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and FINANCIAL
ESTABLISHED 1839
Reg. U. S. Pat. Offica
"Volume
1&4
Number
AS WE SEE IT
EMo,iai
It
was
week
a
New York
6118
or
two ago that the
7, N. Y., Thursday, December 21, 1961
Price
io
By Tilford C. Gaines,* Vice-President, The First National
Bank
"continuity of employment" in years past. Having thus
extended a warm hand to the powers that be in the labor
A careful
generalizations about
pleaded
at
N.
gently as any suckling dove for cooperation
AFL-CIO, but the request was made nonethe¬
folio
president of the giant organization of wage
earners
quickly promised "1,000% cooperation." The
Secretary of Labor followed the next day with an ad¬
dress which was interpreted, rightly or wrongly by al¬
everyone,
returns
President
nor
When the labor convention was
indication that
that
The
any
permanent
The popular, diverse invest¬
but
The record shows
will
trend
continue.
is
of course,
debt
has
grown
of
all
balance
80%
where
fallen
from
in
1945
increase
that
Candid
Traders
They lengthened
were
low
Time
1945
to
to
40%
in
loan
portfolios
when
rates
were
it
)
time,
•t 1'»
in the
appear
learned the lesson, and during the period
relatively low rates this past year commercial
banks have added huge amounts to their shortterm investments while .liquidating intermediate
and longer-term issues. .J
in
have
II. Portfolio Management
1960.
The quality of portfolio management in a com¬
mercial bank may be evaluated in terms of three
criteria: soundness of the investments; adequate
provision
Tilford
C.
contain
in
appear
the
Pictorial
liquidity;
earnings on invest¬
that bank portfolios
almost exclusively U. S. Government is¬
for
If
ments.
Gaines
photos taken at the 34th Annual
and
we
may
and
assume
pose
highest grade tax-exempts and small amounts
quality, we may dis¬
quickly of the first criterion. The investments
in
well
sues,
it
?
of other obligations of equal
a
managed
com-
(Continued on
page
24)
State,
Dinner
Municipal
Insert.
Securities Co.,
1824
Lester, Ryons & Co.
MUNICIPAL
623
BONDS
Ltd.
Offices
Oceanside, Pasadena, Pomona, Redlands,
Riverside, San Diego, Santa Aaa,
THE FIRST NATIONAL CITY BANK
Santa
NY 1-2759 U
Head Office:
TOKYO
OF NEW YORK
New York 15.
Monica, Whittier
Inquiries Invited
on
Southern
California Securities
Affiliate:
SAN
Nikko
Kasai Securities Co.
FRANCISCO
LOS
Bond
ANGELES
Net
To
T. L.Watson & Co.
ESTABLISHED
Dept. Teletype: NY 1-708
Active
Markets
Dealers,
Banks
Commission
Exchange
American
Exchange
t. H>:
•
MANHATTAN
.
BANK
'1^
CANADIAN
Orders
Executed
STREET
PERTH
On
DIRECT
.e
CALIFORNIA
All
Automobile
WIRES TO
*
Assembly
.
Dominion Securities
MONTREAL AND TORONTO
MUNICIPAL BOND
Goodbody & Co.
AMBOY
DIVERSIFIED
BONDS & STOCKS
-
2 BROADWAY
y
<
NEW YORK
(ORPORATIO?!
40
ST.
f
Exchange Place, New York 5, N. Y.
_,
Teletype NY 1-702-3
Whitehall
DEPARTMENT
BANK OF AMERICA
NEW YORK STOCK EXCHANGE
1 NORTH J.A SALLE
""CHICAGO
:\i
1
Pershing A Co.
CANADIAN DEPARTMENT
MEMBERS
»
—
CHASE
Canadian Exchanges
NEW YORK 4, N. Y.
-/-l"
Correspondent
THE
Brokers
Invited
Teletype NY 1-2270
BRIDGEPORT
Municipal Bond Division
1832
New York Stock
BROAD
New York
LOBLAW, INC.
Block Inquiries
25
Notes
Maintained
and
Members
Stock
Bonds and
in
Claremont, Corona del Mar,
Encino, Glendale, Hollywood, Long Beach,
Teletype:
DIgby 4-7710
Agency
Exchange
Membex-s Pacific Coast Stock Exchange
New York 5, N. Y.
30 Broad Street
Exchange
Associate Member American Stock
Plaza
Telephone:
Hope Street, Los Angeles 17,
California
1 Chase Manhattan
NewhorkTmst Company
So.
Members New York Stock
The Nikko
the
business
when interest
every
of
invest¬
nearly
Association
STATE
SECURITIES
Founded
DEPARTMENT
of
shortened
war
in
Housing
JAPANESE
,
phase
of the
moved
the cycle—when rates of interest were
higher range of the rate cycle. Many banks
Municipal
Chemical Bank
end
and Public
Securities
HAnover 2-3700
and
after
Housing,
State and
each
the
banks
of
assets, however, investments represent a very im¬
portant part of bank balance sheets, certainly im¬
portant enough to justify every effort to realize a
maximum return.
The astounding fact is that this
ISSUE:
that from
commercial
available to take advantage of high rates of inter¬
est—and subsequent capital gains in the next swing
deposit
ratios in recent years has sim¬
ply
mirrored
the
changing
composition of debt in this
country.
Even at 40% of earning
Bond
unsound
and invest¬
of total loans
ments
The
sheets,
have
from
banks found themselves
forced to liquidate securities at a loss when rates
were
high and loan demands heavy or, almost
equally costly, found themselves with no funds
more
in
debt
1959
direction in
high.
only one-third in 1960, and
ments
THIS
Montreal
the
this
reason,
sound
primary efforts to customer business, but this
emphasis should never be an excuse for not making
every intelligent effort to improve portfolio earn¬
ings.
cycle.
Investments
of
distinguishing
simultaneously give only casual and
attention to their investment portfolio.
Commercial banks of course should direct their
periodic
this has been reflected in bank
(Continued on page 23)
of
Role
in
through
Charybdis of undue liquidity and illiquidity.
made; commercial banks as a
discouragingly poor job of man¬
credits-—will
critiqued to illustrate how to avoid the Scylla
are
two-thirds
their
PICTURES IN
wisdom
rapidly than public debt,
Net
government debt was equal to
substantial movement de¬
U. S. Government,
;
of
amount
including capital gains.
private
through hearing speeches
forthright, they apparently would
BOND
levels.
portfolios have been of declining im¬
portance in bank balance sheets since the end of
the Second World War, and it is to be expected
premises. The manufacturers, as represented
TELEPHONE:
1959
far
Investment
by the NAM, are reported to have remained skeptical
of the President's prescriptions for world welfare, and
to have refused to act as if they felt in any other way
about them. Had the bosses of organized labor been as
Public
so
a
aging their investment portfolios.
Banks that
.pride themselves on efficient management—on their
ability to generate new customer business, on their
rates
veloped among the delegates in support of the Adminis¬
tration and its ideas about what organized labor should
in the
evidence
reach the late
substantial
maturities
I.
agenda, it promptly adopted resolutions that indicated
beyond a peradventure of a doubt that it cared little
about what either of them said or meant. And there
do
beggaring
at
effort has not been
wrong
the Secretary of Labor
attending to whatever other business was on
no
rates will
no
promise the most favorable
and
great deal about what organ¬
ized labor and its bosses thought they said or meant.
was
portfolio return. Former
descerns
that
ment rules
need trouble themselves a
and
official
as
But neither the
-
without
investments
offering the suggestion that there
were
ways and means of avoiding the rigors
of the
President's suggestions—and ever since has been offer¬
ing "explanations" of what he had to say lest someone
suppose that he was not supporting his chief all the way.
most
Reserve
Recommendation for the present emphasizes short-term port¬
The
less.
Y. Federal
Management
group have done
prescription is compounded for commercial bankers
that indicates interest
as
from the
of Chicago, Chicago, III.
who have failed to maximize their
demands and other objects of organ¬
the bargaining tables of the nation. He
moderation in wage
labor
Copy
a
Commercial Banks Should Learn
spoken the day before), and acknowledged that organ¬
ized labor had had at least something to do with his
ized
Cents
President spoke to
organized labor about the warmer climate in the Florida
convention hall (as compared with the assembly of the
National Association of Manufacturers where he had
world, he then proceeded to some
50
4-8161
SAN
N.T..&S.A.
FRANCISCO
•
LOS ANGELES
5
2
The Commercial and Financial Chronicle
(2718)
The Security I Like
only
Banks, Brokers, Dealers
For
McKesson
If its Over-the-Counter
take
°
advantage of
i
t
i
'
Gregory & Sons, New York City
Members New York Stock Exchange
McKesson & Bobbins,
11
trading problems
during the year, our private wire
system will help you speedily
reach banks, brokers and dealers
throughout the nation—and pri¬
mary markets in over 500 issues.
■
-
'
.
'■•' '
■.
'■
'
The
distribution
BOSTON
>
NY
CHICAGO
Wire
Private
are
occurring
at
McKesson
&
role
to
Dealers
Security
close to a bildollar giant in the next five
Ass'n
Bids
the
as
(To Brokers and
Phone:
sents
in
3-7830
American Furniture
to
networks
services
to
and
is
aggressive
defensive
replace
unit
costs
LYNCHBURG, VA.
TWX LY 77
tial
channels' of
new
distribution.
-
tion
by
domestic
tor
needed
treatment
the
in
thritis. diabetes,
mental
Need Hard to Find
this
of
illnesses.
McKesson's
ar-
i
diversification
nation's
w
all
of
stock
L A. DARLING CO.
be
Complete Equipment
into
___
back-
6,000
-
-
THEM
bage
earnings
^
The
.
ft GO.
-
(2)
Detroit
1501
25%
as
J?terert in the company,
^ continues to expand
Branch
approxi-
accounts
Farlv in
Record
(Only $45
per
(Single Copy
bound
five
on
you
all
well
Over
as
-
monthly
listed
those
the
-
will
to
Counter
as
find"
quota¬
tions.
I
Write
or
WILLIAM B.
call:
DANA
CO.
25 Park Place
New York'7, N. Y.
REctor 2-9570
h
greatest
(3)
prices
securities
"hard
City,
Mich.
-
-
-
As of June 1, 1961,
a merger
99
of
d^' ™e?
hearines
Acco^
S conservatism
STREET
-
5, N. Y.
SUGAR
Raw
—
Refined
Liquid
Exports—Imports—Futures
these
moves
are
and
indicate
Slgnificant
most
WALL
NEW YORK
Dlgby 4-2727
nrnvim^tA thl' «R7n
that under the management of
^ and $2.50 a share milll°5
Qf Malcolm MacNaughton, who has
sales
earned the been President for thp nast two
Drug
Lfiug
a -w
still considered
nrevious
vear
+1
Reflecting
•
de-
+past two
+v>
•tow •%,
McKesson
picture
began
to
*+
|^9J^?ss1on negan to
ethical
drugs
lt
under
•
*
-ui
+
feasible to visualize sales oi
1S
ci0ce
to
$1
billion
earnings
and
*** "h*"
Castle & Cooke's onerations
7^
are
uooKe s operations are
,
aas- af saxs
$4)
publication
the
'
DE 75-
Bay
LAMB0RN & CO., Inc.
bee-r
Wa| £°rmed to bring a11 ,lands
Junder common management.
X°AU
t ■awas'vws
year)
—
ot
This
1961
manufacture
—
nt
distribution
the
of
Building
26, MICH.
2-3855
Office
betoZent of the companyg-s ex& eUon®
ns ownXeh7Tbou?2°ofpnroprieearnings should be about should this new image develop
Bank & Quotation tary drugs ' are manufactured. feai Looktaf ahead''five yeaS" fsv?rablty Cattle'L ftjaettveness
aneaa live years, to investors should take hold.
part
IN
Exchange
Penobscot
WOodward
the
on
SneVaUv Thifhas
of
70%
about
and
is
Stock Exchange"
Stock
DETROIT
Current operations reflect Dole Corporation and Bumble
transitional expenses,, start-up j$ee Seafoods, formerly majoritycosts of new branches and orug. owned companies, became effec¬
manufacturing, price cutting in tive. At the same time, a new subsome- drug_s> lawer. vitamin and sidiary called Oceanic Properties
Whole-
Manufacturingivianuraciunng.
Drug
ijrug
Members
'
Midwest
since '1851, it has not been well
known to American investors.
Earlier this year,, management
inter-
new
'
.
profits;
manufacturing
Stores
the
fnr
hospitals,
drugstores
mately
Retail
For
1^
in'
over
to
drugs
SOLD
—
,
Distribution:
Drug
and 74% of
■
BOUGHT
is Hawaii's largest comand has been in existence
pany
.
.
for about 62% of McKesson's sales
*
ex¬
Despite the fact that Castle &
-
Cooke
heart disease and
wholesaler of drugs and
distribution
sale
the
of
QUOTATIONS?
»
its
of this,
suggest that
I
wholesaling of chemicals and sun-'
dries as weli as drugs and liquor
have
with
of its six areas of activity due
considerable growth:
(1)
'
in
;enor-;
poten¬
considered for
wasteful
eliminating
distribution provides the
all
FIND
v
cause
,
Moreover, greater emphasis on
drug manufacturing will probably
liquors. Its operations now
considerably greater scope
: ?
the
Telephone: BEekman 3-3622-3
.
Wire to New York City
11
' .because
sive
N. Y.
149 Broadway, New York 6,
national operations have virtually mainland. It was also stated that
limitless possibilities, for profit, a N«w York Stock Exchange iistt
?i mli fiJai vi!
Sale of pre-mixed drinks could mg. would be applied for in the
^fi,?
,
ii it
utfLinf also conceivably build worthwhile "ear fat"re- The" Pacific -Coast,,
yields 3A% on its $1.50* dividend.■ ^t/olume and be much more profit- v listing followed in the wake-of a
Until
recently,
McKesson
& abie fban the low margins pres- broad scale consolidation of the
Robbins
was
almost
entirely a entjy earned in liquor distribution, company's far flung holdings,
STRADER and COMPANY, Ine.
i
aggres¬
OFFICE:
YORK
NEW
and
of
Securities Co.9 Ltd,
the
Be¬
disjribu-
wholesale
of
M
:
-
industry
land-
-
...
Commonwealth Natural Gas
WILL
in
food
holdings.
manu-
this
in
' t
its
of
state
States. Skaggs.drug, variety - and
It
large
and
open
DAI WA
of defensive
because
Western
to
possesses an
facilities, handling sho..M _ot onlv
* te a. more
*
listed its stock on the Pacific
should not only create
charges and mu tiple mark-ups. gffmient giant in distribution but Coast
exchange
in
order
to
McKesson's 128 yearsb™ad»
Life Insurance Co. of Va.
YOU
t
valuable
duplicate
Bassett Furniture Industries
r». r
r
characteristics.
fruitful
operated
warehouses;
would
substantially
lowei
facturer
Trading Interest In
Private
7.
stores,
tion
—5-2527—
YorkCity
~
tensive
ing into nationwide mass distribu-
U> 39
N
Mem&er.: New York Stock Exchange
for
area
1-2762
NY
No.
SECURITIES
Manager, Investment Department,
the business done with drugstores
dollar and repre-
offices
JAPANESE
-
.
-
sundries. This will further enlarge
and
branch
to- our
the
on
MORRIS PECKMAN
:
.
Teletype
listed
is
mous
of
60%
over
enormously-
an
stock
wires
Direct
improve overall profit margins
cost reduction. Discount The company has an unusually"1
long - term
supermarkets .and
other^ attractive opportunity to; (develop1 v.
capital
ap¬
lower cost outlets have reduced
national leadership in the manu-^-n< foorVflpeckm'an
preciation by
investors
prices at the retail level. Com- \facture and distribution of quality
parable cost reductions can be generic drugs, particularly of the seeking a reasonably priced qualachieved by consolidating market- maintenance
prescription
types ity issue. %-
Dealers)
WHitehall
consumers'
the
Exchange Place, New York S
40
takes
now
The
v
.
current
the
more
food stores some 30,000 different
sundry
items,
including goods,
toys, hardware, notions and other
Dis-
patterns.
marketing
tribution
Odd Lots
on
the
Stone sells
change
BONDS
of
lion
(from sales of $670 million
March, 1961 fiscal year),
better machinery, assembly
lines and automation have sharply
lowered costs of production, mass
distribution of goods continues to
& CO. INC.
vaiue.
or
Skaggs-Stone Inc.,
tributor
in
in
Members
Y.
Leason
build the company
Just
twice
New York Stock Exchange,
McKesson
acquired
a leading dis¬
general merchandise
drugstores,
J. Walter
years
GROSSMAN
Worth
NY 1-1557
La*- Birmingham, Ala.
Mobile, Ala.
of
distribution
broaden
They
promise
S. WEINBERG,
•
lead¬
distribu¬
in
Hflnover 2-0700
Germany's plant in Castle & Gooke, Inc.
Colombia, South America,
--Y'.castle & Cooke, Inc.,
(6) Sundries Distribution: To unusual combination
specialist
ing
System
the
.interest
an
19 Rector St., New York 6, N. Y.
New Orleans,
best> his dividends could be greatly
increased and the stock could be-
Y,
York stock Exchange
American Stock Exchange
Members
dividend yielding about 3.4%; at,
pharmaceutical, KM yooMs & Co
wholesale and retail
,
•
AT
v
7
and
Schering
Members New
;...
.leading
proprietary,
facilities
Steiner, Rouse & Co.
Manager, Investment De¬
partment, Kalb, Voorhis. & Cov,
York City. (Page 2)
possibly $150 million in live
eludes
in
as
nation's
'
tion.
N.
;
performing its
1-40
SAN FRANCISCO
•
changes
It
(5.)
International, Operations:
Acquisition of half interest in the
Droguerias Aliadas group of drug
companies
in
Columbia, : South
America brought new possibilities
in Latin America. The group in-
is
Bought—Sold—Quoted
million)
and 7%
ofcould generate -$100
$50
^
dis¬
Robbins
New York 5
•
PHILADELPHIA
Nationwide
X Xr
Teletype
4-2300
New
years,
Great
unique.
Exchange
man,
growing, ac¬
of sales (somewhat
and
posi¬
in
ager,
of
rapidly
and
profits.
company
tion
Member
120 Broadway,
WOrth
has
costs
chosen
tribution
Stock
100
products
customers; this division, still very
over
Best," ' X:
Like
have
Corporation
American
in
houses
1
whose
1920
Castle & Cooke,Inc.—MorrisPeck-
than
young
<
Fo^'my^sel'ectiorij'ofS"Th?Stock"!
New York Hanseatic
Established
discount
of
role
lowering
a
Associate
Incorporated
Man¬
selling them in small lots to 33,000
more
chemical
Louisiana Securities
Incorpor¬
Leason,
producers and re-
1,000
counts for 8%
Whatever your
Robbius,
Walter
Research Department,
Gregory
&
Sons, New
York
City. (Page 2)
over
handling
of chemicals
distributor
Manager, Research Department,
large
our
&
ated— J.
J. WALTER LEASON
and
Alabama &
Participants and
Their Selections
participate and give their reasons for favoring a particular security.
trading facilities.
Thursday-, December 21, 19-61
.
field from ail sections of the country
in the investment and advisory
Call "HANSEAT1C"
.
This Week's
Forum
each wesk, a different group of experts
A continuous forum in which,
In 1962
Best...
.
company is
,
potential profit,
Liquor
Distribution:
tributor of liquor
about
a
The
the only national disand
r
with
wines
considering
bargain
that
after
deducting all debt from the $130
million working capital, there still '
remains $21.80 a share of working
capital or 51% of the total market;
60,000
customers;
liquor
wholesaling and importing currently accounts for about 30% of
production (17% of Hawaii's output)
and macadamia nut produc-
tion,
and
stevedoring,
equipment sales and
non-operating
interests
in
in-
leaves a net equity ; surance and miscellaneous investwhich is only 8.5 * ments. The bulk of the company's
volume and 19% of profits.
The times earnings. These calculations $120,000,000 of sales comes from
Newport line of pre-mixed drinks indicate
simply that, at worst, a broad variety of nationallym six and mght ounce cans could
should
costs
prevent McKesson marketed food products, the best
be important when distribution is
fr0m realizing its dream and earnknown of which are Dole pinebroadened;
.ings not improve, the investor's I apple and Bumble Bee salmon,
(4) Chemical Distribution: Mc-Lrisk of loss is at a minimum and, tuna and other fish products.J'
Kesson is also the only nationwide he will continue to receive a $1.50
^ -pbe company is the largest land
.
(This is under
as. a
.
no
solicitation
.
-
.
value;
0f
cost
'
.
an
OVER-THE-COUNTER
this
$21.20
,
"
r
circumstances to be construed
pf
N. Q. B.
shipping
industrial
as an
-
owner
.
offer to selli
offer to buy(-any security referred to herein J
i
156,000
or
~
Hawaii
in
^
acres,
"
r,
holding
including
some
;
about
Continued on page 25
INDUSTRIAL STOCK INDEX
23-Year
Performance
of
35 Industrial Stocks
ti
.
f
.
FOLDER ON REQUEST
National Quotation Bureau
incorporated
46 Front Street
:
New York
4, N. Y.
Volume
194
Number
6118
.
.
The Commercial and Financial Chronicle
.
(2719)
CONTENTS
Problems and
Prospects
Of the American Economy
.
By Walter W. Heller,* Chairman, Council of Economic Advisers,
Washington, D. C.
V
of our economy by the President's • principal economic
confidently foresees continuing recovery in the months ahead
GNP is
resultant significant reduction
a
in
Articles and Neivs
'
v..
Analysis
and, moreover,
fflmp
•
,
adviser
3
V
-
.
Page
Commercial Banks Should Learn Profitable Portfolio
Management—Tilford C. Gaines___
unemployment.
expected to advance from $565 to $570 billion by the middle
Zo <^ne
Cover
____
•
;
Problems and Prospects of the American
Econoiny'
■pw- of 1962 and to $600 billion during 1963 which, also, would bring about
*';*'■;
'ty> •'••
&nb mi
'M '•
■
*
96% labor force employment
a
balance
our
that the
of
the Administration seeks from
norm
payments problem,
Dr. Heller makes crystal clear
-
through higher interest rates, restrictive budget policy, and similar
measures."
.
is
The
explained
key goal is summed
as
Stocks of Silver—Ira U.
achieve
Time Is of the Essence in
*
it.
I
thought
might
it
useful
be
to
Tough
where
economy:
how
we*
much
today,
are
ing. So I shall
not only "look
also
within
cen¬
economic
tral
goals
the
economy
ternational
borders.'
seek
maintaining price
under
the
out
direct
mandate of the
trols.
Employment
of 1946,
our
prospects
for achieving
our
Act
lems that
front
us
of
policies to
economic
our
have
us
to
face
and
come.
the
all
the
midst
of
brisk
a
activity
not
policy
today,
still have
tral
before
two
us
rapid rate than
past, the capacity
of our economy to produce useful
goods and services.
the
a more
recent
•
Translated
into
-
specific
goals
of economic policy, both
public and private, this calls for:
As We
<
; ."w
more
freedom
market
-
;and
rightly,
the'
add—at
promoting
a
new
the fruits of
same
labor
take
to
jobs
present rate of over
less, of the
force.
up
which various
indexes show to be operating
15%
to
below capacity.
Stepping up the growth
economic potential beyond
of
its
present
average
rate
of about
3V2% a year. As President Ken¬
nedy has stated, a growth rate of
(2)
our
4%%
"well
is
within
our
capa¬
This will require greater
bility."
investment
a.
in
physical plant and equip¬
ment.
b.
in
of
r
the
To
■
tangible factors
training,
education,
y
our
measure
re¬
irW:
*.,r
<;
y' " :'/•
'
48
'•
-f.•;
-
...'
FOODS PLUS, INC.
8
\
*
*
i
■
>
•
12
From Washington Ahead of the News—Carlisle
Bargeron
17
Indications of Current Business Activity.^
29^
Market
record
at the
faced
not
recov¬
had
We
from
two
1958,
in
omy
"i
.
CAP & GOWN CO.
17;'
UNITED
22
■
5
••
•
;.
Bankers..
"•
,
SERVOMATION
*.
'
18
_■___
•
•■
••
'
;
.•
...
■.
f
,
27
Observations—A.
Wilfred
May
4
Our
Governments
20
the American econ¬
has not enjoyed full employ¬
of
use
first half of
GLICKMAN CORP.
(The)—Wallace Streete__^_____
NSTA Notes
but
In fact,
and You
.
News About Banks and
re¬
recession
a
*_______
Mutual Funds—Joseph C. Potter.
its
Reporter
on
J.F.Reilly&Co.Jnc.
manpower
39
Public
Utility
Securities..
19
1957, more than four
Broadway, New York 5
Dlgby 4-4970
ago.
Because of high un¬
employment and widespread ex¬
cess
capacity total production
early this year was running about
$50 billion a year less than the
American
economy
was
readily
capable of producing.
Securities Now in Registration..
Prospective
Security
Security I Like Best (The)
has enjoyed a brisk advance.
total
Our
goods and serv¬
has increased by 4a/2% from
the January-March quarter to the
output
v
,
Security
Salesman's
July
and
year,
to
State of Trade and Industry
(The)
4
expect
we
this
figure
in the current quar¬
Industrial
production
in¬
Tax-Exempt Bond Market—Donald D. Mackey
creased
by
September.
Founded
9%
from
The
January
annual
on
to
Washington
and
You
48
rate-of
page
*Prospectus
26
Twice
U.
1868
Stock
Exchange
ST., NEW YORK 4, N. Y.
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'
ary
25, 1942,
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39
BROADWAY, NEW YORK 8
Quotation Record
year.
(Foreign
Note—On account
the
m V. FRANKEL & CO.
year.
Other Publications
vertising issue) and every Monday (com¬
plete
statistical
issue—market quotation
records,. corporation news, bank clearings,
state and city news, etc.)
Mother
Territories
Pan-American
Thursday, December 21, 1961
Every
request
second-class, matter Febru¬
at the post office at New
"
CLAUDE
on
Copyright 1961 by William B. Dana
Weekly
CHRONICLE
FINANCIAL
GEORGE
York
Distributing Co.
6
reach 7%
Reg.
Albany
Cosmo Book
20
September quarter of this
-
Spencer Trask & Co.
Corner._v_-_—
of
25
25 BROAD
,
ices
Continued
New
{
■
economy
WILLIAM
Members
2
■
.
..
the
46
^
.
February,
30
.___
Offerings
.
Since
PREFERRED STOCKS
^
,
our
year,
but
one,
cessions.
economic
nation
problem of recovering,
the
from
of
this
Early
ery.
.
.
Published
specialized in
.
•
•
.
Einzig: "A Floating Pound Would Cause Sterling to Sink"..-.
The COMMERCIAL and
For many years we
INC.
Cover"
1
economy's
.
and prospects
against
these goals, we should look first
search and technology.
have
(Editorial)
-•
••••'?^•.
progress
ter.
.
less
mackie,
&
years
the slack in our in¬
dustrial plant,
10
a '*
r
>
,
Dealer-Broker Investment Recommendations.
•
r.
Recovery
V '*
and material resources—since the
b.
14
GIRLTOWN, INC.
'
from its
or
See It
A-o
time,
ment—full
to 4%,
Bekaert
Coming ^vents ip, the Investment Field
distribution of
recovery and growth.
bring unemployment down
6V2%
A.
fair
1960.
enough
,
j
to restrictive
will
Expanding the markets for
services to levels that
create
13
____
Bank and Insurance Stocks
shrinking
without
this
goods and
a.
__
Singer, Bean
side-by-side
the country had not
fully recovered from that one be¬
fore we started sliding into an¬
other recession in the spring of
(1)
Greetings
cen¬
(1) to put large num¬
bers of unemployed workers and
a
large amount of unused plant
capacity back to work; $nd (2) to
in
11
Regular Features
y
stability and balance of
resorting
tasks:
expand, at
Rockwell___'
A.
—Leon
isfactory rate of economic growth.
We
Season's
Probable Impact of Trend Toward Regional
Groups
as
practices.
And the social
policy-maker would quickly, and
yet
sat¬
achieved full recovery and a
;—H.
—Philip A. Fleger
of pay¬
trade
in
advance
has
—
10
minimizing
of
growth
of
area
without
and levels
of
consumer
well-being and though already in
power
economic
Conditioning Industry
means
achieve full recovery
To
faster
complish
the American economy — though,
second to none in its productive
the
Ever Growing Air
payments equilibrium, and to ac¬
that
fact
9
Public Power Advocates Are Renewing Their Attacks
improving
balance
policy
with price
thinking,
in¬
summarize • t hen,* the
goal we seek in Ameri¬
I
follows:
consider the shape
we
This
means
economic
can
con¬
as
of economic
In
Walter W. Heller
.
barriers.
common
difficult prob¬
at its
or
c
position without reversing
May
the
of
This also
trade
them, and
wage
basic
our
5
When Do We Benefit Most In Taxing
Foreign Earnings?
stability with¬
and price con¬
international
ments
______j
—Cloud Wampler __I
v
and
we
some
The
economic pol¬
not
is
faster
growth
achieved without
shrinking "the
area
of market
freedom, either
ex¬
amine the
It
ployment
at the record"
but
the
of
simply .full,
employment and faster growth at
all costs.
Rather, it is full em¬
to be go¬
seem
demands
free society
a
more
icy-maker.
got here, and where we
we
*
this twin assignment
as
be,
may
3
Effecting Airline Mergers
J
-—Alan S. Boyd
review the state of the American
Cobleigh_________________
•
economic growth which
up as
the Administration's plans to
are
—Walter W. Heller
.
does not lie in restricting "a slack domestic economy
cure
>
v
of the
—r
Monthly,
Postage extra).
fluctuations in
of
exchange,
remittances
for
subscriptions
and
advertisements
br made
in
New
York
funds.
WHitehall 3-6633
Teletype NY 1-4040 & 1*3540
4
The Commercial and Financial Chronicle
(2720)
demonstrates
OBSERVATIONS...
A.
BY
WILFRED
The
the
with
Argentina's
eco¬
currently highlighted
life,
her
by
of
course
nomic
agreement
new
standby
International
Monetary
Fund, accompanied by Minister of
Roberto T. A^mann's
visit to this country, has implica¬
tions of world-wide significance.
Economy
Drastic
MAY
with the
TESTING
soundness
of
rest
Aid to Latin
our
be
bi-laterial
action
once-only
so dramatically
highlighted by President and Mrs.
Kennedy's flying weekend visit
to Venezuela and Colombia; the
potential impact of the Common
Market, with the need for de¬
cision whether arrangements with
should
combination
political
in
this
the
severance
and
way,
the
Steel
Production
Electric
The State of
has
sector
A
:
Output
Carloadings
Retail
TRADE and INDUSTRY
Trade
Food
Price
Auto
Production•
Index
Business Failures
Commodity Price Index
out of
strike
pay
critical
in
October, the drain on
budget from railroad deiiciteering, estimated at $150 mil-
the
lion in
1961, will subsequently be
materially lightened.
,
v. . . . ^
As
throughout the world, agriculture presents the most serious
and long-lived difficulties. "Agri-
by
Thursday, December 21, 1961
.
of
settled
nations
.
courage.
taken the form of a halving of the
existing bureaucracy, via dis¬
charging
50%
of
the * workers
along with drastic abandonment
of trackage.
With the attending
America has been
them
the
and
.
Expansion
Federal
in
in
pre-
Distribution
of
Industrial
construction
activity,
employment
in-
nonfarm
ing at nearly 7% during the
ceding 11 months,
its
Summary
Conditions.
production,
says
System
National
Business
activity
the
November
Reserve
November
and
business
in
continued
Retail sales, after
jn
October,
increasing 3%
3%
rose
further
in
acting singly, or multi¬
November to a new high. Sales of
agreement, re¬ lateral
creased
and
retail
with
sales
rose
nations
acting
in
durable
goods
stores
advanced
placing an expiring one, specifies
culture remains as our principal
sharply further. The unemploy- 7% as deliveries of new
concert; and, particularly impor¬
domestic
standby authorization for drawing tant
economic goal," Mr. Alemann as- ment rate
(as also in France), the shed¬
declined, showing the aut0s rose to a seasonally adjusted
up to $100 million over the next
serted here.
ding of light on the political im¬
;
;
first
significant
reduction
this annual-rate of 7 million from
12 months. It is particularly in¬
Industrialization also, of course, year. Bank credit increased some- 6.2 million in
plications of "austere," or at least
October. Gains were
teresting in the context of the
takes time; four more years now what further,
"restrictive," policies.
widespread among stores selling
full-dress controversy at the IMF
being allocated to the goal of annondurable goods, with the total
Annual
Contradictory Fiscal Records
Industrial Production
Meeting in Vienna last
nual steel production from
1,000,up 2% from the advanced October
September, over the proposals
Argentina has been exhibiting 000 tons to 2,500,000 tons.
Industrial production increased level,
paving the way to major enlarge¬ a sharply dichotomous fiscal sit¬
further in November to 114% of
Commodity Prices
ment
of
That $64 Question
borrowing
privileges, uation. On the one hand the ex¬
the 1957 average—one point above
The wholesale commodity price
with preliminary implementation change rate of the
peso, to some
But more important,
and em- the previous high in August and
index
remained
stable
in
late
agreed to in Paris last week by extent
stemming
from
foreign bodying great uncertainty is the October.
The
November
gains November and early December,
the U. S. and nine other countries help, has remained
stable, practi¬ question whether sound economic were
primarily in output of final Prices of steel
calling for a $6 billion swelling cally unchanged, since the end of policies
scrap turned up
can
be
pursued
in
a
pioducts, both consumer goods and •yffpr* havinf declined shamlv in
of the available standby total.
1958.
democracy (as is now being .tested equipment.
and
of lead
Internally, on the other hand,
The Timetable Test
Auto assemblies rose 15%~ in zinc were raised. Prices of most
the cost of living has continued in.„ lance), wnethei the citizenry
indefinitely continue to swai— November
from an October level industrial
The Fund's basic policy limiting its
sharp rise ever since 1951.
commodities, however,
low Mr. Alemann s
indispensable ^ill limited
the extension of its resources to
by work stoppages/were unchanged,
From 1957 to 1958 this Index rose
austerity pills in the sbsence ot
Current Droduction schedules inrhelp over short-term difficulties 50%, from 1958 to 1959 it doubled, a
dictatorship - Communist or JJicate a
of
three-to-five years
furthergainin Decern- J Bank Credit and Reserves
duration, from 1959 to 1960 it rose by 15%, some other
variety.
As Mr. Ale- ber
and
The
IMF
new
_
October
.
.
pdcesT
5a "d
.
.
for
trasted
general
with
the
for
gram
by
years
the
purposes,
great
Aid
long-term
IDA),
and
specific projects
con¬
and
pro¬
above
(as
50
devoted
to
(as with the In¬
ter-American
presently it shows
The
months
12
17% rise
a
preceding Minister of Econ¬
omy, Sr. Alvaro Alsogaray, also
of the austerity ilk, asserting that
Development Bank,
the
Export-Import
Bank,
and
DLF), renders important the time
sidies have caused living costs to
rise about twice as much as they
required for,
should have, maintains that capi¬
as well as the extent
of the successful consummation of
Argentina's "austerity" policies.
While it is rumored that imposi¬
,
tion
of
specific : internal reform
safeguards are in the offing, all
the
past drawings from the Fund
have
been, broadly, for "compre¬
hensive
stabilization."
Argentina became a member of
the International
Monetary Fund
in
September 1956, with an initial
of $150 million, which in
quota
December
1959
increased
was
to
excessive capital outlays and sub¬
tal
of
outlays have created the risk
"slide
new
a
into
inflation."
moval
of
while
promptly helping the budget, that
has tended temporarily to raise
the
cost
latter
tive
related
version
ment
with
of
from
gets
items.
her fiscal
endorse¬
some
France's
This
experience
reforms,
effec¬
so
the
over
long-term.
Simi¬
larly in Argentina, then, the fruits
of the
many
additional reforms
$42
instituted
million
was
repaid; $72
mil¬
lion in December
1959; $70 million
in December
1960; and $50 million
last October—with total net draw¬
ings
to
date
aggregating
$229
million.
Also
cance
emphasizing
of
current
the
and
dizi's
the
since
advent
President
three
as
doubling of taxation and the
whole
drastic
reduction
bureaucracy,
must
time to be gleaned.
of
needs
the
take
De-Featherbedding
events in Argentina
on
the
The
Progress, whose importance along
railroad
the West with
test
handling
situation
crucial
a
laboratory
the question whether our
Aid to the Less
Developed nations
most
of
the
previous
be made effective
both
eco-
nomically /and politically.UU';!
Dear
Mr.
I
agree
creased
ber
LiiaL
caution.
of
year-end
I
would
add
the follow-
"Marking-up" securities
cqttirio'
■ 1-1/-1
v.
•
•
-that
u.
v.
,
tin,v Jsndbuymg right back
iimin ? It
Rrohts to offset
pieviously taken iosses—may ioox
is
one
.
about
year
to
expire.
be
can
but has
m/?£S
of the
use
lor
mi
five
The
years.
irL
mark-
year'
•
would
v
tion.
otherwise
go
prema~
Lmf-HiPrftS
y
little from +tCCT"
the tax
costly
a
opera
t
s
J.
S.
&
Certified
New York
_
.
rate
Admit
_
_
Wakn
yy
ctiton
F.
Walsh
as
of
Jan.
1
become a partner in Paine,
Webber, Jackson
&
Curtis, 25
St., New York City, mem¬
bers
of
the
New
York
Stock
Gerard L.
Regard
Vice President & Treasurer
Mr.
age
a
private
far
3%
Philip
Dresdnpr
Vice President
&
joined
firm's
Vice President
entered
in
1918
Company.
Jackson
in
served
Kenneth H. Avery
&
practically
the
in
the
new high.
reflected
a
rise
residential
advance
in
building.
fourth
quarter,
So
total
constrUction activity has been 6%
a year ag0>
compared with
above
year-to-year increase of 2%
a
the first nine months of this
in
year,
princi-
Federal
U.
and
S.
Reserve
Government
absorbed
through
drains and gold outflows.
Excess reserves
Yields
ties
rose
rose and member
n0nfarm
establishments
rose
somewhat further in November to
54 5
million< A moderate increase
in manufacturing employment
was
accounted for almost entirely by
a gajn
automobile industry,
Average hours of work in manu-
Government
from
4.00%
securi¬
mid-November
respectively
November.
Seasonally adjusted employment
jn
on
rose
further
reported
by
Employment
services
Yields
on
in
mid-
corporate
and on state and local government
bonds also rose.
Common stock prices increased
moderately from mid-November
to mid-December, reaching new
highs. The volume of tracing
expanded.
with
by
and
most indus¬
declined
in
state
were
decreases
more
in
and
Clearings
ad-
local
than
off-
construction
for^ Week Ended
Dec. 16 Were 5.7
% Above the
Same Week Last Year
Bank
an
clearings this week showed
increase compared with a
year
Preliminary figures compiled
by the Chronicle, based on telegraphic advices from the chief
ago.
and trade. Unemployment did not cities of the country, indicate that
show the sharp rise that usually for the week ended Saturday,
jn November and the
sonally
adjusted
sea-
unemployment
Dec.
16, clearings from all cities
of the United States from which
Continued
ra^e declined to 6.1%, after hold-
In
E.
on
page
1919
Curtis
all
Paine,
Webber
&
Exchange
he
of
abraham
the
who
Com¬
Cable:
and has continued in that
until
Ricpistell
the
present
capacity
time, operating
from Paine, Webber's main office
at 25
strauss
passed
offices
away
will be
on
December 19, 1961,
closed December 21
and
22.
1942, Mr. Walsh assumed the
responsibilities of office manager
WHilehall 4-4000
respect for my father and partner
and
our
tis in
of
B.
departments.
When
Broad Street.
to
mid-December, as they usually do
at this time of year. In midDecember the three-month bill
rate was around 2.60% and the
long-term
bond
average
was
around 4.06%, compared with 2.53
and
Ernployment
broker¬
with
pany merged with Jackson & Cur¬
currency
construction,
new
of
securities
;
supplied
were
through
purchases
further
Out
Walsh
business
Smith
Teletype: NY 1-4479
Pally
Ex¬
change.
Broadway, New York 4
Reserves
contra-
Broad
Chairman of the Board
50
less in November than in October,
operations
nonmanufacturing
industries
as
continuing gains—to new highs—
will
Members American Stock
mill
$59-5 billion,
occurs
K.
1
November
mainly
set
TTT
iiuiiiit
William
Secretary
month,
substantial
The value of
tries.
Accountants,
City
.
declined,
.
Paine, Webber
TTT'H
securities
early De-
the
of
and
steel
season_
increase.
facturing
Seidman.
Seidman,
Public
in
holdings of U. S.
deposits declined less than usual
for November.
Total reserves and required re¬
serves of member banks increased
and
-
,
Wl
Dharamsey
e e
a
government
Vice President &
Government
credit
further
which had changed little in Octo- bank borrowings froni the Federal
ber> increased 1% in November Reserve also increased somewhat,
a seasonally adjusted annual
Security Markets
in
Hoosain M.
iron
A
vances
President
of
nttle lesg than
for-
„
ward
strongly
1
Losses
carried
in-
Construction
The
ing example of the latter.
losses
a
late* November
cember,
vvlIllt-
deal
materials
slightly further in Novem-
showed
activity in securities that is justified, some of the advice requires
Seidman
John C. Pistell
:
of
Outout
your
good
a
November. While
sonally adjusted average money
supply continued to increase. Time
seasonal
with
standpoint and is
Richard C. Pistell
new
record.
a
Production
ally through most
May:
llloimBIUIlie
prompt
p
Pistell, Inc.
a
bank
somewhat
at
Column,
"Twisting The Calendar," of Dec.
14, maintaining that while taxes
niichoc
name to
to
con-
commercial
loans and holdings of state, .local,
and other securities rose. The sea-
In
ON YEAR-END TAX FICTION
+'
change of its
and
Total
increased
of business equipment, with gains widespread, was
'
the
and
Output
/•
•i\u
TPay
the losses
announces
rates
peak
decj.eased
FROM OUR MAIL-BOX
if
Pistell, Crow, Inc.
goods
in November, to
rose
staples advanced
sumer
high.
home
of
apparei aiso
on
can
of
regime's
our
-
something only if the
(
Railroads
is the highly
publicized $20 billion Alliance for
heartening
in
K^f ancJ, sound good
signifi¬
prospective
deep
Truly then, Argentina supplies
Fron-
ago,
the whole-
^
.
years
Output
to us,
political solidarity.
subsidies,
some
stated
nas
job shift of railroad workers
Ooes very
Mr. Alemann, interviewed here,
emphasized his adherence to the
principle that it is the actual re¬
Drawings have been
$75 million in April 1957, of which
$280 million.
mann
sale
ago.
•./,
DAVID
STRAUSS
ABRAHAM
STRAUSS
&
SON, INC.
28
Volume
194
Number
6118
Commercial and Financial Chronicle
The
(2721)
of most
Stocks of Silver
Comment
the
A
market advance, based on ex¬
pectation of a rise in the price of
silver, began this Summer, but a
number of analysts seem to feel
free market for silver, its indicated price trend,
and reference to certain companies in line to benefit therefrom.
on
new
that
metals.
While
other
metals
have
been
"1 lutur alutays thmuilit itf (fluiiituiaii
valued, bought and sold primarily for their practical utilities,
these two have been singled out,
originally fortheir ornamental
and artistic qualities and later, to
aright, if augtliiui] Irrtmipiup tit it ran
ttr apart*
discussion for
our
tuutli timr;
a
a
the
original
and
one,
„once
kiith, fur piuiup rltaritahlr, plrasattt timr;
the
mtlp timr I lutmn ttf, in tltr Imtp ral-
ntiutr nf the yrar, mhru mm atth mmuru
bp
our rounrut tit itpru
their nlptt-
brails frrrlp, aub tit think itf prnplr
brhtut tbrat
a
at bimetallism, over the
have failed, as no way was
found to keep the prices (or the
supply) of silver and gold in any
constant
ratio.
became
base
as
if thrp
rrallp
turrr
frllitut
tbr praitr, aub tint atuttbrr
nf rrraturrs Itnmib
nu
ntbrr: ptttr-
Aub tbrrrhtrr I brliror tltat it bas
throughout
playing
I sap,
Government
ctHmciii
pnu
pnub; aub
Cbnb blrss it!"
(Eltarlw Dtrlmnt.
the
had,
with
world
important,
Price
met
but
United
1873,
since
The
States,
have
we
number of laws
a
1.8
billion
reserved
for
The
purchase
a
By
official
has
silver
redemption
in nsiiver
of
certifi-
Mining
is
leading
a
ounces a year. This shortage has
been covered by imports, and by
returns of silver lent to certain
fine
ounce
three
a
1939
to
71.11
proclamation
Price
at around 32 didn't do
Trend
this
copper
.
the
Cerro which, for 1961, should
a
wouid
Generally,
market
it is
thought that the
stabilize at between
may
about
$1.75
exploration
promising
areas
in
Production
is
the
was
by
cents; and in 1946, to 90mines
until
The
government,
also
1946, has been selling silver
that
sively,
lecently.
from
since
other
the
United
Whereas
States
there
in
tndpv'*
from
its
are
de-
times in history, silver
exciting role in the
economic life of man—in Roman
days; in Mexico; in Peru; under
At
and
many
has played
some
produce silver exclu-
an
Pizarro and the Spanish conquer-
and,
at
that price, has
been rapidly
losing its stockpile. Its free supply
(the amount above that required
to "back" silver certificates) has
lead, zinc, copper
and gold. Thus, the price of silver
is seldom a controlling operating
and in the roaring development of some of our Western
States. As a shiny, durable, non-
factor, and silver production may
be importantly
affected by the
market prices for these related
corroding, electric conducting and
easily worked metal, silver is
perennially attractive. And now
dwindled from 123 million
metals.
at 91
cents to domestic users,
the
beginning
of
million
22
action
this
ounces
seemed
ounces
year
now.
to
In
So
free
necessary,
November 29,1961, Presi-
on
ors;
—
that
event
any
market
in
of
silver
cur-,
"on
a
it
has
burst
price bonds, it
the creation
a
restrictive
reward-
ing to the informed and the nim-
who
wish
rent and forward basis" has given
ble
silver
in silver stocks,
lustre; and the shares
a new
its
may prove
may
to
speculate
Kennedy ordered the Treas¬
stop
selling silver, and
to
ury
urged that the circulation of silver
certificates
of brotherly love
in
due
be
FINANCIAL
Reserve
CHRONICLE
reduced
these
course,
called in and
AND
and
that,
be
should
replaced by Federal
Notes.
All
of
which
WE ARE
With
a
OF
moorings.
Uncle
eliminated
THE
OUR
$1
over
Demand
an
And what
in
Barney Nieman
are
that
the
next
the
the
a
bear
cover
few
Ray
upon
some
side,
has been admitted to
General Partner effective
our
firm
AND THE
the
January 1, 1962.
traditional
uses
the
ornamental
of silver
Add to that the vast
silver
chines;
Cjolbin, $omlac L
charles
H.
li
STREF,Tt,
N£WJORK 4, N. Y.
Telephone: WHitehall 4-9330
-
II t>
coins
the
and* you
factors
thrust
In
/
VICE
growing.
new
demands
A
can
vending ma¬
expanding require¬
perceive
creating
in the
the
an
-
powerful
energetic
States, for
have been
CORPORATICN
ESTABLISHED
|
YORK
NEW
*
1SOO
MEMBERS
;
STOCK
EXCHANGE
AMERICAN
MIDWEST
.
45
STOCK
WALL STREET.
STOCK
EXCHANGE
(ASSOC.)
EXCHANGE
NEW
YORK
5. N.
Y.
'
ST
LOUIS
HARTFORD
PROVIDENCE
upPHILADELPHIA
price of silver.
United
PRESIDENT OF OUR
G. H. Walker & Co.
for
past two years, we
AS
and
are
photography and of the
electronic and space age indus¬
tries; and the need for shiny new
coinage in many of the'emerging
ex-colonial countries of the world,
Members New York Stock Exchange
67 BROAD
symington, jr.
gov¬
of
ments
&
Co.
OF
a
utensil
for
ELECTION
it?
won't
be
a
buyer for
while, for silver coinage,
particularly if it frees its certifi¬
cate-backing reserves. Elsewhere,
as a
Walker
Carter
of these
paragraphs.
demand
Lodge
A.
C. Steadman
Richard
ernment
quite
1. 1962
JANUARY
free market
demand-supply
may
try to
On
EFFECTIVE
Gerald
in silver, what is the indicated
price
trend?
Probably upward.
We'll
FIRM
PARTNERS
ounce.
Factors
Now that there is
factors
FOLLOWING GENERAL
as
arts, the market price swiftly
advanced to
pleasure in announcing that
THE ADMISSION
of supply to industry and
source
the
TO
Sam
PLEASED TO ANNOUNCE
cast
the silver market adrift from gov¬
ernment
We take
mar.
silver
has a
respecting
some 50,000 acres of what appear
to be silver-prone geology,
most
production
comes
ores
which
also
contain
metals
Asarco
W1^k sorhe partners,
velopment
program
North
figure
Canada.
in-
share
Perhaps the most exciting silver
cents.
der,
a
exploration v.now going on is in
Nova Scotia Where Gunnar Mines,
.!■'■.
t
on
W
silver
anart
Sninff
r.
production
Another
ronld
many
Most of the world's present s*1ver
nrWd
cmite
ket
world,
of the
in
to
earn
American
Befinim?
rise
troPt,Vplv
"f'w
'
share.
per
had
$1.10
share
a
company,
and
20C
expansion of existing production,
eager
30£
to
common now sells at around 59
and mi ht
„ be regarded as at-
would expect not only significant
but
silver
its net bv about
crease
$V* an<M1J°. a,< which Prices
in
rise
acjd
aroUnd
American continent. Mexico is the
remained
many
Price ceilin| should be about $1.29
an ounce, the price at which it
largest producer followed, in or-
advanced
well in
as
as
hoped,
'
in
the
it has
year
the. indications
ar? that the price will rise. A top
evea
figure beBy legislation
1933,
64.64
in
coins, silverware and ornaA
number of investors have
mental and artistic silver objects, used this new boom in silver as
A rising price of silver will, of an occasion to take another look
course, stimulate both the producat some of the bigger mining comtion and the melting; and possibly panies, in line to enjoy substantial
bring to market long, hoarded "fringe benefits," even though
stores of the metal, particularly their major outputs are in other
from Asia.
,
minerals. Cerro Corp., for instance,
ver
government
undergone
Presidential
dent
finally unite the world in God,
COMMERCIAL
a
silver producer. So is United Keno.
been a continuing shortage with Others would include Hecla Mindemand exceeding domestic pro- ing and Shattuck Denn. Day Mines
duction by roughly 110 million and
New York and Honduras
? silver
mining should prove attractive
for
many
companies.
We
major changes in the 20th century,
Thus,
Christmas
the
vprice, for*.
"silver,
some
in Christ and the peace
in
Silver Producers
Sunshine
money,
of
ounces
$2/bUli»n
some
of
and
Treasury has, at the moment,
about
that will
ounces
S
f pa/
to redeem silver cer- major metal
titicates
for their metal content.
Control
i/uniroi
WklnJfnrr.er?ofn"^nn,
backing for certain paper
at
for
million
Smeltim?
cents where
best wishes to you
40
annually, and domestic use of all
kinds
has
required around 150
million ounces. Thus there has
gold
metallic
a
the
an
UU
came
pitnb, aub milt bit
Our
as
secondary, role.
December,
mr
Ultimately,
dominant
cates.
bittir
silver
a
monetary" Durooscs'"coiraso'
passrttprrs tit
tirps.
was
pound
years,
about
rarr
dollar
the
tempts
In
ttp
new
sterling was
pound of silver. Many at-
silver
•unutt
today—the
free market in silver. In America,
front that... as
about
still
are
nutttii... apart
rmitr
front the tnntrratmu hite tit its iiarrri
aui>
ducing
shares
range.
Rosario Mining offer gold as well
as. silver production. Callaghan
exchange which we call money,
Mining has many diverse activiAs "money metals," the prices of foreign
countries during World tics, among them silver mining,
gold and silver have tended, over War II. These returns have been There are also several interesting
the
years,
to be controlled far pretty well completed, so we now lower-priced speculations on the
more by the
demands of govern- look to two main silver supply Toronto
Exchange, . particularly
uarnr
ments, than by purchase and sale sources; (1) production through- shares of those of companies opby individuals.
"
out the world, and (2) the turning erating in the Sudbury and Cobalt
All of which is introduction to back into metal (melting) of sil(Ontario) districts,
represent stores of value and units
of
timr, utlunt it ban
silver
buying
v
Silver and gold have, for centuries,
been
the
"sacred
cows"
among
producing companies have
some enthusiasm.
responded with
■
By Dr. Ira U. Cobleigh, Enterprise Economist
A (Eljratmas
5
the
pro-
BRIDGEPORT
WHITE
PLAINS
6
(2722>
The Commercial and Financial Chronicle
City;
TAX-EXEMPT BOND MARKET
DONALD D.
BY
MACKEY
.
Pennsylvania
Nassau
County, N. Y.; Oakland County,
Michigan; Oklahoma City, Okla¬
homa; and Jersey City, New Jer-
•
;
Kentucky;
State
School
^
otherwise
holiday week
gay
in conjunction with the cautiously
was
enlivened at least within state
estimated
and
municipal bond ranks by the
mile Extension, the combined net
successful flotation of
Florida
$157,000,000
difficulties of
legal and market nature were progressively overcome in bringing
the
bonds
The
with
the
to
marketplace. \
underwriters
»•
faced
were
snc* beyond, appears to
independent and conflicting
that had an adverse in-
reports
Usual nearsightedness.
fluence in immediately interesting
t
~
,
•
proximity of the year-end further
militated against ready placement
due to the closing out of 1961 in-
__7
This
to commit ahead.
the
criticisms
bonds
apparently
leveled
has
this
at
been
section is
Palm
completed
•
•
has
been
negotiation.
done
We
further
are
State Road Board, and the United
states Bureau of Public Roads,
climate,
this
of the
comsue-
pike and in view of the carefully
engineering estimates covering the 159 mile extension.
Debt Service Forecast
r
highway
field
has
been
creditable
a
Although traffic has
in
instances
some
estimated,
over
as
a' ten
quickly
a
accuracy
In
the
of the
interest
is
capitalized
for three years. When the
current
revenues
segment
of the
are
jected for
Miami-Fort Pierce
considered, and
even
a
ten
year
is
To
than
Vf
•
/ox
new
issue
either
York
—
(State)....
—.
New York City, N. Y
20,
1961
Bank.
of
tax-
out
have
show
or
reductions:
■
New
Bid
1.60%
On
the
Iowa
1978-1980
3.45%
3.35%
1978-1979
.1.30%
3.15%
3%%
3ys%
1974-1975
"
3 nn%
1978-1979
3.25%,: 3.15%
1977-1980
3.35%
3.20%
3.70%
3.55%
3.55%
3.40%
3 40%
325%
3'/4%
1980
3%%
1980
3%%
1979
3 6o%
3.50%
3y4%
1977
3 60%
3 45%
3.60%
3.55%
1980
Central
sold
Index=3.334%
MUNICIPAL BONDS
LOCAL STOCKS
^
Robifison-Humphrei} Company,
RHODES-HAVERTY BLDG.
' ATLANTA 3,
GEORGIA
JAckson 1-0316
Y
1963-1997
10:00
a.m.
10:00
a.m.
1963-1987 1
1964-1987
8,048,972
33,000,000
_____
11
_
2,000,000
20,000,000
1963-1987
11.00
a.m.
1963-1982
11:00
a.m.
1,242,000
1963-1984
1:00 p.m.
(Thursday)
Nev.
Ohio
-
6,000,000
1963-1981
2,150,000
1963-1984
Noon
2001
11:00
(Monday)
30,750,000
1,200,000
1963-1982
a.m.
1:00 p.m.
(Tuesday)
1,950,000
'
3,500,000
10:30
,
a.m
(Wednesday)
District
bonds
No.
last
other
Caldwell
Ector
Parish, La
Jan. 23
Thurs¬
Co.,
Inc.
1964-1973
*
1963-1982
9:00
a.m.
(Tuesday)
15,000,000
Jan. 24 (Wednesday)
Missoula, Mont.
(Thursday)
2,000,000
1963-1987
i
1,000,000
1963-1982
Rocky River City Sch. Dist., Ohio
2,250,000
Parish
Cons.
Drainage
District, La.
Re-
8:00 p.m.
1,700,000
Jan. 25
of
Austin, Texas
&
1,975,000
1,500,000
County, Texas
Jefferson
Pollock
2,500,000
1,345,000
(Monday)
Georgia Rural Roads Auth., Ga.__
3
members
"
Jan. 22
2:00 p.m.
to
yield from 1.80% to
about two-thirds of the
Feb. 1
during the order
Subsequent sales,, during
next
two
this balance
marked
days
and
the
closed.
cleaned
out
account
was
Monday, Dec.
18,
saw
the
(Monday)
Feb. 6
sale
Dist., Ohio
Angeles Sch. Dist., Calif
New Jersey (State of)
7,000,000
35,000,000
45,000,000
Los
Two
to
yield from 2.10% to
about half of the bonds
Rivers, Wis.
7:30 p.m.
1963-1985
Noon
1,700,000
__^
Feb. 8
•
t
2,900,000
(Tuesday)
Columbus City Sch.
$1,550,000 West Milford Town¬
ship, New Jersey School District
(1963-1982)
bonds to the B. J.
Van Ingen & Co. group as 4%s.
4.10%,
5
Tri-Cities Mun. Water Dist., Calif.
of
Scaled
1,000,000
Feb.
»
•
■
(Thursday)
Madison, Wis.
sold
were
(Thursday)
Harris Co. Flood Control D., Texas
7,000,000
have been sold.
On
Feb. 13
Tuesday,
$4,000,000 Santa
District, Cali¬
(1962-1986)
bonds
were
fornia
\
awarded to the group headed
by
the Bank of America N. T. & S. A.
members
include
Blyth
offered
to
yield
3.55%,
a
balance
from
stead,
New
School
District
York
Feb.
Jefferson
&
bonds
No.
due
3.70%
2,415,000
9,000,000
Painesville Twp. Local S. D., Ohio
1,000,000
Feb. 20
March 1
Brevard Co.
Louis County, Hazelwood
District R-l, Mo
i.,
.Free
sold
$2,-
to
yield
and upon
$846,000
Also
of
the
from
1.90%
to
reoffering, all but
bonds
were
sold.
'
"
1963-1991* to
Los
—__
*
;
•
Angeles, Calif
Weymouth, Massachusetts
•
.
Continued
on
page
1,100,000
Georgia State Highway Auth., Ga.
Angeles, Calif.——..
v*
3,000,000
Sch.
March 2 (Friday)
Los
■
4,000,000
(Thursday)
Spec. Tax D. #1, Fla.
St.
8 -Jefferson County, Ky
1963-1977
.
2:00 pm.
1962-1982
Noon
(Tuesday)
Ouachita Parish S. D. No. 1, La.__
the group headed by C. J. Devine
& Co. as 3.60s. The bonds were
scaled
County, Ky
Angeles, Calif.
$700,000
Union
1,420,000
(Wednesday)
1.70%'.to
of
1,
14
_"
Los
.
296,000
(Tuesday)
Edgerton City, Fulton, Porter, etc.,
Joint School District, Wis
Ana Unified School
presently remains in account.,:
North Hempstead
and Hemp¬
/-
2,000,000
_
Dist., Ohio
Co., Inc., The First Boston Corp.,
C.
J.
Devine
&
Co.,
Merrill
Lynch, Pierce, Fenner & Smith
Inc. and Phelps, Fenn & Co. Re-
CORPORATE BONDS
of)
Jan. 17
include Morgan Guar¬
Company
of
New
York, Bacon, Stevenson & Co. and
bonds
30,000,000
13,150,000
a.m.
(State
interest- cost.
Trust
E.
am.
9:00
York
anty
Wm.
10:00
a.m.
this group
Other
3 ESTABLISHED 1894fe
STATE AND
.
day, due 1962-1990, to the group
by Halsey, Stuart & Co.
The
1963-1982
a.m.
Jan. 16
headed
3.60s.
Noon
•
School
$3,000,000
3:00 p.m.
1963-1982
11:00
.
the
3.30%
on
.
10:00
Niagara Falls, New York
Oceanside-Carlsbad Junior College
District, Calif.
Pressprich & Co., William Blair
& Co., Shearson, Hammill & Co.
and
Braun,
Bosworth
&
Co.
Scaled
to
yield from, 1.80%
to
3.70%, current balance is $135,000.
The
Oyster Bay,
New
York
period.
3 50%
syndicate-
3.82%
a
-
-
a.m.
1964-1981
of this- syndicate
.Alpine School District, Utah______
Goldman, Sachs & Co., R. W. Norwalk Local Sch.
3.70%,
3.40%
-
of
Co.
members
sub¬
1980-1982
1978-1980
bid
Other
&
.
10:00
1965-1982
James
Bridge
&
Ferry Authority, La
Worthington Exem. Village SD, O.
(1962-1991) bonds to the
Nuveen
1963-2000
1963-1991
'
Ascension-St.
day, Iowa City,
$3,100,000 Water
same
awarded
Noon
•
(Wednesday)
Jan. 15
count.
■
1964-2001
1,150,000
Clark County, County S.
D.,
Port Clinton City Sch.
Dist.,
I. duPont & Co.
Carolina National
11:00 a.m.
2,000,000
Jan.
Savings
Bank,
Co., F. S. Moseley
North
Calif.
-
San
major
include
to
bonds
offered
Asked
3.65%
group
1,000,000
Pascagoula Mun. Sep. S. D., Miss.
Jose, Calif
Wynford Local Sch. Dist., Ohio
Bankers
1962-1984
a.m.
Minneapolis Special S. p. 1, Minn.
New Mexico (State of)
New
Reo£fg^d ; toUl yiqld, from
3.25%, only $175,000 pf.
presently remain in ac¬
(
been
York
the
Other
10:00
Lee County, Fla
&
Francis
the
and
as
3%
3%
Dec.
week's
extent
Maturity
Housing Auth. (N. Y;, N. Y.)"3%%
Los Angeles, Calif.—
33/4%
Baltimore, Md
Cincinnati, Ohio
New Orleans, La
Chicago, 111.
relative
3.334%.
the
•1978-1980
New
be
SERIAL ISSUES
Rate
(State)
Pennsylvania (State)
reliable
This
accounts
closed
3^/4%
New Jersey
Highway Auth., Gtd... 3%
Vermont
is
a
bond
stantiak
California (State)—
Connecticut (State)——
New
for
tone
buying during the
past few days the following recent
\
x
market
would
indicate
MARKET ON REPRESENTATIVE
rx
bidding im-
basic.
Index
exempt
pro-
period
index
rather
r'
basis
a
immediately
issue
indicates
such
market
always
New
mediately
but
average
not
reflected.
yield
Florida
new
yield
is
outstanding
high
20-year bonds, a market
move
:
case
Turnpike,
our
unon
grade
generally
in
traffic
prediction.
Since
based
as
Co.,
are
5
period
year
&
gain
seems certain to be evidenced
in next week's average,
not generated
there has been shown
remarkable
one.
unchanged
this
Trust
John
is
of
C. J. Devine &
its
engineering has
greatly by the varied
experiences of the profession during the past dozen years. The
overall job in a
completely new
Harris
from last week, the basic tone of
the market is strong and a market
traffic
benefitted
members
to
group.
1963-1987
(Tuesday)
Jan. 10
a
on
6,000,000
2,480,000
Terrebonne Par. Cons. SD #1, La.
attracted
made
was
cover
Co.
icle's
Index
East Bay Mun; Util.
Dist.,
Montgomery County, Md
past
for
close
Trust
Revenue
yield
Carolina
25,000,000
City Sch. Dist., Calif—:_
Jan. 9
received
award
holiday week. Although The
Commercial and Financial Chron-
mas
well known fact that toll
a
South
the
very
project.
which is unusual for the Christ-
of
bids
and
in¬
have been in considerable demand
present Florida Turn-
well
1,400,000
Jan. 8. (Monday)
Carroll College, Mont.„__
1,297,000
Flint, Mich;
, ! 6,950.000
Kenton City Sch.
Dist., Ohio—_
1,678,000
excep¬
2:00 p.m.
Jan. 4 (Thursday)
were
the
without
Noon
(Tuesday)
_„
,
The tax-exempt bond market
has been very steady during the
past week; on Monday, Tuesday
and Wednesday tax-exempt bonds
drawn
It is
looking
during
11:30 a.m.
1963-1982
2,325,000
3,500,000
Georgia State Office Bldg. Auth.,
Georgia
:
University of South Carolina
is¬
new
.
1962-1981
1962-2001
3,200,000
(Commonwealth of)__
f
below
a.m.
Jan. 3 (Wednesday)
.
Puerto Rico
$6,000,000
State
School and
Port Authority gen¬
eral obligation (1962-1981) bonds
economy
forward
Jan. 2
by in¬
On Thursday, Dec. 14, the
vestors.
11
for
almost
were
State
noted
10:00
Noon
1963-1982
(Monday).
Lauderdale Co. Sch. Dist., Miss.__
;
1,000,000 ,1963-2000
2,500,000
1,685,000
1,750,000
(Thursday)
Cypress-Fairbanks CISD, Texas—
Taylor Township Sch. Dist., Mich.
widen.
competitive
bid
and
tion
Ohio—_
Jan. 1
Awards
are
:
County Metro. D., Conn.
Riverside
few
week
Municipal Market Sound
IV2 times in competition with the
forty-mile section of public road,
cess
round
year
further
which
eagerly
progressively
throughout
Florida
which will contribute mightily to
Authority show that debt service
coverage will be covered less than
pelling in view of the great
The
developing
completed by 1973 if the
estimates of the Turnpike
appear
the
and
dustrial
This section of Route No. 95 is not
reassurances
to
Recent
im-
this strategically placed tollway,
the absence of heavy maintenance
charges because of the favorable
These
certain
(Wednesday)
Dec. 28
Hartford
taxable
sues
County,
bond market for
are annually
relatively more than are
counterparts. The
gap as between tax-exempt bond
yields and taxable bond yields is
by the job
through this
completed until 1973, according to
the expressed policies of the Fiorida State Turnpike Authority, the
1967
Trumbull
better
progressively sought.
their
v1-,•
impressed
are
pressed by the low cost aspect of
be
market
worth
negotiated
This 40 miles of road will not be
to
bond
somewhat
Tax-exempt bonds
_
was
■
.■
We
that
Beach
freeway,
as a
financing
lnc*
No. 95 when and if the Fort
Lauderdale-West
tl
comes
Alleman, Inc., Childress and CornPany, Pierce, Carnson, Wulbern,
of
the
presumed
competition with interstate highway
do
27
Mahoning County, Ohio__
Pittsfield, Mass
broadens, tax-exempt income be¬
us as un¬
Company, Inc., Leedy, Wheeler &
telling
issue
tax-exempt
to
Dec.
Illinois Institute of Technology, 111.
Gaining
Value
than the general
by Dillon, Read & Company, Inc.
along with Glore, Forgan & Cornpany, White, Weld & Company,
Wertheim & Company, Tripp &
vestment programs and reluctance
of
The
continues
Financing Well Done
institutions and investors, and the
One
Added
debt
a
the following tabulations we list the bond issues of
$1,000,000 or more for which specific sale dates have been set.
reasons
that
are
not
altogether
erally, if our national economic obvious
to
everyone.
Although
aspirations are to anywhere near- Federal income tax rates have not
ly hit their targets by 1973, con- •been^ 'increased, 1 the - total ' •tax
cern relating to a 40-mile corn- take moves up substantially each
peting road from the Miami area year. State and local taxes are
to West Palm Beach and its ad- steadily taking an increased bite
yerse effect upon a strategically from all tax
payers; not just the
placed 268-mile toll road in 1983 rich.
Thus,
as
the
tax
take
political,
a
159-
is estimated to approxiservice coverage of
1% times in 1965. Putting it gen-
mate
tax-exempt bond industry for the
as
the
revenue
State Turnpike Authority
bonds on Wednesday, Dec. 20. This
significant underwriting is one of
the signal accomplishments of the
year
of
revenues
Bonds
Thursday, December 21,-1961
.
In
k'k'
Tax-Exempt
.
Larger Issues Scheduled For Sale
Authority;
sey.
The
.
March 6
35.000,000
16,000,000
(Tuesday)
L__i—5,000,G00
April 16 (Monday)
„
1,200,000
1963-1982
7:00 p.m.
Interest exempt, in the opinions of
Hawkins, Delafield & Wood, bond counsel to the Underwriters, and of
Patterson, Freeman, Richardson & Watson,, bond counsel to the Authority, under the
existing statute and court decisions from Federal income taxes.
New Issue
December 21, 1961
$157,000,000
Florida Sta te
Turnpike Authority
.4%% Turnpike Revenue Bonds, Series of 1961
-
.
Dated November 1, 1961
Due November 1, 2001
-
Price 99%
plus accrued interest from November 1, 1961
Subject to redemption,
as
set forth in the Official Statement,
of the Bond Retirement Fund at any
and otherwise
as
a
time
whole at any time
on
on not less than 30 days' notice, in part by operation
after November 1, 1966, at redemption prices Commencing at 1031/8%,
after November 1, 1973, at redemption prices commencing at 104Vfe%»
on or
or
together with accrued interest, such redemption prices in each
case
decreasing annually to 100%
on
November 1,1991.
'
"*
*'
i
This announcement is not
an
ojjer oj securities jor sale or a solicitation oj an ojjer to bin/ securities. Copies oj the Official Statement
oj the Authority dated December 20, 1961 may bp obtained from such oj the undersigned as may legally ojjer these
securities under applicable securities laws. The undersigned are among the Underwriters.
'
,
,
'
i
Dillon, Read & Co. Inc.
Glore, Forgan & Co.
Leedy, Wheeler & Alleman, Inc.
Allen & Company
L
1
White, Weld & Co.
Equitable Securities Corporation
Harriman
Harriman
Goldman, Sachs & Co.
Tripp & Co., Inc.
Pierce, Carrispn, Wulbern, Inc.
Eastman Dillon, Union Securities & Co.
Drexel & Co.
C. J. Devine & Co.
O''"'
Wertheim & Co.
Childress and Company
A. C. Allyn & Co.
V
Ripley & Co.
Kidder, Peabody & Ct>.
Incorporated
Lazard Freres & Co.
Carl M. Loeb, Rhoades & Co.
•
/
Merrill Lynch, Pierce, Fenner &
Smith
W. H. Morten & Co.
v,
Incorporated
John Nuveen & Co.
Salomon Brothers & Hutzler
Reynolds & Co., Inc.
Phelps, Fenn & Co.
Incorporated
♦
(Incorporated)
Stone & Webster Securities
Shearson, Hammill & Co.
