4.
Proceeds—For the repayment of bahk .loans and other
corporate purposes. Off ice—1055 Stewart Ave., Garden
City, N. Y. Underwriter—None.
Federal Tool & Manufacturing Co.
*
(9/5)
June 12, 1961 filed 300,000 outstanding common
Price
shares.
$5. Business—The manufacture of short-term
stampings out of metals. Proceeds-r-For the selling stock¬
holders. Office—3600 Alabama Ave., Minneapolis. Un¬
derwriter—Jamieson & Co.* Minneapolis.
-
•
—
First Mortgage Fund
(9/18)
12, 1961 filed 1,000,000 shares of beneficial inter¬
ests. Price — $15. Business — A real estate investment
trust. Proceeds—For investment. Office—30 Federal St.,
June
Boston.
.
Business—A "centennial-type"
lUiyiXlCHk
aim ^
■
equipment and • working capital. - -Office r—8421; Telfair
venue, -Sun -YaBeyi/ Calif. /. Underwriter — Raymond - A, G. Becker & Co., Inc., Chicago. Offering—Expected
:bore^18rXi!6*^ds^A^I^i-"t'.w *.I
^ r::/ : . /
--a -/;jn^hiia-'S^ptember;" "/v.; 1
^ *
.
of pne new share for each Victoreen share
1961
The record date and the
—
fund which plans to offer
a, tax free exchange of its shares for blocks of corporate
securities having a market value of $20,000 or more.
Office—44 School Street, Boston, Mass. Underwriter—1
r—r"
""""■I
«vu.v..,
««ho,
vwivin.n W
Manufacturing & Engineering Corp.
filed 534,346 common shares of which
92,782 shares are being offered, for subscription by stock¬
holders on basis of il hew.share for each 5 shares.held,
and 92,782 shares offered for subscription, by stock¬
holders of Victoreen Instrument Co., parent firm, on the
30,
basis
Electro-Temp Systems, Inc.
30, 1961 ("Reg. A") 75,000 common shares (par
one cent). Price $4. Business—The sale of refrigeration
machinery and equipment. Proceeds—For repayment of
a loan, inventory, promotion and advertising, and work¬
ing capital. Office—150-49 Hillisde Ave., Jamaica, N. Y.
Underwriters—Planned Investing Corp., New York and
Bayes, Rose & Co., Inc., 39 Broadway, New York.
June 30,1961 filed 75,000 common
will be offered by the company
•
Federal
•
June
June
:'
"' '
Electronics Discovery Corp.
shares, of which 60,000 •
July 26, 1961 filed 150,000 common shares. Price—$1.
and 15,000 by stock¬
Business
The company plans to develop a device to *
holders. Price—By amendmbht. Business—The company
make non-conductors into electrical conductors by the
provides scientific research, engineering consulting and
addition of chemicals. Proceeds—For research and de¬
development services to the Armed Services, U. S. Gov¬
ernment agencies and private industry. Proceeds—For - velopment. Office — 1100 Shames Dr., Westbury, L .1.,
purchase of building sites, expansion, and working cap-- N. Y. Underwriter—Globus, Inc., New York.
ital. Office—429 Atlantic St., Stamford, Conn. Under-,
Empire Fund, Inc.
writer—Dominick & Dominick, New York. OfferingJune 28, 1961 filed 1,250,000 shares of capital stock to be ~
Expected in early September.
offered in exchange for blocks of designated securities.
Dunlap& Associates, Inc.
July 18, 1961 filed $600,000 of subordinated debentures
due 1971; 100,000 common shares and 100,000 five-year
warrants (exercisable at from $4 to $8 per share) to be
offered for public sale in units of one $60 debenture,
10 common shares and 10 warrants. The registration also
covers 40,800 common shares. Price—$100 per unit, and
$6 per share. Business—1The construction. of shell homes.
Proceeds—For redemption of 8% debentures; advances
to company's subsidiary; repayment of loans; advertising
and promotion, and other corporate purposes. Office—
1711 N. Glenstone, Springfield, Mo. Underwriters ~—
Globus, Inc. and Ross, Lyon & Co., Inc., New York.
Electro-Miniatures
Electro-Tec Corp.
June 28,
—
Proceeds—For
tronic and electro-mechanical devices for the aircraft,
radar, missile and rocket industries. Proceeds—For the
selling stockholders. Office—600 Huyler St., Hackensack,
-
Underwriters—-A. C. Allyn & Co., Chicago & WesCincinnati (managing). < /
; r
'
Price
•
-
theimer & Co.,
terests.
field.
working capital. Office — 4748 France
Avenue, N. Minneapolis.
Underwriter—Craig-Hallum,
Kinnard, Inc., Minneapolis (managing).
,
•
Drug & Food Capital Corp.
(9/18-22) v;
July 14, 1961 filed 500,000 common shares. Price—$10.
Business—A small business investment company. Pro¬
ceeds— For investment. Office—30 N. La Salle St., Chi¬
cago.
electronics
manufacture
Proceeds
Grimm, New York (managing).
Dressen-Barnes Electronics
the
Electro-Med, Inc.
July 17, 1961 filed $540,000 of convertible subordinated
components, test equipment and sub-systems. Proceeds
—For repayment of loans, research and development,
advertising, purchase of equipment and other corporate
purposes. Office—252 E. 3rd Street, Mount Vernon, N. Y.
Underwriters—J. R. Williston & Beane and Hill, Darling¬
ton &
in
repayment of loans, inventory, expansion and working
capital. Office—1242 N. Palm, Sarasota, Fla. Underwriter
—Jay Morton & Co., Inc., Sarasota.
7
Price—By
amendment.
'
^
•
Bank Bldg.,
June
Fairfield Controls, Inc.
May 19,1961 filed 150,000 shares of common stock. Price
—$1 per share. Business—The manufacture Df electronic
solid state power controls designed by, the company's
engineers from specifications supplied by cqstpmers.
Proceeds—For equipment, repayment of a loan, inven¬
tory, advertising and working capital. Office—114 Man¬
hattan Street, Stamford, Conn.
Underwriters —. First
Philadelphia Corp., and Lieberbaum & Co., both of New
York.,,
4'■>fc.:'.' • - ' ' ./■'
'
" :•'/■*"/
/ V
Faradyne Electronics Corp.
Jan. 30, 1961 filed $2,000,000 Of 6% convertible sub¬
ordinated debentures. Price—100 % of principal amount.
Business—The company is engaged in the manufacture
and distribution of high reliability materials and basic
electronic components, including dielectric and electro¬
lytic capacitors and precision tungsten wire forms. Pro¬
ceeds—For the payment of debts and for working capital.
Office—471 Cortlandt Street, Belleville, N. J. Under¬
writer—S. D. Fuller Co. Note—July 11, the SEC insti¬
tuted "Stop Order" proceedings challenging the accurady
and adequacy of this statement. A hearing on the matter
will be held Sept. 8.
*
,
and
Dollar Mutual Fund, Inc.
April 25, 1961 filed 100,000,000 shares of capital stock.
Price — $1 per share. Business — A diversified mutual
fund. Proceeds
For investment. Office — 736 Midland
.
FM-Stereo
of 7%
;
v
July 17, 1961 filed 100,000 class A common shares. Price
—$4. Business—The ' rnanufapture of cold- drawn steel
&
(co-mgrs.).
Eckerd Drugs of Florida, Inc.
Calif. Underwriter—Haas, Lidster .&
:.
-.'v.'
m) ' ■ ■■ '
.
\r\ /'
Diversified Wire & Steel Corp. of America
.
Properties Improvement Corp.
Aug. 22, 1961 filed $1,500,000 of subordinated debentures
due 1981 and 250,000 common shares. Price—For deben¬
tures, $1,000; for stock, $10. Business—General real es¬
tate. Proceeds—For the acquisition and development of
real properties, repayment of debt and
engineering, etc.
Office—10 E. <40th St., New York. Underwriter—-Wood¬
cock, Moyer, Fricke & French, Inc., Philadelphia (man~ aging).
Offering—Expected in late October.
writers—Sutro Bros
York
Sonics, Inc.
Aug. 3, 1961- ("Reg. A") -100,000 common shares (par
$1)-. Price—$3; Business-—The manufacture of ultrasonic
and electronic systems and components. Proceeds—For
plant and equipment; material and inventory; repayment
of a loan-and working capital.
Office —12918 Gerise
-
Executive Equipment Corp.
Gregory & Sons, New
15
($10). Proceeds—For con¬
struction and modernization of telephone system. Office
—112 W. Elm St., Sycamore, 111. Underwriter—None. >
Underwriter—Courts &
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. Y. Underwriters—Reich & Co., and Jacques Coe &
Co., New York.
par
• Delta Capital Corp.
(9/25-29)
»~
Aug. 9, 1961 filed 500,000 common shares.
37
Underwriter—Shearson, Hammill & Co., N. Y.
First National Real. Estate Trust
June 6, 1961 filed 1,000,000 shares of beneficial interest
in the Trust. Price—By amendment. Business—Real es¬
New York. Dis¬
tributor—Aberdeen Investors Program, Inc., New York.
tate investment. Office—-15 William St.,
,1/
■
„
-
.
J
~Continued
on
page-38
38
Continued from
•
First
The Commercial and Financial Chronicle
(938)
ing capital. Office—640 W. 134th St., New York. Underwriter—Brand, Grumet & Seigel, Inc., New York.
37
page
Realty & Construction Corp.
National
General
(9/25)
6%% subordinated de¬
(with warrants attached). Price—By
Aug. 11, 1961 filed $3,000,000 of
bentures due
1976
amendment.
Business
The construction and manage¬
Proceeds—For repayment of loans
of real estate.
ment
—
York.
(managing).
New
nue,
York
First
Investment Company
Business
Small
fields
the
within
Gloray Knitting Mills, Inc.
June
■
•„
100,000
of which
tion,
an
cies and
of
a
Las
offered
be
to
are
by
the
company
and
insurance agency, real estate and escrow agen¬
an appraisal service. Proceeds—For repayment
loan and general corporate purposes. Office—118
Vegas Blvd. S., Las Vegas, Nev. Underwriter—A. C.
Realty Fund (9/11)
April 21, 1961 filed 2,000,000 shares of participation in
the Fund. Price—$10 per share. Business—A new real
estate investment
trust. Proceeds — For investment.
Plastics Corp.
Co., San Francisco.
& Co., Corpus Christi.
General
Corp. of America
shares by
To
stockholders. Price—$10. Business—Distribu¬
Investment Corp., Contractual Plans
with NASD. Proceeds—
increase net capital and for investment. Office—44
of
and
a
Electronics
broker-dealer registered
Wall
St., New York. Underwriter — General Securities
Co., Inc., New York. Offering—Expected in early Oct.
Flora
Mir
Candy Corp.
(letter of notification) 85,700 shares of
(par 10 cents). Price—$3.50 per share.
Business—The manufacture of candy products. Proceeds
—For repayment of loans; working capital, and expan¬
sion.
Office—1717 Broadway, Brooklyn, N. Y.
Under¬
writers—Security Options Corp.; Jacey Securities Co.
and Planned Investing Corp. all of New York City.
May
24,
common
•
1961
stock
Capital Corp.
June 23, 1961 filed 488,332 common shares being offered
for subscription by stockholders on the basis of one
share for
with
A
two
shares
rights to expire Sept. 5.
small
investment
business
Office—396
investment.
Fla.
each
Aug. 22
Price—$7.75. Business—
Proceeds—For
company.
Royal Palm Way, Palm Beach,
Underwriter—A. C. Allyn & Co., New York (man¬
aging)./
.
.
•
of record
held
Foamland
U.
T'''
■
!:'T '
S.
A., Inc. (9/11-15)
22, 1961 filed .150,000 common snares, of which
90,000 shares are. to be offered-by the company and
60,000 shares by the stockholders. Price—$5. Business—
The manufacture and retail sale of household furniture.
Proceeds—For acquisition of new stores, development of
new furniture items, working capital and other
corpo¬
Office — Cherry Valley Terminal Road,
West Hempstead, N. Y. Underwriter — Fialkov & Co.,
Inc., New York (managing).
purposes.
Fotochrome
Inc.
June 29, 1961 filed $3,500,000 of convertible subordinated
debentures due 1981 and 262,500 outstanding common
shares. The debentures
to be offered by the company
Price
—
By amendment.
photographic films; the
wholesaling of photographic supplies and the develop¬
ment and sale of film processing. Proceeds — For con¬
struction of a new plant, purchase of equipment, mov¬
ing expenses and for other corporate purposes. Office—
1874 Washington Ave., New York. Underwriters—Shearson, Hammill & Co., and Emanuel, Deetjen & Co., New
York. Offering—Expected in September.
G-W
Ameritronics, Inc. (9/5)
Jan. 25, 1961 filed 80,000 shares of common stock and
100,000 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.
Each warrant will entitle the holder thereof to
share of
purchase
stock at
$2 per share from March
to August 1961 and at $3 per share from September 1962
to February 1964.
Price — $4 per unit. Business — The
one
common
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¬
—
tries.
Foam
Corp.
Aug. 15, 1961 filed $4,000,000 of 6% convertible subordi¬
nated debentures due 1981.
Price—At par. Business—
The
Business—A
Proceeds—For
manufacture
products.
,
of
..
urethane
foam
and
foam
rubber
Proceeds—For repayment of loans and work¬
;
■
if Golf Courses, Inc.
Aug. 28, 1961 filed 100,000
New York.
Underwriter
—
com-
•
General
&
'
Business
of
a
spraying
machine.
Office—156 Katonah
Ave., Katonah, N. Y. Underwriter—
Ross, Lyon & Co., Inc.. and Glass & Ross, Inc., N. Y.
.
(mgr.).
/
-
.
.
-
i
Business
—
f
scientific
Gilbert Youth
Mass,;
sales
promotion
and
-
■
City.
merchandis-
Underwriter—McDonnell & Co., N. Y.
Girder Process,
,
(
Inc.
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 21,1961 filed 80,000 class A common shares.
Aug. 25, 1961 filed $7,500,000 of convertible subordinated
debentures due 1981. Price—By amendment. Business—
The
production
of
of loans.
alcoholic beverages. Proceeds—For
Office—660 Fourth St., Louisville.
Underwriter—Glore, Forgan & Co., N. Y. C. (mgr.).
;
Business—The
common shares. Price—$5.
manufacture of power supplies for arc '
welding equipment. Proceeds—For repayment of a loan
and working capital.
Office—703—37th Ave., Oakland.
Co., Inc., San Francisco.
Aug. 3, 1961 filed 600,000 class A common shares. Price
—By amendment. Business—Real estate. Proceeds—For
Office—501
writers—Bache
&
Fifth
Co., and
Under¬
Co., New York
Ave., New York.
Hirsch
&
(managing).
Globe
($1). Proceeds—For work¬
ment, salaries and general corporate purposes. Office—•
2500 Shames Dr.,v Westbury, N. Y, Underwriter—N. A.
Hart &r £o.nIna^iBayside, N, Y; (mgr.)."''J.
Greene
(ML J.)
(9/20)
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]
convertible subordi¬
nated debentures due 1970 to be offered for
subscription
the basis of one $100 debenture for
on
Price—At par.
of specialized
Business—The man¬
children's shoes. Proceeds—For
molds, construction and working capital.1 - Address
2, Box 129, Mount Gilead, N. C. Underwriter—
"
J
~
-
.
Growth, Inc.
May 17, 1961 (letter of notification) 100,000 shares of;
common stock
(par $1). Price—$3 per share. Address—
Growth Properties
(9/18)
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).
;
;
...
.
Gulf States Utilities Co.
Coliseum, Inc.
July 21, 1961 ("Reg. A") 300,000 common shares. Price'
—At par ($1). Proceeds—For construction of a coliseum
building, furnishings and incidental expenses. Address—
c/o Fred W. Layman, 526 S. Center, Casper, Wyo. Under¬
writer—Northwest Investors Service, Inc., Billings, Mont.
.
.
(10/3)
Aug. 21, 1961 filed $15,000,000 of debentures due 1981.
Office—285 Liberty Avenue, Beaumont, Texas. Under¬
writers—Competitive. Probable bidders: Salomon Broth¬
&
ers
Htuzler
and
Eastman
Dillon, Union Securities &
Co.
(jointly); Lehman Brothers; Halsey, Stuart & Co.
Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc., and
White, Weld & Co. (jointly); Stone & Webster Secu¬
rities Corp.
Bids—Oct. 3, 1961 at 11 a.rm, Information
Meeting—Sept. 28 (11 a.m. EDST) at 70 Broadway (18th
floor) New York.
,
(10/23)
^
Aug. 2, 1961 filed 97,000 common shares (par $2). Price
—$10. Business—The processing of foods. Proceeds—For
purchase of buildings, equipment and additional inven¬
tories.
Office—2215
writer—Allen
&
Harrison, Kansas City, Mo. Under¬
Co., New York (managing).
Co.
Aug. 25, 1961 filed 225,000 common. Price—$2. Business
—The manufacture of agricultural chemicals and related
Proceeds
—
For general corporate purposes.
St., and Lafayette Ave., Kenilworth, N; J.
Underwriters—Ross, Lyon & Co., Inc., and Globus, Inc.,
N. Y. C. (co-mgrs.).
products.
Office—N. 14th
....
Glickman Corp.
investment.
B. Bonbright
if Green (Henry J.) Instruments, Inc.
Aug. 24, 1961 filed 140,000 common. Price—$2.25. Busi¬
ness—The manufacture of precision, meteorological in¬
struments. Proceeds—For repayment of loans,
equip¬
if Halco Chemical
Glenn Pacific Corp.
27, 1961 filed 80,000
July
Price—At par
Guy's Foods, Inc.
it Glenmore Distilleries Co.
repayment
gen¬
Bldg.,
—
articles.
ing advice to the teenage youth and student fields. Pro- ceeds—For working capital. Office—205 E. 42nd Street,,
New York
Powers
Lynn, Mass. Underwriter—Mann & Creesy,- Salem, Mass.
prepares
and books which are related to or relate to
112
derwriter—None.
None.
(9/11)
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,
telephone
Proceeds—For
—
—Route
;
May 29,
does
Office
ing capital. Office—4450 N. .Central Ave.,- Phoenix. Un¬
new
instruments.
Research, Inc.
purposes.-
Co., Rochester, N. Y.
ufacture
of loans, expansion and work- '
Office—'140 Van Block Ave., Hartford, Conn.
ing capital.
investment.
estate
corporate
by stockholders
'•
Underwriter—Estabrook & Co;, Boston*
Realty Corp. (9/11)
filed 320,000. common shares. Price—$5.
Gro-Rite Shoe Co., Inc.
amendment.
of
manufacture
The
Proceeds—For repayment
(I.)
1961
each 60 shares held.
Price —By
stockholders.
the
by
20,
July 21, 1961 filed $500,000 of 6%
July 14, 1961 filed 78,000 common shares, of which 60,000
shares are to be offered by the company and 18,000
shares
Gordon
June
June
Gerber Scientific Instrument Co.
Price—$6.
public golf
• Great Southwest Land & Cattle Co.
•
Instrument Corp.
22, 1961 ("Reg. A") 125,000 common shares (par
one
cent). Price—$1.25. Business—Preparation of minerals and metals for the electronic, metallurgical and
geoscientific industries. 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; Offering—Imminent.
a
private country club. - Proceeds—For pur¬
construction and general, corporate pur¬
Insurance Co.
Inc.
manufacture
The
—
shares.
Aug. 21, 1961 ("Reg. A"). 50,000 class A common to be
offered to policyholders of The Great Southwest Life
St.,
(9/25-29)
June 23, 1961 filed 90,000 class A common shares and
warrants to purchase 90,000 class A common shares to
be offered in units, each unit consisting of one class A :
share and one two-year warrant. Price—$3.50 per unit. ;
Spray Service,
■
land,
Business—Real
Corp., New York (managing).
•
a
capital
' Rochester, N. Y, Underwriter—George D.
& Webster Securities
Stone
and
of
/
>
plans to operate
company
Bermuda.
Office—1352
Easton
Rd.,
Warrington,
Bucks
County, Pa.- Underwriter—Metropolitan Securities, Inc.,
Philadelphia (mgr.)
~ '•> V? v?;.y.~ .'*■
. Tv;
eral
investment
loans and general corporate purposes.
poses.
-
>
Office—90 Broad
f
Co. Ltd.
Bldg., Hamilton,
Underwriter—Globus, Inc., N. Y. C, (mgr.)
June
•••/''
and
Underwriter—-Shields
of-Bermuda
Business—The
-
closed-end
investment.
Underwriter—Birr &
• Gem Electronic Distributors, Inc.
Aug. 25, 1961 filed 75,000 common. Price—By amend¬
ment. Business—The distribution of electronic parts and
equipment, including TV and radio components. Pro¬
ceeds—For repayment of loans and inventory. Office—
34 Hempstead Turnpike, Farmingdale, N. Y. Underwriter
—Carter, Berlind, Potoma & Weill, N. Y. C. (mgr.).
General
Office—Bank
—
are
the stock by stockholders.
Business — The processing of
and
•
Service Corp.
Public
amendment.
pany.
.
June
rate
.
1961 filed 3,947,795 common shares to be offered for subscription by stockholders on the basis of
one
new
share for each two shares held. Price—By
Geoscience
Florida
new
"
<
July 26,
Aug. 8, 1961 filed 70,000 common shares, of which 56,000
shares are to be offered by the company and 14,000
tor
■
of boys
general corporate
common. Price—$10. Business
manufacture of ladies' underclothing/ Proceeds—
chase
Office—Highway 44 and Baldwin Blvd., Corpus Christi,
(Wm.)
For repayment of
(9/18)
20, 1961 ("Reg. A") 60,000 common shares (par
Price—$5. Proceeds—For repayment of loans, in-
Texas. Distributor—Flato, Bean
Securities
if Gluckin
•
writer—None.
General
manufacture
Office—Robesonia, Pa.
Co., New York (managing),
;
materials, products and components. The company also
operates a plant for specialized electroplating, coating
and metal treatment.
Proceeds—For the selling stock¬
holders. Office—331 Main St., Belleville, N. J.
Under¬
June
The
—
Aug. 25, 1961 filed 175,000
Aug. 17, 1961 ("Reg. A") 7,800 common (par 50c). Price
Business—A laboratory for
testing
$1).
ventory, equipment and working capital. Office—12414
Exposition Blvd., West Los Angeles, Calif. Underwriters
—Pacific Coast Securities Co. and Sellgren, Miller &
Fleetwood
&
•—The
—At-the-market.
•
Flato
Business
mens' knitted sweaters. Proceeds—For
course
(mgr.).
Allyn & Co., N. Y.
;
;
if General Magnaplate Corp.
350,000
shares by stockholders. Price—By amendment. Business
—A holding company for a savings and loan associa¬
shares
(9/11)
shares. Price—By
125,000 common
purposes.
lington, Va. Underwriters—Balogh & Co., Inc., Wash- v
ington, D. C. and Irving J. Rice & Co.;Tnc.,' Stl Paul,
Minn.
ic First Western Financial Corp.
23, 1961 filed 450,000 common,
filed
1961
amendment.
mechanical
engineering, instrumentation and mathematics. Proceeds
—For expansion.
Office — 2611 Shirlington Road, Ar¬
30,
.
,t
Aug.
swim gear and
Proceeds—For repayment of loans
Office—418 W. Ontario
Street, Philadelphia. Underwriter—Kidder, Peabody '&
Co., N. Y. (mgr.). Offering—Expected in late October.
electronics,
of
Price—By amendment. Business
and general corporate purposes.
7, 1961 filed 200,000 common shares.
Price — By
Business — The company conducts various
activities
Inc.
Tampa,
Corp. '
-r-The manufacture of rubber floor mats,
household products.
General Kinetics Inc.
Aug.
Products
Rubber
shares by stockholders.
*
amendment.
(9/11)!
Oct. 6, 1960 filed 500,000 shares of common stock. Prie«
—$12.50 per share. Proceeds — To provide investment
capital. Office—Tampa, Fla. Underwriter—None.
of
(9/20)
Inc.
