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The COMMERCIAL and FINANCIAL
Established
Volume
196
1839
Reg. U. S. Pat. Off.
Number
,
EDITORIAL
New York
6184
As the anti-recession battle forces
seemed to
Most Funds
As We See It
one
—
of
reduction
tax
at
this
Our survey
over-all
previous
June
time
of the last election
on
needed
be
will
and
so
more
even
it
was
Steel
RAILROAD
ISSUE
representative
group
over
post-crash
month
industry
groups
utilities, railroads, and tobaccos.
the
of
were
and
Most popular
IBM, Philips Lamp Works, North American Avia¬
were
Leading groups sold
Most widely liquidated issues
Sperry
Rand.
Brisk
interest
in
were
foreign
were
U. S.
issues.
redemption situation deteriorated.
trial Averages
clined
to
rallying
a
securities
Housing,
State and
a
bit to
low
close
on
Exceptionally, the closed-end companies (due
drastic
liquidation
by
two
managements,
Lehman Corporation and Dominick Fund) actually
showed a net excess of portfolio sales over con¬
current purchases.
As
proportion of total portfolio assets, net cash
a
and Governments
5.2%
on
to 6.1% as of June 30th from
(bonds, and high grade preferred stocks) to 10.9%
9.2%. Reflecting the drastic decline in the
valuation by $3 billion of their common stock
holdings (stemming from the drastic stock market
decline), the equity sector of their total balance
sheet value actually registered a decline, to 83%
from
from 85.6%.
carried it
the
registered at the close of the climactic frenzied
liquidation on "Black Monday", May 28th (sub¬
sequently, the market closed June at 561 and July
at 596. Of the 19 companies on which we were
able to secure such single-month information, 10
sold on balance against 9 net buyers (the latter
including 2 funds under a single management,
during th$ month of July'
to 596.31).
feature
portfolio managers' policies exhibited during
the single month of June are rendered extremely
important by the stock market's preceding decline,
from 706.95
(D. J.) on March 30th, to the 576
March 31st,
"
During this June quarter's crucial test of portfolio
management, the Investment Companies as a whole
increased their common stock purchases, by 21%,
to $810 million from $482 million in the preceding
quarter (and from $711 million in the December
1961 quarter).
Also confirming the managements'
"constructive"
attitude,
liquidation of portfolio
common stocks
registered a slight decline, to $482
million from $495 million in the March quarter
(and from $611 million in the December quarter).
The resulting net purchases rose to $328 million
in the June quarter from $176 million, or 86%,
during the preceding period.
WEEK—A
POST-CRASH BEHAVIOR
The
de¬
26th, thereafter
quarter at 561.
(The
on
of next week's issue will be
of the nation's top railroad executives on the industry's
Stein
Roe
Farnham).
&
June sellers
were Sovereign Investors, Johnston
Fund, Massachusetts Life, Commonwealth
Investment, Investment Trust of Boston, Wisconsin
Mutual
Incorporated Investors,
Fund.
Energy Fund's
slight excess of June sales over purchases, $688,-.
941 vs. $678,415, followed
(Continued on page 14)
Fund,
Blue
Fund
Ridge
of
America,
and
the opinions of a
economic outlook.
•
Exchange
Associate Member American Stock Exchange
Members Pacific Coast Exchange
Members New York Stock
Energy
State,
Municipal
MEMBERS
'JBf^MIDWEST STOCK EXCHANGE
770-1234
FIRST NATIONAL CITY BANK
Claremont, Corona del Mar,
Encino, Glendale, Hollywood, Long Beach,
Oceanside, Pasadena, Pomona, Redlands,
Riverside, San Diego, Santa Ana,
Santa Monica, Whittier
on
Southern
California Securities
Teletypei NY 1-708
Bond Dept.
NY 1-457
New York Correspondent
Net
To
Markets
Active
Dealers,
Banks
Pershing & Co.
Members
'
Block
MANHATTAN
BANK
DIVERSIFIED
CANADIAN
Inquiries Invited
Commission Orders
THE
Maintained
Canadian Securities
1832
ESTABLISHED
Notes
and Brokers
UNDERWRITER
DEALER.
—
Chicago 3, III. FRanklin 2-1166
T. L. Watson & Co.
Bonds and
in
Inquiries Invited
135 So. LaSalle Street
w
Agency
Municipal Bond Division
Offices
•
BOND DEPARTMENT
Street, Los Angeles 17,
California
Dealers
Securities
CHEMICAL BANK NEW YORK TRUST COMPANY
So. Hope
623
Corporate & Municipal
NewYork
York 8, N. Y.
Lester, Ryons & Co.
Underwriters
Chemical
DISTRIBUTOR.
rose
March 31st; and other defensive securities
Housing
Distributors
NY 1-1246,
common
to
June
MULLANEY.WELLS & COMPANY
(ACk,
teletype:
individual
by industry groups.]
-
Securities
telephone:
and
com¬
stock and
common
and Public
Municipal
P. O. Box 710, New
16 and 20 show funds'
pages
transactions;
U. S. Government,
Public
on
stock transactions
The Dow-Jones Indus¬
stood at 706.95
535.76
further post-quarter rise
21)
NEXT
substantially
during
favored
25% net over the interval.
the
on page
other
ac¬
analysis of 95 Investment Companies' oper¬
during the June quarter covers the stock
market's most sensational short-term Break (or
"Slide") since 1929—the averages declining by over
needed with the
(Continued
reveals
This
said.
growth. The
Copy
ations
Ordinary Buncombe
economic
Strongly
Share
A
talk about
fall
buying and reducing their sales,
Operations
quarter.
mining and steel.
good deal of the ordinary garden variety of bun¬
combe is, of course, indulged in by most of those who
;
stock
tion, Polaroid, and Royal Dutch.
ground that it had not successfully assured the people
of this country continued growth in industry and trade
increasing population,
market
airlines, banks, drugs, finance companies, foods, office equip¬
developments, along with certain others of re¬
however, served to bring into sharp
relief—at least for the observing—some of the aspects
of any program or plan for having government attempt
to put up guide posts to keep the economy moving in
the direction thought to be most desirable by those in
power in the political world. Let it be carefully observed
that while the proposed tax reduction has at this time
been put forward mainly as an anti-recession measure,
the Administration has again and again and again ex¬
pressed itself dissatisfied with the rate at which the
"economy" is growing. The then Presidential aspirant
Kennedy had a good deal of criticism for the Eisenhower
the
stock
acquisitions increased
analyzed.
issues
at
quarter's
common
net
ment, oils,
Administration
a
buying. With the open-end funds both increasing
their total
days, have,
is
June
celerated
These
as
of 95 investment companies' portfolio operations
during the
Congress.
cent
[Tables appearing
parative investment positions; total
of
session
Cents
Step-Up Buying
By A. Wilfred May
Douglas to those of Senator Byrd and others strategically
placed legislators in the halls of Congress, and seemed
at least for the time being to end the likelihood—if there
was
50
Stock Market's Debacle
of the New Horizon
be
gathering for action, they received some
good advice last week from that eminent scholar, exprofessor and Senator from Illinois, Paul Douglas, usu¬
ally a dependable ally of the "liberals." He suggested
that these soldiers, even as those at Bunker Hill, with¬
hold fire until the whites of the eyes of the enemy became
visible.
This
added
the
powerful voice of Senator
ever
Price
7, N. Y., Thursday, August 9, 1962
CALIFORNIA
BONDS & STOCKS
Executed On All
Canadian Exchanges
New York Stock
first
Exchange
American
Exchange
CANADIAN DEPARTMENT
Stock
gotUhwedt
.
STREET
NEW YORK 4, N. Y.
Dominion Securities
MONTREAL AND TORONTO
MIECT WIRES TO
Goodbody a Co.
(orporatiot!
MEMBERS NEW YORK STOCK EXCHANGE
DALLAS
Commercial
Teletype NY 1-2270
Fishing
25 BROAD
company
u
-
BRIDGEPORT
'
PERTH AMBOT
1 NORTH LA SALLE ST.
2 BROADWAY
NEW YORK'
r
"
CHICAGO
v
'
T
40
Exchange Place, New York 5, N. Y.
Teletype NY 1-702-3
WHitehall 4-8161
MUNICIPAL BOND DEPARTMENT
BANK OF AMERICA
-
.N.T.&S.A.
SAN FRANCISCO
•
LOS ANGELES
2
The Commercial and Financial Chronicle
(590)
The Security
Dealers only
For Banks, Brokers,
I Like Best...
This
Forum
A continuous forum in
We
do!
can
;
in the investment and
'
which, each week, a different group of experts
.
.
Thursday, August 9, 1962
.
Week's
Participants
Alabama &
and
advisory field from all sections of the country
Selections
Their
,
Louisiana Securities
participate and give their reasons for favoring a particular security,
Over-the-Counter,
If
it's
we
Kay Windsor, Inc.—John M. Dry-
specialize in it—Indus¬
V-
trial, Bank and Insurance,
and
Municipal
fast,
„
executions
accurate
York Stock
New
Members
Corporate Bonds. For
York city
tor* City
New
lYew
and broadest coverage
*
V
ings records.
'
,•
tailored
sells
dresses
its
which
1
throughout
stores
CORPORATION
Stock
Exchange
Boston
Los
Angeles
its
fee
a
and John
particular
than
more
The
designs
Britalta Petroleums, Ltd.—Thomas
J.
*
Lynch,
Jr;,
Manager,
f searchDepartment,
'
Masterson
&
Co.,
Re-
City. (Page 2) ;
'
and
company
the
basis
Members
Wire System
New
MemberA
American.
IN JAPAN
Write
for
31^
Digest, and
give you
picture of the Japanese
economy
1959
whole.
as a
to
in
Cents
is
payable only
class "A" stock
w
,
•
*:
Telephone: BOwling Green 9-2895
is
not
offer
an
for
solicitation
or
share)
on
There is
money.-
debt. So at
the
markets.
new
We
are
es-
Brjtalta
1960,
1962
of
can
for
the
the
with
shares
women's
ap-
of
Windsor
of.
gas
SECURITIES
DA I WA
Missy
and
(2) National
"House
of
hovJR
the first time of
a
line of "double
time,
wool
dresses
for
the
YORK OFFICE:
Telephone: BEekman 3-3622-3
companies
in
Canada
and
together
the
Crescent
now
devel¬
established
largest
Canada.!'The gasy
in
this field
contracted
was
to :
which company
Britalta's
in 1960 purchased
one-half;
interest
for
$10,000,000. This left Britalta sit¬
ting, on. a pile of cash and Pro¬
vince
stock
Saskatchewan
of
bonds—
and-the
problem of reinvesting
this-money in situations where
payout should come in a relatively short period-r-say five or six
years,
- according
to
company
statements.
It
the
is
use.
_
this
of
of expanding its operations
money
so
far that leads me to
though internal growth and ac- believe most strongly that Brital¬
and Chirstmas selling season. We
quisitions. The .class,"A" stock at ta is a "comer."
understand that the trade recep- a
price oLIOMj yielding 5.7% on
The company in 1956 had action
of
these
double
knits
has a 60 cent: dividend which could
auired, as a wholly owned United
been exceptionally good and that well .be
liberalized
and* selling
States subsidiary, the Wilshire Oil
orders have far exceeded produc- about seven times curent
year's
Co.
of Texas,
whose properties
tion facilities.
-.
~
estimated earnings can be .purconsisted of an extensive spread
The
dresses
manufactured
by chased for investment
accounts in
the Rocky Mountain area. Wil¬
Kay Windsor are intended to ap- interested in both current income
shire was owned by some leading
peal, to buyers of different ages, and capital appreciation with bebusiness organizations; explaining
preferences and backgrounds. It low average risk.
the fact that currently on Brital¬
is important to realize that, as a
ta's Board of Directors are men
result of the company's stress on ."
THOMAS J. LYNCH, JR.
like Paul A. Conley, Vice-Presi¬
the classic and casual look, opdent of Blyth & Co.r W. Joseph
erations are not so sensitive to the
Manager, Research Department
Strauss (financial adviser to Wil¬
periodic fashion changes as those
Frank C. Masterson & Co.,
liam Rosenwald, Chairman of the
that occur in other phases of the
New York City
Board
of
American.
Securities
women's
dress
industry.
ApCorp.) and James Tremaine, a
proximately 68% of Kay Windsor's Br,»a"a Petroleums, Ltd.
partner in Gude, Winmill & Co.
products are manufactured in its The common stock of Britalta
knit"
NEW
149 Broadway, New York 6, N.Y.
the"Saskatchewan 'PowerA Corp.,-?
population
common
of
Corporation,
*
Securities Co.9 Ltd*
'
formed in 1949, one
is
reserves
from
growth. Kay Windsor
provides an attracpromotion
of
new
tive means of participating in the
Juniorsville" Junior size dresses; above mentioned growth trends.
(3) Extensive efforts to promote Well managed, and possessing a
the "Mr. Mclver" line of Petite
particularly strong financial posiMiss dresses; (4) Introduction for
tion, the company is on the threshhalf sizes;
that
of. the
some
,
/line
branch offices
our
oped the reserves in the Many Is¬
land Lake area in Alberta into
apparel
current
Women's
Mobile, Ala.
i
Direct wires tc
outstanding
no
formed
what
Petroleum
well managed
companies will
become increasingly attractive to
that the
was
were
around
be reasonably expected
following
NY 1-1557
a
thousands
the
that
appears assured as a result of the
year based upon long' term
trends
to
a
higher
factors:
(1)
In-4standard' of living, higher concreased sales in the regular Kay- sumer
purchasing ,■ power
and
for
particular securities
any
several
and for the
30,
June
Exchange
V.
proximately 95 cents. A very sub- those, investors
interested
in
stantial jump-in sales (to $16 milgrowing segments of our economy,
lion) and earnings (to $1,45 per. The industry's continued growth
61 Broadway, New York 6, N.Y.
orders
controls
fiscal
in
cents
ended
year
The Nomura Securities Co., Ltd.
This
63
79 cents in fiscal 1961
Stock
HAnover 2-0700
benefitted profit timating sales of $16 million and
result; per share earnings of $1.45 per share. Furearnings,
based
()n
the 650,000 ther increases for fiscal 1964 are
shares
of
outstanding
common expected.
stock, grew from 37 cents in fiscal * It can be reasonably anticipated
our
that
cost
new
Exchange
New Orleans, La.- Birmingham, Ala.
which
directly
margins. As a
Monthly Stock
other reports
a pretty clear
our
institute
and
Stock
10 Rector St., New York 6, N, Yr
.
Opportunities Unlimited
York
*
an¬
indicated annual dividend of
-phe
exclusive qq
manufacturers
to
Co!
Steiner, Rouse &
I rank C.
New York
price of 2Vs US and
adjusting for the discount on the
Canada, South Africa and New ; ^ mentioned, the outlook for Canadian / dollar,' one is buying
Zealand.
f
-y , .
,
fiscal 1963 is for. a large increase $1.60 in net current assets
(in¬
During the fiscal years ending in both sales and earnings. This cluding about $1.40 in cash) and
June 30, 1959-62, on a sales in- should
result from efforts con- receiving for about 52c per share
crease
of roughly 27 %
to $11.5 eluded in 1962 to realign and ex- the potentialities inherent in the
million, management was able to pand selling efforts and broaden properties of the company, which
drop certain low margin items the product, line by entry into in my opinion are considerable.
fabrics
San Francisco
•
Nationwide Private
of
on
s
no
for
sales.
total
licenses
use
Philadelphia
•
of
also
Teletype NY 1-40
Chicago
•
2%
4
etc.,
nubliclv-owned
Bought'—Sold—Quoted
,
Dec. 3l, 4961, the company had
cash) and current liabilities current assets of $7,557,895 and;
current liabilities of $633^790, or
$1.2 million indicating a current ratio of 2.8:1. There a current ratio of approximately
JL.'. Net •' current. • assets
,ig ^
term debt.
The sole 11 - to
.capitalizatiori consists ofv 650,000 amounted to about $1.75 per share
outstanding
4,000,000
shades Df which 220,000* shares are on ^the
class "A" and 430,000 shares are shares. Cash and marketable se¬
Amounted
to " $6,064,434
class-"B" (owned by .management curities
and convertible " share for share or about $1.50 per share.
These
i.ntQ class "A" beginning in 1964)^ figures are of course in Canadian
S. While the
such well-known
Altman,
Macy's
accounts
i
'
amounted to
U.
B.
-
Wanamaker,
customer
60 Broad St., New York
Phone: 363-2000
as
Bloomingdale's, Filene
Established 1920
Associate Member
American
the
company sells to
\
March-
$10.95 and $17.95 to 13,000
department and specialty stores
HANSEATIC
V,
sheet when compared to
leading
the'
tween
NEW YORK
T
1962
current- assets. totaled $3.4
company; mmion (more than $2 million of
retail be-
The
dresses.
-
,
Kay, Windsor has an excellent
balance
Kay Windsor manufactures, a.
na donally
aavertised
line
of
women's
and
girls
casual ■ and
Call "HANSEATIC."
foo^, Director of Research, Filor,
*«Bullardi'& Smyth,. New York
City. (Page 2)
,
in
with
"
...
.
interest
through. acquisition of. companies
satisfactory sales and earn-
Exchange
Members American Stock Exchange,
Kay Windsor, Inc.
'indicated
has
pany
branching out into other related
lines' especially sportswear,
Research, Filor, Ballard
of
Srnrth
Smyth,
&
dc
•
Utility, Preferred Stocks;
Government,
JOHN M. DRYFOOS
Director
0ld
Fall
Remember those in need
the world.
gift
acros
Every $1 sends
package
thru
the
on<
CARI
-
*
^
Cftir.iifA
^/iVIIW
u'
\
'
■
•
•
■
■'
-
-■
i
.
_
1
.
rrr r t-
IT/'t?
WE
n
ILL
own Plants^ independent contrac-
'
MEN
Petroleums,
tors, mostly under exclusive
Ff/V JIVfF
the
con-
,
*
.•
77
your organization can sell
contractual programs more
Sales showrooms and offices
maintained
in,, New
.
York
Dallas and Los Angeles. The
of
are
City,
a
stock
fering
don't
miss
this
7
*
opporiumiy.
1
receive
ou
exeep-
•
.
advance"
'■
»
advance
aavance
or?
rrirh
country and provide close contact stock is
coIp
computed for
*
you.
■
*
t
sumer preference as well as con-
| price
centrating upon
covered
areas not inten-
by the company.
«'
Liberty Ave., Pittsburgh 22, Pa.
!
'
'
^
me
complete
i' mndatton
Fund
and
Fund
information
and
on
Federated
Income
Growth
financing.
,
Flame—
Address
i.
—
~
~
;
_
&
state^^^m,
-
1
STREET
has
-to
and, Chair¬
since
main
the
SUGAR
British Co¬
Wilshire, as
been a main
-
Britalta's
-
of
a
one
.-|n
Raw
—
acquisi-
vehicle
Liquid
Exports—Imports—Futures
DIgby 4-2727
flyer in Venezuela (a losing
to the tune of about $140,000)
acquisitions to date have been
the
United
States.
In 1960, Riffe Petroleum Co. Of
,Tulsa was merged into Wilshire.
Riffe, formed in 1957^ is a dis¬
t
If
■
i
'■
tributor and marketer of Asphalt,
;LP
gas
and -related
<
products in
Thos. J.'Lynch, Jr.
'
some
South
(
management
—
for
in
f™™8
Refined
sales
all
L,—«
5, N.Y.
Midwest,
and
20 states in the
with gross
$6k3 million
iin 1961 and net income of about
'product sales of
and
Over-the-Counter
petroleum
some
Quotation Services
for 49 Years
$173,000...
„
National Quotation Bureau
Incorporated
Established, 1913
,
i
City
WALL
NEW YORK
Bruce
is
Expectations
of
Wifh
Lru/
°
"ia"ascinciii, «* n u scompany are that Riffe should
nnef; With a large number-of owns properties of proven value.
small operations existing within}
This is a "long pull"' situatiop substantially increase these earn¬
the
industry,
opportunities
for but one with inherent value that ings in the current year, and con¬
tinue to show increasing net.
?
merger are excellent. The com- belies. its $2
price level.
As of
;
Also, in 1960, Wilshire purchased
"
'
'
^
v
a
50%
working interest in
a
(This is under no circumstances to be construed as an offer to sell, or
group of Kansas leases with nine
os O solicitation
of an offer to buy, any security referred to herein.)
Continued on page 41
o
99
Britalta's acquisitions* for outside
Kay Windsor is actively investi- .strong assets
gating acquisition possibilities on ' (both current
the premise that operations may and capital),
*>£,improved substantially by ex- ' it has h a r dPacing and diversifying product headed, astute
t '.derated Investors Building
Co.
earnings
4io*V and
f
sup-'
subsidiary,
and,
ported by ex!ceptionally
sively
is
\
federated plans, inc.
S^ndi
faf^i&ksd
President
Power
contributor
rather
.
? '9
i*
Board
of the Board of
lumbia
I
;
All commissions and overrides
man
'p
with retai! outlei? «? such ™tters Negligible,'
as
promotion, display* and con- since its iow^'
checte" weekly
criecics
weeKiy.
the
on
Robertson,
American
opinion is
F
e
services its accounts by ; to the patient
of (1) 17 full time sales- investor. I be—
men ln New York City and (2) 40 ,iieve the ele-
iull time travelling salesmen who .ment of
specservice accounts throughout the ulation in this
"
my
r
successfully with immediate PanY
iinancino
in
a
of-
jtional V'aTu
com-
thO
on
example
an
.
.
714
Ltd., selling, at around
level
tract to Kay Windsor., supply the Stock Exchange,
'■
remainder.
If
2V&
LAMBORN & CO., Inc.
....
Also
xiiTyiiTLfi
YOUR
.....
Food Crusade, New York 16, N.Y
.
»#
v
%
-
*
46 Front Street
CHICAGO
New York 4,
SAN
If. Y.
FRANCISCO
Volume
196
Number
6184
,
The Commercial and Financial Chronicle
.
.
(591)
3
CONTENTS
Thursday, August 9, 1962
Future Market Trends
B.S.
AND
By Wm. B. Hummer,* Partner, Wayne Hummer & Co.t Chicago.
Articles and News
,
COMPANY
PAGE
THAT
[' Market analyst, noting factors likely to influence stock market future,
maintains
difficult
our
dollar-and-gold problem is crucial. Mr, Hummer
holds this may well be
valuation
tor:
-
or
leaving
depression.
stock
us
.
-•*'"
•
topic
tions ot
the
concerns
factor
a
implica¬
and
more
v; -
dominant in determining trends of
the stock "and bond markets. As
recently
'
as
ing
•The
-
"When
ica
that
other
Amer¬
that
This
saying
today could be
within
revised- to
The
•
<•
next
*;
reason
;
year
«•
.->
•
is
.-. • •
.
lemma.
this
Given
cently.
William B. Hummer
powerful
force
new
of
f
;
international financial
financial
,
challenges,',
must1 either
we
down.
-
E. F. MacDONALD
Capital Outlay
MONROE AUTO
ever
BUCKINGHAM CORP.
1
II
SANDERS
44
Stocks_______
Coming Events in the Investment Field
ASSOCIATES
.•
Commentary
*
anchor.-;
or
intensifying
EQUIPMENT
43
__
(Editorial)
Bank and Insurance
•
expression of
in stating that,
sail
City Bank
Regular Features
,
Dealer-Broker Investment
Carrying the analogy fur¬
the economy seems to be
-of
7
CONTROL DATA
<•
re-
Recommendations._£
and 'the Long"'...
___ _
8 *
_„
Einzig: "A British View of Dollars—Short-Term
.
1
9-
__.
From Washington Ahead of the News________i___-
concern.
*
over the
international plight of
25
; Indications of Current Business Activity_.:L_
selection o£. .the dollar. '• .'.
i,;:
■
X;i:f
lOf't1
no.
high income producing stocks is
Market
I V fand You (The)_'l______:_"
ptrnr
11
:X£_£_
warranted, buf th& economic out-,'•yto'l' Europe's Economic Gains r/w v;
Mutual Funds
In the background of this di¬
look points to lower earnings and
:t
justifies7 a
more
conservative lemma is the dramatic change in.
•/ News About Banks and Bankers
i___
19
international
course for investors at this time.", the
picture which
"Pending
a
more
constructive has occurred since World War II.!
Observations _________X
'i
business atmosphere, investors had During Europe's rapid and excit-.
Our Reporter on Governments.
best defer purchases of common ing
£
reconstruction,
which - was •
10
stocks and emphasize
fixed in¬ stimulated by large scale United '
Public Utility Securities-i£_________^-_i__£_______ 12
States aid, industrial productioncome securities." No doubt: these
v
comments sound familiar, Unfor-, in many Countries soared'between- Securities Now in Registration.___i£___£__ 1
1
26
tunately, however, all were made 1945 and the early 1950s, back to r
in Junes 1949, at which time: the prewar levels* Betweep the early.
r
; Prospective Security Offerings-__________________ 39
Dow
Jones
Industrial
Averages, 1950s and 1957, feverish expansion Security I Like Best (The)£..__^_^_^____£^___
reached a postwar low of -161.60* continued and European industry •
2 :
•_
and they were" made by some of began to penetrate, heavily.
ihjto;, : *r
rSecurity Salesman's Corner.
£_£___ £
41
the leading investmentadvisors, the world markets. Sincer 1957 this.; *.
of the day. If the crystal ball was expansion' has continued and with
13
v State Of Trade and Industry (The)
clouded even then, without the, the advantages of new' and, effinew
and
I Tax-Exempt Bond Market______^_________i.
complicating factor of, ciehf pliant and equipment,, in ad-;
6
to
international developments, I will dition
wage
rates
that are,
:
Washington and You__
44
not be so presumptuous as to say comparatively favorable in, com-?-L
what the market is going to do in parison with the
United States,
:
!i!Golumn- not available this week.
the next year, five years,
;
or
a European industry has posed an,
"With
high
equities providing a
many
careful
return,
4-6531
24
National
are. sailing into perilous
watery be-* A
regard-, tweenr the Scylla of possible - im-r' >
ing the stock market: "The present pending recession and the Charyb-
caution.". dis
-
World Stock Price Trends Analyzed
by First
-
number .of observations,
market climate calls for
-^
,
During
have steadily increased. Here
a
"
.
As We See It
an
MacCauley
uncertainties! ther,
market
President,'Kennedy
utilized
Lord.
v
Gas Industry Plans $7.5 Billion
:
very.-
can
bitten."
Roy L. Reierson
WHitehall
5
*•
-
Ameri¬
dollars get
;
f
for
bark,
bankers
Hauge
'The Strength of the United States Dollar
.
-
mentioning these
domestic questions
is that they
have set the stage Tor a cruel di¬
YORK
4
.Gabriel
.
the
strong. :
Euro¬
Roger W. Babson
STREET, NEW
Telephone:
'
prevailing group of
thought today contends 'r
recession is either imminent
a
4
.
already arrived. In any
case, there is a feeling that1 the!
economy is not buoyant and that
the
probability of a downturn,*
Europe gets
pneumonia."
pean
'
has
or
' Ira U. Cobleigh
*
is in
economic
sneezes
"When
high
a
*•
r
;
-
Breaking the Cake of Custom
but unsustainable
general exhibiting
unsatisfactory expansion, v..!.,.
five years ago
there \ was
a
saying
at
level and
,
;4 -
Solving the Dollar Problem-
'
:
•
operat-X
siders the economy to be,
WALL
99
\
ing, out by the end of the year or
early next year. This group con-
more
get our quotes.
3
A
Unduplicated Growth of Copying Machines..
.
}
sinking feeling about
your obsoletes
*
William B. Hummer
TOUCH
SINK!
If you've got that
Debacle____________i__A. Wilfred May ' 1
,»•
•
,
Our
; uf
'
-
burdens, and yielding at least 4'/2%-
OF
Buying During Stock
Current and Possible Future Market Trends"
'
purchase should await higher yields^;
wage
Market's
i
holdings should be confined to companies with good
companies free of heavy
Most Funds Step-Up
>
.
■
profit margins, and with internationai entrenchment 5 with emphasis
Ion
<
/
with the alternatives of either de-
Offers following: conclusions for the inves-
Fixed interest securities'
common
t
J.F.Reilly&Co.,Inc.
39
Broadway, New York S
DIgby 4-4970
.
!
__
_________
.
Del Webb
.
'
v
.
Com. & Warrants
•
r
__
Elco Corp.
Control Data
__
Electronic Capital
•v
.
\
•
t
^
*'■'
^
+
5
•
•
•
,
-
__
_
_
._
Singer. Bean
-
.
,
,
&
MACKIE,
HA 2-9000
inc.
40 Exchange Place, N.T.
.
*
Teletype MY 14825 & 14844
•
.
decade*
increasingly sharp challenge to
is
its
After all, a good prophet
only the best guesser; but by
discussing some important mar¬
ket
factors
that
have
be¬
never
United
States
competitors.*v
•
>~
The
European
economy
has
been-compared ta, that of. the.
been
present,:
assistance
praising:
future
to
the
we may be of
reader in
ap¬
current"
a ii
d
possible5
trends.
market
markets
today
derives
shadow being cast by
States
cit
balance
and
the
gold from
ment
on
the
the United
this
generally
in
our
own
catch-up
period
postwar
has
completed in Europe?".
'■ j
'
analyzes
portfolio
'•
.and
world
Direct Wires to
Chicago
^
Cleveland
Philadelphia
'
Los Angeles
San Francisco
St. Louis
Washington
:
CLAUDE
.
•
FINANCIAL
1
■
DANA
CHRONICLE
Reg. U. S. Patent Office
.
COMPANY,
7, N. Y.
PUBLISHER
REctor 2-9570 to 9576
< i,
President
WILLIAM
r*;
,
r
DANA
£
.
Every
SEIBERT, Treasurer
GEORGE
,
Office:
(general news and
(complete
statistical
issue
All
-
-
J.
%_
advertising
market
—
'
■
*
MORRISSEY,
Editor
^
T
L F. MacDonald
*
Issue) and every
quotation
records,
bank
Copyright
•
'
clearings, state and city news,, etcj. Other
South La Salle St., Chicago 3, 111. (Phone STate 2-0613).
135
42
.4
^
Thursday
Monday
corporation news,
pentup demand have been reduced in
page
SEIBERT,
Thursday, August 9, 1962
capacity
on
D.
^
::
pressures of
Continued
*
,r
productivity have steadily in¬
creased, and the
Weekly
been
^
productive
Twice
25 Park Place, New York
.
As
COMIVIERCIAL and
WILLIAM B.
-
Deflation—Present Dominant
Characteristic
situation is
discussing the
picture. Economists
case
catch-up period. The question may
be asked, "What will evolve after
before
divided into
two
camps:
one
group
portrays
this as a sluggish recovery, peak¬
are
Published
unceasing outflow of
shores. A brief com¬
international
today
from
The
the
payments defi¬
domestic
1
on- page
;V*{"$See article starting pag^ II.•
United States in the late 1940s in
that there is still a great unsatis-fied demand for all kinds of con¬
our
the
warranted
of
starting
operations of investment companies in the June
-
goods, which is dynamically
stimulating output, much as was
look in the investment
new
rfArticle
-
>' sumer
..
Domestic Problems
The
,
"i
•£> sS:: quarter.
-
fore
,
by
1962
William
B.
Dana
Company
rights reserved. Reproduction in whole or in part
written permission is strictly prohibited.
-
without"
class
Second
For many years we
have
specialized in
PREFERRED STOCKS
SUBSCRIPTION
1868
$65.00
countries
$72.00 per year.
THURSDAY EDITION
In United
Union
other
N. ,Y.
RATES
(104 Issues per year)
Possessions and members of Pan. American
pet year; in Dominion of Canada $68.00 per year;
other
Founded
York,
States, U. S.
Union
-
at New
MONDAY AND THURSDAY EDITIONS
In United
Spencer Trask & Co.
postage paid
.
•
ONLY
(52 issues
per
year)
States, U. S. Possessions and members of Pan American
$20.00
year; in Dominion
$23.50 per year.
per
countries
of
Canada
$21.50
per. year;
Members New York Stock
Exchange
INCORPORATED
OTHER
25
BROAD
ST., NEW YORK 4, N. Y!
TELEPHONE HAnover 2-4300
Albany
Boston
Nashville
Newark
TELETYPE NY 1-5
Chicago
Schenectady
W» V. FRANKEL & CO.
Bank
and
Postage
Quotation
extra).
Note—On
remittances
Glens Falls
Worcester
made
for
Record—Monthly,
at
$45.00
per
year
(Foreign
39 BROADWAY, NEW YORK 6
•
.
account
PUBLICATIONS
the
foreign
fluctuations
subscriptions
in New York funds.
in
and
"Of exchange,
advertisements must be
the
rate
WHitehall 3-6633
Teletype NY 1-4040 & 1-3540
The Commercial and Financial Chronicle
.
.
.
Thursday, August 9, 1962
(592)
4
Minnesota Mining
Unduplicated Growth
Of Copying Machines
By Dr. Ira U.
annually,
in
everything. Ordinary business of¬
fices require copies of correspond¬
ence
for
files,
interdepartment
information, and branch offices.
need a dozen copies of
every document, brief or long; and
in'
Government
offices,
every
Lawyers
from a memo to a
written record,
manual, must spawn a thick lam¬
ination of copies. If carbons are
fuzzy
the
used,
just
inserting
sheets
and
extracting
task; and correcting even a
has
copies
single
typewritten car¬
driven many a
word on a dozen
bon
is a
them
High
..'-V ;//
14%, with a $.33 dividend.
the
for
year
was
stresses
and
Photocopy
American
i
32Vs.-.
legendary success.
there
than
more
are
420,000
.
of¬
ip. the United
today, the demand for them
fice copiers at work
States
insatiable,
insistent
remains
and
transcontinental.
There
copy
are
photo¬
dozen
half
a
in use, but the
techniques
machines
and
American
pioneer
and
system
the
in
a
Photocopy
In
wet process
with a
is American
Equipment
Company.
ten year
period, this company
expanded its sales from $2.5 mil¬
lion
in
1952
(fiscal year ends
a
net
The
temples
been sought after because it
ways
the
Electro-
attendant
Corporation /'
A
small
It
desk.
sold
than
is
rather
rented
outright.
Rental
is
$95
month, including a basic quan¬
tity of sheets (2000 a month) with
a
surcharge of $.03% for each
additional
sheet.
Including
the
a
supplies,
from
over
Devaluation
Business Machines,
Commodore
value,
This is
a young, energetic com¬
Starting in 1958 in ^Toronto,
Canada,
Commodore began the
manufacture, assembly, recondi¬
tioning and marketing of type¬
writers and adding machines. In
machine revenues
Copier were well
per
the
914
914,
plus
has
exporting
began
ne^
supplementary
rebounded
from
a
of
if
dollar.
our
as
"by
retail
leases and operates
outlets
chines
at
for
business
number
a
of
ma¬
leading
department stores —
Macy's in New York City, Bam¬
berger's in Northern New Jersey,
Litt Brothers and Snellenberg's in
the
Among
In
earnings
the
to
$35
same
period, its
from
rose
million
$205,056
reasons:
(1) All the other leading countries
their dol¬
(or equivalent).
.
.
this
learned
25
ment
•Ikfidhship to their own1 dbttidstic
Currency; (3) the; question ds(1tb
our
be
own
budget and deficit must
resolved
in
tariffs
(4)
advance;
against
the
finally,
and
us;
their
raise
could
nations
other
(5) President Kennedy proclaims
will prevent devaluation with
he
a
big "No".
stock
now
The company
has become, as well,
a leading supplier of business ma¬
chines to all large chain depart¬
tion"
ment stores across Canada.
hand, devaluation would increase
our
"paper" reserves and auto¬
matically reduce our aid to under¬
developed countries.
Of
major significance has been
its entry into the photocopy busi¬
ness,
with
its
(Heat
Transfer
method) COMMODORE DRY
COPY.
efficient
This
machine
price makes, in four seconds, a clean,
roughly 47 times permanent, smudge and fade proof,
estimated 1962 earnings of $3.10 dry copy of almost any paper or
document.
It
uses
conventional
per share. While this multiple may
office paper to copy on. It retails
seem a bit steep, Xerox Common
States,
has a dedicated following among at $299.95 in the Unittd
and $50 higher in Canada. Com¬
respected analysts and sophistica¬
these
other
and
believe
this
that
market
and
I
reasons,
"devalua¬
talk will be harmful to
stock
surely
to
the
the
price of good bonds. On the other
Theoretically, agreements could
now
be made with the large banks
other
of
which
countries
would,
for the
around
145,
individual
ted
and
institutional
investors. There is also
a
benture, convertible into
at
105.
These
"converts"
157.
41/2
de¬
has
modore
the
North
present, quash all talk of
devaluation. This could be help¬
S. stock market,
ful to the U.
common
sell
.■
at
pecially if the bankers will take
seriously.
Fear of Losing
Gold
rights to the machine, now im¬
ported from Frankfort, Germany,
but shortly to be, manufactured
here. Distribution is being rapidly
talk in Congress of
withdraw their gold. But
the consent of Congress,
Brokers and Investment Bankers
these machines
coming
can
of
of
be sold in the
representing a valume, at wholesale, of $7V2 million,
plus $8Y2 million worth of paper.
Broad
year,
distribution of other func¬
tional
and
economically
priced
business machines is in the offing.
YAMAICHI SECURITIES COMPANY
Commodore
Serving Institutional Investors and Brokers
was
effortsv
at
$2.50
(816,000
traded
a
shares
on
share.
This
issue
outstanding)
BROADWAY, NEW YORK 6
for
1962,
TOKYO, JAPAN
an
by
—
course,
"devaluation"
With
all
the
to
without
President
Executive
would
he
simultaneously with
ing
banks
embargo on gold.
do
recommend¬
to
Congress.
President's
other
troubles, I doubt if he would now
do
the
with
year ended June 30,
indicated pre-tax
profits of about $250,000.
weeks.
.
Collapse
dollar caused
us
the
of
Canadian
sharp demand for
France repaid
a
dollars.
$300 million in remaining
some
Marshall Plan loans.
However, there is
type
of
needed
one-shot
is
a
end to this
an
relief.
What
the
for
cure
a
Proposed hiking of interest rates
in
step
how
the
right
much
direction—but
palliative. No. matter
a
we
foreigners
pay
this burgeoning business.
to
hold dollars here, it will not pre¬
vent
them
from
converting to
gold if they lose confidence in
our
dollar.
cut
our
up
our
We
foreign
have
outlays
got
high enough to
is
other
no
to
build
or
favorable : tirade
; surplus
export
them. There
cover
way.
>
,
My Personal Solution
If
I
President Kennedy I
with all nations
were
should be honest
of
the
world and
effort
make
increase
to
active
an
the- supply
of
gold. This would help^Canada and
also Africa in their present diffi¬
culties. It also might be considered
a
friendly
gesture
by
Russia,
which has much gold underground.
This would lower the free market
for
gold, which is what
V-
have.
'
Then
we
should
V'./.y.'
V..,.
the supply of gold in¬
as
creased,
our dollar would be slow¬
ly devaluated without hurting any
Of
country.
the
course,
For Banks,
electronic
developments
could
fully offset their fears. The world
needs more gold. There should be
honest, slow change in the
of gold through increasing
some
price
its
supply in keeping with the
in populations and trade
growth
activities.
,
;
;
;
Waldenburg Joins
Vance, Sanders
BALTIMORE, Md.—DUane E.
Waldenburg
has
joined Vance,
,
Sanders
&
Inc.,
Company,
will
He
viding
work
„
service
dealers
the
in
with
to
investment
Middle-Atlantic
more.
Mr.
Waldenburg,
r'
Quoted
MEMBERS
===:
American Stock Exchange
New York Stock Exchange
LANE,
?
Private Wire
was
formerly associated with Ferris &
Vanden Broeck, Lieber & Co.
MAIDEN
Kimball
states. He will be based in Balti¬
Sold
Tel.: HA 5-T30O
a
Valentine, Vice-President, in pro¬
Foreign Securities
Bought
as
regional wholesale representative.
Brokers and Dealers
125
"silver
states" might put up a cry against
this. But I think that missile and
NEW
YORK
38
Teletype NY 1-4-686
few interest¬
ing and representative equities in
is
causes.
for foreign deposits held here is a
Space prevented coverage of all
however, to outline
the
blunted
by
certain
fortuitous developments in recent
! Co.
either.
the Canadian Stock Ex¬
the companies presently offering
photocopy machines. We
tried,
COrtlandt 7-5900
of
oc¬
Indeed,
is
change in Montreal, under the
symbol CBM, and sells, currently,
at $3. Gross Income, which was
000
YAMAICHI SECURITIES CO., LTD.
This,
far.
so
been
pub¬
$1,124,596 for year ended January
31, 1961, expanded to over $3,400,-
Affiliate of
could
action—put
"devaluation"
foreign
cause
Kennedy
again
licly offered in June 1962 in Can¬
ada
of NEW YORK, INC.
common
Many people feel that the very
would
have
gold
dwin¬
es¬
President Kennedy
American
no
our
-
Philadelphia area, Gilchrist in
Boston, and others in many cities.
For
of
immediate impact of our problem
has
years
(2) there is now no agree¬
ment among the nations as to an
international currency and its reago);
of
Japanese Securities
gold
(Franklin
the
Tramiel,
dynamic
President
Commodore, believes 40,000
111
not
would also "devaluate"
Roosevelt
This company
economic
world's
simple.
so
States, and on July 5, 1960, in¬
corporated as a wholly owned sub¬
business in the American market.
talk
people
troubles would cease, but it is
lar
sidiary, Commodore Business Ma¬
chines, Inc. (a. New York Corpora
ation) to : carry - on and 'expand
Some
nod from the Presi¬
a
the
dent",
devaluation,
possible
and
business machines into the United
American
$4,000, in 1961.
This
it
discussed at this
time because of its relation to the
Limited
1958,
Dollar
the
of
Gold is widely
pany.
Xerox
getting
;
chised dealers, coast-to-coast, and
sales are surging ahead. Mr. Jack
1961.
30th)
dling
again it is
and
is
world
The
For 1962,
weeks
curred. This loss simply points up
to the ineffectiveness of govern¬
equity.
sales
scarcity,
indestructibility,
expanded through regionally fran-
November
for
and myrrh"
Child.
decorated
1961 low of 87V2 to a current
company
brilliant growth rate
brought
ago
years
Christ
American
(which continue this year) Xerox
Photocopy
copying
(dry)
frankincense,
several
possesses.
Common
A
Transfer"
"Heat
"gold,
After
loss, foreign takings of
due
to
advances
in
sales are projected at "smaller"
$680 million, against $608 million transportation and communication.
Some
day an international cur¬
in
1961, with per share net of
around
$1.60 against $1.46 last rency system will be inevitable,
and
gold will probably be the
year. MMM stock, at around 50,
basis. The present excitement over
paying $.80, is 20 points below the
Telstar is further proof of what
year's high. At 31 times current
: '
earnings, it is regarded by many lies ahead.
as a premier international growth
basic
supples.
Moses, Mecca, and Buddha are
in gold. Gold has al¬
of
2000
annually.
rapidly forward in dry
technology,
Its ElectroStat, introduced late last year, has
been
exceedingly well received.
This is a desk top size continuous
dry copier, at $1,195, and opens
up new markets for both machine
methods
copying machines, and revenues
which, together, account for by
from other divisions, produced a
far
the
largest
dollar volume.
dramatic rise in Xerox earnings
These are (1) the Diffusion Trans¬
for 1961. Total operating revenues
fer
(wet process), and two dry
rose
60.6% from $37 million in
process methods,
one employing
1960, to $59 million in 1961, while
(2) the Electrostatic principle, and
net income surged forward 104.9%
the other (3) the Thermographic
from $2,598,000 to $5,323,000. Per
(or heat transfer) principle. Com¬
share net rose from $.67 to $1.40.
petition is most intense in the wet
Responding to these dramatic
process field, with dozens of com¬
in
earning- power,
panies producing and selling both expansions
three
on
of
leading brand
the
Only Two Real Political "Cures"
process
industry seems now to be concen¬
trating
hesives, coatings, tapes, electrical
and chemical products—the com¬
the
men"
"Wise
the
how
remember
has moved
I
Although
gold dates back to
ancient1 times. Bible students
will
an
Market
year.
a
The history of
to
has
problem,
devaluation.
very
pany
the
lowering its free market price—to be followed by a slow dollar
earnings of;»Minnesota
Mining come from many sources—
"Scotch
Tape," (now less than
17% of volume), abrasives, ad.,
the solution to
attempting to increase the supply of gold,
beauty which no other metal
Copying Market has
more
or
advocates
Babson
and
specialist from the outset in
displayed a growth unparalleled
in
the
entire
office
equipment dry copying, Xerox has achieved
a
spectacular
success
with its
field. Today, it represents a gross
Electrostatic process, and, in par¬
business of over $400 million, an¬
ticular, with its 914" Copier. This
nually, and is expected to con¬
machine is about the size of a
tinue its growth at the rate of
20%
and bond markets. As
the stock
both
has
volume.
The Office
alleged benefits from devaluation represent
oversimplification; and holds that "the talk" about it will harm
machine, "Thermo Fax", believed
to be grossing over $100 million
Development,
and
Research
stenographer to tranquilizers. Stat paper and supplies. American
Thus, rising cost of office help, Photocopy offers four other prin¬
coupled with the mounting needs cipal copy models, the least ex¬
for myriads of photocopies, have pensive one being the "Century",
at
$99. Transfer diffusion
(wet
produced, in the post-war years,
process) equipment now repre¬
an amazing new copy machine in¬
sents
only about 20%
of sales
dustry.
;;
Huge Growing
Babson asserts the
Mr.
gross
thus
this
($.03 a share)-in 1952,' to $5,362,960 ($.72 a share) in 1961. This is
quite a record. "APY" Common
has been most rewarding to early
investors. The stock sells today at
of paper work,
which there must be a copy of
By Roger W Babson
Mr.
While
We live in a maze
.
Rewarding research, effective
manufacturing and brilliant mar¬
keting have combined to achieve
(excluding carbon paper) by
office papers are now made,
in the United States; plus capsuled comment about a few
rapidly growing companies in this field.
billion swift copies of
which over three
copying
with
tified
million in the same time interval.
methods
principal
the
of
review
A
Cobleigh, Economist
Solving the Dollar Problem
heavily iden¬
machines is
Minnesota Mining and Manufac¬
turing Company. It, too, has had
a
fantastic
growth, with
sales
rising from $75 million in 1946 to
$608 million in 1961; and net ex¬
panding from $9.9 million to $74.9
Another company
System to Canada
<
Volume 196
Number 6184
.
.
The Commercial and Financial Chronicle
.
Breaking the Cake of Custom
the
measures
short
The
is said to
coordination
.
seen
compelling
impact of the widening
depicted
while
of
require not
policies.
helping to keep
as
improving
integrated
an
Resulting
our
tariff
example,
competitive
America
to eliminate all barriers to
among
or
also
World
War
nations
ered
I.
Other
European
low¬
t h
tariffs
il
e
to
to
at
the
lowest
point
Europe
had
ever
known,
C
costs
against external trade in favor of
is
Where
in
altered by the
would
forces
short
directly,
and
Common
Europe to develop
imports from the
time
Com¬
the
rest
obvious
less
the
their
of
The
penalized
rewarded
multiplied. All
this, we know,
within
trade
Market.
world
since.
in
short-run
against the larger and
lasting gains. There must be
mon
ommerce
was
not
each
weigh
internal
has
or
known
benefits
agree, but each
some
ways.
Market
in
planned, its
as
tends
The
set
to
national
off
a
chain
European Economic
Community, for example, contem¬
plates eventual unrestricted mi¬
gration of labor and movement of
capital throughout the Common
Market
na¬
United
States
probably
sition.
in
the
as one in many matters, and
consultation, if not in concert,
on
nearly all other questions of
international import.
Starting with
the
Treaty
of
Rome in 1957, the European Eco¬
nomic Community has gathered a
momentum which is proving con¬
tagious. England, which first ex¬
pected it to smother in its cradle,
then thought to ignore it, next
another
group
in
the
On
United
trade
front
States
must
alone,
weigh
probable long-run benefits against
probable
short-run
losses.
the
nor
we
In
a
world
of
low
transport
much
drained
employed
of
the
industrial
under¬
labor
from
is now drawing on Greek
Spanish workers. The Com¬
munity
plans
eventually
to
achieve
substantial
equalization
of
wages
and social conditions.
The European Social Fund, which
Italy,
and
But
tries
placing heavier burdens on
investment flow out.
Once
differences
in investment
Europeans
try to country
perspective.
Effect
of
Tariff
labor
liberated, na¬
Power
vs.
except as savings
,
k
.
dialectic
of freedom and power. Some na¬
tional autonomy is sacrificed here
for European unity. Unity brings
power without which freedom in
today's world cannot be effectively
exercised; but it brings power
only to those who know how to
work together for common ends.
The
prospects
are
reduced
through
partial equalization of labor costs
view
the
European
Economic
and
tax
burdens, interest rates
Community solely or primarily in
cannot diverge widely from coun¬
a
trade or even in an economic
neither
of
to concert them.
move
the
is
same
at work
run,
ing
organized
movement
in
the
tween
perpetual
economic
the
forces
are
interrelations be¬
nomic mines.
National Economic Planning
States
United
the
and
countries
Most
in
and
out
In France, there is guidance
via industry tar¬
try.
investments
of
selective tax incentives
these
targets. In the Netherlands, only the aggregate level of investment
is controlled, and that indirectly,
gets
and
and cheap loans to help meet
by setting national wage levels.
Steps have been taken toward a
common
statistical program for
the
pectations which in turn rule de¬
cisions.
We can only wait and
to
whether
see
will
establish
member;
and more countries, and by
lowering the Common Market ex¬
ternal tariff and, in the case of
agriculture,
internal .support
prices. Indefinite expansion of the
Common Market is limited by its
firm intention to achieve a degree
of
political
unity and common
economic policies. Besides, it does
not reduce the degree of discrimi¬
Turkey, with a mere
Europe, has applied.
Most other European nations have
in
rushed to explore full or associate
membership, and the rest are ex¬
pected to follow shortly. Rumors,
or
trail balloons, suggest
Market's
Common
drawing
slavia,
Spain
economic
tugs
at
Tito's Yugo¬
even
power
Franco's
that the
and
bridges the Middle
Israel. Finally the United
and
East to
States, which played the role of
godfather to the European Eco¬
nomic
Community,
feels
now
compelled to come to terms with
it. The lusty growth of the Com¬
nation,
merely
the
number
of
against.
external
is
tariff
on
the
monetary policies are already be¬
ing undertaken informally through
by agreement, then by economic
necessity. The overlapping inter¬
ests
and
responsibilities of the
the
central
banks, and more re¬
through Working Party
cently
United
States
Market
on
Develop¬
not
an
Some adjustment of our tax
but
a
Cooperation
burden
on
and
business
more
profits,
sense
noninfla-
as
policies,
en
competition,
ropean
good
and
liberal tax treatment of de¬
preciation, as well
tionary wage-price
probably be forced
does not
us
if
will
by Eu¬
our
assert
own
itself
and
trade
integrated common policy,
The
prospects is for a tandem economic
relationship between two conti¬
common
markets with low
external tariffs.
It is to help serve
nental
this
purpose
that the OECD
evolved from the OEEC
gan
Tariff cuts to
zero
seem
likely
tropical
argu¬
many
Administration's
goods
products; but
produced by member
proposals for trade expansion via
tions,
less
munity
is
the
behind
ment
wider
lower
the
Presidential
powers
to
tariffs.
Trade
When
tariffs
compelling
tries,
traditional occupations and
of life which have survived
by political patronage and cultural
ways
Discrimination
one
country
unilaterally
cuts import
without
dis¬
some"1
and more decisions by qualified
majority vote; the OECD recom¬
mendations, on the other hand,
ing the tail of the economic
pro¬
cession up
the
use
to the performance of
head, to make more productive
of
resources
immobilized
in
underutilized
peasant
or
mering under the surface of much
of
Asia.
away
Advanced
last
within
all other countries
benefit
directly.
Their
export
earnings rise, and the terms of
century,
trade tend to shift in their favor.
But when six
European countries
•
central
Continued
agricul¬
Office to
NEW YORK
4, N. Y.
telephone number is 363-2000.
at
this
office include
tariff
the
barrier
a
direct-inward-dialing telephone system.
an
*
whatever
its
Hanseatic
CORPORATION
invitation to invest
protected
area.
Some
American investment in the Com¬
mon
NEW YORK
Market has undoubtedly been
induced by the need to cope with
continental competitors on equal
BOSTON
August 6, 1962
•
CHICAGO
•
PHILADELPHIA
•
nations
move
from the economic national-
can
discrimination.
motives, is
A
or¬
for consultation and coordina¬
be achieved. To
further the political objectives of
the
European
Economic
Com¬
munity, its members must retain
considerable economic advantages
of membership and this will mean
criminating by national origin, as
England did by and large in the
has
inertia, neither of which can much are based on consensus or una¬
longer deflect the winds of change. nimity.
Continental agriculture alone is a
Dilemmas of Underdevelopment
vast reservoir of underemployed
and underproductive labor to swell
While
Europe
moves
toward
the ranks of industry and move continental unity, we witness the
up the indices of productivity. Eu¬ balkanization of Africa, a process
rope has more scope than America
already complete in the Middle
to advance the easy way by bring¬ East and the Carribbean, and sim¬
Facilities
na¬
an
.The gap
on
on
as
tion, rather than as a super-na¬
in productivity between tional government.. The - United
the United States and Europe will States a Ad Western Europe1 are
be narrowed further, and so will too far apart in geography, his¬
the gap in real per capita income. tory, and economic circumstances
For Europe, far more than the to pursue identical ends by iden¬
United States, is full of historical tical policies. The European Eco¬
anachronisms:
handicraft
indus¬ nomic
Community makes more
•
other hand
way
of
discrimination.
Common
coordination of policies.
non-discriminatory
a
lessening
the
the other hand require
in these directions.
60 BROAD STREET
new
requires,
members, a common policy
many matters; requires, if not
nomic
ment.
Market
Common
The
on
Three of the Organization for Eco¬
We Have Moved Our New York
Our
in
for its
discriminated
Reduction of the Common Market
new
Brussels, using the tools of Quesnay and Walras.
more
countries
some
himself
barriers, with no new im¬
pediments to the flow of capital
across the Atlantic, will strengthen
the bonds of interdependence.
Steps toward coordination
of
duced in two ways: by expansion
of the Common Market to include
toehold
Common
the door; the publication of
guide ex¬
opens
Reduction
defense, now asks to join, Greece
is being accepted as an associate
the
availability of data
The
Trade discrimination may be re¬
self-
dirigiste ap¬
official projections may
Colbert
trade
a
throughout
proach
Market.
provides
which
Community
mechanism for
one
watch
less
relaxation of
Eco¬
Community, practice na¬
tional economic planning and con¬
trol to a greater degree than we
find acceptable in our own coun¬
leverage.
Probable
in Europe, both
of the European
nomic
Common Market, though with
uaui AV.
.
na¬
pol¬
monetary
capital is also
This
area.
be less, in the
helps finance training and resets
than if there were no tlement of
workers, is a means
Common
Uk
Market.
The
likely toward
tionalism and
equalization. But this ob¬
t h 4
mfsformembership of the United King¬ jective
will
be
brought
about
of war. Once again, except dom plus the probable accession
gradually in any case by the
^in, Europe is tearing down of other Western European na¬ forces
of
competition
working
lis. Last time, it was Na¬ tions would make our export loss
unimpeded across national bound¬
poleon's continental system; this even larger. On the other hand, aries. Today, unemployed workers
time, the heritage of two world large recippqcal tariff^concessions, may move to places where jobs
wars
and an intervening depres¬ such as -President Kennedy: tJias re¬ are
.,to be found; tomorrow, it may
sion. But thefe the similarity ends. quested, the power to negotiate;, be the lure
of higher wages in the
What we are Witnessing toda^is would it.hold •* down
our
export North which will draw workers
a
new
beginning, with different losses, at the expense of some in¬ from the South.
motives and fresh objectives. Eng¬ ternal adjustments. The stimulus
So too with capital: a firm in¬
land
sought
economic
growth which an internal free trade area
corporated in one member nation
through international specializa¬ will give to European economic will be
unimpeded in business and
tion
and
trade.
The
time
could generate
European growth • in
investment throughout the Com¬
Common Market seeks economic enough
additional
demand
for mon Market. Common
policies are
integration for growth, but be¬ U. S. goods to outbalance our in¬
being worked out regarding com¬
export
losses.
Tariff
cuts
yond economics it seeks the path itial
petition and business regulation.
to political unity, in turn a con¬
could, through the goad of foreign Common investment
projects are
dition for continental peace and competition, help hold down our
being undertaken via the Euro¬
costs and prices and push up our
power. Its origins and aims are
pean
Investment Bank. In time
more
political
than
economic, productivity gains, thus improving national tax structures on busi¬
with six nations acting and speak¬ our international competitive po¬
ness will be harmonized as coun¬
of
and
Freedom
costs, swift communications, rapid
mutual
concessions.
When these
innovation, and mass production
same
six
countries
maintain
a
and distribution, labor and capital
common tariff against the rest of
are remarkably mobile. The boom¬
the
world,
they
discriminate
ing
Common
Market,
having
until
trade stood
would
suffers
more
r
barriers
it
segregated
markets
trade
them,
When
Integration 4-
reaction.
agree
to
in
dustries
in
period of free trade lasting down
Policy
down
the
economic
barricades sheltering high-cost in¬
;
ture, in the traditional service sec¬
tor of some countries, in uneco¬
and
independent
of
fiscal
and
Tearing
Corn
a
pursuit
tional
'
principally in Africa, into and the exclusion of Latin
When England repealed the
Laws
in
1846, it ushered
motives
tions must
"""
from, for example, the ECM which Dr. Hauge flatly states
would be discrimination hard to justify.
such
make
5
with
demand
of
Forces
weaker.
problems and solutions reviewed do not overlook the entry of the
associated areas,
comparison of invest¬
as
members
high-interest
tariff would make these incentives
Various
position.
and
lenders.
are
and productivity-up
costs down
international
our
for
nations
would be deluged with borrowers,
stronger; reduction of the external icies.
policy but a
common
cuts,
thus
the Common Market and
would
gains from growth.
run
Low-interest
widely.
Common Market member
markets.
investment
Expansion of the Common Market the
to choose between the
us
adjustment and the long
of
supply would soon reduce the in¬
in other Western European coun¬ terest rate spread, if not directly,
tries suggest, and it
is more a then through credit expansion in
one-shot undertaking than a large one country and the reverse in
continuing one-way flew of funds. the other. Freeing trade inhibits
overlapping interests and responsibilities of both the USA and
the ECM
.
costs of
run
export
common
volume
ment in
developed and nondeveloped world. The rapid growth set by
godson the ECM, is
our
in
The
gerated,
repercussions of the European Common Market upon us and the rest
of the
and
differ
rates
terms, both in European markets
induced has doubtless been exag¬
By Dr. Gabriel Hauge,* Vice-Chairman of the Board,
Manufacturers Hanover Trust Company, New York City
Former White House economist
(593)
SAN FRANCISCO
on
page
42
6
.The Commercial and Financial Chronicle
(594)
ministration serial bonds for Aug.
■
By GEORGE L. HAMILTON*
,
.
state*
The
market
dull
been
last
since
ary.
business
there
fact
will
of
municipal
the
price
bond
*
Treasury
pretty
levels.
Commercial
Chronicle's
state
and
and
Financial
was
3.123%
on
for five
/
no
1980
Gr^enburgh Union F. S. D. No. 4,
issues
the /near Albany
New
y • ■ "■V/i.
Authority
County, Pa
Awards
Medical-..Center
.
No.
4O,„0re.r_
U.
2:00 p.m.
0 /.;
,/
•
1964-2001
1963-1982
_____
.
August 14 (Tuesday)
:
*1
F i r s t
Corp. at a
2:00 p.m.
1:00 p.m.
1,147,500, 1964-1983
1963-1992
6,931,000
1,740,000 , 1963-1982
,
Stockton, ;Cal.
-v\
-
1,250,000
_
8:00 p.m.
11:30
a.m.
8:00 p.m.
:
1968-1972
8:00 p.m.
1963-1982
10:00
a.m.
1963-1982
11:00
a.m.
1964-1972
li:00
a.m.
1965-1987
,
1965-1989
11:00 a.m.;
Noon
1965-1971
10:00
1964-1983
2:00 p.m.11:30 a.m.
1963-1982
a.m.
_
.
-
________
—_____
the
/1,500,000
.
consecutive weeks.
of
a.m.
_
Aug. 8.
an
tone
a.m.
11:00
.
market is steady and inactive.
Treasury Market Firm
The
11:00
1964-1991
Hospital,
—.ll——_i—_
York
_
headed'
bones to the group
1962-1966
August 13 (Monday)
Lincoln,-N- Y../£tpte Dorm. Auth.
(1964-'
5'i^000
1,400,000
Dodgeville, Ridgeway, etc., Jt. S. D.
No. 1, Wis
Multnomah Co. DaVjd Douglas S. D.'
last. Last Thursday
of $2,500,000
1963-1985
^—
.
■-
3 ^ ^
Port of New York
Somerset
type
Nebraska Airport revenue
hy/V. /->'•/- by
v
you
saie
the
saw
new
few important new issues
corned to;, market ^since re¬
have
list the bond issues of
,
dollars, this change
insignificant oneeighth of a point. However, this
increase in yields in our Index
continues
the
pattern
of
our
Average which has lost ground
to
;r
•
15.
no
f .*v«
Recent
,
be
we
for which specific sale dates have been set.
Nebraska
Securities Alpine S. D., Utah
1,300,000
net interest cost of, Eugene, Oregon
3,100,000
4.29%; Other major members of jackson -Tenn
• 1,150,000
000,000 Southwestern Bell Tele- this group include Stern Brothers;
King cn. Lake Wash. S. D. No. 414,
phone Co. debentures due Aug.. 1,. &
: 1,000,000
Co., - Ellis,
Holyoke &
Co.,Wash
1997 to Halsey, Stuart & Conine. Storz-Waehob-Bender
Co., /Kirk-: Oklahoma City, Okla—
10,195,000
as 41/&s. Upon .offering', this issue.
patrick-Pettis Co. and Chiles &"
30,000,000
Pennsylvania General State Auth.
met with excellent investor de- Co.
The bonds were offered to
paui Minn.,————
9,662,000
mand and was quickly spoken for
yield-from 2.50% in 1964 tc> a
Wappinger, Poughkeepsie, etc.,
by retail, customers. This success dollar
price of^98 for 4.30s in 1987.Central S. D. No. 1, N. Y.
1,962,400
spurred
the
general
corporate Initial demand for this revenue
West Haven, Conn.—
1,715,000
market ahead by about one-quar- bond
was
excellent, ■ with - the
e
ir,,T\
ter of a point but it soon quieted
present balance about $500,000.
"'/
%/. August 15 (Wednesday)
down and, as we go.to press, this."
Proceeds from this issue are to Beverly, Mass.
2,000,000
of
terms
amounts
J•
porting to
/in
under
and
good shape
But
.
or more
August 9 (Thursday)
$9
Aug.
on
market, in
for
ready
The corporate bond market was
featured
by the sale of $100,-
little
change in the high grade offerings
during the past week. The composite yield Index was 3.115% on
Aug. 1 and
seems
market
pressure.
municipal
bond yield Index reflects but
In
2.802%
should
present
The
of
average
an
tax-exempt
financings' these notes where the funds are
be a thorough test: immediately available. All. in all,
portant
which
im-
dozen
half
a
to
following tabulations
xn
,$1,000,000
'
corporations
continue
to - keeplarge amounts of idle .funds in
later this month
that
be
-
u/l 5;/and
bonds
There
appears
to
sizable
negotiated
compared with 2.874%"last week. - future'
*■.
Domestic banks, institutions and
might think that the August
doldrums had set in, were it not
one
for the
A
obligation
.
_
week
and
occurred
has
.
The Treasury's 91-day bill rate
dropped for the third successive
reporting. During the past week,
little
of
note
in the
municipal
bond
bonds
December or even early in Janu-
bond
municipal
and
has
T
of" Houston "Texas''various
CUv
purpose
Thursday, August 9, 1962
.
Larger Issues Scheduled For Sale
22; $37,000,000 State of Washing¬
ton various revenue bonds, Aug.
20; $30,000,000 Pensylvania EpnPpnavlvanin Genefal
t ate" Authority serial reve-
Tax-Exempt Bond Market
.
.
be
Large Sales Scheduled This
market.'for
Month
5.
Treasury issues has shown
slight
improvement since
allotments of the latest Treasury
financing last week. While opin-.
ions vary among dealers as to the
results of the August refunding,
particularly as to the subscription
by the public of only $816,090,000
of the long 4J/4s, no new
financing
some
used
extensions
for
im-
and
1964-1977
3:00 p.m.
16,000,000
1963-1982
10:00 a.m.:
7,650,000
6,039,000
1963-1981
10:00
a.m.
1963-1977
11:00
a.m.
2,350,000
1973-1977
7:00 p.m.:
11:00 a.m.'
Edmonds School District 15, Wash.
provements of the Municipal Air-- Houston, Tex.
1,10 ,000.
—•—---—-
port. -The Airport Authority was; Jacksonville, * Fla.
---acquire, operate Maryland State Roads Commission
and maintain the Airport.
<
. ,
: Midland, Mich.
__
—
formed in 1959 .to
Since
last
our
column, street
inventory of tax-exempt .bonds
has declined moderately. On Aug.
1, the municipal inventory total
expressed .by
as
the
Blue
List
-
2,800,000
through
negotiation arid offered
public 1 y
-$5,180,000
Greater
Greensburg Sew age Authority
1964-1977
9,680,000
Vermont-(State of)-
1963-1982
1,100,000
Moore,bounty,
Snohomish County, vVfash.——_
The syndicate headed by
&
L y n c h -purchased
Leonard
1964-1982
August 16 (Thursday)
M
t
6:00 p.m.'
11:00
a.m.
•
$460,542,500; presently the
1964-1985
1:00 p.m.
Hillsdale Sch. Dist., Ohio
.1,100,000
municipal
total
is
$422,297,000.
7:00 p.m..
Pennsylvania Sewer
Revenue London, Ky.
1964-1983
1,150,000
This week saw only the small
serial 1964-1989 bonds and a term
11:00 a.m.
for cash is expected until October,
Syracuse University, N. Y.__
-3,000,000. 1964-2001
amount
of
$74,000,000 of bonds:
issue due 2002 at a net interest
11:00 a.m.:
1963-1992
The Treasury's cash needs for the offered
Washington Sub. San. Dist., Md.__ ; 4,000,000
for
competitive bidding
cost
of
3.98%. Associated with
7 :
fourth
7
;
quarter of the year, ac- which partly: explains
17 HFridav)
the/drop Moore, Leonard & Lynch as
major; J, V-./.;;' .7
cording to Under Secretary Roosa,: in the street float and emphasizes;
,
T„
1974-1984
10:00 a.m.
underwriters are Singer,' Dearie-& East/Side. tLevee &uSani
Dist^-Ill;
1,708,000
will' be in the neighborhood of the modest. amount of retail a?-'
Scribner, Arthurs,- ^estrange.>r&»7EIp^b^htown .College, /Elizabetn*i.,
$7 billion. However, they,,do not tivity presently going on.
1964-1995/7 2:00 p.m.:
Co., Blair? •& Co.> ,Inc.,; Butcher
- town, Pa.
—________i__• :l,()Q0i000
have to raise this entire amount
The visible supply of new issues Sh.errerd, Ira Haupt. & Co., HornAugltst 20 (Monday)
has increased as a few large issues blower &'
Weeks, Merrill Lyneh, Bowling Green City S. D<? Ohio___
during October but can postpone have
1964-1983
/
Noon
2,040,000
been
announced
for
sale
Pierce, Fenner ,& Smith Inc., John Flori- a Development Commission.
11:00 a.m."
1963-1988
some
of* it until
3,550,000
November
dr
during the next ;30 ". day p°r'<vi.*' Nuveen & Co.r Smith,
1:00 p.m.;
1964-1983
1,000,000
Barney^; Garfield Heights.City S. D., Ohio.
■ ; :
! The volume is now close to $400,- Co. and Stroud &
Co., Inc. The Washington (Olympia)
11:00 a.m.
1963-1981
v *Pmch
20,000,000
hitting
for
Donald
000,000. Important sales include:. serial bonds were offered to
yield: Western Illinois Univ., Macomb, 111.
1965-2002
Mackey.
<
>
6,750,000
$106,210,000 Public Housing ;Ad-: from 2.25% in 1964 to 3.85% in
was
——,
.
^/J?n Sn
0
.
.
n
.
,
,
,
.
~~~~
,
.
.
-
-
MARKET ON REPRESENTATIVE
offered
were
California (State)
Connecticut (State)^
l_
New
Jersey Highway Auth.
York
.,
Gtd
State__J.______
Pennsylvania (State)
♦Delaware
(State)
♦New Housing Auth.
Los Angeles, Calif
3%%
1981-1982
3.25%
3.05%.
3.20%
3.05%, bonds
1981-1982
3.15%
2.85%
1981-1982
3.15%
31/2%
3%%
3V4%
1981-1982
3.15%
1981-1982
3.40%
1981
3.20%.
31/2%
1981
3.25%
-
New York, N. Y
-
3y2%
1981
3.40%
3y4%
-
-
1981
3.30%
-3%
1980
August 8, 1962 Index= 3.123%
!
*No apparent
3.30%; investor
1974-1975
-
♦Cincinnati, Ohio (U. T.)________x
Philadelphia, Pa._
♦Chicago, 111
______!
3.40%
3.55%
100
response
-
3%%
(N. Y., N. Y. )
Baltimore, Md
1982
at
for
4%
a
The account reports wide
coupon.
2.90%
-
_
Asked
: 1981-1982
3%
-
-
1
Bid
31/4%
-
New
Maturity
3%%
-
in¬
among
10:00 a.m.;
8:00 p.m.,
-
District No. 1, Florida-—':
;
2,280,000.. 1964-1982
1965-1991
/ 3,500,000
spoken for and- Lafayette, La.
3.00%
the account marked elosed.
■
Pasadena, Texas _-_—• 1;600,000.
________
/ :
2.70%
v
Monday of Ahis we.ek was void ;
August 22 (Wednesday)
/
3.00%
of any important issues but Tues¬ Jefferson
Co.
Public
Properties
3.00%'
day saw five issues nf general
Jporp., Ky.
1,176,000
1963-1982
3.30%
market importance sell ,at com-: Local
Housing Authorities
106,210,000.
1963-2003
3-.10%
petitive bidding, with the overall
3.15%:
/
v
August 23 (Thursday)
reception • to ithese flotations I by
3.30%.
1^50,000 .1963-1987
investors good.'.The largest loan
have
__
been
'
____.
—-
^
3.20%
^
^
0
u
ty-
^
,
^G°unt^'ScIi. 13ist., Ga
Forest Hills Local Sch.
Dist., Ohio
involved %$10;000,000
^
City of Fort Worth, Texas various,
August 28
purpose
limited tax (1963-1987) Boston Metropolitan Dist.; Mass.__
of
3.45%
,
at
the
day
wr.ich
sold
were
a
to
the
Savings Bank of Chicago
3.2789% net interest cost. The
runner-up
bid
terest
was
cost
of
3.31%
made
by
net
in¬
the
Fairbanks, Alaska
Pasadena, Texas
:
/
Los
ac¬
1,910,000
-.
that
,
scaled
to
yield from
in 1963 to 3.50%
and
1987
1/10%
1973-1992
11:00 a.m.
1963-1982
1967-1977
10:00 a.m."
has been appointed
a
and
4.50%
yield.
.33,300,000;
;roup
our
•
•
-
-.
of
the winning
,Chase
wer$
Bank,
7,650,000
.
of
•
-
Southeast
Missouri
v
-
-
.
Manhattan
Bankers
Co., First National Bank
Oregon, Wertheim & Co., First
Co.,
First
National
offering,
bank portfolio
buying was in im¬
mediate evidence and all but $1,250,000 of the bonds
CONNECTICUT BANK AND TRUST COMPANY
first day.
was
account
were
sold the
Wednesday morning this
balance
marked
taken down
and
Orleans, La._
Hghts
;
Continued
on
1963-1982
4,400,000
10,000,000
Village
——-.—
Local
,
Omaha, Neb.
1,600,000
7,20Q,000
Weber ,Cp., County S. D, Utah__„.
Ore.
—————
Greensboro, N. C
(1963
•
,
1964-1081
1,727,000
September 25 (Tuesday)
Entry
Drainage
-
the
The City of Annapolis, Mary¬
land/the State capital and an in¬
frequent borrower, sold $2,700,000
Storm
—
September 18 (Tuesday)
Bugene,
Rare
1,500,000
D., Ohio.
closed.
CONNECTICUT
Telephone 249-1611
S.
-
October
12
2
:
2,500,000
6,790,000
(Tuesday)
Los Angeles County Flood Control
District, Calif.
1987)
page
8:00 p.m.
10:00
a.m.
11:00
a.m.
September 12 (Wednesday)
Warrensville
Upon
—
September 17 (Monday)
New
Worth.
1965-2002
September 11 (Tuesday)
^nn
,
of
V
2,600,000
•
2,000,000
2,500,000
San Jose, Calif.—
Bank in Dallas and National Bank
THE
College
Westminster, Water, Colo.—
Trust
Southwest
Fort
State
September 10 (Monday)
Boston
&• Trust
Municipal Bond Department
September 5 (Wednesday)
</
Co.,
The
Corp.,
Mercantile'^Qomln^^;on'
Trust Co., Mellon National Bank
First
15,
■
'
—;
Jackson Tp. S. D., N.
Other members
Assistant Vice-President
a
sold' at
p.m.'
Angeles, Dept. of Water Power,
1.70%
carried
were
7:30
August 29 (Wednesday)
.
Calif.
in 1985. The 1986
maturities
coupon
a m;
1:00 p.m.,
1,500,000
_r_.' 1,600,000
/
count headed jointly by The First
September 1 (Saturday)
nal Bank of Chicago ..and Grandvijle Sch.
2,150,000"
Dist., Mich.—.—_
Thte'Northern Trust Co. The bonds' Jacksonville Fia.^
'
were
11:00
1,999,000
^__
_—
.
RAYMOND A. MEANY, JR.
HARTFORD
1964-1983
(Tuesday)
_
in
Noon
.
syndicate managed by the Harris
announce
2:00 p.m.;
10:00 a.m.;
-
bcncs
pleased to
1963-1982
1963-1979
.corripanies and all of the
surance
Trust &
are
7,759,000
Essexville-Hampton S. D., Mich.i - 2,600,000
Indian River Co. Special Tax Sch. J a
Albuquerque, N. Mex
•
availability.
We
August 21 (Tuesday)
1989 and the term bonds due 2002
SERIAL ISSUES
Rate
1
October
Lexington, Ky.
10
15,000,000
(Wednesday)
1,025,000
Volume 196
Number 6184
.
.
.
The Commercial arid Financial Chronicle
in
are
(595)
substantial
7
adequate
♦ now
appear
to \ have bankers are widely and justifiably
shifted their position; they no concerned abouf the inflationary
J monetary mechanism — a
fact longer point to a present defi- implications of an increase in the
which is of crucial importance in ciency but to a shortage that may
price of gold—a concern which is
appraising the outlook. C.
r develop in
the future.
«.
doubly- pertinent
today,
-when
The Strength of the
the
fundamentals
.
agreement
the
of
on
current
.
..
v
'
The
(Liquidity- Argument—The
monetary officials of the major
By Dr. Roy L. Reierson,* Senior Vice-President and
Chief
Economist, Bankers Trust Co., New York City
countries
general
„
An
encouraging picture of
Dr. fleierson
our
dollar's
prospects is developed Jjy
a
support
our. currency
until favorable
trends
most
high degree of
assurance that the
not
be
price
an
repeatedly
is
in
the
as
case
on
the end of World
since
'ed
manifest
with
purposes, but also that such action
postwar
era.
the
renewed
sus¬
of key
use
trend
i
m p a i r e d. Furthermore, there gold would undoubtedly become
would be less incentive to-correct, much more widespread, and they
the balance of payments malad- would almost certainly be under.
currencies,
is toward
the
em-
in
the
mnoh
devaluation
ings constituted
large
totaT
pressures
and
disproportion-
a
nart
the-worlds
of
utilization
tho
the
of
markets
ment to
the
and
finan¬
then
cial press, and
has been
reflected
•'
the
i
n
been
f
cent
o
•
prospects
for
an
in
the
pnoc
increase
'
aurte
inflationary/pres-\LQ
and
eased
ngnin
b^imr
Roy L. Reierson
grounds
even
,
,
•While the-record
-
...
of the
that
vS?s
few
a
wa*
r
,,
quate
♦iSa/
maHo
threatemSiM froS thPnreJ^
.on
a
frequently
,
.
...
growth
and
gold
of
Such
reserve*
^hange_ parities of the, major
currencies.
Some
currencies
are
to
and
years
avoid
exposing
decades
them-,
selves to the risk of holding
re-
V devaluationn coufd ^soeli
*a df
d
and usher fn
0f * t! *
.
^
era
an
+hl disorder and chaos,
linked directly to the dollar; the
PrevaillnS view is that most or
a11 other countries would rapidly
realign their currencies in pro^rtion. Thus, a" dollar devaluation would give the United States
no advantage in foreign trade and
would make no direct contribu-
Perhaps the only tangible advantage of a dollar devaluation
would be gained by the Communist bloc. Such a step would not
only represent a propaganada vietory for the Soviet Union, enabling it to point to a serious
tion toward easing the payments
problem.- .•
weakness in the monetary system
in the free world, but would also
T.
case
international
of
the
The Threat .or Disorder—Finthe ally, but most importantly, the
their
rest
historical-analysis of
relative
prospect is not to be underrated
that
increase importantly the interna-:
+innai,
nnwpr
nf
fhc
^
A Considered Opinion—In
devaluation of the--TJnfted
a
nurphacin?:
Rus^anPg0Id hoafd
Kussian goiq noarq.
sum,
comparisonsf Iwwever^ are nof^oo Stales
™uPrvnydS?citinCreaSe " ^
question¬
unknown
"
the
among
hank*
.aP16 defenders of the claim that
m^na;10- "Qnidjiy is anade-
substantially stable in reyears.
Now, in 1962/referi«
central
prices have
V
tary price of
gold. However,
for
mnior
ISTt ? ?
e S 2f"
pect of a, business decline and the
mone¬
the
have
sures
?eJree^f^oooe?atSn
cope with the recessions
evidence.
Despite these
expectations,
this
discussions
in
of
for
pressure
ahead
significant shifts in the
mean n<>
u
eign exchange
in
the
dollar w°uld in: all probability
when the United States hold-1
Wag
would be strenthened by the large
available monetarv gold ha* been
budget deficits that would result*'
morp
native
through
a
from the efforts of- the
govern-
.
picion in for¬
«
.
-
Monetary'reserve ^distributed
thLtf
was.a+giv
these v
-
.
Nor is inflation the only threat,
The insistence of several Euro-
has
,
economy and would be
claimed /.that
a conspicuous up.
that
trade
world
ploymentof additional convertible"
currencies as reserves, and fur-,, justments that gave rise to
ther liquidity is available {from problems in the first place.
the International Monetary Fund.
" Tti
fnr>+
^
inflationary
inherent
were
are
shortage
a
evidence'
of
by the
but
devalued."
that
already m
trend.
increase in the gold
for liquidity
-
?h^°h^i!lg^0UrCe °f lroubrle for
the balance of payments.
It
has
.
grounds
pressures
under
come
the
£?Uarrr d?valuatA01^ American
The United States
air.
dollar
has been the
costs and prices in major indus-
trial countries of Western'Europe
unnecessary i
*
Once again,
agreement
Nor is 'crease monetary reserves and thus* devaluation of the pound sterling
the improve the reserve ratios of the a generation ago. Should devalubeen* currencies
involved, but by the ation strike the dollar, the leading*
-hampered by lack" "of credit to same token the standing and use- key currency of today; the desire i
creditworthy borrowers. Not only. fullness of the key currencies in of central bankers to hold their
/ have gold reserves been augment- world markets would be
greatly reserves mainly or exclusively in
United States gold
price will not be raised and that the dollar will
the
any
growth
Dr.
a
of
there;'
Reierson outlines the domestic steps he believes the1
Administration must adopt and, if it does,
says we can "View the
future with
to cope.not
'
problem are com¬
mended, and attention is directed to the adequacy of financial re¬
to
not only is
no
■
would by^ no means solve the
problems of the two major key, pean central banks on holding re-'
but with a surplus of
liquidity, currencies—sterling and the dol- serves largely in gold is in part
as is demonstraetd
by the persist lair. On the surface, to be sure, a long-lived consequence of;
tent.v uptrend of prices through a higher price for gold would in- losses suffered in the wage of the
ing
short run danger exists so
long as the possibility of a business
downturn faces usrthe banker-economist shows how
the "gap be¬
tween the requirements of the domestic
economy and the defense,
of the dollar can be
bridged." The Administration's gradual, patient
measures to redress the balance of
payments
themselves.
is
is
that
Currencies—There
the free world has been, attempt-.
in his examination of the basis for the chronic
deficit
of,payments and in his point-by-point findings as to
why the dollar will not he devalued.. Without
minimizing the fact
sources
there
international
of
Key
further /official
liquidity. ' Indeed, until recently,
in our balance
that
that
concur
shortage
The
-
Much obviously de-
meaningful.
,
deval-
fh#i
-nf
nnnn
dollar could prove to be a the monetary authorities of the
blow to monetary stability from leading countries are opposed to
which
the
free
might
world
not
dollar
devaluation. They
do
not
ing the
advanced
teresting
of the
,•
6evoaiutionS?n 1tht
nostwar
Some of the
course' Hfa^continuing review of ^o^^aBdltoancTr/.eavi7on^ credit base.'The'record shoWs "all serves. Based upon.careful study
course>the international monetary situa-meat and in the efficiency with-too - fclearly the * difficulties in-- they are convinced that present
tion and its prospects.
It is thus which
monetary reserves are ber-vvolved in attempting to curb the international monetary ariangefor rais- pertinent, before considering, speing utilized. Interestingly, enough,/effects of liberal reserve positions ments can be made to work suc-
neriod
demands
ing the gold price have been based cifically the position of the dollar, even some 0f the earlier advocates 1 upon the credit supply and, hence,
on the alleged needs of the
inters to give attention to some of the of the view that" liquidity was in- upon the level of prices. Central
national monetary system/ In the major
arguments
advanced
in
.;
'
,
"f v
early postwar years, it was con- favor of increasing the gold price V.
tended that only, by such a move, as a means for expediting the
could the depleted monetary re- workings of
the present inter- // serves
of Western Europe be re- national monetary mechanism.
plenished—a striking instance of
:
,
.
V
reasoning refuted by subsequent
••
The. Gold Price
• -,;
; .
,
-
•
.
With
events.
dynamic eeo-.
Basic to the proposition that the
expansion arid the accom-. gold price should be raised is the
panying favorable balance of pay- feeling that, the world's monetary
i
Continued
•
on
■
,
the
cessfully, and they have evidenced
,
.