Bache & Co.
Hornblower & Weeks
Hemphill, Noyes & Co.
L. F. Rothschild & Co.
Incorporated
5:
Paine, Webber, Jackson & Curtis
R. W. Pressprich & Co.
Bacon, Whipple & Co.
Wood, Struthers & Co.
A. G. Becker & Co.
Blair & Co.
Incorporated
Incorporated
R. S. Dickson &
First of
W. E. Hutton & Co.
E. F. Hutton & Co.
Francis I. duPont & Co.
.
First Southwest
Michigan Corporation
William Blair & Company
Company
Incorporated
:-
Estabrook & Co.
Hirsch & Co.
Hayden, Stone & Co.
F. S. Smithers & Co.
Dick & Mefle-Smith
*
.
F. S. Moseley & Co.
/
American Securities Corporation
Clark, Dodge & Co.
Ira Haupt & Co.
Goodbody & Co.
Alex. Brown & Sons
Bear, Stearns & Co.
B. J. Van Ingen & Co. Inc.
Corporation
Company
Hallgarten & Co.
W. C. Langley & Co.
Kean, Taylor & Co.
Incorporated
Lee
Wm. E. Pollock & Co.,
Higginson Corporation
Stroud & Company
Stifel, Nicolaus & Company
Adams, McEntee & Co., Inc.
Dempsey-Tegeler & Co., Inc.
'
a
dross
Incorporated
Tucker, Anthony & R. L..Day
A. M. Kidder & Co., Inc.
Schwabacher & Co.
„•
Baker, Watts & Co.
Courts & Co.
-
Weeden & Co.
Incorporated
Barr Brothers & Co.
-
F. W. Craigie & Co.
Geo. B. Gibbons
& Company
Incorporated
Eldredge & Co., Inc.
.
%
Coffin & Burr
.
The Illinois Company
Robinson-Humphrey Company, Inc.
"...
Bacon, Stevenson & Co.
J. C. Bradford & Co.
Blunt Ellis & Simmons
Roosevelt &
The
Incorporated
Incorporated
•Incorporated
Riter & Co.
Inc.
McDonald & Company
<'
Stein Bros. & Boyce
'
Baxter & Company
Cruttenden, Podesta & Co.
Gregory & Sons
"
.
The Ohio Company
'
Stern, Lauer & Co.
'
•*
-
J.' A.
Hogle & Co.
:
V
Rauscher, Pierce & Co., Inc.
"
Spencer Trask & Co.
Chas. E. Weigold & Co., Inc
'
8
The Commercial and Financial Chronicle
(2724)
Stores
Allied
DEALER-BROKER
Hardy &
York
INVESTMENT LITERATURE
Food
on
American
IT
THAT
UNDERSTOOD
IS
TO
INTERESTED
SEND
MENTIONED
FIRMS
THE
PARTIES
WILL
FOLLOWING
THE
LITERATURE:
&
New
4, N. Y.
York
John
Lewis
H.
St.,
Analysis
—
available
Gulf
&
Co.,
5, N.
York
New
is
Canada's
—
Wall
Also
63
Y.
analysis of Texas
an
Sulphur
outlook
of
in
Oil
Gas
and
brochure—Canadian
—Analytical
Gas
and
Ltd.,
320 Bay St., Toronto, Ont.,
Investments,
Energy
Canada.
Canadian
Osier &
Memorandum—A. E.
Gold
Co.,
Toronto 1,
St.,
Ltd., 11 Jordan
Ont., Canada.
tive
Banks
Chartered
Canadian
Mines—Compara¬
figures—Wills, Bickle & Co.,
Ltd., 44 King St., West, Toronto
1, Ont., Canada.
Oil
Canadian
&
Gas
Reynolds
Industry—
Co., 120
New York 5, N. Y.
available
is va
report on
Report —
Broadway,
Also
&
Stores.
Allied
cussion
Investor—Dis¬
the
and
in
issue
current
"The
of
Exchange" magazine — The Ex¬
change
Magazine,
11
Wall St.,
New York 5, N. Y.—20 cents per
copy,
.$1.50 per year. In the same
is
issue
article
an
metics Industry
the
on
Cos¬
and Wall Street's
Favorite Fifty.
Departments
Field
&
Stores—Report with
to Marshall
Co., Nieman Marcus Co.
particular
reference
Inc.,
Broadway,
Ill
Industry,
Telegraph
Ltd.
Nippon Musical Instru¬
Manufacturing Co., Ltd.
ments
Japanese Stocks
Handbook for
—
investment, containing 20 essen¬
tial points for stock traders and
investors — The Nikko Securities
Japan
Tokyo,
Ltd.,
Co.,
York office 25 Broad
York 4,
Life
Street, New
Stocks
Insurance
St., Milwaukee 2, Wis.
Depressed
stocks
Issues
which
—
Colorado
Insurance
Bulletin
on
good value in the current market
—Hemphill, Noyes & Co., 8 Han¬
over
St., New York 4, N. Y. Also
is
available
a
discussion
Silver
market.
Drug
Industry—A
of
package
the
ap¬
proach to investing in the indus¬
try—Harris, Upham & Co., 120
Broadway, New York 5, N. Y. Also
available is an analysis of Spen¬
cer
Chemical
Inc.
pher & Co., Board of Trade Bldg.,
Kansas City 5, Mo.
—
Foreign External and Internal Se¬
year-end
booklet—arranged
thony M. Reinach — The Bookmailer, Inc., 232 East 35th St.,
York, N. Y.—$2 per copy.
1962
for
Bulletin
—
Droulia & Co., 25
Broad St., New
son
prices—
by countries—
Electronics
Analysis—Nomura
61
Industry
Securities
Broadway,
New
—
Co
York
6.
Japanese Investment Survey—Re¬
port—The Daiwa Securities Co.,
Ltd., 149 Broadway, New York 6,
York.
Japanese
the
and
35
industrial
counter
National
the
listed industrial
the
Dow-Jones
over-the-
stocks
Quotation
—
Review
—
orandum—(Pershing
data
Andrew
Eighth St.,
Andrew
is¬
interesting—
appear
Great Northern, Northern
Western
Pacific,
Maryland
and
Florida East Coast.
*
New York
—
Kidder
Inc.,
New York
are
data
Grayson
tronics
Wall St.,
5, N. Y.
Aeroquip Corp.
&
Data
A. M.
—
Wall St.,
5, N. Y. Also available
Co.,
on
Peter
on
Paul.
1 y s i s—
n a
Mass.
available
Also
of
Elk
discus¬
are
Coal and
Horn
S.
U.
Industries.
Industries
on
—
&
available
Memorandum
McKinnon,
York 4, N.
New
Eroadway,
Also
is
2
Y.
memorandum
a
Unilever.
Lines—Analysis
—Cruttenden, Podesta & Co., 209
South
La
Salle
St., Chicago 4,
111. Also available is an analysis
Shaw
Barton
Inc.
Aluminum
—■
Canada
Dry Corp.
Laird,
Bissell
Analysis
—
&
Meeds,
New York 5, N.
—
120
Y.
Products—Analysis—J.
Hogle
&
5,
Co.,
Wall
40
Central
Gas
Hudson
Corp.—Data
in
New
issue
current
of
Merrill
—
Lynch, Pierce, Fenner & Smith
Inc., 70 Pine St., New York 5,
In
the
issue
same
data
are
Crystal Salt Co., Brown Company,
Anderson,
Clayton
Merchants
Manufacturers
&
Inc.
Controls
C.
States
Gas
Analytical
Trenton
8, N. J.
&
Building,
Coastal
Corp.—Report—
Co.,
Trenton
Wegard
Trust
Co.
Producing
brochure
Paine,
—
Webber,
Jackson
&
Curtis,
Broad
St., New York 4, N.
Also
available
General
is
a
25
Y.
memorandum
Industries,
&
Consumers
N.
data
are
S.
99 Wall
Y.v:
Vending-
Wickett
New
St.,
York
5,
Crcwn
Co.
Insurance
—
Re¬
Co., 120
Curtis
—
Johnston,
Terminal
Ohio.
■
Dresser
Lemon
—
Memo¬
Stiver
& Co.,
■
Dillon,
Co., 15
5, N. Y.
Dresser
—
Tower, Cleveland 13,
&
York
Inc.—Analysis
Union Securi¬
Broad
St.,
New
Sprayregen,
Electronics
Ltd.
Haft
Co.,
&
Stearns
★
★
★
26
&
Co.,
1
Wall
—
geles
Trosier,Singer & Co.
ra
C.
—
J-E
Plastics
W.
J..
available
Also
Y.
—
Sparks
&
&
Gannon,
Pine
80
St.,
Mass.
St.,
New
Seventh
West
14,
St.,
Los
An¬
Calif.
New
Butcher &
Sherrerd, 1500 Walnut
Philadelphia 2, Pa.
Clemens
Mount
Co.—Bulletin—De
Organization, Inc., 120 Broadway,
New York 5, N. Y. Also available
bulletins
are
Chemical
and
Corp.
Equitable
ern
National
on
and
—Herbert E. Stern &
Natomas
Company
Walston
&
Co.
Pacific
State
William
South
Review
—
Bank
&
640
Co.,
Spring St., Los Angeles 14,
Calif.
&
Spectrum, Inc.
Common Offered
Adams &
Co., 5455 Wilshire Blvd.,
Angeles, is offering publicly
60,000 common shares of Meas¬
urements
Spectrum, Inc., at $5 per
proceeds will be used
by the company for the purchase
share.
Net
equipment, repayment of debt
and
working capital.
is headquartered
Measurements
815
Fremont
S.
Ave.,
Alham-
bra, Calif.
America
of
—Analysis—Charles A. Taggart &
Co., Inc., 1516 Locust SL, Phila¬
delphia 2, Pa. Also available is
an
analysis of Glickman Corp.
Petroleum
& Co.,
4,' N. Y.
York
Petroleum
Pubco
Federal
C.
R.
Bond Market
awarded
Reoffered to
sold
&
Inc., 80
10, Mass.
Co.—Bulletin—Rein-
Gardner, 400 Locust
Louis
2, Mo.
-—Analysis.^—W. E.
Wall
St.,
Co.,
V
Royal Dutch Petroleum—Bulletin
Co.
Trust
a
&. Co.,
551
(1957)
Ltd.—Analy¬
Roadhouse &
Co.,
St.,
of
Ont.,
Toronto,
Oil Corp.—Review—Pur-
&
Co., 50 Broadway, New
York 4, N. Y. Also available are
surveys
of Amerada Petroleum,
Enka, Firestone Tire &
Idaho
and
Corona
Smith
Marchant—Survey
St., New
5, N. Y.
Mobil
Socony
Broadway,
Oil
New
Refractories
Co.,
N.
Broad
15
Y.
'
at
group
runner-
interest
The
by
Chase
Moderate New Issue Calendar
The
and
issue
new
calendar
has
expanded since last writing
presently totals around $350,for the next six weeks
000,000
is
This
moderate
a
for
calendar
this
period of the year and with
the improved tone of the market
more large issues can be expected
announced.
be
market's
Co.—Bulletin
a
York
survey
Co.
and
4, N. Y.
of Gen¬
Public
St.,
a
chart
Service
Brothers
New
York
—
early
by
year
far beyond vol¬
seems
expectancy.
ume
The
inventory -situation
far
state
than
better
has
total
a
in
of
is
Dec.
bonds
reported
as
been
total
List
municipal
and
The
it
Blue
The
our
as
inferred,
have
remarks
months.
20.
enhanced
in
interest
marketing,
the
However,
capacity,
Federal
week
on
today
ago
$450,415,000. On Nov. 30, the
figure was $504,450,000. The pre¬
vious low total was $367,997,500
was
on
Sept. 28.
The
Power..
—Auchincloss, Parker & Redpath,
2
2.94%
a
made
$380,552,399
Co.
York
mains in account.
Fifth
Canada.
Rubber
New
of
cost
Man¬
hattan
Bank
group.
Scaled
to
yield from 1.70% to 3.20%, a bal¬
ance
of $4,200,000
presently re¬
bid
was
is
cell
bonds.
2.93% interest eost. The
Shop & Save
Bay
$430,000
to
an un¬
mond,
Virginia
various
Public
Improvement (1963-1982)
bonds
were jwon
in very close
bidding by the Morgan Guaranty
previous
335
of
only sale of im¬
portance involved $7,800,000 Rich¬
Ave., New York 17, N. Y.
sis—Doherty
bonds
account
Wednesday's
•
to
Company
Hutton &
St., New York 5-, N. Y.
—Weingarten
the
,
Dutcli Petroleum
Royal
to
yield from 1.65%
balance
been
Corp.—Bulletin
St., Boston
Can
school
$2,000,000
1962-1981
3.50%, the account reports
2 Broadway,
Middlebrook
&
Exempt
-
Continued from page 6
Corp.—Bulletin
—Goodbody
New
Tax
up
Corporation
Southeastern
Analysis—Geo. Eustis & Co., Tri-
Covato
Co., Inc., Bigelow Building, Pitts¬
burgh 19, Pa.
which
Analysis
—
Staats
R.
—
Wall St.,
Co., Inc., 74
5, N. Y.
New York
Memorandum—Orvis
—
4, N. Y.
Youngwood Electronic Metals Inc.
South¬
Co., 52 Wall
New
Michigan
New York
headed by The Northern Trust Co.
Research—Memorandum
National
tion, 120 Broadway, New York 5,
of
Inc.—Analysis—B utler,
Herrick & Marshall, 30' Broad St.,
due
analysis of Standard Kollsman.
Corporation
V ie wlex
Starch
Life Insurance
Also available is
York,
65
Conklin
Witt
—New
Elox
—
Co.,
Co.
Products
Metal
eral
York
a
&
Co., Inc.,
York 5, N. Y.
Elliott Automation
Ltd.—Analysis
Hanseatic Corpora¬
Com¬
10
Magnetic Metals—Memorandum—
York
Co.—Memo¬
Co.,
&
—Shields & Co., 44 Wall
Specialty
is
at
Inc.—Analy¬
Liederman
E.
&
Survey —
Broadway,
York 6, N. Y. Also available
survey of Mercantile
Stores
Fahnestock
140
Inc.,
10,
Richer Laboratories,
sis—D.
randum—Moran
of
Funds —Re¬
Boston
St.,
memo¬
a
Electric.
Custodian
port—May
Federal
is
Wagner
on
Keystone
Products—Memo¬
Tech-Aerofoam
Los
Manufacturing
Co., 120 Broadway, New York 5,
N.
Malkan & Co., Inc.,
Broadway, New York 4, N. Y.
—
Allyn & Co., 122 South La
St., Chicago 3, 111.
—
Publications—Memoran¬
H.
dum—'Arnold
Measurements
Report
Salle
Memorandum
Brush
2,
Memorandum
—
and
memo¬
a
—
Bear,
randum—Dempsey-Tegeler & Co.,
210
A.
American
Capital
5, N. Y.
Electronic
★
International
Memorandum
—
York
is
Products
Steel
Inland
Sinclair
'
Industries—Memorandum
Broadway, New York 4, N. Y.
to All
309
Louis
Ave., New York 17, N. Y.
son
14
Inc.
Indu tries,
—Eastman
©est Ulislii"..
Co.,
Seager Securities Corp., 310 Madi¬
hold t
C. MU;;
D.
Industries,
randum—Saunders,
ties
&
St.
Danly Machine.
on
Inc.
—Bulletin—Lenchner,
—
Co., Southern Building, Wash¬
ington, 5,
antl
randum
St.
Industries
Bremson
-
Memorandum
1
Jones
available
—Coburn
Broadway, New York 5, N. Y.
Casern's (Srevtmijs
"115
Co.,
&
D.
Co.,
&
view—L. F. Rothschild &
&
N. Y.
Edward
Pubco
Automatic
Continental
Y.
Payne.
Analysis—V.
Inc.,
Elec¬
Data—Win-
on
available
Hclmerich
Roblin
Jerrold
—
Also
Stores,
Corp.
Pictures
26
Drug
4
Motors—Memorandum—
Premier
Telephone.
slow, Cohu & Stetson, Inc.,
Broadway, New York 4, N.
Stores,
Thrifty
Robinson
1
Co.,
St., New York 5, N. Y.
Circle
—
United
Co.,
&
&
General
Also
F.
T.
New
St.,
Cameo
Instruments
Bu»ck
Fourth
5,
on
Beryllium Co.
Texas
Minnesota
Broadway, New York 6, N. Y.
North
—
-Manufactur¬
Memorandum
—
Data
—
80 Pine St., New
N. Y. Also available are
Inc.,
Court, Newark 2, N. J.
and
Nordeman
Bruns,
York
26
Motors—Memorandum—
General
St.,
Electric
&
Reader"
"Investor's
St.,
V'k i
V
N. Y.
A.
J.
Systran Donner Corp.
Darius
merce
Albany St., New York 6,
randum
Analysis—
Parker, Ford and Company, Inc.,
Vaughn Building, Dallas 1, Texas
Carter
Richard
Mo.
Corp.,
Ill
Broadway, New York 6, N. Y.
M.
Paper.
Trailer
Glasrock
Thomson
—
Joy
Company—Analysis
Securities
Telephone
General
Bryant
Ontario
—
Co.—Memoran¬
Industries—A
Arvin
Columbia
Crardall Co., 79
South
207
Inc.,
Co.—Data—Carl
on
Lane
&
Jergens
Co.,
Electronips,
&
Fruehauf
St. Louis 1, Mo.
memorandum
data
are
Co.—Analysis—
*
Inc.—Report
—
Loeb, Rhoades & Co., 42 Wall St.,
New York 5, N. Y. Also available
ing,
dum—Eppler, Guerin & Turner,
Inc., Fidelity Union Tower, Dallas
1,
Texas.
Also
available
is
a
on
Electronics,
—H. B.
&
&
Sons, 409 North
Jergens
A. G. Edwards
L.
on
5, N. Y. Also available are
on
120
London Grocers Ltd., Diamond
Bonds—Bulletin
which
Co.*
&
Broadway, New York 5, N. Y.
on
New York 4. N. Y.
sues
Foundries—Mem¬
Bureau
period — National Quotation
Inc.,
46
Front
Street,
Seaway
Market
American Steel
Y.
Bureau,
Railroad
Casualty
&
N.
Averages, both as to yield and
market performance
over
a
23year
Fire
on
memo¬
a
in
used
5, N. Y.
N. Y.
New
in
used
Averages
Adelphi
Ltd.,
the
between
stocks
Folder
up-to-date compari¬
an
is
stocks.
York
—
Report
—
Motor
Broadway,
—
4, N. Y.
Hanseatic Corporation,
120 Broadway, New York
Japanese
By An¬
Inc.
Flo-Tronics,
Seal
Aetna
data
Stores.
Rockower
and
Ford
available
Also
Bauer
Nature of Puts & Calls
Arlan's, Mar-
on
Y.
of
Y.
memoranda
N.
1962—Outlook—Bulletin—Parrish
Co., 40 Wall St., New York 5,
225 East Mason St.,
2, Wis. Also available
Inc.,
Milwaukee
are
&
Loewi
—
St., Minneapolis 2, Minn.
&
York
New York
Christo¬
C.
Market—Bulletin—B.
Memorandum
—
Sixth
Associated Truck
H. Hentz & Co., 72 Wall St., New
Co.
curities— 1960
Co.,
Service
International Safflower Corp. and
showing
to represent
appear
Inc.,
Processors,
Wool
Falk
Sterling
—
Naftalin
Arvin
Western
2,
Exchange Place, New York 5,
Springs, Colo. Also available are
on
Peerless Mortgage Co.,
Over-the-Counter Index
Michigan
Bulletin
—
data
Outlook
Co.—Memo¬
Cincinnati
Building,
Ohio.
rud
Insurance
Thursday, December 21, 1961
.
20
—Copley and Company, Inc., 620
North
Tejon
Street,
Colorado
New
Broadway,
50
.
randum—Kidder, Peabody & Co.,
sions
N.
Co.,
State
Co.,
Colby & Co., 85 State St., Boston,
waukee
East
New
—
N. Y.
York
207
Co.,
Ricoh
and
and Johnson Hill's Inc.—The Mil¬
Co.,
New
of
New
York 6, N. Y. Also available are
analyses of the Japanese Vinyl
York,
Discount Stores
Capital Gains Tax: Impact on the
Economy
Co.
Chloride Industry, Telephone and
Co.
Future
Securities
Yamaichi
a
Inc.—Analysis
—Gruntal
randum
Airlines
—
Inc.
Mart,
Airlines
American
PLEASED
BE
Report
—
4, N. Y. Also available is
report
AND RECOMMENDATIONS
Corp.
Co., 30 Broad St., New
.
toll :road
issues
have
done
slightly better since last writing.
On Dec. 14, the Smith, Barney &
turnpike
Company
Index
bond
3.90% yield. This
averaged market was about onequarter
point
better
than
the
averaged
at
previous
week's
the
tone
market
than
is
a
market.
is
Again,
better
here
by the Index.
For those of you who have reaa
this far we express our hopes to
&
you
5,
believe
for
tough
expressed
a
Merry
that
one,
next
too.
Christmas. We
will be a
year
Volume
194
Number 6118
.
.
The Commercial and Financial Chronicle
.
(2725)
nology and
Time Is of the Essence in
I
Effecting Airline Mergers
detailed
warns the industry to act soon in their
public's interest in effectuating mergers, or face Board's
studies
specifically
recommending
which
carriers
competition and;
(3)
minimum size for each carrier.
Mergers probably present the best
solution to the problem which the
recommendations concerning spe¬
cific carriers.
Although it is true,
airline
as
companies
basic,
is excessive competition. Of¬
that
ficials
favor
;
express as
who
mergers
and to come up with a
which will disclose the
We have
a
sta¬
ob¬
tutory duty to the public, to the
nation, and to the air transporta¬
tion
industry which we must dis¬
charge. Where we do not have the
power to rectify an
undesirable
situation in air transportation, at
objec¬
least
we
mend
reasonable de-
can
it and
expose
corrective
recom¬
action.
should
tition
should
mergers
Hon. Alan S.
integrated
and
the
route
surviving
should
be
structures
financial
sounder
for
Boyd
bet¬
in
result
The
The
remain.
ter
Public
fair
condition
carriers.
and
Price
service
ade¬
quate to the public. Several times
I
record as favor¬
given these condi¬
tions. I do so again here.
Mergers are difficult to bring
nave
ing
'
gone
on
mergers
about.
The
Board
without the
is
to order them to come
They usually involve com¬
power
about.
negotiations,
plicated
carrier
requiring
managements
to
reach
controversial
questions, and eventually requir¬
ing CAB approval. They are pos¬
sible
of
attainment,
however.
agreement
Witness
many
on
fact
the
that
the
16
"grandfather" airlines ex¬
in
1938, five have been
merged into other companies.
I
would hope that others of the 11
major
isting
trunklines
domestic
istence
will
merge
now
in
ex¬
in the future,
if the remaining
be
carriers will then
sound and offer
financially
and competitive service
adequate
components
(individual
companies) are owned by many
The
thousands of investors.
The
com¬
fact controlled by
Management per¬
sonnel have devoted their lives to
panies are in
management.
developing the companies.
They
are
well paid today because
of
their efforts.
Management has a
understandable
perfectly
vested
interest in the continued existence
of its
vested
This
by
the
Board
interest
has
in
Studies
Advocates
the
past militated against merger pos¬
sibilities.
It is quite important
carrier
individual
that
ing
any merger
in
the
need
is that it must be
interest.
People
to
want
travel
manage¬
send
and
They would have this when and
where they want it at fair prices
for appropriate qualities of serv¬
ice.
The
carriers were
granted
their
certificates
line routes have
the
in
represents
route
awards
a
structure.
they
before
they
are
to
none
is
It
now.
here
sence
the
become worse
become better than
Time is of the es¬
and
there
is little
or
vast
a
able
in
mass
personal view that
own
will
not
act soon
interests and in
if
in
that^ of
public, the Board should in¬
stitute studies of its own to de¬
the
velop detailed criteria for mergers
and
to
determine what carriers
airline
in the better inter¬
and the nation.
speaking of studies in
abstract, I am speaking of
merge
of
command
sufficient
financial
re¬
Cavis, Vice-Presidents; Harry
G.
Stracks, Treasurer;
approval, I hope that they
in t
go
o
this
problem
in
for
more
detail,
and
engineering as well as
basis, how the re¬
maining carrier would measure
up to a criterion of minimum ef¬
♦From
a
talk
Connecticut
"Issues
a
given type
low-cost
Asiel & Co. to
Admit Partners
Frank
Levy
are
Challenges
quire
a
If
example, 10 jets of a
single type at a cost of $5 or $6
million
each,
plus
associated
and
ground
This
Joins J. S. Strauss
and
mainten¬
announcement is
neither
SAN
FRANCISCO,
Kirkland
S.
has
the
staff
155
Montgomery
York
Stock
&
of
J.
Calif.—Frank
been
S.
added
Strauss
Street.
Exchange,
Exchange member firm
Co.,
20
City.
to
Broad
■
Co.,
member
was
also become
' '
a
partner in Asiel &
of these securities.
188,750 Shares
Electronics, Inc.
Common Stock
its traf¬
on-line and inter-line.
The inter-line portion will show,
at each connecting point, each of
fic,
both
the
various
carriers
Share
through service.
comparing these charts over
where
see
periods,
the
By
sev¬
they
should
of
traffic
trends
Carl M. Loeb,
pointing.
are
I
believe
that
Share
Copies of the Prospectus may he obtained in any State from
only such of the undersigned and the other several underwriters as may lawfully offer the securities in such State.
period, each
markets for
survey
per
which
carrier will know the most likely
eral
$8
In this way,
of any one survey
as
with
Price
wherever
a
Rhoades
&
Co.
Incorporated
po¬
tentiality exists for better through
service, a potentiality exists for
generating more traffic.
I feel
that
the
CAB
would
be
ex¬
tremely
interested to
learn
of
any such cases which will simul¬
taneously satisfy a public need,
expand the market for air trans¬
portation, and strengthen the air¬
line carrier system.
All of these Shares having been
Not
a
sold, this announcetnent appears as a matter of record only.
December 18, 1961
New Issue
Effective Competition
There is
would
a
second basic criterion
like
to
stress—the
need
70,000 Shares
Harsco
Corporation
less to the number of
competitors
and more to the intensity and ef¬
fectiveness of competition.
i"
am
not
at
this
time
about
Common Stock
to
launch into the vast and
controversy
complex
competition.
I
competition is basic
over
that
accept
prise svstem. I accept, as is stated
in the Federal Aviation Act under
which
we
operate, that the public
interest requires competition. But
there is a limit on
it imposed
by economics and
I
believe
reason.
that
to
better service, and rapid
in
aviation
tech¬
improvement
Carl M. Loeb,
Asiel
.
December 20, 1961
per
of
St., New York
Co.
offer to sell nor a solicitation of an offer to buy any
The offer is made only by the Prospectus.
$1
will
31, Robert K. White, a
of
the Exchange, will
&
an
Par Value
and
On Dec.
He
formerly with Hooker & Fay.
Cramer
ac¬
membership in the New
be admitted to partnership in the
^Special to The Financial Chronicle)
neces¬
Dec. 28 will
on
General
and
many
operations.
and Max¬
Kirchner, Secretary.
an
financial
by Mr. Boyd before the
Symposium on the
of Air Trans¬
portation," Hartford, Conn.
it were, for
spares
well
considerably
have today.
how
W.
M.
purchase and operate
optimum-sized fleets of the highly
we
Mason
Board
to
sources
sary
Vice-President;
surveys.
spur
the
specialization
utive
Britton, Harriet Horne and Helen
show oh
I have not
capital, and be able to
Chairman of the Board and Vice-
President; Benjamin Wein, Exec¬
Each carrier should map
I
not
efficient
and
Morse, who will ac¬
quire a membership in the Ex¬
change, President; Saul Bergman,
origin-des¬
traffic
est of the industry
am
cally
labor
be Alexander
of basic data avail¬
competition has
advantages to the public and to
the industry, acting as a continual
should
be clearly understood
using these figures only
am
will be formed with
offices at 26 Broadway, New York
City, as of Dec. 28. Officers will
illustrative purposes.
If any
carriers present merger plans for
Fortunately there
recurrent
our
tination
increased.
for
concept of mini¬
when every airline company must
think seriously in terms of po¬
is
be
Exchange,
to the entire American free enter¬
waste.
my
carriers
their
may
the
of
to
mathematically.
It is,
fundamentally, that each carrier ficient size.
be sufficiently large for a techni¬
provide for better service,
through service, to more
people in more communities.
The time has obviously come
foi; effective competition between
carriers. Usually, competition is
thought of in terms of numbers
of competitors. I would like here
to change the emphasis, and look
industry
competitor.
out
need
It should
size
mum
should
Before I go into some
merger criteria, let me say this:
time may be running out for some
carriers to receive what they and
their investors consider to be a
the
then
The mini¬
investment would
Morse,
Bergman
&
Co.,
Inc.,
members of the New York Stock
It
I
price for merging into other
companies.
It is altogether pos¬
sible that financial conditions in
worked
basic change
suspensions ''in the light of what
is best for the public and the in¬
fair
each
more
tential mergers.
Also,
conditions
Morse, Bergman
Forming in N. Y.
in
awarded
and
of time
equipment.
level
mum
Size
public and national interest. A
merger
bilities
dustry.
Minimum
of
been
$100,000,000.
period
and better
route.
public con¬
venience and
necessity to meet
these public requirements.
Air¬
today review merger possi¬
and
route exchanges
or
ment
public
or
approv¬
capital require¬
single company could
that I
planes of
for
receive goods and mail by air.
or
sure
company.
own
criterion
the traffic connects.
at reasonable charges.
V
first
total
a
exceed
a
were
serv¬
sionally be justification for three
or
possibly more carriers on a
I will not try to
say
Interest
sized fleet
change and competition enforces
rapid modernization with newer
expensive aircraft
greeof compe¬
similar
a
some quite excep¬
there may only be
one,
and monopoly is justified.
Beyond a certain high density of
traffic, or for some other- over¬
riding reasons, there may occa¬
cases,
opinion,
that
tives in public
service.
A
over
a
the
;able
easily
car¬
fairly
for
servation
desir-
two
between
the
ments for
most
re¬
capital. If,
system
smaller modern aircraft
also needed for shorter haul
There is another essential • to
effective competition, and that is
a requirement for a minimum size
to
power
situation in full.
should
with
out
route
of
diversified
a
of
V
the
report
achieve
balance
million
adequately,
order
mergers, we are not without the
power to study the matter, in my
without
$75
service
will
is
dorsement
they
a
I have just said that the Board
usually qualify their enwith
the
comes
tional
suggested are:
of effective
to
ices,
that
on
facilities, it might well
quire
large cities. In
should
for the good of the industry and the nation. Merger criteria
(1), protection of public interest; (2) preservation
merge
ance
balance between bene¬
a
feel
nearly
regulatory head
and the
own
to strike
riers
Air carrier
practices.
competition has its
that the economy in¬
costs, and
evitably pays for these benefits
of competition.
The objective is
I
Washington, D. C.
f
economical
that
fits and costs.
By Alan S. Boyd,* Chairman, Civil Aeronautics Board
,
know
9
Rhoades & Co.
10
The Commercial and Financial Chronicle
(2726)
of
ment
The Ever
Health,
By Cloud Wampler,* Chairman of the
Board, Carrier Corporation,
well
Ten
make
recognized
$25
billion.
This
than
H.
founders
dicted
of
that
would
our
company,
b
e
stallations will be sold at
streets to pro¬
vide air con¬
mated
ditioning
one-third
a
utility
public
service
some
22
of
esti¬
for
—
years
tween
of
following this-
cooling capacity with an installed
prophecy —
the Hartford
value
C-as
j ust
such
serve
Cloud Wampler
a
to
including
Structures,
ten,
ily,
'
of
complex
a
commercial
several
facility
broadcasting
and
ux-
At
a
.
;
there
was
Dr.
little
approach
which
at
some
re¬
indicative
are
'of
this, market is
: v \'m
on
confident that this
school
the
enrollment.
expanding
ignoring air condi¬
industrial
an
,
.
which
call
for
better
investment
ranging
for
'
*
huge
feet
of
production
than
less
•conditioned.
toda-/,
being
air
construction,
New
-
will total at least two million tons
of. cooling
capacity.
And
that
already
means
business
matter
in
amount
schools
latetTrrthis ^drket' is bf vast im¬
portance to our industry. V
-
those
plumbing
and
less -many
other
things.
= The
fact : of the
built
be
can
conditioned
for
more
no
the
one-quarter
in
for
of
our
about
billion
industry
shall discuss would have
dollars
be¬
,
caught him the least bit off base.
Be that
discuss
tioning
tant
as
five
particular air
markets—already
but
march.
it may, I would like to
very
And
I
definitely
do
so,
firm
condi¬
capacity between now
with
the
ning; in
$1
the
in the
value
1966,
Hospital
run¬
The
Now
market
is
de¬
In¬
cidentally,
then,
Estimates
by
the
the
school
U.
S.
School buildings-—
750,000
Hospitals _____J
1,400,000
Industrial plants
2,000,000
designed
conditioning
This had to do
in
1914.
with
a premature baby ward in
Pittsburgh institution.
Depart¬
systems
4,700,000 ;
Apartment houses-_ 1,750,000—
Carrier
Dr.
Until
quite
a
Total
Turning
however,
recently,
hospital air conditioning was con¬
fined to special treatment areas
lars,'it
such
worth -of
surgeries,
as
delivery and
nurseries
will
and
Along about 1955 it became
parent
that
hospital air condi¬
tioning would become a market
of importance. But the present out¬
look
makes
that
of
few
a
old,
small- indeed. Con¬
sider this if you will—the Federal
Government
$1.6
billion
struction
now
in
estimates
that
hosptalj
con¬
new
each
is
needed
up
to
adequate standards.
Related
building
bring
this
to
dol¬
nearly $6 billion
business
for
the
industry
,
^
;
.
:
.
,
as
please
estimates
keep
are
~
in
mind
tried and true markets
office
that
exclusive of the
-buildings,
such
department
sub¬
vessels.
Next
prototype
deliver
ordered
As
space.
sufficient
for
bedroom
of
for
cooling
Most of these
1,200
No
house
with
of
us
floor
a
y.'
now
predict
air
condi¬
thermoelectric
tioning will become practical for
residential
commercial applica¬
or
tions. Obviously, there are many
problems yet to be solved. But I
am
I
these
sure
cannot
will be solved
imagine
of
ours.
a
more
v
-
;
v
Without question we
•
long, long
are
prevents the spread of odors.
in
or
the
appears
likely that among
general hospitals used by the av¬
citizen
ments, more
patient-bed
short-term
for
than
60%
will
areas
of
be
ail¬
Cj a //»
the
air
in
1902
the
which
when
scientific
he
air
Willis
he
Rational
into
submitted
Psychometric
:
•
talk
by Mr. Wampler before
meeting of the American Society
Heating, Refrigerating and Air Con¬
ditioning
Engineers
and
the
American
Society of Mechanical Engineers, N. Y. C.
a
joint
of
E. F. Hutton Co.
Jan.
1
William
F.
Close,
will become partners in E. F. Hutton
& Company,
1 Chase Man¬
hattan
Plaza,
members
of
the
New
York
City,
New York
Stock
Exchange. Mr. Tullis
his
headquarters
in
New
let
will
make
the
firm's
Orleans office, 233 Caronde-
Street;
located
in
Mr.
Brown
the
Houston
will
901 Rusk.
sell
large
Marketing Department
Altogether hospital installations
tons of
eooling capacity valued at
dollars,
more
than
y
Industrial
-
> T
one
Trend
j']/
,
conditioning" and here
it is interesting to note that the
LYNCH,
PIERCE, FENIMER A SMITH INC
f
My fifth chapter is headed ."in¬
dustrial air
MERRILL
billion
-
;
70 PINE
Eli
W. Tullis and John Dennis Brown
during the next five years will
probably
account
for
1,400.000
.somewhat
first
1911 stretch very far
the future.
*From
the
conditioning system
when
and
Formulae in
Carrier
created
»»
conditioned by 1966.
a
technology. And I hold that
trails
blazed
block?
It
still
from reaching an
end to growth either in markets
way
vigorously
a
and
exciting
area for the research and
develop¬
ment people of this great industry
to
conditioning aids patient
recovery,
increases staff effi¬
ciency, makes housekeeping easier
area
'
can
be
three
average
feet.
square
one
when
the
ex¬
air
the
capacity,
Like
;
to
of these assemblies would
facilities
tremendous
themselves
pressed
erage
powered
andother
program
key executives.
and
air
between
is the attitude
of hospital administrators typified
by a recent survey involving 18
tha-t
thermo¬
conditioning unit for
nuclear
for the'-next
year
10
to-
develop¬
To Admit to Firm
these five markets
and 1966.
figure
my
ago- look very
the
;
As you consider this staggering
years
on
in
prototype
S.
On
from tons to
now
appears
account for
now
ap¬
.
;
.10,600,000
V conditioning
rooms.
recovery
y.
central
,
first hospital air
system
market.
which
veloping swiftly is hospitals.
the
School Market
Residential
Conditioning
Air
| Another
total pretty close to
-
a
Tons
v
billion.
impor¬
on
installation
sum
and
use
and
one
dollars.
which I
a
air
two
existence
money
and frequently for less tween now and 1966.
money
than conventional strife- <
'It is estimated that during thqj itures; '•
$6 Billion by 1966
n
t
^5 ■
'
:
of buildings such as those which next five years more than 1,600,Our market research people be¬
>
Now then, let me do some sum¬
are
part and parcel of urban re¬ 000 apartments in buildings con¬ lieve that 750 000 tons of cooling
marizing by listing the tons of
taining five or more units will be
newal programs.
capacity will have to be supplied
cooling capacity which we foresee
provided. About one million of to school and
colleges during the as
Each development that I have
being required during the next
these will be air conditioned. For next five years.
And this should five
convered thus far would not have
years
in the more rapidly
mean orders for our
industry to¬
our industry this means in round
developing
markets that I have
surprised Dr. Carrier at all. And
talling
almost
one-half
biilion been
figures 1,750,000 tons of cooling
discussing:
I
really doubt that the
others
particularly suitable as a, means
of air conditioning large clusters
stage
of
Navy. This will contain 24
panels and the entiie unit will oc¬
cupy less than one cubic foot of
space
less wall construction, less wiring,
air
one
electric
U.
10%
condi¬
that
ex¬
.However, it represents
expects to
*
the
with
is
the high
on
as
•
of
heat¬
operating
the
'
indication
an
with
less
the
spring Carrier
to classrooms strung new production facilities will be
wings automatically makes •constructed. The air conditioning
more, compact
building requirements
of
these
together
a
much
also
marines
powerful
a
opposed
in
and
or
very
is
important
ment
from
which requires less ground space,
air
pense.
future potential, the nation prob¬
ably has some six billion square
of
cooling
26% upward. Any such considera¬
influence.
aids
control
con¬
Many
of the
aware
panel. The cost
BTU of capacity is
per
side "as
the human factors
upon
this
presently
■
.
.
are
tion is bound to have
-As
there is
Then
of visual
use
industry
thermoelectric
substantial number of plants
an
annual return on the
a
added;
conditioning,' are
numerous.
A most important fac¬
tor is the steady rise in summer
the
a
,
cover
—
tioning
,
me
nology of air conditioning.
of
•
let
subject with which
ing "sandwich"
indicate
for the increase in
a
am
in
air *
briefly
turnover. Please, note .that for the
-
moderniza¬
Technology
point
moment I
i Studies of the effect of air
about
one in every 20 new primary and
secondary school buildings is toer
ing completely air conditioned:
:
reasons
a
part of
in¬
existing structures.
this
in
as
I
these
construction
new
unavoidable
At
ductivity,t Improving morale and
reducing absenteeism and" labor
process. *
year
only
Also,
that
markets
Dr.
Carrier would have felt very much
at home
the advanced tech¬
growing in¬
factory air conditioning
means of assisting human
pro¬
a
commercial
clear
Advanced
mar¬
in
conditioned.
this
tion of
the march.
years
the
but
Certainly there has been in the
ditioning
But
that in the
Carrier's
apartment houses ex¬
cept for room units installed by
tenants. But today—only 11 years
Dr. Carrier'.appears
am
ket is
L% "of .the nation's' L340,000- pub¬
lic
school; classrooms
were
air
as
in
tioning
But I
as
As of the end of 1960 less than
out
the grand
nearly three million.
of
However;
to say
mean
relatively near future every new
factory will be air conditioned.
terest
provide the an-^
with a * high degree
hu¬
in
volve. not
% I do not
students
to:
changes
-lighting.
Obviously, this makes which currently appears y to ac¬
air conditioning essential.
For an count for the largest portion of
the
open window is of -little use. when
.industrial
air
conditioning
covered by a blackout "curtain.y C
market,
has
averaged
over
$3
Furthermore, air
conditioning billion annually for the past five
permits improvements in design; years. During the next
five, it is
To illustrate,: more interior .space
estimated that over $18 billion of
than
;■;;
-:
time
the
death
Furthermore,
utility companies in- other cities
are
now
tninking
in terms or
conceived by
more
well-maintained, single-fam¬
owner-occupied houses will
total being
shopping center.
similar systems. And the
be
be air conditioned with
fiee buildings, two banks, a hotel,
8
"
to
Incidentally, our forecasts indi¬
cate tnat by iy66, one out of every
on
system
billion.
$2
Company
will. turn
estimated
rate
The
to
.
million tons
5
due
past several
classroom
.
a
and
4V2
increased
an
expanding.
about
dollars.
billion
ele¬
many
Statistics'
the
an
of
price,
a
60,000
7,600,000
difficult
is
cent
continuation
of
present
growth
rates, nearly
1,600,000 homes will be centrally
air conditioned ..during
the next
five years:
This will require be¬
Assuming
large
groups
of
buildings.
Next May
retail
of
k>day
of-accuracy.
First,
■
new
secondary schools
current shortages
ease
swer
the air conditioning of
homes by means of central sysr
terns.
In 1961
some
234,000 in¬
:
piped through
as
It
of Willis Carrier."
Central Air Conditioning Systems
pre¬
provide
million
of these new school
buildings will be air conditioned?
of "The Legacy
by 1965 chilled water
a
some
and
to
would
half
in
accommodate
How
belief that each of them is a part
Dr.
the
and
generally.
widely
approach
will
years
by 1971.
becomes practical.
thermoelectric air conditioning
before his death
Carrier,
one
of
years
Willis
when
occur
designed by Dr. stores,
hotels
a
production •establishments
should
10
enrollment
engi¬
neering societies' joint award commemorating Dr. Willis H. Carrier's Ra¬
tional Psychometric Formulae formulated 15 years ago. Mr. Wampler's
outline of developments in residential and apartment central systems,
school buildings, hospitals and industrial plants adds up to a cooling
capacity tonnage of 10.6 million' tons, and this excludes what may
involved
printing
midity.
and
servatively to $6 billion, are described on the occasion of two
Carrier
problem—the difficulties of color
needed
conditioning markets developing by 1966, amounting con¬
first system ever
next
mentary
Syracuse, New York
s
Thursday, December 21, 1961
.
the
classrooms
air
and
.
public school construction bill: for
more
Five
Education
Welfare indicate that the nation
.
STREET, NEW YORK 5, N. Y.
-
'
be
office,
Volume
194
Number
6118
.
.
The Commercial and Financial
.
Chronicle
fact
The
When Do We Benefit Most
tional
is
scored
has
proposals
for
foreign
accorded
tools
the
those
earnings,
(2)
neither
earnings
are
Free
updating
and
down-grading if
nor
tionally competitive.
Mr. Rockwell
(3)
to
are
we
with
agrees
laws
tax
our
Corporation
both
for
large
as
well
and
ing
interna¬
endorses
show
has
American
that
us
increased
its
abroad
from
ment
the
ernized
the U. S. and Free
emphatically yes, as I be¬
is, then we must oppose
President's program to change
it
the
the U. S. tax treatment of foreign
earnings. He would in effect im¬
penalties
tax
pose
the
abroad, when
is for a construc¬
need
real
companies
on
invested
have
that
review of
the postwar period will serve to
suggest the kind of tax revision
tive
A brief
program.1
be justifiable at the
which would
present time.
Foil
had
United States.
the
the
were
II,
War
rehabilitation
from
come
What
World
g
n
in
leadership
to
i
o w
this
that
forms
First, of course,
programs of our gov¬
including
the
many
leadership took?
the
were
ernment,
in
and
opinion of equal im¬
my
portance,
leaders of our coun¬
the business
framework of
try operating in the
enterprise system.
free
the
naturally
Business
vated
of
the programs
were
been
lines
instance
concessions
of
for
ance
foreign
taxes
been
show
countered
any/new
privileges
U. S. tax incen¬
tended by way of
Let'
privileges
or
rebuffed
been
has
re¬
spur
on
every
proposal that would permit better
correlation between the tax struc¬
ture of the foreign country
earned and the tax
income is
the
structure
the
of
where
S.
U.
upon
re¬
patriation of the foreign earnings
for
Favors
the
by
Here, the
of
of
1954
later
but
posed,
in
Code
Revenue
first
pro¬
a
S. tax
on
the
place
to
was
tax
member
pany;"
Up to this point
not
tax
concessiqn,
erations
from
but
decision
the
form
of corporate structure
used
in
Later
a
the
use
of
a
U.
S. holding
Corporation.
"tax
seem
through
Boggs
known as
so-called
panies that
proposed
legislation
in
to be
Business
the
to
to be
similar result would have
Congressman
pany
as
given foreign country.
a
obtained
by
an
consid¬
a
com¬
Foreign
Many
haven"
of
com¬
to be giving the
in
June
of
testi¬
the
MCA
...
: '
Tax
Sums
/
the attitude
of the JJ.
do
has
saved
by
accrue
been
S.
that
foreign
such
Policy
ment
risk.
forgiven
In
words, taxes
foreign govern¬
a
ment become taxes
U.
S.
payable to the
v:\vy
From
these
*
.
.'
/
be
act
of
taxed
see
had
sensible
tax
atmosphere
•
business transactions between the
thus
the
of
far
no
Free
to
•
the
comes
bombshell
form
of
the
President's
proposals
of
last
spring.
facts.
constructive
of
Here
the
are
action
the
proposals
continued
World
(1)
billion
$32
of
progress
the
„"
economy.
the
Levy
52%
not
or
Free
'
.
S.:
U.
\
(1) • That
it
penalized
by
should
change
operation
:
not
in
-
Midyear
21,
1961.
Silverman Heads
James Talcott, Inc.
financial
A
108
the
haven
taxed
be
type
as
largest
independent
g.,
90%
trade
the
foreign
of gross in¬
without
sources
a
of
cer¬
the
active
business!
or
useful
the
to
large
the
small
as
enterprise;
it
allow for segregated
it
eliminate
would
and
man¬
financing;
the
tax
Herbert R. Silverman
organization, when 68-yearTalcott,. grandson and
namesake1'©! the firm's founder,
old
announced his
active
SI
and it would
jurisdiction the
pro¬
return to
legal situs
attracted
abroad
in
through promotion of the
eoncept
by
certain
foreign governments.
In closing may I point out that
tax
; be
the
.haven
an
Talcott at its head..
a
Herbert R.
the
Silverman, President
1958, was
company since
to succeed Mr.
Chairman
and
Chief
Talcott
Reduce
the
allowable
as
President.
In
Securities
Business
(Special to Tbi: Financial Chronicijs)
SOUTH
PASADENA, Calif.—Ann
Anderson is engaging in a securi¬
ties business from
Fair
offices at
Oaks.
offer to sell nor a solicitation of offers to buy any of these securities.
offering is made only by the Prospectus.
December
15, 1961
a
100,000 Shares
uncer¬
against
U.
S.
foreign
as
than
has
30
In
been
changing
computation
for
used
more
support of these recommen¬
"If
President
the
havens,
if
stimulus
we
of
to
are
ulate
Common Stock
said:
(No Par Value)
seeking to curb tax
are
we
this
>/1
of Puerto Rico, Inc.
years.
dations
in
Commonwealth Theatres
tax
offset
by
taxes
in most instances the
which
an
recognize that the
tax
deferral
is
emphasize
/
no
Price $10 per
investment
Share
country in order to stim¬
our
economy
modernization,
balance
of
as
and
well
our
plant
as ease our
deficit, we
can no longer afford existing tax
treatment
of foreign income."
payments
the testimony of
Secretary Dillon, supporting the
President's proposals before the
Throughout
>
r/
Copies of the Prospectus may be obtained from any of the several underwriters,
including the undersigned, only in states in which such underwriters are qualified
to act as dealers in securities and in which the Prospectus may legally be distributed.
Ways and Means Committee, the
expression
"deferral
privilege"
was
tion
used. He indicated that taxa¬
of
the
earnings of
simply removed
foreign
entity
a special
incentive previously given by theU. S. that was no longer needed
or equitable in the circumstances.
a
?
J. RiWilliston &
as
Executive
Offieer and will continue to serve
tain.
credit
as
history,, the house of Talcott will
recent
years
t.
participant in corporate af¬
long
not have
dif¬
opera¬
reie n
For the first time in its
fairs.
subsidiaries; it would make
export
ret i
Chairman of the company and an
of
been
;
James
elected
direct
and factor¬
ing
ferentiation between branches and
for
Talcotti
James
commercial financing
S.,
tax
a
20' at
an
and,
its
of
control
The
Inciden¬
the
definition
of
subsidiary remains
tally,
haven
Dec.
Talcott,. Inc.,
of
ownership rights of many of
the
foreign assets which have
This advertisement is neither
is
deemed
is not
subsidiary.
that began nearly
ended
of James
nation's
only exemption being a sub¬
sidiary
in
a
lesser
developed
tax
era
ago
years
the offices
the
country which
Semi-Annual)
to
out
elective
agement,
vision
On the
'•/.•"
by Mr. Rockwell at
Chemists" Associa¬
Meeting
and
Conference,
New
York
City,
11th
cor¬
income
such
Z":
e.
be
as
would
of
■
made
Manufacturing
tion's
s
home to the U.
brought
ever
well
tions;
-
the
com¬
,af>(i fjp0%(„fj:/qm; the
would
U.
overdue.
^Remarks
financing
Fromr,this .brief analysis .then
yoU'will recognize that the FBC
forward in the direction of
ments:
:
and
from
S.
conceptions of the past will now
porate tax in the year the income
is
earned
abroad
regardless of
whether
,
record,. business has sound bases
for pursuing the following argu¬
they
as
stake of
the American businessman in the
concern
parent
Corporation proposal.
ness
or
permitted
the
and
year
be prepared to take the
offensive.
I
suggest for serious
consideration the Foreign
Busi¬
the
-
-
clear record of the
long
to
be
conduct of
.
legislation
right
would
come
to be
'
action.
in
of
loans
subject to satisfying
requirements regarding
at the Hearings in correcting mis-
-move
are
we
•
destructive
with
faced
tax
banker
activities,
all should look with
a
be
a
volume
I trust that the initiative shown
in
Instead
develop
its
early next
pro¬
must
Nov.
until
course,
Wbrld, but 'job that -can be done when an
has been aroused citizenry- takes the time
•.///
to
The
FBC
is
Decries President's Tax Proposals
the
-
through
would
Toreign
U. S.
made
was
e. g.,
in¬
same
incidence, the parent company
could transfer its ownership rights
in foreign assets to the FBC.
progress
""
Now
trade..
his
branches would
by the
The
fully
tax
with other nations in
we
Department
tends to introduce the
operation, without U. Si tax in¬
Likewise without U. S.
pride at the presentations made
by the business spokesmen. Here
an outstanding
example of the
the
for
I think
Treasury
again
build
must
we
foundation.
cidence.
U.
international
that our government has
opportunities to do a monstructive job
toward creating- a
can
or
It
one
not
are
of
subject.
same
but
that
on
funds available in another foreign
tain
you .^competitive
examples then
as
prosecute, evasive acts particularly
,as
they may concern the "tax
haven"., enterprise,and, finally
that U. S. tax law needs updating
we
paper
income whether in
domestic/use
so,
down-grading if
in
and
me
My
advance
the
source
earnings,
.
other
by
between
its subsidiaries
negotiations
stockholders who took the invest¬
further
has* taken
con¬
the form of earnings from its own
activities abroad or activities of
that; tax deferral is not a
,:privilege nor has it been a major
Govern¬
any
no
mestic corporation clearly subject
to all the laws of the U. S. Its
pro¬
taxes ; incentive :for foreign investment,
will that existing law. furnishes all the
to the U. S. and not to the tools
necessary
for. Treasury; to
ment
that
Boggs.
on
on
The Foreign Business Corpora¬
tion first of all would be a do¬
from ' the
Emerging 1 clearly
exists
remarks
Up Agreements
''
conceived
gram
Boggs
but before .doing
you
Committee
in countering the illproposals of the Ad¬
ministration,
to-dwell
now
assure
prepared
was
/••'• ;.'V •••'
.•/'
like
item,
me
spiracy
not
in time,
we
attempt to eliminate tax
held
pages
the
the
-
Congressman
Congressman
to
.
footing with the U. S. tax treat¬
was
as'J
would
let
so
-
treatment of branches on an equal
subsidiaries. This
of
Committee.
'
busi¬
longer needed for investment in
the developed
countries, and if
ment of foreign
I
With
the-third
stim-
approach
in. opposition to
'
.
brought to fruition.
distributions
branches of
corporations. The
domestic
S.
objective
,
withdrew,
deferring U.
the income of foreign
U.
t
Internal,
the
1,000
\'
Means
big step
we
The
Committee
a
pany.
(2)
Boggs' Proposal
rewrite
be
tax concessions.
challenge
and
tax
World.
Agrees
ending
way
tax
in
dur¬
has said,""! am Willing "record
is;the preponderance of
place capital sums at risk in evidence in support- of industry's
Country X if I am free "to ne¬ >; position that its foreign investgotiate my tax bill with the gov¬ ment 'has -been essential- to the
ernment of that country, arid have strength of the Free World, that
it has improved the U. S. economy
any benefits by way of tax con¬
as well, as
the economy of other
cessions abroad carry through to
the U. S. stockholders of my com¬ V Free. Natiohs and is continuing to
examples.
few
a
The
means
S. I would like
in the U.
use
cite
to
no
of
nessman
coun¬
the contrary, busi¬
tries. Quite to
ness
to
foreign
in
investments
period
not
S. tax in¬
special U.
any
ducements
its
has
business
American
that
repeat
postwar
the
thought—in
ceived
just
me
ex¬
this
increase
principle
11
business by the strength of its
testimony before the House Ways
be accepted in
between nations of
to
prepared to shoulder
without
tives.
risk
a
posals for taxing foreign earnings.
Included is the presentation of a
the
en¬
of
forms
new
was
in
was
some
mony
the
.
-
which it
in
period
10-year
facts.
allow¬
"spared"
country.
earlier
threefold
prompt
Means
mod¬
where
has
shown.
also
it
but
profit,
by
tax
extended
the
(3)
That the concept of the
Foreign Business Corporation as
proposed by Congressman Boggs
printed record-of
the Hearings before the Ways and
U. S. businessman has sought cor¬
relation of tax laws but not U. S.
nations
moti¬
was
laws
our
Another
Second,
aid.
financial
of
facets
had
along the
Boggs proposal.
Has this in¬
is
tion
cern
con¬
'.legality, equity and knowledge of
•
Treasury Department con¬
today would not have been
billion
World? If the answer to this ques¬
lieve
S.'
created
vestment had favorable effects on
the economy of
U.
invest¬
$11.8
1960.
of
end
business
direct
1950 to $32.7 billion
at the end of
at
statistics
S/ be
That
treaties
point in
no
Administration's
met
the
Department
the
by U. S.
"The
/
Con¬
enterprises.
said
I
1960
/ulated
"
Commerce
U.
having
as
the
with
require
remain
small
as
the
at
/ the direct investment abroad
Boggs' proposals regarding usefulness of Foreign Business
gressman
Therefore,
could
paper/
existing law furnishes all
computing the foreign
before.
(2)
on
vestor/ As
..
of
credit.
sparing must
sidered
Treasury needs to prosecute tax evasion particularly
they may concern "tax havens";
as
tax
foreign
its foreign income
has rarely if ever been advanced
time
preferential treatment
no
method
privilege to the U. S.. business in¬
investment
by Mr. Rockwell who contends (1)
been
the
tax
the jurisdic¬
nation to tax
any
non-resident
fide
corporation
President's
that
right of
bona
a
By H. A. Rockwell,* Treasurer, Merck & Co., Inc.
(2727)
\
! ! *.
* i t •: * •, •
.
)
i
1112
12
The Commercial and Financial Chronicle
(2728)
.
.
.
Thursday, December 21, 1961
stances
A Floating Pound Would
Cause Sterling to Sink
responding
British
Proliferant
converts
floating pound in
would be
a
tion in the balance of
not be
currencies
sterling despite occasional recoveries, and he fears this would
England
remarked
that
The
—
once
who
people
stupidly
become
fanatical when they discuss
ideas
favorite
is
This
lems.
on
are
sensible on
quite reasonable and
subects
late
Cannan
their
prob¬
currency
is
what
exactly
happening nowadays to quite a
nuipber of otherwise intelligent
converted
to- be
the
pound.
floating
favor
in
The
cor¬
of - news¬
letters, many
columns
respondence
are full of
of them from people
papers
who ought to
know
better,
who support the
idea with a fanaticism worthy of
great deal better cause. It is of
course
possible to make out a
a
good cause for almost any mone¬
tary proposal—even for a return
to
bimetallism
or
to full gold
the
to
who is
exchanges
floating
in
delib¬
blinded himself to facts
arguments whicfr^should be
only too glaringly obvious to all
people whose intelligence is not
much below average.
of
favor
in
Those
really
pound
seem
that need
that
all
the
government
floating
to
believe
happen
is for
adopt
to
their
idea and the British people would
live
of
troubles.
all
these
seem,
lieve
forever after, re¬
their worries and
Incredible as
it may
happily
lieved
that
allowed
if
"to
fanatics
only
find
really
be¬
sterling were
level" the
its
payments deficit would
disappear. Anyone who is capable
of
believing
that
nonsense
is
balance of
capable of believing anything.
sterling flexible Britain was able
to avoid
it
that
This
importing unemployment.
Protection
(2)
creased
resulting from
power
(4) Owing to the size of unem¬
British
wages
were
downward as well as
a
keep sterling flexible in order
importing unemployment
to avoid
is
there
deflation
no
to
import. (2) The trend now is not
protection but towards
towards
elimination
the
so
would
reduction
or
with
flooded
be
of
domestic
the
that
tariffs,
market
of
face
in
rise
a
inevitably
it
Stanley Works of New Britain has
marines
of
agreed to acquire S. N. Bridges
& Co., Ltd., London, England. The
company
is one of the largest
the
Andersen
manufacturers
Hartford
in
sterling
sharp de¬
a
,
Britain's
and
competitive
deterioration of
a
imported goods whenever sterling
export
would
result
in
goods
further
would
stimulate
demands. Moreover, it is
highly doubtful that, in existing
conditions, the physical volume
of exports could be increased to
a sufficient extent to compensate
the balance of payments for the
adverse change in the terms of
trade
caused
by a depreciation
of sterling. It would take quite
a
supreme
effort for Britain to
wage
fast
run
to
enough
be
able
is
(4)
be
conceivable
totally different from those pre¬
vailing in the '30s. Even then the
union
ible
in
wage
is neither
wages
compete
all,
Most
while
in
sterling
both
direction.
today that
would
ever
reduction
in
direc¬
It
is
any
resist wage-plunder and
Until
tion.
infla¬
all post-war gov¬
now
ernments, Socialist or Tory, made
and
government
has
company
United
contract
work.
Corporate
consent
any
to
a
circum¬
to
be
at.
members
give
and
and space systems
degree of effort to that and
there was a danger of
some
capacity,
a
and
of
&
$1,000,000
of
the
is
Light Co.
a
generating
P.
&
W.
Delaware
which
unit
that is
A.
Power
will install
designed
by
powered by a
engine.
first
the
constitute
*
.
*
This will
the
of
use
The New Britain Machine Co. will
manufacture
the
electronically
three-axis
milling
Morey
tape
and
-
four-axis
machines
line, of
controlled
profile
through
the
beauty of flexibility is that a
would
depreciation
sterling
of
longer be something to
no
These
machines
are
for. It would
respectable,
quite
and
be
its
Bristol
operations
ever
sterling is under
the
foot plant on
government would cheerfully and
former
unashamedly
Cost
least
be
resistance.
lowered
again
take
as
the
line
Sterling
of
would
only
of
or
as
result
a
dollar
of
other speculative
short-term funds.
movements would
deterioration
payments,
But
of
while
be
the
influx
upward
checked
by
balance of
there would
automatic check to
no
be
downward
movements. In such circumstances
the
floating pound would have to
persistently depreciating pound.
any
of these
12
manufacturing
scattered lo¬
syndicate department of Hayden,
Stone
300,000 squareMiddle Street on the
new
dent
&
Co.,
The
of
was elected Presi¬
Investment Associa¬
tion
Bristol
estimated
at
125,070 Shares
Common Stock
$3,000,000.
Life
Insurance
Company
annual
meet¬
ing. J.
Scott
Securities
Blcomfield
for
the
(Fire)
have proposed a plan
acquisition
of
Aetna
Insurance
Company,
Corporation
whose board has also
expressed approval. This plan is
Hartford,
contingent
on:
elected
Vice
-
of
Merrill Lynch,
Pierce, Fenner
&
Richard E. Boescl
Smith
Incorporated,
and
Secretary
Morgan
Harris,
H.
Weld & Co.
Department ruling that
York
Jr.
of White,
Treasurer.
Association
of
organization
of
Investment
The
exchange it tax-free.
New
is
an
approximately 600 young men en¬
investment banking
brokerage business.
following
were
elected
The Electric Boat Division of Gen¬
gaged in the
eral
Dynamics
Corporation
of
Groton, one of the top producers
and
of
Chairmen
nuclear
announced
that
than
it
necticut
Plant
River
10,667. The planned ad¬
is
the
on
Executive
of
Robert
tees:
E.
Commit¬
McGill,
of
III
Stanley & Co., Member
Education
Committee; J. Logan
production
2,000
security
The
submarines,
plans to hire
powered
Morgan
by next spring. Current
employment at the Eastern Con¬
Burke
W.
of
E.
Hutton
Education
Public
Thames
&
Co.,
Committee;
Richard W. Goss of Merrill Lynch,
will
Pierce, Fenner &. Smith Incorpo¬
employment
to
a
figure in excess of the previous
all-time high of
12,412 attained
rated, Entertainment Committee;
George V. Fargis, Jr., of Eastman
during World War II.
Membership
dition
to
the
work
force
total
Company officials said that the
a near record work load
construction
contracts
nuclear submarines.
for
f
Securities
Committee;
Symington, Jr., of G. H. Walker
&
Co.
Clark,
and
|
A Primary Markets in
'
Co.,
&
Charles
PI.
and
John E.
11
Electric Boat
u~~
Union
Dillon,
firm has
*
Dodge
&
Eckelberry of
Co., Publication
Publicity Committee.
CHAS. W. SCRANTON & CO.
Members New York Stock
be obtained from the undersigned.
Presi¬
Wiley
(1) CG stockholder
acceptance by holders of at least
80% of Aetna stock, and (4)
a
the
was
dent, Peter P.
approval at a special stockholders'
meeting to be held Jan. 3, 1962
(2)
approval by the Insurance
Commissioner of Connecticut, (3)
Treasury
of
Equitable
of
has built 10 of the 21 nuclear sub¬
Price $5.50 per Share
the
Crabtree
of
($1 Par Value)
New
at
association's
Directors of the Connecticut Gen¬
eral
bring
Wellco Ro-Search Industries, Inc.
of
York
Airport property.
modern building is
the
of
more
19, 1961
year.
Elects Officers
workers
December
to be in
Richard E. Boesel, Manager of the
be—temporary recoveries apart—
a
is expected
It
again and again and
matter of administra¬
a
during peak
Wilmington,
Y. Inv. Ass'n
.
;J;
area
from
cations to its
pressure
jji
•J;
of
When¬
in
used
Superior Electric has moved most
part
system.
power
operation by the end of next
producing specialized
parts
requiring highly precisioned tol¬
mal
the
periods
primarily by the aircraft industry
looked upon as being just a nor¬
of
supply
for
become
would
used to
load
Delaware.
its
land.
major
J-75, with natural gas as fuel,
according to Pratt & Whitney of¬
ficials. The new jet unit will be
..
being forced into devaluation. But
offer to sell nor a solicitation of an offer to buy
Shares. The offer is made only by the Prospectus.
may
in
Whitney Aircraft of East
modified J-75 jet
depart¬
Lucas Machine Division in Cleve¬
an
Copies of the Prospectus
test
shipment.
customer
Hamilton's
of
electronic
vacuum
Connecticut, has sold
its jet engines as ad¬
ditional
ground
power
for
an
electric utility company. The new
corporate level. The Systems
Center will be staffed at the start
150
of
range
macnine
Pratt
Sys¬
the
by
new
heat treating
shop facilities. The
division
is
expected, to employ
about 100 people when operating
management at
new
for¬
Division
occupied in Farmingdale, New
Equipment will include a
and
expand
Hamilton
.missiles
and
space
a
Sonic
York.
another
such work
West
the
magnetostrictive
plant cover¬
ing about 10,000 square feet will
A
equipment,
and
,
Wire
a
lines.
delay
absorb
development
of
announced
manufacture
Hartford,
Standard's
Laboratories
has
of
tems Center in Windsor Locks to
systems
including
the
established
Aircraft
mation
wide
The
whenever
in¬
trade
New issue
develop
strengthen Stanley Works world¬
wide operations. All the capital
important of all, the gov¬
ernment would lose the incentive
to
a
would only be flex¬
one
to
program
ment.
are
capacity,
near
flexible
term
in service
now
Polaris-firing models.
'
scares
scarce.
Above
would
power
tools in England. This acquisition
is
a
further
step
in
a
long-
to missile
still.
stand
a
working
quality
other hand, the result
appreciation
of
sterling
would not be an improvement of
United Aircraft Corporation has
the balance of payments. For the
reorganized part of its missile and
rise
in
the
price pf imported
space
activities to increase its
if
that
depreciation of
be enabled to
labor
high
pneumatic
Bridges will be acquired
by Stanley's English subsidiary.
the
possibilities
sterling, because industries which
would
of
and
stock of
•
appreciated. ,(3)
On the other tive routine. It is true, in theory
hand, it would not be possible
sterling could also rise, and no
for British exporters to take any-.
doubt it would from time to time,
thing like full advantage of im¬
proved
electric
an
be ashamed
these, circumstances
(!) There is no need
None
of
exist today.
;
to
that
export
erances.
upward direction.
an
the fact that conditions today are
a
deprecia¬
a
in
of
tion of sterling.
tions
Not
re¬
(3) There was ample unused
productive capacity and
ample
unemployed manpower, so that it
was possible to take advantage of
Britain's
increased
competitive
experience
with
the
floating pound, without regard to
announcement
an
sterling.
pre-war
This
competition
appreciation
foreign
from
already
on
possible to safeguard
market against in¬
was
sulting
Experience
strange creed is based
adopted, so
was
domestic
the
and
Pre-War
of
form
danger
was
world-wide deflation. By making
because
the
produced
the
main
The
of ployment
existing elastic in
erately
in
system worked. This was due
following circumstances:
favor
have
must
circumstances
in
sterling
cline
On
the
(1)
standard with coins in circulation.
anyone
of
reactions
be
of
depreciations and devaluations of
other currencies. But by and large
allowed them¬
people who have
selves
chain
Connecticut Brevities
of
Indeed
the balance of payments.
measures.
fluctuations
result
would
capacity
not induce strong
respectable and, therefore,
appear
Edwin
most
,
payments whereas a depreciation swing would
made
to
affect
would
immediately.
inconceivable
the
deteriora-
a
be
LONDON,
and
checked by
for
Professor
But
in
automatically checked. His prognosis is a depreciating trend
remedial
of
England are told
floating rate, with the factors in the present outlook. He
a
price
appreciation of I sterling and
the resulting fall in the prices of
imported goods the trade unions
would
be
prepared
even
to
moderate their wage demands. So
disadvantageous step, Dr. Einzig
that any appreciation swing would be
warns
the
in
an
the pre-World War II world wide deflationary trend, favor¬
compares
able for
the
to
clear-cut terms why it
rise
goods in terms of foreign
prospects
is
By Paul Einzig
imaginable, so that when¬
sterling appreciated a cor¬
ever
Exchange
CONNECTICUT
New Haven
C. E.
Unterberg, Towbin Co.
SECURITIES
New
York—REctor 2-9377
Hartford—JAckson
7-2669
Teletype NH 194
,
'
Volume
194
Number 6118
..
The Commercial and Financial
.
Chronicle
(2729)
Br
S.
U.
than
more
against
utilities is
ment
public
and
power
privately
presented in opposition to the current drive for govern¬
Instigation
power.
plans to invest
the
of
with
contrasted
basis
private
be
Federal,
Mr. Fleger protests the
money.
more
billion, in addition
stand
time when govern¬
in-the-power-business
present $5'/2 billion in Federal projects, at
funds
hard
are
pressed, which would not
rates if taxes are included
tion
that
a
result
in
sents
cheaper
private financing is available to handle plans to nearly
Industry is asked to make
life and
on
lease
new
a
•
But in those days it
opment.
was
incidental to
flood
of
1930's
es¬
thority.
Then,
when
Con¬
of
such
aucnorities,
govern¬
set up.
were
past eight years
sharp drop in new
proj¬
thought this
starts of government power
and
ects
of
many
wasteful
and
croachment
us
unnecessary
our
on
en¬
free enterprise
system was finally going to stop.
But
that
isn't the: way
it has
They
No Mandate From Voters
carried
power
government
for
weight with the
no
virtually every state in
which vast government spending
voters. In
for
demanded
been
has
govern¬
projects, the voters
showed
their
preference to be
served
by
the
investor-owned
electric companies. But the advo¬
ment
power
cates of government power have
completely ignored the expressed
preference of the people. They
have taken
are
lease on life and
new
going farther than ever before.
What
the
a
the
are
specific goals
in
current drive for government
One of them seems to be
power?
building
the rural electric co¬
up
operatives into service companies
for
industrial
and
urban
areas.
Through the Rural Electrification
these
Administration,
tives
are
co-opera¬
being financed with 2%
them
costing
money,
half
about
what it costs the government.
the
So
American taxpayer is paying
goal
venting
any
of our companies
from
undertaking
any
hydro¬
electric
river
can
ket;,
in
major
ba~ins. Since these projects
developments
be financed
in the free
mar¬
it would be an unnecessary
taxpayers' money as
.
waste of the
well
as
a
violation
of
free
our
enterprise system
to have
government undertake them.