Forms,
1961
Equity Securities Co., New York.
Office—630 Third Ave¬
Underwriter—H. Hentz & Co., New
general corporate purposes.
and
15,
Globe
Thursday, August 31, 1961
.
Aug. 10, 1961 filed 175,000 common shares, of which 60,000 shares are to be offered by the company and 115,000
("Reg. A") 100,000 common shares (par
10 cents). Price—$3. Proceeds—For repayment of loans,
plant improvements, equipment and working capital.
Office—7325 Northwest 43rd St., Miami. Underwriter—
Aug.
•
•
.
,
.
if Halliday Lithograph
Corp.
Aug. 18, 1961 ("Reg. A") 25,000 common (par $1). Price
—By amendment. Proceeds—For equipment, repayment
of loans and working capital. Address—West Hanover,
Mass.
Underwriter—Coffin & Burr, Boston.
Hallmark
Insurance Co., Inc.
1961 filed 225,000 common shares. Price — $3.
Business—An insurance company. Proceeds—For capital
and surplus. Office—636 S. Bark St., Madison, Wis. Un¬
derwriters—Braun, Monroe & Co., Milwaukee and Harley, Haydon & Co., Inc., Madison.
Aug. 3,
Volume
194
Number 6086
.
.
The Commercial and Financial Chronicle
.
(939)
Hamilton Electro Corp.
Aug. 9,1961 filed 135,000 common shares, of which 80,000
shares are to be offered by the company and
55,000
shares by stockholders. Price—$7.50. Business—The dis¬
tribution of
solid
state
tion by stockholders
electronic parts
nica
inventory,
new
Blvd., Los Angeles, Calif. Underwriter
each
shares
25
Norton Co., New York.
/
Hampton Sales Co., Inc.
1961 filed 150,000 common
shares.
Price—$4.
Business—The operation of real discount stores. Proceeds
—For
repayment of
Office—8000
Cooper
N.
Y.
bank
loans
Ave.,
and
working capital.
L.. I.
(Queens),
Glendale,
if Handschy Chemical Co.
*•
Aug. 25, 1961 filed 150,000 common, of which 50,000 are
to be oifered by the company and 100,000 by stockhold¬
ers." Price—By amendment. Business—The manufacture
of specialty rprinting
inks, chemicals and supplies. Pro¬
ceeds—For
Elston
general corporate purposes.
electro-mechanical devices
(10/16)
common
shares. Price
curacy
—
Business—The operation of a chain of women's
children's apparel stores.' Proceeds—For land pur¬
and
used
to
determine
of aircraft flight instruments.
the
ac¬
Office—170 Cool-
idge Avenue, Englewood, N. J. Underwriter
Woodhill Inc., New York.
Business—The
ment.
H.
M.
—
International Housing Corp.
Aug. 16, 1961 filed 440,000
.
_
>■
common shares. Price—$1.15.
Business—For construction and financing of shell homes.
Proceeds—For working capital and general corporate
purposes.
Office—2101 N. E. Broadway, Minneapolis.
Underwriter—Bratter & Co., Inc., Minneapolis.
r.
if International Management Corp.
^
v
Aug. 21, 1961 ("Reg. A") 100,000 common (par $1). Price
—$3. Proceeds—For loans to subsidiaries and working
chase, inventory and general corporate
purposes. Office > caiptal. Office—7510 B. Granby St., Norfolk, Va. Under¬
writer—J. B. McLean & Co., Inc.,
Ave., New York. Underwriter—Allen & Co.,
Norfolk, Va.
(managing).
Interstate Bowling Corp.
July 25, 1961 filed 150,000 common shares. Price—$3.50.
Hollywood Artists Productions Inc.
,
Business
The acquisition and operation of bowling
July 28, 1961 ("Reg. A") 100,000 common shares (par
centers in Colorado, California and other states. Proceeds
10 cents). Price—$3.
Business—The production of mo¬
—For repayment of debts and general
tion picture and TV feature films. Proceeds—For
corporate pur¬
repay¬
ment of loans, producers' fee, stories and
poses. Office — 10391 Magnolia Ave., Riverside, Calif.
working capi-
■<—115 Fifth
Office—2525 N.
New York
Ave., Chicago. Underwriter—Blunt Ellis & Sim¬
Chicago (mgr.)
mons,
tal.
par.
•
Holly Stores, Inc. (9/18-22)
:/
July 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-
Underwriter—Godfrey, Hamilton, Magnus & Co.,
Inc., New York.
,
Price—At
By
manufacture 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).
amendment.
July 27,
held.
Hogan Faximile Corp.
July 26, 1961 filed 300,000
William
—
the basis of $100 of debentures
Office—129-07 18th Avenue, College
Point, N. Y.
Business—The
Underwriters—Milton D. Blauner & Co.
(managing),
manufacture of pressing and dry-cleaning equipment.
M. L. Lee & Co^ Inc., Lieberbaum &
Co., New York.
Proceeds—For repayment of loans and general corporate *.
Intercontinental Dynamics Corp.
(9/6)
purposes. Office—107 Fourth Ave., New York. Under¬
July 18, 1961 O'Reg. A") 200,000 common shares. Price
writer—J. R. Williston & Beane, New York.
—$1.50. Business—The manufacture of electronic and
for
and equipment.
product lines, repayment
of loans and working capital. Office—11965 Santa Mo¬
Proceeds—For
on
39
_
—
•
Hannett
Aug.
"
(10/2-6)
1961
11,
(''Reg. A") 100,000 common shares
Price—$3. Business—The fabrication of
cent).
one
Industries, Inc.
(par
com¬
ponents for missiles, jet engines, aircraft landing gears
and precision machines.
Proceeds—For machinery, re¬
search
40
•
.
tal.
and
development and working capital. Office—
Cliff Avenue, Glen Cove, N. Y.
Underwriter—
Sea
'
Albion Securities
Corp.
V
Houston Corp.
Co., Inc., New York.
sion,
working capital and general corporate purposes.
Office—First Federal Bldg., St. Petersburg, Fla. Under¬
writers—Blyth & Co., Inc., Lehman Brothers and Allen
(9/18)
&
Co., New York.
corporate
purposes.
Las Vegas,
Proceeds—To
nr,
^
Business—The
design, manufacture and sale
power
recording instruments. - Office—2401
Avenue, Denver, Colo, Underwriters—Bear,
Co. and Wertheim & Co., New York, N. Y.
statement Will be
.
to merge
the
E.
Sept.
7,
Second
Stearns &
Note—This
is expected
withdrawn. The company
with Lionel Corp. Stockholders
merger
of electric
1961.
Aug.
15,. 1961. filed 782,144 common shares, of which
shares are to be offered for subscription by
the basis of
on
one
share for each six
new
shares held and 71,104 shares to be sold to employees.Price—By amendment. Proceeds—For working capital.
-
•J
Office—1130
Alakea- St., Honolulu.
Underwriter—Kid¬
der, Peabody & Co., New York (managing).
<
Hawthorne Financial
Aug. V1'0,
1961
amendment.
-■i
Corp.
33,117 capital
filed
—For the
/'
•
?
shares.
an
insurance agency.
1
Proceeds
selling stockholders. Office—305 S. Hawthorne
Boulevard, Hawthorne, Calif... Underwriter
Weedon & Co., Los Angeles.
A
|
.
Price —By
Business—A holding company for a savings
and loan association and
—
Crowell,
nated
debentures
to
offered in units
be
and 50
common
due
1976
and
90,000
common
shares
consisting of $300 of debentures
shares. Price—$500 per unit.. Business
—The manufacture of
medicinal
chemicals.
Proceeds—
For
equipment, expansion, repayment of loans and work¬
ing capital. Office—3536 Peartree Avenue, New York.
Underwriter—Stearns & Co., New York
Hi-Shear
(managing).
indebtedness, to buy equipment,
capital. Off ice—Montvale, N. J. Un¬
Corp.
other cor¬
construction, repayment of loans and
porate purposes. Office — 2600 W. 247th St., Torrance,
Calif. Underwriter—William R. Staats & Co., Los An¬
'■i
geles.
•
•
30,-1961
ordinated
shares to
(9/18)
$650,000 of
debentures
be
consisting of
due
6%%
and
convertible sub¬
195,000
common
July
18,
filed
Corp.
$1,890,700 7%
dinated debentures due
Offering—Expected in early September.
Un¬
"
....
convertible
subor¬
1973 to be offered for subscrip¬
•
Irvan Ferromagnetics Corp.
(9/6)
July 6, 1961 ("Reg. A") 40,000 common shares (par 50
cents). Price—$5. Proceeds—For production equipment,
repayment of loans and research. Office—13856 Saticoy
St., Van Nuys, Calif. Underwriters—Thomas Jay, Wins¬
ton & Co., Inc., Beverly Hills, Calif, and
Maltz, Greenwald & Co., New York.
•
Israel-America Hotels, Ltd.
June
per
29,
Planning Corp.
(9/11)
I960, (letter of notification)
of class A
units
preferred
consisting
shares of
open a
of
common.
new
stock
stock
common
(no par)
5,000 shares of
and 10,000 shares
(par 10 cents) to be offered in
share of preferred and two
$40 per unit. Proceeds — To
one
Price
Business—The operation of hotels. Proceeds—For con¬
struction and operation of a hotel at
Herzlia, Israel. Ad¬
dress—Tel Aviv, Israel. Underwriter—Brager &
Co.,
New York.
Israel Investors Corp.
July 26, 1961 filed 100,000
branch office, development of business and
working capital. Office—3300 W. Hamilton Boule¬
vard Allentown, Pa. Underwriter—Espy & Wanderer,
Inc., Teaneck, N. J.
Industrial
June
Electronic Hardware Corp.
(9/18-22)
29, 1961 filed $1,000,000 Of 6% convertible subor¬
dinated debentures due
company
Aug. 1, 1976 to be offered by the
and 25,000 outstanding common siiares by the
stockholders
For
(par 50c). Price—For debentures—100%;
stock—By amendment. Business—The manufacture
component parts for the electrical and electronic
equipment industry.
Proceeds—For expansion, inven¬
tory, Introduction of new products and general corporate
purposes. Office—109 Prince Street, New York. Under¬
writer—S. D. Fuller & Co., New York
•
(managing).
Engravers, Inc.
1961 ("Reg. A") 120,000 common shares (par
Price—$2. Business—The marking and fabri¬
cation for metal parts. Proceeds—For moving expenses,
plant equipment, sales promotion and working capital.
6,
10 cents).
—
2212 McDonald
Ave., Brooklyn, N. Y.
Under¬
writer—A. J. Frederick Co., Inc., New York. Note—This
formerly was
Offering—Imminent.
company
•
named
Data
Inc.
Components,
Industrial
Gauge & Instrument Co., Inc. (9/13)
("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, inventory, working capital and repayment of
June 28, 1961
Indusirionics Controls, Inc.
July 26, 1961 filed 84,000 common shares. Price
tising, establishment of
Un¬
—
$5.
field engineering service or¬
ganization and other corporate purposes. Office—20 Vandam St., New York.
Underwriter—Jacey Securities Co.,
New York
a
(managing).
Instrument Systems Corp. (9/11-15)
June 28, 1961 filed 150,000 common shares
(par 25 cents).
Price—$5. Business—The manufacture of precision in¬
industries.
controls
Broadway, New York. Underwriter—None.
ivest
Fund, Inc.
Feb. 20, 1961 filed 150,000 shares of common stock.
Price
—Net asset value at the time of the
offering. Business
non-diversified, open-end investment company,
whose stated objective is capital appreciation. Proceeds
—For investment.
Office — One State Street, Boston,
—
A
Underwriter—Ivest, Inc., One State Street, Boston. Of¬
James Vending Machine Co., Inc.
Aug. 11, 1961 ("Reg. A") 100,000 common shares (par
10 cents). Price—$3. Business—The sale of
vending ma¬
chines. Proceeds—For purchase of trucks, development
and general corporate purposes.
Office—5523 Illinois
Ave., N. W., Washington 11, D. C. Underwriter—Mit¬
chell, Carroll & Co., Inc., 1801 K St., N. W., Washing¬
ton, D. C.
Jarrell-Ash Co.
Aug. 17, 1961 filed 60,000 class A common shares and
9,000 outstanding voting trust certificates (representing
beneficial interest in 9,000 class B common shares). Price
—By amendment. Business—The manufacture of optical
instrumentation. Proceeds—For repayment of loans and
working capital. Office
for
the
aircraft
and
—
7 Farwell
St., Newtonville,
Mass. Underwriters—Stearns & Co., New York and Clay¬
ton Securities Corp., Boston.
if Jayark Films Corp.
Aug. 24, 1961 filed 72,000 common,
to be offered by the company and
of which 50,000 are
22,000 by stockhold¬
Price—By amendment. Business—The distribution
of motion picture and television films. Proceeds—For
production of films and working capital. Office—15 E.
48th St., N. Y. Underwriter—Pacific Coast Securities Co.,
San Francisco.
Jefferson Counsel Corp.
March
13, 1961 filed 30,000 shares of class B common
stock (non-voting). Price—$10 per share. Business—The
company was organized under Delaware law in January
1961 td sponsor the organization of the Jefferson Growth
Fund, Inc., a new open-end diversified investment com¬
of the management type. Proceeds—For organiza¬
tional and operating expenses. Office—52 Wall St., New
York City. Underwriter—None.
pany
Jefferson Growth Fund, Inc.
July 11, 1961 filed 1,000,000 shares of capital stock. Price
—Net asset value plus 8%% sales commission. Business
—A mutual fund. Proceeds—For investment. Office—52
Wall
tors
St., New York. Underwriter—Jefferson Distribu¬
Corp., New York.
Jergens (Andrew) Co.
Aug. 3, 1961 filed 250,002 outstanding common shares.
Price—By amendment. Business—The manufacture of
toiletries. Proceeds—For the selling stockholders. Office
^
—2535
Spring
Hornblower &
•
struments and
shares. PrioeL-$l04.
ers.
Industrial
June
j
*
common
Business—An investment company formed to invest in
Israeli enterprises. Proceeds—For investment. Office—•
—
for
•
(9/11-15)
8, 1961 filed 1,250,000 ordinary shares. Price—$1
share, payable in cash or State of Israel bonds.
fering—Expected in September.
Income
monitoring of machinery. Proceeds—For repayment of a
loan, purchase of. raw material and equipment, adver¬
International
1961
Office—2501 N. Keeler Ave., Chicago.
derwriter—White, Weld & Co., New York (managing).
$100 debenture and 30 common shares.
.
Hoffman
stockholders.
Business—The manufacture of electronic controls for the
amendment.
if Interstate Fire & Casualty Co.
Aug. 25, 1961 filed 100,000 common. Price—By amend¬
ment. Business—The writing of general insurance. Office
—501 Livingston Bldg.,
Bloomington, 111. Underwriter—
White, Weld & Co., N. Y. C. (mgr.)
350
public sale in 6,500 units, each
offered for
one
1979
Business—The manufacture of
pre-cut homes and components in the heating, plumbing
and kitchen equipment fields. Proceeds—To organize a
new
finance subsidiary, for plant expansion, and for
working capital. Office—70th St., and Essington Ave.,
Philadelphia. Underwriter—Rambo, Close & Kerner, Inc.
Philadelphia. .
J
Price—By
.
filed
Underwriter—Currier & Carlsen, Inc., Los Angeles.
Illinois Tool Works Inc.
loans. Office—1403 E. 180th St., New York 69, N. Y.
derwriter—R. F. Dowd & Co., Inc., New York.
<
(
Hilco Homes Corp.
June
working
July 12, 1961 filed 100,000 outstanding common shares
(par $10). -Price—By amendment. Business—The manuiacture of metal and plastic fasteners, gear-cutting tools,
measuring instruments, etc. Proceeds—For the selling
Office
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 amendment. Business—The manufac¬
ture of high strength fastening devices and assembly
systems for the aircrafti and missile industries. Proceeds
—For
S.,
of basic
Hexagon Laboratories* Inc.
July 20, 1961 filed $540,000 of 6% convertible subordi¬
4
for
cumulative
711,040
stockholders
and
Dec.
Hawaiian Telephone Co.
Blvd.,
derwriter—Amos Treat & Co., Inc., New York City.
to vote on
are
Vegas
reduce
'
stock, of
which up to 90,000 shares are to be offered for public
sale by the present holders thereof and the balance by
the company." Price — At-the-market at time of sale.
Las
•
.
common
Office—2403
Nev. Underwriter—None.
Ifomen (Edward H.) & Son, Inc.
(9/25-29)
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.
lows, knitted garments, etc. Proceeds—For the repay¬
ment of loans, purchase of raw materials and equipment,
leasehold improvements, and working1 capital? Office—
1800 E. 38th St., Cleveland. Underwriter—J. R. Williston
& Beane, New York (managing).
3•/
J
of
-
,
^ Hudson Cleaners, Inc.
Aug. -17, 1961 ("Reg. A") 300,000 preferred. Price—At
par
($1). Proceeds—For working capital and general
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¬
Hathaway Instruments, Inc*
May 5, 1961 filed 351,280 shares
(9/18)
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¬
June 20, 1961 filed 150,000 common shares of which am
undisclosed number will be offered by the company for
.
-
June
Harmon
Harn
Co., Inc., New York.
Under37 Wall
St., New York.
(George) Co., Inc. July 21, 1961 ("Reg. A") 62,500 common shares. Price—
$4. Proceeds—For working capital, equipment, research
and development,- advertising, etc. Office—18141 Napa
St., Northridge, Calif.'. Underwriter—Hamilton Waters
& Co., Inc., Hempstead, N. Y.
•••
Office—350 Lincoln Rd., Miami Beach, Fla.
writer—A. M. Shulman &
electronics
Proceeds—For expansion and working capi¬
Grove Ave, Cincinnati. Underwriter—
Weeks, New York (managing).
•
Jolyn Electronic Manufacturing Corp.
April 24, 1961 (letter of notification) 65,500 shares of
common stock
(par one cent). Price — $3 per share.
'
Continued
on page
40
40
The Commercial and Financial Chronicle
(940)
.
<Continued from
manufacture
machine
of
products,
tool
repayment of a loan, working
capital, and general cor¬
•
porate purposes. Office—Urban Avenue, Westbury, L. I.,
N. Y. Underwriter—Kerns, Bennett & Co., Inc., N. Y. Of¬
Broad
&
Building Co.
Price—By amendment.
ceeds—For
repayment
of
•
Keller
& Co., New
Pro¬
development of land, construction of homes
activities in Florida. Proceeds—For repay¬
,
of debt, acquisition of Yetter Homes, Inc., and
general corporate purposes. Office—101 Bradley Place, >
Palm Beach, Fla. Underwriter—Casper Rogers & Co.,
Inc., New York (managing).
ment
Kent
Aug.
are
~
Dry Cleaners, Inc.
filed
1961
25,
to be
offered
165,000
'
common,
,>
of which
45,000
stock-
-
Price—$5.
•
Proceeds—For repayment
Business
amendment.
—
•
•
Deane &
III.
Dillon, Union: Securities &
Expected in early October.
Weeks
&
and
(co-mgrs.)
Co.
Price—-$4.
tail stores.
and
general corporate
Street, New York.
Inc., New York.
Kulicke &
Aug. 15, 1961
100,000 shares
22,980 shares
Business—The
of
a
common
new
purposes;
Proceeds—For
pay¬
of
taxes, new products, down payment on a new
plant and general corporate purposes.
Office—401 N.
Broad St., Philadelphia. Underwriter—Marron, Sloss &
Co., Inc., New York (managing).
L. L.
Drug Co., Inc. 1
July 26, 1961 filed 100,000
Business
—
of
shares. Price—$4.50.
pharmaceuticals.
Pro¬
loan, purchase of equipment,
common
or
ceeds—For repayment of a
research
and
development,
advertising and working
capital. Office—1 Bala Ave., Bala-Cynwyd, Pa. Under¬
writer—Stevens Investment Co., Bala-Cynwyd, Pa.
"Lapidoth" Israel Oil Prospectors Corp. Ltd.
Oct. 27, 1960 filed 1,500,000 ordinary shares. Price—To
<be supplied by amendment, and to be payable either
totally or partially in Israel bonds. Business—The com¬
-
■
Md. Underwriter—Manhattan
(managing).
7":,.,
•
.
,
Inc.
,
land, Calif. Underwriter—Merrill Lynch, Pierce, Fenner,
& Smith Inc. N. Y. C. (mgr.).
a
consolidation
For
Leader Durst Tri-State Co.
—
Office—41
E.
42nd
None.
Lee
July 7,
Street, New York.
Underwriter—
.
Filter Corp.
1961
l*irice—$7.25.
("Reg. A") 1,334 capital shares (par $1).
Business—The manufacture of air," oil and
Bldg., St.
Eastern
/
,
.
.
Corp., New York
-
...
v-
ness—The
manufacture
mechanical
of
and
electro-me¬
chanical., components.
Proceeds — For equipment ;, and
wofking capital. Office—920 S. Oyster Bay Rd., Hicks-/
ville, N. Y. Underwriter—Paul Eisenberg & Co., N. Y. C,
Marine Structures
Feb.
Corp*v.;:;/r':
'
..
(letter of notification) 100,000 shares of
common stock, (par one cent). Price—$3 per share.
Pro-■■
ceeds—To purchase raw materials, advertising and for
working capital. Office—204 E. Washington' St., Peta1};.. 1961
;• Marks
•
repayment
Lowe's
July
28,
of
bution of building
retail
and
(9/25-29)
Polarized Corp.
16
Tenth
Ave.,
Whitestone,
N. Y. Underwriters—Ross,
Lyon & Co., Inc. (mgr.), Glass & Ross, Inc., and Globus,
Price—By
wholesale
if Marlene Industries Corp.
distri¬
Aug. 29, 1961 filed 225,000 common, of which 150,000 are
to be offered by the company and 75,000 by stockholders.
Price—$7. Business—The manufacture of ladies' wear.
Proceeds—For working capital. Office—141 W. 36th St.,
supplies, household fixtures and ap¬
pliances, etc. Proceeds — For the selling stockholders.
Address—North Wilkesboro, N. C. Underwriter—G. H.
Walker & Co., Inc., New York (managing).
N.Y.C. Underwriter—Bernard
I
•
Lytton
March
Financial
and
Corp.
Marshall
1961 filed 300,000 shares of capital stock.
supplied by amendment. Business—The
the stocks of several California savings
associations.
It also operates an
insurance
30,
Price—To
company
share for each four shares
Business
agency,; and
City
(mgr.).
Note—This
offering is
M
P
I
comDanv
formerlv
was
nampH
Industrial
space
and missile
appli¬
Huntington Dr., San Marino,
...
Master Craft Medical & Industrial
-
Corp.
July 10, 1961 filed ("Reg. A") 75,000 common shares.
Price—$4. Business—The manufacture of medical and
industrial plastic
rate
N.
<
devices. Proceeds—For general corpo¬
Office—95-01 150th Street, Jamaica 35,
Underwriter—Sulco Securities, Inc., N; Y. C.
purposes.
Y.
McAlester
Aug. 15, 1961
Note—1This
Materials, Inc.
primarily for
Calif. Underwriters—William R. Staats & Co., Los An¬
geles and Shearson, Hammill & Co., New York (man¬
aging).
/ :
.7
being with¬
.
held. Price—By amendment.
of electronic components
manufacture
cations. Proceeds—For repayment of debt and advances
material to be used in rocket motor cases. Proceeds—
For expenses, equipment and working capital. Office—
1025 Shoreham Bldg.. Washington, D. C. Underwriter
Co., Washington, D,, C;
The
to subsidiaries. Office—2065
Fibers, Inc. (9/18)
April 27, 1961 (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
Equities
—
instruments
and
Glass
—Atlantic
M.Kahn&Co., Inc., N.Y.C.
Industries
Aug. 4, 1961 filed 131,305 common shares to be offered
for subscription by stockholders on the basis of one new
be
owns
loan
.
Inc., N. Y. C.
Inc. (9/18)
filed 388,250 common shares.