•
,000,000
•
nomic
ments
trends
the
in
countries
of
...
reserves have not increased
proportionately with world trade.
ger. it is said, consequently, that over
placed by the claim that inter-" the longer term; the free world
national liquidity was inadequate faces the alternative of dither inand that a higher gold* price was
creasing substantially the value-of
necessary to provide for the ex- its monetary gold reserves by aspanding monetary needs of the signing a higher price to gold,; or
Continental
Europe,
this
ment became obsolete and
future.
<
•.
"
Southwestern Bell
gold
argu-
.
was
"
'
-
/
;.
".
/
-
Dated
4
*
'
-
•
Price 100.882% and. accrued interest
be no support for the latter pro- V
need to embark upon restrictive posal in official
cireles and no:
economic policies in-order to de-. chance of its adoption in the pre/
that,, should
countries
these
fend their currencies, deflationary
forces
might be released on a
would
would
permit
countries
to
to
ducive
a
the
follow
more
pecting
has
a
been
set
of
'
-
.
.
This announcement is not
.
-
-
.
from
for
ex-
economic
time
the
world, it was suggested that the
dollar might need to be devalued
in order to cope with the busi-
other
dollar
then
under
hand, the expectation
devaluation
was
offer to buy these securities. The offering is made
• .This school advocates re-, ;turning to a "pure" gold standard.
which monetary reserves
rather
than in
key
currencies
*
'■
-
HALSEY, STUART &, CO.
'
SECURITIES CORPORATION
AMERICAN
-
A.
G.
BECKER
DICK
&. CO.
INCORPORATED
HALLGARTEN
.
&,
{(
CO.
of
a
defended
tional
happenstance that the responsible
officials
of
the
COMPANY
leading countries
& CO.
GOODBODY
*
duPONT & CO.
,
'
'
SALOMON BROTHERS^ HUTZLER
WERTHEIM & CO.
SHIELDS & COMPANY
R. S.
DICKSON
'
&
F. S.
COMPANY
SMITHERS & CO.
INCORPORATED
SPENCER TRASK &
CO.'
.
-
I.
LADENBURG, THALMANN & CO.
'
L.F. ROTHSCHILD & CO.
>
V
wav.
INCORPORATED
HAMMILL &. CO.
BAXTER &.
•
FRANCIS
MERLE-SMITH
HAYDEN, STONE &, CO.
PARIBASCORPORATION
SHEARSON,
.
BEAR, STEARNS & CO.
,
1
''
&
_»
well.
should be raised.
BACHE & CO.
-
as
Since this would obviously;
require substantially larger gold
reserves than now exist in order
INC.
■
'
;
under
However, the present internamonetary system is underconstant study and review by the;
This conclusion, which was based financial authorities of the
major
on the
experience of the depres- countries and by such orgaoizased 1930s, i$ another classic ex- tions as the Intereafionpl Mone-':
ample of misguided economic an- tary Fund and the Bank for Interalogy. In 1958 arid 1960, on the national Settlements..It is n^t hy<
recession
an
.
.
peak of almost $25 billion to avert a sharp contraction of
comprised nearly 70%- of all credit,
the conclusion again
is
monetary gold; in t^e free reached that the price of gold,
ness
solicitation of
,
"
developments within the United
States; In 1949, when, the United
States gold reserve was at its alland
or a
pres-;
devaluation of the dollar would be held exclusively in gold/
derived
offer io sell
and
rapid; -rate.. of - bility.
reasons
an
only by the Prospectus which may be obtained in any State in which this announcement is .circulated from
only such of the undersigned and other dealers as may lawfully offer these securities in such State.
,
en^ g0id exchange standard on the?
key -currency grounds that it embodies impor-j
policies con-: tant elements of potential insta-
economic growth.
Another
threat
this
remove
;
dictable future, it is argued that. *
the first course— an increase in. - =
the price of gold—is the only fea~!
• i
sible alternative.
»
' / '/'-■in¬
in addition^ there is a school of
,
;
It is maintained
that a higher gold price, by increasing the monetary value of
gold r e s e r v e s internationally, thought which criticizes the
Worldwide basis.
August 1, 1997
,
laid Lon
out
Due
August 1, 1962
,,
'
Today, prime emphasis is being organization the power to create
the problems of the key additional international monetary
currency countries; it is pointed reserves. Since there. appears; to
Thirty-Five Year 43^% Debentures
•
.
•
of conferring upon a supranational
■;
Telephone Company
.
TUCKER, ANTHONY &. R. L. DAY
•
WEEDEN
r
&
CO.
IRA
HAUPT &, CO..
NEW YORK
HANSEATIC CORPORATION
INCORPORATED
.
J. C.
BRADFORD
GREGORY
&
&,
SONS
CO.
'
HIRSCH
BURNS
&
BROS.
&.
INC.
DENTON,
COFFIN & BURR
WM. E. POLLOCK & CO., INC.
CO.
RITER & CO.
■
INCORPORATED
" '
,
August 8, 1962.
.
■>
.
-
i
page
21
The Commercial and Financial Chronicle
8
Industry
Paper
DEALER-BROKER
THE
THAT
UNDERSTOOD
IS
analysis—Chase Manhattan Bank,
1
Chase Manhattan Plaza,
New
York 15,
N. Y.
FIRMS MENTIONED WILL BE PLEASED
THE FOLLOWING LITERATURE:
port
—
Special Re¬
Government Development
—
Bank
Rico, San Juan,
Puerto
for
available is the
Puerto Rico. Also
of the Government
Development Bank.
annual report
on
comments
the Steel Industry and a report
on
Growth Opportunities.
Also available are brief
Stocks
of
study
Municipal Bonds—A discussion of
velopments—W. E. Hutton & Co.,
14 Wall Street, New York 5, N. Y.
Idols
Fallen
of "growth"
interesting at
List
—
current levels—Schweickart &
Co.,
Industry
—
New York 4, N. Y.
&
pany
Stocks—Tenth annual edition
of
Casualty Insurance
brochure
of
data
537
fire
Casualty Stocks
sion in
current issue
Investment
115
of
Letter"
Company,
—
M.
N.
6,
issue is
Y.
Markets—Analysis—Robin¬
Co., 15th & Chestnut Streets,
Philadelphia 2, Pa.
Review—Colby
Co., Inc., 85 State Street, Boston
Corp.
&
—
Street,
Memorandum
available
Street, New York 4, N. Y.
V*
Japanese Auto industry—Review
Toyota—Yamaichi
Securities
'
Co. of New
way,
New
available
&
York, Inc., Ill Broad¬
York 6, N.: Y. Also
are
comments
on
Corp., E. W. Bliss Co.,
Petroleum
Crown Cork & Seal Co., Philadel¬
City
Stocks
Bank
Stillman, Maynard &
—
S. Corporations
showing
an
up-to-date
between
son
and
Averages
listed
in
the
the
industrial
counter
National
the
the
used
stocks
—
Folder
compari¬
industrial
Dow-Jones
over-the-
35
stocks
Quotation
used
Japanese
Market
Review
—
Securities
—
Co.,
in
Bureau
both as to yield and
performance over a 23period — National Quotation
year
Ltd., 61
Broadway, New York 6, N. Y.
Also available is an analysis of
New York 4, N. Y.
Mitsukoshi Ltd.
Over
Inc.,
Bureau,
46
Front
Insurance
of
growth record of 10 largest "stock"
life companies by decades—Sutro
&
Co., 9804 Wilshire Boulevard,
Beverly Hills, Calif.
on
fornia
Interstate
Universal
buting,
Street,
Mine
gram
available
are
data
on
Grow-Rite Corp., Discount Stores,
Publishing
National
Inc.,
—
and
Cali¬
Distri¬
Periodical
Safety
Apliances,
Pub¬
Transo-
Co., and Oil Recovery Cor¬
Singer & Co.,
New York 6,
poration—Troster,
74 - Trinity
Place,
is
review of
a
Suburban Propane
Gas Corp.
-
A
Ampex Corp—Analysis—Stewart-
Eubanks-Meyerson
Co.,
&
216
Montgomery Street, San Francisco
4, Calif.
Babcock Electronics Corp.—Anal¬
ysis
—
Hammill
Shearson.
14 Wall
&
Co.,
Street, New York 5, N. Y.
is an analysis of
available
Also
Budget Finance Plan.
Oil
Baker
Tools
120
Co.,
&
—
Broadway,
5, N. Y. Also available
reports on May Department
Stores and Monsanto Chemical Co.
Brown
dum
Engineering
Trulock
Memoran¬
—
&
Co., Inc., Ill
Fifth Avenue, Pine Bluff, Ark.
—
Chesebrough-Pond's Inc.
FOOTE &
DA VIES, INC.
*
<
MARRUD, INC.
-
STANDARD MOTOR PRODUCTS
ORKIN EXTERMINATING CO.
TALLY INDUSTRIES
DASHEW BUS. MACHINES
COLEMAN ENG. CO.
ASSOC. PRODUCTS, INC.
ZONOLITE CO.
Anal¬
Manhattan
HAnover 2-2400
Teletype NY 1-376; 377; 378
.
Noel M. Rothman &
Motor Wheel
Washington,
&
Fidelity Bank of Beverly Hills
Stern,
York
—
1 Chase
York 5,
Co.,
New
Review—Herzfeld
—
30
Broad
Street,
New
4, N. Y.
Analysis—Sutro & Co., Van Nuys
Nor walk
Building, Los Angeles 14, Calif.
port
Ford
East
Motor
Co.
Analysis
—
—
Truck
Lines, Inc.—Re¬
First Columbus Corp., 52
Gay Street, Columbus
15,
—
Ohio.
Salle-Jackson Building,
111.
Pacific Lighting—Memorandum—
Chicago 4,
Gross & Co., 816 West Fifth
'
Franklin Electric Co., Inc.—Anal¬
Los Angeles
ysis
Potomac Electric Power
Fulton, Reid & Co., Inc.,
East Ohio Building, Cleveland 14,
—
randum—Weil
Ohio.
ward
Franklin
Bank
National
of
Broad
Street,
are
—
Memo¬
Co., Inc., Wood¬
Building,
Washington
5,
Renewal
Guaranty Corp.
—
Anal¬
ysis—Amos C. Sudler & Co.,
reports on
and
Industries
Napco
Co., Inc.,
York 5,
New
N. Y. Also available
&
C.
D.
Long
Street,
17 Calif.
Needham
Seventeenth
Street,
818
2,
Denver
Colo.
Packing.
0. M. Scott & Sons—Memorandum
Gillette Co.
Analysis — Eisele &
Libaire, Stout & Co., 50
Broadway, New York 4, N. Y.
—
—The
Ohio
Company, 15 North
Columbus 15, Ohio.
King,
High
Ginn &
Co.—Analysis—Hooker &
Fay, Inc., 221 Montgomery Street,
San Francisco 4, Calif.
randum
Southern
Pacific
Hazeltine
H.
&
Memorandum
—
Siemens
—
Halske
&
G.—Memo¬
A.
Model, Roland &
Co.,
Broadway, New York 5, N. Y.
120
120 Broadway,
New York 5, N, Y.
Street,
—
Hentz
Co.—Analysis—
72 Wall Street,
Co.,
New York 5, N. Y. Also available
are comments on Illinois Central,
Also available
Microwave As¬
St. Louis San Francisco, Seaboard
sociates, Loew's Theatres, National
Air Line and Great Northern, and
are
memoranda
on
Helmerich
dum—A.
North
Mo.
&
—
G. Edwards
&
Memoran¬
Stevens &
SL Louis 1,. Hornblower
Manhattan
••;
•
on
Steamship Co.
J. P.
&lSons, 409
Eighth Street,
*.••...■
memorandum
a
Payne
Standard Fruit
;
:
.
.
Co.—
Analysis—"
&
Weeks, 1 Chase;
Plaza, New York 5/
N. Y. Also available art comments 1
—
on
Gulf Oil, Socony Mobil, Warner'
&1 &
Swasey, Allied Chemical,; Alu-*
Templeton,. Inc. 650 South Spring ',
minum Stocks, United Air Lines,'
Street, Los Angeles 14, Calif; ; \ f"
International Silver, Winn Dixie.'.
Johns
Manville
August
Hayden,
Stone
Letter"
in;
—
available
American
Giannini
comments
are
on
Olive
Inc.—Review—Thomson
&
Refining
;
and
McKinnon,
United
Analysis
Inc.
&
A.
—
G.
Libbey
Owens
Co.—
Fenner
Smith
&
Pine
Street, New
Also
in
ments
the
on
Hawaiian
York
issue
same
Lynch,
70
5, N. Y.
is
a
Inc.,
are
U.
Sterling
Drug,
Co.,
Pinker-
Detective
;
Biscuit
&
Co.
Central
Row,*
''-•"r
Survey
—
—
Co.,
120 Broadway,
Also available
of United Fruit Co.
survey
S.
Plywood
Corp.
—
Report
—
Harris, Upham & Co., 120 Broad-;
way,
New York 5, N. Y. Also
available
are
reports on Cities
Service, Heli-Coil Co., Transame-;
com¬
Products
New
V,
New York 5, N. Y.
Reader"—Merrill
Pierce,
' V/
Co., 6
4, Conn.
Abraham
Discussion in current issue of "In¬
vestor's
Broadway,
&
Hartford
United
Glass
Ford
2
Aircraft—Memorandum—
Putnam
Co., Inc., 60 Broad St.,
New York 4, N. Y.
Louis1
Street,- St.
York 4, N. Y.
Controls.
Jostens,
Report— R. L. Warren1
—
Textron,
&
Sugar
Sulray
Co., 818
1, Mo.
Co., Inc., 25
Street, New York 4, N. Y.
Broad
Also
Discussion
—
"Investment
Pacific
Agency
Aluminum
—
available
comments
are
National
Belt,
S. Industries and
Grolier
ment and
—
Pu.rcell
New York
A..
...
Coal
;
.
.
Co^-Bulletin
Co.;- 50 Broadway,
4, N. Yr :
•
A
•-
discussions
Inc.,
—
Review—New-
of
Denver
Trico
Baffin
Corp.
Piper,
Jaffray
—
South Seventh
Products
and
Elec-,
tronics.
Gas Co.
•
_
V... TjV r.
.-''iij
.
TO:.President
Of
"-'v'•?'*»"»;
iy
'■
Director
or
?'
- f
Kv4:;;v;:y;.;
Company manufacturing
a
CONSUMER PRODUCTS
-
;
Memorandum
Bulletin
—
Co., 11 Marietta Street,
N. W., Atlanta 1, Ga. Also avail¬
comments
on
1
Foote
*
one
division
(36)
"post
of top U.
exercise
manager
graduate"
work
who has just completed 13;
in
sales
management with
S. Corporations now desires opportunity to
God-given and acquired talents with small, ag¬
gressive company, headquartering in East.
Looking
more
for
greater
substantial
responsibilities
financial rewards.
with
possibilities
Offer broadL
—
Hopwood, 115
Street, Minneapolis
—
years
ex¬
perience all facets consumer selling, proven sales record,
&
Inc.
Young
for
Courts &
are
Stocks,-
and
Rio
&
Minn.
Delta Airlines
Davies, Inc.
Steel
Industry
^
Grande Western Railroad, General
able
Companies,
&
Continental Can
are
Paper
Ce¬
MEMO
Memoran¬
—Pershing & Co., 120 Broadway,
Consolidation
Hartford
Star
chart anal¬
a
Consolidation Coal—Memorandum
5„ N.. Y.
Lone
on
dum—Gude, Winmill & Co., 1 Wall
Street, New York 5, NAY. 1
New York
Inc.,
Acme' and
ysis of Texas Instruments.
2,
Trinity Place, New York 6, N. Y.
Plaza,
Co.,
maid,
74
N, Y
Eastman Dillon,
&
Cincinnati Milling —Discussion
Westchester Fire Insurance Co.
Members New York Security Dealers Association
Analysis —
Co., 300 West
Chicago 6, 111.
—
—
Securities
rica Corp., Belco Petroleum Corp.,
Public Utilities, Pittston, Rubber¬
Troster, Singer & Co.
Analysis
—
Union
Crystal Salt Co.,
Hammond Organ Co., Chain Belt
—
burger & Co., 1401 Walnut Street,
Philadelphia 2, Pa. Also available
Inquiries Invited
Co.
National
—
A. J. ARMSTRONG
Minneapolis Honeywell Regulator
on
Worth.
Erie Resistor Corp.
Memoran¬
—
Sparks & Co., 120
Broadway, New York 5, N. Y.
Continental National Bank of Fort
-
A
memorandum
a
W.
J.
—
Diamond
Consolidated Edison
Trading List:
is
available
Aircraft
dum
ton's
U.
our
McDonnell
&
Inc.,
Link
Recently added to
Emanuel, Deetjen & Co., 120
Broadway, New York 5, N. Y.
ysis—Laird, Bissell & Meeds, 120
Broadway, New York 5, N. Y.
Also
For banks, brokers and financial Institutions
Bulletin—Almon
—
'
—
McKinney, Inc., Mercantile Bank
Building,
Dallas'-1,
Tex.
Also
Becker
Inc.— Report
Auchincloss, Parker & Redpath,
2 Broadway, New York 4, N. Y.
New York.
Bonds
nue
—
Co., 25 Broad St.r
4, N. Y.
Mayfair Industries Inc.—Analysis
Street,
—
Review — A; MA
Interstate / Engineering. Corp A
Kidder & Co.,: Inc.; 1 Wall Street/
B u 11 e tin — Mitchum, Jones
New York 5, N. Y. Also available
Telephone,
lications, Anheuser-Busch, Whitin
Copley & Co., Inc., 620 North
Tejon Street, Colorado 'Springs,
Also
Swank,
Machine Works, Yardney Electric,
Life Insurance Stocks—Bulletin—
Colo.
Co.
Insurance
Analysis — Charles A Taggart &
Co., 1516 Locust Street, Philadel¬
phia 2, Pa;''- wv.v
:v * uU,
Stocks—Com¬
ments
Stocks—Study
Security
Reynolds
Counter
Corp.—Analysis—Butcher &
Sherrerd,
1500
Walnut
Philadelphia 2, Pa.
Research and Hupp.
Allied
are
Life
6,
New York
the
Bush, San Francisco 4, Calif.
Dura
Memorandum
—
Watson &
New York
Allied Stores
—.
market
Nomura
New York
Broadway,
61
T. L.
Co., Montgomery
Josephthal & Co.,
—
Averages,
N. Y.
vs.
Stocks.
.
Investment
—
York
Over-the-Counter Index
Ltd.,
Mitsubishi
Shoji
Kaisha, Ltd. and Mitsui & Co., Ltd.
Market
Electric Utilities
on
Gas
N. Y.
Comparative figures—F. S. Moseley & Co., 50- Congress Street,
'Boston 2, Mass. - 'A ,,;, •
V;:.
Co.,
Japanese
Corp., Raytheon
Reading
&
Co.,
C. Itoh
Survey — Daiwa Securities Co.,
Ltd., 149 Broadway, New York 6,
Also
N. Y.
5,
randum
100 Largest U.
with particular reference to Nissan
and
Re¬
reviews of Amerada
are
comments
Laird, Bissell & Meeds, 120 Broad¬
way, New York 5, N. Y.
>;
30 Broad
—Orvis Brothers & Co
York
New
—
& Co., 80 Pine
view—Sutro Bros.
Natural
Comparison and analysis of ten
leading New York City banks —
*
;
Co.
Gas Trunkline
Alieo Land Development—Memo¬
New
&
20
Howard Johnson.
Lines.
Hutton
and Universal American.
Alberta
Marathon Oil
Giorgio Fruit Corp.—Analysis
F.
Island—Review—Blair &
Paper Corp., White Motor Co. and
Loeb, Rhoades &
at
9, Mass. Also available are reviews
of Celanese Corp., Koppers Co.
of Kerr McGee Oil Industries and
&
Broadway,
New
Also in the same
A International Oil
—
Co., 42 Wall Street, New York 5,
N. Y. Also available is a discussion
discussion of United Air
a
*
*
&
Aeroquip
Di
E.
Cruttenden, Podesta & Miller, La-
*
*
York
Street, New
5, N. Y.
phia
City Banks—Compara¬
on
three
leading
banks—Carl
ten
on
interesting—
Co., Spiegel, Inc., Union Bag Camp
statistics
tive
"Monthly
Carreau
C.—$15.00.
D.
5,
New York
Discus¬
Companies,
Building, Wash¬
Washington
ington
casualty insurance companies
—First Boston Corp., 20 Exchange
Place, New York 5, N. Y.
and
Fire &
Investment
Business
Com¬
37
on
Small
of
Complete proceedings of 1962 Mid
Year Meeting in Ft. Worth, Tex.—
National Association of Small
port—Goodbody & Co., 2 Broad¬
Fire
mu¬
Business Investment Companies—
Re¬
way,
Association
National
Broadway, New York 6, N. Y.
Farm Equipment
of
the investment advantages
nicipal securities—Wm. J. Mericka
&
Co.,
Inc.,
Union
Commerce
Building, Cleveland 14, Ohio.
Comments
—
Bache & Co.. 36 Wall
York
son
Rate—Discussion of de¬
issues which appear
Values
Stock
stocks which appear
Acme
and Ideal Cement.
Discount
640
Spring Street, Los Angeles
14, Calif.
reports on the Brewing Industry,
Chas. Pfizer & Co., Grand Union
4, 111.
29
New York 5, N. Y. Also
in the same issue are
Street,
Street, Chicago
231 South La Salle
—
available
commercial
banks—The Illinois Company, Inc.,
Co.,
&
Staats
R*
William
South
Discussion
in current issue of "Investornews"
—Francis I. duPont & Co., 1 Wall
Microwave Industry
comparative
A
—
leading
29
v
Stocks—Appraisal
Savings & Loan
—
Sales.
Trailer
Hempstead, N. Y.
Franklin Street,
AAA
Corp.,
Safflower
national
&
Edwards
Co., Inter¬
Inc., Peerless Mortgage
Industry—Comments—
Hanly,
100
North
Aluminum
Bank
Thursday, August 9, 1962
.
Electra, Tex. Utility System Reve¬
Ponce, Puerto Rico
PARTIES
INTERESTED
SEND
TO
—
1961—Annual
Petroleum Industry
RECOMMENDATIONS
AND
Analysis
—
Hemphill, Noyes & Co., 8 Hanover
Street, New York 4, N. Y.
INVESTMENT LITERATURE
IT
.
.
(596)
&
heavy work capacity, excellent health.
Resume upon
Box
A2
request.
Commercial
&
Financial
25 Park Place, New
Chronicle,-
York 7, N. Y.
• —
Volume 196
Number 6184
.
.
.
The Commercial and Financial Chronicle
(597)
resulting decline
in the demand
would
wipe out and more than wipe out
the ,benificial. effects of American
for their goods by Europe
A British View of Dollars—
Short-Term and the Long
By Paul Einzig
British
economist
while
criticizes U. S. authorities
repayment of IMF loan,
hailing Britain's
new
swap
arrangements as "fool's paradise
'
economics."
Dr.
Einzig questions logic of U. S. refusal to give direct
guarantee of present exchange value of foreign dollar holdings while
<
on
-
States, by chang¬
ing its attitude towards the Com¬
mon Market problem, ensured that
Establishment of a Special Com¬
an agreement by Britain and other
Western European countries would mittee on Bonds was announced
not
victimize
under - developed Aug.. 6 by American Bankers As¬
sociation President Sam M. Flem¬
countries, this would assist the lat¬
ter much more effectively than any ing.
Bond Issue Terms
equivalents
dolla/balances
of
In New
cre¬
the additional dollar balances with
of the outstanding
guaranteed exchange value re¬
sterling was mains. Unless the trend in the
in bad need of international sup¬ foreign exchange market changes
examples of "fool's paradise eco¬
nomics."
A year ago
extent that would
port, but it could and should have
to such
assumed the form of standby cred¬
able the United States authorities
an
en¬
York
office
to
and
have
would
been
drawn upon
only if and when re¬
quired. There was such credit ar¬
ranged, but in addition a loan was
also granted, and it resulted in a
misleading increase in the gold
the
12 months.
for
reserve
last instalment
has
action
Now
that
of that trans¬
been
liquidated, the
monthly gold figures published by
the British Treasury have at last
become
more
realistic.
U. S. A. in "Fool's Paradise
Economics"
On the
defense
the
other hand, the United
in their turn
a
of the
dollar
chronic pressure.
against
On the com.
trary, by checking temporarily the
have embarked on a new type of outflow of gold they must have
exercise in "fool's paradise eco¬ gone some way towards confirm¬
nomics."
Evidently the official ing1 the United States authorities
authorities
States
in their determination to defer ac¬
View is that it does not matter if
the
dollar's
weaken
defenses
tion
so
that
would
tackle
the
basic
this does not have to be problem. The Washington Admin¬
disclosed in the published gold istration seems to have succeeded
reserve figures.
In pursuing this in deceiving itself into believing
long
as
policy,
a
ments
that it
have been concluded with
various
number of swap arrange¬
European
monetary
foreign
States authorities gain
this
temporary
even
though in the
corresponding
a
sur¬
inevitably weakens the
de¬
fenses of the dollar.
of sterling, D. mark,
Swiss francs, etc. for a limited
period, in return for crediting the
authorities concerned with the
Political
opinion and expert
abroad are virtually
unanimous in endorsing this atti¬
tude. I am almost in a minority
opinion
dollar
equivalent of the amount
obtained, for the same limited
of
period.
This
of
plus in the balance of payments
possession
..
aid,
absence
au¬
Under them the United
thorities.
still afford to continue
can
one
outside the United
States
in
arrangement
enabled
United States authorities to
feeling that the payment of for¬
eign aid at the cost of losing gold
or
increasing external debt is
short-sighted in the extreme. It is
true, it may assist the free world
the
sup¬
port the dollar by selling the for¬
eign currencies obtained. It obvi¬
ated the necessity for the European
monetary authorities to acquire
corresponding amounts of dollars,
in the course of preventing an
appreciation of their respective
exchanges over the support point
fixed under the' Bretton Woods
in the cold
war
in the short-run.
tion also maintains offices in Bos¬
Illinois
Trust
and
gold
were
Kenneth Martin, Merrill
Lynch,
Pierce, Fenner & Smith, Inc.,
New York.
Orvel
„
Sebring, Attorney, Mor¬
gan, Lewis &
Sam M. Fleming
Russell H. Johnson
Bockius, Phila¬
delphia, Pa.
Russell
H. Johnson, Executive
President,
United
States
Trust Company of New York, is
Vice
Chairman of the
Mr.
will
new
Fleming said the Committee
work
with
A. G. Edwards Co.
A.B.A. unit.
other
groups
Names in Houston
to
encourage government
and cor¬ HOUSTON, Texas — A. G. Ed¬
porate issuers to make wider use wards & Sons has announced that
of registered bonds and of coupon
James C. Ford has been appointed
bonds
in
denominations
larger to the position of resident man¬
than $1,000. The Committee will
ager
of
their
Houston, Texas,
give special attention to the is¬ office in the Texas National Bank
suers of state
and municipal se¬ Building. Mr. Ford
assumes his
curities.
"The
of
duties immediately.
registered
bonds
and of larger denomination bonds
can
use
result
in
substantial
Edwards
creation
also
of
savings
a
announced
new
both for the issuers of bonds-and
for
N: Y. Hanseatic
Opens L. A. Br.
in that cause, if we
justified in believing that the
for
such
assistance
This is not
an
offer of these securities for sale. The offer is made only by the Prospectus.
would
Not
a
New Issue
August 9,1962
|
of
within
Questionable Logic By U. S.
range.
78,500 Shares
Financial
Federation, Inc.
Capital Stock
($1 Par Value)
It would be infi¬
nitely
more statesmanlike to hus¬
band the financial ammunition so
Authorities
There is a great deal to be said
in favor of the refusal to guaran¬
that it is available when it
used with
more
can
Price $67.50 per
be
effect.
holdings. It is,
Yet what is happening is that
however, questionable logic to re¬ the Washington Administration is
fuse a straight guarantee "and to
using all its prestige to enforce
proceed to grant it in the form of the application of a policy
which,
concluding swap transactions. Af¬ if adopted, will greatly increase
ter all, if the United States au¬ the need for
American foreign aid
Share
tee foreign dollar
thorities undertake to convert at
in
fixed exchange rate the dollars
acquired by the foreign authori¬
ties in three months time, it does
amount to guaranteeing the ex¬
change value of the balances con¬
cerned, if not their gold value.
natural and inevitable consequence
of Britain's inclusion in the Com¬
mon
Market
on
terms insisted
a
Under
persistent
pressure
the
the
upon
near
future.
The
ernments will be the creation
a "rich man's club" at the
of
expense
.
Copies of the Prospectus
announcement
the
be obtained in any State in which this
only such of the underwriters, including
lawfully offer these securities in such State.
may
is circulatedfrom
undersigned,
as may
logical,
by the Common Market Gov¬
of under-developed countries. The
the
investment
banking division in Houston which
will be headed by
one
of the
investors," said Mr. Fleming, firm's
partners, Jesse R. Phillips,
who is president of the Third Na¬
Jr.
of
Houston.
According
to
tional Bank in Nashville, Tenn.
Presley W. Edwards, managing
The savings, he explained, would
partner of A. G. Edwards & Sons,
be made possible by reductions in
the f
irm^considers Houston as a
space needed for storage of bonds
•
primary and expanding market
and in the volume of paper work
for financing operations, and the
entailed in issuing and redeeming
establishment of the new invest¬
bonds and clipping and collecting
ment banking division is designed
coupons.
Wider
circulation
of
to
offer
on-the-spot service to
LOS ANGELES, Calif.—New York registered bonds also would facil¬
corporations in need of financial
Hanseatic Corporation, underwrit¬ itate the use of electronic equip¬
service.
ment for record keeping and proc¬
ers and distributors of investment
The
present office of A, G.
securities, has announced the essing, he noted.
Edwards & Sons has operated in
opening of their new offices at
Appointment of the Committee Houston since
1948; the firm,
215 West Seventh Street. Thomas was recommended by the A.B.A.'s
which
is
celebrating its
75th
J. Euper and Ralph E. Phelan, Jr. National Trust Division of which
anniversary this year, operates 25
are associated with the new office.
Thomas H. Beacom, Senior Vice
offices from New York to Arizona.
Both were formerly in the trading President,
The
First
National
department of Pacific Coast Se¬ Bank of Chicago, is President.
Anthony Basile Opens
curities Company.
Members of the Committee are:
The investment firm, with head¬
Russell H. Johnson, Executive WEST
ENGLEWOOD',
N.
J.—
quarters in New York City, also
Vice President, United States Anthony Basile has opened offices
maintains offices in Boston, Chi¬
Trust Company of New York, at 77 Ayers Court to conduct a
cago, Philadelphia and San Fran¬
Chairman.
securities business.
cisco.
ton, Chicago, Los Angeles, Phila¬
delphia and San Francisco, and
an extensive private wire system
throughout the country.
reserve
need
National
Company,
There would be everything to be
said in favor of sacrificing the
come to an end in, say, three, four,
stability.
Had these five or six years, before the United
authorities been prepared to hoard States gold reserve is likely to
unlimited amounts of dollars, the decline below danger level. There
swap
arrangement would have is no shadow of justification for
been pointless. But most of them such an optimistic belief.
envisaged a limit beyond which
Premature Use of the
any newly acquired dollars would
Ammunition
be converted into gold. This could,
of course, have been avoided by
In the circumstances the attitude
guaranteeing the present gold of the Washington Administration
value of their dollar holdings. The is similar to that of the soldier
uses
United States authorities are not who
up
his
ammunition
prepared to give such guarantees. before the enemy has advanced
System
President,
Corn Exchange
Bank, Philadelphia, Pa.
"Felix Davis, Assistant Vice
President,
Federal
Reserve
New York.
specially de¬
signed floors at 60 Broad Street.
For the past 25 years the firm's
headquarters were located at 120
Broadway.
rencies sold in
reserve
Vice
Trust
Advisers:
two
to
and dollar
Smith,
Girard
Chicago, 111.
Joseph C. Kennedy, Vice Presi¬
dent, Bankers Trust Company,
Quarters
Hanseatic's new stock trading
repurchase the European cur¬
room will be a small amphitheater
support of the dol¬
with traders located on an ele¬
lar, the swap transactions will
vated platform above the clerks
have to be renewed again and
and teletype operators. Customers
again as an alternative to their
visiting the offices will have a
liquidation through the sale of
clear view of the quotation boards
gold or through their consolida¬
and trading operations of the stock
tion in the form of some longand bond departments. The office
term capital transaction abroad.
layout is entirely different from
The net result of the swap trans¬
Hanseatic's old quarters, and was
actions is that they obviate an
planned to incorporate many in¬
immediate visible loss of gold, but
novations to increase efficiency,
it increases the external shortincluding a direct-inward dialing
term liability of the United States.
telephone system.
Taking a long view, such trans¬
New York Hanseatic Corpora¬
actions do not in the least help in
its which would not have affected
the amount of the gold
Morton
Continental
fro m
the
International ated by the swap transactions are New York Hanseatic Corporation,
Monetary Fund a year ago is a being used up— if indeed they underwriters and distributors of
gratifying event because it brings have not already been used up— investment securities, have an¬
to
an
end an arrangement that while the liability represented by nounced the removal of their New
one
Columbus, Ind.
pany,
Charles M. Bliss, Executive Vice
President, The Bank of New
York.
Bank
tained
constituted
Union Bank and Trust Com¬
Ray F; Myers, Vice President,
N. Y. Hanseatic
ington is deceiving itself in belief in its ability to continue foreign aid.
the additional
Special Group
If the United
Bank of New York.
gold, while increasing external short-term liability. Maintains Wash¬
European currency
financial assistance.
Hugh Si Hauck, Vice President,
The Boatmen's National Bank,
St. Louis, Mo.
D. W. Jurgemeyer, Vice Presi¬
dent and Trust
Officer, Irwin
Appoints
conceivable economic assistance.
doing so via swap transactions, which will have to be repeatedly re¬
newed. Insists main result is avoidance of immediate visible loss of
LONDON, England — The repay¬
ment by Britain of the loan ob¬
ABA
9
Kidder, Peabody & Co.
McDonnell & Co.
Incorporated
The Commercial and Financial Chronicle
10
bank formed to, serve
Angeles and the Santa
pendent
•
NEWS ABOUT
West
Los
Monica Bay area,
ness
million is
Reserve
.Consolidations
Branches
New
•
New Officers, etc.
•
Revised Capitalizations
•
National
Stockholders of the First
special
meeting held Aug. 7 voted to ap¬
City Bank, New York, at a
proposed
the bank's
merger
Na¬
County
Richmond
the
senior .officers
Morgan Guaranty Trust Co. of
of
posts were an¬
a
X,.*
instal-
Q/Wn
c?
Savnn
**
,mnnpv
NpwVork ;money ■; TflKinu
raising
4L
•<%-
'a
^showed, that it went
•
„TiiV
„
end.ng_;a
■ the
firtft
long-term
Committee,
.reported that just
T-vr„_-i
,
SlTh^gi^n'SSto^ap?
elected President.
Mr.
as
Board
the
the
election
the
nounced
is
bank's
Officer, also
Executive
Chief
the
to
an¬
new
position of Executive Vice Presi¬
John M.
u8?1* a??=n
bank
Victor
are
5?a
An-
E.
.,°i
000,
w
a
h
4
^
Q
Millikin
'f
widely distribuj
,•:/ *11*-,
P
.
t f><i
i d
operation against maturities of
$7^500,000,000
so f that
appro^cimately
*
.
.
Kansas,
as
XJ*
Teller Assistant Cash-;
;r,
V
,
K.D.ForSch
F
n
of
'
j
-
Less Monetary Ease
'•
'
-
•
•
.
and
York.
From
1957
1959
to
he
had'
been President of.
Guaranty Trust
Co. He joined Guaranty Trust Co.
obligations will
W/yincVif- JAlflQ
Vy 11^11 v u
•
y 11
?
^
Model, KOland lyO.
in 1931.
,
;
Mr.
Meyer, in 1933, joined J. P.
Jforgan & Co., becoming a Vice'
.
President 'in 1940 when that firnr
i icorporated.
He was-elected
Senior Vice President in 1955.
Mr.
Vice
He
Hinton, in 1940,
President and
became
dent
a
a:
named
was
Trust officer.
Senior
Vice
Presi¬
in 1955.
Mr. Sherman joined Guaranty
Trust Co. in 1930 and was assigned
He
ment.
"Vice
banking depart¬
named
was
the
new
proposed di¬
national bank
in
1942.
In
*
*
*
•.
4he
move
will
Vice
President
President
elected
in
in
Assist¬
an
1948
1951.
and
He
a
Morgan Guaranty in 1959.
*
*
wholly-owned
subsidiary
Bank of Montreal
L
was
Senior Vice President of
a
the investment
Stevens and * Cla^k for
He fs a member i Of the
New;>< York
Society
of Security
Analysts.
Scudder,
22
•' ;
years.
be
ih
of
.
♦
«*
'
TWOX
the
deciding;
the yield
;
appointed
36
Wall
members
Bleiberg has been
Manager
of the Re-
of the
of Bached Co.,
New
City,
York
New York IStock
(California).
of
Textor, President.
[■r ■
*
*
Andrew
Mills
dent
and
Dry
Dock
Jr.,
Board
to
was
6
Presi¬
of
Bank,
the
New
at the age of
His
grandfather,
founder of the Bank in 1848, was
President until 1891; his father
him
and
held the
Southee,
post
the Branch
Sales
Division for
Sales Administration.
til sit least
in the
noncial;
s
11
cleared up.
u a
of the
will
Bache & Co. since 1955.
its
former
operations, but will
office of the
tion'.
The
also
new
Los Angelfes
banking
become
organize-"
office will
at the turn of the year.
*
Wilshire
*
From 1950 to
was
Commerce.
Ano1
National
Angeles, California,
Bank
a
of
new
Los
inde-
•
-r
-
•
;
.
V
^
[jIO Ul (i3XlIl££
'
■.*r,:rvv';.'-
&
;x;
•
j;
Long
-;7
Treasury
sure,
able
indications
trend
/■
Bonds'
•
are
this
-
up¬
To
be
siz¬
funds
there appears to be
supply of long-term
York
i
He is
a
a
Analysts and
,u^
A,
of
the New
Security
4
York
nancial Writers Association.-,
Fi-
*
-
-
;
C*
Economics Course.»
MINNEAPOLIS, Minn. — Paul S.V
Amidon & Associates, Inc. has an¬
nounced
on
series
of
tape records
high schools
"Understanding' Economics."
a
for senior
The cost of the total series of 15
tapes .covering ; the
the
American
of
operation
how
to
economy,
evaluate its performance, its com-;
pari son
with other systems, and
in the hands of the
mate investor and they Ymve
.
.
been gomg mamly into corporates
m
some
cases,
into
tax-
-
wah
ted
Couih
Blyth
Rnrino
& Co
Rtrppt
®°erly Company,
with Pacific
Hp
lnc
ura,
629
fnr-
Coast Secu-
r^ies
bonds.
*
Recently, however, theGovern-
wj^d
buyer
a
bond
withga
good coupon rate 4Y4% (the highmember ef the eat rate the Government can use
Society
.
ulti¬ its pUfposes and" possibilities, is
7
J
been $128.50. "" - '
making purchases of bonds which
With Biyth & Co.
have yields that meet their requirements. Before the recent of(Special to The Financial Chronicle)
fwing qf the Treasury 414s of L0S ANGELES, Calif.—Charles
1992, this long-term money had yy JLetosadder has become affili-
around
-
1955, Mr. Bleiberg
V
X'-;.' vSSw'lrSi
designed
continue.
will
8'^cuiiap:ig.
fi-
arid
the staff x>f the Journal of
on
New
*
i.. J.Y~;r::TT;
'
have' been
been^Assistant e» bonds the non the yield
because Federal
was better in
ment since 1958 and has been with
continue
__
Ri^ornTlflll "Sf"PTn
^AAAilClll^ kJ bOlll /.
points of
economic
t ion
Manager ,of the Research Depart-
existing San Francisco of¬
fice, which was established in 1804,
open
some
concern
JUld,
Mr, Bleiberg has
bank.
The
a
succeeded
R.
new
head
'
the third Andrew Mills
be President.
Frank
Vice President at San Fran¬
President of the
Chairman
(San
becomes
I960,
cisco, has been named Senior Vice
*
'
He
C.
•
former
Savings
York, died Aug.
86.
George
.
mj?
of ^
hot going to slow down much un¬
ward
;
now
by
SrttSXS
future
been
since
_';.
_
tngton Building
'
issues
The, yields -of -long-term bonds
on the rise pf late and
J.
Street,
liouid
most
have been
Trust Company of New York has
*
the
In the Offing
President of the Bank of Montreal
Director of The Marine Midland
announced
for
'
Exchange,, succeeding Morite J.
Gordon who has been named Assistant to the Partner-in-Charge
a
tp a sharp and continuing de-
!
J
■
(San Francisco)
(California).
Francisco)
^ixed income
^ obligations.
^
not only the pommon stodk mar- hall has joined the'Seattle office
^ but plso the bond market has pf Hlyth & Co.V Inc.r, in the Wash-1
led
•
m
T
i/r110}v be known as the Bank search Department
Montreal
dent of the Bank of Montreal
as
an
so, inat
,
^•Pe3ttn.^tamty that, feJclouds to personal affairs. Burle D.Bram-
Lf
Lawrence
Mr. Allan, who has been Presi-
The election of John A. Ewald
-
from ease to less ease. It is evi-"
derittbat the powers thsft %>e are
gri'ing to>keep the short-term rates
cm.the:high side, but because of
the very sizable demand for near-
More
-;
'
here,
>
.
^ields
their
Government obligations. There is
Rqphp Jvr
bank's
said- the
available,
credit
credit'rating arid Other bonds
est
up, The Size
how far up
to
as
president of
Mr. Wright had been with
counseling firm of
pion,
;NailieS
Allan
'
-
.
.
budget- deficit
thinking
force
1951
Mr..
Mr. Patterson became
vice
marketing and special
Smith, Jr., William
Thomas, Jr., Edward E. Tillmon,
H. M. Washington, Sr., Aloysius
M. Wickliff. '/XT-;
Guaranty in 1959.
ant Vice
successively
was
F.
■
the:
Wriehtf
wright
While at Champion, Mr
Chamnion Mr.
While
%$£&&& I vJits,
;;
^
Director
named
I^nfMax KamTjohn
ward D
;
been
Institutional- Stock Depaitmerit. '^
Carroll; Jr.,
Julius Carter, Edgar O. Edwards,
Jesse E. Gloster, D. L. Hill, Ed
Expansion of the Bank of Mon¬
Le was elected a Vice President treal's
operations in California,
and placed in general charge of and the forthcoming establishment
of a Los Angeles branch, were antne bank's internal- organization
and operations. He, was elected a nounced in San Francisco, Aug. 2
Senior Vice President of Morgan by Malcolm Allan.
v,"
President
has
follows: Carl M.
are as
Second
a
of
names
has toined-
Iric
Pancrs
wnv
"*
"
The
Clifford
to the commercial
s,:
Aloysius M. Wickliff, Frank A.C
Rollins, Carl M. Carroll, Jr., Mrs.
Charles White, William Thomas,;
Jr., George Kemp, Herman Washington, and U. L. Boze.; ;/j;:*
rectors of the
♦
'■
SEATTLE, Wash. —Bramhall &
Stein, .1411 Fourth Avenue Build.irivpcfmp^t- hntrkiru?■ firm Pfing, specialists in municipal bonds
Mddf>i
Roland: &■
"flo JRrdadw;
for the past; 31 years, have an-.
lvroTxr Vnrk Gitv ^ iiidii-Fetov
nounried the .liquidation of; the
of domest-ip research ? it
been1
firm.
;
\
announced by Leo Model
senior- term'Obligations, it has been a job x Waldemar L. Stein, a partner in]
partner> Mr. Wright -sue'ee'eds 0n thieir ^att ,to P^eyent near- the firm, .plans to retire from busiMonice deF.'Lockwood-3fd who" tem.^tOS.-from'doclinrng^;1 - negS and devote himself entirely
new
o n
■
^i^yeyprtfent bonds Mth the high- ;
T
(
,
■
-
trend in the yield of longGovernments means higher
rham-ninn
of J. P. Morgan & Co., Inc.
; The
organizers of the
Guaranty Trust Co. of New; bank
are:
E d w a r.d D. I r
merger
best
the
the opinion of. «^
nanital market
M 1 .ve
wiaen
*
t\/tv
—i
.
'
> :
-
';
-
,
.
the upward adjustment in yield,
yield' ^read between
''
"i " ' " i
" ~ ~ will Rave to go on the Paribus.
Trust Co. in April 1961 as Chair-t-ive Vice-President.
of the Executive Committee.: a
President of the new bank will -*■"'>
change in the monetary policy
Mr. Sharp had been President, be Edward D. Irons. Chairman ot
jj. irons
Gnairman of
^ . v w . hf j
formeriv Vice- pew beinS made With -'the first
of
Morgan Guaranty -since
its: the Board-is to be William Thomas,
-pRase etriderftly. being that of one:
formation in April
1999 by the Jr'
on
matur-
.-In time, the
r
,
- -
man
rate
a
other high grade nonFederal bonds will Rave to make <
[/term.yields are made available to
'r'cnem.-
<
-
cafe that sizable investment funds
!5e'
be short ^ term before
Vof
c^ficer^ Joined Morgan Guaranty' ier, Cashier, and,.:
.presently, Execu-
The
The
namely
long-term
Government
bonds; Should be readily Obtainable
at better yields, it will not be long
to- indi-
appear
Trust Company; The 1962- manvseems -to and
? It .monev be
^^'0
XT,
T)
venture
~
If
'
minded .untij more attractive long
•
'
commercial : banking
with \ the >
; Mr. Gates, who as President will' Douglass State Bank Kansas Ciyv,;
5ank,
be the bank's chief administrative:
ultimate
other
and
Other Dond Yields May Also Rise
^1,-250,-000,^00 in new cash
The results of the
August
;
:
obtained.
"■!
.
Treasurer.
t
p~n
Ralph F. Leach as Senior Vice Executive management of the ^
and
Treasurer, super-*
Edward TUlmon - Bankers
Edward lillmon
vising the bank's portfolio and its
securities trading
activities. He
was formerly Vice President and
fourteen years of experience in
President
v
coupon
Government -issues with
raised about $8,'800,000,000 in this
.
of
investors.;
1.-7-
,
allotted-at 22% for subscriptions
Was
.
-
'
-
.
readily funds from-
very
savers
inve.stors.
jg uot limited by law.
i
^f
,p-
^
small
iiY of less than 5 years (a note)
..
Mnfikin°raT?-
.
obtaining
m excess of $50,4s of 19^ • were
the
fM ^
Sherman,
Jr.,
in; The Comptroller of the Currency
charge -of ' internal
organization Aug. 3 gave preliminary approval ;
General
and- operations;
\,/'X ; •X;XXXX- to-an application to organize a^
chairman^ "ariEllmore C. Patterson, in charge nCw
national bank at Houston, nniinppd' Mr *
of commercial banking business in
Texas, to be known as "Riverside ™r „p'V
Jthe United States and Canada.
ty National Bank of Houston". The, - h . n f rn _ pt >
All four were formerly Senior
capital, pf, the new bank is $500,000. - L
Vice Presidents, V / ■ "3x The stock is to be
Also announced was the- election ?
ted.
.'.if'jii (•,
-i.i.
was used vety- successfully -not •
to° lonS ago when the magic 5s :■
and the 4%s .were employed^ in -
.*<> put to work with the
^te;Jein^;all°tifed-«t T2y2%
while
^
Rising whiS i
of new money
% \a
.
M.
Harcld
with ^ um m-.
:for spbsmbefs
the
•
'
:
^ved^on1-
sf»S thaTameXsiaZ" ^
rT1
including its overseas offices;
liard, John Michael Millet, Egbert .jf the United
Longstreet Hinton, in charge of S. Reasoner, J. W. Rood, and Al- ^ 0 s p ^^a j
trusts and investments divi- : fred Schmacker.
V '' ; "T':•
' "Fund s1 83rd
v
^
^
#
1
( • annual cam-.
sion; ''
V":
.'T.X'-T;X.TXX. XT'
.
.
1?\£aCk^?l ^a?
Trus-
'
coupon rate limit>of 4%% for
Government bonds.
X
XX \:t
As an offset to long-term bond >
^rv t^iSu
lopated on U.?
Highway 41, south of .Bradenton.;:'M°«nt: Sinai Hospital,, ^as ^een^^^
Proposed directors of the -"pw„ "
:. i
ftfZ "' mmmmmmmmm *1 —%
national
jhe
This
yield would be; increased.
might be:idorresik'the event thfere
j!wSenJ ofrr$90'"'
S,WoSr^l
be
Meyer, Jr., in charge of * derson,
Sr., * John' V.
DuBois,.
international business, Thomas R: Graves, Dozier B. Hil- '
bank's
the
will
it
By making offerings of Governbonds" at loweT prices
,
^ken by: ;is Seed to Sell issues to the ulti-
Lo^b
Bank,"
the title of "Trail National
and
-
A
,
operated under
which will have
money
fJ
5 mate investor and the Congress is
*°k y?eld ^.1®%.-In addition to not inclined to change the present
.
following:
dent of the
The bank will be
Chair¬
Alexander, who
of
man
..............
profits.
new
rnent
bit over ijksTo,4-
a
^
Campaign Div.-,;./.
was
Government
Montrerr-hri.^ivi^;»*4^4STreasury
-
.
Executive
the
/bond in quite a spelUwrndVy the
V OrSCfl -XlSaQo:
the
pretty
over
much according to Hoyle, except" to be obtained by the Treasury in
for. the .lack of subscriptions to
order to finance the deficit.
!'•
Alex¬
ander, Chairman of the Board.X
proval to organize a new national ;
-■
*:,y
i
Dale E. Sharp, formerly Presi-- .bank
between
Braderiton
and
V. XX-XXXXXX;;:
'
v;X
dent, was elected a Vice Chairman Sarasota, Florida. The new bank- "P^T»Qpl^ rITp-Q/^Q
XXX
of the Board, joining Thomas S.
ing association will have a pro.
s.
Lamont in that capacity. Thomas
posed initial capital structure con- ^
•':»l: ^ r.fv' T
S. Gates, formerly
Chairman of
nounced Aug. 2 by Henry C.
:and : rofivn/lincr
refunding
2. c0™bined ^®?ture be used to raise at-least a part of
died
1945,
to
vpnrc
maturity, the" Government may
houa
flio
have started the mHum that ..rill
pattern
will
new
(nhH "
.
t
2
Auff
nnnmmcprt
:The results of the August
.
..
.
Currency ,Manner'Tn*
Comptroller of the
fiq
mns
became
t
^
Rink^
J?'
_
CHIPPENDALE, JR.
Haskell, formerly Deputy
Bank, seven years ago,
career
dating back
*
*
11
1
V.
BY JOHN T.
•
.
*
ngeririy^from^T935
Chi¬
department.
loan
Tomoe
*
'
'
fircVnf +h~P
•
William
made
Illinois,
cago,
seven
New York to new
■
•
Merchandise National Bank,
ment
Elections of
~
-
\
Tefft Vice President of the
Island.
tional Bank, Staten
Over,
the Federal
and
when the third Andrew
took
Mills
,1 i-." ''
on
capitalized for $1.5';
System
A. J. L.
until 1929,
Reporter
member of the Federal
a
,*
■
Our
opened for busi¬
Deposit Insurance Corp.
>(i »•'
with
Thursday, August 9, 1962
.
Aug-1.
on
The bank is
-v
prove
.
.
(598)
'uf<|er present laws)
money
ket. With this offering of a
(^ecmi to the financial chronicle)
;
SAN FRANCISCO, Calif.—Robert
L. Mayer has been added to the
Miller, Kuss Building
He was
formerly with Brush, Slocumb &
1992 Co., Inc.
yield 4.19% which is a favorable
in the current
With Cruttenden, Podesta
mar-
Volume
196
Number 6184
.
The Commercial and Financial Chronicle
.
.
Drab
stock
and
largely
markets
life this week
drums settled
a
way of
the summer dol¬
as
the market and
over
:
purposeless
1
Like
little in the way of specific news
showed up to spark anything de¬
cisive;-^ •
:
*.w;
.vr
•
1',"
Case for Textron
j
Textron
,
meat
packers, Needmoving to
livestock areas to cut transporta¬
tion
expenses,
gearing internal
operations to high-speed standards
that obviate the potential losses
-
This Week
in
a
price fluctuations and con¬
centrating on quality that give it
LIFE INSURANCE COMPANY OF VIRGINIA
diate
tax
cut
imme¬
an
kept sentiment
new attention to
restrained; the
controls over experimental drugs
depressed that section; and, over¬
all, the list generally was reac¬
tionary in light trading.
•
■
"
The
:
certainties
averages
600
area,
they
were
Industrials had heavy
overhead
as
the
as
concerned
were
si;mple:
far
as
resistance
rails
have
around
were
«■; tue
neglected
as
been
for
many
months and utilities showed
occa¬
-
This company ranks within the top 12 stock life insurance com¬
Its sales
transition from
a
prime textile have nearly tripled in only a bit
panies in the United States as measured by total assets and insur¬
ance in force.
It is one of the oldest life insurance companies in
operation to a broadly diversified more than half a dozen years and
one
where defense products* dre in the last fiscaFyear profit after <, the South, being organized in 1871 in the state of
Virginia.
now
the largest segment
The company is licensed to operate in 26 states
of its- taxes jiimped nearly three-fold on 1.
covering the
Middle Atlantic coast, South,
business, accounting for a fourth a sales improvement; of only a bit .
Midwest, California 'and the Dlstrict of Columbia.
of sales while textile products dre. over 18%. Since the company had »
Approximately one-quarter of premium vol¬
now
down
to
only around an had several non-recurring prob- r ume is derived from its home state, with the two neighboring
Carolina states being next in
eighth of its product line;1,,"." ' V lems .the year before, including ^
importance.
Georgia, Michigan
and Ohio are also major volume
producers.
With a yield
Recent efforts have
running -"to ; the unfavorable price conditions and <
stressed expansion outside of the South with California
middle
of the 4%
receiving
bracket,. and large construction- expenses, the
the greatest attention.
'
'
mundane market life even when showing
could be construed as Life Insurance Company of Virginia writes
the bull swing was,in force, Tex¬ being a significant turn for the ~
virtually all types
of individual and group life insurance and individual and
tron is a definitely neglected item better that promises full expresgroup
accident and health coverages.Group annuities and' individual
with
a
1961-62'
range
of
only sion in ; the future of its profit *
and family hospital and surgical
expense insurance are also under¬
around half a score of points and potentiality.
..
written.
Business is written on a
non-participating basis only,
little in the way of past excesses
[The views expressed in this article
with all operating profits
thereby accruing to the stockholders.
to correct.
do not necessarily at any time coin¬
; Of the $2.9 billion of life insurance in force at the end of
In less than a decade the com¬ cide with those o f the - "Chronicle."
1961, 47% was represented by ordinary life policies, 31% in indus¬
pany has busily acquired some 30
They are presented as those of the
trial lines and 22% in group life insurance.
Growth in recent
author only.]
companies to- radically alter its old
years has been primarily in the group and ordinary fields.
Indus¬
standing as a integrated textile
trial policies, which were once the predominant line* written
by
company.
Today its. products
the company, have declined in relative significance in recent
years
range from parts, for rocket en¬
but the total dollar amount .in force has- still risen
.
nearly 50%
gines,. to
automotive
products,
over the past decade.
These weekly premium policies are lower
machine tools^ outboard boat; mo¬
quality business than regular ordinary coverages, but remain
tors and agricultural chemicals. •
highly profitable to the company, accounting for 35% of the net
The broadened' sales base-en¬
gain from operations in 1961.
abled the company, to post record Charles B. Harding will serve as.
The growth in premiums written
by the company, while
because
mostly
its
of
high
a
profit" margin.
.
.
Vanishing hopes for
Insurance Stocks
—
from
in favor
one
was
few'areas
other
ham has been active in
WALLACE STREETE
became
11
its horizon significantly by taking
over
another
packing company..
The Market... And You
BY
(599)
,
-
'
.
*
.
-
.
.
i
sional selective strength but little
in- the way of group
leadership
that
could
make
bellwethers...
them
market
v
/
or
Bad—Ignored
,
.
Earnings—Good
•
Some encouraging dividend ac¬
tions fell mostly on deaf ears and,
conversely,
some
earnings
poor
that apparently were well antici¬
pated aid little to disturb the'spe¬
cific
It
issues
involved. ;•<
boiled
all
dbwn
5
to
mostly
a
days
were
dramatic
some
over,
news
development
that would shake the
out of its
■v
The
general list
lethargy.
debates
spirited.
to await
or
„
sales in the' first half of this year,
and! in the second quarter to- dou¬
bled earnings so that its dividend
r'were
and
many
They revolved;' mostly
^arpundi>yhb.ther or not the lows
.
have been
whether
and
erages,
stock
for the
seen
year.
*
av¬
business
is
will
probably
be
for the full
more
or
"'
'.
.
The
company's financial posi¬
in good shape" and longwas
cut back sharply
this year, including repayment of
a
$22
million loan which had
is
tion
term
s}
debt
been
incurred
in connection with
its
acquisition of
Spender
Kellogg
the
assets7 of
a,;
year •
ago,
heading for a recession or merely
Originally
thej loan * had ' been
holding steady until the normal scheduled for
repayment" in three
upturn of the fall can make itself years but was
accomplished in
apparent.
"
less than a year.
For this- year,
For
the
technicians, the longer
thek market
could
hold
in
do-
a
nothing
sales
are
half
billion1
projected at crossing the
line.Pricewise;
the
status, • - or even <■' retreat
are available at
considered an en¬ "less than the peak prices they
sign since the .'rally reached in 1956 and 1959- so that,
from the 'June lows was spirited with
the-improved earnings - prosand'; to some spectators; excessive. pect, they are at the "very least far
At least, there was no significant from
being overvalued at recenft
change in. the business" scene; or levels.;
'•'. ■■;•
shares of Textron
v was \
slightly,
couraging
a
.
f;":"i..
the
profit reports, to call, for such
swift reappraisal.-,
v
,
.
Harding Heads
-waiting game to see what the fall commitment,
prospects were once the dull sum¬ earned twice
mer"
,
.
-
Anti-Trust Victim
Prospects
General
Chairman ; of the 1962-^63
•
were
•
v
-
.
.
,
,
Stock Exchange, Mr. Harding is a
•
in
the
steel
reports
where
divi¬
dend) payout was maintained- even,
under
ing
last year's
high and offer¬
director of the Cerro Corp., Mid-.'
land-Ross
Co;
He
.
Corp;
is
the
and Scott Paper .
President of the-
New York Botanical
tee
and
Treasurer
Garden, trus-F
The
of
Frick;
43/i% yield at recent levels.
a
Collection, trustee of the American
though not earned, which was not The company, along, with a host
Academy in Rome and the Eisen¬
overly exhilerating to the market of others, will benefit'. by thehower Exchange Fellowships, Inc.,
action of the specific * issues- in¬
higher
depreciation
allowances, and a member of the* Industriesvolved.
Much of the steel hopes but so far
marketwise has done Advisory Committee of the Ad-'
centered on a good pickup in or¬
little to> reflect this. In fact, the
veifising -Council. ."
ders
the
in
third
...
quarter
early introduction of the
models
started
activities.
The
to
the
as
new
stimulate
auto shares
auto
their
them¬
shares
havebeen
clined to
far
in^
more
toy with their 1962, low
than to show any determination to
do better.
'
]•.'
J. M. Dain Co.
.
selves
pretty much shrugged off
,
Two faptqrs t help explain the
high-level' sales they have unpopularity of the Johns-Man¬
reporting and it wasn't clear ville shares—and anti-trust suit
what it would take in the way of
and a drop in earnings last year.
news
to. set off widespread de¬ The anti-trust action will
prob¬
the'
been
mand
the shares
for
panies that
record
are
of the
operating at
levels.
'
.
com¬
near"
"
In any event, the
entire market
both by the pro¬
fessionals and the laymen with a
is being viewed
new
air
of
caution
that
take
years*
indicationswas
able
are
to-
unwind
to
that
make
and
the- company
a
turn in its
profit picture since first half sales
were comfortably better this
year
Caution
Air of
ably
insures
without the benefits-of the
depreciation schedules
higher
even
com¬
off-beat
jour¬
ing into the picture.
There
were
some
for
.
some time
ahead against the
neys
by various stock analysts,
highly optimistic excesses of the still
apparently looking for issues
past.
Specific
recommendations of value that wouldn't be affected
from the various research depart¬
ments still
with
heavily weighed
conservative, high-yield eq¬
were
uities that have solid' value behind
them and
to
show
column
prospects of being able
well in the earnings
unduly by the gyrations of vari¬
ous-
able
market
to
barometers
that
are
the' listings of the
senior market regardless of their
sway
in
the
immediate
future
fate
of
the economy
One that
Needham
was
in
some
-
favor
was
Packing,; a
compare
high level operations as¬
tively minor but definitely grow¬
sured, some of the aerospace items ing operator in the meat packing
business which recently expanded
were back in demand on this basis.
With
Board
of
of
Governors
the
New
made]
public the approval of four from
the J. M. Dain Co.,-Inc., 110 South
Sixth Street,, as allied members of,
York
the
Stock
has
Exchange
New; York Stock Exchange.
New, allied members are: Earl
Sandfqrd, . Minneapolis,
Richard
Poitras, Great Falls, Daniel Ewen, •
Duluth,
and
Edward
Sioux Falls.
Co.,
Inc.
Danielson,
.
-
Seven other
men
were
also
approved by
be stockholders of J. M. Dain
Included
two from St.
among,
the
and
Ed
Co.,
seven
Paul, Nick Schaps
Braman; four from Min¬
neapolis, Lee Kopp, Tom Rutter,
Fred Friswold and
Jerry Etshokin;
and Royal Johnson from
Montana;
...
-
,
,
.
years.
....
as
..
..v
The
traded
'
-
....
:r
the Richmond Stock Exchange as well as in the regular
Gver-the--Counter Market.
The present market, price is $110 per
share,. well below
all-time
the
high
$-148
of
share
per
posted
earlier in. the year.
At the present price, the stock is selling at
15.2 times estimated earnings for the current year and yields 1.1%
on the annual dividend of $1.20 per share.
A 4% stock dividend
has been paid in each of the past five years, bringing the total
number of shares
outstanding to 1,462,323.
SELECTED
Assets
Capital
"
Life Insurance in Force——
Funds
Income
$426.8
.
STATISTICS—(in millions)
Premium
Admitted
Year
$60.8
Ordinary
Group
Industrial
$286.1
$777.7
$40.5
$1,139.0
452.9
61.9
43.8
1,183.8
292.4
809.3
488.6
64.7
50.5
1,262.1
298.1
839.6
516.2
67.4
54.9
561.0
872.3
552.3
71.6
1,310.7
1,374.7
659.1
912.6
;
•
.
F,
(
<
^
57.1
-
Per Share Data
(Adjusted for, Stock Dividends)
(<
Reported
Adjusted
Earnings
Value
(
Book
Earnings
r.
Year
1957
$2.85
3.55
4.07
!_
3.56
4.43
4.61
6.17
4.84
6.46
V
.
f
.
Dividends
$32.44
$3.65
1958—_________
$
3S-.12
Price Range
.99
$57—45
1.01
59
—
44
1.06-
50
—
47
40.61
1.10
57
—
47
40.64
-
1.14
142
—
56
36.30
-
National and Grinolays
Bank Limited
10 N. Y. CITY
2nd
Head Office
„.
26 BISHOPSGATE. LONDON. E.C.2
Quarter Comparison
& Analysis
Telegraphic Address
MIN-ERVA
LONDON
Telex Nos. 22368-9
Bulletin
on
Request
Bankers
Laird. Bissell & Meeds
Members New- York
ADEN
•
to
KENYA
Stock Exchange
the Government in
•
UGANDA
•
ZANZIBAR
Stock Exchange
American'
Members
120 BROADWAY,
Telephone:
Bell
Billings,
•
stock of life Insurance Company of Virginia is
common
on
BANK STOCKS
•
of the J. M. Dain
the New York Stock Exchange to
are
A Newcomer
;
MINNEAPOLIS, Minn.—The
•
.
despite the
generally.
Allied Members ;
Inc.
individual merit.
up
1965087
great as in other major Southern life
campaign of tfre'NeW York Arthri- i. insurance
organizations in recent years. This is primarily due' to
tis and' Rheumatism * Foundation, •
the emphasis on the quality and persistency of business.
These
it
was
a nefforts have been highly successful as indicated by the stability
0001106(1 b y
of the lapse ratio-, the very low ratio- of expenses to
premium
Edward. Allen
volume and the favorable mortality record-.
Each of these factors
Pierce, Mer- 7 have been
highly significant iri- the steady increase* in earnings
r.i i 1:
Lyncn,
experienced by the company over the past decade.
-Pierce,Fenner ]
X ' The company operates primarily on a branch office system,
& Smith In
although a small amount ^Of• brokerage business is: accepted. Over
corporated.
100 combination agencies and' 34
ordinary life offices- are operated
; Mr. Harding
by company managers for the* direct sale of life: insurance.
is
the
senior:
The' company's investment policy is conservative.
Mortgages
partner of
Smith, Barney ]' represent 37.9% of total assets, somewhat lower than most life
insurance companies of comparable size, while bond holdings are
& Co., invest-i
relatively higher. The pre-tax return on invested assets of 4.15%
ment bankers.
in 196! was1 slightly above* the industry average;
As
Policies are
campaign] written on the*
net level premium basis with an interest- assump¬
Chairman of'
tion of 2%%.
Only approximately 1'6 % of the life reserves are
the FoundaCharlesrB. "Harding
y on a
3%% basis, one of the lowest proportions in- the industry,
"tion, he ; will
thereby permitting substantial net investment income.
lead, .some 30,000
volunteers in
Life Insurance Company of Virginia has increased its re¬
raising funds for the Foundation's
ported earnings each year since 1957 as well as its earnings ad¬
programs of care and information*
justed for the equity in the value of new life insurance.- Adjusted
services :fdr
arthritics," research]
earnings pf $6.46 per share in 196! were nearly double those of
and professional"education.
The;
1957.;
Accident and".health insurance, a problem for most life
campaign will: begin in October, •
companies, has contributed to earnings in each of the past three
with a goad of $1,000,000.
;•
general, earnings statements building
would
continue \ at- a
are
'mildly
encouraging, , some lively pace but it wasn't" very ap¬
showing a. slowdown in operating parent in the building-"supply
results in the second Quarter. The shares
and, for that .matter,.- in
profit pinch was most apparent Johns-Manville .which- is
well
>
impressive; has not been
"V A former chairman of the Board:
good that home of Governors of the'New York1
In
-
NEW YORK 5, N. Y.
BArclay
Teletype
NY
7-8500
1-1248-49
Specialists in Bank Stocks
Branches in
INDIA
•
PAKISTAN
ADEN
'
•
CEYLON
SOMALIA
•
•
BURMA
EAST AFRICA
AND THE RHODESIAS
The Commercial and Financial Chronicle
12
bonds
to
Stock Offered
of
3.341%
& Co. and Mc¬
Donnell & Co., Inc., New York
City, are offering publicly 78,500
shares
of
Financial
Federation,
Allegheny Power System, Inc.
Allegheny Power System, formerly known as West Penn Electric,
is a holding company controlling electric utilities which serve
Inc.
states—Pennsylvania, West Virginia, Maryland, Ohio
The 30,000 square mile area, with a population of
some 2,400,000, is highly industrialized.
' The principal^ subsidi¬
aries are: West Penn Power (about 95% controlled), Monongahela
Power, Potomac Edison and Cumberland Valley Electric.
The
latter company was acquired in January in exchange for 62,589
common
shares, and serves an area in southern Pennsylvania
adjacent to other system territory.
vV :
;,
v
in five
,i
and Virginia.
last year
issued
Total
first
revenues
one
J
*34
$531
100%
of
1962
made
• ■ ;
i
gaining nearly 6%, but operating income increased only
$2.47 compared with $2.35 in the pre¬
Earnings for calendar 1962 are estimated at $2.55
or more vs. $2.42 in 1961; they will benefit by an increase in the
credit for interest on construction, which last year approximated
5 cents a share and has been projected for this year at 14 cents
and next year at 16 cents.
months ended June 30, were
period.
partners in Clark, Weinstock
which will be dissolved.
.
has continued its various promotional activities.
marketing programs use special educational events
& Porges
exhibits, and extensive advertising, including a regular tele¬
vision program in the metropolitan area around Pittsburgh.
New
lower rates for electric heating became effective in late 1960 and
1961, and although home construction lagged,; nearly 900
space-heating installations were made in 1961, with im¬
electric
provement anticipated in 1962. A great many ranges and clothes
dryers were installed in 1961 and some 10,800 water heaters were
added
(21% more than in 1960) under the 1stimulus of a low
monthly payment, extended-term purchase plan and lower rates.
A unique "dusk to dawn" outdoor light, activated by a built-in;
photo-electric
rural living.
and
featured,
was
classes
other
annual
cell,
bringing
About 10,300 installations
of
customers,
from
convenience
new
to
made by residential
were
which
about
$460,000
Commercial
gained 5.5% in 1961
revenues
and better heating,
as
a
result of
of
A number of all-electric motels and large shopping centers
to this good showing.
The system's first electrically
heated school was connected in 1961, and a dozen more are in
prospect, several of them already under construction.
Churches
also are finding electric heat economical and especially adaptable
to their requirements.
ing.
Despite the slowing down in business in the first half of 1961,•
over 100 new industrial loads came on System lines in that
year
largely as the result of area development activities by the operat¬
ing companies. Significant progress was made in providing "shell
buildings" to attract new industries.
System area develpment
staffs cooperate with local groups in
initiating and financing these
them. A nation¬
ally-known research organization has been employed to survey
the potential of an area of high quality hardwoods in West Vir¬
ginia for manufacture of furniture, etc.
A helpful factor in the
future development of the System's West Virginia and
Pennsyl¬
vania
areas
a
fast
new
and the
occupy
will be the four lane North-South
link the West
highway which will
Virginia and Pennsylvania Turnpikes and provide
route
through that region between the
Great
Partnership
Lakes
South.
System
accounting is conservative; Monongahela Power is
only subsidiary using rapid depreciation, and it normalizes
resulting tax savings. The table below shows the record" for the
past decade: while the company is not a "rapid growth" utility,
the
in each year except 1958 and another moderate
increase
$1.80 dividend rate might be anticipated late this year.
creased
the
At the recent price around 46
the stock
(range this year about 53y2-39)
yields 3.9%, and sells at about 18 times anticipated 1962
earnings.
Earnings
Approximate
on
J. Singer & Com¬
partnership, will be
a
offices
with
formed
at
50
Broad
Street, New York City.
firm will be
Ybrk
The new
member of the New
a
Stock
Exchange. ], Partners
will be Donald J.
Singer, Robert
the exchange member,
and Donald G. Optican. Mr. Singer
P. Marcus,
Chairman of D. J.
formerly
was
Singer & Co., Inc.
Net Plant
PHILADELPHIA,
Pa. — H.
A.
Riecke & Co., Incorporated, 1620
Chestnut Street, members of the
New York Stock
Exchange and
other
leading
exchanges,
an¬
William
L.
and;
Barland
Jack
that
nounce
Reape
are
asso-u
now
ciated with their Philadelphia of¬
fice
registered representatives.
as
firm
The
that
announced
also
Wilson is
Edward
associated
now
their
with
Burlington, N. J., 348
High Street office and Frances
Davne with their Trenton, N. J.,
(Wallach Building) office
istered
as reg¬
representatives.
Bache & Co. Names
WHITE
PLAINS, N. Y.—Edwin D.
Pollaine
ate
has
been
Associ¬
named
Manager of the White Plains
of
Bache
m^rpneck
&
Co.,
Avenue,
i
L.
.
Wilder, Jr. is Resident Manager.
rities
business
Wall
from
offices
Street, New York City.
ficers
Charles
are
W.
Of¬
Brugger,
President and Treasurer; and
dreas D.
67
at
Tyndale Quashie Opens
2.38
1.70
43 -34
6.6
336
152
1958
142
1957_,
140
2.19
1.50
28 -24
6.8
G. L. Thrasher Forms Co.
1956
132
2.15
1.43
29 -26
7.0
FAYETTEVILLE, ARK.—Gene L.
1955
127
2.06
1.28
29
23
7.1
Thrasher
1954
116
1.88
1.15
25- 18
6.5
ties
1953
115
1.72
1.10
19
16
6.5
East North Street
108
1.71
1.03
19- 15
6.7
name
Tyndale Quashie is conducting a
West 145th
Street, New York
the
■
3.237%
The
3.2087%.
Financial
Chronicle's
revenue
bond
a
second
bid
net interest cost was
initial offering, about 50%
upon
of the bonds were sold.
jointly
National Bank
and
Eastman
headed
syndicate
Franklin
Island
the
Long
Securities
Union
and
Islip
bones
bid
for
School
Free
bid
3 Vz %
of
dollar
100.179,
price
^Uar^ ^
with the
also for a
of
&
to 3.65%, the
$815,000.
Tuesday's final
sale of note
consisted
of
$2,000,000
Dickson
County
(Charlotte),
Tennessee
school bonds due 1963-1982 which
awarded
were
Co.
&
veen
net
interest
bid
of
from
came
ties
corp
Co.
net
John
runner-up
interest
consisting
Pennsylvania
the
on
$30,000,000
of
General
State
Au-
thority revenue bonds to be bid
„
,
„
^■
/A
...
_
r
Tuesday (Aug. 14) and
$16,000,000 Houston, Texas various
bonds
purpose
(Aug.
A
for
Wednesday
15)
"
•
1
^
quiet
,
order
prices steady
John
(
.
...
market
with
in prospect,
appears
TsQUilT
nTTH
Nuveen
AT
LJClIlxV V36
cost
Equitable Securiaccount.
with
docket
Nu-
major underwriters are
as
bonds for pub-
3.8857%
a
the
Associated
&
at
The
cost.
3.89%
a
the
to
group
but $91,000,000 of
larSe issues of importance
yield from 1.50%
present balance is
to
The new issue calendar for the
coming week is light and totals
Rc bidding. There are only two
Co., Reynolds & Co., Charles
Scaled
Co.
U..
Iml»eaiateiy Aiieatt
,
*nC an<* aS~
syndicate include Bacon, Steven&
,'.iV
,
dJ?Tmmeaiatelv}Ahead
mi
the winning
'
members
Other
•• ..r
bid
which was made by
coupon,
sociates
Kansas Turnpike 3 /ss up one
P°lnt; Kentucky Turnpike 4.85s
UP one point; Maryland Expressway 4/ss up three-quarters of a
P?.llR an,^ Oklahoma Turnpike
£ As up three-quarters of a point.
Some further price improvement
in these markqtg, fs generally ex-
3%% coupon. This
a
compared favorably
second
Toll Road 3 fes up 1A points;
(1962-1991);
serial
their
on
of 100.29 for
Co.
Smithtown,
Union
York
District No. 6
&
bidders
successful
the
T
n
N ames R.
TV
II.
it
Meany
uAnTTrApn
^
and Trait
Cortnanv
&-(foC&Hp™ntLBNaS: has —ced the a'ppoiSS
tional Bank and F^dflity-Bankers of
Ray™nd A- Meany, Jr., as
Trust
Conk'KnIxvme yReo™ ^stant Vice-President in the
Paine, Webber, Jackson & Curtis,
yield from 2.25% to 4.00%,
present balance is $570,000.
Wednesday
(Aug. 8)
the
to
the
On
syndicate, headed .,by
Eastman
Dillon, Union Securities
& Co.
submitted the best bid of a 3.21%
interest
cost
for
the
highly
City of San Antonio, Texas
and Gas revenue (1964-
Electric
1984)
a
bonds.
3.22%
The
net
made by
second
interest
bid
cost
Municipal Bond Department,
XTTI
•
ttT
j
1
1
T
Whlte,'Weld lllC.
7
\TOVVknc<
1\| £llll6S
Viaa
"Do
VJ.C6~.lS.
White, Weld & Co. Inc., 20 Broad
New
York
City,
have
of Street,
was
the Drexel & Co. group,
major members of the
Other
Stearns
named
dents:
Hiram
the
following Vice-Presi-
Jules
R. Gimbernat, Jr.,
Emery, Jr., Townsend
John A. Paine, Farwell
W.
&
yMdTT8o% "I3wTto^.25%
in
1984.
Co.
&
At
period,
a
remained
City.
the
close
is
engaging in
from
a
offices
securi¬
at
545
under the firm
of Gene L. Thrasher & Co.
of
the
balance of $8,900,000
the syndicate.
in
Bank
Nathan, Blechman
order
T^nrTYlPfl
1UI
NT
1
Y
•
J.
•
New York
Nathan, Blechman & Co. has been
formed with offices at 52 Wall
Street, New York City, to engage
in a securities business. Partners
second best bid was a 3.49% net are Seymour L. Nathan, Morton
interest cost entered by the Ira Blechman and Arthur G. TruckenHaupt & Co. group.
brodt. All were formerly officers
Other members of the winning of Newman, Zimmermann & Co.
group
were
The
First
Boston Inc.
Trust
business
Bear
and
The Chemical
6.5
-
in
d. Smith and Theodore P. Swick.
159
-
1.75%
Hornor,
1959
<
yield
Co., White, Weld & Co., John Nu¬
1960
.
bond
issues have been the bright spot
in the municipal bond» market
during the past week with prices
improved and trading volume
moderate. The Commercial and
Securities Corp., Glore, Forgan &
dent and Secretary.
securities business from offices at
6.6
.
winning syndicate were Equitable
6.6%
36 -26
_
revenue
An¬
55 -40
39 -33
■ >
.
_
Grimbergen, Vice-Presi¬
Price Range
.1952
of
a
rated
Netherlands Overseas Corporation,
New York, is engaging in a secu¬
Paid
1.50
bonds
,
The widespread imPavement m revenues, the slignt
slumP m the stock market, the
Un^?
$190,000,000 Southwestern Bell
net
Netherlands Overseas
$1.73
1.60
The
„
_
.Dollar Bonds Bright Spot
The turnpike and
Allis, Wisconsin awarded
$2,880,000
corporate
p u r p o s e
(1963-1982) bonds to the account
headed
by
the
First
National
Bank of Chicago at a net interest
Ma-
222
Henry
$2.42
2.36
the
dorf
$164
2.26
balance of
a
provement and these gains have
been spread generally throughout
son
(Millions)
v
As we go to pressj
Con-
wv,^ei/°r? & ?°a TDCTr u'
White & Co. and A. P. Kelly
1961
Share
1.90% in
1963 to 3.45% in 1976; the bonds
in. 1977-1980 were not reoffered.
Trust
&
West
$3,526,000
Year
per
MacArthur & Co. The bonds
were reoffered to yield
balance was
y:'s y -1:';
yesterday,
$1,117,000.
% Earned
Dividends
to
ness
veen
Common Stock Record
Revenues
ower,
Index averaged out at a
1963 to 3.50%
in 1986. The 1987 3.837%
yield this week
after
maturity carried a one-quarter of averaging
3.872%
the.!previous
1%
coupon
and was sold at a week.
This market betterment
4.60% yield. At the close of busi- shows over
one-half point im-
New
pany,
nevertheless each of the
past nine years has shown some gain in
earnings per share—a rather extraordinary performance consid¬
ering the cyclical nature of industry in the area, and this year is
expected to continue the record.
Dividend payments have in¬
of
include
Bank
Coe.
&
reoffered
were
On August 9 D.
office
in
Mackall
and
were
Dillon,
Be
more
contributed
finding industries to
came
Fidelity Philadelphia Trust
Johnston,
Lemon... &
Co.,
Eldredge & Co., Inc., Stern, Lauer
& Co., Second District Securities
Co., Inc., Jones, Kreeger & Co.
by
H. A. Riecke Adds
cooling, cooking and interior and exterior light¬
structures and then
a
Co.,
Co.,
of
D. J. Singer to
will be derived.
revenue
of
Corp. and
members
syndicate
National
tinental
!
$1,100,000 remains in account.
major
winning
The
and
early
Other
of
The company
Subsidiaries'
cost
Boston
,
I
,
Telephone issue the Treasury fidancing out of the way and less
made
by the Lehman Brothers talk about tax cuts all have congroup.
Qther
members
of the tnbuted
to the^ betterment of
On August 11 Harold B. Weinstock
winning group include Blyth & * ®se
and Mildred P. Arnold will be¬
Co., Inc., Goodbody & Co., L. F.
Typical issues to show lracome
Vice-Presidents
of D.
B.
Rothschild
&
Co.,
Cruttenden, Pavement since we last went to
Marron & Co., Inc., 63 Wall Street,
Podesta and Miller, and Ernst &
are
Toll Highway
New York City, members of the
Co.
The bonds were offered to ^ /fs aP one P0111^' Florida TurnNew York Stock Exchange.
Both
yield from 1.75% to 3.40% and
^s; up one point; Indiana
are
due to abnormal storm expense and a temporary outage of
of the more efficient generating units.
Earnings for the 12
vious
To; be V. Ps. of
interest
bid
associates.
cost
excellent showing, with
an
and
D. B. Marron
minority interest.
quarter
19
loan offices in
cities throughout California.
savings
/
13
*183;
—
♦Including small
Tlie
53%
68
—
——
Equity (9,276,000 shs.)
Common Stock
4.5%
licensed
Percent
$280
Long-Term Debt
Preferred Stock
associations, which are
to operate a total of 23
loan
capitalization
Millions
•
4
outstanding guarantee
and
stock of 11 California savings and
follows:
as
stockholders, and no
selling
proceeds will be re¬
ceived by the company.
Headquartered at 615 S. Flower
Street, Los Angeles, the company
owns
at least a majority of the
amounted to $39 million, and
As of Dec. 31, 1961, System
per
The.stock is being sold by cer¬
tain
expenditures this year are estimated at $55 million
and for next year at about $47 million. No equity financing is
this year.
$67.50
at
part of the
construction
anticipated
capital .stock,
share.
second
First
•
Corp., Banco de Ponce and Ken-
National City
net interest cost
a
The
net
the
6
First
at
3.334%.
from
additions
the
Bank group
Kidder, Peabody
Property
;
.
OWEN ELY
BY
Thursday, August 9, 1962
■
Continued jrom 'page
Federation
SECURITIES
was
.
TAX-EXEMPT BOND MARKET
Financial
PUBLIC UTILITY
areas
.
.
(600)
Co.
bought
$2,300,000
Mu-
of Ponce, Puerto Rico
(1963-1980) bonds, Wednesday, at
a
3.43%
net
interest cost. The
nicipality
Volume
196
Number
6184
The Commercial and Financial Chronicle
.•.
.
(601)
Steel
Production
Electric
The State of
mary
Output
money
Carloadings
Retail
Food
TRADE and INDUSTRY
Auto
Week End.