Still
the
another
creation
transmission
power.
own
would
would
goal
of
seems
a
network
This would
interconnected
involve
serve
no
to
more
the
for
be
Federal
of
devious
this
at
money
in
rate
the
un-American
and
practice, 20% of the users of elec¬
tricity in this country are being
paying
of
areas
80%
required
are
to
pay
through their electric bills.
the
we,
investor-owned
utility companies, are pre¬
our full, fair share
government, and we
our
customers
are,
too.
believe
And
since
economic
Russia
war
and
has
upon
declared
this is
us,
time when all Americans need
pull together and to do
a
a
morale
-
poor
and
economy
reducing
public
It is threat¬
Industry's Task
this
The
favored
government
gain.
But,
question is—what should
*
„
\
government
lease
new
t
have
power
life
on
farther than
the advocates of
ever
and
of
support
the
All it takes is
will.
in
We
before.
But there is much
here
than
portant
nation
our
in
we
As
a
a
to
us.
showed vision and skill and
we
They
continue the performance that has
in building America's electric
leadership.
We must now show
established that
vision, skill and
not necessary at all.
are
When
public
member
a
is
of the
faced with
of
conflicting statements concerning
benefits, costs, arid merits of any
given project, it may appear far
easier to ignore the whole busi¬
than
ness
But it
try
to
only takes
understand
simple
one
in
nanced
the
is
answer
to
swer
must be
free
the
people
an¬
have served them for
convince
that
we
the
American
built
America's
leadership and we're the
qualified to advance it. We
best
them that
ment
competition
leadership.
the funds needed
to build the power plants for the
by
American
electric
financing
provided
We
the
must
use
use
and
This has been
must
the foundation of America's world
leadership in electric
ply.
power
companies
day for the
and
During
even
the
are
power
for
hold
All
sixties
and
to
the
of
street
tee,
address
Annual
by Mr. Fleger before
Roundtable
Industrial
Chicago,
2000.
seventies
in
ment
will
defense.
need
huge
Surely,
national
Elected Director
Richard P.Oakley has been elected
a
director
of
The
interest
systems will
of
bear.
over
of
We must
conversations.
they
is
come
what
in contact.
we
do,
can
com¬
pany
by company, across the land.
And
this
is
what
must
we
1962,
it
has
Canyon, Colorado River
storage project, a generating and
transmission co-op in Indiana, a
an
utility district election in
ojjer oj securities jor sale
Fund's
investment
Oakley has been
a
of the Fund since its
or a
solicitation oj
an
360,000 Shares
Commerce, Clearing^ House, Jnc.,
Common Stock
Par Value $1 Per Share
the
are
presently outstanding and
are
being purchased
by the underwriters from certain stockholders.
industry
need
And
company
in
—
not
Price $19.50 per
free
a
share
burden
a
and
should
not
only that, but
two decades,
the
next
investor-owned electric companies
will contribute nearly
$102 billion
be obtained jrom the undersigned (one oj the
whom the undersigned
legally ojjer these securities under applicable securities laws.
Copies of the prospectus
may
underwriters named therein) only by persons to
may
in taxes to Federal, state and local
governments,
than
more
total to the
Federal
half
Federal
of
Govern¬
ment. Even in the stratosphere
of
governmental finance,
these are very
large
sums.
.
An Appalling Statistic
I
ago
saw
a
that
statistic several months
appalled
me.
It
was
a
Dillon* Rpatl & Co. Inc.
Mr.
inception.
ojjer to buy securities.
from the opera¬
economy
adviser,
Vice-President
December 15, 1961
These shares
A
announced.
been
partner of Lehman Brothers, the
A Hells
public
Richard P. Oakley
do
the next 20
electric
come
our
government
not
over
1,
we must even
gether.
10 trillion kinowatt-hours.. We
in
William
We
than $143 billion for
more
enterprise
for
sums
service
a
One
Street Fund, Inc., effective Jan.
govern¬
do the broad
we
pointing out that
tion
our
Commit¬
our
everywhere for we're all in it to¬
will be nearly
This announcement is not
Conference
Relations
111.
bTls
our
space
offices.
corner
an
14th
the EEI
our
This
quadrupling our
power-producing capacity. By the
year 2000, total power production
in the United States will probably
need to be in a range of from six
we
and
speeches and
whom
planning to¬
year
people.
*From
people must work for the
support of all the people with
needs of 1970,
the
display
use
make
Program
Our
can
that
must use direct mail.
showrooms
sup¬
Private Industry's Long-Range
.
we
bid¬
advertising
radio, aiid
newspapers, on
tarily invest their savings, directly
;television1. We must use
or indirectly, in electric company
and bonds.
in
available
every
the
in
govern¬
threatens
medium. Wb must
millions of Americans who volun¬
stocks
of
care
courage
ding for the support of the Ameri¬
We must
the
serve
must convince
be
take
create.
we
as we
people
"no."
can
build to
to
must
we
As in the past,
future
to
cour¬
age
Second, and equally important,
be fi¬
"yes," then the
government
must
we
the past 80 years.
ques¬
If
foremost,
demand
continue
it.
market?"
and
continue
tion to cut through the confusion:
"Can these power facilities
industry do about it?
an
leadership in the
first place. We must continue tc
sell electrical living and we must
general
Welter
a
as
First
long, hard fight with international
communism in which
com¬
top management has
to do is to give them the assign¬
ment
and
their
full
support.
Through the years, our companies
at stake
to be facing
are
appear
our
All
government
expenditures
are
totally wasted in the power field.
interests, im¬
own
they
as
more
We must
people.
willingness and a
plenty bf experts
tion's
projects.
a
going
American
a
have
communication
panies.
na¬
electricity users to avoid
paying their proper share of taxes
in their electric bills—just because
they happen to be customers of
governmentally
financed
power
taken
are
match—yes, out-match—their ag¬
gressiveness in bidding for the
to
of the
own¬
it.*»'.<•
I i-ii 1
»
I repeat,
a
inequality
ago,
of the
ership of electric utilities. Today
that figure has dropped to 38%.
By any standards, that's a substan-
by the continued growth of
Federal power—but the
average
American doesn't recognize it.
because
people
years
according to surveys, 55%
money
And
American
Twenty
with the
so
continue to allow 80%
drains
areas.
serious
more
the
side.
to
knowledge that everyone is bear¬
ing his proper portion. So it seems
both
business
-
our
ened
government
Government - in - the-
the
getting
on
today—but the
doesn't know it.
of
system
Our people have made
progress
in
advance»
It has been established
can
legitimate
from these
all
1980
of the cost of
our
useful purpose.,
is
three-fourths of the taxes that the
other
it.
American
free enterprise as well.
American doesn't realize
average
national defense and in other
than
more
tance in the world
now repre¬
vitally needed for
are
traditional
tial
us'"to'
local
not
are
They are skirmishes in a
mammoth struggle that threatens
every part of our industry and our
leaderchip. That
leadership is of paramount impor¬
en¬
.
from
excused
network,
waste,
of
going
from
simply involves
taking money from some citizens
and giving it to others. As a result
this
nationwide
duplicate
loan
the
construction
to be pre¬
seems
exemption
free market. This
years
the bill for this expansion.
Another
like the Tennessee
the
less, than
sections
pared to bear
I960'November election,"
arguments
certain
to
through
and
taxes
is; quite
electricity at
power
offer
cost
cf the country,
Valley,
electric
In the
stressed
be
cannot
to
terprise—but the average Ameri¬
the
than
Now,
worked out.
the
fact
government
less
agencies as the Bonneville
Power Administration, the South¬
western Power Administration and
the Southeastern Power Admin¬
a
citizens
own
power
This
simple.
Philip A. Fleger
mental
the
nation's
its
business in
a
The basic tactic of the advocates
establish other
was
enters
un¬
industry, operating under free
government,
often.
too
blocked
attempts to
During
when
police powers and powers
the
tion.
gress
there
or
business, govern¬
ment
ownership has created a
glaringly unfair form of competi¬
Valley Au¬
istration
to
But
taxation,
In
Tennessee
valley
a
properly performing, it can
compete in a way which is com¬
pletely unfair.
tablishment of
the
will,
which
p o w e r
the
long-established
watch-dog, if
assure fair play in
had
wholly
Washington—these
battles.
America's electric
are plans for spending
$10 billion more? These are
away
govern¬
are
business dur¬
with
States,
regulator,
with its
really entered
ing the
has
ment
role of
business.
naviga¬
e
United
the
you
control
tion. The gove r
n m e n t
t h
In
is
some
activity.
Unfair Competition
cen¬
tury, the Federal Government has
had an interest in power devel¬
it
that there
power
Since before the turn of the
all,
it's, up
So
govern¬
in
funds that
going farther than before.
are
of
our
our
port now that government power advocates have taken
portant
necessary.
by
,
effort to bid for public sup¬
every
Government power is wasteful. It
is discriminatory. And most im¬
investment of about $5%
Federal
projects and
an
billion
and, particularly, since there is no ques¬
quadruple our power-producing capacity during the 1960s and 1970s
alone.
The motivating spirit in this
pattern is free enterprise—and
government
power
violates
it.
How many people under¬
the fact that Government-
to
free
ago.
ments?
government's plans to spend unnecessarily $10
ment
and
state, and local
be
can
the
electric industry was laid out long
for
revenues
capacity
power
under
The pattern for progress in the
companies, there would
than $500 million annu¬
as
this
market.
gov¬
many
ally in additional tax
nearly $102 billion in taxes without
outlay of taxpayers'
any
is
than $143 billion in electric company systems
more
in the next 20 years resulting in
involving
latter
pledge that the
provided
enterprise system, and financed
entirely through the free money
people understand
that if government-financed power
projects paid taxes on the same
electric
owned
our
our
produce
wholly
spends may have more
influence on irresponsible govern¬
ment spending than we realize.
Duquesne Light Company
for
hour.
an
ernment
How
case
million
millions and the billions
Philip A. Fleger,* President, Edison Electric Institute, and
The
$1
oner
to
Yes, our inability to comprehend
the
genuine magnitude
of the
Renewing Their Attacks
Chairman of the Board and
President,
one: the interest on the
national debt amounts to
simple
Public Power Advocates Are
13
■1
14
,
(2720)
The Commercial and Financial Chronicle
.
.
.
Thursday, December 21, 1961
v
$
1958, yet 1957
Impact of Trend
Regional Groups
«K
t;
It
many
and
apt to result from regional trade integration are probed by Mr.
well
knows full
the
Benelux experiment
would
what
of
the
in
of
event
the
The
Commonwealth
on
and
manufactures,
To
the
of
of
firms
the
and
of
vast
Finally, the impact of regional
integration on international trade
of
areas
economic
inte¬
will
be
gration in the world will inevi¬
tably lead to a certain reorienta¬
to
tion
dis¬
expanding
i
conditions.
and
placement
o
existing
trade.;
some
It
would
national
to
exercise
within
pro¬
garding
this
re¬
de vel opment
which
will
a'
s e
ri
It
b y
L.
A.
of
integration
being
carried
Others
in
The first
this
within
to be surrounded
visos
that
would
would
could
one
in
tariff
common
ing
countries
obtain
to
concessions-
they
posed to
the restrictive
tariff,
to
be
pective
and
on
countries
of
the
and
nesses
future'
the
markets.
this
It
is,
movement
of
to
considered
the
do'; not
the
in
a
EFTA
and
nor
Six and
ciation
zone
7,
•
gration
may
those
Latin
of
tion.
a
-i
•
•
pros¬
liable
to
Real
within
EEC
provided, of
period
is
big increase in
the community —
a
one
with
of
or
to
-
this movement.
-exchanges within the Euro¬
pean
Economic
Community in¬
Yet
of the Outer
without
or
.'rthe
countries, be adopted?
would be
the
the
asso¬
Commonwealth
terms
of
importance
will
be
frade
ger?
in
that
between
1957
and
it
is
volume
of
six
by
1%
One
whether,
"and
in
taining
no
solicitation of
circumstances to he considered
an
offer to buy
any
as an
will
in
a
offer
These securities
are
offered
as a
•
furnish
the
"
To
1948
of
in
gone
Cost
Factor
is
it
productive
units
of
the
In
the
to
member
integrated
The
.;
GATT
the
that
is
matter of
a
the
in
world
terprises
and
is
at the
sions:
,
of
product
"insiders."
'
conclu¬
producers
producers
of
will
from
that
manufactured
products; secondly, that an inte¬
grated zone that is largely de¬
pendent on import trade may no
of
ber
with
wider
when
so
outside
ciated
,
three
different
be
longer be
of new production
units, among which are subsid¬
iaries of foreign firms anxious to
to
us
firstly that the situation of
basic
of
Conclusions
leads
normally
this
of their exports.
Three
This
countries
key importance to
which depend so heavily on
;
|creation
become
prosper¬
economy
the proceeds
towards
origin
of
at large, and,
particular to the non-industrial'
areas
movement, we find that integra¬
tion makes possible a better techbical and economic concept of en¬
the:
concludes
survey
maintenance
ity and the continuity of economic
development in western Europe
con¬
with
simi-.
a
in North America.
lar fluctuation
group.
connection
close
either direc¬
widespread
larger effect upon the
proceeds of the primary*
export
productive ones. 7 This mi¬
gration,
which
normally
takes
place within each country, now
extends
in
more
producing countries, than
more
/
that
outside
common
customs
tariffs
added
be
in
a
union,
or
free trade
na¬
area
be cancelled out by ^extra
costs,
countries
are
than
their
to
to
nearer
the
EEC
in
the
EFTA. Such might be the : case,
too, of countries in
the Latin
SHARE
American
It
is
lines
And
Free
of
it
counts.
Trade
which
should
group
CORPORATION
partners
important,
countries
In my
-ssU.awt
opinion, the
the two. *7
enter
have
transport
is
.a
*-
There
answer
will first of all be
will
rapid
development
while
adapt .themselves to
the
economic
firms
integrated mar¬
of the Euro¬
pean Economic Community con¬
firm this tendency. In relation to
1958, the general index of indus¬
trial production went up to 107
in 1959 and to 121 in 1960; then,
new
aspects of
ket.
The early years
as
a
result
economic
than
a
new
labor,
a
dimensional
and
structure
division of
will be
of
an
a
better
growth which
greater in absolute terms
that
which
existed
before
the
a
large
countries
extent
of
the
num¬
is
finally,
it;
liberal the nature
more
a
regional
easy,
direct
between them.
only distance that
example, trade be¬
same
con¬
is
through
us
enlarge
of
view.
asso¬
that
the
zone,
the
tariffs
of
the
overall
for
the
sion
pansion
of
national
economies,
(and the rapid ...development of
exchanges within the. community
is one of the elements), that re¬
gional integration can contribute
overall
of the
little
this
on
economic
integrated
direct
have
expan--
zones
repercussions
must
im¬
on
ports of basic products. To that it
must
be
that,
added
crimination
is
tariff
practically
dis¬
nil
for
these products, in view of the fact
that
neither
the
EEC
common
outside
tariff
tariffs
of
generally
the
ex¬
a
The situation of outside primary
producing countries is, at first
sight, more favorable than that of
producers of manufactured goods,
d
u
within
Increased Imports
It
.Let
point
p r o
integration.
Area.;
not
For
combine
therefore, that
tween two ports of the
v*
which
activity
much
up
when the group
does not cover a geographically
united area. Such might be the
case, for example, of Austria and
Switzerland
in
the
European
Free Trade Association, for;these
(Par Value $.01 Per Share)
Customs
of preference —
according .,tq
the
the
a
transport
STOCK
uM
this
If.6%.
Union,
was
has
must
varies
tional
The Metrodynamics Corporation
PHILADELPHIA
it
"incentive"
—may
FIRST
in
the-'manner
production", it follows
given fluctuation; in in¬
"
that
level
SHARES
PER
to;
answer
trade
percentage
tariff
$1.10
an
import
which
PRICE
and
reasonably anticipate,
case, that integration, in
this
any
are roughly
fluctuations 1,'j.m
to
tion would have
i.e.
7
-
that, on the
in the volume
variations
dustrial
may
•
the
COMMON
that
of economic activity
expansion.;'-
an
num¬
view of the fact
industrial
ceived, must lead to quicker eco¬
nomic growth.
Under the pressure of compe¬
•
December 15, 1961
100,000
Benelux
Transportation
'
speculation.
NEW ISSUE
not
prod¬
the
as
supplying west¬
is
also
definitely
proportional
con-
expected,
was
well
imports to Europe
of
trade,
consequences
different
of
as
„-
only
lawfully sold.
in¬
years,
of balance.
experiment
point
new
the
•
in such States where these securities may be
international
on
very
It is an open question whether
and
to
trading policy will have to
18.1%
(1955).
Since the latter this increase in production and be to correct the restrictive ef¬
general
well-being
will
be
merely,
year, however, the proportion has
fects that might be experienced
remained practically invariable. \ a leap forward or an accelerated,
by outside country trade.
'
continuous growth.;
•
v
.'A;1*'**
of these securities.
The offer is made only by the Prospectus which is available
few
a
wonder
question. Before the war, the Dart
of
Belgium-Luxemburg in ! Hol¬
this
or a
absolute
an
well
may
after
Perhaps
Since
to sell
not.
a. tendency to develop along
parallel lines once again, thus at¬
land's
This announcement is under
In
be
could
is
calculations
countries
whple,
if the regional inte¬
countries largely de-
have
to
less
.
to:
ern
Europe,
higher than in North America. "
"
.
trary to what
have
countries
decreased
is
ternal and external trade will not
1356, "bv 9%
m
various
on
damage
a contraction
"7:
quicker growth of in¬
trade
law.'
increase
when
the
the
by 11%
increased
mer¬
this
of
appreciated
remembered
And what
the
The
this
ternal
yet
more
eco¬
.
for
common
has
pendent"
were
course,
ratio
According
The number
„
total
only
gration of
>.
Europe, it
import
the
by GATT1 when examining
Treaty of Rome, this ratio is
at least three times- higher than
that the econ¬
omies
are
sufficiently comnetitive—then, a fortiori, the defini¬ tition, we are witnessing a mi¬
tive period should further assist gration of production factors, of
What other explanation is there
commercial
and
done
from
that
found
the
which,
for
the
outside
world as a whole, "makes up for
the
negative
effects
of
these
..
western
regards
of
.
com¬
geographical
made
trade
:
of
de¬
<7'%;."/77;,;.'•
-
ber
integration
the
trade,
in terms of
and
-7'
high.
various
countries
must necessarily be different, in¬
tegration may give rise to new
American, integra¬
entail
is
international
both
imported
products
that
must be largely
on
modities
areas.
although
or
move¬
a
is
ucts
nomic
transitional
the
reality.
ef¬
zonal
channels,
of commercial
in
,77;;/ ;-7;
balance.
effects
the
149
certainly
that of North America.
the
-
is
place
trade/production
Nevertheless,
the
127.
,7.7'%.V;
.
process
diversified
Economic
previous trade
to
consequently, in one way or
another, breaks up the existing
77;'We
the
trade
order
of
ment
and
take
pendent
and
•
" ' 'V:
If
been
to
different
be
to
.
tion
tendency
towards
rapid
development of internal trade inevitably involves certain displace-
trade with outside
on
the
1958,
economies engaged in the integra¬
and
of
mounted
world. \
ment
-7 The'
or
produce - the
equipment
and
are
therefore forced to go outside for
them.
Seen from this angle,* the
repercussions' of "European inte¬
owing
in
Quicker
•v:•;Growth
has
themselves
has
treaties
Result"in
necessary
that
catch up with economic
Furthermore,
common
'policy
Seven
the
down
the
years.
within
The condition for such
As
which
7 7' 7' '
slow
normally expected
to
evolution'
preference.
equipment,
within
from
indeed,
it
.the
the
cases
tastes
t
agricul¬
been -de-' creasing so disproportionately incided, and the .present association 1959, with the very small tariff
status ;*of
overseas
territories
is preference of 10% which set them
only provisional. Would the hy¬ in movement? This increase was
pothesis of a merger between the 17% in value and 22% in volume.
tural
for
most
national
habits—may
fects
the member countries of the zone
integrated
accelerate
to
necessary
investments
The effect
group.
regard
new
in
—
of
in
few
trade
of
way
outside
integration formula, anywhere in
countries,
perhaps this factor does not play a
result
this
fundamental, and is confirmed by
the facts,
but it -is nevertheless
governed by a series of economic
factors; it is not inherent in any
standardization
In
countries, of this expenditure, will
obviously be more immediate •; if 'movements.
•
situation
ex¬
incidence
in
trade
international
products.
dardization
'
orders
either
however,
wrong,
market may, in a transi¬
period, create new flows of
trade or intensify existing ones.
Actually, it is a matter of a vast
anticipatory movement of busi¬
out¬
most
be
it
which
of
production,> and will
exportgoods
in 7 which
it' has
specialized
and
developed ^.pro¬
duction; hence a big development
in trade within the community.
It
naturally follows that this
effort
of adaptation
necessitates
outside of it.
grated
consequently
analysis.
neither
policy
consider
community than with
would
the
determinant
ra¬
1
this
first
general
a
goods
considerable
tional
endeavor¬
products
of
to
of
last
gelation
152
are
This
this
any
■
abandoned
means
'
the
of
towards
are
consequence
Even the perspective of an inte¬
side countries is still under
nego¬
tiation in GATT.
That is where
outside
the
member
plan, for ex¬
of European
level
/
a^tr^bute this .movement solely
tariff-, or quota, discrimination
favor of products
produced.by
to
have
so many, pro¬
practical value.
any
ample, the effects
integration?
The
EEC
to
any
right from the start it
lose
How
by
Trade
move¬
therefore,, th^t
hypothetical forecast
Quicker
outside countries.
It
feel,
•
,
.
ment.
..We
i
Development
depend on the -often un¬
foreseeable reactions of countries
participating
re¬
normally
for¬
expected of regional grouping is
out;
a
quicker development of trade
different
now
in
the
zone
exhaustive
an
a
are
the
not
nor
Result
inherent in the evolv¬
ing and still incomplete character
mulas
can
Bekaerr
Some
of these
are
projection; it is merely
approach.
an
imponderable
factors.
V
prospective .^opening 7of a
integrated market incites
in
from
developed
the
index
value
ures
part.
But ; when
tionalization effort. Firms are giv-r 7
highly industrialized countries set
ing up certain products of their, :up- an integrated' zone between
production
range
in
order
to 'themselves, this absence of stan¬
.7
/ ;
.
The
industrialists
business
'77.
,
and
neither
is
view
of
e s
-
7
great
in
undertaken
declining
or
,
according
world trade.
on
largely be de¬
termined
is
Investments
have
in
W.hile,
fact
1960, at the same time the index
imports from outside countries
rose
to 121, a figure which cor¬
responds exactly to the commu¬
nity industrial production index.
In volume, these respective fig¬
integrated group.
respect, we must stress
»the importance of the absence of
Product -Output and
on
from
of
in¬
preponderant
a
imports
and thereby to
imports
of
course
in
is
countries
the evolution of trade
on
it
EEC
community
External Competitive Pressure
extremely
profoundly
specialize more in the categories
.alter the normal consequences of
in which they are the most com¬
regional integration.
'. >•->. - V; 7 ;
petitive.
.; v
It is from the angle of an eco¬
As a result, goods will be able
nomic world in rapid evolution,
to
be, offered on the integrated
with political considerations being
market
at - more
advantageous
determinant, that I shall try to
prices. Another result is that ,eachoutline how I see the impact of
member
country .will in future
the trend toward regional groups
•import from other countries of the
present, how¬
ever, to make
precise
jections
it
important
t
a
whether
All-these -factors
be
premature
different
very
that
.
dimensions fluence
new
in
prosperity in general.
And
extent, therefore,
a
difference
in
transport costs
may -counter-balance tariff pref¬
erence.
7.
''. .77; 7 7;.. 7
-_,
market.
Effect
'
formation
commercial:' and
their
big international
a
certain
a
In
The
by
line.
.
economies to
imports.
farm
mora
shipping
further apart but
were
increase
an
outside countries,
two
transitional
group
adaptions
"Sevens"--other than that Great Britain's entry would mean reduced
duties
an
to
expen¬
between
and
with outside ride
countries,
differences
in
countries. Just think, for instance, production costs and other
com¬
;of the effects of the structural parative advantages, will continue
"Sixes" and
of the
merger
the
ports that
connected
up
more
transport
•
grated
industrialist explains why it is impossible to predict
arise
to
set
caused
might be far
than
period, ,7 Finally, factors such as the ex¬
bringing about specific flows istence
of
certain
traditional
trade
both
within
the 'inte¬
trading relationships with out¬
•are
and the ECM.
regional trade can expect, and with North American trade.
noted European
tinent
sive
to
up
to
Market
proper
Moreover, he compares European experience with what Latin Ameri¬
can
better
even
saying that
the Com¬
appreci¬
able development in
trade, right
from the beginning of the tran¬
sitional period, quite apart from
immediate preferences.
But the anticipation feature is
not the only one.
Other factors,
faceted, intar-related effects and consequences resulting
Bekaert who
adds
decision
mon
Managing Director of Trefileries Leon Bekaert, Belgium
The
all
the
By Leon A. Bekaert'1', President, Federation of Belgian Industries
and
was an
for business than 1959.
year
the
A.
T.
national
countries
applies duties
s.
Increased
zones,
economic
1 G.
the
EFTA
c.t
sequently have
n0,6.
nor
the
T.
following
upon
will
con¬
growtn,
a
to these
demand
predominant in-
Trade
Intelligence Paper
li.f-
The
possible impact cf the European
Economic
Community, in particular the
Common
Market,
upen
world
trade.
Geneva, December, 1957.
*
-
Volume
194
Number 6118
.
.
The Commercial and Financial Chronicle
.
(2731)
fluence
on
primary
product
im¬
garding the possible consequence
of regional
integration, with re¬
study2 on the effects of
European integration in the trade
gards to international trade. As is
ports.
A recent
.
of
Commonwealth countries con¬
firms this point of view. Accord¬
ing to this survey,
of
the
and
EFTA
will
as
a
add
of
'
evolution.
have
we
certain
for
certain
regards
be less favor¬
the
EEC, the
remarks
imports
products
of
that
from
same
two
the
thirds
Common¬
and
& Co. Incorporated, 63 Wall Street, New York
City, underwriters and distributors of investment securities have
announced the election of Edward J. Morehouse and 'C. Clarke
in
Directors, and Robert I.
•
«.
Kelley
as
Director
a
and
-
raw
drawn
the
effects
the
in
tion
be very different.' EEC
imports of certain temperate
may
foodstuffs
from
(15%
the
of
total
imports
Commonwealth)
aid
of trade
outside countries. When the
development
tries
zone
petition
ties:
of
result of the regime
trade between the EEC
as
free
and
a
the; future
tured
goods
large
extent
policy
Those
are
the
on
of the
as
tariff
and
Predict;
emphasized in'the in¬
troduction,
it
is
impossible
to
form a project as'to the situation
that
would
the
arise
in
the
event
of
Six
and the Seven- merging.
thing that is certain, how¬
in that event, is that Great
One
Britain
policy
would
take
cast
duties
from
towards
the
in
imports
products.
tural
in
products
Commonwealth
increase
doubt
no
reduction
a
manufactured
on
and
of
address
,'by
International
Mr.
'
Bekaert
integrated
trial
Conference
Industrial
search
Board
Institute,
and
San
Francisco,
Re¬
Calif.
Rockefeller
the
tariffs
Y. Inst, of Fin.
„
The
New
economies
Europe,
commence
may
be
Courses
structors,
Work
and
national
the
.ucts
pro
the
more
to
evolve
area
again,
cannot
ratio
.
examine
be
sociation
becomes
this
status
a
prob¬
of
respect of EEC
as¬
over¬
Rockefeller
1949
President
be
also
Board
Mr.
&
and
in
not
such
to
as
extensive
cancel
out
would
zone
the
more
a
offer:
possibilities of develop¬
ing economic activity and increas¬
ing real income, and hence in¬
creased import requirements; not
only in basic products but also in
manufactured
Finally,
™°rr*-n
Merrill
t'
G°
Exchange
Proceduce
u
Lynch,
3 r)"^
Pierce,
Smith
Shields
McVey,
it
goods.
is
ferent
quite
effects
clear
according
whether
it
general
business
-expanding
is
or
installed
that
when
conditions
to
the
Madden
also
Business
a
i3
poration.
jy[anagement
H
Vp^
these
of
extremely difficult
1960.
Intelligence Unit. The
and
'
Europe. London-New
"
CHICAGO, 111.—Donald L. Calvin
Belfer,
m
H.
Whitehead,
Nye
&
Whitehead.
sioner
of
■effective Jan.
C.
Securities Commis¬
as
the
State
of
a
Allyn & Co., 122 South La Salle
Street,
York
members
and
the
of
Midwest
Stock
'
changes.
offering is made only by the Prospectus.
December 20, 1961
NOT A NEW ISSUE
Vice-
of
57,396 Shares
a
corporations and
Capital
business
director
of
Woodrock
Corporation,
Investment
a
James Talcott, Inc.
i
com¬
York.
■
■
Common Stock
Admit Partner
As
of
Jan.
admitted
1, Leon Back will be
'
Price $56 per
to
partnership in Gar¬
vin, Bantel & Co., 120 Broadway,
New York City, members of" the
New York Stock Exchange.. Mr.
Back is in ^charge of the firm's
share
government bond department.
Robert
Winthrop
1 Robert Winthrop & Co.,
Exchange Place, New York
City,' members of the New York
20
Stock
Exchange, will admit Imrie
Vegh, Daniel
S.
Poor
and
Copies of the Prospectus may be obtained from the undersigned and
only in states in which they are qualified to act as dealers in
securities and in which the Prospectus may legally be distributed.
others
r.>"
Roderick H.
ship.
Cushman to partner¬
v
F. Eberstadt
&
Co.
Illinois,
1, and will join A.
Garvin, Bantel to
de
Economist
Nathan
—
and
.
On Jan.
remarks
it is to form any accurate idea re¬
Commonwealth
Join A. C. Allyn
To Admit Three
Summary
is to show how
&
Programming
8
Current E c o n o m l c Develop¬
raents Affecting Security Values
—Louis
D. L. Calvin to
will resign
Investment
'
memberi of the
a
President
are
contracting.
purpose
&
1959, at which time
number of other
is
Incorporated
discrimination will have very dif¬
York
Office
?■
Walston
&
Co.,
Inc.;
Skalka, Carl M. Loeb,
Co.; Norman Novak,
&
Company; Daniel W.
Laird & Company, Cor-
B.
Rhoades
enjoy
greater
2 The
Security Analysis—Charles Mc-
Golrick,
($4.50 Par Value)
long term advantages that
The
Stock
in-
the
^
preference.
However, this element does not
seem
the
given, with
follows:
of
Schroder
elected
Donald
—
was
curity Analysis: Albert P. Squier.
of Directors.
pany in New
would
Co.,
became
raise problems for. certain outside
that
ANGELES,-Calif.
Moulton, of R. JL Moulton &
..
The
joined
was
small
countries
W.
Avery Rockefeller
Madden
territories and possibly of the
Commonwealth- countries,
might
seas
zonal
are as
&
Street,
of Directors.
Mr.
Seven, with which
linked
in
.LOS
'
import
lem in detail, but it seems possi¬
ble to me that a merger between
would
Board
L.A.
Madden
has been elected Chairman of the
the'
in
the Six and the
E.
as
President,
succeeding Avery Rockefeller who
less and less.
We
James E. Madden
James
it is liable
self-sufficient
former
students
•
is geographic¬
more
which
trade/production
new
ed.; Richard G. Furlong,-Merrill
Lynch, Fenner & Smith Incorporated.
" :
' '
customs
Here
towards
in
economy
that
highest.
ally extended the
for
Incorporated;
Allan H. Pessin, Estabrook & Co.;'
Joseph A. Walker, Estabrook &
coun¬
Stiver & Co., Cleveland, Ohio.
ers,
Vice-Presi¬
,
Jerome
be
Brokerage
Fenner
This danger is all the more
real in that it is on these manu¬
are
fi-0"
Registration
4
City.
to
of
Lorence,
tries.
duties
since
and
meeting of the association,
succeeding Stevens Manning,
Margin Depart¬
iPaine,.'Wdbber, Jackson & Curtis.
ment and Advanced Margin Prob-*
Mr. Moulton is President of R. H.
lems—Paul C. Fitzgerald, FahneMoulton & Co., and is a member
stock & Co.
of the Municipal Securities Com¬
Accounting Principles—Eugene mittee of the
Investment Bankers
T. Donlin, Long Island
Company; Association of America.
Walter R. May, Robert
Winthrop
Members of The Bond Club also
& Company
elected Ralph E. Phillips, Jr., of
Business Finance Principles - Dean Witter &
Co., as Secretary;
D
jd A rliman
Allied Chemical
rnrnnrat'inn
'
Chemical Richard W. Jones, of Mitchum,
_p
Jones & Templeton, as Treasurer
*'uia+vu-' r
-Ebdhomic Principles- and Director; Paul J. Anderson, of
Gahnel T.^ Kerekes, Goodbbd^ & White,!)Weld & 'Co., as Director*
and John A. Carter III, of
company.
Vancd,
Accounting Background for Se- Sanders & Co., as Director.
Work
obtained from the office
New York
,
factured
29.
Jan.
Information and enrollment forms
are
detriment of outside
Fi-.
Co.,. employed full time in the investIncorporated, 61 Broadway, New ment-business, and Jan. 11, for,
York
City, investment bankers, new students not employed full
have announced the
election of time in the investment business.
competitive, and
tariff preference might create or*
intensify
intra-European
trade,
to the
of
New York
Institute)
has
&
applied to such prod¬
in
Institute
Exchange
ucts.:.,.
Certainly,
York
;(successor to
f.HnTfcIn
begin tfn
Jan.
will
of
Inc.,
associated
(annual
students; Jan. 8 for
Schroder
Ham¬
elected President of the
-Bond Club of Los Angeles at the
will
Rockefeller Co.
Pisteil
Co.,
Stock
Heads Schroder
research associate... Mr.
a
'
asso¬
,
nance
in
level
Department
Assistant
an
Mr. Kelley joined the firm's staff in
July, 1936 and has been
Manager .of the Chicago office' since 1956. He will now be in
charge of that office and all Mid-western operations.
Conference"
Stanford
depend
the
Buying
elected
January, 1957 and a Vice-President in 1959.
Mr. Ambrose joined the Buying Department in
August, 1950,
elected an Assistant Vice-President in
March, 1958, and a
Vice-President in March, I960; ;
'
\
;
jointly sponsored -by the .National Indus¬
agricul¬
will
on
Ripley's
was
.
of the Institute at 37 Wall
zones
great extent
a
Harriman
-before,,
regards manufactured prod¬
ucts, the incidence of the creation
of
of
■
>.•-
As
to
member
was
products the in-.,
prosperity within, the in¬
zone,L and
the
liberal
nature of the trading and tariff
policy of the zone, may compen¬
sate for the negative effects Of
An
formerly
prior to that,
with
Lehman
Brothers in New York, and Saund¬
Edward J. Morehouse
tegrated
V*-
was
dent in
for
the
makipg of the whole group,
and her influence would
be
in
.part
A
that
.
ever,
C. Clarke Ambrose
July, 1946, Mr. Morehouse
creased
the
As I
I..Kelley
coun¬
>
Department.
with
Corporate Develop¬
Corp., in Los Angeles, Calif,
was
Robert
these
'
Sales
department of the brokerage firm
that difficul¬
discrimination.
Six.
few of the perspec¬
a
for
joined the firm's
Mr. Shethar
of
with
may
.arise,
especially
manufactured products,, but
even
*
Cannot
tives.
Finally,
manufac¬
Commonwealth,.
manufactured by other
countries, will depend to
outside
quota
for
the
by
those
for
a
territories.
overseas
Institutional
ilton previously was a vice-presi¬
dent
and
manager
of the sales
making
seen
of
Insti¬
as
do not
We have also
Stock
Ham¬
ment
,up
an
integrated
belong to a geograph¬
ically united area, the effects of ;
the integration may he slower.
might
suffer under the EEC agricultural
policy.
Some
tropical products
might be exposed to keener com¬
Director
has
ciated
the
hand, the danger of the selfwealth consist of raw
materials,, sufficiency of the group, but with
which come in duty-free. In that a
greater fraction of the world
context, an expansion in trade is benefiting by a real freedom of
to be expected.
For other prod¬ trade, and on the other hand,, the
ucts, the consequences of integra¬ quicker economic growth liable to
York
announced
that
Shethar
has
been
ap¬
ilton
|
one
New
have
Research, and that John W.
tutional
opposite sense
integrated zone grouping a».
on
of the
Norman
pointed
attention tol-
.
Carter, Berlind, Potoma & Weill,
37 Wall
Street, New York City,
Exchange,
the
produc-,
large number of countries:
Carter, Berlind
Appoints Two
members
de¬
corresponding in¬
material imports.
have also
an
rapid
as
Vice-President.
indicate
within
increase
Ambrose
approach;
to
the
We
of
determine
<
this
trade
the
in
crease
In
tendencies:
velopment
community,
hardly necessary
will
endeavoured
tion
is
situation may
able.
of
any
this
factors
It
that
survey
cause
Commonwealth
the
As
small
very
pendent
Harriman Ripley Elects Three
■
,
Harriman. Ripley
always the case in economics, a
large number of closely interde¬
whole with the United
Kingdom.
to
be
certainly not
deterioration
trade
the incidence
will
*
15
White, Weld
Incorporated
&
Co.
New
Ex¬
16
(2732)
James Talcott
pany
G
Co.
City and
sociates
as¬
offering 57,396 com¬
mon shares of James Talcott,
Inc.,
at $56 per share.
Lincoln National Life Insurance
Life
Bankers
and
six
months
ended
June
Common Offered C
six
Currier
&
Carlsen
Inc.,
Los
Angeles, is offering publicly 150,-
months
of
to
1960.
Net
income
stock
common
was
Industries,
pared with $1,952,079, or 91 cents
Net
on
fewer shares.
the
Knickerbocker
traded
The
shares,
common
New
the
on
York
Stock
Exchange.
The
:
of 225 Park Ave.,
company
South, New York City, engages in
commercial
financing
and
ac¬
counts
receivable
factoring. It is
of the oldest businesses of its
one
kind in the nation. Established in
1854
Biologicals
are
by James Talcott,
DIVIDEND
the
com-
NOTICES
public
stock
of
Inc.
None
sale
the
as
AMERICAN
CAN COMPANY
COMMON
On December
12, 1961
of fifty cents per
Common
a
share
of
Stock
STOCK
quarterly dividend
declared on the
payable
was
this
Company,
February 26, 1962 to Stockholders of record
at
the close of business January 19, 1962.
Transfer books will remain open. Checks will
be
mailed.
common
proceeds from the
the
to
are
and
are
company
already out¬
being sold for
Amos Cahan, President and
Director, who will retain 84% of
the company's outstanding stock
on
West 43rd
Street, New York City, manufac¬
tures,
packages
and
distributes
an
extensive
line
of
diagnostic
and cells used for the pur¬
of blood grouping and test¬
ing. These diagnostic reagents are
laboratory
testing
cross-matching of the blood
of
in
be
and
donor
the
of
blood
addition,
In
transfused.
to
the
blood
three
operates
company
receiving
patients
hospital
transfusions
to
and
sliding
accessories
glass
and
Ray Carter Walker
Gerald A. Lodge
states.,
the
To Admit Partner
since 1959
Effective
Jan.
1
F.
P.
of the
Exchange,
New
will
Scimonelli
to
Ristine
York
admit
firm's
Mr.
Stock
Nicholas
partnership.
corporate
Walker
as
1%
Gross
CORPORATION
The
Board
dividend
Directors
of
of
declared
a
stockholders
per share on the 7%
payable January 2, 1962,
of
record
December
21,
ATKINS,
Hamilton
John Nuveen
Waters
&
Co.,
Inc.,
Hempstead, N. Y., reports that its
offering of 62,500 common
shares
of
George Harmon Co.,
Inc., at $4 per share was all sold.
Net
proceeds will be used by the
for
additional working
of equipment,
Kenneth L.
Eaton
has
and
development,
electronics
in
i ts
New
York
The
time
and
Broad Street,
Board
of
Directors
of
CORPORATION
dividends:
226th Consecutive
5(V per share on Common Stock.
28% <f
share
per
on
The
the 4.6%
has
W
Cumulative Preferred Stock.
Common Stock dividends
are
yiVl
payable
record
at
ber 28,
cents per
Preferred
January 15, 1962
to stockholders of
the close of business Decem¬
solid-state
and
DC
beacons
A
electro¬
Its
products
per
mon
$25
par
on
4.6%
Cumulative
value Preferred Stock
able March
of record
the
15, 1962
to
thew
the
F.
are pay¬
stockholders
February 28, 1962.
share
stock,
Mass.—Wood,
opened
a
has
at
28
North
management
Street
of
Mat¬
Hasbrouck, Jr.
veteran
DIVIDEND
NOTICE
Directors
share
and
on
business,
in
the
cial
Otis
December 13,
York
been
C. Allyn &
in
TENNESSEE
City.
also
company
is
of
the
the
sponsor-
Nuveen
Bond
Fund,
investment
company
investment
trust
a
of
registered
the unit
close
DIVIDEND
of business
Milton
Clark
J.
has
money
department
Bantel
&
Co.,
'
Quarterly dividends of $1.25 per share on the 5% preferred
stock, $1,13 per share on the 4.52% serial preferred
stock,
$1.54 per share on the 6.16% serial
preferred stock, $1.41
per share on the 5.64% serial preferred
stock, $1.75
was
a
Garvin,
Broadway,
Y
7.00% serial preferred stock, $1.50 per share
on the
6.00% serial preferred stock, $1.25 per share on the
5.00% serial preferred stock, $1.35 per share on the 5.40
%
serial preferred
stock, and 45 cents per share/jjih the common
2% stock
Light Gompanyhave been de¬
clared for payment
January 10, 1962, to
record at the close of business
December
stockholders of
26, 1961.
PORTLAND, OREGON
December 13, 1961
H. W.
Millay, Secretary
k
to
The above cash dividend
issued pursuant
dividend.
61
the shares
to the stock
on
John G. Grftnburgh,
Broadway
Treasurer
New York 6, N. Y.
commencing
otherwise
after
2001.
as
a
on
or
redemption
at
103V8%,
whole
on
or
Nov.
1, 1973, at redemption
prices
commencing
at
104V2%,
together
with
accrued
interest,
these
redemption prices in each
decreasing annually to 100%
Nov. 1, 1991.
The Authority constructed and
case
on
operates the
miles
Fort
Sunshine
northward
State
of Miami to
financed
by the Authority
issuance of $74,000,-
the
000 bonds series of
$63,817,000
Nov.
The
1,
were
issue of
bonds
enue
1955, of which
outstanding as
1961.
new
turnpike rev¬
being issued for
is
principal
sion
this
to
funding
bank
series
ment
rela¬
with
had
the
all
of
1955
the
bonds.
combined
exten¬
of
re¬
outstanding
bonds will be secured
of
an
and
the
of
financ¬
of
purposes
parkway
the
He
the
the
vicinity
Opened to traffic
1957, this parkway
January,
through
of
from
Pierce.
firm's broker--
net
The
by
a
new
pledge
revenues
of
rela-
the
depart¬
of
Mer¬
existing Sunshine State Park¬
way
and of the extension.
rill
Lynch,
Pierce, Fenner
&
S
m
i
t
h,
Inoornoratecl.
paid
1,
fund
1966, at
the
tions
Milton J. Clark
be
and
1,
ing the construction of
bank
of business: December
not
retirement
Nov.
dealer,
been
the
4, 1961.
will
Nov.
are
securities
develop
able December 30, 1961, to
close
o r
further
declared pay¬
at
the
money
broker
and
per
the
bond
a
after
City,
December
stockholders of record
due
priced at 99%.
The bonds are subject
to re¬
demption in part by operation of
in
of
New
DIVIDEND
addition,
bonds
was
joined
120
•'
d
dividend
bonds
revenue
vicinity
tions.
—
:
offered publicly on Dec. 20
$157,000,000 Florida State Turn¬
pike
Authority
4%%- turnpike
109
Garvin, Bantel
regular quarterly divi¬
thirty-five (35c) cents
share was declared pay¬
STOCK
,
the
Stock
&
Co.; Tripp & Co.,
Inc.; Leedy, Wheeler & Alleman,
Inc.; Childress and Company, and
Pierce,
Carrison, Wulbern, Inc.
were
joint managers of a group
of
November 21, 1961
In
Dividend Notice
American
Wertheim
now
Clark Joins
CORPORATION
4, 1961.
Power &
Tax-
type.
able December 19, 1961, to
stockholders of record at the
& LIGHT COMPANY
and
also
on
Parkway, which extends for about
1961
POWER
York
prices
CORPORATION
TENNESSEE
per
of Pacific
Ci i-
organization in the
dealing
in
taxexempt securities exclusively. The
A
stock
as¬
with
States
dend of
on
he
largest
on
CASH
PACIFIC
firm
Read & Co., Inc.; Glore,
Forgan & Co.; White, Weld & Co.;
The
1952
John Nuveen & Co. is the oldest
and
Exempt
the
62Vi
Treasurer
Bogota, New Jersey
The
brokers' broker
a
Dillon,
Since
Incorporated
underwriter
both
December 12, 1961
as
Florida Turnpike
Bonds Marketed
that
A.
and New
&
of
Frederick A. Stevens,
Vice President and Secretary
G. H.
$157 Million
Co., Cleve¬
land,
and
Dempsey
&
Co.,
Cnicago.
sociated
Kenneth L. Eaton
cago
finan¬
industrv
with
Company,
career
1962.
Robert A. Wallace
share
Public
his
gan
United
~
dividend
stock
office
under
D,
Co.
25
Mr. Eaton be¬
transceivers, AC
static
contactors,
sea
and
crash
locating de¬
&
Co.
at
the
Bond
vices.
the Com¬
payable
February 1, 1962 to stock¬
holders of record January 3,
cents
1961.
Dividends
of
a
Co.
as¬
Laing,
.
of
Napa St.,
types of switches,
UHF
Quarterly Dividend
Board
declared
&
Exchanges.
become
President.
delay relays, solid-state AC
power supplies, VHF and
Walker
UNITED SHOE MACHINERY
Federal
New
according to Chester
DC
branch
Paper Board Company, Inc. has this
day declared the following quarterly
serves
offices
and
and
devices.
include various
P I T T S F I E L
Common & Preferred Dividends:
Incorporated.
Walker
individuals.
and
sociated with Jchn Nuveen &
purchase
Secy-Treas.
United
H.
recent
Wood, Walker Branch
FEDERAL PAPER BOARD CO., Inc.
G.
April, 1960, he has been As¬
Manager of the Syndicate Department.
sistant
has
B.
with
Mr. Symington, a member of the New York State
Bar, joined
G. H. Walker &
Co., in 1956. Since
1961.
C.
Walker & Co.
Mr. Steadman joined the New Business
Department of
& Co. in 1959.
K. Eaton With
SI.75
Preferred Stock
to
has
G. H.
associated
Walker
Stock All Sold
mechanical
WAGNER BAKING
1962.
Vice-President and Treasurer
been
GeorgeHarmonCo.
state
PIES
affiliate,
has
a diversified
manufacturer in the field of solid-
WAGNER'S
Symington, Jr.
security analyst, and is currently supervisor of the
a
Northridge, Calif., is
M Is
C. H.
Research Department.
&
Co., 15 Broad St., New York City,
The company of 18141
M
Richard C. Steadman
Street, New York City, members of the New York Stock Ex¬
change, effective Jan. 1, 1962, it has been announced. At the same
time, Charles H. Symington, Jr. will become a Vice-President of
advertising.
the close of business
Lambert J.
sells
F. P. Ristine
research
Dividend No. 233
January 17.
Air Ter¬
parts. The company's
sold almost entirely
western
company
A
at
of
purchase
approximately 45 distributors
in the eight Pacific Coast
capital,
record
Go., 45 Wall
located
centers.
DIVIDEND NOTICES
Quarterly Dividend of Thirty
Cents (30<O per share on all
the outstanding stock of Com¬
bustion Engineering,
Inc. has
been declared, payable January
31,
1962, to stockholders of
&
are
members
completion of the offering.
The company of 300
and
Walker
by the
Dr.
employed
ENGINEERING
also
products
the
the investment firm of G. H.
in
share.
per
of 5581
window
doors,
component
pose
COMBUSTION
It
doors.
of
is
shares
standing
serums
JOHN R. HENRY, Secretary
sale
accrue
C.
Partners
working capital.
company
Knickerbocker
of
will
the
a grandson of the founder, George H. Walker,
generation of Walkers in the organization; Richard
Steadman, and Gerald Anthony Lodge, will become General
the third
and
Dr., Fresno, Calif., is en¬
gaged
in
the
manufacture
of
sliding aluminum windows and
Biologi¬
being made through
the offering of 75,000 shares, at $6
per share, by Paul Eisenberg Co.,
Inc. and Magnus & Co., Inc., New
York City.
cals
for
Ray Carter Walker,
minal
Stock Offered
Initial
$4
at
Thursday, December 21, 1961
,
Kendall
proceeds will be used
receivable and
the company.
Talcott
Inc.,
.
equipment, repayment of debt, the
carrying of inventory and accounts
other
10,111. No proceeds will accrue to
of
shares
common
company
of the shares
Co.
000
$2,288,846,. equal to 91 cents a
share, in the 1961 months, com¬
.
G. H. Walker Names Four
Kendall Indust.
factored totaled $671,156,000 com¬
pared with $625,099,000 in the first
applicable
are
Co. is selling 47,285
the
30, 1S61, receivables financed and
Co.; White, Weld &
Inc., New York
incorporated in 1914.
was
In
Common Offered
F. Eberstadt &
Chronicle
The Commercial and Financial
A
the
Mr.
Foreign Service Officer with
Department of State, 1955-58,
Clark
received
a
Citation
for
Distinguished
Service upon leav¬
ing government service.
With
Granger
New
York
New
York
operates
the
Federal
Funds
Granger Co.
Co.,
Stock
Broadway,
that
Gates, Kurt E.
R.
Gerard
trius
J.
Walter
Kelly, Jr.,
Vamvaketis
ciated with the
ing
representatives.
of
Exchange,
nounced
market and
specializes in arrang¬
collateral
loans
to
brokers
Ill
City, members
Peter
Garvin, Bantel & Co. maintains
and
&
De
firm
as
Canio,
Gerbert,
and
are
the
an¬
now
Deme¬
asso¬
registered
Volume
194
Number 6118
.
THE: MARKET;.
The Commercial and Financial Chronicle
.
.
..:.
subsidiary, as well as a pending
stock split to-help it do the better
AND YOU
..
market
BY
WALLACE STREETE
year-end cross-currents kept
stock
swirl
market
this
in
week
lutely nothing
a
that
far
as
as
abso¬
indicating
what the future course would
be.
Selling cropped up sporadically
only in the issues that have
not
well deflated, where losses
likely to be established, but
been
were
also
in
ites
indicate that many of the
transactions
were
to
establish
And such highly individ¬
ualistic considerations
not the
are
type * that .set«, a, .definite market
trend..y"
known
equipment
for
the
yield
age
largely
efforts
More and
industry
more
their
own way
independently despite any over¬
all market climate, the financial
services
and
market
letters
its
and
is
in
company
year
/ able
was
the
year
Golkin, Bomback
Admits Nieman
in¬
Nieman,
con¬
its
to
last
which
1960
in
boost
management
of
the
its
of
one
interest
1961
only
covers
Security
Traders
Association of
'
'
j
N
price
the
Wmm
reduce
With the year-end
Attitude Towards
Guarded
The
that
fact
the
Steels
indus¬
steel
then
in
labor
items
ous
siasm
is
that
keeping enthu¬
restrained.
The
industry
with over-capac¬
sufficient foreign com¬
petition so that, wage increases
in the present contracts couldn't
be
along to consumers in
higher steel prices.
passed
is
favors
boom
a
new
will bring bright pros¬
year
pects is the silver mines.
The
suspension by the United States
Treasury of silver purchases less
than a month ago mostly pointed
up
to the fact that the demand for
metal is outstripping produc¬
tion.
wM>'
67
,;
reaction
immediate
The
was
a
tion of that action started to come
market, the price leveled
But for the important pro¬
into the
off.
York
New
the
such as
Rosario,
mainly,
silver
of
ducers
Honduras
&
prospect is for a good earn¬
ings improvement from the higher
price.: To the companies where
silver is mostly a by-product of
other mining activities, the effect
will not be nearly as beneficial.
Expansion
Store
stocks
Store
mand
which
were
the
favor
odds
this
a
few cases
further price ap¬
preciation where changes are be¬
ing
Gimbel Brothers, for
made.
is
instance,
■merger
in
a
planning
the four
Ed
Schuster & Co. of
the
store
preparing
area,
there
old-time
Milwaukee.
Low
Auto
makers
mistic
New
but
little
have
this
of
has
the investing
on
of
case
been
1962
opti¬
prospects
Ford.
off
rubbed
And
Ford,
de¬
some good price action by
shares, stfll was held in good
regard in many circles.
spite
Ford
stood
favorable
year
and with
1961
indicated
to
in
not-too-
the only com¬
its earnings for
a
rebound in
next
for
a
as
improving
pany
on
out
sales
could
year
impressive showing.
an
go
The
million
in
lion
6.1
and
million
in
1960.
This, obviously, would bene¬
fit all the auto producers.
in
of
look
year
Ford's
recent
open
in the
and something- like $10 a
profit attainable next year,
shares
would
still
be
only
the
some
11-times such
is
low
a
in
name
been
ratio
figure which
have
as
recent months.
in
The
company
has
shown
a
buoyant financial figure despite
spending many millions for buy¬
ing additional shares of its Cana¬
dian affiliate, all the outstanding
shares of its English unit, a large
since
dilution
the
chased
the
company
1,
1962,
announced.
A
specialist in Cuban securities
25
years,
Mr. Nieman had
previously been in the New York
for
headquarters of Carl Marks & Co.,
Inc. since 1937. He opened that
firm's Chicago office in 1934, and
prior thereto he was associated
with
Siesfeld
G.
Leo
Dealers
in
foreign
&
securities
10 years.
the
*
Nieman
Mr.
Co.,
for
STANY
was
President
Gratuity
President
of
Fund,
the
Of
Inc.
STANY
positive conservative position.
They are worried about the
popularity of Senator Goldwater
because they can't see him with
his
small
state
capturing
the
nomination and then winning the
Presidency with the mixed popu¬
lation of the
see
Admit H. Gade
PARK, Fla. — Herman
Winter Park manager for
Allyn & Co., 300 Park Ave.,
North, will become a partner in
Gade,
A. C.
the firm
of
as
Jan.
1.
Mr.
Gade
formerly
a partner
in Ster¬
&
Co.,
and
prior
thereto was a principal of Secu¬
rity Associates Inc., of Winter
was
ling,
Grace
Park.
kan
&
Company
N.
be
has
management
in
the
healed.
of
Miss
Betty Waldman.
the
Republicans
This announcement is neither
,
smaller
Southern
which can't
don't
which
for
out
the
them—to
farm
States.
Senator
go
states
This
the
see
after
the
and
South.
The
Democrats
time,
find
about
the
the
for
themselves
South.
Politicians
abashed
by this
conservatism,
the
Democrats naturally and the Re¬
publicans because it tends to be
growth
radical
In
as
first
worried
both
Texas
and Louisiana
are
of
conservatism
with
they
are not " prepared to
Nelson
Rockefeller
being
however,
"liberals".
both
a
split is still a definite
There is
a reason
conservatism.
for this radical
Most
observers
fate
of
auto
the
ment
to
inspire
Tire.
any
This radical right is frustrated
by the happenings in the United
Nations, for one thing. They are
by
the United States
the
UN
attack .in
supporting
Katanga,
a
conservative
new
country which is the only one in
the Congo on our side. Not only
are
we
supporting
the
fight
against
Katanga,
but
we
are
of
upsets the Republican
Javits
and
Keating,
to contribute a cent. We are frus¬
trated when we see
"neutral" In¬
New
being "liberal."
much to topple
the Trujillo
regime in San Domingo; we are
frustrated when the government
renews its foreign aid
to Poland
and yet that country sends goods
so
Republican propagandists,
in attacking Mr. Kennedy's failure
to fulfill his campaign promises,
invariably open up with his in¬
ability to pass civil rights legisla¬
tion. This helps, or is intended to
help Javits, Cooper and Keating,
Saltonstall and Case, to the dis¬
advantage of the rest of the party.
If
there
is
one
thing sure and
certain about politics the Repub¬
hard time keeping Congress from
licans have about
voting to withdraw. As it is, the
of
as
much chance
the Negro vote away
from Kennedy as a dog chasing
an asbestos
cat through Hades.
getting
the
in
Cabot
Lodge
to Cuba.
yThis is not the end of the list
of frustrations
any means.
an
offer to sell
The
nor a
ministration
UN is to
words
at
would
have
come
in for
the
coming
some
an
u
p
v/pens
SAN FRANCISCO, Calif. —Hugh
P. Gee is conducting a securities
business from offices at 681 Market Street.
offer to buy
any
of these securities.
December 20, 1961
75,000 Shares
Knickerbocker Biologicals Inc.
par
STOCK
value)
Price $6 per
Copies of the Prospectus
,
may
share
be obtained from such of the undersigned only in such
States where the securities may
in
the
This
case
issue
the glamour of Aerojet, its
of
has
missile
Paul Eisenberg Co., inc.
of
p
**• * •
NOT A NEW ISSUE
($.25
a
harsh
session
offer is made only by the Prospectus.
COMMON
had
Congress.
announced
solicitation of
It is
to say that had Red China
been admitted to the UN, the Ad¬
last
campaign that Nixon
would
appoint a Negro to the
Cabinet he probably lost the election for the Republicans. He at
least
lost
two
Southern states,
by
safe
be legally offered.
giants
investment
at¬
tribute it to frustration.
possibility if 1962 business comes
anywhere near anticipations.
The
their
York; Cooper of dia sending troops into Goa; we are
when
we
see
the
Kentucky; Saltonstall of Massa¬ frustrated
chusetts;
and
Case
of
New United States permitting Cuba to
Jersey have consistently won in operate freely in the Caribbean
spite of the mixed populations of and Latin America while we did
There have been hopes, prema¬
without
cope,
they have Congres¬
sional
elections
coming up
in mostly financing it to the tune of
which they may easily lose two about $75 million a year while
seats. This should give comfort to Communist
Russia
and
other
the
Republican right wing.
It members of the UN have refused
ture up
or
which
most formidable candidate.
be 'frustrated
would
against all tradition, attractive
it may Sound on paper.
pur¬
to here, that Ford, would
split the shares which seemingly
adds glamour to any stock issue.
The hopes are still widely held,
and dividend improvement with
let
the minority vote go and concen¬
trate on the farm states and the
bringing about
as
party
They
possibilities
When
Y.—Shas¬
opened a
branch office at 271 Main Street,
the
him, instead,
split
New Shaskan Branch
POUGHKEEPSIE,
Eastern states. They
The
WINTER
that
Goldwater
the
their states by
A. C. Allyn to
have
is
It
that
,
the
is
them
Carolina.
this
On the
mqdern Republican
campuses
there is a
line
that
they
are
worrying rampant conservatism whereas it
whether they should adopt a more used to be a hotbed of liberalism.
holds
Jan.
it
of
many
adopted
South
of
the Ford
shares from
except
effective
Barney Nieman
So
'
are.
and
because
Foundation.
General
retailer."
Stock
Exchange,
Democrats
and Republicans. Strange that the
Republicans are worried but they
part of Electric Autolite's business
and
acquisition of Philco.
The
latter was accomplished without
interest
new
New
popular
any
such
markets
seen
a
for
element
a
insists
—
share
haven't been much of an induce¬
to
the
York
under
price apprecia¬
markets, the out¬
improved business next
Despite
Texas
against 5.6 mil¬
cars,
1961
$50
some
of
dustry will bounce back to some
6.5
Increasing conservatism all around
the country has the politicians of
both parties worried
a
sales estimate is that the in¬
1961
BY CARLISLE BARGERON
York
public except in
and an additional
of
St.,
Earnings
their
over
growth status of this
is
production
naturally affects the tire compa¬
nies, but prospects for 1962
addition
million in sales,
added to the
first
generation with a bid
department stores of
for
.With
its
of
Broad
Capitalization
normally
are
in
But
up.
for
when their heavy
profits
and
chalked
normal
is
time of the year
sales
in good de¬
lack
is
of
City, members
and
Ford's
tion
jump of around 10% in the price
and then, as the hoarded metal
accumulated abroad in anticipa¬
that
one
firm
Alumni Association in 1961.
economy
One of the industries where the
the
with
com¬
facilities.
the
good stock market. Beyond
that is the open question.
is
fortunes,
troubled
early in the year as a precaution¬
ary
measure in case
there is a
steel strike, so for at least the
early portion of the year the sen¬
a
added
contribute to the overall
pany's
the
and
just
company
to its lineup
specializes
in
municipal
water systems and sprinkler sys¬
tems.
This new division, which
hasn't yet had time to show how it
generally agreed that
there will be inventory buildups
timent
has
valve
a
of
it
But
turn
a
which
and
the form
since
and
that
appear
company
has been plagued
ity
dividend
its fortunes has been made.
The
can
contracts run out in
mid-1962 is only one of the vari¬
try's
its
it would
to
Golkin, Bomback
&
Co.,
are
approaching,
considerable analytical work was
being done both as a review of
1961 and predictions for the new
year.
In
general,
they
were
guardedly optimistic. '
.
k,;
general
going in for separating the vari¬
cisions.
o r
partnership in
range
lately the shares have been avail¬
able at only
about half of the
ous
issues
into
"strong"
and price
they
commanded
a
few
"weak" categories on their own
years
ago
when the petroleum
merits, and letting the various industry
was
reaching
a
peak
averages
wander
around
as
a
in
prosperity.
The
bottom
of
sideshow.
While interesting, this' Dresser's
cycle was in the middle
has little to do with investing de¬
of
1960
when it was forced
to
Y
admitted
is
exceedingly
points. And
an
seven
e w
Inc., will be
is
.......———
investment
in
narrow
of
years of experience in the
securities business and President
on
more
of
evident
veteran
a
increase in sales
earnings could
satisfactory.
The
an
effect
even
lack
those of the
as
,
profits
around
10%
despite
a
slight decline in sales. For the
current
"Chronicle."
only.1
Barney
efficiency
as
the
...Ahead of the News
time coin¬
any
many
far
fiscal
own
efficiency.
cerned,
be
the • various
as
groups go
gas
has' been
despite
presented
are
author
at
of the
of
and
that
those
is
maker
oil
at diversification
creased
As
item
ignored
and the
Divergence Increases
which
industries, is another above-aver¬
looking for
Market's
>.
Industries,
mostly as a
with
They
Equipment Issues
Dresser
of the recent favor¬
some
to
profits.
Interesting
confusing
did
FROM WASHINGTON
work.
necessarily
not
cide
the
17
[The views expressed in this article
do
The
(2733)
Magnus & Co.
Incorporated
18
(2734)
The Commercial and Financial Chronicle
t
the
NEWS ABOUT
Consolidations
Branches
New
•
New
•
Officers,
etc.
Revised
•
The
& Trust Company of Bay City,
Mich., increased its common capital stock from $2,200,000 to $2,640,000.
*
' *
*
Ifancisco;
A certificate has been issued
proving the application of
President, Donald E. Seese, As¬
sistant
Comptroller, and Julian'
Idiart, Assistant Secretary.
the
the
they recomsplit, directors
time
same
stock
also
increased
by
$46,151,950,
As
bank's surplus
trie
by' a
profits,
effected
undivided
from
result, total capital and surwas
increased
to
$300,000,000, consisting of capital of
$66,542,550 and surplus of $233,457,450.
Vvfv.; . t-v
\v
*
* ■'
-"'iv1 •'"'■'"C'"1 •>-/
W.
moted
to
of
dent
Bank,
been
Vice-Presi¬
Chase
Manhattan
it
York,
New
was
by
yesterday
Rockefeller, President.
is'
administrative
<
He
joined
ment
of
-
Iii
J GeorgeZ
Assistant
an
Brooklyn,
and
1946
and
a
Senior Vice-President
a
He
*
Election
*
of
F.
Joseph
.
Watson
Blair,
Lewis T.
C.
T
have
'
been
joined
Guaranty
Company, of
New
and
an
became
As¬
Also
tion
/.v,
their
five
assistant
Robert
dents:
G.
Marshall
Henry C.
elected
were
If
affirmed
shares
of
.
value
remain
of
change
Keene,
title
*
*
Schumacher
have
been-
elected
The
Trust
"•
*
B.
"•..
$
*
,
Schwulst,,. Chairman
of
the Board of The Bowery Savings
Bank,
New
York,
Dec.
13
Vice-Presidents
First
from
Chief
as
Chairman
sale of
i
con¬
moves
up
Officer.
L.
Bank
Wood. Mr.
rector
Doan
of
by
his
of
John
Treasurer.
from
Mr.
dent
of
was
Pullman
the
elected
'
City
to
Larsen.
Vice-President
steps
and
up
L.
Brower
erfield
Hutchinson
Road at
Ohio
nell
Toledo,
capital
Trust
of
the
B.
Second
Fidelity
*
the
tional
responsibilities
as
Assist¬
William
Smith
elected
Fred
K.
Senior
Cordes
were
Vice-
J
;
At
S.
M.. Harmon
Presidents.
Doolittle
were
They
and
Elmer
elected
were
Vice-
Assistant
Vice-Presidents.
Aubrey J. Hood, Assistant VicePresident, assumes additional re¬
sponsibilities
as
General Auditor.
Cortland O. Burckhardt and Peter
Andre
sistant
The
promoted
Vice-Presidents.
were
following
new
to
As¬
Soth,
stock
Somerset
of
Brook,
capital
N.,
J.,
to
from
stock
$1,effective
$1,562,500
[dend
meeting
officers
were
William
E.
Irvine
and
William E. Daniel, to Assist¬
ant
Treasurers; Virginia T. Smith
Trust
Pa.,
on
the
Company,
Pittsburgh,
Dec. 12 recommended that
$66,542,550
capital
stock
be
divided into 6,654,255 shares with
par value of $10 each, instead of
the
2,661,702
$25
present
shares
of
presently
dend is
K.
the
on
of
vote
the
on
Mellon,
the
.
Chairman,
articles
bank
at
proposed
of
of
their annual meeting
their acceptance
Jan. 30. With
the
board's
yice-^r^sFdeni'^n 'bee.
'
•
of
to
recommendation,
stock effective Dec. 6.
new
stock
1
'
each" 16%
held.
divi-
The
Bank,
Dallas,
Witt Ray and William O. Stevens
record
Dec.
15.
taken
/
in-
today "
were
the bank's capital account
Vice-Presidents."
elected to the
De-
posts of
Vice-Presidents. James
General
new
from
$2,500,000 to $2,650,000 and ' D. - Berry, Darrel H. Hamric, Pat
the total of capital and Henry, "Jr., James W. Keay, Ray
surplus^ to" $6,650,000.
' - " 'r V
J. Pulley and C. B.* Sullivan were
The
■
f
.
•..*
•
Savings
of
Bank
&
re-
Dec.
on
the
Currency
convert
with
National
*
of
*
'
-
Harris
to
title
the
Bank
'*■
from
5
Comptroller of
to
bank
.-
Elyria, Ohio
approval
Office
V "*
*
Deposit
Company,
ceived
*
elected
John
H.
H.
and
Guy
Robert E. Morgan, Charles
Pistor,; Jr., Robert L. Terry,
;
Whitley
R.
and
James
C. Wilson, Jr.y were elected Vice-
-
Zwiener, President of: Presidents.
Trust
William
E.
Burnett, John S.
Davis, Lee Drain, J. Frank Fields,
J. L. Bemmingson, John C. John-
William
Elyria."
•
Vice-Presidents.
Hurson,
Csborn,/ C.
,'a son,
of
Senior
-
Savings
Bank,
/ y.
v
counter
-
C h
:
entire staff
-
dorfAstoria;
.
Hotel.
.
.
.
year
of
eratlOH
r
Irving A. Greene
been
the
able
in
active
most
of
Presidents,
-
held
the
Vice-President.
\
*
*
1
-;!!
/
*
Lake
Shore
'
*
cago,
111.,
National
elected
Bank,
A.
Chi-
Thomas
Etcheson
President,
succeeding
Joseph R. Frey, who continues in
the post of Chairman and Chief
Officer.
Dennis
F.
Hansen
were
dents
of
Bank
&
Illinois.
•
Glass
'
•
Co.
Kirk and J. Lawson
elected
•
5l!
*
*
Mercantile National Bank, Dallas,
Texas,,
has
elected
Meyer
J.
Rachofsky and A. C.. Armstrong
Senior
of
National
Chicago,
Bank,
*
announced
the
C.
Howard
F.
Hobbie
Lund,
S.
Thompson and M. Harvey Earp
were
elected Vice-Presidents.
•
W.
Mason,
the
*
and
and
Wellco Ro-Seareh
Industries, Inc.
V'
•"
*"•
'
,
*
■
•>
.
Presi¬
National
Smith
Bank, Robstown, Texas, has been
elected
a
Vice-President of
the
a
First
Detroit,
Mich.,
"promotions
National
Bank
of
Fort
York
City
is
offering
the
through
to
Vice-Presidents.
Baiik, Phoenix, Ariz.
*
the
By
a
stock
dividend
effective
Edwin
-
E.. Adams,
President
of
125,070>
of
the
to
shares
company,
being sold for
are
will
sale
the
from
proceeds
accrue
the
selling
as
a
stockholder, Atlas Corp.
The
N.
in two related
is engaged
C.,
;
Waynesville,
of
company
businesses. The first is the licens¬
ing of other firms throughout the
free
world
the
foot¬
manufacture
to
with processes developed by
wear
The
company.
company
pro¬
in- the
assistance
technical
vides
manufacturing and. merchandising
products- utilizing its>' processes,
develops, designs and con¬
structs
shoe
vulcanizing equip¬
and
ment for
use
other
with these processes.
business
casuals
and
with
is
design
slippers
rubber
outer
soles
The
market. "
presently
company
the
sponge
domestic
the
for
52
markets
styles of house slippers, 48 styles
casuals
of
four "
and
patented comfort
of
styles
shoes.;
Dunphy Joins
•
Donaldson, Lufkin
John
J.
Dunphy has been named
Vice-President
the
and
Institutional
change
Director
Sales
New York
Corporation,
Lufkin
&
Jenrette,
of
Depart¬
Stock
Ex¬
Donaldson,
Inc., 80
Street, New York City, it
Pine
was an¬
nounced.
had
to
&
joining
.
Donaldson,
&
Jenrette,
Mr.
Dunphy
bPen
Manager
of
the ' Re¬
search
ment
❖
Y- '■
shares, at- $5.50 per share. None of
Prior
A. ► Glark,
Charles
T/ Allen L,« Rosenberg was elected
III, and Gerald E; Warrert Vice-President of the Guaranty
.
of common stock of
Ro-Search Industries, Inc.