Business—The
'-J:;;
common
27, 1961 filed 95,000 common shares. Price — By
amendment. Proceeds — For expansion, acquisition of
new facilities and other corporate purposes. Office—153-
loans;
Companies,
1961
(9/5-8)
A") 50,000
June
inventories; new products;
working capital, and general corporate purposes. Office
—85 Tenth Ave., New York. Underwriter—Reich & Co.,
New York (managing).
For
Rental Corp.
shares (par one
cent). Price—$1. Proceeds—For working capital. Office
—301 Cliff Ave., Scranton, Pa.
Underwriter—Vickers
Securities Corp., New York.
drawn.
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.
By
For
if March Dynamics Inc.
Aug. 28, 1961 filed 125,000 common. Price—$2.50. Busi¬
Mark Truck
50,000 shares by the stockholders. Price—$6.50. Business
—The manufacture of children's sportswear. Proceeds—
York
as
.
June 28, 1961 ("Reg.
Lortogs, Inc.
July 26, 1961 filed 200,000 common shares, of which
150,000 shares are to be offered by the company and
None.
organized in October 1959
—
—
luma, Calif. Underwriter—Grant, Fontaine & Co., Oak¬
drug stores in California and Hawaii. Proceeds—For-!
selling stockholders. Office—5301 Broadway, Oak- ' land, Calif.
ating in the oil business as a joint venture. Proceeds—
exploration and development of oil lands. Office—
22 Rothschild Blvd.,
Tel-Aviv, Israel. Underwriter —
was
of individual and corporate licensees who had been oper¬
Proceeds
share at $4) and 50 common shares. Price—$300
unit.
Business—Consumer finance. 'Proceeds—For
working capital. Office—912 Thayer Ave., Silver Spring,
through a subsidiary, Title Acceptance
Corp., acts as trustee under trust deeds securing loans
made by the associations. Proceeds—To repay loans and
for working capital.
Office — 8150 Sunset Boulevard,
Hollywood, Calif. Underwriters—William R. Staats &
Co., Los Angeles and Shearson, Hammill & Co., New
pany
v
the
amendment.
The manufacture
(9/18)
Price
shares.
per
Aug. 24, 1961 filed 190,000 outstanding common. Price— By amendment. Business—The company operates a chain ./
shares (par 10-
Manufacturing Co.
filed 122,980 common shares, of which
are to be offered by the company and
by stockholders. Price—By amendment.
manufacture of machinery for production
transistors and similar devices.
ment
'
■
if. Longs Drug Stores,
Soffa
Fund, Inc.
common
mon
operation of bowling alleys. Proceeds—For
purposes.
Address—Mattituck, L. L. /
.
Underwriter—Kerns, Bennett & Co.,
Income
1961 filed 40,000
Major Finance Corp.
—
store, working capital
Office — 201 W. 49th
7,
investment. Office—1002 First National Bank
Long-Lok Corp. '
y.)y;'
July 26, 1961 ("Reg. A") 100,000 capital shares (no par).:.;
Price—$3. Proceeds—For a new subsidiary, machinery.1.;
repayment of a loan and working capital. Office—4101"
Redwood Ave., Los Angeles. Underwriter—Rutner, Jack- son & Gray, Inc., Los Angeles.
:
;i.:
Business—The operation of men's re¬
Proceeds—For
Mairs & Power
June
Underwriter—Trinity Securities Corp., New York
City.
Kronfeld
cents).
■
Paul, Minn. Underwriter—None.
N. Y.
Offering—
St., Santa Rosa, Calif.: Underwriter
Pacific Coast Securities Co., San Francisco.
"7
7
Hayes Avenue at 21st Street, Camden, N. J. Underwriter
—Butcher & Sherrerd, Philadelphia (managing).
;
■
Manufacturing Co.
amendment. Business—A mutual fund.
ness—The
King's Office Supplies & Equipment, Inc.
July 5, 1961 <"Reg. A") 65,000 common shares (par $1).
Price—$2. Proceeds:—For inventory and working capital.
(Phil), Inc..
July 28, 1961 ("Reg. A") 75,000
postponed. *;;:Y
Eastman.
Office—515-5th
.
(9/13)
general corporate
steel.
Underwriters—Hornblower
Angeles, Washington; Proceeds—For
Credit; Fonder ' Bldg.y Van¬
couver, B. C. Underwriters—(In U. S.) B6ar, Stearns &
Co., New York.. /In Canada) W. C. Pitfield & Co., Ltd.,
Montreal. Note—This registration has been temporarily
Office—508
construction.
•
Long Island Bowling Enterprises, Inc. (9/1) /
May 24, 1961 (letter of notification) 100,000 shares of
common stock (par 10 cents).
Price—$3 per share. Busi¬
Proceeds—For the
repayment of debt and working capital. Office—Peoria,
of
pipeline from British /Columbia to Vana subsidiary will build a pipeline from
Island and
Bremerton to Port
Aug. 18, 1961 filed $200,000 of 7% senior subordinated
real estate. Proceeds—For investment. Office—18 E. 41st ,: debentures due 1971 (with attached warrants) and 100,000 common shares to be offered in units consisting of
Street, New York.
Underwriter— Tenney Securities
$100 debenture (with a warrant' to purchase one com¬
Corp., New York.
The manufacture of aluminum
production
transmission
cover
Long Falls Realty Co.
July 21, 1961 filed $1,708,500 of limited partnership in¬
terests.
Price—$5,000 per interest.
Business—General
debentures
Business—The
S., and 225,000 in
Price—By amendment. Business—The company
Office—3600 Clipper Mill Road, Baltimore.
Underwriter—Alex. Brown & Sons, Baltimore.
filed $20,000,000 of convertible} subordi¬
due
1981.
Price—By amendment.
1961
'
\
plans to build and operate an underwater natural gas
golf jackets.
Keystone Steel & Wire Co.
nated
-
000 will be offered for sale in the U.
Canada.
Aug. 8, 1961 filed 150,000 common shares. Price— By
amendment. Business—The manufacture of rainwear and
siding and doors and accessories.
Proceeds—For acqui¬
sitions and repayment of loans. Office—511 Mellon Bank
Aug. 23,
Inc.
Co., Inc., New York.
Londontown
Price—By
Building, Latrobe, Pa. Underwriter—Singer,
Scribner, Pittsburgh (managing).
V
-
'
Underwriter—Tau Inc., New York.
Industries,
Liverpool
Arden Perin &
Kentucky Central Life & Accident Insurance Co.
shares.
Minneapolis. V:
—
Aug. 16, 1961 filed 400,000 class A non-voting common
shares, of which 200,000 shares are to be offered by the
company
and 200,000 shares by stockholders. Price—
From $13 to $17 per share. Proceeds—To increase capital
and surplus.
Address—Anchorage, Ky.
Underwriter—
Stifel, Nicolaus & Co., St. Louis (managing).
common
(par
shares
Magnetic Metals Co.
10
of,., July 28, 1961 filed 151,200 common shares. Price—By
amendment.
Business
The manufacture of magnetic
precision parts for the aircraft and electronic industries.
Proceeds—For sales promotion and working capital. Of¬
components used in the electrical and electronics indus¬
fice—162 57th Street, Brooklyn, N. Y.
tries.
Proceeds—For the selling stockholders.
Office—•
Underwriter—
Underwriter—Hodgdon & Co., Inc., Washing¬
Keystone Alloys Co.
Aug. 10, 1£61 filed 42,000
common
1, 1961 "Reg. A" 85,700 common shares (par
cents). Price — $3.50.
Business — The manufacture
porate purposes.
ton, D. C.
ton, D. C.
250,000
Price—$1.15. Proceeds—For inventory, equip¬
and
Aug.
working capital, construction and other cor¬
Office—1420 K Street, N. W., Washing¬
loans,
Corp., Maple-
Magazines For Industry, Inc.";;
h
& Charter Way, Stockton, Calif. Underwriter—Van AlAug. 2, 1961 filed 135,000 common shares. Price — By
amendment. Business—The publishing of business pe¬
styne, Noel & Co., New York (managing).
riodicals. Proceeds—For promotion, a new publication
Libby International Corp.
Aug. 3, 1961 ("Reg. A") 100,000 common shares (par 10 - and working capital. Office—660 Madison Ave.,. New
cents). Price—$3. Business—The distribution of tractors •' York. Underwriter—S. D. Fuller & Co., New York (man¬
and farm equipment manufactured by Kramer-Werke, a
aging).
German company.
Proceeds — For repayment of loans,,
Magna Pipe Line Co. Ltd.. ♦
inventory and working capital. Office—325 W. Houston -> June 1, 1961 filed 750,000 common shares, of which 525,-
Distributor—Horizon Management Corp., New York.
Inc.
1961 filed 200,000 common shares.
Share
working capital. Office,—2419 Hiawatha Ave.,
Minneapolis. Underwriter—Craig-Hallum Kinnard, Inc.,
200,000 shares by stockholders. Price—By amend¬
Business—The processing, canning, bottling and
—
Co., Inc., N. Y. C.
Business—General real estate.
of
ment
Fund, Inc. (9/18)
March 30, 1961 filed 951,799 shares of common stock. '
Price
Net asset value plus a 7% selling commission.
Business — A non-diversified, open-end, managementtype investment company whose primary investment ob- jective is capital appreciation and, secondary, income
derived from the sale of put and call options. Proceeds-^ For investment. Office—300 Main St., New Britain, Conn.
Business—The dry cleaning and stor- age of clothes. Proceeds—For working capital and gen¬
eral corporate purposes. Office — 1745 Clintonville St.,
Whitestone (Queens) N. Y. Underwriter—Arnold Mal-
July 19,
Mag-Tronics Corp.
17, 1961 ("Reg. A")
;
10 cents).
Lincoln
by the company and 120,000 by
Kent Washington,
(9/11-15)
July
Street, New York.
•
holders. Price—$5.
kan &
Inc.
Foods,
&
ment
related
and
(Tillie)
Avenue, New York 16, N. Y.
wood, N. J.
selling of fruits and vegetables. Proceeds—For repay- ;
of debt and working capital. Office—Fresno Ave.
York (managing);
ordinated
ness—The
Lewis
advertising, plant removal and working cap¬
Office—189 Lexington
Underwriter—Continental Bond
ment.
(10/16)
Corp.
ital.
and
Business
29, 1961 filed $1,200,000 of 6y2% convertible sub¬
debentures due 1968. Price—At 100%. Busi¬
June
motion and
July 3, 1961 filed 400,000 common shares (par $1), of
which 200,000 shares are to be offered by the company
and working capital.
Southfield, Mich. Un¬
loans
Office—18610 W. Eight Mile Road,
derwriter—Bache
•
Thursday, August 31, 1961
payment of loans, equipment; new products, sales pro¬
(9/25-29)
of notification; 150,uuo shares of
stock (par $1). Price—$2 per share. Address—
,
construction and sale of low-priced homes.
'—The
Inc.
Marina,
(letter
Yankton, S. D. Underwriter — The Apache Investment
Planning Division of the Apache Corp,, Minneapolis.
Aug. 11, 1961 filed 174,500 common shares, of which 124,500 shares are to be offered by the company and 50,000
shares by stockholders.
Clark
&
1961
9,
common
fering—Imminent.
Kaufman
Lewis
.
cent).
"
May
.
.
„
MacLevy Associates, Inc.
July 20, 1961 ("Reg. A") 150,000 common shares (par one
Price—$2. Business—The distribution of health,
exercise and slenderizing equipment. Proceeds—For re¬
Underwriter—Omega Securities Corp., New York (man¬
aging).
sextants and related items. Proceeds—For
drift meters,
'
Proceeds—For the selling
Talmadge Road, Edison, N. J.
stockholders.. Office—191
Business—The
4**
gasoline filters for vehicles;
39
page
'
.
"
7
Aircraft, Inc.
("Reg. A") 25,000 class A
common
shares
(par $1). Price—$10. Proceeds—For research, engineer¬
ing, production arid W0rirfngr-(^pital'^OfiRee-^28OLS;*Air
Volume
194
Boulevard,
Depot
Number 6086
Midwest
.
.
The Commercial and Financial Chronicle
.
derwriter— Pine
Underwriter—
Okla.
City,
New York
Honnold & Co., Inc., Oklahoma City.
•
Medco, Inc.
in
concessions
closed-door
Proceeds—For
stores.
Co., Inc., Kansas City, Mo.
^ Met Food Corp.
Aug. 25, 1961 filed 150,000 common.
Price—$4.
distribution of food to retail stores
—The
July
ceeds—To
Underhill Blvd., Syossety N.' Y.
UnderwriterBrand, Grumet & Seigel, Inc., N. Y. C. (mgr.)
>
Office—19 Debevoise
Avenue, Roosevelt, N. Y.
Corp., New York.
micro-wave
Under¬
Mite
(9/25)
May
12,
Semiconductor &
1961
filed
per
share.
Price—$3
Instruments
shares
120,000
ment, manufacture and sale
of
instruments.
additional
First Investment
•
Middle
Inc.
Mobile
equipment,
Office
.
—
•
116-06
Credit
<Middle Atlantic
vestment
Pa.
and
investment Co.
working
Underwriter—Best
capital/
&
•
•
;
',
filed 5,000,000
amendment. 'Business—A
■-
investment.
•/,"
Office
Minneapolis.
|
ments,
i
r
July
Address—Elkins
Park,
Washington,
;V.:!
'
14,
National
e
15
Bank
Planned
filed
800,000
Business
common
A
—
Bldg.,
Invest¬
(9/25-29)
shares. Price—By
business
small
Proceeds—For investment.
First
Bank
pany
for savings and loan associations, mortgage
investment
company,
company,
etc.
•
Underwriter—
Price—$4.50.,
July 27, 1961 filed 100,000 common shares. Price—$6.50.
Business—The manufacture of armature, stator and field
-
cision
components, assemblies for aircraft, armaments,
computers, floor waxers and industrial vacuum cleaners.
'
repayment-of
equipment/ research and development,
loans and working capital.
Office-^9
.
a
Cleveland
V
Nelson Securities, Inc., Hempstead,
s
Inc.
Aug. 10, 1961 filed 120,000
Valley Stream, N. Y.
Miner Industries,
-
-
Street,
N. Y.
;
Motor
7
common
1
s
Business—The manufacture of toys.
4
products,
shares.
Proceed:—For new
advertising and working capital.
Office—430
Southern Boulevard, New York. Underwriters—Golkin,
Bomback & Co. and Oppenheimer & Co., New York.
•
Minichrome, Inc.
(9/5-6)
June
16, 1961 ("Reg. A") 150,000 common shares (par
15 cents). Price—$1.15.
Proceeds—For film processing
machines, machinery installation and working capital.
Office—980 W.- 79th St., Minneapolis, Minn. Underwriter
—Continental Securities, Inc., Minneapolis, Minn.
Minuit Investing Corp.
Aug. 4, 1961 ("Reg. A") 28,000,shares of 80 cents cumu¬
lative, participating preferred stock (par $1). Price—$10.
Business—An investment company.
Proceeds—For ac-
s
,
r^-y
quisitions, working capital and general corporate pur¬
poses.
Office—225 Broadway, New York 7, N. Y. Un¬
Address—Monticello, N. Y. Underwriter—J. Lau¬
& Co., Inc., New York, N. Y.
Guaranty Insurance Co.
Oct. 17, 1960 filed 155,000 shares of common stock (par
$1). Price—To be supplied by amendment. Business—
Insuring lenders against loss on residential first mort¬
gage'loans, 'principally
on
single family non-farm
homes. Proceeds—For capital and surplus. Office—606
West Wisconsin Avenue, Milwaukee, Wis. Underwriter
—Bache & Co., New York City (managing). Note—This
stock is not qualified for sale in New York State.
Components, Inc.
^
Aug. 15, 1961 ("Reg. A") 170,000 class A shares (par 10
cents). Price—$1. Business—The manufacture of pre¬
For
7a,000 shares of
stock (par 10 cents).
rence
r
coils.
Second
•
Manufacturing Co.
Proceeds—For
ital and
&
Coils
repayment of loans,
working
cap¬
Co., New York.
Fuel
Supply Co.
(9/12)
Aug. 7, 1961 filed $18,000,000 of debentures due Sept. 1,
1986. Price—By amendment. Proceeds—For repayment
and
of loans
general corporate purposes. Office—180 E.
St., Salt-Lake City, Utah. Underwriter—First
Corp;, New York \ (managing).
First South
Boston
•
Movie
Aug.
9,
amendment.
clothing.
Inc. (10/2-6)
filed 200,000 class
Star,
1961
Business
—
The
A shares.
manufacture
Price —By
of
women's
Proceeds—For general corporate purposes. Of¬
New York. Underwriter—Milton
fice—392 Fifth Avenue,
D. Blauner &
Co.
212,000 common shares, of which
be offered by the company and
by stockholders. Price—By amendment.
Business
The manufacture of braided,. woven and
knitted fabrics and production of coated and processed
papers. Proceeds — For repayment of loans, expansion
and working
capital. Office—7th and Reading Aves.,
West Reading, Pa. Underwriter—Drexel & Co., Phila¬
delphia (mgr.).
18, 1961
75,000 shares
137,000 shares
filed
are
to
—
1
'
National Bowling Lanes, Inc.
July 21, 1961 filed 200,000 capital shares. Price—$5.50.
Business—The operation of bowling centers. Proceeds—*
For expansion, repayment of. loans, and-working capi¬
tal.
Office
220 S, 16th Street, Philadelphia.
^ Under¬
writer—Edward Lewis & Co., Inc., New York/v / / /
-^-
,
• National Cleaning Contractors, lnc.
(9/T)
<y
'
19, 1961 filed 200,000 oustanding common shares.
Price—By amendment. Business — The maintenance of
commercial buildings.
Proceeds—For the selling stock¬
July
holders:
*
:Office-^60 Madison Avenue, New York. Under- /.
(managing): •'/
Writer—Bear, Stearns & Co., New York
National
Supply Co.,
Hospital
Inc.
/
22, 1961 ("Reg. A") 100,000 common shares (par
10 cents). Price—$3. Business—The distribtuion of me¬
dical supplies. Proceeds—For inventory, advertising and
promotion, expansion, repayment of loans and working
capital. Office—38 Park Row, New York. Underwriters
—Edward Lewis & Co., Inc. and Underhill Securities
June
Corp., New York (co-managers).
National
Periodical
Publications, Inc.
(9/18)
$1). Price
magazines
Proceeds—For the selling stock¬
July 18, 1961 filed 500,000 common shares (par
By amendment. Business — Publishers of
and
paperback books.
Office—575 Lexington Avenue, New York.
holders.
Un¬
Hammill & Co., New York and
Prescott, Shepard & Co., Inc., Cleveland (managing).
derwriters— Shearson,
National
Semiconductor
Corp.
(9/11-15)
1961 filed 75,000 shares of capital stock. Price
—To be supplied by amendment. Business-—The design,
May 11,
quality transistors
military and industrial use.
Proceeds — For new
equipment, plant expansion, working capital, and other
corporate purposes. Office—Mallory Plaza Bldg., Danbury, Conn. Underwriters — Lee Higginson Corp., New
York City and Piper, Jaffray & Hopwood, Minneapolis
(managing).
•
Natpac Inc.
Co., Inc., New York (managing).
(10/25)
July 28, 1961 filed 100,000 common shares. Price—$4.75.
Business—The processing of meat and frozen food prod¬
financing,
the
ucts;
sale
and
servicing of home food
freezers, and the operation of a supermarket.
—For consumer time payments, expansion, and
Proceeds
working
capital. Office — 93-25 Rockaway Blvd., Ozone Park,
N. Y. Underwriters—William, David & Motti, Inc., and
Flomenhaft, Seidler & Co., Inc.,
New
July
general corporate purposes. Office—110 ThirtySt., Pittsburgh. Underwriter—Golkin, Bomback
Mountain
working
for
Price—$4 per share. Busiy
ness—The sale of lumber, building supplies and hard¬
ware.
Proceeds—To repay loans and for working cap¬
ital.
common
development, manufacture and sale of
Inc.
Mortgage
Mi'lo
—
and Spear, Leeds &
(letter of notification)
1961
11,
common
Fabric
Proceeds—For
—
Monticello Lumber & Mfg. Co.,
April
com¬
a
(co-mgrs.)
Proceeds
^
Capital Corp.
Cruttenden, Podesta & Co., Chicago
Office—2011-13th St., Boulder, Colo. Underwriters
—Boettcher & Co.. and Bosworth, Sullivan & Co., Inc.,
J
,
Kellogg, N. Y. C.
debt.
Denver
/
machinery, repayment of loans and working capital. Of¬
Corliss Ave., Neptune, N. J. Underwriters—
small business
Proceeds—For repayment of
manufacturing
a
i
fice—1802
Frice—Byyamendment.; Business—A holding com¬
panies,
;
,
■)(• Monmouth Electric Co., Inc.
ofc Midwestern Financial Corp.
Aug. 28, 1961 filed 260,000 common, of which 75,000 are
to be offered by the company and 185,000 by stockhold¬
ers.
*
filed
1961
Aug. 28, 1961 filed 200,000 common, of which 125,000 are
to be offered by the company and 75,000 by stockhold¬
ers.
Price—$6. Business—The manufacture of electronic
and electro-mechanical equipment.
Proceeds—For new
investment
Office—2615
Mon-Dak Feed-Lot, Inc.
17,
amendment.
Narrow
1961
26,
Aug. 1, 1961 filed 200,000 shares of capital stock. Price—
$10. Business — A small business investment company.
Office—First National Bank Bldg., Main St., Freehold,
N. J. Underwriter—Meade & Co., New York.
Proceeds—For
National
Midwest
—
shares. Price
capital. Of¬
fice—16 East Pleasant St., Baltimore, Md. Underwriter
—Sade & Co., Washington, D. C.
(managing).
Broadway, New York 6, N. Y.
39
Inc.,
Monmouth
shares. Price—By
fund.
Bldg., Minneapolis. Underwriters — Lee
Higginson Corp., New York and Piper, Jaffray & Hopwood, Minneapolis.
e
s
First
1815
Underwriter
1961
company.
»'*
'
—
common
mutual
Inc., Minneapolis.
amendment.
Co.,
27, 1961 filed 33,334 class A
—By
(9/20)
150,000 common shares. Price—$3;
Business—The 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
—Wilson, Ehli, Demos, Bailey & Co., Billings, Mont.
Midwest Technical Development Corp.
'4
&
Co., Inc., New York.
Charge Plan and Northern Acceptance Corp.
Aug.
Co.
new
Pro¬
(9/18)
June
Mon-Art, Inc.
July
*
Midwest Investors Fund, Inc.
July 17, 1961
1
NAC
filed
Insurance
a
kitchen and household appliances.
the
Underwriter—Amos Treat &
electronic equipment, including
(9/29)
("Reg. A") 60,000 convertible preferred
shares. Price—At par ($5). Business—The manufacture
1 of mosaic tile kits. Proceeds—For retirement of debt,
increase cf inventory and purchase of equipment. Office;*
-T-1548 E. Grand Blvd., Detroit. Underwriter — Davis.
Rowady & Nichols Inc., Detroit.
>"
'■
• y
•;
Price—$10;
Proceeds—For in¬
D. C._
'1
Mohawk
June
(9/25)
shares.
Garey Co., Inc.,
-
]
of mechanical,
,
June '22,.vl961 filed 7O;0OO common
Business—An investment company.
rl.
Price—By.
shares.
financing, exploitation and sale of
electric
purchase of inventory, sales promotion
and working capital. Office—230 Fifth Ave., New York.
Inc.
Estates,
1961
27,
Dowd
Corp.
Co., InC,vNew York.
•
capital
of
ceeds—For
Aug. 8, 1960, filed 75,000 shares of class A common stock.
Price—$12 per share. Proceeds—For general funds. Of¬
fice—198 Broadway, New York City. Underwriter—R. F.
—
Planning Co., Washington, D. C.
Atlantic
line
Business—The manufacture
and
Murray Magnetics Corp. (10/16-20)
"
15, 1961 filed 150,000 common shares.Price—$6.