Trade
Price
(OOCs Omitted)
,
Aug. 4—
New
Index
Failures
1962
1961
$16,551,710
1,350,570
1,308,834
895,000
1,139,000
Boston
Commodity Price Index
,
$17,297,102
ifork
Chicago
Philadelphia
Production
Business
for some of the principal
centers follows:
+
%
4.5
3.2
+
+27.3
867,075
Kansas
834,721
+
517,280
City
361,880
+42.9
3.9
Profits
year's
less
ceding Week and Down 14.6%
conditions,
the
First
City
Bank's
August
Letter
the
states that
evidence
The
the
assesses
been
total sales for the
year have been
shaved slightly from 7 million to
about 6.8 million,
including per¬
does
not
recession
Economic Letter
picture
as
follows:
developments
this
being watched closely
are
.government
-
still
leaders
be
for
clues
to
pear
favorable.
after
Auto
sales
have
up
output and
well. The de¬
cline in steel mill operations has
been arrested. Department stores
report good gains over a year ago.
held
total
cn
nation's
economic health. Early reports on
production and trade in July ap¬
only to. the record
retail
slippage
sales
in
seasonal
had
May
shown
June
and
adjustment,
al¬
though results for the first half of
the year still recorded
improve¬
ment of 7% over the
correspond¬
ing period of 1961.
Department
a
earlier.
year
While
the
unem¬
ployment percentage has proved
sticky around 5%'%.—against the
reaching
new
raised
incomes
have
of
the
question whether
just having a pause in a
are
riod
of
pansion
continuing
business
we
pe¬
whether the flattening
activity
foreshadows
a
downturn, perhaps this
coming
or
winter.
little
seems
likelihood
that business is suddenly going
fall out of bed. We have had
of business spending,
excesses
inventory or
which
ment,
to
no
for
plant and
equip¬
need
correction.
There is no apparent reason
to
expect additional shocks, like the
steel-price
contbbYersy
or
the
stock market break, to replace an
atmosphere*!/)f caution, with one
of downright gloom. Money and
credit remain in abundant supply.
"The
weight
of
available 'does
that
the
not
is
As Federal Reserve Board
William
man
McC.
the
at hand.
Chair¬
Martin
told
the House
Banking and Currency
Committee on July 17: T think
rate
of
in
the
activity.
Now, there
is a lot of pessimism in various
quarters. That pessimism is not in
my
judgment warranted as yet
by the figures.'
...
"President
Kennedy
and
the
House Ways and Means Commit¬
of
generally
a
same
ter and
annual
$7
billion
are
data
economists
had
the
on
GNP
become
pre¬
available-.
during the 1960-61
also
and
vigorous
as
In¬
show that
reces¬
the
sub¬
has been less
previously
esti¬
than,
mated. Revision of the first quar¬
ter 1962 GNP to an annual rate of
billion,
down
$3.3
billion
previously
estimated
level, cut the advance in the first
the
year of recovery
"The
9.5%
decline
1980
to 8.8% from the
estimated earlier.
the
to
January
of
proposed
a
Looking
carry
months
next year when
tax cut anyway."
at
the
"Interpretation
business
six
or
July
of
statistics
be
may
may
to
we
Reserve
Figures
summertime
is
is that the Federal
Board's
index
of
trial production in July,
ally adjusted, held steady
indus¬
season¬
or
of
GNP
dur¬
low
in
last
a
1959
caused
in
the
GNP is
as
recession
of
more
a
than
economy
concerned,
took
the
form
sideways movement between
two periods of mild expansion.
ad¬
vidual
the
industries)
in
1960-61; or
and
shorter
unemployment
hours
experienced
workers.
But
lustrate
that
level
off
the
record
the
for
by
many
does
economy
il¬
pan
spell \/ithout in¬
evitably turning downward. It is
a
not inconceivable that the
present
produce
a
situation
might
sideways<
movement—what
vanced further from June's record
observers
level.
The
0.3
June
also
some
nation."
in
"Steel
tom
index
to
had
117.8
operations
around
edged
up
(1957 = 100).
touched bot¬
Bank
the
July 4 holiday
subsequently
have
moved
somewhat higher. Industry sources
anticipate normally higher rates
of activity. August through Octo¬
ber, as customers feel the needs
to place larger orders to
replenish
inventories.
By any
reasonable
calculation, steel consumption has
been outrunning production since
April.
"Passenger car sales in the first
20
days of July maintained a
margin of 15% over results in the
and
-
show
term
high-level
stag¬
Clearings Increase 5.2%
clearings
an
increase
this
will
week
with
compared
a
year ago.
Preliminary figures
compiled by the Chronicle, based
on
telegraphic advices from the
chief
dicate
cities
of
the
country
that
for
the
week
Saturday,
Aug.
4,
there
in¬
ended
was
an
increase«of 5.2% above the clear¬
ings for the corresponding week
last year. Our preliminary totals
stand
at
Cleveland
control
aiming
component
are
of
equipment
and
This
trol
movement
of
is
in
the
War
and
the
and
have
blame
II
closer
for
less
a
84.7
shifts
shifts
are
of
I'i
I
Steel
11)57-1959.
for
Production
.
Aug.
*
i
*
Will
closely
disruption
pattern.
of
the
Common Dividend No. 171
lag
||
stock of this Corporation
Inventory
to
Delay
in
and
about
had
of
centers
million
been
tons
This
will
higher
expected
August.
will
rise
start
by
the
hoped.
In
ctf'j
out
later
<
.
and
had, Ip^ea
as
-
■
,
•
.
review, the magazine points
that
steeL users
'and
the
on
common
§|
has been
l!
able September 15, 1962,
||
|!
to stockholders of record
1
August 24, 1962.
declared
close
at
that
means
little
a
sharply
as
5« I
15
service
1.3
seasonal recovery in steel order¬
Quicken
follow
the
trend
in
||
pay-
business
of
C. Allan Fee,
!'|qouy<i' President and Secretary
f: Vice Syl%2
,K".
•
:|i
,
..
.
August
ware¬
3.5 million tons of steel
Steel
estimates
the
industry
1,560,000 ingot tons last
week
(3.7% above the previous
week's) and looks for production
poured
to
be
higher this week. July's
output was about 6.2 million tons
(vs. 6.7 million tons in June).
Scrap
of
prices
rising because
higher steel pro¬
are
anticipated
duction
later
composite
this
price
melting scrap
$28 a ton.
Until
ing
month.
Steel's
No.
1
heavy
$2,
rose
automakers
major
orders
start
for
releas¬
their
1963
the steel market will
get most of its support from con¬
struction
activity.
Contracts
awarded in June totaled $3.9 bil¬
lion, 8% above the total in June,
service
centers
look
for
gain in business in August,
they do not anticipate brisk
trading until well into September.
some
but
Because
of
model
changeovers
in the auto industry, steel con¬
sumption will fall this month to
the year's lowest level, Steel says.
The loss will be offset to some
extent
tries
by higher usage in indus¬
resuming production after
July
vacations.
consumption
will
Result:
be
5.5
August
million
(vs. 6 million tons in July).
Marketing
men
expect
steel
consumption to be about 19 million
tons in the third quarter and 18.5
million tons in the fourth. The
fourth
worked
off.
While
expected that steel
retreat
the
to
substantial
a
be
from
cut
will have
it
is
not
will
consumers
low
point of 1960,
tonnage remains to
and
user
warehouse
stocks.
The
level
uniform
inventories
of
is
not
all
for
industry groups
nor within the groups. Neverthe¬
less, the big center of concern is
the auto industry.
Plans
of
the
automakers
O'okiep Gopper Company
Limited
Dividend
The
a
No.
63
of Directors
Board
dividend of
today declared
Rand per share on the
one
Ordinary Shares of the Company payable
August 31, 1962.
The Directors authorized the distribution
of the said dividend
on
September 14, 1962
of busi¬
to the holders of record at the close
ness
on
September 7,
shares issued under
1962 of American
the terms of the
6.6614% will be deducted.
By Order of the Board of Directors,
F. A. SCHECK, Secretary.
New York, New York, August 2, 1962.
for
Steel
salesmen
who
are
in
direct
contact with auto steel purchasers
tend
as
to
be
This
as
much
in
the
dark
DIVIDEND NOTICE
group.
any
is
indicated
by a wide
opinions voiced by sales¬
men on the automakers' plans for
ordering for 1963 models. Some
report an orderly pattern of auto¬
range of
motive
buying.
automotive
steel
Others
buying
indicate
may
be
The
more
owners
pany
715,000
(New Jersey) will share
in the
pany
than
of Standard Oil Com¬
earnings of the Com¬
by
a
dividend,
substandard well into autumn.
In
Detroit,
orcters
are
automotive
called
"under
steel
normal
to
disappointing." In a general
evaluation, Chrysler is still plac¬
ing orders at about 50% of a
normal
to
rate, General Motors at 65
declared
Directors
and
by the Board of
on
August 2, 1962
payable September 12,
1962
to
shareholders
of
rate
as
August 13, 1962
GM.
Although September business is
not coming in as well as expected,
September is still hoped for as
the turnabout month. If the order¬
,
willing
They lock for fourth quarter
ingot production to exceed the
third quarter's. It should be at
within
least
at
the
But
(23.5
the
that of the second
million tons).
as
steel
industry profit
good, Steel reports.
a
and able to ship orders
days, ordering continues to
big extent on a rush basis. This
is
on
hand. This is not
many
for
orders
the
are
a
comfortable
mills,
placed
but
on
so
a
of
1962 is the 80th consecutive
year
in which cash dividends
have been
paid.
Standard Oil
Company
(New Jersey)
costly and forces mills to keep
situation
rate
60f per share of capital stock.
large stocks of semi-finished steel
high
record
70%, with Ford mo;ving at the
same
tries.
as
De¬
posit Agreement dated June 24, 1946. The
dividend
will
to
amount
approximately
$1.40 per share, subject, however, to any
change which may occur in the rate of
exchange for South Africa funds prior to
August 31, 1962. Republic of South Africa
non-resident shareholders tax at the rate of
ordering for September and later
this year remain up in the air.
quarter
drop
will, be ing pattern of recent months con¬
"mild," they say, because of brisk, tinues, the last 10 days of August
activity in the automotive, (ma¬ could bring a rush of orders.
With inventories high and mills
chinery, and construction indus¬
outlook is not
sum¬
been
reaching
on
model runs,
Steel
By the end of August, only about
new
orders.
in
comparative
INCORPORATED
compo¬
had
added
more
than
quickening in the production houses
eight million tons of steel from
pace of the steel industry should
be
evident after Aug. 15, Steel the low point in 1961 to the high
point in April of this year. At
magazine predicted Aug. 6.
Mills will be making steel for that time, a settlement of the steel
the larger shipments of finished labor contract set off a period of
liquidation
that
still
products scheduled in September inventory
than in August. Operations will plagues the steel market.
quarter
Our
ACF INDUSTRIES
$>:
A dividend of 62Vi§ per
not
average
24
much
share
ing
production
page
||
A
end
weekly
on
NOTICES
||
than
on
Continued
DIVIDEND
post-World
If
production
growth
output in the
4 will
reach
Steel Industry Rebound
89
based
that
Aug.
units,
a
17.7%
decline
136,172 last week, but more
entire
wild
borne
recessions.
and
Western
production
said
ended
to
moderate,
as
Steel's
quarterly
surveys
indicate, it could mean
be
of
Ward's
con¬
importance
Sudden
inventories
of
to
great
metalworking
economy.
sumers
*Index
cars,
will
(to 1955) on
record.
from
motors.
99
Total
million
112,034
electrical
93
_
6.7
second-best
as
and
Substantial
81
__
stand
week
Southern
$30,597,585,504
against
$29,083,504,174 for the same week
1961.
better
agents
total of 1962 output, ap¬
sum
inventories, which include cast¬
ings, gears, fasteners, bearings,
75
tens
Bank
for
79
1961.
"This does not deny the sizable
declines
that
occurred
in
indi¬
always
troublesome because they are dis¬
torted
by plant shutdowns and
people off on vacation. The best
present guess
the
the
point in the
1961, now comes
only 0.8%. Even the steel
that. So far
"we
in
quarter of
to
proaching
,
71
Pittsburgh
Youngstown
recovery
of
recession.
Corp., the
only auto makers still, producing.
A
terestingly, the most recent re¬
visions,
announced
last
month,
have practically wiped out any
decline
The
nents
about
was
periodically revised
merce
and
that
Buffalo
dustry's output of 1962 model cars
6,535,000 units, Ward's Automo¬
tive Reports saici.
to
customers plan to continue
inventory reduction begun in
spring. Inventories are as low
now
as
they were in December,
1960, near the bottom of the last
nation's
85
Production of 589,001 passenger
in July swelled the auto in¬
cars
Co. and General Motors
indicates
survey
their
steadier
Week Ended
that in the first quar¬
figures
contraction
which
*Indcx of Ingot
Production for
'rate
pared by the Department of Com¬
strike
4,
Second
the
Steel
St. Louis
as
fuller
out
plateau
through five
•>
Aug.
Production
late
A
adjusted
differences
of
opinion
well - informed
people
about where the economy is going,
suggested
,,V.
/
ended
Car
The statistical agency said that
nearly 150,000 more cars of 1962
vintage are expected to be com¬
pleted for August by Ford Motor
months.
77
Sideways Recession?
"The
of
by
follows:
After
$545
Production
week
metalworking
93
•
strong
a
1S62,
as
of
Cincinnati
hoped for a $562,567 billion rate
by-'this time. ho.
among
on
for
with
again below expectations.
A
Producers
no
Largest Recorded
third
93
first
are
Ingot
Districts
the
Detroit
Administration
from
to 61,uul,uu0
concludes
mark
1962
in
Chicago
President
there
of
would
delivery basis that they have
choice.
the
level
GNP,
measuring
goods and services
advanced
from
a
ing the last recession, from the
high, point in the second quarter
that
Index
of
the economy to
higher levels of performance. In
a
press conference July
23, the
noted
Institute
below
low7est after tax profits since 1954.
through
.year
(*106.5%), or 13.4% above
Jan.l-Aug. 5, 1961, period.
The
the
tax
spur
tens
un¬
of
figure
to
this
in¬
to
tee, meanwhile, have been ponder¬
ing the possibility of introducing
cuts
Production
August 4, amounted
second
liquidation of steel
stocks will delay the steel market
recovery, The iron Age reports.
Stocks
of
steel held
by con¬
of
sequent
perhaps
pause
latest week ended Aug. 4,
shows a production decline
14.6% compared to last year's
week
output
of
1,850,000
tons
(*99.3%).
The
increase
There
a
The
1962,
tee
It
earnings
satisfactory
-
Purchasing
of
of $545 billion in the first quarter
to $552 billion in the second. The
sion
is
continued
performance
produced,
seasonally
can
say
categorically there
is not at the moment a recession.
you
(*84:7%), as against 1,504,000
tons (*80.7%), in the week ended
July 28, making a week-to-week
Aug. 4, 1962
value
:
In¬
Steel
North East Coast__
inspiring
the
and
tons
economy has been the moderation
of the rise in the gross national
total
Iron
production for the week
ended Aug. 4, 1962, was 1,578,000
peaks and personal
"Indicative
evidence
support
recession
a
American
the
components will have to work
harder for sales in the next three
Week
stitute,
crease.
product.
"There
view
goal of 4%—employment has been
ex¬
in
out
the
July averaged 6% higher than
the sluggish per¬
early-warning busi¬
ness indicators,
coupled with the
slump in the stock market, have
Nevertheless,
formance
Year's
According to data compiled by
an
store sales in the first three weeks
cf
Last
net
than
-
1961.
rise of 4.9%.
"Department of Commerce data
some
the
second
1955.
business
and
Industry
haps 350,000 imports. This would
"Economic
by
25%.
year
summer
had
estimates of
year
Economic
a
business
margin in the first half
weight of
"The
available
support the view that
is at hand."
National
From
corresponding period of 1961. The
in
consecutive yearly decline and the
Steel's Output Up 4.9% From Pre¬
In its analysis of general business
nosedived
quarter, and the tightening costprice squeeze
could
force
this
13
@)
!
14
The Commercial and Financial Chronicle
(602)
The redemptions in each of the
.
three
months
in: both
ters
ther
.
in
the
1962
ket
detailing.. their
vestment
Seeking Long Term
during
vious two months. / .U.J
This Mutual Fund seeks possible growth of
capital
and income by investing in a diversified list of
companies in many industries which are active in
"
•
upon roquttl
from
your
doctor, or moll
coupon
Net
:
June,
Eberstadt
&
I
Co..
[
Managers
j
65 BROADWAY, NEW YORK 6, NEW YORK
Distributors,
&
inc
J
| Name.....
|
i
I
Address
.v.'....................
j
March
share
W .&
ing
WM
sented
the
the
over
the
60%
Jan.
their
of
entire
after
1,
FUND, INC.
WE
INVEST
CAN
FREE WORLD
WHEREVER
IN
THE
WE
BELIEVE
EXIST
MUTUAL
GROWTH
FUND
OF
FLEXIBLE
SEEKING
CAPITAL
POSSIBLE
THROUGH
INVESTMENT
METHODS
tmmmmmmamomummmmmomomoMBSa
GENERAL
DISTRIBUTORS
Oppenheimen & Co.
<"
5
MEMBtBSNEW YOB* STOCK.
HANOVER
EXCHANGE
SQUARE/NEW YORK
repre¬
interval
1962.
highlighting
-record,
•
4
DIGBY 4-5762/TELETYPE: N.Y. 1-3222
V/rite for prospectus and literature
the
declines,
.
stock
shown
On
in
market
Tables A
the other
hand,
some
titude
after
example,
listed
the
N..Y.
Carriers
May
Stock
&
Bust.
/•//•
TABLE
A
$922.1
$719.9
771.1
695.4
Investing in
common
stocks
over
the years.
INVESTMENT FUND,*
A balanced investment
premium
month and quarter at a
aboveasset
value
of
III
v
-
-
IV—""*■
;
'
-
in bonds, preferred stocks and
common
stocks.
DIVERSIFIED GROWTH
STOCK FUND,
last week, but
happen to stocks
fifteen, or
the long term we
over
upward. This is
continue to provide the
Full
For
,
best long-
opportunities."
investment
range
reason
one
belief that common stocks
our
Investment
The dichotomy between
-
outside
economic factors and stock market
action is well realized by
Francis
S.-Williams, Chairman, and Peter
B.
Cannell, President, reporting
for
Chemical
Fund.
After
sum¬
businessoutlook thus, "Whether
marizing
the
economic
clouded,
the market decline is anticipating
will
cause
business recession
a
crease^/in jdet investment income
will
be
proven
only by time.
the half year; and in their
quarterly report of. June 30 call Prudence, however, would indicate
caution with respect to the eco¬
attention to savings in manage¬
nomic outlook."—they follow with
ment, research, and administra¬
this statement of portfolio policy,
tive costs.
"As
for
your'
investment
in
Edward A. Merkle, President of
Chemical Fund, your management
for
...
for
cites his fund's category
earnings from investments
dividend
purposes."
The
proliferation of this "new
yield look" is- interestingly mani¬
fested in the .sharply rising popu¬
'722.4
813.1 larity hof
he
is
t i
c o n
i
n u
n
g
its substantially
fully-invested
position.
judgement
investment'
In
in
our"
.
well
managed,
carefully selected
companies - remains the
growth
relatively
—
■
—
_
-
-v
.
—
.
.
.
.
policy reiterated in our 1961 an¬
nual
We continue
report.
lieve
that
ra's
sto:kholders
served
the
stocks
of
interests
best
be
our
.assets in
in¬
common
companies which in our
judgment
can
be expected to grow
faster than the
MUTUAL FUND
be¬
to
of Niaga¬
will
substantially' full
by
vestment of
For
general economy."
"Flexibility"
Of course, in the fund manage¬
ment field
as
well
as
in other in¬
premise that
politico-economic
prospects
can
and should be- interpreted for rel¬
atively -short-term market fore¬
vesting
K
in many fields of scientific and
important sales training
development.
the
areas,
casting is still wihely relied on.
j
"What of the future?" says Dan¬
and
iel
selling aids promoting
S.
Poor,
Mutual
President of deVegh
Fund.
"The
.oo.«» •
<?:
.
|
bigger sales, greater efficiency.
basic
problems
United
States
economy,
unemployment,
of
such
the
as
industrial
ample
capacity, declining profit margins,
Mail
request for
your
your
free catalogue
slow
rate
of
growth
and
a
tax
structure sorely in need of reform,
Hugh W. Long and Company
Incorporated
Wfttminster at Parker
•
Elizabeth, New Jersey
.
,
Investing for long term growth
possibilities in securities of companiesl
economic
happened
most .desirable; long-term policy.
Thus, long range growth of capi¬
newly- tal and income has been and re¬
2.3%—in contrast to an equivalent
formed Tax-Exempt Bond Funds. mains our principal goal,"
/
r ;
discount" prevailing
1961 total
six
months
:/ $2,950.8 Municipal Investment Trust Fund
Similarly-, reporting > on Dela¬
ago. Such recent bear rnarket pre¬
,A, whose portfolio is .confined to ware;. Fund's policy
Redemptions President Wj.
mium also reflects a constructive
Pennsylvania
bonds, formed in Linton Nelson said: - '
'
(Millions)
' * '
departure from shareholders' il¬
April by Ira Haupt & Co. (which
QUARTER';
1962
1961
"The Fund is still following an
logical past behavior in paying
also has been managing a com^
aggressive, fully-invested course in
higher market prices related to
^ I——
$282,4
$331.1
panion fund with a mixed bond
II
320.1
1
317.9
line with its management's belief
asset value in bullish periods, and
portfolio)
reports
that
it
was
III_^__^_that equities offer the best way
248.0
the converse at times of market ft ?
practically sold out immediately.
:
IV
;
/
to participate in America's future
263.3
depression.
Again, John Nuveen & Company
and provide a good hedge against
informs us that,.public sales of
June Brides
/ ? 1961 total——
inflation. The* over-optimism
$1,160.4
units in its two series of TaxMost sought issue in the single
which bid stock prices up to unRatio Jo Sales
Exempt Bond Funds held steady
month of June, as it had also been
realistic levels has been replaced
1962
'1061?/ during April and May, and picked
during April and May, was IBM, • ; QUARTER
by over-pessimism which in turn
I—
30.6%
the glamour issue with a "second46.0% up markedly in June, with further has
uncovered
many
excellent
acceleration in July.
II
;
41.5 • • - 45.7 : ;
wind." Other post-Break popular
buying opportunities, particularly
III
34.3
items included Polaroid, Texas In¬
for the long-term investor.".
:>•.
•••/, *
For the Long-Pull
IV——"—
32.4
struments, American Broadcast¬
Similar steadfast adherence to
•;
In the same de-speculative vein,
ing-Paramount, RCA, Continental
increased
stress
on
long-term a fully-invested and non-trading
Can and the airlines.
:
Average
39.3%
holding is more in evidence. "The philosophy is voiced by J. Fred
Redemption Ratio to Assets
determination of investment policy Schoellkopf,
IV, Chairman, and
June Divorcees
(Redemptions as % of total.fund in. a confidence crisis is not
simple. Edward Douglas Howard, II, Pres¬
Issues attracting liquidations
net
assets; based
on
quarterly By
definition "crisis" means a ident, Niagara Share Corporation,
during the month included U. S.
averages of net assets)
turning point—for better or worse. a closed-end investment company
Steel, (as through-.the entire
QUARTER
'
1962
1961
The objective of The Lazard Fund
(in which category, it is true,
quarter), Allied Chemical, South¬
I—L__
from
the
1.24%
1.76% is long term capital gains rather freedom
competitive
ern
Company, AT&T, Amerada,
II
than
1.54
1.58
trading profits.
Our pressures in selling a fund's own
Philips Lamp Works, Brunswick
'/
1.19
policy remains that of seeking shares facilitates forebearance
Corp., Xerox, General American
.1.18 v
values, with long rather than short from continuous beat-the-market
Transportation,
ACF
Industries,
term objectives," are quite typical activity):
"There has
been
no
Texaco.
Average
1.43% expressions by Chairman A. J. change in the basic investment
the June
'
DIVERSIFIED
is
the next five, ten,
tinue
for
capital gains to income-and-yield
on the part of both fund manage¬
and their public. This new
'
selected for possibilities of growth
in income and capital
mar¬
the general growth-
and.-glamour deflation, there has
a
change in emphasis from
of "net
1961,
./
what
Fund
this
happening this week or
believe the trend is likely to con¬
been
// ?.' report,
I
>
•
INVESTORS,«
Look
Madison Fund, in his semi-annual
Sales
1962
;
closed
not what's
twenty years. Undoubtedly, great
will continue to take
Coincident with the stock
.
of
of
shareholders
the
fluctuations
Income-and-Yield
ket "bust" and
quarters
sales
.
■.■
FUNDAMENTAL
91.3
-Similarly, the growingly prev¬
philosophy is ex¬
pounded thus by John M. Templeton, president of R e s e a r c h
Investing Corporation, "As for the
future, your management believes
that what is really important for
or
A shows, by
1961-1-962,•-gross
QUARTER
For
Exchange-
General
/
107.0
Lazard
the
of
alent long-term
place. But
in '1961.
demptions and net sales; and the
of redemption to sales and
average net assets.
'
V-. ?
to
of the
closed-end shareholders .adopted a
constructive "anti-redemption" at
109.6
President
and
Mansfield
H.
Fund.
ments
ratio
is
below'.
B
—121.7
New
>
funds'
investment companies' ghares, re¬
and after
and
IV
during
their
as
,
i96«
$117.1
ATTITUDES
shards declined
own
TABLE
„
recent month¬
ly, quarterly, and annual redemp¬
tion
,
,
'-v..-..
theme runs through other quar¬
Also, as more logically calcu¬
terly reports from the/industry
lated, in their ratio to the funds'
spokesmen.
*
'
'
j"
"
'
total net assets, that is the out¬
Francis F. Randolph, Chairman,
standing "pool of redeemables",
and Fred. E. Brown, President, of
the June quarter redemptions rose
sharply to 1.54%--from 1.24% in ^TrirContinental, head a press re¬
the March, quarter;- and from the lease covering six months opera¬
tions
with.'emphasis on an in¬
1.43% average in 1961.
per
tendency to increase
POSSIBILITIES
PROFIT
A
ANYWHERE
average
total during
six-month
The comparative
OPPENHEIMER
assets
-v
June
of
■;
\
■
MANAGEMENT
March quarter and from the 39.3%
$2,000 mark) dur¬
month
iim>2
$91.3
R.
"
ratio-of-redemptions-to-s ales to
41.5%
from
30.6%
during
the
shareholders, too, showed
to liquidate after the
market's May 28 Crash. Redemp¬
tions registered with Nelson Fund
(that "Superior Oil-Christiana" of
net
.
Jr.,
Hettinger,
over
$771 million from $922 million
was reflected in an increase in the
Some
with
B
Thursday, August 9, 1962
what is gomg to
to
disposition
funds
quarter,' while" th6
sales of their
Mutual.
Redemptions Before-and-After
the
.v
June__'
during
quarter deterioration in this area.
A jise in redemptions to $320 mil¬
lion
from $282
million in the
&
Investors
•
May.
the- quarter's
stock
unpleasantness, the record
evidences substantial quarter-to-
Street Fund, Stein
Farnham, Dodge ,& Cox,
Texas Fund, Aberdeen Fund and
Roe
to
mar¬
a
market
pre¬
'Service, Pine
F.
tendency
after
(Millions)
h
i
General ' Public
included
fur-
Redemptions
\■
April-
ior
1961,
'
Contrary to the apparently wide¬
impression
of
sharealders' good Redemption behav¬
,
buyers during the month of
■
bo low Hi
the
:
spread
Boston, which
$1,384,286
ance
botpoctus
of
/sold in the net amount of $1,145,>
726 in June,, tad bought on bah-
GROWTH POSSIBILITIES
chemical science.
Trust
"*
-
SITUATION
during April and
May of $1,250,331. Similarly, In¬
For Investors
,
WORSENED DASH-IN
1
purchases
quar¬
decline* is shown in Table B.
TABLE
Continued from page
net
June
and
increase during and
S
*
.
.
KALB, VOORHIS &
Members:
Nezc
York
Stock
Exchange
•
COTJS&tffi
American
Stock
Exch.
(Assoc.)
remain.
added
able
a
To
these
must
significant but
question
mark,
i,
be
e., confi¬
apprehen¬
regarding the Administration's
dence. To what degree is
sion
now
unmeasur-
Volume
196
Number 6184
economic policies likely to result
in a. contraction of spending
by
both
and
consumers
business?
is
the
the
If
such
will
board
present
propose
tax
session
tax cut
a
in
the
For
an
"Over
states
is proposed and
recent
instituted
the.-substance
Over
the
foreseeable
"it
equities,
the
Long-Pull
D.
pendulum
be
swinging toward increased acceptance of railroad securities, for
poration, is extraordinarily inter¬
wnich
covered
direct
.
first
its
since
1939.
/
was
a
"The
that
loss
refer¬
than for the market
more
as
its
shares
best
the
gains
record
mergers.
and'1 mfco'm'e."
prolonged ' postwar
period of generally rising stock
prices, the need for this emphasis
on
the 'greater risks
of growth
stock investing seemed to lessen.
Through;*the
action
of
the
stock
".
.
risk
In
.
experience
our
intervening
,■:
in
be
a
those
for
stocks
.
the
sitions
that.
less
is
no
-
action,
Atchison-
'
•.
•
Philadelphia 3, Pa.
Belton, Dickenson & Co.
Carrols, Inc.
Driver
in
Harris
J
Co.
Kellwood Co.
>
Marlene Industries
some
Midwest
.
;
Financial
Parker-Hannifin
Corp.
Petrolane Gas/
/
Ransburg Electro Coating Co. •
Taylor Fibre Co.
•
Versapak
Film
&" Packaging
pur¬
Machine Corp.
chases.
ife Fund
-
Ztrntn Laboratories,
now
Massachusetts
Inc.
A balanced mutual fund
providing
for distribution of income and prin¬
cipal in accordance with an individ¬
ual trust
M
gone on
account
ffnOuictitce
s>
•
and
Prospectus from
•'#
'
(•
*
the
recent
of
or
MASSACHUSETTS LIFE FUND
^
•
/
'DISTRIBUTORS
.
50
Statb Strbet, Boston
9,
Mass.
group.
•
.
'
*
Particularly large net buyers of
than, for
so-called
'blue
taken
sharp decline in
stocks
balanced
among
the hpen-
funds, during the
included Axe-
quarter
Investment
Possibilities in
Among
the
active
,
ELECTRONICS
Interest You?
open-end
5
i
WHY NOT
stock fund
buyers were Affiliated
Fund, Bullock, \ Delaware Fund,
Dreyfus, Fidelity, United income
Corporation's
your
your
Investment Dealer
Kansas
■'
end
,
value
Trusttt
Founded 1818
STOCK BUYERS
expectation
be
for each investor.
fti-iUt
*
Delaware
;
This
to
write to
featherbedding
City Southern in the carrier
market
comfort
or
Wellington Company, Inc.
single fund:
Alico Land & Development
repre¬
recent
a
Houghton Funds, Broad Street, In¬
vestors
are the stocks of
Mutual, Loomis - Sayles,
New England
are smaller and
Fund, Putnam Fund
well-known.
Thus, while and Wellington.
V !
there
the
something
ing to previous portfolio holdings
might imply that averaging-down
their- cost was an important. mo¬
more
investment dealer
for prospectus
issues, reflecting
management to "find
new," were initially
purchased by
total investment of
their
Ask your
our
The following
$20,000,000 in the issue. The fact
for
Products
equivalent "pop¬
ularity list" covering the March quarter.
that 19 of the 26 buyers were add¬
tive
Oil
♦Also appeared in
The President's Commit¬
in
June
from
attitude
portfolio
soned
example,; the
Chips,' and many
companies which
temporary ^improve-*-'
against
common
the
a
'
\
Transportation has
stops: to consider, that
most growth stocks are less sea¬
in
roads.
best
rent income, and
profit
possibilities.
;
during the June quarter and/or in
July has taken common stock po¬
one
a
Universal
the desire by
included
the buying
Roebuck
Standard Oil of N. J,
of lines and is bringing
increasingly profitable volume
an
than
reasonable
seems
when
on
In
widely
in
Sears
of traffic back from the trucks."
!
general.
more
•
—•
,
American Airways
number
years '
fluctuate
Minneapolis Honeywell
*Part
Fund
seeking conservation of
capital, reasonable cur¬
perhaps the -most
important factor in railroads' com¬
petition with other transportation
agencies, has spread to a large
[since the es¬
tablishment of an all-growth pol¬
icy in 1939] we have learned that
the prices of growth stocks usual¬
ly
and
a
-
.
(despite union labor's opposition).
market
fact.
to
progressive
survey
...
Balanced
a
—
--
Piggybacking,
in
the
past
quarter,
however,
again has demonstrated this
greater
our
senting
total
<
Second most popular, issue was
likely.' The Interstate Com¬
Dis-Favored Stocks
Philips Lamp Works/ which in
Commission," the- report
our
preceding .survey, had been
The most widely sold issue once
continues,
"has
deprecated' the
the second most widely sold issue.
necessity of* further long study,
In the June quarter if was bought again was IJ. S. Steel. During the
before passing currently, proposed"
by 14 managements and sold by
Continued on page 16
tee
The
at
price-
the
•
:
.
merce
type in the hope
that over the long pull they will
be rewarded #Tth; "above-average
capital
point
a
reasonable
of
-
Seems
are
growth
in
Harris Intertype
.^Lockheed
*
30%
/
OFF-THE-BEATEN-PATH
WINNERS';..
or
-
-
,
Hercules Powder
accumulated
stocks,
Investing
selling:
no
-
\
POPULARITY CONTEST
ar¬
When
manage¬
Gypsum
First National City Bank
:(N. Y.)- ...
r
;
*
well-
railroad
reached
governmental
the
meet
and
strong
ment in operating costs is expect¬
ed to follow the less repressive
able to accept the greater risks
involved! in owning common stocks
of
most
"At least
publications of
National./Investors have pointed
out that
some
managed
other
requirements of investors who
The
.
of
has
the
relevent factors, past, present and
future: "Over the years, the re¬
and
are
Lehman,
v.-
A Name to Remember
issues, bought
fund
more
Bestwall
companies
Fund,
Securities.
or
Aluminum Co. of America
Niagara Share and U. S. & For¬
eign
four
open-end ments, met
the
closed-end
Dominick
were
earnings
ratios
and
attractive
yields have appeared even among
they accompany with
Mowing clarification of the
ports
.
decades,
whole,"
the
.
which
value
of
dividends
guments.
ring to the fund's asset perform¬
ance
during this year's market
decline
attractive
their
unpopularity
-
Their frank statement in
by
com¬
Top rank as the most widelybought stock during the quarter
was
achieved by IBM, purchased
which has kept them lagging be-,
hind industrial stocks for- three by no less than 26 managements,
invest¬
primarily to growth stocks,
effect
in
to
Barringer
several
esting
fund
Moreau
the
Avia¬
UNANIMOUS FAVORITES
sellers, of
among
popular
•
,
The following 11
balanced funds included American
Business - Shares,
Commonwealth
among
signs indicating the
of- public opinion may
the
stocks
mon
-
most
American
sellers.
Tri-Continental,
net
Third
North
was
15
tion, with 13 buyers- and only two
net
-
.
•
was
end
for any
"sees
because this
-
European.
Substantial
three.
issue
STOCK SELLERS
probable^tnat;
seems
Se-, only
.
closed
were
American
future,"
President
Fund
by Messrs. <F. F.-Randolph and F.
E. Brown, the top officers report¬
ing for National- Investment Cor¬
,
buyers
-
1
.
that
of
.
the
President
mutual
Substantial
' ;
„
The commentary on the now inthe-doghouse Growth Stock area
ments
.
*
Invest¬
slight reces¬ Investment, . Diversified
ment Fund, Eatop & Howard Bal¬
sion in business will probably di-r
ance Fund, Fund of America, and
rect investors to different classifi-?.
Value " Line
Fund.
Among
the
cations of stocks.
Our function is
open-end stock funds, net sellers
to attempt'1 to anticipate- these
of
equities were the following:
moves."
'
•'
*
Blue Ridge Mutual, de Vegh, FX
Will such a style change per¬
delity Fund, Fundamental Inves¬
haps surge Over to the rails? In
tors, Incorporated Investors, Texas
any event, the Delaware Fund's Fund and Wisconsin
Fund. Large
management thinks so. "The Dela¬ net
sellers
of
common
stock
ware management group," reports
in
further.
economy's problems.""Growth"
•
the
National
and
curity Stock.
in for another style change:
we are
could
relatively conservative and flex¬
ible investment policy is indicated
until one can see the likelihood of
being
Style-Hunting
Madison
Merkle,
mar¬
weeks
a
will attack
of
soundness
(603)
William
One
out
growth stock theory of investing."
"Your management believes that
programs
point
to
view the record of the
fundamental
during
Congress.
of
considerably
carry
important
our
past quarter has not affected the
cut
enacted, the strength in the
ket
it
lieve
possibility that the
a
Administration
across
The Commercial and Financial Chronicle
.
.
that in
At
present, this cannot be evaluated
clearly.
There
.
shares
or in the market
prices for
growth stocks in general, we be¬
and
United
INVESTIGATE
Science, State Street,
TELEVISION-
ELECTRONICS
FUND,
The
A
Qeorge
<
PUTNAM FUND
r
V
C-;»
of ^Boston
A
A
professionally
managed mutual fund investing
in common and preferred stocks
and bonds. Objectives: current
income and possible future growth.
professionally managed mutual
investing primarily in
common stocks for possible growth
of both.principal and income.
Founded 1931. investigate
Established, in 1932. Write your
"A BALANCED FUND"
-
Eaton
Investment: Dealer
Stock Fund—write for
&
a
j
.
tal and 'ncome in
i
"
-
1
-
"1;
!
"
companies actively
5
engaged in the Elec-
w
Ironies field.
Booklet-Prospectus and
ord of this Mutual
I £&H
your
EATON &
possi-
,on8"term
growth of capi-
Get the
GROWTH
primarily
invested for
free
THE
PUTNAM
assets are
Howard's diversified
prospectus, today! Address your
Investment Dealer, or—
-
M.utual Invest¬
ment Fund whose
fund
or—
INC.
Fund
investment dealer
now
rec¬
from
or
HOWARD, INCORPORATED
-
FUND
:
-
-
«.
«
24 Federal Street. Boston 10, Mass.
I
^
Television
Shares
.
Prospectuses
Putnam Fund
CONGRESS
60
New York
Los Angeles
Chicago
San Francisco
on
Request
Gentlemen:
send
me
your
free
1 20 S. LaSalle
115
cha
Distributors, Inc.
I
STREET, BOSTON-
I
Cleveland
Washington
please
□ Stock Fund Prospectus
□ Balanced Fund Prospectus
Emphasizing possible long-term Capital Growth
Management Corp.
.
.
St. Louis
Pompano Beach, Fla.
I
I
NAME.
St., Chicago 3, III.
Broadway, New York 6, N.Y
Name
STREET.
Address.
CITY.
City-State.
qI
XfC
16
The Commercial and Financial Chronicle
(604)
-
.
.
Thursday, August 9, 1962
.
POLICY TOWARD
Most Funds Step-Up Buying
During Market's Debacle
June
by
it was sold
quarter
ity position was Sperry Rand, sold
by seven managements.
Notable
was complete
absence of concen¬
trated
selling
throughout "the
Calgary
&
Mines
Gold
Edmonton
Falconbridge Nickel Mines
Mclntire
Porcupine Mines
Generales Sur La Vie
or
favored
this
survey:
stock
were
by managements
aircraft and air¬
cals
Transporta¬
'
the
find
mixed
de
Raffinage
Transactions
:;:Maison Olida
Favored
Bull
Machines
des
Airlines
Credit Foncier
with
Gesellschaft
growing
emphasis
rose,
5,900
3(1)
9(1)
2(2)
6,000
41,200
Boeing
Lockheed
None
None
23,200
McDonnell
None
None
91,700
North
5.500
2
14,200
i
the
in
mon
Market consciousness
fund
stepped
purchases
sales
of
A.
G.
Philips Lamp
Rotterdamsche
-
bank
Bank
commission
Cia.
Hispano-Americano
de Penicillinay-Antibioticos (C. E. P. A.)
*Energia y Industrias
selling charge
offered at net
Energy Fund
mutual fund
investing
for growth possibilities in.Communications, Atomic
Energy, Data Processing,
Oil & Gas, Missiles &
Space, Utilities, and the
S.
A.
Nacional
Aplicaciones
RALPH E. SAMUEL & CO.
Members N.Y. Stock Exchange
Broadway, N. Y. Dl 4-5300
Open Thurs.
eves,
National
and
First
being
bought 13,280
National
City
*Sears
Tesco
to 8, Sats. 10-12
REMAIN
fus
of
case
2(1)
4
1
None
was
11(2)
9
None
2
United
None
issues
First Charter Financial dominated
Giant
the group.
In the
Chemical
Fund
newly.
Corp.
the
Porcupine Mines
Montecatini Mining (Ital.)
Photo-Produits Gevaert S.
■
None
52,000
7,000
51,200
__i
Fruehauf Trailer
Bendix
3
2(1)
;' T
-.X.--i*.-
Corp.
1
7(1)
4(1)
2(1)
155,052
Motors
3,100
Equipment
:
Thompson Ramo
Timken Roller Bearing
Borg Warner
1
2(2)
2,200
-
>»:•
1
2,000
-.
Clark
20,000
1
3,200
2
;
Banks
1
5m
this
group
case
?9:500
buyer
in
.
were
26,000
Street
First
America
21,800
Chemical Bank N. Y. Trust
of
31,000
Crocker Anglo
was
Charter
;
National Bank.
First National City Bank N. Y._
None
None
3
19,000
Coca-Cola
3(2)
36,100
Pepsi-Cola
30,000
4
24,685
4
29,000
1
2
5,000
13,000
Ideal
3
11,400
Johns
2
400
3
13,200
7,800
3(1)
2
None
1
2
1(1)
,
None
40,900
21,080
5,000
12,000
16,700
34,000
Midland
Marine
Wells
Corp
Western
1
2,616
None
Fargo Bank
None
6,900
1
6,300
Bancorporation
Morgan Guaranty Trust—
of C. I. T.,
bought
William
Bank
19,375
2(2)
Beverages
2,000
Co..
3,600
-T
Financial, 16,100 shares.
*-
;
2(1)
4,230
187,579
Chrysler
Building, Construction and Equipment
A.
FOODS
Societe
Hotchkiss-Brandt
(French)
FAVORED
The food
industry, including the
meat packers, elicited good
buy¬
ing; in contrast to their mixed re¬
♦F. Beghin
fRank
One
big
'
—
General Motors
American
None
2(2)
British Columbia Power Ltd.
Electric
Engine
Ford
6,500
2
in
bought heavily once again. Heavy
buying in C. I. T. Financial and
Mines
1
11.738
Cummins
3,600
108,300
81,025
15,300
2,000
2(2)
5(1)
COMPANIES
(Holding) Ltd.
The
following foreign
issues
met selling during the quarter:
Yellowknife
None
None
2,500
Eastern
6,000
The
BOUGHT
All
None
None
American
Pan
Chemical
as
Holding Ltd.
'
1
None
Northwest
25,000
75,700
3,000
51
March
FINANCE
Stores
5,000
None
Automotive Equipment
Fund, which
bought 46,800 shares of Pfizer.
•
2
3(2)
American
7,200
survey. Drey¬
buyer in both issues as
a
47,900
3(1)
Automotive
1
heavy in Bristol-My¬
Pfizer; as was also the
our
Aircraft
Aircraft
Delta
23,475
15,467
was
in
1
2,500
75,260
6,400
2
Cessna
None
POPULAR
three.
KD
2,000
Beech
City
each
1,000
.;
Airlines
None
the
and
(Beige)
Distributor
:
.
3(2)
Martin-Marietta
None
5,000
balance in 15 cases, and
on
in
UNITED KINGDOM
Pamour
2
sold
well
Celulosa
Laurentide Financial
c
Industries
Espanola (S. N. I. A. C. E.)
Hawaiian
Prospectus
bought
case
Wilcox S. A.
*Sociedad
energy.
Dept.
Com¬
.
Aircraft--
United
In the quarter drug issues were!
ers
El Aguila
various fields related to
to
issues
buying
Aragonesas S. A.
?■:
Send for Free
Trust
York,
of
DRUGS
Espanola
Babcock y
a
both
of
Banco
j
is
were
quarter,
bought.
Chemi¬
Bank, N. Y.
fc:
asest value.
:
38,800
Avco
SPAIN,
FUND
are
well
York
First
New
shares
Oshawa Wholesale
JNCORPOH AT SO
Shares
2
3
bought by five funds. Investment
Company of America was a buyer
Venezia
JAPAN
or
after
New
and
pany
e
preceding
were
sought
Bank
Bank
Assicurazioni Generali de
the
stocks
Most
ITALY
ENERGY
in
As
Works
Royal Dutch
,
Piper
3,000
4
Trieste
no
were
Buyers Dominate Banks
cal
'
i
Aviation_____
Corp
Aircraft
3,300
share block.
(GABG)
HOLLAND
against
eliciting broad purchases
1
1
American, each by Drevthe latter issue in a 44,700
bought
American
Northrop
1,300
.
None
fus,
Gerguwerks
$279,000).
follow:
1
2,000
-i
6,600
1
considerable
met
Best
Siemens & Halske
European
$3,035,030
to
only
Issues
its
up
(Euro-
24,900
—
Harvester
•
2
Popular
Com¬
being stimulated by
Deere
International
Aircraft and Aircraft Equipment
13(2)
Groups
Still
and Pan
mining shares—with the non-gold
sector
Mgts.
11,000
None
ing.
(AEG)
Gelsenkirchner
gold
on
No. of
2
buy¬
American
Eastern,
Algemeine Elektricitats-
issues
Shares
2
industry group all issues,
with the exception of strike-torn
GERMANY
Foreign Securities
foreign
,
sole
the
In this
in
t
v
.
time
this
group
metals were the only
meeting substantial selling.
groups
y
v.
Compagnie
.
Sperry-Rand
Interest
Mgts.
:
No.of
Shares
u
Agricultural Equipment
automotives
the
sold prior to
or
Sold
No. of
Steel and
Francaise
(COFICA)
-
Interest in
No. of
electronics.
and
we
splits, dividends, etc. Number of shares bought
expressed giving effect to the split.)
—Bought—
,
equipment,
building
con¬
struction and equipment, chemi¬
^Commerce Et De L'Agriculture
Paper
1962)
Issues in which transactions by more than one management group
occurred. Issues which more managements sold than bought are in
industry.
!::Cie.
tion
Scott
drug
craft
FRANCE
buyers:,, ;c-
Georgia Pacific
General American
June,
-
stock splits are
In
$Grand Bazar d'Anvers
following issues, sold by
more managements, found
The
Management Groups
(April
italics.
Numerals in parentheses indicate number of managements
making entirely new purchases or completely eliminating the stock
from their portfolios.
(Purchases exclude shares received through
novation
;
71 Investment
airlines,
products, finance
companies,
food
products,
ma¬
chinery and industrial equipment,
metals
(aluminum),
oils, office
equipment, public utilities, print¬
ing and publishing, radio-TV, rail¬
banks,
in
!!:Compagnie Beige D'Assurances
"Exiled" Issues
industries:
following
mildly
BELGIUM
jLes Grands Magasins A L'lnThe
no
Ltd.
Kerr-Addison
list."
four
Mines
Dome
15
managements; as reported in our
March quarter survey, this issue
had been sold by eight manage¬
ments.
In the second unpopular¬
Changes in Common Stock Holdings of
GROUPS
During the June quarter fund
managements strongly favored the
roads, and tobacco.
The following industries
CANADA
15
Continued from page
INDUSTRY
& Cie (France)
Organization Ltd. "A"
action
in
the
March
quarter.
Armour, with three buyers and no
(U. K.)
sellers, was bought by Dreyfus,
:j:Summers (John) and Sons, Ltd. Investment Company of America
ADR (U. K.)
and
Madison
Fund.
General
Foods,
*New
acquisition by Eurofund.
tNew acquisition by Nelson Fund.
^Complete elimination by Nelson Fund.
was
which
newly
was
bought
in
by
Continued
demand,
One
on
Wil-
page
18
3
None
2
Armstrong Cork Co
Bestwall Gypsum——
Caterpillar Tractor
General
None
1
None
2(2)
19,000
None
None
8,600
None
1
4(4)
3(1)
17,800
Worthington Corp.
—
2(1)
5,000
13,100
...—
:
None
41,116
Elevator
Sherwin-Williams
300
1
Manville
Georgia Pacific
Otis
1
None
Cement
Cement__
Owens Corning Fiberglas
U. S. Gypsum-
None
None
400
Lehigh Portland
6,000
None
.
Cement
Portland
2(1)
6,000
None
12,000
3
Chemicals
Air
Products
2
3,300
Air
Reduction-—-i.---—-——
2
11,750
Commercial
4(2)
Mutual Investment Funds
# Stock Series
86,400
Dow
5
51,400
du
6(1)
•
Solvents
1(1)
12,100
None
None
—
(E. I.)
'
-
Kodak
79,000
4(2)
12,000
2(2)
10,100
Chemical
Pont
Eastman
106,600
&
2
2,750
Chemicals
44,000
2(1)
2
• Growth Stocks Series
• Dividend Series
•
•
I
•
• Income Series
The Dreyfus Fund is a mutual fund
•
in which the management hopes
to
ft
Fund
Preferred Stock Series
Balanced Series
A. Common Stock Investment
An
make your money grow and
and
Information Folder and
risks in that direction.
or
DREYFUS
securities dealer
write Department C
•'
your
c°t» 2
n.y. 4, n.y.
its
of
takes what it considers sensible
Prospectus free from
investment
for
Bond Series
Prospectus
on
lohg-term growth of capital
a
reasonable current income.
Prospectus
Request
Fund
seeking
possibilities
company
shareholders
upon
request
NATIONAL SECURITIES & RESEARCH CORPORATION
*
-
120
Lord, Abbett & Co.
Established 1930
Broadway, New York 5, N. Y.
New York
—
Atlanta
—
Chicago
—
Los Angeles
—
San Francisco
t
t
Volume 196
,
Number
6184
.
.
The Commercial and Financial Chronicle
.
—Bought—
-Sold-
(605)
—Bought—
17
-Sold-
No. of
No. of
No. of
No. of
No. of
No. of
No. of
No. of
Mgts.
Shares
Shares
Mgts.
Mgts.
Shares
Shares
Mgts.
4(1)
66,700
79,665
FMC
Hercules
Power
3
19,900
46,000
Monsanto
Chemical
3
3(1)
4
Grace & Co
6,800
Olin
3
9,952
Rohm
1
400
Allied
1
300
1
500
None
2(1)
None
79,000
1,150
2
1
None
5(2)
81,500
General Foods
3(1)
21,300
2
2(1)
None
Mathieson
&
1
12,200
3,500
Corp
2
19,000
Heinz H. J
'
9,000
Beech
1,800
Campbell
Nut Life Savers..
-
Soup
None
Co
2,000
60,000
1,000
None
1
1
2(1)
1
None
None
2(1)
30,700
Standard Brands
None
None
4,600
-
Hass
2
3(1)
38,100
Wilson &
None
None
5(3)
1
Chemical
105,700
Fab en-Bayer A. G
85,565
Hooker Chemical
59,400
Montecatini Mining & Chemical
32,700
Rayonier
24,080
Union Carbide
29,000
400
Swift &
Co
Co
15,000
2
4
_
$
2(1)
IpIONEER
Glass
2(1)
2
3
16,900
3
3
Corning Glass Works
Libbey Owens Ford Glass.
10,800
Owens
6,600
Illinois
None
35,000
Glass
None
None
1(1)
i
jig
None
4,000
30,400
r.
Insurance—Fire
Container
Corp
Continental
Can
50,000
3,000
Co
||
138th Consecutive
Quarterly Dividend
2(f)
8,000
2(2)
77,000
...
7,000
;■
Home
6
cents
ment
Casualty
•
2(2)
Cosmetics
&
Insurance..
a
share from
None
|| • Record date: August
1(1)
|j
1,000
net
|§
pj
invest-
Payable September 14, 1962
None
None
Marsh & McLennan..
60,000
1
900
2(2)
20,500
1
3,400
Avon Products
200
1
12,500
62,200
4
Chesebrough Ponds
Revion
None
None
__
§|
31, 1962
WILLIAM F. BYRNE
•
I
Gillette Co
Insurance—Life
1
1(1)
85
2(1)
25,300
i
1,800
jS:
||
Treasurer
2
J
income
None
Maryland Casualty
INC.
i
•
Containers
FUND
60 Stare Street, Boston, Mass.
&.
2
jg
j*:-
v:*:vx^
Franklin Life Insurance
Transamerica
3,745
None
..
Travelers Insurance
1
None
3,000
2(1)
None
None
Drug Products
6(2)
54,700
Bristol
1
10,000
Lilly Eli
2(1)
2,300
3
41,600
2
26,000
7,500
2,800
2(2)
2
2
5,500
81,300
11,100
33,500
3,800
8,200
5(1)
2
4(2)
1
4(2)
5(2)
73,600
53,900
1,600
3(1)
2
None
None
1
500
Merck
Miles
Myers
-
__
Mead
Johnson.
2
7,400
1
__
__
_
KD
-
1,000
1
1
None
(Chas.)
Richardson
1,500
Merrell
-
600
Schering Corp..
15,000
„
Searle G. D. & Co.
Smith
Kline
&
700
French-
___
1.
Sterling Drug
Warner
—
Lambert
-
American-Home
Rexall Drug
_
__
Products
Upjohn
_
-
_
_
.13,000
14,700
None
4
1
2,000
None
c
1
-
51,900
A.
1
33,000
19,900
Ampex
1
9,000
Collins
2
5,000
Fairchild
4(1)
8(2).
M.
-
-
Beckman
46,000
2
Reynolds
40,100
2(2)
1,600
36,100
53,587
1
2(1)
2(2)
American Metal Climax
17,000
1
National
10,000
1(1)
Mining
American Smelting & Refining
19,500
5,500
2(1)
Dome
6,500
19,300
2(1)
106,700
3
7,300
None
None
None
None
,
None
300
1
4,000
1
5,000
Instruments--
Radio
Instrument
Electric
General
1
None
None
83,200
3,477
39,500
Hewlett Packard
3(1)
11,400
Motorola Inc.
None
None
2(1)
7,800
Perkins
None
14(1)
8(2)
123,663
Philips Lamp Works
125,160
3,900
R.
3(1)
5(1)
21,350
Siemens
2
7,600
22,100
Sunbeam
Texas
Instruments..
7(3)
69,000
Xerox
Corp.
3(1)
19,875
Litton Industries
2(1)
23,400
4,100
25,900
1,500
10,300
2
2
1
1
None
None
None
None
None
1
3
7(1)
General Precision
C.
A.
34,000
j.
Equipment
6,000
None
......
Elmer
&
17,630
13,000
_
—
_
Schlumberger Ltd.
—
Halske A.
&
G.
None
Magnavox
None
None
None
1,000
_
Sperry
200
1
2(2)
29,000
•;
Rand
Westinghouse Electric
Zenith
Finance
Radio
—
__
None
Finance
35,000
First Charter Financial
3
25,565
Great Western Financial-—
3,165
19,900
Financial
I. T.
4,000
1,000
1
;
■
13,100
,
None
Financial Federation
„
None
6,500
None
3(1)
1(1)
1
2(1)
1
49,600
4,600
None
1
3(1)
4(4)
3
7(3)
4
59,805
4,500
9(1)
81,197
2
22,000
None
None
5(3)
2
3
None
5,600
1
20,750
2
1,900
—
Armour
None
Associated British Foods Ltd
:
26,600
12,600
1,539,000
1
None
1(1)
INCOME NOW,
mutual
■
I
Newfrtont
Mines
Ltd
Fansteel
Metallurgical
Freeport Sulphur
•
different
2
3(2)
2(1)
5
34,500
2(1)
250,000
2(2)
25,000
174,100
Texas Gulf Sulphur
Panhandle
Eastern
Pipeline
Tennessee Gas Transmission
I.
B.
M.—j.
4(1)
4,400
Minneapolis
Honeywell
National Cash Register
Pitney Bowes
-
„
None
4,988
15,500
14,627
Addre'ssograph
Amerada
_
Continental
_
6,000
_
Oil
None
11(1)
3
3
187,000
6,900
__
__
1
6
None
2(1)
2
3
ra
Oil
10(1)
95,650
Standard Oil
4,500
Standard Oil
2
10(1)
146,600
2
23,100
116,900
70,200
95,300
None
None
1,300
Standard
Oil
2
P
«'
2(1)
1
1
1
2
£
None
P
1
fe
3(2)
£
None
P
49,700
2(1)
£
3(2)
6,900
Texaco
18,336
Universal Oil Products
None
__
_
650
Gulf Producing
19,000
Champion Paper
9,200
Diamond
6
69,800
International
2
goals:
3,000
3
10,000
10,000
16,500
2,000
Mead
1
Incorporated Income Fund
1
None
1(1)
investing in a list of securities selected for current income.
None
9,000
27,500
National
None
:
Paper
21,034
Corp.
St. Regis Paper
None
3(1)
f
1(1)
1 spectus-Booklet describing
None
2(1)
None
25,000
1(1)
2
Crown Zellerbach
45,000
7,500
Scott Paper
72,700
Weyerhaeuser
15,000
investing in
a
list of securities selected for possible long-term growth of capital and income.
A prospectus on
THE
each fund is available from your
8(2)
36,120
American
2
11,000
General
7
122,800
3,000
investment'de'Sler.
PARKER CORPORATION
Berkeley Street, Boston, Mass.
PURITAN fund send coupon
Camp Paper
|
now to your
3(3)
Tel.
&
Tel
investment
International Tel. &
Western
Tel
.
;
Dept. FC 8,35 Congress Street,
None
7(1)
None
Boston
9, Massachusetts
1
6,400
14,600
Union
or
PURITAN FUND
34,500
Telephone & Electronics
I dealer
1(1)
1,025
10,000
1
Name.
Public Utilities—Electric and Gas
1
1
200
|
2
2
A mutual fund
EST. 1925
£
4(1)
Union Bag
Public Utilities—Telephone & Telegraph
Incorporated Investors
w
2
Paper and Paper Products
,
J3®
yajUi:^::yiW
1
58,500
Sunray DX Oil
Texas
fe
None
Jersey
Champlin Oil & Refining
Skelly Oil
Superior Oil
P
1
22,000
Indiana
New
3
2,000
23,000
California
—
&
None
11,600
88,000
Socony Mobil Oil
—
£
None
None
_
__
—
61,200
3(1)
4,000
_
Shamrock Oil & Gas
Shell
56,500
224,900
1
•
40,100
51,300
International Nickel„
St. Joseph Lead
Gulf Oil
2
A mutual fund
Lead
Phillips Petroleum
Royal Dutch Petroleum
2
Corporation is distributor of
funds with two
Copper
Magma Copper
16,500
INCOME LATER...OR BOTH?
.
Kennecott
63,200
None
V
Phelps Dodge
7
1
.
None
Mining—Copper
2
None
■
None
Oil
3(1)
5(2)
■
America
Office Equipment
26(7)
9
The Parker
of
Metals
10(2)
American Chicle Co
ARE YOU LOOKING FOR
Co.
Natural Gas
KD
Food Products
27,700
2(1)
3
4
3(1)
C.
1
7(1)
5,100
45,000
17,200
5(3)
.
12,500
31,312
72,500
55,200
102,300
41,000
1(1)
Companies
Beneficial
3
1,800
30,000
_
None
2(2)
Aluminum
3(1)
None
&
3,500
Mining—Aluminum
Metals and
3
—
Camera
and
Metals and Mining—Other
Inc.
P.
Halliburton
1
2
Aluminium Ltd
Electronics and Electricals
3
2,200
25,700
Foundry
53,500
4(2)
2(1)
2
Mfg
American Machine &
1
None
51,300
1
7,100
Singer
2(2)
3,000
None
...
Ingersoll Rand.
6(2)
1(1)
21,000
8,850
65,300
4
1(1)
1
1,200
Baldwin, Lima, Hamilton
Chicago Pneumatic Tool
Emhart Mfg
Metals
1
83,300
_
& Chemicals-
22,400
1,325
:*
None
5,000
Davis
Pfizer
1
800
McKesson & Bobbins.
37,000
23,000
2
„
__
Norwich Pharmacal
Parke
2(1)
2
1
6,100
__
Laboratories—
2,800
—
-
—
2
20,400
_
...
Machinery and Industrial Equipment
2(1)
4
2
2
1,500
15,000
12,000
22,300
4,500
2,000
American Electric Power Co
Allegheny
Arizona
Power
Public
System......
Service
Central & Southwest Corp
Consolidated Edison
Delaware Power & Light
Address.
50,000
2,500
18,500
None
Continued
on
KD
KD
2
1(1)
None
page
18
City.
.State.
Fund shares offered only in States
where legally sold by registered dealers
Financial Chronicle
The Commercial and
Continued from page
57,200
32,600
15
••
'
2(1)
3(1)
2
2(1)
2
FUND
-
7
.
Thursday, August 9, 1962
-
2
43,400
General Public Utilities
None
None
Continued from page 16
in
20.800
Commonwealth
One of the
Ginn & Co
Gosset & Dunlap
Group of Mutual Funds
Radio, Television and
;
2
NORTH AMERICAN SECURITIES
o15 russ building • san
59,100
26,400.
4,500 -
4(1).
CO.
2
"
-
M.
C.
1(1)
None
None
2
7,400 i
22,200
4,300
-
3(2).
2
forward-looking
Northern Pacific—
—
Southern Railway
Harris-Intertype,,.
favorite"
Nope
liam Street
bought by six manage¬ (15,000), and also by Wall Street
*
J v? '."/'
met no selling.
New Investing.
and
were
this
in
made
Radio-TV
Within
ing,> was also bought by Lazard
(50,000)
newly;
and
also
by
Dreyfus (45,000) newly. A
None
2(1)'
No redemption
KD'
commission—
sales
No
value.
charge.
n
2(1)
1
>*.
5(2)
on
34,800
13,500
2
request
•
2.
None
Neuberger
<1
12,000
£10,00.0
.11,900
4,000
:——
'
>
,
T
7.H
no:
i
i
•:
v
None
None
1,000
1
10,200
2
91,234
30,800
3(2)
45,908
——i———
Spiegel
55,000
KD
None
None
Woolworth F. W.L—_————
Gimble Bros
—— —
Great Atlantic & Pacific Tea Co.
Safeway Stores
—T_,—
19,700
None
None
None
Sears Roebuck-———
5,000
1
Underivriler and Distributor
Montgomery Ward__
Penney J. C
113,300
4(1)
Prospectus
2(1)
K '
2
Rubber and Tire
1
Broadway, New York 5
COrtlandt
1(1)
7-2600
5,000
1
Rubber-
16,414
2
Rubber—:——
3,000
22,518
1(1)
3
72,100
3(1)
Goodrich
24,400
3
Members New York Stock Exchange
F.)_————
1,000
11,500
1,000
K-
l
Firestone Tire <fe Rubber
Goodyear Tire &
U.
S.
General
None
None
(B.
Tire & Rubber—.
•
.
LIKED
Shares may be systemat-
petroleum group continued
to show good demand, as it has in
recent: surveys, but
on a
more
."
,
KV'
ically accumulated in
The
•
34,900
41,700 ;,\
3(1).
3(1)
1
NUVEEN
I
2,000
KD
21,000
9
3
2
exempt Public Bonds
9
3(2):
15(13)
1
2(1)
i
„
r:
•
T
None
137,600
31,500
will
be
ex¬
empt from all Federal Income
3
Taxes under existing
law, in
3(2)
opinion of bond counsel.
4(1)
49,300
9(2)
97,400
the
2(1)
•
-
•
5
V
1
BOND FUND
on
5 Hanover
Square
Chicago 3, III.
New York
4, N.Y.
Financial 6-2500
Digfey 4-3300
Area Code 312
TWX NY 1-1690
2,100
2
I
7,575
None
None
None
1
I
r
None
None
%
Area Code 212
1WX CG2166
2,800/
None
write for information
135 S. La Sctta St.
ers
None
2
20,500,
27,800
.
..
2(1)
3(1).
36,000
•'
.
Corp.,—J'—i——J
.
15,000
U. S. Lines—•
Brunswick
'
General American Trans
;
Gevaert Photo N. V.——_
Hilton Hotels—•
Outboard Marine
—
U. S. Pipe & Foundry^—J
,
Trust of Boston,
,
Send for FREE Prospectus
Investment Dealer
LAND
TITLE
■
from youf
or
BAILEY & CO,
GEORGE A.
845
;
y>
BLDG., PHI LA.
10f PA.
7:
*
f."
"V.;
:
!
For income
1
T
2<2>-
•
.
None
49,900
12,100
18,375
81,200.
56,000
16,200.
-
1
D. ,
None
4(3);
4
3(2)2
3(2).
2(2)
foregoing tabulation also includes
Purchases and sales by Affiliated Fund included above and in our article
are
for the April quarter 1962; those by American Business Shares, Fidelity
Capital Fund are for the May 1962 quarter.
involved in
anti-smog developments, five buy¬
ers
and no sellers appeared; this
"unanimous
2,500.
10,600
4,800-
and (15,000)
ucts, which is heavily
'
transactions by 11 investment com-panics (under 7 additional managements) in addition to £hos, shown in our
tabulation .♦'Balance Between Cash and Investments."
The
of capital and
income. Free of Pennsylvania
Personal Property Tax.
I '•
newly, and Energy Fund (13,000*).
In the case of Universal Oil Prod¬
PeabodyCoal—
——
Polaroid Corp.-—
—1
Procter. & Gamble—- 9,200
Unilever N. Vt„
~
000
139,000
7,700
1,650
2.(1)
I
request
None
Hertz
2
or
None
46,500
;
12(1)
Other
large buyers
included LoomisSayles (40,000), and National Secufities - Stock
Fund
(25,000),
Socony Mobil, was bought newly
by Wellington, in a huge block
(168,000), and also by Sharehold¬
None
12,000.
2(1)
3
Prospectus
4(1)
•
Tax* Exempt
Phone
:
growth
newly by Delaware Fund.
None
Lorillard
Philip Morris,——
Reynolds Tobacco,
Miscellaneous
N
UVCEN
•
Oil
None
:
term
•
.
1
66,000
American Tobacco
Consolidated Cigar
Imperial Tobacco,
Liggett & Myers, ,
(6,QD0).
Shares
(N.
J.)
another
"unanimous favorite," was bought
1
4(2)
income
American
Standard
>
/
in
(87,000), National Inves¬
(50,000), and newly by Se¬
tors
None
87,400
A MUTUAL FUND investing
a diversified group of secu-
rities selected for possible long
In the
just
nental
■
•1,000
bought:
Jersey,
"unanimous favor¬
ite" by one seller
(4,00Q shares
Commonwealth Investment); was
heavily
bought
by
Tri-Conti-
Tobacco
selected'
71,000
28,700
89,400
N
f
409,500
10,500
—.
American Viscose,————.
Burlington Industries
United Merchants & Mfgs—.
17,000
'
1
53,100
Steel
heavily
New
of
missed being a
3(iy
2(1)
9,500
Youngstown Sheet & Tube.
,
155,600
:
2
■ interest
9
S.
2(2)'
diversified portfolio of tax-
for income.
9
U.
31,800
3(1)
2
a
—.
Textile and Rayon
BOND FUND
■
Steel
InlandI Steel
were
Oil
the
appeared
Royal Dutch, which
of
case
lected
I
SERIES
1
National Steel
which
issues
Royal Dutch, and Socony.
2(2);
23,200
7,400 J
72,000
______
Standard
1
6,800
Steel—
Republic Steel-
39,000
1(1)
TAX-EXEMPT
...
None
None
Allegheny Ludlum
Jones & Laughlin
Bethlehem
None
None
March
in
Steel and Iron
4,000
again
Once
basis.
selective
following
1
STRONGLY
OILS AGAIN
A
& Berman
120
Fund
10,000
,
Associated" Dry Goods—:—
Food Giant Markets
Korvette E.'
M'dc'y (R. H.):-J_i,:l:——
33,000
4,500
4,200
27,000
9,500
2(1)
asset
net
at
the only issue
Madison
■
"Retail Trade
2
available
was
balance.
on
continued to elicit
preceding quarter.
IBM and<.National Cash Register
Railroads Remain Strong
both
were, actively
sought.
As
Once again the railroads con¬
noted above, IBM was the most
tinued, .to
show
substantial
widely: sought-after issue in this
strength, with Atchison and South¬
and all other groups covered dur¬ ern Railway finding good support.
ing the quarter under review. ' Jn the case of. Atchison^ Delaware
Particular large buyers in this is¬ Fund
bought 55,500 shares newly.
sue'were Dreyfus (25,000) newly;
Wellington; (6,300), and Lazard
(4,300),
newly.
National
Cash
Register, also showing good de-"
mand, was once again purchased
by Dreyfus (18.000), newly, and
Wellington (50,000).
This, group
favor since the
Mutual Fund
Shares
3,600
American
shares
newly;
however,
a
32,100-share
pur¬
chase by Dreyfus was by far the
largest.
"■
POPULAR
Guardian
Popular
group
quarter when it
sold
acquired
EQUIPMENTS
OFFICE
A. C. F. Industries—.—-——
Remain
'this
Broadcasting was the most widely
sought issue; in direct contrast to
its. performance
in
the March
Metals, whith also had heavy buy¬
None
Railroad Equipment
60,700
"unanimous
a
bought by Madison
was
(8,000 shares); by One Wil¬
Fund
by Lazard (18,000) and Dominick
Fund
(2,600).
Reynolds
"
5(1)
met no selling.
issue
24,700
Chesapeake & Ohio
earnings
group
to
the
issues
quarter. \ Three
within this
-
KD
None
Pacific
Union
None
None
R., R—
Airline
Seaboard
improve over
good
:
,
category
continued
its
popularity
of
BOUGHT preceding
This was due,
the
commitments
2
7,000
25,200
Nqps.
None
Santa Fe—•
to
,•
was
ments
Atchison Topeka
maintain
to
■
(7,500); and Guardian
several
Mutual.
Crowell-Collier / was
quarters. Aluminum Company of
America, the most actively sought again bought by Madison Fund
issue
64,500'
20,000
This
'
being reported in the last
Railroads
investors—
doubt
no
1(1);
None
francisco 4
3(1)"
KD
\
;
continued
issues
None
Investment
Printing and Publishing Popular
Sentiment toward the aluminum
2,400
Mayer---^—
Goldwyn
.
METALS (ALUMINUM)
None
Movies
Corp.
A.
Metro
was
shares.
None
previous quarters.
Broadcasting
American
,
Singer
KD
13,300
None
None
3,415
—y-
Harris-Intertype
Co
prospectus from your
investment dealer or
None
None
——-
Heath &
5,000;
Biggest
Dreyfus,
ufacturing.
OroweU-Collier Pub._
3,500
20,500 1
19,300
current income.
Street
.
(15,000 shares).
Man¬
buyer
of
with 5,200
Lima, Hamilton, and Singer
Publishing
Printing and
stocks and bonds selected for
State
,
For the investor who wants a
convenient way to invest
again,
■ -
T. Rowe purchased 7,700 shares and One
William Street, 7,300 shares.
;
Price (3,500). Dreyfus and Well¬
ington also made commitments in
A. T. & T. BOUGHT
this issue; the former purchased
Perhaps anticipating the advent
27,500 and the latter 25,000 shares.
of Telstar, American Tel. & Tel.
MACHINERY AND EQUIPMENT was bought by eight funds- two
PICKED UP
newly,
namely,
Onb
William
Street : (10,000),/ and
General
f.
A
somewhat
greater
interest
American Investors, (1,000). This
was
shown in this group, notably
issue was also bought by Dreyfus
...selective
purchases of Baldwin,
(25,000).
Street
lia'm
3(2)
.
During Market's Debacle
-
iUV'
2(1) v
*
(
.
3
INCOME
v?V
-
1
1
For
.
Most Funds Step-Up Buying
4,400. '
800
Gulf States Utilities.:—"27,000
1
;
3,000 '
Kansas Gas & Electric——— 1 - 2,000 ;
I)
800
Middle South Utilities
'
6,000 ' 1\
12,000
Nevada Power—
4,000
1
8,301
New England Electric System— -None
-None
47,900.
Southern California Edison
1,000
1
98,100-, Southern Co
: 12,000
3(1)
,11.000 : Tampa Electric__^——X-U------- -,10,700 •
3 *
33,300
Tennessee Corp.—
1,200
1
4,200
Texas Utilities,.-.—.
None
None
i
1
17
•
; :
"
/ /
Detroit Edison
——.
Florida Power & Light——.
Mgts.«. Shares
Free
.
(606)
18
-
favorite"
being
TRUST
bought by Stein Roe &
.Farnham (23,000)
and One Wil-1
newly
liam
Street
(15,000).
Public Utilities—Electric &
Gas—-
In Demand
?
This group,
reaction
in
with 18 com¬
panies being bought,
and only
one, General Public Utilities, be¬
ing sold. In the case of Florida
Power
&
Light,
heavy buying
met
heavy buying,
came
from National Investors (20,-
Street Investment
Second
most
widely
issue
was
Central
and
Southwest Corporation; here, once
000)
and State
(5,000).
sought
Prospectus and Literature
after meeting mixed
March quarter,
from
.
.
.
the
INVESTORS PLANNING CORP.
.
60
•
of America
East
42nd
New York
Street
17, N. Y.
NATIONAL DISTRIBUTOR '
Volume 196
Number
6184
This issue was also bought by
Dreyfus (4,000 shares). Also newly
purchased by Delaware Fund was
block of 17,200 shares. The only
a
issue
sold, Chesapeake and Ohio,
was
eliminated by New England
Fund (900 shares), and also sold
by Fidelity Fund (23,800).
the
cancer
wearing
at least
temporarily, and
buoyed by the urge to switch into
higher yields, the tobaccos were
unanimously bought. Within this
group
American, Philip Morris,
and
Reynolds attracted buyers. In
the case of
Reynolds, which had
nine buyers and only three
sellers,
a block of
32,300 shares was newly
bought by One William Street.
Another large block, namely, 31,500 shares, was bought
by Drey¬
fus. In the other two
Tobacco
issues, Amer¬
Philip Morris,
and
both
Dreyfus
Street bought
again.
and
One
large
The Commercial and Financial Chronicle
.
Beech, 50,000 shares
See page
craft
ing Balance Between Cash
ica
eliminated by Wisconsin
was
Fund
(2,400)
and Fund of Amer¬
(2,400),
but
bought
was
by
Dreyfus (4,000).
Reflecting the
huge government contract awards,
and
showed
once
only
considerable
13
sellers
two
interest.
Large
blocks
were
Broad
Street
(24,500),
(10,000), and
(15,000).
American
Also
and
This
favorite" list
was
Lockheed.
newly bought by
(5,000 shares) and
was
Fund
heavily
by
Selected
Shares (13,700).
,
American
Autos
Automotive
and
automotive
there
The buyers of General Motors
ers.
and Security Trans¬
the
Aircrafts Spotty
Despite concentrated buying in
North
American
Aviation
and
Lockheed,
this group which had
shown
predominant
strength in
the past quarters, started to reflect
some profit
taking. Boeing, which
met
with
three
buyers and three
sellers, was completely eliminated
by Madison Fund (10,000 shares)
and
One
William
Street
(25,000).
Martin-Marietta, which found
buyers,
Fund
was
(22,500)
sold
by
no
Dominick
and Fidelity Fund
(25,400). Interest in the light air¬
craft
the
section
usual
showed
more
activity. In the
than
case
of
strength
once
again.
of the "unanimous
favorites," was bought by 12 man¬
agements and sold by only two.
A 91,000 share block bought by
Dreyfus was by far the largest.
General American Transportation,
finding no buyers and four sellers,
was
sold by the United Income
June
This issue, one
Accumulative Fund
and
Johnston
quarter.
t—
and
m
&
also
Mutual.
•
PIONEER
Southwestern
America
of
pany
Lazard
(15,540),
and
(46,200). RCA, which re¬
mained
extremely
shares),
(75,000
popular,
was
by
Wellington
newly, Dreyfus
bought
heavily
(21,000), newly, and Lazard (14,600). A repeat performance was
again turned in by General
the latter with
6,500. On the sell¬
side, pressure was indicated
the
following issues: Sperry
ing
in
included Broad
Groups Mildly Bought
by the companies in
the former with 50,000 shares and
group
three buyers and three sell¬
were
1962,
actions
Electric, bought newly by United
Accumulative and Energy Fund,
Equipments Mixed
the
In
June
Companies as of
30, 1962 vs. March 31,
once
.
:
by 89 In¬
vestment
by
Selected
Accumulative
issue
Energy
and Investments
bought
showing considerable interest
making our quarters "unani¬
mous
20 for table show¬
Shares
United
Street, Investment Rand,
Litton
Industries,
and
Company
of America, National
Westinghouse, Sperry Rand, one
Securities,
Whitehall
Fund, of our "exiled
issues," met heavy
Guardian Mutual, and Common¬
selling, large blocks being elimi¬
wealth Investment. Ford's buyers
nated by General American In¬
included, among others, Tri-Con- vestors
(10,400), National Inves¬
tinentai, Madison Fund, Lazard tors
(16,800),
and
Guardian
newly, Investment Company of Mutual
(8,000).
America, General Public Service,
and
Whitehall
Fund
newly. A
Papers Remain Popular
huge block of 73,466 shares was
Here
once
again we have a
sold by Wellington.
In the case
balancing-off effect found in the
of American Motors, one signifi¬
buying of International Paper and
cant elimination occurred: 51,000
Diamond National and in the selL
shares by Dreyfus.
ing of Scott Paper and Crown
Building and Construction Issues Zellerbach, the most active issues
in the group.
Scott Paper, which
Find Support
found no buyers, was completely
A somewhat slowing up in the
eliminated by Fidelity Fund (41,—
demand
for
issues
within
this
400), and was also sold by United
group was indicated during this
Science Fund
(27,200).
Interna¬
survey
period.
Issues
meeting
tional Paper, which showed the
good support were Bestwall Gyp¬
greatest activity, found Investment
sum,
Caterpillar
Tractor,
and
Company of America purchasing
Johns
Manville;
whereas those
42,000 shares., iv.".
showing little support included
Georgia Pacific (an "exiled issue"
Retail Trade Pick-Up
in this survey), Otis Elevator, and
This particular group did con-,
Worthington
Corporation.
Bestsiderably better during this sur¬
wall Gypsum, a "unanimous fa¬
vey; reversing the pattern of the
vorite",
was
bought
by
State
previous
quarter
when
issues
Street Investment (16,500), Lazard
within this group were sold on
(4,185)
and
'(1,500), Lehman
balance.
Sears Roebuck, another
Loomis-Sayles » (2,500).
Georgia "unanimous favorite" was
newly
Pacific was completely eliminated
bought by Dreyfus (13,500), and
by the following four funds: Mad¬
United Accumulative (20,000).
ison Fund (21,285), Lazard (10,Another
issue
showing unusual
000), Guardian Mutual (3,030) and demand
was J. C. Penney, newly
American European Securities (6,bought by United Accumulative
801).
(58,500) and United Income (30,Chemicals Elicit Moderate Interest 000).
*
I Deia^are
Fund
| Investing in diversified securities
selected for their INCOME and
j§
APPRECIATION possibilities
PROSPECTUS ON REQUEST
m
popularity
of
chemicals
the June quarter was
during
curtailed
sharply
from
the
pre¬
against 25 in
Although good
registered in Allied
Chemical, Hooker Chemical, and
Rayonier. Heavy buying in East¬
man
Kodak was enjoyed by TriContinental
(30,000 newly), and
was
by Wellington 65,000. DuPont, an¬
other actively bought issue, in the
Deiaware
INCOME
FUND
midst
the
of
GM
Wellington
Telephone
:
INC.
Debens. Offered
CURRENT INCOME
as
as
high
once
spin-off, found
again
buying
(49,40(L shares).
Dow
Chemical
also bought
by Wellington
(80,000
shares
newly).
On
its
possible,
commensurate with
selling side,
by
a
pressure was heaviest
Chemical Fund (83,000) and
10,000
share
elimination
by
involved
During
interest
in
Demand
greater
electronics
Nationally distributed through
investment dealers by
second
this
Although
and
Management
Co.,
3 Penn Center Plaza
Philadelphia 2, Pa.
the
groups.
buying was not as
that shown in the pre¬
heavy
as
quarter,
showed
electrical
a
and
within
the
vious
Delaware
quarter,
selection
shown
was
it
itself
in
once
again
selective
pur¬
chases., The popularity of Philips
Lamp Works,
the
second
during
sharply
second
a
foreign issue and
widely bought
most
the
quarter,
after
most
having
widely
rebounded
been
sold
the
issue
during the March period. Buyers
included
State
'
i
The
group
Street
Investment
(16,6C3), newly, Investment Corn-
selected
growth
||
upon
request
investment
"I
:
from
dealer,
or
FUND RESEARCH &
Net proceeds
(
61
Wall St.
•
INC,
N. Y. 5, N. Y.
from the financing
will be used to reimburse the
pany's
I
MANAGEMENT
treasury
com¬
expenditures
for
made to
extensions, additions and
improvements to its plant. Fol¬
OWN
this
lowing
reimbursement, the
company
intends to repay ad¬
vances from its parent, American
Telephone & Telegraph Co., and
to use the balance of the proceeds
for general corporate purposes.
The
debentures will not be
SELECTED
re¬
AMERICAN
SHARES-inc.
!I%-
to par.
Headquartered
in
Louis
St.
Southwestern Bell furnishes
com¬
munication
services, mainly local
telephone service, in Ar¬
kansas, Kanshs, Missouri, Okla¬
homa, Texas and a small portion
...
diversified
a
Illinois
in
stocks chosen for
common
of
For information and free copy
the
vicinity of St.
31, 1962, the
company had 6,577,018 telephones
in service, of which approximately
35%
located
were
politan
of
areas
in
the
having 50,000
or
population.
this to
Selected Investments Co.
135 S. LaSalle
St., Chicago 3, 111.
St. Louis, Hous¬
to 26 other cities
more
of prospectus, send
metro¬
ton, Kansas City and Dallas, and
33% were located in or adjacent
possibility
growth of capital and for income.
March
On
mutual
fund usually investing in
and toll,
of
Industry
Get the Facts about
prior to Aug. 1, 1967.
Beginning with such date, the re¬
demption prices will range from
Louis.
SHARE
in American
deemable
104.382%
A
I
1
| Please mail me a free prospectus of
| SELECTED AMERICAN SHARES, Inc.
CF-8
i
Communication
services
other
.
i
I
Name
than
telephone
service
include
teletypewriter service, data trans¬
mission and transmission
television
and
revenues
Other
programs.
derived
are
Address
of radio
principally
j_City
telephone
the
For
three
months
ended
31, 1962, on an unaudited
basis, the company had total op¬
erating revenues of $217,135,000
(150,000).
operating
$834,759,000
$38,898,000. For
31, 1961, total
revenues
and
net
aggregated
income was
$141,006,000.