Wellco
Lufkin
SamueL
Fisher
'
sale
public
Worth, Texas.
of
-V
Towbin Co., New;
making the initial
C. E. Unterberg,
ment of the
formerly
Robstown
dent, of
*
of
Paul
Chicago,
Vice-President.
Bank
Vice-Presidents.
*
Edward
LaPrelle, Jr.,
elected Vice-Presidents and
Trust Officers.
'
National
H.
were
Paul
District
Paul
Robpt • C. Armstrong, Horace C. Lemmons,
Vice-'Presi-
American
Trust
i
.
and
elected
the
'
.
*
*
Vice-Presidents.
elected
■
-ophas
profit¬
Company's-'
his;ory, and "with our faitn and
prayer may we hope to continue
to share good fortune
and good
health
with
our
employees and
friends," he further stated.
Greene
mid-soles and leather
Vice
previously
A.
Greene, seniorpartner, said"
y/ that this 32nd
Vice-President, Sam F. Holmes,
Jr., and Robert E. Tripp were
Senior
..
Irving
and manufacture of house
having
on-
"15 at the Wal-^
.
;
The
all
as;
■Friday, : Dec.,
announced that George A. Nicoud,
Jr., has been elected a Senior
A. ;. Newellj
Rumpf and Errett Van Nice were?
annual;
is tm
r
party: for. the'.
.
Carroll
Prater,
se--.
curities,- held:
"Rtheir
Chicago^ 111., has announced that /First National Bank, Dallas, Tex.,
E.
York
dealers'
over/the-'
in
.
brings
-v.
New
.'City,
•"
Common Offered
*
;
National
Kite; Leland S. Dupree, Lewellyn
A. Jennings, C. B. Peterson, Jr.,
and John R. Scott were elected
each
shareholder of record, to;be
determined by the date on which
*
*
*
fol-' Texas, has announced the followdivi-
.cele-;
iSgi Z,
The common capital stock of the
of
action
change- National
association
of
Executive
said, shareholders would be asked
to
National " Bank
payable Dec. 27 to share-
holders
111.,
each.
Richard
*
•
the; bank's- ing changes in officials: Oran H.
a
share if or
one
—
shares
declared
*
Directors of Mellon National Bank
*
Atlantic
Republic
which
immediately,
Directors
Executive
Dec. 6.
and
The
The
Brook, N. J., increased its
250,000
in
appointed: Philip H. Trout, Wil¬
H.
Bound
Bank
Bound
:•. *
effective
Jacksonville, Fla., announces the
retirement of Charles D. Wynne,
^
their
title
%
new
to 1 $200,000,
of f
value*.
132,500 outstanding $20 par
named
Union
Vice-Presidents,
advancing from Vice-Presidents.
Albert
of
National
County,
common
Lumsden, Montague T.
and
First
sale
of
k
a n
125,000
shares.
Kenneth V.
O'Con-
Co., Newark, N. J.
!K
By
ant to the Chairman.
$100,000
Dec. 1.
Company,
from
account
First
K.
/
•
*
shareholders, at a First
National
Bank
of
Eau
special
meeting
Dec,
11,
auGallic, Fla., was increased from
thorized an increase in the bank's. $325,000 to $487,500 by the sale
Co.,
William
'
,
'
*
firm's
of
Ohio,
:
John
elected
were
Presidents
B
Trust'
Citizens
Trust
Roger
-
re-
First National Bank of Bethany,
Oklahoma, was increased from
Manager of the Bank's
Office,
Loj^i;if! Executive,
31.,
Brookpark Road..
National
elected
Okla.,
Company
V
*
Olmsted
the
I.
the
bank
The common capital stock of The
as
North
and
been
The
in
.
.
and
and
City
*
P. Raymond Haulenbeek, Senior
Vice-President,
assumes
addi¬
from
thirty-second year
Greene/and Com¬
operation;
pany,-37 Wall Street,
sub-
Fangboner, President
Vice-Presi¬
and
have
Jr.,
Treas¬
urer.
;
.
Trust
&
•
'
i\:
:!:
.
Vice-Presidents
Larsen
,
il!
the
Conn.
:I:
Stevens,
W.
Di-
a
resignation
November.
the
Vice-President
L.
Bridgeport,
William
Executive Vice-President and
made
was
Emeritus/following
mission
The
of Yar¬
to $180,000
North, Jr.,
Executive
Mr.
Mr. Schwulst also announced the
liam
Chickasha.
untimely death of Thomas E.
Trust
from Execu¬
Vice-President.
election
J].
the
■:
stock effective Dec. 6.
new
the -Board
of
Chief Executive
Crawford
tive
will
National
its
Sedg-
Wichita,
Kansas.
with
of
of
Board
Bank
*
tinue
and
Vice-
to
,
an¬
Administrative
Schwulst
\
$150,000
William
Mr.
12
mouth, Yarmouth Port, Mass., in¬
creased its common capital stock
ford, Jr., to the position of Presir
and
Dec.
D, Hunt and Theo¬
Keith, both formerly As¬
Nelson
Officer.
Mass.,
Coincident
A.- bration
meeting ceived
approval ' to
change
its
places left vacant by the re-' title to the Oklahoma National
lowed
National
John
nounced the election by the Board
of Trustees of Morris D. Craw¬
dent
stock
the-
*
.
Bank voP Chickasha,
Directors- elected
December
creases
'
'.
County
President..
T.
the
new
cent retirement of J. B. Doan and-
-
elected
Vice-Presidents of Empire
Company, New York.
Earl
to
6
Ashuelot
s!■■
*
Worcester,
sistant
Alan
the
H.,
,
*
and
N.
Dec.
on
to
Worcester
dore K.
Brewster
National
Keene,
approval
its
share.
a
*
Wichita,
by
*
Ashuelot-Citizens
The
.
caoital
common
Comptroller of
the Currency issued a charter on
Dec. ; 1' to
the, 'Seneca National1;
.1
stock
at $5
*
Officers.
L.
5
total of, 1,783,434. Par
a
will
Bank,
Alfred
divi¬
stock
bank's
the
84,926, to
Donald E. Kern and John E. Page
were
elected
Assistant
Trust
.
the
will increase the.mumber of
*
Sidney A. Kranes, Paul
Matthews, Wilfred R. Steiniger,
•
new
20
every
Officers.
C.
one
17,
National Bank of Keene.
Trust
two
Cleveland, Ohio, announced the
appointment of Lanning P. Port-
basis of
the
on
for
received
banking.
Association,
Calif., increased
Francisco,
its
National
Savings
Mil-
-
of the
County,
tribution
on
Office
wick
Ohio... The
of, Cincinnati,
S.
Bank
Robert Benjamin and
5%
Jan.
Key
National
The
Steuber, all in gen¬
and
America
;
Blom and Werner
Vice-Presidents. '
C:
as-
Bank
take
,
meeting
ward
Blom
of
The
The
a
M.
v
Bank,
election of Donald N. Baxter, Ed-
Bank
■
recom¬
of
distribution
and;
elected to the Board.
were
Ilsley
*
Bendetsen
^
:
r
Marshall
The
The
Lawrence
eral
13
Dec.
on
R.
R. "
-
waukee, Wis., has announced
'
John
dend
Vice-Presi¬
Trust
elected
Officer,
&
of
Board authorized transfer "of. $2,- has";a capital: of $300,000 and a
500,000 to surplus from undivided surplus of $150,000. •
• R .
; .
profits.,thus increasing total otf-V.
*
:!c
' /
>
capital and surplus to $40,000,000. On Dec. 6, the Oklahoma National
White
Company,
Y.,
the
of
Maryland,
:
•'
.
of Directors of The First National
at
Directors
of
annual
ing.
elec¬
#
was
Trust
.
Assistant Vice-„'
Bryant,
Bank
an¬
Office
into
67,500 <• shares
of
stock, $20 par value. '
common
..
the. The
of.'
the recommendation calls for dis¬
Engel, William
Q. Harty, S. Phelps Montgomery,
William
R.
Putnam,
II,
and
J.
\-,
shares
of
County Trust stock now outstand¬
1936
the
N.
share
Vice-
San
divided
>
/.;
elected
.
.
stockholders, who will vote at
as
'Jirr ."
announced-was
of
in
York
■!///■-v.
Subject
to
approval
by "the
Superintendent of Banks as well
Trust
Assistant
President in 1950.
•'
G.
stock dividend.1;
signed to the Bank's Fifth Avenue
office,
-
Chairman of the
Trust
mended
assigned to the general
division. Mr. Lord, as¬
are
Board,
Plains,
■
sistant Vice-Presidents since 1958.
banking
Bank,
elected
Y.,.
v"
•
County
Alexander,
2'. The merger is effected under
^e charter and title of the Na-
;
*
sis
The
employed by J. P. Morgan & Co.
Incorporated
in 1950 and "1951,
and
N.
'•
to¬
'
dents.
Dodson
Savings
of
Co»
Md.
to
ler to Assistant Mortgage Officer.
has been named
Mr. Blair and Mr. Preston were
Both
.
•/
:
.
was
Frederick - M.
Knieriepi and Richard H. Thompson were also- hamed yico-Prosiri
Karl
of .Board.
announced
was
Chairman of the Board;
respectively,
the
Tarbell, Jr., President,
succeeding Claude C. Foulk, who
K.
and
Henry
by'
day
announced
County
Storm
Trust
Baltimore,
Schuyler
Vice-Presidents-
York
New
Bank,
n g s
Vice-Presidents
.Flushing,
Morgan Guaranty Trust Company
of
i
a v
Union
..
-?
y:s,
Vice-President
.
Vice-Presidents and Warren Zieg-
Queens
"
-is
Lord*,
as
7//.Y;-'
Senior
made administra¬
was
partment last year. ".V
Preston
V>;
sis
*;
:
-
Stanley T. Jahoda from
van
in
#
*
-
Vice-Presi^ Frederick P.
as
N..... Y;
Assistant
an Assistant Cash¬
Second Vice-Presi¬
1942, a Vice-President in
dent
Vice-Presidents.
Sidle
'j
promotion of Preston B. O'Sulli-
Manager. He
ier in
1937,
;
Savings
•""-Ra
-
Lincoln / S
The
tive head' of the international de¬
,
WV. Heyne
was-appointed
in 1959.
s
Brooklyn
.'A.sis
r
1933,
named
Gray
,
The
,
A.
Head
•
ri South
Bank, Brooklyn, N. Y., has elected
two
years
after
the
merger
of
Equitable
andthe
Chase
National
Bank,
he - was
H.
David
San
12
-
The
t
Eugene
Bee.
the
Vice-President and
of
Ann
as of Dec.
and ' Trust. Company
Arbor, Mich., effective
California,1
at
and
York,., in * 1923. fdent; tifyiyyi
New
Company^
s
Bank, Milan, Mich.,
into the National Bank
to merge
of
Calif.,
that
Penn
National
Elliot Ju King, Edwin Bur¬ Central
Bank, tional Bank and Trust Company $160,000,000 to $168,000,000
by a '
Christopher Steadman. * Philadelphia,
Pa., •». has
elected- of Ann Arbor. Capital stock1 of stock dividend effective Dec, 4.
J..'.
i
* -V
.'*■
vA*
George R. Heaton and Paul R. - the
merged
bank
is
$1,350,000*
■*.
the
Tru
Henry W. John¬
son,
department.
Equitable
Executive
Principal
were
the
Bank
nounced
•
nett
foreign ?departt-
the
the
Appointed
Assistants
David
Mr. Barth
Clark, to Assist¬
Secretaries.
ant
an¬
head; of
international
bank's
pro¬
Executive
the
nounced
has
Barth
ap-
Milan State
a
plus
Alfred
Thursday, December 21, 1961
Dec. 5 the Peoples National Bank
transfer
and Elizabeth R.
.
Comptroller of the Currency
mended
Capitalizations
.
approves the change, will own 2Vz
shares for each present share.
At
BANKS AND BANKERS
.
Department at the invest¬
firm
Sons.
of' Cyrus
*.
J.
Lawrence
.'l':
-
J"
•i
—nrmtnurrniVB
^
I
Volume
Number
194
i
«,*
61-18
.
w^ww
.
aurtiwv
been
Van
elected
Van
Ingen
Street,
New
writers
has
Jr.
public
rev¬
been
of
B.
BY
OWEN
but
American
Telephone & Telegraph Company
American Tel. & Tel: through its
of
subsidiaries controls about 82% '
S.; General Telephone & t
million telephones in the U.
tne 74.3
and several thousand
Electronics controls about 6%
smaller
com-
panies control the remaining? 12A.T.&T.. also -has a moderate
interest in Bell Telephone of Canada, and a minority interest in
an-
various U.
S.
operating companies which are not considered part
of the Bell System. However, Bell is no longer actively acquiring
independent telephone companies. *;
VV
•
-
L.
Presi¬
With
,
late
Walter
subsidiaries
marks
B. J. Van
Ingen, Jr.
very
the
the Van Ingen organ¬
which was ' originally
by Bernard J; Van Ingen,:
Sr., who died in 1955;
Mr. ;* Van "Ingen
acquired hisearly training and' experience in
up
with
of
municipal
First
The
tion where he
of
"Western Electric
are
finance
to the post
a
large volume of defense work for Wash-
■
First
The
Corporation in 1955 to join B. J.
Ingen & Co; Inc. as a VicePresident in April, 1955 and was
Van
Vice-President
elected1 Executive
this
earlier
the
also
he
1959
of
end
to
1956
From
year.
a
was
Darling¬
Co., members of the New
general partner of Hill,
ton
&
Stock
York
Exchange.
v>iV]
Carl M. Loeb,
Rhoades & Co. Inc.,
City, and associates
offering
188,750
common
York
New
are
shares of Cramer Electronics, Inc.,
at $8
share.
per
Newton, Mass.,
The company, a
distributor
electronic
of
compo¬
equipment, is selling
87,250 shares and 11 stockholders
the
rest.
"
r
*
v
'
also
underwriters
The
are
...
of¬
fering 16,000 of the shares, at the
public offering price, to certain
employes
and
other persons
selected
Cramer will
$400,000 of the
use
received by it to retire
and $50,000 for lease¬
hold improvements and will add
the balance to working capital.
proceeds
bank
debt
The
sells
company
electronic
products by two methods—some
95% by direct industrial sales and
5% at its own retail stores. Net
sales in the nine months ended
1961
were
$3,827,072
with $2,931,500 in the
1960 months. Net income
Sept.
30,
compared
similar
in
the
similar
the
in
period
1960
;____
$7.9
1959—__
7.4.
1958—_
6.8
_
Amt..
7%
$1,213
:
9
9%
224
i.%
215,
1
952
15'
212
4.01;
1955
5.3
10
664
21
162
13
4.09
new
a
1954—
.
miracle
of
construction.
precise
•
Withu overseas-business
now
4.8
'
1953—
communications, which used, to be at the mercy of
Overseas
*
9
550
15
formulated, but Congress is
expected to enact legislation within a few months, which may
not
10
479
18
127
9
3.77
8
11
407
12
11.7
17.
3.48
d5
1951;
3.6
9
365
5
1001
16
3:67-
d.9
1950_
3.3
4.04
MM
V
347
—
.
86 i
*
definitely
been
yet
~
)rdeterrpin^.,th^rposition of A.T.&T. and other international common
project. In the.meantime, A.T.&T. is moving ahead
"
;
.
accompanying
of
Bell
the
System
10-year gain of 14%, although 1960 showed only 9%. The
of shares outstanding (adjusted for the 3-for-l split in
average
number
1959) has shown an average increase of about 10%.
As
.
share.-earnings averaged 8%,.-.'/,
1961
In
any,
gain
in
,;v -
earnings
per-share
will
.
-
probably be
nominal
since the number of shares-has been increased-over 5%
and
business
the
recession
which
began early
in
1960
and
1
;
con¬
the first four months-of 1361 has had slowing,
However, ♦ it appears likely that with1 the substantial ,
business boom now getting under way earnings in 1962 will again '
tinued
through
effect.
show
a
increase, .and the future long-term rate of gain
it is estimated, around a 7% or 8% level,
good
III or a substantial depression. It appears
likely that equity financing will be spaced further apart in future
years since American Tel. & Tel. has now accomplished its objec¬
tive of restoring the equity ratio to around 67%; during the post¬
war
period and the early 1950s it was necessary to issue a
substantial amount of stock merely to raise the ratio, which had
barring
World
declined to
a
Another
War
relatively low level during the 1930s and early 1940s.
reason
for the improved
Vice-President,
On
Orvis- Sowerwine, Vice
Jan.
Inc.,
York
2, Hayden, Stone & Co.,
will be formed as a New
Stock
Exchange
member
corporation,
offices
with
Jack
1
P.
at
25
(Los
Angeles), Vice
Assistant
and
hill, Noyes & Co., 8 Hanover
will
Chairman of
the Board; Alfred J. Coyle, Presi¬
dent; Kenneth Ward, Chairman
of
the
Senior
Hodder
Committee
Executive
Vice-President;
City, members of the
New
York
Stock Exchange.
Admit T.. L. Haff
and
Edwin
J.
SAN
(Boston), ' N. * Leonard
Jarvis and Pierre R. Bretey, Se-<
nior
Vice
Presidents;
Gilbert
King
(Boston),
Albert < Ehrenfreund (Albany),-David B. Stone(Boston)-, Richard: G. McDermotC
William R. Jones, Joseph E. Swan,
Jr., William F.> Bohner, Abijah
U. Fox, John V. Mulligan, George
B.
Seager, L. Hudson Leathers,
William F. Rowley, Donald Ar¬
MacNeil,
and
m
a
Stock
York
partner in the New
Exchange firm
of
Smith, Barney & Co. Mr; Haff is
manager of the firm's local office
at 120 Montgomery Sti
51 :
Ira
Haupt Adds
(Special to The Financial Chronicle)
BEVERLY
Calif.—How¬
HILLS,
ard S. Scott has been added to the
Jr., David N. Danielson (Chi¬
cago), Anthony P. Rizzuto, Wil¬
liam J. Stoutenburgh, Jr., Richard
E. Boesel, Jr., Leslie E. Fourton,
B.
Theodore L. Haff, Jr.,
I
will become
thur
David
FRANCISCO, Calif.—Effec¬
tive Jan.
-
This is
and is under
not
sell,
or
to
All
these
shares
appears
having
as
a
been sold,
matter
of
as an
staff
of
Ira
Haupt
Canon Drive.
North
&
Co.,
242
He
was
for¬
merly with Merrill Lynch, Pierce,
Fenner. & Smith Incorporated.
Charles
buy,
no
offer
any
circumstances to be construed
to
buy
or as
a
solicitation of
as
an
an
offer
offer
of the securities herein mentioned
this announcement
record only.
The
offering is made only by the Prospectus
ISSUE
December
18, 1961
60,000 Shares
MEASUREMENTS SPECTRUM, Inc.
GEORGE HARMON
COMPANY, INC.
Common
Price
COMMON STOCK
Richard Kohn to
Presidents
Smith,. Barney to
*
to
St.,
York
—
Secretaries.
doing business.
has been
Gould will be
partnership in Hemp¬
admitted to
-
Doyle'-(Boston)-, John M; Wenner
(Chicago), Ara A. Cambere; (Chi¬
cago), Joseph.A*,Fields Jr. (Sher¬
man
Oaks)v and' Lloyd C. Young
Broad Street, New York City, and
on
the same date Hayden, Stone
& Co., a partnership, will cease
62,500 Shares
New
and
Treasurer;
President
and
Secretary;, and Charles W.
Gillies, Graham: Bell^.Ipsse. I.
To Incorporate
earnings showing in recent
the decline in the number of employees, which
helped to offset the constantly rising wage rates. During the pe¬
riod 1620-1957 the number of employees increased from 229,000 to
years
(Los, Angeles), ViceJohn
J., McMahon,
Officers of the corporation
result,
a
Jawetz
Presidents-;..
be Wickliffe Shreve,
gain in earnings per share outstanding gained only 3% on
the average during the decade; however,"in the-four years 1957-60, ;
with much smaller annual-increase in shares outstanding, the gain
the
in
T.
•
table- shows the consolidated earningsfor; the decade 1950-60; The annual
increase in revenues has approximately 9%, although it has slowed
down to 8% in the past three years.
Net income has shown an
The
record
1*
3.81
4i4
4.0
a
has
13
7
d2
*
much larger volume of business,, but would allow trans¬
mission of TV and other broad-band communications. This pro- ;
gram
4.28
1952—
expanding at about 20% per annum, the Bell System has proposed
to install a system oL satellites which would act as relay stations ^
for international microwave communications. This would not only ;
permit
3l
144
5
4.50
17
To Admit Partner
Jan.
9
194
Incr
5%
15
5.19
189
"
%
$5.43,
10
New Issue
On
on
Actual Stiares
Amt:
% Ihcr.
17,
.,
1,113
8
A*mti
14
NEW
Hemphill, Noyes
Earned
Shs. (Mill.)
% Ittor.
830
______
of
1960.
Net Inc. (Mill.)
% Incr;
756
equal to 43 cents a common share,
compared with $129,941,
or
30
cents,
Amt;
9
period was $186,652,
1961
Number of
Revenues (Bill.)
Year
9
should be maintained,
by the company.
.
6.3
and
nents
gain of 133% over the 1957 high. At the recent price
137, paying $3.60,,; it yields 2:6% and sells at about 25
times earnings; this is roughly the same average as-for all electric
utility stocks.
a
around
5.8
I with its experimental program.
Common Offered
139%,
;
1957..
carriers in this
Cramer Electronics
•
1956________
of
Boston
•
3-for-l
(TWX); private line telephone services; facilities for. trans- L
and computer data; and various
combination services at special rates.
;
•
sively used, have been made much more efficient and reliable by
the installation of several new telephone- cables, which represent
from
'•
49-62
service
/weather conditions occasionally when-radio-telephone was exclu-
in
The
price of, American Tel.. & TeL remained.-in a range of
(adjusted for the split) during the years: 1950^-57, With the
split and the increase in the dividend (the first since the
1920s) the stock "took off" and has recently reached! a high of
•r
mission of TV and radio programs
the
Vice-President
resigned
may
.
,
Municipal Bond'< Department.' He
Assistant
tight beam of light which may be transmitted through'pipes;-and
eventually carry thousands of telephone messages-, TV'and
other broadband
communications, etc. ,
-
a
-
small minority interest) which manufactures telephone equip¬
Boston- Corpora¬
rose
(owned by A.T.&T. except for
of coaxial cables
use
even
,
ization,
field
network
ington; and the Bell Telephone Laboratories, which is one of the
largest research organizations in the world and operates largely
on a non-profit basis./ -V
\
'
In addition to telephone messages, the Bell System provides
a
number of auxiliary, services, such as teletypewriter exchange •
founded
the
national
lines' connecting
ment and also conducts a
of Van Ingens
generation
head
the
operates
both its own local systems and
Long distance or toll revenues *
provide about 38%-of system revenues. They include A.T.&T.'s
proportion of overseas communications revenues, which it has to c
share with some 125 foreign countries or agencies; Two important .>
long, distance
The election
to
and
owns
respect to long distance lines,- the
microwave circuits has made considerable progress^ but now
more efficient method of transmission is-im sight—Maser,
and
v an
those of the independent systems.
suc¬
Dempsey.
second
itself
.A.T.&T.
dent, Mr. Van
the
experimenting with electronic exchanges and' by 1965
complete local operation will probably be. in use in New
Jersey. It is estimated that' a fully automated-5 exchange will need
only about one-fifth as much space as- the- present, exchange; Thus,
in future
years, as present facilities are gradually replacedv econo¬
mies in new construction expenditures
may
be possible,, even
though the volume of business may continue to grow rapidly.
•
c
,
ceeds
been
the first
Executive
Ingen
now
-has
Formerly
-
19
nearly completed so far a^ local callfe are concerned,
nearly, two-thirds of all telephones can dial long-distance
directly, while 95% can receive such calls directly.
Further gains-in automation* are under way;
The-company
ELY
J.
nounced.
Vice
f,:u
(2735s)"
.
has
c
Inc., 40' Wall
York City> under¬
bonds, it
enue
0»*»rtVy*»«*Jj**l >Wf»M
iVvfu.
Co.
general
and
**MC
sion has been
SECURITIES
and
market
'»T4 fllJt *W ,<?
652,000, but in the three years following they dropped to 580,000.
is probably some connection between this-; fact! and the
progress made with conversion to dial telephones.
Such, conver¬
distributors of
state,
I
There
Ingen,
President
&
Vd.tt
The Commercial and Financial Chronicle
.
Van Ingen Jr.
Pres.
Bernard "J.
*•*+* U
&
Stock
$5.00- Per Share
(Par Value $5)
(Par Value 10c per Share)
Admit Partner
Copies of the offering circular
may
be obtained from the undersigned
I.
J.—Richard E. Kohn
& Company, 20 Clinton St., mem¬
bers
of
the, New
York Stock
Newark, N.
m
•ife'
Exchange,
f'pi"
Louis
in
J.
the firm.
ager
will admit
partnership
Mr. Metzger is man¬
on
Jan.
Metzger
of the
1
to
syndicate department.
HAMILTON WATERS & CO
250 Fulton Avenue
IVanhoe 3-1034?
,
INC.
ADAMS
5455 Wilshire
Hempstead, N. Y.
Other
&
COMPANY
Boulevard, Los Angeles 36, California
offices:
Sherman
Oaks, Taft, and
Garden Grove
20
(2736)
The Commercial and Financial Chronicle
BY JOHN
,
Thursday, December 21, 1961
.
There
are no letters to prepare and sign, no enclosures, no return
cards, no stuffing of envelopes, no selling and no stamping needed.
Ordinary postal cards are all that is required and your office staff
can type the addresses. If
you have addressing plates it is so much
simpler. All you need is some one who can write the copy that
you believe will appeal to the people with whom you are doing
SECURITY SALESMAN'S
CORNER
,
DVTTON
Pistell, Inc. Formed
A. S. E. Firm
John
Creative
Advertising
on
a
printer who can set up an
attractive advertisement and reduce it to postal card size, and keep
at it regularly. Since the firm that has kindly permitted me to pass,
this suggestion along to those who might be interested cannot
answer inquiries, we have deleted their name and address from the
sample reproduced here. Please do not write for any farther in¬
formation—any progressive and competent printing organization
Postal Card
you are a
man,
investment dealer,
an
sales¬
lgrge, stock ^xchapge.^qmber firm
a
make
can
with many
branch offices, or you sell cabbage in a corner vege¬
table store. The ability to evaluate the needs of
your market is the
first step. Next in importance is to offer the facilities which meet
cards that
up
will need.,
are
as
readable and professional
as
Inc.,
City,
Stock
All
this
is
academic
unless
you
publicity that is suitable to
also
discover
//a
medium
a
been
Chairman.
its
/,
long-term investment—there
Our Reporter on
of
others where the speculative in¬
the controlling factor. Advertising
are
the
compelling and
must hit the target if it is going to produce results.
Direct Mail
who
With
A
a
conducts
a
read,
and whose investment interest is primarily in quality
securities bought for the income they produce. This dealer tried
the large metropolitan papers but he discovered that he did not
reach his
market.
He
in his section of the
did not
piled
a
produce
is
either
also used
a
local paper
that
was
published
large city where he does business but this too
tangible or discernible results. He then com¬
mailing list including his regular customers, his prospects,
and about
fice
any
15,000 other selected
located. Twice
month
a
names
in the
he
postal card, carrying
general suggestion for in¬
mails
area
where
his of¬
a
institutional message or some
vestment.
His results have been excellent.
an
$100,000."
I
doubt if most
BY JOHN
before
The
downward
.
prices
of
bearing
Is
Worth
that
us
No matter how much he's
you
so
much
open
through
an
our
more
investing
he's
account
be
can
if
for him
office.
°Or
granddaughter, or son or daughter.
00Of course he is, hut a lesser amount may he
ness
more
most
a
remittance will be returned at
once.) Also
we
will tell you
about the many advantages, tax-wise
and otherwise, of CUSTODIANSHIPS for minors
under Florida law. We can secure certification of
ownership,
name,
properly
inscribed
using
the
child's
banks
For several years we
have encouraged the grand¬
parents — and parents — of young people to
appreciate the advantages of growth type in¬
vesting for minors — and for themselves, too.
tinue
coming
the
as
which
will
market followers.
money
have
to
policies
it
of
is
these
empt
build
that
with
higher
banks
future
rates,
in
assets.
of
definitely
upward
This
obligation
during
first consideration
build
to
on
15
the
plete
is evidently so nearly com¬
that one has to wonder if
this
group
analysis
trends
of
future
be that good.
can
terest
rates
logical,
to
seem
charge
Pistell
He
of
the
will
trading
continue
to
V
that it is not surprising
that the financial community as
a whole
is pretty well reconciled
to the paying of the higher cost
of
obtaining borrowed funds as
so
goes
well
along.
the
for
as
most
the
come
along
terest
one
comes
institutional
increased
with
rates.
of
inves¬
item
buyers
as
of
cannot
that
of
most
of them
this
problem
It
is
are
way
of
the mortgage
as
thje. consumers
in
v
In
other instances this range
will be
lengthened
with
as
to
20
institutions
at
as
25
Most
of
being
willing
these
of
some
long
years,
bonds
a
to
the
portfolio
managers
to
make
commit¬
channel
with the proper maturity distri¬
butions that will help the earn¬
ings
this
since
is
institutions.
The
of
municipal
bonds will, in many cases, be cut
back
in
these
programs
which
will lengthen the maturity range
issues
free
tax
the
issues
higher
in
this
all
earn¬
obligations
with
over
near-term maturities
the
this
be
-
is
re¬
it
is
by
making
that
pro¬
most
policies,-as well
loan
ideas,
are
order, -to / help
through
these
twb
mediums^a/a://:/:*
Dharamsey, former Viceand
Manager of the
;
relations
customer
was
of
named
department,
director and elected
a
Vice-President and Secretary.
K.
Philip Dresdner, former Vice-
President-Secretary,
director
dent
charge
writing
was
named
Vice-Presi¬
elected
and
in
the
of
under¬
He
department.
will
supervise both buying and syndi¬
cate activities.
H.
Kenneth
Avery
reap¬
was
director and re-elected
Vicd-President; He will continue
pointed
to
Pistell,
represent
American
Inc., on the
Exchange floor.
Stock
D. B. Marron to
Be NYSE Firm
With
the
the
and
election
William
of
T.
Baker, member of the New York
Stock
Exchange, to
vice-presi¬
dent, D. B. Marron & Co., Inc., 63
Wall Street, New York City, will
become
of
member
a
the
New
York Stock Exchange. Other offi¬
cers
the
of
Marron,
firm
E.
Donald
are
president
B.
treasurer;
and
McKeever, vice-presi¬
dent; and Henry Mann III, vicepresident and secretary.
greatest liquidity will in most in¬
added
be
stances
This
in
to
order
to
satisfactory
program
for most of these in¬
stitutions, since there seems to be
very little question about shortterm governments, such as Treas¬
ury
as
appears
go
a
higher yields
rates
interest
evi¬
higher levels
led
by
short-term
rates,
this
brings up the point as to what
will happen to intermediate and
long-term rates. It is being as¬
sumed
by most money
market
headed
dently
experts
follow
that
the
for
they
too
will
also
trend.
Schiffer,
member
will
become
the Exchange firm
a
partner
Graham
make
of
in
firm's New York office at
Hickey
&
Hickey, 26 Broadway,
New York City, members of the
to
1
the
Wall
Laird, Bissell
of the
Exchange,
on
New
Jan.
1
William C. Lickle and
Donohue, Jr.,
York
Stock
will
admit
F. Michael
to partnership.
Lubetkin, Regan
To Admit Two
Vilas
son
will
in
Street.
IiUbetkin,
Wall
Jan. 1,
Johnston
Mr.
headquarters
of Newborg &
Admits Swenson /
New .York
and
their
members
Co., 25 Broad St., New York City.
Vilas &
ston, and John Coleman, Jr., vicepi esidents, effective Jan.
1.
Mr.
sell
the New York Stock Exchange on
1
Salle Street, will appoint Douglas
M.
Graham, Bruce A. John¬
WILMINGTON, Del.—Laird, Bis¬
& Meeds, du Pont Building,
Admit Schiffer
A.
CHICAGO, 111. — Mitchell, Hut& Co., Inc., 231 South La
chins
To Admit Two
Newborg Co. to
Walter
Mitchell, Hutchins
To Name V.-Ps.
J.
along.
all
With
to be
going to
bills
we
Jan.
in which
H. M.
manager
department.
President
Robert
ings. I
Government
as
one
their
of
short-term
continues
He
the dealer relations
out
years.
to be willing
longer
tax-free
and elected Vice-President-Treas¬
urer.
be
longest
going to attack
indicated
altered
se¬
Therefor^,
more.
of
expenses,
though
though the
side
in¬
going to do much
which
any
as
higher
evident
is
cutting
seems
which
costs
the
large
not
are
it
duced
It
the
the
since
pretty
the prob¬
to what is the best way to
meet
most
in¬
of
apparently
settled, then
lem
tors
,
,
trend
future
rates
the earnings
Regard, former Vicewas named a director
President,
to
of
in order
keep the balance in the portfolio.
rather
be
banks
range
maturities will now
to be purchased.
year
the
of
during
will
sav¬
maturity
up
search' for
particularly
which
equation. In some cases this
means
going from a ten year top
maturity range into one in which
for the foreseeable
go
in¬
the
of the cost of bor¬
earnings
the
the
time and
tax-exempt bonds
how the trend
being
our
these
these
agreement
on
commercial
the
rowing will
grams;
INVESTMENT SECURITIES
the
of
ments,
interest
the
coming year.
all
appear
Thinking
trend
costs of
payments
extend
look
by
the
effort
to
earnings to
ings deposits. According to ad¬
vices, there is a very definite
movement going on among nearly
maturi¬
an
the higher
creased
longer
yields
quest for
have to be made
few
opinion
of prac¬
tically all money market special¬
ists
and
portfolio managers for
large institutional investors, will
be
offset
tax-ex¬
in
Unanimous
The
will
-
in
of
earning
up
So
there
purchases
bonds
and
investment
institutions.
evident
heavier
be
con¬
noticeable
a
the
on
de¬
changes in their investment
Investment QUALITY is
It
year.
unfavorable
payments
influence
seems
without
financial
savings .and time
posits is having and should
about
.
the
it,
on
curities
before Christmas.
Inquiries invited
this
The higher level of rates which
will be paid by the commercial
With
high quality, sound, growth type se¬
curity for your approval. (If you disapprove, your
own
bit
No
working towards higher levels
interest rates, in the opinion
for
of
of
terest
Before using the amount for any purpose we will
recommend
which
looking for higher in¬
well
as
balance
be
time
the card personally.
C.
Gerard L.
the
is
ward
is the combination of better busi¬
suitable at this time.
000Better yet, bring
in
aging partner./
Principally Emphasized
It
in¬
Nonetheless, these opinions are
strong and the reasons given
for an upward movement in in¬
older
Tax-Exempts of Longer Term
are
higher / levels.
about
is
rates
very
worth, he
when
for
district
money
amount
John
Presi¬
-
supervise that department in addi¬
tion to his new position as man¬
attitude, however, to¬
tax
exempt
obligations
is being changed quite a
to
seems
interest
terest rates in the
year,
with this card***
worth
obligations
future,
*100.000
:
as
first half if not the whole of next
a
send
issues
fixed income
all
of
that
question
sage
Grandson0
Vice
CHIPPENDALE, JR.
movement/, .in
government
those
as
deposit
Another attractive feature of this type of advertising (partticularly for the smaller firm) is the saving in time and expense.
T.
'
well
ties
that is conveyed on a small postal car measuring only 3Y4 in.
by 5y2 in. We have used this card to particularly indicate the ex¬
ceptional versatility of this type of advertising. The message is
quite long, yet it can be read with ease. Other cards prepared by
this dealer are usually less heavily weighted with copy.
as
was
department.
the rest will pass this card by without
noticing it. Then please note
the makeup of the printing and the layout of the card. There is a
variation of type style that is very appealing and the general ap¬
pearance of the card is dignified despite the rather lengthy mes¬
his
election
dent
people who go to their mailbox and pick up their
morning collection of. advertising, bills, personal letters, and all
your
C.
Pistell,
President,
far
Notice the headline "If your Grandson Is Worth
If
from
Crow,
Inc.
GOVERNMENTS
headed
Message
single office in a highly com¬
petitive area. His firm, however, is located in a section of his city
that is heavily populated by retired individuals who have the time
to
changed
-
name
John
dicate
postal card that is typical of the effec¬
tive direct mail advertising that has been used regularly
by one
dealer
-
your own
them for their patronage and support. There are areas where the
investor interest is more concerned with
stability, income, and
investment
C.
Pistell,
technical and restrictive impediments applicable to the
securities business, there is always present the necessity for
pro¬
ducing the type of advertising that will direct the attention of
people in individual communities to the firm that is appealing to
Reproduced below is
by
Richard
you
.
the many
is
an¬
The brokerage
operation. Large firms with
expertly staffed advertising departments often find it difficult to
gear their messages to the needs of individual communities. The
smaller firm, too, has its problems in this respect. In addition to
terest
Pistell,
Ex¬
nounced
Pistell,
;/;■:. ././
.
elected
change, it has
ready, willing, and able to
:
been
Director of
a
Broadway,
New
York
members of the American
firm
them.
has
/
50
the demands of your prospective
customers, and last but not least,
you should use effective methods of informing them that you are
serve
Pistell
President and
business and your prospects, plus a good
One of the foundations of every business success is to
supply the
needs of your immediate market area with the
goods or services
that are most in demand. This holds true whether
C.
Stock
Exchange; on
will admit J. Walter Swen¬
partnership.^-/
//.?
Regan
Street,
members
Exchange,
&
Kennedy,
New
York
of the New
on
Jan.
1-
44
City,
York
Stock
will
admit
Philip C. Lubetkin and Robert M.
•/--• Horner
to
partnership.---,
-
-
*S+r
I,''-
•
"
">"''**T''''''*?J!l''l''"'^''7y',lWr''',,WW^M'a'WW(!B;*3<?r,
,
,
Volume
194
Number 6118
..
.
rrrmr.nf,
Tn^.
The Commercial and Financial
It takes
to
Chronicle
(2737)
21
lot of crude oil
a
I.
•
^ww
w^jqwj m iim
•
;
*:
"
;
;
.
\
' ■' ;
flying
Fi
keep the
ni
-■■•'
'.I
..
•.
•;
i
...
#•"-'*"?1
•
i
Pure Oil's Firebird
was
^
••
nou
O-
•'.:
J •'
O
*
>
born
Firebird
flying and
drilling activities
PURE
on a
,-i
t
.}«t-T .: j
a
Tj'fUo
I'
V
build
welcome
up
broad front.
*
•
our
• •' •
ii
•'
'
■
we've stepped
reserves,
as our new
grown
,
exploration and
up
In this hemisphere alone, recent projects include:
San
Juan
County, Utah, PURE
V
:
of the major wildcats of 1959. By February, 1962,
seven wells will be producing on our properties in the Northwest
Lisbon field. These properties will be unitized with properties
of other owners in the field, and'the combined: production will
one
approximate 10,000 barrels of 'high-gravity crude oil
We will have a 52% interest in the unit.
NEARBY—ANOTHER
NEW
,
per
day.
*
....
.
:%*.■•
STRIKE—Just north of Northwest Lis¬
bon, we've hit again, at Big Indian. Completed this summer, the
first' well has
calculated open flow
potential of 44 million cubicand 800 barrels of condensate (a kerosine-like liquid)
day. A second well is now being drilled.
a
feet of gas
a
FATHOMS
14
we've erected
DEEP
a
—
new
Off-shore
Louisiana,
in
85
feet
of water,
drilling platform. A pioneer in off-shore drill-
ing, PURE now owns an interest in over 50 gas and oil wells in
the Gulf, and plans to drill eleven new wells in 1962.
HOT
PROSPECTS
IN
COLD
land in Alaska bring our
million
acres.
COUNTRY
—
New
leases
total holdings there to approximately a
geophysical
PURE is continuing its geological and
PURE
AND
IN-THE TROPICS—The first major oil company to enter
and will follow with further exploratory drilling.
spudded in its first Alaskan well earlier this year.
.
.
.
Federal
on
surveys
.
:
Honduras, PURE:has already begun seismic-explorations there.The concession covers 10,195,000 acres, on land and off-shore.
>
-
'
VG '1.
PURE
"states,
now
has oil rights
on
square
miles of land, in 26
the Gulf of Mexico, and. 7 foreign-countries on three continents.
'■'This expanding program adds
almost 37,000
to keepin
up
»
THE PURE OIL
COMPANY
» >•
-■' ://T
PURE'
reception from dealers and motorists. To keep
GOES "WAY WEST"—In
brought in
iS
DtntC
'
hungry and his appetite has
Firebird Gasolines have found
the
*„.
oMFU'U
Tj
}
\'.L
i *'
J X?
*
.
P
•
».
■
'"iu.ib.ru
r,'.trv
jv.c UM
,
22
The-Commercial and Financial Chronicle
(2738)
versity
MUTUAL
FUNDS
initiated
has
Funds
■
from
annual payments over the next 20
BY JOSEPH
C.
POTTER
m
I I
will be invested in Putnam
years
*
.
Thursday, December 21, 1961
.
BANK AND INSURANCE
its 590
received
•
.
memorial
a
class gift campaign among
members.:
.
II
|\ ^
,
,
.
lhlS
i
r»
Week
o.
i
Bank Stocks
Growth Fund.
United International Fund reports
Without
Not
at
Grace
half
the
ended Oct. 31,
$21,262,533, or $10.97
per
share. At May 1, the date
operations
began,
assets
were
$22,893,747,
equal
to
$11.33
a
year,
FIRST SECURITY
net assets of
An
individual
into
has
ventured
the
marketplace, and pinned
hopes for investment -success
his
on
who
stock
a
knows
how
two
or
—
three
or
frustrating
such
—
an
Management
the
of
fund, ob¬
viously, is research-minded.
As
Chemical Fund puts it "The chemi¬
cal industry today spends more
of its
own
resources on
share
At
new-prod¬
* ■" ■* .■ •. .* .■
*
Oct.
be.. He, may fancy uct development than any other
the
S.
automotive
industry.
All
told,
the
industry, figure U.
General Motors is a prime choice chemical process industries spend
assets
and
wake
corporate
can
Motors
exercise,
Year.
can
to find that Ameri¬
up
is
the
their
the
Stock
of
tne
mutual
funds, * with
and extensive
management
research, have been
known to miss the best performer.
$1
25%
The
the
superior
tools
and
advantage of the spread risk,
bound to be far greater than
are
those
of
hand
and
the
;playing
man
giving
orily
lone
a
negligible
of
result
that
is
at
of
a
—
company-spon¬
in
the/ nation."
profit growth cal¬
than
more
all
research
on
all
research
culated
three times
other
manufacturing
industries in the past seven years.
And their chances of success, con¬
the
billion
over
over
sored
professional
sidering
of
62%
total
in
invested
- -
previous
column
to
%
bank
of
focus
net
the
common
candidate
is
W.
for
R.
bounded
early
in the
fades,
Stock
Grace
the
of
&
prime
a
Co.,
Year
which
upward from around 35
the year to around 90
in
autumn.
Grace, a longtime
shipping and banking,
acquired
widespread investment
appeal
only after the financial
community began to recognize its
factor
in
highly profitable stakp in chemi¬
cals.
•
If the general public overlooked
Grace,
of the funds.
many
cal
that
for
so
Fund, in
folio
matter"■ did
Even Chemi¬
review of its port¬
a
of
as
Sept.
30,
had
not
latched onto Grace.
1 i Chemical Fund lists 1.7 general
chemicals
in
its
portfolio
and
botes
27%
that these
And
the
Chemical
from
profits
Fund
the
over
working
a
derived
by
years
knowledge
of
chemical science add up to a per¬
formance
that ' is
notk without
grace.
stocks of 86 companies in 10 coun¬
tries
been
and
12%
and
invested
was
17
million).
close
comes
brilliant
and
government
in
bonds
One
States
Argentina, New Zealand, Ger¬
many, Japan and Norway. '
-
out
list
to
matching
includes
companies
the
of
Grace
such
stand¬
Allied Chemical
as
Du
Pont, Rohm & Hass, Union
Carbide, Dow and Monsanto.
New,
of this is intended
none
critique
a
which
of
utilized
chemical
dollars
of
Fund,
knowledge
its
science
its
as
Chemical
of
has
to
make
the
investors
grow
ap¬
preciably.
Indeed, as the record
shows, an investment of $10,000
made
following World
War
II
would
have
to
grown
point
is
that
value
a
about $55,000 and paid
in dividends.
The
over
the
Axe-Templeton
Canada
August,
the
in
made
less
of
tomorrow
is
likely
apt
situations
of
$9,000
Canada
Putnam Mgmt.
Elects Directors'
ber
BOSTON,
Mass.
and,
lead him
to
that
find
to
be
can
the
even
into
extremely
Chemical Fund notes that
more
than 60% of its assets
are
in
stake in the
companies with
development
of
a
is
staff of trained
fund notes:
buying
Inc., -60
pany,
have
elected
Congress
Charles
has
through
Utah
in
chore
for
Fund,
overlook,
Xerox,
former of 1961.
fund
There
are
per¬
numer¬
Xerox,
of
is
course,
an
impor¬
is
West
a
to the Bullock
comes
after
Point 'graduate.
spending
organization
number of
a
He
"semi-chemis."
In
that
grouping
Chemical Fund has well
of
its
assets.
Its
stake
over
in
9%
drugs,
second only to the general chemi¬
cals, totes
up
to nearly 21%.
and
gas
tote
up
7%
and
pulp
and
to
better
paper
to
Oil
than
,6%.
Specialty companies account for
15% of the company's holdingssuch
stocks
as
Corn
Minnesota
.
Products,
Mining & Manufactur¬
ing. National Lead and Procter &
Gamble.
was
Mr.
formerly
Putnam
sents
Manager
is
pany
The
of
Putnam
Fund
Putnam
Growth
of
Boston
Fund.
The
and
^
.
itself
Georges-
Wall
members
of
the
New
York
White.,
firms
in
his
Fund, .Canadian
*
vestor
if
and
of
mutual
were *
double
the
funds
$2,652,210,
the
more
November,
1960,
volume, according to Herbert R.
Anderson, President. October
purchases
mutual
of
the
funds
also
more
ago
figure.
totaled
than
*
Imperial
company's
of
states
$1,305,861
peak
for
year-'
of
it's4 "'cabh
represents
*
With
*
December
86%
.1
*
totals
registered.
Investors
Corporation
of
•
•
,
■
to
be
Planning
America
has
'
al¬
'
$163,437,000,
16.5%
came
increase
an
in
to
,
$150,537,000.
%if
his
'•
•-
if
Co. has opened an
office in Woodstock, Vt., its first
in the Green Mountain State'.'
*
...
The class mf 1962 at
*
"
'
,
,
Lehigh Uni-
ment"v
'
'
-
•
•
i'4;
V-,'
' y
a
when
has
many
been
years,
earnings
Also,
gas
discoveries
_
where
over
is
to
compares
-
50 %)
show
per
unusual
of
the
will
Chase
to "3 ¥2%
up
pay
such
major
to
4%.
move
will
up
a
banks
affect
in
deposits
:J:
the
on
East
not
are
sig¬
*
CORRECTION
In the recent discussion
issue)
Colorado
United
(Dec. 7
banks*
States
the
.
National
Bank, which had tbeen referred to
as
the
"Denver National,"
was
reported as having 800,000 shares
outstanding. This did.not allow
fpr a 12x/2%
stock
dividend
to
show
the. past
of
Denver
•holders
:
on
allow
it
Jan.
for
stock to
17,
1961,
l-for-9
a
stockholders
did
nor
offering of
on
Sept/ 12,
.1961/ The stock dividend and the
favorably
>
with
an
ex¬
increase
share of 10%:'
when
each " increased
subscription
major. capitalization
in
by
100,000
-Accordingly, there
the
shares/,
are'now
out¬
standing 1,000.000 shares of stock/
This
appraising
the
NATIONAL AND GRINDLAYS
BANK
Head
LIMITED
Office:
,
Statistics
86, BISHOPSGATE,
.54
Bulletin
on
LONDON, E.C.8.
London Branches
10 N. Y. CITY
the
13
Request
PARLIAMENT STREET, S.W.I.
ST. JAMES'S SQUARE,
Bankers
to
the
Government In:
S.W.I.
ADEN,
kenya. uganda. zanzibar
•
Laird, Bissell S Meeds
and
Philadelphia-Baltimore Stock Ex¬
changes, on .Jan. 2 will admit
Howard E. DeMuth, Jr. to limited
partnership in the firm.
VI./k
-w
increase
The
oc¬
is cashier.
York
pay
if
DeMuth, Jr.
New
will
of
time
Third Quarter
Coast
BALTIMORE, Md.—John C. Legg
Company,
22 1 Light
Street,
members
paid.
City bank
an
In' nificant.
California
to
be
appreciable
no
with
reasons
expected to
"share,
per
than
Legg & Co.
To Admit H.
announced
to
City
the
or
in
BANK STOCKS
John C.
Reserve
earnings of these'banks, nor would
a
change affect-earnings of any
the
and
have- contributed
same
is
years::,
earnings
with
First National
effect
have
Hercules
natural
compared
Exchanges, will admit Wal¬
lace B. Brown to partnership. Mr.
who
Federal.
•,
time deposits and the First Na¬
The
increase.
Stock
for
the
both
rates
on
Security Corporation sells
modest multiple of earnings
a,
pected
ANGELES, Calif.—On Jan. 1
William .R.
Staats
&
Co., 640
South Spring St., members of the
Pacific
in
sub¬
commercial banks and 1961. is
LOS
and
for the
decade
five
Staats Partner
York
•;
,
Brown to Be
New
new
s5;j
by
the
and
mining
mean
and
gas
Utah
y'j"4
"i
•
The
retains
Regulation Q re¬
garding interest paid on time depositSj the Cha^e Manhattan Bank
have
First
at
of¬
*
bank
Board " under
•
First
industrial
100%
a
&
B. C. Morton &
.
head-, .banks^.-(See table.) The growth in
/ y /
In¬
sav¬
a
In view of the recent announce¬
hydroelectric
'
next
St.,
Stock
of
comparison
with
the
$140,265,000 at Nov. 30 a year ago.
He said sales for all of 1960 came
and
some
(more
firm
to
will make
'
■
Brown
close
York
quarters in the firm's Pueblo
through
month's
New
the
NEWS ITEMS
development
which provides relatively
cheap
power.
According to economic
surveys of the Salt Lake City and
Boise areas, population over the
Boettcher and
Seventeenth
assets.
were
company.
of
the
/ijl
development
Corporation).
oil
also
Exchange, on Jan. 1 will admit
William H. Hutchinson and Alfred
A.
Wiesner
to
partnership. Mr.
reported. He said the fund
distributor's 1961 business written
last
-—
828
of the
members
•-
rise
..
still
Company,
.a
November, of
an
development
industrial
Southern
To Admit Partners
DENVER, Colo.
Re¬
corporation
savings and loan
company; therefore, it seems un¬
likely that any drastic action will
be taken by one institution to im¬
pede the growth of the other.
tional
the
Roettcher & Co.
fice.
November.
from the year-earlier period.
..
the
the center of
as
introduction^of
:
Hutchinson
Services
that
any
Total sales through
the
*
Financial
Minneapolis
$2,898,835,
double
*
six
Cali¬
Federal
which holds the
in missile
curred
No¬
loan
in
Manhattan
Powder
in¬
in
in
.
expansion.
Idaho much of the growth has
Group
and
interest
agricultural area. Recent de¬
velopments in the use of metals
to
institutional
in
as
the
non-banking
management
Western
<
assets.-
(Thiokol. Chemical
*
purchases
vember
Fund,
of;
:
bank
largest
stantial
Stock
Securities.
Bullock
than
diversification
of
the
in
extent
1959
Board
ings
repre¬
extent
same
be
to
commercial
cluded in these assets
and
1 Kuhn, Loeb & Co., 30
Street,
New
York
City,
Dividend Shares and Nation-Wide
investment
self
earnings of the holding company
because of such broad geographi¬
•regarded
Jan.
Exchange, will, admit to partner¬
ship Alvin E. Friedman, John S.
Guest, Jerome S. Katzin, John T.
Monzani
andH.
Spottswood
to
assistance and sales ideas for
an
vicinity ,©67?0%:r*o£
the
continue
Alhough
required the First
Security Corporation to divest it¬
Ban cor¬
Bank
would
.
To Admit Partners
On
area
Walker
The
2% in stock over the past
It-would appear that
In
serve
Al¬
is
increases.
was
same
fornia.
is
Security group is centered in the
Salt Lake City area. This has been
as
offer
Bank
Western
im¬
never
years.
the
to
de¬
1961
negligible.
Bancorporation's
a
a
registered representative of
New York stock exchange firm.
With Bullock, Mr. Campbell will
favorably
year
be sub¬
may
has
banks in this area have large time
deposits any increase in rates paid
should not deter earnings growth
can
the
to
cal
:
fact
the-
family
recently raised
to $1
and it has
practice of the bank to
favorable.
thq total deposits of the Western
Bancorppratidn;
therefore,
any
growth in the ^rea will'rid t reflect'
President;
Executive Vice-
Although
of
cents
the
treatment
primarily centered in the
in
Eccles
Board
a
low payout, and an im¬
proving capital position, dividend
This in¬
whose
the
with
areas
logical that par¬
banking growth in
in
Reserve
Marriner
dividend
.
also pay
few
the
are
these
very
be
the
The
area.
Mr;
years
dick
termed
Werly
Officer.
The
arts,
be
Executive
Campbell, who will make
headquarters in Dallas, Texas,
ready bettered last year's annual
sales high, President Walter Bene¬
might
Chief
of
this
90
been
seems
area
which is
:
tant factor in the field of graphic
which
Charles M. Werly
the
Mr.
his
peded
best be achieved
through investment in that bank
any;
President of the Company.
The Putnam Management Com¬
central
western.area.
didn't
standout
a
others.
ous
the
$14,024,739, represent
the
ticipation
,
in
in
Walker
of
poration it
and
\v-■■■
the
representative
new
late."
if
companies, have an¬
appointment
of
Luther C. Campbell as wholesale
stocks, as
painfully
Chemical
*
the
affiliate
Board,
and
George Putnam, Jr., President and
decreased.
nounced
pitfalls in
of
though
of
Chairman
stantial
branches
Idaho
growth in the
to
Federal
holdings of the stock
affiliate in Utah.
compares
•estimated
Chairman
Calvin Bullock, Ltd.,
managers of
are
R. Grace somehow eluded
posit
George Putnam, Jr.
investment
'science fiction'
have
crease
Flour Mills preferred. Holdings of
Former
Chairman
corporation.
in Laramie.
with the Walker Bank
Canadian
Rockower
of
KLM Royal Dutch
Airlines, Loblaw Co. Ltd. and -Ventures Ltd.
is
.
October
Stores, Massey - Ferguson
Royal
Dutch
Petroleum
and
Superior Propane were increased.
70
vicinity of $600 million.
convertible preferred'
Hoogovens (Dutch steel com¬
pany).- The
company
sold
its
Imperial
Tobacco
and
Ogilvie
were
.banks
21.4
f
bank
and
$2.50,,.
holding company is very
ably managed in part by the Eccles
Within the past year (1961) de¬
posits
have
increased
approxi¬
mately 5% and are now in the
commitments
1.88%
(est.,'61)
The
include
,
over
one
$53
Price-Earns. ratio_
largest- banking
banks
country.
$1.00
Earnings
Board
•
■with the largest
Tesco
price
of
of most
the
in
Yield
a
hot
The members of the holding com¬
Werly
during
and
Recent
cash dividend
is
Street,
M.
banks
Utah, Idaho and
Wyoming/
from
Representation in the latter state
and
sales
learned
If W.
in¬
experts; As the
"There
investors
many
sci¬
these
full-time
a
invested
space-age
Understanding
dustries
a
as
has
major
Dividend
in
The .directors
—
of The Putnam Management Com¬
6%
by-guess
costly.
ences.
areas
institution
in
this area
is a bank holding
company, First Security Corpora¬
tion. First Security, through mem¬
of
Fund
that
new
Hydrocarbons,
Securities
far
Growth
reports
September
fund
tor
worse,
in
would
This
y
The
Monarch Fine Foods,
Individual
stars
attempts
banks
area'whiCh
area.
tana.
The Funds Report
and by-gosh approach to the mar¬
ketplace of the individual inves¬
is
the
Utah, Idaho, Wyoming and Mon- family.
pany
over
None of the
performance
the
earnings performance
previously discussed is the
northern portion of the Mountain
of
•
■
account for
of the company's total assets
(over $300
this
invest¬
for the country
average
whole.
dominant
1961
as
those
on
in
as
been
where deposit growth will exceed
attention to the investment chore.
Here,
stocks
have
there
ments
CORPORATION
discussions
.
t_",.-W
Even
31,
was
*. v* "■
In
Members New York
Stock
Exchange
Members American
Stock
Exchange
120
BROADWAY.
NEW
YORK
5.
Branches
india,
:
Y
N
In:
pakistan, ceylon. burma,
kenya.
tanganyika.
>
zanzibar.
'
"
..-
"■
.
Telephone:
Bell
.
BArciay
Teletype NY
1*1248-49
Specialists in Bank Stocks
*
Uganda,
■
-
aden.
soMali republic,
northern. and
southern
rhodesia
/'•
-
-
Volume
194
AS WE SEE IT
have
remained
had been the
cool
as
Continued from
.
it
as
President
and
the r head
the
of
•had
the
President
pled for
are
himself
what
and
Reuther
'The National Stock Exchange will
resolu¬
the
and
of
contemptuous
>
National •" Stock
A
the
said
great deal is said about weak
reached
the:
consumer
purchasing power;
rising unemployment and
of the organizations' in con¬ economic
stagnation, and the
tention assembled had said "need" f o r a n expansionary
about
cooperation with the budget policy to take up the
President—and, for that mat¬ slack and promote growth. /*
ter, after the kind of ovation
Now the cold truth of the
announcement
the
that
is
matter
of
members
all
The
Exchange,
decision
today
ing date climaxes
often
too
representatives of organ¬
tion, if not the President him¬
ized labor. The President had
self, have given expression to
asked
for
in
moderation
all
negotiations and avoidance of
work
the
for
weeks
greater increases in their
or
philosophy of
progress, and still
economic
demands
shorter
broad
same
to hold to the errors of
seem
ways.
any of
to be free of the
if
Few
the
are
To Admit Four
of¬
Maurice
CHICAGO, 111.—On Jan. 1, Gruttenden, Podesta & Co., 209 South
La Salle St., members of the New
of effort
Admit Four
Exchange.
of
the
open¬
than three
more
and Staff of The
National
Exchange.
Stock
Trading
will
entirely
an
be
.
/
•
•
conducted
„
Exchanges,
on.
H.
the
new
on
Harrison
Mower,
and
with the latest in communications
The
Jr.,
1 will admit
Jan.
Culver,
Harry
Edward
W.
B.
Newhard,-
modities
futures
on
the
in .1872,trading in com¬
of
floor
second
is
Indianapolis;
Manager
Mr.
the
of
'
Gould
has
been
representative in
San
,
appointed
of
North America
Bermuda, Ltd.
and will make his
headquarters in
Townsend, Dabney
established
Exchange,
•conducts
in
g er
Gould Named by
Bermuda Bank
for
Mercantile
York
a n a
Tucker
Jason
ship.
floor of The New
Exchange build¬
ing at 6 Harrison Street, Manhat¬
New
M
Eugene M. Reese to partner¬
ground
The
is Manager
Burke
Francisco office.
quarters occupy
York Mercantile
tan."
Mr.
the New York and Midwest Stock"
ing floor especially designed for
securities
trading and equipped
devices.
Ex¬
trading de¬
partment. Mr. Neal is a Resident
LOUIS, Mo.—Newhard, Cook
& Co., 400 Olive St.,"members of
and modern trad¬
new
S. Tucker.
ST.
the part of the
on
Board, Officers
Stock
of the firm's unlisted
:
./
Midwest
changes, will admit to partnershipi Herbert J. Burke, Sam B.
Lyons, Richard E. Neal and David
Newhard, Cook to;
of
and
York
who
been
Board
Stock
announcement
years
had
the
by
National
The
Administra¬
the
Governors
.
.
the President received in per¬
son when he
appeared before
and
Haberman,
Roland,
Model, Roland & Stone; Harry
Ross of Ross, Lyon & Co.; Robert
J.
Seigel,
Brand,
Grumet
&
Siegel, Inc.; and Charles Wiegard,
Reynolds & Co.
v
V
/
issued
was
of
ficers
Podesta
of the Board of Governors of The
Presi¬
the
dent of the United States.
This
Board
23
Cruttenden,
Haberman Bros.* Rolf R.
by Lawrence H. Taylor, Chairman
of the .combined forces
head
;
securities trading.- March
7, 1962, thus becoming New York,
City's third operating national se¬
curities exchange and the nation's
14th."
" „•
initiate
remarks
automobile workers union
what
willing and
job in the
tions unanimously adopted by
powerful the convention that is quite
the
really quite remarkable after
1
Mr.
Ahlers, Carl Ahlers, Inc., ViceChairman; John J. Scanlan, Presi¬
dent; Aaron Freundlich, Secre¬
tary; , and Llewellyn Watts, Jr.,
Wafts & Sons, Treasurer., On the
a
much,
outgivings of
else both in the
(2739)
'1
American economy/
"There
is, .though,
The resolutions of the labor
of
American who is
Chronicle
1
page
able to work has
day before.
Contemptuous of the
convention
The Commercial and Financial
6118
Number
The
Bank
opened
newly
a
office
at
165
To Admit Three
Broadway, New York, ft was an¬
B O S T O
the bank's
N, M
a s s
—
nounced
Townsend,
by Sir Henry J. Tucker,
general manager.
than* correspond to
Mr. Gould was formerly a di¬
the building.
It is the sponsor Dabney and Tyson, 30 State St.,
gains in "productivity." He, in foolish notion that ."purchas¬ organization of The National
members of the New York and rector of Burns Bros. & Denton,
rather gentle language, it is
ing power" depends upon the Stock Exchange.
Boston Stock Exchanges, on Jan. Ltd., Toronto, and its New York
The National
Stock
true, had. tried to remind the portion of the national prod¬
Exchange
2, will admit Richard S. Andrews,' affiliate, Burns Bros. & Denton
has -102 /members.
convention of its share in uct that is
The - officers
paid out to wage
Lincoln B. Hansel and Milton E. Inc., with headquarters in New
are
Lawrence H. Taylor, Cirota,
responsibility for price stabil¬ earners, and that programs
York.
Taylor & Co., Chairman; Hendrik Prevost to partnership.
ity, and a good deal more of are desirable for increasing
them
wages
seem
,
the
sort.
same
When
around to
.
in
-
that
r
convention
the
got
resolutions, it said
part of the national prod¬
Certainly the Adminis¬
uct.
tration is not free of the idea
bar- that by increasing public ex¬
gaining in the period ahead,, penditures, economic* growth;
AFL-CIO affiliated unioa^ or at least some kind of eco-f
;
"In
part:
collective
«
will press for wage
;
as
■
;
•.
>
a
of
means
inadequate . consumer pur¬
chasing power. Purchasing
power
must catch up and
keep pace with fast rising na¬
tional productive power so as
to help stimulate and sustain
increased rate of national
an
<
vital
advances
increasing
economic
growth." Then fol¬
..wl
.
>
.blessing
nomic
'
I'>
i
.
be
The 1962
.
•
'
:
no
course
31
would
one
"Annual Review &
claim that the
business
world generally is
wholly free of fallacious no¬
or
suppose
about
tions
Issue of
the
makes
what
/
.
One would hardly guess that
the President, amid great ap¬
the
plause only
of
few days before
(and, for that matter, his Sec¬
politicians, that there is
nothing about either the work
a
wage earner or
farmer that sets him
^
★ The 1962 "ANNUAL REVIEW & OUTLOOK" Issue will present
★ Get your
Reuther Takes the Prize
But it took Walter
1—What
ness
apart
the
aggressive leader of the
the climax
contempt that labor lead¬
course,
have
a
are
3—What is
;
Said
aide.
say
he:
"We
to them that
pared
week
work
to
if
and his
40
hours
a
give
every
American who wants to work
a
you
can
job at 40 hours
if you
to
.a
week,; and
cannot, then we ought
fight to reduce the level of
the
work
week
until
every
the various industries face
likely to happen to prices and values of securities in 1962?
others
The
subject
the
in
Chronicle
of the
to
these questions and many
Review
featuring
the
&
opinions
and
'•
On
Jan.
Wall
bers
of
& Co., 44.
1, Hallgarten
St.,
New
City,
York
the New
York
mem¬
Stock
forecasts
and financial
opportunity to advertise your Firm, Corporation or
cross-section of America's most competent busi¬
opinion which will
appear
in the January 18th issue.
Alvin
Ruml,
F.. Bradford
Arthur
is
S.
Robert
Simpson,
Zankel.
Manager of
A.
Mr.
-
■
for space
in this issue
/
THE COMMERCIAL AND FINANCIAL
CHRONICLE
Russell,
Jr.,
and
Simpson
the firm's munic¬
ipal department.
Regular advertising rates will prevail
Ex¬
change, will admit to partnership
•
Issue of
Outlook"
country's foremost Management; Executives.
Do not miss the
ness
answers
"Annual
To Admit Partners
ought to
we are pre¬
factors underlying the general course of busi¬
/ You will find the
these
Hallgarten & Co.
year's possibilities from fhe
the country^s industries.
impact will the Administration's and Congress' foreign policies and domestic program have on business conditions in 1962?
Bank in this composite
States
new
manage
4—What
★
showed for the President
the
,
of
of the United
on
major problems that
auto unions to cap
ers
the
r
the
are
■in 1962?
★
the basic
in 1962?
2—What
—
but, of
old fallacies
strong hold on life.
the
about
Reuther,
business perspective
banking and corporation leaders who
ought to demolish once and
increases.
18th
opinions and forecasts of the nation's banking and corporate leaders
on the probable course of the nation's economy
in the year ahead.
for all much of the nonsense
.
THE CHRONICLE
Will Be Published January
of the
retary of Labor) had taken a from the rest of us and makes
very
definite stand against him an instrument with
shortening the work week at which the rest of us can lift'
the
present time, and that ourselves by our own boot¬
both had had a good deal to straps.
Merely to give the
matter
this cold expression
say about productivity as a
limit to wage
•
no
a
/A
Farmer
Of
plant relocation;
with
-
OaOH:
Wage Earners and the
or
hours
,-i
'OUj1>
ob¬
hardly be specified, organized'
labor and organized " agricul¬
loss of pay and "substantially ture. First and foremost, we'
as a people must come to
more paid vacations, holidays
the;
and other paid leisure time." conclusion, and convince even
and
shorter
and
.....
.
demands
mation
'
oiloVKori
for year- economic system work, but it
employment is a fact, plain as a pikestaff,
and adequate benefits upon that two groups or elements
the
loss of jobs; improved health, in
population need to
welfare and pension pro¬ make a radical revision in
their
thinking
about such
grams; measures to minimize
ill-effects on workers of auto¬ matters. These are, it need
lowed
round income
.
VI
f");
.CiOJOVHv.*
can
tained.
PONT MISS IT!
Lit
i
25 Park Place, New
York 7; N. Y.
REctor 2-9570
v
-M.f
/
r
24
(2740)
The Commercial
*
1
1
"D
,nm m
PTY*1 2 I
XJ-v^X V/XCi/X
X
T~\
I
jPS} Y*Y1
\J±.
mercial
fi
TT1 PY1 Ti
xtxtixxu/^vxxxvxx v
1
.
■
like
-
to
separate
the
investment
account or b o n d account from
the bank's short-term liquidity
principal.
yposition. Let me say immediately,
The second criterion—adequate however, that this is an artificial
liquidity — is not so easily dis- separation. In a well - managed
posed
of.
Perhaps
the
most bank portfolio there is latitude for
straightforward definition of ade- shiltmg back and forth between
tain
bank
portfolio will conno risk of loss of
virtually
quate' liquidity
of
funds
realized
seeable
capital
growth.
The
loss
schedule
his
loan
or
portfolio
manager
investments
to provide for known seasonal loan
vestment
and
Position is useful and not wholly
arbitrary.
At any moment, tthe
deposit
movements
anticipated
IIe should
have
we
all
last few years,
costly
when
forced to
it
learned
to
be very
finds itself
is not necessary to go
Some banks
often
as
b^
as
is
There
excessive
liquidity,
policy of
virtue
no
hoiding
of
side
in
a
short-term
only
account
and
this
year.
1962
is
we
made
1961
almost
In
scheduled
that
assume
to
funds
a
bank
a
profits
take
t.Q
were
next
for
new
quite likely that
will be sufficiently
seems
interest rates
swap-
it
longer matur-
at
year
ity, it also
a
had
losses,
or
needed
not
are
next year and are available for investment -at longerterm, I believe banks should be
higher during the course of next able to extend profitably.
But
year
than they have been
this-forecasts are
always
uncertain,
year to more than compensate for
and the profit prospect this time
the somewhat lower current in around is not particularly great,
come the
bank has earned. - For'Therefore, a hedge operation, re¬
example, if-rates of interest on: taining
some
intermediate
or
six or seven-year bonds should- longer bonds along with a gener-
all
be.
an
bit each time bonds
ped
liquidity
1uC0!T1f considerations,
should have been possible to add
rise by only one-quarter
that
next
certainly justifies
attention
mum
required
profits
fluidity considerations.
cent,vally
per
There
techniques
various
are
swapped
to take losses.
an
for
buy
back
liquid
more
almost
identical
fairly
opera-
portfolio,
has
is-
Gf
to
need
it
and
also
higher returns than
by maintaining a
well-advised procedure.
It is
one
thing for a bank to take
profits in the process of making
even
maturity
portfolio.
of
ciple
to
securities
ity.
has
of
in
This
each
less
often
been
recommended
by
that I
am
reasons
bank
a
provision
in-' through
its
matur-
arrangement
understand.
to
that
quate
annual
portfolio
experts, but for
unabie
or
first
that
to
Sume
distribution
policy
practice I debuying bonds to
maturity.