Business—The
ing capital. Office—26 Dalbert, Carteret, N. J. Under¬
writer—Harry Odzer Co., New York (managing).
re¬
Underwriter
•
Aug.
140,000 common shares. Price—$6.
Proceeds—To purchase land, construct and develop about
250 mobile home sites, form sales agencies and for work¬
June
(9/25)
July 27, 1961 filed $120,000 of QVz% subordinated deben¬
tures due 1971 and 60,000, commons shares to be offered
in units consisting of $200 of debentures and 100 shares
of stock.Price—$500 per unit. Business—A commercial
f
—
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).
microwave devices and
search, inventory and working capital.
Myrtle Avenue, Richmond Hill, N. Y.
t
Municipal Investment Trust Fund, Series B
April 28, 1961 filed $12,750,000 (12,500 units) Of interests.
Price
To be supplied by amendment. Business — Ihe
fund will invest in tax-exempt bonds of states, counties,
municipalities and territories of the U. S. Proceeds—For
investment.
Sponsor—Ira Haupt & Co., Ill Broadway,
New York City, Offering—Expected in early September;-
payment of loans; research, development and
of common stock.
research, develop¬
Business—The
Proceeds—For
1961
23,
the Common¬
Pennsylvania
early September.
Pro¬
sewing machine attachments, small electric motors, Po¬
laroid Land cameras, etc. Proceeds—For equipment, re¬
Proceeds—For
components.
Microwave
>r
.
capital and surplus accounts.
Blvd.," St. Louis. Underwriter—
(9/29)
filed 325,000
invest in tax-exempt bonds of
of
and its political sub-divisions.
Proceeds—For investment.
Sponsor—Ira Haupt & Co.,
Ill Broadway, New York City.
Offering—Expected in
Co., Chicago (managing).
electro-mechanical
expansion and
working capital. Office—55 Ninth St., Brooklyn, N. Y.,
Underwriters
Manufacturers
Securities
Corp.,
New
York (managing); Bioren & Co., Boenning & Co., Phila¬
delphia, Chace, Whiteside & Winslow, Inc., Draper, Sears
& Co., and Schirmer, Atherton & Co., Boston.
J
V1'
Lindell
Corp.
amendment.
—
'
wealth
Proceeds—For repayment of loans and for expansion. *
Address—Cape Girardeau, Mo. Underwriter—Edward D.;
Jones & Co., St. Louis, Mo.
July 28, 1961 ("Reg. A") 100,000 common shares (par 20
cents), Price—$3. Business—The development and man¬
ufacture of language
laboratories for the electronics
-
•:'x
company.
will
fund
to
added
Investment Trust Fund, First Pa.
April 28, 1961 filed $6,375,000 (6,250 units) of interests.
Price—To be supplied by amendment.
Business—Tne
July 3, 1961 filed 50,676 common shares to be offered
for subscription by stockholders on the basis of one new
share for each 10 shares held. Price—By amendment.
educational field and the manufacture of electronic and
•
insurance
,
Underwriter
Series
Missouri Utilities Co.
June
Micro-Precision Corp.
,•
Business—A life
be
A. C. Allyn &
writer—Underhill Securities
d
(9/11-15)
shares. Price—By
equipment. Address—Easton, Md.
Municipal
technical
of
Fidelity Life Insurance Co.
Office—4221
MScro-Lectric, Inc. (9/11-15)
June 12, 1961 ("Reg. A") 55,000 common shares (par 10
cents )v Price—$4.- Business—The manufacture and de-\
sign of potentiometers used in computers, ground control
guidance systems and, missiles. Proceeds—For. tooling j
and production; repayment of loans; equipment; adver¬
tising; research, and development and working capital.
4
:
manufacturers
of
—None.
•
1
,-T.
chase
1961 filed 200,000 common
14,
amendment.
Office
purposes.
—345
J
■
Proceeds—For general corporate
City.
Aug. 11, 196 l("Reg. A") 15,000 common shares (no par).
Price—$10. Proceeds—For repayment of loans and pur¬
For payment of loans;
Missouri
Business
in New York
j;
S
—
41
Multifax Co.
Broadway,
225
equipment.
machinery and office
equipment; reduction of current liabilities; research and
development and working capital. Office—245 4th St.,
Passaic, N. J. Underwriter — Hopkins, Calamari & Co.,;
Inc., 26 Broadway, N. Y. Offering—Imminent.
Proceeds
North
i
(letter
stock (par
Business—The
membership
department
Office—1211 Walnut
expansion.
l
Securities, Inc.,
of notification) 151,900 shares of
10 cents). Price—$1.50 per share.
1961
8,
common
Kansas
City, Mo.
Underwriters—Barret,
Fitch,
& Co., Inc. (managing) and Midland Securities
St.,
■3
Tree
7, N. Y.
Missile-Tronics Corp.
May
July 13, 1961 filed 125,000 class A common shares. Price
—By amendment. Business—The operation of jewelry
(941)
5,
Era
New York.
Mining Co.
filed 800,000 common shares. Price—50c.
equipment, working capital, repayment
and reserves. Office—9635 W. Colfax Ave., Den¬
1961
Proceeds—For
of debt
ver.
Underwriter—None.
New West Land Corp.
.
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,
June
30,
North
&
Co.,
Nissen
Kansas City, Mo.
Trampoline Co.
1961 (letter of notification) 9,400 shares of com¬
(par $1). Price—At the ^rket Proceeds—
For the selling stockholders. Office—930 27th Ave., ^.W.,
Cedar Rapids, Iowa.
Underwriter — Yates, Heitner &
May 4
mon
v
stock
Woods, St. Louis, Mo.
' Note—This issue has been tem¬
porarily postponed.
Continued
on page
42
.
42
The Commercial and Financial Chronicle
(942)
.
:
ness—Manufacturers of drugs. Proceeds—For expansion,
from page 41
Roberts & Co., Inc.,
23rd Ave., Long Is¬
City, N. Y. Underwriter—Havener Securities Corp.,
New York, N. Y. Offering—Imminent.
working capital. Office—38-01
Nitrogen Oil Well Service Co. (9/5)
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 IVs shares held; and $10.60
land
unsubscribed shares. Business—The company
furnishes high pressure nitrogen to the oil and gas
industry. Proceeds—For general corporate purposes, in¬
cluding $880,000 for the purchase of 20 additional liquid
nitrogen high pressure pumping units. Office—3602 W.
11th St., Houston, Texas. Underwriter — Underwood,
Neuhaus &
Co., Inc., Houston, Texas.
research and development, new products and
general corporate purposes. Office—115 Hazel Street,
per
any
•
North Atlantic Life Insurance Co. of America
shares. Price—$350.
Business—The company has applied for a New York
State license to sell life, accident and health insurance
June
filed
1961
2,
common
Proceeds—For
annuities.
and
1.386
corporate
general
" Office — Meadow Brook National
Mineola, N. Y. Underwriter—None.
poses.
pur¬
Ba^k Bldg.,
North Carolina Natural Gas Corp.
:
Aug. 17, 1961 filed $2,250,000 of convertible second mort¬
gage pipeline bonds due 1981. Price — By amendment.
Proceeds—For repayment of loans, working capital and
general corporate purposes.
Office — Grace Fittman
Bldg., Fayetteville, N. C. Underwriters—To be named.
^ Northern Indiana Public Service Co. (9/20)
Aug. 28, 1961 filed $20,253,300 of convertible debentures
due 1976 to be offered for subscription by stockholders
debentures for each 44 common
held of record Sept. 20.
Price—At par. Proceeds—For
working capital and construction. Office—5265 Hohman
on
basis of $100 of
the
•
Nuclear Corp.
(9/25-29)
of America
Aug. 11, 1961 filed 536,280 outstanding shares of capital
stock to be offered publicly and $2,087,800 of 5^% con¬
vertible subordinated debentures due 1976 to be offered
for
of
subscription
by
the basis
on
of $100
Business—The
At par.
(Debentures)
amendment.
By
stockholders
for each 300 shares held. Price—(Stock)
debentures
refining of rare earths and the manufacture of radiation
instruments and vacuum tubes.
Proceeds—For repay¬
of
ment
and
loans
•
Road, Phoenix.
NuTone, Inc.
Office—3540
capital.
working
Underwriter
Co., New York (managing).
Osborn
—
Osrow
W.
Bear, Stearns &
household
Business—The manufacture of
Red
&
Bank
Roads,
Cincin¬
Underwriter—Kidder, Peabody & Co., New York
nati.
(managing).
June 29, 1961
debentures
filed $3,962,500 of subordinated convertible
1976 to be offered for subscription by
on
the
basis
of
$100
principal
100 shares held.
amount of debentures for each
Price—
At par.
Business—The acquiring and developing of oil
and
properties. Proceeds—For exploration and de¬
oil leases and working capital. Office—
gas
tures.
delphia Corp., New York.
Photographic Assistance Corp..
June
150,000 common shares. Price—$1. <
equipment and working cap-»
ital. Office—1335 Gordon St., S. W., Atlanta, Ga. Under-;
writers—Globus, Inc., and Harold C. Shore & Co., Inc.»
Pacific
Steel
States
N. Y.
Aug.
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-
'
Proceeds—For
repayment
loans,
of
property
7,
•
im¬
Ave., Hammonton, N. J. Underwriter—Wood¬
1961
shares. 'Price*—$25
payable in cash or in certain State of Israel bonds. Busi-'
ness—The company plans to engage in banking, agricul¬
ture, industry, etc. in Israel.
—
Proceeds—For investment.
181 E. 41st Street, New York.
Underwriter
Beverly
Blvd., "Los Angeles.
if Oceanic Instruments, Inc.
Aug. 24, 1961 filed 140,000 common. Price—$1. Business
company plans to manufacture scientific marine
instruments and provide consultation services. Proceeds
—For organizational expenses and purchase of equip¬
ment. Office—1515 Norton Bldg., Seattle. Underwriter—
Globus, Inc., N. Y.
—The
—
Pulp &
June 28, 1961 filed
$3.45. Business—The
working capital and
Address—P. O. Box
Paper Corp.
1,000,000 common shares.
Price—
growth of timber. Proceeds—Foi
the possible purchase of a mill.
199, Orangeburg, S. C. Underwriter
—Stone & Co.
•
Old
Empire, Inc.
May 1,
due
1971.
Price
—
At par.
Business
—
The
manufacture,
packaging and distribution of cosmetics,
pharmaceuticals and household, chemical and industrial
specialties. Proceeds—For the repayment of bank loans,
property improvements and working capital. Office—
865 Mt. Prospect Avenue, Newark, N. J. Underwriter-
Laird, Bissell & Meeds, New York City.
• Olson Co. of
Sarasota, Inc. (9/18-22)
April 26, 1961 ("Reg. A") 59.000 common shares (par $1).
Price—$5. Business—The manufacture of marine sup¬
plies and electronic equipment. Proceeds—To repay loans,
purchase raw- materials and equipment and increase
working capital.
Address—P. O. Box 2430, Sarasota, Fla.
Underwriter—Jay Morton &
Orbit
Aug. 22,
Business
Co., Inc., Sarasota
(man¬
I
aging).
Industries, Inc.
1961
filed
125,000
common
shares.
Research,
development,
it Orbit Instrument Corp.
Aug. 29, 1961 filed 100,000 capital shares. Price—$4. Busi¬
ness
The production of miniature precision electro¬
Panoramic
Electronics, Inc.
(10/9-13)
filed 120,000 common shares, of which
to be offered by the company and
90,000
17, 1961
shares
are
30,000
shares
by
Price—By
stockholders.
manufacture
Business—The
of
electronic
ment and monitoring instruments.
amendment.
test
measure¬
Proceeds—For acqui¬
sition of property and construction of a new plant, labo¬
equipment and working capital. Office—520 S.
Ave., Mount Vernon, New York. Underwriter—
Hayden, Stone & Co., New York (managing).
ratory,
Fulton
if Paragon Pre-Cut Hemes, Inc.
'
25, 1961 filed $1,000,000 of 15-year sinking fund
1976 (with warrants attached) and 100,000 common to be offered in 10,000 units each consist¬
ing of 10 common and $100. of debentures. Price—By
amendment. Business—The packaging and direct sale of
precut home building materials. Proceeds—For repay¬
ment of loans and working capital.-Office—499 Jericho^
Turnpike, Mineola, N. Y. Underwriter—L. F. Rothschild
& Co., N. Y. C. (mgr.).
Farga*. 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¬
The sale of
Proceeds—For
general corporate purposes. Office—Waldorf, Md. Un¬
derwriter
Kidder, Peabody & Co., Inc., New York\
holder.
Price—By amendment. Business
liquified petroleum gas and equipment.
—
—
(managing).
Parish
(Amos)
& Co.,
Inc.
(9/18)
• Orion Electronics Corp.
Aug. 28, 1961 filed 100,000 common. Price—$3.50. Busi¬
ness—The manufacture of precision electronic sub-sys¬
tems. Proceeds—For advertising, equipment and work¬
ing capital. Address—Tuckahoe, N. Y. Underwriter—
Gilhart & Co., Inc.i N. Y. C.
-
nue,
flfay
2,
common
1961
stock
(letter of notification) 100,000 shares of
(par 10 cents). Price—$3 per share. Busi¬
consultants to
specialty and department stores.
Proceeds.
selling stockholders. Office—506 Fifth Ave¬
New York. Underwriter—The James Co., New York
—For
the
Patent
Resources, Inc. (9/18-22)
May 24, 1961 filed 150,000 shares of common stock. Price
be
pany was
supplied
by
amendment.
Business—The com¬
organized in November 1960 to acquire, exploit
and
develop patents, and to assist inventors in develop-*
ing and marketing their inventions. Proceeds—For gen¬
eral
,
York
(10/25)
repayment of loans, additional personnel, working cap-'
ital and "other corporate purposes. Office — 8-16 43rd
Island -City, N. Y.- Underwriter—William,
Motti, Inc., New York.
fv v-;-;.
- - •
Long
Inc.*
Pickwick Recreation Center,
stock
common
—To
-.'
-
»
•
21,^1961 "(letter of notification)' 100,000 shares of;
April
pay
(no par)..
Price—$3 per-share.
Proceeds'
for construction, working capital and, general"
corporate purposes.
Office—921-1001 Riverside Driven
Burbank*, Calif. Underwriter—Fairman & Co., Los An¬
\
purposes. Office — 608 Fifth Ave., New
City. Underwriters—Darius, Inc., New York (man¬
corporate
;
if Pictorial Production- Inc. >.-v
Aug. 29, 1961 filed 149,178 common, of which 25,000 areto be offered by the company and 124,178 by stockhold-',
ers.
Price—$10.
Business—Research, development.and.
production in the field of lenticular optics. Proceeds—
For construction and equipment. Office—60 Kingsbridge-
Rd., E. Mt. Vernon, N. Y. Underwriter—C. E. Unterberg,
Towbin Co., N. Y. C (mgr.-).
•
P'orreer Astro
Industries,
(10/2-6)
Inc.
July 27, 1961 filed 150,000 common shares. Price — By:
amendment. Business — The manufacture of precision
machined
ance
components and
systems. Proceeds
—
assemblies for missile guid-,
For
a
new
plant, additional
equipment and working capital. Office—7401 W. Law-,
rence
Ave., Chicago. Underwriter—Francis I. du Pont
&
•
Co., New York (managing)
PEastrcon Corp.
May
8,
/
.
.
/
\
(9/25-29)
1961 filed 665,666 shares of common stock, of
90,666 shares are to ;be publicly offered, - 25,000
shares are to be offered to Leyghton-Paige Corp., 150,000
shares are to be offered to Leyghton-Paige stockholders,
on
the basis of one
Plasticon share for each three
which
.
Leyghton-Paige shares held, and 400,000 shares are to
be offered to holders of the company's $1,200,000 of 5%
—
$3
per
manufacture
of
large
notes.
Price
share,
in all cases..
plastic. containers.
Proceeds—To discharge
the indebtedness represented by
promissory notes, with the balance for'
more
equipment, and facilities.
Office — Minneapolis,
Minn. Underwriter—None.
Plasticon's
5%
if PEast-O-Tron. Inc.
Aug. 17, 1961 ("Reg. A") 66,666 common (par lc).
Price
$3.
Business — The manufacture of thermoforming
machinery for production of plastic bubbles for packag¬
—
ing and the manufacture of plastic products. Proceeds—
For inventory, development of new products, equipment,
working capital a :d general corporate purposes.
—60 Park
&
PI., Newark, N. J.
Office
Underwriter—E. A. Le Vay
Co., N. Y. C.
Piayskool Manufacturing Co.
Aug. 11, 1961 filed 135,000 common shares, of which 60,-i
000 shares are to be offered by the company and 75,000'
June
—To
work-"
58 Charles St., Cambridge, Mass.-
International, Inc.
promissory
23, 1961 filed 208,000 outstanding common shares 1
Price—By amendment. Business—Business advisors and
Drug & Chemical Co., Inc.
Pickwick
Business—The
equipment,
products, expansion and repayment of loans. Office—131
Elaine Way, Syosset, N. Y. Underwriter—Hardy & Co.,
N. Y. C. (mgr.).
Ormont
t
debentures due
•
—
July 27, 1961 filed i00,000 common shares. Price — $3.
Business—The distribution of phonograph records. Pro¬
ceeds—For advertising and promotion, merchandising,'
Aug.
—
mechanical components. Proceeds—For new
—
—
Price—$4.
engineering
and
manufacturing in the telephone, electronics and related
fields.
Proceeds—For repayment of loans, and equip¬
ment.
Office—213 Mill St., N. E., Vienna, Va.
Under¬
writer—Hodgdon & Co., Inc., Washington, D. C.
—
Fisheries, Inc.
By
amendment. Business
The processing of Alaska king
crab. Proceeds—For acquisition of fishing boats, equip¬
ment and working capital. Office—Dexter Horton Bldg.,
Seattle. Underwriter—Robert L. Ferman
& Co., Inc.,
New York (managing).
Aug.
(9/11-15)
1961 filed $800,000 of convertible subordinated
debentures
Pan-A!aska
July 26, 1961 filed 120,000 common shares. Price
•
photographic type setting
a
geles, Calif. Offering—Expected in September.
Palmetto
Underwriter—None.
of
Underwriter—None.
Ave.,
(mgr.).
velopment of
8255
ing capital. Office
Corp.
120,000 common
filed
manufacture
machine. Proceeds—For repayment of a loan and
David &
Aug.
sub¬
to be offered for
.
provements and general corporate purposes. Office—104
Palestine Economic
convertible
of 5%
subscription by stockholders on the basis of $100 of de¬
Busi¬
Aug. 25, 1961 filed 310,000 common. Price—$11. Business
—The large scale production of blueberries, cranberries,
etc.
$1,785,000
income debentures due 1971
ness—The
poned.
/
;v:
'
•
.
bentures for each 40 common held. Price—At par.
(mgr.) Note—This issue has been temporarily post¬
if Pakco Management & Development Co^
24,
ordinated
(par 50 cents) to be sold by stockholders.
cisco
•
Inc.
1961 filed
if Photon,
Corp.
1961 filed 100,000 outstanding shares of capital
June 21,
27,. 1961 filed
Proceeds—For expansion,
Ave., Seattle, Wash. Underwriter—None.
•
Office — 34 S.r
Vernon, N. Y. Underwriter—First Phila-*
of loans and working capital,
West St., Mount
Office—1200 Third!
Co.
(9/13)
Proceeds—For development of new products,, re¬
payment
rights for each preferred held. The record date will be
Sept. 20 and the rights expiration date Oct. 20. Price—»'
Six rights plus $16 per share. Business—The company >.
furnishes telephone service in Washington, Oregon and
northern Idaho. Proceeds—For the selling stockholder—
& Telegraph
Underwriter—Mortimer B. Burnside
, ~
;
;
*
Reading, N. J.
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-V
evidencing the right to purchase the stock on
one right for each common held and seven
Telephone
■/
Co., Inc., New York.
Photo-Animation, Inc.
(9/20)
None.
<
due
stockholders
common
.
&
basis of
Office
Petroleum Corp.
Occidental
Port
MacMermell, 1900 S. W. 3rd"
Aug. 25, 1961 filed 17,459,490 outstanding common (par
$11) to be offered for subscription by stockholders of
Pacific Telephone & Telegraph Co., parent. Each share¬
holder of the latter firm will be given an assignable
Pacific
Underwriter—Bear, Stearns & Co., New York. •
Pellegrino Aggregate Technico, Inc. —
Aug. 10, 1961 filed 130,000 class A common shares. Price
—$5. Business—The manufacture of building materials.Proceeds—For payment of income taxes and loans and
for working capital. Office—Woodbridge-Carteret Road,
Ave., Miami, Fla. Underwriter—None.
the
;-
22,
York.
if Pacific Corp.
warrant
'/ -,:
' y r
photography and the manufacture of com- >
photographic processing equipment. ♦ Pro-'•
ceeds—For expansion, research and repayment of loans.«
Office—Time & Life Bldg., Rockefeller Center, New
Aug. 18, 1961 ("Reg. A") 500,000 common (par lc) to be
offered for subscription by stockholders through rights.
Price—10c. Proceeds—For purchase of additional stock
if Pacific Northwest Bell Telephone Co.
-
mercial color
Cove, L. I., N. Y.
Underwriter—General Securi¬
ties Co., Inc., New York.
subsidiary. Office—c/o
Corp.- (9/25-29 U "...
field of color
equipment. Proceeds—For working
cock, Moyer, Fricke & French, Philadelphia
Proceeds—For the selling stock¬
Office—Madison
holders.
Inc.
Glen
of
E. J.
.
1961 filed 200,000 common shares.-Price—By •
amendment. Business—Research and development in the-
capital,
Bellevue
(9/MWM>
appliances.
Co.,
and window washing
July, 17, 1961 filed 375,000 outstanding common shares.
Pri^e-r-By amendment.
Products
Pavelle
Aug.
July 28, 1961 ("Reg. A") 60,000 common shares (par 10
cents).
Price—$5. Business—The manufacture of car ~
stock
Underwriter—None.
Ave., Hammond, Ind.
•
•
Thursday, August 31, 1961
& Co;, Bayside, N. Y., and
Ridgewood, N. J,
• :
\\
aging); N. A. Hart
and
Continued
.
shares by
stockholders.
Price—By amendment. Business'
Proceeds—For repayment of
—The manufacture of toys.
loans.
Office—3720 North Kedzie Avenue, Chicago.
derwriter—Lehman Brothers, New York.
Polytronic Research, Inc.
June
(9/18)
>'
Un-'
';
%
7, 1961 filed 193,750 common shares, of which 150,000 will be sold for the company and 43.750 for stock¬
holders. Price—By amendment. Business—Research and
development, engineering and production of certain
electronic
devices for. aircraft, missiles, oscilloscopes,
electronic vending machines and language teaching ma-1
chines. Proceeds—For expansion, repayment of debt and
working capital. Office—7326 Westmore Rd., Rockville,
Volume 194
Number 6086
\
,
.
.
.
The Commercial and Financial Chronicle
«■
.
Md.
Underwriters—Jones, Kreeger & Co., and Balogh &
Co., Washington, D. C. (managing).
*
.
-
Precision
Circuits, Inc..
warrants.
Price—$100 per unit. Business—The design,
manufacture, sale and leasing of coin-operated vending
machines
for
magazines, newspapers and paperback
:
.
20, 1961 ("Reg. A") 260,000 common shares (par
cents). Price—$1.15. Proceeds—For a new building,
equipment and working capital. Office—2532-25th Ave.,
July
•
10
S., Minneapolis. Underwriter—Naftalin & Co., Inc., Min¬
neapolis.
;
•
precision
Microwave Corp.
21, 1961
shares
Aug.
filed
115,000
50,000
shares
by
(10/16-2O)
165,000 "common
to
are
offered
be
stockholders.
by
shares, of which
the company and
Price—$10.
Business—
The manufacture of specialized microwave components
fpr radar, missiles and communication systems. Proceeds
—For
working capital, inventories and equipment. Office
Millis, Mass. Underwriter—Peter Morgan
& Co., New York.