G. E. C. Securities
FUND OF
Promotes Two
AMERICA, INC.
Heavily Sold
balance
Leonard
with five
buyers.
the
This
sellers
not
only
Administration's
price warfare, but also generally
preceded lower - earnings reports
are
securities
March
completely reversed
the pattern revealed in the March
quarter's review and was heavily
which
||
directories.
■
This group
on
J
income.
your
award of the de¬
won
the year ended Dec.
three
of-
managed
long-term
possible
Prospectus
bentures at competitive sale Aug. 8
on a bid of 100.212%.
and net income of
sold
in
for
and
Aug. 1, 1997 at 100.882% and
accrued
interest to yield 4.45%.
DIS-FAVOR
Unusually
strong selling
ap¬
within this group, with
companies sold on balance
and
only
three
bought.
Most
heavily sold issue was Interna¬
tional Nickel, with a large block
of 27,900 shares liquidated by Fi¬
delity Fund. Texas Gulf Sulphur
which recently cut its dividend,
was completely eliminated by two
funds: Broad Street (100,000) and
Steels
fund
due
seven
Tri-Continental
investment
diversified,
a
investment
Halsey, Stuart & Co. Inc., New
York City, is manager of an un¬
derwriting group which is offer¬
ing $100,000,000 Southwestern Bell
Telephone Co. 4V2% debentures,
peared
followed
Electronics
PROSPECTUS ON REQUEST
somewhat
I
IN
Slumps
and
Lehman.
the risk
'
mutual
A
fering
from the sale of space in
Metals and Mining Demand
was
Investing for
\
*
as
the March quarter.
buying was exhibited in Eastman
Kodak, du Pont, and Dow; selling
pressure
"
'
INDUSTRIES
ceding period, with 12 issues being
bought this time
'
'
*
I
FUND
Bell
...
The
19
markable
shares
by National Investors. Cessna Air¬
William
blocks
(607)
sold by
were
Delaware Fund and 22,200
buyers
scare
thin,
ican
.
North American Aviation with
Tobaccos Resurgent
With
.
now
evident. U. S. Steel
I.
General
Economics
Axelrad, President of
Corporation,
Madison Ave., New York City,
625
has
Jerold
to
the promotions
announced
Simon
and
Vice-Presidents
Securities,
Over
-
Inc.,
the
-
a
Smith
Joseph
with
of
G.
E.
C.
wholly-owned
Counter
securities
subsidiary.
Jerold
The
Fund
seeks
is
Fund
Mutual
a
non-diversified
which
primarily
possible capital appreciation
secondarily,
and,
Fund's investment
income.
but is not restricted to,
tion in
The
policy permits,
participa¬
special situations.
For Prospectus and literature, write to
Simon,
a
Sales Manager
which led the liquidation with 15
with
sellers,
was completely eliminated
This issue had one buyer,
Dreyfus (39,000 shares), newly.
past three years, was formerly in
The sellers in U. S. Steel included
Smith
by
13.
the
G.
E.
C.
Securities
for
the
Investors
o|Q%waioa.
management with Neiman-Marcus,
Bamberger's
has
and
been
Coty.
Joseph
General
with
Wellington Fund -Economics Corporation for over
(105,400), Tri-Continental
(73,- four: years as a Sales Manager.
000), Lehman (50,000), One Wil¬ Both men will continue in their
liam Street (25,000), United Ac¬ present capacities with the com¬
cumulative
(40,000) and United pany, but will assume additional
60
East 42nd Street, New York
following:
Income
Private
MISCELLANEOUS ISSUES
will
come
placement
groupings
Mr.
Simon's ad¬
new
17, N. Y.
Principal Distributor
IPC-60 East 42nd St.
New York
Please send
Literature
duties.
(40,000).
Planning Corp.
CI 8
17, N. Y.
me
on
FREE Prospectus and
the Fund of America^
NAME.
sales devel¬
under
Among the companies which it
is inappropriate to categorize in¬
ministration and
dustry-wise, Polaroid showed
ADDRESS-
sponsibility of Mr. Smith.
re¬
opment programs
will be the re¬
CITY
&
STATE-
mm
m
4
20
The Commercial and Financial Chronicle
(608)
Balance. Between Cash and Investments By 89 Investment Companies
(With Aggregate Net Assets of $14.1 Billion) 6-30-62
vs.
..
.
Thursday, August 9, 1962
Transactions by the 89
Security
Investment
3-31-62
Investment Bonds
Net Cash & Governmentst
Open-End Balanced Funds:
*
June
March
June
5,645
b6,630
20.2.
b26.4
260
309
3,367
7,028
Axe-Hoyghton Fund A
Axe-Houghtoii Fund B
Axe-Houghton Stock Fund
Street
Broad
Commonwealth
Diversified
Dodge
Cox
&
Eaton
Investors
3,193
4,183
2,200
21.5
75.9
78.2
560
307
560
96
5.0
82.2
94.9
1,124
62.4
60.2
8.9
90.8
89.2
1,889
6,858
11,509
4.375
38.7
4,375
16,498
13,057
34,710
14.6
18.0
•3.8
10.9
2.0
2.5
202
2.1
1.1
35.5
1.9
8.1
'1.1 A
;
>
31.2
37.2
0.8
28.5
36.3
26.1
31.5
"
18.2
20.3
3.6
*
•
,3.2
85.9
65.3
159
682
1,938
80.2
74.1
'
105
498
773
146
Nil
46
1.554
2,857
1,554
45,374
17,533
5.4
21.5
23.6
75.8
71.0
'2,857
32.5
40.0
61.8
56.4
185,792
-
20.4
73.7
61.3
2,886
,
7.4
87.8
91.3
78.8
80.0
64.3
56.5
85.6
83.8
37.3
60.6
>32.3
60,397
7.0
3.6
4,778
10.4
18.3
143
0.9
1.3
8,872
6,809
8.9
9.8
12.3
9.2
28.5
5.1
9.3
-
15.9
>
V
11.3
V
A
•
160,639
A
72
.
A
5.1
1,537
2,203
10.2
.
34.3
10,598
3,078
166
A
851
-
..
>
2,576:
212
685:
17,461
.
Nil.
•.
4,323
.1,178.
9,840
1,773
647
504
1,555
A 504
>4,753
2,001
2,706
979
4,976
372
d982
d661
>
,
"
11.1
59.7
1,655
3,456
56.1
58.5
5,174
85.0
78.0
60.1
56.4
414
65.0
61.0
19,424
25.3
68.4
65.1
10,409
33.9
66.6
61.2
4.219
27.1
64.8
65.6
9,388
•
'
5.0
34.4
3.0
6,817
3,808
14.6
9.2
•
29.3
112
1.0
2.8
14.1
4,623
4,498
23.6
25.2
12,102
8,287
2.6
5.0
32.4
8.0
1,475
1,062
2.3
18.8;
,
16.3
7,729
7,485
•18.4
d982
:
A*
A;
d661
408
362
408
.6,278
19,424
6,278
9,731
4,032
2.376
>1,667
8,636
2,755
768
1,220
32,704
'
Scudder, Stevens & Clark Fund
'
1.9
7.3 A
71
470
0.7
'
3,586
3.3
4.9
204,846
139,165
14.4
253
518
1.9
352,604
326,987
6.2
21.3
6.0
2,796
Fund__,
.
31.1
..
vr;
501
-
None
!.'v
99.3
94.0
768
50.7
49.7
6,562
6,470
59.0
55.1
148,340
33,867
1,641
106,000
52.5
49.0
699
547
592
279
70.2
None
3,726
1,220
66.8
478,278
301,086
256,344
104,872
1,560
19,130
'
Fund.
«...
Fund
Open-End
Funds
Bal.
Nil
•
13.9
4,697 '
10,343
34.5
23.6
9.6
'
Boston.__—
Stein Roe & Farnham Balanced Fund
Fund.
.
L
2,163
2,576
.
810
v
'
—
of
748
248
2.7
54
Trust
5,032,
941
274
,
2,681
6,037
1,900
4,276
1—
Fund
(George) Fund
Sub-Total
92.4
66.9
•
,
133
4,645
*
,
23.7
New England
Whitehall
3,641
32.2
3.8
31.1
Putnam
Wellington
61.7
1,297
288
67.2
890
6,312
'
19.6
9,483
Fund
Income
'
'
■
5,295
*
.
f
2,2
Fund Inc
Line
65.8
10,246
2,576
209
5,354
6,054
72.7
634
13,008
—
Securities
Line
62.9
,
2.0
99
Securities-Income
Value
59.2
>70.2
241
3,272
Mutual Fund
Value
65.9
•
>
12,133
*
354
12,513
Fund
Investment
Shareholders'
.
2.7 >-
2.9
1.3
AvA: 470''
> A
1,565
Massachusetts Life Fund
Nation-Wide
7.9
253
Fund
Knickerbocker Fund
Loomis-Sayles
0.1
'
Mutual
Mutual
Nelson
6,333
23.1
32,724
AAA 315
Foundation
Johnston
-
30.2}
0.3
.1.2
Group Securities—Fully Admin. Fund
National
4.6
1.0
205
<
Mutual
1,867
1,369
114
'
Trust
Investors
Institutional
3,545
1,889
Fund—
Balanced
of America.-
General
685
4,418
>5,090
-
Fund
1,867
3.545
1,408
Fund
Howard
&
685
64.5
; 4,875
;
Sales**
63.5
19.8
'
.9.9
;
Purchasestt
b46.6
2,909
4,192
Fund
56.0
Total
Sales^*
Purchasestt
63.9
2,853
Investment
Investment
b27.1
June
Common Stocks
Total
68.1
4
v.
March
"June
Of this: Portfolio
Total
Total
35.7
24
Investing—
End of———
31.9
96
Fund
Boston
Portfolio Securities
Other than Governments
35.5
2,262
Electronics——
&
:
March *"
>
0.8
0.6
1.7
6,555
Science
Axe
Common Stocks
End of
End of
March
American Business Shares
Percent of Net Assets
Percent of Net Assets
End of
(In Thousands of Dollars)'
Percent of Net Assets
and Pfd. Stocks
Net Cash & Governmentst
Thousands of Dollars
Companies During
April-June, 1962
46.0*
45.4}
V
26.8
33.7
4.3
45.6"
46.7}
6.8
23.6
11.2
,
,
-
.
.v.26.4
450
Open-End Stock Funds:
Affiliated
1,070
724
: 4.5..
111,243
Aberdeen Fund
all9,383
13.9;
—
Fund
Blue Ridge Mutual Fund
1,958
Bullock
8,289
5,049
4,623
1.3
VA 4,882
> LI
1,470
None
None
95.5
96.0
3,326
None
None
86.1
a84.4
>24,017
;
10.7
1,944
4.0
al5.6
•,
2.0
Fund
Chemical
>
Fund
1,373
Delaware Fund...
.de
Dreyfus
Eaton
33,692
41,533
13,167
Shares
Fund
&
__A
Stock Fund
Howard
.
69
Vegh Mutual Fund
Dividend
1,692
'
Energy
Fund
Fund
11,666
Fundamental
10,230
Investors
*"
72
Capital Corp
Securities—Com.
Guardian
Mutual
Fund
Stock
Fund.
Incorporated Investors
Institutional Investors Mutual Fund
Investment
Co.
Investment
2.263
91.9
9,601
0.6
98.1
97.3
1.8
97.0
93.7
None
1.5
98.0
90.2
89.9
93.2
•86.6
94.8
:'5,860
•id 3,023
3,965
10,666
11,059
2,389
v
4.9
6.3
.
o.
r
V
2.0
8,711
>.AA 4.5
5.5
10,830
Massachusetts Investors Growth Stock
National
Investors
National
Securities—Stock
-One
William
Street
i
22,150
9,541
4,264
10,323
20,552
Investors Trust
7",030
27,346
^
Massachusetts
93.6
99.7
98.9
'98.8
.81.3
78.9
0.6
None
None
None
1.8
4.1
4,317
17,826
40,325:
>
A
6.6
None
98.0
1.974
27,719
17,765
.
41537
104
3,237
1,737
5,512
11,777
24,790
7,690
1,609
>1,737
5,512
24,790
99.0
1,532
92.4
98.4
C__
25,796
16,792
1,735
5,546
96.1
13,723
10.042
92.3
90.3
26,892
24,779
None
None
None
3.6
3.9
None;
None
95.4
1.7
.
6.9
8.0
0.8
.
50,623
98.1
None
1.9
.
35,579
97.9
2.1
.93.4
;
98.3
■
c
c____
c
—
2,056
1,532
35,579
50,624
•
v
11,059
-3,777
94.0
1.7
2,273
46,226
17,765
AT500
8,961
3,239
11,777
2,056
7,951
1,609
98.5
-
3.023
41537
93.6
;
1,974
25,980
•4,704
94.5
92.7
3,054
5,860
3,513
:
46,226
.
18,639
104
91.1
None
A
3,054
4,997
H500
99.1.
v
None
None
96.1
.96.7.
>
1.9!
.
""7.6
.
98.6.
-.7,5:
None
:
18,848
98.5
None
1.0
1.5
81.6
None
1.6
8.9
A
95.0
None
0.9
5,289
Fund
Lazard
-
;
16.8
93.7
>
None
Trust of Boston
America
of
97.2
None
6.4
3.3
•
93.7
0.5
3,619
'
"
3,355
None
0.5
13.6
r
-
>.0.3;
3.8
A 1.2
A
18.1
.
None ;
3.9
;
v
iti. 01
None
>■■
■A'A:.; '1.5 '
1.2
>
None
0.9
1:6
0.3
•
'?■
4.6
1.4
;
t
.
None
.
14,293
14,293
A. 1.9
13,186
25,714
1,230
17,557
86,295
1,560
19,130,
3,619
13,186
25,579
1,230
17,557
84,530
4,997
0.6
2.6
142
14,458
84.6
8.3
A
.
6.3
V
94.1
89.3
2.3,
-
9;8
None
,2.1
.
>12.5
1,610
2,046
14,994
3,269
6,308
2,350
'.
id
5,917
21,471
1,986
General
Group
•
0.7
None
4.5
<
.
„;10vl'.
;
999
.
5.6
8.1
5.2
:
12.841
683
Fidelity
18,107
13.840
;
:
3,326
24,017
1,159
9,601
25,796
1,735
5,488
16,792
13,723
25,086
10,042
24,774
Pine Street Fund
2,549
3,404
11.3
13.0
<6.3
6.1
82.4
80.9
888
660
Pioneer
1,684
4,330
834
A 3.2
2.0
13.8
14.6
83.0
83.4
2,515
1,246
0.6
0.8
93.4
93.7
7,876
991
7,876
991
None
None
97.5
98.7
3,195
1.1
96.7
7,441
1,542
3,008
3,195
7,441
1,542
94.2
96.4
94.4
55
106
55
106
91.3
93.7
15,405
15,405
7,450
3,638
2,628
1,463
2,346
13,171
Fund
Price (T. Rowe)
Growth Stock——
Scudder, Stevens & Clark—Com. Stk.
Selected
American
Sovereign
State
Shares
6.0
•
1,625
5.5
2.5
2,110
4
.,1.3
:
4.6
61
18,950
10,103
Investors
Street
3,515
1,389
5,571
0.3
2.2,
1.2
_
1.9
.
v
3.3
3.7
:
Stein
Roe
8.1
■
Farnham
Stock
Fund__
911
AAA
3.5
2,023
18,868
1.7
Fund
United
Accumulative
United
Continental
Fund
-
-
Science
Fund
L
Value Line Special Situations
Wall Street Investing
Wisconsin
Fund__
8,480
3,517
3,701
4,055
Fund—■
United Income Fund..
United
1,225
782
&
5.5 V
285
2,743
4;. 0.6
-0.8
96:5
95.9
98.2
94.9
.4.1:;
94.8
92.2
3,818
1,463
32,668
3.5
90.6
89.7
2,854
7,450
2,758
2,346
13,171
2,448
4.5*
-
93.9
91.2
16,282
16,282
v
435,106
Total
787,710
.v
0.1
3.7
6.9
.A
4.3 A
:
> •"'r ' 5.3
>
2.7
>
3,008
~~2~.9
377,438
4.1
...
94.2
10.236
9,931
86.7
2,106
556
13.8A
85.1
85.5
527
416
527
Nil
1.5
95.8
79.5
67
2,537
67
2,537
5.2
508,557"
324,729
1986,835
625,815
V
9.3-
1.3
1.6
6.0
.
•5.2
704,425
97.1
87.5
0.5 V
14.9
19.0
A
29,481
2,077
14,281
10,236
2,025
►
9.8
0.7
-
.
>:• 1.0
4.0
-
0.1;
5.1
L9
s.
,
0.6
,
2.9
1.1
;
3,296
r\
None
3.8
68
"633
Funds--...—_
,4
3.5
5.0
6.5
.
12,460
—
.
Open-End
A":
A'
1.4
48,173
"561
—
Sub-Total Open-End Stock Funds
;
660
759
'
Investment
'
Texas
888
2,235
>
.12.6
•
v
94.3
~92.1
"79.5
97.3
97.2
907
AA7
907
386
88.8
85.0
3,345
2,778
1,967
1,686
253
.
14.5 y-
>
513
>82.2
2.7A.
.
1,756
10,995
8,805
>
494,156
:
313,108
750,500
417,980
Closed-End Companies:
Adams
Express.....
American
2,110
Consolidated
.Dominick
1.849
Fund
;
American
General
Public
Lehman
Corp
Madison Fund
Investors
....
Service..
1,384
1,973
-7,294
IIIIIIIIIII
4.2-'
Total
1!8
4.5
of
sales.
2,53
942
380
213
6
98.2
97.5
1,223
1,327
1,327
92.8
87.7
2,547
4,368
87.2
86.0
1,875
2,792
462
17,714
1,223
2,547
1,875
2,792
7,963
2.7
18,421
16,051
3.4
-
•
4.5
0.7
2.6
94.8
87.7
6,555
3.7
0.6
0.4
95.7.
94.3
3,342
2.8
0.2
0.2
97.0
94.1
7,963
16,270
2,466
4,110
2,466
1.7
7.7
98.3
91.5
540
440
540
440
9.0
10.3
89.5
88.4
19,449
17,106
-
19,374
1,290
13,401
2,517
4~,996
1.5
7.6
7,663
782,322
corporate
short-term notes
IN
CASH
June
POSITION
30, 1962
OF 89
vs.
OPEN-END
Stock
COMPANIES:
Funds
\
CLOSED-END COMPANIES
/
Totals
Balanced
..."
Funds;
92.4
91.9
1,290
2.517
J90.7
62,949
71.080
60,150
64,706
9.2
6.1
10.9
55.6
^83.0
,049,784
696,895
810,650
482,686
so
included
by
reporting
fund,
a
As
of
April
30.
b As
of
AVERAGE ALLOCATION
•
.
SUMMARY
May
c
10
3
33
Net
23
1
42
Defensive Securities
4
9
1
14
Risk securities (Common Stocks)...
Total
89
Sold
on
balance
.
d. Six
months
BY 89 COMPANIES OF ASSETS TO CASH AND
18
5
31.
DEFENSIVE SECURITIES,
20
42
17,239
4,110
92.4
Minus
42
797
17,714
None
Plus
Approx. Unchngd.
462
,T~~3}6
INVESTMENT COMPANIES
March 31, 1962
797
2.6
A
5.2
where
2.0
None
6.0
■
*
TiEstimate,
CHANGES
4,368
76.2
77,897
tlncludes
942
1,340
77.6
8,804
from
95.2
89.6
1.0}
•
♦♦Proceeds
94.7
89.0
0.4
-
1.0
862,516
purchases.
-
1.6
74,806
Companies.
1.4
2.411
-
;
None-
,
11.2
7", 001
Securities
Closed-End
13.6
21.4
2,144
III.IIII
Grand Total
"Host
None
•
~
Tri-Continental
0.8v
•
1.1
11.0
Overseas Securities
U. S. & Foreign
9.2
5,832
15,312
25,636
17,656
15,889
6,069
.
Niagara Share.
1,286
1,246
2,940
}
0.7
2.0
1,207
2,215
.'
2.0
-
..
Investment Trust......
General
239
Securities
International...
Carriers & General
>
1,643
418
:
European
American
Totals
(Bonds and Preferreds)
June
EQUIVALENT,
AND RISK SECURITIES
Mar.
cash, etc. and Governments
ended
31, 1962
5.2%
June 30, 1962
6.1%
9.2
10.9
85.6
83.0
100.0%
"
100.#%
30,
1962.
Volume
196
Number 6164
Q
T i
.
.
'
•
Oee JL b
The Commercial and Financial Chronicle
.
is found in the fact that
Continued from
ernment itself
1
page
tact
that
is
possible
it
to
„
is
.
usually not sumption
tell
until
well
matter about
a
—
which there is much
questioning these days — has been
particular rate
quite well maintained so far.
taking place - certainly not There is little or nothing so
with
any great precision or far to indicate that investalter
the
event
whether any
of growth is
Neither is it help-
assurance.
ful merely to cite what is
designated
,,
u
,
whether
ful
growth of
'
■
■•
■
<rrvi
:
-
,
helpful sort.has taken
place.. At thevmoment, it. is
now
difficult, or "rather impossible, for any of the statis-
r.i
well
foreignspending
,
J.
L
..
SteTtothTbaiaLe^ ofpayments
;
.
/,
4
:
..11
V
■*
j-i
-
n
-
0*LR
'
iui/iviiwv;u
v^jl.
^ :
*
<
decline
\
;v"/
as
i,
United
States
>
-fv-to
> t
does
-?{Jaterially
irencies, or thatthl United states
rencies, or that the United States
has lost its capacity for survival
>
..
TSXlIri™ in cPmpetitive
U
v3» tGS 1/01 Idl
world markets*
Likewise, the fact that the net
•'
as
some
the
v..
%
';ij nl IGQ
of
not provide much support for the
■,
,
1
uxxv
TT
•
-
-
v,;,
ii
t>M ft
OT
f
V f
offing in this area. The ;
most recent figures show here
there
?.
,
~
h P. StTPTI
.
,
•
deficit
.L
in the
and
th® „Govern-
on
■■■
health- that something untoward was
a
or
anti-recession
programs,
,
,
despite continued predictions
■-
now
lead it to
•
ment has not kept pace with
the other figures — and that
GNP to indicate
as
effective
that
as-
if any really can Sat\hePcountrv^s Davment^nn^u
well be be, must depend among many tion could be redressed by the
seriously harmful in the fu- other things Upon accurate simple expedient of eliminating
ture
not positively disas- early diagnosis which is now
outlfys. However, the detrous.. We must
still await proving beyond reach. ' '
;
conttit*
,
,
21
public realization of the fact the deficit in American interna-
gov-
not feel
can
surance sufficient to
action which might
„
.
(609)
,
.
recently
.
exc^ded^h^forei^
>x-
increases, but, by. and Continued from page 7 ;;
monetary reserves and to.incur an change cost of the United ^States
ticians or anyone else in
gov- large there is nothing in the their collective willingness to sup- ^er rising short-term indebted- Government programs is a reasernment service to come
up current statistical picture as p°rA1the
sysJ:e+1J? bvi:omi1irg qhemoint mav be made that both su^n^ ,feature in the long-terrh
With
convincing evidence as such to Support a prediction rehcils^henThe "latter have'
e$ral-x%
Government outlays and Pbe deficihi/the America^S
to whether the so-called
cycle that we are about to plunge perienced difficulties.; \ /
t substantial
private
investment
of payments can be interis "topping out" or
possibly into a recession of .conse- y The successful operation of the
preted as the result of large ac^.
already turning downward. If quence.ilt is doubtful if so
bilities in the world of today, so
^TheT'i/
presently it proves" thaL the much has; ever in. the past
SS
?or^"8inve-fa>entf
£
rising-S:
Statable totKta* vestments have yielded
the busi- been made of such rela- serve- currencies, and'especially
a?h®(
state, to He"
terest and dividend remittances, a
ness world has
really begun tively minor signs of down- :in the United States dollar. This a.
'Lrnin^^rnm fnrpicfn traHh trend which is expected to conto decline, it will still be
quite turn — certainly not in the £ turn_ means that the United SSdSrt to mSttte fflSSdSi?e- l1"'J!;^teee„ipts fr<?m priv5te,. in'
difficult nr even imnnwiWe fnrm nf nm«ratn« fm nmvent States, in its'; own • interests and
income increased trom
difficult, or even impossible, torm of programs for preventof
rate
activity
those 0f the free world
to know with
degree of
any
assurance
Whether. what
happenins
is
merelv
3™1the
nomenon of the
cycle
The
indicalong-term
u
not
only that this
funda-
yVaKing ^pjace is.Jpo oe, Iouna
mental-fact
has
become
more
counts of the United States is be-"ing gradually redressed.
y
"
>
-<
.
•
i
p
.
h
tn
thp
w
.
be
may
ofr-general
f-s 5
suggest
entering
genera
.
-
nr/^SS
to
.feehng
US
for
a
qive
i
crround-
ns
^SfolfJct to/
thankfulness. We
x
of
aware,
are
that
course,
.mi?
.
account. Commercial merchandise
exports (i.e., exclusive of military
and Government-financed trans-
in^1961 exceeded imports
a -P
■
t
p'
•
things which,
are many
may and do lead holders of
ities -q0 decide that ' the
..
,
state of ,affairs does not provide any assurance that mem-
in its international accounts in
'every year .except 1957. In that
period^however, the bhlarite of
Payments problem did not assume
°^f
cUrrPnt
+v
,
^0adKand,t0 ead others to fee
about the wisdom of
nf
taki"S. °vor the issims that
are
ass^'Teginii^Sha^lvto
increased sharply to
:
op-
and
Dosed
V
v~lB
::socialism
posed
creepmg
that, is;being
at
.
x
the sort of creeDin^
to
}
.
principle
on
the
•The " reaction
+u;o
in
lo
this moment
Congress
slIuaxion'
account
must
0f the deficit
taken of the fact that—as
an
annual average," through
case^many :o? $3.4" bullion, and
mounted!
the
-V
flow
many castles in the .air :,haa
^ 4
?
at
doubtless de-
is
,
pro-
time.
present
-
,1°"
been erected by investors,*,at
Je
f
h
to
bijji0n
Vnh -
haVe 0f 'tibr
;
a year
hfl1an-
nf
out-'
the gold
an
0f
average
.
nosi
navments
of
l®te appeared to be weU be-
yond the realm of reaHsm'Ik
This
lc^
there
is
or
pressure
no
in
;
from the great
TVitliout rreceaent
Wlinqut Precedent
We
can
not
recall
such
sucn
tb„„
uave
,5
,
for
in
,
,
also
„nori
that
h=s
%^a?
a
hv
™"let
.
'
in
a
the
were
Government om^ys
mpnt,
nlavinEf the market
'
lineratfnn
nSv
when it
existing. The learned Senator salts
right in saying
came,
'
similar
or
comes,
-
to
have occurred
'
..
those
m
<h^a
hiiiinn
short
and
term
convertible currencies
the stock
approach of recession is stall
fh
.
?
.
rather hard to
to
by. The
come
statistical
any
can
well be counted '
severe
or
to
to
come
come
an
an
end
ena,
suggests that the forecast and
and
stantiallv
Stantially
income
quite
sonal
of
the
others
expenditures
sub-
Personal
Personal
continued
satisfactory
sustained
or may
with inter-
ong
run'
as
a
practical
means a further de"
slnce'
?
f
navmentq
a
term
•
Slf
UahiHtie.
liablhtles owed to
foreigners
foreigners.
Consequently the United S.ates
ls subject to the pressing neces-
sity of bringing its balance of
Payraents into substantial equiHbrium either by raising total re¬
teipts' or by reducing total out-
. ft
H
position
thus
pay^eidkS p0alll0IJ Taus
SSSSSTp^A^surest
fountry^® mtmatS^ae"
country s international aecounts than
bstantlal strength for
is
apparent
if atten-
tion is focused
on the final deficit
figure alone. This conclusion is
f • In fact, this
conclusion holds not unimportant in appraising the
true even if allowance is made for approach to the problem and the
:the drain posed
*rivate ™ve-,progress being achieved toward
S yeTs itS SOlUti°n'
been adverse to the United Statesbut even after covering the lar$e
Moving Towwd Equilibrium
'
Administration
The
is
;
fully
net outflow of short-term funds convinced of the need to achieve
(including the item described as ; a viable position in the interna-
Tfrrors
c
and
?^isTnSPu ^ tional
npf
«
ex-
accounts
toward this end.
of
the
The
r'u"^
current ap-
United
^iusive of Government transac- proach is to rediess the deficit in
funds
and
for
to-be
percon-
■
and for the
ministration has endeavored to
'avold any move toward restrlcteither by increases in
by the imposition 0f
0,ber trade restraints. Likewise,
couraged a considerable volume
sjlort_term liabilities to foreigners
.The ' available data permit a
AmeHTSynarketr°WlnS
•
b"epf^
place'major
»
is
on
the
after inclusion of the
not
would
sponsibility
on
the
re-
Government's
.the
determination to avoid any
^tSSS™
has even refrained from considering
the imposition
of controls
over
foreign
financing
in
the
American market, although such
activities have added significantly
was
gen-
to the deficit and although many
variety of actions, European countries have for years
such disbursements (net of repay- used such controls without pieju-
nroprams for bavins
cmvern
programs tor,having govern-
erally more than adequate to
sup-
ments) in 1961 still totaled $2.8 dice to the convertibility of tneir
ment make business decisions,
economic
n
econo-
were
realized
realized.
has
«
darge military and economic programs of the Government that the
■ '
offshore expenditures, without balance of payments moves from
7
Oiling.
. ..
which
the
C0untryis
accounts ;approximate equilibriumito a subpor thg thoughtful, all this would have been in substantial .stantial deficit. Although the exnAnfra+ino'
m'A a
\
balance in recent years. Another change cost of these outlays is be-
picture of recession that mav
business activity for the quar- bp
th(. nHin„ 9
mists
in
of payi
^ tJansacUons ^'oi^ Mhew ^ThT'mainr
loregomg review of the major
MSS'toSl
:the dollar'
$2 8
upon-all without reference
expectations
deficit
credit policy which increased the ing imports
that .ponverume currencies ana iorxne avallablhty of credit and en-.ta®iffs' or
,
market
recentlv
recently
mwhaa
ds favorable to the United States
„
reduction' in holdings of gold and
re,
that concrete evidence of the
tor
free
about $750 million by a
now
.
overall
nf
e<"^Si toH^elnS'feaLSountsC^hT'wet
ternational accounts in 1961,
of
f
outflow
of
Te2 f S
Tuected nri
are
Wes
r
nf
net
expected and who
sense
'
t
a
a<+- becdr3e c?.n
?
to be
of
?ational monetary ®tebUity in the
iT matter' this
hade^ commTrcfaV^eJvices"
other current account items totaled
manv
®
not
problems
.inji sense piay ng me marKex .outflow pf short term funds tions> with a surpius 0f more than ta gradual and orderly fashion. »
any de- accordingly.
Disillusionment -amounting^to pother g-0 Whon. $300 miUion This result is all the . A Deliberate Approach
Congovern- was
of course, inevitable at bi0ionTw^ich was settled to the
^ IZT^derTp™0?; sistent with this approach, the Adcircum- one time or another — and 'extent of
tnose
those
as
from Illinois is
true
'v,ppn a
do
—
mand in the past
mental action
stances
stances
probably
hat continued inflation was
'
c
.
-
is
something
drastic in the premises.
'
r
'
t
lufll
little
consequence
rank and file to do
,
a
kind
^.^to^onslXt
iarSe to be consistent
nnint deserves wider atten
n
Sgs^om3 commercM6 hlde^nd
t h
Q
!„ Tort
imeVyear, wefm'y'be "sum!
ing-
and
ua,,inB
abroad, there remained a "basic"
surplus of. some $2.4 billion. '
1961,
?£ r^ilv^V
flourishing
States en-
wSment
averaged $1.31 billion annually and
was
met largely through an .in-
doubt
of
this
the United States balance
a^unrwhich
on
major
proportions
until' 1958;
fr0m 1950 through-1957, the deficit
.
of
course, ' minimize
the
created by the' chronic
mentts'
<>« which "acl a
counts are applied as offsets to
cfir" others< the inescapable fact reaccoimt
In mains that fhe payments
deficit
f0nseauence, the United
AjLnrti.n
The Deficit—Beginning in 1950,
the United States has rtth.a deficit
good
as
^ions
which it enjoyed prior dJ Amerlcan investments ^ an^rSnu^taSe^
^
financing large long!
term
busing
3?-,
■
—
®
t™e has come to lighten their
this
really
s
There
for
leading members thereof,
m
United States is surely alone m
deficits the United States
that the .to 1958.
,
„in
welj
W
is
stock market is fully
of gratitude
Congress which does not
alwavs
general
-world. :The fact
leads
nf
a
private investment income
1961 exceeded by some $800
million the total of all American
over,
having
,
in
skeptical of the
This
nrnhipm
...
dollar is indubitably the per-
.
.
procedure
billion
were
for)tf^^p^} in ®
.JSu®®
5^hi?nyf+n thl
-cline in ihtemationai yesteem
^mess; conditmns ,• that-^ aH^ent
a
xi
inclined to be
to $3.3
running at an
annual rate of some $3% billion
m the first quarter of 1962. More;
Elements of Strength — The
.
whole
s»" m 1961 and
cn
proDiem
,
„
sh®uld be met-
,
two
or
"phase
of the business
f have pt the the dollar have increased both in
-v
1
1
the habit of regarding into >;b^<Se of payments. Pmsnres on
cycle, .but that Congress, or ■
tape;from dav to dav hequency and intensity; it is evi,
many if not most of the leadP® xrom aay to a y dent th
dollar in world marers
therein
are
much 'more as a key to what IS to take kets has never recovered the preu
^ii^-
Vfl
new
r
f h^rfna
So ; much has been said SO The American Payments Problem actions)
would be, should often about the stock market .'The major reason for the debarometer •
nnti
measures, or
we
a
behavior of the stock market.
another index
that
dence
good
uiuS
an international payments .private long-term foreign investdeal of-the questioning now widely recognized, but that the 'deficit in the face of an excep- ment, both direct and portfolio.
taking place is to be found -imbalance-in the international ac- tionally strong position on current ; Some Implications—Considera-
Iaqc
4head—with
±ne oioik i«dr»ei.
:
"The explanation of
.
j
•
this is the inescapable prerequisite for a stable monetary system.
Fortunately,. there is good evi-
■
■
c,ock Market
impression is abroad
the ; Administration
is
mm-A-'-nr
^
-
^
.
/
visible
$2.9 billion in 1960
whole,
as a
of must accept the discipline imall posed by its balance of payments;
-
phe-
a
tvu
that
is
an
tion of the rate of
crrnwth
ing a recession the whites
whose
eyes
are . not
at.
„v.|
S-O^C ailed
really
IS
or
m
In
in
n
cs
nas a pemraimg meaning
posjtjon emphasizes that the
with
plus
regard
to
About the most
all plans
or
encouraging
aspect of the current situation
pQrt
on
current account
American
programs
military
abroad,
sur-
and
but
ing limited by
billion, thus creating the payments deficit of nearly $2.5 bil-
pri'aTTnvestmln^Sp^^^
pelled the U. S. to draw
upon
a
place the
t.Qn
gQ
fer
Also, the Administrahag
been
reluctaat t0
reduce the size of American inentire responsibility for
Continued on page ^
unrealistic
its
currencies.
to
The Commercial and Financial Chronicle
22
'
I R £*
X JLlVl/
fry.
i-i
,
vyi-
vllvy
costs and
>
Continued
,.
from
m
.
military or economic
the aggregate
domestic
the
"a
tne
side,
Ad-
prices
be reducing
may
mestic
faced
demand
by most
of
industrial these countries is likely to mean
countries are generally living unhigher imports in the years ahead,
conditions
of hyperemploy- and a smaller proportion of outment
iabor
is
being imported, put will be available for the exleading
the
Europe,
21
naae
....
,
ternational
On
Thursday, August 9, 1962
.
advance re-
ligations, using the
in the prospects for the American
I l/u OT* competitive advantages in foreign economy had already been weak- funding technique to restrain the
Obdl/t/D XyUlldl markets. Also, the insistent do- ened by the sharp decline in com- resultant shortening in the ma-
XlA
programs
.
Continental Europe was adding
The Canadian episode was prob- Treasury debt management has for
rapidly to its gold and dollar ably all the more unsettling since many years concentrated on the
holdings.
In some cases, rising it came at a time when confidence issuance of fairly short-term ob-
1
j
fnP
OT
o* I M
Ull
I
kj UJL
TT-nifArl
.
.
(610)
''
be-
for higher wages are
port trade. Finally, of course,
prices.
stock
mon
declines
Such
turity
Federal
the
of
structure
have frequently been forerunners debt. It has made few cash offerof a sag in business activity; ings of long-term bonds designed
should this again prove to be the to attract savings. If large budget
case, it seems reasonable to antici- deficits in the United States are to
the pate greater efforts on the part of be
with the mainte-
reconciled
dollar,
be
change reflects to a considerable the Administration to stimulate nance of confidence in the
ecoeco
coming increasingly insistent, la-
^s^g^c^^l^
strike threats and work stoppages
countries which
foreign exchange cost of American
ausLrftvP nrogra^nhas'
previously had been largely free
of such interruptions in output.
Wage increases in many cases are
running ahead of gains in productivity, and the direct and indirect
costs of agricultural price support
programs are also rising as farmers demand a greater share in the
prevailing prosperity. In addition,
throughout much of Western Eur0Pe greater emphasis is being
military establishments in Europe,
There is every intention in the
United States to press for a continuing and even greater sharing
of the common burden by countries which are now in position
to do so.
theuse
me
use
a
of
oi
crasn
Vronomv
istration
in
ha 1 ance of
and
strenuous
more
eliminated
he
view
the
of
strength
tional
an
problem
orderlv
large
reserves,
to
overconfident.
nor
i'nn
totofnto
toonLitlnn
imnro™
j.
TT
interna-
neither dila-
Rr„of,
f?
of
accroach
appears
?y
o,
,
to
sbreading
and
weakening,
is
discinline
extent increased payments to the
nf
I
I
is
set
These trends should operate to
the competitive advantage of the
current
account
well
by
glaced °n/eisureVuWith dnTtfnn=
demand strong, these conditions
of overfull employment will make
it exceedingly difficult to resist
further upward pressures on costs
and Prjces in many
dustnal countries.
European in-
exnand
to
t
sive
about
manutactu eis
manufacturers
American
to
to
market
potentials abroad, the lmprovement of insurance and credit
drive
Am^itn'business
among
ctmong
to
concerns
increase
has
been
to
volume
the
of export trade.
A second important
tack
business
American
not
assignment,
easy
an
the
reduce
qf the
eign exchange cost
aouDt inal .me uPLIt-nu 111
ment's
military expenditures,
Important European countries are
being asked to increase their purchases
of American
armaments,
pay for the use of American
ProduetiY«y
reIative, to
costs
gajns has been less pronounced in
°h
States
Trnl-tpd
as
Government transac-
than in
some
of
effect that
made,
debt
Sn
further progress
was
rnnn,-,i
while the recent French
nreDavment
of
more
than
"„.paym.?J }
more man
,
^ ^ cSom"ettos "n worl°d fSry \hird' u^
the case for a protracted period
even
which
countries
m
have
demonstrated an impressive record
_
cf sustained high investment ac-
are
industrial facil-
0f unutilized
j
and
record
a
the better Ameri-
labor
of recent years has a
chance of being
d
maintained
the
before
the
other economic policies the re-
or
*a!LP
end of
have
discard
to
to growth.
■
„
Budget Problem—At
,
nrr.hahlv
troversial
and
.
.
.
>•
T
,
i
of
Tentative Appraisal—In fiscal
i•
(JpnpVQi
QnrI onf>nMn*iUT
PORcy in general, and specifically
immediate
many crosscurrents are at work in
fhp
n
present, procaciy tne most condebatable
issue
:./■ A
troversial and debatable issue of f°"cyJ™-K S
economic policy in the United
e *ield ot taxation, a great
c+afps;
whetbpr
Thould
an
m™e
in!
United States, and it is not
dividual in order to guard income reliable ^n TwhVT/any"
and corporate against
tax rates
opinion of what, if anyin
furn
■
Consequently, there : are good
grounds for hoping that the deficit
will
tke notion that a rise in interest
become highly trouble- rates is necessarily detrimental
s0™e'
The
'r-the possibility of
vear
ine year-
Americans
suiting pressures against the dol-
reduction
adqvancr'r^
markets' Sinc,f the an ampleStates ^ad&F
United sup->
continues to have
in nrosnect
for-
govern-
oroductivity
to
relative
pnsf.s
itips
line of at-
°ffer m,°re attraetivte Yield,s-
™
Moreover, longrterm rates in almost all European countries are
significantly higher than in the
United states, and this has been
international financial com- tivity and rapid economic growth.
that increases in the American the drains posed by private long- mumty should entertain serious clearly, if the United States
cost structure can be restrained, and short-term investment, as concern over United States fiscal Treasury faces larger deficits,
px-
information
lniormation
rnmnrpbpncivp
linked to the credit environment,
inciuding specifically the level of
interest rates. While the Treasury
and the Federal Reserve have cooperated in pushing short-term
rates upward in recent weeks, foreign markets in general continue
while the
increased
.
comprene
will have to
reliance
.tions of larger budget deficits.
ings from individuals and finanCurrent apprehensions may have cial institutions.
been enhanced as a result of the
The problem of Treasury deficit
view recently advanced in various financing is obviously and closely
quarters that fiscal policy should
be used more aggressively to
stimulate the economy and that
At the same time, an improve- foreign central bankers and fmanment in the American balance of cial authorities would not be
payments seems to be under way. seriously concerned at the prosThe deficit in the first quarter of pect of a continuing budget deficit.
1962 T*S f a/
adjusted cialsTefDonsible^o^monetov'and
annual rate of $1.9 billion, com- ciais responsible tor monetary ana
pared with $2.5 billion in 1961 as flsca* policies show no inclination
a whole. Moreover, in comparison to
take foreign confidence for
with the highly adverse final granted; on the contrary in formquarter of last year, the statistics
for the first quarter of this year ognize that world sentiment is not
show improvement in practically ™'®d ° C®iS?.., ®=f "i'f
every category: the net surplus on government otticials, and that, it
This" is
designed
more
United States to help cover the prospect of growing concern about placed on which willof long-term
the sale attract savthe possible inflationary implica- securities
and tbe United States effort has tions, all declined.
ports and thus to increase the fa- by no mea?s,been.^vholly s.uccessj
Data for the second quarter of
vorahe balance of tra^eMncluded fub Nevertheless, thebeyond record i962 nffiPiai statements are to the
recent much
have not as yet been released,
}
Daiance 01 traae, inciuaea geems to mdicate
hu1.
here
is
the
provision
of more
that
+he
untrend in wage
Ji TA, / statements are to tne
One
the economy and this raises the
United States provided, of course,
order
the
and
monetary
of
tcry
are
factors
American
in
however
short
in
manv
accounts
holdings
the
consider-
measures
to the end that the def-
necessary
In
canac-
deficit
that
areue
mav
a
re-
econ-
a
navments
a
Some
icit
of
Reserve
maintain
betw^n the
domlstic
oneratine at less than
ablv
An?
hern
Federal
doHpv
aufrements
omv
to
the Admin
Rathpr
the
and
havein
far
itv
comparaoie
program
desi^ite substamt^a 1 ^lack^n
nosed
?hP
countercyclical
countercyclical
a
tbo
be
in
business down-
a
controversies and de-
to
bates now m progress will even-
expansion
The
nroblem of
tuall>r Produce. Regardless of the
fi,f„rp
npsr
foster economic
balance of
and
pavmenfs
fate of the tax cut Proposal, how-
g0°decblW'^^Xpmente in thd t°Fr19"y .be, held to $1-1% theUniteds"
eV6r' the problem of bl4nding
international
be of bllllon- Thls would be a notable 0f itself rule out greater report to fiscal, debt management and credit
™Th^
in improvement over the $2.5 bil- ftcM pohcy, no/need
Tudget PoUc/es to counteract recessionary
may
economy
a
ll0n deflclt of 1961> whlch in turn deficit under all circumstances rie- tendencies in the American econnet'surplus in the ™as. significantly^ belcrw the $3.9 tract from the strength of the dol- omy without impairing confidence
helDing to preserve
to
expand, the
and gradually
billion deficit of 1960. Despite this
jar
celeratehave implications. als0. for United p^tlndencv'iToTflc^qy^^ to
At the
time
offshore nro- States. foreign
investment; the ^e dency in offic
curements^or over'seas bases fs to emerging pressures on profit mar- gtaa tial eauiUbrium in the interchqmil
AW,
L in §ins and the Prospects of some sta tial equi ibrium m the
ter
fpn cilfp^f^nrHif iinHpr
^
deceleration in the rate of eco- 5^al accounts of the United
Hiipp thp fLi/n pyphaiw pn«t nf
nomic expansion in Europe may *iaiesIlnitprf
prnnomip
airt
hv
be expected ^radually t0. exer-cise
The Cyclical Problem
an
j™111"
American current account. They
same
Kp
wav
in
dollars'
on
the ultimate
goal
is
to
requirements of the inter-
national
also
to
of such aid to exports
ol
tie 80%
tie80%
The
'emohasS
som-! resb;alnt a£,on, American
kindTattier thaS c^pltal °utlays abro?d and M?.on
increasing
nlacine
rendering a?d
have
situation
economic
played
important role in
the determination of general ecoan
Throughout the
of 1960-61, and
despite the subsequent failure of
the economy to achieve satisfacpolicies.
nomic
business
recession
sources United"Stote's'moneif
lret
have
rates
mar-
kepf
been
from
decliuine to the verv low levels of
aeLuiiiiig 10 me very low levels or
previous
recessions
the
tne
reduce
reauce
in
order
attractiveness
attractiveness
markets
might
have
for
determining the coupled with a ceiling on budget
years
unlikely to continue.
seem
Important foreign borrowers have
added to their borrowings at a
rate, and American
loath to continue
rapid
very
lenders
appear
to extend
pace.
new
,
credit at the recent
,
ntLr
5
™
top
Sr fylto"
°"fbe d°'laY'
u?ider^ ineresltae
Dreswre
p°™
L ewhent h ho if
pavmente^ositton of^the^eouS
p
a
f
few
g 1
deriving
should
f
be
j
aoiiar gap
may now
cuitiec
in
economic
Also,
trends
in
un-
im-
portant
pear
European countries anlikely to ease the balance of
payments problem of the
States in the years ahead
r
^
7d ;
United
x
Recent
Concern
delaying
appreciation
of
the
^
Of
the
two
.
j
nnon
,
major countries of the Euro- support
tinues
of
Canada's
prosections of the huge amounts that
might be needed to defend the
United States dollar against severe attack, especially since the
latter has a key currency function
I hrifir nn?P
reserves at
ji
,Assu.redly' different forces are
^ country to country,
bu1 the, pattern- appears to have
changed appreciably from that of not performed
a
u
currency
t£ accumtoafe resCTves°at ProfmPted, s°ma disquieting
^
foreign costs and Prices — In recent years, when almost all of counterpart.
the
com
Subtldly mfndful
and
America™
economy
the^ stability of^the price"S
budget
Canada
culues in ^anaaa-
Drofound effects that full emnlov-
inorppcinuiv
felt.
in
The international financial
munHy
the ease in the
experienced market and the monetary diffi- nimity the prospect of
•
years ag0 m reCogmzing the
+hp ^dollar gan" mav now
-i
•
nf
aftogherintorestratos"™^
themselves
budget deficit expenditures designed to avoid an
excessively
large
deficit,
debt
a
management policy which covers
a substantial part of the deficit
out of savings, and restraint on
cost and Price increases, is likely
t0 be both effective in the United
tI-tfihSotnemotnvF d^Tetopmetos-Ihe to recent yearsl appeal to have f.jtates economy and acceptable in
thus ^0 specffic
tfe^ml kXtTarexL^tonced deC',in! ip tbe American stoc.k aCCepted with reas0Pab,JP <r?Yaworld s financial markets.
„
efforts
a
confidence
dollar at home and abroad.
n pp
1Pg^proving^ rontrihuting to
^y cu™PrX!sineSs havp bepn
sustained
A
are
these
compatibility of
with
*
make
sympathetic to a budget deficit in term deficit financing, sustained
for tbe
oncern U1 me yy
the Canadian experience provided
American short term funds
The
Proiauna eiiects mat tun employ- th
soberine lesson as far
American snort term tunas,
ine
ment, rapid growth and wideJ*1
sooenng lesson as tar
Administration
has
strongly cnrearl nrosneritv
havin?
as the American dollar is conesnoused
the
nrincinle
of
waf*e
thoueh the earlier
espousea
tne
principle
ot
wage spread prosperity are naving upon cerned
the balance of payments relationeven ™ougn b?e earJ}er
and
price
restraint m order to ^hin between Continental Furone weakness of the Canadian dollar
strengthen
the
competitive
ca- Ind toe United States
contributed to a presumably tempacity of American industry an« the United States.
porary improvement in the Amerabroad; with the same purpose in
Several European _c o u." t r 1 e s ican payments position. The Camind
it has liberalized
the
tax
be approaching, or pos- nadian emergencv measures such
treatment of depreciation on busi- aibly have, already reached
the
to
ness equipment and has sponsored
0 j:'ieir raPld accumulation government expenditures, and rean
investment credit designed to
monetary reserves. German re- strictions on imports, raised disencourage capital investment
by feryes> tor example, have failed comforting prospects of what conAmerican industry.
:? lncreas® for mofe thaP a year; ceiVably could be in store for the
Clearlv no one set of mp^nrps the current account position of the United States if the
deficit on
is particularly dramatic or <?nec
^.tber^ands.1S tu^ning less ^avor~ international account is permitted
tacular and none fs likelv to nro" abl^'/ven in Italy, the phenom- to linger. Moreover, the credit of
duce impressive results in the near !
growth af reserves in recent the equivalent of over one billion
term
^ ct)ml)ination howiw^r years seems to be subsiding Of United States dollars provided in
foreign
jncreased deficit resulting economy and the defense of the
from a cut in taxes than of one dollar can be bridged. A tax reincurred by higher Government duction, accompanied by higher
spending, and presumably may be Federal ■ spending, large short-
Americal dolfar thus ap- a period of economic slack. In easy credit and low interest rates
the Purchase of foreign securities J"1 th®.American dollar thus ap additiorli th9 method of financ- would^certainly have serious reb
deinvestors. In the 7 is obscuredI bv the posstomtv ing and the PrevailinS interest, percussions. On the other hand, a
Statef tlp9X Pea^ ^^Jcured by
short-term markets too, the unthe^possibility rate structure are all strategic program of judicious tax relief,
usually
large
drains
of recent *nat a cychcal downturn m busi
eonsiderations in
to
which
wmcn
long-range prospects
,
Much will depend on the *n
dollar is likely to become
origin of the deficit and conditions more acute m the period aheadm the economy. Foreign sentiment
Nevertheless, the gap between
is likely to be more tolerant of the requirements of the domestic
by
its
Canadian
a
deficit in fiscal
$7 billion
1962
another deficit of eomnarahle sire
anotner aencit ot comparable size
in
,
tho current fiscal
Tnlv 1
year,
However
The Interim Defenses
interim nerenses
and
ouagei aencit in nscai iuoz ana
may not be unduly distressed by
The United States dollar is thus
.
in a
tidies aoiiar is tnus
...
position where the long-term
economic forces
are
generallv fa-
which, economic ioices aie generally iavorable, but where the near-term
the hnHaet
5efaVAJUJy 1* no}vever'me5,uaget nroblems of the domestic business
deficit already in prospect, pos- ProDiems °1I.1in.e domestic ousmess
as rrmPh at3
billion woniri
cycle are likely to become more
sioiy as mucn as $o Pillion, would trouhiesome The reserve strength
be widened by any downtrend in
economic activity, and would be
faF ber ra/sYd y a.'ax reduction
effective before mid-1963. If the
unde^
""cUvtoW
.
significance
crucial
.
in
,
com»
,,
standing of the dollar is not to be ^c^r6
jeopardized, therefore, the Treasury in this event will need to deAmerican Gold Policy—TheforPart significantly from its past eign exchange value of the dollar
practices of debt management and is maintained by the practice of
undertake to finance the deficit in the United States Treasury of
a manner more consistent with selling Igold to, and buying gold
fiscal and monetary stability, and from, foreign central banks, other
specifically in. a fashion which official agencies, and internawill not. create an inflationary tional institutions for legitimate
threat for the future.
monetary purposes.
These pur-
While the budgets of several chases and sales are at the fixed
E u r o p e a n countries frequently price of $35 an ounce, a price
show deficits, the inflationary im- which cannot be changed except
pact upon the economies involved by an act of Congress. Furtherhas been fairly innocuous, since morp iudPin2 fr0m the Adminisfinancing has been accomplished ™re' udf!lg
.
th^ Admmls
primarily out of savings. In the Nation's statements and actions to
United States, on the other hand, date, there are no grounds for
Volume 196
doubting
fend
its
the
firm
Number 6184
resolve
to
de¬
dollar.
While
the
trenched
gold
in
price is en¬
the Treasury's
law,
policy of buying and selling gold
may be changed at the discretion
of the
Secretary of the Treasury.
However,- a change in the existing
practice
that
it
is
so
does
highly improbable
not
consideration.
deserve
realistic
Suspension of
American gold sales would lead
to chaos in the
exchange markets
of the entire free world. It would
result
in
in
crease
immediate
an
sharp in¬
the price of gold in the
London market, would
thoroughly
undermine
the
standing of the
disarray by a general
down in confidence and a
reserves.
usefulness
as
key
a
currency
Consequently,
large gold
States
or
perhaps
isJ
the
not
the
dollar's
the
on
the
even
of the United
reserves
are
of
run
ultimate
test
position.
even
Equally
important
more
increased
cooperation
among the central banks of the
major countries in reducing unsettlement in the monetary system.
There is much evidence that in¬
ternational
real
part
This
cooperation is
of the current
very
a
scene.
exemplified
in
1961,
when leading central banks pro¬
was
vided
substantial
support
funds
sterling.
of
the
Currently,
effort
American
for
to
prevent
deep discounts against the dollar
in the forward exchange markets
probably for decades ahead. Clear¬
ly, this places a heavy respon¬
—which,
sibility on the United States for could be
if
allowed to persist,
unsettling to confidence
the stability of the international
—is
being augmented by swap
monetary system, and one which transactions with
foreign central
is certainly no less than the re¬
banks. The cooperation of central
sponsibility of the world's other banks is also reflected in the
leading central bankers and London
gold market, where the
monetary authorities to cooperate
policy seems to be one of permit¬
in averting attacks on the dollar
ting the price to rise when de¬
and on other major currencies.
mand is heavy in order to impose
additional risks upon buyers, but
u The Gold Reserve—The gold pol¬
icy of the United States is bol¬ at the same time of preventing
stered
the
by the tremendous size of
monetary gold stock.
total
gold
in
reserve
With
a
of
excess
$16 billion, the United States still
holds
close
world's
to
40%
of
the
price increases from becoming so
pronounced that they will jeop¬
ardize
world
in
confidence
the
Ten-Nation
Agree¬
monetary gold; this ment becomes effective—presum¬
compares
with over $13 billion ably within the next few months
held by the major countries of —the International Monetary
Continental Europe, which have Fund .will gain access to large
been the main beneficiaries of the
amounts of convertible currencies
United States payment deficit.
that
The most
widely asked question,
the adequacy
of the
the
gold
reserve
foreign
liabilities
in relation to
short-term
the
of
dollar
United
States.
Foreign 'holdings * 6f short-term
dollar
balances, excluding those
of
international
institutions,
to¬
loaned
be
can
countries
ing
participat¬
their currencies
if
fire.
under
come
to
Fund will not
automatically
Because
able
be
the
to borrow
from the members,
expressed
doubts have been
some
whether
the
in
would
countries
fact
available
rencies
involved
their
cur¬
the
make
need
if
arise.
should
However, the con¬
$18.8 billion at the latest
tinuing
record
of
cooperation
available
date,
of
which
$10.3
^billion was held by official agen¬ among the central banks hardly
warrants
such
skepticism.
cies and
taled
represented largely
etary
mon¬
of other countries;
remainder was held by for¬
the
eign
reserves
commercial
banks, business
and
others.
These
data suggest quite
strongly that
the gold reserve of the United
enterprises,
States
is adequate to support the
present volume of international
short-term liabilities and to pro¬
vide a cushion for movements of
funds among world financial mar¬
kets.
j'-m;
The support to be expected from
the
gold stock is currently quali¬
fied by the statutory requirement
that
25%
in gold certifi¬
against outstanding
note and deposit liabilities of the
a
cates
be
reserve
held
Federal Reserve banks.
ent
the
this
gold
At
in
reserve
of
excess
While
to
this
about
$4.5
limitation
billion.
the
upon
availability of gold is naturally
cause
of
practical
questioning
significance
appear to
be too great.
abroad,
would
a
its
not
The Fed¬
eral
Reserve Board may, at its
discretion, suspend the reserve re¬
quirement for a period of 30 days
and
for
may renew this
additional periods
each.
Furthermore,
to. doubt
reason
suspension
of 15 days
there
the
-
is
no
President's
emphatic statement that the total
gold stock will be made available,
if needed, to meet demands for
gold on the part of foreign central
of
those
have
then,
gold
sum,
American
the
scores
the
in
size
reserve
conclusion
of
the
under¬
that
There is
of
the
Fund's
action
such
United
would
should be
sources
achieved.
States
to
weather
sions
in
resorted
order
to
viously,
system
ef¬
may
arise
until
fractional
doubts
While this
that
such
co¬
G
In
large
of
movements
&
September
liquid
funds
among the financial mar¬
can
work serious or lasting
kets
harm
the
upon
monetary
struc¬
ture.
A further conclusion of this
view
is
that
continue
if
to
the
work
system
re¬
is
smoothly,
to
sus¬
tained confidence in the American
dollar
is
prime
prerequisite.
be kept and
strengthened only if visible strides
Such
a
confidence
can
made toward
are
bringing the in¬
ternational accounts of the United
States into balance.
The
actions
tion
of
confirm
achieve
this
accruing
Administra¬
intention
objective,
suggest that sub¬
are
indeed being
size of the deficit has
gains
reduced
and
further
continuing.
sag in the
doubtless
endeavors
While
are
economic
an
United
States
would
increased pressure
mean
dollar, the
reconciling domestic
the maintenance
the
problem
policy
is
while,
massive
tide
periods
insoluble.
not
of
dollar
strain
until
economic
trends,
favorable
to
ments
the
position,
selves felt with
Thus,
one
at
are
the
any
basic
appear
American
make
pay¬
them¬
increasing weight.
is entitled to view the
future with
high degree of As¬
a
that
surance
dif¬
over
which
can
in
Mean¬
resources
the
of
with
confidence
of
dollar, while admittedly
ficult,
hand to
to¬
improvement
the
on
to
the
and
data
stantial
ward
the
its
the
United
States
gold price will not be raised and
that
the
valued.
lating
dollar
Those
on
events
not
contrary
a
de¬
be
are
specu¬
of
course
likely to find their ac¬
unrewarding today as
are
tivities
will
who
as
in the past 15 years or more.
*An address by Dr. Reierson at the In¬
Investment Symposium, Cam¬
ternational
bridge,
England, July 26,
1962.
Sym¬
was
held under the auspices of
Kemp-Gee & Co., London, England.
posium
P. N.
With Francis I. duPont
WASHINGTON,
D.
C.
Louis
—
Berlin has become associated with
Francis
I.
duPont
&
Co.,
781
Street, N. W., as a
Representative, it is
announced
by George Ftellows,
Resident Manager.
Registered
Mr.
Berlin
has
had
extensive
experience in the investment busi¬
real estate and government.
ness,
He
was
Liaison
member
of
the
to
Fund
stem
assistance
attacks
Officer
War
and
staff
Production
Associate
Regional Director, War
Administration, 1945-1947.
Since
1957,
count
executive
will
need to
From 1947 to
operated
This
mistic
review
for
opti¬
regarding the
the
an
dollar
system
The
and
the
the
of
free
redistribution
of
monetary gold was one of the ob¬
jectives
of
American
economic
policy
in
the
contributed
postwar period.
to
the
health
of
restoration
and
to
It
of
New
York
The
interest
and
of
was
all
LOS
ANGELES, Calif.
Lagunoff
have
—
Laurence
and
become
Robert
Leonard
associated
in
con¬
with
and
Municipal Conference
of
the
Municipal
Bond
Club
Chicago,
of
will be covered by our representatives,
Your advertisement in this special section
your
with
was
Costello,
published
a
outing
Sept.
special
Mr.
Leonard
be
in
American International Securities.
to
of the
13-14,
who will take
photographs,
pictorial
section.
will identify
firm with the important municipal field and the
I
active Chicago markets.
Form L. M. Clark Assoc.
For further information contact Edwin L. Beck,
CANANDAIGUA, N.Y.—L. Morris
confidence
in
the
at
resilience
of
the
ners
monetary mechanism.
of the
California Investors, 3544 Olympic
Boulevard, members of the Pacific
Coast
Stock
Exchange.
Mr.
Lagunoff was formerly with
goal has now been Clark & Associates is conducting
its
attainment
alone a securities business from offices
achieved;
should inspire
proceedings
I. B. A. to be held Sept. 11-12 and the following
re-
This
capacities
with
Stock Exchange Member Firms.
Russotto & Co.
the
convertibility of
currencies
common
1957, he owned and
L&D
Realty
Co.
has been an ac¬
he
Two With Calif. Inv.
justifies
conclusion
world.
the
its IMF drawing
use
rights.
the
seri¬
Given
more
any
European
reserve
be brought into
to
add
event, the .size of the
American
gold
stock makes
it
unlikely thai the United States
_
cerned.
any
need.
In
are
Cooperation—Ob¬
of
I
operation among the leading cen¬
tral banks, there is little chance
Assets
the
>
can
time
given
against
sterling, and in each instance this
action brought the run to a halt.
monetary
difficul¬
corrections
International
in
have
reassuring Board from 1942 to
1944; Chief
than disturbing. The United King¬
Administrative
Officer,
Recon¬
dom has on two important occa¬
struction Finance Corp., 1944-1945;
establishment
which
use
cannot be ignored,
availability of the Fund's re¬
monetary
necessary
Furthermore,
ample evidence
of their willingness to cooperate
in the support of key currencies
they
Fourteenth
consideration
the
imbalance
ties
it.
resources
concerning the dollar.
fectively to remedy its payments
or
use
by the
States, since it is felt that
United
.C>G° B£cf0
currency will be needed
with the problems of the
deal
foreseeable f uture.
Fund
quarters to contemplate
some
reserve
to
additional
natural reluctance in
a
the
currencies.
past it has been loath to
prospects
ance of payments but rather in a
possible loss of confidence in the
the
the
an
adidtion, the Fund holds about
$2 billion in gold although in the
the
deep-seated or incor¬
rigible maladjustment in the bal¬
of
to
these
In
lies
any
ability
Ten-Nation
however,
of
Market
leading j
that
monetary
arrangements
will continue to operate satisfac¬
torily and that neither a higher
gold price nor a supranational
Summing Up
greatest threat to the dollar
not
the
access
billion
$2.5
banks and governments.
In
Under
Agreement,
will
Common
the
countries.
pres¬
requirement—i.e., "free" gold
—amounts
Finally, the International Mone¬
tary Fund itself has substantial
resources that may be marshalled
to support the dollar if required.
The drawing rights of the United
States,
in
successive
tranches,
total some $5.5 billion.
This sum
greatly exceeds the Fund's present
holdings of $1.1 billion of the
required
currencies,
essentially
the
of
convinced
are
23
present
been
the
When
total
however, refers to
countries
made; the
dollar.
free
(611)
Central bankers
break¬
ous
dollar, and would greatly impair the
its
The Commercial and Financial Chronicle
.
.
.
439
North
are
Main
Louis
Jack E. Lamb.
M.
Street.
Part¬
Clark, Jrr, and
*
*
mercial
York
&
Financial
7, N. Y.
Chronicle,
25
Park
Place,
Com¬
New
(REctor 2-9570)—(Area Code 212)
24
The Commercial and Financial Chronicle
(612)
The State of TRADE and INDUSTRY
2.7%
Continued from page 13
and
than
shove that of the comparable 1961
week.
triple the 32,464 cars made
in tne
week of
same
a
year ago.
Rail Freight Loadings Down
From Last
Loading
revenue
ended
or
in Latest
Week But Below Year Ago
Business Failures Up
Year
freight in
July 28 totaled
the Association of
of
week
the
4.1%
kwh.,
428,000,000
Commercial and industrial fail¬
rebounded to 310 in the week
ures
from 269 in th6 pre¬
567,131" cars,
American
Railroads * announced. ceding week, reports Dun & BradThis was an increase of 8,885 cars street, Inc. Although reaching the
level
since mid
June,
or
1.6%
above
the
preceding highest
casualties remained substantially
week.
ended Aug. 2
lower than the 406 occurring in
loadings represented a de¬
the comparable week last year.
of 24,170 cars or 4.1% be¬
low
the
corresponding week in They did exceed, however, the
toll of 269 in 1960 and the pre¬
1961, and a decrease of 46,857 cars
war toll of 277 in 1939.
or
7.6% below the corresponding
Liabilities of $100,000 or more
week in 1960.
The
crease
There
were
loaded with
13,177
cars
reported
or more
one
revenue
highway trailers or highway con¬
(piggyback) in the week
ended July 21, 1962 (which were
tainers
in
that
week's
This
was
an
included
total).
over-all
increase
of
involved in 30 of the week's
were
from 25 of this
week ago but still appreci¬
below
the
49
last
year.
failures,
size
a
ably
with
Casualties
losses
under
bui
week.
continued
also
their
comparable
from
down' from
1961
level
357.
Cumulative piggyback
the first 29 weeks
for
totaled
382,360
of
crease
of
for
cars
65,606
loadings
cars
1962
in¬
an
20.7%
or
above the
corresponding period of
and 77,711 cars or 25.4%
the corresponding period in
1961,
above
1960.
There were 60 class I U. S.
railroad
systems originating this
type traffic in this year's week
compared with 58 one year ago
and 54 in the corresponding week
of
^.
Retailing
failures
in
128
wholesaling
the
to 33
rose to
144
prior
week,
from 21, and
fall
1960.
billion
fall clothing and children's backto-school wear made appreciable
four
headway and furniture and home
furnishings held their own. In
slowing
from
contrast,
some
week ago
appeared in men's wear,
a
hardware, building materials and
autos.
dollar volume of re¬
in
the week
ended
The total
tail
trade
Wednesday, Aug. 1 ranged from
2 to 6% higher than last year, ac¬
cording to spot estimates collected
by Dun & Bradstreet, Inc. Re¬
gional estimates varied from com¬
parable 1981 levels by the follow¬
ing
percentages:
New England
and East North Central 0 to +4;
Central +1 to 4-5;
East South
Atlantic
to
West South
and
West
+8;
to
Mountain
-f7;
+3
Pacific
.4
and
4-4 to 4-8.
•
Nationwide
North
Atlantic
South
Department
Store
1.7%
businesses
More
succumbed
ahead of the volume for the
trast, South Atlantic failures
dipped fractionally to 33 from 36.
With this report, intercity truck Business mortality fell below the
tonnage
has
reflected
over-all corresponding level a year ago in
gains from that of the previous all regions except the New Eng¬
and
East
South
Central
year,
for 52 consecutive weeks. land
previous week of this year.
For each
of the first 30 weeks of
1962, an over-all tonnage gain was
registered from that of the cor¬
% From 1961 Week
Department stare sales on a
country-wide basis as taken from
Federal
dex
in¬
Board's
Reserve
this
1961,
the
are
which
last
22
Output Rises
Above
1961
0.9%
231,694,000 board
feet.
tered
on
--
_
227,882
239,200
230,657
220,397
Electric Output 27% Higher
Than
The
amount
distributed
and power
ended
in
1961
Week
of
by
electric energy
the electric light
industry for the
Saturday, Aug. 4,
mated at
cording
Institute.
was
week
esti¬
16,565,000,000 kwh.,
to
the
Output
Edison
was
ac¬
Electric
cilities, which carry natural gas
through a network of pipelines
from
production sources to gas
of Statistics.
distribution
"The
systems, will total
million this year. For the
current four-year period, the out¬
nation's growing energy require¬ lay will be $2.5 billion, a decline
ments," pointed out Mr. Smoker, of $371 million from the total
who
is
also
President
of
The spent in the 1958-61 period.
Facilities
for
United Gas Improvement Co.,
production and
Philadelphia.",
4. local storage of gas will be ex->
Total plant value of the nation's panded or improved in 1962 by
sixth largest industry climbed to the expenditure of $195 million,
$23 billion in 1961, when construe^ In the four-year period, this will
tion outlays reached $1,662 million, total nearly $1.1 billion, compared
with $774 million in the previous
the A.G.A. survey showed.
The
peak
'
outlay during the four year period. '4.4'
1962-65 period is expected to oc¬
'Outlays for underground storage
cur
in 1965, when more than $2 of natural gas probably will reach
billion will be spent on construc¬ $73 million this year. In the next
four years, they will total $301
tion, the A.G.A. President said.
;
The gas industry expects to ob¬ million, compared with $'266 mil¬
gas industry is planning
expenditures on new plant
and equipment to help meet the
these
$607
tain
46.5%
of
the
funds
for
lion in 1958-61.
its
four-year construction plans from
the sale of bonds and debentures,
Mr. Smoker said.
It is
With Currier & Carlsen
44.4% of the funds will
come
Wholesale Food Price Index
Increases Fractionally Again This
Week
internal
from
sources,
Federal
Power
Commission
(Special to The Financial Chronicle)
have
been
added
California
to
the
staff
of
690
East
formerly
with Leo G. MacLaughlin Securi¬
ties Company.
Investors,
Green Street. Both
were
has approved the construction by
Transco of 198 miles of main line
.
Gas Utility
Building^
members of the New
York Stock Exchange and other
leading exchanges, announce that
Gillin
with them
as
is
a
associated
now
South
,
j oined
the
Pont. &
du
Street.
Figueroa
and
..
staff
registered repre¬
sentative.
Alves
is
677
He
was
Button* & Co.
J. A. Hogle & Co.
Construction, Expenditures,
and Pipeline
"4,.4■
(Millions)
-v:
;
'
: Total
-Forecast—
Actual
Type of FacilityTotal Industry—Total
1962
'
1963
$1,662
$1,671
•
$1,822
—
1964
"
1961
-
$1,935
$2,023
Distribution
239
319
309
645
610
73
87
687
-.
195
607
55
Stofage
Storage-
172
654
and
Underground
693
678
* 72
854
103
.
forecast
Forecast
Aqtual
Total
1962-65
1958-61
1965
94
Production
Transmission
General
business
conducting
from
a
offices
69'
732
"802
119
135
-
110
-
;
-
-
-
1,062
2,540
301
.3,081
467
774 ,
2,911 ,
266 '
-
2,567
109-57
New York Boulevard.
HELP YOUR POST OFFICE
formed
with offices at 1068 East
14th Street to engage in a secu¬
rities business.
Officers are Ar¬
TO SERVE YOU
nold
Miller, President; Carl Al¬
derman, Vice-President; and Shir¬
ley Miller, Secretary-Treasurer.
'
BETTER
BY
4_;'
Form Atlantic Sees.
OHARLOTTE, N. C.—Atlantic Se¬
curities
Corporation
has
MAILING
EARLY
IN
THE
DAY
been
week and moderate gains were business.
Officers
are
Bernice
registered in sugar, cocoa and Crosby Umphenour, President and
potatoes. These higher prices off¬ Alice
Crosby,
Secretary
and
set fractional dips in
wheat, corn, Treasurer.
rye,
oats, cottonseed oil, eggs,
steers and hogs.
Irving Bell Opens
.
the
sum
total of the price
per
pound
of
31
and
meats
in
general
raw
foodstuffs
use.
It
is
,
.
BRONX, N. Y.—Irving Bell is en¬
gaging in a securities business
offices at 50 East Fordham
from
Road
Bell
under
the
Company.
firm
name
of I.
NATIONWIDE IMPROVED
MAIL
SERVICE
PROGRAM
.
' ~
S.
BROOKLYN, N. Y.—Arnold Se¬
curities
Corporation
has
been
,
$7,451 j $6,853
securities
at
of
Co.,
By Type of Facility, 1961-1965
PHILADELPHIA, Pa. — Elkins,
Morris, Stokes & Co., Land Title
T.
.
I.
formerly with E; F.
tomers from Alabama to Pennsyl¬
vania.
;
...
has
Francis
facilities will enable the company
to supply additional gas to cus¬
1
"VY
ANGELES; Calif .—John
Dorinan
loop pipeline and 174 miles of
gathering lines. The transmission
With Elkins, Morris
John
LOS
Hams were priced apnreciably formed with offices at 312 Rockhigher at wholesale markets this lyn Place to conduct a securities
The
Dun
&
Bradstreet, Inc.
Wholesale Food Price Index
rep¬
!
(Special to The Financial Chronicle)
anticipated
■
Form Arnold Sees.
635,000,000 resents
kwh. below that of the
previous
week's total of
16,635,000,000 kwh.
,
.
1961,
—
Orders
In the 1958-61 period,
$6.9 billion was spent.
"In 1962 alone, gas utilities and
pipeline companies throughout the
nation are expected to spend $1,671
million on construction," he said
in
announcing the results'of a
survey conducted by A.GA.'s Bu¬
The
the corresponding day of
Compared with 1961 levels, out¬
put
advanced
Continuing to inch up for the
0.9%,
shipments
were
2.5%
higher, and orders third straight week, the Whole¬
fell 0.50%.
sale Food Price Index, compiled
Following are the figures in by Dun & Bradstreet, Inc., rose a
thousands of board feet for the slight 0.2% to $5.93 on Aug. 7.
While the index stood at the high¬
weeks indicated:
est
level
since
February
this
July 28,
July 21,
July 29,
year, it dipped 0.2%
1962
below the
1962
1961
Production
233,772
221,874
231,649 $5.94 on the isimilar date last year.
245,268
231,922
Association.
*■
.
stood
regis¬
—
customers, plan to spend
$693 million this year and a total
of nearly $3.1 billion through 1965;
according to the A.G.A. survey.
The latter figure is 20% higher
than the amount spent in the pre¬
vious four-year period.
Construction of transmission fa¬
.
Monday, Aug. 6, the Daily
B. S. Alves Opens
Commodity Price In¬
at
272.22, up from JAMAICA,
N.
Y.—Bertram
dex
pared with 221,874,000 in the
prior
week
according to reports from
regional associations. A year ago
the figure was
_
million
,
Wholesale
Level
Lumber production in the United 272.08 a week ago and from 271.46
States in the week ended
July 28, last month. However, it remained
totaled 233,722,000 board feet com¬ slightly below the 272.95
Shipments
which
companies,
directly supply the nations 34.5
to E. H.
Smoker, President, American Gas
reau
,
LOS ANGELES; Calif.-^Robert E,
and 9.1% from
•Stewart has been added to thC
common and preferred stocks. The
proportions may. change, he staff of Currier &'< Carlsen, In¬
pointed out, depending upon pre¬ corporated, 210 West Seventh St.
vailing market conditions.
serve
-He
was ; formerly
with % First
System department
store
The • $71.7
million project
of California
sales in New York City for the
Company. " y 4-.-*';
'
Transcontinental Gas Pipe Line
week
ended July 28,; were 6%
Corp. is one of the major con¬
higher when compared with the
Joins F. I. du Pont
struction
undertakings of 1962.
same period in 1961.
.
showed
On
Lumber
a
The
Wholesale Commodity Price
weeks of
Index Continues to Edge
tonnage in¬
Higher
creases
from
the
corresponding
weeks of 1960. During, this
The
general wholesale
com¬
period
the year-to-year
tonnage increase modity price level, which has
has averaged 7%.
inched up for eight consecutive
These findings are based on the weeks now, continued its slight
weekly survey of 34 metropolitan climb this past week to reach
272.48 on Aug. 1, the highest peak
areas conducted
by the ATA De¬
partment of Research and Trans¬ since early April, reports Dun &
port Economics. The report re¬ Bradstreet,
Inc.
Increases
in
flects tonnage handled at more wholesale
quotations
for
steel
than 400 truck terminals of com¬ scrap and silver raised the over-all
level
mon
carriers of general
despite
noticeably strong
freight
downturns in corn, rye and Jin.
throughout the country.
to
reported
from 1961
responding period of 1961. Added
Distribution
construction in the next
years,. according
of
via sale
•
Sales Up 6
Calif. Inv. Adds
j
sharpest downswings
appeared in the Middle
PASADENA, Calif.—Thomas G.
and South Atlantic Regions.
Lindell and John L. Williamson
States.
on
9.1 %
and
sources,
preferred stock.
The gas industry will spend $7.5
the
ing and construction.
common and
week, according to Dun & Brad¬
Trade
Review., Women's
6% advance for
the week ended
July 28, 1962,
than in the preceding week in six
Intercity Truck Tonnage 2.2%
compared with the like period in
of the nine major geographic re¬
Above 1961 Week
1961. For the week ended July 21,
gions. The toll in the Pacific
Intercity truck tonnage in the States climbed to 70 from 56, in sales were ahead by 6% from the
corresponding 1961 week. In the
week ended July 28 was 2.2%
New England to 32 from 7, while
four-week period ended July 28,
ahead of the volume in the cor¬ casualties
tjie: E^st.North Cen¬ 1962, sales advanced 6% over the
responding
week
of
1961, the tral States moved "slightly higher
American
Trucking Associations to 61 from 53, and in the Middle corresponding period in 1961.
announced.
Truck
tonnage was Atlantic to 67 from 62. In con¬
According to the Federal Re¬
in
internal
44.4% from
plant and
follows) 46.5% from sale of bonds and
street
and
retail¬
as
debentures |
although it hampered final clear¬
sales. Over-all, retail volume
maintained a moderate rise above
the
1961
level for the similar
Central
in
equipment will be obtained
ance
+2
concentrated
Present program envisages that construction funds for new
apparel
Central
was
Bil.
Capital Outlay During'62-65
spurred interest
and home pur¬
chases in the week ended Aug. 1,
weather
Cool
in
Middle
1961
Gas Industry Plaiis $7.5
Modest Gain In Consumer Buying
Meanwhile,
toll among con¬
struction contractors edged to 47
from
42,
and the toll
among
manufacturers held steady at 55.
There was little change from last
year's levels in manufacturing,
wholesaling or service mortality.
Nearly all of the decline from
Thursday, August 9, 1962
.
wholesale level.
commercial service to 31 from 23.
the
.
hot
rising
$100,000 climbed to 280 from 244
2,389 cars or 22.1% above the
corresponding week of 1961 and
2,955 cars or 28.9% above the 1960
a' cost-of-living index.
Its
chief function is to show the gen¬
eral trend of food prices at the
.
335
•
,
Volume 196
Number 6184
.
The Commercial &nd Financial Chronicle
.
.
Indications of Current
The
(613)
following statistical tabulations
latest week
Business
Activity
week
or
month ended
Latest
AMERICAN
IRON
Indicated
steel
Previous
Month
Week
Week
Ago
STEEL INSTITUTE:
AND
operations (per cent capacity)
-Aug.
—
4
54.0
51.5
and castings (net tons),.
INSTITUTE:
output—'daily average
AMERICAN PETROLEUM
Crude
oil
and
-Aug.
42
oil
output
Kerosene
(bbls.)
ASSOCIATION OF
Revenue
^-July27
8,450,000
30,700,000
3,078,000
13,279,000
5,435,000
8,635,000
30,957,000
2,830,000
13,652,000
5,377,000
:
—.
(bbls.)
July 27
.
at—
—
*,
—
AMERICAN RAILROADS:
freight" loauea
bi
tnumoer
183,537,000
31,952,000
135,082,000
49,916,000
—July27
———July 27 >
-*_,.July27
—
at
of July
2,732,000
13,214,000
187,271,000
31,652,000
131,163,000
48,099,000
29,682,000
118,005,000
44,726,000
...—-—July 28
of cars)—July 28.
o«,rs;
(no.
'
ENGINEERING CONSTRUCTION—ENGINEERING
S.
Private
OF
5,742,000
Public
OUTPUT
Bituminous
2
2
——.——Aug.
2
——
State and municipal—
.
COAL
2
.Aug.
Aug.
—
construction——-.—
(U.
Pennsylvania anthracite (tons)—
SALES
STORE
DEPARTMENT
1
S. BUREAU OF MINES):
567,131
558,246
(a)
FAILURES
an nuo
v-
J 589,656
497,706
(COMMERCIAL
:
447,883
$482,100,000
245,700,000
236,400,000
206,000,000
30,400,000
$459,800,000
252,700,000
"8,135,000
*7,530,000
290,000
BRADSTREET, INC.
IRON AGE
INDUSTRIAL)
Scrap steel
Export
211,200,000
246,900,000
220,900,000
26,000,000
9,115,000
8,316,000
332,000
326,000
95
*93
94
16,635,000
15,442,000
$27.50
'$26.50
30.600c
"
-
*
30.600c
—Aug.
Aug.
1
28.600c
—-Aug.
1
Aug.
1
1
_.
—i
:
__
—
.
—.——Aug.
.
1
PRICES DAILY
.
4,683
4,474
3,779
3,497
19,491,000
19.501,000
16,901,000
8,506,000
17,297,000
8,481,000
424.0
425.3
410.5
•111
110
96
♦105
92
16,869,000
STORE
—
—
SECOND
SALES
$37.17
30.600c
30.600c
•
28.525c
RESERVE
ERAL
FED¬
FEDERAL
DISTRICT
.
9.500c
136
136
141
142
62,016,678
61,950,426
57,802,701
$1,036,394
$968,682
60,449,588
60,309,573
5g,196,460
$342,000,000
59,200,000
$300,400,000
57,600,000
11,600,000
$316,800,000
60,600,000
12i800,000
67,700,000
157,200,000
66,700,000
141,500,000
—
(average daily) seasonally adjusted
Month
9.300c
9.300c
sales
ultimate
to
consumers—
(000's omitted)
—
of
12.000c
12.000c
May
11.500c
11.500c
1
24.000c
24.000c
109.375c
111.250c
111.000c
■'
LIFE
BENEFIT
INSURANCE
POLICYHOLDERS
11.500c
24.000c
1
ultimate customers at May 31
Number of
10.800c
12.000c
11.500c
of
from ultimate customers—Month
Revenue
11.000c
9.300c
7
87.94*"
Aug.
7
•'
86.91
—Aug.
7
—Aug.
——AUg.
—
—
——_
132
137
$1,035,134
Sales
27.900c
9.500c
12.000c
;
-
Aug.
Railroad Group—_——_
—L_——Public Utilities GroufcLLi—iU—___—i;
INSURANCE
26.000c
Death
116.625c
—
INSTITUTE
7
87.94
Disability
86.78
87.69
86.00
87.05
v
85.72
90.77
90.77
88.8i
88.81
88.95
LIFE
OF
———
_—_—
;
86.65
86.78
Annuity
payments
payments—
——
Surrender values
85.33
—,—
91.34
~
89.51
-Aug.