This is 'the
policy
of
attempting to -carry
approximately equal amounts of
hoid
be earned
more
the
scribed,
promiring;
can
portfolio
common
that appears to be related in prin-
ac-
lengthening
when
they
are
at
their low point, therefore, has the
advantage of assuring liquidity at
the time the bank is most likely
the
issue they have sold> or they
another
the
bond prices are in the high point
of their cyclical movement
and
virtually the same maturity and rate of interest. This is not
sue
on
on current income,
The system of moving short when
of cauti0n should be added about
swapping. Many banks when
taking profits simply "wash" the
buying
profit
count of taxes
A word
tax
same
it probably will show
year,
over-all
ticn, particularly after taking
a
for managing a bank's investment
account, some good and some bad.
invest-
be
mini-
portfolio
whether
determine
to
or
the
the
to
while transaction by
mi&bt soon need and whose placeguided principally by
erred
inadequate
the
on
liquidity
have
purposes
losses
cages,
a
.the short-term investments repreto the other sept funds the bank thinks
it
extreme.
time
have
approximately
steady maturity distribution over
the past 10 years by lengthening
But it
funds.
latter part of 1960 and have taken
jf
bank represent the funds the
bank does
exPect to need in
tbe foreseeable future and whose
Placement is guided principally
large capital losses
or longer
raise
loans or for deposit withdrawals
and instead are reinvested some-
banks
maintained
a
sales of intermediate
on
maturities
Profit year, although there are a
few banks that took profits in the
J°nge£ ~ t1erm investments owr}ed bonds should
in
can
bank
a
take
movements,
be caught by sur-
never
prise. As
the
cyclical
for
and
Thursday, December 21, 1961
.
liQumity reserve assets, with the about one-quarter per cent to be- prices of these bonds would be been the recommended /course.-,
shifts guided by anticipated needs fore-tax income over what could IV2 points lower. If a bank has'
Before turning to management
f?r funds, interest rate expecta- have been earned simply by hold- given up three-quarters of a point;.-; 0f thes hort~t.erm portfolio, there
tions, and yield spreads among jng bonds to maturity before re- or so in current yield by moving. are a few other observations on
KX®stI?en*f.
varl0Us maturities, investing. On even a rather small into short maturities and buys the bond portfolio that should be
stlll» th^ distinction between in- bank portfolio, this is an amount back into intermediate maturities made. The first has to do with a
be
to
realistically fore-
any
deposit
-
loss
.
able capital loss to raise funds,
And if it should happen that the
j0ss year.
availabilityJ!10 bond account and the banks
an
without
provide for
should
is
all times that may
at
.
longer portfolio holdings .should
have fbeen shifted into shorter
maturities, principally to improve
liquidity.
If then these funds
should not be needed for other
most
-
•
page
they should take profits or losses
in ihe current year. „For example,
4-
OYluxvxxv
TOllO 1VI
\
J-
"1
1
L^hOII
Ifl
uiu.
TV T
1*
J_i?
„
Continued from
Ol
1
r»?in K"S
apd Financial Chronicle
If
as-
we
has made
ade-
liquidity
investin short-term
for
short-term
v
ments,
including
an identifiable change in its portjn spite of the very profitable
those
securities out to
perhaps
The measure of good or bad in folio distribution, but it is quite results from interest rate arbi- two or as
long as three years,
is an expensive price to pay for appraising
the bond investment another thing to claim profit or trsge in the past several
years,
what possible need is there for
the
insurance
the
bank
gets account is almost wholly in terms loss on a transaction that clearly'this
procedure of portfolio man-:'another block
of
bonds
in
the
against a need for funds so large of the rate of return realized.
If was undertaken solely for tax agement should not be recomfour-year area, another in the
that it would arise only under the the bank has made adequate pro- reasons. The Bureau of Internal
mended
indiscriminately for all five-year area and so forth.
A
most unlikely circumstances.
vision in its short-term invest- Revenue may challenge the latter commercial
banks.
Its
clearly portfolio
so
arranged
implicity
The third criterion of portfolio
ments for any foreseeable need type of claim, and quite properly superior
profitability
has
been seems to assume that at some time
management is earnings.
Within for cash, liquidity is by definition so.
,1
made possible by the wide swings in the foreseeable future it might
the limits set by liquidity require- of only marginal importance
in
A third procedure of bond acin interest rates that have occur- be
ments.
Loss
of income
because of
ments,
portfolio
good
manage-
ment will,earn for the bank every
dollar of income that can possi;
bly be earned. There is
formula
follow
rule
or
that
obtain
to
a
simple
no
bank
maximum
can
earn-
the bond account. Of course, the
entire investment account is a
secondary defense line to supply
Jf ^ should be needed, so
that only
traded in
securities
fairly
a
which
broad
are
market
ings from its investment portfolio,
In
fact, good portfolio managemont
requires flexibility rather
should be purchased by commercial banks as investments.
But
than rules
it
formulas
or
that the
so
officer
managing the portfolio is
able to move promptly in response
to
changing market circumstances,
At.
the
time, it is
same
necessary
yheje
well-defined
portfolio policy
and to adhere scrupulously to this
a
policy
in
Nothing is
than
all
what
hoc"
his
might
portfolio
which
transactions,
costly to a bank
more
each
be
"ad
called
in
management,
investment
decision
of the circumstances of
grows out
costly, to
very
is
management,
which
has red in the last several years.
But.
proved to be very profitable dur- it is by no means, clear that the
jng the past 10 years, involvesinterest rate swing and thus the
adjusting the portfolio to take? profit possibilities during the cur-"
advantage pf the regular upward : rent business cvcle are sufficientand
downward
Merest
rates
schedule the
movement
over
..the
of
in-
ly good to justify
business
all
a
profits
bank sells .bonds to take
interest grates
when,
a
bank's putting
its eggs
cycle. ; Briefly, under this proce- ,;est
absolutely no^epa, and dure
is
in this basket.
have remained
rates
through this recent easv
period than in either 1954
are
In
the
unrelated
to
final
analysis, managing
portfolio for
maximum earnings depends principally upon the calibre of investbank
a
ment
investment
knowledge
There
are,
tunities
for
thorugh
folio.
To
it.
to
continuously, opporimproving
income
portfolio
the
or
devoted
adjustments
liquidity
be
aware
of
the
of
these
porton-
portunities it is necessary that the
officer with primary responsibil.ity for the bank's investments be
close
in
contact
with
the
time
to
the
should be made to
officer
who,
But
in
effort
every
that the
assure
among
and
even
other
duties,
has the responsibility for the portfolio should be well informed on
investment
markets
in
and
fre-
quent contact with these markets,
sibility
.a
who had not studied
sponsibility
credit
hnes
analyze
a
vestment
would
nor
for
to
a
it
give
granting
person
iudge
^his
locked up in
maturity. I would
until
that
banks
few
very
today
If
commercial
follow
a
this
bank had followed
business
management
also
policy
our
the
very
fact
that
so
present tax
important
laws
judgment
purpose
—
a
'
or
.os?es
superior
with
which
banks
are
are
expository
.
;
.
,
permitted
^
to
capital losses as offsets to
ordinary income for tax purposes
but are allowed to
take
capital
gains at the capital gains tax rate..
treated
visions
mine
it
be
a
year,
so
present
a
gain
of
the
order
opportunity
to
take
of
bond
rates of .interest will
rise
during
to
deteryear
year
stern
very
determination.
human
squeeze
weakness
the-last
It
to
dollar
is
try
out
of
the
to
liquiditv
a more attractive
is available, let us
10-year
maturitv
in
invest-
rate
say,
range
than in the five- to seven-year
would dictate that some part of
range, good portfolio management
the bank's investment account be
placed in these longer maturities,
^
maximum'
.
Similarly,
f
T
banks
have
advantage of .the
very
attractive after-tax income
available on high grade state and
not
-
taken
municipal
a
,
1 oday s Apneai or Longer
iax-Lxempts
•
;
to
many
full
:
obligations,
particuin the 10
Within limT
larly, tax-exempt bonds
to 15 year maturities.
a
periods of, prosperity ■ and good; market that- is moving in your
business and,will fall during,pe-...direction.
But
good
portfolio
riods of business recession.-management requires .that: you
Throughout our economic history,-decide in advance the rates of in-:
its
imposed
and
.
to
by
risk
assets
ratios
other considerations relevant
individual
imerciaUbanks
banks,, most: com§ould add eonsid-
has prevailed, and terest at. which you will begin erably". to... their after-tax income,
apparent reason to .shortening-. or
lengthening, and, by increasing their holdings of
expect it to change in the futurev stick to this decision. Unless you-tax-exempt securities:, ;
"
'
are of this temperament, an atLet
me
stress that 1 am *:not
•.'*av r?
y
•
ptlas?f 1 ;; tempt to arbitrage the rate cycle, recommending unsound or specu-
this- pattern
there .is
.
no
I0r ;IN0w
.
..
.
Those
banks
y
that
'-y-
have
•
im-
folios during this past year, either
by buying „shorter dssues when
they had new funds.to invest or
pro-
but
-
add
ments..,, If
in
without loss
portfolio
to
of return
which thijv.the. requires not only sound judgment
system
in order
tax
lo-s
a
on
profitable
proved the liquidity of their port-
particular
or
on
losses
and
necessarv
whether
and
gains
from
is
same
offsets,
as
benefit
should
might
prove, costly ..rather,
profitable.
-,r -
than..
:
lative shift]-ng of the bulk of a
bank's-portfolio into-longer-term
For all, of these reasons, and -governments and/or longer, muin spite cf the proven superiority- nicipals in a blind grasping.for
in recent years of what I. have yield.
What I am saying is that,,
called
the- arbitrage
system
of a good many banks have needby shifting into shorter maturities -bond portfolio management, good lessly sacrificed income by
operwhen they : sold
bonds to take portfolio management this year atingunder
arbitrary
rules
of
.
.
then
sion
to
I would
adhere
throughout
there
are
ment
of
the
to
that
deci-
unless
year
compelling reasons for
changing'it. The cyclical moveinterest
sufficiently
Rnnd
purposes
t
.
take
capital
yields
account management, rests is that
policy, and
virtually: all
familiar, involves trad-
banks
tax
The premise
1
'"most
ing. the bond portfolio to take
capital gains and losses.
.Commercial
-
,
;
;
much
re-
expert judgment-available be apthe job.
l
A
one*
after
The total of secu-
included
er-term
an
1\.' '■ •
lecnmque of Capital uains
.
creased
astute
sunply
-
In-
pned to
thp
what-
to time liquidate some of its long-
many
bond account by something better advantage of the interest rate
than one full point per year over: cycle. y 1 might add that ' this
significantly the past 10 years.
v, Vy method
of portfolio management
plus
higher earnings.
to
specialized knowledge; it is
equally important that the most
Mana^inp-
rities
the past 10 years
over
investment
are
quires
rn
the most
rate of return.
recovery
Also, there is no evithus far that "credit de-
$6.4 billions to
some
during
vance
■
renew
at
promises
is
portfolio
ac-
unable to
financial statement.
invested
have added
pUrchased and then
course,
person
con-
accounts.
one
^youid
never give respon- If taken in the
for its general books to
counting
be
investment
policy.
Nearly all banks trade their bond
poorest
portfolio
in which bonds are
very
policy is
bond
portfolio
the money position.
the smallest banks
part---should
permanent
maturitv
ever
as
portfolio planning. Some
bank's portfolio—often,a
portfolio -and
1958,.
remote
considera-
worth
in
"permanent"
mediate >nd longer term when dence
poitfolio will of course tend to
bond prices subsequently fall and mands will be strong enough^ to. change gradually with the passage
interest rates' rise. More and drive rates of interest to the of time, but we may confidently
more banks have adopted this levels they reached in late 1959.. expect that periods of easv money
policy, as shown by the fact that One powerful influence that and high bond prices will occur
in the past year (through Octo- should help prevent rates from with sufficient frequency that, if
ber) the weekly reporting, banks rising to the high levels of 1959 necessarv, a bank may from time
The
senior officer to devote all
a
his
be
is reduced.
.
sign
a
to
so
available for investment at inter-
.
.of
in
ticn
is
turity.
and
money:
markets.
Smaller
banks often can not afford to as-
scarcely
Realistically,
portfolio.
prospect
a
substantial
money
or
is served. But the combination of
broad portfolio plan.
is
vestment
such
the last two such periods, so that favorable return, including prosthe latitude for further rate ad-; pect of canital gain in measuring
ity
any
and
to
part of
Inter-
that do not affect either the qual-
moment
ually
higher; sidered
their holdings of government se- commercial banks are in liquid
and
bad maintained
an
average
curities within one year of matur-,; position waiting for higher rafes.
portfolio maturity of four years, ity, while liquidating $2.0 billion Their demand for longer investits average rate of return before of securities more than one year ments alone will help to put a lidtaxes probably would have been /rom maturity. The effect on in- on interest rates.
no more than 2V2%. After taxes,
come from this procedure, whiclr
in this situation, very careful;
the rate of return on this proce- ; might be called "arbitraging ,the
planning
of
investment
operadure
of
portfolio
management r.a^e cycl9>." bas truly been start- ticns may be necessary next year
would
have
been
onlv
in
the bng.
As compared w i t h -the. to assure profits.
The bank that
neighborhood of 114%. Of course, standard portfolio system of tak-r ys not closely in touch with the
there is no reason to trade your ing profits and losses in alternate market and able to move
promptbond account unless some purpose years, this system would have in- iy may
that it has missed its
the
for the bank gradliquidate its entire in-
necessary
count
entire bond investment account low and bond prices high, reinas
though
the
funds
will
be vesting the proceeds in short-term
needed for other purposes at ma-Y securities., Liquid funds are then
for the portfolio manager to have
;
.
needlessly liquid fortfolio often
a
rates
orderly
has
to
been
permit
most banks in recent years to determine
rather
easily
whether
profits, in most
ably benefit, In
these
banks
cases
have
in condition to
the
wilL probfirst place,
their
on
the
of most smaller, to thumb that may impose
size
banks should
not-year maximum maturity,
part
medium portfolios .have
involved:
drastic
a fiveor that
readjust-..require evenly spaced maturities,
provide easily for .ments in the portfolio.
At most
growing loan demand as business banks, net additions - to inventrecovery continues.
The danger ment
account
probablv
should
will have been eliminated of hav- have been in holdings of shortering to sell longer bonds at a siz- term securities, and part of the
or
that
total
the
of
first
limit
unrealisticallv .the
tax-exempts.
rule
management
is
for
Remember,
portfolio
good
that the
never-be ^caught
by
manager
surprise—
Volume 194
Number 6118
...
A
Supplement to the Commercial and Financial Chronicle
Thursday, December 21> 1961
(1)
Montreal Bond Traders Association 34th Annual Dinner
Raymond
Altinias, Jones Howard A Company;
Graham, John Graham A Company Limited
(Ottawa); Mervin Spencer, Jones He ward A
Company
W.
A.
John
Stewart
Midland
and
G.
Securities
R. Hollingworth,
Corpn. Ltd.
Don
Wade
and
M.
Robert
Greenshields
A. Christie,
Incorporated
Equitable Securities Canada, Ltd.
Vien, Rene T. Leclerc, Inc.; Jacques Brault,
Brault A Chaput
Tourigny,
P.
CANADIAN SECURITIES
complete facilities for Canadian
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Andre
trading
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Mel Deacon, Greenshields Incorporated
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New York 5,
Investment Securities
N Y.
Canadian
Telephone
Affiliate
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DIgby 9-2850
Established 1857
Serving Investors Across Canada
Eric D. B. Kippen, Kippen A Co., Inc.;
T. D. ' Lewis, Bank of
Montreal; Andrew Armstrong, Graham, Armstrong Securities Ltd.;
Hector Vidricaire, James Richardson A Sons; James Henderson,
Dominion Securities Corpn. Ltd.; W. T. K. Collier,
Collier, Norris A Quintan, Ltd.
Canadian Securities
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(2)
Thursday, December 21, 1961
Volume 194
Number 6118
...
A Supplement to the Commercial and Financial Chronicle
Geoffrion, Robert & Gelinas, Inc.
Underwriters
Distributors
-
Dealers
•
Complete Trading Department specializing in Municipal
Bonds and Canadian Block Stocks
Telex 01-2671
Telephone VIclor 9-6171
Members Investment Dealers' Ass'n
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of Canada
Gelinas, Co.
&
Members
Montreal Stock
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Canadian Stock Exchange
Toronto Stock
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Montreal
James
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Trust
Laishley; Henry Hendee, Jr., A. M. Kidder A Co.,
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Company; Lloyd Whitten, Montreal Trust Company
J.
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and
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THE
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Dinner
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1
EMPIRE 6-8961
0.
Saunders
Crysdale
Volume
that
he
always
for
vided
cash.
Number
shall
have
6118
pro¬
potential needs for
any
Assuming
that' this
con¬
provision for liquidity
servative
been
has
194
made,
the placement of
.
.
The Commercial and Financial
.
short-term governments. Bankers
acceptances and commercial paper
usually
ment
the balance of the portfolio should
be guided principally by income
issued
trade
rather
rules
cernible
by in¬
only dis¬
whose
effect
has
income.
IV.
than
been
'
•
...
to
limit
The
term
principal
Account
is
will
to
from
that
predictable
any
for cash funds.
come
bank port¬
a
liquidity
assure
cover
of short-
purpose
investments in
folio
need
Consequently, in¬
the
investment
be¬
comes
secondary to liauidity.
At
the same time, every effort should
be
made
to
obtain
come
from
ment
account
bank's
maximum
the short-term
consistent
in¬
invest¬
with
the
liquidity needs.
most costly
short-coming
The
of many
commercial banks'
man¬
agement of their liquidity invest¬
ments is that thev often are short¬
than
er
During
terest
only
is
obsolutely necessary.
period when rates of in¬
a
three-month
on
bills
slightly lower than
month
there
are
six-
on
or
one-year
maturities,
relatively little cost in a
being unnecessarily short.
during this past year there
is
bank's
But
ordinarily
for any
has
been
little
excuse
bank to hold investments
in the
three-month range.
Three-
month
Treasury bills have
gener¬
ally
traded
around
month
bills
one-year
paper
hood
of
3%. If
definite,
block
2.70%,
and
the
neighbor¬
bank
has
had
need
in
for '
that
need
for
this
future
the
case
with
arith¬
known
months
instead
bills
Sup¬
a
three
monev
three-month
appear
justifies it.
bank
a
a
some
justification
three-month
bills.
seldom
pose
a
60 day-: or 90 davs
been
even
metic
to
six-
future, there might
have
the
2.30%,
predictable
for-carrying
But
in
a
of funds
in the
to
near
in
buying
of
at'
2.30%
wpre
buy six-month bills at 2.70%.
interest rates were to remain
If
steady
the
during
bank
the
when
three-months,
it sold
its
bills
it needed funds—these would
be tlmee-month
its
2.70%
bills—would
as
now
earn
plus the increased
by
banks.
in
of
new
larger
commercial
these
obligations
of
markets, and the
bank would ordinarily
difficulty buying or sell¬
no
rate
touch
length
upon
day to the next there is
lessly
ities
diverse
for
on
of
2.70%
a
return
3%.
In
have
basis.
would
order
done
even,
for
funds
back
forth
and
only
earned
bills,
follow
short-term
kets
and
But
there
nities
invest the
such
improve
attention
by
to
only
investments
tify
carefull
more
part-
the
short-term
bank's
to jus¬
as
study
of
the
matter than most banks have thus
far
given
it.
Again, the first reamrement
is
recognition
that
there is money to
be made by
greater attention to portfolio.
In conclusion, I would like to
repeat
earlier:
mula
remark
.a
There
to
able
that
is
made
simple
no
the
assure
I
most
for¬
profit¬
portfolio
management. Each
bank differs in its investment re¬
quirements
these
from
out
the
climbed
to
rate
from
profits
must
portfolio
application
of
judgment to the invest-;
If you have rules
ment accounts.
under which you now operate and
which
might be limiting
vestment
in¬
your
might profit
you, when you get back to your
offices, to subject those rules to
critical
results,
it
scrutiny.
Why
they still
they
place? Do
do what they were in¬
tended
to
do?
which
by
in
established
were
first
the
Are
there
in
ways
abandoning or
rules you might
it
gambM
that
it
2.30%
market
that
a
it
chang¬
This
he^e
3 10%
good
verv
rise
not
is
but
illustration
one
significant
very
pick-up
yield that has been possible
past year and that is in fact
sible
of
this
pos¬
at most times
short-term
ment
of
short-term
a
securities
calls;
manage¬
government
portfolio
'
for
Good
area.
//-ordinarily
purchasing
six-month
bills, one-vear bills,' tax . bills on
original
issue,
and ; certificates
.
>
short
nofes
on
original isiue
by the Treasury:
In
<
•'<
•
addition to the opportunities
improve
income
bv
avoiding
an
Unnecessarily-rliquid* shortterm
portfolio, there is a wide
range of opportunities involving
short-term investment asset? other
than
U.
term
S.-.Governments.
Short-
Government
Agency
ordinarily;- trade
at
rities
eighth
to
belter
..
one-quarter
yield
ment
than ^direct
.obligations,
traded in
a
classified
' per
;<■ are
111.,
bv
National
ference
of Bank
Nov.
28,
secu¬
one-
cent
.
easily
broad market, and
,for
examination-
Mr
of
taxable
interest
far
eouivaMnt
better
of
than
Company
director
a
of
Eastern
Air
Lines,
Inc.,
Georgia-Pacific Corporation,
Graniteville Company, Prudential
Insurance Company of America,
Saco-Lowell Shops, South Caro¬
lina National Bank, Southern Bell
Telephone & Telegraph Company
and J. P. Stevens &
Co., Inc.
Daniel is
of
Council
ness
Clemson
for
member
a
Mr.
The Busi¬
common
Rico, Inc., at $10- per
share is being made by J. R. Wil¬
lis ton & Beane, New York Ci.tv,
and associates. Of the
total, 50,000
being sold by the compand and 50,000 by certain stock¬
holders..
Net
proceeds will be
the company for the con¬
struction of a drive-in theatre, re¬
modeling of two existing theatres
Rico
Puerto
capital.
of
S
a n
"
t
u r c e,
theatres in the Commonwealth and
CHICAGO, 111. —The Investment
Analysts
hold
their
the
on
Society of Chicago will
meeting
3
to
in
p.m.
the
annual forecast
outlook
for
1962
be. held
-
the
Grand
Midland Hotel.
Speakers
will
forum
their
at
today
Ballroom
Tilford
National
will
Bank
discuss
of
the
outlook
and
fluence
interest
during the
Stanley
factors
A.
of A.
G.
will
speak
on
likely to
rate
in¬
movements
L.
vice-presi¬
Becker
&
Co., Inc.,
Electronics.
Ausman
will
discuss
Reed
Parker, Duff, Ander¬
Clark, will discuss Steel
&
Aluminum.
on
the
LOS ANGELES,
Brooks
Calif.—On Jan. 1,
Monroe
will
become
a
,
cis I. du Pont & Co. He will make
his
headquarters
Los
Angeles office in the Statler
Center.,-
Av.
■
at
;
-
firm's
the
" /".
"*,." A'
the
development
thought
are
Land
and
carried
are
500,000
to
be
is
improvements
at $17,-
the
books
about
or
There
land
on
$109
great deal
a
acre.
an
interest
of
but
as
realistic
no
made
figures have
&
Cooke's
island
of
Lanai,
for
1922
ever
is
worth
earnings in fiscal
1960
(pro forma) were $2.25 a
share
compared
with
$2.96
in
1959. At the stock's current price
of
these
51,
at
earnings
times
23
in
reasonable
consider
term
which
relation
I
to
outstanding
an
feel
fact
the
months
have
merger,
it
extremely
will
reflect
decline
earnings and the prob."
lems affecting Matson Navigation
and the shipping business. Dole's
earnings will also exclude May,
1962, one of it's best months. The
adjustment of inventories at the
close of the new fiscal period will
probably
adverse factors,
a
Dole's
undertaken
carried
been
these have
as
the
on
at the
books
value for many years.
same
Bee's
Bumble
the
and
better
popularity
among
to
range
basis,
On
long
a
prospects
its
con¬
good
are
Exchange,
on
of
Stearns
New York
&
Stock
Mr.
member-
-M
-
sales and earnings.
condition is excellent
Financial
with
net
capital
at $18
realize
about $17,000,000 after taxes upon
completion
of
the
sale
of
its
230,000 shares of Honolulu Oil.
working
share. The company will
will
Proceeds
bank
its
a
Ex¬
partner
Co.
loans
be
retire
to
used
and finance corporate
forma basis
pro
a
balance
showed
sheet
share.
a
is giving
evidence of carrying out
planned program for expan¬
of
markets, land develop¬
ment' and corporate realignment.
The first
SAN
man
601
California
Street
under
at
the
the
announce¬
can¬
will be built at Cambridge,
Maryland, to be operated by a
subsidiary
lessor
or
a
land sales agent. Its
policy is to aggressively par¬
ticipate in land development. As
this program accelerates, it should
have
a
significant
impact
on
earnings.
These
terests
well
as
investment
and
inland
and
American
markets.
Hawaii's
resident partner,'
since
;
areas
to
Bee.
is
move
the
of
exploit
and'
to
to
market
Castle „•&
the
broad
a
asset
position
element
potential
not
land
in¬
company's
in
a
wide
unrealized
of
into
ordinarily
the
situation
found
in
most
companies. For this reason, I con¬
Castle unique and unsuit¬
sider
as
true basis of comparison
a
other food
companies. How¬
comparing several other
in
ever,
food
stocks,
I
find that
selling between
estimated 1961
to
very little
they are
29 times
and
earnings compared
of
investor
an
is
seems
paying
for the land and other
the potential*/realiza¬
assets, and
tion
21
times for Castle. It
that
me
such
assets.
Capitalization
1
/•
•
consists
of
$16,—
044,000 of long-term debt and 2,shares
of
of common stock.
being paid at the
are
$1.40
annually and have
continuously since 1896.
The stock is currently priced at
been paid
51,
and
traded
is
the-Counter
in
the
Over-
Market;'
Chicago Board of
Trade Slate
CHICAGO, 111.
nominations
The
following
been
presented
—
have
to members of the Chicago Board
of Trade for officers to be voted
at the annual election to be
the annual election
upon
voted upon at
to
be held Jan.
Chairman
15:
the Board—James
of
P. Reichmann.
/
■
.
;,
.
Vice-Chairman of the Board
Bernard
Vice-Chairman
Second
Directors
Milton
of
Kirshbaum,
and
Varner
(five
Fred
L.
David,
Robert
J.
elected
be
to
the
Coughlin.
Robert
—
Martin, Robert L. Raclin,
H.
—
P. Carey.
Board—James J.
L.
Carson
Watts, Jr.
for
three
years)..::
-A. •
Nominating Committee—George
.....
.
..
f
J. McKerr and Paul E. Murin
three
(for
George
years);
Committee
mond
A.
E.
(for
Booth
\
year).
one
of Appeals
—
Ray¬
Comenzo,Sidney
C,
Hamper, Thomas E. Herr, Edmund
J.
O'Connor
and
Clarence
W.
(two year term); Earl M.
Swaby
Combs III (to serve
Committee
Johm
OA
of
for one year).
Arbitration
—
William
P.
Epeneter;
Fanning, Thomas A. Gledermann,
Sherman L. Levin and Paul F.
McGuire
Ardin
(two year term).
Buell was nominated
P.
by petition for a three year term
as
a
member of the nominating
committee.
is
the
South
is
continue
to
mainland.
limited
Cooke
R. J.
United
African " export
Strategy
move
management of John W. Mackey,
Bumble
this
the
variety of other businesses inject
company's penetra¬
metropolitan New York
into
States
of
broad
as
the
tion
its
for
reason
increase
FRANCISCO, Calif. —East¬
Dillon, Union Securities &
was
$1,500,000 tuna
a
in
towards
move
new
nery
new
San /Francisco.
move
that
ment
The
S.A Co.-has opened a branch office
Frank
Partnership.
im¬
should
products
new
organized
another
was
revamping its corporate setup, v.
Until recently, Castle has, to a
large extent, been primarily a
be
of
consumers
increase.
tinues
*
will
results
of
equipment communi¬
company,
earnings.
1962
several
a
and
cations
319,799
several
be
Castles controlling interest in
Kentron
Hawaii, Ltd., an elec¬
rate
that
should
major benefit to stockholders. The
recently
announced
sale
of
Results for
first full fiscal year to April
the
in
outcome
;
Dividends
strong
Jan.
,
cessful
what
elapsed "since the
difficult
is
project
sion
On
community, with
schools, shops and homes.
Timing on this may be several
months away, however, its suc¬
long-
growth pattern.
Despite
to
being
are
is
approval
own
with 23
of cost.
If
self-contained
a
with
probably
excess
Oahu.
approval of it's Board, to develop
its
able
is a
this
greatly
in
received the company plans, upon
of
Already management
Admit M. Siebert
land
of
the
$1,100,000,
weeks
ago,
Oceanic
Properties requested the planning
commission to rezone 3,000 acres
holding,
purchased
by
on the mainland,
increasingly sub¬
State anti-trust laws.
new
Several
One
available.
Castle
in
rash calcula¬
some
book value of $44
Finkle & Co. to
In
Broadway,
members of the
shipe in the Exchange.
in
enormous.
combined
Ill.
a
most
the
states
land
expansion., On
Eastman Dillon Branch
admit
company's
of
one
growing
potentials
prove
partner in the New York; Stock
Exchange member firm of Fran¬
Astor & Ross to Admit
to
is
residential
and
with
in
500,000 will be outstand¬
completion of this sale.
will
the
unique position in relation to the
mainland, industrial, commercial
Effects of Discount
Traditional Merchants.
on
of which
-28
rapidly
also be
Gilbert, vice-president
George Fry and Associates, will
change. Miss Siebert is
Dec.
Hawaii
30,
Winter,
Insurance.
C.
son
who
business
year.
dent
Evan
Chicago,
general
of 1,000.000 no par common shares,
Stock
utilizing
Union. Because of this growth and
because of the State's somewhat
Gaines, vice-president of the First
the
City,
ings.
is
C.
ject to
1956,
I
be
become
fectively
of
V
St., New York City, mem¬
York
only
Bumble
has
tronics
valued
bers
Ross,-.
not
and
it
Bee
into' a
stronger and " more
cohesive unit, but also towards ef¬
at
70 Wall
by vending machines and at
Authorized stock consists
&
Dole
Consolidated
stands.
York
consolidating
towards
in
ettes
Astor
emphasis
management
;
directed
alone
sells candy, soft drinks and cigar¬
upon
New
seems
Forecast Forum
1, Muriel F. Siebert will
become a partner in Finkle & Co.,
ing
improved.
ways
been
movie
38
operates
probably will
' "public
realized 'i iintil
be
self contained community and
are
company
potential
and
Foundation of In¬
used by
The
full
its
investment
to value have been made
College, the
To Admit Monroe
■
Puerto
working
long-term
repre¬
and expansion of markets coupled
shares of Commonwealth Theatres
for
County,
miles from
tions
of
Francis I. du Pont
Common Sold
and
sents
brands
offering of 100,000
Costa
Chicago Analysts
speak
Puerto Rico
Contra
California, about 40
San; Francisco. This land
Dole
Houses
shares
in
Committee
Development and
trustee
a
dependent Colleges.
Theatres of
of
owned
developed
for
the
Island's
expanding
population.
About
6,500 acres of land
are
lands,
South Carolina
of
Public
be
in these
and
Economic
could
extensive and valuable land hold¬
Daniel
Chairman
Construction
Greenville, S. C., and
Commonwealth
Whyman will acquire
at
has
Allan A.
purcha~ed
-
Daniel
and
Whyman
assets.
definite
Mr.
is
of
the
1961.
New
rates
the
Bank
of
Chicago
con¬
Correspondents, Chicago,
They
non-risk
as
a
Harold
announced.
require¬
before
Gaines
place in a bank's
short-term portfolio.-.Shorter mu¬
nicipal securities may often be
poses
1962,
man
Charles Ezra Daniel
of
Oahu. About 18,000 acres in Oahu
are
in agriculture but in time it
of
Helm
.Island
at
16,
Chair¬
H.
the
not:
Jan.
on
largest company
2
page
on
water is made available and high¬
annua,!
meeting
from
acres
to
stockholders
are
pur¬
elected
the
Life
address
New
have
meet
govern¬
..
be
to
in
by taking ad¬
vantage of-the yield slope'in the
to
First
add
rapidly.
the
and
*An
^Trust
Company,
rates
to
will
rates
to
ments?
Mils
is
ability
your
to
approximately
times
ening
break
—by about 80 ba-is points—in the
intervening
three
months.
At
most
the
bank
by
buving
would hnve
York
.
continuous
informed
mar¬
problems is con¬
The one key. to.,
stantly moving.
improved
with
bank
each
its
New-
Bank
banks,
change
time, and the
which
in
work
is
other
requirements
the passage of
ket
all
board
of directors of
funds.
opportu¬
income from
investments
time
bank's
for
Chemical
mar¬
sufficient
are
to
Caro¬
the
on
one
money
South
membership
profitable in most smaller
banks to assign someone full time
to
United
nominated
be
not
bank's day to day money
than
been
type of investment to another so
as
to improve income.
It would
of
the
for
necessarv
bought
net
has
moving
from
excess
this
have
three-month
on
in
better
so
three-month
been
The
be
earning
would
had
lina,
from
possibil¬
for
or
bills
it
Senator
end¬
an
of
range
arbitrage
42,000
prominent
former
scarcely begin
them.
'From one
ing
that
States
Daniel,
and
can
income without in any way weak¬
2.30%
Ezra
paper
this
to
realized from the fact that it sold
at
Charles
The possibilties for improving
income from the short-term port¬
folio are so numerous that a
of
Continued
Names Director;
industrialist
25
THE SECURITY I LIKE BEST...
deposit
active
average
have
the
All
Chemical N. Y.
invest¬
do the
as
certificates
(2741)
ing to provide for its investment
requirements.
;
'
.
Managing the Short-Term
Investment
attractive
opportunities,
negotiable
considerations
vestment
offer
Chronicle
is
•
Richard
Buck, Partner
& Co., 4 Albany
J. Buck
Street, New York City, members
of the New York Stock Exchange
on
Jan. 2 will admit Constance
and
Buck to limited
the
firm.
F.
partnership /in the
■
•
26
(2742)
The Commercial and Financial Chronicle
m
from nac?
jrom
page
housing starts
trom
by
fully
.
to
Sep-
viewed
January is always
igh unemployment
a
month
rinV£ni
pioyment mSii?W
month.
So the
in
aHy adjusted unemployment rate
.January
to
^
September
an
Whv
Why
personal
has
large
a
rise
season-
in
riP^!^
?
ik^Vfir
period,
corporate
profits
camp
same
-gfter taxes
of^p
trmmh
*u
thP
i-o
thp
PYrfiS/1 ^
nfirJL
A^on «r
15 ?
S
pro-
tional
n
.
?porary unemployment
5% 3
dePende"t
jFie imemployeid,_«arly
33t .^eflJnds and
weifare
•>.
£1^, Llfe
0
Civilian
'
.
^
hi
hlSb^ program; financial
that
both
Ai
tn
rpn^irS
?
,.
nomic
rip
p
e new labor in order
advances
du^ronA.
rAa<3nn
our
in pro-
to
be
is
positive instrument—
a
used
I55-faT
in
f ?•
different
at
wave
oinerent ways at
employmentaC andmf
bote
stable price level.
_■-e
policy,
pvfr.'rfpd
h
stated
Srtltay
^rnf nrAdlf
farv
•
■
recov^liM
m°n^~
begin to
forecasts
our
employment!
of
use
To
our
economy's
take up
economic
through theOIciose PhallenginJ
slack
will
be
the
Rewarding-
and
—
re-
the remain-
ability
of
tained
and
credit
has
Combined
.
soecific
credit, these policies
mortgage interest
have
lowered
and stimulated
jf .prices
rates
of
mndprn
tne uioaein wnrlH
world,
ancj
wages
creeP
once
again
,upwardrat to° faf
to
There
tial
,
also
are
points
between
conflict
preventive
than
in
the first
measures
of
poten-
them.
the
on
It
bal-
ance-of-payments front prove irtadequate, the choice may be hard,
on
ex-
and the cure may be Painful.
A
/"cure" which* would restrict /a
siacK domestic economy through
higher • interest ,.rates, restrictive
In
budget policy, and similar meas-
has
of
more
half
Iround
exported
we
goods
and
$7 bilservices
not
means,
beyond them.
(3)
45%
ures
would
pay
for
be
high
a
price to
preventive
failure ;of
.
measures. No permanent solution
'J? the problem of-basic compeUtiveness is to be found in holding
down the power and productivity
of our economy.
v
'•
;
We
continue
stock,
living
-
;
increase in
our productive
capacBy. "longer-term," I do not
.v^.'. ity.
to
hold
of the free world's
goj^
despite
some
mean
monetary
the
fact
that
this
is
task
a
which
need wait upon, or interfere with,
the restoration
of full
that
employ-
ment. Indeed, broadening the base
new program
.^t,n
an
°°th the pot ot goldlandthe
dJ!s%}?4
bow- We
oUr,
' *>
end
pa"t of^oldMTthe rai£
ourvan-
%re of the
balanpeibMiajh^ljBQsitiDii;
, Economic growth is both
to guar-
fntte export;.crt?dits
through local
negotiations with
banks
Balance of PaymeBtg
Our
growth
brooks
The Administration has taken
J10 delay: a dignified stroll lip
positive
though
quietly
incon-' the path of economic growth is
soicuous steos to reduce our out- not .enough in
a
world
where
spicuou® siep® lo. reauce our out f.s
® f
...
payments
and
increase
our
replena ana toe aiiKe are snrintsprini
rpint« from
abroad
The exnnrt lng ahead at a rapid rate.
drive, the
will be a°"
an eariyraluaUj!335™611
early casualty.
increase their
ram
ek econom:ic growth
iXg and toS
^nettis more ra pidly Is^nds
of
,ef%^fc«by.e
our
.
tgS"JSS% SSSBJSSVSASSi Sjaaf. ®
will flood them outSSp
of
our PeoPle and to their represen- only a few
examples of programs
tatives in government. The story which will
eventually move our
bas been more than twice-told, country toward a
healthy equilibThe index of our export prices rium
on
its
international
ac-
for manufactures rose by 16% between 1953 and 1959, while ex-
Success
year.
thp
cept
for
the
U.-K, and
counts.
A less tangible—but no
less important—influence ■ is the
'Canada,, keen
consciousness
existence,
Economic growth will also make
easier to .meet the nee. s of a
rap;d£- e»r^ populahorr to
f+oP
lties and.public services.
wP
npud
need
throughout
this effort would push us be- the corresponding index for our government of the balance of
more.-and,SC««S
payyond the ^600 billion mark dur- major competitors was stable or ments problem and its
b^hways,_ Pa
ai?d ^faLb
implicaaJ^as''
ing 1963'
,
"
feU.
As
ffoiir nnH rioh
a, result, between 1953 tions for a wide variety of policies wh«h make for h
a fuller and nch-
main" in
been
with
™>es to^Sdde^Se?hS£
ing
middle of next
readv avail-
Tn
iV
J the
?js
just
cooperation
of the
Re- task of business. consumers, and
2 System^interestFederal
rpfot havo government in the period beyond
been held down
basic
mar-
our
do a
substantially smaller proportion of the free world's trade,
Indeed, the gold position that
sev-
balance
.
^vmpnts
°f unemployment
By mid-1962, if
full
on
level. Price stability is
^lth in
?he our
malntenance of.
equilibrium
Paympnts-
ing
of
-
difficult
us.
are
of
our
economy
through added
occasions, it is vitally iminvestment, research, and educafor the achievement of sometimes looks so
dangerous to tion can assist and prolong reour nati0nal economic goals that us would seem to most
of
our
covery.
; The task of achieving
we maintain a reasonably stable friends like affluence
itself.
" faster
economic
uedy has made clear that he has
intention of "learning
live
y w«-ion 01 leaumug to
to nve
of ful1
one
eral
iven
sources.
whfi
urnwfh
not
we
no
of
in
lion
objective
us.
^ « the
5
fi^nciai
is
good for
is
but
important points of
between domestic and
international
payments
policies.
,
-
the 50's
success
common
As the President stated
wU?
*of credit! his
Afthe0 President
evidence
There
is
harmony
our
the
nnpmniftvmpnt" portant
Monetary policy
operaUns are roughly correct, the unemthrough the changes in tte cost Pioyment rate will drop substanand
availability
;-Th. fuu
with-
about
(l)
Our
export
surplus
goods-and-services
account,
aware-
every
of
»
Budget
The
strength
shall:
price'196of
in reaching
demands
un(jerstanding and active cooperation
on
the
t
of
tp
to
QT.0
H
y
-
111fn
mpnfhc
fl
_
alarmist
basically strong long-run position,
manage-
decisions in full
mplc^ment.
w^pn«itr?^e?ew areas; ai^uari-mini^a^n fnliv^-.int^nHc
Sf
actions
reflect0the^Administra6 further steps to deal with this f.rice
tlon's philosophv^serious
problem
President
Tj? qf Punosopny mat me federal
p
o em.
rresiaent Ken- iink^d
niri
developments
being
it
their>:'*<£-;
Economic Growth ;;
in this vital industry and ;the government on foreigners have
Let me turn now to the
longerachievement of overall price sta- doubled, and now total $26.7 bil- term
problem of speeding up ohc
bility. In this field, perhaps more lion.
This is a clear case of in- economic
growth, i.e.; the rate bf
than in any other area of eco- creasing .our
s Inilpr!
r*
'
law
Hupfinn
thp
U^5n^.
wav
»
Jst h
-
out
good for the world economy,
«
Ac
*£P
iin
Pf°S"ren+vli
•
.
.
.
of
ness.
nocQih^p i
tcf
wiJuni * ® a rp^ufpfion
lmprnnlfivmpni-
1
+
fPSd?,c"
ihJ^Inhor
f_
servmeasures
these
adverse
run
fteeTed^
and labor make their
fartorQ makp
3
ippc
^frp,
nJ^v^fS
f
because
be sober about short-
can
S
Z/^
J?%V1!afr
Spf2 &
55™/ t° date is:founded ^ ifi
AdSn?Jfi??eaSUr^
by Spa,p
rpnn
fhp
on
September.;.
objective, not only because it
One
^^rs^P^Jy
?Wp
Of
us.
without being blind to
continuing problems that face
overriding national than we imported. This
$7 billionof n^rpppsJoAinterest
in price level stability.^surplus is a
°f
a
substantial::,achieve-^^10n'
t?llr}?s
In letters both to the heads of the - ment by American
industry—even
O)
12 major steel companies and to - if it is still not enough to cover
aJrpf^
the head of the United Steelwork- all of our economic and
military
«
°f America, the President obligations abroad.
r :
^t] p
sought to make clear the link
(2) During the past decade, the
in
forpp
fhpep
between, price and wage decisions net claims of our citizens and
rose by approximately
pf
1%
1961
^ability
and wage
"
to
of
Thursday, December 21, 1961
.
price spiral is resumed.^ This is'vlwas
$2 billion a year diigher on
why « Is so important to the na- Hhe
average in the second half of
5
women, a?d
seven-tenths
.
g00(js» But the applecart of price
eluding military expenditures
can be upset if the wagenot
a^Uf'r,feftby
bvTrednu°cti™ inelhParCar^fnd
$
n
only
January
a
1
prices has been moder-
distressingly high level of unempioyment, there is little danger of
"too many dollars chasing too few
and
?
econ-.
reflected
be
andTm^r^h1*10311 COfl£um~-tebo^Tora
ers
in
the
__
The outlook for continued price
stability is encouraging. With a
considerable
margin of
unused
productive capacity, and with a
u
must
m perspective:
more
I"-■ v^V
m the
been
riPOTlOTTl V
Ksri M
unemployment
The improvement
has
the Prices of services, the rise in
consumer
from
\ZII
1
J
rose
January
'-Thii'
omy.
TORDPPTS
x
l/u
ate
LilB J\ in
Continued
^onnnuea
new
r
A
\J1
'
^
^4-^
X'OO10TY1S
£hY\Cl
VM1VI11U u'AAVl
JL
.
r
-
Let
ment
take
me
a
moment to com-
the standard
on
we
for
use
f«d
I960 American export prices and actions.
*°r manufactures rose
about
15%
On
the
monetary
front,
In
the
addition it is
nride
creat
our
.„Inhaddl„t10" 'Vs
relative to an average of the Treasury
SJeat .P"f®
has
cooperated
with
unemploy- Pnces of all major exporters of foreign central banks .m
the use
A'[" ;i
;
" n
'
ment even as a first
flasf
contact,
wxtn
careeis
open
approxima- manufactures. The United States of new
techniques for dealing in/ b°r talents, and a high rate of
"'Villi FnfnL,«^ " f" •
tion of full employment consist- share in the manufactured
goods foreign currencies/1
And we are soc!al. mobility.:
lo create and
_n
ent with price
The brief lull in the
stability? The basic exports of 10 major industrial moving closer to the
pace of reprovision of maintain an American society in
answer .£ a
vast dynamic econcountries fell between 1953 and new
covery in
September and early
standby
lending authority a stationary economy might be
omy like ours lies [n th
October is now ended. We
allow_ 1960.
In 1958, 1959, and 1960, the for the IMF. Such
anticiimprovements conceivable but it would surely
ances
must be made for
pate
continued steady
peoUnited States had balance-of- in the * international
recovery
payments be difficult. Much of what is best
ple who are moving from jo^ to payments deficits of
$3.5, $3.7, and mechanism, together with the use
American character is a
ioco ?> ries-1 0
s year and
3°h» people whose work is sea- $^.9 billion.
International con- of our own
great reserves,
1962^ Retail sales were up 2Vz% so-nal, and people whom techno- fidence in the dollar
has
^
l?n,,
growth
first
weakened, one important function: to insure through the external frontier as
+?
s fUmbing out of logical advance or
geographical and *n ^ate
and early this that
temporary adversity in inter- fj16 nati°ii pushed west, and now
-3doldruiris,
just
about
on shifts in
incjustry have left be- year there occurred a.serious out- national
schedule. Industrial
production in
trade or capital move- through the internal frontier of
hind—that is, allowances must be U°w °t g°ld.
all major sectors
also moved
ments need not be
the
housing
ket.
mar-
.
''
"full • employment."
accept
.
4%
a
Why-do
we
level »of
"
•
,
,
u
up
nicely
uctober.
in
SmS•
+
/
5l-°n 13
p
Gross
National
made
to
'
a
not
are
impressive,
belittle
them.
terms,
But
it
dangerous simply to
point with pride to
continual "new
highs" in output,
employment,
profits,
4this takes
income,
and
care
to
of
and
busi-
assume
the
ignore
that
tho
tn
nrSii
We
over
wn1
the
problem
stantial
ment.
not
feel
hump
until
is
true,
that
the recovery
achieve a subin
of
jyh-ile. the labor force
the
economy
ture-—in
fields
will
demand
labor force—we
full
or
can
employment
even
skill
in
our
the
fu-
improve
target
to
our
3V2%
3% unemployment.
For
1961
ments
$2
over
as
deficit
$4
slowed
billion
were
recovery
kas
dis-
seen
appointingly little change in
employment, it has also seen
prices.
little
In
and
price
it
was gaining
first
postwar
index
was
in
the
in
is
1958.
lower
This
Jan-
whole-
today
is
in
the
first
recovery.
-continuing
seven
And de-
upcreep
in
instead
something
of nearly
occasional
an
tional, and
growth.
in
To
pay-
has
trickle,
$1
billion
between
and Oct. 31,
1960, to $72
in
Gf
mantain
our
balanced
a
view
payments
problem, it is
distinguish
fundamental changes in our interalso
important
to
national position from the natural
cyclical
in
the
response
to
a
recovery
level
held
the
down
and
our
by domestic
during
deficit
those-
was
at
an
0f only $1.5 billion.
second half of this
year,
rate
re-
six
an-
In
as
industrial machine picked up
steam it began, inevitably and
naturally, to consume and add to
our
inventories a greater volume of
imported materials.
The recent
preliminary figures for the third
auarter
show
deficit slightly
the
recovery in which
industrial
prices
ac-
months of the
spite
en-
change
September; the
wholesale
tually
fell
un-
fact, wholesale prices
actually fell by 1% between
uary
the
-
be
dollar,
our
On
our
an
annual
over
rate
of
$3 billion.
international
balance
of
payments, as on the domestic
economy, it is difficult, but essential, to achieve a balanced
perspective. One
the
solid
can
progress
acknowledge
we
have
made
expanding^
wise-pound-foolish policies which
stultify the West's joint quest for
high
and
employment
rapid
of economic
activity,
corresponding pe- Cyclical deterioration of our forriod of 1961.
Even that picture
eign balance is not inconsistent
hides a cyclical pitfall. Our imwith
a
slow
long-run improveports during the first half of 1961 ment
1
million
nual
If this
to
months
III
will
a
bal-
restora-
a
the
whole,
a
met by penny-
been
our
billion. The gold outflow
cession,
Price Stability
than
to
of
short, as we improve the
mobility and skill structure of our
sale
number
rose
in
1
unemploythat
of
people
by 3.4 million. But
this very substantial
reduction in
employed
and
just
course,
^million people from January
^October,
are
payments
confidence
from
the
couragingly
we
of
we
reduction
It
i
economy s capacity
P
jojproouce.
im-
we
of
of
March
in
statis-
cha^l^nuinu f^I°n5f
pfnl
Sowth1nf n!
nnnlv'
an
ance
tion
people
unfinished
the sobering
not
Since
then
there has
-dramatic improvement in
workers,
to
stimulate
new industry in areas of chronic
labor surplus, and to
guide voung
business of economic
policy. This
would
reducible,
relocate
would be both
wrong and
ness
is
prove our programs to retrain and
_
advances
dazzling, in absolute
4 \do
this
reducible, minimum. As
°n Dy me middle
Such
of
and
—
■
'
•even
minimum
"seasonal,"
w-
wn
1962
certain
a
was running at a "structural" unemployment. The
-m
VqUarI point is made
Quite rightly—
that
W-'j&d
for
"frictional,"
To
Finally,
educational,
occupaopportunity,
economic
we
need to grow faster
to meet the challenge to freedom
the
world
today.
performance will
mine
our
Our
not
capacity
growth
only deter-
to
strengthen
and to
assist the underdeveloped nations
realizing their awakened aspi-
the. defenses of the West
rations, it will also affect the
choice which uncommitted coun^es make in charting their own
paths .'to economic development,
Growth in
our
help make this
own
a
country will
"decade
of
de-
velopment" both here and abroad,
ra]]q
above
all
for
measures
Ir? demonstrating to the world the
wbic'h harmonize' our interest in vitality and dynamism of a free
domesticSfrity 'Ud Irow h-'econom3r' U can also be an im"
with our interest in an improved
'P^tant factor , in ^ determining
aohieve
that
imnrovement
international competitive position.
It calls for growth in
productivity,
for lower costs, for a modernized
industrial
plant,
for
energetic
to seek out export mar-
measures
kets> and—as already emphasized
price stability. Finally/we
^_f0r
weu to
and
must
country.
remember that
be
we
are
an
export surplus
Restrictions on the free
^ther ^ls
a de^ade of freedo^ or a decade of despotism. ;
Faster growth requires
er
rate
y
ment in
Mutual trade liberalizaremain
a
basic
policy
of
investment
in
expand-both -plant
-.capacity
brain capacity.
position.
must
more
both
physical and human capitals—to
flow of world trade tend to hurt
our
basic
balance
of
payment*
tion
a
raPld rate of increase in productivity.
To achieve this, the Administration is committed to policies which will, encourage a high-
and
.
To step
first
up the rate of investbusine-s capital, we
need,
of all, full
recovery in the
M
Volume
of
sense
full
194
Number
realization
df
6118
our
existing productive potential. Full
recovery will put pressure on our
existing plant capacity and thus
increase
sion
the
,
.
ing both in government and in the
country at large, the American
economy
great
outlays
for
plant
and
equipment.
At the same time, it
■
and to
business
Administration
ahead
with
in
area,
for
to
moving
-in
tax
a
in
this
credit
plant
and
make
investment
readily
available .to
The Administra¬
business.
has
York
Sees. Ass'n
.
60's.
by Dr. Heller at the
Regional Conference, New
House
City.
PHILADELPHIA, Pa.
B.
Street
of
The
Phillips
Boston
for President of The
Comm. Clearing
House, Inc.
sociation.
Street
t
sought,,-and will
merce
to
seek,
to .maintain
readily; available: to busr-- $19.50
Clearing
House,
share;
per
of
Com¬
L.
of
R
Gor¬
PITTSBURGH
Keen
W
.
The
.
meeting
from
investors at,.reasonable rates the sale will go ' toT the- selling
of ..interest.
Jv• stockholders. -v ;;
y .v, ;'
V IV/.
ness
SECURITIES TRADERS
ing elected the following officers and directors for the year .1962:
.
•
President:
Inc.
Roy M. Hamsher,
••
■'
••
•?' '< -
-
■
of
associ
a
Co.,
Cunningham,
VV..
Schmertz
Hoy
Frederick C. Leech
&
,
<•/
and
dinner
ASSOCIATION
Pittsburgh Securities Traders Association at its annual meet¬
The -annual
Inc.,; at
Proceeds
don
Pressprich
&,
Co., whose
term
expires
in January.
& Co., New York
City, heads' a 34-member under¬
writing group which is offering
shares
Mr.
would
succeed
Dillon, VRead
common
Philadelphia
Securities As¬
Common Offered
360,000
also
—
First
Corporation, has been nominated
continue
credit
the
27
its
Significant steps have
more
tion
also
reforms
particular
taken
small
is
tax
equipment.
been
funds
induce a higher
investment. The
investment
new
in
realize
(2743)
address
White
yield the higher levels of
business profits which are needed
of
will
and
potential
*An
will
to finance
can
incentive for expan¬
of
rate
The Commercial and
Financidl'Chronicle
.
-
-1"
the
t ion
,
But
material capital is not
more
enbugh; we must .also have more
research, better organization,'and
a
higher level of productive skills.
Refcent
research
half
over
the
has
shown
the increased
United
that
output in
States since
the
at
used
sources
be
can
deliberately cul¬
tivated "by private initiative and
public policy.
In recognition -of the contribu¬
tion
made
productivity by im¬
education
and
training,
proved
the
to
Administration
has
given
heavy emphasis to .the desirabil¬
ity of improving our education at
all
levels.
for
the
It
has
also
consideration
area.
Further, ways and means
stimulating industrial research
under active-study as
project
-of
Science
Since
the
Adviser to
the
of
source
financing
the
of
President.
is
government
major
a
Office
the
>,
major
for iresearch
general
corporate
The
government of
decree
a
course
can¬
higher rate of
eco¬
nomic growth.
A
performance -rests
decisions
of
better
growth
individual
on-
-businessmen, ^work¬
teachers,
and : professonal
people
throughout "our
society.
ers,
Government
create
can
only
atmosphere
.an
seek
to
which
will
encourage the kinds of behavior
which
are
conducive
to
rapid
economic
Barclay Hotel.
Other
The
of
company
Peterson
4025
West
Ave.,
Chicago, ~ is en¬
gaged in the creation, production
and' distribution " of
topical law
reports, principally in loose-leaf
form.
nominated
Webb
of
are
DeHaven ;&
with
tax and business regulatory
laws, both state and Federal, and
are
used primarily by account¬
ants, business firms, financial in¬
stitutions,
government
officials,
lawyers, libraries and schools.
Crouter
& ' Bodine,
Frederick T. J.
Vice-President;
Clement
of Drexel &
John
and
urer
Co., Treas¬
McCoy
of
P.
Thayer, Baker & Co., Secretary.
Such reports are concerned
Mr.
for
Keen
has
Roy M. Hamsher
Vice-President: John W. Hoy,
membership on-the Board of
Governors
The
to
for
serve
following
have
one
been
Treasurer:
year.
nomi¬
Directors
for two years:
serve
Arnold
Robert T.
White, Weld & Co.;
Pearson
of
Smith,
of
Edwin
J.
Barney
&
Metrodynamics
Stock Offered :/
Patton &
the United
of
lies
omy
full
in
the
States
Thus, while' full
recovery without rapid growth is
conceivable, rapid growth without
recovery.
full
utilization
resource
ably beyond
enterprise
the reach
will
traditional
policies
petition!
y
also
justments
free
Philadelphia Corp., 40 Ex¬
change Place, New, York City i§
offering publicly ■ 100,000. commpn
shares,of Metrodynamics Corp., at;,
$1.10 per share. Net proceeds wilix
be
used
by the company for the
Caldwell, -N.> J.,' plans to engage
fn the design, commercial exploi¬
full
tronics through the medium
licensing arrangements!
of
growth
and progress and inter¬
national trade. Firms will be bet¬
ter
able-to
make
ments "to'the
competitive
needed
ebb
adjust¬
flow
and
.
forces;, workers
be' better" able
to
respond to
the
changes' in the pattern of the de¬
mand
for
labor
by
occupations; and the
regions
and
economy
will
be: better
able
structural
..alterations.
released
viewed
placed"
not
by
to
absorb
automation
as;
"liberated,"
—
as
added
an
needed
Workers
will
not
added
Our
start
and
on
on
New
Dec.
&
has
made
the road to
faster economic
full
a
good
recovery
growth.
We
Carl
M.
New
York
C.
S.
McKee
SECURITY
DEALERS
ASSOCIATION
Security Dealers Association has elected Ihe fallowing
<»l
•»
-jj
Loeb,
Rhoades & Co.,
City, reports that it
has completed a secondary offer¬
ing of 70,000 common shares of
Harsco Corp.
Proceeds from the
sale
will
go
holders.
;
to the selling stock¬
V*
steel
-Hadfields
manganese
casings and special track-
work
for
pressure,'-
railroad
and
open
also
'>
fittings for
all
using pipe. 'The
steel
recovers
port,
President: Derry J.
Vice-President:
metal from
man,
hearth steel slag.
R.
member
will
St.,
the
of
Stock I
become
New
York
Other ,partners
R.
V
Davenport,
Clarence
C.
F.
a
Ed¬
Richard
Abbott,
Andrews.
Jan.
.
V
'■••"
V'
,
r
'
•
/
Jr., Parker, Ford & Company.
Directors:
Jr., Sanders &
Allen
L. Oliver,
Beard,
SECURITY TRADERS
following officers
Boston
1, Henry Clew^ &
established
in
merge
into
Abbott,
V
„
Keith, Schneider, Bernet & Hick¬
Treasurer: C. Thomas May,
The
Effective
Inc.
BOSTON
Proctor
Co.,
Reed
Hilger, Rauscher, Pierce & Co., Inc.
Norval A.
Jr., Equitable Securities
Bader, First Southwest Company.
Ex¬
are
.
J.
With
Harry *F,
Secretary: Harry F. Reed, Dittmar & Company, Inc.:'
5
the
membership in
Exchange
by Allan G. Daven¬
Davenport & Co., 15
28
E.
I.—With
Norval'Keith
Derry M. Hilger
industrial
and
were
Securities Traders
....
. .
Company*;.Samuel.
Corporation;
Walter M.
and
ASSOCIATION
elected at the annual meeting of the
Association:
1877,
will
Proctor
&
Paine, 2 Broadway, New York
City. The firm's headquarters will
Dick
&v;;;;;::V:'V;;VV
Merle-Smith
;,
;
Clews
1,
become
a
Stock
Broadway, and Ab¬
Co.
L.
Gilbert, George W.\
Augustin A. Noonan
and
Charles
J.
Scheid, general
partners of Henry Clews & Co.,
will become partners in Abbott,
Proctor
&
Paine;
Leta
Clews
Cromwell, a special partner in
the
Clews
firm, will become a
Macllravy,
Fergus Reid III will
partner
in
Dick
&
Merle-Smith, 48 Wall St., New
York City, members of the New
York
&
Russell
To Admit to Firm
On Jan.
continue at 2
bott, Proctor & Paine will operate
the
Midtown
office
of
Henry
Exchange.
limited partner in
W.
G.
!
Asmus
Abbott, Proctor
John
(Special to The Financial Chronicle)
DENVER,
Asmus
has
Walston
Colo.
—
become
&
Walter
Frederick S. Moore
Curtis S. Bates
Clive B. Fazioli
D'Arcy
President: John J. D'Arcy, F. L. Putnam
*
G.
associated
'
Filor, Bullard
;
.
Corresponding
Hanseatic.
:
*
-
.
••
-.5
no-
>
J
bert
-
•
r
u
"
.
Incumbent
S.
-
..
!
'
York
New
Moore,
-
,
,
,
J. B.;Maguire & /Co., Inc.;.
& Weeks; ^Gregory . M.,5Dunn^
Edward J. Opper,
L,\ Ferrari, Hornblower
Gannon.
&
Frederick
Secretary:
....
Governors:
Mr. Asmus
.s
& Co.
Vice-President: Clive B. Fazioli, White, Weld & Co.
Recording Secretary: Curtis S. Bates, Draper, Sears; ;
.
To Admit
Co., Inc., Denver
U. S. National Center/
J.
Paine.
.
Walston & Co., Inc.
.
with
&
With
Filor, Bullard & Smyth, 26 Broad¬
must,
maintain
the
momentum/* was; formerly, a
partner in the way, New York City, members of
The problems I have outlined are Aloha Securities Co. of Honolulu; the New York Stock Exchange, on
serious ones, but I. am confident In the past he was with J. A. Jan. 1 will admit Martin Gorman
that, .with .widespread understand¬ Hogle- & Co. in- Denver..m,
••to- partnerships
<-r.
•,-
Shaffer,
Officers and Directors for 1962:
Common Sold
a
York
Westminister
burden.
economy,
nation
the
R.
be
In a fully
change need
not be feared. Instead, change be¬
comes an engine of progress."
an
functioning
PROVIDENCE,
acquisition of
"dis¬
resource,
P.
E. Smith, Newburger & 'Co., President of -the Na¬
Security Traders Association, and Alfred Tisch, Freeman
Company, Vice-President of the N. S. T. A., were guest speakers.
DALLAS
company
Be NYSE Member
of
will
Robert
Joseph
The Dallas
major industries
ad¬
economic
term):
,
change.
by
year
The company located in Harproprietary -electronic instru-:
risburg, Pa;, manufactures seam¬
and devices, the rendition
less steel products, steel cylinders
of
engineering. and
consulting
and
pipe /couplings, non-ferrous
services on a fee basis and the
die
casings,
trailer
tubes
for
commercial exploitation of inven¬
transporting
gases
under
high
tions'in fields other than
elec¬
.
required
(one
ments
ward
facilitates^ the
McJunkin,
ized
free
com¬
Robert'C. Wetmore,
tation and manufacture of.special¬
strengthen
of
terms):
year
First
Blake /and
" *'■ *.
Prosperity
prob¬
a
And
economy.
utilization
is
of
(two
tional
econ¬
of
Arthurs, Lestrange & 'Co.
Co.; Thomas H. Davies, Jr., "McKelvy & Company.
Director
.
Smith, Barney & Co.
Davenport Co. to
achievement
Jr.,!Parrish & Co.
C. Leech,
& Co.
-
pects
Frederick
Secretary: Robert A. Woeber, Arthurs, Lestrange & Co.
.
nated for the Board of Governors
to
John W.
nominated
been
Co.; George J. Qurbacker of Yarnall, Biddle & 'Co.
and
Henry
McK.
Ingersoll
of
Conclusion
The key to the immediate pros¬
A.
Townsend,
use,
•••/>
officers
William
growth.
vi
.evening, Jan.
17,
1962,
at
•
The
pur¬
j'.Vr
and development projects in' the
repayment of debt*.-purchase of;
American economy, Federal policy,
equipment and inventories, adver¬
can, and we/are determined that
tising, and working capital. ' V I ';
it/will, exert a powerful :stimu\ The company of 8 Estover Ave.,
lafcive influence In this field. ,: ,*
not
Phillips B. Street
held
'
Congress
comprehensive manpower re¬
training bill to assist in stimulat¬
ing
progress
in this important
are
for
presented
of
a
of
share, without un¬
Net proceeds will be
be
Wednesday
on
per
poses.
of' the
century has sprung from
relatively invisible sources.
Fortunately,
these
invisible
$18.25
derwriting.
turn
such
will
In addition* the company ;is
fering 10,000 shares to employees
y
!
-r
"
Governors
v-!-' 4'-r-
HerMay
X'
are:-Alvin A. Dykes, H. L. Robbins &
Co., and .Henry--N. Larson, First Boston Corporation./
s
,
,
28
The Commercial and Financial Chronicle
(2744)
hind
STATE OF TRADE AND INDUSTRY
1960,
28.2%
the
at
and
end
the end
at
of
June,
Septem¬
of
ber, 25.6%.
Continued
is
it
to obtain weekly
5.7% above those
corresponding week last
possible
clearings
the
for
tonnage
from page 4
Our preliminary totals stand
at $30,392,073,913 as against $28,745,118,718 for the same week in
1960.
Our comparative summary
for the leading money
the week
centers for
follows:
-i—
Week End.
Dec. 16—
York__
$16,048,475
+
1,374,222:
1,361,641
4-
1,128,000
1.019,000
$16,929,639
Chicago/—'
Philadelphia
:
Boston
5.5
0.9
+10.7
+36.6
609,084
832,013
'
mills
are
have
producers
not running full. That is
are
because
do
users
steel
they
until
January
the
want
not
ordering shipped
February.
Deliveries are still prompt, but
they will start stretching out after
first
at
are
of
sheet
most
%
1960
that
could
Orders
since the spring of 1959. But
seen
the
(000s omitted
1961
they
as
capacity.
at
biggest
was
year.
New
the
week
per
produce
or
the
year.
mills
will
By
be
March,
running
capacity.
One
week due to
The first strike
hedge orders for
Fisher
plant.
Body
in
Surge
Orders
'
In Business
products
steel
Many
/
on
are
virtual allocation through the first
of
quarter
Age
Iron
The
1962,
15
of orders after Dec.
surge
new
reported weeks earlier — a
general uptrend in business, com¬
ing on top of a major program of
steel strike hedging, would create
a vise-tight steel market after the
of the year.
first
steel
Some
companies report
orders coming in at a rate well
over their capacity. Tightest prod¬
ucts
are
galvanized
and
coldrolled
sheet,
distribution
but
flat-rolled
all
who
sumers
relied
on
if they
in
second
still
was
session,
in
resumed
strike during
on
as
Divco,
was
Warren.
Of the week's production,
Motors
eral
accounted
for
Co, 30.4%; Chrysler
12.1%;
American
Motors
7.1%; Studebaker-Packard 1.5%.
books
vanced.
ing.
not
are
But
Big
this
mislead¬
placing
are
normal lead time.
a
sometimes
far
as
out
ventory
The Iron Age also notes a major
pickup of general steel business,
although the real pressure comes
the
big
products.
been
lagging
for
purposes.
Revised
forecasts
indicate
of
calendar
that
sales
and
optimistic
outlook
is
of
users
The
picture
If
S.
U.
million
reach
metalworking
cars,
to
automakers
other manufacturers have
heavy
tonnage
February and March. Since
of these consumers
most
ahead,
produced
all
for
have been
month
a
concentration
or¬
this
big
a
bulge in the order rates.
Steel
to
service
in
the
the
centers
upturn
extent
noted
at
Midwest warehouses
the
Pittsburgh mills for
Output Highest in
to
April,
the
1960,
20
highest
Steel
level
pounds
Output for the week of Dec. 18
will be
slightly above the 2,220,000
ingot
tons
weekly
the
estimates
metalworking
the
industry
poured last week.
Mill
operators
duction
In the
still
will
higher
boost
pro¬
in
days.
It
now
looks
like
the
year's
output wiU be close to 98 million
about
1%
less
than
as
Cincinnati
AvAv
St. Louis
scrap
up
preparing
appliance
and
other
manu¬
users
are
their consumption and
to
build
inventories
during the first half of next
Sheet mills
are
booking
as
year.
much
or
in
week
1959.
There
loaded with
tainers
a stronger market
holiday lull. Japan is
negotiating for first quarter
Dec.
Index
requirements.
one-fifth
of
•
575,000
all
tons,
are
about
finished
-steel
products brought into the U. 1S-.
Japan is second only .to BelgiumLuxembourg as a foreign supplier
of steel to the U. S., a prime
target
because of the high
standard of
living.
U.
S.
Level
auto
2,
in
that
was
for
1961
level
Ward's
The
and
soared
of
output
Automotive
statistical
26%
a
high
above
year
ago,
Reports
agency
said.
that
said
industry
assembled
165,035
by the conclusion of overtime
was
Saturday,
on
a
2.2%
Dec.
week,
responding week of
increase
of
the
level,
ago
second
3,738
1959
Cumulative
cars
than
1960,
mained
in
270
of
ping
last
the
cars
same
Ward's said that
of the nation's 47
in
was
sive
overtime
of
the
year.
$100,000
for
session
are
this
year.
expected
Saturday
assembly
holidays.
1
after the
.
to
ing
auto
production
is
six-year high, follow¬
similar peak reached in
at
a
a
the
pre-war
13%
were
toll
of
liabilities
dipped
to
top¬
from
31
rose
of this
size
a
year
that
current
have
for
of
effected
a
marked
levels
recovery
the
industry since-the outset
;the year. Output at the end of
the first quarter
lagged 40.7% be¬
cars
41.5%
or
of
in
period
58
were
with
in
U.
I
current week
53
one
year
year's
both
chases
com¬
and
ago
women's
car
The
amount
8.1% Higher
Last
of
electric
than
Year
week
ended
ahead
of
Inc.
Dec.
the
American
tonnage
Trucking
1.2%
the
cor¬
1960,
the
a
volume
of
week
this
in
These
Mountain
year.
are
-based
•
to
-
on "
The
truck terminals of
of: general
terminal
showed
/•',-
+7.
*
survey
the
terminals
year
Compared
preceding
that
the
of
kwh.,
the
com¬
dex
freight
for
1960
8.1%
or
week.
ended
pared
with
Shipments
Lumber
213,829,000
compared
in
in
1969
ended
Dec.
board-
+
9>:
feet,
with
204,523>000-board
the prior v/eek, according
reports from
at
nage,
decreases.
Two
'
/•.
v
v,:
sales
as
Dec.
the
on
rise
9,
a
taken from
Board's
1%
a
;
in¬
for
the
1961, com¬
period last
like
3%
were
In
the
higher
than
last
four-week
Dec.
period
sales
ad¬
1961,
9,
vanced 4% over the
corresponding
period in 1960.
According
in
New
ended
higher
four
sales
four
City
9,
for
the
2%
were
ended
week
were
7%
period
same
York
Dec.
Re¬
store
compared with
period
last
year.
In
preceding
immediately
nine metropoli¬
Federal
Department
than
same
the
the
to
System
v/eeks
higher
last
ending
the
the
Dec.
than
year.
Dec.
For
the
9,
5%
a
increase
terminal
cities,
Buffalo and Louisville, showed no
change from the previous week.
1960
was
reported above
period while from Jan.
Dec.
9,
in the
was
a
2%
increase
comparable
2,
the
over
period of
the
1
to
sales
1960
recorded.
Wholesale
Off
Commodity Price Index
Slightly in Latest Week
But
a
Above Last Year
two week
+
-
rise, the gen¬
wholesale
Andresen & Co.