—Main Street,
^ Preco Industries, Inc.,
Aug'. 25, 1961 filed 100,000
Price—$4. Busi¬
swimming pools. Proceeds
—For repayment of loans and
working capital. Office—
2.03 Bala Ave., Bala Cynwyd, Pa. Underwriter—Dean
Samitas & Co., N. Y. C. (mgr.).
Premier
July
31,
Albums,
1961
filed
common.
Inc.
120,000
shares. Price—$5..
long-playing stereophonic
common
Business—The manufacture of
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¬
way 20, Thermopolis, Wyo. Underwriter—Wilson, Ehli,
Demos, Bailey & Co., Billings, Mont.
-
President
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.
share for each five shares held.
Tanca
St.,
shares by a
Rabin-Winters
Robins Industries Corp.
July 27, 1961 filed 100,000 common shares. Price—$2,501.
Business—The manufacture of products in the electronic :
sound and recording field. Proceeds—For
repayment of a
100,000
stockholders.
ness—The
manufactuer
lighter
fluid
and
Price—By
of
related
amendment.
pharmaceuticals,
items.
Busi¬
loan, moving expenses, research and development, tool-;
ing, advertising and working capital.
Office — 36-27 ;
cosmetics,
Proceeds—To
repay
Prince
loans
and for working capital.
Office—700 N. SepulBoulevard, El Segundo, Calif.
Underwriter—H.
Hentz & Co., New York. •
'
A
•
Raymond Engineering Laboratory, Inc.
Airlines, Inc.
S
("Reg. A") 150,000 class A common shares,
(par one cent). Price—$2. Business—Air transportation
Aug. 15, 1961 filed 100,000
000 shares
are
—The
and
;
shares, of which 50,by the company and 50,000
Priee—By amendment. Business
common
to be offered
shares by stockholders.
manufacture
of timing
devices, accelerometers
equipment for missiles, satellites and space
related
vehicles.
Proceeds—For repayment of
loans, equipment,
and working capital. Office—Smith
Street, Middletown,
Conn.
Underwriter
Lee Higginson Corp., New York
(mgr.). Offering—Expected in early October.
—
Real
Properties
July 25,
1961
filed
Corp.
365,000
of America
class
A
shares.
Price—$10.
company. Office—
Broadway, New York. Underwriter—Stanley Heller
& Co., New York City (managing).
Business—A
real
estate
investment
Aug.
certificate
related
nental Bond
& Share
Office
630
—
Fifth
Underwriter—Conti-.
Corp., Maplewood, N. J.
,
Prevor-Mayrsokn Inienraticna!, Inc.
July 31, 1961 ("Reg. A") 80,000 common shares (par 10
cents). Price—$3.75. Business—Export, import, broker¬
age and wholesale marketing of fruits, vegetables and
poultry. Proceeds—F.oc. expansion,.sales promotion, ad¬
vances
to
working capital and general corpo¬
Hudson Street, New,: York.
Underwriter—J. J. Krieger & Co., Inc., New Yprk.j n
rate
growers,
Office —99
purposes.
Producing Properties, Inc.
Aug. 17, 1961 filed 600,000 common shares.
Price—By
amendment. Business—The acquisition and operation of
oil properties. Proceeds—For working capital. Office—•
35th
floor
Southland
Center, Dallas. Underwriter—.
Hemphill, Noyes & Co., New York (managing).
•
Product
Research of Rhode Is'arcd, Inc.
July 28, 1961 filed 330,000
Business —The
in
used
the
manufacture
automotive,
Proceeds—For
common
of
marine
shares.
vinyl
and
v
Price—$2.05.
plastic
products
household
fields.
repayment
of debt, new equipment and
Office—-184 Woonasquatucket Avenue,
Nort Providence, R. I.
Underwriter—Continental Bond
working capital.
& Share
late
Corp., Maplewood, N. J. Offering—Expected in
October.
A
Progress Industries, Inc.
June
26,
1961 filed 75,000 common shares (with war¬
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
improvements and working capital.
Office—400 E. Progress St., Arthur, 111. Underwriter—
Tabor & Co., Decatur, 111.
(managing).
plant
Progression Ccrp.
June 9, 1961 ("Reg. A")
100,000 common shares (par 10
cents). Price—$3. Business—Manufacturers of electronic,
electro
For
mechanical
and
mechanical
general corporate purposes.
devices.
Proceeds—
Office—14-25
128th St.,
College Point, N. Y. Underwriter—Netherlands Securi¬
ties Co., New York.
★ Public Service Co.
of
Colorado
(10/2)
Aug. 25,
1961 filed $30,000,000 of first mortgage bonds
1991.
Office—900 15th St., Denver, Colo. ! Under¬
writers—(Competitive). Probable bidders: Halsey, Stuart
& Co, Inc.; Harriman Ripley &
Co., Inc., Eastman Dillon,
Union Securities & Co., Merrill
Lynch, Pierce, Fenner
& Smith Inc., and Dean Witter & Co.
(jointly); Kidder,
Peabody &; Co., and White, Weld & Co. (jointly); Blyth
& Co., Inc., and
Smith, Barney & Co., (jointly); Lehman
Brothers and First Boston Corp. (jointly). Bids—Oct. 2,
1961, 11:30 a.m. (EDST). at the office of Morgan Guar¬
anty Trust.Co., 54 Liberty St. (6th fl.), N. Y. Informa¬
tion Meeting—Sept.
28, 10 a.m..'.(EDST) at above office
of Morgan Guaranty Trust Co.
(Mezzanine B).
Aug. 29,
1961
Co.,
Inc.
filed $1,200,000
of 6%
subordinated con¬
Business—
redemption of
vertible debentures due 1967. Price—At par.
The publishing of books.
Proceeds—For
outstanding 12% debentures due 1965 and for expansion.
Office—1106 Connecticut Ave., N.W., Washington, D.C.
Underwriter—Roth & Co., Inc., Philadelphia.
rt,
,
•
Publishers
Vending Services, Inc. (9/11-15)
July 3, 1961 filed $600,000 of 5V2% convertible sub¬
ordinated debentures due 1971; 120,000 common shares
which underlie 2-year first warrants exercisable at $7.50
share, and 120,000 common shares which underlie
5-year second warrants, exercisable vlat- $10 per share.
The securities are to be offered for public sale in units
of one $100 debenture, 20 first warrants and 20 second
per
1961
filed
100,000 common shares. Price—$4.
The marketing of transistorized radios and
equipment. Proceeds—Repayment of loans and
general corporate purposes. Office—71 Fifth Ave., New
York.
—
Underwriter
(mgr.).
Lieberbaum
&
Co.,
New
Offering—Expected in early October.
—
York
Rocky Mountain Natural Gas Co., Inc. (9/12)
July 10, 1961 filed $1,500,000 of sinking fund debentures ;
due 1981 (with attached warrants) and
150,000 common !
shares to be offered in 75,000 units, each
consisting of
$20 of debentures (with an attached warrant) and two,
common
shares. Price—By amendment. Proceeds—For
construction
and
general
corporate
purposes.
Office—
1726
Champa St., Denver. Underwriter—Merrill Lynch,r.
Pierce, Fenner & Smith Inc., New York (managing).
Roddy Recreation Products, Inc.
July 31, 1961 ("Reg. A") 100,000 common shares (par
$1). Price—$3. Proceeds—For repayment of debt. Office,
—1526 W. 166th St.,
Gardena, Calif. Underwriter—Har¬
bison & Henderson, Los Angeles.
•
Rodney Metals, Inc. (9/11-15)
30, 1961 filed 140,000 common shares. Price—$10.
June
Proceeds
For the repayment of debt and other cor¬
porate purposes. Office—261 Fifth Ave., New York. Un¬
Inc.
23, 1961 filed 160,000 common. Price—$3.50. Busi¬
ness—The manufacture of stationery supplies. Proceeds
—For working capital, equipment, expansion and repay¬
ment of debt. Office—70 Washington
St., Brooklyn, N. Y.
Underwriter—George, O'Neill & Co., Inc., N. Y. (mgr.).
Aug.
Red Wing Fiberglass Products, Inc.
July 28, 1961 ("Reg. A") 260,000 common shares (par 25
cents). Price—$1.15. Proceeds—For repayment of debt,
building improvements, equipment, research and devel¬
opment, and working capital. Office—Industrial Park,
Red Wing, Minn. Underwriter—York &
Mavroulis, Min¬
neapolis.
Redman Manufacturing & Engineering Co.
Aug. 9, 1961 filed 70,000 common shares, of which 35,000
shares are to be offered by the company and 35,000
shares by stockholders. Price—By amendment. Business
—The manufacture of moulds used by the plastic and
container and packaging industry. Proceeds—For repay¬
ment of loans, equipment, working capital and a new
plant. Office—1630 Oakland, Kansas City, Mo. Under¬
writer—Stern Brothers & Co., Kansas City, Mo. (man¬
aging).
'
•
Reeves
(9/6)
Broadcasting
'.<■
&
Development
derwriter—Amos Treat & Co.,
Corp.
Roph Associates, Inc.
Aug. 10, 1961 ("Reg. A") 75,000 common shares (par five
cents). Price—$4. Business—The sale of freezers and
.
tising
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.,
(managing).
Del.
,
capital
Business—For
and
sale
Price—$12.
"shell"
of
homes
and mortgage
financing. Proceeds—For working capital.
Address—Hopkinsville, Ky. Underwriter—J. J. B. Hilliard & Sons, Louisville.
Reher
Simmons
Research
Inc.
(9/25)
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).
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¬
ing common shares. Price—By amendment. Business—
The construction of 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).
A
Riverview
ASC, Inc. (9/11-15)
May 18, 1961 ("Reg. A") 100,000 common shares. Price
—$3. Business—Real estate and utility development in
Florida.
Proceeds
For
expansion. Office — 2823 So.
Washington Ave., Titusville, Fla. Underwriter—Albion
Securities Co., Inc„ New York.
•;
<
,>•
v
—
,
•
Ro
Ko* Inc.
(10/2)
,
:
f
Aug. 7, 1961 filed 120,000 class A common shares. Price
—$5. Business—The manufacture of stuffed toys. Pro¬
Boulevard, Great Neck, N. Y.
& Co., Inc., New York.
Un¬
Barnes
•
Ross Products, Inc. (9/lMS)^. •«*<»«'
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¬
eral
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.
Royal Land & Development Corp.
Aug. 2, 1961 filed 2,000,000 class A common shares. Price
—$1. Business — General real estate and construction.
Proceeds—For construction
and general corporate pur¬
Office—400 Stanley Ave., Brooklyn, N. Y. Under¬
writer—Lieberbaum & Co., New York (managing).
poses.
Royal School Laboratories, Inc.
(9/5)
23, 1961 filed 170,000 common shares.
Price—$5.
manufacture of special purpose labora¬
tory furniture for schools. Proceeds — For expansion,
general corporate purposes and working capital. Office
—Meadow & Clay Sts., Richmond, Va. Underwriter—
B. N. Rubin & Co., Inc., New York.
June
Business—The
Rudd-Melikian, Inc.
(9/15)
June 16, 1961 filed 130,000 common shares.
Price—$10.
Business—The manufacture of automatic coffee dispens¬
ers
and similar items. Proceeds—For repayment of
promotion and manufacture of
capital and general corporate
Jacksonville
•
shares.
Proceeds—For inventory, a food dept, adver¬
and general corporate purposes^
promotion
derwriter—David
&
Regal Homes, Inc.
Aug. 15, 1961 filed 51,000
construction
Wilmington,
Corp.,
\.
and
Office—300 Northern
June
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
Inc., New York (manag¬
ing).
food plans.
ir Red Rope Stationery Industries,
due
★ Publishers
16,
Business
rants)
subsidiary,
■
—
Realfone Electronics Corp.
of passengers and cargo. Proceeds—For
payment of cur¬
rent liabilities and taxes; payment of balance on CAB
and
working capital.
Avenue. Rockefeller Center, N. Y.
St., Flushing, N. Y. Underwriter—Carroll Co., New
York.
veaa
1451
June 13, 1961
Price—By amendment'r
Lestranfe & Co.. Pittsburgh. Pa. (managing).
June 19, 1961 filed 180,000 common shares of which
80,000 shares are to be offered by the
company and
by
selling stockholder.
Underwriter—Arthurs,
Under¬
(9/7)
Corp.
•
Proceeds—For
repayment of a loan and working capital. Office—Z7i5
Market Street,Wheeling, W. Va.
writer—None.
•
.
(9/6-7)
Business—The sale of building materials.
Price—By amend¬
San Juan, Puerto Rico.
Lumber Co.
35,000
ment. Proceeds—For expansion and repayment of loans.
Office—261
Roberts
June 28, 1961 filed 55,000 common shares of which
20,000
shares are to, be offered by the
company and
Puerto Rico Telephone Co.
Aug. 9, 1961 filed 120,000 common shares to be offered
for subscription by stockholders on the basis * of one
new
43
ceeds—For down payments on the
purchase of buildings, ,
equipment and expansion. Office—3115 E. 12th
St., Kan¬
sas City, Mo. Underwriters—Midland
Securities Co., Inc.,
and George K. Baum & Co., Kansas
City, Mo. (manag¬
ing).
'*,
books.
shares
ness—The sale of custom built
.
(943)
:■
new
a
purposes.
Road, Hatboro, Pa.
loans,
product, working
Office
—
300
Underwriter—Stearns
Co., New York.
O.
S.
S.
Photo-Cine-Optics,
Inc.
June
29, 1961 filed $50,000 of 6% subordinated deben¬
tures due 1969 and 50,000 common shares to be offered
in units consisting of $10 of debentures and 10 common
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 — William. David &
Motti, Inc., New York. Offering—Sometime in October.
Salro
Manufacturing Corp.
Aug. 2, 1961 ("Reg. A") 72,000 common shares (par 10
cents).
Price—$3.50.
Business—Manufacture of metal
and handbag frames. Proceeds—For purchase of
machinery and equipment, working capital and general
purses
corporate purposes. Office—413 Thatford Ave., Brooklyn,
Underwriter—I. R. E. Investors Corp.,
N. Y.
Levittown,
New York.
Sav-Mor Oil
Corp.
(10/2-6)
July 5, 1961 ("Reg. A") 92,000 common shares (par one
cent). Price—$2.50. Business—Wholesale distribution of
gasoline and oil to service stations. Proceeds—For ex¬
pansion. Office—151 Birchwood Park Dr., Jericho, L. I.,
N. Y. Underwriter—Armstrong & Co., Inc.„,New York,
Save-Tax
Club, Inc.
;
July 6, 1961 ("Reg. A") 150,000 common shares (par 10
cents). Price—$2. Business—A plan to stimulate retail
merchandising in New York City. Retail establishments
who
of
join the plan will give 3% discounts to members
i Save-Tax
Club. Proceeds—For salaries to sales-
the
"•
*
Continued
on
page
44
if"
I;
Chronicle
The Commercial and Financial
44
Southern
Continued from page 43
Belle
Electrical
Industries,
men,
and working
purchase
advertising, public relations, additional employees,
capital. Office—135 W. 52nd St., New York.
Underwriter—B. G. Harris & Co., Inc., New York. .
Scot's Discount Enterprises,
of machinery and inventory, building con¬
and working capital. Office — 4793 E. 10th
Hialeah, Fla. Underwriters — Aetna Securities
Corp., New York; Roman & Johnson, Fort Lauderdale,
Fla. and Guardian Securities Corp., Miami, Fla.
struction
Court,
Inc.
July 21, 1961 filed 175,000 common shares. Price—$2.25.
Business—The retail sale of merchandise at a low mark¬
Southern Diversified
Proceeds—For new stores, inventory, and working
capital. Address—East Windsor, Conn.
Underwriter—.
Willis E. Burnside & Co., Inc., New York. .
;
.
-
up.
Inc.
(9/18)
filed 100,000 common shares. Price—$3.
notes, mortgages, contracts,
Second Financial,
1961
20,
1961 filed 250,000 common shares. Price—$5.50.
Business
The purchase, inventorying and wholesale
distribution of roofing materials, sheet metal products
and heating and air conditioning accessories. Proceeds—
For repayment of debt, purchase of merchandise and
operating expenses. Office — 3690 Northwest 62nd St.,
Miami, Fla. Underwriter — Netherlands Securities Co.,
Inc., New York.
Southern Growth Industries, Inc.
(9/11)
—
^
etc., from Shell Home Builders. Proceeds—For invest¬
Office—2740 Apple Valley Road, N. E., Atlanta,
ment.
•
Underwriter—Globus, Inc., New York.
Security Acceptance Corp.
1961 filed 100,000 common shares. Price—$6.
small business investment company. Pro¬
ceeds—For investment. Office—Poinsett Hotel Building,
June
1961 filed 100,000 shares of class A common
stock and $400,000 of 1V2% 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
March
■*
4
7,
'
Greenville, S, C.
Aug. 18, 1961 filed 303,812 common shares to be offered
for subscription by stockholders on the basis of one new
share for each five shares held. Price—By amendment.
Business
The manufacture of coin-operated phono¬
—
equipment. Proceeds—For re¬
payment of loans and the financing of receivables and
inventories. Office—1500 N. Dayton St., Chicago. Under¬
writer—White, Weld & Co., New York (managing).
products.
Address—Sweetwater Avenue, Bedford, Mass..
(managing)..
Shasta Minerals & Chemical
.
Inc.
14, 1961 filed 200,000 outstanding class A common
Business—The manufac¬
stapling machines. Proceeds — For the selling
Office—32-00 Skillman Ave., Long Island
of
ture
stockholders.
City, New York. Underwriter—Paine, Webber, Jackson
& Curtis, New York (mgr.). Offering—Sometime in Oct.
T. F.
Co.
(10/2)
vestments. .Office*—1101
v
N; First St., Phoenix.
writer—Wilson, Johnson & Higgins, San Francisco
Under¬
(mgr).
•
Spectron, Inc. (9/11-15)
ment, and exploration of mining properties. Proceeds—
For general corporate purposes. Office — 1406 Walker r June 9, 1961 filed 83,750 class A common shares (par 10
Bank Bldg., Salt Lake City, Utah. Underwriter—None.
icents). Price—$4.50. Business—The design, development
'
and manufacture of electronic systems, instruments and
Shaw-Barton, .liuw-mitu
«v.
H.
(9/11)
Publications, Inc.
1961 ("Reg. A") 60,000 common shares (par
cents). Price—$5. Business—The publishing of books,
June
10
Price—By amendment.
calendars and specialty
22,
.
■
.
_
ft
To be supplied by
k
«'iL
I
Underwriter
r?
»r
distribution
Polonitza,
&
Inc.,
Los
Pharmaceuticals. Proceeds
Angeles
Offering
—Expected in October.
I.
Star
•
!
Shepard Airtronics, Inc.
April 26, 1961 (letter of notification) 75,000 shares of
common
stock (par one cent).
Price — $4 per share.
Business—The manufacture of high altitude breathing
f *J
and ventilation
due
Office
787
—
D.
St., Trenton, N. J. (managing); L. J. Termo & Co.,
Inc., New York and Copley & Co., Colorado Springs, Colo.
K»'
}>
common
A'
-
.!!■
manufacture
of toiletries and household
chemical prod¬
class
A
and
Siegel
46,
(Henry I.)
•
Co., Inc.
—
*
For repayment of loans, equip¬
Inc.
'1
Aug.-22,
1961
amendment.
-J h-
filed
875,000 common shares.
Business
—
A
small
business
investment
York, Inc.
Price—By
Beaver
Smyth Worldwide Movers,
investment
nated
in
St.,
Inc.
:
and
\
Aug..10, 1961 (",Reg. A") 85,106 common shares (par $1).
Price—$2.35. Proceeds—For working capital. Office—
•11616 Aurora Avenue, Seattle/ Underwriter—Blanchett,
Hinton, Jones & Granat, Inc., Seattle.
Proceeds-—For re¬
.
Sponsor—John Nuveen & Co., Chicago.
•
Taylor-Country Estate Associates. >(-9/13J-;v."
Stratton
Corp.
partnership in-:
N. J. Proceeds—For general corporate purposes.
Stratton
a
Technrfoam
Aug.
,
Mountain
construction.
summer
•
Strouse,
nated
is southern Vermont.
Proceeds—For
Under¬
Londonderry, Vt;
Inc.
v,5»
(9/12)
1961 filed $600,000 of 6% convertible subordi¬
due 1981. Price—At par. Proceeds—
debentures
••
'
'
110,000
•
shares. - 'Price—$8.
common
'
Co., New York (managing)
Techno-Vending Corp.
(9/11)
'
/
.
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 9,
recreational resort on
writer—Cooley & Co., Hartford, Conner;.'!,, ,.»V)
June 27,
Corp.
filed
Business—The* manufacture of machinery for producing
polyurethane foam.- Proceeds—For repayment of loans-,
equipment, foreign investments and working capital.
Office
717 Fifth Avenue, New York.
Underwriter—:
Sterns &
Business—The development and op¬
Office—South
14,-1961
—
(9/25)
winter and
Office
Lexington Ave., New York City., Underwriter—
Nat Berger Associates, Inc., New York.
'
—420
of 5% convertible subordi¬
debentures, due Dec. 1, 1981. Price—At 100% of
of
12, 1961 filed $2,420,000 of limited'
unit. Business—The partner¬
ship will acquire all the outstanding stock; of five apart-;
ment houses in Newark, East Orange and ; Jersey City,
March 3, 1961 filed $650,000
eration
\y
—
Street, Chicago.
-
Fulton, Reid & Co., Inc., Cleveland and Walston & Co.,
Inc., New York (managing);
principal amount.
M
counties, municipalities and territories of the
U. S., and political subdivisions thereof which are be¬
lieved to be exempted from Federal income taxes. Pro-,
ceeds
For investment. ! Office -—135 South La Salle
states,
or.
to
Office—40
2 L
interest bearing obligations of
—The fund will invest in
Island City,
(mgr.).
closures for containers. Proceeds—For working
capital.-Office—316 W.16th St.,, Erie, Par. Underwriters-^*
caps
Y.
Proceeds—For
business.
Tax-Exempt Public Bond Trust Fundf Series
stockholders. Price—By amendment. Busi¬
design, lithographing and stamping of metal
ness—The
'
Inc.. (9/11^15)
terests. Price—$10,000 per
loans
small
'>!!-
/'
Industries,
June
Albany,. N.
..Underwriter—Dillon, Read & Co., Inc., New York.; "
company.
;#
Co., Inc., Washington, D. C/
Small Business Investment Co. of New
Freez
12,
Feb. 23, 1961 filed $10,000,000 (100,000 units) ownership
certificates. Price—To be filed by amendment. Business
shares by the
land, promotion and development and working capital.
Office—907 Market St., Wilmingtoif, Del; Underwriter—
Tastee
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—r-By amendment!
Business—The franchising and supplying of stores with
a soft ice cream product and selected food items/ Pro¬
ceeds—For acquisition of properties and working capi¬
tal. Office—2518 W. .Montrose Ave., Chicago. Under¬
writer—Bear Stearns & Co., New York (managing). ■
/
Sterling Seal Co.
21, 1961 ("Reg. A") 100,000 common (par 10c).
Price—$3. Proceeds—For purchase and improvement of
&
•
July
(9/25-29)
parts and equipment.
of common
shares
mgrs.).
Aug. 2, 1961 filed 112,300 common shares of which 20,000
shares are to be offered by the company and 92,300
Hammill & Co., New York (managing).
H. P. Black
electronic
125,000
—
Kinley, Houston, Texas.
Co., New York (managing).
Aug.
«V"
of
due. 1971,
$240 of debentures, 50 common shares and 20 warrants;
$640 per unit. Business — The construction of
bowling centers. Proceeds^-For. construction and work¬
ing capital. Office—873 Merchants Rd., Rochester, N. Y.
Underwriters—N. A. Hart & Co., and Darius, Inc.; (coPrice
McUnderwriter—S. D. Fuller &
working capital and other corporate purposes;
Office—230 Fifth Ave., New York. Underwriter—Shear-?
it Site-Fab,
Inc.