Aug.
7
81.42
81.54
81.66
83.40
83.53
83.66
83.40
7
88.67
88.81
89.23
86.65
7
88.27
88.27
3.94
3.95
4.64
T
t
138,600,000
?v T ' *
■
136,300,000
$777,500,000
—r—,—
1
$714,100,000
,,
(E. & M. J. QUOTATIONS)—
■'
:
>
METAL PRICES
■■
July:'
'
'
,
corporate
Average
7
—
—
Aug.
—
Aaa
7
7
7
7
88.54
87.32
3.96
4.08
4.65
4.63
4.73
Domestic refinery (per pound)
!_
Export refinery (per pound)
ttLondon, prompt (per long ton)ttThree months, London (per long ton).——
Group—;u—
Utilities
Public
Industrials
MOODY'S
—
4.45
Percentage
of
"
4.76
4.90
4.89
4.50
4.47
4.66
4.54
4.52
4.61
371.9
369.3
373.5
7
.
369.8
5.11
4.91
—
326,215
354,555
352,869
326,698
361,631
332,532
30.600c
92
95
93
99
496,276
524,921
450,536
471,652
113.67
115.35
115.40
114.43
AVERAGE—100,
FOR
TRANSACTIONS
ROUND-LOT
—.—Aug.
——
ACCOUNT
3
July 13
3,493,590
2,127,540
—July 13
Other sales
_————July 13
Total
sales—
—_——July 13
Other transactions initiated off the floor-——1_
1,246,930
642,540
2,506,860
3,753,790
———-July 13
653,100
—July 13
—July 13
July 13
177,300
63,120
115,620
11,200
431,510
239,140
302,260
541,330
656,950
240,850
252,050
Total
purchases
—.'
——
sales—
Short
—-———-—
—
—
.
Total. purchases,
.
Short
sales———-—-'
Other
\
sales,—.
Total
Total
initiated
purchases-
1,862,670
2,260,690
Other
sales
279,830
635,310
643,830
202,220
1,284,598
—
612,086
169,460
125,720
738,083
Industrials
863,803
Railroads
Dollar value
Odd-lot
purchases by
dealers
Customers'
short
other sales
Customers'
Dollar value
Round-lot
total sales——*
—
Other
sales-
——
_—
—
TOTAL
OF
MEMBERS
Y.
Total
sales-
WHOLESALE
LABOR
—
,
—
—
$1.75000
$1.80000
$1.80000
$1.70000
$1.50000
$1.50000
$1.50000
YIELD—100
3.19
2.35
3.55
3.79
3.05
$1,972,500
$1,881,200
1,333,200
$1,749,000
1,453,500
$308,000,000
$300,000,000
$298,000,000
297,876,050
298,200,822
292,404,093
447,52B
444,218
238,628
public debt & guaranteed
obligations
Deduct—Other outstanding public debt obli¬
$298,323,578
$298,645,041
$292,642,721
gations not subject to debt limitation-—.—
432,602
433,274
444,091
$297,890,976
$298,211,767
$292,198,629
10,109,023
1,788,232
5,801,370
$298,323,578
$298,645,041
$292,642,721
6,379,565
10,430,393
6,592,606
$291,944,013
6288,214,648
$286,049,915
3.247%
3.240%
3.065%
Insurance
———
(200)
—
—
STATES
UNITED
(
(10)
EXPORTS
of
May
(000's omitted):
*
Imports—
2,198,971
$109,937,267
1,536,114
$70,821,945
2,584,011
$137,945,360
1,547,069
1,046,955
2,294,052
77,515
57,110
1,555,537
12,446
1,543,091
$78,218,253
13
13
13
1,730,436
$91,154,745
1,469,554
989,845
153,083
2,140,969
13
$81,739,999
$51,642,031
$135,923,674
—July 13
July 13
3.19
IMPORTS
AND
CENSUS —Month
OF
BUREAU
U. S.
—
——
GOVT.
(000's omitted):
Total face amount that may be
As of
•at
320,340
202,290
630,470
July 31
outstanding
time—
any
—
Outstanding—
Total gross
Guaranteed
public debt—:
:
obligations not owned by
the
3~20~340
202~290
630~470
437~560
996,050
693,780
977,452
602,800
Grand
21,425,420
1,306,020
12,957,470
26,008,830
796,900
14,350,300
23,927,700
14,263,490
28,180,770
15,147,200
2,171,940
—
437,560
Total
2,502t280
1,292,900
STATUTORY DEBT LIMITATION
UNITED
gfoss
outstanding
total
face
-
of obligations issuable
authority—-
amount
above
STATES
GROSS DEBT
DIRECT
AND
GUARANTEED—(000's omitted):
As of
July 31
General
funds
:
—
—
balance—
Net debt
_!
Meats
.
commodities other than farm and foods
figure.
100.1
(a)
96.7
96.3
95.6
—
——
-
.
101.5
100.9
100.0
(a)
July 31
100.1
98.3
95.4
(a)
July 31
100.7
100.7
100.7
(a)
fNumber of orders not reported since Introduction of Monthly Investment Plan,
sold on delivered basis at centers where freight from East St. Louis exceeds one-half cent a pound,
-
(a)
July 31
July 31
100.4
100.3
July 31
products
•Revised
$1.75000
$2.25
$82,000
$1.60000
(1947-4.9=100):
Processed foods—
All
$82,000
2.86
5,883,483
U. S. DEPT. OF
commodities
Farm
$82,000
2.68
3,381,380
Commodity Group—
All
81.250c
$2.25
3.58
Exports—
July 13
—July 13
.—July .13.
:
22.500C
79.000c
$2.25
5.08
Balance
.'
23.250c
22.500c
79.000c
3.74
under
PRICES, NEW SERIES
26.000c
3.45
5,745,220
(SHARES):
sales—...
24.000c
3.00
Average
round-lot sales—
Other
33.000c
24.000c
5.86
2,841,603
3,376,543
STOCK
Short sales
32.500c
33.000c
3.65
4,844,143
ROUND-LOT STOCK TRANSACTIONS
AND
FOR ACCOUNT
Total
STOCK SALES ON THE N.
ROUND-LOT
EXCHANGE
36.250c
32.500C
3.82
2,546,650
July 13
Round-lot purchases by dealers—Number of shares—
36.250c
32.500c
33.000c
5.75
4,058,275
■'*>'»
—July 13
—:
$35,000
$194,800
36.250c
Treasury—
by dealers—
shares—Total sales-
of
Short sales
116.221c
$35,000
$192,000
3.40
834,730
1,686,945
sales
Number
113.137C
635.000
_——
Banks (15)
July 13
—July 13
-July
July
;——July
——^.July
___—_———_——
79.5184
$2.78737
$192,000
(125)
(25)
3,129,066
534,940
3,051,200
July 13
sales
91.375c
85.669d
$2.80828
COMMON STOCKS—Month of July:
6,141,498
1,039,340
5,215,580
(customers' sales)—
Number of orders—customers'
£79.042
111.476c
—
——
Utilities (not incl. Amer. Tel. & Tel.)
—-———Tuly 13
Tuly 13
——*
—
AVERAGE
WEIGHTED
1,071,083
1,240,543
TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODD-*
DEALERS AND SPECIALISTS ON N. Y. STOCK
EXCHANGE — SECURITIES EXCHANGE
COMMISSION
Odd-lot sales by dealers (customers' purchases)—t
shares—
£67.841
102.274c
87.5404
small lots)
grade (per pound)
97%
MOODY'S
129,070
LOT
of
£77.393
$2.80658
(Per pound,
796,050
STOCK
11.500c
12;000c
§66.994
£67.028
(per pound, delivered ton lots)-—
Cadmium
666,980
——-—
11.500c
12.000c
103.548c
Platinum, refined (per pound)--——
1,382,620
—————
.
pound)—.
(per
262,715
1,119,905
—
£66.104
11.500c
—
Bismuth
July 1,J
—July 13
sales-—-—
Number
99%
—
—,
10.800c
£64.854
£57.947
12.000c
"Nickel
"Ju}y ^
——
sales..
Total
,;y
lirOOOc
9.300c
£54.588
grade ingot weighted average (per lb.)
grade primary pig export——
99%
July *3
«
9.500c
£57.719
Aluminum—
398,020
transactions for account of members—
Short
;
3,985,990
1,068,890
£233.482
9.300c
——
—
—
Total round-lot
2,283,070
2,314,760
*
608,810
£230.675
§66.105
East St. Louis (per pound)—
delivered (per pound).
ttLondon, prompt (per long ton)
ttLondon, three months (per long ton
Silver and Sterling ExchangeSilver, New York (per ounce)—
Silver, London (per ounce)
Sterling Exchange (check)
Tin, New York Straits-!
Gold (per ounce U. S. price)———Quicksilver (per flask of 76 pounds)—
Cobalt,
,,
—
sales
1,640,530
4,221,590
754,260
3,231,730
the floor—
on
sales—
Other. sales—
Total
—
—
——
purchases———
Short
Total
i——--—
sales.
Other transactions
-
—
——
—
27.873c
£229.685
9.500C
(per pound)———
Laredo, bulk (per pound)—
Laredo, boxed (per pound)
BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Transactions, of.specialists in stocks in which registered-
'
30.600c
28.571c
£53.807
Antimony—
llNew York, boxed
MEM¬
OF
30.600c
£534.125
£230.813
—
OIL, PAINT AND DRUG REPORTER PRICE INDEX—
1949
•••■"
28.538c
§§Prime Western,
316,686
—July 28
—
:
Zinc—
.
310,951
at end of period,.—————July 28
(tons)
:
-
\
.
-iJuly 28
—,——-July 28
■
£234.125
Common, New York (per pound —
Common, East St. Louis 1 (per pound )—
ttLondon, prompt (per long ton):—
ttThree months, London (per long ton)
'4.58
•
4.91
—Aug
———
———
activity—
Unfilled orders
7
5.05
4.51
——
(tons),,——
4.65
5.06
4.54
ASSOCIATION: '
(tons)———
Production
4.49
5.07
7
COMMODITY INDEX——
Orders received
4.32
7
7
—
"i ''J':
Lead—
4.36
4.50
4.66
4.50
-4.66-:
-Aug
———-Aug,
Group,
Group————-—
NATIONAL PAPERBOARD
4.36
-
7
_——.-Aug.
Railroad
■
' tv.i
Copper-
—
Bonds—
Government
128,800,000
$741,600,900 <
80.93
7
-Aug.
—-Aug.
dividends—
Policy
*
S.
11400,000
62,900,000
161,400,000
87.72
86.65
7
TO
Month of May:
—
benefits
PAYMENTS
^
MOODY'S BOND YIELD DAILY AVERAGES:
U.
10,263,000
Average=100—Month of June:
$66.44
$25.17
'
\
19,697,000
'
adjustment
,
~
:L
Group
4,743
5,238
115
July:
seasonal
Matured endowments..
AVERAGES:'
corporate—,,
Industrials
I2;714
Average=100—
$66.44
Aug.
,
'
10,739
'
SALES—FEDERAL RE¬
Sales (average daily) unadjusted—
28.425c
9.600c
•
"
,
STORE
SYSTEM—1957-59
Month of
Without
3,122
11,656
13,700
(DEPT. OF COMMERCE):
—
DEPARTMENT
11,423
3,131
3,752
6.196c
Aug.
—;
at—-———u——
,Aar<-vcr-—-,+.r*v—
:
Spinning spindles in place on June 30
Spinning spindles active on June 30—
Active spindle hours (000's omitted) June 30
Active spindle hrs. for spindles in place June 30
Kilowatt-hour
1
Government *>oiius——_—:—.—
Average
13,718
5,227
4,739
——
—
COTTON SPINNING
11,815
--
——
.(
EDISON ELECTRIC INSTITUTE:
(primary pig, 99.5%) at—
BOND
3,156
—
6.196c
-
S.
loans-
406
■
U.
consumer' credit
6.196c
'
—Aug.
,-_i
(St. Louis) at—
(delivered) at——
Zinc (East St. Louis) at—
MOODY'S
18,033
11,555
RESERVE BANK OF NEW YORK—1947-49
at——
at—:—•;
York)
17,061
10,986
44,559
—
284
(E. & M. J. QUOTATIONS):
(New
41,833
17,683
$58,277
^
—
269
6.196c
—
Lead
Aluminum
credit
Adjusted for seasonal variation
id.)
fZinc
Straits tin
$54,-602
43,893
RE¬
credit
credit—-
Service credit
16,137,000
$66,44
refinery
term
Single payment loansCharge accounts
90
$66.44
(New York)
$57,593
323,000
of June 30:
as
DEPARTMENT
.Aug.
,
Electrolytic copper—
Domestic refinery at-,
Lead
FEDERAL
Automobile-
$458,100,000
16,565,000
4
July30
July 30
(per gross ton)—————__________—.July 30
METAL PRICES
THE
Personal
DUN &
—
(per gross ton)—
(per
OF
intermediate
and
consumer
Instalment
COMPOSITE PRICES:
steel
Pig iron
842,000
SYSTEM—REVISED SERIES—Esti¬
SERVE
310
Finished
1465,000
725,000
282,000
265,000
$1,821,000
OUTSTANDING—BOARD
470,325
168,100,000
375,700,000
245,700,000
.130,000,000
164,800,000
42,300,000
2
—:
$1,883,000
718,000
Repairs and modernisation .loans—
$543,800,000
207,100,000
297,000
July 28
Aug.
—
AND
CREDIT
591,301
INDEX—FEDERAL RESERVE
kwii. )
814,000
1.007O00
—
Nonlnstalment credit^—-
.July 28
July 28
SYSTEM—1957-53 AVERAGE=100—
output
,-
,in millions
EDISON ELECTRIC INSTITUTE:
Electric
885,000
1,054,000
789,000
$1,939,000
-
municipal—
GOVERNORS
Other
•'
and lignite .ctons)———
coal
and
SERVE
Total
Ago
Month
—
construction—
mated '6hort
180,796,000
31,864,000
130,032^000
50,226,000
Year
Month
construction—
construction
CONSUMER
;
1——Aug.
construction——
construction—-
RECORD
Federal
NEWS-RECORD:
Total tJ.
S.
State
8,397,000
30,449,000
Previous
(000's omitted):
U.
Public
6,948,260
6,014,000'
184,031,000
of that date:
CONSTRUCTION-
.
Revenue freight received from connections
CIVIL
7,260,260
—July 27
at——
(bbls.)
oil
-July 27
7,264,810
8,451,000
30,943,000
2,872,000
14,027,000
-July 27
+
(bbls.)—;
at_.
Distillate ;fuel oil
Residual fuel
*7,262,560
bulk'terminals, in transit, in pipe lines
(bbl.)
1,850,000
Private
July 27*
.;July27
gallons each)
:
:
runs to .stills—daily average
(bbls.)—
Gasoline output (bbls.)
Kerosene output (bbls.)
——!
Distillate fuel oil output (bbls.)
a■
:
fuel
1,239,000
^either for the
Month
CIVIL ENGINEERING
(bbls. of
Crude
Residual
1,504,000
are
are as
Latest
63.2
ENGINEERING NEWS
1,578,000
of quotations,
cases
Ago
.
Total
conuensate
Stocks at refineries,
Finished gasoline
4
that date, or, in
on
production and other figures for the
cover
Dates shown in first column
Year
42,5
Equivalent to—
Steel ingots
month available.
or
25
a
f Prime "Western Zinc
Not available.
Computed
annual
average
tEstimated totals based on reports from companies accounting for
of primary, 95%
of secondary tin consumption in 1957 and 977o of total stocks
end of 1957.
UDomestic five tons or more but less than carload lot boxed.
§§Deltvered
where freight from East St. Louis exceeds 0.5c.
•♦F.o.b. Fort Colburn. U. S. duty
Included. ttAverage of daily mean and bid and ask quotations per long ton at morning
session of London Metal Exchange.
•Revised figure,
26
The Commercial and Financial Chronicle
(614)
.
.
Thursday, August 9, 1962
.
^INDICATES
Now
Securities
NOTE
—
becoming
increasingly difficult to predict offering dates
with a high degree of accuracy. The dates shown
in the index and in the accompanying detailed
items reflect the expectations of the underwriter
but are not, in general, to be considered as firm
Aerodyne Controls Corp.
29, 1962 ("Reg. A") 90,000 common. Price—$2.
Business—Design, manufacture and sale of systems, con¬
trols and assemblies for the missile, rockets and aircraft
industries.
Proceeds—For equipment, debt repayment,
expansion and working capital. Office—90 Gazza Blvd.,
Farmingdale, N. Y.
Underwriter—Bobbins, Clark &
Co., N. Y.
Jan.
offering dates.
^ ABC Business Forms, Inc.
July 27, 1962 ("Reg. A") 51,500 common. Price—$3.50.
Business—Manufacture, design and development of busi¬
ness forms.
Proceeds—For debt repayment and work¬
Office—3500 N. W. 71st St., Miami.
& Co., Inc., Miami.
<
ing capital.
Under¬
writer—Givens
A.
L.
Steel Corp.
S.
29, 1962 filed 100,000 common. Price—$4.50. Busi¬
ness—Sale of processed flat rolled strip steel. Proceeds
—For debt repayment, equipment, and working capital.
Office—126—02 Northern Blvd., Corona, N. Y.
Under¬
writer—Bernard L. Madoff, N. Y.
Abbott
Realty Fund, Inc.
June 29, 1962 filed 380,000 class A. common. Price—$10.
Business—Real estate ownership and management. Pro¬
ceeds—For debt repayment and general corporate pur¬
poses.
Office—292 Madison Ave., N. Y. UnderwritersMorris Cohon & Co. and Street & Co., Inc., N. Y.
April 24, 1962 ("Reg. A") 80,000 common.
Business—Manufacture
of
electronic
test
Price—$2.50.
instruments
Proceeds—For new products,
debt, repayment and other corporate purposes. Office—
2435 White Plains Rd., N. Y. Underwriter—To be named.
and
component
parts.
Parts Inc.
Accurate
March 30, 1962 filed 100,000 common. Price — By
ment (max. $13). Business — Rebuilding and
starter
devices for automobiles. Proceeds
drive
amend¬
sale of
—
For
selling stockholders. Office—1313 S. Jay St., Kokomo,
Ind. Underwriters—McDonnell & Co., N. Y. and Raffensperger, Hughes & Co., Indianapolis.
Admiral
Automotive
Products, Inc. (9/4-7)
filed 100,000 common.; ;Price—$4. Business
Jan. 11, 1962
—A
/warehouse distributor of automobile equipment
ac¬
supplies. Jfr^oceeds — }Tor expansion and
working capital. Office—3294 Steinway St., Astoria, N. Y.
Underwriter—Baruch Brothers & Co., Inc., N. Y.
cessories
and
Admiral
Benbow
Inn, Inc.
July 11, 1962 ("Reg. A") $300,000 of 6% convertible
debentures.
P r i c e—At
par.
Business-7-Operation of
restaurants, motels and hotels. Proceeds—For general
corporate purposes. Office—29 S. Belleviie Blvd., Mem¬
phis. Underwriter—James N. Reddoch & Co., Memphis,
Adtek, Inc. (8/27-31)
May 21, 1962 ("Reg. A") 100,000 common. Price—$1.15.
Business—A general advertising and technical publishing
service. Proceeds — For salaries, sales promotion and
working capital. Office—Statler Bldg., Park Sq., Boston.
Underwriter—Paisley & Co., Inc., 120 Broadway, N. Y.
Advance Mortgage Corp.
April 27, 1962 filed 200,000 common. Price—By amend¬
ment. Business—The making and servicing of real estate
first
mortgage
loans.
products, sales promotion and working capital. Office—
Ave., N. Y. Underwriters—Leib, Skoot & Co.,
Proceeds—For
Inc., Clifton, N. J., and Price Investing Co., N. Y.
Air
debt
Office—First National Bank Bldg., Detroit.
—Shields & Co., N. Y.
repayment.
Underwriter
Aerial Control Geotronics
May 28, 1962 ("Reg. A"X 100,000 common. Price—$3.
Business—Application of electronic and air photography
YOUR PRIME SOURCE FOR
Master
,
Reduction
Co., Inc. (8/29)
April 27, 1962 filed $44,546,300 of conv. subord. deben¬
tures due 1987 to be offered for subscription by stock¬
holders on the basis of $100 of debentures for each 10
shares held. Price—By amendment. Business—Produc¬
tion of oxygen, acetylene and other gases, welding tools
and related equipment. Proceeds—For debt repayment
and expansion. Office—150 E. 42nd St., New York. Un¬
derwriters
Kidder, Peabody & Co. and Dean Witter
& Co., New York.
—
17,
1961
filed
250,000
Price — $5.75,
Business—A lumber company. Proceeds—For construc¬
tion and working capital. Office—614 Equitable Bldg.,
Portland, Ore. Underwriter—Dempsey-Tegeler & Co.,
Inc., St. Louis. Note—This registration was temporarily
postponed.
Alcolac Chemical
chemical products. Proceeds—For general corporate pur¬
Office—3440
Fairfield
writer—Robert Garrett & Sons,
Rd.,
Baltimore.
Under¬
Baltimore. Offering—In¬
definitely postponed.
Allegheny Aluminum Industries, Inc.
Dec. 21, 1961 filed 100,000 common.
—
For
an
acquisition, debt repayment
and general corporate purposes.
Office—5007 Lytle St.,
Pittsburgh, Pa. Underwriter—First Madison Corp., N. Y.
Allied Doll &
Toy Corp.
Feb. 27, 1962 filed 133,333 common. Price—$3. Business
—Manufacture
and
writer—E. A.
— 80
Richmond St., W., Toronto.
Manning, Ltd., Toronto.
American Bolt & Screw Mfg.
dustrial
debt
sale
of
dolls. Proceeds—For
equip¬
ment,
advertising, and working capital. Office — 4116
First Ave., Brooklyn, N. Y. Underwriter — Theodore
Arrin & Co., Inc., N. Y.
aircraft and missile fasteners.
SOLD
-
QUOTED
for Banks, Brokers, Institutions
11, 1962 ("Reg. A") 60,000 common. Price—$2.50.
Business—Music publishing, recording, selling and dis¬
tributing phonograph records; managing of recording
artists under contract, and the development and pro¬
duction of jingles for TV and radio. Proceeds—For debt
repayment, expansion, sales promotion and working
capital. Office—1697 Broadway, N. Y. Underwriter—
Reuben Rose & Co., N. Y.
9UieV, d SIEGEL
Boston
Fifth Ave., New York. Underwriter—First
Corp./ N. Y.
American
Fidelity
Corp.
June 4, 1962 filed 500,000 common. Price—$11. Business
—A small business investment company. Proceeds—For
investment.
Office—423
E.
Market
St., Indianapolis.
Underwriters—Reynolds & Co., Inc., N.
tenden, Podesta & Miller, Chicago.
•
American
Gas Co.
(9/17-21)
March 26,
1962 filed 548,532
subscription by stockholders
Inc.
Business—Publication
$5).
fice—546
S. 24th Ave., Omaha.
den, Podesta & Miller, Chicago.
of
American
Kosher
(T
Established 1942
mass
All-Star Insurance Corp.
Mar. 30, 1962 filed 1,000,000 common.
39
Broadway, New York 6, N. Y.
DIgby 4-2370
TWX: N.Y. 1-5237
to
HOLTON, HENDERSON & CO., Los Angeles
deben¬
1977.
land, development and home construction
arid Ky. Proceeds—For repayment
Park Ave., N. Y. UnderwritersBear, Stearns & Co., and Allen & Co., N. Y.
on
in Fla., Md.,N. Y.,
of debt. Office—230
Electronics, Inc. (9/4-7)
March 28, 1962 ("Reg. A") 100,000 class A common.
Price
$3. Business — Wholesaling and distributing of
electronic parts, kits, components, etc. Proceeds —* For
inventory and working capital. Office—2520 N. Broad St.,
Philadelphia. Underwriters—Albert Teller & Co., Inc.,
and H. A. Riecke &
Co., Inc., Philadelphia.
—
Direct Wire
Properties, Inc;
Price—At par. Business—Company and
subsidiaries conduct a general real estate business with
Alsco
.
of
3.6
new
Underwriter—Crutten-
^ro^ucts. Proceeds r—For debt
arid' vvorking capital. Office—
exparision
39 Norman
Ave., Brooklyn, N. Y. Underwriter—Willard
Securities, Inc., N. Y.
American
Laboratories, Inc.
28, 1962 filed 200,000 common. Price—By amend(max. $6) Business—Operation of hospitals and medical
laboratories. Proceeds—For debt repayment and work¬
ing capital. Office—660 S. Bonnie Brae, Los Angeles.
Feb.
.
California Investors, Los Angeles. Offer¬
ing—Indefinitely postponed.
•
—
American
Modular
Manufacturing Corp.
(8/13-17)
Nov. 27, 1961 filed 200,000 common. Price—$2.50. Busi¬
ness—Manufacture of a type of component constructed
home. Proceeds—For debt repayment, equipment, and
working capital. Office—4950 71st Ave., North, Pinellas
Park, Fla. Underwriter—Equity Securities Co., N. Y.
American Mortgage Investors
Feb. 8, 1962 filed
1,300,000 shares of beneficial interest.
Price—$15. Business — A newly-formed business trust
which plans to invest in first mortgages. Proceeds—For
Underwriter—Hayden, Stone
company was
& Co., N. Y. Note—This
formerly named American First Mortgage
Investors.
America^ Options Corp.
April 11, 1962 ("Reg. A") 60,000 common. Price—$5.
Business—Company plans to sell "puts and calls" and
may act as a broker-dealer. Proceeds—For general cor¬
porate purposes. Office—120 Broadway, N. Y. Under¬
writer—Provost Securities, Inc., N. Y.
American Pacific
Fund, Inc.
common.
Price—Net asset value.
company special¬
open-end management
life, health,
Honolulu.
casualty
accident'< insurance.
and
Office—1523 Kalakaua Ave.,
Underwriter—American
Pacific
Management
Corp. (same address).
American Phoenix Corp.
Jan.
Price—$3. Business
—insuring of buildings against fire, lightning and other
perils. Proceeds—For working capital. Office—3882 N.
Teutonia Ave., Milwaukee. Underwriter—None.
emphasis
Members of New York Security Dealers Association
to be offered for
basis
Provisions, Inc.
Proceeds—For investment.
subord.
the
June 25, 1962 filed 130,000 common. Price—$5. Business
—Manufacture and sale of a variety of kosher and nonkosher meat and ..jneat
izing in
conv.
on
Price—By amendment (max.
Business—Transportation, distribution and sale of
Proceeds—For debt repayment and expansion. Of¬
circulation
April 24, 1962 filed $5,000,000 of
common
shares for each share held.
Business—An
amendment.
Y., and Crut-
American Flag & Banner Co. of New Jersey
May 1, 1962 filed 100,000 common. Price—$3.25. Busi¬
ness—Production of flags, banners and accessories. Pro¬
ceeds—For taxes, debt repayment and working capital.
Office—1000 Main Ave., Clifton, N. J.
Underwriter—
K-Pac Securities Corp., N. Y.
Price—By
due
For
•
July 9,1962 filed 94,500
tures
—
American Brake Shoe Co. (8/21)
Aug. 1, 1962 filed $12,000,000 of sinking fund debentures,
due 1987. Price—By amendment. Business—Manufacture
of hydraulic systems, castings and
forgings, friction ma¬
terials, and railroad equipment. Proceeds—For debt re¬
payment, capital improvements, and working capital.
Mar. 27, 1962 filed 180,000 common, of which 60,000 will
be sold for the company and 120,000 for a stockholder.
All-State
Proceeds
equipment and other corporate pur¬
poses. Office — Lawson Blvd., Oceanside, L. I., N. Y.
Underwriter—S. D. Fuller & Co., N. Y. Offering—In¬
definitely postponed.
investment. Office—305 S. County Rd., Palm Beach, Fla.
Allied Entertainment Corp. of America, Inc.
June
catalogues (for department stores and mail
firms), a semi-annual magazine and stamp collec¬
tors' books. Proceeds—For debt repayment and working
capital. Office—551 Fifth Ave., N. Y. Underwriter—
Bache & Co., N. Y. Offering—Indefinitely postponed.
-
Corp.
repayment,
order
BOUGHT
Under¬
Dec. 15, 1961 filed 150,000 common. Price—By amend¬
ment. Business—Manufacture of standard and special in¬
Underwriter
Busi¬
Price—$4.25.
ness—Manufacture of aluminum and fiberglass awnings
and aluminum combination storm-screen windows and
doors. Proceeds
REVISED
Office
penses.
repayment,
Corp.
Allied Graphic Arts,
allMW
common.
March 23, 1962 filed 50,000 common. Price—By amend¬
ment
(max. ,($6). Business—Manufacture of specialty
poses.
ITEMS
Amerel Mining Co. Ltd.
July 31, 1961 filed 400,000 common shares. Price—500.
Business—The company is engaged in exploratioh, de¬
velopment and mining. Proceeds—For diamond drilling,
construction, exploration and general corporate ex¬
gas.
Alaska Pacific Lumber Co.
Nov.
•
PREVIOUS ISSUE
Office—530
Corp.
May 26, 1961 filed 180,000 common, of which 90,000 will
be sold for company and 90,000 for stockholders. PriceBy amendment. Business — Manufacture of aluminum
storm windows and doors, and other aluminum products.
Proceeds—For working capital, and other corporate pur¬
poses. Office—20th Street and Allegheny Avenue, Phila¬
delphia, Pa. Underwriter — Clayton Securities Corp.,
Boston. Note—This offering has been postponed.
Air
Inc.
Instrument Co.
Accurate
Agency Tile Industries, Inc.
July 27, 1962 ("Reg. A") 110,000 common. Price—$2.50.
Business—Importing,
marketing and
distribution
of
ceramic
tiles,
Proceeds—For
debt
repayment, new
256 Fifth
March
•
Registration
developments in the field of geodetic surveying and re¬
gional mapping. Proceeds—For debt repayment, equip¬
ment and working capital.
Office—2412 S. Garfield
Ave., Monterey Park, Calif. Underwriter—Pacific Coast
Securities Co., San Francisco.
Because of the large number of issues
awaiting processing by the SEC, it is
in
ADDITIONS
SINCE
24, 1962 filed 315,000 class A shares.
Business—General real estate.
purposes.
Price—$10.
Proceeds—For corporate
Office—320 Park Ave., N. Y.
Interamerica Securities Corp., N. Y.
Underwriter—
I
American Plan Corp.
March 30, 1962 filed $2,480,000
of convertible deben¬
due 1982 and 248,000 common shares (of which
218,000 will be sold for the company and 30,000 for
stockholders). The securities will be offered in units of
one $10 debenture and one share. Price—By amendment
(max. $22.50 per unit). Business—Production and serv¬
icing of physical damage insurance on automobiles,
tures
trucks and mobile homes. Proceeds—To
purchase Ameri¬
Fidelity Fire Tnc"rance Co. Office—American Plan
Bldg., Westbury, N. Y. Underwriter—Bear, Stearns &
Co., N. Y.
can
American-Safety Table Co., Inc.
May 23, 1962 filed $100,000 common. Price—By amend¬
(max. $7).
Business—Design, manufacture and
marketing of equipment used in the sewing industry.
ment
Volume
196
Number 6184
.
.
.
The Commercial and Financial Chronicle
Proceeds—For
ceeds—For
capital.
capital.
expansion, debt repayment and working
Address—Mohnton, Pa. Underwriter—Reuben
Co., Inc., N. Y.
Rose &
American
Feb. 12,
Southwest
Realty
&
•
i
by
.
American Strategic Minerals Corp.
Department Stores, Inc.
in
hypodermic
Main
N.
St.,
ing
capital.
Office—668
Jenks
Ave.,
Donnelly
Underwriter—Pewters,
Paul, Minn.
' "
&
shares
V
Corp.
-
Ohio.
exhaust fans and kitchen cabinet hardware.
plant expansion, equipment, debt
working capital.
Office—South Main
24, 1961 filed 38,500. common. Price—$8. Business
—Design and fabrication of precision sheet metal prod¬
ucts. Proceeds — For machinery research, sales promo¬
and devices to
corporate
N.
•
Y.
<;
1
Automatic
—For
search, development and engineering under defense con¬
tracts/Proceeds—Repayment of bank loans, equipment,
fice—217
Farms
•
Co.
for
Ave., Los Angeles.
conc^any
which plans to participate in the long-term progres& bf
savings and loan associations, and allied financial busi¬
nesses.
Proceeds—For investment. Office—1118 Tqprgy
Pines Road, La Jolla, Calif, Dealer-Manager—Argus Fi¬
nancial Sales Corp. (same address).
vSyS#
Aries Corp-
■_ —.
\
7
'
filed 200,000 common. Price—$L15.§JftM-ness—Company plans to provide consulting .services in
the area of programming,. applications
engineerings ar|d
operations analysis. Proceeds—For working capitarYOf¬
fice—7722 Morgan Ave., So., Minneapolis.
Underwriter
—Bratter & Co., Inc., Minneapolis.
V
.
.
-
«
-•
June 27, 1962
'
Artlin
Inc.
Sept. 28, 1961 filed 135,000 class A common shares^iPrlfce
—$5. Business—The purchase,^ conversion, decoration,
Mills,
gift packaging and distribution of terrycloth towef§ja©d
cotton pillow cases. Proceeds—For inventory, repayment
of loans and working capital.
Office—1030 Pearl;- St.,
Long Branch, N. J. Underwriter—Mortimer B. Burnside & Co.. Inc., N. Y.
.£>•*%'■
Ascot
Publishing Co., Inc.
Jan.
29, 1962 ("Reg. A") 103,000 common.
Price—$2.
Business—Publishing of a bowling magazine. ProCedds
■—For
general
corporate
purposes.
Office—14
W.; 55th
Y. Underwriter—Dana Securities Co., InC.V*8Q
N. Y. Note—This offering has been temporally
postponed.
Yy
St.,
N.
Ascot
Textile Corp.
Feb.
23, 1962 filed 100,000 common. Price—By amend¬
ment. (max. $7.50). Business—Converter of linings and
interfacings used in the manufacture of clothing. Pro¬
ceeds—For expansion, debt repayment and working capi¬
tal. Office—335 W. 35th St., N. Y. Underwriter—To be
named.
Note—This statement has been withdrawn.
Products, Inc.
March 29, 1962 filed $1,250,000 of 5Y2%
*
Assembly
subord. de¬
bentures due 1972.
Price—At par. Business—Manufac¬
ture of electromechanical and electronic devices.
Pro¬
three
100
shares
on
shares
held.
and
leasing
of
•
•
Bank "Adanim"
the
held
basis
and
Record
of
$100
one
new
date
for
the
automobiles
and
trucks.
Mortgages & Loan Ltd.
- ~
Dec.
29, 1961 filed $556,000 of 6% cumulative preference
dividend participating dollar-linked shares.
Price—By
amendment.-Business
A mortgage lending company.
Proceeds—For general corporate purposes.
Address—
108 Achad Haam St., Tel-Aviv, Israel. Underwriter—
—
Adanim American Israel Investment Co., Inc.
Barish
Sept.
1,
Associates, liic.
1961
("Reg. A") 50,000
•
Berne of
27,
N.
Y.
working
Underwriter
—
capital.
Gianis
common.
Office—224
&
Price—$4.
Co., N. Y.
E.
38th
Pro¬
St.,
Offering—
Barker Bros. Corp.
March 15, 1962 filed 200,000 common. Price—By amend¬
ment (approx. $12). Business—Merchandising of home,
institutional furnishings. Proceeds—For
expansion and debt repayment. Office—818 W. Seventh
St., Los Angeles. Underwriter—William R. Staats & Co.,
Los Angeles. Offering—Postponed.
Barogenics,
March
Inc.
1962
$3.
California, Inc.
lwtil
Business—Furnishing of market
services.
Price—$3.
common.
research and consulting
Proceeds—For
working capital and general
corporate purposes. Office—95 Madison Ave., N. Y. Un¬
derwriters—Kenneth Kass and J. J. Krieger & Co., Inc..
New York.
Bloomfield
26,
Building Industries, Inc.
$2,000,000 of conv. subord. deben¬
1962 filed
due
1977.
Price—-At
par.
Business
A
—
holding
company for 16 subsidiaries in the real estate and
eral contracting business. Proceeds—For
general
gen¬
cor¬
Office—2600
purposes.
Popular Ave., Memphis,
Underwriters—Lieberbaum & Co., and Morris
Tenn.
Cohon & Co., N. Y.
Blue
Magic Co. of Ohio, Inc.
1962 filed 100,000 common. Price—$4. Busi¬
ness—Manufacture of liquid
starch, a rinse, and spray
starch
for
household use.
Proceeds—For
equipment,
plant expansion and working capital. Office—901 Flor¬
ence
Ave., Lima, Ohio. Underwriter—Hallowell, Sulz¬
berger, Jenks, Kirkland & Co., Philadelphia.
July
16,
Braun Engineering Co.
May 11, 1962 filed $400,000 of 6%% s. f. subord. deben¬
tures due 1974; also 109,990 common, of which
100,000
will be sold by the
company and 9,990 by stockholders.
debentures, at
par; for stock, by amendment
Business—Manufacture of automotive parts,
(max. $9).
lock
nuts
and
'certain-aluminum products.
Proceeds—
For
debt1 repayment, working capital and purchase of
leased office and plant.
Office—19001 Glendale Ave.,
Detroit.
Underwriter—Watling, Lerchen & Co., Detroit.
Brinkmann
March
26,
shares
are
Instruments,
1962
filed
Inc.
100,000
of which 77,420
by the company and 22,580
by stockholders. Price — By amendment (max.
$7.75). Business — Importing and distribution of scien¬
to
be
common,
offered
tific instruments.
filed
and
other
develop¬
corporate
Cutter Mill Rd., Great Neck, N. Y.
Underwriter—D. B. Marron & Co., N. Y.
Bruce
(Michael)
Distributors, Inc. (8/20-24)
100,000 common. Price—$5. Busi¬
Operation of self-service discount department
stores. Proceeds—To retire outstanding
debentures, and
for working capital. Office—1101
Albany Ave., Hartford,
March 29, 1962 filed
ness—
Conn.
Underwriter—Gianis & Co., Inc., N. Y.
Buddy L. Corp.
April 2, 1962 filed 225,000 common. Price — By amend¬
ment (max. $10).
Business — Design,- manufacture and
sale of various
type toys. Proceeds—For a proposed ac¬
quisition of another toy company. Office—200 Fifth Ave.,
N. Y. Underwriter—Milton D. Blauner &
Co., Inc., N. Y.
Offering—Temporarily postponed.
Carriers, Inc.
June 22, 1962 filed 1,015,564 capital shares to be offered
for subscription by stockholders on the basis of four new
shares
for
each
share
held
on
Feb.
14,
1962.
Price—25
cents. Business—Manufacture and sale of overhead trol¬
ley
conveyers,
tow
Office
vertical tray lift systems, floor and over¬
systems, etc. Proceeds—For working capital.
Kirk Blvd., Greenville, S. C. Underwriter—
—
None.
Caldwell
Publishing Corp.
1962 filed 100,000 common. Price'—$3.50. Busi¬
ness—Company plans to publish classics. Proceeds—For
general corporate purposes. Office—339 W. 51st St., N. Y.
June 13,
Underwriter—S. B. Cantor Co., N. Y.
Calvert Electronics,
Inc.
filed 80,000 common, of which 40,008
by company and 40,000 by stockhold¬
Price—By amendment (max. $5). Business—Sale
March
30,
1962
Underwriter—Globus, Inc., N. Y.
Office—220E.
Properties, Inc.
29, 1962 filed 400,000 class A common. Price—By
amendment (max. $12). Business—Real estate invest-
research
purposes. Office—115
ers.
Basic
Proceeds—For
ment, equipment, debt repayment and
100,000 common.
Price —$7.50.
Business-—Research and development in ultra high pres¬
sure technology
and the design and sale of ultra high
pressure equipment. Proceeds—For inventories, research,
and sales promotion. Office — 51 E. 42nd St., N. Y.
30,
—
Italian
—
Blankenship, Ostberg, Inc.
1962 ("Reg. A") 100,000
head
Postponed.
commercial and
of
("Reg. A"; 85,000 common.
Price—$3.J
Manufacture of handbags and related items.
Proceeds—For debt repayment and
working capital. Of¬
fice—1621 S. San Pedro St., Los
Angeles. Underwriter;
—To be named.
Business
Cable
Business^-Aeronautical research and development.
ceeds—For
Price
common.
distribution
are
to be offered
and
distribution
tory,
working
Rosen &
of
electronic
capital
23rd
and
St.,
N.
tubes.
other
Y.
Proceeds—Inven¬
corporate
purposes.
Underwriter—Philips,
Appel, N. Y.
conv.
June
Cambridge Fund of California, Inc.
Sept. 28, 1961 filed 280,000 common. Price—By amend¬
ment.
Wall St.,
•
ness—Rental
Argus. Financial Fund,. Inc.
open-end investment
each
stockholders
each
tion, and working capital. Office—Roosevelt Field, Gar¬
den City, N. Y.
1962 filed 800,000 capital shares to be offered In
exchange for certain securities acceptable to the Fund.
Price—Net asset value (expected at $12.50 per shftr#)/
diversified
by
for
to be offered
common
Proceeds—For debt repayment, construction and reloca¬
Underwriter—None.
Feb. 12,
Business—A
for
and 499,101
and
—
shares
offering is July 31, and the rights expiration date Aug.
17. Price—For debentures, at par; for common, $5. Busi¬
for stock, by amendment. Business.—Manufacture,
purchase and sale of ice cream and other dairy products.;
Proceeds—For debt repayment.
Office—1900 W. Slau-
-
1972
subscription
debentures
share
par;
son
C.
22, 1962 filed $1,497,000 of 5J/2% subord. convert,
debentures due
of
Underwriter—A.
Avis, Inc.
June
of 6% conv. subord. de¬
bentures due 1990 to be offered in $100 units; also 49,993
shares of $3
cumulative preferred stock and 205,105
common shares to be offered for subscription by stock¬
holders of the respective classes on the basis of one
new share for each
10 held.
Price—For debentures, aP
1962 filed $6,000,000
23,
Willow
N.
Ave., Tampa.
A.llyn & Co., Chicago.
plant expansion and working capital. Office—Paramus,
N. J. Underwriter—McDonnell & Co., N. Y.
Arden
Merchandising,
Inc.
May 24, 1962 filed 225,000 common, of which 125,000 are
to be offered by company and
100,000 by stockholders.
Price—By amendment (max. $6). Business—Company
operates, owns, services and leases coin-operated auto¬
matic vending
machines.
Proceeds—For^ debt repay¬
ment, inventories, equipment and working capital. Of¬
Price—By amendment .(max. $8.50). Business—Re¬
Proceeds
Price—For
withdrawn.
was
Automatic
30,71962 filed. 100,000. common, of which 80,000
to be sold by the company and 20,000 by stockhold¬
May
photocopy machine and supplies. Proceeds
equipment, expansion, and working capital. Office
W. 36th St., N. Y. Underwriter—None, Note—This
a
registration
March
ers.
—
Marker
to
—153
r..>
are
purposes.
Underwriter
tribution of
•.
,•
processes.
Photo Corp.
1, 1961 filed 150,000 class A shares, of which 125,000
be offered by the company and
25,000 by stock¬
holders. Price—By amendment. Business—Sale and dis¬
Underwriter
.
automatically operate indus¬
Proceeds — For general
Office—3601 Merrick Rd., Seaford,
S. Schramm & Co., Inc., N. Y
and
Note—
For advertising,
inventory and
working capital. Office—114 W. 13th St., N. Y. Under¬
writer—Granite Securities, Inc., N. Y.,
porate
Dec.
it Aquatron Engineering Corp.
July 27, 1962 ("Reg. A") 300,000 ,common. Price—$1.
Business—Production,, sale and lease of water treatment
devices. Proceeds—For. equipment, sales promotion, in¬
ventory, and working capital.
Address;—10260 U. S.
•
(8/20-24)
control and
trial machinery
are
-
cosmetics.
tures
Controls, Inc.
Inc.
("Reg. A") 100,000
Business—Importation, sale
Mar.
repayment
28, 1961 filed 50,000 common. Price—$4. Business
—Design, manufacture and installation of electrical,
pneumatic, hydraulic and mechanical systems, controls
Angler Industries, Inc.
June 15, 1962 ("Reg. A") 120,000 common. Price—$2.50.
Business—Manufacture of electronic hardware, and the
assembly
of
products
for, the
electronics
industry.
Proceeds—For debt repayment, equipment, advertising
and working capital. Office—107 Trumbull St;, Elizabeth,
N. J. Underwriter—Edward H. Stern & Co., Inc., N. Y.
•
Proceeds—
Inc., N. Y.
Cosmetics,
May 29,
Dec.
'
Inc.
Bene
March 2, 1962
and
Automatic
tion, and working capital. Office—26 Essex St., Hacken-"
sack, N. J. Underwriter — Amber, Burstein & Co., Inc.,
New York. Note—This registration is being withdrawn.
Arde
derwriter—Baruch Brothers &
Co.,
This statement will be withdrawn.
St., Union, 111.
Underwriters—Pierce, Carrison, Wulbern, Inc., Jackson¬
ville, Fla. and A. M. Kidder & Co., Inc., N. Y.
Nov.
•
St.
,
to be offered by company and 40,004 by stock¬
Price—By amendment (max. $7). Business Design, manufacture and sale of kitchen range hoods,
,
Highway No. 19 North, St. Petersburg, Fla.
—Norver ■/':
r;; , ^
Minn.
are
For
Industries
Paul,
holders.
Underwriter—None.
Anchor
St.
Jansen,, Inc.,
Aubrey Manufacturing, Inc. (8/2T-31)
Y'
March 28, 1962 filed 140,004 common, of which
100,000
selling
Hudson,
Price—$1.50.
common.
27
Beaton (John J.)
Co., Inc.
May 28, 1962 filed 150,000 common. Price—$5. Business
—Company plans to process and can cranberries, and dis¬
tribute frozen cranberries and canned
cranberry sauce.
Proceeds—For plant expansion, equipment and work¬
ing capital. Office—367 Main St., Wareham, Mass. Un¬
Oct.
Business—Manufacture and sale of Misti-Cone humidi¬
fiers. Proceeds—For equipment, inventories and work¬
Cohn & Co., N. Y,
Proceeds—For
ampoules.
Office—34
stockholders.
bowling centers
Rhode Island and Massachusetts. Proceeds—For debt
Atmosphere Control, Inc.
May 28, 1962 ("Reg. A") 200,000
Ampoules, Inc.-v
'
.Y
March 28, 1962 filed 5,900 common. Price—At-the-market.
Business—Design and development of sterile dis¬
posable
of
,
April 27, 1962 filed 100,000 common. Price—$3. Business
—Operation of self-service discount department stores.
Proceeds—For debt repayment, expansion and working
capital. Office—Mill St., Southbridge, Mass. Underwrit¬
ers—Meller & Co.,- and Kahn & Peck,
Business—Operation
par.
repayment, expansion and working capital. Office—100
Medway St., Providence. Underwriter—None.
'
:
Bowling Corp.
common
Price—At
exploration and working capital. Office — 527 Failing
Bldg., Portland, Ore.' Underwriter—To be named.
' ,
Ames
Co.
stockholders at the rate of $100 of deben¬
tures for each 200 rights acquired (on the basis of three
rights for each share held). Record date for the offer¬
ing is July 31 and the rights expiration date Aug. 31.
July 9, 1962. filed 400,000 common. Price—By amend¬
ment (max. $3). Business—Company plans to explore
for strategic minerals. Proceeds—For debt repayment,
i
Atlantic
&
June 18, 1962 filed $810,000 of 6% subordinated convert¬
ible debentures due 1972 being offered for subscription
Co., Inc., Dallas. Offering—Temporarily post¬
;
equipment * and working
Rd., Chesterland, Ohio. '
and William T, Robbins
Co., Inc., Cleveland. Offering—Indefinitely postponed.
&
Trust
1962 filed 1,000,000 common.
poned.
repayment,
Office—Wilson Mills
Underwriters—Prescott
Price—$11. Busi¬
ness—A real estate, investment company. Proceeds—For
investment.
Office—800 Hartford Bldg., Dallas. Under¬
writers—Kidder, Peabody & Co., N. Y. and Rauscher,
Pierce
debt
(615)
Proceeds—For debt repayment, acquisition of a
building and other corporate purposes. Office—521 Fifth
Ave., N. Y. Underwriter—Hornbfower & Weeks, N. Y.
ment. Business—General real estate. Proceeds—Debt re¬
Bay State Electronics Corp.
27, 1961 filed 160,000 common. Price—By amend¬
ment. Business
Development of products and tech¬
niques, for use in the field of oceanography, meteor¬
ology, seismology and ionospheric phenomena. Proceeds
Cambridge Mills Inc.
July 27, 1962 filed 110,000
Oct.
—
—For product development and working capital. Office
—43
Leon
St., Boston. Underwriter — To be named.
Offering—Indefinitely postponed.
payment and working capital. Office—324 E. Bixby Rd,,
Long Beach, Calif. Underwriter—To be named.
common.
Price—$3.50. Busi¬
ness—Design and manufacture of infants' nylon "stretch**
wear.
and
Proceeds—For
general corporate
N." Y.
debt
repayment, working capital
Office—725 Broadway,
purposes.
Underwriter—Alskor
Securities
Co., N. Y.
Continued
on
page
28
28
The Commercial and Financial Chronicle
(616)
porate purposes. Office—Santurce, P. R. Underwriter—
Arnold Malkan Investment Growth of Puerto Rico, Inc.,
Continued from page 27
Lingerie, Inc.
Cameo
(9/4-7)
Santurce, P. R.
1962 filed 200,000 common, of which
to be offered by the company and 80,000 by
Feb. 12,
120,000 are
stockhold¬
ers.
Price—$5. Business—Manufactuer of women's and
children's tailored panties.
Proceeds—For debt repay¬
ment, inventory and working capital. Office—Fajardo,
Puerto Rico. Underwriter — Schweickart & Co., N. Y.
Cana'.e Chemical Corp.
12, 1962 filed $250,000 of 6% convertible subordi¬
nated debentures due 1970 and warrants to purchase
June
25,000 common shares, to be offered in units of one $100
debenture and 10 warrants to purchase one share. Price
—$100
per
chemicals
unit. Business — Manufacture of industrial
sale primarily to the graphic arts indus¬
for
try. Proceeds—For plant expansion, inventory, sales pro¬
motion, research and development. Office—37 Cottage
How, Glen Cove, N. Y. Underwriter—None.
Hills Enterprises,
Canaveral
May
manufacture
ceeds—For
N.
and
sale
scription by stockholders on the basis of one new share
for each two shares held.
Price—By amendment (max.
Business—A small business investment company.
investment. Office—
Fourth St., Milwaukee. Underwriters—Marshall
Co., and Loewi & Co., Inc., Milwaukee. Offering—Tem¬
porarily postponed.
$10).
Proceeds—For debt repayment and
N.
Capital Management Corp.
Dec. 27, 1961 ("Reg. A") 60,000 common. Price—$5. Busi¬
An investment company which will hold mort¬
Clayton Securities
which
of
70,000
and 30,000 by stockholders.
(max. $12.50).
of
Business—Design,
plastic educational toys.
Pro¬
capital.
Office—1125 Close Ave.,
Underwriter—J. R. Williston & Beane,
Y.
York.
writer
Pacific
—
Note—The
SEC
Underwriters,
has
issued
an
Inc.,
order
Scottsdale, Ariz.
temporarily sus¬
pending this issue.
Career
Chomerics, Inc.
April 27, 1962 ("Reg. A") 36,000 common.. Price — $5.
Business—Development, manufacture and sale of plastic
specialties. Proceeds—For equipment, research and de~
velopment, and working capital. Office—341 Vassar St.,
Cambridge, Mass. Underwriter—Gianis & Co., Inc., N. Y.
Offering—Indefinitely postponed.
Inc.
6, 1961 filed 50,000 shares of common stock, series 2.
Price—$5.50 per share. Business—A closed-end diver •
sified management investment company. Proceeds—For
investment. Office—501 Bailey Ave., Fort Worth, Texas.
Distributor—Associates Management, Inc., Fort
Worth.
Cinerama, Inc.
1, 1962 filed 50,000 common. - Price—By amend¬
ment
(max. $20).
Business—Production,
distribution
and exhibition of wide angle motion pictures. Proceedi
—For selling stockholders.
Office—575 Lexington Ave.,
June
June
1962 filed 100,000 common. Price—By amend¬
(max. $3.25). Business — Operation of technical
29,
ment
schools.
Proceeds—For
corporate
general
Milwaukee.
debt
repayment, expansion and
Office—135 W. Wells St.,
purposes.
Underwriter—Divine
&
Fishman, Inc., Chi.
Cedar Lake Public Service Corp.
March 20, 1962 filed 9,964 common. Price—$100.
plans to
Company
—
furnish
water
and
t,
qualify
as
Business
public utility and
a
disposal
sewage
services
in
and
Cedar
around
Lake, Ind. Proceeds — To construct a
sewage disposal system. Address — R.R. N. 3, Box 28,
Cedar Lake, Ind. Underwriter—None.
•
Cemeteries
of
America,
(8/13-17)
Inc.
March 27, 1962 filed $500,000 of 7% conv.subord. deben¬
tures due 1974 to be offered
by the company and 65,000
The securities will be
shares by stockholders.
common
offered in units
consisting of $100 of debentures and 13
Price—$178 per unit.
Business—Operation of
shares.
five
cemeteries
in
Kansas.
Proceeds—For
construction
of
mausoleums
and
working
capital.
Office—3096
Hutchings St., Kansas City, Kan. Underwriter—Bernard
M. Kahn & Co., Inc., N. Y.
•
Centco
April
Industries
1962 filed
30,
Corp.
120,000 common.
Price—$5.
Busi¬
ness—Manufacture of plastic and rubber film
a line of casting,
laminating and embossing
Proceeds—For
tories
and
laminates,
machinery.
repayment, inven¬
products, debt
working capital. Office—11-17
new
St., Whitestone. N. Y.
Co., Inc., New York.
Center
Star
Gold
Clintonville
Underwriter—Arnold Malkan &
Mines, Inc.
Wallace, Idaho. Underwriters—PenStandard Securities, Inc., Spokane,
Wash,
Central
Jan.
26,
Investment
1962
&
Mortgage Co.
filed
60,000 common, of which 50,000
by the company and 10,000 by stock¬
holders; also $1,200,000 of 6Vfe % convertible subordinated
are
to
be offered
debentures
tures:
at
due
and
a
1974.
Price—For
Business—Company
par.
the stocks of
March
stock:
was
$5; for deben¬
formed
to
hold
a
mortgage company, an insurance agency
real estate development companv. Proceeds—For
debt repayment and
working capital. Office—44 Forsyth
St., N. W., Atlanta. Ga. Underwriters—Joseph Walker &
Sons, N. Y. and Clark, Landstreet & Kirkpatrick,
Inc.,
Nashville, Tenn. Note
This company formerly was
named Continental Investment &
Mortgage Co.
Century Real Estate Investment Trust
June 4, 1962 filed 200,000 shares of beneficial interest.
Price—$10. Business
A real estate investment trust.
Office—2651 E. 21st St., Tulsa,
Okla. Underwriter—DeWitt, Herndon & Co., 720 Enterprise Bldg., Tulsa.
it Certified Capital Corp.
Aug. 2, 1962 filed $200,000 of 8% registered subord. de¬
bentures
1967
due 1965 and $400,000 of
8% debentures due
(with attached warrants). Price—At par. Business
—Commercial
and
industrial
general corporate purposes.
financing. Proceeds—For
Office—165 Broadway, N. Y.
Underwriter—None.
Chemical
Coating Corp.
June 29, 1962 filed 70,000 common.
Price—$5. Business
*—Company plans to operate a painting contracting busi¬
ness and
manufacture paints. Proceeds—For general cor¬
Structures, Inc.
ness—Production
of
common.
precast
and
Price—$4.50. Busi¬
concrete
prestressed
items for the construction industry. Proceeds—For debt
repayment.
Office—12825 North East 14th Ave., North
Consolidated Leasing Corp. of America
April 27, 1962 filed $J^00,000 of 6V2% subord. deben¬
tures due 1977 (with warrants); also
305,000 common
shares, of which 285,000 will be sold by company and
20,000 by stockholders. Price—For debentures, at par;'
for
stock, by amendment (max. $9). Business—Renting
trucks and equipment. Proceeds—For debt re¬
payment, an acquisition and other corporate purposes.
cars,
Office—1012
Baltimore
writer—Blair
Ave., Kansas City, Mo. Under
Co., N. Y. Offering—In the Fall.
&
Consolidated Vending Corp.
April 2, 1962 filed 70,-000 common. Price—$5.75. Business
—Operation of vending machines. Proceeds—For debt
repayment working capital and other corporate purposes.
St., Dover, Del. Underwriter—Dana
Securities Co., Inc., N. Y.
•'
r
Consumers Mart of America, Inc.
Jam 8, 1962 filed 72,000 common.
Price—By amendment.
Business—Operation of discount department stores. Pro¬
ceeds—For expansion and working
capital. Office—4701
N.
Harlem
Voisin
Ave., Chicago.
Underwriters—Rittmaster,
Co., N. Y. and Midland Securities Co., Inc.,
City, Mo.
&
Kansas
Continental
1962
Investment Corp.
("Reg. A")
—For
working capital.
Continental
April 19, 1962
Research, Inc.
("Reg. A") 50,000
Business—Production
Co.
28, 1962 filed 164,000 common, of which 115,000
by the company and 49,000 by stock¬
Price—By amendment (max. $15). Business—
Office—Scottsdale Savings Bldg.,
Securities
Scottsdale, Ariz.
Underwriter—Continental
Corp., Scottsdale, Ariz.
and
common.
sale
of
Proceeds—For general corporate purposes.
Olson Memorial Highway, Golden Valley,
Underwriter—Harold
E. Wood
Price—$5.65.
oxygen
dispensers.
Office—6500
Minneapolis.
Co., St. Paul.
&
holders.
Manufacture of shoeboard and boxboard.
Proceeds—For
expansion, equipment and debt repayment.
Parker
Office—615
St., Manchester, Conn. Underwriter—Putnam &
Co., Hartford, Conn.
Columbia
Feb.
Bancorporation
23,1962 filed $30,000,000 of convertible subordinated
debentures due 1987 and 1,500,000 common to be offered
in units of one $20 debenture and one share. Price—By
amendment. Business—A bank holding company recently
to
acquire stock of First Western Bank &
formed
Trust
First
Co.,
Los
Western
Angeles. Proceeds—For acquisition of
stock, and working capital. Office—1000
Vermont
Ave., N. W., Washington, D. C. Underwriters—
Bear, Stearns & Co., and Allen & Co., N. Y.
Continental
Realty Trust
18, 1962 filed 420,000 class A shares of beneficial
interest. Price—$10. Business—A real estate investment
company. Proceeds—For debt repayment and investment.
Office—1415 K St., N. W., Washington, D. C.
Under¬
writer
—
Norman
Bernstein
Securities,
Inc.,
(same
address).
(9/10-14)
^
Price—By amend¬
(max. $15). Business—A telephone holding com¬
pany.
Proceeds—For debt repayment.
Office—111 S.
ment
Bemiston St., St. Louis. Underwriters—Allen & Co. and
E. F. Hutton & Co., N. Y.
it Control Data Corp. (8/28)
Aug. 8, 1962 filed $15,000,000 of convertible subordinated
debentures due 1977. Price—By amendment. Business—
Design, development and manufacture of electronic data
systems and automatic controls. Proceeds—For debt
payment
Trust Co.
an insurance agent
Proceeds—For debt
as
broker in connection there¬
or
repayment. Office—66 Pryor
St., N. E., Atlanta. Underwriters—F. S. Moseley & Co.,
Boston and
Courts &
general
corporate
purposes.
re¬
Office—8100
Ave., S. Minneapolis. Underwriter—Dean Witter &
Co., Chicago.
ControlDyne, Inc.
24, 1961 filed 150,000
Oct.
common. Price—$1.15. Busi¬
ness—Development and production of electronic testing
and training devices. Proceeds — For expansion and
working capital. Office—9340 James Ave., S., Minne¬
apolis. Underwriter—E. Bruce Co., Minneapolis. Note—
firm formerly
was
named
Control Dynamics,
Inc.
Offering—Indefinitely postponed.
May 16, 1962 filed 150,000 common. Price — By amend¬
ment (max. $13). Business—Acquisition or administra¬
tion of mortgage loans for institutional investors. Com¬
pany also is engaged in the consumer loan business and
with.
and
34th
This
Commercial
Telephone Co.
March 30, 1962 filed 475,000 common.
Columbia
June
Co., Atlanta.
Cooke
(F. L.), Inc.
29, 1961 filed 125,000 common. Price—$3.75. Busi¬
ness^—Manufacture of high vacuum systems and elec¬
tronic equipment. Proceeds — For debt repayment and
general corporate purposes. Office—145 Water St., South
Dec.
Norwalk,
Conn.
ates and Bull &
Underwriters—John
R.
Maher
Associ¬
Low, N. Y. Offering—Expected in early
Fall.
Computer
Applications Inc.
23, 1962 filed 87,000 common. Price—By amend¬
ment (max. $5).
Business—Furnishing of services re¬
lated to use of electronic data processing
equipment.
Proceeds—For expansion and working capital. Office—
30 E. 42nd St., N. Y.
Underwriter—L. M Rosenthal &
Co., Inc., N. Y.
March
Corporate Funding Corp.
April 26, 1962 ("Reg. A") 75,000 class A common. Price
$4. Business — A financial investment and holding
company. Proceeds—For expansion and working capital.
Office—39
&
Broadway, N. Y.
Underwriter—R. F. Dowd
Co., Inc., N. Y. Offering—Indefinitely postponed.
Computer Components, Inc.
6, 1961 filed 120,000 common, of which 90,000 are
to be offered by the company and 30,000
by stockhold¬
Cosnat Corp. (10/1)
May 26, 1962 filed 190,000
Price—$3. Business — Manufacture of miniature
coils for relays used in computers,
aircraft, missiles and
guidance systems. Proceeds—For general corporate pur¬
outstanding by the present holders thereof. Price—To be
supplied by amendment. Business — The manufacture
and distribution of phonograph records. Proceeds—For
the repayment of debt, and working capital. Office—315
W, 47th St., N. Y. Underwriter—Van Alstyne, Noel &
Co., N. Y. Note—This firm was known formerly as the
Cosnat Record Distributing Corp.
Dec.
ers.
poses.
—
—
Brooklyn, N. Y. Underwriter
Co., New York.
be offered
to
are
acts
April 10, 1962 ("Reg. A") 1,200,000 common. Price—250.Business—For exploration, development and production
of mineral deposits.
Proceeds — For mining expenses.
Address—Box 469,
naluna & Co. and
Price—$1.
Business—Composition, publication and distribution ol
study manuals for examination preparation. Proceeds—
For equipment, expansion and other corporate purposes.
Board
Concrete
Under¬
200,000 common. Price—$1.50.
Business—Investment in real estate mortgages. Proceeds
College Publishing Corp. (8/20-24)
16, 1962 ("Reg. A") 155,000 common.
March
Colonial
corporate purposes.
137th
July 27, 1962 filed 100,000
May 9,
N. Y. Underwriter—To be named.
—James &
•
—
Office—129 S. State
Feb.
Office—142 Livingston St.,
Academy, Inc.
For general
—
525-535 E.
St., New York City.
writer—M. G. Davis, 150 Broadway, N. Y.
of
ness—
gages, land contracts, etc.
Proceeds — For investment.
Office—44 E. Indian School Rd., Scottsdale, Ariz. Under¬
Office
Miami, Fla.
Underwriter—Bernard M. Kahn & Co.,
Inc., N. Y. Offering—Expected sometime in September.
working
Church Builders,
Capital Investments, Inc.
May 21, 1962 filed 86,370 common to be offered for sub¬
—
Toys, Inc.
filed 100,000 common,
1962
Thursday, August 9, 1962
.
at $2 per share) to be offered in units of one share and
one-half warrant. Price—$2 per unit. Business—Manu¬
facture of cosmetics,
toiletries,
elery, etc. Proceeds
(9/24-28)
Guidance
Price—By amendment
Co., Inc., N. Y.
743
23,
Underwriter
to be offered by company
New
Underwriter—Willis E. Burnside &
Miami, Fla.
Bldg.,
St., Hollywood, Fla.
Corp., Boston, Mass.
Bronx,
Inc.
May 10, 1962 filed 100,000 common. Price—$5. Business
■—Company was formed to own and operate a country
club and golf course, swimming pool and cabana club,
near
Cape Canaveral, Fla., and develop real estate,
erect homes, apartment houses, motels, etc.
Proceeds—
For debt repayment and expansion. Office—309 Ainsley
Industries, Inc.
29, 1961 filed 300,000 class A common, of which
225,000 are to be offered by the company and 75,000 by
stockholders. Price—$7.50. Business—Design and manu¬
facture of women's, misses' and junior sportswear, co¬
ordinates, and dresses. Proceeds—For debt repayment,
equipment and working capital. Office—2025 McKinley
are
.
cleaning chemicals, jew-
Chestnut Hill
Nov.
Child
,
Office—88-06
Van
Wyck
Expressway,
Jamaica,
N. Y. Underwriter—To be named.
Computer Concepts Inc.
(8/31)
Dec. 29, 1961 filed 100,000 class A
Business—Development and
sale
common.
Price
—
$5.
of advanced program¬
ming systems, for solution of business problems by the
use of digital
computers. Proceeds — For general cor¬
porate purposes. Office—1012 14th St., N. W., Washing¬
ton, D. C. Underwriter—Doft & Co., N. Y.
Computer Control Co., Inc.
payment. Office—983 Concord St., Framingham, Mass.
Underwriter—Kidder, Peabody & Co., N. Y.
Concord Products, Inc.
28, 1961 filed 120,000
year warrants to purchase
common
an
Cost-Pius, Inc.
May 14, 1962 filed 157,000 common, of which 127,000 are
to be offered by company and 30,000 by stockholders.
Price—By amendment (max. $5). Business—Importing
and marketing furniture, household and art goods at dis¬
count
Jan. 24, 1962 filed 157,500
common, of which 62,500 are
to be offered by the
company and 95,000 by stockhold¬
ers. Price—By amendment.
Business—Design and manu¬
facture of digital equipment. Proceeds—For debt re¬
Nov.
common, of which 178,000 are
to be offered for public sale by the company and 12,000
(with attached
additional
3-
60,000 shares
prices. Proceeds—For working capital. Office—
Underwriter—Stewart, Eubanks, Meyerson & Co., San Francisco.
460 Bay St., San Francisco.
"V,
Country Set Inc.
Mar. .2,
ment
1962 filed 150,000 common. Price—By amend-:
(max. $8). Business—Design and manufacture of
sports and casual
—For
Ave.,
wear for girls and women. Proceeds
selling stockholders. Office — 1136 Washington
St. Louis. Underwriter—Goodbody & Co., N. Y.
Offering—Temporarily postponed.
Volume 196
Number 6184
.
.
The Commercial and Financial Chronicle
.
Courtesy Products Corp.
May 16, 1962 filed 150,000 common. Price—By amend¬
ment
(max. $5),
Business—Manufacture, and sale or
lease to hotels and motels of electric wall units for the
preparation of coffee, and the sale of coffee, tea, cream,
etc. Proceeds—For debt repayment, advances to a sub¬
sidiary and general corporate purposes. Office—1411
Palm St., San Diego, Calif Underwriter—Pacific Coast
Securities Co., San Francisco.
of 6%% subordinated
1972, 60,000 common shares, arid war¬
purchase 20,000 common shares. The securities
will be offered in units of one $100 debenture, 6 shares
and a warrant to purchase 2 shares. Price—By amend¬
ment (max. $140). Business—Engaged in residential real
debentures
due
to
estate development. Proceeds—For debt repayment and
other corporate purposes. Office—905 Fifteen Peachtree
Bldg., Atlanta, Ga. Underwriters—McDonnell & Co., Inc.,
N. Y., and Wyatt, Neal & Waggoner, Atlanta.
Creative Ventures
Corp.
May 28, 1962 filed 150,000 common and warrants to pur¬
chase 30,000 additional shares, to be offered in units of
one share and one warrant. Price—$2.25 per unit. Busi¬
ness—A corporate guidance and interim financing con¬
cern. Company may also act as a broker-dealer and un¬
derwriter.
Ave.,
Proceeds—For investment. Office—733
N. Y. Underwriter—Hampstead Investing
Third
Corp.,
New York.
Credit
Jan.
1962 filed $1,200,320 of 7% conv. subord. de¬
bentures due 1974 and 54,560 common shares to be
offered in 2,728 units, each consisting of $440 of deben¬
26,
tures
and
20
Business—A
—For
debt
shares.
common
repayment.
Underwriter
unit
Proceeds
per
Office—1775
M
B#»rnar<*
—
Price—$550
sales finance company.
consumer
Broadway, N. Y
& Co., Inc., N. Y.
Kahn
Offering—Expected in September.
Crownco
—Design, sale, fabrication and installation of acoustical
ceilings. Proceeds—For debt repayment and expansion.
4-—-——
i
C-Thru
Products, Inc.
1962 ("Reg. A") 90,000 common. Price—$1.50.
Business—Design and manufacture of flexible, re-usable
vinyl packages. Proceeds—For debt repayment, sales
June 22,
promotion, equipment, research and development, and
working capital. Office — 2401 Pacific St., Brooklyn,
April 30, 1962 filed $6,250,000 of 6%% conv, subord. de¬
bentures due 1977 and five-year warrants to purchase
aggregate of 187,500 class A shares, to be offered for
subscription by holders of class A and class B stock in
units consisting of $100 of debentures and three war¬
rants.
Price—$100 per. unit. v Business—Operation of a
public transit system in Washington, D. C.; a new sub¬
sidiary
D. C.
housing
construct
to
in Washington,
projects
Proceeds—For construction and general corporate
Office—3600 M St., N. W., Washington, D. C.
purposes.
Underwriter—None.
Data Systems Devices of Boston, Inc.
April 26,1962 filed 200,000 common. Price—$5. Business
—Company plans to design, develop and produce elec¬
tronic and electro-mechanical devices, including printers
for electronic computers, Proceeds—For product devel¬
opment, new plant and equipment and working capital
Office—342
Western
Ave.,
Boston.
Underwriter—
August 13
filed
1961
120,000
common,
(Equity
(Bernard
Securities
Kahn
M.
Sept. 28, 1961 filed 140,000 common with attached war¬
rants to purchase an additional 140,000 shares to be
offered for subscription by stockholders in units (of one
Co.)
&
Co.,
$500,000
Brake
Diamond
debt
repayment, additional personnel,
advertising and working capital. Office—77 Searing
Ave., Mineola, N. Y. Underwriter—Magnus & Co., N. Y.
Offering—Indefinitely postponed.
Diamond Mills Corp.
Boston
$12,000,000
Corp)
Diversified
Collateral Corp.
13, 1962 filed 77,050 common. Price—By amend¬
ment (max. $11.75). Business—A real estate investment
company. Proceeds—For investment. Office—8397 N. E.
Second Ave., Miami, Fla. Underwriter—Karen Securities
Corp., N. Y.
June
trust.
Proceeds—For investment.
N. Y.
Underwriter—Bacon, Johnson Realty Management
Diversified Realty Investors
filed 1,900,000 certificates of interest. Price
—$1 per interest. Business—A real estate investment
trust.
12
$3,540,000
Eastern Properties Improvement
(Fleetwood
Securities
Corp.
of
Corp.-
America)
Units
$2,100,000
New England Electric System
(Bids
Common
be received) 260,346 shares
to
12
EDST)
noon
>
$7,275,000
Kapner, Inc.
Trailer
(Van
Wilkens
Alstyne,
$300,000
12
Publishing
College
Co.,
.—Common
Common
Duro Pen Co.,
-
;
———Common
&
W.
(Myron
Halsey
A,
Drug
Wulburn,
Inc.)
70,000
shares
Conv. Debentures
Wulbern, Inc.)
Brooks & Co.)
—
$250,000
&
-—-Common
Co.—
Co.)
100,000
shares
Common
Instromech Industries,
Debentures
——
Inc.-
W.
(Street
Common
Co.)
Liquors, Inc.—
& Co.,
Optech, Inc.
&
Inc.)
Co.,
—Common
—
and Morris Cohon &
Co.)
160,000 shares
&
$480,000
Inc.
Units
-
--—Common
Lomasney & Co.)
Air
Reduction
Iowa Public Service Co
—___-Common
—
stockholders—Bids 11
Power Co—
——
EDST)
a.m.
—Capital
$300,000
(Doft
Co.)
&
Inc.;
Crosse
Common
A. Bruce & Co.)
$305,000
Wulpa Parking Systems, Inc
E.
Investors
Dyna
(Baruch
&
$500,000
Corp
.Common
(Tuesday)
Corp.)
Common
$200,000
$584,500
Inc.)
& Co.,
12
&
Brothers
Co.,
Inc.)
Co.,
&
Inc
Moore
——
Leslie Fay Inc
&
Fishman,
Co.,
Inc.)
Common
—
Common
—-
Corp
$280,000
)
(Monday)
Hammill
&
Co.)
Stout
(Thomas Jay, Winston & Co.,
(P.
October
Cosnat
W.
1
1
Capital
104,000 shares
Units
—
Inc.)
1,200 units
(Monday)
Common
Corp
Noel & Co.)
November
190,000 shares
(Wednesday)
7
—Bonds
$23,000,000
Preferred
(Bids to be received)
$6,500,000
—
Co.,
(bids to be received)
Ben. Int.
Inc.)
&
Georgia Power Co—
$2,450,000
Co.)
&
$2,250,000
—
Brooks
Common
Metropolitan Realty Trust
Moskatel's, Inc.
Corp
Common
:
Securities Corp.)
(Clayton
Georgia Power Co
-(Shearson; Hammill & Co. ) 200;000" shaTes
$10,000,000
Common
Corp.
(Joseph W. Hurley & Co.) $208,980
-Class A
—
Debentures
(First Boston Corp. and Nomura Securities Co., Ltd.)
Steel Plant Equipment
(Van Alstyne,
$1,000,000
;—1
Libaire,
$300,000
270,000 shares
Inc.)
Shin Mitsubishi Jukogyo, K. K.—
Lyntex
$400,000
Riecke &
A.
Livestock' Financial Corp.!
King,
Co.)
&
Playboy Clubs International, Inc.—--—Common
.—Class A
and H.
$300,000
Laminetics Inc.
$9,450,000
—j——^-uCommon
(Raymond
—Common
—
Inc.
EDST)
noon
(Monday)
Chestnut Hill Industries, Inc
Lingeries, Inc
&
shares
(Tuesday)
Co.
Mfg.
Thomas, Williams & Lee, Inc. and
Co., Inc.) $375,000
Alsco Electronics, Inc.
(Eisele
65,813
Common
Rice
September 24
September 4
Cameo
Common
Co.)
September 18 (Tuesday)
Transmission
Wickett & Co.,
(Albert Teller
&
Gas Co-———
Common
to stockholders—underwritten by Cruttenden,
Podesta & Miller) 548,532 shares
(Divine
(Friday)
August 31
(Shearson,
Worth Financial Corp
R.
(Offering
320.468 shares
—___—.-Preferred
Computer Concepts Inc.—i-l-—J—i-Common
(Fabricant^ Securities
(Thomas Jay, Winston & Co., Inc. and I. J. Schein & Co.)
(I.
American
,
(White, Weld & Co.) 100,000 shares
(V. S.
Stanley
September 17
Co., Inc.————---Debentures
(Offering to
Electronic
Common
$300,000
Railway Co.———Equip. Trust Ctfs.
(Bids
(Offering to stockholders—underwritten by Kidder, Peabody &
Co. and Dean Witter & Co.) $44,546,300
Nevada
shares
185,000
(Bids to be received) $50,000,000
Southern
$562,500
,
$375,000
Stephens (M.) Mfg., Inc
(D.
Common
Inc.)
Turner,
Pacific Northwest Bell Telephone Co._——Bonds
(Wednesday)
(Schweickart & Co.)
—
A.
250,000 shares
—
&
September 11
$625,000
——Common
Inc.)
Co.,
—Common
———
(Myron
-—-Common
-
Summit Gear Co., Inc
$1,000,000
& Cc.)
Admiral Automotive Products,
80,000 shares
(Stone, Ackerman & CoM".Inc. and Heritage Equity Corp.)
Regulators,
(Allen & Co.)
Co.—
Guerin
(Irving J,
Raceways, Inc
Brooks
Aviation, Inc.——.
—Common
Maxwell Industries, Inc
Frumkes &
—
Hamilton, Taylor & Co.) $600,000
——Common
(Price Investing Co.) $300,000
M.
—Common
475,000 shares
Jaap Penratt Associates, Inc.—
100,000 shares
(Tuesday)
—————Common
and Alessandrlni & Co., Inc.)
$318,000
Montebello
(Eppler,
200,000 shares
—
Lomasney
(Monday)
Spencer Chemical Co———
Corp.—
August 29
(Packer-Wilbun..& Co., Inc.
(H.
.
Hicks-Ponder
$300,000
Co.)
Corp
(Arnold Malkan
Walston
^Common
nGrand Bahama Development Co., Ltd.——Common
$7,500,000
Inc.
——
(P.
,
received) $4,000,000
(Thursday)
Inc.—
(Godfrey,
—-—Preferred
EDST)
<
Gaslight Glub, Inc.
———Equip. Trust Ctfs.
(Allen & Co. and E. F. Hutton & Co.)
—-Bonds
—Common
First Connecticut Small Business Investment
Co.
——Common
_.
.—-Bonds
received) ,$12:000.000
be
Continental Telephone Co.
(Morgan
Data
Lewiston-Gorham
Co.) $155,000
Electromagnetic Industries, Inc.
(Pierce, Carrison.
to
Co
September 10
-Debentures
$60,000,000
EDST)
Russotto
(White
Industries, Inc_____-Common
Carrison,
(Pierce,
Train
(Offering to stockholders—underwritten by First Boston Corp.;
Blyth & Co,, Inc., Smith, Barney & Co.) 1,242,822 shares
$4,000,000
Co.)
&
Winckler & Co.)
J.
(P.
$500,000
Corp
(James
Electromagnetic
Inc.)
$375,000
Inc.)
Public Service Co. of Colorado,-
$250,000
Co.——-—-
a.m.
Aluminum
August 28
Control
$200,000
(Michael) Distributors, Inc.——
—Capital
—-
Co.,
Common
Inc.)
——
Noel
noon
11
(Costello.
Fastpak,
. -
—i_ Capital
(Wednesday)
(Bids to be
—Common
Co.,
&
Electric
(Bids
Common
Inc
&
—,
(R. F. Dowd & Co., Inc.)
(S. Schramm & Co.. Inc.)
(Gianis
—
Securities
September 6
(Dean Witter & Co.) $15,000,000
Bruce
Debentures
-——Common
/
(Monday )
Controls,
$825,000
-
September 5
$115,000
-
(Tillie) Foods, Inc
Wolverine
Lesco Automotive Corp.
Automatic
Inc.)
(Straus, Blosser & McDowell and Dempsey-Tegeler &; Co., Inc.)
100,000 shares
i
——
(Arnold,
Lewis
(F.
August 20
30
.Common
Co.,
Sawyer's Inc.
(Magnus & Co., Inc.) $309,000
Tabach Industries, Inc
(M. H. Meyerson & Co., Inc.)
First
page
$1,250,000
(Friday)
August 17
E.
and Dempsey-Tegeler & Co., Inc.)
Blosser & McDowell
(Straus,
——-Common
Sportswear, Inc.—
-Bonds
$50,000,000
EDST)
on
140.004 shares
Four Star
(Bids
(Thursday)
a.m.
&
——
Pennsylvania Power Co.—
Massachusetts Electric Co
Duke Power Co.—
11
Brothers
(General
(Paisley & Co., Inc.)
Bonds
(Bids 11:30 a.m.) $5,000,000
(Bids
Office—19
International, Inc.-
Servotronics, Inc.
————
Massachusetts
Worcester Gas Light Co.—_—
August 16
investment.
Sawyer's Inc.
(Monday)
1
Equip. Trust Ctfs.
EDST)
noon
Proceeds—For
Continued
—-Common
Aubrey Manufacturing, Inc.
$15,000,000
(Wednesday)
(Bids
Ave.,
June 28, 1962
(Pierce, Carrison, Wulbern, Inc. and A. M. Kidder & Co., Inc.)
August 15
Office—500 Fifth
(same address). Offering—Expected in Oct.
Co., Inc.,
(Wednesday)
(Bids
Corp.—Debentures
•
Atlantic Coast Line RR._
Estate Trust
March 8, 1962 filed 1,000,-000 shares of beneficial inter¬
est.
Price-^$10.
Business—A real estate investment
$600*000vr
Securities/ Inc.)
Adtek, Inc.
EDST)
of
definitely postponed.
(Bids
(Tuesday)
a.m.
Business—Manufacture
amendment.
women's nylon hosiery. Proceeds—For debt repayment
and working capital.
Office—417 Fifth Ave., N. Y. Un¬
derwriter—Drexel & Co., Philadelphia. Offering—In¬
Louisville & Nashville RR.——Equip. Trust Ctfs.
,
August 27
li
Price—By
ers.
(Blunt Ellis & Simmons) 49,721 shares
(Bids
i
Jan. 23, 1962 filed 200,000 common, of which 120,000 are
to be offered by the company and 80,000 by stockhold¬
Debentures
Corp.————
August 22
Ben. Int.
1,000,000 shares
New York State Electric & Gas
Inc.
Proceeds—For
Oceana
Co.—
Shoe
.,t.(Lloyd
Chemicals, Inc.———————Capital
August 14
Dust Co.,
Feb. 27, 1962 filed 102,000 common. Price—$3. Business
—Production of graded diamond powder and compound.
$890,000
Inc.)
start-up expenses for a laboratory and
Office—360 Lexington Ave., New York.
plant.
Underwriter—None.
Public Service Electric & Gas Co*————Bonds
■i
(Bids 11 .a.m..^p!DST) $40,000,000
Stelber Cycle
First General Real Estate Trust-—--
'■*
small
(Baruch
—_______—Units
(King Merritt & Co., Inc.)
Business—Company plans to
Proceeds—For
(Tuesday)
August 21
American
(First
(Monday)
American Modular Manufacturing Corp.--Common
Cemeteries of America, Inc.-
held. Price—$20 per unit.
Diversified Real
of which 90,000
are to be offered by the public and 30,000 by a stock¬
holder. Price—By amendment. Business—Production and
sale of wood and metal framed pictures, wood utility
frames, etc. Proceeds—For debt repayment, inventory,
and working capital. Office—r444 Courtland St., Mundelein, 111. Underwriter—To be named*
29,
the basis of 3 units for each
on
manufacture and utilize all kinds of chemical materials.
Decorel Corp.
Dec.
warrant)
one
5% preferred share held, 2 units for each 5% preferred
A stock held and one unit for each 10 class B shares
Securities, Brooklyn, N.Y.