-
To Admit Partners
commodity price1
dipped -slightly in the week
Monday, Dec. 18, reports4 An re- en & Co.", 30 Broad St.,.
Dun & Bradstreet, Inc.
However, New York C'ty, members of the
it • remained
appreciably , higher New.-" York,., Stock Exchange, ,on
level
ended
production in the United
States-in the week
totaled
3.5%
Were
Same Week
shown
■' ->
/:
- y
For the week ended Dec. 2,
ended
level.
V /"
Week
Reserve
week
year.
registered increased ton¬
while
23 - areas
reported
After
Above
week,
-f-2j
1% Over
stores
reported
sales
tonnage
year
,
1960
Federal
year.
last
at
-
; •/
"••'"
•'
•
(
more
areas
above that of the comparable 1960
Lumber
to
—2;
to
to
+3; East
-f4; South At¬
country-wide basis
previous
week's total of 16,084,009,000 kwh.
1,255,000,000
also
were
tan
above
to
-
—1
"
The
increased
from
&
Nationwide Department Store
Department
tonnage
from a year ago at 29
localities,
while five points reflected
tonnage
decreases
to
—6
Pacific —2
Sales Increased
throughout the country.
week
Central
and
South Central 0 to
report
tonnage handled at
carriers
Dun
lantic + 1 to +5; West South Cen¬
declining.4 tral. + 2 to +6; New England +3
Transport Economics. The
mon
by
comparable 1960 lev¬
Atlantic
Middle
weekly survey of 34 metro¬
politan areas conducted by the
ATA Department of Research and
400
according to spot
collected
North
East
the
than
13,
higher
by the following percentages:
West North Central —7 to —3;
for
.previousvyearsr.
findings
Dec.
-f 1 %
els
tonnage which has been found at
season,
ended
to
findings follow
the pattern of generally
distributed
by the electric light
industry for the week
ended
Saturday,
Dec.
16,
was
estimated at
16,695,000,000 kwh.,
according to the Edison Electric
Institute. Output was 611,000,000
year ago,
valued from
Associations,
tonnage
the
The week-to-week
and
power
reports.
Bradstreet, Inc. Regional estimates
Truck
below
previous
in
of
the
10.5%
was
volume
week
announced.
was
9
in
points, each terminal city
reflecting gains of more than 15%.
energy
ahead,
move
scattered
in the week
estimates
truck
other
Week
up.
ranged from —3
week
1960
to
apparel
appliance pur¬
As well, new
The total dollar volume of retail
trade
Truck
sales
in
picked
according
Sizable
Output
and
sales continued to
33.4, 22.8 and 20.2%, respectively.
Than
men's
and
furniture
but
Tonnage Was
10.5% Ahead of Corresponding
this
slightly below
the similar
for
week. Declines were registered in
preceding week and 51 in the
year ago.
level
rail¬
corresponding week In
Intercity
the
con¬
1959.
S.
originating this type
the
the
class
the
serve
a
curtailed
rain
buying in the week ended
Wednesday,
Dec.
13,
in many
areas
of the country and pushed
the
above
13
Dec.
sumer
olis reflected tonnage increases of
Canadian
Ended
and
Snow
failures
Electric
to
above
the
at
Shopping in
Yule
Slows
over-all retail sales
gains
feet
to¬
increase
an
5.9%
prices
last
eral
production
for
or
1961
"••'
reported, falling from 38 in
Twenty-four
were
production will range 16% to
17% below 1960, but pointed out
of
food
level.
Week
Charlotte,
Dallas-Fort Worth, and
Indianap¬
November.
Ward's has estimated entire 1981
Weather
week.
weeks
is to show the gen¬
of
trend
160,211
Truck
ago.
and
a
an
42.4%
or
meats
corresponding period of 1960 and
reflects
with
the 308
below
until
kwh.
././
December
corresponding
slightly to 275 from
260, although their total continued
than half
Saturday
the
re¬
smaller failures with losses under
1960,
assembly plants
failures
previous week and 43
On the
other
hand,
out.
probably the last exten¬
companies
drop
more
operation
what
Most
week
turned
were
lighter-
was
and
$100,000
in
35
./that
week
1939.
similar week
In
&
Dun
285
than
the
130,711
the
their ;year-
but
above
toll
and
I960
cars
pound
and
not
wholesale
cor¬
rep¬
of 31 raw foodstuffs
in general use.
It is
cost-of-living index.
Its
per
eral
Inc.
Bradstreet,
total of the price
sum
chief function
of
piggyback loadings/
546,471
responding
marking1 the
351;
mortality
cars
high.
below
of
the
made last week, and will top
164,834 made in the week of
Nov. 27, which was a 22-months'
reports
business
16.
rise from 161,454
14
in
295
consecutive
in
over-all
increase
an
14.5% above the
cars or
Intercity
Bradstreet, Inc. However, casual¬
Casualties
the
for
new
from
14
ties. remained
Ago
production
a
preceding
week's
the
resents
&
Food Price Index
Wholesale
average
on
to 306 in the week
up
Dec.
heavier
26% Above
Year
of
week ended Dec. 16 set
the
based
1957-1959.
Ended Dec.
Week
edged
1959
'.J
■
Output
for
Commercial and Industrial fail¬
ures
ended
Steel reports.
Japanese imports this year
at
For
capacity by
now,
estimated
production
Business Failures Up Fractionally
1970 is slated to be almost double
is
production
of
revenue
or
This
included
total).
1,594
reported
highway con¬
in the week
1961 (which were
Week
*
weekly
or
one
(piggyback)
ended
Dun
The
cars
more
12,554
were
103
118.1
ago,
a year
loadings
represented
an
of 42,984 cars or 8.3%' bellies, lard, sugar, cottonseed oil,
eggs,
hogs
and
lambs.
beans,
1960, but a decrease of 82,263 cars Lower in price were wheat, cocoa,
or 12.8% below the corresponding
peas and steers.
1959.
Total
than
falling 3.3% below the
the corresponding week in
above
111
%;■
lower
continued
in wholesale cost this
week were flour, corn, beef, hams,
pared
+
the
index
year ago,
$6.17 of
The
50. in
Western
the
prior week; For
consecutive week,
increase
13Q
i'A.
thirteenth
a
of
the
from
the
Higher
corresponding
129
__—..—
In¬
'
30,540
100
announced.
decrease
week.
taled
111
-
—
Southern
car
Automakers,
stepping
116
__
0.3%
13,099
2.3% below the preceding
prelude to
a
after
last
yearls.
facturers,^
115
Buffalo
gross ton. The steadiness is seen
a
aimed
—
North East Coast
Pittsburgh
Youngstown
market last week,
composite price on No. 1
Steel's
v/ere
coming
weeks to meet the
growing de¬
mand
for finished
products, al¬
though
the
upswing
will
be
checked during the year-end holi¬
tons
Dec. 16, 1961
alu¬
of
/% ."'■■■,
schedules
ported.
a
was
for the first 48
Week Ended
minum, and 520 million pounds of
•zinc.
This
re¬
Railroads
This
above
Production for
in
freight
9, totaled
Association of
American
cars
Year
Dec.
the
cars,
traffic
have
since
16,
Last
Price
Food
Wholesale
dex, compiled by Dun & Brad¬
street, Inc., edged up fractionally
this week from the prior period.
On Dec. 19 it stood at $5.97, up
2.3% Below
revenue
ended
128-
Mos.
magazine
week
Chicago
million
440
ings,
second
operations
the
There
the
Steelmaking
Dec.
*Index of Ingot
will
Week
of
road systems
reaching
are
ended
by
follows:
as
Same
Loading
125
not
mills.
with
Production
Ingot
Edges Up in Latest Week
The
Ended Dec. 9 Were
Index
Price
Food
Wholesale
Freight Carloadings for the Week
153
cars
risen
1961,
225,013
Cleveland
business
quarter tonnage.
Steel
concludes
Districts for week
iron engine cast¬
Auto Production Rises
have
in
But, doing their own strike hedg¬
ing, they are stepping up their
ordering. It is reported that some
out to
of
2UU,.5ttl
185,164
highway trailers
Institute
index
lyy,;**!
200,028
Detroit
what it
Among the flat-rolled users, ap¬
pliance makers, office furniture
manufacturers, decking producers,
amounted
to date production for
through Dec. 17, 1960, 50
weeks,
was
95,985,000
tons
or
(*103.0%).
The
2U7.4J4
11.5 million tons of steel, 1.48 mil¬
scrap
wheels.
shared
weeks,
The year
about
U. S. in the future. Its
dering only
50
-
Orders
$273.64
from
$273.62
I960
203,658
204,523
lion tons of gray
remains
orders show gains coming
bars, plates, structurals, some
tubular products,
and rails and
9.
year
1960.
6.8
vance
in- for
16,
cars.
does
output
sold
now
a
Dec.
this
through
to
93,311,000 (*100.2%), or 2.8% be¬
low the period through Dec. 17,
Dec.
sales, includ¬
total U. S. pro¬
duction of 6.8 million
flat-rolled
spotty. But mills report ad¬
come
ended
week
Production^
million retail auto
for
and
1.9%
above
output of 2,158,000 (*115.8%)
or
for
Japan will probably be export¬
ing more finished steel to the
little
(*118.1%),
the
in
top
may
production, Steel reports. That has
happened only three times in the
last decade—1958, 1956, and 1954.
The
ended
tons
Iron and Steel In-,
production for the week
Dec. 16, 1961, was 2,200,000
stitute,
1960
1962 passenger car production
sales
the American
1961
to
the prior
Dec. 10
Dec. 2
index
in
week but exceeded con¬
siderably the $263.78 on the cor¬
responding day a year ago.
the
for
213,829
-
bftipniencs
V/
18, the daily
Monday, Dec.
eased
/
1!M> I
Production
in
figures
feet
Dec. 9
560,602
According to. data compiled by
heavy melting steel held at $34.33
six months.
from
in
months, but producers are pre¬
dicting that shipments will be up
substantially in January. Auto¬
makers are ordering ahead for in¬
they have blocked out longer
programs,
as
started
beginning to affect bars.
have
They
have
A
be
can
that
upturn
the
for
Week Ended Dec. 16, 1961
the
ing imports, and
drastically ad¬
customers
their orders at
But
The
Data
Production
On
Gen¬
48.9%;
Motor
Corp.
board
indicated:
also
operations Monday, Dec.
the
are
Truck
Mack
11, after being struck since Oct 26.
Steel
and canmaking
n,
7
Some mills report that orders on
the
o
have
want consideration
quarter.
t i
ship¬
mills
they have to get on
quarter
orders
rue
sheets is
with firm first
books
the
selec¬
orders.
Con¬
are very
distant
warned
been
the
have
from
of
under
is
products
tight control. Mills
tive
about
taking
ments
t
Following
weeks
the
located
ing the over-all level down.
wholesale commodity price
Mich.,
year.
industries.
had
what
confirmed
actually
been
next
Cold-rolled sheets, heavy plates,
galvanized items, and tin plate
may be hard to get if inventory
building is accompanied by heavy
consumption in the automotive,
c o n s
reports.
A
is repeated
and
largely responsible for push¬
were
n.1%.
thousands" of
January if the 1959 buying pattern
Confirms
Reports of General Uptrend
New
3.5%
rose
substantial
up,
declines in wheat and steer prices
while shipments
orders
dropped
put climbed 5%
continued
which
the figure was
ago
year
Thursday, December 21, 1961
.
203,658,000 board feet.
The Dodge truck plant at Warren,
Ford
plates will hit the mills by mid-
worker walkout in
a
adjacent
an
A
.
Compared with 1960 levels, out¬
plant, a Chevrolet assembly
at Atlanta, was idle this
point
tions.
.
regional associa¬
than-in
the similar week of
lOSO.1
Dec..-' 28
will
.'admitsLeslie-
G.
Although week-to-week advances- Sckoenhart, Jr.-,-.- to partnership,were
on
registered
in
some
Jan.
eight and
1,
Frederick
W.
commodities,
including
silver
Lcwey and Frederick
E.
Blum.
Volume
194
Number
6118
The Commercial and Financial
Chronicle
Indications of Current
The
(2745)
following statistical tabulations
latest week
Business
AMERICAN
IRON
Indicated
AND
steel
STEEL
operations
Equivalent to—
ingots and castings
PETROLEUM
oil
Crude
42
and
gallons
Crude
(net
tons)
output
(bbls.)
oil
fuel
oil
output
output
Kerosene
(bbls.)
fuel
Residual
fuel
46.9
ALUMINUM
(BUREAU
2,037,000
1,355,000
8
8
8,291,000
*8,473,000
8,079,000
7,887,000
of
October:
8
29,766,000
31,076,000
27,977,000
,28,771,000
New
England
Dec.
8
3,031,000
3,086,000
2,714,000
2,928,000
Dec.
8
14,735,000
*14,699,000
13,639,000
12,859,000
6,265,000
6,438,000
5,856,000
6,658,000
Dec.
7,024,210
BRADSTREET,
Middle
East
8
187,466,000,
186,234,000
182,284,000
187,136,000
Dec.
8
35,084,000
36,102,000
37,088,000
35,353,000
173,761,000
179,674,000
167,038,000
49,523,000
48,820,000
at
at
Dec.
8
169,118,000
Dec.
8
47,524,000
47,532,000;
INC.—217
Ago
159,572
167,015
255,442
248,440
$34,690,675
$39,117,142
$26,946,167
664,303,002
395,201,774
68,104,051
49,168,140
42,475,204
119,249,488
129,046,399
110,697,692
102,597,720
39,043,846
126,627,632
♦49,457,300
43,715,106
33,258,087
27,954,047
26,353,298
150,460,603
124,380,469
117,187,705
.$1,216,133,939 *$928,801,928
$607,330,099
_.
_
Central
_
Pacific
__
United
167, '293
255,650
CITIES—Month
Central
Total
Year
Month
&
Central
West
Previous
Month
Oct.
DUN
—_
___
Mountain
ASSOCIATION OF AMERICAN RAILROADS:
of
end
—
___—j.„
Atlantic
South
Dec.
tons)
VALUATION
Atlantic
South
pipe lines—
■
(bbls.)
8
7,178,060
of that date:
Latest
October
of
(short
PERMIT
Dec.
7,197,910
either for the
MINES):
tons)—Month
aluminum
of
OF
are
are as
primary aluminum in the U. S.
Dec.
(bbls-.)
.
of
(in-short
BUILDING
7,397,060
of quotations,
cases
Year
69.5
2,158,000
2,200,000
in
or,
Ago
Ago
Dec.
(bbls.)
(bbls.)
oil
Month
74.0
.
(bbls.)
average
at
oil
Week
production and other figures for the
cover
Dates shown in first column
that date,
on
Stocks
of
(bbls.
average
Stocks at refineries, bulk terminals, in transit, in
Finished and unfinished gasoline (bbls.) at
Distillate
Previous
YveeK
75.5
Dec. 1G
output—daily
stills—daily
fuel
Residual
Latest
Dec. 1G
each)
(bbls.)
Distillate
capacity)
month ended
INSTITUTE:
output
Kerosene
cent
or
month available.
Production
condensate
to
runs
Gasoline
INSTITUTE:
(per
Steel
AMERICAN
Activity
week
or
29
States
139,902,899
92,307,520
'
Revenue
freight loaded
Dec.
9
495,089
Revenue
freight received from connections (no. of cars)__Dec.
9
511,289
(number
cars)
of
:
590,642
647,549
471,351
476,661
.524,967
480,478
New
York
Total
CIVIL
ENGINEERING
BUSINESS
NEWS-RECORD:
Total
U.
construction
S.
Private
Dec. 14
construction
Public
and
municipal
Federal
COAL
'
OUTPUT
Bituminous
(U.
coal
Pennsylvania,
S>
BUREAU
and
ELECTRIC
Electric
output
FAILURES
BRAD
$533,700,000
206,000,000
189,500,000
250,600,000
171,900,000
Dec. 14
187,000,000
127,400,000
283,100,000
129,000,000
Dec. 14
145,000,000
107,000,000
256,800,000
Dec. 14
42,000,000
20,400,000
26,300,000
93,200,000
35,800,000
(in
Dec.
9
8,515,000
8,870,000
8,700,000
7,731,000
Dec.
9
363,000
368,000
358,000
418,000
*238
169
296
9
298
i;
Dec. 16
AND
INDUSTRIAL)
DUN
—
16,695,000
16,084,000
15,678,000
(per
(per
gross
iron
COAL
306
295
ton)
Dec. 11
$66.44
Dec. 11
$34.50
_
6.196c
6.196c
6.196c
$66.44
$66.44
$66.32
steel
Scrap
(per
PRICES
ton)
gross
(E.
&
J.
M.
$34.17
$32.83
$28.50
QUOTATIONS):
Domestic
(New
Lead
(St.
tZinc
York)
Louis)
(East St.
Aluminum
30.600c
30.600c
29.600c
28.400c
27.825c
28.050c
28.350c
Dec. 13
10.250cT
10.250c
10.000c
11.000c
at—_
(primary
tin
Straits
30.600C
—Dec. 13
at
Louis)
(New
:
at
pig,
99.5%)
York)
at
at
Dec. 13
10.050c
10.050c
Dec. 13.
12.500c
12.500c
12.000c
13.000c
Dec. 13
12.000c
12.000c
11.500c
,12.500c
Dec. 13
24.000c
Dec. 13
120.875c
>
U.
BOND
PRICES
9.800c
Government
S.
.Dec. 19 vi
.Dec.
corporate
Average
19
;
.Dec. 19
24.000c
24.000c
26.000c
122.000c
123.250c
101.375c
To
South
To
Asia
To
Australia
Utilities
Public
MOODY'S
U.
Group
Group
BOND
YIELD
DAILY
America
87.52
85.98
86.11
86.11
86.51
90.20
90.34
90.91
85.59
<■
88.27
'
v
tons)
(net tons)
tons)
(net
OUTPUT
Crude
(net
$92,000
$93,800
.
141,112
150,539
154,336
101,046
102,980
145,979
38,218
45,963
433
32
1,415
36
:
tons)_
(BUREAU OF
and
8,357
—
——
—
—
'
^
1,528
MINES)—Month
(net tons)!-
lignite
anthracite
(tons of 2,000
Refined
(net
tons)
'
37,305,000
38,565,000
33,589,000
1,522,000
1,636,000
1,692,000
month of November:
In
U.
of
;
•
88.27
,
85.59
85.46
(tons of 2,000 pounds)
stocks at end of period
pounds)
GINNING
December
145,425
122,446
130,364
99,749
77,646
76,785
130,254
•
149,277
(DEPT.
—
COMMERCE):
OF
1, running bales
(500-lb.
11,698,420
(DEPT.
of
as
12,576,263
...
COM¬
OF
bales)
gross
Dec.
1
14,304,000
14,538,000
19,635,000
'•"19,581,000
19,958,000
14,272,000
I*1
COTTON
SPINNING
81.05
81.05
81.05
83.28
83.53
83.66
83.66
.Dec. 19
87.18
87.32
87.05
87.86
Dec. 19
87.45
87.72
87.86
88.13
.Dec. 19
4.15
4.13
4.03
3.83
4.70
4.37
Sales
(average daily)
4.39
4.35
Sales
(average daily)
4.54
4.50
MOODY'S
STORE
DEPARTMENT
ERAL
SALES
RESERVE
RESERVE
Average
BANK
SECOND
DISTRICT
17,344,000
17,618,000
8,782,000
10,525,000
8,464,000
439.1
421.0
423.2
17,313,000
i
,
FED¬
FEDERAL
OF NEW YORK—1947-49
100—Month
=
i?
OF COMMERCE):
(DEPT.
Spinning spindles in place on Oct. 28
Spinning spindles active on Oct. 28
Active spindle hours (000's omitted) Oct. 28_
Active spindle hours for spindles in place Oct.
85.98
*121,699
(tons
...—
PRODUCTION
MERCE):
88.81
V
A.
copper
2,000
COTTON
110,187
120,182
141,201
to
S.
Refined
pounds)
(tons of 2,000 pounds)
fabricators—
Delivered
AVERAGES:
Bonds
(net
!
;
America
80.93
.
Government
S.
Central
(net tons)
.Dec. 19
Group——1
Industrials
86.73
•
$93,400
MINES)—
_•
and
.Dec. 19
Baa
--
85:88
87.99
Dec. 19-.
.
85.77. i
89.64
.Dec. 19 ' -i"
Railroad
tons)
North
Europe
COTTON
Bonds
13,600
25,900
exports of Pennsylvania anthracite
Pennsylvania
10.800c
AVERAGES:
DAILY
OF
13,600
24,600
October:
To
To
MOODY'S
(BUREAU
$54,300
*$53,800
13,800
25,400
Copper production in U. S. A.—
Dec. 13
at
at
(delivered)
Zinc
of
COPPER INSTITUTE—For
at
reiinery
refinery
Export
$54,200
—
.
of November:
Electrolytic copper—
Lead
October
____.
Bituminous coal
'
METAL
COM¬
OF
of
_.
To
COAL
6.196c
Dec. 11
lb.)
99,449,753
$507,880,346
dollars):
EXPORTS
(net-
351
308
DEPT.
—
SERIES—Month
328,755,642
$601,030,120 *$600,046,286
_'
Month
14,150,000
COMPOSITE PRICES:
steel
Pig
City_.
__.
Retail
&
Dec. 14
of
Wholesale
U. S.
Dec.
INC
Finished
615,103,819
York
Manufacturing
*
kwh.)_*.
000
NEW
(Millions
Total
AVERAGE=100
INSTITUTE:
STREET,
I
New
INVENTORIES
MERCE
$300,900,000
MINES):
(tons)
(COMMERCIAL
IRON AGE
$316,900,000
STORE SALES INDEX—FEDERAL RESERVE
SYSTEM—1947-49
EDISON
OF
lignite (tons)
anthracite
DEPARTMENT
$393,000,000
Dec. 14
construction
State
City
outside
CONSTRUCTION—ENGINEERING
of
October:
'
corporate
Average
Aaa
Aa
.Dec. 19
4.71
.Dec. 19
.4.44
Dec, 19
4.56
19
4.74
4.74
4.75"
Dec. 19
Dec. 19
5.11
5.10
5.10
5.10
Industrials
4.92.
4.90
4.89
4.89
Railroads
...
Baa
Railroad
Group
Utilities
Public
Industrials
MOODY'S
Group
Group
4.40
4.54;
*:.
,
4.71
4.62
4.61
4.63
4.57
Utilities
19
4.60
4.58
4.57
4,55
Banks
Dec
373.6
Dec. 19
INDEX—
372.4
365.5
WEIGHTED
PAPERBOARD
received
Orders
Production
Unfilled
OIL,
Dec.
Dec.
(tons).
Dec.
Dec.
activity
of
orders
at
(tons)
end
of
period
of
351,763
346,452
318,474
290,643
338,958
331,983
344,729
316,846
9
9
95
Tel.
Amer.
&
Tel.)
(24)__
——
(10)
90
96
91
497,784
484,863
529,763
380,598
NATIONAL ELECTRICAL MFRS.
MAJOR
114.04
Dec. 15
TRANSACTIONS
ELECTRICAL
Electric
114.00
113.00
household
model
Upright
108.89
ACCOUNT
FOR
MEM¬
OF
refrigerators
2,622,090
3,400,700
2,536,930
1,876,370
sales
Nov. 24
555,020
680,470
458,520
373,810
sales
Nov. 24
1,994,330
2,732,650
2,088,390
1,492,970
Nov. 24
2,549,350
3,413,120
2,546,910
1,866,780
sales
transactions
off
initiated
(units)
model
(over 2Vs
(units)
Nov. 24
393,700
Nov. 24
70,200
38,700
42,500
22,800
Other
sales
Nov. 24
296,040
408,120
304,390
245,550
purchases
sales
Total
the
on
sales
Other
sales
round-lot
Total
transactions
for
Other
470,320
276,090
319,890
Portable
account of
446,820
346,890
268,350
Electric
993,702
1,127,210
780,285
628,230
Dehumidifiers
Nov. 24
141,300
109,480
80,340
127,710
Nov. 24
813,439
1,014,200
742,645
578,364
Nov. 24
954,739
1,123,680
822,985
706,074
Nov. 24
4,009,492
4,998,230
3,593,305
2,824,490
828,650
581,360
524,320
food
-
RYS.
766,520:
v
Nov. 24
3,103,809
4,154,970
3,135,425
2,316,884
Nov. 24
3,870,329
4,983,620
'3,716,785
2,841,204
Net
DEALERS
sales
of
Number
AND
SPECIALISTS
SECURITIES
dealers
ON
EXCHANGE
purchases by dealers
of
Number
Total
Net
Nov. 24
1,788,886
2,166,941
1,827,044
1,220,513
total
Nov. 24
$100,161,226
$119,942,374
$107,711,229
$58,889,290
Nov. 24
1,886,869
2,327,344
1,851,539
1,248,811
10,222
Customers'
short
sales
Nov. 24
Customers'
other
sales
Nov. 24
1,876,647
2,313,653
1,834,346
1,235,469
Nov. 24
$95,968,582
$119,362,799
$97,883,260
$56,643,563
value
Dollar
sales
Round-lot
Number
sales
Other
sales
Round-lot
TOTAL
AND
ACCOUNT
FOR
Total
round-lot
Short
sales
Other
sales
Total
ON
STOCK SALES
ROUND-LOT
THE
N. Y.
LABOR
757,760
587,650
393,540
757,760
587",650
393~540
Nov. 24
474,540
587,590
550,920
382,720
OF
MEMBERS
Farm
-
U.
S. DEPT.
909,970
1,006,630
771,270
684,200
17,292,430
21,559,220
16,962,740
12,487,970
18,202,400
22,565,850
17,734,010
13,172,170
on
fixed
income
81,900
68,400
52,000
150,300
129,100
63,100
76,000
54,600
17,300
20,900
32,000
35,500
24,000
56,400
41,300
74,600
90,900
63,100
7,000
34,000
3,500
$74,568,383
$35,636,983
24,496,443
23,680,204
99,064,826
59,317,187
$44,391,670
25,481,727
'
—
from
income
fixed charges
charges
structure & equipment)
taxes
stock
face
:
to fixed
69,873,397
>
4,559,138
4,766,120
94,505,688
54,551,067
65,504,127
30,891,793
63,613,895
30,633,601
31,220,857
23,917,466
34,283,270
4,369,270
4,322,602
3,954,655
3,529,204
59,659,240
20,388,262
29,960,668
53,306,013
27,801,972
53,619,847
52,565,155
14,867,940
16,531,799
26,239,517
16,263,755
18,446,301
2,371,522
11,301
2,547,586
3.06
1.78
2.10
$298,000,000
$298,000,000
$293,000,000
.297,010,508
295,660,371
290,414,114
314,519
298,864
153,056
$297,325,028
$295,959,236
$290,567,171
438,962
439,667
$296,886,066
$295,519,568
1,113,933
2,480,431
2,834,812
$297,325,028
$295,959,236
6,197,078
$290,567,171
6,260,506
$291,064,522
$289,762,158
$284,736,146
charges-
STATUTORY
30
DEBT
LIMITATION
(000's omitted):
amount
that
be
may
outstanding
any
Total
77,100
54,000
126,800
appropriations:
public
gross
debt
obligations
not
owned
by
the
i
public debt and guaranteed
obligations
Deduct—Other .outstanding
public debt obli¬
gations not subject to debt limitation.
Grand, total
Balance
under
119.1
Dec. 12
—
———
than farm and foods__
Dec. 12
Dec. 12
—Dec. 12
87.8-
108.7
•
93.9-
127.7
-
118.8
118.9
119.4
86.9
87.4
89.5
108.1
109.4
*108.2
*93.4127.5
-
93.2.
127.6
figure.
tNumber of orders hot reported since introduction of Monthly Investment Plan.
tPrime Western
delivered basis at centers where freight from East St.,.Louis exceeds one-half cent a pound.
••••*,
'
•Revised
sold
—
—
time
Outstanding—
OF
Dec. 12
...
foods——i...
commodities other
66,100
72,800
Total gross
products.
Processed
All
:
Treasury
(1947-49=100)1
Meats
,
at
H
Nov- 24
Nov- 24
Nov.-24
commodities
for
(way &
Guaranteed
Commodity Group—
All
37,300
94,900
I
charges
after
of Nov.
Total
STOCK
(SHARES):
CLASS
deductions
GOVT.
As
S.
preferred stock
sales—
PRICES, NEW SERIES
—
591,230
591,230
deductions
available
common
On
S.
U.
1
Ratio of income
ROUND-LOT STOCK TRANSACTIONS
sales
WHOLESALE
On
U.
OF
income
Federal
13,342
Nov. 24
Nov. 24
Nov. 24
sales
purchases by dealers—Number of shares
EXCHANGE
17,193
dealers—
by
shares—Total
of
Short
13,691
56,000
93,000
56,600
#
—„
fixed
Dividend
sales
28,800
54,900
(Plumbed-in
income
operating
Depreciation
(customers' sales)—
orders—customers'
ITEMS
income
Income
Other
(units)
(units)—
waste] disposers
Miscellaneous
N. Y. STOCK
COMMISSION
shares
249,200
38,900
drain-
or
(units)_
income
Total
purchases)—t
(customers'
value
Dollar
Odd-lot
—
by
316,500
38,100
August:
railway
Other
STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODD-
others
dishwashers
INCOME
Month of
...
278,200
(Interstate Commerce Commission)—
Income
LOT
2.97
3.60
motor-driven
only)
SELECTED
members—
sales
EXCHANGE
2.10
2.95
24,600
Under-counter and all
366,240
.
(includes
Excludes miniature
Total electric
.
units
sales
Odd-lot
1.98
2.93
'
(units)
Nov. 24
Nov. 24
Total
3.93
types):
Nov. 24
—
purchases
dishwashers
types only.
floor—
purchases
Short
Total
initiated
transactions
Total
Electric
board
sales
Other
2.78
kw):
Free-standing ranges (units)
Built-in ranges
(units)
Total electric ranges (units)
Electric storage water heaters (units)
floor—
the
Short
Total
2.83
APPLI¬
(units)
(units)—
Electric ranges
of specialists in stocks in which registered—
Nov. 24
purchases
Other
Total
5.73
3.75
Electric farm and home freezers:
Transactions
Other
4.76
2.85
ASSN.—
HOUSEHOLD
.
Short
3.53
2.91
4.80
2.74
ANCES—Month of October:
BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Total
*142
2.96
—.
Total electric farm & home freezers
ROUND-LOT
*148
136
November:
,
(200)
Chest
AVERAGE—100
1949
9
9
AND DRUG REPORTER PRICE INDEX—
PAINT
138
144
ASSOCIATION:
(tons)
Percentage
(125)
151
YIELD—I (HI
(15)
Insurance
354.9
adjusted—
seasonally
(25)
(not incl.
Average
NATIONAL
unadjusted)—
AVERAGE
STOCKS—Month
COMMON
Dec. 19
:
COMMODITY
4.70
,
97.2
127.8
Zinc
UNITED
face
outstanding-!
amount
above
STATES
of
obligations
authority
GROSS
issuable
:
DEBT
401,984
$290,165,18?"
DIRECT
AND
GUARANTEED—(000's omitted):
As
of
Nov.
General
Net
30
funds- balance*.—
debt—L__:
—-—_—
Computed annual average..
;____'
3.123%
3.098%
5,831,025
.*/.
3.143%
30
The Commercial and Financial Chronicle
(2746)
.
.
Thursday, December^?!, 1961
.
ADDITIONS
* INDICATES
Now
Securities
NOTE—Because of
the large number of issues
awaiting processing by the SEC,
it is becoming
Nov.
Gilhart
amendment.
&
•
Dec.
18,
1961-("Reg: A")
Air
Master
Price — $2.
mobile homes, trailers and
75,000
accessories.
common.
Proceeds—For
debt
and
repayment
1961
general corporate purposes. Office—7440 E. Calfax Ave.,
aluminum
Denver.
minum
Underwriter—Cbpley
& Co.,
Colorado Springs,
Colo.
ABC Air Freight Co., Inc.
Oct. 25, 1961 filed 105,000 common.
storm
—
The
windows
and
doors,
and
and
sale
other
Co., N. Y. Offering—Expected in January.
ABC Cellophane Corp.
Sept.
7,
1961
A")
("Reg.
Business—A, converter
100*000
of
Price—$3.
material, produce
common.
packaging
ing polyethylene and cellophane bags and sheets. Pro¬
For a new plant and equipment and working
capital. Office—1368-72 Utica Ave.,, Brooklyn., Under¬
ceeds
—
writer—Havener
A.
& M.
Oct.
Securities
Corp., N. Y. Offering—Jan.
Instrument, Inc.
19, 1961 filed 150,000
ness—Manufacture
(1/16)
common.
Price—$3.50.
Busi¬
instrument
of
testing, and meas¬
uring devices for the: electronic and^ electrical in¬
dustries.
Proceeds—For debt repayment and general
corporate
purposes.
City,
Y.
N.
Office—48-01 31st Ave., Long Island
Underwriters—Crosse & Co., Inc.; V. S.
Wickett & Co., Inc., and Thomas, Williams & Lee, N. Y.
•
Abbey Rents
Sept. 25, 1961 filed 200,000 capital' shares, of which 100,-"
000 will be sold by the company and 100,000 by stock¬
holders! Price—By amendment. Business—Rental and
sale of party,
facture- under
Govt,
vestment
•—Imminent.
•
Alan-Randal.
terial. Proceeds
8, 1961 ("Reg. A") 60,000 common. Price—$5: Busi¬
ness
Research, design and manufacture of precision
potentiometers. Proceeds—For general corporate pur¬
poses. Office—223 Crescent St.* Waltham, Mass. Under¬
—
writer—Mann & Creesy, Salem, Mass.
Aceto
--
-
v*
-
-
Chemical
Co., Inc. ~~(T/8-12T"':
•
Sept. 27, 1961 filed 88,000 common. Price—$5.Bu sines s
—Purchase and sale of chemicals and-by-products. Pro¬
ceeds—For expansion,
sales promotion, and working
Business—A
lumber
Chemical
a
wallcovering product. Pro¬
ceeds
—
For expansion and general corporate purposes.
Office—Easton St., Ronkonkoma, N. Y. Underwriter—
Tyche Securities
Inc., N. Y. Note—This letter will be
refiled.
•
Electronic
Products Co.
(1/15-19)
July 17, 1961 filed 100,000 class A common shares. Price
—By amendment. Business—Manufacture of transform¬
ers
for
electronic
and
electrical
equipment. Proceeds—
For
relocating to and equipping a new plant, purchase of
inventory, research and;development, advertising, promo¬
tion and merchandising, repayment of debt and other
corporate
Office—369> Shurs Lane, Philadel¬
phia. Underwriter—Roth & Co., Inc., Philadelphia.
purposes.
•
Acrylic Optics Corp. (1/22-26)
Nov. 28, 1961 ("Reg. A") $240*000 of
15-year 6%
vertible
subordinated
common
at
shares.
$1.50
Price—For
.
debentures
per
share);
debentures
ati par;
lenses and
accessories.
Proceeds—For expansion.
contact
Office
Bank, Detroit. Underwriter—A. D.
Gilhard & Co., Inc., N. Y.
Price
$4.
and installation of elec¬
systems and hardware. Proceeds—For debt
equipment and working capital. Office—
—
Business—Design, manufacture
tronic
cable
repayment,
shares. Price—50
in exploration,
development and mining. Proceeds—For diamond drill¬
>
12806
Bradley Ave., Sylmar, Calif. Underwriter—B.
George Securities, Ltd., N. Y.
Office—614 Equitable
Underwriter—Dempsey-Tegeler &
ir American Bolt & Screw Mfg. Corp.
15* 1961 filed 150,000 common. Price
Dec.
• Albert
Voigt Industries, Inc. (12/27-29)
Aug. 29, 1961, filed 80,000 common. Price—$4. Business—
The manufacture of metal store fixtures, show cases and
related items. Proceeds—For repayment of loans, work¬
ing capital, a leasehold, improvement and moving ex¬
penses. Office—14-20 Dunham PL, Brooklyn, N. Y. Un*
derwriter—David Barnes & Co., Inc.* N. Y. C.
-
debt
Underwriter—Whitehall Securities Corp., Pittsburgh.
poses.
aircraft
B.
Aero-Dynamics Corp,
Aug. 7, 1961 filed 100,000/ common shares. Price—$5.
Business
The importation and distribution of Italian
—
and
and
mosaic
installation
of
tiles.
Proceeds
—
For the purchase
new
moulds, machinery and equip¬
ment, research and general corporate purposes,, Office—
250 Goffle Road, Hawthorne, N. J.
Underwriters—Cam¬
bridge Securities, Inc. and-Edward Lewis Co., Inc., N. Y.
Offering—Expected ift' late January. '
';'/
•
Aerological Research, Inc.
Aug. 29, 1961 filed 100,000 common. Price—$3.50 Busi¬
The
manufacture o£ instruments for
aerology,
meterologyr oceanography, geophysics- and atmospheric
ness
—
and
missile
fasteners.
•
American Book-Stratford
Oct.
27, 1961 filed 430,000
ment.
publishers.
—75
of
(1/29-2/2)
Price—By amend¬
hard-bound
150,000
common
shares.
for stock, $5. Business—
Joint venture with
Corp. to establish and
operate bowling centers in Europe. Proceeds—For ex¬
pansion and general corporate purposes. Office—100 W.
Tenth St., Wilmington, Del. Underwriters—Alessandrini
& Co., Inc. and Hardy & Hardy, New York (managing).,
• All-State Auto Rental
Corp. (1/8-12)
Sept. 28, 1961 filed 50,000 common. Price—$4'. Business—
Leases
Office
motor
—
vehicles.
Proceeds—For
31-04 Northern
Varick
St.,
Y.
n.
■/.;■/_.
American
1
Building Maintenance Industries
(1/8-12)
Oct. 19, 1961 filed 141,000 capital shares, of which
30,000
shares are to be offered by the company and 111,000
by stockholders.
Price—By amendment.
Busi¬
ness—Providing of building maintenance services. Pro¬
St.,
San
Rhoades
Francisco.
&
Office—335 Fell
Underwriters—Carl
M.
Loeb,
Co., N. Y. and Sutro & Co., San Francisco.
American Cellubox
Corp. (1/2-5)
("Reg. A") 75,000 common.
Price—$4.
Business—Design, manufacture and sale of celluloseacetate and other semi-rigid plastic
type transparent
Oct.
19,
1961
containers.
Proceeds—For
corporate purposes.
debt
repayment and general
Office—27-01 Bridge Plaza N., Long
working capital.
Blvd., Long Island City, N. Y.
All Weather Roll N' Ice,
Inc.
*
Nov. 6, 1961 ("Reg. A") 25,000 common. Price—$3. Busi¬
ness—Operation of
Proceeds—For
a
Co.
T0DR PRIME S0DRCE FOR
roller skating and ice skating rink.
expansion
and
working
capital.
Office
—Copiague, L.
I., N. Y. Underwriters—Richard
(mgr.) and Weinberg, Ost & Co., N. Y.
Gray
Corp.
Oct. 20, 1961 filed 213,427 common, of which 200,000 will
be offered to the public and 13,427 to stockholders on
a
l-for-10 basis.
Price—By amendment. Business—A
small
business investment company.
vestment;
Office—7720
Underwriter—Allen
&
Wisconsin
Proceeds—For in¬
Ave., Bethesda, Md.
Co., N. Y. Offering—In Jan.
Industries, Inc.
Nov. 2, 1961 ("Reg. A") 60,000 common. Price — $3.
Business—Design and manufacture of board games, toys
and Christmas stockings. The company also operates a
discount department store. Proceeds—Expansion, prod¬
uct development and working capital. Office—1015 Jef¬
ferson
Ave., Brooklyn, N. Y.
baum Co., 39 Broadway, N. Y.
Alio
Precision
Metals
Underwriter—S.
Engineering,
Inci
capital;
Office—Congressional
Airport,
BOUGHT
-
SOLD
tan
Rockville,
a
Md.
QUOTED
SIEGEL
v
Underwriter-—Davis & Leach, Inc., Washington* D. C.
Offering—Imminent.
*
*•- «
><
' •-*•'
-
for Banks, Brokers, Institutions
Apfel-
Oct. 3, 1961 ("Reg. A") 85,000 common. Price—$3. Pro¬
ceeds—For debt repayment, equipment,
and working
for
selling stockholders. Office
Underwriter—Bear Stearns &
ceeds—For general corporate purposes.
and
books
Proceeds—For
Co., n. y.
•
Press, Inc.
common.
Business—Manufacture
nated
par;
Brunswick
special in¬
Proceeds—For
repayment, equipment, and other corporate pur¬
Office—Lawson Blvd.* Oceanside, L. I., N. Y. Un¬
shares
debentures, at
By amend¬
derwriter—S. D. Fuller & Co., N. Y.
• All Star World
Wide, Inc. (1/4)
July 7, 1961 filed $250,000 of 5% convertible subordi¬
debentures due'1971
—
ment. Business—Manufacture of standard and
Allison
marble
common
ing, construction, exploration and general corporate ex¬
penses.
Office—80 Richmond St., W., Toronto. Under¬
writer—E. A. Manning, Ltd., Toronto. Offering—Jan.
dustrial
Allied Capital
Advance Cable Systems
Corp.
Nov. 30, 1961 ("Reg. A")
55,000 common.
31,
cents. Business—The company is engaged
Underwriter—None.
into
40,000
common
for stock, $1.25.
Business—Research, design and manufacture of
—1928 Firth National
July
Mining Co. Ltd.
1961 filed 400,000
con¬
(convertible
and
Co., Inc., N. Y. Offering—Feb.
Amerel
Co., Inc., St. Louis.
Price—For
Aero
writer—McDonnell &
capital.
Md.
Acratex
.
bentures due 1971.
Price—By amendment.
Business—
Financing and lease of industrial and office equipment.
Proceeds—Repay debt and increase working capital. Of¬
fice—34 S. Stoneman Ave., Alhambra. Calif.
Under¬
Price—By amend¬
Proceeds—For
ness—The manufacture of
derwriter—Karen Securities Corp., N. Y.
•
Amacorp Industrial Leasing Co., Inc.
Sept. 27, 1961 filed $3,000,000 of 6J/2% conv. subord. de¬
company.
Coatings, Inc.
Aug. 8, 1961 ("Reg. A") 99,900 common. Price—$3..Busi¬
Office—40-40 Lawrence St., Flushing, N. YL Un¬
Malloy,. Inc., St. Petersburg.
—
Alaska Pacific Lumber Co.'(1/29-2/2)«>v ;
17, 1961 filed 250,000 common.
Inc.
Alyeska Ski Corp.
Oct. 12, 196L ("Reg. A") 240,000 common. Price—$1.25.
Business
Operation of ski facilities. Proceeds — For
general corporate purposes. Address—P. O. Box 1882,
Anchorage, Alaska. Underwriter—Paul Nichols Co., Inc.,
Anchorage, Alaska.
For
• Al-Crete
Corp. (1/15-19)
Sept. 20, 1961 filed 127*000 class A common. Price—$3.
Business—Development and manufacture of a new vari¬
ety of buildingrproducts., Proceeds—For construction of
a
new plant.
Office—4800 Baltimore Ave., Hyattsville,
capital.
and B. C.
in¬
working capita}. Office —,11608
Ventura Blvd., Studio City, Calif.: Underwriter—Pacific
Coast Securities Co., San Francisco, Calif.
•
International,
Co., Inc., (1/15-19)
—
Price—$2.25.
color anodized aluminum
13, 1961 filed 73,000 common. Price—$7. Business
—Company plans to construct special type homes, and
engage in the general contracting business.
Proceeds—
For general corporate purposes. Office—St. Petersburg,
Fla.
Underwriters—Wm. H. Tegtmeyer & Co., Chicago
other
and
own
Bldg., Portland, Ore.
Inc.
Dec.
•
•
construction and working
Accuracy
Alumatron
Oct. 27, 1961 ("Reg. A") 120,000 common. Price—$2.50.
Business—Distributor of pens and other advertising ma¬
Nov.
Co., Los Angeles. Offering
Proceeds—For
new
Proceeds—For inventory and plant
Office—44 Passaic Ave., Kearny, N, J. Un¬
Nov.
International Corp.. of Florida
July 29, 1961 filed 199,000 common, of which 110,000 are
to be offered by the company and 89,000 by stockhold¬
ers.
Price—By amendment. Business—Manufacture of
electronic, mechanical and components. Proceeds—Re¬
payment of loans, expansion and working capital. Office
—6900 West Road 84, Fort Lauderdale, Fla. Underwriters
—Stein Bros. & Boyce, Baltimore and Vickers, McPherson &
Warwick, Inc., N. Y. Offering—Expected in Jan.
ment.
&
contract.
/ v' ^
(1/2-5)
derwriter—Amber, Burstein & Co., Inc., N. Y.
Airtronics
writer—William
Staats
S.
—
Collings & Co., Inc. and Harrison
Co., Philadelphia.
expansion.
companies, and working
capital.
Office—640 Memorial Dr., Cambridge, Mass,
Underwriter—Schirmer, Atherton & Co., Boston.
sickroom and hospital equipment. Proceeds
—Expansion, inventory and working capital. Under¬
R.
in
U.
of
by others. Proceeds—For
412 N. 6th St., Philadelphia.
chain link fencing.
Airtechnology Corp.
15, 1961 ("Reg. A")
60,000- common.
Price—$5.;
research, development and manu¬
.C.
Business—Manufacture of
du Pont &
Business—Electronic
distributor
and
•
Aluma-Rail, Inc. (1/2-5)
Sept. 28, 1961 ("Reg. A") 100,000 common.
alu¬
Nov.
Ave., N. Y. Underwriter—Flomenhaft, Seid—
Price—By
shares.
A
class
writer—Albion Securities Co.. Inc.. N. Y.
Proceeds—For working capital, and
other corporate purposes. Office—20th Street, and Alle¬
gheny Avenue, Philadelphia, Pa: Underwriter—Francis I.
—467 Tenth
155,000
Aug. 28, 1961 ("Reg. A") 75,000 common. Price—$4. Pro¬
ceeds—For equipment, repayment of loans and working
capital. Office—2690 N. E. 191st St., Miami, Fla. Under¬
products.
Co., N. Y. Note—This offering has been tem¬
porarily postponed.
Vv •
■;////
filed
Business—Wholesaler
Alson Mfg. Co.
of
Price—By amend¬
ment.
Business—Furnishing
of
air
freight services
throughout the U. S„ Proceeds—For expansion. Office
ler &
&
Corp., Paterson, N. J.
manufacture
1961
Underwriters—C
Corp.
filed 200,000 shares
Business
27,
working capital. Office
sale by the company and 150,000 outstanding shares by
the present holders thereof. Price—To be supplied by
amendment.
ISSUE
REVISED
electronic parts manufactured
of class A common
stock, of which 50,000 shares are to be offered for public
Business—Sale and rental of
related
Co., Inc., N. Y. Offering—Imminent.
writer—International Services
ITEMS
PREVIOUS
Almo Industrial Electronics Inc.
Agency Tile Industries, Inc. (1/8-12) *
Sept. 6, 1961 ("Reg. A") 120,000 common. Price—$2.50.
Business—Importing, marketing and distributing ceramic
tiles. Proceeds—Debt payment, new products, sales pro¬
motion and advertising, new office and warehouse and
working capital.. Office—522 W. 29th St., N. Y. Under¬
Inc.
•
phenomenon. Proceeds—For working capital. Office—
420 Division St., Long Branch, N. J, Underwriter—A. D.
May 26,
^ AAA Trailer Sales,
Registration
•
predict offering dates
with a high degree of accuracy. The dates shown
in the index and in the accompanying detailed
items reflect the expectations of the underwriter
but are not, in general, to be considered as firm
offering dates.
...'./
difficult to
increasingly
in
SINCE
:
39
Broadway, Mew York 6, N. Y.
Dlgby 4-2370
•
TIC.
established
Teletype No.: N.Y.
Private Line to Holton,. Henderson &
Co., Los
1942
1-5237
Angeles
Volume
194
Number
6118
..
.
The Commercial and Financial Chronicle
(2747)
Island
City,, N. Y.
Underwriter—Diran, Norman
Inc., N. Y.
>'/
.y'.;1*:-
,
& Co.,
ment.
Business
Design and manufacture of women's
junior sizes. Proceeds—For selling stockholders. Office
,
....
.
American
—1400
Development Corp. •
j
Nov. 29, 1961 filed 60,000 common.
Price—$6. Business
—Development and sale of vacant land. Proceeds—Debt
repayment and other corporate purposes. Office—1068
Broad St., Newark, N. J. Underwriter—To be named.
•
American
April
21,
Finance
stock,
1961
and
filed
25,000
1971; 75,000 shares of
stock
common
purchase
be offered for public sale in units
of
sub¬
one
business. One additional
savings
and
insurance
loan
association
subsidiary is
and
brokers. Proceeds—For
two
the
bentures,.; and capital funds.
Co., N. Y.:
'
(1/15-19)
Bal
pillow
loans
Harbour Diagnostic Service, Inc.
18, 1961 filed 2,000,006 common. Price—$1. Busi¬
ness—Company will operate a medical examination
Oct.
side &
center.
N. J. Underwriter—Mortimer B.
Co., Inc., N. Y.
capital.
Burn-
Barish
1, 1961 ("Reg. A") 50,000 common.
Price—$4.
Business—Aeronautical research and development. Pro¬
Arwood Corp.
(2/13-16)
Nov. 21, 1961 filed 230,000 common, of which
110,000 are
to be offered by the
company and 120,000 by the stock¬
holders. Price—By amendment. Business—Manufacture
of custom made
ment.
retirement of de¬
ceeds—For
N.
.
;
automobile
castings.
Office—321
W.
St., N. Y.
Bear, Stearns & Co., N, Y.
^
>r
:
Li
—
Y.
; '
23, 1961 ("Reg. A") 200,000 class B common and
100,000 class A common to be offered in units consisting
Oct.
Office
1472; Broadway, " •
Astro-Science Corp. (1/22-26)
t
!
Underwriter—-Myron A. Lomasney & Co., N. Y.:
Sept. 27,/1961' filed 232,500 common, of which 150,000
Note;—The SEC has instituted "stop order" proceedings-'., are
to be offered by the
company and 82,500 by stock¬
challeng^g the accuracy and. adequacy of this states,
holders;
Price—By amendment.* Business—Design and
ment.
N.
-
of
one
unit.
oil
class
;7•'
American
Financial Corp. (1/3-5)
•
13, 1961 filed 150,000 common, of which 50,000 are
to be offered by the
company and 100,000 by stockhold¬
ers.
Price—By amendment.; Business—The operation of
three: savings and loan associations, an
equipment, auto¬
Nov.
mobile and truck
leasing system and a general contract¬
business.
Proceeds—For leasing program, .to in¬
crease holdings in a
subsidiary and for working capital.
Office—3955 Montgomery Rd.,.
Norwood, Ohio. Under¬
writers—Shearson, Hammill & Co., N/'Y. and Westing
heimer
&
Co., Cincinnati.
Micro
Devices, Inc. ;
Aug.
2, 1961 filed 1,500,000 class A common shares.
Price —$1.15. Business—The manufacture of electronic
components. Proceeds—The purchase of equipment and
.
materials, operational expenses, working capital and rewriter—Naftalin & Co., Inc., Minneapolis. Offering—Ex¬
pected in early January.
/
American
Modular
Nov. 27, 1961
home.
common.
type of
a
component constructed
Proceeds—For
debt repayment,
equipment^ and
Office—4950 71st Ave., North, Pinellas
working capital.
Park, Fla.
.
of
:
Price—$2.50/nBusi-
Manufacturing Corp.
filed 200,000
ness—Manufacture
Underwriter—Equity Securities Co., N.„Y.
Realty & Petroleum Corp. (1/8-12)
Sept. 28, 1961 filed $2,000,000 of 6J/2% conv. subordT de¬
Price—At par.
and also the oil and gas business.
of
ment
ments
Business—Real'estate
Proceeds—For repay-
debt, sales and advertising, property improve¬
possible acquisitions. Office—16 W. 61st St.,
and
N. Y.
Underwriter—Troster, Singer & Co., N. Y.
Safety Equipment Corporation -fmSS. Sept. 28, 1961 filed 80,000 common. Price—$10. Business
—Manufp^hire of safety seat belts.
Proceeds—Inven¬
tory, machinery, and research. Office—261 Madison/AFve.,
N. Y. Underwriter—Charles Plohn & Co., N. Y. Offering
—Expected sometime in January.
American Sports Plan, Inc.
June 29, 1961 filed 200,000 common
shares.
Prict^—$6.
Business—The
operation of bowling- centers. Proceeds
expansion. Office—473 Winter Street, Waltham,
For
Underwriter—None,<
Anaconda
Oct.
Real
,
Estate
*
.
*
1961 filed 163,636 shares of beneficial interests.
Price—$10. Business—Real estate investing. Proceeds—
purchase of real estate in Florida.
Sunrise Blvd., Fort
Office—1776 E.^
Lauderdale, Fla. Underwriter—None.
'
Anchor
Oct.
Alloys, Inc. :
27, -1961 .("Reg. aA")
50,000
common.
Price—$6.
Business—Purifying, alloying, and fabricating metals as
components for the semi-conductor industry. - Proceeds
—For
general*corporate purposes. Office—968 Meeker
Ave., Brooklyn, N/ Y. Underwriters—Charles Plohn &
Co., B. W. Pizzini & Co., Inc. and Atlas Securities Corp.,
New York.
Offering—Expected sometime in February.
Anchor Industries Corp.
Nov. 24, 1961 filed 38,500 common. Price—$8. Business
—Design and fabrication of precision sheet metal prod¬
ucts.
- Proceeds—For
machinery research,, sales promo¬
tion, and working capital. Office—26 Essex St., Hackensack, N. j. Underwriter—Amber, Burstein & Co., Inc.,
New York.'
y v--;:
■
V Anoroc Products,
Oct..
6.
I.pfi1
/"Reg.
Inc.
A")
•
'
V-""
''
\
;
common.
Price—$3.
Business—Fabrication,
manufacture and assembly
glass enclosures for bathtubs. Proceeds—For debt
Parks &
Co., Inc. and Parker Co., N. Y.
pected iii early January.
/;•
,/
.
Arizona
Nov.
14,
Biochemical
1961
filed
ness—Company
disposal plants.
of
re¬
writer—Globus,
Arkwin
Nov.-28,
and
be
Price—$4.
Busi¬
construct and operate refuse
Proceeds—For general corporate pur¬
Central
Inc., N. Y.
Industries,
1961
Ave., Phoenix.
Under¬
Offering—In January.
Inc.
filed 80,000 common, of which
offered
tures precision hydraulic,
control
For
St.,
Co.
Westburv,
and
27,
&
1961
expansion. Office—648 Main
Underwriters—Sterling,. Grace &
sales
and
N.
Y.
D. H. Blair &
Arcnoff
Nov.
pneumatic and fuel valves and
mechanisms for aircraft missiles, etc. Proceeds—
equipment
Co., N. Y.
Richling,
filed
Proceeds—
Inc.
54,000
Ga.
Underwriter
1* /
,
/
common.
—
The
•
Atlas
Price—By amend¬
two
class B shares. Price—$3, per
and marketing; of
purposes.
Office—8
repayment and other
E. Charleston Blvd., Las
A. Oja & Associates;
Vegas, Nev. Underwriter—John
Las Vegas, Nev.
Barry (R. G.) Corp. (1/8-12)
Sept. 21, 1961 filed 100,000 common. Price—$5. Business
—Manufacture of slippers, robes, cushions,
pillows, autoseat covers, and other
specialty items. Proceeds—To re¬
debt, increase inventory and for other corporate
Office—78 E. Chestnut St., Columbus, Ohio.
Underwriter—Arnold Malkan St Co., N. Y.
pay
purposes.
•
Bay State Electronics Corp. (1/29-2/2)
27, 1961 filed 160,000 common. Price—By amend¬
Oct.
ment.
Business—Development
of
products
and
tech¬
niques for use in the fields of oceanography, meteor¬
ology, seismology and ionospheric phenomena. Proceeds
—For product development and
working capital. Office
—43 Leon St., Boston. Underwriter—S. D. Fuller
& Co.,
Robinson-Humphrey Co., Inc.,
Atlanta, Ga.
and
Proceeds—For debt
gas.
corporate
Lodges, Inc.
Oct. 30, 1961 filed 150,000 common.
Price—$10. Business
—Operation of motels,, Proceeds — For expansion and
working capital. Office—120 North Ave., N. W., Atlanta,
New York.
Electronics
Inc.
Sept. 28, 1961 filed 185,000
(1/15-19)
common.
Nov. 28,
Hotels, Inc.
1961 ("Reg. A") 30,000
Business
—
common. Price — $10.
Operation of motor hotels. Proceeds
For
working capital. Office—500 Hotel Circle, San Diego.
Underwriter-**^ lA.SBoglo fibCmpSalULake City.
—
Atmospheric Controls, Inc.
Aug. 22, 1961 ("Reg. A") 40,000
Bechtold
■
Price—$2.10. Busi¬
ness—Distribution of electronic components, parts and
equipment. Proceeds—To repay debt, purchase inven¬
tory, and increase working capital. Office—774 Pfeiffei
Blvd., Perth Amboy, N. J. Underwriters—Hay, Fales &
Co. and McLaughlin, Kaufman &
Co., N. Y.
Price—$3.50
common.
Engineering Co.
Nov. 30, 1961 filed 135,000
common, of which 95,000 are
to be offered by the
company and
40,000 by
selling
a
stockholder. Price—By amendment. Business—Manufac¬
ture
of
specially designed thermosetting plastic fabri¬
cating machinery. Proceeds—For debt repayment and
other corporate purposes. Office—631 N. E. 45th
St., Fort
Lauderdale, Fla. Underwriter—Roman & Johnson, Fprt
Lauderdale, Fla.
•
Bel-Aire
Products, Inc.
jr
Sept.
22, 196Lv ("Reg. A") 75,000 common/ Price-r$4.
Business—Manufacture of aluminum pontoon boats. Of¬
fice—25970 W. Eight Mile
Rd., Southfield, Mich. Under¬
writer— Ehrlich, Irwin & Co., Inc., N. Y. Offering—Im¬
repayment of loans, acquisition and
working capital. Office—715 N. Fayette St., Alexandria,
Va. Underwriter—First Investment
Planning Co., Wash¬
minent.
ington, D. C.
Business—The manufacture of master television
•
systems and TV security systems, music and sound
equipment. Proceeds—For an acquisition, expansion and
inventory. Office—552 W„ 53rd St., N. Y.
Underwriter
For
—
Bell
Aug.
Television, Inc.
29,
1961
('"Reg. A")
common. Price—$3. Business
—Design, development, and manufacture of high pres¬
—Investment Planning Group,
sure
aircraft and missile valves. Proceeds—For engi¬
neering, product development, inventories, advertising,
expansion and working capital. Office—17 W. 60th St.;,
Offering—Imminent.
N. Y.
Nov.
Underwriter—Pearson, Murphy & Co., Inc., N. Y.
Industries, Inc.
(2/13-16)
Nov. 14, 1961 filed 103,000 common. Price—$7. Business
—Manufacture of specifications of aircraft, guided mis¬
siles and
electronic components,
and fastening devices
product. Of¬
fice—4873 W. Armitage Ave'., Chicago.
Underwriter—
Raymond Moore & Co., Los Angeles.
;
Proceeds—For debt repayment and a new
Authenticolor, Inc. (1/8-12)
Aug. 29, 1961 filed 148,200 common, of which 136,800 are
to be offered by the company and 11,400 by stockholders.
Price—$3.25. Business — Furnishing of photographic
service for the professional market. Proceeds—Working
capital and repayment of loans. Office—525 Lexington
Ave., N. Y. Underwriter—General Economics Corp., N. Y.
Automata
Aug. 22,
International, Inc.
("Reg. A") 300,000
1961
Price —$1
common.
Proceeds—For tooling, equipment and working capital
Office — 241 S. Robertson Blvd., Beverly Hills, Calif.
Underwriter—Pacific Coast Securities Co., San Fran¬
cisco.
Offering—Imminent.
Automated Teaching Systems, Inc.
18, 1961
("Reg. A")
Business—Manufacture
and
devices.
development
30,000
of
common.
Price—$10,
self-instruction al
materials
Proceeds—For
and
other
equipment,
corporate
research
purposes.
and
Office—1
W. 58th
St., N. Y. Underwriter—Arthur J. Rosenwasser
Co., 95 Broad St., N. Y.
Automatic Marker Photo Corp.
1, 1961 filed
are
to
be
stockholders.
ceeds—For
Office—153
Babs,
150,000 class A shares, of which 125,offered by the company and 25,000 by
Price—By amendment. Business—Sale and
distribution of
a
photocopy machine and supplies.
Pro¬
W. 36th
St., N. Y.
Underwriter—None.
Inc.
Benjamin
anten¬
Inc., East Orange, N. J„
(W. A.), Inc.
15, 1961 filed 50,000 common. Price—By amend¬
ment. Business—Publication of scientific texts and refer¬
books.
ence
2465
•
Proceeds—For
working
capital.
Broadway, N. Y. Underwriter—None.
Berkshire
Sept.
14,
1961
Office—
,
Distributors, Inc. (1/22-26)
filed 100,000 common, of which
60,000:
will be sold for the company and 40,000 for certain stock¬
holders. Price—By amendment. Business—The operation
of
eight discount type department stores in four states-
Proceeds—For the repayment of debt, and working cap¬
ital. Office—203 Ann St.,
Hartford, Conn. Underwriter—
May & Gannon, Boston.
r,
Bernalen, Inc.
Nov. 20, 1961 filed 60,000 common.
Price—$2,625.
Busi¬
ness—Design and manufacture of photographic process¬
ing and control equipment. Proceeds—rFor general cor¬
porate purposes.
Office—9821 Foster Ave., Brooklyn,
N. Y. Underwriter—Amber, Burstein &
Co., Inc., N. Y.
•
Berne of
Oct.
27,
California, Inc. (1/15-19)
("Reg. A"); 85,000 common.
1961
Business
Price—$3„
Manufacture of handbags and related items.
Proceeds—For debt repayment and working capital. Of¬
—
fice—1621
—Pacific
•
S. San Pedro St., Los Angeles.
Coast
Securities
Co., San
Underwriter
Francisco.
Bernz
Oct. 16,
(Otto) Co., Inc. (1/16-19)
1961 filed 150,000 class A shares, of which 100,-
000
to
are
be
stockholders.
offered by the company and 50,000 by
Price—By amendment. Business—Manu¬
facture of small propane-filled steel cylinders, garden,
sprinklers and hose accessories. Proceeds—For debt re¬
payment
and
general
corporate
Office—740.
purposes.
Driving Park Ave., Rochester, N. Y.
nolds & Co., Inc., N. Y.
Underwriter—Rey¬
Besco Enterprises, Inc.
Oct.
Of¬
fice—32550 Pulaski Dr., Hayward, Calif. UnderwriterCoast Securities Co., San Francisco. Offering—
Expected in late February.
Pacific
1961
1961
Industrial
filed
60,000
Instrument Co.
< *
^
-
Price—By amend¬
ment. Business—Development and manufacture of chem¬
ical, electrical and mechanical instruments, precision
products and special purpose tools. Proceeds—For sell¬
common.
filed
150,000
capital
shares.
Business—A holding company
Price—By
whose sub¬
sidiaries operate jewelry and photography departments
in discount department stores.
Proceeds—For debt re¬
payment
and
expansion.
Office—1328 Washington St.„
Calif.
Underwriters—Kleiner, Bell & Co.,,
Beverly Hills, Calif, and Rittmaster, Voisin & Co., N. Y.
Oakland,
•
Bacharach
27,
amendment.
Proceeds—For debt repayment and working capital.
15,
Price—$3.
common.
equipment, expansion, and working capital.
Nov. 27, 1961 filed 150,000 common. Price—$4. Business
—Sale
of dairy
products, through "Dairy Drive-ins."
Nov.
100,000
na
Ausco, Inc. (1/8-12)
Oct. 12, 1961 filed 110,000
000
common.
25,000 are
by the company and 55,000 by a selling
stockholder. Price—$5. Business—Designs and manufac¬
to
Price—$12.50. Busi¬
common.
ness—A small business investment
company.
; For
general corporate purposes. Office—744 Broad St.,
Newark, N. J* Underwriter—Paine, Webber, Jackson &
Curtis, N.; Y. C. Offering—Expected sometime in Jan.
Dec.
.
to
Office—100T N.
poses.
Offering—Ex¬
Co.
200.000
plans
Aug. 29, 1961 filed 500,000
Sept.
/
100,000
payment and general corporate purposes. Office—181-14
Jamaica Ave., Jamaica, N.,Y.; Underwriters—G. Everett
>.
.
Underwriter—W. C. Langley & Co., N. Y.
Atlantic Capital Corp.
Austin Continental
Investment Trust
3,
For
Calif.
Proceeds
-American
Mass.
of
ground systems and equipment for the
support and servicing of electronic systems, aircraft and
missiles.
Proceeds—Repay debt and increase working
capital.
Office—9449 W. Jefferson Blvd., Culver City,
Atlas
American
bentures due 1971.
manufacture
Atlanta Motor
•
American
.
-
A
Business—Production, refining
.
..y y..„'/V;.> 7''.7,7/7.
•
E. 38th
St.,
Offering—In ■
•• • ■
•'<
Barren River Petroleum
Corp.
Underwriter—
r:
working capital.
Office—224
Underwriter—Gianis & Co., N. Y.
'7
«•
; !
•• 1
f*f" "7
Y.
January.
Proceeds—For plant improve¬
44th
Associates, Inc.
Sept.
•
$200
Proceeds—For
a hotel acquisition
and working
Office—10101 Collins Ave., Bal
Harbour, Fla.
Underwriter—J. R. Holt & Co., Denver.
Proceeds—For inventory, repayment
working capital. Office—1030 Pearl St.,
cases.
and
Long Branch,
to
Maryland;
a
are
Mills, Inc.
ing stockholders. Office—200 N. Braddock
Ave., Pitts¬
burgh. Underwriter—Arthurs, Lestrange^& Co., Pitts¬
burgh. Offering—Expected in January.
*
gift packaging and distribution of terrycloth towels and
debenture, 30 common shares and 10 warrants. Price—
$500 per unit. Business—The company and its subsidi- aries are primarily engaged in the automobile sale fi¬
nance
Artlin
&
Sept. 28, 1961 niea 135,000 class A common shares. Price
—$5.
Business—The purchase, conversion, decoration,
common
warrants
consisting of
•
B'way, -N. -Y. Underwriter—Carreau
cotton
Co., Inc. (1/9-12)
$500,000 of 6% convertible
ordinated debentures due
■—
31
Best Plastics Corp.
(1/22-26)
Sept. 26,
1961 filed 125,000 common, of which 100,000
will be sold by the company and 25,000 by stockholders..
Price—$3. Business—Manufacture of plastic novelties
.
.....
Continued
on
page
32
32
The Commercial and Financial Chronicle
(2748)
Continued
from page 31
Price^—By amendment. Business—Designs, manufac¬
tures, imports and distributes artificial flowers. Proceeds
ers.
!
-
party favors. Proceeds—New plant and equipment
and
working capital. Office—945 39th St., Brooklyn,
N. Y. Underwriter—S. B. Cantor & Co., N. Y.
and
Dec.
Co.
Chemical
Blackman-Uhler
—For repayment of debt and general corporate purposes.
Office—111 W. 19th St., N. Y. Underwriter—Rodetsky,
Walker & Co., Inc., N. Y. Offering—In early March.
•
Burton Mount Corp.
(2/5-9)
Sept. 22, 1961 filed 100,000 common. Price—$6. Business
—Importation and distribution of copying machines and
supplies. Proceeds—Repayment of debt, inventory, sales
Spartanburg, S. C.
Jericho Turnpike, New Hyde Park, N. Y. Underwriter—
Bloch
Brothers
Tobacco
Office—4000
holders.
Proceeds—For the selling stock¬
Water
St., Wheeling, W. Va. Un¬
derwriter—Fulton, Reid & Co., Inc., Cleveland. Offering
-—Expected sometime in February.
Block
Nov.
16,
(H.
000 shares
Inc. (1/2-5)
("Reg. A") 75,000 common, of which 25,-
corporate
Terminal Co.
Bush
Office—2147
purposes.
by the company and 50,000
by. selling stockholders.
Price—$4.
Business—
Preparation of Federal and State income tax returns.
Proceeds—For working capital.
Office—3937 Main St.,
shares
(1/15-19)
filed 92,320 common to be offered to stock¬
a
l-for-10
basis.
Price—By amendment.
of
warehouses,
manufacturing
piers and railroad facilities.
Proceeds—For
Business—Operation
working
capital.
Office—48
43rd
St.,
Brooklyn,
N.
Y.
City, Mo. Underwriter—George K. Baum & Co.,
Kansas
City.
—527
Haven
Blue
Pools
(1/15-19)
("Reg. A") 7o,uuu capital shares, of which
40,000 are to be offered by the company and 35,000 by
stockholders. Price—$4. Business—Design, construction
1, 1961
and installation of
ceeds—For
debt
swimming pools and equipment. Pro¬
and general corporate pur¬
repayment
Office—11933
poses.
cisco.
.
Bolar
Oct. 18,
$2.
Calif.
Fran¬
Vose St., North Hollywood,
Underwriter—Pacific
Securities
Coast
V
''/'//•
/
Pharmaceutical
Co.
Inc.
Co.,
San
':V';:::J:7=r;.
'
(1/8-12)
Co., Inc., N. Y.
•
Cable
Proceeds—For
an
ac¬
Nov.
30,
and
conduits
New York.
•
common.
Price—$3.
Business—The distribution of electronic products manu¬
factured by others. Proceeds—For inventory, equipment,
advertising/promotion, working capital and repayment
of loans.
Office—69-18 Roosevelt Ave., Woodside, N.. Y.
Underwriter
McLaughlin, Kaufman & Co., N. Y. Of¬
fering—Imminent.
"-[''A
—
-
Boston
Pneumatics, Inc.
13, 1961 ("Reg. A") 93,500 class A shares of which
Nov.
85,000 will be
sold
for
the
and
company
8,500 for
the
underwriter.
Price—$2. Business—Fabrication, assem¬
bly and sale of tools powered by compressed air. Pro¬
ceeds—For debt repayment
and working capital,
—365
Arlington Ave., Brooklyn 8, N. Y.
T. M. Kirsch Co., Inc., N. Y.
Office
Underwriter—
Bowey's, Inc.
Oct. 30, 1961 filed
80,000 common, of which 40,000 are
company and 40,000 by a stock¬
holder. Price—By amendment. Business—Manufactures,
processes and supplies powders, syrups, flavorings, etc.,
to food industry. Proceeds—For repayment of debt and
working capital. Office—679 N. Orleans St., Chicago, 111.
to
be
offered
Underwriter
by
the
Cruttenden, Podesta & Co., Chicago.