-
50,000 class A warrants to purchase common
stock to be offered for public sale in units consisting of
payment of loans and working capital." Office—1616
ment,
son,
Sterling Electronics,
New York (managing):v.: h
Leasing Corpv;vj
stock and
July 24, 1961 filed 125,200 common shares, oJ! which
82,000 shares are to be offered by the company and 43,200 shares by stockholders. - Business—The distribution
July 27, 1961 filed 270,000 class A shares (par $1), of
which 135,000 shares are to be offered by the company
and 135,000 shares by stockholders. Price—By amend¬
ment. Business — The manufacture of men's and boys'
sportswear. Proceeds
Street, Raleigh, N. C. Underwriter—
Co., Inc., New York (managing).
&
ing capital. Office—31-10 48th Ave., Long
N. Y. Underwriter—H. Hentz & Co., N. Y.
Address
Clifton, N. J.
Underwriter—Smith,
Barney & Co., New York (managing).
Route
Liederman
E.
it Star Industries, Inc.
Aug. 23, 1961 filed 415,576 class A, of which 103,894 are
by the company and 311,682 by stockhold¬
ers. Price—By amendment. Business—A wholesale liquor
distributor. Proceeds—For repayment of loans and work¬
50,000 class B
Business—The
50,000
March 31,
nated debentures
to be offered
Proceeds—For general corporate purposes.
ucts.
—697
si:
Price—By amendment.
shares.
Proceeds—For re¬
common'stock. Price
/ 1
-V.:''I
1961 filed $600,000 of 8% convertible subordi¬
Taddeo Bowling &
•
1961 filed $500,000 7% subordinated debentures
and 200,000 common shares to be offered in
—336 S. Salisbury
State
Shulton, Inc.
July 21, 1961 filed
1971
Development Corp.* (9/11-15)
Grumet & Seigel, Inc.,
For testing new products,-
construction and sale of shell homes.
Bronx, N. Y. Underwriters—L. C. Wegard & Co., 28 West
i.*'-
—
V.
Business—The manufacture and sale of
replacement knobs for television sets. Proceeds—For the
repayment of debt/ the expansion of product lines and;
working capital; Office—469 Jericho Turnpike; Mineola,1
N.. Y.
Underwriters — Kesselman & Co., and Brand,
w
payment of loans, advances to a subsidiary, establish¬
ment ot branch sales offices and working capital. Office
Boulevard,
Bruckner
v
units, each unit consisting of $50 of debentures and 20
common
shares.
Price—$100 per unit.
Business—The
equipment. Proceeds—For repayment of
capital.
~
T.
—$5 per share.
Homes, Inc.
June 28,
loans; new equipment, research and development, plant
improvement, purchase of inventory, advertising and
working
•
May 26, 1961 filed 100,000 Shares of
inventories; marketing and general corporate purposes.
Office—10 Pine St., Morristown, N. J. Underwriter—E.
T. Andrews & Co., Hartford, Conn.
change its
plans to
company
to Urethane Industries International Inc.
name
V
tl
*•
Garat
—
Note—This
.(managing).
*
expansion.-Office—27 B Boulevard, East Paterson,
& Co! New York.
N. J. Underwriter—Peter Morgan
(letter of notification) 1,624 shares of class
A common stock (no par) to be offered for subscription"
by stockholders on the basis of four shares for each five
shares held, with the unsubscribed shares to be sold to .
the public. Price—To stockholders, $100 per share; to;
the public, $110 per share. Business—Manufacturers of .
ofr urethane foam
Proceeds — For expansion, new
equipment, repayment of debt, and working capital. Of¬
fice—4542 East Dunham St., City of Commerce, Calif.
V
" '*
'
4
x
For
May 1, 1961
amendment. Business—The manufac¬
ture, converting and
products to industry.
Inc.
Spencer. Laboratories,
(9/1)
Binternational; * 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.
Business—The operation of bowling centers Proceeds^ •
V
New. York (managing).3
,v>->
SheHey Urethane Industries, Inc. *
^
^
May 24, 1961 filed 200,000 shares of common stock. Price
•.
T-Bowl
June
equipment, plant expansion, patent development and
general corporate purposes. Office—812 Ainsley Bldg.,f
Miami, Fla. Underwriter—Hampstead Investing Corp.,
advertising. Proceeds—For the
selling stockholders. Address—Coshocton, Ohio. Under-'
writer—Cruttenden, Podesta & Co., Chicago (manag¬
ing).
•
-
equipment, including microwave, radar and underwater
communication devices. Proceeds — For purchase ; of
shares.
Business—The manufacture of
Aug. 15, 1961 filed 100,000^putstanding common
.
Swingline
shares. Price—By amendment.
—
April 24, 1961 filed 500,000 shares oi common stocks
Price—$2.50 per share. Business—Acquisition, develop¬
M
Business—The manufacture of gift wrap,
pamphlets and magazines. Proceeds—For repayment of
University Towers, El Paso, Texas. Underwriter—None.
loans, production of new garden books, installation of
air-conditioning and working capital. Office—245-247
it Southwestern Research & Development Co.
Cornelison Ave., Jersey City, N. J. Underwriter—Arnold
Aug. 28, 1961 filed 600,000 common. Price—$10. Business^ Malkan»& Co., Inc., New York. .
•
A, business investment company. .Proceeds — for in-:
Underwriter—S. D. Fuller & Co., New York
>
•
June
July 21, 1961 filed 200,000 common shares. Price—At net
asset value plus 8J/2% sales commission.
Business — A
mutual
fund.
Proceeds—For investment.
Office—402
30, 1961 filed 125,000 class A common shares. Price
—By amendment. Business—The manufacture of semi¬
conductor devices for military, industrial and commercial
use.
Proceeds—For equipment, plant expansion and new
June
•
Corp.
(mgr.).
(managing).
City
Under¬
.City. y
Price—By amend¬
packag¬
ing materials and greeting cards. Proceeds—For repay¬
ment of loans, expansion, working capital and general'
corporate purposes. Office—8107 Chancellor Row, Dallas.
Underwriter—C. E. Unterberg, Towbin Co., N. Y.
C.
Southwestern Growth Fund, Inc.
(9/25)
Inc.
Semiccn,
York
Suproitics
ment.
Proceeds—For the
repayment of debt, the development of property, work¬
ing capital and other corporate purposes. Office—1674
Meridian Avenue, Miami Beach, Fla.
Underwriters —
Hirsch & Co., and Lee Higginson Corp., both of New
graphs and other vending
Proceeds—For
^ Susan Crane Packaging^ Inc.
Aug. 28, 1961 filed 150,000 common.
unimproved land in Florida.
ment of
—
(9/18-22)
May 29, 1961 filed 90,000 shares of common stock. Price
—To be supplied by amendment.
Business—The com¬
pany is engaged in the distribution of wholesale elec- trical equipment and supplies.
Proceeds — For the re¬
payment of bank loans and other corporate purposes.
Office—224 Washington St., Perth Amboy, N. J. Under¬
writers—Amos Treat & Co., Inc., and Standard Secu¬
rities
Corp., both of New York
City :and BrunoLenchner, Inc., Pittsburgh, Pa.
shares, to be offered for public sale in units of $500 of
debentures and warrants for five common shares. Price
—At 100% of principal amount. Business—The develop¬
Corp.
Seeburg
•
Utilities Corp. (9/18)
Southern Realty &
•
Office
working capital. Address — Harlingen, Texas;.
writer—Nat Berger Associates, Inc., New York
,
-
purposes.
fractional units of not less than $2,500.
or
May 26, 1961 filed $3,140,000 of 6% convertible deben¬
tures due 1976, with warrants to purchase 31,400 common
writer—None.
,
Thursday, August 31, 1961
.
capital and other corpo¬
Basin and Cherry Sts., Norristown, Pa. Underwriter—H. A. Riecke & Co., Philadel¬
phia (managing).
',<••.
• Sun
Valley Associates
(10/25).
" v
March 30, 1961 (letter of notification) $205,000 of lim¬
ited partnership interests to be offered in units of $5,000,
rate
Underwriter—Capital Securities Corp.,.
Greenville, S. C.
Under¬
St., N. W., Washington, D. C.
9th
Office—724
28,
Business—A
purchase of conditional sales contracts on home appli¬
ances. Proceeds — For working capital and expansion.
•
4
Industries, Inc.
Aug. 8,
Business —The purchase of
Ga.
.
plant expansion, working
For
Inc.
July 25, 1961
("Reg. A") 50,000 common shares (par
10 cents). Price—$4. Proceeds—For repayment of loans,
June
.
(944)
"
payment of loans; sales promotion and advertising; ex¬
pansion; purchase of raw materials; research and devel¬
opment, and working capital. Office—599 Tenth Avenue,
New York.
Underwriter—International Services Corp.,
Paterson, N. J.
.
,
r-
■;••• •:
Volume
Number 6086
194
.
.
.
The Commercial and Financial Chronicle
Telecredit, Inc.
•'*
July 24, 1961 filed 155,000 common shares. Price—$1.
Business—The development of high-speed electronic data
ceeds—To repay a
loan, and purchase equipment, for re¬
development, administrative expenses and
working capital. Office — Noeland Ave., Penndel, Pa.
Underwriter—Best & Garey Co., Inc.. Washington, D. C.
and
I
Proceeds—For
ment.
of loans
repayment
.
and
Televlso
v
Corp.
'
•
Thoroughbred
June
2,
apparatus used as ground to air aids to aircraft naviga¬
tion. Proceeds—For repayment of loans, purchase of a
additional
plant and working capital.
Office — Wheeling & Ex¬
change Roads, Wheeling, 111. Underwriter—Kalman &
Fla.
Co., St. Paul (managing).
•
•
Templet Industries Inc.
Templeton vDamroth Corp.
•
-
v
-,r
.
for
share for the public offering and $11.40 per share
rights offering. Business—A small business in¬
company. Proceeds — To finance the com¬
the
pany's activities of providing equity
term
capital and long
loans to small business concerns.
Office—Life and
Casualty Tower, Nashville, Tenn. Underwriter—Paine,
Webber, Jackson & Curtis, New York City (managing).
•
.
of
food
Office—Church
16%
cents).
(9/5-8)
A") 100,000 capital shares (par
Price—$3. Proceeds—For - repayment of
Business—The
production
devices.
and
self
of
Proceeds—For
new products and other corporate purposes.
Prospect St., Stamford, Conn. Underwriter
—F. L. Rossman & Co., New York (managing).
,
;
Communications Co.
:h
id
'
it;
th
Industries, Inc.
(9/5-8)
Feb. 28, 1961 filed 1,728,337 shares of common stock of
which 557,333 shares are to be offered for the account
of the issuing company and 1,171,004 shares, represent¬
ing outstanding stock, are to be offered for the account
of the present holders thereof. Price—For the company's
shares, to be related to A.S.E. prices at time of the
offering., For the stockholders' shares, the price will be
supplied by amendment. Business — The company, for¬
merly Sentry Corp., is primarily a general contractor for
heavy construction projects. Proceeds—The proceeds of
the first 12,000 shares will go to Netherlands Trading Co.
The balance of the proceeds will be used to pay past
due legal and accounting bills, to reduce current indebt¬
edness, and for working capital. Office—11-11 34th Ave.,
Long Island City, L. I., N. Y. Underwriter — (For the
company's shares only) Greenfield & Co., Inc.. New
Aug. 24, 1961 filed 125,000 common. Price—By amend¬
ceeds—For advances to subsidiaries.
Texas Capital Corp.
(9/5-8)
June 16, 1961 filed 1,000,000
amendment. Business — A
common shares. Price—By
small business investment
communications
debt
and
design, manufacture and erection of
towers.
Proceeds
working capital. Office
—
—
For repayment of
2700 Hawkeye Dr.,
Sioux
bin
City, Iowa. Underwriter—C. E. Unterberg, TowCo., N. Y. C. (mgr.).
if Transcontinental Investing Corp.
Aug. 25, 1961 filed $10,000,000 of 6J/2% convertible sub¬
ordinated debentures due 1981.
Price—By amendment.
Business
The operation of hotels, motels, apartment
buildings and a small business investment company.
Office—375 Park Ave., N. Y. C. Underwriter—Lee Higginson Corp., N. Y. C. (mgr.).
—
Transcontinental
March
stock
(par $1).
Price—$2.50
Trans-World
Financial
Co.
June
Textilfoam, Inc.
June 23, 1961 filed 130,000 common shares of which 100,000 shares are to be offered by the company and 30,000
45,000 shares by stockholders. Price — By amendment.
Business—A holding company with subsidiaries in the
savings and loan, real estate and insurance fields. Pro¬
ceeds
For repayment of loans and working capital.
M
i*
Q-;
v;
•
r-\:U.4
Price—By amendment. Busi¬
a synthetic foam to fabrics.
Proceeds—For 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.
ness — The lamination of
Theil
18.
—
July
-
Publication,
1961
25,
terial for
IS',
al.
—For
Inc.
110,000
.
common
writing and
purposes.
Franklin Sq., L.
Thermionix
working capital and general
Office—1200 Hempstead Turnpike,
I., N. Y.
(par
of a
flexible heating tape.
Proceeds—For construction of a
machine, research and development, sales engineering
and working capital.
Office — 500 Edgewood Avenue,
Trenton, N. J. Underwriter—D. L. Capas Co., New York.
re
ex-
>1le,
.
P.,
*
H
Thermo-Chem
Corp.
.(9/11)
,
,
^
.
•
■
130,000 common shares.. Price—$4.50.
Business—The manufacture of coatings for fabrics. Pro¬
June 14
1961 filed
are
130,000
be
to
common
offered
by
shares
the
of
which
company
and
Wilshire
—William R.
Staats
of roads and the sale of
mix
•
Transvision
29,
Office—2800 S. Central Ave., Phoenix, Ariz. Underwriter
United Improvement &
Aug.
and
New
Investing Corp.
of 6% convertible
$2,500,000
sub¬
W. 43rd St., New York. Underwriter—Sutro Bros. &
Co., New York (managing).
United Investors Corp.
(9/18)
May 26, 1961 filed 76,109 shares of class A stock. Price
—$10 per share. Business—The company plans to ac¬
Electronics, Inc. (9/11-15)
140,000 common shares. Price—By
manufacture
of
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.
specialized
Proceeds—For expansion, repayment of
working capital. Office—460 North Avenue,
Underwriter—N one.
if United Nuclear Corp.
Aug. 28, 1961 filed 325,000 common, of which 100,000 are
to be offered by
Tresco,
equipment.
Inc.
the company and 225,000 by stockhold¬
amendment. Business — Development
and research in the nuclear field. Proceeds—For work¬
(9/5-8)
and
Proceeds—For the repayment of
development,
Price
ers..
finance a new subsidiary
Office—3824 Terrance
St., Philadelphia. Underwriter—Amos Treat & Co., New
York
(managing),
to
United
By
Scientific
Laboratories, Inc.
(9/25)
filed 360,000 common shares. Price—$2.
Business—The manufacture of high fidelity stereo tuners
Aug.
..
Tri-Chem, Inc.
Aug. 16, 1961 filed $350,000 of sinking fund debentures,
6%"% series due 1976 and 140,000 common shares to be
offered in units consisting of $100 of debentures and
—
ing capital and general corporate purposes. Office—365
Winchester
Ave., New Haven, Conn.
Underwriter —
Eastman Dillon, Union Securities & Co., N. Y. C. (mgr.).
debt, re¬
and for other corporate purposes.
•
filed
25
Rochelle, N. Y. Underwriter—Adams & Peck, New
search
1961
holders of common stock and series A warrants
on
the basis Of $100 of debentures for each 70 shares
held. Price—By amendment. Business—General real es¬
tate. Proceeds—For general corporate purposes. Office—
York.
•
18,
tion by
1961 filed
TV equipment.
debt
(mgr.).
if Union Title Co.
Aug. 28, 1961 filed 150,000 capital shares. Price—$7.50.
Business—The insuring of real estate titles. Proceeds—
For working capital and expansion. Office—222 N. Cen¬
tral Ave., Phoenix. Underwriter—None.
Blvd., Beverly Hills. Underwriter
& Co., Los Angeles (mgr.). Offer¬
Business—The
sand, crushed rock and transitthe selling stockholders.
Proceeds—For
—William R. Staats & Co., Los Angeles
ing—Imminent.
June
concrete.
ordinated debentures due 1976 to be offered for subscrip¬
—
Office—9460
if Union Rock & Materials Corp.
Aug. 22, 1961 filed 160,000 common. Price—By amend¬
ment. Business—The company is engaged in the paving
5, 1961 filed 100,000 common shares. Price—$5.
Business—Manufactures transformers for electronic
Corp.
July 27, 1961 ("Reg. A") 150,000 common shares
10 cents).
Price—$2. Business—The manufacture
•es
shares
.
June
Underwriter—None.
Industries
filed
-
Leagues, Inc.
*■ "
June 28, 1961 filed $700,000 of 7% subordinated sinking
fund debentures due 1976 (with attached warrants) and
140,000 common shares to be offered in units consisting
of 80 common shares and $400 of debentures.
Price—
$800 per unit. Business—The operation of bowling cen¬
ters. Proceeds—For repayment of debt, acquisition of a
warehouse and working capital. Office—11459 E. Impe¬
rial Highway,
Norwalk, Calif.
Underwriter — Holton,
Henderson & Co., Los Angeles.
.
shares. Price—$3.
repayment of loans,
corporate
85,000
1961
amendment.
producing of technical ma¬
industry and Department of Defense. Proceeds
Business—The
ng
filed
26,
*
Union
120,000 shares of
per share. Pro¬
For investment. Office — 104 E.
Eighth St., Georgetown, Tex. Underwriter — DempseyTegeler & Co., Inc., St. Louis.
'
/
Proceeds
company.
development, and working capital. Office—1346 Con¬
necticut Ave., N. W., Washington, D. C. Underwriter—T. J. McDonald & Co., Washington, D. C.
Office—278 S. Main
Street, Salt Lake City, Utah. Underwriter—Continental
Securities Corp., 627 Continental Bank Building, Salt
Lake City, Utah.
•
Turbodyne Corp.
«<
May 10, 1961 filed 200,000 shares of common stock. Price
—$2 per share. Business — The research, development,
manufacturing and marketing of space and rocket en¬
gines, and related activities. Proceeds—For research and
Investment Co.
15, 1961 (letter of notification)
common
■
instruc¬
Office—65
ment. Business—The
concentrated
,
purchase of
equipment,
Tower
Price—$5.
plant to
of
.Tungsten Mountain Mining Co.
April 7, 1961 (letter of notification) 400,000 shares of
common stock
(par 25 cents).'Price — 62Vz cents per
share. Proceeds—For mining expenses. Office—511 Secu¬
rities Bldg., Seattle, Wash. Underwriter^H-^f. Pratt &
Co., Inc., Seattle, Wash.' Note—This issue ha& been tend-;
porarily postponed.
* Yb'-- *
("Reg.
courses
shares.
operation
•
T
,
amendment.
and
—1206
Inc.
Education, tnc .
l
.►
..-fc'-wofeisU*
July 28, 1961 filed 100,000 capital shares. Price — By
tional
frozen
common
installation
.
Tor
>
The
For installation of
loans, purchase of equipment and working capital. Office—2448
Sixth
St., Berkeley, Calif. Underwriter—
Troster, Singer & Co., New York.
;
•
—
juices in bulk. Proceeds—
equipment and working capital. Office
Tower Petroleum Bldg., Dallas. Underwriter—
Dallas RUpe & Son, Inc., Dallas (managing).
V
process
:
,
1961
True Taste
Business
,
shares.
Tinsley Laboratories,
29,
company.
working capital.
York.
Corp.
Aug. 18, 1961 filed 200,000
consisting of one class A and two
Price—By amendment- Proceeds
—For repayment of loans and inventory. Office — 121
S. Water St., Tampa. Underwriter — Miller Securities
Corp., Atlanta, Ga.
•
Price—$6.
finance
.
v
Hender-
,
industrial
Office—1107 Broadway,
Underwriter—Trinity Securities Corp., 40
Exchange Place, New York.
*
New
products
&
and
consumer
Proceeds—For
Proceeds—For repayment of debt and
common
precision instruments and
Trinity Funding Corp. (9/6)
19, 1961 filed 250,000 common shares.
Business—A
to be offered in units
class B
of
Proceeds—For
equipment, inventory, the
repayment of debt, and working capital. Office—Oak
Dr. and Cedar PI., Syosset, L. I., N. Y. Underwriter
—Armstrong & Co., Inc., New York City.
•
Electronics, Inc.
(9/11-15)
June
&
Thurow
The manufacture
—
components.
Biscayne Blvd., Miami,
Co., Inc., Newark, N. J.,
York City.
4
Terry
ness
King of Prussia, Pa. Underwriter—Kidder,
Co., New York (managing).
.
Rds.,
Peabody
June
vestment
Triangle Instrument Co.
(9/11-15)
purposes.
1961
March 30, 1961 (letter of notification) 100,000 shares of
common stock (par one cent).
Price—$3 per share. Busi¬
(9/11-15)
shares.
Price—$4.
July 20, 1961 ("Reg. A") 41,500 class A common shares
(par $2.50) and 83,000 class B common shares (par $1)
v
per
Displays, Inc.
("Reg. A") 260,000 common shares (par
Price—$1.15. Proceeds—For working capital.
Office—1221 Glenwood Ave., Minneapolis. Underwriter
—Naftalin & Co., Minneapolis.
Inc.
wholesale distribution
to .retail stores.
son
,
■o.
Tennessee .Investors,, i«|C.£.
<>.;•; boiii
v»!A'
May 16, 1961 filed 500,000 shares at common stock to be
publicly offered, and 4,206 common shares to be offered
to holders of the outstanding common on the basis of
one new share for each nine shares held. Prices—$12.50
Office—8000
general corporate
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 &
Co., Philadelphia, Pa. "Note—This offering was with¬
■
Tri-State
July 24,
five cents).
City.
Business—The
/
investment counselling..
drawn.
horses.
Underwriter—Sandkuhl &
Thriftway Foods, Inc.
March
'
St.,
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.
...
30, 1961, filed $445,000 of- 5%% convertible de¬
bentures, due V1969. - Price — 100% of the principal
amount. Business — The management and distribution
of shares of-four investment companies, and also private
LaSalle
The
—
and New York
t
June 2, 1961
Enterprises,
1961
Business
("Reg. A") 100,000 common shares (par 25
cents).
Price—$3. j Business—Licenses patents to diemakers and metal parts manufacturers. Proceeds—For
working capital and general corporate purposes. Office—>.
a.701 Atkins Ave.* Brooklyn 8, N. Y. Underwriter—Levien,Greenwald & Co., New York.
the selling stockholders. Of¬
Warrington Sts., East Riverton, N. J.
L. Scheinman & Co., New York and
Blaha & Co., Inc., Long Island
City, N. Y. .;
&
Underwriters—R.
filed 85,000 common
breeding of thoroughbred race horses.
Proceeds—To purchase land, build a stable, and buy
1
—The manufacture of electronic
1
N.
for
Proceeds—For
fice—Bennard
July 27, 1961 ("Reg. A") 63,750 common shares (par
$1). Price—$4.70. Proceeds—To increase capital and sur¬
plus. Office—457 Starks Bldg., Louisville. Underwriter—
Stein Bros. & Boyce, Louisville.
shares by stockholders. Price—By amendment. Business
and electro-mechanical
1
Office—30
components in the fabrication of metal
the food, pharmaceutical and chemical
equipment
industries.
Thomas Jefferson Insurance Co.
Aug. 8, 1961 filed 97,400 common shares, of which 60,000
shares are to be offered by the company and 37,400
i
investment.
ovens and
aces,
.....
Chicago. Underwriter—None.
equip¬
working
capital. Office—50 W. 44th St:, New York. Underwriter
—Bear, Stearns & Co., New York (managing),
I
1
Proceeds^For
1976. Price—By amendment. Business—
The manufacture of communication systems and
:
(9/5)
equipping
30 North La Salle Street Realty Fund
1
July 3, 1961 filed 200,000 shares of beneficial interests.