D. C. Transit Systems, Inc.
an
share and
29
*
NEW ISSUE CALENDAR
'
—
Deuterium Corp.
Mar. 26, 1962 filed 115,000 common. Price—$4. Business
Lawter
Diego. Underwriter
Sari
Schmidt, Sharp, McCabe & Co., Inc., Denver.
Inc.
Department,
Ave.,
Holton, Henderson & Co., Los Angeles.
N.Y. Underwriter—BroadWall
Cousins Properties Inc.
March 29, 1962 filed $1,000,000
rants
Euclid
Office—1925
(617)
November
28
Southern Electric
(Bids
to
$7,000,000
(Wednesday)
Generating Co
be
received)
$6,500,000
Bonds
30
(618)
The Commercial and Financial
Chronicle
Continued from page 29
Price
Helicopters, Inc.
19, 1962 filed 418,680
subscription by stockholders
shares for each three held.
$1.25;.
tion
the
on
to
basis
offered
of
two
for
new
and
parts
construc¬
personnel, repay
Address—Municipal Airport, Danbury, Conn.
Underwriter—None.
N.
of
working capital. Office—
N. Y. Underwriter—Goodbody &
Co.,
Note—This offering has been
temporarily post¬
Broadway,
Y.
poned.
Co.
dealer
General
Drever
ness—A
corporate
recourse
A
common.
Price—$4.
Valley
City, N. D.
Valley City, N. D.
March 9, 1962 filed
122,700 common, of which 42,500 are
be offered
by company and 80,200 by stockholders.
Price—By amendment (max. $12).
Price—$3.
common.
finance business.
March
and
manufacture
of
industrial
metallurgical
E.
Underwriter—Reserve
Proceeds—For debt
repayment,
corporate purposes. Address
mont
—
equipment
and general
Lion Rd., and Phil-
Red
Ave., Bethayres, Pa.
Underwriters—Janney, Bat¬
Clark, Inc. and Stroud & Co., Philadelphia.
tles & E. W.
Dudley Sports Co., Inc.
July 20, 1962 ("Reg. A") 37,500
common.
Price—$4.50.
Business—Distribution and sale of sports
equipment and
accessories.
Proceeds—For debt
repayment, sales pro¬
motion and working capital.
Office—633 Second
Ave.,
N. Y. Underwriter—Crerie &
Co., Inc., N. Y.
Duke Power Co.
(8/16)
11, 1962 filed $50,000,000 of first and
refunding
mortgage bonds due 1992. Proceeds—To refund a like
July
amount of 5%% first and
refunding mortgage bonds due
1990.
Office—30 Rockefeller
Plaza, N. Y. Underwriters
—(Competitive). Probable bidders: First Boston
Corp.;
Stone & Webster Securities
Corp.; Halsey, Stuart & Co.
Inc.; Morgan Stanley & Co. Bids—Aug. 16, 1962 (11
Busi¬
:
Main
a. m.
EDST) in Room 5400.
N.
One Chase Manhattan
Plaza,
Funds,
Y. Information
Meeting—Aug. 9 (3:30 p.m. EDST) at
Morgan Guaranty Trust Co., (Mezzanine B) 60
Liberty
St., N. Y.
•
Dunhill
Dec.
Food
29, 1961
Equipment Corp.
filed
100,000
Price—$2.50. Busi¬
common.
St.,
Brooklyn, Underwriters
Carroll Co. and
Paul Eisenberg
Co., Inc., N. Y. Note—This registration
has
Pen
Co.,
(9/10-14)
5, 1962 filed 125,000 common. Price—$4. Business
—Manufacture of inexpensive ball
point pens. Proceeds
debt
Office—573
repayment, equpiment and working capital.
Broadway, N. Y. Underwriter
Godfrey,
—
Hamilton, Taylor
•
&
Dyna Mfg. Co.
Co..
N.
Y.
20,000 by stockholders.
Business—Manufacture, installation and sale
of kitchen ventilating hoods and
exhaust fans. Proceeds
—Expansion, new products and working capital. Office—
4865 Exposition
Blvd., Los Angeles.
Price—$5.
Underwriter—Ray¬
Moore &
Co., Los Angeles.
Dyna-Mod Electronics Corp.
22, 1962 ("Reg. A") 143,000 common.
Price—$2.
Business—D e s i g n,
development and production
of
"packaged" electronic circuits and sub-systems.
Pro¬
Jan.
ceeds—For
new
products and working capital.
Office—
317 Main St., East
Rochester, N. Y. Underwriters—Gen¬
esee
Valley Securities Co., Inc., Rochester, and1H. B.
Vesey & Co., Inc., Glens Falls, N. Y.
Dynamic
L.
fm
Industries,
Inc.
June 21, 1962 filed 75,000 common.
Price—$4. Business
—manufacturing, labeling and packaging of long playing
stereophonic and monaural phonograph records for label
record companies.
ing
N.
capital.
J.
New
Proceeds—For equipment and work¬
Office — 900 Passaic
Ave., East Newark,
Underwriter—Mortimer B. Burnside
&
York.
Co., Inc.,
Eastern Camera &
Photo Corp.
March 28 1962 filed $500,000 of
6% conv. subord. deben¬
tures due 1972 and 50,000 common
shares (of which 25,000 will be sold by the
company and 25,000 by stock¬
holders). The securities are to be offered in units of
one
debenture
and
Business—Operation
ment
and
store
white
10
shares.
of retail
concessions.
film
Price—By
amendment.
stores and depart¬
also processes black
camera
Company
and
repairs photographic equipment.
Proceeds—For debt repayment and
working capital. Of¬
fice—68 W. Columbia
St., Hempstead, N. Y. Underwrit¬
ers—Edwards & Hanley, Hempstead. L.
I., and Street &
Co., Inc., N. Y.
Offering—Indefinitely
Eastern
postponed.
Pennsylvania Investment Co.
March 16, 1962 filed 450,000
common.
Price—By amend¬
ment (max. $16). Business—A
small business investment
company.
Proceeds—For general
corporate
purposes.
Office
3
Penn
Center
Plaza, Philadelhia. Under¬
writers—Drexel & Co.,
Philadelphia and Kidder, Pea—
body & Co., N. Y.
•
Eastern
June
Properties Improvement Corp.
(8/15-17)
15, 1962 filed $1,400,000 of 61&%
debentures due 1977, and
70,000 common
offered in units of one
$100 debenture and
of precision nuclear magnetic
Proceeds—For
general
corporate
pur¬
Office—Sawyer Lane, Hudson. Mass Underwriter
—Gianis & Co., Inc., N. Y.
Offering—Indefinitely post¬
poned.
Electronic Transmission
1962 filed
125,000
Corp.
(8/31)
common.
Price—$3. Busi¬
and
distribution of components for
background music; design,
construction/and installation
of specialized closed circut TV
system. Proceeds—For
repayment, expansion,- sales promotion and work¬
Office '-^103 E. Hawthorne Ave.,
Valley
Stream, N. Y. Underwriters—V. S. Wickett & Co., Inc.,
Thomas, Williams & Lee, Iiic), and Crosse & Co., Inc.,
<\
'
>.
'•
■■■'
'»
-
!,<.
'•
r
'w
"...V?
.
•
'.'
Electronic
-
Wholesalers,
reproduction
equipment. Proceeds—For debt re¬
expansion and working capital.
Office—2345 Sherman Ave.,
N.;W., Washington, D. C.
Underwriter—Auchincloss, Parker & Redpath, Washing¬
ton, D.C.
payment,
inventory,
Ellner & Pike,
(
subord.
shares
conv.
to
be
ex¬
—
Stonehill, Inc., Hempstead, N. Y.
'
Electronics,
Inc.:
$200,000 of 6%%
1974, and $50,000 common, to be
$200 of debentures and 50 shares.
Business—Manufacture
electronic
devices
for
*
devices
of
debentures due
conv.
offered
in
units
Price—$400
precision
measurement
per
unit.
instruments,
and
control.
of
and
Washington, D. C.
Equity Funding Corp. of America
March 29, 1962 filed 240,000 common.
Price—By amend¬
ment (max. $6.50).
Business—A holding
company for
firms selling life insurance and
mutual funds. Proceeds
sales
working capital.
geles.
offices,
advances to subsidiaries
Office—5150 Wilshire
and
Blvd., Los An¬
Underwriter—Wisconsin-Continental, Inc.,
waukee.
Mil¬
.
and
and
125,000
common. Price—$5. Business
nuts, bolts and other fastening
by others. Proceeds—For debt
of
general
corporate
Office—8
purposes.
Arnold
—
Federal Realty Investment Trust
June 5, 1962 filed
500,000 shares of beneficial interest
with attached three-year stock
purchase warrants to be
offered in units
consisting of 100 shares and 50 warrants.
.
ment
D.
unit. • Business—A real estate
Office—729 15th St.,*N. W.,
per
trust.
invest¬
Washington,
C.
Underwriter—Investor
Washington, D. C.
Service
Securities
Inc.,
.
Fidelity Mining Investments Ltd.
Nov. 30, 1961 filed 800,000
common.. Price—By amend¬
ment. Business—Exploration and
testing of mining prop¬
erties. Proceeds—For general
corporate purposes. Office
Richmond St., Toronto. Underwriter—G. V.
Kirby
& Associates,- Ltd., Toronto.
—62
Firmatron, " Inc.
July
20,
1962
.
*'.
("Reg.
.~"7 \
A")
82,500
Price—$3.
common.
Business—Development,
manufacture and operation of
electronic therapy machines for cosmetic
purposes. Pro¬
ceeds—For equipment,
advertising, and other corporate
purposes.
Office—14 E. 69th St., N. Y.
Underwriter—
Fred F. Sessler
&
Co. Inc., N. Y.
Colorado
'
Bankshares
Inc.
June
29, 1962 filed 37,000 common. Price—By amend¬
(max. $15). Business—A bank holding company.
Proceeds—For capital funds, reserves and
ment
ital. Office—3311 S.
working
cap¬
Broadway, Englewood, Colo. Under¬
writer—Bosworth, Sullivan
& Co., Inc., Denver.
-
.
First Connecticut Small Business Investment
Co.
(8/20-24)
-v
;; >\
1962. filed 200,000 common. Price—By amend¬
(max. $15). • Business—A small business invest¬
ment company.
Proceeds—For investment. Office—955
Main St., Bridgeport, Conn. Underwriter—P.
W. Brooks
6.
Co., N. Y.
•
First
"
General
112,500
* '■
Real
'
:•
'
Estate Trust
•
(8/13-15),
April 27, 1962 filed 1,000,000 shares. Price-—A maximum
$10., Business—A real estate investment trust. Pro¬
ceeds—For
investment.
Philadelphia, Inc.
conv.
common
company formerly
Trust.
*
Price—
was
named
Broadway.
N
V
General
Realty
Income
•
First Income
Nov.
Realty Trust
1961 filed 500,000 shares of beneficial interest.
the first 10,000 shares) $10.80 per share.
9,
Price—(For
(For the balance) Net asset value plus 8% commission.
Business—A real estate investment trust.
Proceeds- -For
Investment,
D.
C.
Office—1613
Eye
St..
Underwriter—Sidne^"7
Washington, D. C. Note
known
N.
W.,
Mensb
Washington,
Spriiritie®
rn„
This company formerly was
—
Perpetual Investment> Trust.
as
First New York Capital
Fund, Inc.
Oct.
27,
1961
ceeds—For
subord. de¬
shares.
Office—111
Underwriter—King Merritt & Co., Inc., N. Y. Note—This
Business—A
of
March 28, 1962 filed
$850,000 of 6V2 %
1977
for
new
•
Place, Freeport, N. Y. Underwriter
Malkan & Co., Inc., N. Y.
.
bentures due
(8/28-31)*
manufactured
repayment
Pro¬
plant expansion, inventory, and equipment.
Office—1202 Arnold Ave., New
Castle,T Del.
Under¬
writer—Weil & Co., Inc.,
new
Inc.
Benson
ceeds—For
—For
one
of
filed
small
2,770,000
business
investment.
Manhasset, N. Y.
capital shares. Price—$1.
investment company. Pro¬
Office—1295
Northern
Underwriter—None.
.♦./
Blvd.,
-■
Debentures, $1,000; stock, $8. Business—Brewing of malt
beverages, the processing, cleaning and
testing of metals
First Raslroad &
Banking of Georgia
July 30, 1962 filed $3,000,000 of 5% convertible deben¬
tures, due 1977. Price—At par. Business—Company is
ceeds—For
engaged in railroad property leasing; commercial bank¬
ing and trust services; underwriting of
and the sale of galvanized iron
and steel products. Pro¬
debt repayment.
Office—10th & Callowhill
Sts.,
Philadelphia.
Underwriter—Woodcock,
& French, Inc.,
Philadelphia.
M
Fricke
•
0 y e r,
Jan. 23, 1962 filed 130,000
common, of which 20,000 are
to be offered by the
company and 110,000 by stockhold¬
Price—By amendment* Business
Retail
wearing apparel. Proceeds—For working
ers.
—
sale
of
capital. Office
—36 S. State St.,
Chicago. Underwriter—Allen & Co..
N. Y. Note—This
registration has been withdrawn.
Everbest
Engineering Corp.
and
credit
100,000 class A shares. Price—$2.40.
Business—Manufacture and sale of long-lived electric
lamps. Proceeds—New product
development, inventories
and working capital. Office—41
E. Twelfth St., N. Y.
★ Fabco, Inc.
July 20, 1962 ("Reg. A")
of
200,000
sidiary,
life
fire,, casualty
insurance.
shares,
Proceeds
acquire, additional
To
—
shares
re-purchase
of
a
sub¬
debt, and increase working capital. Office
St., August, Ga. Underwriter—Johnson,
Lane, Space Corp., Augusta.
'■*.■■■
—701
prepay
Broad
-
....
First Southern Realty Trust
June
Price
15, 1962 filed 600,000 shares of beneficial interest.
$5. Business —i A real estate investment trust.
—
Proceeds—For
investment.
Address—Little
Rock* Ark.
Underwriter—To be named.
April 2, 1962 filed
Business—Manufacture
.
company
Evans, Inc.
Underwriter—Planned Investing Corp., N. Y.
five common.
$6.
—
working capital. Office—896 Old Country
Rd., Westbury, N. Y. Underwriter
Reed, Whitney &
Emcee
offered
of
ment
and
June 4, 1962 filed
Life Insurance Co.
March 9,
Inc.
May 25, 1962 ("Reg. A") 50,000 common. Price
Business—Operation of supermarkets. Proceeds—For
pansion
cen¬
|
Fastpak,
Nov. 30, 1961 filed
—The distribution
First
18, 1962 filed 75,000 common. Price—By amend¬
(max. $15.50). Business—A distributor of electronic
supplies, TV replacement parts, and hi-fi and stereonhonic
sound
merchandise
share for each three shares held.
Price—$1.20; Business
—Life insurance. Proceeds
For investments. Office—
1330 Leyden St., Denver. Underwriter—None.
Inc.
June
Esslinger's Industries
$100
Price—$5. Business
poses.
(9/17-21)
April 2, 1962 ("Reg. A") 60,000 common of which
40,000
will be sold by company and
mond
common.
ment
Inc.
Jan.
—For
17, 1961 filed 75,000
—Design and manufacture
debt
Price—$3.
common,'
discount
25, 1962 filed 300,000 common to be
subscription by stockholders on the basis
Price—$500
Electromagnetics Corp.
Nov.
—
been withdrawn.
Duro
Park, Greeley Ave., Sayville, L. I., N. Y. UnderwriterPierce, Carrison, Wulbern, Inc., Jacksonville, Fla.
ness—Manufacture
100,000
five
Inc., N. Y. Offering—Postponed.
Falcon National
de¬
shares, of which
22,
("Reg. A")
June
/
ing capital.
ness—Manufacture of food service equipment; Proceeds
—For development and
working capital. Office—79 Wal¬
worth
(8/20-24)
45,000 are to be offered by company and
25,000 by
stockholders. Price—By amendment
(max. $1 per com¬
mon share).
Business — Design,
production, assembly,
distribution and sale of
transformers, magnetic com¬
ponents and electronic instrumentation and control de¬
vices. Proceeds—For equipment, debt
repayment, a new
plant and working capital. Office—Sayville Industrial
March
196*2
Proceeds—For expansion/
advertising, inventories,1
working capital and other corporate purposes. Office—
801 Market St., Youngstown, Ohio.
Underwriter—A. J.
>
St.,
Inc.,
March 30, 1962 filed
$250,000 of 6V2% conv. suoord.
bentures due 1987, also 70,000 common
Instrumentation.
19,
—
Electromagnetic Industries, Inc.
furnaces.
-
ters.
-,
to
Business—Design
"
•
■
•
.
Business—Operation of.
Proceeds
Office—164
purposes.
—
•
Carno Co.,
26, 1961 filed 1,000,000
debt
Office
Fairway Mart, Inc.
Econ-O-Pay, Inc.
Oct.
?
expansion.
5.C.
working capital. -Office—520 Westfield Ave., Elizabeth,
N. J. Underwriter—Crosse & Co.
Inc., N. Y.
(max. $12). Business—
boys knit shirts, sweaters,
sinking fund
repayment, working capital
Greenville, Rd., Easley, S. C.
Underwriter—Alester G. Furman Co.;
Inc.; Greenville,
and
.
automobiles, station) wagons, and
Proceeds—For equipment, new
franchises, and
trucks.
Proceeds—For
pany.
International, Inc.
July 27, 1962 filed 100,000 class
Business—Rental of
Donmoor-Isaacson, Inc.
Don¬
junior, subordinated debentures due 1977. Price—At par..
Business—An automobile and consumer finance com¬
and braking systems of automatic
Proceeds—For selling stockholders. Address
Rd. & U. S. 1,
Branford, Conn. Underwriter—
;
Ad¬
Minn.
Fairlane Finance Co., Inc.
June 13, 1962 ("Reg.
A") $300,000 of 6V2%
electrical
Econo-Car
Thursday, August 9, 1962
.
Underwriter—Pewters,
nelly & Jansen, Inc., St. Paul.
Manufacturing Co.
To be named.
Feb. 26, 1962 filed
150,000 common, of which 50,000 are
to
be offered by the
company and 100,000 by stock¬
holders. Price—By amendment
Proceeds—For
for
—Echlin
.
repayment, equipment, and working capital.
dress—Stillwater,
equipment.
obtain
debt, etc.
pajamas.
debt
Office—261
purposes.
May 24, 1962 filed 210,000 common.
Price—By amend¬
ment (max. $25). Business—Manufacture
of replacement
Price—By amendment (max.
experimental helicopters.
Proceeds—To
certification of models,, train service
1115
General real estate.
—
corporate
Ave., N. Y. Underwriter—Fleetwood Securities
Corp. of America, N. Y.
Echlin
be
Business—Research, development
Design and manufacture
general
.
common
of
and
unit. Business
per
Madison
Doman
April
$150
—
Proceeds—For
South, Salt Lake City. Underwriter—Realty
Securities,
Inc., Salt Lake City.
.
common.
insulated
water
fiberglass gravel stop and laundry tubs.
■
Price—$1.50.
closet tanks,
Proceeds—For
Florida
Bancgrowth, Inc.
March 16, 1962 filed 200,000 common.
Price—By amend¬
ment
(max. $15).
Business—An investment company
specializing in bank stocks. Proceeds—For investment.
Office—3356 Atlantic Blvd., Pompano
Beach, Fla. Un¬
derwriter—Dempsey-Tegeler & Co., Inc., St. Louis.
Florida
June
ness
Jai Alai, fine.
28,. 1962 filed 400,000 common. Price—$5./Busi¬
Operation of Jai Alai games and pari-mutuel
—
f.,
Volume 196
Number 6184
.
.
.
The Commercial and Financial Chronicle
betting. Proceeds—For rent, purchase of leased
quarters,
building improvements, working capital. Office—Fern
Park, Fla. Underwriter—To be named.
•
Underwriter—J. R. Williston & Beane, N. Y. Offering—
Temporarily postponed.
jBtmral Classics
Florida Water & Utilities Co.
May 29,
due
subord.
con v.
1982.
of water
systems.
Design Corp.
25, 1962 ("Reg. A") 65,000 common. Price—$3.
Business—Design and development of new products for
various
(max. $2). Business—Company owns and licenses carton
pouring spout patents end die patents. Proceeds—For
debt repayment and other corporate
purposes.
Office—
100 W. 10th St.,
Wilmington, Del. Underwriter—None.
General
Food &
ers.
Drug Research Laboratories, Inc.
1962 filed 107,500 common, of which 100,000
to be offered by company and
7,500 by stockhold¬
Price—By amendment (max. $5). Business—Chem¬
24,
r
ical and biological research and
testing for the food, drug,
cosmetics, chemical and related industries. Proceeds—
For expansion,
equipment and debt repayment.
Ad¬
dress—Maurice Ave. at 58th St., Maspeth, N. Y. Under¬
(Alex)
& Sons,
(max.
$15).
Inc.
•
Price—By amend¬
Business—Wholesale
distribution
Genera!
April 3,
«
Donnell & Co./N. Y. Offering—Temporarily postponed.
.
ceeds—For
advertising, and .equipment.
Office—1634St., Santa Monica, Calif. Underwriter
Rutner,
Jackson & Gray, Inc., Los Angeles.
;
,
,'
A
„•
.
B
Business—Retailing of mutual fund shares.
Proceeds—
consisting of
and
common
Pacific
1962
share.
plans
Great
-
(max.
bank and an insurance agency. Proceeds—For
working
capital, debt repayment and .expansion. Office—368 Main
filed'
McCoy's Markets, Inc.
filed 219,150 class A common. Price—By
amendment
(max.
$14).
Business—Operation of _T6
supermarkets in the Los Angeles area. Proceeds—For
selling' stockholders.
Office—17602
Bellflower
Blvd.,
Bellflower, Calif. Underwriter—Morris Cohon & Co,
250,000 class A and 250,000 common
one clsas A and one com¬
unit.
per
flat
$7).
Business—Company
glass
ment
,
„
'
production and sale of
accessories, and ^sportswear. Proceeds
Ave.,
Jamaica,
N.
Y.
ing,
to
Underwriter—None.
be
offered
by
company
of which 75,000 are
75,000 by stockholders.
common,
and
13,
1962 filed
80,000
common.
Price—$4.
research,
debt
Goldsmith
Busi¬
repayment
and working
capital.
Rochelle, N. Y. Underwriter
Bros.
29, 1962 filed 125,000 common, of which 62,500 are
offered by company and 62,500 by stockholders.
Price—By amendment (max. $8). Business—RetaiL sale
of stationery office supplies and department store mer¬
chandise. Proceeds—For expansion and working capital.
Office—77 Nassau St., N. Y.
Underwriter—Federman,
Stonehill & Co, N. Y.
to
be
*
and manage real estate. Proceeds—For general corporate
Office—151 N. Dean St, Englewood, N. J. Un¬
• Gulf Atlantic
Utilities, Inc.
July 30, 1962 filed 90,000 common. Price—By amendment
(max. $10). Business — A management ,and operating
company for subsidiaries which own water treatment
and sewerage disposal plants, and water distribution and
sewage collections systems. Proceeds—For debt repay¬
ment, expansion and working capital. Office—2738 Malinda Blvd., Jacksonville, Fla. Underwriter—Pierce, Gar¬
rison, Wulbern, Inc., Jacksonville. Offering—Expected
sometime in September. -
Hallandale
Rock 8 Sand Co.
March 30, 1962 filed $250,000 of 8% subordinated deben¬
tures due 1977, 200,000 common and 6-year warrants to
purchase 25,000 common at $1 per share to be offered in
,
Good-Era Realty & Construction Corp.
April 2, 1962 filed 550,000 class A shares. Price—$10.
Business—Company plans to develop, operate, construct
purposes.
Business—Wholesale and retail distribution
hobby lines and sporting equipment. Proceeds
—For debt repayment, inventory and working capital.
Office—35 Engel St, Hicksville, N. Y. Underwriter—J.
R. Williston & Beane, N. Y.
June
.
Westbury, L. I, N. Y.
of toys,
Office—36 Lawton St., New
—Droulia & Co., N. Y.
.
Co, N. Y. Offering—Temporarily
Bros., Inc.
April 25, 1962 filed 150,000
tical and veterinarian products, rroceeds—For advertis¬
Price—By amend¬
ment (max. $8).
Business—A holding company for a
restaurant equipment manufacturer, a wholesale distrib¬
general corporate
Cliftnn. N. J Under¬
Greenman
ness—Manufacture, development and sale of pharmaceu¬
common.
Atlantic
Shames Dr,
Gold Leaf Pharmacal Co., Inc.
derwriter—Myron A. Lomasney & Co., N. Y.
Rd,
Green
(Henry J.) Instruments Inc.
April 30, 1962 filed 150,000 common. Price—$2,25. Busi¬
ness—Manufacture of precision instruments for measur¬
ing atmospheric conditions. Proceeds—For debt repay¬
ment,
equipment and working capital.
Office—2500
Business—Design,
Price—$10.
March
(8/20-24)
1962 filed 100,000 common. Price—By amend¬
ment (max. $7) Business—.Company operates four
"key
clubs." Proceeds—For expansion, debt reduction, and
wbrking capital. Office—13 E. Huron St., Chicago. Un¬
Proceeds—For
Entin
postponed.
expansion, researcn, and inventory. Office—545
Lane, Teaneck, N. J.
Underwriters—Winslow,
Cohu & Stetson and Laird, Bissell & Meeds, N. Y.
28,
Office—134-01
containers.
Office—149
ment,
Gaslight Club, Inc.
capital.
and
Cedar
Price—$3.33.
utor of houseware products and a
company operating
leased discount departments dealing in hard
goods.' Pro¬
ceeds—For
debt
repayment,
expansion and working
board
writer—D. H. Blair &
Construction Devices, Inc.
29, 1962 filed TOG,000 common.-; Price—$10/< Busi¬
ness—Manufacture, sale and lease of steel supports and
beams used in construction. Proceeds—For debt repay¬
a
Gemco-Ware Corp.
March 9, 1962 filed 146,000
Co., Inc.
29, 1961 filed 100,000 common. Price—By amend¬
($7 max.). Business—Manufacture of corrugated
purposes.
Global
selling stockholder.
Office—4045 Merrick Rd.,
Seaford, L. I., N. Y.. Underwriter—Theodore Arrin &
Co., Inc., N. Y.
Feb.
1962
Greater New York Box
Dec.
June
Business—Manufacture of machinery and equipment for
the gasoline and oil marketing industries.
Proceeds—
For
28
New York.
1962 filed
fashion
Underwriter—Birkenmayer & Co,
Greater
Offering—Indefinitely postponed.
,
Place, Baltimore. Underwriter
formerly was known as
Investment Trust.
Corp.
("Reg. A") 60,000 class A common. Price
Business—-Company plans to establish an industrial
—$5.
general corporate purposes.
Office—417 Fifth
Ave., N. Y. Underwriter—Sprayregen, Haft & Co., N. Y.
small business investment company. Proceeds—For
investment. Office—1180 Raymond Blvd.,
Newark, N. J.
Underwriter—Godfrey, Hamilton, Taylor & Co, N. Y.
Offering—Temporarily postponed.
'
' '
Investment Trust
Great Plains
—For
—A
Estate
Underwriters—Emanuel, Deetjen & Co, and Zuckerman,
mirrors and
sliding
mirror doors and related products.
Proceeds
March .23,
women's
Garden State Small Business Investment Co.
Oct. 27, 1961 filed 330,000 common.
Price—$3. Business
common.
By amend¬
,fvGreat Eastern Insurance Co.
April 13, 1962 filed 381,600 common. Price—By amend¬
ment (max. $5). Business—Company plans to write cer¬
tain types of fire and casualty insurance. Proceeds—For
general corporate purposes. Office—116 John St, N. Y.
150,000 common, of which 60,000
are to be offered by the company and 90,000 by the com¬
pany's parent, Glen Modes, Inc. Price—By amendment
*
Real
Continental Real Estate
June
Price—$5.05
Glensder Corp.
a new
plant, sales promotion
working capital. Office—288 Plymouth Ave., Fall
River, Mass. Underwriter—Hampstead Investing Corp.,
Garsiie Products, Inc.
July 13, 1962 ("Reg. A") 15,000
Continental
ment. Office—530 St. Paul
equipment, inventory .and working capital.. Office
—1299 N. First St., San Jose, Calif. Underwriter—Wil¬
son, Johnson & Higgins, San Francisco.
and
,
—
—To be named. Note—This firm
—For
lated items. Proceeds—For
,
Price
Aug. 3, 1961 filed 300,000 shares of beneficial interest.
Price—$10. Business—Real estate. Proceeds—For invest¬
Inc.
manufacture
to
wardrobe
be
.
common.
ment. Business—Sale and
shares to be offered in units of
mon
80,000 five-year
offered in units cpnsisting of one share
and one warrant.
Price—$4.50 per unit. Business—De¬
sign, manufacture and sale of ladies' handbags and re¬
New York.
Jan. 23, 1962 filed 250,000
a
„
to
Development Co., Ltd.
St., Longmont, Colo.
Corp.
29, 1962 filed 80,000
Bahama
(9/10-14)
Denver.
July 12,
Industries, Inc.
1962 filed 100,000
class A common shares.
amendment
(max. $11). Business—Design,
manufacture and distribution of toys and
sporting goods.
Proceeds—For debt repayment Office—184 Fifth
Ave.,
N; Y.
Underwriter—Hemphill, Noyes & Co., N. Y.
warrants
Grand
Industries Corp.
Glasco
Price—By
■Gamma
Underwriter—Midland Securities Co, Inc., Kansas
Inc.
Hanley, Hempstead, N. Y.
Offering—Indefinitely postponed.
Price—$5.
*
June
cisco.
City, Mo.
March 26, 1962
.
30,
new
$100 debenture and 36 shares. Price
—By amendment. Business—Manufacture of restaurant
and other type furniture which it sells principally to
dealers in Puerto Rico., Proceeds—For equipment and
general corporate purposes. Address—San Juan, Puerto
working capital and debt repayment
Office—1301
E.-Morehead St., Charlotte, N. C. Underwriter—None.
March
repayment,
Smith & Co, N. Y.
For
Gabriel
&
units
r>urpo<?es
common.
Office—
St, Anaheim, Calif.
Underwriter—CrutCo, Inc., 618 S. Spring St, Los Angeles.
Ave, N. Y. Underwriter—Allen & Co, N. Y.
Girard
Investments, Inc.
80,000 class
Proceeds—For selling stockholders.
March 28, 1962 fled $250,000 of 6% conv. subord. deben¬
tures due 1972 and 90,000 common shares to be sold by
certain stockholders. The securities are to be offered in
.
1962 filed
debt
Gilfillan Corp.
April 4, 1962 filed 254,000 common. Pj#ce—By r amend¬
ment (max. $18)., Business—Development and
produc¬
tion of radar and other specialized electronic systems
Proceeds—For selling stockholders. Office—1815 Venice
Blvd., Los Angeles. Underwriter—Blyth & Co., Inc., Los
Angeles.
Office—6608 Hollywood Blvd., Los Angeles. Underwriter
—Garat & Polonitza, Inc., Los Angeles.
...
•
28,
?
$500 per unit. Business—Operation of jewelry stores,
jewelry concessions and a liquor concession in discount
department stores. Proceeds—For debt repayment and
working capital. Office—182 Second Ave, San Fran¬
.
..
cnrnoratp
,
,
West
Rico. Underwriter—Edwards &
other
,
■
development of land on Grand
Bahama Island for residential and resort purposes. Pro¬
ceeds—For general corporate purposes. Office—250 Park
.
Fund
Research,
Z
•
*
•
Granco, Inc.
March 23, 1962 filed
Offering—Indefinitely postponed.
.
Underwriter—None.
June
tenden
Proceeds—For working .capital. Office
Michigan Ave., Chicago. Underwriters—Bacon,
Whipple & Co. and Freehling, Meyerhoff & Co., Chicago.
.Frederick's of Hollywood, Inc.
.
March 26, 1962 filed 150,000 capital shares, of which
70,000 are to be offered by company and 80,000 by a stock¬
holder. Price—$5. Business—Operation of a mail order
business and a chain of women's apparel'stores. Pro¬
;and
For
S.
Restaurants, Inc.
$600,000 of ,6% conv. subord. de¬
bentures due 1977 to be offered in 1,200 units. Price—
.
—
plant and equip¬
Ave, Portland, Ore.
new
erly customers.
26, 1962 filed 140,000 common. Price—By amend¬
ment. Business—Company plans to produce its
Gyrojet
FW-4, a four-passenger amphibious autogiro. Proceeds
—To produce prototype models, and finance general
overhead and operating expenses. Office—10 E. 52nd
St.,
expansion
1445
&
Proceeds
a
10th
1962 ("Reg. A") 28,213 capital shares.
Price
Business—Operation of restaurants in Disney¬
land Hotel.
—179 N.
Frazier-Walker Aircraft Corp*,
ceeds—Fpr
—$3.50.
Drug Corp.
("Reg. A") 78,000 common. Price—$2.75.
of vitamins through department stores
order.
Southeast
Price—By amendment (max. $8.50). Business—Di¬
rect mail selling of vitamin mineral products to eld¬
Jan.
Y.
April 30,
Price—$7.50. Busi¬
ers.
Busi¬
,
.
mail
Geriatric
distribution of men's
outerwear,
sportswear
and
rainwear.
Proceeds—For
plant expansion, equipment and working capital. Office
—665 Broadway, N. Y. Underwriter—Magnus & Co.,
/.
Gourmet
Feb, .12, 1962 filed 162,500 common, of which 12,500 are
to be offered by the company and 150,000
by stockhold¬
„
ness—Design, .manufacture.. and
.
1962
Office—915
Underwriter—Darius Inc., N. Y.
products, sales promotion and working capital. Office—
88 Cutter Mill Rd., Great Neck, L.
I, N. Y. Underwriter
—J. J. Krieger & Co., Inc., N. Y.
—
JRour Star Sportswear, -Inc. (8/27-31)
M^rch 27, 1962 filed 103,000 common. Price—$3.
N.
and
-
~~
'
ment.
Income Trust
Vitamin
Business—Sale
"42" Products, Ltd., Inc..
April 18, 1962 ("Reg. A") 100,000 class A common. Price
—$3. Business—Manufacture and sale of cosmetics. Pro¬
,
Realty
Alstyne, Noel & Co, N. Y. Note—This statement
potato products. Proceeds—For
See First General Real Estate Trust.
of
Proceeds—For selling stockholders. Of¬
fice—2885 Jerome Ave,, Bronx, N. Y. Underwriter—Mc¬
18th
General
Busi¬
Proceeds—Expansion and
Office—Lyons Falls. N V
Underwriter
—
ness—A small business investment company. Proceeds—
For debt repayment and investment. Office—348 Orange
toys and games.
Inp, New York.
common.
Price—$11.
common.
paper.
•Gourmet Food Products, Inc.
May 25, 1962 filed 100,000 common. Price—$4.50. Busi¬
ness
Growing, purchasing, distributing and selling
whole potatoes and processing and
selling of prepared
Investment Co. of Connecticut, Inc.
14, 1962 filed 200,000
of
will be withdrawn.
St., New Haven, Conn. Underwriters—Ingram, Lambert
& Stephen, Inc., and Reuben Rose & Co.,
Inc., N. Y.
March 23, 1962 filed 100,000 common.
ment
working capital.
—Van
Syndicate, Inc.
April 11, 1962 filed 400,000 class A common. Price — $10.
insurance holding company. Proceeds—
For investment in subsidiaries, and working
capital.
Office—625 Madison Ave., N. Y.
Underwriter—G. E. C.
Securities. Inc., (same address).
Mar.
September.
ness—Manufacture
debt
Business—An
-
Co., N. Y.
Forst
Proceeds—For
Economics
General
writers—Maltz, Greenwald & Co. and Rittmaster, Voisin
&
industries.
in
Gould Paper Co.
Sept. 28, 1961 filed 140,000
repayment,
equipment and working capital. Office—1252 W. Peachtree St., N. W, Atlanta, Ga. Underwriter — Robert M.
Harris & Co., Inc., Philadelphia. Note—The SEC has is¬
sued an order temporarily suspending this issue.
..
Corp.
Washington, D. C. Offering—Ex¬
pected
April
Corp.
0
May. 10, 1962. filed 169,420 common to be offered for
subscription by stockholders.; Price—By
amendment
Floseal
are
Gotham Investment
Nov. 21, 1961 filed 100,000 common.
Price—$6. Business
—Real estate investment. Proceeds—For
working capi¬
tal and other corporate purposes.
Office—1707 H j§t.»
N. W, Washington, D. C. Underwriter—Rouse.
Brewer,
Becker & Bryant, Inc.,
General
Imminent.
May
Inc.
ness—Design, assembly and
Proceeds—For debt repayment,
plaques and awards.
new products, expansion and working capital.
Office—
2555 W. Diversey Ave., Chicago. Underwriter—Michael
G. Kletz & Co., N. Y.
Price—By amendment. Business—
distribution and sewage collection
Proceeds—For debtrepayment, plant expan¬
sion
and working capital. Office—1491 N. W.
20th St.,
Miami. Underwriter—Finkle &
Co., N. Y. OfferingOperation
derwriters—Leiberbaum & Co. and Morris Cohon &
Co.,
Price—$3. Busi¬
distribution of trophies,
de¬
31
New York.
March 23, 1962 filed 105,000 common.
1962 filed $750,000 of 5 Vz%
bentures
(619)
units consisting of a $10 debenture, 8 common shares and
*
warrant. Price—$18 per unit. Business—Extraction,
processing and sale of rock and sand. Proceeds—For a
one
Continued
on
page
32
22
The Commercial and Financial Chronicle
(620)
Continued
from
page
31
men's and
of
ture
boys' clothing. Proceeds—For plant
Office—500 West Over¬
plant and other corporate
Address—Hal-
purposes.
land Ave.,
landale, Fla. Underwriter—Mutch, Khanbegian, Flynn &
Green, Inc.. 115 Broadway, N. Y.
Halo
Mar.
27,
will
be
acquisition of land and building, equip¬
ment, inventory and other corporate purposes. Office-^4 Broadway Plaza, Huntington
Station, N. Y. Under¬
of
common, of which 100,000
the company and 200,000 by a stock¬
Price—By amendment. Business—Manufacture
by
recessed
incandescent
lighting fixtures.
El Paso, Texas.
Turner, Inc., Dallas.
Underwriter—Eppler, Guerin
writer—Price
Instron
High Temperature Materials, Inc.
Sept. 28, 1961 filed 120,000 common. Price—By amend¬
ment.
Business—Manufacture
of
products from test
models.
Proceeds—For equipment, research and devel¬
opment, leasehold improvements, repayment of debt and
working capital. Office—130 Lincoln St., Brighton, Mass.
Lighting, Inc.
1962 filed 300,000
sold
holder.
&
Proceeds—
For
general corporate purposes. Office—Chicago,
111.
Underwriter—R. W. Pressprich & Co., N. Y. Offering—
Underwriter—To
Hill
Temporarily postponed.
Price—By amend¬
(max. $14). Business—Development and produc¬
equipment for use in testing the physical char¬
acteristics of various materials.
Proceeds—For selling
ment
tion of
stockholders.
Instrument
Street Co.
products. Proceeds—For debt repayment, expansion and
other corporate purposes. Office—1827 Pacific
St., Brook¬
management
Dec.
29,
1961
filed
200,000
and
Hoffman
Price
By
—
of television cartoons
—
,/
^
Happy House, Inc.
July 28, 1961 filed 700,000
common shares. Price—$1.
marketing of gifts, candies and greeting
cards through franchised dealers. Proceeds—For
equip¬
ment, inventory and working capital. Office—11 Tenth
Ave., S Hopkins, Minn. Underwriter—None.
Jan.
26,
Distributors,
Newark, N.
Inc.
Jan.
ic Intercontinental Management Corp.
July 31, 1962 filed 144,000 common. Price—$7. Business
Operation of bowling centers. Proceeds—For expansion,
working capital and debt repayment. Office—19 Coun¬
try Club Shopping Center, Levittown, Pa. Underwriter
—Walnut Securities Corp.,
Philadelphia.
Co., Inc.
International Drug & Surgical
Corp.
23, 1962 filed 150,000 class A shares.
March
Price—$4.
Business—Importing, licensing, and manufacturing of
pharmaceutical and medical instruments. Proceeds—For
working capital and other corporate purposes. Office—
375 Park Ave., N. Y.
Underwriters—Seymour Blauner
Co., and Wm. Stix Wasserman & Co., Inc., N. Y.
1962 filed 3,500,000 common and 5-year war¬
purchase 700,000 shares, to be ofiered in units
and one warrant. Price—$50 per unit. Busi¬
ness—Development and operation of mobile home re¬
sorts. Proceeds
For debt repayment, expansion and
worxing capital.
Office—4344 E. Indian bchool RoadL
31,
rants
200,000 common, of which 100,000
are to be offered
by the company and 100,000 by a stock¬
holder. Price—By amendment. Business—Retail sale of
housewares,
hardware,
lighting
fixtures, automotive
accessories, etc. Proceeds—For debt repayment, expan¬
sion
and
working
capital.
Office—1416
Providence
Highway, Norwood. Mass. Underwriter—McDonnell &
Co., N. Y. Offering—Temporarily postponed.
to
of 5 shares
•
related products. Proceeds—For sales
Honora, Ltd.
Nov. 29, 1961 ("Reg. A")
promotion,
expan¬
sion, inventory, and debt repayment. Office—476 Broad¬
way, N. Y. Underwriter—To be named.
(Paul) Stores, Inc.
See Paul, Harris Stores, Inc.
writer—Sunshine
food
stores.
Proceeds—For
selling stock¬
St., Rochester, N. Y. Un¬
derwriter—Merrill Lynch, Pierce, Fenner & Smith
Inc.,
holders.
Office—175 Humboldt
New York.
Karwyn Publishing Corp.
Jan. 29, 1962 filed 300,000 class A
pedic
works
Business
for
and
derwriter—Van Alstyne,
Indefinite.
Hawaii
Real Estate
By
encyclo¬
illustrated
operates
agency for sale of TV and radio
For working capital. Office—170
Price
common.
Publishes
—
children
an
—
advertising
spot time. Proceeds—
Varick St., N. Y. Un¬
$10 per unit.
Offering-
Investment Trust
Business—A real estate
Hawaii.
working
capital.
Underwriter—White, Weld
on
basis of
held.
mon
investment trust.
Address—Honolulu,
& Co., Inc., N. Y.
Heartland Development
Corp.
March 28, 1962 filed
23,300 shares
preference stock to be offered for
holders
one
of
5%
convertible
preferred share for each 10
Business—Real
—For
general corporate
Office—40 Beaver St.,
purposes
and
estate.
debt
com¬
Proceeds
repayment.
Albany, N. Y. Underwriter—None.
Heck's Discount
Centers, Inc.
June
ment
7, 1962 filed 125,000 common.
Price—By amend¬
(max. $5). Business—Operation of discount
Proceeds—For
working
St.
stores.
inventory, expansion, debt
capital.
Albans,
W.
Office—6400
Va.
Inc., N. Y.
Helix
April
Land
27,
1962
amendment
Co.,
repayment and
MacCorkle
Ave., S. W.,
Underwriter—Willard Securities,
Inc.
filed
(max.
586,000
$5).
capital shares.
Business—General
Proceeds—For general corporate
purposes.
Summit Dr., La Mesa, Calif.
Price—By
real
estate.
Office—4265
Underwriter—None.
Herlin & Co., Inc.
May 29, 1962 filed 100,000 common, of which
80,000 are
to be offered by
company and 20,000 by stockholders.
Price—By amendment (max. $12.50). Business—Sale of
wrist
tapes.
Ave.,
St.
watches
to
holders
of
food
chain,
cash register
Office—2046 Bell
Proceeds—For working capital.
Louis. Underwriter—Newhard,
St.
Cook
&
Louis.
Hickory Industries, Inc.
Aug. 31, 1961
("Reg. A") 40,000
Business—The
allied
manufacture
equipment.
Co..
S.
Proceeds—For
shares.
consisting
and
of
warrants
Price—By
$100
to
of
debentures,
purchase
amendment
three
(max.
two
addi¬
$110
per
Business—Real estate investment. Proceeds—For
debt repayment, construction, and other
corporate pur¬
poses.
Office—919 N. Michigan Ave., Chicago. Under¬
general
writer—Kidder, Peabody & Co., N. Y.
J. B. Coburn
Associates. Inc.. N. Y.
International
House
of
Vision,
warrants
agencies
Office—137 N. Wabash
Underwriter—Hornblower
&
purchase
Corp.
common and
110,000 class A
shares
Services
and
and
electronic
the
May
for government
Proceeds—For equipment,
15,
1962
Terrazzo
("Reg.
Co., Inc.
75,000 common.
A")
Business—Manufacture and installation of
ing,
and the installation- of marble and tile.
tor
equipment,
debentures
By
due
1977
amendment
common.
Price—$5.
and
inventory,
Offering—Indefinite.
Hicks-Ponder Co. (9/10-14)
July 26, 1962 filed 185,000 common, of which
100,000 will
be sold by the
company and 85,000
by stockholders.
Price—By amendment (max. $10). Business—Manufac¬
and 250,000
(max. $6 per
common
shares.
common
per
equipment
military.
Corp.
March 30, 1962 filed $1,600,000 of convertible subordi¬
—
$4
Corp., Clifton, N. J.
International
Weeks,
Hunsaker
Price
9-month
at
debu repayment and working capital.
Office—Engineer's
Hill. Plainview. L. I., N. Y. Underwriter—International
optical equipment. Pro¬
Ave., Chicago.
Chicago.
to
mechanical
ceeds—For selling stockholders.
Research
shaie, to be offered in units, each consisting of one share
and one warrant. Price—$4 per unit.
Business—Design,
development and manufacture of mechanical, electro¬
Inc.
manufacturer and distributor of
Systems
Maich 30, 1962 filed 110,000 class A
March 29, 1962 filed 150,000 common. Price—By amend¬
ment (max. $17). Business—A dispensing optician and a
share).
orner
debt
Price—$2.
teirazzo
floor¬
Proceeds—
working capital and
Office—826 62nd St., Brook¬
Underwriter—Drourr, Lampert & Co., Inc.,
repayment,
corporate purposes.
N. Y.
Business—Construction of homes and apartments on land
lyn,
which company has acquired in Southern Calif. Proceeds
debt repayment and
other corporate
Lew York.
—For
International
filed 97,000 common, of which 80,000
by company and 17,000 by certain stock¬
holders. Price—$5.
Business—Manufacture, assembly and
Vending Corp.
27, 1962 ("Reg. A") 60,000 class A common. Price—•
$5. Business—Installation and servicing of
coin-operated
vending machines. Proceeds—For debt repayment, con¬
solidation of offices and working capital.
Office—1028
Commonwealth Ave., Boston, Mass. Underwriter—Gianis
& Co., Inc., N. Y.
Offering—Indefinitely postponed.
sale of aircraft and missile
components on a sub-contract
basis. Proceeds—For debt repayment and
working
Maich 30, 1962 filed 1,605,100
purposes.
Office—15855
Edna
June
PI., Irwindale, Calif. Underwriter—
Bateman, Eichler & Co., Los Angeles.
•
Hydro-Swarf, Inc.
will
30,
be
1962
sold
Interstate
capital.
Ideal Toy Corp.
Ave.,
May 1, 1962 filed 490,000 common, of which 250,000 will
be offered by company and
240,000 by stockholders. Price
—
N. Y. Underwriter—Van Alstyne, Noel & Co., N. Y.
Interworld
Film
Distributors, Inc.
Sept. 29, 1961 filed 106,250
—By amendment (max. $20). Business—Manufacture of
toys and related products. Proceeds
For debt
ment
Equity
shares of beneficial interest.
Price—(max. $10). Business—A real estate investment
company. Proceeds—For investment. Office—450 Seventh
Office—7050 Valley View St., Buena
Park, Calif. Under¬
writer—Raymond Modre & Co., Los Angeles.
Theatrical
and
repay¬
and
distribution
domestic
feature
common.
Price—Business
and
co-production
films.
Proceeds—For
of foreign
acquisition,
general corporate purposes. Office — 184-10
Jamaica Ave., Hollis, Long
Island, N. Y. Underwriter—
White, Weld & Co., Inc., N. Y.
co-production, dubbing, adaptation and distribution of
films, and working capital. Office—1776 B'way, N. Y.
•
dan &
Index & Retrieval
Jan.
29,
1962
filed
Underwriters—General
Systems, Inc.
125,000
common.
equipment, promotion, of¬
relocation, and working capital. Office—19 River
St., Woodstock, Vt.
Underwriter—Shaw, Darr & Co., Inc.,
Garden City, N. Y.
Offering—In late August.
fice
•
—
Office—505
Incomes
26,
1961
16,
to
be
are
500,000 common. Price—$15. Busi¬
ness—A small business
investment company. Proceeds—
For general corporate
purposes. Office—208 S. La Salle
St., Chicago. Underwriter—A. C.
Allyn &
Co., Chicago.
Instromech Industries, Inc.
(8/20-24)
March 30, 1962 ("Reg.
A") 100,000 common. Price—$3.
Business—A contract manufacturer of
precision products.
Co.
1962 filed 250,00U
offered
by
the
of wlilch 125,000
and 125,000 by a
common,
company
*
stockholder. Price—By amendment (max. $20). Business
—A
filed
Offering—Indefinite.
Investment Securities
March
Inc.
Industry Capital Corp.
Dec.
Kas-
Underwriter—None.
Fifth
Ave., N. Y.
(same address).
Note—This statement has been
withdrawn.
Industrial
S
—Manager and distributor for Western Industrial Shares,
Inc., a mutual fund. Proceeds—For debt repayment and
general corporate purposes. Office—818 17th St., Denver.
Industrial Growth
investment.
Inc.. and
Unsubscribed shares will be offered to the public. Price
—To stockholders, $2.50; to the public, $3.50.
Business
Fund of North
America, Inc.
April 20, 1962 filed 100,000 common. Price
Net asset
value (max. $11.50). Business—A
closed-end investment
company which plans to become
open-end in 1963. Pro¬
—
Securities Co..
Co., Inc., N. Y. Offering—Indefinitely postponed.
Investment Management Corp.
May 10, 1962 filed 100,000 common to be offered for sub¬
scription by stockholders on a 2-for-l share basis.
Price—$2.50. Busi¬
ness—Publishes "The Financial Index" and other
indexes
and abstracts. Proceeds—For
Distributor
promotion, expansion and working capital. Office
—1U-20 47th Rd., Long Island
City, N Y. Underwriter
U.
shares
unit).
Securities, Inc., Rego Park, N. Y.
ceeds—For
of barbecue machines
Proceeds—For equipment,
suies
•
tional
—To be named.
March
subscription by stock¬
Price—$12.
the
Price—$2.50.
nated
Noel & Co., N. Y.
May 18, 1962 filed 1,000,000 shares of beneficial interest
and eight-year stock
purchase warrants to be offered in
units consisting of one share and one
warrant. Price—
Proceeds—For
common
Koshu, Inc.
March 29, 1962 filed 75,000 class A common. Price—$5.
Business—Importing of Japanese liquors. Proceeds—For
debt
repayment, advertising, inventory and working
capital. Office—129 S. State St., Dover, Del. Underwriter
Offering—Indefinitely postponed.
amendment.
units, each unit
i
House of
supermarkets
small
in
Corp.
common.
•
Stores, Inc.
March 28, 1962 filed 235,550 common.
Price—By amend¬
ment (max. $16).
Business—Operation of
and
distribution
.
.
Food
their
Container
200,000
International Realty Corp.
April 27, 1962 filed $18,000,000 of s. f. debentures due
1977, 360,000 common shares and five year warrants to
purchase 540,000 common shares to be offered in 180,000
76,500 common. Price—$3.75.
cultured pearls in Japan and
of
filed
Denver. Note—This statement has been withdrawn.
corporate pttrposes*>Office—42 W. 48th St., N. Y. Under¬
Harris
Hart's
27,
Business—Purchase
Plastic
1962
ment, rent, salaries and working capital. Office—818—
17th St., Denver.
Underwriter—Amos C. Sudler & Co.,
1962 ("Reg. A") 75,000 common. Price — $4.
Business—Manufacture, sale and development of solderless terminals and other wire terminating products. Pro¬
ceeds—For debt repayment, equipment, advertising and
working capital. Address—P. O. Box 430, Phoenixville,
Pa. Underwriter—Harrison & Co., Philadelphia. Offer¬
ing—Temporarily postponed.
Harley Products, Inc.
28, 1962 filed 75,000 common. Price—$4. Busi¬
ness—Design, production and distribution of belts and
26,
Business—Manufacture of plastic products produced by
extrusion
and
thermoforming.
Proceeds—For
equip¬
Hollingsworth Solderless Terminal Co.
March
International
March
Phoenix. Underwriter—None.
Feb.
J. Under¬
writer—Gold-Slovin Co., Inc., N. Y.
—
filed
1962
Sauce
in¬
Under¬
Holiday Mobile Home Resorts, Inc.
Business—The
Hardlines
House
$1.
—
Manufacture and distribution of electro¬
mechanical rotating devices. Proceeds—For debt
repay¬
ment, sales promotion and othei corporate purposes.
Office—312 Mt. Pleasant Ave.,
1962 filed $250,000 of 6%% subordinated sink¬
ing fund convertible debentures due 1977 and 25,650
common shares to be offered in units consisting of one
$500 debenture and 50 common shares. Price—$1,000 per
unit. Business — Manufacture of liquid and semi-solid
salad dressings and specialty sauces. Proceeds—For debt
repayment and expansion. Office—109 S. Webster St.,
Madison, Wis. Underwriter—Milwaukee Co., Milwaukee,
Wis. Offering—Indefinitely postponed.
commercials. Proceeds
For a new building and
working capital. Office—3501 Cahuega Blvd., Los An¬
geles. Underwriter—Carl M. Loeb, Rhoades & Co., Inc.,
N. Y.
Proceeds—For
company.
—
Business
Feb. 28,
capital shares.
amendment. Business—Production
investment
Office—760 S. Hill St., Los Angeles.
writer—None.
vestment.
Components, Inc.
11, 1962 ("Reg. A") 135,000 common. Price
June
Oct.
Productions, Inc.
Office—2500 Washington St., Canton, Mass.
Underwriter—N one.
16, 1961 filed 2,265,138 common to be offered for
subscription by stockholders of Union Bank of Califor¬
nia on a share-for-share basis.. Price—$3.
Business—A
Hanna-Barbara
Investing Co., N. Y.
Engineering Corp.
March 26, 1962 filed 120,000 common.
be named.
Halsey Drug Co. (8/20-24)
March 30, 1962 filed 79,500 common. Price—$4. Business
—Manufacture, packaging and sale of proprietary drug
lyn, N. Y. Underwriters—Packer-Wilbur & Co., Inc., and
Alessandrini & Co., Inc., N. Y.
Thursday, August 9, 1962
.
Proceeds—For
expansion and working capital.
new
.
.
the
management
insurance
working
investment
field.
capital
Proceeds
and
company
—
possible
For
specializing
debt
expansion.
Washington
in
repayment,
Office—901
Ave.. St. Louis. Underwriters
Scherck,
Co., and Dempsey-Tegeler & Co., Inc., St. Louis.
Offering—Indefinitely postponed.
—
Richter
Investors Real Estate Trust
July 23, 1962 filed 300,000 shares.
—A real estate investment
trust.
Price—$10.
Business
Proceeds—For invest-
Volume
196
Number 6184
.
The Commercial and Financial Chronicle
.
.
Office
30 State St., Boston.
Empire Planning Corp., N. Y.
merit.
Investors Realty Trust
May 31, 1962 filed 200,000 shares.. Price
•—A
Underwriter—
—
real
estate
struction
and
investment trust.
investment.
—
ness—Mail
$10. Business
—
3315
For
—
con¬
Connecticut
lona Manufacturing Co.
Jan. 26, 1962 filed 140,000 common, of which 125,000 are
be
offered
shares by a
stockholder. Price
$6. Business—Manufacture of
household electric appliances and electric motors. Pro¬
ceeds—For new products and working ' capital. Office
—Regent St:, Manchester, Conn. Underwriters—Richard
Bruce & Co., Inc., and Reuben Rose & Co., Inc., *N. Y.
by the
and 15,000
company
—
Iowa
Public
Service
Co.
(8/29)
July 3, 1962 filed 320,468 common to be offered for
subscription by stockholders on the basis of one new
share
for
each
amendment.
10
held
of
record
Proceeds—For
Aug.
28.
Price—By
Co.-Wertheim
&
&
Co.
(jointly); Merrill
Lynch, Pierce, Fenner & Smith Inc.-Kidder, Peabody &
Co.-White, Weld & Co. (jointly). Bids—Aug. 29 (11 a.m.
EDST), Second Floor 44 Wall St., N. Y. Information
Meeting—Aug. 23 (11 a.m. EDST) at same address.
(9/19)
Jan. 30, 1962 filed 100,000 common. Price—$3. Business
—Industrial designing, the design of teaching machines
and the production of teaching programs. Proceeds—
For expansion, new facilities and working capital. Office
—315 Central Park W., N. Y. Underwriter—R. F. Dowd
& Co., Inc., N. Y.
Jaap Penraat Associates, Inc.
Jackson's/Byrons
March
Enterprises
of
Inc.
1962 filed $750,000 convertible subordinated
debentures due 1977; also 120,000 class A common, of
which 66,666 shares are to be offered by the company
and 53,334 by stockholders. Price—By amendment (max,
$12.50 for common). Business—Operation of a chain of
retail department stores. Proceeds—For debt repayment
and working capital. Office—29 N. W. 10th St., Miami,
Fla. Underwriter—Clayton Securities Corp., Boston. Of¬
fering—Expected sometime in October.
13,
Price—$5.
merchandise.
Busi¬
Proceeds—For
Office—1924 Washing¬
ton
Ave., Bronx, N. Y. Underwriter—Arnold, Wilkens &
Co., Inc., N. Y.
Inc.
March 29,
1962 filed 250,000 common. Price—$5. Busi¬
ness—Operation of a chain of retail stores selling carpets
and rugs. Proceeds—For expansion, inventory, debt re¬
payment and working capital.
Office—1800 Boston Rd.,
Bronx, N. Y. Underwriter—Michael G. Kletz & Co., N. Y.
Kavanau
29, 1962 filed 50,000 shares 6% cum. preferred
and four-year common stock purchase warrants to be
offered in units consisting of one preferred and one
warrant.
Price—By amendment (max. $101 per unit).
Business—Real
estate
investment.
Proceeds—For
debt
Office—30 E. 42nd St.,
Underwriter—Hayden, Stone & Co., N. Y.
Kay Foods Corp.
29, 1961 filed 88,000 class A
4*,0u0 are to be offered by the
Office—241 N. Franklintown Rd., Baltimore.
Auchincloss, Parker & Redpath, Wash¬
—
ington, D. C. Offering—Indefinitely postponed.
Keene
Packaging Associates
1962 filed 165,000 common, of which 100,000
by company and 65,000 by stockholders.
?rice—$4. Business—Design and tnanufacture of semi¬
rigid vinyl plastic cases and containers for packaging.
April
are
2,
to be offered
Proceeds
other
—
debt
For
corporate
repayment, working capital and
Office — 947 Newark Ave.,
purposes.
Elizabeth, N. J. Underwriter—Hardy & Co., N. Y.
Kelley Realty Corp.
16, 1962 filed 250,000 class A common. Price —
By amendment (max. $10). Business—Company owns
and operates apartment and office buildings. Proceeds—
For debt repayment. Office—1620 S. Elwood
St., Tulsa,
March
Underwriters—Fulton, Reid & Co., Inc.. Cleveland
Walston & Co., Inc., N. Y. Offering—Postponed.
and
Kenner Products Co.
March 30,
New York
are
to
utility. Proceeds—For acquisition of additional stock in
subsidiary. Office—507 Place D'Armes, Montreal, Canada.
Underwriters —■ Stone & Webster Securities Corp. and
i
•.<
ment
Greenshields & Co., Inc., N. rY.
be offered
count
Jamoco
Air
Conditioning
Keystone Discount Stores, Inc.
May 24, 1962 filed 110,000 common. Price—By amend¬
($5.25). Business—Operation of three,, retail dis¬
stores.
Proceeds—For expansion. Address—R. D.
2, North Lebanon Township, Lebanon, Pa. Under¬
writers—Suplee, Yeatman, Mosley Co., Inc. and Wood¬
cock, Moyer, Fricke & French, Inc., Philadelphia.
No.
Corp.
Feb. 28, 1962 ("Reg. A") 40,000 common. Price — $3.
Business—Design, installation and maintenance of heat¬
ing, plumbing and air conditioning systems. Proceeds—
For inventory, equipment and other corporate purposes.
Office
954 Jamaica Ave., Brooklyn, N. Y.
Under¬
writer—Martin-Warren Co., Ltd., N. Y.
—
Jarcho Bros., Inc.
March 23, 1962 filed 240,000 common.
Price- .oy amend¬
ment
(max. $12). Business—Installation of plumbing,
heating, ventilation and air-conditioning systems. Pro¬
ceeds—For selling stockholders.
Office—38-18 33rd St.,
Long Island City, N. Y. Underwriter—Shearson, Hammill & Co., N. Y. Note—This offering was temporarily
Kine Camera
Co., Inc.
1961 filed 75,000 common. Price—$5. Business
—Importing and distribution of cameras, binoculars and
photographic equipment. Proceeds—For debt repayment
Nov. 21,
and working
capital.
Office—889 Broadway, N. Y.
Securities
Un¬
derwriter—Underhill
Jayiis Industries, Inc.
Oct. 18, 1961 filed 150,000 class A common. Price—$8.
Business—Manufactures patented traversing screens for
use as window coverings, room dividers, folding doors,
Kingsberry Homes Corp.
April 9, 1962 filed 140,000 shares of capital stock of
which 100,000 will be offered by company and 40,000
by stockholders. Price—By amendment (max. $17.50).
Business—Manufacture of prefabricated homes. Proceeds
—For a new plant. Office—1725 S. Gault Ave., Ft. Payne,
Ala. Underwriters—The Robinson
Humphrey Co., Inc.,
Atlanta, and J. C. Bradford & Co., Nashville. Offering—
Indefinitely postponed.
Proceeds—For
debt
repayment and
general corpo¬
rate
purposes. Office—514 W. Olympic Blvd., Los An¬
geles. Underwriter—D. E. Liederman & Co., Inc., N. Y.
Offering—Temporarily postponed.
•
Jays Creations, Inc.
March 30, 1962 filed 80,000 common.
extensive
an
line of industrial, hospital and
instruments. Proceeds—For debt re¬
construction, and working capital. Office—
3070-82 W. Grand Ave., Chicago. Underwriter—R. W.
Pressprich & Co., N. Y. Note—This offering was tem¬
porarily postponed.
Laminetics
Inc.
(9/4-6)
March 22, 1962 liled 80,000 common. Price—$3.50. Busi¬
ness—Production and sale of gift sets, linens, place mats,
W.
Proceeds—For
and
27th
St.,
Corp., N. Y.
equipment, moving expenses, sales
other
N.
corporate purposes. Office — 20
Underwriter—Fabrikant Securities
Y.
• Lawter
Chemicals, Inc. (8/13-15)
Aug. 1, 1962 filed 49,721 capital shares. Price—By amend¬
ment (max. $18). Business—Manufacture of specialized
chemicals, including printing ink vehicles, coatings, and
synthetic resins. Proceeds — For selling stockholders.
Office—3550 Touhy Ave., Chicago. Underwriter—Blunt
Ellis & Simmons, Chicago.
Lee
Fashions, Inc.
27, 1961 filed 163,667
Dec.
common.
Price—By amend¬
Business—Importing of low priced ladies' scarfs
ment.
and blouses.
Proceeds—For debt repayment and work¬
ing capital. Office—2529 Washington Blvd., Baltimore.
Underwriters—Godfrey, Hamilton, Taylor & Co., N. Y.
and Penzell & Co., Miami Beach. Note—This registra¬
tion will
be withdrawn.
Lee-Norse
Co.
May 25, 1962 filed 272,000 common. - Price—By amend¬
ment (max. $20). Business—Production of a coal min¬
ing machine. Proceeds—For selling stockholders. Office
—751 Lincoln Ave., Charleroi, Pa. Underwriter—Moore,
Leonard
&
Lynch, Pittsburgh.
Lembo
Corp.
Dec. 21, 1961 filed 100,000 common.
Price—$3.50. Busi¬
concrete utilities,
sanitary structures, fallout shelters and play sculptures.
Proceeds—For debt repayment,
sales promotion and
working capital. Office—145 W. 11th St., Huntington
Station, L. I., N. Y. Underwriter—Blank, Lieberman &
Co., Inc., New York.
1
ness—Manufactures
•
re-inforced
steel
Lesco Automotive Corp.
(8/17)
1962 ("Reg. A") 50,000 common. Price—$6.
Business
Company buys and sells automotive parts.
Proceeds — For debt repayment and general corporate
June
28,
—
Keystone-Universal Industries Inc.
July 24, 1962 filed 100,000 common. Price—$3.50. Busi¬
ness—Retail sale of carpets. Proceeds — For expansion
and working capital. Office—4042-54 Sawmill Run Blvd.,
Pittsburgh. Underwriter — Strathmore Securities, Inc.,
Pittsburgh.
postponed.
etc.
certain
payment,
Okla.
Business—A
Price — By amendment (max. $25).
holding company for a Jamaican Electric
of
clinical laboratory
promotion
Underwriter
of
Instruments, Inc.
23, 1962 filed 142,860 common, of which 122,168 are
to b:i offered by the company and 20,692 by stockhold¬
ers. Price—By amendment
(max. $9). Business—Manu¬
etc.
purposes.
Manufacture
Lab-Line
company and
of fruit juice products. Proceeds—For general corporate
—
Feb.
common
shares, of
44,000
by stockholders. Price—$7. Business—Packing and sale
Business
cooling packages. Proceeds—For debt repay¬
working capital. Office—Jennings Bldg., P. O.
Box 638, Moberly, Mo. Underwriter—John W. Flynn
& Co., Santa Barbara, Calif.
which
by stockholders.
Jamaica Public Service Ltd.
Price —$3.
holders.
patented
ment and
Dec.
1962 filed 542,000 common, of which 205,000
by company and 317,000 by stockhold¬
ers. Price—By amendment (max.
$24). Business—Manu¬
facture, design, and distribution, oLplastic toys. Proceeds
—For general corporate purposes. Office—912 Sycamore
St., Cincinnati, Ohio. Underwriter—Kuhn, Loeb & Co.,
March 30, 1962 filed 215,000 common, of which 100,000
shares are to be offered by company and 115,000 shares
Kwik-Kold, Inc.
29, 1962 ("Reg. A") 100,000 common of which
65,000 will be sold for company and 35,000 for stock¬
repayment and working capital.
N. Y.
33
March
facture
Corp.
March
debt
repayment, and con¬
struction.
Office—Orpheum-Electric Bldg., Sioux City,
Iowa.
Underwriters—(Competitive). Probable bidders:
Blyth & Co.; Carl M. Loeb, Rhoades & Co.; Ladenburg,
Thalmann
sale
order
common.
equipment and working capital.
Kaufman Carpet Co.,
Ave., N. W., Washington, D. C. Underwriter—None.
to
Kapner, Inc. (8/27)
29, 1962 filed 50,000
March
Proceeds
Office
•
(621)
Corp., N. Y.
Office
purposes.
—
Underwriter—M.
®
H.
Leslie Fay Inc.
430 Hegeman Ave., Brooklyn, N.
Meyerson & Co., Inc., New York.
(9/4)
1962 filed 200,000 class A shares. Price—By
(max. $12). Business—Design and manu¬
facture of women's dresses, suits and coats. Proceeds—
July 27,
amendment
For
expansion, equipment and working capital.
Broadway, N. Y. Underwriter—Shearson,
Hammill & Co., N. Y.
plant
Office—1400
Enterprises,
(Louis)
Lesser
Inc.
March
30, 1962 filed 1,000,000 class A common. Price—
$10. Business—Real estate management and construction.
Proceeds—For debt repayment and general corporate
purposes.
Office—8737
Wilshire Blvd.,
Underwriters—Morris
Calif.
baum &
Cohon
&
Hills,
Beverly
Co.
Leiber-
and
Co., N. Y.
-
Knornhandler
Levine's,
March
Inc.
19, 1962 filed 80,000 common. Price—By amend¬
ment (max.
$17.50). Business
—
Operation of
a
chain of
(Lou), Inc.
("Reg. A") 125,000 common. Price—$2.
Business—Manufacture and wholesaling of women's ap¬
parel. Proceeds—For debt repayment, equipment, sales
promotion and working Capital.
Office—910 S. Los
Angeles St., Los Angeles. Underwriter—Costello, Russotto & Co., Beverly Hills, Calif.
clothing and dry goods stores. Proceeds — For selling
stockholders. Office — 8908 Ambassador Row, Dallas.
—Processing and distribution of vinyl roll plastic fabric
and vinyl tablecloths, and various foam rubber items.
Kollmorgan Corp.
Nov. 9, 1961 filed 100,000 common, of which 40,000 are
to be sold by the company and 60,000 by stockholders.
Proceeds—For
equipment, raw materials, debt repay¬
working capital. Office—596-612 Berriman St.,
Brooklyn, N. Y. Underwriter—R. P. Raymond & Co*
Price—By
—Processing, canning, bottling and selling of fruits and
vegetables. Proceeds—For debt repayment and working
capital. Office—Fresno Ave, & Charter Way, Stockton,
Calif. Underwriter—Van Alstyne, Noel & Co.. N. Y.
ment and
tical equipment. Proceeds—For debt repayment. Office
—347 King St., Northampton, Mass.
Underwriter—Put¬
Inc., 26 Broadway, N. Y.
nam
Price—$4. Business
—Design, manufacture and sale of young women's wear.
Proceeds—For working capital and possible acquisitions.
Office—254
W.
35th
St., N. Y. Underwriters—Seymour
Co., and Wm. Stix Wasserman & Co., N. Y.
Note—This registration was withdrawn.
Blauner
Jerlee Products Corp.
May 1, 1962 filed 75,000 common. Price—$4.25. Business
Kaiser-Nelson
Corp.
29, 1962 filed 140,000 common, of which 70,000
by company and 70,000 by stockhold¬
ers.
Price—By
amendment
(max. $10).
Business—
Reclamation of metallics from steel slag; mining of sand
and gravel; and dismantling and salvage of industrial
buildings. Proceeds—For new plants, debt repayment
and working capital.
Office—6272 Canal Rd., Cleve¬
to
land.
be offered
Underwriter—Robert
27,
&
L.
Ferman
&
Co.,
Inc.,
Miami, Fla.
1962
amendment.
Business—Manufacture
of
op¬
Co., Hartford. Offering—Temporarily postponed.
Kraft
March
are
July
(John)
Sesame Corp.
May 24, 1962 filed $225,000 of 6% conv. subord. deben¬
due 1972, and 150,000 common to be offered in
consisting of a $300 debenture and 200 shares.
Price—$900 per unit. Business—Processing and distri¬
tures,
units
bution
of
sesame
seed.
Proceeds—For accounts receiv¬
able, inventories, plant expansion and working capital.
Office—2301 N. Main St., Paris, Texas. Underwriters—
John A. Dawson & Co., and Leason & Co., Inc., Chicago.
Kreedman
$100 of debentures for each 100 shares
held.
Price—At par.
Business—Operation of a whole¬
sale drug business. Proceeds—For debt repayment and
working capital. Office—425 Park Ave., N. Y. Under¬
Realty & Construction Corp.
19, 1962 filed $5,000,000 of conv. subord. deben¬
tures due 1982 and 200,000 common shares to be offered
in units consisting of $25 of debentures and one common
share.
Price—By amendment (max. $27); Business—
Construction and operation of office buildings. Proceeds
—For
debt
repayment.
Office—9350 Wilshire Blvd.,
Beverly Hills, Calif. Underwriter—Lee Higginson Corp.,
writer—None.
New York.
Kaltman
(D.)
& Co., Inc.
April
June 28, 1962 filed $1,650,000 of conv. subord. debentures
due 1977 to be offered for subscription by stockholders
on
the
basis of
.
,
Offering—Indefinitely postponed.
Underwriter—Kidder, Peabody & Co., N. Y. Offering—
Indefinitely postponed.
,
(8/27-31)
April 9, 1962 filed $4,000,000 of 5%% convertible sub¬
Lewis
(Tillie)
Foods, Inc.
ordinated debentures due 1977. Price—-At par. Business
Lewiston-Gorham Raceways,
March
bonds
(8/28-31)
Inc.
14, 1962 filed $1,000,000 of 6^% first mortgage
due 1977 and 200,000 common to be offered in
consisting of a $500 bond and 100 shares. Price—
unit. Business—Conducting commercial parimutuel harness racing meets in Lewiston and Gorham,
Maine. Proceeds — For debt repayment, property im¬
units
$500
per
provements and working capital. Office—33 Court St.,
Auburn, Maine. Underwriter—P. W. Brooks & Co., N. Y.
Lilli
Ann Corp.
March 29, 1962 filed
$750,000 of conv. subord. debentures
1977, also 100,000 common shares to be offered by
stockholders. Price—By amendment. Business—Design,
manufacture and distribution of women's high fashion
due
suits and coats. Proceeds—Net proceeds from the
ture
sale
will
be
added
to
the
general
funds
deben¬
of the
portion of which may be used to retire shortFrancisco. Under¬
Francisco and F. S. Smithers
& Co., New York.
company, a
term loans. Office—2701 16th St., San
writers—Sutro & Co., San
.
.
Continued
on
naae
34
34
The Commercial and Financial Chronicle
(622)
Continued from page
dise and collection of the accounts receivable.
33
For
Lily Lynn, Inc.
Feb. 23, 1962 filed 150,000 common, of which 86,000 are to
be offered by the company and 64,000 by the stockhold¬
ers. Price—By amendment (max. $12). Business—Design,
manufacture and sale of women's casual dresses. Pro¬
Denver.
Financial
new
Jan.
11, 1962
("Reg. A") 85,000 common. Price
ment; steel
3006
of
furniture
manufacturers.
furniture
Ave.,
hardware
—
for
Proceeds—For debt
inventories nad plant
Boarman
Investors
•"
Mfg. Co.
Business—Manufacture
to
.•;
Baltimore.
expansion.
$3.50
sale
Office—
&
D
Corp., Port Washington, N. Y.
Logos Financial, Ltd.
Marine
Corp.
and production and working capital. Office—
Madison Ave., N. Y.
Underwriter—Fred F. Sessler
Co., Inc., N. Y. Note—This firm formerly was named
Lunar Enterprises, Inc. Offering—Postponed.
153-16
Ave.
working
at
1961 filed 100,000 common. Price—$6. Business
staff-an#
debt
Price—By
general
repayment and working capital. Office—48
High St., Brockport. N Y. Underwriter—None.
N.
Y.
Underwriter—R.< P.
Office—812
Raymond
Greenwich
&
Lyntex Corp. (9/24-28)
June 29, 1962 filed $600,000 of 6V2% s. f. debentures due
1977 and 120,000 common to be offered in units consist¬
ing of $500 of debentures and 100 common. Price—By
amendment (max. $720 per unit).
Business—Manufac¬
ture of light gauge
vinyl plastic film and sheeting.
Proceeds—For acquisition' of predecessor's business and
working capital. Office—40 E. 34th St., N. Y. Under¬
writer—P. W. Brooks & Co., Inc., N. Y.
r
V
;
Martin
Co.,
be
•
Inc.
Feb. 23, 1962 filed 130,260 of class A common, of which r
65,130 are to be offered by the company and 65,130
by stockholders. Price—$5. Business—-Sale and distribu-'
tionof costume jewelry, ladies' handbags, and accesso¬
ries. Proceeds — For working capital. Office — 1650
Broadway,! Kansas City, Mo. Underwriter—George K.
Baum & Co., Kansas City. Offering—Indefinitely post¬
poned.
selling stockholders.
Underwriter
working capital and
Office—1692 Utica Ave.,
Underwriter—D. J. Singer & Co., N. Y.
expenses,
purposes.
nated
Food
30,
:
"
*
^
Corp.
1962 filed $1,500,000 of convertible subordi¬
debentures
due
1977 to be offered by company
by stockholders. Price—By amend¬
$10). Business—Distribution of food and* re¬
lated products to supermarkets and other retail stores-* in
the New York Metropolitan area. Proceeds—For general
corporate purposes. Office—345 Underbill Blvd., Syosset,
and
34,200
common
ment (max.
26
(L. P.)
N. Y. Underwriter—Brand, Grumet &
offered
Siegel, Inc., N*„ Y.
Metropolitan Acceptance Corp.
Oct. 2, 1961 filed $300,000; of 6% subordinated convert¬
ibles due 1967 and 60,000 common shares to be offered
In units consisting of $100 of debentures and 20 common
shares. Price—$150 per uiiit. Business—Financing of re¬
tail
Sales.
Proceeds—For' working capital. Office—5422
Ave., Chevy Chase, Md. Underwriter—To be
named.- ' ' */.
r-. '• ~
^■ V:
Western
Massachusetts Electric Co.
(8/27)
July 28, 1962 filed 75,000 shares of cum. preferred (par
Metropolitan Realty Trust (9/4) : ; - I
^
$100). Proceeds—To redeem certain outstanding bonds, *
Dec; 20, 1961 filed' i,000,000 shares of beneficial interest.
notes and preferred stock of:
merging companies. Of¬
Price—$6.50. Business—A real estate investment3 tryst.
fice—441 Stuart St., Boston.
Underwriters—(Cbmpeti--I Proceeds—For
general corporate purposes; Office—1700
tive).
Probable bidders: MerrilL Lynch, Pierce; Fenner .
K St., N. W., Washington, D. C. Underwriter—Eisele &
& Smith Inc.-Eastman
Dillon, Union Securities & Co.
King, Libaire, Stout & Co., N. Y.
;
\
\
(jointly); Kidder, Peabody & Co.-White, Weld & Co.
Midwest Planned Investments, Inc. :
(jointly); First Boston: Corp. Bids—Aug.. 27, 1962 (11a.m. EDST)
at company's offices. Information Meeting v May 28, 1962 filed 250,000 common. Price—By amend¬
ment (max. $7).
Business—Company is engaged, in the
—Aug. 22> 1962 (11 a.m. EDST) at Irving Trust Co., One
distribution of shares on contractual plan of other mutbal
Wall St., N. Y.
'
<
funds,in trading in over-the-counter market, and. in
Massachusetts Electric Co. (8/27)
underwriting. Proceeds—For hiring and training of per¬
July 26, 1962 filed $60,000^000 of first mortgage bonds,
sonnel. Office—1300 First National Bank Bldg., Minne¬
series G, due Sept. 1, 1992. Proceeds—To redeem certain
apolis. Underwriter—None: *
1
"
f ;
■
outstanding bonds, notes and preferred stock of LynnMidwest Technical Development Corp.
Electric Co., Merrimack-Essex Electric
Co., and Sub-Feb. 26, 1962 filed 561,500 common to be offered for
urban Electric Co., which subsidiaries of New England
subscription by stockholders on the basis of. one sh^re
Electric
System, will be merged into Massachusetts
for each two shares held. Price—By amendment (max.
Electric, also a subsidiary. Office—441 Stuart St., Bos¬
$7). Business — A closed-end management investment
ton.
Underwriters—(Competitive).
Probable bidders:
company. Proceeds — For general corporate' purposes.
Merrill Lynch, Pierce,
Fenner & Smith Inc.-Eastman
Offfce
2615 First National Bank Bldg;, Minneapolis.
Dillon; Union Securities & Co.; (jointly);. Halsey, Stuart
Underwriter—None.
1
•
~
& Co. Inc.; First Boston Cor p.-Kidder, Peabody & Co.MITmanco Corp.
Blyth & Co: Inc.-White, Weld & Co. .(jointly). Bids—
May r2, 1962 ("Reg. A") .75,000 common, of which 64,200
Aug, 27, 1962 (12 noon EDST) at company's offices. In¬
will be sold by company and 10,800 by stockholders.
formation Meeting-^Aug. 22, 1962 (11! a.m. EDST) at
Price—$4.
Business—Company writes, prepares and
Irving Trust Co., One Wall St., N. Y.
prints technical manuals for armed1 forces and industry.
Masters, Incv
Proceeds'—For debt repayment and expansion. Office—
March 22, 1962 filed $1,500,000 of 6% conv. subord. de- "
620 7th Ave., Renton, Wash. Underwriter—Cruttenden
bentures
due
1972; also* 150,000 common' shares;
of& Co., Inc., 610 S;. Spring St., Los Angeles.
which 80,000 will be offered by the company and 70,000
Minichrome Co.
by a stockholder. The securities will be offered in units
June 18, 1962 ("Reg. A") $50,000 of five year 7%
of one $100 debenture and 10 common' shares, except
sub¬
.
,
McGrath
(John W.) Corp.
1962 filed 253,875 common. Price—By amend¬
ment
(max. $15). Business—Contract stevedoring and
related operations.
Proceeds—For selling stockholders.
.
June 28,
Broadway, N. Y.
Co., N. Y.
Underwriter—Bear; Stearns
Magazines For Industry, Inc.
Aug. 2, 1961 filed 100,000 common, of which 80,000 will
be offered by the company and 20,000 by stockholders.
Price—$5. Business—The publishing of business period¬
icals. Proceeds—For promotion, a new publication and
working capital. Office—660 Madison Ave., New York.
Underwriter—Arnold, Wilkens & Co., Inc., N. Y. Offering—Temporarily postponed.
Magellan Sounds Corp.
Feb. 28, 1962 filed 60,000 common (with attached oneyear class A warrants to purchase 60,000 common shares
at $4 per share and two-year class B warrants to pur¬
chase 60,000 shares at $4.50 per share) to be offered in
units (each consisting of one share, one class A- warrant
and one class B warrant). Prtee—$4 per unit. Business
—Production of educational and recreational devices and
Proceeds—For general corporate purposes; Office
St., N. Y. Underwriter—Darius Inc., N. Y.
Offering—Temporarily postponed.
games.
—130 E. 40th
Magnetics Research Co. Fnc.
April 30, 1962 filed 100,000 common. Price—$3. Business
—Design and marketing of magnetic memory units.
Company also plans to market transistor logic units and
subsystems for use in computers, business machines and
data
handling systems. Proceeds—Expansion of sales and
engineering, new product development and equipment.
Office—179 Westmoreland Ave., White Plains, N. Y. Un¬
derwriter—T. W. Lewie & Co., Inc., N. Y.
.
,
—
.
.
that up to
$700,000 of debentures and 70,000 shares may
separately.
Price—For debentures, at par; ,
for common, $10.
Business—Operation of discount de-.
partment stores selling a wide variety of merchandise.
ordinated
be
nominations
of
Business
Processes
Proceeds—For
apolis.
Assembly Service, Inc.
April 27, 1962 filed 100,000 common. Price—$2.25. Busi¬
ness—Assembling of packages for shipment to post of¬
Proceeds—For general corporate purposes.
Americas, N. Y.
Office
Underwriter—Globus,
offered
expansion.