Offering—Expected sometime in late January.
—
Bowling SrsternazionaJe,
June
30,
1961
filed
200,000
of
shares.
common
or
enclose
to
capital.
45,583
steel
electrical wires.
Office—19
Price—$6.
tubing, cables
common.
flexible
of
Proceeds—For
Mt. Vernon,
Associates, Inc., N. Y.
Warren
Underwriter—J. B. Coburn
PI.,
CaldwelB
Publishing Corp. (1/22-26)
Oct. 27, 1961 filed
137,500 capital shares.
Price—$5.
Business—Publishing of text books and general educa¬
tional works. Proceeds—For general corporate purposes.
Office—339 W. 51st St., N. Y. Underwriter—S. B. Can¬
tor
Co., N. Y.
Cambridge Fund of California, Inc.
Sept. 28, 1961 filed 280,000 common. Price-—By amend¬
ment. Business—General real estate. Proceeds—Debt
Camp Chemical Co.,
filed
1961
25,
Inc.
110,000
capital
shares.
Price—$3.
Advertising, additional sales personnel, inventories and
accounts receivable. Office—Second Ave., and 13th St.,
Brooklyn.
Underwriter — Russell & Saxe, Inc., N. Y.
Offering—Imminent.
Campbell-Lurie
Plastics,
the
Price—$2.50.
business
plastic
Proceeds—For
Price—$5.
acquisition of
a
debt
Financial
filed
1961
Corp.
—For
sion.
acquisition of two insurance agencies and
Campbell Soup Co.
raw
materials.
and
(1/9) ,y
Office
—
12G01
Sari
Vincente
holders-.*
be
offered
by
the
stockholders.
opment,
Price—By
importation and
estate.
Main
Oct.
25,
1961
dinners
holders.
and
Lau¬
of
which
150,000
and 218,700 by the
amendment.
Business—Devel¬
company
distribution
common.
Price—By amend¬
of
stockholders.
Ltd.
Aug. 4, 1961 filed 131,500 common shares to be offered
for subscription by stockholders of American Bowling
Enterprises, Inc., parent company, on the basis of one
share for each four American shares held.
filed
—
common.
Price—$3.
working
capital.
baked
Co.
187,250
Price—$5.50.
28,
common
for
Industries, Inc.
filed 165,000 common shares and 75,000
stock purchase warrants. Price—For stock, $2;
20
beans.
of
Price—By amend¬
foods, frozen
canned
Proceeds—For
selling stock¬
Office—45 Water St., Portland, Me. Underwrit¬
N. Y. Offering—In January.
•
Burros Corp.
Oct. 30, 1961 filed
cents.
Business—The
manufacture
of
X-ray film processing machines. Proceeds—For repay¬
ment of loans and working capital
Office—4206 Wheeler
Ave., Alexandria, Va. Underwriter—None. Offering—
Expected in late January.
„
70,000 common, of which 40,000 are
by the company and 30,000 by stockhold¬
Card Key Systems, Inc.
July 28, 1961 ("Reg. A") 60,000
Industries, Inc.
1961
for
filed 350,000
of
the
For
loans
other
and
corporate
Office—250 Vree-
purposes.
land
Ave., Paterson, N. J. Underwriter—Foundation Se¬
curities, Inc., N. Y.
•
Cavalier
Rad/o
Oct. 27, 1961
ness
EJectronics
&
Manufacture
of
(1/22-26)
Corp.
("Reg. A")60,000 common.
specialized
Price—$5.
raidos
Busi¬
phono¬
graphs. Proceeds—New products, equipment and work¬
ing capital. Office—66-02 Austin St., Forest Hills, N. Y.
—
Underwriter—General
Ceco
Nov.
Steel
13,
ment.
1961
Securities
Products
filed
and
Co., Inc., N. Y.
Corp.
18,000
Price—By
common.
Business—Manufacture
of
amend¬
for the con¬
struction industry.
Proceeds—For selling stockholders.
Office—5601 W. 26th St., Chicago. Underwriter—Hornblower
&
Weeks, N. Y. Offering—Expected in January.
Central
Nov.
Acceptance Corp. of Delaware
1961
29,
products
Business—A
filed
sales
150,000 class A
finance
Price—$5.
Proceeds—For ex¬
common.
company.
pansion.
Office—526 North Ave. East, Westfield, N. J.
Underwriter—Armstrong & Co., Inc., N. Y.
Mining & Oil, Inc.
Oct.
None.
Century Brick Corp. of America
Nov. 9, 1961
("Reg. A") 75,000 common. Price—$4. Busi¬
ness—Company has developed a process for producing
simulated brick facing for buildings. Proceeds—For gen¬
eral
Pa.
corporate
Office—4506 W.
purposes.
12th St., Erie,
Underwriter—Sandkuhl & Co., Inc., N. Y.
• Certified
Industries, Inc. (1/22-26)
Sept. 28, 1961 filed $750,000 of 6% convertible subordi¬
nated
debentures
due
1976
with
attached
warrants
to
purchase 15,000 class A shares to be offered in units (of
one $250 debenture and a warrant to purchase 5
shares)
subscription by holders of class A and class B shares
the rate of
$250
per
one
unit for each
50
shares
held.
Price—■
unit. Business—Production of concrete for
con¬
expansion, equipment
and working capital. Office—344 Duffy Ave., Hicksville,
N. Y. Underwriter—Singer, Bean & Mackie, Inc., N. Y.
Chester
Electronic
Laboratories, Inc. (1/4)
common.
Price—By amend¬
Sept. 27, 1961 filed 100.000
ment.
Business—Manufacture
Proceeds—For
equipment, debt repayment,
&
of
electronic
acquisition
new
Address—Chester, Conn.
of
teaching
and
products and working
Underwriter—Putnam
a
plant
Co., Hartford. Offering—Expected in December.
Hill 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¬
Nov.
facture
of
women's, misses' and junior sportswear, co¬
and dresses. Proceeds—For debt repayment,
equipment and working capital. Office—2025 McKinley
ordinates,
St., Hollywood, Fla. Underwriter
Corp., Boston, Mass.
—
Clayton
Securities
Church
shares (no par).
Price
$5. Proceeds — For research and development,
advertising equipment and working capital. Office—923
S.
San Fernando
Boulevard, Burbank, Calif.
Under¬
writer
Rutner, Jackson & Gray, Inc., Los Angeles.
Offering—Expected in early February.
common
—
Caribbean
for
Chestnut
Research
1961
warrants,
share
capital shares. Price — $7.
plastics, marble and ceramics
packaging and building indsutries. Proceeds—
expansion, leasehold improvements, repayment of
21,
capital.
spring of 1962.
—
common.
Manufacture
Aug.
Business—Production
of bowling centers. Office—100 Wilder Bldg., Rochester,
N.
Y._ Underwriter—None. Offering—Expected in the
Capitol
new
compounds, and polyvinyl chloride sheeting, and lami¬
nates and polyethylene film. Proceeds—For expansion.
Office—Ryders Lane, E. Brunswick, N .J. Underwriters—
Lee Higginson Corp., and P. W. Brooks & Co., N. Y.
equipment.
June
one
5, with rights to expire
28, 1961. Price—$5. Business—Manufacture of vinyl
chloride polymer and copolymer resins, polyvinyl chloride
Business—The operation of bowling centers. Proceeds—
For working capital and the construction and operation
.
Proceeds—For
er—Hornblower & Weeks,
to be'offered
(1/15-19)
St.,
& Morrill
ment. Business
140,000
Centers
of
rate
Dec.
Canbowl
Islip, N. Y. Underwriter—Albion
Securities Co. Inc., N. Y. Offering—Expected in Jan.
Burnham
the
at
record
•
sporting fire¬
Proceeds—For construction and general
corporate
purposes. Office — First Security Bank
Bldg., Ogden,
Utah. Underwriter—Harriman
Ripley & Co., Inc., N. Y.
Office—309
of
struction purposes. Proceeds—For
arms.
Business—r-Real
securities
held
two
Co., Los Angeles.
Co., Inc.,
Co., Inc., N. Y.
Building Ventures, Inc.
Oct 27, 1961
("Reg. A") 100,000
each
&
Browning Arms Co. (1/29-2/2)
Nov. 27, 1961 filed
368,700 common,
to
convertible
Dec.
for
are
v./.-//
.
at
•
are
■//".;/••
Co., Charlotte.
Cary Chemicals, Inc.
/ < -*
/v
• ••"
Sept. 27, 1961 filed 1,029,439 common being offered for
subscription by common stockholders and holders of*
ladies' apparel. Proceeds
Office—719 S. Los Angeles
St., Los Angeles, Calif. Underwriter—William R. Staats
ceeds—For general corporate
purposes. Office—201
rel St., Beverly, N. J. Underwriters—Roth &
&
company.
selling
and manufacture of
communication systems. Pro¬
Philadelphia and Amos Treat
S. Dickson &
investment
—For
by the company, and 25,000 by the stock-
equipment and
business
Blvd., Los Angeles.
Price—-$4..Business—Design
electronic
filed
small
Business—Manufactures
Bridge Electronics Co., Inc. (2/26-3/2)
Nov. 29, 1961 filed 225,000 common, of which 200,000
offered
1961
'
Price—$10. Business
Proceeds—For;
general corporate purposes. Office—1200 North Carolina
National Bank Bldg., Charlotte, N. C. Underwriter—R. —A
ment.
®
be
—
Campus Casuals of California
11,
(2/26-3/2)
Inc.
expan¬
Underwriter—Hayden, Stone & Co., N. Y.
to
For
selling stockholders.
Ave., Camden, N. J. Underwriters
—First Boston Corp., and Merrill Lynch, Pierce, Fenner
& Smith Inc., N. Y.
N
Oct.
Industries,
1961
Atlantida, Tegucigalpa, D. C., Honduras. Underwriter—
converter
Office—375 Memorial
150,000 common, of which 30.000
are
to be offered by the company and 120,000
by the
stockholders. Price—By amendment. Business—A hold¬
ing company for a savings and loan association. Proceeds
28,
of
a
repayment
hetti, juices, etc. Proceeds
13,
Proceeds—Gen¬
women.
Business—Company is engaged in
as
Underwriter—P. J. Gruber & Co., Inc., N. Y.
Dec.
for
30, 1961 filed 494,250 common. Price—$5. Business
—Exploration for oil, gas and other minerals. Proceeds
—For general corporate purposes. Office—Edificio Banco
Dec. 7,1961 filed 91,000 capital shares. Price—By amend¬
ment.
Business—Manufacture
of
canned
soups,
spag¬
bowling centers principally in Italy, and for expansion
working capital. Office—80 Wall St., New York.
Carmer
Central American
working capital.
Highway Ave., Jacksonville, Fla. Under¬
writer—Florida Growth Securities, Inc., Jacksonville.
chain
shoes
purposes.
shapes such as rods, tubes and sheets. Proceeds—For a
new
plant, repayment of debt, and working capital.
Office—22 N. 26th St., Kenilworth, N. J. Underwriter—
Godfrey, Hamilton, Taylor & Co., Inc., N. Y.
Inc.
Oct. 27, 1961 filed 574,250 common, of which 500,000 are
to be offered by the company and 74,250 by a stock¬
holder.
corporate
filed 185,000 common, ot which 135,000
are to be offered by the company and 50,000 by a stock¬
holder. Business—Conversion of raw plastics to basic
Business—Manufacture of sanitation chemicals. Proceeds
and
• Brentwood
•
re¬
payment and working capital. Office—324 E. Bixby Rd..
Long Beach,: Calif. Underwriter—To be named. Offer¬
ing—Expected sometime in January.
Aug.
made
Office' — 253 S. W. 8th St.,
Miami, Fla. Underwriter—Robert L. Ferman & Co., Inc.,
Miami. Offering—Expected sometime in January.
Office—5440
Ltd.
Proceeds—For the construction
Y.
custom
of
eral
Casavan
Corp.
("Reg. A")
1961
Business—Manufacturer
working
Boro
tion
Cadillac Conduit
N.
100,000
(1/3-5)
Inc.
of capital stock. Price
—$1.15. Business—The company which began operations
in 1954, is engaged in the research and development of
special material handling systems for industrial and
commercial use based on company-owned patents. Pro¬
ceeds—For
working capital. Office—Kirk Boulevard,
Greenville, S. C. Underwriter—Capital Securities Corp.,
Greenville, S. C.
quisition and equipment.
Office—54 McKibben St.,
Brooklyn, N. Y. Underwriter—Natale, Miller & Co., Inc.,
Electronics, Inc.
Aug. 30, 1961 ("Reg. A")
Carriers,
March 23, 1961 filed 196,109 shares
t
Business—Compounds, manufactures and packages
private label drugs and vitamins.
Lexington Ave., N. Y. Underwriter—Morton Klein
&
Price—
1961 ("Reg. A") 50,000 class A common.
1961 filed 149,794 common, of which 146,667
by the company and 3,127 by a stockholder.
Price—$6. Business—Design, manufacture and distribu¬
18,
Nov. 22, 1961 filed 500,000 common.
Funding Corp.
Kansas
Nov.
Oct.
;/
.
Shoe Corp.
Carolinas Capital Corp.
Growth
Sept. 20, 1961 filed 100,000 common. Price—$4. Business
—Making of loans to small business concerns, purchaseof machinery for lease, and the providing of manage¬
ment counseling. Proceeds—For working capital. Office
•
stockholders.. Office—Kingston,. Jamaica.
selling
Caribbean
Underwriter—None.
Business
Thursday, December 21, 1961
.
Underwriter—Paribas Corp., N. Y.:
Nov.
Nov. 7, 1961
holders
on
offered
to be
are
•
buildings,
R ),
1961
other
and
Reiner, Linburn & Co., N. Y.
Co.
July 3, 1961 ("Reg. A") 4,000 common shares (par $12.50).
Price—By amendment.
promotion
.
will be sold
("Reg. A") 5,600 common. Price — $8,875.
of napthols, pigments, tints and
intermediates. Proceeds—For selling stockholders. Ad¬
dress—Spartanburg, S. C Underwriter—Dargan & Co.,
5, 1961
Business—Manufacture
—For
.
Cement Co.,
Ltd.
Oct. 18, 1961 filed 272,000 American Depositary Shares,
each share representing one ordinary share. Price—By
amendment. Business—Manufacture of cement. Proceeds
Builders, Inc.
1961 filed 50,000 shares of common stock, series
2. Price—$5.50 per share. Business—A closed-end diver¬
Feb. 6,
sified
management investment
investment.
Office—501
Distributor—Associates
company.
Proceeds—For
Bailey Ave., Fort Worth, Tex.
Management, Inc., Fort Worth.
Offering—Expected in late February.
ic Cinema Studios Inc.
Dec.
14, 1961 ("Reg. A") 75,000 capital shares. Price—$1.
Business—(Production of motion pictures. Proceeds—For
working capital. Office—309 Ainsley Bldg., Miami, Fla.
aOdaMiWMtzeMwwauffl
Volume
194
Number
Underwriter—Dalen
6118
Investments
.
&
.
The
.
Funds.
Commercial and Financial
Inc., Miami,
Proceeds—For
Fla.
ties.
Cineque Colorfilm Laboratories, Inc. (12/26-29)
Aug. 29, 1961 ("Reg. A") 120,000 common. Price—$2.50.
Business—The production of slides and color film
strips.
Becker &
Proceeds—For
equipment, sales promotion and advertis¬
ing. Office—424 E. 89th St., N. Y. Underwriter—Paul
Eisenberg Co., N. Y.
Citizens
Life
Ins.
Co.
of
Chronicle
(2749)
investment
Office—33 Maiden
in
income
Lane, N. Y.
producing securi¬
Clute
York
consisting of 1% of stock and 99% of debentures.
ceeds—For acquisition of land, construction of
dinary life, group life and group credit life insurance.
Underwriter—None.
December 26
Dero Research &
Co.)
Co.)
(Quinn
(Richard
Old
Investors
Electronics
Empire,
Bruce
Co.,
O.
S.
Inc.)
Meeds)
&
David
&
Wespak
Hart
A.
&
December
Albert Voigt
Harvey
27
Products
Janis
W.
&
Co.,
(Blair & Co.,
Yale
Malkan
&
Servonuclear Corp.
__
(Rothenberg,
Inc.)
Chester
Inc.)
E.
(Netherlands
$200,000
29
Inc.)
(Gianis
(Ehrlich,
January 8
$140,000
Inc.)
<
$700,000
American
Co
Securities
Inc.)
Rental
(Underwriter
Block
to
be
named)
&
Inc.)
(George
B«"im
Aerosol
(J.
E.
A
Co.)
&
(Suplee.
Mosley
Yeatman,
Co.,
Inc.)
100,000
(Hancock
Securities
(Van Alstyne,
Corp.)
(L.
Maust Coal
(Eastman
Olympia
Coke
&
Dillon,
&
Co.)
(Gaumont
&
250.000
Co.)
(Balogh
Polytronic
Ltd.)
Research,
Capital
Inc.)
Dale
Common
Balogh
Sel-Rex
& Co.)
193,750
Inc.)
75,000 shares
Corp.
(Eastman
Southern
Dillon.
(J.
Southern
(Hirsch
Realty
&
Co.
Wheat
Lee
and
Scientific
Super Valu
(White.
&
Co.)
&
200.000
Units
Corp
Kigginson
Corp.)
8,280
Inc.)
&
Co..
Inc.
150,000
'John
Brothers)
Dain
Inc.)
—Common
154,000
shares
A
Co
Tnc
Class A
ar»rt
Reuben
Rose
&
Co.)
Winchell Donut House, Inc
(McDonnell & Co.,
Inc.)
Electronic
(V.
S.
3
t^OO.OOO
Common
Corn
(Shearson, Hammill & Co. and Westheimer & Co.)
Wllliston
&
&
Co.,
'
Common
(J.
Corp.
R.
Inc.)
Corp.:!
Thomas,
Electronics.
100,000
&
(A.
G.
Co.,
Inc.)
(Ezra
Kureen
Co.)
Common
(Hardy & Co.
Filor,
and
ih'am Corp.
(Merrill
Futura
(Raymond
&
Savin
Business
Union
Title
Lee,
Inc.)
Moore
&
and
January
Industries,
Kiddie
150,000 shares
Happy House,
Rosen
Puerto
underwriting)
$1,125,000
,
*
[....Common
300,000 shares
..Common
..
300,000 shares
Corp.)
10
(Wednesday)
Inc
Rides,
Rico
Tri-Point
—Common
Kimball
C.
Co.,
Inc.)
110,000
Co.)
1,000
units
&
&
Co.
shades
-Units
&
Common
Capital Corp
and
Morris
Cohon
&
Co.)
$5,000,000
Common
Industries, Inc
(Hill, Darlington & Grimm)
-
January
Aero
15
Electronic
Alan-Randal
160,000 shares
(Monday)
Products
&
Co.,
,
Common
Co
Inc.)
$400,000
—Common
Co., Inc
(Pacific
Common
$700,000'
Taylor
—
50,000 shares
$309,000
Inc
(No
—Capital
Securities
(Roth
Appel)
.
Co.). $1,500,000
&
underwriting)
Hamilton,
(Lieberbaum
shares
....Common
&
.
...—Common
Corp..:
Co.—
(Paul
...Capital
115,000
Pacific Coast Securities Co.)
Inc
(Philips,
Haupt
Bonds
L—
$60,000,000
Greeting Card Co., Inc._i.v- —
$300,000
Common
EST)
Scope Publishers, Inc
(Godfrev,
shares
r_-__„.Common
Inc.
$6,375,000
Co....
Machines
(Standard
—..—Common
Co.,
Co.)
&
a.m.
(No underwriting)
\
Class A
Smyth)
Airlines
11
shares
Smith Inc.)
Pierce, Fenner &
Common
__
$300,000
shares
— _ —
Bullard
Haupt
Telephone
Co.)
&
Union Trust Life Insurance Co
$260,000
.
Lynch,
(Ira
.
York
Preference
1,250,000
Fifth Avenue Cards, Inc
______—
Lomasney
A.
(No
...Capital
&
Co.
(Ira
Common
Inc
Becker
.Common
New
Jorn's
Fund,
shares
91,000
Common
.Common
200.000
Co.)
Fenner & Smith
Lynch, Pierce,
and Merrill
(Bids
&
Capital
Municipal Investment Trust Fund, Pa. Series—Ints.
$720,000
Williams
$1,250,000
Co.)
.....
Flurocarbon
(D.
r_
Units
Co., Inc
Common
.
Inc...
.(Schwabacher
——Common
Bear. Stearns &
shares
135,000
Common
World
Beane)
$300,000
Inc.)
(Offering to stockholders—underwritten by Edward D.
Jones & Co.) 100,000 shares
shares
....
&
Carlsen,
Co.
Cohon & Co.) $3,000,000
_.
Williston
—Capital
J. Barth & Co. and
Inc.)
____.i___Z.l_:
and
.Common
$229,500
Inc.)
Inc
Lomasney &
A.
(First Boston Corp.
Griesedieck
$300,000
Electrosolids
Elmar
Inc.
—
shares
(Tuesday)
(Myron
$607,500
100,000
Co.,
Christensen,
Campbell Soup Co..
Co., Inc....
Morris
and
70,000
Inc.)
Cc
Finance
Inc.) $325,000
Co.)
&
Transmission
'
A
(Norman)
Common
Common
Beane)
Drum
Walker
Co.,
&
(Schwabacher & Co.;
$575,000
Inc.)
Co.,
$300,000
.Common
Writer
January 9
and Mitchum, Jones & Templeton)
A
Co.)
&
Semiconductors,
American
shares
...
Arrin
90,000 shares
(Wednesday)
Financial
R.
H.
Wickctt &
Grafco
January
American
147.000
Bayliss,
&
Co.)
•
Empire Precision Components, Inc
Co.,
&
Electronics Corp
Joshua
&
(Rubin,. Rennert- &
Common
and J. M.
shares
Co.)
Dinettes, In<..___[
;
.
Empire
shares
Virginia Dare Stores Corp
(Lehman
-.
•
115.000
Voron
Dixie
Com.
Corp
Stores, Inc
Weld
units
$300,000
&' International
,
>
Inc
fLirherbaum & Co.
Common
Corp.)
&
Common
Samitas
(Currier
Wiatt
Diversified Small Business Investment Corp..Com.
"•••
units
10,000
Securities
Co..
sharps
Units
Co
Co.)
Corp
(Manufacturers
(Hircrh
&
Utilities
&
Space Age Materials
Struthers
Securlti®"
Urn^n
C.
$100,000
...
Barrell
(G.
.
Common
Frontier Finance
Western
Common
Inc.)
Co.,
$287,500
Co.)
$500,000
Inc
Baking Co...
(J.
Delaware
shares
Class A
."
—
(Midland Securities Co.,
Becker
(Theodore
$650,000
Inc
Kreeger & Co. and
(Jones,
Systems,
Deer Park
■
Recco, Inc.
G.
(D. E. Liederman & Co., Inc.
$405,000
Inc
Co..
&
&
$155,485
Corp.)
..Common
(McDonnell
shares
Communications, Inc
shares
Capital
Corp.,
Affiliates,
Miller
$300,000
Common
Securities
Co.)
Securities
Kureen
Voldale, Inc.
$750,000
Corp
Union
&
Co.,
..Common
International, Inc
$330,000
148,200
Common
$300,000
Co.)
—.
...
Common
Malkan
(Brandtjen
Corrigan
Common
Mines, Inc....
Policy-Matic
(A
Debentures
Sherman
Corp.)
$200,000
——
Greenbaum &
L.
Corp.
(Peters,
Corp
Computron Corp.
$243,000
Laboratories, Inc
D.
Inc.)
Co.,
shares
90,000
Co.)
Inc...,
Corp.—
$2,000,000
Citizens Life Insurance Co. of New York
shares
Noel & Co. and Johnston, Lemon & Co.) $5,000,000
Mann Research
Economics
(Natale,
..Common
Hartfield Stores, Inc
&
Common
Valley Metallurgical Processing Co
Cap.
Debentures
Common
Pharmaceutical
Common
Inc
Murphy
(Arnold
Bolar
$210,000
Demarco Business Forms Inc
Dynamic Toy,
G.)
(R.
Common
„
Inc.)
Co.,
Barry
$300,000
Corp...
Bayard
Co.)
&
$300,000
Inc.)
Common
Kureen
U-Tell
141,000 shares
Inc.
(General
Common
K.
Singer
...Units
Motti,
&
Sloss & Co.)
Co.,
'Dean
Co.)
$150,000
Inc.)
Inc.
(Ezra
.Common
&
Co.,
.
(Continental
.Common
(Pearson,
Authenticolor
$300,000
(H. R.), Inc
Consolidated
(Troster,
Common
Co.,
—Common
&
David
Tripoli
Uropa
$100 000
$500,000
Inc.
$200,000
Ausco, Inc.
$225,000
Corp
Norman
underwriting)
Trio-Tech,
Univend
Inc.)
Co.,
&
Inc.
Common
Corp.) $440,000
Realty & Petroleum Corp
.Common
Cellubox
(Diran,
Systems,
(Ezra
Corp
$600,000
Inc.)
Co.,
M'cCabe
Sterling Extruder Corp...
Common
—_—Common
Common
(D.
underwriting)
&
shares
200,000
...Common
(No
Common
Curtis)
&
Common
Building Maintenance Industries
American
$300,000
Aluma-Rail, Inc.
American
Common
Jackson
(Marron,
Co., Inc
$900,000
Corp.
$718,750
(Carl M. Loeb, Rhoades & Co. and Sutro
Common
Co.,
Inc.)
...Capital
Co.)
&
Chemical Corp
Sharp,
(International Services Corp.) $300,000
All-State Auto
(Tuesday)
Albion
Kaufmann
(Armstrong
Sonic
$350,000
Co.,
(Karen Securities
Corp. of America.-Common
Manufacturing
Co.)
&
Units
New York
of
Sabre, Inc.
Sportsmen,
&
^.Common
150,000 shares
Inc.)
Co.,
Inc
Webber.
Servotron
Common
Agency Tile Industries, Inc
(No
Alson
'
&
shares
Inc
Irwin
115,000 shares
Inc.)
Co.,
Research, Inc.....
Fibre
&
(Monday)
Chemical
(Friday)
Co.,
Corp.
Power,
(Paine,
Rubber
(Schmidt,
Corp.
—Common
Inc
Walker &
'
Corp
Enterprises,
,
January 2
Rocket
Common
100,000
$700,000
Laboratories, Inc
(McLaughlin,
shares
Herbert Young
$676,500
Common
Higgins)
A
Blauner &
Reher Simmons
$750,000
Inc.____Common
and
Common
Corp.)
$1,675,800
$1,750,000
Inc.
shares
$500,000
Inc.)
Share
&
Publications,
Photo
(William,
Common
Securities
(General
Inc.)
Common
131,500
(Offering to stockholders—underwritten by Sutro Bros. & Co.)
Inc. and Godfrey, Hamilton & Taylor & Co.)
$500,000
$10,000,000
Inc
Securities
Fleetwood
100,000
Inc.)
——Common
Johnson
Equities
Realty
(Friday)
Koster-Dana
Aceto
December
Pyramid.
Common
Co.,
Inc.)
Creative
(Thursday)
(Globus.
Co.)
Common
$400,000
Inc.)
I., Inc
Bond
(Wilson,
,
$250,000
Ltd
Securities
January 5
shares
1,000,000
Common
Instruments,
&
Co.,
shares
Inc..
Co.,
Pulp Processes Corp
Common
Laboratories,
Co.,
&
&
Common
(Milton D.
Hardy)
166,667
—....
Co.,
&
(Hodgdon
shares
Hardy & Hardy)
and
Saxton
G.
(Keene
Lunar
Oceanic
Inc.
Co.,
Quartite
.Capital
28
&
Murphy
Product Research of R.
Debentures
Hardy
Common
Inc.)
Corp..
Industries,
(Rodeisky,
and
(Globus,
Ltd
(Burnham & Co.)
December
200,000
$1,500,000
Co.)
&
Orbit Industries, Inc.,
.Class A
Corp.)
Common
Plohn
Common
.
shares
100,000
Co.)
Sloss & Co.,
Atlantic
(A.
$270,000
..Common
100,000 shares
Inc
Premium
215,000 shares
Unterberg, Towbin Co.)
Fund
Inc.)
$210,000
Common
(Continental
Knickerbocker Toy Co., Inc
137,500 shares
Capital Co
(C.
Worldwide
Co.,
(Wm.)
Common
(Shields & Co.)
North
$1,200,000
Wide, Inc
&
(Shell Associates,
Sierra
Common
shares
__
Co.,
Inc.
Co.,
(Putnam
Common
Co.,
150,000
Common
Electronics, Inc
(Marron,
Common
Inc
&
Electronic
Gluckin
Units
.......Common
&
Narrows
(Pearson,
Wide, Inc
&
World
(Alessandrini
Shatterproof Glass Corp
Milgray
Common
(Thursday)
$350,000
_
Heller
Star
250,000 shares
Co.,
Peck)
&
Higginson
All Star World
All
Common
and Stanley Heller & Co.)
Common
$600,000
Co.)
$1,000,000
inc.)
Co.,
Co.)
&
&
Industries,
(Charles
(Key), Inc
January 4
$250,000
Industries
Foam
(Fialkov & Co., Inc.
Macoid
(Putnam
Corp
Industries,
(Alessandrini
Corp
Kollmorgen Corp.
Common
Rainbow
$250,000
Machines
Towbin
Witter
Common
$300,000
Corp.)
Common
Co.)
&
(Theodore Arrin &
$500,000
Ltd.)
Inc
Blauner
D.
Mech-Tronics, Inc.....
Kelly Girl Service, Inc
$350,000
Inc
Unterberg,
(Lee
Common
Industries
International
(Dean
Packaging, Inc...
(Mayo
$320,000
Co.)
Inc.)
Inc.)
Business
(Arnold
Paramount
E.
Windsor
Common
Bauni
Securities
(Adams
..Common
Inc.)
Co.)
&
Common
..—Common
(Patterson Securities & Investment Co., Inc.) $283,088
Hygiene
Peters, Writer &
Co.,
Inc.
and
Corp
States Crown
Varicraft
$200,000
Capital Investment Corp.__
Martin
(C.
$270,000
Processing Corp
(M.
Crane
United
Common
Common
Co.,
Inc.)
and 12,000
small loan
120,000 shares
Service, Inc.—
(Milton
—
of which 63,by
common,,
offered by the company
Price—$12.50. Business—A
be
to
are
(Johnson, Lane, Space Corp.) 300,000 shares
Susan
Common
Co.
K.
(George
EMAC Data
&
000
Co.) $300,000
Saxe,
Inc.
Syndicate,
(Wednesday)
Barnes
Sons;
industrial
and
and
Acceptance Corp.
11, 1961 filed 80,000 class A
;
Industries, Inc
(Capital
$300,000
Inc.)
Co.,
&
farm
and
shares
Securities
<fc
of
High Temperature Materials, Inc
.—-..Common
Posey Associates,
Growth
Southern
^
Industries, Inc
(David
Coronet
&
(M.
Units
$200,000
1—...
(Scott,
&
Discount
Southern
$2,000,000
Inc.)
Co.)
Inc.
(Russell
(Hirschel
Inc
Motti,
Edwards
Nutri-Laboratories.
Plymouth
Dec.
units
36,000
200,000
Midland
34
shares. Price—$1.50.
common
manufacture
(L. F. Rothschild & Co.)
Family Circle Associates, Inc....
Debentures
Inc.)
co.,
G.
A.
Inc.;
Dempsey-Tegeler
$950,000
Tele-Communications Corp....
/.'•Z;V
(Edward Lewis Co., Inc.)
U. S. Controls, Inc
(N.
Co.;
$300,000
Debentures
Bissell
Photo-Cine-Optics,
(William,
Illinois
Common
Property Leasing Co
(Dempsey-Tegeler &
S.
$180,000
Inc
(Laird,
Personal
Corp.)
__
&
&
116,875 shares
Co
Co.)
&
Corp
Co.)
&
page
inventory, re¬
development and working capital. Office—
1303 Elm St., Rocky Ford, Colo. Underwriter —
Stone,
Altman & Co., Inc., Denver. Offering—In late
January.
search
Hoosier Soil
...Units
Common
Christensen,
Common
R. E.
(1.
Marshall
Singer
Bowling
on
& Son, Inc.
equipment. Proceeds—For materials
$225,525
!
David's Inc.
Common
Guayaco Corp.
Corp.)
Plan
(Doolittle
Common
St. Louis.
Capital
Securities
Charge
$300,000
$129,600
Langley & Co.)
Office—407 N. 8th St.,
The
—
Coastal
stadium
a
Carriers, Inc..
Consolidated
Business
stockholders.
(Troster,
Gradiaz, Annis Sz Co., Inc
C.
facilities.
(Capital
Inc.____Common
Development Corp
(James
related
Community
Laboratories,
(Paul'Eisenberg
(W.
and
(Tuesday)
Colorfilm
purpose
Cable
NEW ISSUE CALENDAR
Cineque
Price
Business—Company was formed for
of revitalizing downtown St. Louis. Pro¬
(1/8-12)
Sept. 8, 1961 filed 147,000 common, of which 100,000 will
be sold by the company and 47,000 by a stockholder.
Price—By amendment.
Business—The writing of or¬
the
(Francis H.)
July 3, 1961 filed 1,000,000
Redevelopment Corp.
Nov. 13, 1961 filed $21,780,000 of income debentures due
1995 and 220,000 common shares to be offered in units
—By amendment.
New
Continued
Underwriter—A. G.
Co., N. Y. (mgr.).
Civic Center
33
Coast
Securities
Co.)
$300,000
Continued
on
page
34
fi-
34
Continued from
nance
36
manufacture, sale and servicing of vending ma¬
Proceeds—For working capital. Office—560 W.
Lake St., Chicago. Underwriter—Straus, Blosser & Mc¬
Dowell, Chicago (mgr.). Offering—Imminent.
chines.
Proceeds—For debt repayment. Office—
St., Manchester, N. H. Underwriter—Eastern
Corp., Manchester, N. H.
Coleco
Colby (Jane), Inc.
19, 1961 filed 105,000
Oct.
shares
offered
be
to
which
of
common,
the company and 55,000
shares by stockholders. Price—$10. Business—Manufac¬
are
ture
of
rate
purposes.
women's
by
Office—113 Fourth Ave., N. Y.
Continued from
33
page
\
26,
factures
Under¬
in Jan.
and
Aug. 28, 1961 filed 115,000 common. Price—$5. Business
1961
(Whitehall
Mills,
Corp.)
Co.,
&
Optical,
(Bache
(Pacific
(Pacific
Bush Terminal
(Offering
Campus
Coast
Securities
Co.)
Marks
R.
Commonwealth
(Woodcock,
Staats
Sunstein
Co.)
&
Gerstley,
Inc. and
Co.)
&
A.
Delford
Industries,
(I.
Folz
National
$147,500
Corp.)
$330,000
Hamilton,
Interstate
(Offering
Hosts,
Inc.)
Co.,
Jomar
(Joyce),
152,5Q0 shares..,,'
&
Co.)
(F.
L.
Rossman
&
Electronics
(A.
Investing
Inc.)
(Paul Eisenberg &
Popular
(Sutro
Southern
(First
California
Boston
Turner
Common
Capital
Brothers
Corp.
Co.)
&
Edison
Engineering
&
Power &
Common
Co
...
Securities
Forge
Universal Lighting Products,
(Globus,
Weiss
Bros.
Com.
Corp
Coast
Common
Inc
$175,000
duPont
I.
&
Capital
140,000
shares
Common
110,000 shares
Common
Corp
Stearns
(Bear,
Co.)
&
Co
Inc.)
Co.,
&
Co.)
Pacific
A
M
&
Bay
Bernz
(Otto)
L.
(S.
(Stevens
(Harriman
Pride
Investment
(Auchincloss,
Eastern
Co.)
$450,000
Inc.)
Co.,
v',.
(Woodcock,
Eastern
$300,000
951,799
Corp.)
(Fred
Sessler
22
Palm-Aire
to
Florida
Optics
Acrylic
Optics
(A
Co.,
Inc.)
(A.
Common
(W.
&
Co.,
(No
232,500
shares
1-
B.
(S.
B.
&
Cantor
Co.)
Cantor
(General
Co.)
Glass-Tite
Common
Corp
McCall
&
Co.,
Units
Inc.)
Inc.)
.Common
$400,000
,
Interphoto
(C.
E.
Corp.
$120,000
Co.)
&
Co.,
Inc.
Bond
&
Feb.
Kasdan
and S.
&
Co.,
Inc.)
Bridge
Share
&
Corp.)
Co.)
Bell
&
&
$300,000
by
Goldman,
underwriting)
&
;
Co.)
160,000
$600,000
Fields
Sachs
Co.)
(Netherlands
Honora, Ltd.
Common
Lithoid,
$325,000
Inc.)
Co.
and
Sperti
Common
Walker &
Inc.)
Co.,
shares
Spandex Corp.
Common
Tennessee
Kaufman &
Co.)
&
Co.)
Common
175,000
shares
French,
Inc.)
<
Specialties Co
Moyer,'Fricke
.Capital
&
:
........Class
Haft
Seymour Elauner
Co.) $600,000
&
Co.
•
A
and
11
>•.
Securities,
Inc.)
Taylor
Cos.,
&
$286,875
.Common
■
—
Inc.)
Co.,
&
$360 000
Inc
..Common
Co.,-Inc.)
200,000
shares
Common
Products, Inc
,
-
.
,(Blair & Co.,
•
Tork
Time
Inc.>
shares
:
Controls, Inc
Hamilton,
Taylor
Co.
&
and
shares
Hamilton,
.
Magnus
&
Co.)
|
Packaging Co., Inc.
(Godfrey,
>
,
.Common
150,000
United
230,000
...Common
Taylor
&
Co.,. Inc.)• $306,000
$270,000
Industries, Inc
Fuller
shares
....Common
shares
220,000
Co., Inc.;
Hamilton,
Finance
(Godfrey,
Furniture Co., Inc
Common
& Share Corp.) $600,000
(Continental Bond
(McLaughlin,
Co.)
'
Rodetsky,
165,000
&
.Common
185,000
Common
(Blair
shares
Inc.)
Corp
Inc
Common
100.000
'
$900,000
Inc.)
...
Co.,
&
Chemicals, Inc
Securities
(Godfrey,
V
..
....Common
Co.,
&
_
Taylor
(Sunshine
shares
Treat
Amos
Bros.
Scientific
$50,000,000
Co,,: Inc.——
and
&
(Sutro
Common
-
O'Connor,
&
Inc.
Plastics
Bonds
—
EST)
a.m.
Sprayregen,
Silo Discount Centers, Inc.—
Vitamin
Co.)
&
(Monday)
Hamilton,
Common
.j.
&
11
Industries, Inc..
(Godfrey,
shares
215,000
Seg Electronics Co., Inc
Ahalt
Co.,
$9,983,000
Inc.)
Co.,
(Lieberbaum
D.
shares
—....Common
Co.-———
Electronics
(Roth
Carmer
Debentures
Corp...
(Blair
(S.
Karasik
Craig-Hallum,
and
—
((Tuesday)
20
Power
February 26
Common
S. M. S. Instruments, Inc
Texas
& Curtis
Inc.) 150,000
Jackson
(Bids
Common
Corp.
&
v.'^
Common
Corp.....
Corp...
(Frank
Duke
$382,500
Distributors, Inc..
...
(Searight,
shares
$300,000
March
Oklahoma
1
(Thursday)
Gas
&
Electric
Co.
Common-
('Offering
to
stockholders—may
be
underwritten
Lynch, Pierce, Fenner & Smith, Inc.) 328,912
by
Merrill
shares
—Common
,
stockholders—no
Nadler
Joseph
stockholders—underwritten
(Woodcock,
„
to
Webber,
Technibilt
Common
and
Rentals
$750,000
Industries, Inc.—
(Offering
Co.)
&
Inc
Co.
Securities
to
J
..Common
(Monday)
Kinnard,
Common
$600,000
Kaufman
Corp.
(Offering
$300^000
(Hemphill, Noyes & Co.) 185,000 shares
Gulf American Fire & Casualty Co
..Common
...
&
Sokol Brothers
Certified Industries. Inc.;
(Singer, Bean'e & Mackie,
Concors Supply Co., Inc
(Paine,
$306,000
$687,500
Inc.)
.
$300,000,000
received)
be
Midwest Capital
First
Common
MacLevy Associates, Inc.
..Capital
Co.,
;
Common
Systems,
(Stearns
(Boenning
$375,000
Electronics
shares
130,000
(Thursday)
February 19
V';'
underwriting)
Common
(General Securities
(Roth
'
100,000 shares
Publishing Corp
Radio
-
Common
Corp
fS.
Class A
Curtis)
&
84 000
Co.)
&
Oxford
Common
Langley & Co.)
;
-
(Offering to stockholders underwritten by Dean Witter & Co.)
Hardy
by
.
$50,000
Distributors, Inc.——
Best Plastics
Cavalier
Inc.)
Corp.
C.
(May & Gannon)
Caldwell
$240,000
.Common
Gilhard
D.
shares
Western California Telephone Co...
$500,000
First
Corp
Astro-Science
Berkshire
Inc.)
.
Inc
Common
Co.)
&
to
15
February
...Common
Inc.)
Inc.
(Kleiner,
Co.,
:
—..Class A
14
(Bids
$1,500,000
Corp
(McLaughlin,
Debentures
&
Co.,
Debens.
Corp
Inc.)
$720,000
Corp
Gilhard
Common
shares
200,000
(Wednesday) :
American Telephone & Telegraph Co.__Deb. Bonds
$2,500,000
Corp
(Hardy
(Monday)
D.
Inc.)
stockholders—underwritten
Palm-Aire
Plasticrete
Acrylic
Securities
(Netherlands
Mobile
January
French,
&
Fidelity American Financial Corp..
(Continental
„_Common
Laboratories, Inc.:
F.
Common
$300,000
Inc.)
Co..
Co.)
&
•
^
..
Common
shares
200,000
Co.,
Jackson,
Webber,
February
$425,000
$375,000
(White, Weld & Co., Inc. and J. A. Hogle & Co.) 350,091 shares
Scientific
Rolling Mills
(Paine,
Corp.—Common
Improvement
Properties
shares
Common
Investment
Diego Imperial Corp..
United
Fricke
Moyer,
Interworld Film
Inc.,
(Steven
&
Bruce
Youthcraft Creations,
shares
V
—-—
Power Industrial Products Co
(S.' D. Fuller & Co.) 160,000
shares
100,000
Co.)
&
Common
..Common
Redpath)
&
Improvement
(Woodcock, Moyer, Fricke & French,
Inpak
Common
Management Corp.)
Industries,
368,700
Weld
National
—-Common
Inc.)
_—Common
shares
200,000
——
Honig's-Parkway, Inc.,
(Drexel
$721,000
Inc
Common
(Richard
Inc
Co.)
&
Co.)
&
Corp
(White,
shares
shares
:.
Moore
Plan,
Record
Plastics
Filon
shares
430,000
160,000
Co.;
&
Parker
Properties
Hydra-Loc,
Common
Securities
Co.)
&' Co.)
Ripley
250,000
District Photo, Inc.—
Common
Fund, Inc
(Horizon
San
150,000 shares
Industries, Inc
(Albion
Lincoln
Inc.)
Press, Inc
Corp--
Fuller
D.
—Class A
Co., Inc.)
Common
Industries,
(Raymond
(Bache
.-Common
230,000 shares
Co.)
&
Common
Family
Co.,
&
Stearns
Continental
>
Harleysville Life Insurance Co
Drug Co., Inc
Hannett
Stearns
and Thomas,
$525,000
Lee)
Co., Inc
(Reynolds &
L.
Common
&
T.
Common*^ *
Continental Industries, Inc..
(Raymond Moore & Co.) $721,000
Austin
$10,000,000
$620,000
Wickett & Co., Inc.
S.
Austin
Debentures
Co.-—-
&
State Electronics
(Offering
Instrument, Inc
Williams
.n*
—-
(Bear,
Debentures
Browning Arms Co.-—.:—
$10,840,000
(Tuesday)
(Crosse & Co., Inc.; V.
Arwood Corp.
v
$25,000,000
a.m.)
Lumber
(Bear,
Florida
January 16
shares
170,000
r
_i_„Class A
Telephone
fBlvth
Westland
Inc.)
11:30
(Dempsey-Tegeler
...
$300,000
Stores, Inc
(Francis
West
Inc.)
Co.,
^ *•
Corp.)
American Book-Stratford
-
(Valley
Co.)
&
(Tuesday)
13
February
(Monday)
January 29
Alaska
Shares
1,500,000
Automation
Weld
(White,
Light Co.——.
(Bids
127,500 shares
Dean Witter & Co.)
and
——Common
(John) Mfg. Co., Inc
$350,000
Inc
\
v
Common
(First Boston
Common
Co., Inc. and Magnus & Co., Inc.) $480,000
Library,
$10,500,000
(Thursday)
8
February
Fluke
$525,000
Pacific Nutrient & Chemical Co
——Bonds
Co..—
(Bids to be received)
$2,100,000
Inc.)
(Tuesday)
January 23
Common
Co..
<fc
Co.,
$9,000,000
received)
be
(Wednesday)
Electric
Arthurs,
and
r(Godfrey, Hamilton, Taylor & Co.) $486,000
jr.
Texas
Corp
Gilhart
D.
Corp.)
Inc.
$600,000
Co.)
..Common
&
to
7
February
El Paso
Debentures
Shamrock Oil & Gas Corp
Equipment & Plastics Corp
(Bids
«
100,000 shares
Co.)
&
.Debentures
"
$300,000
Inc.)
(L. F.), Inc
Common
(Cortlandt
Orion
....
$435,000
Elliette, Inc
National
Widmann
Inc.—_!1„—Class A
Burnside
B.
Remington,
&
(Hodgdon
Common
$500,000 .0"
Cq.)
&
Metallurgical International,
(Mortimer
Grant
r
Co.——
Water
Elizabethtown
Securities
Common
French,
&
Van-Pak, Inc.
..Common
duPont
American
Corp...
Lestrange
$550,000
Industries, Inc
..Units
...
units
100,000
Fricke
(Tuesday)
February 6
—
Curtis and
&
?
$300,000
(Ehrlich, Irwin & Co., Inc.)
-
Inc
Moyer,
Common
underwriting)
(Francis,I.
Miss
(Hess,
Devices, Inc.—
(No
•"
Cylinders,
(Woodcock,
$250,000
Inc.)
DuBoff,
&
Inc
Jackson
United Aero Products
Capital
Inc
Bernard
Perfected
in
Melnor
Roto
&
and
(Seymour,
Plastics.
Webber,
.Common
Wulpa Parking Systems, Inc
$300,000
Inc.)
.Common
shares
150,000
Co.)
(Laren
$399,000
Inc.)
Co.,
.$3,000,000
Co.)
&
:,&V
Corp..————Units
Inc..
House.
Toy
Common
Corp.)
Debentures
Inc
(Pacific Coast Securities Co.)
Lomart
(Paine,
$990,000
Laboratory Procedures, Inc
Leslie
World
——_—Common
Co.,
—Debentures
$5,500,000
Co.)
&
Cohon
(Morris
Ripley Industries, Inc., and
-
stockholders—underwritten by Glore, Forgan
H. M. Byllesby & Co.,, Inc.) $2,550,000
to
Co.
Taylor &
&
Lewis
$325,000
Inc.)
Development
Land
Westates
$15,000,000
Corp.)
Corp
Karasik
(Edward
Garden State Small Business Investment Co.__Com.
(Godfrey,
(Bache
Class A
shares
120,000
—Common
Co.,
&
Harvey
Vornado, Inc.
$750,000
Inc.
Common
(No underwriting)
Higginson
(Frank
Papekote,
$332,500
Vending Co., Inc
(Scott,
Common
Inc.)
Co.,
Tel-Tronics
Common
Inc
Investors
E.
R.
(Lee
Common
Kemper & Co.)
&
—Debentures
Inc.) $15,000,000
Co.,
&
Co., Inc
National Real Estate Investment Trust—Common
$352,000
Coyle's Voting Machine Co
Tech-Torch
Industries, Inc
(Street
(Reynolds
Common
Dielectrics, Inc
Motor Parts
$4,305,560
100,000 shares
(Reynolds & Co., Inc.)
and
$200,000
(Street & Co., Inc. and Irving Weis & Co.)
Common
Kreeger
(Jones,
Molecular
>
—Common
Inc
Stokely-Van Camp, Inc.—----—
Corp..
Karasik & Co.)
Co.)
$8,000,000
Camp,
Stokely-Van
—Common
Inc.
Inc.; Glass & Ross,
Inc.) 95,000 shares
Manufacturing
& Curtis and S. D. Lunt &
Webber, Jackson
(Paine,
.Debentures
of America
shares
100,000
Corp...
Co.,
&
(Frank
Shares
Engineering Co
(John
Metatronics
shares
Realty Trust
Moyer, Pricke & French,
Lyon
Globus,
Common
140.000
Co.)
&
Polarized
Co.)
'
Boenning & Co.) $900,000
Walker & Co., Inc. and
(Rodetsky,
Sheraton Corp.
Common
—-
Towbin
Unterberg,
shares
92,320
Casuals of California
E.
(Ross,
Common
underwriting)
Corp.
(C.
$300,000
Co
stockholders—no
to
(William
Cooke
Markite
Capital
Common
,
Industries, Inc.-——
Shenk
^
Units
—
_
..Common
Inc.) $450,000
& Co.,
(Scott, Harvey
(Continental Bond & Share Corp.) $330,000
$255,000
Co.)
shares
72,000
Co.)
-
$718,750
Raritan Plastics Corp.——
..v
(Gianis <fe Co., Inc.) $500,000
Common
Securities
Coast
Inc.—-—-^-Common
Irwin & Co., Inc.)
(Ehrlich,
Chemical Corp
and
Jackson & Curtis
Ltd.) $25,000,000
Co.,
Corp..
(Pacific
Common
Webber,
Securities
Litho-Tone, Inc.
Common
Securities
Coast
Pools
Haven
—
Office—8201 Fenton Road, Philadel-
Enterprises,
Nigeria
Co.) $150,000
—
Paine,
Co.;
Films
Jayark
Common
Inc
Berne of California, Inc
Blue
&
Inc
Nikko
Co. and McLaughlin, Kaufman & Co.) $388,500
(Hay, Fales &
1961 filed 430,556 shares. Price—$10. Business
estate investment trust. Proceeds—For general
22,
Lunar
(1/15-19)
Realty Trust
Commonwealth
•
Nov.
Common
Inc..——.——
(Stan-Bee &
Fund,
Japan
$675,000
Business—Manu¬
pools, toy boats and houses,
corporate purposes.
$381,000
Inc.)
ities, repay debt, and increase working capital. Office-1625 W. Mound St., Columbus, O. Underwriter—W. E.
Hutton & Co., Cincinnati,
—A real
Common
Burnside
B.
Electronics
Atlas
Securities
Inc
(Mortimer
amendment. Business—Design and
blow molded plastic house¬
Proceeds—To purchase machinery, expand facil¬
Price—By
derwriter-—Cooley & Co.; Hartford, Conn.
/
Artlin
filed
capital. Office—75-77 Windsor St., Hartford, Conn. Un¬
"
Common
Products, Inc.
163,600 common, of which 100,000
offered by the company and 63,600 by stock¬
be
to
wares.
Proceeds—For plant expansion and working
games.
1961
Thursday, December 21,
.
manufacture of injection and
amendment.
Price—By
.
1961
22,
holders.
filed
plastic toys, play
Jackson
.
Al-Crete Corp
are
Industries, Inc.
stockholders.
apparel. Proceeds—For general corpo¬
writer—Meade & Co., N. Y. Offering—Expected
Cole Vending Industries, Inc.
Nov.
120,000 common, of which 12,000
shares will be offered by the company and 108,000 by
Sept.
50,000
.
Columbus Plastic
—The
33
page
company.
Lowell
Investment
Chronicle
The Commercial and Financial
(2750)
t
$452,008
.Common
Unterberg, Towbin Co. and Arnhold
S. Bleichroeder, Inc.) $1,800,000
&
February5
Burton
Mount
March 5
(Monday)
Corp
(Reiner, Unburn
Common
&
Co.)
C.
Kimball
&
Co.)
$1,100,000
(Monday)
Units
'
•
:
.
Dynamics, Inc.
(Brandtjen
$600,000
Equitable Credit & Discount Co..
(Paul
Control
&
Bayliss,
Inc.)
West Penn Power Co
(Bids
to
be
.
.
..
—..Common
$575,000
—
received)
$25,000,000
—Bonds
.
..
Volume
194
Number
6118
^
.
The Commercial and Financial Chronicle
.
phia. Underwriters—Woodcock, Moyer, Fricke & French,
Inc., and Gerstley, Sunstein & Co., Philadelphia.
•
units
in
consisting of
warrant to purchase two
Price—By
debenture
shares) and six
amendment.
discount from
$100
a
(and
purchase
merchant-members, their
at
a
a
accounts receiv¬
& Co., N. Y.
Computer Components, Inc.
6, 1961 filed 120,000 common, of which 90,000 are
be offered by the company and
30,000 by stockhold¬
ers.
Price—$3. Business —' Manufacture of miniature
nent.
-
aircraft, missiles and
guidance systems. Proceeds—For general corporate pur¬
.Office—88-06/Van Wyck Expressway, Jamaica/:
poses.
Co., N. Y.'
/
•
Computron Corp. (1/8-12)
Sept. 15,- 1961 filed 500,000 .common. Price—$1.15. Busi¬
ness—Research, development, design and production of
electronic automation devices. Proceeds—For
equipment,
research and development and
working capital. Office—
,
James
9330
Ave.,
South, Minneapolis. Underwriter—
Brandtjen i& Bayliss, Inc., St. Paul, Minn.
Concord
Products, Inc.
*
*
1961 filed 120,000 common (with attached 3year warrants to purchase an additional
60,000 shares
at $2 per share) to be offered in units of one
share and
Nov.
28,
one-half
warrant.
Price—$2 per unit. Business—Manu¬
cosmetics, toiletries, cleaning chemicals, jew-
facture of
elery, etc. Proceeds
Office—525-535
E.
—
For
137th.
general
St.,
New
corporate purposes.
York City.
•
Under¬
Supply Co., Inc. (1/22-26)
filed 100,000 class A common. Price—$4.
Business—Sale of food service and kitchen
equipment.'
Proceeds
For equipment, debt
repayment and other
corporate purposes. Office—110 "A" St., Wilmington, Del.
1961
—
Underwriter—Roth & Co., Inc.. Philadelphia.
•
Consolidated Aerosol Corp.
Sept.
29,
("Reg. A") 7u,000 common.
Price—$3.
Business—Compounds and packages cosmetics, - house¬
hold pharmaceutical, and industrial products.
Proceeds
•
working capital.-
Y. Underwriter
& Co., Inc., 80 Wall St.. New York City.
—J. E. Bayard
Consolidated
Bowling Corp.
Sept. 28. 1961 filed 200,000
common;
Price—By amend¬
Business—Operation of bowling centers. Proceeds
capital. Office—880 Mil¬
itary Rd., Niagara Falls, N. Y. Underwriter—Doolittle
& Co., Buffalo, N. Y.
ment.
Consolidated
Vending
Corp.
Aug. 29,
1961 filed $150,000 of 6% debentures due 1971
and 50,000 common to be offered in units each
consisting
of $150 of debentures and 50 common.
Price—$400 per
unit. Business—The operation of
vending machines. Pro¬
ceeds — For repayment of loans, new
equipment and
working capital. Office
—
129 S. State St., Dover, Del.
Underwriter—William, David & Motti, Inc., N. Y. Note
-r-This registration was withdrawn.
Oct.
30,
Finance Corp.
Oct.
1961
("Reg. A")
Business—A
finance
75,000
company.
31,
1961
(12/27)
62,500 common.
A")
("Reg.
common.
'Price
doors.
Proceeds—For
equipment, inventory and work¬
Office—2440 Charlotte St., Kansas City, Mo.
Underwriter—George K. Baum & Co., Kansas City, Mo.
ing capital.
Corrigan Communications, Inc. (1/8-12)
Sept. 28, 1961 filed 375,000 common. Price—$2. Business
—Development
munications
sale
and
of
systems for
Proceeds—To
use
tutorial
N. Y. and Mitchum, Jones
Record
in individual class rooms.
&
Templeton, Los Angeles.
May 26, 1961 filed 150,000 shares of common stock, of
which 105,556 shares are to be offered for public sale by
the company and 44,444 outstanding shares by the pres¬
holders
ent
thereof.
Price—To
Business—The
ment.
be
supplied by amend¬
manufacture
and
Proceeds—For
records.
Underwriter—Amos
Proceeds—For
debt
re¬
Treat
&
Creative Electronics, Inc.
Aug. 29, 1961 filed 75,000 class A.
Price
—
fertilizer,
feed
(preferred)
distribution
other
and
farm
supplies. Proceeds—For debt repayment, expansion, and
other corporate purposes. Office—3315 N. Oak Traffic-
Kansas City, Mo. Underwriter—None.
way,
.
Continental
Nov. 21.
Industrial
ness—Development
ture
tubes.
and
Proceeds—For
corporate purposes.
Underwriter
geles.
debt
of
istration
television
repayment
Office—2724 Leonis, Blvd., Los An¬
Amos Treat & Co.,
Offering—Expected sometime in February.
Continental
June
and
pic¬
other
—
Inc.,
N.
Y.
withdrawn.
was
Cromwell
Business
Machines, Inc.
Aug. 1, 1961 ("Reg. A") 100,000 common shares (par 50
cents).
Price—$3. Proceeds—For repayment of loans,
machinery, leasehold improvements,
advertising and
working capital. Office—7451 Coldwater Canyon Ave¬
North Hollywood, Calif.
Underwriter—Pacific Coast
Francisco. Offering,—Imminent.
.
/
...
Cryplex Industries, Inc. /
Oct.
10,
ness
filed
1961
80,000 common. Price—$3.75. Busi¬
plastic jewelry, dress accessories
Manufactures
—
Y. Underwriter
Custom
—
Herbert Young & Co., Inc., N. Y.;
....
Products, Inc.
*v;
20, 1961 filed 1Q0,000 common. Price—$4. Business
hardware
to
ment of debt
Atkins
of
and other corporate purposes.
Brooklyn,
Ave.,
N.
Y.
Office—626
Underwriter—B lank,
Inc., N. Y.
Dec.
ness
Sysiems
Corp.
5, 1961 filed 100,000 class A shares. Price—$4. Busi¬
—
Company plans to operate a service to furnish
advice, assistance and skill in the field of data process¬
ing. Proceeds—For general corporate purposes. Office
—71
W. 23rd
St., N. Y. Underwriter—Jay W. Kaufmann
Co., N. Y.
Dale
Systems,
Inc.
(1/8-12)
Continental
Investment Trust
Real
Estate
Investment
Trust.
'
Continental
Aug. 11,
1961
Vending Machine Corp.
filed
convertible
$5,052,700 of 6%
subor¬
dinated debentures due 1976, being offered for subscrip¬
tion by stockholders on the basis of $100 of debentures
for
each
rights
ness
80
to
—
common
expire
The
shares
Dec.
26,
manufacture
held
of
record
1961. Price — At par
vending machines.
of
ceeds—For repayment of loans and working
fice
956 Brush Hollow Road. Westbury,
—
Underwriter—Hardy & Co., N. Y.
Control
Nov.
16,
Circuits,
1961
Inc.
("Reg. A")
Dec.
6
with
Busi¬
Pro¬
capital. Of¬
L. I., N. Y.
eral
sales
employees.
corporate
purposes.
e
u*
—For debt
E.
&
repayment and working capital. Office—945
St., Ontario, Calif.
Underwriter—Morgan
California
Co., Los Angeles.
Dataline Computer Processing Associates,
Nov.
Ltd..
("Reg. A") 160,000 common. Price—$1.25.
Business—Renders consulting services in the field of
commercial data processing.
Proceeds—For debt repay¬
21, 1961
working capital.
>
Price—42.50
share
one
and
one
warrant.
Price—
Deer
Park
Baking Co.
(1/8-12)4
-
stockholders.
Price—$6.75.
Business—Manufacture of
Danish-style <and ice-box cookies. Proceeds—For work¬
ing capital and general corporate purposes.
Office—
South Egg Harbor Rd., Hammonton, N. J. Underwriter
—J.
•
R.
Williston & Beane, N.
Delaware Barrel
Y.
& Drum
Co., Inc. (1/8-12)
Sept. 26, 1961 filed 100,UUO common. Price—By amend¬
ment. Business—Manutacture of plastic shipping con¬
tainers and tanks. Proceeds—For research and develop¬
and other corporate purposes. Office—Eden Park
ment
Gardens, Wilmington, Del.
& Co., N. Y.
Underwriter—G. H. Walker
•
Delford
Industries, Inc. (1/15-19)
1961 filed 95,000 common, rrice—$3.50. Busi¬
ness—Manufacture of precision rubber extrusions. Pro¬
Sept. 28,
ceeds—Plant expansion,
equipment, debt repayment and
working capital. Office—82-88 Washington St., Middletown, N. Y. Underwriter—I. R.
E.
Investors Corp.,
Levittown, N. Y.
Delta
Capital Corp.
Aug. 9, 1961 filed 500,000 common shares.
Price
amendment.
investment
Business
tional
A
—
Proceeds—For
Bank of
small
business
investment.
Commerce
—
By
Office—610
Na¬
Building, New Orleans.
Un¬
Co., New York and Howard, Weil,
Labouisse,"Friedtichs ,& Co., New' Orleans (managing).
Offering—Expected in early 1962.
Delta Venture Capital Corp.
July 13, 1961 filed 520,000 common shares.
Business—An investment company.
Price—$3.30.
Office—1011 N. Hill
St., Hopkins, Minn. Underwriter—None.
^ DeLuxe Homes, Inc.
Dec.
1961
11,
("Reg.
A")
Construction
—
60,000 common. Price — $5.
financing of shell homes.
and
Proceeds—For working capital.
Underwriter—Alessandrini
&
Address—Allendale, S. C.
Co., Inc., N. Y.
Demarco Business Forms
Inc.
(1/2-5)
David
&
Dash,
Oct. 25, 1961 filed
—Designing,
Sept. 26,
1961 filed 100,000 class A common (with at¬
tached warrants to purchase an additional 50,000 shares).
Price—By amendment. Business—Manufacture of cus¬
tom-made printed business forms. Proceeds—Expansion,
payment of taxes, and working capital.
Office—3747Ridge Ave., Philadelphia. Underwriter—Suplee, Meat¬
man, Mosley Co., Inc., Philadelphia.
Dennis Real Estate Investment Trust
Office—50 E. 42nd St., N. Y.
Shaw, Locust Valley, N. Y,
Inc.
108,000 </ommon..
'
July 24, 1961 filed 100,000 shares of beneficial interest.
Price—$100. Business—A real estate investment com¬
Office ^-90 State Street, Albany, N. Y.
writer—None.
Dero
Under¬
k
Research
and
Development Corp.
(12/26-29)
Aug. 24,
1961
54,000 common. Price—$2.40.
("Reg. A")
Business—The
manufacture
FM
of
Deviation
Monitors.
Proceeds—For
development, expansion, advertising and
working capital. Office — Broadway and Park Ave.,
Huntington, N. Y. Underwriter^—James Co., N. Y.
Deuterium
Corp.
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
the basis of 3 units for each
5% preferred share held, 2 units for each 5% preferred
share and
held
stock
held.
warrant)
one
and
Price—$20
one
per
on
unit
for
each
10
class
B
shares
unit. Business—Company plans to
manufacture and utilize all kinds of chemical materials.
Proceeds—For
small
plant.
start-up
for a laboratory and
Lexington Ave., New York.
expenses
Office—360
Underwriter—None.
Data-Design Laboratories, Inc.
9, 1961 filed 100,000 capital shares.
Price—By
amendment.
Business—-Publishing of technical reports
and manuals covering electronic equipment.
Proceeds
Underwriter—Robert F.
£(
Co., Inc., N. Y.
Oct.
ment and
120,000 common.
Proceeds—Expansion and gen¬
Office—1790 B'way, N. Y. Un¬
derwriter—Theodore Arrin &
w
Business—Manufacture of electronic components and as¬
semblies. Proceeds—For expansion, research and devel¬
of
per
Oct. 27, 1961 filed 90,000 common, of which 10,000 shares
are to be offered by the company and
80,000 shares by
A
retail
"Estate
units
unit. Business—Manufactures educational toys<
Proceeds—To repay debt and increase working capital.
Office—794 Union St., Brooklyn, N. Y.
Underwriters—
Hampstead investing Corp., Aetna Securities Corp., and
Atlas Securities Corp., N. Y.
-v..,' <.r.
components
and
electronic
tolerances. Proceeds—For repay¬
and
Great
$3.25
metal
precise
Aug. 9, 1961 filed 100,000 common. Price—$3.25. Business
—A shopping service which checks
the efficiency of
See
(H.)
Toy Corp.
Nov. 27, 1961 filed 100,000 capital shares (with attached
warrants to purchase an additional
100,000 shares), to be
pany.
Metal
—Manufacture
Leasing Corp.
• Continental Real
|
Davis
'
product development, mov¬
and working capital. Office—37 E. 18th St.,
expenses
("Reg. A") 75,000 common.
Price — $4.
Proceeds—For purchase of new automobiles, advertising
promotion, and working capital. Office—4 Gateway
Center, Pittsburgh, Pa. Underwriters—Cambridge Secu¬
rities, Inc., and Stevens, Hickey & Co., N. Y.
St. Louis.
.
&
19, 1961
& Christensen, Inc., Denver; Midland Securities
Co., Inc., Kansas City, Mo.; and Dempsey-Tegeler & Co.,
Business
•
Cybernetic
Busi¬
Writer
—
'
Corp.
Price—$2.50.
manufacture
By amend¬
devices, associated products and electrical transformers.
For expansion, inventory, working capital
and general corporate purposes.
Office—4008 S. Michi¬
gan Ave., Chicago. Underwriter—None. Note—This reg¬
Proceeds
Lieberman & Co.,
Electronics
filed 200,000 common.
1961
—
Business—The manufacture of audio reproduction
Nov.
$100 per unit;
Manufacture and
working capital. Office—11000 E. Kel¬
logg St., Wichita, Kan. Underwriters—Quinn & Co., Al¬
buquerque; A. G. Edwards & Sons, St. Louis; Peters,
derwriters—Blair &
ferred.
products,
of
St., Hamilton, O. Underwriter—John
Lima, O. •../
v?
.r-
Offering—Expected in late January.
share. Business
repayment
(1/15-19)
Nov. 1, 1961 filed $8,000,000 of 5V2% sub. certificates of
indebtedness due 1986 and 200,000 shares of 5V2% pre¬
per
of
•
N.
Price—(Certificates)
Proceeds—For
company.
ment.
Prigal,
(1/3)
Office—830
High
&
29, 1961 ("Reg. A") 60,000 common. Price — $5.
Business—Operation of a membership department store.
Aug, 31, 1961 ("Reg. A") 10,000 common. Price—$14.75.
Business—The sale of punch card type voting machines.
ing
Cooperative Association
David's Inc.
Hinder
Nov.
Co., N. Y. Offering—Ex¬
Coyle's Voting Machine Co.
and novelties. Proceeds—For
be named.
petroleum
the
distribution
pected in January.
•
debt repayment and
Office—2445 N. Miami Ave.,
Distributing Corp.
To
of
com¬
repay
expansion and working capital. Office—3000
Federal Highway, Fort Lauderdale, Fla. Underwriter—
$25
electronics
loans, purchase machinery, and in¬
crease working capital. Office—1111 E. Ash Ave., Fullerton, Calif. Underwriters—D'. E. Liederman & Co., Inc.
$4.
—
payment,
Consumers
Price—$4.
Business—Manufacture of aluminum storm windows and
Securities Co., San
of America
•
35
Proceeds—For
Miami, Fla.
Underwriter—Stirling,
Inc., 50 Broadway, N. Y.
T
Coronet Products Co.
/
fabrics.
offered in
common.
Office—735 N. St. Asaph St., Alexandria, Va. Un¬
derwriter—Jones, Kreeger & Co., Washington, D. C.
:
nue,
'
Consumer
„y
ital.
A. Kemper & Co.,
(1/3-5)
—For expansion and working
•
;
Price—$11. Business::
—The manufacture of electronic products and the fur¬
nishing of engineering services. Proceeds—For equip¬
ment, new products, sales promotion and working cap-*
phonograph
1961
debt repayment, equipment and
Office—107 Sylvester St., Westbury, N.
'■
(1/15-19)
debt, and working capital. Office—315 W. 47th St., N. Y.
(1/2-5)
—For
'
.
Cosnat
Concors
19,
Inc.
•••?
Engineering Co.
Sept. 12, 1961 filed 32,000
writer—N. A. Hart & Co.. N. Y.
OcL
Systems,
.
Cooke
coils for relays used in computers,
&
Lease
-
to
Underwriter—Jay W. Kaufmann
(3/5-9)
Inc.
("Reg. A") 225,000 common. Price—$1.15.
Proceeds—For equipment, research and development and
capital expenditures. Office—3386 Brownlow Ave., St.
Louis Park, Minn. Underwriters—J. P. Penn & Co., Inc.,
and M. H. Bishop & Co., Minneapolis. Offering—Immi¬
Dec.
N. Y.
Dynamics,
July 21, 1961
Hackensack,
Underwriter—Troster, Singer
Control
Control
able arising from customers who hold credit cards
issued
J.
general corporate purposes.
&
Oct. 24, 1961 filed 500,000 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., Minneapo¬
lis. Underwriter—Brandtjen & Bayliss, Inc., St. Paul.
by these members. Proceeds—To repay debt and increase
working capital. Office—10 Banta Place,
N.
decorative
tha
•
common shares.
Business—The
opment and working capital. Office—c/o Shepherd, Mur-
Merritt, 97 Elm St., Hartford, Conn. Underwriter
—John R. Boland & Co., Inc., N. Y.
Community Charge Plan (1/3-5)
Sept. 22, 1961 filed $3,600,000 of 6% subordinated deben¬
tures
due
1976
(with attached warrants to purchase
72,000 common shares) and 216,000 common, to be of¬
fered
(2,754.)
Price—$5. Business
converting, importing and distributing, of
•
District
Photo,
Inc.
(1/29-2/2)
Nov.
16, 1961 filed 100,000 common, of which 80,000 are
to be offered by the company and 20,000 by a stock¬
holder. Price?—By amendment. Business—Processes and
prints
photographic
film
and
distributes
wholesale
photographic equipment. Proceeds—For repayment of
debt, plant expansion, and working capital. Office—3306
Wisconsin Ave.; N. W., Washington, D. C. Underwriter
—Auchincloss, Parker & Redpath, Washington, D. C.
ic Diversified Discount & Acceptance Corp.
Dec.