Price—$5. Business—A real estate investment company.
TelePrompTer Corp. (9/5)
July 6, 1961 filed $5,000,000 of convertible subordinated
(
Works, Inc.
trucks used in sale of ice cream, etc.
It also engages in
the research, design and manufacture of vacuum furn¬
working capital. Office—27 Jericho Turnpike, Mineola, L. I., N. Y. -Underwriter—J. B. Coburn Associates,
Inc., New York.
\
;
.
Co., Inc., New York (managing).
June 29, 1961 filed 68,000
outstanding common shares to
be offered by the stockholders. Price—At the
market.
Business — The designing,
converting and
Proceeds—For
.
shares. Price—By amendment.
Business—The
Tri Metal
and
writers—Hayden, Stone & Co., New York and McCormick & Co., Chicago.
\
<
common
hobbyists. Proceeds—For1 re¬
payment of bank loans and working capital. Office—82
Main St., West Orange, N. J.
Underwriter—P. W. Brooks
devices, principally an elec¬
raw materials, plant
equipment, advertising research, and development
tronic water heater.
Office—135 So. La Salle St., Chicago. Under¬
debentures due
and
of electronic and electrical
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.
&
45
manufacture of paints for
Thermotronics Corp., Inc.
July 10, 1961 ("Reg. A") 100,000 common shares (par 10
cents). Price—$3. Business—Research and development
(9/11-15)
40
search
processing systems.
Proceeds—For organizational ex-*
penses, establishment of service centers and reserves.
Office—100 W. 10th Street, Wilmington, Del.
Under¬
writer—Globus, Inc., New York (managing).
Telephones, Inc.
(945)
and
18,
1961
amplifiers and amateur radio transceivers. Proceeds
repayment of debt, increase in sales personnel,
—For
"
...
/
„
;
' *
;
Continued
on page
46
46
Continued from
Aug. 22, 1961 filed 150,000 common. Price—$8. Business
—The manufacture of specialized bottle caps. Proceeds—
Underwriter—Adams & Peck, N. Y.
Thursday, August 31, 1961
Underwriter—Troster, Singer & Co.,
Ave., N. Y.
(mgr.).
Wesco
New York.
'
industries, Inc.
ment, research
Office
Vending International, Inc.
working capital and general corporate
Office—437 Boulevard, East Paterson, N. J.
equipment,
purposes.
.
principally TV and radio parts. Proceeds—For equip¬
July 19, 1961 ("Reg. A") 80,000 common shares. Price—
ment, financing of merchandise, imports and accounts
$3. Business—The manufacture of pumps, mist coolant
receivable and working capital.
Office — 397 Seventh * general tanks and machine component parts for the mis¬
sile industries. Proceeds—For moving expenses, equip¬
Ave., Brooklyn, N. Y. Underwriter — Kenneth Kass,
Maplewood, N. J.
Corp.
* United States Crown
.
.
N. Y. C.
July 25, 1961 filed 100,000 shares of common stock. Price
—$2. Business — The manufacture of electronic items,
and
Continental Bond & Share Corp.,
For
Fifth
Varitron Corp.
45
working capital. Office—
Ave., Long Island City, N. Y. Underwriter—
37th
35-15
page
production
and
tooling
The Commercial and Financial Chronicle
(946)
July 27, 1961 ("Reg. A") 70,588
10 cents). Price—$4.24. Proceeds
(mgr.).
shares
common
—
and
Burbank,
Corp., New York.
(par
For repayment of
•
—
West
development,-and working, capital.
Calif. Underwriter — First Madison
:'
\ -
Coast
Bowling Corp.
•
r
;
filed 128,434 shares of common stock, of
" which 115,000 shares are to be offered for public sale
July 24, 1961 ("Reg. A")99,990 common shares (par 10
by the company and 13,434 outstanding shares by the
cents). Price—$3. Business—The manufacture and dis¬
ton, D. C.
:
"
tribution of epoxy resins for potting uses.
Proceeds—
present holders thereof. Price—$9.75 per share. Busi¬
Vic Tanny Enterprises, Inc. (9/5)
ness—The company plans to acquire and operate bowling
For
repayment of loans, research and development, •
centers primarily in California.
May 11, 1961 filed 320,000 shares of class A common
Proceeds—For general
moving expenses and working capital. Office — 140
stock (par 10 cents) of which 120,000 shares will be of¬
Adams St., Leominster, Mass. Underwriter — Richard
corporate purposes:
Office—3300 West Olive Avenue,
fered for the account of the company and 200,000 shares
Bruce & Co., Inc., New York.
Burbank, Calif. Underwriter—Hill Richards & Co. Inc.,:
by the present holder thereof. Price—To be supplied by * Los Angeles (managing).
//.V •* >
V'" -'v''*
v
U. S. Markets, Inc.
amendment. Business—The operation of a national chain
Western Factors, Inc.
July 31, 1961 filed 200,000 common shares, of which 160,of gymnasiums and health centers for men and women.
June 29, 1960 filed 700,000 shares of common stock. Price
000 shares are to be offered by the company and 40,000
Proceeds—The company will use its part of the proceeds
shares by a stockholder. Price—$5, Business—The op¬
—$1.50 per share. Proceeds—To be used principally for
for the opening of new gymnasiums and the promotion
the purchase of additional accounts receivable and also
eration of a chain of supermarkets and other retail food
of home exercise equipment. Office—375 Park Ave., New f,
stores in the San Francisco area. Proceeds—For repay¬
may be used to liquidate current and long-term liabil¬
York City. Underwriter—S. D. Fuller & Co., New York
ities.
Office
1201 Continental Bank Bldg., Salt Lake
ment of loans, working capital and general corporate
U
debt, expansion and a new building. Office—c/o Brownfield, Rosen & Malone, 1026-16th St., N. W., Washington,
D. C. Underwriter—H. P. Black & Co., Inc., Washing-
Dielectric Inc.
S
- May
26,
_
1961
—
Office—60 Fallon Street, Oakland,
derwriter—Stanley Heller & Co., New York.
purposes.
City.
Calif. Un¬
Business—Factoring. - Underwriter—Elmer
Vol-Air, Inc.',; '
■' "
K. Aagaard, 6 Salt Lake Stock Exchange Bldg., Salt Lake
July 27, 1961 ("Reg. A") 96,000 common shares (par one > City. Offering—Expected in late October.*
cent).
Price—$2.50.
Business—The manufacture of a ™.
Western Union Telegraph Go. < (9/8)
'«
patented heat and mass transfer system. Proceeds—For "
July 12, 1961 filed 1,075,791. common shares to be of¬
equipment, filing of patents, inventory, advertising and
fered for-subscription by stockholders on the basis of
promotion. Address—347 Madison Avenue, New York.
one new share for each six shares held
of record Sept.
Underwriter—Glass & Ross, Inc., 60 E. 42nd Street, New
8,1961, with rights to expire Sept. 25. Price—By amend¬
York 17, N. Y.
ment. Proceeds—For repayment of loans and expansion.
(9/11-15)
U. S. Plastic & Chemical Corp.
July 11, 1961 filed 125,000 common shares. Price — By
amendment. Business—The manufacture of plastic mate¬
rials for
,
industries. Pro¬
work¬
by the button and novelty
use
ceeds—For the repayment
of debt, expansion, and
Underwriter—
ing capital.
Office — Metuchen, N. J.
Peck, New York.
Adams &
United Variable Annuities Fund,
•
Inc.
of stock. Price—$10
per share. Business—A new mutual fund. Proceeds—For
investment. Office—20 W. 9th Street, Kansas City, Mo
Underwriter—Waddell & Reed, Inc., Kansas City, Mo.
*
New York.
(9/12)
shares
stockholders. Price—$10. Business—The
fiber glass reinforced plastic. Proceeds
—For the selling stockholders. Address—Commonwealth
be
to
sold
by
manufacture
of
Ave., Bristol, Va. Underwriter—A. G. Edwards & Sons,
Louis (managing).
.\
St.
installation- and
sale,
Universal Publishing & Distributing
of
1961
5,
pies,
Proceeds—For
foods.
manufacture
the
selling
Corp.
The sale of medicine, surgical and
—
Blvd., Beverly Hills, Calif.
Underwriter
Tegeler & Co., Inc., St. Louis.
Vacu-Dry Co.
June
9107 Wilshire
—
Dempsey-
The manufacture of ground support
—
equip¬
aircraft, misisle and related industries. Pro¬
of loans, purchase of equipment
1961
Walter Sign
400,000
common
—
June
Title
& Trust
(9/25)
Co.
filed 120,000 common shares. Price—$5.
writing and selling of title insurance and
the 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
—
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.,
★ Val-U Homes Corp. of Delaware
Aug. 28, 1961 filed 100,000 common. Price—$5. Business
—The manufacture of prefabricated buildings and shell
homes. Proceeds—For working capital. Office—765 Riv¬
St., Paterson, N.J. Underwriter—Stearns & Co., N.Y.C.
(mgr.).
er
Corp. of America
July
26, 1961 filed 160,000 common shares, of which
75,000 shares are to be offered by the company and 70,000
shares by stockholders. Price—$7. Business—The
manufacture of valves
and
accessories
tainers. Proceeds—For repayment
,
capital.-Office—1720
Underwriter
—
(managing).
Fairfield
Lomasney,
for
aerosol
con¬
of debt and working
Ave., Bridgeport, Conn.
Loving & Co., New York
Inc.
(9/13)
29,
professions, through various training pro¬
Proceeds—For leasehold improvement, repay¬
of loans and working capital. Office—4915 Cordell
grams.
ment
Avenue, Bethesda, Md. Underwriter—None.
Water Industries
small
business
ceeds—For investment.
York.
•
Wood Manufacturing Co.,
(managing).
Watson
Pro¬
Office—122 E. 42nd Street, New
&
Weeks, New York
'
.
'
'
Minne¬
World Scope Publishers, Inc.
July 31, 1961 filed 300,000 common shares. Price—By
amendment. Business—The publishing of encyclopedias
and other reference books. Proceeds—For repayment of
and general corporate purposes.
Broadway, Lynbrook, N. Y. Underwriter-
working capital
Standard Securities
Corp., New York.
World Wide Bowling
Enterprises, Inc.
filed 130,000 common shares. Price—$4.
operation of bowling centers. Proceeds—
For repayment of debt, expansion and working capital.
Office—2044 Chestnut Street, Philadelphia. Underwriter
July
20,
1961
Business—The
Co., Philadelphia.
Wyoming Wool Processors, Inc.
June
5,
1961
Business—The
filed 700,000 common shares. Price—$1.
processing of wool. Proceeds—For the
purchase of equipment, building rental, and working
capital.
Address—Box 181, Casper, Wyo.
Underwriter
Engineering Co., Inc.
XTRA,
Inc.
(9/13)
28, 1961 filed 182,570 common shares of which 160,000 shares are (o be offered by the company and 22,570
June
stockholders. Price—By amendment. Business
leasing of truck trailers to railroads or customers
Proceeds—For repayment of debt and for
working capital. Office—150 Causeway Street, Boston.
shares by
—The
of
Electronics &
Inc.
Conway, Ark. Underwriter—J. P. Penn &/Co.,
apolis.
•
Price—$11.
investment company.
Underwriter—Hornblower
payable, accounts payable, and
—None.
Capital Corp.
filed 964,100 common shares.
July 21, 1961
of
July 24, 1961 ("Reg. A") 250,000 common shares (par
$1). Price—$1.15. Proceeds—Foor working capital, re¬
payment of loans, purchase of equipment, advertising
and building construction. Office — 1035 Chestnut St.,
—Fraser &
engineering
150,000 shares
($2 per share). Proceeds
payable and the balance for working capital. Office
Sunset Blvd., Los Angeles,*Calif. Underwriter—
Standard Securities Corp., Los Angeles, Calif. '<
filed 375,000 common shares. Price—$1.
servicing of manufacturing companies and
1961
parr
notes
Office—290
Business—A
Valve
stockholders.
—7805
debt,
—
Business—The
Business—The
stock: Price—At
■—To discharge a contract
common
June
Valley
(9/15)
Corp.
1961 (letter of notification) 100,000 shares of
stock (par one cent). Price—$3 per share. Busi¬
The manufacture and installation of highway
Feb.
common
signs. Proceeds—For the reduction of debt,
(9/6)
filed
by the company and 15,000 by
Wonderbowl, Inc.
(10/23)
6, 1961 (letter of notification)
\
March 30,
ness
shares. Price—By
amendment. Proceeds
For expansion, repayment of
bank loans and working capital. Office — 950 56th St.,
Oakland, Calif. Underwriter—Wilson, Johnson & Higgins, San Francisco (managing).
27,
to be offered
.
Offering—Expected in late September.
laboratory equipment manufactured by others. Proceeds
of debt. Office
-
Stores, Inc.
ment for the
share for each 30 shares held of record
repayment
Office—350
J. Gabriel
Office*—2357 S. Michigan Ave., Chicago/ Underwriter—•
'
D. E. Liederman & Co., Inc., N. Y. C.
</
" - 7
(9/18)
Wisconsin Power & Light Co.
•'
June 23, 1961 ("Reg. A") 100,000 common shares (par 4
July 17, 1961 filed 15,000 cumulative preferred shares
10 cents).
Price—$3.
Business—The* operation of dis¬
(par $100) which are being offered to employees ahd
count merchandising centers. Proceeds—For repayment
preferred stockholders of record Aug. 10, .*'1961, with
of loans, expansion and working capital. Office—691 E.
rights to expire Aug. 30, 1961. Price—$100 plus accrued
Jericho Turnpike, Huntington Station, N. Y. Underwriter
dividends. Proceeds—For-construction. Office—122 W.
r
—Omega Securities Corp., New York. •
Washington Avenue, Madison 1, Wis.
Underwriters—
Wald Research, Inc.
;
Smith, Barney & Co., New York and Robert W. Baird
July 26, 1961 filed 65,000 common shares. Price — $5.
& Co., Inc., Milwaukee (managing).
y
Wainrite
—
the
working capital.
York: Underwriter—A.
Price—$2.-: Business-LThe printing of towels and other
textile products.
Proceeds—For repayment of loans.
stockholders.
.
—For
New
St., Newark. Underwriter—None. '
Office—13 Vesey
filed 50,000 6% cumulative preferred shares : and inventory, working capital and general corporate
(par $10) and 50,000 common shares to be offered in
purposes. Office—79 Franklin Turnpike, Mahwah, N. J.
units, each consisting of one preferred share and one * Underwriters — Martinelli & Co., New York and E. R.
common share.
Price—$15 per unit. Business—The pub- ; Davenport & Co., Providence, R. I.
lishing of magazines and paper bound books. Proceeds—
Waldbaum, Inc.
'
For expansion,
additional personnel, sales promotion,
July 21, 1961 filed 183,150 common shares, of which 120,working capital and other corporate purposes. Office—
000 shares are to be offered by the company and 63,150
117 E. 31st Street, N. Y. Underwriter—Allen & Co., New
shares by the stockholders. Price—By amendment. Busi¬
York.
ness—The operation of a supermarket chain and the
• Universal Surgical Supply Inc.
(9/15)
wholesaling of food products. Proceeds—For repayment
Aug. 1, 1961 filed 200,000 common shares, of which 100,of loans, expansion, inventory and other corporate pur¬
000 will be offered for public sale and 100,000 to stock¬
poses.
Office—2300 Linden Boulevard, Brooklyn, N. Y.
holders of Houston Fearless Corp., parent company, on
Underwriter
Shields & Co., New York (managing).
—
>
Aug. 25, 1961 filed 265,000 common, of which 250,000 are
of
ceeds—For repayment
Sept. 1. Business
-
Co., Inc., New York*
and the distribution of '
June 28,1961
one
Proceeds—For
Avenue,
* Windsor Texprint, Inc.
and other pastries
cakes
frozen
(9/11-15)
the basis of
institutions.
Fifth
outstanding common shares.
Business—The
Price—At-the-market.
)
v
Corp.
July 21, 1961 ("Reg. A") 100,000 common shares (par 10
cents). Price—$3. Business—The financing of business
•
Reuben Rose & Co., New York.
50,637
filed
St., New York. Underwriters—Kuhn,
Brothers, New York (manag¬
Wilco Commercial
Wagner Baking Corp.
July
-
& Co. and Lehman
ing).
industrial and
music. Proceeds—For tooling, pro-
of background
Business
•
servicing
Loeb
commercial communications equipment and the furnish¬
Joshua & Co., Inc., and
Health, Inc.
18, 1961 filed 275,000 outstanding common
Office—60 Hudson
duction, engineering, inventory and sales promotion of
its products and for working capital. Office — 1230 E.
Mermaid Lane, Wyndmoor, Pa. Underwriters — John
Universal Electronics, Inc.
(9/11)
June 14, 1961 ("Reg. A") 100,000 common shares. Price
—$3. Business?—The-operation of a chain of health
studios. Proceeds—For 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.,
the
ing
July 27, 1961 ("Reg. A") 213,000 common shares (par
10 cents). Price—$1.15. Office—402 Minnesota Bldg., St.
Paul. Underwriter—Brandtjen & Bayliss, St. Paul.
Universal Moulded Fiber Glass Corp.
Electronics Corp/(9/25-29)
1961 filed 100,000 class A shares. Price — $3.
Business—The manufacture of electronic test equipment,
Offering—Expected in early November,
June
Voron
July 28,
April 11, 1961 filed 2,500,000 shares
Universal
City, Utah.
railroads.
Underwriter—Putnam
July 25, 1961 ("Reg. A") 75,000 common shares (par
10 cents). Price — $4. Proceeds—For manufacturing,
laboratory and office facilities, equipment and working
capital. Office—2603 S. Oxford St., Arlington, Va. Un¬
derwriter—Hodgdon & Co., Inc., Washington, D. C.
July
&
Co., Hartford, Conn,
(manag-
ing).
• Weissberg (H. R.) Corp.
Aug. 28, 1961 filed 250,000 class A common/ Price—By
amendment.
eral real
quisition
Business—The
estate.
and
operation of hotels, and gen¬
of loans, ac¬
Proceeds—For repayment
general
corporate
purposes.
Office—680
Yardney Electric Corp.
18,
1961
amendment.
filed
200,000
Business—The
common
shares.
Price—By
of
silver-zinc
manufacture
primary and rechargeable batteries. Proceeds—For pur¬
chase and installation of equipment and property, work¬
ing capital and other corporate purposes. Office—40-52
St., New York. Underwriter—Kidder, Peabody
Leonard
&
Co., Inc., New York.
'
Volume 194
Number 6086
.
.
The Commercial and Financial Chronicle
,
York Research Corp.
(9/5)
filed 75,000 class A shares. Price—By
amendment. Business—The testing of industrial and con¬
sumer products.
Proceeds—For the establishment of a
new laboratory and the purchase of equipment.
Office—
1 Atlantic Street, Stamford, Conn.
Underwriter—Allen
& Co.. New York (managing).
■v?
June
28,
1961
Zep Aero
July 28, 1961 filed 50,000 common shares, of which 30,000 shares are to be offered by the company and 20,000
shares by a stockholder. Price—By amendment. Business
,
^ Co nine., Newport feeach, Caiif.
Zion Foods Corp.
•
July 20* 1961 filed 110,000
;
shares, of which 90,by the company and 20,000
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).
•
i
-
-
I
■
-
/
/
common
.
.
'
ATTENTION UNDERWRITERS!
you're planning to register?
Department would like
to know about it so that we can prepare an item
similar to those you'll find hereunder.
Do you have an issue
Corporation
Our
i
3
Would
write
you
us
News
telephone
us
at
REctor
2-9570
or
at 25 Park Place, New York 7, N. Y.
Prospective Offerings
Adrian Steel Co.
i.
June
30, 1961 it was reported that a "Reg. A" will be
with the SEC shortly covering 100,000 common
filed
Price—$3. Business—Automotive fabri¬
cating. Proceeds—To establish a new industrial air con¬
ditioner division. Office—Adrian, Mich. Underwriter—
Morrison & Frumin, Inc., Detroit.
Shares (par 50c).
•f
Ail-American
Airways Co.
May 1, 1961 it was reported that a "Reg. A" will be
filed shortly covering 75,000 shares of common stock.
'•<: Price—$4 per - share.
Office—Danbury, Conn, Under¬
writer—Edward Lewis Co.
Nqw ^oFk.iUityitogr.).
"
*
Aluma-Rail, Inc.'/"/
•
*
Aug. 9, 1961 it was reported that a ("Reg. A") will be
filed shortly covering 100,000 common shares.
Price—
$3.
Business — The manufacture of new color anodized
aluminum chain link fencing. Proceeds—For inventory
and plant expansion. Office—44 Passaic Ave., Kearny,
N. J. Underwriter—Omega Securities Corp., N, Y.
f
,
h
%
.V
%'■
i:
Baltimore Gas & Electric Co.
•
'k':
"
Aug. 30, 1961 it* was reported that this company plans to
issue about $25,000,000 of first mortgage bonds in the
first half of * 1962.
Office
Lexington and Liberty
,
"
—
"
■I
*
i
;
Streets, Baltimore 3, Md. Underwriters—To be deter¬
mined
by
competitive
bidding.
Probable
bidders:
Halsey, Stuart & Co. Inc.; White, Weld & Co., and First
Boston Corp. (jointly); Harriman Ripley & Co., Inc.,
h
ana
!'■
1
•>
1
*
.
Alex. Brown & Sons (jointly).
Bay State Electronics Corp.
Aug. 2, 1961 it was reported that this company plans to
file a registration shortly covering about 270,000 com¬
mon shares to raise some $2,500,000. Business—Research,
development and production of items in the fields of
medical electronics, etc. Proceeds — For expansion and
working capital. Office—43 Leon St., Boston, Mass. Un¬
derwriter—S. D. Fuller & Co., New York (managing).
Dividend Advertising Notices
N. J., and BUena
Vista, Va. Underwriter—Sandkuhl and
Company, Newark, N. J., and New York City. Offering
—Expected in October.
offices
chell
,/-/
J
Georgia Bonded Fibers, Inc.
Sept. 14, 1960 it was reported that registration of 150,000
shares of common stock is expected. Offices—Newark,
000 shares-are td be offered
ment, equipment and working capital. Office—113 Sheldon St., El Segundo, Calif. Underwriter—Francis J. Mit-
v
v
Pressprich & Co., New York City (managing).
Georgia Power Co.
(10/18)
Aug. 15, 1961 it was reported that this company plans
to issue $10,000,000 of first mortgage bonds in October,
Office—Electric Bldg., Atlanta. Underwriters—(Compe¬
titive). Probable bidders: Harriman Ripley & Co., Inc;
Lehman Brothers; Blyth & Co., Inc., Kidder, Peabody &
Co., and Shields & Co, (jointly); First Boston Corp.;
Morgan Stanley & Co.; Halsey, Stuart & Co. Inc.; Equi¬
table Securities Corp., Eastman Dillon, Union Securities
& Co. (jointly). Bids—Expected Oct. 18 at 12 noon at
—The manufacture of oxygen systems and accessories
for aircraft. Proceeds — For inventory, plant improve¬
,
of Southern
York.
Services, Inc., 250 Park Ave., New
'•■' -/,
,
Gulf States Utilities Co.
(10/3)
July 25, 1961 it was reported that this company plans to
about $15,000,000 of debentures.
Office — 285
Liberty Ave., Beaumont, Texas. Underwriters — Com¬
petitive. Probable bidders: Salomon Brothers & Hutzler
and Eastman Dillon, Union Securities & Co. (jointly);
Lehman Brothers; 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
(11a.m. EDST) at 70 Broadway (18th floor) New York.
issue
Kansas Power &
Light Co.
(10/10)
Aug. 15, 1961 it was reported that this company plans to
sell about $13,000,000 of debentures in October. Office—
800 Kansas
Ave., Topeka.
Probable bidders:
Co.
Underwriters—(Competitive).
First Boston Corp.; Halsey, Stuart &
Inc.; Blyth & Co. Inc. Bids—Expected Oct. 10, 1961.
Milo Components, Inc.