Office—135-21
38th
For
Ave.,
Industries, Inc.
(8/20-24)
June 7, 1962 filed 80,000 common. Price—$12, Business
—Gontract finisher of fabrics used in the manufacture
—For
Office—980
Underwriter—Continental
W.
offered
in
Price—At
film.
de¬
par.
Proceeds—
79th ,St.,
Minne¬
Securities,. Inc., Min¬
.
Proceeds
debt
repayment, expansion and working capital.
St., N; Y. Underwriter—McDonnell
& Co., N. Y.
Office—370 W. 35th
Co.r N. Y.
Mechmetal-Tronics Inc.
and manufacture of miniature metal bellows and other
1967.
tion of self-service discount department stores.
of wearing apparel. Proceeds—For debt
repayment Of¬
fice—70 Wall St., N. Y. Underwriter—H; M. Frumkes &
May 28, 1962 filed 150;O0O shares of 8% convertible cu¬
mulative preferred stock. Price—$3. Business—Design
working capital.
1,
Kodachrome
Mart, Inc.
April 20, 1962 filed 295,000 common, of which 140,000
aire to be offered by company and
155,000 by stockhold¬
ers. Price—By amendment (max. $14).
Business—Opera¬
Inc., N. Y. •
★ Majestic Utilities Corp.
July 31, 1962 filed 29,000 common. Price—By amend¬
ment (max. $4). Business—Door to door sale of merchan¬
—
debentures to be
$500. due Nov.
Miracle
itely postponed.
Maxwell
convertible
neapolis.
Flushing, N. Y. Underwriters—Sterling. Grace # Co..
and Norton, Fox & Co.,
Inc., N. Y. Offering—Indefin¬
•
Mail
Met
March
Underwriter—Johnson, Lane, Space Corp., Atlanta. Offering—Indefinitely postponed.
:
Mac-Allavr Co.,
moving
Offering—Temporarily postponed.
23,
to
are
Proceeds—For
10th
,
Maintenance Corp.
19o2 filed 100,000 common, of which 20,000
by company and 80,000 by a stock¬
holder. Price—$5.
Business—Cleaning and maintenance
of buildings and the
sale of janitorial supplies and
equipment. Proceeds—For debt repayment and work¬
ing capital. Office—840 DeKalb Ave., N. E., Atlanta.
March
acquisitions, debt repayment and
E.
Sixth Ave., Helena,
Office—315
Mercury Books, Inc.
j
14, 1962 filed 55,000 common. Price—$4.50. Busi¬
ness—Publishing of newly written popular biographies.
Proceeds—For working
capital.
Office—1512 Walnut
St., Philadelphia. Underwriter — Meade & Co., Nv.Y.
St.,
Inc.,
-
Feb.
Broadway, N. Y.
Hl'.l
.
corporate
Brooklyn, N. Y.
Ave.,
working capital.
'
Merco Enterprises, Inc.
April 20, 1962 filed 104,000 common, of Which 33,000 are
to be offered by company and1 71,000 by stockholders.
Price—By amendment (max. $7.50). Business—Sale?cOf
phonograph records through leased record departments.
Marshall Press, Inc.
May 29, 1962 filed 60,000 common. Price—$3.75. Busi¬
ness—Graphic design and printing. Proceeds—For pub¬
lishing a sales catalogue, developing a national sales
—Processing and packaging of frozen foods and the can¬
ning and bottling of fruits and vegetables. Proceeds—
.
St., Wilmington, Del.
—Clark, Dodge & Co.,; Inc., N. Y.
Ross, Lyon & Co.. Inc.
Lustig Food Industries, Inc.
capital.
department stores.
Business—Conducts research and
Tenth
1
-
Proceeds—For
shares.
Prices—$10. Busi¬
electronic equipment.
common:
medical
Services, Inc.
Office—100 W.
common
;
May 24, 1962 filed 169,302 common. Price—By amend¬
ment
(max. $26). Business—Operation of a* chain 'of
\
Corp.
filed 95,000
:
.
.
Mont. Underwriter—Memorial Securities, Inc., Helena;
Mercantile Stores Co., Inc.
Whitestone, N. Y. Underwriters—
(mgr.), Glass & Ross, Inc., and
Globus, Inc., N. Y. C. Offering—Postponed.
543
—145 Ave. of the
1961
;
.
of'
homes. Proceeds—For
•
develop¬
ment in electronics, optics,
electro-optics, quantum elec¬
tronics, etc. Proceeds — For expansion, acquisition of
new facilities and other
corporate purposes.
Office—
&
fices.
Polarized
27,
-
.
April 30, 1962 filed 1,200,000 common. Price-—$1. Busi¬
ness—Company plans to acquire and operate funeral
Development Corp.
amendment.
filming
&
Fifth
Memorial
Proceeds
Marks
Films, Inc.
Office—39
Office—990
13,
Los Angeles.
Price—$20 per unit. Business—Operation of a
—
For construction, equipment and
working capital. —Address—Cummings, Ga. Underwriter
—First Fidelity Securities
Corp., Atlanta.
June
..
Proceeds—For: general: Corporate purposes.
O f f i ceStudio City, Calif. Underwriter—Financial Equity Gorp.,
common.
marina.
Office
Underwriter—Medical As¬
.
Corp. :
1961 filed 250,000
ness—Manufacture
March 30, 1962 ("Reg. A") 15,000 units consisting of one
share of 8% cumulative preferred and two shares of
Aug. 31, 1961 filed 125,000 common. Price—$5.75. Busi¬
ness—The production of television films. Proceeds—For
For
Nov.
Underwriter—Dean Witter &
Co., San Francisco. Offering—Indefinitely postponed.
30, 1962 filed 63,000 common. Price—$5. Business
—Company provides optometrie services and dispenses
optical items. Proceeds—For expansion, a laboratory and
working capital. Office—130 W. 57th St., N. Y. UndCrwriters^-J, R. Williston & Beane and Doft & Co., Inc.,
N. Y. Offering—Temporarily postponed.
Dec. 29,
investment.
4
Medical Video
.
Court, San Rafael, Calif.
March
Lunar
open-end.
industry and capital growth situations.
sociates, Inc., Denver.
•
*
Proceeds—For
April 11, 1962 filed 250,000 capital shares. Price — By
amendment (max. $10). Business—A diversified closedend investment company. Proceeds—For investment. Of¬
fice—26 Broadway, N. Y. Underwriter—Filor, Bullard &
Smyth, N. Y.
Lordhill
.
Marin County Financial Corp.
May 2, 1962 filed 102.050 capital shares, of which 27,790
are to be offered by company and 74,260 by stockholders.
Prices—By amendment (max. $18).
Business—A
holding company for a savings and loan association.
repay¬
Underwriter—R
,
.
Price—$10. Business
company" which plans -to
Proceeds—For ? investment in* the
common.
investment
—677 Lafayette1 St., Denver.
Business—Manufacture,
packaging
and
Bale of various proprietary drug products.
Proceeds— .
For equipment, new products, debt repayment and work¬
ing capital.
Office—156 Tillary St., Brooklyn, N. Y. ;
Underwriter—Dana Securities Co., Inc., N.«Y.
subsidiaries. Office—26 Piatt St., N. Y. Underwriter
Lockfast
\
S
Fund, inc.
filed 25,000
medical
Co.,
&
Industries
closed-end
J. Underwriter—
~
become
Price—$3.50.
holding company whose subsidiaries in¬
—Shearson, Hammill & Co., N, Y.
Underwriter—McDonnell
—A
-
March 29, 1962 filed 72,0U0 common, of which 58,000 are
to be offered by company and 14,000 by stocknolde-'s.
the lives of all types of animals. Proceeds—To form
sure
Medical
Oct. 23, 1961
Manhattan Drug Co., Inc.
Feb 23, 1962 filed 245,000 common. Price—$10. Business
—An insurance
Mass.
New York
(9/4-7)
Corp.
Brockton,
~
.
self-service discount department stores. Proceeds — For
debt repayment and working capital. Office—106 Main
St.,
Thursday, August 9, 1962
12 Rochelle Ave., Rochelle
Park,>N.
Charles Plbhn & Co.,. New. York.
-
Mart Inc.
April 5, 1962 filed 200,000 common, of which 100,000 are
by company and 100,000 by stockholders. Price *
—By amendment (max. $15). Business—Operation of
repayment, working capital and expan¬
Bishins Bldg., Riverside Ave.,
New Bedford, Mass. Underwriter — J. R. Williston Hi
Beane, N. Y. Offering—Temporarily postponed.
.
miniature products. Proceeds—For debt repayment, re¬
search and development and working capital. Office—
St.,
to be sold
Office—Herman L.
Livestock
Proceeds—
Office—1514 Arapahoe
Underwriter—None.
Mammoth
ceeds—For debt
sion.
selling stockholder.
a
.
.
Missile Valve
r
Corp.
Nov. 24, 1961 ("Reg. A") 300,000 common.
Price — $1.
Business — Production and sale of new
type butterfly
valve. Proceeds—For purchase of the
patent and pro-
Volume 196
Number 6184
The Commercial and Financial Chronicle
(623)
duction and
development of the valve.
Office
—
National
5909
Hollywood Blvd., Hollywood, Calif. Underwriter—Brown
&
CO., Phoenix, Ariz.
Monarch Plastics
Corp.
("Reg. A") 140,000 common.
May 28, 1962
Price—$2.
Business—Manufacture and sale of plastic letters, em- bossed sign faces; quantity signs and boat windshields. v
Proceeds—For purcnase of land ahd building, moving '
expenses, equipment and working capital.
Office—5606
StuebneT
Airline
Rd., Houston.
Underwriter—W. R.
Sauve Co., N. Y.
.
.
Montebello
Liquors, Inc.
(8/20-24)
April 5, ,1962 filed 160,uOO common, price—By amend¬
ment (max. $5). Business—Blending, bottling and mar¬
keting of alcoholic beverages. Proceeds—For equipment,
inventories, advertising and working capital. Office— *
Bank St. & Central Ave., Baltimore. Underwriters—
Street & Co., and Morris Cohon & Co., N. Y.
.
Morse 'Electro
•
Products
Corp.
29, 1961 filed $1,250,000 of HVz% convertible subofdinated debentures due March, 1917. Price — At pat.
by stock¬
Los Angeles, Calif. Underwriter—Thomas Jay,
Mosler
■
-
••
•
Markets, Inc.
March 29, 1962 filed 75,000 common. Price—By amend¬
ment (max. $8). Business—Operation of a chain of su¬
permarkets. Proceeds—For debt repayment, equipment,
and working capital. Office—59 Leggett St., East Hart¬
ford, Conn. Underwriter—D. H. Blair & Co., Inc., N. Y.
-
★ Mt. Hi Uranium & Oil Corp,
July 30, 1962 ("Reg. A") 100,000 common to be offered
for subscription by stockholders on a i-for-5 basis. Price
Proceeds—For working capi¬
Office—230 S. Center
tal and other corporate purposes.
Multi State
Underwriter—None.
<
•
<
Industries, Inc.
April
6, 1962 ("Reg. A") 80,000 common. Price—$3.
Business—Design, fabrication and marketing of plastic
toys, games and novelties.
Proceeds—For equipment,
working capital and other corporate purposes. Office—
275 New Jersey Railroad Ave., Newark, N. J.
Under¬
writer—G. K>. Scott & Co., Inc., N. Y. Offering—Tempo¬
rarily postponed.- - - * - • - •
' I
/
■"{
Multronics, Inc.
^
("Reg. A") 100,000 capital shares. Price—$3/
Business—Production of electronic parts and components
and the furnishing of consulting services in the radioengineering field. Proceeds—For debt repayment, equip¬
ment, iand working capital; Office—-2000 P St., N. W.;
Washington, D. C. Underwriter — Switzer & Co., Inc.
Silver Spring, Md.
.
.
'
^
v
^
Jam 5, 1962
Municipal Investment Trust Fund, Series B
April 28, 1961 filed $12,750,000 (12,500 units) of interests.
Price
To be supplied by amendment. Business ^The
fund will invest in tax-exempt bonds of states, counties,
municipalities and territories of the U. S. Proceeds^For
investment. Sponsor—Ira Haupt & Co., Ill Broadway,
—
New York.
•
*
development, manufacture and sale
of quality transistors
military and industrial use.
Proceeds — For new
equipment, plant expansion, Working capital, and other
corporate purposes. Office—Mallory Plaza Bldg., 'Dan-
for
bury, Conn. Underwriters—Lee Higginson Corp., N. Y. C.
and Piper, Jaffray & Hopwood,
Minneapolis (mgr.).
expenses
lease
Proceeds—For debt repayment, public reldtfShs,
acquisition of musical properties, and working capital.
Office—520 Fifth Ave., N. Y. Underwriter—Assorted
Co., 545 Fifth Ave., N. Y.:
Bank of Israel Ltd.
r
,
Underwriter—None.
'
'3^
*
*
v
Car Rental
System Inc.
March 19, 1962 filed 200,000 common being offered.: for
subscription by stockholders of record June 13 with
rights to expire Sept. 11, 1962. Price—$10. Business—
Rental of vehicles and related activities. Proceeds—For
expansion. Office — 1000 Milner Bldg., Jackson, JMiss.
.
;
*
.
-.
National
Directories, Inc.
March 29, 1962 ("Reg. A") 100,000 common. Price—$2.75.
Business—Compilation and publication of Regional classi¬
fied telephone directories. Proceeds—For general cor¬
porate purposes. Office—3306 Lancaster Ave., Philadel¬
Underwriter—Crichton, Cherashore, Cundy, Inc.,
phia.
Note—This letter will be withdrawn.
National
Equipment & Plastics Uerp,
Sept.. 28.1961 filed 105,000 common. Price—$5. Business
.—Operation of a cleaning and pressing plant and affili¬
ated stores.
Proceeds—For debt repayment, store ex¬
pansion and working capital. Address — Portage, Pa
Underwriter—Cortlandt Investing "Corp., N. Y. Offering
—Indefinitely postponed.
vending
machines.
Proceeds—For
working capital.
Office
Now Campbell Island Mines Ltd.
Oct. 13, 1961 filed 475,000 common, of which
400,000 are
to be offered by the company and
75,000 by a stock¬
holder.
Price—50c.
Business—Exploration,
develop¬
mining. Proceeds—General corporate purposes.
Office—90 Industry St., Toronto, Canada. Underwriter—
A. C. MacPherson & Co., Toronto.
ment and
★ New England Electric System (8/15)
Aug. 1, 1962 filed a post-effective ap^ndmeuL covering
260,346 common shares, - representing the unsubscribed
portion of a 872,786 share offering to stockholders1 of
~
,,
, ,
record
June
14, through rights which, expired June 29.
St., Boston.
Underwriters—(Com¬
petitive). * Probable
bidders:
Blyth
&
Co.-Lehman
Brothers-Bear, Stearns & Co. (jointly); Merrill Lynch,
Pierce, Fenner.& Smith Inc.-Kidder, Peabody & Co.White, Weld & Co. (jointly); Carl M. Loeb, Rhoades &
Office-—441
Stuart
Co.-Ladenburg, Thalmann
&
Co.-Wertheim
(jointly). Bids—Expected Aug. 15.
&
Co.
New York State Electric & Gas
Corp. (8/14)
July 17, 1962 filed $15,000,000 of sinking fund deben¬
tures, due June 1, 1992. Proceeds — For construction.
Office—108 E., Green St., Ithaca, N. Y. Underwriters—
(Competitive) Probable bidders: Kidder, Peabody &
Co.-Salomon
Stuart
&
Brothers
.
.
Office—922 You St., N. W.,
Washington, D. C.
Underwriter—Clarence E. Shaw & Co.,
Washington, D.C.
purposes.
Nuclear Science d
&
Hutzler
(jointly);
Halsey,
Co.
Int.; Blyth & Co., Inc.; Harriman Ripley
& Co., Inc.; First Boston
Corp.-Glore, Forgan & Co.
(jointly). Bids—Aug. 14, 1962 (11 a.m. EDST) at 61
Broadway (Room 2017), New York City. Information
Meeting—Expected Aug. 9 at same address."
ment
(max. $15). Business—Research and development
on
contracts using radioactive
tracers; precision radio¬
activity measurement; production of radioactive isotopes
and the furnishing of consulting and radiation
measure¬
ment services. Proceeds—For
equipment, debt repay¬
ment,
expansion and working capital. Address—P. O.
Pittsburgh. Underwriter—Johnston, Lemon &
Co., Washington, D. C.
Box 10901.
Nuveen Tax-Exempt Bond
Fund, Series 3
Obt, 17, 1961 filed $15,300,000 of units representing frac¬
tional
interests in the Fund. Price
—By amendment
Business—The Fund will invest in interest
bearing obli¬
gations of states, cOunties and municipalities of the 1
U. S., and political subdivisions thereof which are be¬
lieved to be, exempted from Federal income taxes. Pro- '
cceds—For investment. Office—Chicago, 111. Sponsor— '
John Nuveen & Co., 135 So. La Salle
St., Chicago.
; Nuveen Tax-Exempt Bond Fund, Series 4./
Oct.
17,
York
Testing Laboratories, Inc. v
29,1962 filed 50,000 common. Price—$5. Business—
Analyzing and testing of electronic, chemical, and other,
materials. Proceeds—For plant relocation,
equipment,
and working capital. Office—47 West St., N. Y. Under¬
writer—Robbins, Clark & Co.; Inc., N. Y.
Essential Oil & Chemical
Co., Inc.
20, 1962 filed 200,000 class A shares. Price—By
amendment (max. $15). Business—Manufacture, process¬
ing end distribution of natural and synthetic essential
oils, flavor/essences, etc., to food and drug industries.
Proceeds
For
—
debt
repayment, working capital and
Office—601 W. 26th St.. N. Y.
& Co., N. Y. Offering—In¬
other corporate purposes.
Fuller
definitely postponed.
Norton
Corp., Ltd.
March 29,
1962 filed 375,000 capital shares, of which
100,000 are to he offered by company and 275,000 by
stockholders.
Price—By amendment (max. $6). Busi¬
ness—Acquisition and development of oil and natural
gas properties.
Proceeds—For drilling expenses and
working capital. Office — 5455 Wilshire Blvd., Los An¬
geles. v Underwriter—Gregory-Massari,
Inc.,
Beverly
Hills, Calif.
Nortex Oil & Gas Corp.
April 27, 1962 filed $5,000,000 of 6%
due
1977.
conv.
Business—
For
investment.
•
North
Ltd.
443,565 common. Price—$1. Business
intends to 'equip and operate a brewery.
—Company
Proceeds—For construction and debt repayment. Office
—North Battleford, Saskatchewan, Canada. Underwriter
—None. Note—This statement has been withdrawn.
Investors, Inc.
80,000 common. Price—$3.75.
Business—Acquisition of second-trust notes secured by
estate
property.
Proceeds—For
Halsey St., Brooklyn, N. Y.
Co., Inc., N. Y.
Old
Line
Life
Underwriter—•
Insurance
Co.
of
America
July 30, 1962 filed 109,408 common. Price—By amend¬
ment (max. $35).
Business—Writing of life, accident and
health
insurance.
Office—707
Bradford
&
Proceeds
For selling stockholders.
St., Milwaukee. Underwriter—J. C.
Co., Nashville.
N.
—
11th
Olympia Record Industries, Inc.
May 29, 1962 filed 66,000 class A shares.
Price—$4.
Business—Wholesale distribution of phonograph records
and albums. Proceeds—For debt repayment, inventory,
product expansion and working capital. Office—614 W.
51st St., N. Y.
Underwriters—Gianis & Co.. Inc. and
Jed L. Hamburg Co., N. Y Offering—Indefinitely post¬
poned.
Optec, Inc. (8/20-24)
26, 1961 filed 160,000 common. Price—$3. Business
—Research, development and fabrication of materials
used in optical electronics.
Proceeds—For equipment
and working capital.
Office—246 Main St., Chatham,
Dec.
N.
J. Underwirters—Stone, Ackerman & Co.,
Inc., and
Heritage Equity Corp., N. Y.
Orbit
Stores, Inc.
May 28, 1962 filed 100,000 common. Price—By amend¬
ment (max. $6).
Business—Operation of two discount
type department stores. Proceeds—For equipment, in¬
ventory, expansion and working capital.
Office—725
William
None.
T/ Morrissey
Blvd.,
_
Orr
(J. Herbert)
Boston.
7,; '
.
Underwriter—
,
f
Enterprises, Inc.
May 1, 1962 filed. 285,000. common. Price—$10.50. Busi¬
ness—Company's subsidiaries manufacture cartridge tape
recorders and programs therefor and men's and boys*'
trousers.
tising
and
Proceeds—For
working
capital.
debt
repayment,
Underwriter—None.
tal.
Ala.
•v.y ■
.
Outlet Mining Co., Inc.
'
Feb. 28, 1962 filed 900,000 common.
—Mining.
adver¬
Address—Opelika,
*
•
Price—$1.
\
-y
Business
Proceeds—For equipment and working capi¬
Address—Creede, Colo.
Pacific States Steel
Underwriter—None.
Corp.
June
21, 1961 filed 100,000 outstanding shares of capital
sold by stockholders. Price—
$6. Business—The manufacture of steel products. Pro¬
ceeds—For the selling Stockholder. Office—35124 Alvarado-Niles Road, Union City, Calif. Underwriters—First
California Co., Inc., and Schwabacher & Co., San Fran¬
cisco (mgr.). Note—This statement has been withdrawn.
stock (par 50 cents) to be
Pacific Restates Land Development Corp.
Sept. 28, 1961 filed $1,500,000 of 7% convertible subord.
debentures due 1976 and 390/000 common shares to be
offered in units, each consisting of $100 of debentures
and 20 common shares. Price—$200 per unit. Business—
General real estate. Proceeds—For debt repayment and
working capital. Office — 9412 Wilshire Blvd., Beverly
Hills, Calif. Underwriter — Morris Cohon & Co., N. Y.
Note—This company was formerly named Westates Land
Development Corp.
Packard-Bell Electronics
Corp.
May 4, 1962 filed $5,023,800 of
conv. subord. debentures
subscription by stockholders
the basis of $100 of debentures for each 17 shares
on
to be offered for
Price—At par.
Business—Design, manufacture and
products. Com¬
pany also
installs and services its TV receivers and
stereophonic units, and manufactures plywood doors.
Proceeds—For
debt .repayment.
G f f ! c e—12333 W.
Olympic
Blvd.,
Los
Angeles.
Underwriter—Kidder,
Peabody & Co., Inc., N. Y.
consumer
and defense electronic
Pak-Well
Paper Industries, inc.
1962 filed 150,900 class A common. Price—By
amendment (max. $13). Business—Manufacture of en¬
March 30,
Northwest Securities
June 25, 1962 <"Reg. A")
real
(9/4-7)
Baruch Brothers &
sael of
Batfttefort Brewing Co.,
interest-bearing obli¬
Office—Chicago, 111.
Sponsor—John
St., Chicago.
International, Inc.
Office—1331
held.
June 21, 1962 filed
representing
Price—By amendment
29, 1962 filed 150,000 common.
Price—$5.50.
Business—Manufacture and sale of synthetic pearl but¬
tons.
Proceeds—For equipment and working capitaL
purposes. Office—1900 Life
Co., N. Y.
-
units
March
due 1977
Carreau &
of
Nuveen & Co., 135 So. La Salle
Production of crude oil and natural gas.
Proceeds—For
debt repayment, working capital and other corporate
Bldg., Dallas. Underwriter—
$15,000,000
gations of states, counties, and municipalities of the U.S.,
and political subdivisions thereof which are
believed
to be exempted from Federal Income taxes. Proceeds—
subord de¬
Price—By amendment.
filed
Business—The Fund will invest In
•
March
Underwriter—S. D.
1961
fractional interests in the Fund.
dress
New
Jan.
Engineering Corp.
March 29, 1962 filed 100,000 common.
Price—By amend¬
Oceana
Nevada Power Co. (8/29)
bentures
Underwriter—None.
New York.
operated
t
June 22, 1962 tiled 1,050,000 'ordinary shares and 3190,000 "A" ordinary shares. Price—By amendment (max.
75c) i Business—A general banking business. Proceeds—
Pbt general corporate purposes.
Office — Tel-^yiv,
.-National
coin
debt repayment, equipment and
—15 Peachtree St., Atlanta.
Norda
ness.
Israel.
working capital.
Office—1270
Americas, N. Y. Underwriter—None.
'
,
July 27, 1962 filed 150,000 common,. Price—$1. Business
—Company acts, as representative of artists, muslins,
etc. and. plans to engage in the music publishing busi-7
National
and
★ National UnMPac, Inc.
July 31, 1962 filed 85,000 common. Price—By amend¬
ment (max. $4).
Business—Company plans to sell or
Music Royalty Corp.
Securities
conv, subord. deben¬
Price—At par. Business—Production of
Proceeds—For production and distri¬
pictures.
southern and northeastern Nevada. Proceeds—For re¬
payment of bank loans, and construction. Office—Fourth
St., and Stewart Ave., Las Vegas. Underwriter—White,
Weld & Co., N. Y.
Super
St., Casper, Wyo.
National Semiconductor Corp.
May 11, 1961 filed 75,000 shares of capital stock. Price
—To be supplied by amendment. Business—The
design,
Price—By amend¬
Underwriter—Blyth'& Co., Inc., N. Y.
Business—Mining.
ques¬
July 30, 1962 filed 100,000 cumulative pfd. shares (par
$20). Price—By amendment (max. $20.75). Business—
Company furnishes electric service to communities in
(max. $20). Business—Manufacture of safes, bank
vaults; security systems and office equipment. Proceeds—For selling stockholders. Office—320 Park Ave., N. Y.
—$1.
has
Winston
»
Offering—Indefinitely postponed.
SEC
Underwriter—Drourr, Lam-
ment
Mott's
Note—The
adequacy of this registration
pert & Co., Inc., N. Y.
Safe Co.
March 23,1962 filed 260,000 common.
accuracy
Ave. of the
♦
to be Offered by the company and 84,000
Co., Inc., Beverly Hills, Calif.
and
the
bution
:
holders. Price—By amendment (max. $8.50). BusinessSale of artificial flowers and florists' supplies. Proceeds
—For payment of income taxes. Office—738 S. Wall St.,
*
named.
tioned
motion
Moskatel's, Inc. (9/4-7)"'
May '28, 1962 filed 104,0Q0 capital shares, of which 20,000 ;
&
Underwriter—To be
statement.
tures due 1972.
—
are
1962 filed
July 30, 1962 filed $150,000 of,;6%%'
;
Business—Operates retail stores selling sewing machines
and vacuum cleaners/Proceeds
Fot expansion and
working capital. Office—122 W. 26th St.. N. Y. Under¬
writer-—Standard Securities Corp., N. Y. Note—This reg¬
'
23,
★ Rational Telepix, Inc.
•
Dec.
istration has been withdrawn.
Security Life Insurance Co.
100,000 common, of which 80,000
are
to
be Offered by company and 20,000
by stock¬
holders. Price—$17.50. Business—A life, accident and
health insurance company. Proceeds—For investment.
Office —
130 Alvarado, N.
E. Albuquerque, N. M.
March
35
general
corporate
velopes, packaging materials of various kinds, wrapping
Continued
on
page
36
36
The Commercial and Financial Chronicle
(624)
Petro-Capital Corp.
28,
1962 filed
Continued from page 35
March
and
stationery,
paper,
school supplies.
Proceeds—For
W. Alameda, Denver.
selling stockholders. Office—198
Underwriter—Francis I. du Pont
& Co., N. Y.
filed 100,000 capital shares. Price—By
amendment
(max.
$19).
Business—Writing of life
health, accident and hospitalization insurance. Proceeds
—For working capital. Office—1310 Lady St., Columbia,
S. C. Underwriter—R. S. Dickson & Co., Charlotte, N. C.
March
28,
Beryllium Corp.
28, 1962 filed 100,000 common. Price—$5. Business
—-Company plans to mine for beryl ore in Argentina.
Proceeds —For debt repayment, equipment, and other
Feb.
corporate purposes.
Office—39 Broadway, N. Y. Under¬
writer—To be named.
•
& Development Corp.
PanAm Realty
March
12, 1962 filed 400,000 class A stock. Price—$10.
Business—A real estate holding and development com¬
To
•
Koenig, Lois, Inc.
filed 100,000 class A shares. Price—By
amendment (max. $8). Business—An advertising agency.
Proceeds—For selling
stockholders.
Office—9 Rocke¬
feller Plaza, N. Y.
Underwriters—Andresen & Co. and
Oppenheimer & Co., N. Y.
1962
10,
Paragon Pre-Cut Homes, Inc.
Aug. 25, 1961 filed 112,500 common. Price—By amend¬
ment. Business—Sale of pre-cut (finished) homes. Pro¬
ceeds—For working capital. Office—499 Jericho Turn¬
pike, Mineola, N. Y. Underwriter—A. L. Stamm & Co.,
N. Y. Offering—Postponed.
Parkway Laboratories,
Dec.
6,
Inc.
1961 filed 160,000 common. Price—$5. Business
of drugs and pharmaceuticals. Proceeds
acquisition, research and other corporate pur¬
Office — 2301 Pennsylvania Ave., Philadelphia.
—Manufacture
^For
an
poses.
Underwriter—Arnold Malkan &
Co., Inc., N. Y.
Paul, Harris Stores, Inc.
April 2, 1962 ("Reg. A") 26,000 class A common. Price
—$7.50. Business—Operation of wearing apparel stores.
Proceeds—For
equipment and working capital. Office—
Tibbs, Indianapolis. Underwriters—Kiser, Cohn
& Shumaker, Indianapolis and Cruttenden, Podesta &
Miller, Chicago. Offering—Indefinitely postponed.
2920
N.
Pay'n Save Corp.
April 27, 1962 filed $1,200,000 of conv. subord. deben¬
tures due 1977, also 40,576 common shares to be offered
by stockholders. Price—By amendment (max. $17 for
common.). Business—Operation of hardware, drugstore
nurseries
and
businesses.
Co., San Francisco. Offering—Indefinitely postponed.
Peerless Radio
Corp.
being withdrawn.
Piggyback Transport Cofp.
April 30, 1962 ("Reg. A") ^0,000 common. Price—$5.
Business—Loading and unloading of trailers and autos
from freight cars, and freight consolidation and forward¬
ing. Proceeds—For equipment, expansion and general
corporate purposes. Office—1200 Seaboard Dr., Hialeah,
Fla.
Underwriter—Willard Co., Ill Broadway, N. Y.
1962 filed 120,000 common, of which 100,000
by the company and 20,000 by stock¬
holders. Price
$4. Business — Distribution of electric
parts and components to industrial customers. Proceeds
to be offered
—
—For
debt
repayment, inventory and working capital.
Office—19 Wilbur St., Lynbrook, N. Y. Underwriter—
Kordan & Co., Inc., N. Y.
Pellegrino Aggregate Technico, Inc.
Aug. 10, 1961 filed 130,000 class A common shares. Priee
—$5. Business—The manufacture of building materials.
Proceeds—For payment of income taxes and loans and
for working capital. Office—Woodbridge-Carteret
Road,
Port Reading, N. J. Underwriter—Mortimer B. Burnsido
& Co., Inc., N. Y.
Offering—Temporarily postponed.
Pennsylvania Mutual Fund, Inc.
March 21, 1962 filed
1,000,000 capital shares. Price—By
amendment (max. $10.29). Business — A mutual fund.
Proceeds—For
investment.
Office—60
Underwriter—Sackville-Pickard
dress).
Pennsylvania Power Co.
July 19,
&
Wall
Co., Inc.
St., N. Y.
(same ad¬
(9/5)
1962 filed $12,000,000
of first mortgage bonds
due
1992.
Proceeds—For redemption of $8,000,000 of
outstanding 5% first mortgage bonds due 1987, and con¬
struction.
Office—19
East
Washington St., New Castle,
Pa. Underwriters
(Competitive). Probable bidders:
Halsey, Stuart & Co. Inc.; Kidder, Peabody & Co.-White,
Weld & Co.-Equitable Securities
Corp.-Shields & Co.
(jointly); Lehman Brothers-Eastman Dillon, Union Se¬
—
curities
&
Thalman
Co.-Salomon Brothers
&
Co.
.
Pioneer Restaurants,
stockholder.
tion
Inc.
*
1961 filed 125,000 common, of which 75,000 are
by the company and 50,000 by a selling
offered
be
of
Price—By
restaurants
six
amendment.
in
Business—Opera¬
Sacramento.
Proceeds—For
expansion, debt repayment and working capital.
—1626
J
Office
Underwriter—Stewart, Eu-
Sacramento.
banks, Myerson & Co., San Francisco.
porarily postponed.
St.,
^ Plantation Chocolate Co.
July 20, 1962 ("Reg. A") 75,000
Business—Manufacture
debt
Offering—Tem¬
common.
confections.
of
&
Hutzler-Ladenburg,
(jointly); First Boston Corp.-Blyth &
Price—$4.
Office—3150 Janney St., Philadelphia.
Underwriter—S. Schramm & Co., Inc., N. Y.
repayment.
Playboy Clubs International, Inc. (9/17-21)
May 28, 1962 filed 270,000 common. Price—By amend¬
ment. (max. $7). Business—Company is engaged in the
ownership and franchising of Playboy Clubs. Proceeds—
For debt repayment and general corporate purposes. Of¬
fice—232 E. Ohio St., Chicago. Underwriter—Divine &
Fishman, Inc., Chicago.
1
Research,
Inc.
holders. Price—By amendment. Business—Research and
engineering and production of certain
electronic devices for aircraft, missiles, oscilloscopes,
electronic vending machines and language teaching ma¬
chines. Proceeds—For expansion, repayment of debt and
working capital. Office—7326 Westmore Rd., Rockville,
Md. Underwriters—Jones, Kreeger & Co., and Balogh &
Co., Washington, D. C. Note—This offering was post¬
development,
poned indefinitely.
r
,
July 6, 1962 filed 1,000,000 shares of beneficial interest.
Price—By amendment (max. $5). Business—A real estate
investment trust.
Proceeds—For investment. Office—880
*
Prescott-Lancaster
Corp.
March 30,1962 filed 150,000 common. Price—$5. Business
—Real estate. Proceeds—For purchase of mortgages, and
working capital. Office—18 Lancaster Rd., Union, N. J.
Underwriter—Jacey Securities Co., N. Y.
Product Research of Rhode Island, Inc.
July 28, 1961 filed 330,000 common shares. Price—$2.05.
Business
The manufacture of vinyl plastic products
used in the automotive, marine and household fields.
Proceeds—For repayment of debt, new equipment and
working capital. Office —184 Woonasquatucket Avenue,
—
North Providence, R. I. Underwriter—Fred F. Sessler &
Permeator
Corp.
May 18, 1962 filed 300,000 common to be offered for
subscription by stockholders of National Petroleum
Corp. Ltd., parent, on the basis of one share for each
15, National shares held. Price—$5. Business—Manufac¬
ture, use and sale of a patented tool, "Permeator," used
in completion of oil and gas wells. Proceeds—For
gen¬
eral corporate purposes.
Office—445 Park Ave., N. Y.
Underwriters—Irving Weis & Co., and Godfrey, Hamil¬
ton, Taylor & Co., Inc;, N. Y.
*
Queensway Mines Ltd.
15, 1962 filed 150,000 capital shares. Price—$1.,
Business—Mining. Proceeds—For debt repayment, sur¬
veying and general corporate purposes. Office—Suite
1212, 55 York St., Toronto. Underwriter—Asta Corpora¬
tion Ltd., Toronto.
March
R
E D
M
Corp.
June 29, 1962 filed 125,000 common, of which 50,000 will
be offered for the company and 75,000 for certain stock¬
holders. Price—By amendment (max. $6). Business—En¬
gaged in manufacturing, engineering and research under
Defense Department contracts; also manufactures ball
point pens, points, mechanical pencils and desk sets.
&
Co., Inc., N. Y.
RF
Interonics, Inc.
30, 1961 filed 40,000
Oct.
—Manufacture
of
Price—$5. Business
common.
radio
frequency interference filters
and capacitors. Proceeds—For equipment, working cap¬
ital and other corporate purposes. Office—15 Neil Court,
Oceanside, N. Y. Underwriter—Arnold Malkan & Co.,
N. Y.
Radio
Electric
Service
Co.
New
of
Jersey,
Inc.
Jan. 23, 1962 ("Reg. A") 55,000 common, of which 50,000
will be offered by the company and 5,000 by stockhold¬
Price—$5. Business—Wholesaling of electronic parts,
supplies and equipment and the retailing of high-fidel¬
ity and stereophonic equipment and components. Pro¬
ceeds—For debt
repayment, expansion, moving expenses
and working capital. Office—513-15 Cooper St., Camden,
J. Underwriter—Lee-Mosson & Co., Inc., N. Y. Of¬
N.
fering—Temporarily postponed.
Real Properties Corp. of America
April 27, 1962 filed 300,000 class A shares. ^Price—By
amendment (max. $16). Business—Company owns cer¬
tain real estate, general insurance agency and a mort¬
gage servicing company. Proceeds—For debt repayment.
..
—
745
Fifth
N. Y.
Ave.,
Underwriter
—
Stanley
Heller & Co., N. Y. Offering—Temporarily postponed.
it Realty Investors Trust Co.
July 25, 1962 ("Reg. A") 210,700 common. Price—$1.
Business—Company is engaged in real estate,,making of
mortgage loans and sale of insurance.: Proceeds—For
working capital. Office—421 Majestic Bldg., Cheyenne,.
Wyo. Underwriter—None.
•
Regulators, Inc.
(8/20-24)
Jan. 29, 1962 filed 75,000 common, of which 50,000 are
to be offered by the company and 25,000 by Electronic
Specialty Co., parent. Price—$5. Business—Design and
of regulating and control devices used in
manufacture
the
electric
and
electronic
fields.
Proceeds—For
debt
working capital. Office—455 W. Main
St., Wyckoff, N. J. Underwriter—Myron A. Lomasney &
Co., N. Y.
repayment
and
Resin Research
Laboratories, Inc.
105,000 common. Price—$3.50. Busi¬
ness
Operation of a laboratory for contractual re¬
search, development and engineering in the chemical
field. Proceeds—For expansion of facilities, debt repay¬
ment and working capital. Office—396-406 Adams St.,
Newark, N. J. Underwriter—Keene & Co., Inc., N. Y.
Feb. 27, 1962 filed
Co., Inc., N. Y. Offering—Postponed.
—
Promistora Gold Mines, Ltd.
April 24, 1962 filed 750,000 capital shares, of which 500,000 are to be offered by company and 250,000 by stock¬
holders. Price—50 cents. Business—Acquisition and ex¬
ploration of mining claims in Canada. Proceeds—For
general corporate purposes. Office—36 Yonge St., To¬
ronto, - Ontario, Canada. Underwriter—A. C. MacPherson & Co., Toronto.
Prosperity Cleaners & Laundries, Inc.
May 15, 1962 filed 100,000 common. Price — By amend¬
ment (max. $5.50). Business—Operation of -a chain of
dry-cleaning and laundry stores. Proceeds—For selling
stockholders.
Office
48-12
25th
St., Astoria, N. Y.
Underwriter—Edwards & Hanly, Hempstead, L. I., N. Y.
Offering—Indefinitely postponed.
—
Philadelphia.
investment.
Office—1324
Walnut
St.,
Underwriter—None.
Public Loan Co.,
Inc.
March 28, 1962 filed 170,000 common. Price—By amend¬
ment (max. $17). Business—Operation of small loan of¬
fices. Proceeds — For general corporate purposes. Office
—41
Chenango
A. G. Becker &
St., Binghamton, N. Y. Underwriter—
Co., Inc., Chicago. Offering—Indefinite¬
ly postponed.
it Public Service Co. of Colorado (9/6)
Aug. 7, 1962 filed 1,242,822 common, to be offered for
subscription by stockholders on the basis of one new
share for each 10 common shares held of record Sept. 6,
with rights to expire Sept. 24.
Price—By amendment
(max. $24). Business—Furnishing of electricity and nat¬
ural gas within State of
Colorado, principally in and
around
550 15th
Denver.
Proceeds—For
St., Denver.
construction.
Office—
Underwriters—First Boston Corp.-
Blyth & Co., Inc.-Smith, Barney & Co., New York City
(jointly).
Richard
June
21,
Business
Gray & Co., Inc.
1962 ("Reg. A") 60,000
—
A
securities
common.
broker-dealer.
Price—$5.
Proceeds
—
For
working capital and other corporate purposes. Office—
237 W. 51st St., N. Y. Underwriter—Richard Gray Co.,
New York.
Richmond
Corp.
Dec. 21, 1961 filed 142,858 common. Price—$7. Business
—A real estate investment company. Proceeds—For debt
repayment and general corporate purposes. Office—220
K
&
Prudent Realty Investment Trust
Proceeds—For
Robert A. Martin Associates, Inc., N. Y. Offering—Ex¬
pected in late Fall.
Co., Inc.
28, 1961 filed 541,000 common. Price—By amend¬
ment. Business—Book publishing. Proceeds—For an ac¬
quisition and other* corporate purposes. Office—1106 Connecticut Ave., N. W., Washington, D. C. UnderwriterRoth & Co., Inc., Philadelphia.
Office
,
Potomac Real Estate Investment Trust
tional
struction of homes. Proceeds—For acquisition and devel¬
opment of land, and other corporate purposes. Office—
319 MacArthur Blvd., San
Leandro, Calif. Underwriter—
Publishers
ers.
Polytronic
June 7, 1961 filed 193,750 common shares, of which 150,000 will be sold for the company and 43,750 for stock¬
Co.
Perma-Bilt Enterprises, Inc.
May 28, 1962 filed 230,000 common. Price—By amend¬
ment (max. $8).
Business—Merchandising, sale and con¬
(jointly). Bids
EDST) at company's offices.
Nov.
Proceeds—For
May 21, 1962 filed 100,000 shares of beneficial interest.
Price—$10. Business—A real estate investment trust.
(jointly). Bids—Expected Sept. 5, 1962 at First Na¬
City Bank, 55 Wall St., N. Y.
Information
Meeting—Aug. 29 (3:45 p.m.) at 15 William St., N. Y.
a.m.
Proceeds—For equipment and working capital. Office—
Little Falls, Passaic County, N. J. Underwriter—Meade
Bonifant St., Silver Spring, Md. Underwriter—None.
March 22,
are
—Aug. 21, 1962 (11
18, 1962 filed 80,000 common. Price—$5. Business
of professional audio visual and sound
recording equipment. Proceeds—Debt repayment, equip¬
ment and working capital. Office—236 E. 46th St., N. Y.
Underwriter—To be named. Note—This registration is
Proceeds—For
expansion,
working capital and other corporate purposes. Office—
514-524 Pike St., Seattle. Underwriter—Dean Witter &
Corp.; Halsey, Stuart &
Jan.
to
Pa pert,
May
First Boston
Co. Inc.; White, Weld & Co.-Blyth & Co., Inc.-Goldman,
—Manufacture
named.
be
Thursday, August 9, 1962
Sachs & Co.-Harriman Ripley & Co., Inc.
Dec. 21,
N.
.
Public Service Electric & Gas Co.
(8/21)
July 26, 1962 filed $40,000,000 of first and refunding
mortgage bonds due Aug. 1, 1992. Proceeds—For con¬
struction, and other corporate purposes. Office—80 Park
Place, Newark, N.
J.
Underwriters—(Competitive).
Probable bidders:
Pictronics Corp.
Proceeds—For general corporate purposes. Office
Main St., Freeport, L. I., N. Y.
Underwriter—
pany.
—70
Sherry
1962
Pan American
business
general corporate purposes.
Office—6130
Lane, Dallas. Underwriter—McDonnell & Co.,
ceeds—For
New York.
State Life Insurance Co.
Palmetto
small
Business—A
common.
Price—$11.
investment company. Pro¬
556,700
.
.
St., N. W., Washington, D. C. Underwriter—Hirschel
Co., Silver Spring, Md. Offering—Indefinite.
Ridgerock of America, Inc.
29,
1961
filed
100,000
common.
Price—$2.50.
facing for buildings. Pro¬
ceeds—For debt reduction and general corporate pur¬
poses. Address—Sebring, O. Underwriter—To be named.
Dec.
Business—Production of stone
Ridgewood
Financial
Corp.
March 30, 1962 filed 60,000 common, of which 11,250 are
to be offered by company and 48,750 by stockholders.
Price—By amendment (max. $9.75). Business—Owner¬
ship of stock of Ridgewood Savings Loan Co. of Parma,
in Cleveland. Proceeds—For organizational expenses and
investment.
Office—1717
E.
9th
St.,
Cleveland. Under¬
writer—Fulton, Reid & Co., Inc., Cleveland. Offering—
Indefinitely postponed.
.
Ridgway (L. L.) Enterprises, Inc.
June 27, 1962 filed 155,000 common, of which
130,000
are to be offered by company and 25,000
by a stock¬
holder.
Price—By amendment (max. $10).
Business
—Company furnishes commercial reproductions, manu¬
factures sensitized papers, cloths and films for
blueprint¬
ing and printing, and sells architectural, engineering
and commercial reproduction equipment and
supplies.
Volume
196
Number 6184
,
.
The Commercial and Financial Chronicle
.
Proceeds—For plant expansion, equipment and working
Office—5711 Hillcroft Ave.. Houston.
Under¬
Schneider
capital.
writers—Underwood, Neuhaus &
Inc.
Co.,
and
Rotan,
offered in units of four
shares
and
one
A stock and 10% debentures due 1976.
&
office
and
trailers.
Proceeds—For
general
cor¬
($35
Nov.
Photo
Corp.
29,
1961 filed 300,0U0 common, of which 100,000
be offered by the company and 200,000 by stock¬
holders.
Price — By amendment.
Business — Develops
and
prints
film.
color,
Proceeds
and
black
and
white
Schwartz
photographic
Offering—Indefinitely
pictures."
Proceeds
postponed.
baum &
Royalty Stores, Inc.
May 29, 1962 filed 75,000
Real
—
Estate
investment.
cine
injectors,
equipment.
Proceeds—For
expan¬
•
•
and
v
.
Ruby
Jan. 2,
Silver Mines,
1962 ("Reg. A")
Sage
International
moving
mont, N. Y.
Ernest
Inc.
2,400,000 common. Price—12%
cents. Business—Exploration and development of mineral
deposits. Proceeds—For debt repayment and general
corporate purposes. Address—Box 1088, Wallace, Idaho
Underwriter—Pennaluna & Co., Spokane, Wash.
•
Inc.
April 30, 1962 filed 100,000 capital shares. Price
—
By
(max. $13).- Business—Operation of mem¬
bership discount department stores. Proceeds—For ex¬
*,.v
Sampson Enterprises, Inc.
Feb. 28, 1962 filed 450,000 common. Price — By amend¬
ment (max. $8); iBusiness—A holding. company for a
real estate; concern; ; motor inn, shopping centers, bowl¬
ing establishments, etc. Proceeds—For debt repayment
and working Capital. Office—222 E. Erie St., Milwaukee.
Underwriters ^— Straus, Blosser & McDowell, Chicago
and Dempsey-Tegeler & Co., Inc., St. Louis. Offering
—-Temporarily postponed.
:
."• V;
'
M.
ment
Office—20
expenses.
&
San Francisco Capital Corp.
April 23, 1962 filed 60,000 common.
ness—A
—For
small
business
investment.
investment
Busi¬
Proceeds
company.
Office—400
Montgomery St., San
Francisco. Underwriter—Cantor, Fitzgerald & Co., Inc.,
Beverly Hills, Calif.
>
Santa
Fe
Drilling Co.
1962 filed 160,000 common, of which 100,000
by company and 60,000 by stockholders.
Price—By amendment (max. $33). Business—Furnishes
labor and equipment to major oil companies and drills
March 30,
are
for
to be Offered
oil.
Proceeds—For
debt
equipment.
Office—11015 Bloomfield Ave., Santa Fe Springs, Calif.
Underwriter—Dean Witter & Co., Los Angeles. Offering
—Expected
•
Saw
in late
Mill
March 29,
repayment
and
$20).
1962 filed 100,000 common. Price—$5. Busi¬
development and manufacture of steel
ness—Design,
products for home
use.
Proceeds—For working
capital.
Office—1051 Saw Mill River Rd., Yonkers, N Y. Under-,
writer—Arnold Malkan & Co., Inc., N. Y. Offering—Ex¬
pected in September.
'•
-
••
••
.
'
,
\
Larch and
Southeastern Real Estate Trust
Business—Company
and
owns
arid
dis¬
photqgraphs and viewers. Proceeds—
(Debentures) .For working capital; (Stock) For-selling
stockholders; Address—Portland, Ore.
Underwriters—
Straus, Blosser &v McDowell, Chicago, and DempseyTegeler & Co., Inc., St. Louis.
'
\
<*
Saxon Paper
Corp..
Office-^-912
Thayer
writer— North
Ave.,
Silver
American
(same address);.*
>
.
.,
Spring,
Seaboard
Md.
.
subscription by
stockholders
By amendment.
debt
1961
Spears
on
l-for-5
a
boat, and
(L. B.),
Inc.
working capital. Office—2212 Third Ave,,. N. Y/ Under¬
Malkan & Co., Inc., N. Y. Note—This
registration will be withdrawn.
writer-—Arnold
Business—Writing of life, Occident and
Proceeds—For purchase of a building,
health insurance.
29,
Oct. 30, 1961 filed 65,000 common. Price—$5. BusinessOperation of retail furniture stores. I Proceeds ' w* For
v
basis. ' Price—■
;
Spee Dee Service Systems, Inc.
June 29, 1962 ("Reg. A") 100,000 common; Price — $3.
Business—A messenger and parcel delivery service. Pro¬
ceeds — For general corporate purposes. Office — 309
repayment, reserves and other corporate purposes.
Office—1451 N. Bayshore Dr., Miami. Underwriter—None.
Fourth
Security Aluminum Corp.
&
Jan. 26, 1962 filed 200,000 common.
Price—By amend¬
ment. Business—Manufacture of alumnium sliding win¬
Ave., Pittsburgh.
Co., Inc., N. Y. '"
Underwriter—Franke,
;
Joseph
.
•
Spencer Chemical Co.
(9/10)
July 27, 1962 filed 65,813 common
dows and doors. Proceeds—For
shares. Price—By
(max. $35). Business—Production of poly¬
ethylene, and the mining of bituminous coal.
Proceeds
—For selling stockholders.
Office—610 Dwight Bldg.,
equipment, moving ex¬
penses and working capital. Office—503 E. Pine Ave.,
Compton, Calif. Underwriter—Vickers. MacPherson &
Warwick, Inc., N. Y. Offering—Expected sometime in
amendment
September.
Kansas
Security International Corp.
July 27, 1962 filed 548,000 common. Price—$2.50. Busi¬
ness—Company plans to become a holding company for
New York.
a
life insurance
concern.
•
subsidiary.
Office—127 W. Main Ave., West Fargo, N. D.
Underwriter—Investment Brokerage Corp., Fargo, N. D.
28,
Financial
1962
Corp.
B
share and two-thirds share for each class C share of
Life held. Remaining 94,822 and any unsub¬
scribed shares will be offered publicly. Price—To
public,
Selective
—
Underwriter—None.
.
Sentinel
Properties Dorp.
May li 1962 filed 200,000 class A
Business—Real
struction
of
a
estate
Proceeds—For
Office—565 Fifth Ave.,
Grand
St..
Hoboken.
N.
J.
Underwriter—
Co., N. Y. Offering—Expected in early Fall.
Stainless Steel Products, Inc.
May 28, 1962 filed 100,000 capital shares, of which 75,000
are to be offered by company and 25,000 by stockholders.
Price—By amendment (max. $10). Business—Design, de¬
velopment and manufacture of high pressure, high tem¬
perature ducting systems for use in aircraft and missiles.
Proceeds—For plant expansion, equipment and working
capital. Office—2980 N. San Fernando Blvd., Burbank,
Calif. Underwriter—First California Co., Inc., San Fran¬
Standard
capital. Office — 190 Gruner Rd., Cheektowaga, N. Y.
Underwriter—General Securities Co., Inc., N. Y.
Co.
Security Life
Insurance Co. of
New York
June 29,
ment
Underwriter—Bear, Stearns & Co., N. Y.
(Sam)
Blair &
con¬
N. Y.
Servotronics, Inc. (9/4-7)
125,000 capital shares. Price — $3.
Business—Design, development and manufacture of pre¬
Shainberg
Office—730
Price—$10.
Underwriter—None.
13, 1962 filed 150,000
Sperti Products, Inc.
cisco.
common.
investment.
building.
Underwriter—Morgan Stanley & Co„
Price—By amendment. Business—Manufacture of drug
and food products, electrical and electronic devices and
precision machinery. Proceeds—For the purchase of cer¬
tain patents, repayment of debt, and working capital.
filed
500,000 common, of which 405,000
are to be offered for
subscription by holders of the A,
B and C stock of Selective Life Insurance
Co., an affili¬
ate, on the basis of 4 company shares for each class A or
City, Mo.
Nov. 29, 1961 filed 230,000 common of which 200,000 are
to be offered by the company ana 30.000 by stockholders.
Proceeds—For capitalization of
cision control components and associated products. Pro¬
ceeds — For debt repayment, equipment and working
March
Wash¬
William St., N. Y.
Seaboard Life': Insurance Co. of America
June .29, 1962 filed 256,097 common to be offered for
products. Proceeds—For debt
repayment and expansion. Office—240 W. 18th St., N. Y.
Engineering
E.
working capital. Office—3300 N. W. North River Drive,
Miami, Fla. Underwriter—Irwin Karp & Co., Inc., 68
Corp.,
printing
Schaevitz
Office—600
Southeastern
Under¬
Securities
March 30, 1962 filed
paper
investment.
Proceeds—For debt repayment, conversion of
March 30,' 1962 filed 200,000 common. Price—By amend¬
ment (max.;$9). Business — Wholesale distribution of
paper and
Proceeds—For
Nov.
Seaboard Land Co.
nix.
tribution of stereo
1962 filed 700,000 common. Price—By amend¬
(max. $13.80). Business—A real estate investment
trust.
July 25, 1962 filed 200,000 class A common. Price—By
amendment (max. $2.50).
Business—Ownership and de¬
velopment of real estate. Proceeds—For working capital.
Price—By amendment; Business—Manufacture
Inc.
ment
Offering—Indefinitely postponed.
$6; to stockholders, $5. Business—Company plans to en¬
gage in the consumer finance, mortgage,
general fi¬
nance and related businesses. Proceeds
For general
corporate purposes. Office—830 N. Central Ave., Phoe¬
Sawyer's
April 2,
oper¬
(9/4-7)
March 26, 1962 filed $1,250,000 of 6% convertible deben¬
tures due 1977; also 100,000 outstanding; capital shares.
•
of
brokers
Towing & Transportation Co., Inc.
("Reg. A") 100,000 common. Price—$3.
Business—Construction and operation of towing boats.
Feb.
Inc.
Price—By amend¬
coin-operated insurat sporting centers.
Proceeds—For inventory, advertising and working capi¬
tal.
Office—420 Lexington Ave., N. Y.
Underwriter—
Pacific Coast Securities Co., San Francisco. Note — This
firm formerly was named National
Vending Ski Insur¬
ance Corp.
common.
Business—Distribution
vending machines to
ington St., Orlando, Fla. Underwriter—None.
Selective
Industries,
Service Corp.
30, 1961 filed 550,000
ance
TV, radio and FM broadcasting stations. Proceeds
—For selling stockholders. Office—1121 Union
Central
Bldg., Cincinnati. Underwiiter—First Boston Corp., N. Y.
1962.
River
Offering—Expected in early Fall.
Skiers
.
Hicks
repayment, acquisition of land and
Office — 1093 Frank Rd., Columbus,
Ohio. Underwriter—H. P. Black & Co., Inc.,
Washington,
medical
Ave.,
&
debt
ates
•
Price—$12.50.
North
For
—
D. C.
products
new
new
a
working capital.
Co., N. Y.
,
'
other
Underwriters—Coggeshall
Fuller
(max.
type combination lock. Proceeds
ceeds
Price—$6.
Busi¬
multi-dose jet vac¬
and
the*
Site-Fab, Inc.
common.
inventories,
on
Feb. 27, 1962 filed 135,000 common. Price — By amend¬
ment (max. $4). Business—Construction of homes. Pro¬
Scripps-Howard Broadcasting Co.
March 20, 1962 filed 375,000 common.
Price—By amend¬
amendment
pansion and inventories;
Office—315 S. Beverly Dr.,
Beverly Hills, Calif. Underwriters—-First California Co.
Inc., San Francisco and Allen & Co., N. Y.
83,500
of
sterilizers,
operating
lights
sion, advertising, and other corporate purposes. Office
St., Floral Park, N. Y. Underwriter—R. P.
Raymond & Co., Inc., 26 Broadway, N. Y.
•
1962 filed
Corp., parent,
Charles Plohn & Co. and B. W. Pizzini &
Co., N. Y.
ac¬
Manufacturing Corp.
Research
(max, $20). Business—Develop¬
ment.
Equipment
ness—Manufacture
•—10 Charles
)
and
For
and
share for each 10 company shares
held,
for each 30 shares of Associated held.
new
share
one
Oct.
April 30,
Proceeds—For
—
one
equipment, research and development and work¬
ing capital. Office—150 Broadway, N. Y. Underwriters—
Co., N. Y.
Scientific
merchandise.
Proceeds
Offering—Postponed.
ment and sale of
(Sidney) Realty Corp.
500,000 class A shares. Price—$10.
bution
general
plant
working capital.
N. J. Underwriter—
Price—By amendment
1962 filed
common.
Price—$3.75. Busi¬
ness—Operation of discount stores and wholesale distri¬
of
For
—
and
—For
quisitions and working capital. Office—560 Fifth Ave.,
N. Y. Underwriters—Morris Cohon & Co. and Lieber-
—
Co., N. Y.
13,
Business
equipment and^working capital.
Office—245 7th Ave.. N
Y. Underwriter
Federman
Stonehill &
and
by stockholders.
"school
equipment
Heck Ave., Neptune,
& Co., N. Y.
Blauner
Development
basis of
Price—By amendment
Business—Company develops, prints, and
max.).
June
For
—
offered
finishes
to
are
ated
equipment, acquisitions, and working capital. Office—
1610 N. Mill St.,
Jackson,, Miss. Underwriters—Equi¬
table Securities Corp., Nashville, and
Kroeze, McLarty
& Duddleston,
Jackson, Miss. Offering—Postponed.
Inc., N. Y. Offering—Expected sometime in September.
repayment,
D.
Simplex Lock Corp.
April 20, 1962 filed 20,000 common to be offered for sub¬
scription by stockholders of the company and of Associ¬
ac¬
7,
will be
—
Royaltone
Business—General real estate.
Pictures, Inc.
1962 filed 60,000 common and 40,000 class A
common, of which 41,864 common are to be offered by
the company; the entire class A and 18,136 common
porate purposes. Office—139 W. Walnut Ave., Gardena,
Calif. Underwriter
Vickers. MacPherson & Warwick.
-
Milton
School
Feb.
common. Price—By amend¬
Business—Design, manufacture and sale of mobile
indicators and circuit componerits. Proceeds—
as
debt
Office—1933
derwriter—None.
Co., Inc., N. Y.
Roadcraft Corp.
Dec. 26, 1961 filed 400,000
homes
Proceeds—For
use
For
quisition of property. Office—67 W. 44th St., N. Y. Un¬
•
ment.
common. Price—$4.50. Busi¬
ness—Manufacture, sale and development Of glow lamps
for
Price—By amend¬
ment.
Price—$30 per unit. Business—A real estate
development and management company. Proceeds—For
construction, acquisitions, debt repayment and working
capital. Office—LaGorce Sq., Burlington, N. J. Under¬
writer—H. Neuwirth
Signalite Inc.
1962 filed 126,000
purchase a like amount of class A common.
The
company plans to offer the securities in 5,500 units (each
consisting of $1,000 of debentures and warrants to pur¬
chase 20 shares) for subscription by holders of its class
warrant.
37
Jan. 29,
to
Riker Delaware Corp.
March 29, 1962 filed 200,000 class A common and 50,000
to be
(Walter J.) Corp.
Feb. 28, 1962 filed $5,500,000 of 6%% subordinated con¬
vertible debentures due 1977 and 110,000 5-year warrants
Mosle & Co., Houston.
warrants
(625)
1962 filed 230,000 common. Price—By amend¬
(max. $12). Business—Writing of life, accident and
insurance. Proceeds—For investment and other
health
corporate
purposes.
Office—111 Fifth Ave., N. Y. Under¬
Co., N. Y.
writer—Ira Haupt &
State Life Insurance Co. of Colorado
March
27,
amendment
and
accident
1962
filed
300,000
common.
Price—By
(max. $5). Business—Writing of life, health
insurance; Proceeds—For investment and
common, of which 100,000
by company and 50,000 by a selling
stockholder. Price—By amendment (max. $10). Business
—Design and manufacture of measuring, indicating,
March 30, 1962 filed 236,000 common. Price—By amend¬
ment (max. $13). Business — Operation of a chain of
writer—None.
junior department stores and self-service discount stores.
recording, testing and controlling devices used in air¬
Proceeds—For
Oct. 2, 1961
are
to
craft
be
and
Address
offered
missile
systems.
Proceeds
—
For
expansion.
U. S. Route 130, Pennsauken, N. J. Under¬
writer—Bear, Stearns & Co., N. Y.
—
Schlitz
(Jos.)
ford
C^
St.,
selling stockholders. Office—1325 WarMemphis. Underwriter—New York Securities
52 Wall St.. N. Y.
Shin Mitsubishi Jukegyo K. K;. (0/18)
June 29, 1962
Brewing Co.
working capital. Office—1760 High St., Denver. Under¬
writer—Glore, Forgan
definitely postponed.-
Office—Tokyo, Japan. Underwriters—First Boston Corp.,
and Nomura Securities
Co., Ltd., N.,Y.
Co.,
Chicago.
Offering—In¬
...
Sept. 30,1977; Price—By amendment. Business—Man¬
ufacture of pulp and paper equipment, ships, aircraft,
automobiles, trucks, construction and industrial machin¬
ery,
etc.
Proceeds
—
For
general
Equipment Corp.
(9/18-20)
("Reg. A") 69,660 common. Price—$3. Pro¬
equipment and working capital. Address—
Norristown, Pa. Underwriter—Joseph W. Hurley & Co.,
Norristown, Pa.
ceeds—For
Stelber Cycle Corp.
due
,
Plant
'
.
filed?$lQ£0O;0O0 Pf'x:bnvtfrtible%debentures*
March 2, 1962 filed 347,543 common. Price — By amend¬
ment (max. $35). Business—Brewing of "Schlitz" and
"Old Milwaukee" beers. Proceeds—For selling stock¬
holders. Office—235 W. Galena St., Milwaukee. Under¬
&
Steel
corporate
purposes.
.
(8/21)
105,000 common. Price—$3. Business
bicycles, tricycles and toy automobiles.
Proceeds—For debt repayment, moving expenses and a
new
product line. Office—744 Berriman St.. Brooklvn,
N. Y. Underwriter—Lloyd Securities, Inc., New York.
Jan.
5, 1962 filed
—Manufacture of
<
Continued
on
page
38
b.
38
The Commercial and Financial Chronicle
(626)
Continued from page 37
Inc., Houston. Note—This company formerly
Electro-Dynamics Capital, Inc.
was
Stephens Mfg. Co., inc. (8/20)
March 28, lyo2 ("Keg. i\") ?o,OOU capital shares. Price—
$4. Business—Manufacture and distribution of electrical
fittings and connectors. Proceeds—For debt repayment,
inventory, equipment and working capital. Office—814
E. 29th St., Los Angeles. Underwriters — Thomas Jay,
Winston & Co., Inc., Beverly Hills, Calif., and I. J. Schein
Co., N. Y.
(M.)
Corp.
175,000 common. Price—By amend¬
($10 max.). Business—Hotel ownership and man¬
agement. Proceeds — For construction. Office — 525 N.
Sepulveda Blvd., El Segundo, Calif. Underwriter—Vickers, MacPherson & Warwick, Inc., N. Y. Note—This reg¬
Top Dollar Stores, Inc.
May 1, 1962 filed 200,000 common, of which 100,000 are
to be offered by company and 100,000 by stockholders,
Price—$5. Business—Operation of a chain of self-serv¬
ice retail stores selling clothing, housewares, etc. Pro¬
ceeds—For expansion, equipment and working capital.
Office—2220 Florida Ave., Jasper, Ala.
Underwriter—
Philips, Rosen, Appel and Walden, N.!Y.
Price—$1. Business
—Company plans to operate a non-ferrous rod and tube
mill. Proceeds—For plant and equipment, working capi¬
tal and other corporate purposes. Office—300 Horn Rd.,
Pinconning, Mich. Underwriter—None.
Stratford Financial Corp.
315,000 class A shares of which
218,000 are to be offered by the company and 97,000 by
the stockholders.
Price—$6. Business—Commercial fi¬
nance company.
Proceeds—For debt repayment. Office
filed
1962
Madison
—95
Burnside &
Underwriter—Mortimer
Ave., N. Y.
Co., Inc., N. Y.
Stratton
Realty & Construction Fund,
Tork
To
be
Office—50
E.
40th
Inc.
Water
$16)
(par
to
be
stockholders
on
offered
for
subscription
share-for-share
a
basis.
by
common
Price
—
(max. $17). Business—A holding company
supply firms. Proceeds—For advances to sub¬
sidiaries.
&
Office—Clinton,
Co., Hartford.
Conn.
Underwriter—Putnam
Summit Gear Co., Inc. (9/10-14)
May 29, 1962 filed 167,000 common. Price—$3.50. Busi¬
ness—Development, design and manufacture of gears
and gear assemblies, precision instrumerits and
appli¬
ances.
Proceeds—For equipment, working capital and
research and development. Office—5960 Main
St., North¬
east, Minneapolis. Underwriter—Irving J. Rice & Co.,
Inc., St. Paul.
•
Sun
City Dairy Products, Inc.
27, 1961 filed 110,000 common. Price—$4. Business
—Distribution of eggs and dairy products in Florida and
Oct.
other
southeastern
states.
Proceeds—General
corporate
purposes. Office—3601 N. W. 50th St., Miami, Fla. Un¬
derwriter—Finkle >&*■ Co., N. Y.
Note—This statement
was
withdrawn.
<'
•
j
it Sun VaHery Music Camp, Inc.
July 19, 1962 ("Reg. A") 950 class A common. Price—
$100. Business—Operation of a summer camp for youths
interested in music and other artistic expressions. Pro¬
ceeds—For general corporae purposes. Office—400 Mc-
Carty Bldg., Boise.
Underwriter—None.
Tabach
industries, Inc. (8/27-31)
March 29, 1962 ("Reg. A") 50,000 common. Price
$6.
Business—Manufacture and sale of women's wear. Pro¬
ceeds—For debt repayment, leasehold
improvements and
expansion. Office—217 E. Eight St., Los
Angeles, Calif.
Underwriter
Costello, Russotto & Co., 9301 Wilshire
Blvd., Beverly Hills, Calif.
—
—
Tactair Fluid
Controls, Corp.
March 29, 1962 filed 90,000 common.
Price—By amend¬
(max. $7.50). Business—Manufacture of fluid con¬
trol equipment used in
missiles, helicopters and aircraft.
ment
Proceeds—For
selling stockholders
Address—Bridge¬
port, Conn. Underwriters—Stroud & Co., Inc. and Penlngton, Colket & Co., Philadelphia.
Taylor Publishing Co.
Dec. 21, 1961 filed J 52,000
ment. Business
common.
Price—By amend¬
Production and distribution of school
year-books and commercial printing. Proceeds—For sell¬
ing stockholders. Office—6320 Denton
Dr., Dallas. Un¬
derwriters— Merrill
Lynch, Pierce, Fenner & Smith Inc.,
N, Y., and Dallas Rupe &
Son, Inc., Dallas, Tex. Offer¬
ing—Indefinitely postponed.
1,
1962 ("Reg. A") 50,000
ness—Production
and
sale
of
common.
Price—$2. Busi¬
educational
audio-visual
teaching aids. Proceeds—For equipment, promotion and
advertising and working capital. Office—1650 Broad¬
way,
Third
N. Y.
Underwriter—Creative Ventures Corp., 733
Ave., N. Y.
Technical
Capital Corp.
April 30, 1962 tned 500,000
ness—A
small
Price—$10.
Busi¬
business
—For investment.
investment company. Proceeds
Office—235 E. 42nd St., N. Y. Under¬
writer—Straus, Blosser
•
common.
&
McDowell,
Chicago."
31, 1962 ("Reg. A") 120,000 common.
Price—$2.30.
Business—Manufacture of a machine for
production of
tufted textile products.
Proceeds—For debt repayment
and working capital. Office—4813
Tennessee Ave., Chat¬
tanooga. Underwriter—Irving J. Rice & Co.
July 27, 1962 filed 313,108
ness—Operation
of
a
packaging products.
Address—Elsa, Texas.
Chatkin, Inc., N. Y.
Texas Technical
Oct.
16,
1961
filed
St
1,
•
1962
Inc.
Office
—
6
Penn
Center
capital shares.
Underwriter—McDonald & Co.,
Price—$1.50.
be
•
.
of
Underwriters—Wyatt, Neal &
Robinson-Humphrey Co., Inc., Atlanta.
and
1
any
Proceeds—For
working
Underwriter—Crow,
capital.
Brourman &
non-
an
-
Securities
U-Teir Corp./
Corp., Lincoln, Neb.
;•" :
-v Continental Securities Corp., Milwaukee, Wis.
Offering—Temporarily postponed/■ '•••"
-
writer
.
'
1 WOii
shares.
Price
$5. Business — Wholesale distribution and retail
merchandising of health and beauty aids, housewares,
kitchenwares, wearing apparel and other goods;
Pro-,
Price—$10.
systems
—
ceeds—For
for
debt repayment.
Jan.
United Markets Inc.
Vendex,
12,
15, 1962 filed 100,000 common. Price—$5. Busi¬
ness—Operation of "Foodtown" supermarkets. Proceeds
—For general corporate purposes. Office—531
Ferry St.,
Newark, N. J.
porate
game,
Office—2925 S. San
lnc.N
1962
("Re^ A") 300,000
Proceeds—For
of
an
coin
common. Price
operated
acquisition
Moroney, Beissner
&
Co.j
.
and
extended
pansion.
coverage
Office—225
S.
insurance/
15th
Proceeds—For
St., Philadelphia.
ex¬
Under/
writer—Suplee, Yeatman, Mosley Co., Inc.. Philadelphia.
—
$1/
vending
ma¬
general
cor-!
Office—1290 Bayshore Blvd., Burlin-;
Underwriter—Pacific Coast Securities Co.,
purposes.
Calif.
Vending Components/Inc.
30,- 1962 filed 100,000 common. Priee—$4. Busi¬
ness — Manufacture,, design
and sale of metal valves,
mixers, taps, etc., for vending machines. Proceeds—For.
expansion, new products and other corporate purposes.
Office—204 Railroad Ave., Hackensack, N. J.
Under-;
writer—Keene & Co., Inc., N. Y.
March
May 29, 1962 filed 77,000 common. Price—$15. Business
—Sale of automobile insurance, and the
writing of fire
and
San Francisco.
-.
Price—By amend¬
Co.
Pedrot
Underwriter—Gar at & Polonitza, Inc.;'
Business—Manufacture
chines.
March
*
May 4, 1962 filed 200,000 common, of which 100,000 are
to be offered by company and 100,000 by stockholders.,
Proceeds—For equipment, sales pro¬
motion, research and development, and other corporate
purposes. Office—120 Liberty St., N. Y. Underwriter—
Insurance
v
18, 1961 ("Reg. A") 33,097 common. Price
$5.
—
Operation of a discount department store.!
Office—3629 N. Teutonia Ave., Milwaukee, Wis. Under-:
photography, etc.
National
-
Business
St., Los Angeles.Los Angeles.
United
y
*
*
Sept.
1
& Co.,
equal amount of outstandingV6% first
unchanged bonds, will be offered for, public sale.*
Nebraska
St., N. W., At¬
Waggoner, and
.
Newark, N. J. Underwriter—Moran
Capital, Inc.
common.
18,
purchase, distribution and sale of natural gas in eastern
Utah. Proceeds—For general corporate purposes. Office
Deseret Bldg., Salt Lake City. Underwriter—First
Proceeds—For
flash
Corp., Lincoln, Neb.t
•
//
•-».
V
/•
—511
.
class A
v
Price—At par. Business—A public utility engaged in the;
Unilux,
electronic
First Nebraska Securities
mortgage bonds due 1975, and the balance, together with,
ment, research and development, a new plant and work¬
ing capital. Office — 1346 Connecticut Avenue, N. W.,
Washington, D. C. Underwriter—^Sandkuhl & Co., Inc.,'
of
—
exchange for
Turbodyne Corp.
12,
one
Utah Gas Service Co.
s
/: /
June 18, 1962 filed $l,100,00Q"of 6% first mortgage bonds'
due 1982, Of which up to $800,000 .Will be offered in
March 2, 1962 filed 127,500 common. Price—$5. Business
—Research, development and production and overhaul¬
ing of gas turbine engines. Proceeds—For debt repay¬
Business—Production
units of
1962 filed 30,000 class A common. Price—By(maxi $10). Business—A public utility en¬
gaged in the purchase, distribution and sale of natural'
gas in eastern Utah. Proceeds—For selling stockholders.;.
Office-^511 Deseret Bldg., Salt Lake City. Underwriters
First Nebraska Securities Corp., Lincoln, Neb. Offering
■—Imminent.
;
:•.»*.'.•••
-/v;,-
Price—$12.
ferrous
supplies.
Marietta
lanta.
June
*
250,000 common to
share of each class. ^ Price—;
amendment
.
(J. M.) Metal & Supply Co., Inc.
1962 ("Reg. A") 25,000 common.
Inc.
1962 filed 40,000
Inc.
Utah Gas Service Co.
June
Cleveland. Offer¬
v
offered in
writer
Business—Through its .subsidiaries
is engaged in the wholesale distribution
of electrical supplies and equipment. Proceeds — For
debt repayment and working capital. Office—514 E. 73rd
St., N, Y. Underwriters—Richard Bruce & Co., Inc., and
Reuben Rose & Co., Inc., N. Y.
•
industrial
.
Offering—Temporarily postponed.
Price—$8.
Office—285
Plan'*;
urethane*
capital,
Leasehold expenses and other corporate purposes. Office
—2300 Republic National Bank Bldg., Dallas.
Under-,
company
and
//•"
100,000 common.. Price—By amend-;
per
unit.
Business—Manufacture of
foams.
Proceeds—For
equipment,
working
Tujax Industries, Ind.
metals
/
v'"-'"/,
$5.05
Mar. 23, 1962 filed 150,000 class A
shares, of which 100,000 are to be offered
by company and 50,000 by stock¬
working capital.
*
;
single
.
.
ing—Temporarily postponed.
ferrous
'
,
Redevelopment Corp/
Urethane of Texas,
.
distribution
•*
100% financing and construction thrpugh
for renewing older residential properties/
debt
repayment, sales
financing; and"
working capital. Office — 1959 S. LaCienega Blvd., LosAngeles.
Underwriter—Holton, Henderson & Co., Los;
Angeles.* •
/
"
'
'
•
- '•/ -/
'
Manufacturing Co.
Feb. 26, 1962 filed 150,000 class A common.
Price—By
amendment (max. $15). Business—Producer of protective
coatings, sealants, mastics, paints, etc. Proceeds —■ For
selling stockholders. Office—10701 Shaker Blvd., Cleve¬
17,
equip-;
Office—'
source
Proceeds—For
Tremco
May
purchase]
Feb. 14. 1962 filed 250,000 class A and
writer—None.
Tull
For the
which provides
a
the Lake Shore copper deposit near Casa
Grande, Ariz.
Proceeds—For equipment, exploration and working cap-ital. Office—201 E. 4th
St., Casa Grande, Ariz. Under¬
holders.
—
Business—Company operates the "Kellogg
ment.
Business—Exploration, development and production of
land.
"r
March 29, 1962 filed
Resources, Inc.
1962 filed 500,000
Proceeds
moulds, machinery and
new
Brothers, Inc., Des Moines.
Urban
repayment. Office—1167-65th St., Oakland, Calif. Under-,
writer—Granbery. Marache & Co., N. Y.
May 28,
withdrawn.
way
Trans-Western Service Industries
Transarizona
of
it Urban America Real Estate Trust
Aug. 2, 1962 filed 400,000 shares of beneficial interest.
Price—$6.
Business—A real-" estate investment trust/
Proceeds—For debt repayment and investment.
Office
—510 Fleming Bldg.j Des Moines.
Underwriter—Con-'•
April 2, 1962 filed 100,000 common, of which 2O$06 &reH
to be offered by company and
80,000 by stockholders.
Price—By amendment (max;,$10), Business—Operation
of dry cleaning and laundry plants. Proceeds—For debt
-
tiles.
mosaic
installation
was
Plaza, Philadelphia. Underwriters—(Competitive). Prob¬
able bidders: Halsey, Stuart & Co.
Inc.; Salomon Broth¬
ers &
Hutzler; R. W. Pressprich & Co. Bids—Expected
Sept. 5.
;
.
—
and
Road, Hawthorne, N. J. Underwriter—rEdward
Lewis & Co., Inc., N. Y. Note—This company formerly*
was named Aero-Dynamics Corp. Note—This
statement
1962 filed $4,000,000 of serial equipment trust
certificates, series 1, due 1963-82. Business—Acquisition
and furnishing of flat cars to railroads. Proceeds—Pur¬
cars.
Inc.
filed 100,000 common shares. Price—$5..
The importation and distribution of; Italian-
250 Goffle
(9/5)
flat
Industries,
ment, research and general corporate purposes.
—
June 29,
additional
1
Fund, Inc.
1961
7,
Business
filed
Business
Trailer Train Co.
of
Universal
Aug.
550,000 capital shares. Price — By
Company builds and operates
retail discount department stores. Proceeds—For expan¬
sion. Office—41 E. 42nd St., N. Y. Underwriter—W. C.
Langley & Co., N. Y.
chase
United Variable Annuities
•
•
common.
ment (max. $20). Business—A
small business investment
company. Proceeds—General corporate
purposes. Office
—1947 W. Gray Ave., Houston.
Underwriters — F. S.
Smithers & Co., N. Y., and
Feb.
amendment.
Price—By:
April 11, 1961 Filed 2,500,000 shares of stock. Price—$10*
per share. Business—A new mutual fund. Proceeds—For'
investment. Office—20 W. 9th Street, Kansas City, Mo/
Underwriter—Waddell & Reed, Inc., Kansas City, Mo.
and
International,
This1
—
(max. $5). Business—A telephone holding'
company. Proceeds—FOr debt repayment, equipment and
working capital: Office—645 First Ave.. N. Y. Under-'
writer—J. R. Williston & Beane, N. Y. Offering—Post¬
poned.
k
1
Marts
Towers
Business;
Telephone Services, Inc.
None.
Inc.
'
Price—$3.50. Busi¬
plant producing plastic fiim and
275,000
United
Marcn 30, 1962 filed 150,000 class A common.
corporae
N. Y.
Ten-Tex Corp.
Jan.
Paul. Note—This letter has been
withdrawn.
Texas Rustics, Inc.
general
N. Y./
amendment
marble
Business—Wholesale
Teaching Systems, Inc.
June
Proceeds—For
Underwriters—v
(
Address—Jerusalem, Israel.
Underwriter—
Economy Corp., N. Y.
purposes.
the
—
enterprises.
Mass.
frey, Hamilton, Taylor & Co., Inc., N. Y. Note
registration will be withdrawn.
*
\
American-Israel Basic
By
amendment
for water
i
^ Tourist Industry Development Corp. Ltd.
3, 1962 filed $5,000,000 of 7 % senior debenture
stock due 1962. Price—At par. Business—Company was
organized by the State of Israel to furnish financing to
tourist
St., Nugent Highlands,
depart-*
Office—19
discount
general packaging business. Proceeds — For new'
machinery, debt repayment and working capital. Office'
—4511 Wayne Ave., Philadelphia:
Underwriter—God¬
Time
,
in
repayment.
—A
Aug.
Co.
Service
June 29, 1962 filed 30,000 preferred and 30,000 common
shares to be offered publicly; also 3,398 preferred shares
debt
United Packaging Co., Inc.
Nov. 29, 1961 filed 102,000 common/Price—$3.
-
St., N. Y. Underwriter—
goods' departments
Proceeds—i?*or
stores.
McDonnell & Co., Inc., and Oppenheimer & Co.,
trolled switches. Proceeds—For debt repayment, expan¬
sion, and working capital. Office—1 Grove St., Mount
Vernon, N. Y. Underwriters—Godfrey, Hamilton. Taylor
& Co., and Magnus & Co., N. Y. Offering—Postponed.
B.
named.
Suburban
Operates hard
ment
Needham
Controls, Inc.
Dec. 12, 1961 filed 150,U00 common. Price—By amend¬
ment. Business—Design and manufacture of time con¬
March 20, 1962 filed 500,000 common. Price—$20. "Busi¬
ness—A real estate investment company. Proceeds—For
investment.
filed
1962
istration will be withdrawn.
it Sterling Copper Corp.
29,
2,
ment
Aug. 2, 1962 filed 850,000 common.
March
Mar. 26, 1962 filed 450,000 common, of which 90,897
are;
to be offered by the company and'359,103 by stock-'
holders. Price—By amendment (max. $18). Business—
Thunderbird International Hotel
Jan.
Thursday, August 9, 1962
.
United-Overton Corp.
named
Texas
•
.
.
Volume 196
Yerlan
Number 6184
.
.
.
The Commercial .and Financial Chronicle
Publications, inc.
March .30,
1962
filed
to
be
common,
t
offered
—
and
payment
other
corporate
Office
purposes.
—
common.
ness—Development, manufacture
ture
tubes.
Proceeds-^For
915
Wiegand (Edwin U) Co.
March 30,1962 filed 606,450 common. Price—By amend¬
ment. Business—Manufacture of
electrical heating ele¬
ments for industrial, commercial and household
applica¬
Price—$1.15. Busi¬
tions.
Underwriter
Office—1111
Underwriter—Harriman
molding
WaHston
Aviation, Inc.
Proceeds
services
various
type
—
Wolf Corp.
Jan. 426, 1962 filed
Real
.
Panel
Co.
sheets
into
factory finished wall panelling. Proceeds—
Equipment, inventories .and working capital. Address—
P. O. Box 329 Panel Way,
JLongview, Wash/ Underwriter
—Ferman & Co., Miami, Fla.
v
:
Western
Lithographers, Inc.
March 30, 1962- ("Reg. A")
120,000 common. Price—
$2.50. Business—General printing and lithography. Pro¬
ceeds—For equipment, debt, repayment, and
inventory.
Office—3407 N. El Paso, Colorado Springs, Colo. Under¬
writer—Copley & Co., Colorado Springs, Colo.
f
'
Western
Pioneer
Co.
Feb. 19, 1962 filed 371,759 capital shares of which 175,000
are to be offered, by the
company and 196.750 by stock-,
holders.
Price—By. amendment
(max., $42),,Business—
The making of loans secured by first liens on real estate.
Proceeds—For debt repaymept. Office — 3243 Wilshire
Blvd., Los Angeles. Underwriter — Kidder, Peabody &
Co., n. y.
4.
..
Proceeds—For
debt repayment
and
(8/27-31)
—
Detroit.
.
,
bridge, Mass. Underwriters — (Competitive). Probable
bidders: First Boston Corp.; Halsey, Stuart & Co. Inc.;
Kidder. Peabody & Co-White, Weld & Co. (jointly).
Bids—Aug. 15, (11:30 a.m. EDST) at above address. In¬
formation Meeting—Aug.
60 School St., Boston.
9,-: 1962
(10:30
Work Wear Corp.
Mar. 26, 1962 filed 130,000
common.
ment
—
(max. $27). Business
a.m.
EDST)
at
Price—By amend¬
Manufacture and
sale
of
clothing. Company ,is also engaged in industrial
laundering and garment rental. Proceeds—For debt re¬
payment, acquisitions and working capital. Office —
E,
25th
St..
Cleveland.
Underwriter—Hornblower
Weeks, N, Y. Offering—Temporarily postponed.
World
Scope Publishers,
Inc.
July 31, 1961 filed 100,000 common shares and $350,000
of 6% senior conv. subord. debentures due 1972. Price—
For stocks:
$6; for debentures $90. Business—Publishing
of encyclopedias and other reference books. Proceeds
—For debt repayment, working capital and other cor¬
porate purposes. Office—290 Broadway, Ly^brook. N Y,
Underwriter—Standard
This
Securities
Corp.,
N.
Y.
Note—
registration will be withdrawn.
.
Worth
Western States Peal Investment Tru«t
Financial
Corp.* (8/20-24)
22, 1962 filed 61,000 common, price—$5. Business
—Financing of commercial accounts receivable. Pro¬
ceeds—For general, corporate purposes. Office—114 E
32,000 shares of hreneficial interest'..
$6.25. Business — A small business investment
company.
Proceeds — For investment.™ Office
403
Mar,
Ursula: St., Auroca,
Aurora, .Colo.
40th
Npv.
13, 1961 filed
Price
—
Colo.
'
-
Underwriter—Westco
;
"
•
Corp.,
•
Wheeler & Ryan, Inc.
July 30, 1962 filed 80,000 common. Price—$12.50. Busi¬
ness—Acquisition.of leases and production of oil and gas.
Proceeds
—
For repayment of debt and -other
corporate
Office—Thompson Bldg., Tulsa., Underwriter
-r-R. J. Edwards,
Inc., Oklahoma City;
v.
•
•
:
Whirlpool Corp.
A.pril 25, 1962 filed 1,000,000 common. Price—By amend¬
purposes.
ment
(max. $30,125). Business—Manufacture and sale of
home appliances.
Proceeds
For* selling stockholder
(Radio Corp. of America). Address — Benton Harbor,
Mich. Underwriter—Lehman
Brothers, N. Y. Note—This
-—
offering
was
indefinitely postponed.
'
White Photo Offset, Inc.
July 13, 1962 filed 100,000 .common. Price—$3.50. Busi¬
ness—Photo-offset printing. Proceeds — For debt repay¬
ment, equipment and working capital. Office—142 W.
26th'St:, N. Y. Underwriter
K-Pac Securities Corp.,
—
New York.
Atlantic Coast Line
St., N. Y. Underwriter
—
D. A. Bruce & Co., N. Y.
•
Wulpa Parking Systems, Inc. (8/20-24)
June 7,
1962 ("Reg. A") 50,000 common.
Price—$4.
Business—Company plans to manufacture and operate in
the U. S. a parking device called the "Wulpa Lift."
Proceeds—For manufacture, purchase or lease of loca¬
tions and working capital.
Office—370 Seventh Ave.,
N. Y, Underwriter—I. R. E. Investors Corp., Levittown,
New York.
"
Zayre Corp.
April 2j3, 1962 filed 475,000 common, of which 175,000
are Jto be offered by company and 300,000 by stockhold¬
ers.
Price—By amendment (max. $20). Business—Op¬
eration of self-service department stores and apparel
specialty stores. Proceeds—For working capital. Office
—One Mercer Rd., Natick, Mass.
Underwriter—Lehman
Brothers,, N. Y. Offering—Temporarily postponed.
Zero
Mountain, Inc.
March 30, 1962 ("Reg. A") 100,000 common. Price—$3.
Business—Operation of underground cold storage facil¬
ities.
Co.,
RR.
(8/15)
13, 1962 it was reported that company plans to
issue approximately $3,540,000 of 1-15
year equipment
trust
certificates.
Office—220
E.
42nd
St.,
New
•
York.
Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc.; Salomon Brothers & Hutzler. Bids—
Expected Aug. 15 (12 noon EDST).
Illinois
to
issue
1963.
about
Public
Service Co.
reported that this company plans
$10,000,000 of first mortgage bonds in
was
Proceeds—For construction. Office—607 E.
Adams
St., Springfield, III. Underwriters—(Competitive). Prob¬
able
bidders: Eastman Dillon, Union Securities & Co.Equitable Securities Corp. (jointly); Blyth & ^.-Kid¬
der, Peabody & Co.-Merrill Lynch, Pierce, ^ Fenner
Smith Inc. (jointly); Halsey, Stuart & Co. Ind; Salomon 1
Brothers & Hutzler; First Boston Corp.; Lehman Broth¬
Columbus Capital Corp.
Dec.
1961 it
11,
Proceeds—Expansion, debt repayment and working
was
reported that this newly formed
Small Business Investment Co., plans to sell $10 to $20
common stock in the late spring.
Office—297
South High
St., Columbus, O.
Underwriter—To be
million of
named.
Columbia
Aug.
Gas
System, Inc.
reported that the company plans
$25,000,000 of debentures or bonds in October.
E. 41st St., N. Y.
Underwriters—(Competi¬
tive). Probable bidders: Merrill Lynch, Pierce, Fenner
&
Smith
Inc.-White, Weld & Co. (jointly); Morgan
Stanley & Co.-First Boston Corp. (jointly); Halsey, Stu¬
1,
it
1962
was
sell
to
Office—120
art
& Co.
Inc.
Consumers
work
1768
Dillon, Union Securities &
ers-Bear, Stearns & Co. (jointly).
Worcester Gas Light Co. (8/15)
June 29, 1962 filed $5,000,000 of first mortgage sinking
fund bonds, series D, due 1982. Proceeds—For debt repayment and construction. Office—130 Austin St., Cam¬
&
Eastman
—
York.
June
By amend¬
(max. $6.50)., Business—Processing and manufac¬
turing of aluminum building products. Proceeds—For a
new building and equipment. Office-^-1650 Howard St.,
Lincoln Park, Mich. Underwriter—F. J. Winckler & Co.,
>•
...
sub¬
for
'Wolverine Aluminum Corp.
,
: 'Welsh
derwriter
New
ment
Inc.
Dec. 28, 1961 filed 75,000 common. Price—$2. Business
-^Company renders direct mail public relations, sales
March 30,4962 -filed 135,000 common. Price-—By amend-^
moht (max. $9). Business—Company processes plywood
convertible
March 5, 1962 filed 100,000 common. Price
Baby,
,
$4,500,000 of 6.5%
realty
acquisitions. Office—10 E. 40th St., N. Y, Underwriter
—S. E. Securities^' Inc., 10 East 40th
St., New York.
Steamship Corp.
Aug. 29, 1961 filed 1,743,000 common. Price—By amend¬
ment.
Business —The carrying of liner-type cargoes.
Proceeds—For the purchase of vessels, and'working cap-,
ital. Office—71 Saint Joseph St., Mobile, Ala. Under¬
writer—Shields & Co., Inc., N. Y., (mgr.). Offering—
Temporarily postponed.
■ - ;
or
carrier operating in 18 eastern states. Proceeds
working capital. Office—New Haven, Conn. Un¬
—For
Central
,
Waterman
promotion .and advertising services to mothers on behalf
of retail stores. Proceeds-^or debt repayment and
general corporate purposes. Office—210-07 48th
Ave., Bayside, N. Y. Underwriter—First Philadelphia Corp., N. Y.
offered
2-9570
May 17, 1962 the company applied to the ICC for au¬
thority to issue 105,000 $2 par common shares. PriceBy amendment (min. $10). Business—A motor vehicle;
July 10, 1962 it
(with attached warrants)
subscription by stockholders of class
A stock oh the basis of
$500 debentures for each 100
class A shares held. Price—$500 per unit. Business—
be
REctor
common
common.
full-length
ordinated debentures due 1977
to
at
us
at 25 Park Place, New York 7, N. Y.
★ Adley Corp.
writer—Amos Treat & Co., Inc., N. Y.
^
Welcome
of
measuring devices and test equipment. Pro¬
ceeds—For debt repayment • and other corporate pur¬
poses. Office—1005 First Ave., Asbury Park, N. J, Under¬
Business—Company plans to construct a*race track for
trotters. Proceeds—For construction. Office—Washington
Trust Bldg.,; Washington, Pa. Underwriters —
Moore,
Leonard & Lynch, Pittsburgh, and Stroud S^'Co^inc.,r'
Philadelphia•, /.
—.
^; : ,'
'/ •
.
re¬
electronic
Washington Trotting Association, Inc.
July 30,-1962 filed $2,300,000 of 6V2 % subordinated sink¬
ing, fund debentures due; 1977, and- 230,000 common
shares (non-voting) -to be offered in units
consisting of
$400 of debentures and 10 shares; Price—$175 per unit.'.
.
debt
Electronics, Inc.
Dec. 28, 1961 filed 125,000 common.
Price—$4. Business
—Design and manufacture of precision electrical and
airplanes.
telephone
you
us
Prospective Offerings
Priced—$3.
injection
Winslow
For expansion and general corporate
pur¬
Office—Civic Memorial Airport, E. Alton, 111.
Underwriter—White & Co.. Inc., St. Louis
.
common.
compression, transfer and
materials. Proceeds—For
ington, D. C. Underwriter—To be named.
poses.4
^
plastic
Price—$1.25.
motion pictures.
Proceeds—For new films, debt repayment and working
capital.
Office—1025 Connecticut Ave., N. W., Wash¬
(8/28)
Would
write
a
Business—Production
Oct. 30, 1961 filed hupou
common, oi which 60,000 are to
be offered by the company and
30,000 by a stockholder.
Price—$6.25. Business—Sells Cessna Airplanes and sup¬
plies; also repairs and
of
an
Corporation
similar to those you'll find hereunder.
By amend¬
chain of shoe
repayment, expansion and
808 Dakin St., New Orleans.
—
Willpat Productions, Inc.
May 9, 1962 ("Reg. A") 160,000
Co., N. Y. Note—This registration is being withdrawn.
•
issue you're planning to register?
News Department would^ like
to know about it so that we can
prepare an item
—
a
payment and general corporate purposes.
Office—180
Kingsland Rd., Clifton, N. J. Underwriters—Leib, Skloot
& Co., Inc., Clifton, N. J.
'
&
.
Howard, Weil, Labouisse, Friedrichs &
—
Business—Custom
Hart¬
Ripley
-
ATTENTION UNDERWRITERS!
debt
Wiggins Plastics, Inc.
Oct. zu, J961
("Reg.; A") 100,000
real estate loans, acquires, develops and sells
land, and
engages in the mortgage loan correspondent business.
selling stockholders.
Proceeds—For
Co., New Orleans.
1962 filed 400,000 common. Price—By amend¬
ment (max. $22) .• Business—Company, makes short-term
j
inventory. Office—2808 S. Western Ave., Oklahoma
R. Burns & Co., Oklahoma
City.
Our
working capital. Office
*
,
Citv, Underwriter—F.
Do you have
stores.
Feb. 12,
Dallas.
and
Wiener Shoes Inc.
Investments, Inc.
Bldg.,
Foods, Inc.
8, 1962 ("Reg. A") 85,700 common. Price—$3,50.
Business—Manufacture and sale of jellies and preserves.
Proceeds—For equipment, advertising, plant
expansion
Proceeds—For
April 2, 1962 filed 80,000 common. Price
ment (max. $11),
Business—Operation of
Lane, Wyndmpor, Pa. Underwriters — John
Co., Inc., and Reuheri; Rose & Co:, Inc.,' N. Y.
BreCeeds-r-For
Zestee
June
Offering—Temporarily postponed.
equipment,
duction, engineering, inventory and sales promotion of
its products and for
working capital.
Office — 1230 E.
ford
Address—Box 594, Fayetteville, Ark.
Under¬
writer—Don D. Anderson & Co.,
Inc., Oklahoma City.
Thomas
Business—The manufacture of electronic test
equipment,
the sale, installation
and-servicing of industrial and
commercial communications equipment and the
furnish¬
ing of background music. Proceeds—For tooling, pro¬
Wallace
capital.
selling stockholders. Office—7500
Blvd., Pittsburgh. Underwriters—Eastman Dil¬
lon, Union Securities & Co., N. Y., Moore, Leonard &
Lynch, Pittsburgh and ReinhoJdt & Gardner, St. Louis.
and distribution of pic¬
-
Joshua &
Inc.
ing capital. Office—738 Beilefonte Ave., Lock Haven, Pa.
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
inventories and
working capital. Office-—729 Centinela Blvd., Inglewood,
Calif. Underwriter—Naftalin &
Co.* Inc., Minneapolis.
Voron Electronics
Corp.
July 28,; 196F filed 100,000 class A shares. Price — $3.
Mermaid
F.),
holders. Price—$3. Business—Operates a chain of retail
drug stores. Proceeds—^Expansion, equipment and work¬
Color
Corp.
April 6, 1962 filed 1,000,000
(L.
Oct. 27, 1961 filed 162,000 common, of which
102,000 are
to be offered by the company and
60,000 by stock¬
Broadway, N. Y. Underwriter—Searight, Ahalt & O'Con¬
nor, Inc., N. Y. Offering—Indefinitely postponed.
Video
Widman
L
89,500
of which 80,000
by company and 9,500 by a stock¬
holder.
Price
By amendment (max. $5.50).
Busi¬
ness — Preparation and
production of books, catalogues
and other printed material. •' A
subsidiary publishes
photography books. Proceeds—For expansion, debt re¬
are
Co.
Power
June
14, 1962 it was reported that this company plans to
sell about $40,000,000 of securities, probably first mort¬
gage bonds in the 4th quarter. Proceeds—For construction.
Office—212 West Michigan Ave., Jackson, Mich. Under¬
writers—(Competitive). Probable bidders: Halsey, Stuart
& Co. Inc.; White, Weld & Co.-Shields & Co. (jointly);
Harriman Ripley & Co. Inc.-First Boston Corp. (jointly);
Morgan Stanley & Co.
Delaware Power &
Light Co.
March 9,1962 it was reported that the company has post¬
poned until early Spring of 1963 its plan to issue addi¬
tional common stock.
The offering would be made to
stockholders first
on
the basis of
each 10 shares held. Based
on
the number oi shares out¬
common
one
share for
standing on Dec. 31, 1961, the sale would involve about
418,536 shares. Proceedsr-For construction. Office—600'
Market
St., Wilmington, Del.
tive). Probable bidders:
Underwriters— (Competi¬
Carl M. Loeb, Rhoades
& Co.;
Langley & Co.-Union Securities Co. (jointly);
Brothers; First Boston Corp.; White, Weld &
Co.-Shields & Co. (jointly); Kidder, Peabody
Co.Merrill Lynch, Pierce, Fenner & Smith Inc. (jointly).
W.
C.
Lehman
Florida
Power
Co.
:
*
March 19, 1962 it was reported that this company plans
to offer stockholders the right to subscribe for about
457,26?
additional
common
shares
on
a
l-for-20
basis.
Office—101 Fifth
St., South, St. Petersburg, Fla. Under¬
writers—To be named. The last rights offering of com¬
mon on May 4, 1959 was underwritten by
Kidder, Pea¬
body & Co., and Merrill Lynch, Pierce, Fenner & Smith
Inc., N. Y. Offering—Expected in October, 1962.
Food Fair Properties, Inc.
May
11,
1962
issue 756,000
•
stockholders authorized
shares of
a new
the
company
to
convertible preferred stock
which will be offered to stockholders through subscrip¬
tion
rights
on
a
l-for-10 basis. Price—By amendment.
Business—Development and operation of shopping cen-^
ters. Proceeds—To retire
outstanding 6% preferred stock.
Continued
on
page
4(F
(I
40
The Commercial and Financial Chronicle
(628)
Continued from page 39
and
purchase up to $6,000,000 convertible debentures of
Major Realty Corp., an affiliate. Office—223 East Alleg¬
hany Ave., Philadelphia. Underwriter—To be named.
The last rights offering in December 1957 was under¬
written
by Eastman Dillon, Union Securities & Co.,
New York.
Georgia Power Co.
(11/7)
it Maust Coal & Coke Corp.
Aug. 6, 1962 it was reported that this company plans to
a registration shortly covering $5,000,000
of deben¬
tures due 1977. The statement would also cover 250,000
file
outstanding shares of
common
to be sold by J. R. Maust,
construction of new coal
preparation facilities at Johnstown, Pa. Office—530 Fifth
Ave., New York. Underwriter—Eastman Dillon, Union
For
—
Securities & Co., N. Y.
On Jan.
12, 1962 it was reported that this subsidiary of
plans to offer $23,000,000 30-year first
mortgage bonds in November.
Office—270 Peachtree
Bldg., Atlanta, Ga. Underwriters—(Competitive). Prob¬
able bidders: Halsey, Stuart & Co., Inc.; Harriman Rip¬
ley & Co., Inc.; Blyth & Co., Inc.; Kidder, Peabody &
the Southern Co.
Co.-Shields & Co.
(jointly); Equitable Securities Corp.Dillon, Union Securities & Co. (jointly); First
Boston Corp.; Lehman Brothers; Morgan Stanley & Co.
Bids—Expected Nov. 7.
Registration—Scheduled for
Eastman
Oct. 5.
Metropolitan Edison Co.
reported that this subsidiary of Gen¬
Corp., plans to sell $15,000,000 of
30-year first mortgage bonds, in the fourth quarter of
1962.
Office—2800 Pottsville Pike, Muhlenburg Town¬
ship, Berks County, Pa. Underwriters—(Competitive).
Probable bidders: First Boston Corp.; Halsey, Stuart &
Co. Inc.; White, Weld & Co.; Kidder, Peabody & Co.Drexel & Co. (jointly); Blyth & Co., Inc.
Aug. 1, 1962 it
eral
Public
was
Utilities
.
.
Thursday, August 9, 1962
Telephone & Telegraph Co. Office — 1200 Third Ave.,
Seattle, Wash. Underwriters — (Competitive). Probable
bidders: Morgan Stanley & Co.; Halsey, Stuart & Co.
Inc. Bids—Expected Sept. 11.
American
Pan
President and Chairman. Business—Mining and process¬
ing of coal. Proceeds
.
World Airways,
Inc.
that the CAB had approved
the company's plan to sell its 400,000 share holdings of
National Airlines, Inc.
However, it said Pan Am must
start selling the stock within one year and complete the
sale by July 15, 1964. The stock was originally obtained
under a Sept. 9, 1958 agreement under which the two
carriers agreed to a share-for-share exchange of 400,000
shares and lease of each other's jet planes during their
respective busiest seasons. The CAB later disapproved
this plan and ordered the airlines to divest themselves
of the stock. Office—135 East 42nd St., N. Y. Under¬
writer—Merrill Lynch, Pierce, Fenner & Smith Inc.
Oct. 30, 1961 it was reported
Panhandle Eastern
Pipe Line Co.
July
Georgia Power Co. (11/7)
12, 1962 it was reported that this subsidiary of
the Southern Co. plans to offer $7,000,000 of preferred
stock in November.
Office—270 Peachtree Bldg., At¬
lanta, Ga. Underwriters—(Competitive). Probable bid¬
ders: Blyth & Co., Inc.; First Boston Corp.; Morgan
Stanley & Co.; Eastman Dillon, Union Securities & Co.Equitable Securities Corp. (jointly); Lehman Brothers.
Bids—Expected Nov. 7.
Registration—Scheduled
for
On Jan.
Oct. 5.
National Airlines,
Inc.
May 8, 1961, it was reported that the CAB had approved
the company's plan to sell publicly 400,000 shares of
Pan American World Airway's Inc., subject to final ap¬
proval of the Board and the SEC. The stock was or¬
iginally obtained under a Sept. 9, 1958 agreement under
which the two carriers agreed to a share-for-share ex¬
change of 400,000 shares and the lease of each others jet
planes during their respective busiest seasons. The CAB
later disapproved this plan and ordered the airlines to
of the
divest themselves
Hawaiian Electric Co., Ltd.
Aug. 1, 1962 it was reported that this company plans a
rights offering to stockholders of approximately $8,000,000 of common stock.
Office—900 Richards St., Hono¬
lulu.
Underwriter—None.
Offering—Expected in Sep¬
,
31, 1962 it was reported that this company ex¬
pects to sell about $60,000,000 of debentures in the third
stock.
Price
—
About $20 per
share. Proceeds—To repay a $4,500,000 demand loan, and
other corporate purposes. Office—Miami International
Airport,
Miami
Underwriter—Merrill
Fla.
59,
Lynch,
Pierce, Fenner & Smith Inc., New York.
Power
Co.
Feb. 28, 1962 it was reported that this utility expects to
sell
$25,000,000 of debt securities in late 1962
Office—500
1963.
South
or
early
27th
St., Decatur, 111. Under¬
on May 21,
through First Boston Corp. Other bidders
Stuart & Co. Inc.; White, Weld & Co.-
writers—To be named. The last sale of bonds
1958
made
was
Halsey,
were:
Pennsylvania
*
'
>
*
Interstate Power Co.
"^Aug.
sell
$6,000,000 of bonds
Office—1000
Main
in
the
second
quarter
of
1963.
Jamaica
March
sell
to
20,
Water
li*62 it
$3,000,000
preferred
and
payment,
N.
stocks.
construction.
Y.
sale of bonds
was reported that this utility plans
of mortgage bonds and $2,000,000 of
common
and
Jamaica,
Supply Co.
Proceeds—For
Office
Underwriters—To
—
be
161-20
debt
89th
named.
re¬
Ave.,
The
common
were:
on
May 9, 1956
was
made through Blyth &
Japan Development Bank
July 3, 1962 it was reported that the Japanese Finance
Ministry has authorized the bank to issue an additional
$22,500,000 of bonds in the U. S.
It is expected that a
major portion of this financing will be completed by the
of
as
Underwriter—]Eastman Dillon, Union Securities &■
Co., N. Y.
a
velopment. Office—Tokyo, Japan. Underwriters — First
Boston Corp.; Dillon, Read & Co.
Inc.; Smith, Barney &
Co., Inc., N. Y.
petitive bidding by White, Weld & Co., and Kidder,
Peabody & Co. Other bidders were Halsey, Stuart &
Corp.-Drexel & Co. (jointly).
I
Brothers
Smith
Inc.
Weld & Co.
was
tion.
Office—441
Stuart
St., Boston. Underwriters—
(Competitive). Probable bidders: Halsey, Stuart & Co.
Kidder, Peabody & Co.-White, Weld & Co. (jointly);
Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.Lehman Brothers-Equitable Securities Corp. (jointly);
First Boston Corp.; Kuhn, Loeb & Co.
& Hutzler-Merrill
Lynch, Pierce, Fenner
(jointly); Kidder, Peabody & Co.; White,
1962. Business—The company was formed in 1952 to take
from the Government the furnishing of public tele¬
phone, telegraph and related communication services in
Japan, and is the only company furnishing such services
in Japan. Office—Tokyo, Japan.
Underwriters—Dillon,
Read & Co., Inc.; First Boston Corp.; Smith, Barney &
Co.
1, 1962 it was reported that this utility plans to
sell approximately $15,000,000 of
30-year first mortgage
bonds, in the first quarter of 1963. Office—120 So. Lime¬
stone St., Lexington, Ky.
Underwriters—(Competitive).
Probable
bidders: Blyth & Co.,
Inc.; Halsey, Stuart &
Inc.; Kidder, Peabody & Co.-White, Weld & Co.
(jointly); Eastman Dillon, Union Securities & Co.-Merrill Lynch,
Pierce, Fenner & Smith Inc. (jointly).
Co.
RR.
(8/22)
July 31, 1962 it was reported that this road plans to sell
approximately $7,275,000 of 1-15 year equipment trust
certificates. Office—220 E. 42nd
St., N. Y. Underwriters
—(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; Salomon Brothers & Hutzler. Bids—Expected Aug.
22 (12 noon EDST) at
company's office.
<
San
1962 it was reported that this company plans
500,000 common to stockholders in late
some $17,500,000.
Office—861 Sixth Ave.,
about
to
raise
Diego, Calif. Underwriter—Blyth & Co., Inc., N. Y,
South
Carolina
Electric &
Gas Co.
rights offering to stockholders of approximately $8,500,000
of
c
common
stock.
Office—328 Main
Underwriter—To be named.
St.,
Columbia,
The last rights offer-
jng |n February, 1958, was underwritten by Kidder,
Peabody .& Co., N..Y. Offering—Expected in the first
quarter of 1963:
:
California
Edison Co.
July 3, 1962 it was reported that this company plans
to sell $50,000,000 of first and refunding mortgage bonds,
series P, due 1987. Proceeds—For debt repayment and
construction. Office—601 W. 5th St., Los Angeles. Under¬
writers—(Competitive). Probable bidders: Blyth & Co.,
First Boston Corp.-Dean Witter & Co. (jointly); Halsey,
Stuart & Co. Inc.; Kuhn, Loeb & Co.-Equitable Securi¬
ties Corp. (jointly). Note — The bnod sale, previously
scheduled for Aug. 28, has been postponed.
Electric
(11/28)
.•
12, 1962 it was reported that this subsidiary of
the Southern Co. plans to offer $6,500,000 30-year first
mortgage bonds in November. Office—600 N. 18th St.
Birmingham,
Ala. Underwriters
able
First
bidders:
Boston
—
(Competitive)
Prob¬
Corp.; Halsey Stuart & Co.,
Inc.; White, Weld & Co.-Kidder, Peabody & Co. (jointly)
Lynch, Pierce, Fenner & Smith Inc.-Blyth &
Merrill
Co., Inc. (jointly); Eastman Dillon, Union Securities &
Co.-Equitable Securities Corp.-Drexel & Co. (jointly);
Morgan Stanley & Co. Bids—Expected Nov. 28. Regis¬
tration—Scheduled
Northern Illinois Gas Co.
Generating Co.
On Jan.
for
Nov.
1.
Feb.
28, 1962 it was reported that the company expects
to raise $125,000,000 to finance its 1962-66 construction
program. About $25,000,000 of this, in the form of a debt
issue, will be sold in the second half of 1962. Office—
615 Eastern Ave., Bellwood, 111. Underwriters—To be
named. The last sale of bonds on July 14, 1960, was
by
First
Boston
Corp.
Other
bidders
were:
Halsey, Stuart & Co., Inc.; Blyth & Co., Inc-Equitable
Securities Corp. (jointly); Glore, Forgan & Co.
Southern
or
short term borrowing. Office—2223 Dodge St.,
Omaha,
Underwriter—To be named. The last sale of de¬
on Nov. 16,
1960 was handled on a negotiated
by Blyth & Co., Inc., N. Y.
Gas
&
Electric
(9/11)
sell
$9,450,000 of 1-15 year equipment trust certificates in
September. This is the second instalment of a total $18,900,000 issue. Office—70 Pine St., New York. Underwrit¬
ers—(Competitive). Probable bidders: Halsey, Stuart &
Co. Inc.; Salomon Brothers & Hutzler. Bids—Sept. 11,
1962 (12 noon EDST).
•
Washington Gas Light Co.
Neb.
Oklahoma
Railway Co.
June 12, 1962 it was reported that this road plans to
Northern Natural Gas Co.
Fob. 28, 1962 it was reported that the company's 1962
expansion program will require about $40,000,000 of
external financing to be obtained entirely from long
Kentucky Utilities Co.
Aug.
Nashville
1962
Southern
bentures
&
sell
to
Nippon Telegraph & Telephone Public Corp.
July 3, 1962 it was reported that the Japanese Finance
Ministry has authorized the company to issue an addi¬
tional $20,000,000 of bonds in the U. S., by the end of
basis
Louisville
Diego Gas & Electric Co.
Southern
reported that this utility plans to sell
$12,000,000 of 30-year first mortgage bonds in Novem¬
ber, 1962. Proceeds—For debt repayment and construc¬
fourth
quarter. Address—Madison Ave., at Punch Bowl
Rd., Morristown, N. J. Underwriters — (Competitive).
Probable bidders: First Boston
Corp.; Halsey, Stuart &
Co. Inc.; Eastman
Dillon, Union Securities & Co.-Salo&
San
March 19,
New England Power Co.
handled
Jersey Central Power & Light Co.
June 6, 1962 it was reported that this
company plans to
sell $11,000,000 of first mortgage bonds due 1992 in the
mon
U
May 8, 1962 it
1962.
Business—The bank was incorporated in
Japanese Government financial institution to
supply long-term funds to Japanese industry for the
promotion of economic reconstruction and industrial de¬
1951
that this subsidiary of
Southwest Gas Corp., plans to sell $2,000,000 of common
stock. Office
2011 Las Vegas Blvd., South,1 Las Vegas,,
over
Co., Inc.
end
of $17,-
last
May 3, 1956 was made by Blyth & Co.
Halsey, Stuart & Co. Inc.; Kidder,
Peabody & Co.; White, Weld & Co.
The last several
issues of preferred were sold privately. The last sale
of
Ney3da Northern Gas Co.
28, 1962 it was reported
Feb
on
Other bidders
the retirement
Aug. 1, 1962 it was reported that the company plans a
St., Dubuque, Iowa.
Underwriters—
(Competitive). Probable bidders: Merrill Lynch, Pierce,
Fenner & Smith Inc.-Kidder, Peabody & Co. (jointly);
Halsey, Stuart & Co. Inc.; Salomon Brothers & Hutzler:
White, Weld & Co.
construction and
Proceeds—For
000,000 of maturing bonds. Office—9th and Hamilton
Sts., Allentown, Pa. Underwriters—To be named. The
last sale of bonds on Nov. 29, 1961 was won at com¬
Underwriter—Dillon, Read & Co. Inc., New York City.
Nev.
1, 1962 it was reported that the company plans to
Power & Light Co.
Jack K. Busby, President and C. E. Oakes,
Chairman, stated that the company will require about
$93,000,000 in debt financing in the period 1962 to 1970.
America
12, 1962 it was reported that this subsidiary of
Peoples Gas Light & Coke Co., plans to sell $35,000,000
of senior securities later this year. Business—Operation
of two natural gas pipeline systems extending from
Texas to the Chicago metropolitan area. Proceeds—For
expansion.
Office — 122 So. Michigan Ave., Chicago.
Merrill
Lynch, Pierce, Fenner & Smith, Inc. (jointly);
Eastman Dillon, Union Securities & Co.; Harriman Rip¬
ley & Co., Inc.-Glore, Forgan & Co. (jointly).
Kidder, Peabody & Co., N. Y.
Feb. 20, 1962
June
Illinois
Office—120 Broadway, N. Y. Under¬
Lynch, Pierce, Fenner & Smith Inc.,
1962.
Co. Inc.; First Boston
Natural Gas Pipeline Co. of
tember.
of
quarter
writers—Merrill
and
Aug. 1, 1962 it
Dillon, Union Securities & Co.; Equitable Securities
Corp.; Kidder, Peabody & Co.; First Boston Corp.; Hal¬
man
sey,
Stuart & Co. Inc.
Western
Oklahoma City. Underwriters—(Competitive). Probable
Merrill Lynch, Pierce, Fenner & Smith Inc.-
reported that this company plans to
$12,000,000 of 25-year bonds, in the second quarter
of 1963.
Office—1100 H. St., N. W., Washington, D. C.
Underwriters—(Competitive):
Probable bidders: East¬
Co.
Aug. 1, 1962 it was reported that this company plans to
sell $12,000,000 of 30-year first mortgage
bonds, in the
second quarter of
1963.
Office—321 No. Harvey St.,
was
sell
Light & Telephone Co., Inc.
Aug. 1, 1962 it was reported that the company plans to
sell approximately $5,000,000 of common stock through
a
of
rights offering to stockholders, in the second quarter
1963.
Office—2015 Forest Ave., Great Bend, Kan,
be named.
The last rights offering in
bidders:
Underwriter—To
White, Weld & Co. (jointly); Halsey, Stuart & Co. Inc.;
Lehman Brothers-Blyth & Co. Inc. (jointly); First Bos¬
ton Corp.; Harriman Ripley & Co., Inc.-Eastman Dillon,
January, 1957,
Union
Securities
&
Co.
(jointly); Equitable Securities
Corp.
Pacific Northwest Bell Telephone Co.
(9/11)
July 3, 1962 it was reported that this A. T. & T. sub¬
sidiary plans to sell $50,000,000 of debentures due Sept.
1, 2002. Proceeds — For reduction of debt due Pacific
San
was
underwritten by Dean Witter & Co*
Francisco.
W<ndjammer Cruises, Ltd.
April 18, 1962 it was reported that the company plans
to register 90,000 ordinary shares. Price—$4. BusinessOperation of "Windjammer" sailing ship cruises. Pro¬
ceeds — For acquisition of additional vessels. Office •—
P. O. Box 918, Nassau, Bahamas. Underwriter
J. I.
—
Ma-aril Co..
Inc., N. Y.
Volume
196
Number 6184
.
.The Commercial and Financial Chronicle
.
(629)
holders
'
'
I
Continued from page 2
wells
CORNER
BY JOHN
and
leases
DUTTON
in
with
similar
a
eight
interest
oil
in
and
creased
working interests are
subject to oil payments aggregat¬
ing $575,000 which should be paid
out
in
1964, leaving Wilshire's
The Five Principal Categories of Investors
in
share
This
is
with the children. Ask their ages.
Find out if they plan a college
the
investor.
first in a series
specific type of
All experienced se¬
a
curity salesmen should be able
to
Ask
particular category of investor.
During the following weeks
classification will be
described
and
the
sales
proach indicated
analyzed.
ap¬
will
be
10% each month of their total in¬
their
■!
Despite our vaunted public and
private educational system there
millions of young people who
get married, start to raise a fam¬
are
ily, incur the responsibilities of
providing for their financial needs
throughout a lifetime who know
very little about personal finances.
They are unaware of the benefits
of financial planning in a home.
They buy first and then try to
figure out how they will pay after
they have bought. Only a small
percentage of these young people
set up a budget and live within
it. They do not realize that wise
budgeting helps them to live bet¬
ter. It gives them more income to
spend on the things that are bene¬
ficial
and
important, and may
even
provide for a few luxuries
by
showing
them
where
their
When it
need for
a
realizing the
"rainy day" account, an
emergency fund in a good savings
bank,
the imperative necessity
of a life insurance program, there
is no end to the opportunity af¬
or
forded
well
a
salesman.
invest¬
informed
salesman
ment*
or
How
mutual
fund
these
of
many
people know the difference
between term insurance, ordinary
life, and the heavier savings type
insurance plans such as the lim¬
ited pay life policies and endow¬
young
ments?
There
are many men who
paying for life insur¬
ance for fifteen
or
twenty years,
and have labored to keep up large
premium
payments
where
the
greater percentage went into sav¬
ings, and a smaller amount into
have
for
been
who
men
reach
financially
up
lifetime
a
work.
inde¬
The
an¬
is to save and invest before,
after, their expenses are paid.
As you talk with them
remind
them of the checks they pay to
the department stores, the grocer,
the loan on the house, the auto
not
payments,
Then
ask
time you
selves?"
their
etc.,
month.
every
them, "Isn't it about
paid something to your¬
them
Remind
income
that
reduced
was
if
10%
a
month they would still live
on
—they would
some
cut down
non-essentials
they would not
on
somewhere,
hungry.
it
Budgeting by the Wife_
a
the'wife's support.
and' encourage
budget
ate
her to
so
their family
a
like
business
set up
begin
4%
interest
compounded
in
no
added
their
savings to their
es¬
didn't
someone
Why is it
all that
now
make
do this?
me
too late? Where did
go
money
over
all those
years?"
If
any
person
is
honest
with
himself,
completely
he
must
putting 10% of his
into a financial plan of
that
agree
couple starting
out in life today who believe in
thrift you will find many more
have
the
"living
no
been
brainwashed
so
current
for
philosophy of
that there is
time TRY¬
CHANGE
a
way
of
today"
need to waste your
ING
TO
are
an
standing
bank
loans.
Nemaha
owns varying
working interests in
10 producing oil and gas' wells in
Texas and Nebraska, one of which
is a recently completed gasser in
the
Amelia
net
to
,
acquired
quired the assets of Creek
Oil &
Gas Co., Inc., at a cost of $170,000
in
cash
and
248,000
shares of
stock, and the so-called "Keas
Properties" for $290,000 cash, with
its acreage, wells and gathering
and distribution equipment which
currently
both
transporting
barrels
for
the
of
oil
about
month,
and on a
per
company
toll basis for others. The company
estimates that net income from
the
Creek
acquisition should ex¬
$4,000,000 in the next five
years. The significant thing about
these acquisitions are the plans
being made to increase produc¬
ceed
See
next
us
On the
young
other
is
when
comes
hand, if
intelli¬
into focus.
find
you
a
man
family,
pride in his home and
and he remarks that his
wife
also
is
interested
in
his
about
equipment,
confidence
that
you
in
are
Britalta
out"
currently
in
the
"turning itself inside
of
process
in
order
the Britalta
to
assume
United
Exchanges.
consideration
situation, to
ing policies
siderations
followed.'
make
it
Tax
con¬
prudent
for
the company to build up the value
of their properties without show¬
ing
earnings,
and
consequently,
showing net
(I believe the 1962 report
will show a loss after depreciation
and
depletion and lease aban¬
donments quite a bit larger than
Britalta
has
been
losses
the
in
loss
1961).
cash
oil
like
the
period
But the fact is
are
non-cash
flow, the true
company's
tinue
to
that
items
—
will
the
as
con¬
benefits
company's acquisition
proved by the stockholders earlier
gram
redound
this
And
"citizenship." A plan,
which
year,
effective
will
owned
should
about Sept.
on or
the
make
present
American
ap¬
become
15,1962,
wholly
subsidiary, Wil¬
of Texas, the
shire Oil Company
parent
company
Britalta
and
Petroleums, Ltd., the present
rent
company,
talta's
this
a
subsidiary.
due to
Bri-
decided
the
pro¬
company.
there is
always the glamor¬
ous
possibility that the company
will turn up with a real discovery
on
one
of the properties. So, in
I
essence
ideally
feel
this
suited to
is
to
minimized
be
on
current
tentials
by
position
are
most
situation
a
present
conditions t—downside
the fact that
management
change
pa¬
to
and
market
risk
the
seems
strong
upside
promising.
g-i? WC'Af
/fcT.
60-page booklet — available exclusively from us — is designed to
help you increase your business through modern, proven investment
selling techniques. Its 25 chapters are full of practical and proven selling
and promotional ideas. John Dutton drew it from the best of his popular
weekly columns in The Commercial and Financial Chronicle. You'll
learn about
*
Obtaining
*
The
*
The final sale
*
The various
profession. Sell good
securities,
sell
investment
and
growth type mutual funds. Visit
with these young people and don't
be afraid to appeal to their emo¬
tions.
to
a
initial
client list
sales approach
categories of investors — and their
are defined
and you're told
how to develop each of them to their maximum
potential
accounts.
*
These
No
buy
one
ever
stood
in
line
Techniques
own
—
the
you
life
insurance
feather flock
fu¬
can
relative
use
to analyze
attractiveness
—
of
on
your
various
'
securities and their vital balance sheet items
In
1001 ways
this booklet can help you be a better salesman and run a
profitable selling operation. Your own copy will be rushed to you
immediately on receipt of your order.
more
or
together.
I
I
I
ORDER YOUR
LOS
ANGELES,
Calif. — Gary
and the wife
Tabowitz has joined the staff of
Talk with them in the
Hill Richards & Co., Incorporated,
or on a week-end when
they will be able to give you their 621 South Spring Street, mem¬
PLACE, NEW YORK 7, N. Y.
I
Hill Richards Adds
(Special to The Financial Chronicle)
COMMERCIAL & FINANCIAL CHRONICLE
25 PARK
COPY TODAY
D
I
I
I
Gentlemen:
I enclose
Securities"
$2, Kindly rush
my
copy
of "How To Sell
to
the husband
see
undivided
children
attention.
are
in
bed,
Be
or
sure
Inquire
about
a
table
their
QUANTITY ORDERS
ON REQUEST
|
Name....
Address...........
the bers Of the New York and Pacific
out of the
house.
around
PRICES ON
with
them.
plans.
Start
Coast
Stock
formerly
&
Exchanges.
with
Co., Inc.
He
was
Dempsey-Tegeler
City
and
measure of an
success
increase
of
these
of the
States
in
mind,
my
is the most conservative account¬
losses
is
Stock
important
This
a
together.
evening,
Sit
as
field inventories.
An
(In Your Business)
worthwhile
ture, then go to work! You have
a prospect. Make an appointment
to
assets
rig and
well as its
Toronto
and
By JOHN DUTTON
believe in self reliance,
helping others, you will go
your
work with assured
a
This
other
drilling
a
aware) which stock will be simul¬
taneously listed on the American
HOW TO SELL SECURITIES
procrastination
who takes
lives.
gent prospecting
of
reorganization
identical number of shares of Wil¬
shire Oil Company of Texas (Del¬
Why You Need-
month!"
who is
ambitious,
striving to move ahead in his job,
their
Nemaha's
consisting
invest¬
ments. These beneficial products
must be sold. Self preservation,
pride, recognition, and status, are
the
keys.
Radiation
from
this
group can be .excellent. Birds of
thinking that has become part of
Jefferson
Wilshire in the purchase also has
re¬
related
10,000
of
oil
be
Continuing the acquisition pro¬
gram, in 1961, the company ac¬
are
field
the
effective
present share¬
holders of Britalta will receive an
out¬
1,000,000
estimated
recoverable
Nemaha's
County, Texas, which tested 74,000,000 cubic feet of natural gas
per day plus 25 barrels of distil¬
late per million cubic feet of gas.
will
of 1961 and at that time there will
of
retire
When
becomes
you
and in
For every young
that
it.
This is the road to
If
Spend It All
with
estimates
investment
covered in three years from June
and failure.
told them.
one
about
proximately 19 years, and with
forty years to save the odds are
all in their favor. But if they wait
until next year, and the next, etc.,
finally the years will fly faster
than they realize and they too
will
look
back
and
say,
"Why
fund
tate. But
also
Current
this
of
Utah,
to
citi¬
United
ap¬
mutual
difference
that
investment
used
States.
been in the
a
about
same
$1,000,000.
of Southeastern
of saving when they are
young. Show them that their sav¬
ings will double even at straight
have
to
area
total
a
be
emphasis has
plan
would
amazed
are
Aneth
for
recently, in June of 1962
announced the acquisi¬
Nemaha Oil Co., of Dal¬
las, for 112,130 shares of Britalta
plus $100,000 in cash which would
tion of
share
can oper¬
and
protection, and invested the
in
a
sound
monthly
mutual fund
accumulation plan.
They ask, "Why didn't I know
about this?" They would have had
the same protection from the day
they paid their first premium, and
in addition if they had died, they
who
In,.1961 three Tracts of oil.and
acquired in the
gas acreage were
Most
of
States
-
Help
earnings
saving and investment is the only
sensible way to build a life that
is
motivated
by
self-discipline
and the security that goes with it.
When you find responsible young
people who fit into this category,
sell them a plan of saving and in¬
vestment, and don't let them sell
you
by saying, "We will think
protection,
learn that they could have had the
$450,-
cent
per
United
and most of the company's
zens,
but
They
go
would get along.
her
.
estimated
an
these
in¬
Wilshire
Wilshire's interest.
65,
to them. Either
of
t
from
annually.
barrels
swer
.Enlist
to
comes
000
remain
to
they will be in the 5% group or
they will surely end up in the
95% who have nothing to show
each month.
goes
of
Bring
out of all the
that
only
5%
are
pendent. It is
Out in Life
future.
attention
millions
Young People Starting
their
for
come
money
their
about
savings for an
emergency.
Inquire
about
their
life insurance; it should be in pol¬
icies offering the most protection
for the least pemium. Then ex¬
plain why they should set aside
classify and deal with each
another
properties at
education .and
how many years
they have left to save toward It."
income
the
COa injection for
secondary recovery.
of
process
wells.
gas
odd
were
'
tion from these properties through
the possible
use
of the ORCO
Panhandle
Texas
the
These 50%
describing
90
some
SECURITY SALESMAN'S
41
Zone
State..
•
•••**
»
po¬
42
The Commercial and Financial Chronicle',
(630)
deficit
Current and Possible
by allowing interest rates
higlrer levels. This
to rise to much
is in accordance
with the
mendation of the
Future Market Trends
w^^dfustment ^deflation ^*has
emerged as a dominant economic
characteristic o£ our times,
example,
For
farmers are _at
by
Prices received
1946 tevels. Sens the
tiye commodity pnces average
lowest
has
thlse
on
Sber ?of Amlrtcan
year,
zinc
coffee
8%
by
investors
investments and forcurrencies and Europeans,
.ntQ foreign
eign
governmental,
and
private
tended to lighten their
haVe als0
steel scrap by 36% in one
lead by 21 /<> m
^wo yea ,
by 12 h
two years, and
nrohterrT1^
fuiids. abroad
transferred
have
1^9.'both
declined 40% in t o
years,
convLf part
nations to
°f
since
rubber
°f
States
countries Such as the United
dolkr holdings
Moreover,
easily
avaiiatde credit and low interest'
stilr ate
rates ln the Upited States
the_ last ye»r- encouraging Europeans to borrow
There have been
^^^^9*
in this country and United States
m the pricesi of
steely alumi nu , investors have been attracted to
m
building ma
,
anti-biotics, paper bags chemicals
and
many other products. Heal
estate prices appear to be trending downward. Around the world,
machinery,
securities
their higher return,
because
Eur0pean
of
Counter Measures
have
ctpno
ivraTTv
been
talren
deflationary^pre^ures are increas-.
ing in basic commodities and 111
which have been designed to meet
m?+vly this in
S"1S -e
with
ance of Payments
companying
gold
United
the
been
has
there
States
of
inflation
an
and other costs. This occur-
wage
rence, at a time when competition
with the European and Japanese
is intensifying and
industry
when
time
at a
inability to
is
there
tbe mounting challenge 6f
" / A
„
deficit and ac-
Settlements, which sug¬
gested an expansive fiscal1 policy
and restrictive monetary policy.
Despite
for
are
of
course
grave
action,
doubts
comes
ever
Total
serious.
more
Thursday, August 9, 1362
tive pressures. In this
connection, States fails to meet its responsi¬
primary emphasis should be given bilities and' resdrtS. to devaltiatibn,
only to stocks of companies that this can hardly be classified as
have shown ability to continually bearish for equities.'
In either case, the long-run in¬
improve profit, margins over re¬
cent years. (3)> Emphasis shoufd' vestor emphasizing value shb'uld
be placed on stocks of companies
benefit. Over the shorter period,
that
are*
well
entrenched
inters
nationally and can compete effec¬
tively abroad; (4) Emphasis should'
be given stocks of companies not
...
to exist. If the United States faces
however, careful selection is im¬
perative and a general policy of
caution is most'Warranted.,
"
Today, ~ as always, the wise in¬
vestor
will-be the.
attention
more
to
one.
who, pays
business
facts
individual
arid
corporate
pros¬
pects land less attention to day-to¬
day fluctuations in. stock prices.
;
There' is
a
dimension, in. in¬
new
vestment
analysis today. This is
ability to determine: (1). world
position of companies, and \ (2)
management attitude toward! in¬
.
ternational' competitive pressures,
and
plans to expand foreign sales,
ability to perceive and ap¬
preciate basic international finan¬
cial and- economic developments
and
stability of the econ¬ up to necessary actions and uses
than ever appear'; correct medicines to cure inter¬
dependent on productivity,
the national ill's of the dollar, a tem¬ that are ^unfolding with increas¬
balance of prices and eosts* proper porary period of adjustment and ing^ rapidity.
These will
affect
distribution of incomes,, and' va¬ some
economic
discomfort
will more "and more intensely price
rious
other
factors, • instead of result. However, this could, be a levels and price relationships in
merely variations in the money most constructive force for the United States security markets.,'
^
' ;
•
supply.
long-range and pave the road for
An
address by Mr. Hummer before
There is, therefore, a serious tremendous expansion and growth the Advisory Board of the Natisrial Bank
demand and
omy
now more
■
i"
n ti
\
*
.
question whether these basic mal¬
in the
If the United
i960's.
late
ot
Hyde Park, Chicago, 111., July 26,. 1962.
adjustments can be cured" even by
...
,,
.
through
monetary
and
fiscal carrying heavy wage burdens;; (5)
measures: Apparently-,
the econ-i Emphasis, should be given stocks
that provide a return of 4V2% or
omy is suffering from structural
defects that have resulted : from more, with dividends well secured
steady increases in wages and" by earnings, current and poten¬
tial, .inasmuch
as' these, issues
other costs with subsequent dis¬
tortions
of
income
distribution, should prove less * vulnerable to
any serious downturn that may
and prevention of price adjust¬
lie ahead.
;
ments necessary to maintain de¬
In our opinion, long-range re¬
mand for many goods. At a time
when competition from abroad is. wards that have always been paid
rising, this structural problem be¬ to long-term investors continue
the
^ernt sucil a promem ror tne
'
this
whether
this country's international finan¬
cial
problems
can
be
solved
there
that
outflow
nroblem
a
the bal-
recom¬
of Inter¬
national
under the Internationa! Monetary
3
Continued from page
Bank
.
Among these measures are (1)
allowing short-term rates to rise
t°
J?ave., pe.en m9re
reduction
tax
a
and
subsequent
large deficit. Already, easy money
is being repudiated as necessary
in the face of today's critical' pay¬
ments situation.
,
,
:
,
prices, which is typical of a competitive with £ates in major
deflationary period, means that European centers, therefore check- Natural Forces-The Only Cure
5
<
pressure
on
profit
margins
is
J*16 ^ i
interestUnless domestic prohlems in the ism which doomed them to .the
steadily increasing. For example,. conscious fubds,> (2) prepayment,
the margin of profits to sales of
wartime debts of foreign govas
diseconomies of small markets and
American
corporations was 4% ernments; (3) enlarging purchases' ment, are corrected m natural; sma2i scale, and spared them from
ways,
a
more basic
adjustment the bracing test of competition,
last year, compared with 5.4% in ?Tf .s«ppll®s and materials in the
Economic The widening gap between the
2957
United States by our Armed may be unavoidable
raise
!
T
unemploy-
^'"tad States, such
Herein
nerein
lies
lies
the
xne
the
ine
of
01
essence
Forces Rationed overseas; (4) ty-
cern the United States
Latin
America
would be
a
(mainly in
in
but also
Asia)
kind of discrimination
hard to justify; it
would help
one
group of backward nations largely
at the expense
national
of another. In our
Latin America
interest
must not suffer
discrimination, nor
g m foreign ald to mandatory
must some developing areas be
purchases in this COUntryr (5) ex- place. Overpricing, of goods
invest much of their scarce capital financed
services in the United
by other developing areas.
p0r|- credit insurance; (6) selling
and
in duplicating the symthe difference between total paythe Export-Import Bank of only has contributedi to unem- bolg 0£ power and sovereignty, and
Parsing the Problem
m?nls
fofelg^®rs and total re- paper abroad; (7) encouragement ployment and stagnation in this in cons^icuous high-cost produc-;
ceipts from foreigners When payThe problem is separable.
forei
tour\sm in the United country, but in addition is- the 2[on m small units.
;
basic source of
First, there are * the tropical
t f defi^Th. TTn'ited States; (8) the "buy America- external balance difficulty in our
of payments,
wnax seems 10 us a sicij
agricultural products, which with
States' experienced
moderate camPaik'n; <9) broadened lending
the exception of cane sugar do not
Therefore,
today's
problems
rtoxrw,o«S
moderate power for the International Monenations a kind of
compete with • producers in the
.
n« th* hi*stnrv nf tb^
Fund to supply the United may be resolved only by a natural
imnlipq
adjustment, winch
recosth*
JLa Is * hu States with additional recourse to *. nHiuqfmPnt whifh implies rftrtfs- step forwardr &S the history Of ttie advanced nations of Europe.. The
ba
of
ance
payments crisis. The
payments is, of course,
balance of
^fld
Stafqj.itOf
£y
skijis
,
.
?nnrt
J
L^evSoped
tqSW?M t!tary
I!'JSrith**'
lion
i
the
over
past four
ihl w,,£i^JSSt".
orS
h?Pin
pjllion and a
hasheen
L'
The
co
^
hiilinn
deficit of $1.5 billion
widely estimated for this
/
a
.
-
•
of the balance of payments deficit of the United States,
size
recent
over
years has been urn*
sustainable and intolerable. It has
given
rise
to
doubts
about
the
status of the dollar.
meaning
lated
into
of this,
actual
te
Vss'thaffive'yeaTs
by more than $6 billion, and now
approximates $16.1 billion. Shortterm
liabilities
to
foreigners,
or
StatelaidonaLfoh1feesteTdiwnlfn:
creased from $9.3 billion in 1952
tn
*111^ i
Hiiiirtn
in
i otw
+/-«
billion today.
..
providing for the 25%
gold reserve against Federal Re-
supply
well
amounts to
$11.4 billion, the free gold
of the United States is
under
foreign
$5 billion. Therefore,
claims, including that of
International
agencies
foreign countries, total
as
well
as
more than
four times the free gold
supply of
the United States. There has been
much
25%
discussion
gold
of
reducing the
underlying the
reserve
dollar, but there is
ment that this
the
present
nervousness
o£ their
currencies
an
equivalent
currencies
Fed.
holdings of foreign
now
have risen to about
$470 million
Together with °ther stePs>
DaVment<?
defirtt
ma^
gg™
w
affroad^ whpfhpTf>£
?nl\ed Sta'es has ">ot emphasized
than The disease Tn'the'rfosfwar
man tne disease, ln the post-war
particularly
common agree-
cannot
be
done
at
time, when there is
throughout the world
concerning the state of the dollar.
cur-
has
been
under
heavy
pressure has in the final analysis
.
,
,
levels
in
near
countries
its supsuch as
Switzerland, Italy and France. As
paymL^crisSterotgh'measures
decided
upon
This could
icit
m
as
a
mean
a
lfogical course,
budgetary def-
the 1963 fiscal year of $10
to
our
Fnr
nations
nationalism
is
investment markets
^
would
tribalism, localism, and feudalism.
Economic development is ope
important objective
of
a
United,,
Europe, as well as of the United
States. Some call it the challenge
of the century.
Hence Ration¬
building in Africa and Asia must
somehow be reconciled with the
internaionalization of the Atlantic
community of nations in the building of a world economy. If this
seems to be a step backward it
may be in a larger sense in order
forward.
emerge from the cOcoon: of eco¬
nomic nationalism and enter the
stream of world
ucts
abroad
trade; their prod¬
markets opening
find
must
on* some
mutually agree¬
able basis.
Third, there
are
the products of
temperate agriculture, mainly
Conflicts
arise from
the
clash
economics
and
of
country's business is
lie
that
the
States balance of payments situa-
in
the, second
a
half
of.
1962,
comparatively
ex¬
developed countries
such as Canada, Australia, and
New Zealand, and by Argentina.
by
ported
veloped dependencies and former
apparently
be
Second, there are the manufac¬
turer exported by developing na¬
tions:
If these countries are to
of fixed insecurities should be deferred
abroad
deficits
ahead
for
to
-
have
effect
budgetary
seem :
,
in+sl^1fn^^Sr'
ifnH tSfdalism7
to take two steps
here
solution
importation duty-free fronr what¬
ever nation:
-r«,
>/
!.
bringing up a new generation in
the work habits5 and cultural mi-
arise.
questions
United States? What of the United
after
at
favorable
many indlca-
large
tion
in-
both
of
What would be the
of
may
an
Breaking the Cake of Custom
first half? There
mg:
come
are
in
head-on
politics,
and the United
States.
Europe would be better
Industrialization, sometimes, illoff importing a good share of its
conceived from the economic viewagricultural needs instead of sub¬
point of the advanced nations,
plays a supporting role, by blend- sidizing high-cost home produc¬
tion.
The same policies resulting
ing diverse cultures and tribes,
in costly European self-sufficiency
breaking the -cake of custom,
loss
Europe
cost
of
the
United
States
the
export markets
$20 billion. The administration
,
(1)" Purchases
aggravate pentfihg
apparently is wilting to offset this
currencies
above for
^
by selling
own
represent further weakening of continental currencies to
correspond with weakening in^ the
dollar and pound. This eventuality seems less likely than that the
United States problem may be
solved either through recession or
devaluation. Implications of the
would
—
these countries support the dollar
their
h
.
5?? £ YSHJ)1 activity in the Lon- recession, is apparently being nfret
51?^ e ,?
dollar in this manner: a tax cut has been
has
frequently sold
f
in which
our farm products could be highly
been forced to resort to power- tions that the deficit will increase lieu of modern society^
Thus the economic
The Common Market approach competitive.
ful monetary and fiscal measures. substantially in the second half.
interests of all parties converge in
Interest rates5 have been allowed1 What is the meaning of assaults provides for associated areas,
the long run.1 If the level of Euro¬
to advance to as high levels as on the dollar in the London Gold: mainly French African dependenMarket in the first half of this cies, which attain free access to pean farm prices were lowered
necessary
to
curb
outflow
of
output would de¬
funds and this has usually been year? What will be the impact of the Common Market but are al- substantially,
accomplished by cuts in govern- significantly higher interest rates lowed to protect their incipient cline, resources would be released
for industry^ and larger amounts
mental outlays and a favorable on common stocks? The mere ex- industries. The Six will channel
istence of these
questions calls part of their contribution to the of temperate farm products would
budgetary picture.
for the exercise of caution. Chopdevelopment of the associated be imported from overseas pfopy waters lie ahead for investors,
areas through their Development ducers, the United States included.
Administration's; Dilemma
A policy of liquidity and a stand- Fund1 rather than on a nation-to¬
Our economic interests are really
ut
.
even
though
domestic
nation basis, now that the associ- parallel,
WashinSt°ii's cruel dilemma of by attitude are warranted.
farm polities' gainsays economics.
danSer of Preventing a recesated areas have nearly all become
Conclusion
Lastly, there is the Unique case
sl<)3
.easy
and ^le^eRs,
independent, and that the United
of Japan.
It seems that every
Our conclusions are the follow- Kingdom, with its own underde?
risking a flight from the dol-
11?62? ^®re has Which* it ia felt, could
port
Atlantic
advanCed
wrong
^number
Wit
rertcy
After
sfve credit, which
about
with
us
Reserve
period, every country whose
than $23 billion todav
.
eral
sion
Lon!
countries* whereby we prowith dollars and they
credit
brthW^8'W67 $ has'now
declined
other
amount
trans-
as
statistics, has
been that United States gold stock,
to
^pSr fhe dollar
vide them
it
U. S. rinia t n6cac
Gold Losses
The
and
unemployment,'or, if the
medicines are used--arti£°ld pooi established by the cen- ficial stimuli—through substantial
,+wjl banks of* Fnfono" tO nrnvidp and large government deficits and
in thd
inflationary - credit policies, :deThere is
don Bullion Market This has now- valuation could result.
been, largely exhausted;
(11) a always the possibility that Wagereduction in the duty-free imports and other costs abroad will rise
for United States tourists from' so as to save the United States
embarrassment.
This
$300 to $100; (12) exchanges With further
foreign currencies in the event of
2 sudden need; (10) a $250 million
ln
vears
material improvement in
returns and yields that seem imminent; (2) Rallies can be used
colonies,
seeks
membership,, the
We
have
a
special
our
business.
cdncern
for
problem of future relations be- Japan^ which we destroyed and
tween the Common Market and helped to rebuild. Here is a na¬
tion. industrialized, dynamic, and
the associated areas has become
surviving by foreign trade, far
lighten holdings of stocks of acute..
removed from the Atlantic com¬
subject to continuing
Tcr grant this large bloc access
pressure on profit margins
and to European markets, and to deny munity. Common Market discrim¬
comparatively unattractvie from access to other underdeveloped ination against industrial products
the standpoint of world competi- nations whose interests also con-* hurts both America and Japan,
to
companies
Volume
196
Number 6184
The Commercial and Financial Chronicle
...
(631)
but Japan is far more
vulnerable,
and in a much weaker
neutrals?
bargaining
^position.
When
we
on
manufactures,
we
well
as
press
policy
the
for
for
ease
as
a
represent
we
ourselves.
more
our
as
own..
When
we
free
urge
of
voice in the
one
coun-
NATO
At; this
"
% Increase
reading,
the
or
;
The August Economic Letter of the
First National City Bank of New
political
'
stake in the welfare of
Latin America, i If there are con¬
Canada
the
and
flicts, they
382
Feb. 1962
25
269
Aug. 1961
23
—
Switzerland
1,776%
*1,069
„
Netherlands
___
17%
12
United States
264
Dec. 1961
22
249
Apr. 1961
29
185
Dec. 1961
19
well
the
as
United States, in part, as follows:
—
\
Common
expanding membership. Hence
the OECD, which already includes
July 1961
Aug. 1960
Apr. 1962
37
685
-
—
United Kingdom
Canada
^
as
of
and
July, 1963
markets abroad,
agriculture,we - implement our;
policies- of economic development,'
•economic
From Peak to
Month
York discusses the trends in stock
and;
our
% Decline
Peak
to Peak
—
"The Dow-Jones average of inMarket does not seem disposed to dustrial stock prices on June 26
dilute its coherence for the sake. touched its lowest point of the
defend
'
From Jan., 1950
Country—
economic
some
and the OECD,
with several voices?
for the products of tropical
access
France
cils
well
as
Stock Market Prices Around the World
Japan
Germany
sacrifice
agriculture, we plead
of Canada, Argentina, speak with
Australia, New Zealand,
its
unity
by accepting more underdeveloped, nations as members? Will it
When
trading
open
diminish
it
bargain
with
the
Common Market for lower tariff
Japan
it
unity by accepting
non-European countries, or will it
make its stand pn European re¬
gionalism, on a new apd more
viable continental systein?
Will
f
-
Will
geographic
.
43
♦Increase
su
•
from Jane.
'"-tci5
•
1951.
«CJ
•
16
18
11
27% below the record high
of Dec. 13, 1961. Since then the
year,
United
States, market has recovered somewhat
and steadied at about 22% below the peak. The chart shows
that, while there has been a drop
policies of on Wall Street, there also have
are not between; die and j to
a
veryr limited
extent
Common Market 'and; outside na-^ Japan, seems destined for a distinct and continuing role in cotions, but between the short run
and the long run, between the ordinating
economic
of
costs
.
adjustment
to
progress' advanced
and the gains from growth.
have
toward
Allies and Neutrals
The
members
of
a
unity.
the European
nations*too
policies
common
The
Economic Community are all our
allies, members of NATO. When
the
prospect that former British colo¬
the
nies might seek
Britain's
entry
strument
two
to
to aspire
of
political
States will
measure
United
have to strike
diverse
or
been sizable declines
changes all,
on
major
ex-
the capitalistic
over
world, from Tokyo to London to
Zurich.
balance between
a
Other Markets Reached Peaks
approaches: coordination
Before
U.
S.
Reaction
hand, integration on the
the French dependencies became
"Most of the foreign markets,
other; the formed approach retains
sovereign- nations
and
to
internal
circumadopted separate organizations and poli- responsive
their own foreign
policies, they cies on economic political, and stances v topped off before New
threatened to dilute tne political defense matters, *&nd national dif¬ York. London was the first to
unity of the Community.
The ferences in each* of these areas; reach a peak, in April 1961, when
on
one
latter
implies
Pnc^ gave way under pressures
sterling exchange crisis
strategy.
which led to the adoption of a 7 %
problem. More, serious, however,
Some project the past successes discount rate. Tokyo began falling
is the issue of Swedish, Swiss, and of the Europeah^conomic Com- m Wy, and Amsterdam in AuAustrian
neutrality, as other munity and foresee the growth of gust.; both reacted to broad antimembers of the European Free a third great
pow£r, breaking the inflationary
programs by their
Trade Association follow the Brit¬ seeming
stalema& of a world governments. In the Netherlands
ish lead. Can their
neutrality be polarized toward the United this included the postponement
reconciled with the commitments States and the JXM S. R. There (nntif July 1962) of an income tax
of the present Community mem¬ is some basis for, fchis view of the reduction. The drop m the Gerbership?
Can their desire to be world, but it shovel not be stated ™an
dates jrom Septemassociation upon
accentuates this
inside economically be reconciledtheir desire to be outside
too
and
simply.
a
in-
common
single
a
coherent
trends
are
direction,
or
The
not
with
all
politically? Must
a choice be made
between European economic unity
similar pace.
Economic uniftcation in Europe arouses responsive
and
actionyin^ati#America. Multi-
unity on the broad issues of
foreign policy?
in the
national
cation
The
Meaning of Neutrality
same
regional^condmic
dreamOd
is
Africa.
of
at
a
unifiin
even
Economies cooperation
is
Hallstein, President
politically,
European Economic Com¬
a*ld;
-d<^S5__
munity's High Commission, speak¬ foreign policy, the logic of events
ing in Zurich in November, 1961, leads toward mDn-commitment,
offers
hope
for
reconciliation: isolation,
and independence for
".
at the outset Swiss neutrality the greater
part of the world just
meant
neutrality
in \ European recently decolonized and still unconflicts
European integration, derdeveloped.
if successful, will bring about a
Moreover, with^ recovery and
fundamental change in this situa¬ growth in Westerk^Europe and in
Dr.
of
Walter
vy™,
the
.
tion
the
.
.
for the ultimate
—
ultimate
mate
done
peau.
purpose,
point, and the ulti^
greatness
of
what
is being
under the slogan of Eurcn
unification is to make Euro¬
pean peace secure and to make it
forever
secure
.
....
this aim of
European unification means noth¬
ing less than eliminating the very
situation which
trality
a
policy of
is
neu¬
designed to meet.
.
The risk of war today is the risk
.
annihilation
of
a
an4:^^a
.
wa\ between East
peaks in New York
SS?
■SJwiinS?Ma3
? Swiss stock market be¬
^
lt& decline m March of this
folIowing
the
announcement of an agreement between
the country's banks and the Swiss
gan
Jear>
National Bank to restrict domestic
credit. The Paris market held out
.
.
4
™i««««iii
worldwide.--* But
now
ber after the eruption of a new
?eK
cri|ls symbolized by the
the
for
.
all, including
conqueror."
the
Soviet
once
were
Bloc
ations
American and,
tions have
action.
which
bers of the
juni
ussian
gain
freedom of
w
The evohaS
coali-
is
more
ad-
vanced, and mqr& Certain in the
West, but it
also be¬
hind J the
Iroi&^Ourtain.
The
monopoly
of de&stoji
Z Si;
powers,
larger,
is
V
slipping
ing point of bistocyrthe challenge
to European and American leader¬
the
it
the
number
full members
of
of
Community be expanded and
should President Kennedy secure
and be able to use fully the au¬
thority he has requested to bar¬
gain down its external tariff. The
remaining discrimination against
outsiders might then be tolerable
and
certain
ments
the
association
Our response to
do much to_shape the future
generations to come.
•Thi. analysis i. baaed upon an article
by the author entitled "The United States
Faces Economic Unity in Europe" which
published in the Annals of the Amer¬
ican Academy
of
Political and
Social
Science July 12, 1962,
With
agree¬
First^California
(Special to Tub Financial Chronicle)
Community
more acceptable.
LOS ANGELESf.—Harold L.
(not quite the same Penn has become ^filiated with
as neutrality) outside of
Europe is First California -Company Inc.,
another matter, for non-European
647 South Spring rfjftxeet. He was
nations are not being considered
formerly with Ggrff & Polonitza,
for membership in the Commu¬
Inc.
*
nity. For them, non-commitment
is
possible; they are not in the
cockpit of conflict. In fact, com¬
risk and exposure,
Joins
f
(Special to The
Fiwamwjai. Chronicle)
therefore
plex.
growing
ever
more
Many groups overlap.,
Common
Market
countries
com¬
The
are
•also, members of NATO and of the
OECD.
As
the
Common
Market
Smith Inc.
in the short run, to be sure,
but constitute only a mild setback
in the perspective ^ of the Great
severe
Bull
Market
of
1950-61.
This
market
produced
increases
in
stock prices ranging from 185% in
Canada
to
Germany
than
more
and
beyond
1,000%
1,700%
in
in
ranSe from 12% *n France to 31%
Qermany#
-
Profit Squeeze in IL S.
"In
the
squeeze
United
States,
the
profit margins, which
going on for some years
a
factor bearing upon
on
has been
now,
is
stock
valuations,
though
it
took
steel-price controversy Of fast
April to bring the problem to the
attention
Alexander
Ticker Opens
BEVERLY
ander
vestors.
of
broad
masses
of
in¬
HILLS, Calif.—Alex¬
Tucker is conducting a seoffices
,
In
England,
Germany >
and
other
countries,
a
similar
problem is emerging and temper¬
ing the optimism of the invest¬
ment community.
"There
are
many
that stock markets
who
believe
were unreason¬
ably high in terms of price-earn¬
ings multiples, making them par¬
ticularly vulnerable to any kind
of disturbing news. Further, there
are
those who feel that the shakewas
at
to be expected—a
excesses
more
and
restore
stocks
of
the
some
of economic
markets
also
sug¬
slowing in
the
pace
expansion in the free
generally and confronts
po¬
litical leaders of Western Govern¬
ments with
a
(Ratio scale to show relative changes.)
United States:
Dow-Jones Industrial Average (monthly average of
daily closings)» Canada : Investors" Price Indexes of Common Stocks*
Dominion
Bureau
Financial
Times
National
de la
challenge to evolve lands:
sound and constructive
policies to
improve their economic performance."
The Great Bull Market, 1950-61
to
realistic levels. Yet the be¬
havior
gests
neces¬
to remove speculative
purge
work!
v
grows, will it permit its political curities business from
unity to be diluted by admitting 9390 Brighton Way. '
past year, stock prices
important exchanges have
suffered declines which have been
sary
those countries
chart is
the
out
HarpfaUpham
LOS ANGELES, (Suif.—Donald L.
dependence,
for
Shield has becorhTTconnected with
lacking the means
Harris, Upham ^8?®*Co., 523 West
,to deter an aggressor.
Sixth Street.
He5*was formerly
with Glore, Forg&n &
Co. and
Looking Ahead
Merrill Lynch, Pierce, Fenner &
The
international
organization
and
recently
as
was
Neutralism
means
out
*
all
can
for
by neutrals and others with
mitment
"In
on
At this turn¬
Another approach to the prob¬
lem might well
emerge
should
ship is pressing.
peaking
^
S Japan. Declinesfrom their peaks
n «
and
diffusing among
and more loosely reined,
concerts of nations.
longest,
aS Ap
Bank's
of
Statistics
Industrials
Index
for
Statistkme efc des
Maandschrift,
(1935-39—100).
(end
100
Etudes
Centraal
of
month).
shares.
France:
Economique
Bureau
United
voor
Kingdom:
Switzerland:
Institut
(1949—100).
de
Statistiek
Swiss
National
Nether¬
(1953
—
100). Germanyr Deutsche Bundesbank's Total Index of Share Prices
(December 3L 1953
age
=
(end of month).
100).
Japan: "Bow-Jones" Industrial Aver¬
'f'44
The Commercial and
(632)
Financial
Chronicle
»
.
%
Thursday, August 9, 1962
t
Bond
of Philadelphia 37th
outing and field day -at,
the Huntingdon Valley Country
Club, Huntingdon Valley, Pa.
Oct. 3, 1962 (New York City)
'
New York Group Investment
WASHINGTON AND YOU
behind-the-scenes interpretations
from the nation's
Club
annual
capital
Bankers Association Meeting.
Oct. 4-5, 1962
WASHINGTON, D. C.—President
Kennedy definitely is going to
take to the stump in the autumn
for a few speeches. He is anxious
to help elect some Democrats that
he can reasonably count on to
back his Administration.
$3,000 yearly tax free for living
in Washington. He gets
$1,800 a year for office space back
home, expenses that he incurs
a
expenses
strangle hold on both the
House and Senate, but it is now
clear that many of those Demo¬
crats do not cuddle up to the New
Frontier on a substantial part of
the
a
all
In
Oct.
9-10,
Minn.)
of
telephone calls from Wash¬
ington,. and from their homes to
other points. Members also get an
allowance for many
Oct.
one
Repre¬
sentatives will be up for election
for the first time as a result of the
get
1960
of
census.
picture
may
very
well
change by October, but at this
time there seems to be little doubt
These
The
the
that
of
Democrats, made up
all kinds of factions,
will continue
in control of Congress after the
November election. With' only a
third of the membership up for
reelection, the Senate is a cinch to
remain
crats.
of
control
in
of
the
Demo¬
And, although the number
Democrats
the
in
House may
medical
free
but
are
few
a
their
at
wives
squeeze
members
some
no
there
members in
both the
"Donkey Party" will control the
expended funds
for
But back to the November gen¬
Republicans have suffered
on
set-back
in
the
Senate.
members have died. As
the
retirements
Annual
cratic
From
national
a
deaths,
and
Republican
between Democrat Governor
Edmund
Brown,
and
former
the odds appear against the Re¬
'Republican Vice President Richard
publicans electing Republican M. Nixon, and the Massachusetts
successors to the half-dozen seats. Senatorial
campaign.
South unquestionably will
The
return all Democratic Senators up
for reelection, and there is little
likelihood
to
take
an
Senatorial-
active,
in
role,'
the
will
gain
much
headway in the
gaining four
additional House seats, and the
Republicans still have hopes of
saining at least one G.O.P. seat.
One of the incumbent Florida
representatives is a Republican.
House.
It
Florida
is
oust
exceedingly
an
Some
is
of
difficult
salary is too little. It is too small
for
some
much
of
them,
perhaps for
but
far too
substantial
a
race
number.
Massachusetts
Massachusetts
Congress,
talking
humdinger.
members
privately
sideline observers within the
of
ds
con-
confines of the capitol, insist that
Ted Kennedy is the
beat out.
This
does
not
candidate to
mean,
however,
that George
Cabot Lodge, son of
Henry Cabot Lodge, Jr., the 1960
Republican
Vice - Presidential
candidate, or Eddie McCormack,
nephew of House Speaker John
W.
McCormack
does
not
the
President
vows
that
she
going to help Teddy.
The trio of young men, as
Congressman
as
garded
as
Curtis,
are
is
have
a
chance.
are
that
re¬
many
expected to rally
to the side of Mr. McCormack in
the
If
present
predictions
prove
A
R
I
BROKERS
Z
-
0
DEALERS
forthcoming primary.
Mr. Lodge reportedly is having
less money to spend than either
N
A
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.
BOUGHT—SOLD—QUOTED
Del E. Webb—Com. & Wts.
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Aug. 9-10, 1962
J. A.
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AND COMPANY
Sept. 7-8, 1962 (Gearhart, Ore.)
Pacific Northwest Group Invest¬
ment Bankers Association Meeting
Sept. 11-12, 1962 (Chicago, 111.)
Investment Bankers. Association
Municipal Conference at the PickCongress Hotel.
under
TWX-PX 150
CR 9-1624
Call Collect
DALE
STRWART, MGR.
.
.
*
'
ANGELES, Calif. —Charles
T. Neale has become
with E. F. Hutton &
He
Sept. 12, 1962
(Denver, Colo.)
affiliated
South
is
.
[This column is intended
Bankers
Association
Maxson Electronics
to
Official Films
Waste King
Our New
York telephone number is
CAnal 6-4592
LERNER & CO., Inc.
N.
Investment Securities
pany
10 Post Office Square, Boston 9, Mass.
Telephone
Teletype
HUbbard 2-1990
BS
69
CoveVitaniinSPhariiiaceirtical
,
the
the
for
Versapak Film & Packaging
Carl Marks
Administration, is
for
Common and Warrants
November
Lodge to Represent GOP
opposed
nomination
,
management of Theo¬
Joins Hutton Staff
LOS
The, winner of this Democratic
contest,
will
apparently
face
Lodge, married and the father of
the Eisenhower
3550 N. Central Ave., Phoenix
the
dore R. Shaman.
feated candidate in Massachusetts
Lodge,
who
was
Assistant
Department of Labor Secretary in
INC.
N.A.S.D.
Kemper Branch
Bond Club of Denver 28th
has the privilege of
children, in
general election.
LAMBU T H
con¬
House.
J.)
First. California Com¬
American Bankers Association an¬
Incorporated,. 300 Montgom¬
in the state Democratic conven¬
nual convention.
ery Street. He was formerly with
tion-by a sizable vote, is running Wilson, Johnson & Higgiris.
Sept. 28, 1962 (Philadelphia, Pa.)
against Teddy Kennedy, 30, as an
independent.
A" convention-de¬
six
Guaranty Bank
Mutual
of
Financial Analysts Federation an¬
nual convention
at the Palmer
carrying his
candidacy directly to the voters.
INCLUDING
Association
Co., 623
Spring St. Mr. Neale was
regarded as a Rocky Mountain Group Invest¬
ment Bankers Association Meeting: formerly with Dempsey-Tegeler
"liberal" Republican.
&
Co., Inc. and Hill Richards
Politics in the Bay State has Sept. 13-14, 1962 (Chicago, 111.)
long been interesting, and the| up¬ Municipal Bond Club of Chicago & Co,
coming primaries
and
general outing.
election are of national signifi¬
Sept. 13-15, 1962 (Ponte Yedra
cance.
Attention Brokers and Dealers
Beach, Fla.)
Regardless of the outcome, it Florida Security Dealers Associa¬
would appear that President Ken¬ tion
TRADING MARKETS
annual convention.
nedy, from a national point of
American Cement
Sept. 19-21, 1962 (Santa Barbara;
view, has all to lose and nothing
Calif.)
Botany Industries
to gain.
candidate.
ated with
McCormack, 38, after losing out
(Boston,
May 12-15, 1963 (Chicago, III.)
IN INVESTMENT FIELD
correct by some of the observers
who have been feeling the pulse
of politics in the Bay State, Teddy,
Democratic primary.
ATTENTION:
1963
ference at the Hotel Statler.
reflect Board of Governors Fall Meeting.
the "behind the scene" interpretation
from the nation's Capital and may or Sept. 20-21, 1962 (Cincinnati,
Ohio)
may not coincide with the "Chronicle's"
Municipal Bond Dealers Group of
brother of President Kennedy and own views.]
benefits are quite good.
Cincinnati, annual fall party, with
Attorney General Robert F. Ken¬
a field day to be held Sept.
In addition to the $22,500 an¬ nedy t has the edge over Eddie
21, at,
Joins First California
the Losantville, Country Club.. V
nual salary, the members receive McCormack, the incumbent State
SAN FRANCISCO, Calif.—David
Attorney General in the Sept. 18
T. Gillmpr,: Jr. has become affili¬ Sept. 23-26, 1962 (Atlantic City,
Certainly, the salary looks un¬
impressive when you look at it on
the surface, but beneath the sur¬
face is what counts. The
"fringe"
1,
Savings Banks 43rd annual
Investment
Those "Fringe" Benefits
27-May
annual DAYTON, Ohio—John A1.
Kemper
summer outing at the Columbine
& Company has opened a branch,
well
Country Club.
office at 32 North Ludlow Street
good Senatorial timber.
said
Convention at Hollywood
National
brother
Republicans
Senatorial
is shaping up as a
Some
to
incumbent Congressman.
them insist that their
racer.
Massachusetts
Massachusetts Winner
The
Republicans
that -the
the .Boca
Mass.)
primaries
One qualified observer back from
'
President's Brother Seen
April
Attorney General Kennedy plans
their
race
at
Beach Hotel.
will be conducted Sept. 18.
Neither President Kennedy nor
Two
result of
a
the
and
elections:
eral
Convention
Raton Hotel & Club.
Nov. 25-30, 1962 (Hollywood, Fla.)
Investment
Bankers
Association
Obviously they
triumphs,
standpoint, the elections that are
members
have
announced
Mrs. Joseph" . P. Ken¬
they going to attrapt the most interest
will not seek reelection, and four are the California
nedy, the 72-year-old mother of
governorship
a
ciation
Monday, May 28th, Chipmunk?"
tion hands down. Both the Demo¬
they return un¬
salaries, for
postage, unused office space back
home, and other things.
Fold
The
Nov. 4-9, 1962 (Boca Raton, Fla.)
National Security Traders Asso¬
going to spend the rest of your life dwelling
and
At the same time,
House.
South to Remain in Democratic
"Are you
situation.
Senate who deplore this
Investment
Group Investment
Bankers, Association Meeting.
at least in Washington, that Lodge
will win the Republican nomina¬
House
decrease, it appears now that the
Group*
Oct. 26-28, 1962 (Hot Springs, Va.)
doubt
numerous
are
Valley
Southeastern
all they can out of their
positions,
Invest¬
Bankers Association Meeting.
fancy salaries.
.While
of
Oct. 24, 1962 (Cincinnati, Ohio)
Ohio
payroll
the
on
Association
vention at the Sheraton Hotel,
things that do not cost the Con¬
gressman anything, but it cost the
taxpayers plenty to keep them in
Washington. There are more than
20 members of the
House who.
have
Exchange
ment Clubs Twelfth Annual Con¬
the
of
Angeles)
(Los
Stock
Board of Governors meet¬
National
free
and
care,
1962
of
Oct. 19-20,1962 (Philadelphia, Pa.)
parking.
speeches Will be
where eight more
United
States House
Investment
ing at the Ambassador Hotel.
postage fund for air mail, and they
autumn
Grokp
11-12,
Firms
the franking
privilege. Many Congressmen send
out literally thousands of pieces
of mail designed to keep their
fences mended. They also get a
Kennedy's
(Minneapolis,
;
Association
"fringe"
biggest
the
Perhaps
Exchange
Bankers Association Meeting.
telegrams.
stationary and
Stock
1962
Minnesota
benefit of all concern is the free
of Mr.
political
in California
seats in the
probability,
a
Senators also receive hundreds
(San Francisco)
of
Fall
Meeting at the Mark
Hopkins Hotel.
roundtrip
a
free
legislative proposals that the
White House is advocating.
Association
Firms
year, and Senators receive
additional round trips.
one
two
have
for
mile
a
Investment
Group
Bankers Association Meeting.
Oct. 8-9, 1962
cents
Democrats
The
Democrats.
(Detroit, Mich.)
Michigan
House members receive mileage
There are Democrats and; there
are
Oct. 8, 1962
,
there
20
(Cleveland, Ohio)
Northern Ohio Group Investment
Bankers Association Meeting.
the
Republican
Senate
by
Congressman Laurence Curtis, a
Harvard man from Boston. How¬
ever; the politicians seem
agreed',
Common and Warrants
& Co. Inc.
FOREIGN SECURITIES SPECIALISTS
20 BROAD STREET
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