June 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
T. M. Kirsch &
St., Valley Stream, N. Y. Underwriter—
Co., New York.
*
Miss Pat, Inc.
Aug. 9,1961 it was reported that a registration statement
covering about $1,000,000 of this company's outstanding
common stock will be filed in September.
Business—The
manufacture of teen-age apparel. Proceeds—For the sell¬
ing stockholders. Office—860 Los Angeles Street, Los
Angeles, Calif. Underwriter—Mitchum, Jones & Templeton, Los Angeles.
Mutual Photocolor Laboratories, Inc.
Aug. 22,
1961 it was reported that this company plans
$750,000 of common stock. Business—The
development of pictures and the sale of photographic
equipment and supplies. Proceeds—For expansion. Of¬
fice—29-14 Northern Blvd., Long Island City, N. Y. Un¬
derwriter—Rodetsky, Kleinzahler, Walker & Co., Inc.,
Jersey City, N. J.
to
sell
about
New England Power Co.
Corp.
July 25, 1961 it was reported that this company plans
;
&
'
-
to
file
A,r shortly covering 125,000 common
shares. Price—$3. Business—The manufacture of plastic
party favors for children. Proceeds—For expansion. Office—945 39th St,, Brooklyn, N. Y. Underwriters—S. B.
Cantor Co.,* and John R. Maher Associates, New York.
a
"Reg.
(10/25)
Jan. 20, 1961 it was reported that this subsidiary of
New
England Electric System plans to sell $20,000,000 of
first mortgage bonds. Office—441 Stuart St., Boston 16,
Mass/Underwriters
To be determined by competitive
bidding. Probable bidders: Halsey, Stuart & Co., Inc.;
fcuhn, Loeb & Co.; Equitable Securities Corp., and Blair
& Co. (jointly); Merrill Lynch, Pierce, Fenner & Smith
Inc., Kidder, Peabody & Co., and White, Weld & Co.
(jointly); First Boston Corp.; Lehman Brothers. Bids—
Carbonic
Equipment Corp.
•June 28, i 1961 it was reported that a "Reg. A" will be
filed covering 100,000 common shares. Price $3. Proceeds
—For expansion of the business. Office—97-02 Jamaica
-
-
i
\
Ave., Woodhaven, N. Y. Underwriter
Co., Inc.
•
Consolidated
Edison
Co.
of
—
R. F. Dowd &
New* York,
Inc.
(11/21)
was reported that this company plans
$50,000,000 of first mortgage bonds due
Nov. 1, 1991. Office—4 Irving PI., N. Y. Underwriters—
(Competitive). Probable bidders:
First Boston Corp.;
Halsey, Stuart & Co. Inc.; Morgan Stanley & Co. Bids—
Nov. 21, 1961 at 11 a.m. (EST).
■I
sell
about
Contact Lens
Guild, Inc.
June
19, 1961 it was reported that this company plans
a "Reg. A" shortly covering an undisclosed num¬
ber of common shares. Business—The manufacture of
contact lenses. Office—353 East Main St., Rochester, N.Y.
Underwriter—To be named. Offering—Expected in Dec.
to file
I
Equitable Savings & Loan Association
Aug. 22, .1961 it was reported that about 255,000 shares
of this firm's stock will be offered publicly in early
September. Of the total, approximately 255,000 will be
■.
for cer¬
Business—
sold for the .account of the company and 180,000
tain
stockholders. Price—To be determined.
A Savings and Loan
gon and
Association with 13 offices in Ore¬
Washington. Office—Portland, Ore. Underwriter
New World
on
Oct. 25, 1961.
Page 16.
Pcnn Amusement Corp.
Aug. 22» 1961 it was„ reported that this company plans
to. file a "Keg. A" shortly covering 100,000 common
>
shares.
Price—$3.v
Business—The company furnishes
mobile
(truck) amusement rides, for children. Proceeds
national dis¬
tributorships. Office—Brooklyn, N. Y. Underwriter—J.
Laurence & Co., New York City.
—To operate a new type truck and set
up
•
Pittsburgh Steel Co.
was imported that this company plans to
raise about $10,000,000 by sale of about
750,000 common
shares to stockholders through subscription rights. Pro¬
ceeds—For a capital improvement
program. Office—1600
Grant
Bldg., Pittsburgh 30, Pa. Underwriter—Kuhn,
Loeb & Co., New York (managing).
Aug. 15, 1961 it
Public Service Co. of Colorado
Aug. 22, 1961 it
was reported that the previously an¬
nounced plan to sell about $20,000,000 of common stock
to stockholders through subscription rights had been
postponed until about June 1962. Office—900 15th St.,
Deliver, Colo. Underwriter — To be named. The last
equity financing was handled on a negotiated basis by
First Boston Corp.
Public Service Electric & Gas Co.
Laboratories, Inc.
Aug. 22, 1961 it was reported that a "Reg. A" will be
filed shortly covering 100,000 common shares. Price—$3.
Business—The manufacture of cosmetics. Proceeds—For
purchase of equipment and inventory and general cor¬
porate purposes. Office—Washington, D. C. Underwriter
—East Coast Investments Co., Washington, D. C.
Pacific Gas & Electric Co.
(9/26)
1961 it was reported that this company plans
to sell about $60,000,000 of first and refunding mortgage
bonds in September. Office—245 Market St., San Fran¬
cisco. Underwriters — Competitive. Probable bidders:
First Boston Corp., and Halsey, Stuart
& Co., Inc.
(jointly) and Blyth & Co., Inc. Bids—Expected on Sept.
26, 1961.
^ Pacific Northwest Bell Telephone Co.
Aug. 25, 1961 in a registration statement filed with the
SEC covering 17,459,490 common to be offered for sub¬
scription by stockholders of Pacific Telephone & Tele¬
graph Co., parent, it was announced that Pacific North¬
west plans to sell an additional 12,990,510 by June 30,
1964, and several issues of debentures to refund a $200,000,000 4%% demand note issued to Pacific Tel. & Tel.
The first of such issues, in the amount of $50,000,000, is
expected to be sold by year-end. Office—1200 Third Ave.,
Seattle, Wash. Underwriters—For the stock, none. For
the debentures, to be determined by competitive bidding.
Probable bidders: Halsey, Stuart & Co. Inc.; Morgan
Stanley & Co.; First Boston Corp.
.(10/17)
Aug. 15,1961 it was reported that this company plans to
sell $50,000,000 of debentures due Oct. 1, 1981 in October.
Office—80 Park Place, Newark 1, N. J. Underwriters—
(Competitive). Probable bidders: First Boston Corp.;
Halsey, Stuart & Co. Inc.; White, Weld & Co., Blyth &
Co. Inc., Goldman, Sachs & Co., and Harriman
Ripley &
Co., Inc. (jointly). Bids—Expected on or about Oct. 17
at 11 a.m. (EDST).
Radar Design Corp.
Aug. 22,1961 it was reported that this
company
plans to
sell about 15,000 common shares in the fiscal year ending
June 30, 1962. Business—The^companyis^products are
used both
as
test instruments and
as components in pro¬
Proceeds—Forv working
duction of microwave systems.
capital.
Office—Pickard Drive, Syracuse, NVY. Under¬
public offering of stock in Dec. 31, I960
writer—The last
was
not underwritten.
Rochester Gas & Electric
Corp. (11/14)
Aug. 15/1961 the company stated it plans to issue about
$15,000,000 of 30-year bonds in November. Proceeds—
For
construction.
Underwriter
—
To
be
determined
by competitive bidding. Probable bidders: Halsey, Stuart
& Co. Inc.; Kidder, Peabody &
Co., White, Weld & Co.
and Shields & Co. (jointly); Kuhn, Loeb & Co.; Salomon
Brothers &
Hutzler, Eastman Dillon, Union Securities &
Co., and Equitable Securities Corp. (jointly); Blyth &
Co., Inc., The First Boston Corp. Bids—Expected Nov.
14-at 11 a.m. (DST).
Servonudeer Corp.
Aug 9, 1961 it was reported that a ("Reg. A") will be
filed shortly covering 100,000 common shares. Price—$2.
Business—The manufacture of medical electronic equip¬
ment.
Proceeds—For expansion. Office—28-21 Astoria
Boulevard, Long Island City, N. Y. Underwriter—Omega
Securities Corp., New York.
•
Shenk
Industries, Inc.
Aug 22, 1961 it
to sell
about
reported that this company plans
was
$750,000 of
re-manufacture
and
common stock. Business—The
distribution of automobile parts.
Proceeds—For the repayment of loans
and expansion.
Office—Columbus, O. Underwriter—Rodetsky,
zahler, Walker & Co, Inc., Jersey City, N. J.
Klein¬
Subway Bowling & Recreation Enterprises, Inc.
Aug. 22, 1961 it
July 25,
Aug. 28, 1961 it
to
To be received
on
•
Georgia Power Co.
(10/18)
Aug. 15, 1961 it was reported that this company plans to
sell $7,000,000 of preferred stock in October.
Office—
Electric Bldg., Atlanta.
Underwriters— (Competitive).
Probable bidders: First Boston Corp.; Lehman Brothers;
Morgan Stanley & Co.; Eastman Dillon, Union Securities
& Co.; Equitable Securities Corp. Bids—Expected Oct.
18 at 11 a.m. (EDST) at offices of Southern Services,
Inc., 250 Park Ave., New York.
>
Appear
—
Best Plastic
47
Note—The proposed offering is exempt from registration
under terms of the Securities and Exchange Act of 1933.
shares by
a
V,
—R. W.
(947)
reported that this company plans
common stock. Business—The
company has an exclusive franchise from the City of
New York to build bowling and recreation centers in
the subways. Proceeds—To build the first three centers.
to sell about
was
$1/200,000 of
Office—New York City. Underwriter—Rodetsky, Klein¬
zahler, Walker & Co, Inc, Jersey City.
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¬
writers—To be named. The last sale of bonds on June 29,
1960
handled
by Halsey, Stuart & Co. Inc., New
Other competitive bidders were Merrill
Lynch, Pierce, Fenner & Smith Inc.; Goldman, Sachs
& Co.; Stone & Webster Securities Corp. The last sale
of common stock on Feb. 13, 1960 was made through
Stone & Webster Securities Corp.
York
was
City.
Teeco Automated
Systems, Inc.
Aug. 9, 1961 it was reported that a ("Reg. A") will be
filed shortly covering 100,000 common shares. Price—
$3. Business The custom, design, manufacture arid in¬
stallation of automated material handling systems for
large wholesale and retail establishments and industry.
Proceeds—For expansion.
Office—42-14 Greenpoint
Avenue, Long Island City, N. Y. Underwriter—Omega
Securities Corp, New York.
and Financial
The Commercial
48
Chronicle
.
.
Thursday, August 31, 1961
.
(948)
(New York
1961
27,
Sept.
City)
Association of Customers Brokers
WASHINGTON AND YOU
Waldorf
the
at
Astoria.
(Philadelphia, Pa.)
Sept. 29, 1961
BEHIND-THE-SCENES INTERPRETA TIONS
FROM THE NATION'S
dinner
annual
36th
day at the Philmont
annual field
CAPITAL
Philadelphia
of
Club
Bond
Country Club, Philmont, Pa.
Oct.. 3,
this
Of
54,000,000
acres
of
land in the United States and es¬
tablish
a
National
Wilderness
take
would
Preservation.
At
is
It
a
will exceed 100,000,000.
many of these visits will
year
course
be
by
the
The
175
I
-'I
Most
Anderson, Democrat of New Mex¬
>*'
in
people
able
the
the
incorporate
classified
i
The
"wild" or "wilderness."
as
would
measure
000
blanket
also
national
of unclassified
acres
of
the
ever,
would
Group
of Investment
Bankers Association meeting.
Oct.
is
"Nobody
timber harvest to¬
no
could
KNOWS you're a stock broker!
You
get investigated by the S. E. C.
or somebody!"
even
for the paper
number of paper
products
increases
every
year.
This means a larger demand for
being
least try to
system and make a re¬
the
port to the President, who in turn
would tnake recommendations to
American Bankers Association an¬
door
House
the
such
system
Senate disproved of any
nor
Ir1
back
a
neither
if
procedure
1
in
Then,
Congress.
Lvi
the
recommendation,
established.
would be
Government
own land. Some of them are "con¬
stantly in the market for addi¬
tional tracts.
The
land
000,000 and more.
:
o
b :
'
G,
U
,■>*,
2k
space
space
Allott
don
of
Colorado—who
of
op¬
posed the bill in committee, asked
I'H
a
V',?
pertinent question, because
very
bill
the
Hi
would
"The
they
V',"
have
proponents
wish
'wilderness'
a
substantial
12 Western States.
in the
impact
if.
to
areas
174
S
say
these
for the people,"
their
minority
1'L
said
port.
"How many people have the
physical
Wf
■
to
-AO
resources
in¬
handful
areas?
Only
a
best."
at
•A
financial
and
re¬
into these practically
pack
accessible
kb
in
of
preserve
they
w
n.-
on
r
k<U
i'G
cause
of
of Westerners went
pending legis¬
"class legislation"
be¬
is
it would set aside vast tracts
public lands for the exclusive
of a small minority of well-
Yearning
Ih:
k
J/i,
*'<<
tf*'
;0ii/
OGi
Clean
for
As
our
more
and the four
ber's
the
of
lions of
forests
as
owned
are
well.
dissenting
to
of
wonders
our
forest,
exploitation and not
substantially
as
the
them to us.
same time,"
they said,
phyiscal
preserved
Creator has presented
"At
the
same
scenic wonders have
mem¬
include
Sens.
Henry M. Jackson of Washington;
Alan Bible of Nevada; John A.
Frank
Colorado;
of
Carroll
Unquestionably there are strong
points on both sides of the "Wil¬
derness bill."
However, there is
extreme
claim,
bill, members of the
Committee
Interior
Idaho; Ernest Gruening
of Alaska; Frank E. Moss of Utah;
Oren E. Long of Hawaii; Quentin
N. Burdick of North Dakota; Lee
Metcalf of Montana; Thomas H.
Kuchell of California; Hiram L.
Church of
Fong of Hawaii, and Jack Miller
Is
doubt,
as
the proponents
and
the
air
more
becomes
yearning
wide open spaces by mil¬
our people.
Our national
this
year
are
wilderness
the
urgency,
there
passed this year or next.
[This
column
is
intended to
re¬
flect the "behind the scene" inter¬
pretation from the nation's Capital
and may
or
may
the "Chronicle's"
not
own
Sept. 8th at Elmhurst Coun¬
Club).
try
coincide with
Ohio
Bankers
ment
Mountain
Rocky
Horton is
West
83rd
national park
of
the
main
ballroom
so
on
the
14-15,
Ohio)
Cincinnati
Municipal
Dealers
conducting
a
attracting
people than ever before.
Secretary of Agriculture Orville
asserts -that the recrea-;
Freeman
tional visits to the national forests
and
are
beyond
They
tion
users
truly
provide
and
watershed
pure
protec¬
water
for
which, if it could be produced at
all, would cost tens of millions
to
5f4
Hotel
the
the scenic
Committee
majority
Hollywood
Diplomat
the
and
Hotel.
Dec. 4-5, 1961
Pacific
Northwest
Group
of In¬
Association,
meeting at Hayden Lake, Idaho.
Bankers
vestment
(Omaha, Neb.)
Investment Bankers'
15th annual mid¬
Savings Banks
meeting.
year
April
8-10,
(San Antonio,
1962
Tex.)
_
Texas Group of Investment Bank¬
Association
ers
nual
of
America,
an¬
meeting at the St. Anthony
.
Sept. 21-22
(New York City)
of
Mutual
Association
National
15-17, 1961
Sept.
Hotel.
(Atlanta, Ga.)
a
Street, N. Y. City.
Georgia
Security
ciation annual
Dealers
summer
Asso¬
outing.
Attention
Brokers and Dealers
MARKETS
TRADING
"
xr
American Cement
'
Botany Industries
W. L. Maxson
Waste
of
Our New
| Carl Marks & Co. Inc.
FOREIGN
20 BROAD
SECURITIES
STREET
Films
King
TEL: HANOVER 2-0050
.
.
number is
York telephone
CAnal 6-3840
SPECIALISTS
NEW YORK 5, N. Y.
•
TELETYPE NY 1-971
LERNER & CO., Inc.
Securities
Investment
maintain,
stressing
Association
Annual Convention at
10 Post Office
Telephone
In
(Hollywood,
1961
Bankers
City Club and Kenwood Country
propagate,
and produce in artificial facilities.i
dollars
26-Dec. 1,
Fla.)
those
They provide game
below.
ing.
Beach
benefits
multiple-use lands.
clear,
Bankers Association annual meet-
Official
wilderness
Ky.)
Valley Group of Investment
wilderness
benefits
as
(Louisville,
1961
26,
Group annual fall outing at Queen
ground:
to
Investment
of
Group
ing.
Nov.
(Cincinnati,
1961
con¬
Bankers Association annual meet¬
Investment
lands? The majority
think
devoted
provide
of
the Waldorf-Astoria.
Sept.
national
(Minneapolis-St.
1961
24,
Ohio
Testimonial
Rieber
E.
in
annual
11th
Clubs
Oct.
values,,
quoted
J
*
Square, Boston 9, Mass.
V:
HUbbard 2-1990
viV
v *v
$
meet¬
Sept. 13, 1961 (New York City)
Dinner
(Milwaukee,
vention at the Hotel Schroeder.
Minnesota
Invest¬
ing.
committee members
the
October 20-21, 1961
Paul)
Association annual field day.
securities business from offices at
317
Group
Association
Bankers
George
Association
Bankers
meeting at Rolling Rock, Pa.
Oct.
(Denver, Colo.)
13, 1961
ment
of
Group
Pennsylvania
Investment
National Association of Investment
ing.
Sept.
1961, (Pennsylvania)
19,
Western
-
Group of Invest¬
Association meet¬
Sept. 20-21, 1961
views.]
J. B. Horton Opens
B.
Mich.)
Investment
of
Wis.)
Sept. 8, 1961 (Cleveland, Ohio;
Northern
Nebraska
James
Sept. 7; Field
Waterways Cruise,
Day
of
status
Group
Club.
is a sense of
that this bill should be
that
Hotel.
(Detroit,
1961
17,
Oct.
(Chicago, III.)
7-8, 1961
Sept.
need for imme¬
Congressional action to pre¬
serve
Palm Springs Riviera
Oct.
Municipal Bond Club of Chicago
25th Annual Field Day. (Chicago
there urgent
diate
identified
grow
polluted, there is
for the
more
cities
and
crowded
Air
Spaces
Open
i»*
JG:
4'?'
04
acres
In addition to Chairman Ander¬
son
Lands
r
ku,
of
other states
the
Most of
by our Govern¬
owned
citizens.
endowed
f
its experimental
in the 11 Western States,
millions
but
in
are
use
w.
is going to
Western States.
INVESTMENT FIELD
IN
of Iowa.
to insist that the
lation
f'G
The
"these
lands
ment
The quartet
|fU
in
land
from the
Senators
Idaho; J.
J.
Hickey of
Wyoming; Barry
Goldwater of Arizona, and Gor¬
Dworshak
—Henry
Hi
of
acres
the
Hi
ironically,
age,
use.
EVENTS
Security Traders Asso¬
ciation Annual Convention at the
National
Bankers Association meeting.
in
arguments for passage said
scenic
(Palm Springs,
16-20, 1961
Calif.)
majority
.
park, and public lands have their
greatest value to men because
they are beautiful—a beauty that
can be lost if the areas are opened
require hundreds of thousands of
The four United States Senators
.-(a
,'t'l
of productive
out
Committee
bill,
Four Opposing
,»Ai.
their
the
projects.
open
Oct.
Majority's Argument
The
although highly un¬
The National Aeronautics and direct
monetary values as tan¬
likely of being passed this session, Space Administration is rounding
gible as the forests and minerals
is most important although it has up at this time many thousands
on
and with them. They are the
not
been widely publicized.
A of acres of land on behalf of the
magnets
that energize
travel,
substantial part of the lands in Federal Government.
tourism,
and
economic activity
question already belongs to the
Most
of the
members of the which,
in
some
states,
ranks
people. On these acres are water, Senate Interior and Insular Af¬ among the first few sources of
timber, minerals, and wildlife.
fairs
traditionally are members income."
The
1-
country
acres
of
this
millions of
of
highways
taking
are
nual convention.
COMING
Michigan
the
of
agency
plan
sounds all right, particularly when
it is apparent that in just a few
years our population will be 200,wide
The
John
from
today. Agency, after agency,
after
1961 (San Francisco,
Calif.)
States Government owns too much
land
1961
13-15,
Oct. 15-18,
used
The
industry.
meeting.
(White Sulphur
Springs, W. Va.)
Southeastern Group of Investment
Bankers Association meeting.
Oct.
More and more tim¬
system.
is
ber
at
in the wilder¬
inclusion
for
ness
Group
of
Association
Bankers
day from the lands being consid¬
(Montreal, Canada)
Investment
13, 1961
Canadian
ment for power.
There
(Toronto)
1961
10,
Canadian
Ruskin, the English
author, critic and painter of an¬
000 acres in j wildlife refuges and pulp wood in the future.
other generation, who said:
.
.
game preserves.
Extensive Government Ownership Beautiful things are beautiful to
Within 10 years these
54,000,men
because they are beautiful,
While
there
are
many
strong
000 acres would become a part of
and for the sake of beauty only,
the
great wilderness system of points in favor of the bill, there
and not to sell, or pawn, or in any
this country. First, however, the is strong belief of many students
other way turn into money."
Secretary of Interior would re¬ of government that the United
[K
lo
V
Oct.
develop¬
for
Bank
Hotel.
Sheraton
to change
provide
to
law
the
power
of
Women Annual Convention at the
Congress
the
have
Association
National
re¬
needed,
were
sources
Palace
(Rochester, N. Y.)
Oct. 9-12, 1961
reser¬
development
water
the
if
Brown
Hotel.
irri¬
How¬
maintain that
sponsors
the
at
Governors
develop¬
the
future
necessary
Fall meeting of Board of
Firms,
gation and other purposes.
ered
view
Jm
with
interfere
:
,
(Denver, Colo.)
of
Stock
Exchange
Association
system
preservation
Commodore.
Hotel
hearings,
the
of
Oct. 9-10, 1961
voirs and water supplies for
as
\i
meeting.
(New York City)
Traders Association
7, 1961
Security
reclama¬
organizations expressed con¬
that the establishment of the
may
forest
lands presently designated
"primitive."
Also
the
bill
makes possible the inclusion of an
estimated 22,000,000 acres of land
presently contained in national
parks, plus an estimated 24,000,-
a
wilderness
wilderness system 8,000,-
into the
I!
City)
Investment
New York annual dinner dance at
vital for the
generations. But
tremendous amount of
During
ment
proposal, Congress
(presumably
forever) into a wilderness system
44 separate tracts of national for¬
est lands, totaling about 7,000,000
acres, which heretofore has been
would
•
cern
be
the
of
advantage
take
to
Under
,
bill.
opposition, particularly from the
Rocky Mountain area.
the
would
country
is
there
tion
wilderness?
t,•
Oct.
extremely
as
but
the people—is good,
large a percentage of
how
i
of
Group
York
Bankers Association
regard the legisla¬
them
of
tion
bill—pre¬
the
of
good
in
land for the permanent
the
serve
proposal
the
behind
idea
The
■*
(New York
1961
4,
New
welfare of future
ico, introduced
January.
.
Oct.
country in behalf of the
this
proved by the Senate Interior and
Insular Affairs Committee by a
vote of 7-to-4.
Senator Clinton P.
/V I
Annual
go
statements
from
organizations in
or
than
more
Detroit
of
at Lochmoor Country,
Grosse Pointe Woods, Mich.
committee received
Senate
testimony
important bill, ap¬
very
who
people
same
Club
Fall Outing
the forests.
to
often
(Detroit, Mich.)
1961
Bond
WASHINGTON, D. C.—There is a
bill on the Senate calendar that
' :
*
•
i
'
•
»!" Teletype
BS 69
@FedFRASER