13,
ness-—A
1961 filed
small
loan
125,000 common. Price—$4.50. Busi¬
investment company. Proceeds—For
expansion. Office—707 Northwestern Federal Bldg., Min¬
neapolis. Underwriter—Bratter & Co., Inc., Minneapolis.
.'.."A*-
.......
1.
Jf.^Continued
on page
36
36
(2752)
The Commercial and Financial Chronicle
Continued from page 35
•
Diversified
Small
Business
slip rings and brush block assemblies, switching devices,
relays, and precious metal products. Proceeds—For the
selling stockholders. Office
10 Romanelli Ave., South
Investment Corp.
—
(1/8-12)
Sept. 27, 1961 filed 600,000 common.
Price—$5.
—A small business investment company.
Business
Proceeds—For
general corporate
purposes. Office—214 Engle St., EngleUnderwriters—Lieberbaum & Co. and Mor¬
vvood, N. J.
Co.. N. Y. «
ris Cohon &
•
Dixie
Sept.
(1/8-12)
Dinettes, Inc.
28,
1961
tiled
144,Ouu
ness—Manufacture
Electromagnetics
Corp. /
17, 1961 filed 75,000 common. Price—$5. Business
—Design and manufacture of precision nuclear magnetic
instrumentation. Proceeds—For general corporate pur¬
Nov.
chairs
and
lor
Busi¬
in
use
—Gianis &
•
Electronic
kitchens
and dinettes. Proceeds—For selling stockhold¬
Office—Dabney Rd., Richmond, Va. Underwriter—
Rubin, Rennert & Co., Inc., N. Y.
ers.
Dolphin-Miller Mines Ltd.
Oct.
3,
filed
1961
1,600,000 capital shares, of which 1,are to be offered by
the company and
200,000 shares
400,000 shares by stockholders. Price—50c. Business—
The exploration and production of ores. Proceeds—For
salaries and general corporate purposes. Office — 25
Adelaide St., W., Toronto, Canada. Underwriter—Brewis
& White Ltd., Toronto.
Don
Mills, Inc.
1961 ("Reg. A") 60,000 common.
Price—$5.
Business—Financing of shipments of business machines.
Sept.
27,
Proceeds—General
corporate
Rock
Bldg., Atlanta, Ga.
Washington, D. C.
Office—Red
purposes.
Underwriter—Stan-Bee & Co.,
24,
1961
filed
Price—By amend¬
common.
ment.
Business—Manufacture of medicine droppers and
components and glass cartridges for the pharmaceutical
industry. Proceeds — For debt repayment and general
corporate purposes. Address—Buena, N. J. Underwriters
—Suplee, Yeatman, Mosley Co., Inc., Philadelphia.
fering—Expected sometime in January.
.
Durable
Nov. 29,
Co.,
Of¬
Inc.
1961 filed 128,000
Price—$4. Business
common.
—Design and manufacture of aluminum-frame
outdoor
and porch furniture. Proceeds — For product develop¬
ment, equipment and working capital. Office—2 Barbour
Ave., Passaic, N. J. Underwriter—Preiss, Cinder & Hoff¬
man Inc., N. Y.
:'/-£
Dynamic Toy, Inc.
June
30,
1961
("Reg. A")
81,000
common. Price — $3.
Proceeds—Advertising,
development of new products, expansion and working
capital. Address—109 Ainslie St., Brooklyn, N. Y. Under¬
writer—Hancock Securities Corp., N. Y.,
/;/:•;
Business—Manufacture
EMAC
Data
of
toys.
Processing Corp.
(12/27-29)
Sept. 8, 1961 filed 100,000 common."
^
Price—$2350.
Busi¬
ing service. Proceeds—Rental of additional data process¬
ing equipment, sales promotion, salaries, rent, furniture
and working capital. Office—46-36 53rd
Ave., Maspeth,
N.
•
Y.
Underwriter—M. W. Janis Co.,, Inc., N. Y.
Eastern
Properties
(1/29-2/2)
Improvement
«
Corp..
tate.
Business—General real
properties, repayment of debt and engineering, etc.
40th St., New York. Underwriter—Wood¬
cock, Moyer, Fricke & French, Inc., Philadelphia.
Office—10 E.
26,
1961
ness—A
dealer
General
Inc.
filed
1,000,000
purposes.
Valley City, N. D.
Valley City, N. D.
Office—164
Busi¬
Proceeds
E.
Underwriter—Reserve
Main
Funds,
Economy Food Enterprises Corp.
29, 1961 ("Reg. A") 100,000 common.
Nov.
St.,
Inc.,
Price—$3.
Business—Sale and servicing of home food freezers and
sale of bulk food to freezer
eral corporate
Proceeds—For gen¬
owners.
Office—180 Babylon Turnpike,
Underwriter—Sentinel Securities
purposes.
Roosevelt, L. I., N. Y.
Planning Corp., Long Island City, N. Y.
Economy Water Conditioners of Canada
Nov.
21,
1961
Ltd.
("Reg.
Business—Sale of
A") 100,000 common. Price—$3.
water conditioning units to home own¬
Proceeds—Rental of units, new distributorships and
expansion. Office—36 Densley Ave., Toronto. Under¬
ers.
writer—S.
I.
Emrich
Associates, Inc., N. Y.
27,
1961
filed
also
plans
80,000
to
common.
manufacture
Price—$4. Business
equipment. Com¬
and
teaching
machines.
ment and
other corporate purposes.
Proceeds—For
sell
product
electronic
develop¬
Office—136-05 35th
Ave., Flushing, N. Y. Underwriters—Packer-Wilbur
Co., Inc. (mgr.). and Earle Securities Co.,
Inc., N .Y.
Educator &
Nov.
&
Executive Co.
30, 1961 filed
174,900
common.
Price—By amend¬
holding company for insurance con¬
Proceeds—For general corporate purposes. Office
—3857 N. High St.,
Columbus, Ohio. Underwriter—Mc¬
cerns.
&
Co., Cleveland.
ESectro-Mec Instrument Corp.
Sept. 15, 196*1 filed 176,480 common. Price—$6. Business
—The design, manufacture and sale of
potentiometers,
digitometers and goniometers used in airborne
comput¬
ing devices. Proceeds—For the selling stockholder, Wal-
th'am
Precision
Instrument Co., Inc. Office—47-51 33rd
St., Long Island City, N. Y.
Underwriter—Sterling, Grace
&
•
Co.,
Nrr Y. Offering—Expected in
January.
.
Y i
and
other
corporate
Price—By amendment.
common
shares
Business—The
Inc.
due
tures
1971
40,000 common shares to be offered
one $500 debenture and 50 common.
and
publicly in units of
per
unit. Business—Manufacture of con¬
zippers. Proceeds—Debt repayment, advertising
working capital. Office—8 Washington Place, N. Y.
•
Electronic
Oct,
27,
Business
—
("Reg,
A")
Manufacture,
closed-circuit television.
and
other
corporate
pur-'
Hawthorne
(1/8-12)
1961 filed 100,000 cum. conv. preference shares.
Price—By amendment. Business—Production of devices
for converting AC-DC current for
aircraft, missiles and
ships. Proceeds — Debt repayment and other corporate
Office—12740
San
Calif. Underwriter—J. R.
•
Elmar
Sept.
Electronics
Fernando
Williston
Inc.
&
&
Proceeds—For selling stockholders. Office—199
di Ave., Lodi, N. J. Underwriter—Sutro Bros. &
Office—44
A.
•
retail greeting card stores. Proceeds—Debt
repayment,
working capital and expansion. Office—18 W. 34th St.,
N. Y. Underwriters—Hardy & Co. and
Filor, Bullard &
Smyth, N. Y.
(1/8-12)
School Street,
Boston, Mass.
•
Plastics Corp.
(2/13-17)
1961 filed 200,000 common, of which 50,000 are
to be offered by the
company and 150,000 by stock¬
holders. Price—By amendment. Business—Manufactures
translucent fiberglas panels for building and'.decorative
Underwriter—
Empire Precision Components^ Inc. (1/8-12)
Aug. 29, 1961 ("Reg. A") 65,000 class A. Price—$4. Busi¬
precision
manufacture
electronic
of
metal
connectors.
Filon
Dec.
more.
G.j Becker & Co., Inc., Chicago.
ness—The
Garibal¬
Co., N. Y.
Fifth Avenue Cards, Inc.
(1/8-12)
Sept. 28, 1961 filed 115,000 class A capnal shares. Price
—By amendment. Business—Operation of a chain of
Co., San
or
Fields
Nov.
1,250,000 shares of capital stock to be
offered in exchange for blocks of
designated securities.
Business—A "centennial-type" fund which
plans to offer
a tax free
exchange of its shares for blocks of corporate
market value of $20,000
Underwriter—G. V. Kirby
Plastics & Chemicals, Inc.
(2/26-3/2)
29, 1961 filed 220,000 common. Price—By amend¬
ment. Business—Manufacture of vinyl plastic
sheeting.
(1/8-12)
Francisco.
a
Richmond St., Toronto.
Associates, Ltd., Toronto.
•
parts and equipment. Proceeds—Debt repayment,
expansion and working capital. Office—140 Eleventh St.,
.securities having
Fidelity America Financial Corp. (1/29)
Oct. 3, 1961 filed 100,000 common. Price—$5. Business
—-Commercial
finance
company.
Proceeds — Gen¬
eral corporate purposes. Office—42 S. 15th St., Phila.
Underwriter—Netherlands Securities Co., Inc.,, N. Y.
&
tronic
Empire Fund, Inc.
„
•
—62
Rd., N., Sylmar,
Beane, N. Y.
Underwriter—Schwabacher
manufactured
Fidelity Mining Investments Ltd.
30, 1961 filed 800,000 common. Price—By amend¬
ment. Business—Exploration and testing of mining prop¬
erties. Proceeds—For general corporate purposes. Office
1961 filed 200,000 common, of which 100,000
will be sold by the
company and 100,000 by stockholders.
Price—By amendment. Business—Distribution of elec¬
Calif.
..
Nov.
29,
Oakland,
.
Business
fastening
by others. Proceeds—For debt
repayment and general corporate purposes. Office—8
Benson Place, Freeport, N. Y. Underwriter — Arnold
Malkan & Co., Inc., N. Y.
*
)
C
devices
Ave., Valley Stream, N. Y. Underwriters—V. S. Wickett & Co., Inc. and Thomas, Williams &
Lee, Inc., N. Y.
purposes.
Co., Inc., N. Y. Offer¬
Nov. 30, 1961 filed 125,000 common. Price—$5.
distribution of nuts, bolts and other
Proceeds—For debt repayment
Office—103
Everett Parks &
—The
Corp.
(1/8-12)
100,000 common. Price—$3. ?
design and field testing of
purposes.
Underwriter—G.
Fastpak, Inc.
Transmission
1961
and
debt
Conn. Un¬
Inc., N, Y.
Seymour, Bernard & DeBoff,
Offering—-Expected sometime in March.
4,
Proceeds—For expansion and working capital.
purposes.
Office—333
North Van Ness Ave.,
Hawthorne,
Underwriter—White, Weld & Co., N. Y.
component
parts for
Proceeds—For moving
•
expenses, a new plant, equipment, repayment of loans
and working capital. Office—574 President
St., Brook¬
lyn, N. Y. Underwriter—Ezra Kureen Co., N. Y.
Oct.
2,
First
Federated
Life
Insurance
Calif.
Co.
Sept. 20, 1961 filed 10,000 capital shares to be offered for
subscription by stockholders at the rate of one new share
1961
&
•
filed
and
leasehold
175
measurements.
EquRable
27,
1961
offered in
shares.
Credit
&
1977
and
Co.
of
50,000
(2
jr.
subord.
common
shares
conv.:
to
be
subordinate deben¬
tures due 1965. Price—At
par. Business—The investment
in mortgages and the
making of construction loans to
builders
and
property owners. Proceeds—For repay¬
ment of debt and
working capital. Office—430 First Ave.
North, Minneapolis. Underwriter—None.
• Extrin
Foods, Inc.
Nov. 29, 1961 filed 100,000 common.
Price—$3.25. Busi¬
ing
and
confectionary
industries.
the
Proceeds—For
bak¬
addi¬
tional personnel, new
products and. possible acquisitions.
—Expected sometime in
March.
Fairbanks Wire Co,,
Oct. 30, 1961 filed
Inc.
54,000
Manufactures
common.
specialized
(par 10 cents).
manufacture
of
Price—$3. Business—-
Family Circle Associates, Inc.
Aug. 30, 1961 filed 50,000 class A
and
(1/3-5)
common.
Price—$7.
Business—The
operation of retail discount department
Proceeds—For repayment of loans and working
capital. Office—30 Main St., Keyport, N. J. Underwriter
—Russell & Saxe, Inc., N. Y.
stores.
®
Family Record Plan, Inc. (2/13-16)/
Nov. 20, 1961 filed 200,000 common.
Price—By amend¬
ment.
Business—Sale of photographic portraits and al¬
bums.
Proceeds—For selling stockholders. Office—2015
W. Olympic Blvd., Los
Angeles.
Underwriter—Bache
& Co., N. Y.
Paradyne Electronics Corp.
1961
filed
$2,000,000 of 6% convertible ^sub¬
ordinated debentures. Price—100% of
principal amount.
Business—The company is engaged in the manufacture
and
distribution of
high
debt
•
First Midwest Capital
Sept. 28, 1961 filed 150,000
ment.
Business—A small
Proceeds—General
Nicollet Ave.,
repayment
other
and
cor¬
reliability materials and basic
Corp.
(2/19-23)
common.
business
corporate
Price—By amend¬
investment
company,
Office—512
purposes.
Minneapolis.
Underwriters—Paine, Web¬
Curtis, N. Y., and Craig-Hallum, Kinnard, Inc., Minneapolis.
Jackson &
First New York
Oct.
27,
1961
Business—A
ceeds—For
filed
small
•
business
Dec. 6, 1961
investment
Office—1295
Corp.
(2/26-3/2)
filed 200,000 class A
ness—Company
and
Price—$1.
company.
Pro¬
Northern Blvd.,
Underwriter—None.
First Scientific
patents
Capital Fund, Inc.
2,770,000 capital shares.
investment.
Manhasset, N. Y.
plans
stock.
Price—$3. Busi¬
invest in, and finance
technology. Proceeds—rFor
Office—375 Park Ave., N. Y.
to acquire,
scientific
new
general corporate purposes.
Underwriters—Netherlands Securities Co., Inc., Seymour
Blauner Co., and
Sprayregen, Haft & Co., N. Y.
Flair
Equipment.
Proceeds — For debt repayment and general
corporate
purposes. Office—Walnut St., M D 23,
Newburg, N. Y.
Underwriter—First Madison Corp., N. Y.
30,
"
Nov.
machinery
acquisitions,
Office—380-390 W. Middle Turnpike,
Manchester, Conn. Underwriter—Putnam & Co., Hart¬
ford. Offering—In early February.
ber,
Equity Capital Co.
Nov. 29, 1961 filed
$3,000,000 of 8%
manufacture of flavors for
Realty Corp.
1961
porate. purposes.
unit.
per
Hartford
filed 500,000 common. Price—By amend¬
Business—Real estate investment. Proceeds—For
ment.
5-9)
Business—Lending and
insurance.
Proceeds—For working capital. Office—674
N. Broad St., Philadelphia. Underwriter—Paul C. Kim¬
ball & Co., Chicago.
ness—Creation and
30,
property
Discount
units-consisting of $500 of debentures'and'25
Price—$550
Oct.
and
filed $1,000,000
due
First
Proceeds—For
equipment,
working capital. Office—
Underwriter—L. H. Rothchild
improvements
Pearl
St., Brooklyn.
Co., N. Y.
Oct.
for each two held. Price—$35.
Proceeds—To increase
capital. Office—Munsey Bldg., Baltimore, Md. Under¬
writer—None, Offering—Imminent.
Corp.
133,333 common. Price—By amend¬
Business—Manufacture of equipment for radiation
ment.
Jan.
■
Electro-Tec Corp.
July 28, 1961 filed 91,000
capital
Southfield Ave., Stamford,
—
•
ment. Business—An
Donald
derwriter
Proceeds—For
Office—70 Barclay St., N. Y.
Underwriters—Hay, Fales
Co., and McLaughlin, Kaufman & Co., N. Y. Offering
—Distribution of electronic parts and
pany
Office—67
posse.
switches.
and
&
Edu-tronics, Inc.
Oct.
relays
repayment/ working
debentures
Price—$3.
common.
finance business.
recourse
corporate
multi-contact
detection
es¬
Proceeds—For the acquisition and development of
Econ-O-Pay,
Fastline
Sept. 28, 1961 filed $400,000 of 6% conv. subord. deben¬
ing—Expected in late January.
Eon
real
Oct.
payment of debts and for working capital.
Office—471 Cortlandt Street, Belleville, N. J. Under¬
writer—To be named. Note—July
11, the SEC insti¬
tuted "Stop Order" proceedings challenging the accuracy
and adequacy of this statement.
'
Aug. 22, 1961 filed $1,500,000 of subordinated debentures
due 1931 and 250,000 common shares. Price—For deben¬
tures, $1,000; for stock, $10.
lytic capacitors and precision tungsten wire forms.
ceeds—For the
check-out, flight control and landing control systems and
•
ness—The company conducts an electronic data process¬
including dielectric and electro¬
Pro¬
electronic components,
cealed
June 28, 1961 filed
(1/2-5)
Thursday, December 21, 1961
.
Price—$575
Controls, Inc.
Electrosolids Corp.
120,000
.
1961 filed 100,000 common. Price—$3. Business
—Design and manufacture of automatic electronic and
computer
controlled
drives
and
systems, helicopter
Nov. 29,
Oct. 30,
Dougherty Brothers Co.
Oct.
Office—Sawyer Lane, Hudson, Mass. Underwriter
Co., Inc., N. Y.
poses.
Price--$5.
common.
tables
of
Hackensack, N. J. Underwriter—Harriman Ripley & Co.,
Inc., N. Y. (mgr.). Offering—Expected in February.
.
Cards,
Inc.
1961
("Reg.
14,
A")
Business—Manufactures
trays, dishes, note
74.667
greeting
Price—$3.
common.
cards,
greeting
card
etc.
Proceeds — For debt re¬
working capital. Office—537 W. 53rd St.,
Underwriter—Amber, Burstein & Co., Inc., N. Y.
paper,
payment and
N.
®
Y.
Fleetwood
Securities
shares
shares
of
tor
and
To
a
common
by
Electronics
Investment Corp., Contractual Plans
broker-dealer registered with NASD. Proceeds—
increase
Wall
N.
are
Corp. of America
(12/29)'
shares, of which 56,000
to be offered by the
company and 14,000
stockholders. Price—$10. Business—Distribu¬
Aug. 8, 1961 filed 70,000
net
capital
and
for
investment.
Office—44
St., N. Y. Underwriter—General Securities Co., Inc.,
Y.
F2ex-I-Brus!h, Inc.
27, 1961 ("Reg. A")
Nov.
Business—Manufacture
of
100,000
one
common.
piece
Price—$3*
disposable plastic
toothbrushes. Proceeds—For general
corporate
Office—7400 N. W. Seventh
Ave.,- Miami,
writer—Meadowbrook Securities, Inc.,
•
Florida
Oct.
Palm-Aire
19/ 1961
shares
are
to
filed
be
Corp.
463,000
offered
for
purposes.
Fla. Under¬
Hempstead," N. Y_
(1/29-2/2)
common,
of
which
subscription by
310,000
the stock-
Volume
194
Number
6118
.
.
The Commercial
.
on a
l-for-3 basis, and 153,000 shares will be
sold to the public. Price—$2. Business—Purchase, devel¬
Chronicle
and Financial
(2753)
holders
general
opment
Brooklyn, N. Y. Underwriter
syth, N. Y.
and
of
sale
activities.
related
undeveloped
Proceeds—For
real
debt
property
repayment
and
and
general corporate purposes. Office — 1790 N. Federal
Highway, Pompano Beach, Fla. Underwriter—Hardy &
corporate
Globe
Office—10014
purposes.
Industries,
—
Avenue
•
D,
Treibick, Seiden & For¬
Gulf American
Sept. 28,
Nov. 29,
and devices for the missile and aircraft industries.
Aug.
ness.
ceeds—For debt repayment and
Flower
City Industries, Inc.
1961 filed 100,000 common. Price—$3.25. Busi¬
Design and manufacture of plastic
artificial
foliage and flowers. Proceeds — For general corporate
—
Address—St.
purposes.
Thomas, Virgin Islands. Under¬
Oct. 30, 1961 filed
to be offered by
—1784
Bennett Stores,
Inc.
Gluckin
■
Aug. 30, 1961 filed 100,000 common. Price—By amend¬
ment. Business—The operation of discount department
Proceeds—For repayment
stores.
of loans and working
capital. Office—300 W. Sunrise Highway, Valley Stream,
N. Y. Underwriters—Goodkind, Neufeld, Joraon Co., Inc.
and Richter & Co., N. Y. (mgrs.). Offering—Imminent.
•
Fluke
Dec.
(John)
(2/8)
Mfg. Co., Inc.
filed 170,000 common, of which 135,000
to be offered by the company and 35,000 by stock¬
are
1961
11,
holders.
amendment. Business—Design and
precision electronic instruments, poten¬
Price—By
manufacture
of
tiometers, and related components. Proceeds—For debt
repayment and working capital. Office—7100-220th St.,
S. W., Mountlake Terrace, Wash. Underwriter—White,
&
Weld
•
Co., N. Y.
Business
(1/9-12)
("Reg.. A")
1961
23,
Processing and fabrication
—
—
$5.
of fluorocarbon
materials and parts. Proceeds—For debt re¬
general corporate purposes. Office—1754
S. Clementine St., Anaheim, Calif. Underwriter—D. A.
Lomasney & Co., N. Y.
plastic
and
•
Folz
Vending
Co.,
(1/15-19)
Inc.
Sept. 26, 1961 filed 55,000 common. Price—$6. Business
-—The distribution of novelties, candy, etc. through vend¬
ing machines. Proceeds—To repay loans, purchase
ma¬
chines, and increase working capital. Office—990 Long
Beach Rd., Oceanside, N. Y. Underwriter—None.
Food
Corp. of America
Oct.
5, 1961 filed 50,000 common. Price—$2.50. Business
•—The acquisition of enterprises engaged in the food
processing industry. Proceeds—For repayment of debt
and working capital." Office—1207 Foshay Tower, Min¬
neapolis, Minn.
•
Fram
Underwriter—None.
Corp.
(1/8-12)
Pro¬
working capital. Office
Underwriter—Mc¬
Business
(1/4)
"
Price—$10. Business
underclothing. Proceeds—
loans and general corporate
Office—Bank
Bermuda
Bldg., Hamilton,
Underwriter—Globus, Inc., N. Y. (mgr.)
purposes,
.
Golf
>;vv,
..
other
corporate
Price—$6.
working capi¬
Office—1707 H St.,
W., Washington, D. C. Underwriter—Rouse, Brewer,
Becker & Bryant, Inc., Washington, D. C.
Gould
Pa.
Co.
Paper
working capital.
Office—Lyons Falls, N. Y. Underwriter
—Amos Treat &
Co., Inc., N. Y. Offering—In early Jan.
•
Gradiaz, Annis & Co., Inc. (12/26-29)
Sept. 27, 1961 filed 116,875 common, of which 25,350
shares will be offered by the company and 91,525 by a
stockholder.
Price—By amendment.
Business—Manu¬
of
creased
working capital.
Fla.
cigars.
Proceeds—To
prepay
notes
and
Providence, R. I. Underwriter
—
Merrill Lynch, Pierce,
Fenner & Smith Inc., N. Y.
(1/8-12)
("Reg. A") 60,000 common.
Price — $5.
Furnishing of scheduled air transportation
service. Proceeds—For debt repayment and general cor¬
Oct.
1961
20,
Business
porate purposes. Office—8170 Beverly Rd., Los Angeles.
Underwriters—Raymond Moore & Co., Los Angeles and
Pacific Coast Securities Co., San Francisco.
Hartman
rine
pected in late January.
Industries,
Proceeds—For the operation of a
Co., N. Y.
Gardon
(1/15)
Price—$3. Business
—A small business investment company.
Underwriter—Godfrey,
•
Hills
Gas
Proceeds—For
N. J.
Office—1180 Raymond Blvd., Newark,
investment.
Uranium
Hamilton, Taylor &
Co., N. Y.
Co.
Aug. 29, 1961 filed 847,035 common to be offered for
subscription by stockholders on a l-for-10 basis. Price
—By amendment. Business—The operation of uranium
mines and a mill. Proceeds—For repayment of loans, ac¬
quisitions and working capital. Office—224 Tvinson St.,
Laramie, Wyo. Underwriter—None. Note—This regis¬
tration may be withdrawn.
Gateway Chemicals,
firm
Investment Trust.
Great Southern
amendment.
Business—Real estate invest¬
ment. Proceeds—For general purposes of the Trust. Of¬
fice—200
First National
Bank Bldg.
Annex, Atlanta.
Underwriter—Courts & Co., Atlanta.
Greater
Nov.
packaging of chemical products, primarily deter¬
Proceeds—For working capital. Office—8136 S.
Dobson Ave., Chicago. Underwriter—Federman, Stonegents.
hill &
Co., N. Y.
General
Dec.
filed 266,000
•
Business—A
Glass-Tite Industries,
Price—By amend¬
company
Inc.
for
an
—Hemphill, Noyes & Co., N. Y.
Nov.
ment.
toilet
3,
Steel
Trust
Proceeds—
Bldg., Pitts¬
(Henry J.)
Instrument Co.
Y. Underwriter—Carl M. Loeb, Rhoades &
ment, salaries and general corporate purposes. Office—
2500 Shames Dr., Westbury, N. Y. Underwriter—N. A.
Bayside, N. Y. Offering—In January.
Construction Corp.
Nov. 29, 1961 filed 80,000 common. Price—$5.25. Busi¬
ness—General contracting for landscaping and construc¬
tion work. Proceeds—For debt repayment and other cor¬
porate purposes. Office—97-36 50th Ave., Corona, N. Y.
Underwriter—Williamson Securities Corp., N. Y.
Proceeds—Debt
Valley
Co.
Herman
& Appley, Inc.
27, 1961 filed 100,000 class A
Oct.
amendment.
For
Sept. 11, 1961 filed 100,000 common to be offered for
subscription by stockholders on the basis of one new
share for each three held. Price—By amendment. Busines
—
A closed
General
Louis.
•
-
end investment
corporate purposes.
company.
Proceeds—
Office—314 N. B'way, St.
Co., St. Louis.
Underwriter—Edward D. Jones &
Guayaco Corp.
29,
1961
(12/26-29)
("Reg. A")
36,000 common. Price — $5.
bench seats
repayment
and
Proceeds—For debt repayment, equipment
working capital. Address—Guayanille, Puerto Rico.
and leg rests.
and
Underwriter—I. R. E. Investors
Corp., Levittown, N. Y;
Price—By
commop.
Business—General real estate.
investment.
Proceeds—
Office—16
Court St., Brooklyn, N. Y.
Underwriter—Arnold, Wilkens & Co., N. Y.
Hickory Industries, Inc.
31, 1961 ("Reg. A") 40,000
Aug.
Business—The
allied
manufacture
of
Price—$5.
common.
barbecue
machines
and
equipment.
Proceeds—For equipment, inventory,
sales promotion, expansion and working capital. Office
-10-20 47th Rd., Long Island City, N. Y. Underwriter—
J. B. Coburn
Associates, Inc., N. Y.
'
•
High Temperature Materials, Inc. (1/8-12)
Sept. 28, 1961 filed 120,000 common. Price—By amend¬
ment.
Business—Manufacture
of
products from test
equipment, research and devel¬
opment, leasehold improvements, repayment of debt and
working capital. Office—130 Lincoln St., Brighton, Mass.
models.
Proceeds—For
Hill
Co., N. Y.
Street Co.
Oct. 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
investment
management
Office—760
basis.
Price—$3.
company.
S. Hill
Business—A
in¬
Under¬
Proceeds—For
St., Los Angeles.
writer—None.
• Hillside
Dec.
15,
Metal
1961
shares
are
shares
by
to
Products,
filed
be
Inc.
300,000 common, of which
by the company and
offered
stockholders.
Price—$6.
200,000
100,000
Business—Manufac¬
ture of steel office furniture. Proceeds—For
(1/9-12)
Co., N. Y.
Offering—Expected sometime in February.
Underwriter—L. F. Rothschild &
Business—Manufacture and sale of hassocks,
1961 filed 68,000 common.
Price—By amend¬
Business—Manufacture*: of prefabricated metal
Union
Aug. 24, 1961 filed 140,000 common. Price—$2.25. Busi¬
ness—The manufacture of precision meteorological in¬
struments. Proceeds—For repayment of loans, equip¬
Nov.
Products Corp.
compartments.
Price—$11. Busi¬
& Scribner, Pittsburgh.
Griesedieck
27,
G!obal
Green
(1/22-26)
1961 filed 185,000 common, of which 135,000
are to be offered by the company and 50,000 by a stock¬
holder.
Price—By amendment. Business—Manufacture
of glass-to-metal hermetic seals.
Proceeds—For pur¬
chase of equipment, investment in a subsidiary, research
and development, moving expenses, and working capital.
Office—725 Branch Ave., Providence, R. I. Underwriter
Sept.
common.
burgh. Underwriters—Moore, Leonard & Lynch and Sin¬
Green
common.
holding
250,000
Office—952
investment.
For
Price—By amendment. Business—Publishes "Elec¬
tronic Design," a trade magazine in the electronic field.
Proceeds—For
debt
repayment. Office—850-3rd Ave.,
ers.
vestment.
Corp. of America
1961
7,
filed
ness—A small business investment company.
Hart & Co.,
insurance
firm. Proceeds—For general corporate purposes. Office
—672 Hanna Bldg., Cleveland, O. Underwriter—Merrill,
Turben & Co., Inc., Cleveland.
ment.
Pittsburgh Capital Corp.
1961
14,
Nov. 29, 1961 filed 150,000
common, of which 20,000 are
to be offered by the company and
130,000 by stockhold¬
Real Estate Trust
30, 1961 filed 320,000 shares of beneficial interest.
Price—By
Nov.
and
Investment Trust
Place, Baltimore. Underwriter
Inc., Washington, D. C. (mgr.).
formerly was known as Continental
Real Estate
ger, Dean
Inc.
22, 1961 filed 100,000 common, of which 50,000 are
to be offered by the company and 50,000 by a stock¬
holder. Price—By amendment. Business—Compounding
Estate
Note—This
Nov.
components
Hayden Publishing Co., Inc.
-
Co.,
.
27, 1961 filed 330,000 common.
200,000 common, of which 100,000 are
company and 100,000 by a selling
Price—$5. Business—Distribution of elec¬
offered by the
New York.
N.
•
&
ma¬
equip¬
including high fidelity, radio and
Proceeds—For working
capital and general corporate purposes. Office—103 W.
43rd St., N. Y.
Underwriter—Michael G. Kletz & Co.,
subsidiary,
ment. Office—530 St. Paul
Real
Continental
be
tronic
—Philips, Rosen and Appel, N. Y.
Baruch
of
television parts and equipment.
product development, equipment and other corpo¬
Office—291 Third Ave., N. Y. Underwriter
—R.
electronic
Inc.
Aug. 3, 1961 filed 300,000 shares of beneficial interest.
Price—$10. Business—Real estate. Proceeds—For invest¬
Small Business Investment Co.
and
Co., N. Y. Offering—Expected in January.
stockholder.
rate purposes.
Great
communications
Oct. 27, 1961 filed
\
(1/8-12)
Sept. 27, 1961 filed 77,250 common. Price—$4. Business
—Manufacture of graphic arts equipment, chemicals and
•
of which 75,000 are
25,000 by a selling
Business—Manufacture
Harve^ Radio Co., Inc.
to
&
and
mobile
and
Plohn &
r
Underwriter—None.
supplies.
Price—$4.
military transmitter-receivers. Proceeds—For
general
corporate
purposes.
Office—30-30
Northern
Blvd., Long Island City, N. Y. Underwriter—Charles
it Graphic Controls Corp.
Dec. 12, 1961 ("Reg. A") 12,000 class A shares. Price—
$12.50. Business—The printing of recording charts and
data processing forms. Proceeds^—For general corporate
purposes. Office—189 Van Rensselaer St., Buffalo, N. Y.
Grafco
Electronics Corp.
ment and
acquisition of McCampbell & Co., Inc., a textile
agent. Address—Graniteville, S. C. Under¬
writer—Shearson, Hammill & Co., N. Y: Offering—Ex¬
•
Marine
stockholder.
Co.
the custom molding of other plastic
products. Proceeds—For general corporate purposes. Ad¬
dress—Leetsdale, Pa.
Underwriter—Van Alstyne, Noel
Oct.
102nd St., Los Angeles. Underwriters—
Alstyne, Noel & Co., N. Y., and Johnston. Lemon &
Oct. 27, 1961 filed 100,000 common,
to be offered by the company and
in¬
Dec. 15, 1961 filed 796,716 common. Price — By amend¬
ment. Business—Manufacture of cotton fabrics. Prdfcgtfds
new
(Andy) Corp.
Dec. 15, 1961 filed 200,000 common. Price — By amend¬
ment. Business—Manufacture of molded plastic toys and
• Gard
State
Hartfield Stores, Inc. (1/2-5)
Sept. 25, 1961 filed $5,000,000 of conv. subord. debentures
due 1981. Price—By amendment. Business—Operation of
retail apparel and discount department stores. Proceeds
—Repayment of debt, expansion and working capital.
Co., Wash.. D. C.
—
housewares,
Proceeds—Working capital. Office—Harleysville,
Underwriter—None.
Van
Office—2311-18th St., Tampa,
Underwriter—W. C. Langley & Co., N. Y.
• Graniteville
.Price—$1.
Proceeds—For equip¬
Office—5330 W.
•
facture
shares
Y.
Ni
gifts, candies and greeting
through franchised dealers.
nuities.
N.
Sept. 28, 1961 filed 140,000 common. Price—$11. Business—Manufacture of paper.
Proceeds—Expansion and
cards
Co., Inc.*
•
Harleysville Life Insurance Co. (1/29-2/2)
Sept. 21, 1961 filed 40,000 common. Price—$15. Business
—The writing of all types of life insurance and an¬
Business
Proceeds—For
purposes.
Securities
Hargrove Enterprises, Inc.
8, 1961 filed 160,000 common. Price—$5. Business
—Company plans to own and operate an amusement
park. Proceeds—For property development, advertising,
and working capital. Office—3100 Tremont
Ave., Cheverly, Md. Underwriter — Switzer & Co., Inc., Silver
Springs, Md.
Corp.
estate investment.
Underwriter—Albion
Dec.
County, Pa. Underwriter—Metropolitan Securities, Inc.,
Philadelphia (mgr.)
Nov. 21, 1961 filed 100,000 common.
Y.
ment, inventory and working capital. Office—11 Tenth
Ave., S., Hopkins, Minn. Underwriter—None.
Courses, Inc.
•/.-''r
28, 1961 filed 100,000 capital shares.* Price—$6.
Business—The company plans to operate a public golf
course and a private country club.
Proceeds—For pur¬
chase of land, construction and general corporate pur¬
poses.
Office—1352
Easton Rd.,
Warrington, Bucks
Aug.
and
Price—$3.
—
Business—The marketing of
Bermuda.
—
Airlines
Industries, Inc. (1/16)
1961 ("Reg. A") 100,000 common.
11,
commission
equipment for engines. Proceeds—To reimburse Treasury
for a recent acquisition. Office—105 Pawtucket Ave., East
Futura
Underwriter—None.
—
Co. Ltd.
Investment
new
Fabrication of components for
missiles, jet
engines, aircraft landing gears and precision machines.
Proceeds
Machinery, research and development and
working capital. Office—40 Sea Cliff Ave., Glen Cove,
Ohio.
Dayton,
For repayment of
Gotham
for
oxlered
of three
Hanneft
—For
Sept..!, 1961 filed 50,000 common. Price—By amendment.
Business
The manufacture of oil and air filtration
basis
Happy House, Inc. (1/8-12)
July 28, 1961 filed 700,000 common
of
(1/22-26)
be
to
held. Price—$2. Business—Writing of
casualty insurance. Proceeds—To increase capi¬
surplus. Office—25 S. Perry St., Montgomery,
and
Ala.
,
.
the
on
N.
raw
payment
common
Aug. 25, 1961 filed 175*000 common.
tal
60,000 common.v Price
(Wm.)
Casualty Co.
—The manufacture of ladies'
—Real
FJurocarbon Co.
Oct.
tal
Donald & Co., Cleveland.
writer—Seidman & Williams, N. Y.
Floyd
Stanley Ave.,
&
shares for each 10
Inc.
fire and
,
Fire
filed
226,004
suoscription by stockholders
200,000 common, of which 100,000 are
the company and 100,000 by stock¬
holders. Price—By amendment. Business—Manufacture
of miniature electric motors, powdered metal products
Co., N. Y.
1961
37
debt repay¬
ment, plant expansion and working capital. Office—300
Passaic St., Newark, N. J. Underwriters — Milton D.
Blauner & Co. and M. L. Lee &
Co., Inc., N. Y.
•
Honig's-Parkway, Inc. (2/13-16)
Dec.
1, 1961 ("Reg. A")
100,000 common. Price—$3.
Business—Company owns and operates three discount
stores in the Bronx selling bicycles, electric trains, toys,
household appliances, etc. Proceeds—For general corporate purposes.
Office - 2717-25 White Plains Rd.,
Bronx, N. Y. Underwriter —Richard Bruce & Co., Inc.
-
New
York.
Continued
on
page
38
38
(2754)
The Commercial and Financial Chronicle
Continued from page
ment and general corporate purposes.,
37
•
Office—148 Madi¬
Ave., N. Y. Underwriter — Burnham & Co., N. Y.
Offering—Expected in early February.
son
•
Honora, Ltd.
Nov.
1961
29,
(2/26-3/2)
("Reg. A")
Business—Purchase
their
distribution
in
76,500 common. Price—$3.75.
pearls in Japan and
•
cultured
of
the
U.
S.
Proceeds—For
common.
—
Hoosier Soil
Securities, Inc., Rego Park, N. Y.
(1/8-12)
Service, Inc.
Nov. 28, 1961 ("Reg. A") 41,939 common, of which 11,939
are to be- offered to preferred and common stockholders
and
30,000 to the public. Price—$6.75. Business—Process¬
ing and marketing of fertilizers. Proceeds—For redemp¬
tion of preferred stock and working capital. Address—
Bluffton, Ind. Underwriter—Patterson Securities & In¬
vestment Co., Inc., Fort Wayne, Ind.
■
House
of
Westmore,
Inc.
Price—$4.
Business
Proceeds—For
sell¬
ing stockholders. Office—120 E. 16th St., N. Y. Under¬
writers—Brand, Grumet & Seigel, Inc. and Kesselman
Co., Inc., N. Y. Offering—Expected in January.
Hyatt Corp.
Oct.
20, 1961 filed 350,000 capital shares. Price — $10.
Business—Operates a chain of motor hotels. Proceeds—
For
debt
Office
repayment
1290
general
and
Bayshore
corporate
Highway,
purposes.
Calif.
Co., San Francisco and ShearHammill & Co., N. Y.
—
Burlingame,
Underwriters—J. Barth &
son,
•
Inc.
(1/29-2/2)
("Reg. A") b0;uu0
Hydra-Loc,
10, 1961
Oct.
Business—Design,
brake control.
N.
•
development
Price—$2.
manufacture of a
common.
and
and gen¬
Office—101 Park Ave., Hudson,
Y.>Underwriter—McLaughlin, Kaufman & Co., N. Y.
Industries,
Hygiene
Inc.
(1/8-12)
Sept. 20, 1961 filed 200,000 common. Price—$5. Business
—Manufacturer
ceeds—For
N.
of
selling
shower
Ihnen
and
stockholders.
Underwriter—Milton
Y.
(Edward H.)
window
Blauner
D.
curtains.
Office—261
&
5th
Co.,
Pro¬
Ave.,
N. Y.
& Son, Inc..
derwriter—Amos Treat & Co.,
Expected sometime in January.
N.
Inc.,
,
\
Offering—
Y.
Capital Investment Corp.?.-(12/27)
Sept. 19, 1961 filed 250,000 common, Price—By amend¬
small business investment
Office—20 North Wacker
—Blair
& Co.,
company.
Dr., Chicago, 111. Underwriter
Systems, Inc.
Nov. 17, 1961 ("Reg. A") 100,000 common. Price — $3.
Business—Operation of restaurants. Proceeds—For debt
repayment, expansion and working capital. Office—711
Branch Ave., Providence, R. T. Underwriter—Freeman &
Co., Brighton, Mass. "
Industrial
Carondelet
St., New Orleans, La.
1961
("Reg. A") 95,250 common.
Price—$3.
Business—Purchase, distribution and sale of industrial
ment
thermometers, etc.
working capital.
and
Bronx, N. Y.
Proceeds—For debt repay¬
Office—1403-07 E. 180 St.,
Underwriter—R. F. Dowd & Co;, Inc., N. Y.
Information
Systems, Inc.
Nov.
13, 1961 filed 1,266,000 common to be offered to
preferred and common stockholders of' Ling-TemcoVought, Inc. (parent) of record Nov. 30, 1961. Price—By
amendment. Business—Furnishes industrial
and
handling
control
systems. Proceeds
stockholders. Office—10131 National
information,
—
For selling
Blvd., Los Angeles.
U nder writer—N one.
•
Oct.
N.
•
(The)
Oct.
Inpak Systems, Inc. (1/29-2/2 )
I
Oct. 25, 1961 filed 90,000 common.
Price—$4.25. Busi¬
ness—Designs,
develops, sells and leases
automatic
packaging machines.
Proceeds—For debt repayment
and general corporate purposes. Office—441 Lexington
Ave., N. Y. Underwriters—Stearns
& Co., N. Y.
&
Co.
and
Joseph
Nadler
International Management Corp.
Aug. 21, 1961 ("Reg. A") 100,000 common (par $1). Price
—$3. Proceeds—For loans to subsidiaries and working
capital. Office—7510 B. Granby St., Norfolk, Va. Under¬
Jaylis Industries, Inc.
Oct. 18, 1961 filed $850,000 of 6V2% subord. debentures
due 1971 and 212,500 class A common shares to be of¬
fered in units of one $100 debenture and 25 class A
was
Electronic International, Inc.
International Stretch Products Inc.
Nov.
Business—Manufactures
patented
traversing screens for use as window coverings, room
dividers, folding doors, etc. Proceeds—For debt repay¬
ment and general corporate purposes. Office—514 W.
Olympic Blvd., Los Angeles. Underwriter—D. E. Liederman &
Co., Inc., N. Y. Offering—In January.
Electronics, Inc.
filed
shares.
Price—By
design and production of
special electronic components for the commercial and
military market. Proceeds—For the repayment of debt,
and working capital. Address—Box 7, Casselberry,. Fla.
amendment.
125,000-" capital
Business—The
;
\
27, 1961 filed 300,000
common.
Price—By amend¬
ment. Business—Production and sale of extruded rubber
thread and braided elastics. Proceeds—For debt repay¬
Metcalfe Rd., Overland Park, Kan. Underwriter—George
K. Baum & Co., Kansas City, Mo. Offering—In January.
• Knickerbocker
Toy Co., Inc. (1/4)
Sept. 27, 1961 filed 100,000 common. Price—By amend¬
ment. Business—Design and manufacture of toys.
Pro¬
ceeds—For
working capital.
Office—401 Butler St.,
Brooklyn, N. Y. Underwriters — Netherlands Securities
Co., Inc., and Herbert Young & Co., Inc., N. Y.
Kogel,
Dec.
—A
and
floor
:
,
•
_
•
used in communication.
of
Price—$5.
common.
electronic
Proceeds—For
products and repayment of loans.
instruments
working capital,
Office—20 Madi¬
Ave., Hicksville, N. Y. Underwriter—General Securi¬
Co., Inc., N. Y. Offering—Indefinitely postponed.
Kann-Ellert
Electronics, Inc.
24, 1961 filed 108,000 common. Price—$6.50. Busi¬
ness—Wholesaling of electronic parts and components
and equipment. Proceeds—For debt repayment and
gen¬
eral
corporate purposes. Office — 2050 Rockrose Ave.,
Baltimore. Underwriter—Rubin, Rennert & Co., Inc., N.Y.
Keeko,
Inc.
Dec. 1, 1961 ("Reg. A") 100,000 common. Price—$3. Busi¬
ness—Company plans to establish service stations and
vending machine outlets in the Denver area. Proceeds—
For
debt repayment
Office—4970 Jackson
and
general
corporate
St.,
C. Sudler & Co., Denver.
Denver.
Underwriter—Amos
Keller Corp.
June 29, 1961 filed
ord.
debentures
Price—By
purposes.
Price—At
convertible sub¬
100%.
Business—
activities in Florida. Proceeds—Repayment of debt, ac¬
quisition of Yetter Homes, Inc., and general corporate
purposes.
Office—101
Kelly Girl Service, Inc. (1/8-12)
Oct. 27, 1961 filed 100,000 common, of which 25,000 are
to be offered by the company and 75,000
by a stock¬
holder.
Price—By amendment. Business—Furnishes
temporary
office
clerical
services.
Proceeds—For
working capital. Office—13314 Woodward Ave., High¬
land Park, Mich. Underwriter—Dean Witter &
Co., San
Francisco.
,
.•
•
/
.
amendment.
tical equipment.
—347
nam
Business—Manufacture
of
Proceeds—For debt repayment.
King St., Northampton, Mass.
Co., Hartford.
op¬
Office
Underwriter—Put¬
&
Koster-Dana Corp. (1/5)
Sept. 28, 1961 filed 70,000 common. Price—$5. Business—
Publishing of informational booklets for financial, com¬
mercial and industrial organizations. Proceeds—Debt re¬
payment
N.
Y.
and
working
capital.
Underwriter—Gianis
&
Office—76
Co.,
Ninth
Ave.,
N. Y.
ic Kraft Planned Homes, Inc.
Dec. 14, 1961 filed 200,000 common. Price—$5. Business
holding company in "shell homes" field. Proceeds—
For debt repayment and general corporate purposes. Of¬
fice—126
W. Broadway,
Girard, Ohio. Underwriter—
Best & Garey & Co.," Inc., Washington, D. C.
—A
Kratter Corp.
Sept. 27, 1961 filed $100,000,000 of 6% subord. debentures
due 1976 (with attached five-year warrants to purchase
2,000,000 class A common) to be offered to holders of
class A and class B
shares
bentures for each 50
at
shares
the rate of $1,000
of de¬
held.
Price—$1,000. Busi¬
ness—Real Estate investment. Proceeds—Repayment, of
debt, investment, and corporate purposes. Office—521
5th Ave., N. Y. Underwriter—None. Offering—Imminent.
Krylon, Inc.
15, 1961 filed 250,000
Business
common.
Manufacture
Price—By amend¬
of aerosol
spray paints,
protective coatings and other aerosol products. Proceeds
—For selling stockholders.
Office—Norristown, Pa. Un¬
—
derwriter—Eastman
Dillon, Union Securities & Co., N. Y.
Offering—Expected in mid-January.
• L. L.
Drug Co.,. Inc. (1/16)
July 26, 1961 filed 100,000 common shares. Price—$4.50.
Business
The manufacture of pharmaceuticals. Pro¬
ceeds—For repayment of a loan, purchase of
equipment,
research
and
development, advertising and working
capital. Office—1 Bala Ave., Bala-Cynwyd, Pa. Under¬
writer—Stevens Investment Co., Bala-Cynwyd, Pa. »
—
•
Laboratory Procedures, Inc. (1/15-19)
Sept. 29, 1961 ("Reg. A") 100,000 capital shares. Price—
$2.50. Proceeds—For debt repayment, equipment, ad¬
vertising,
Stocker
leases, and working capital. Office — 2701
St., Los Angeles. Underwriter—Pacific Coast
Co., San Francisco.
Securities
Leader-Durst
Dec.
1,
1961
Corp,
filed
405,000
class
A
common.
Price—$5.
Business—Real estate. Proceeds—For repayment of debt.
Office—41 E. 42nd St., N. Y. Underwriter—None.
Lehigh Press, Inc.
Nov.
3, 1961 filed 155,000 common, of which 45,000 are
by the company and 110,000 by stockhold¬
ers.
Price—By amendment.
Business—A commercial
printer. Proceeds—For a new plant, moving expenses
to be offered
and
$1,200,000 of 6V2%
1968.
advertising, and working capital. Office—
St., Long Island City, N. Y. Underwriter—•
Kollmorgen Corp. (1/8-12)
Nov. 9, 1961 filed 100,000 common, of which 40,000 are
to be sold by the company and 60,000 by stockholders.
equipment.
delphia.
due
100,000 common. Price—$1. Business
company for three subsidiaries in the wall
coating business. Proceeds—For product de¬
Globus, Inc.
ment.
• Jorn's
Greeting Card Co., Inc.. (1/10)
Sept. 28, 1961 filed 110,000 common. Price—By amend¬
ment. Business—Manufacture and sale of greeting cards.
Proceeds—For repayment of loans, expansion and work¬
ing capital. Office—106-11 157th St., Jamaica, N. Y.
Underwriter—Godfrey Hamilton, Taylor & Co., Inc., N. Y.
manufacture
/.
filed
Nov.
Plastics, Inc..
'• '
See Ripley Industries, Inc., below.
Business—The
Inc.
8, 1961
holding
,
Jomar
Joyce Teletronics Corp.
Aug. 31, 1961 ("Reg. A") 55,000
■
King Louie Bowling Corp.
Sept. 27, 1961 filed 325,000 common. Price—$3. Business
—Operates a chain of bowling centers. Proceeds—Repay
debt and
for other corporate purposes.
Office—8788
Underwriter—Warner, Jennings, Mandel & Longstreth,
Bradley Place, Palm Beach, Fla.
Underwriter—Casper Rogers & Co., Inc., N. Y. Note—
This registration may be withdrawn. ,
Co., Inc., N. Y. Note—This firm formerly
as
St., N. Y. Underwriter—Pacific Coast Securities Co.,
Mech-Tronics, Inc. (1/8-12)
("Reg. A") 120,000 common. Price—$2.
Co., Inc., Norfolk.
Business—The
manufacture
of
precision instruments.
Proceeds—For equipment and working capital. Office—
176 E. 15th St., Paterson, N. J.—Underwriter—Theodore
&
$12.50.
Development of land, construction of homes and related
&
International
known
—
Jayark Films Corp. (1/22-26)
Aug. 24, 1961 filed 72,000 common, of which 50,000 are
the company and 22,000 by stockhold¬
ers.
Price—By amendment. Business—The distribution
of motion picture and television films. Proceeds—For
production of films and working capital. Office—15 E.
1961
Office—889 Broadway, N. Y„ Un¬
Securities Corp., N. Y.
Offering
26-32 Second
to be offered by
48th
Inc.
working capital.
velopment,
Japan Fund, Inc. (1/22-26)
1961 filed 2,000,000 common. Price
Offering—
McLean
Imminent.
Arrin
Underwriter—
Paine, Web¬
ber, Jackson & Curtis, N. Y., and Nikko Securities Co.,
Ltd., Tokyo, Japan. ■
Oct.
1961
Rockville Centre, N. Y.
Co., Washington, D. C.
securities. Underwriters—Bache & Co., and
ground freezer and dry warehousing facilities. Proceeds
—For debt repayment, equipment and other corporate
purposes. Office—6500 Inland Dr., Kansas City, Kansas.
Underwriter—Scherck, Richter Co., St. Louis.
1
19,
&
Pro¬
Office—64 /*
capital.
Business—A diversified investment company. Office—25
Broad St., N. Y. Proceeds—For investment in Japanese
ties
Sept.
expansion and working
Co.
1961 filed 75,000 common.
—Expected in February.
Price—$2.
distribution of optical goods.
Park Ave.,
Stan-Bee
Dec. 7,
—
$10. Busi¬
ness—Mining of limestone and the operation of under¬
B.
30,
Optical, Inc. (1/22-25)
1961
("Reg. A") 75,000 common.
ceeds—For
son
Underground Facilities, Inc.
1961 filed 100,000 common. Price
writer—J.
Co., Inc., N. Y.
Jackson
new
Inland
•
Underwriters—Glore, Forgan & Co., N. Y.
Byllesby & Co., Inc., Chicago.
Philadelphia.
9,
gauges,
,
•
dan &
$1,000 debentures and 30 of common.
derwriter—Underhill
Interworld Film Distributors, Inc. (1/29-2/2) /
Sept. 29, 1961 filed 106,250 common. Price—$4. Business
Theatrical
distribution
and
co-production of foreign
and domestic feature films. Proceeds—For acquisition,
co-production, dubbing, adaptation and distribution of
films, and working capital. Office—1776 B'way, N. Y.
Underwriters—General Securities Co., Inc., and S. Kas-x
Sept. -8,
Industrial Gauge & Instrument Co., Inc..
Nov.
and
shares
_
Underwriter—None.
r
33
Los Angeles.
and H. M.
.
tures due 1974. Price—At par. Business—A consumerfinance firm. Proceeds—For repayment of debt and ex¬
Office—339
each
other food establishments and gift shops. Proexpansion. Office—11255 W. Olympic Blvd.,
Johnson
1
Finance & Thrift Corp.
Oct. 30, 1961 filed $2,000,000 of 6% subordinated deben¬
pansion.
rants,
shares.; Price—$200.
Inc., N. Y.
Food
Imac
debentures for
of
San Francisco.
^
Illinois
ment. Business—A
$100
•
May 16, 1961 filed 75,000 shares of common stock. Price
—$5 per share. Business—The construction of public and
private swimming pools and the sale of pool equipment.
Proceeds—To reduce indebtedness, to buy equipment,
and for working capital. Office—Montvale,, N. J. Un¬
•
of
held. Price—At par. Business—The operation of restau-
Business—Wholesale
Proceeds—For debt repayment
eral corporate purposes.
basis
units of
Price—$5. Business
—Importing and distribution of cameras, binoculars and
photographic equipment. Proceeds—For debt repayment
Hosts, Inc. (1/15-19)
Oct. 2, 1961 filed $2,550,000 of con. subord. debentures
due 1981 to be offered for subscription by stockholders
the
in
Nov. 21,
Interstate
on
(1/10)
Inc.
Rides,
Kine Camera
Inc., N. Y.
•
ceeds—For
Oct. 27, 1961 filed 150,000 common.
Sale and distribution of cosmetics.
&
Island City, N. Y. Underwriters—C. E. Unterberg, Towbin Co., and Arnhold & S. Bleichroeder,
?
Thursday, December 21, 1961
.
Price—By amendment. Business—The operation of coin
operated children's amusement equipment. Proceeds—
For repayment of loans, equipment and general corpo¬
rate purposes. Office—2557 W. North Ave., Chicago. Un¬
derwriter—Paul C. Kimball & Co., Chicago.
Price—$9.
Business
The wholesale distribution of photographic
and sound equipment and supplies. Proceeds—For the
selling stockholders. Office — 45-17 Pearson St., Long
corporate purposes. Office—42 W. 48th St., N. Y. Under¬
writer—Sunshine
.
Sept. 12, 1961 filed $1,000,000 of 7% convertible subordi¬
nated debentures due 1971 and 30,000 common to be of¬
fered
Interphoto Corp. (1/22-26)
15, 1961 filed 200,000 class A
Sept.
general
Kiddie
.
•
Office—2400 E. Huntingdon St., Phila¬
Underwriter—Harrison
Leslie
(Joyce),
Inc.
&
Co., Philadelphia.
(1/15-19)
Sept. 28, 1961 filed 100,000 common. Price—$5.50. Busi¬
ness—Retailing of women's apparel. Proceeds—For ex¬
pansion, inventories and working capital.
Office—850
Flatbush
nard &
Ave., Brooklyn. Underwriter—Seymour, Ber¬
DuBoff, Inc., N. Y.
Liberian
Iron
Ore
Ltd.;
Sept. 14, 1961 filed 436,327 capital shares being offered
for subscription by stockholders of International African
American Corp. Latter stockholders will receive class A
rights to acquire 40,000 capital shares on the basis of
one
for each
22
held; class B rights to acquire 220,182
for each four held; and class C
rights
acquire 176,145 shares and $5,871,500 of debentures of
Liberian American-Swedish Minerals
Co., subsidiary,
in units, eaqh consisting of $100 of
debentures and three
on
to
the basis of
one
■
■■An»rv-wi-vi y.- •< t
Volume
Liberian
'-t.f ,y1.
*
r
Number
194
shares.
Iron
*
6118
.
.
Price—Class
.
The Commercial and Financial Chronicle
A—$10;
Class
B—
$15.85; Class C—$104 per unit. Proceeds—For the selling
stockholder; Business—A holding company for stock of
American-Swedish Minerals
Liberian
Co., which is en¬
gaged in the exploitation of iron ore deposits in Liberia.
Address—Prince Edward Island, Canada. Underwriter—
None. Note—The record date for the offering is Nov.
and the rights expiration date Dec. 27, 1961.
15
'
Lido
Corp.
1961 ("Reg. A") 84,000 common. Price—$3.25.
Business—The manufacture of toys, games and novelties.
Proceeds—For new equipment, advertising, and repay¬
Aug. 29,
of loans. Office—349
ment
Rider
Ave., Bronx 51, N. Y
Underwriter
Flomenhaft, Seidler & Co., Inc., N. Y.
Offering—Expected sometime in January.«;
• v
—
Linco
International,
Overland, Mo. Underwriter—R. L. Warren Co., St. Louis.
Lincoln
March
Price
30,
Fund, Inc. (1/16-19)
1961 filed 951,799 shares
Net asset value
—
Business
A
—
plus
a
7%
of common stock
selling commission.
non-diversified, open-end, management-
type investment company whose primary investment ob¬
jective
is capital
income
derived from the sale of put and call options. Proceeds—
For investment. Office—300 Main St., New Britain, Conn.
Distributor—Horizon Management Corp., New York.
Lincoln
Oct, 31,
appreciation and,
Life
Income
life
secondary,
Insurance Co.
1961 filed 45,000
Business—A
-ment.
Litho-Tone,
Nov.
17, 1961 filed $247,500 of convertible subordinated
-7% debentures due 1971 (with attached warrants! and
•55,000 common shares to be offered in units consisting
of one $4.50
debenture y (with one warrant) andsgone
common share. Price — $6 per unit. Business — Litho¬
graphy printing and the manufacture of offset pmfitmg
plates. Proceeds—For general corporate purposes, i&ffice
—333 Hudson St., N. Y. Underwriter—ContinentaLBond
& Share, Maplewood, N. J.
,
•
Lithoid, Inc. (2/26-3/2)
•
1961 filed 120,000 common. Price—$3. Business
.'—Development and manufacture of equipment andssys-tems
for
the
photographic data processing industry.
Nov. 22,
Proceeds—For
general
corporate
Officep-232
purposes;
Cleveland
Ave.," Highland Park, N. J.
Underwriter—
Godfrey, Hamilton, Taylor & Co., Inc., N. Y.
..ia.
Little Ruffy Togs,
Nov.
29,
ment.
filed
1961
Business
Inc.
Price—By aTffgnd-
common.
Manufacture
—
sale
and
of
children's
clothing. Proceeds — For debt repayment and wording
capital. Office—112 W. 34th St., N. Y. Underwriters—
Glass &
-•
Ross, Inc. and Samson, Graber & Co.,
Lomarf Perfected
—The
of
manufacture
Inc.flS. Y.
Price—$5. Business
common.
and accessories and
tools, dies, metal stampings, etc. Proceeds—For moving
expenses,. purchase of equipment, promotion of a new
product and working capital. Office—199 Bleecker St,
Brooklyn, N. Y. Underwriter—None
•
Lunar
pool filters
Enterprises,
Inc.
%
A")
150,000
common.
Pride—$2.
and manufacture of automatic filling
equipment. Proceeds—For debt re¬
working capital. Office — 191 Berry St.,
machines and related
Proceeds—F$r re¬
payment of loans, equipment, new products, saleis pro¬
ital,
advertising, plant removal and working cap¬
Office—189 Lexington Ave., N. Y. 16, N. Y.
Under¬
N.J
writer—Continental Bond & Share Corp., Maplewood,
/
Macoid
Sept.
are
28,
to be offered by
holders.
ucts
Industries, Inc. (1/8-12)
1961 filed 300,000 common, of which
for
Price—$5.
the automobile,
industries.
12340
&
»
electrical utility and telephone
working
capital.
Office—
Detroit. Underwriter—Charles Plohn
Cloverdale,
Co., N. Y.
Industry, Inc.
Aug. 2, 1961 filed 135,000 common shares. Price :— By
amendment. Business—The publishing of business pe¬
riodicals. Proceeds—For promotion, a new publication
and working capital.
Office—660 Madison Ave., New
Magazines
For
York. Underwriter—To be
J'ijj
100,000
company
Proceeds—For
named.
■,
(1/2-5)
Sept. 21, 1961 ("Reg. A") 100,000 common. Price—$3.
Business—Sale of scientifically tested biochemicals and
Mann
'
Research
pharmaceuticals.
•3
j
■;
&
3
-
s
'<
Proceeds—For
Inc.
new
quarters,
equip¬
a
Co., Ny Y.
Marie
■
r. i..
ness
:
r
<;
•
—
A
\ -•-•■**
'•<
/
•■/"«
'
y
c
f.v
:»
•
Design & Mfg. Corp.
Nov. 14, 1961 ("Reg.
if}
•'•v*
Laboratories,
laboratory, inventories and working capital. Of¬
fice—136 Liberty St., N. Y. Underwriter—L. D. Sherman
ment,
;'ii1
M.Kahn&Co., Inc., N.Y.C.
Offering—Imminent.
filed
1961
1,
Proceeds—For
South
small
general
Seventh
St.,
Manufacture
*
"I
Price—By amendment. Business—Manufac¬
products and parts of the automotive and elec¬
industries.
Proceeds—For debt repayment and
working capital.
Office—First and Elm Sts., Beaver
investment
corporate
Minneapolis,
Minn.
company.
Dam, Wis. Underwriters—Cruttenden, Podesta & Co.,
Chicago and Splaine & Frederic, Inc., Milwaukee. Offer¬
ing—Expected sometime in January.
Office—91
purposes.
Underwriter—
•
("Reg. A")
1961
1,
(12/26-29)
100,000
Business—Manufacture of
common.
Price
—
$3.
Karasik &
Meteor
Business
Machines
Corp.
Oct.
(12/27-29)
North
111.
/
shares.
Afius
tail
common. Price—$6. Business—
commercial and industrial floor mainte¬
Proceeds
For
—
and other corporate purposes. Office—76
Boston. Underwriter—Townsend, Dabney &
Tyson, Boston.
(A. L.)
Co.
o
filed 200,000
1961
common, of which 125,000
by the company and 75,000 by a selling
stockholder. Price—By amendment. Business—Operates
private cafeterias and public restaurants. Proceeds—For
are
repayment and general corporate purposes. Office
E. Lee St., Baltimore.
Underwriter—Stein Bros.
& Boyce, Baltimore.
Maust Coal
Nov.
equipment, Office
Underwriter—Eastman Dillon,
Ave., N. Y.
26,
1961
are
to
filed
be
200,000
offered
common,
by
the
of
which
100,000
rate
shares
held.
Price—By amend¬
Office—230
Park
Ave.,
N.
Y.
Medex,
Underwriter—
.»
•
.
Office—1488 Grandview Ave.. Columbus, Ohio.
26,
debt
Un¬
Price-—$10.
medical
A") 55,000 common. Pirce—$4. Busi¬
of waste water filters and filtering
I
A
■•}
,:
of
open-end.
Proceeds—For
investment
in
the
industry and capital growth situations. Office
—677 Lafayette St., Denver. Underwriter—Medical As¬
sociates, Inc., Denver.
•
dresses.
Missile Valve
Nov.
Business
to
—
women's
Proceeds—For
debt
repayment, in¬
ventory and expansion. Office—1919 S. Los Angeles St.,
Los Angeles. Underwriter—F. L. Rossmann & Co., N. Y.
Medical Industries Fund, Inc.
plans
Elliette, Inc. (1/15)
1961 filed 100,000 common. Price—By amend¬
Business
Design, manufacture and distribution
10,
ment.
New
Oct. 23, 1961 filed 25,000 common. Price—$10.
—A
closed-end
investment
company
which
become
Miss
Oct.
York, N. Y. Underwriter—
Fleetwood Securities Corp. of America, 44 Wall St., N. Y.
—
Proceeds—For
and
working capital.
Office—9-11
St., Valley Stream, N. Y. Underwriters—T.
M. Kirsch Co., Inc., N. Y. and I R. E. Investors Corp.,
Levittown, N. Y.
Business—A closed-end diversified investment company.
Proceeds—For
investment
in
firms
serving modern
Address
repayment
Cleveland
Fund,
Inc.
1961 filed 2,000,000 capital shares.
medicine.
Components, Inc.
("Reg. A") 150,000 class A shares. Price—
Business—Manufacturer of precision metal com¬
ponents, assemblies and sub-assemblies.
•
Medical
Milo
$1.
derwriter—Globus, Inc., N. Y. Offering—In January.
Oct.
N. W., Washington,
Underwriters, Inc.
Nov. 17, 1961
Inc.
Sept. 27, 1961 filed 110,000 common. Price—By amend¬
ment.
Business—Development and manufacture of a
limited line of hospital and surgical supplies. Proceeds
—For construction, inventory, research and working cap¬
ital.
Office—1730 K St.,
Underwriter—Affiliated
of men's and boy's hats. Proceeds — For purchase of a
building, plant equipment, and working capital. Address
—2700 Canton St., Dallas.
Underwriter—Eppler, Guerin
& Turner, Inc., Dallas.
—
Goldman, Sachs & Co.
purposes.
C.
• Miller Brothers Hat Co., Inc.
Dec. 18, 1961 filed 126,000 common, of which 100,600
will be sold by the company and 26,000 by certain stock¬
holders. Price—By amendment. Business—Manufacture
Magazine publishing. Proceeds — For
expansion
and
diversification, and working
possible
capital.
13
Busi¬
parts. Office—136 Liberty St., N. Y. Underwriter—Marron, Sloss & Co., Inc., N. Y. Offering—In early January,
(1/29- 2/2)
each
Price—$2.
ment. Business—Wholesaler and distributor of electronic
Roslindale, Mass. Un¬
Co.,' Inc., N. Y.
1, 1961 filed $9,983,000 of convertible subordinated
debentures due Feb. 1, 1992, to be offered for subscrip¬
tion by common stockholders at the rate of $100 of
for
Avenue, Roosevelt, N.. Y. Under¬
Offering—Im¬
•
Milgray Electronics, Inc. (l/S-12)
Sept. 26, 1961 filed 166,667 common. Price—By amend¬
Dec.
Business
sign of potentiometers used in computers, ground control
guidance systems and missiles. Proceeds—For tooling
and production; repayment of
loans; equipment; advertising; research and development and working capital.
D.
company
ital. Office—525 Hyde Park Ave.,
derwriter—McDonnell &
debentures
re¬
ness—Company plans to engage in the commercial fi¬
nance and factoring business.
Proceeds—General corpo¬
Proceeds—For debt repayment and working cap¬
Corp.
unit. Business-^Fmanning of
Midwestern Investment Corp.
16, ,1961 filed 200,000 common.
shares
McCall
per
Proceeds—For
Oct.
N. Y.
Maxam, Inc.
shares
Law¬
• Midwest Medical investment Trust
Dec. 11, 1961 ("Reg. A") 15,000 shares of beneficial in-'
terests. Price—$20. Business—A real estate investment
trust which plans to own interests in medical office*
buildings, hospitals, etc. Proceeds—For working capital.
Address—Van West, Ohio. Underwriter—J. Allen McMeen & Co., Fort Wayne, Ind.
debt
^Oct.
&
writer—Underhill Securities Corp.,, N. Y.
minent.
—25
Fifth
Price—$150
sales.
Office—19 Debevoise
to be offered
—530
Price—$3.
barbecue
June
equipment,
30,
common.
electric
Micro-Lectric, Inc.
12, 1961 ("Reg. A") 55,000 common shares (par 10
cents). Price—$4. Business—The manufacture and de¬
debt,
of
repayment
Roland St.,
Nov./
100,000
of
Western*'Ave; Chevy Chase,
1961 filed 100,000
products.
A")
working- capital. Office—5422
Md. Underwriter — R.
Baruch & Co., Washington, D. C.
Masury-Young Co.
nance
("Reg.
Manufacture
Metropolitan Acceptance Corp.
2, 1961 fUed $300,000 of 6% subordinated convert¬
ibles due 1967 and 60,000 common shares to be offered
in units consisting of $100 of debentures and 20 common
'
Dec. 4,
1961
—
Oct.
Underwriter—Arnold
1
Co., N. Y.
Enterprises, Inc.
Hollywood, Calif. Underwriter—Kolb
Inc., 'Las Vegas, Nev.
rence,
ing machines. Proceeds—Advertising sales, promotion,
new
products and working capital. Office—2450 «$s$es
Grove Village,
Co., Inc., N. Y.
of
motors,
Proceeds—For debt repayment and gen¬
corporate purposes.
Office—5356 Riverton Ave.,
eral
and trimmers, paper folding machines,
photographic dark room accessories and envelope open¬
Elk
(1/22-26)
Price—$2. Business
igniters, etc.
of paper cutters
Ave.,
31,
Business
Sept. 27,1961 filed 100,000 common (with attached threeyear warrants to purchase 40,000 shares at $5, to be of¬
fered in units of one share and a warrant to purchase
0.4 share. Price—$3.50 per unit. Business—Manufacture
Malkan &
common.
electronic cases and containers, and
precision sheet metal products. Proceeds—For debt re¬
payment, and other corporate purposes. Office — 111
Bloomingdale Rd., Hicksville, N. Y. Underwriter—Frank
Ave., Newark, N. J. Underwriter—Richard
Yale
Manufacturing Corp.
18, 1961 filed 100,000
—Manufacture
rectifiers, regulators, thermo¬
Bruce & Co., Inc.. N. Y.
Martin
Metatronics
Oct.
couple tubes, and thyratrons. Proceeds—For expansion,
.research and development, and working capital. Office
—54 Summer
debentures
trical
Price—By amend¬
common.
business
Marshall Electronics Co.
Nov.
conv.
tures
250,000
Business—A
f.
(of which 20,000 shares
offered by the
company and 80,000 by stock¬
to be
holders).
Marquette Capital Co.
,
,! irt?
J
Metalfab, Inc.
are
ment.
and 200,000 by stock¬
Business—Molding of plastic prod¬
the
Office—Moonachie, N. J.
N.Y.C. Underwriter—Bernard
stores.
motion and
(1/15-19)
Oct. 27, 1961 filed $600,000 of 6% s.
due 1976 and 100,000 common
•
exercise and slenderizing equipment.
Industries, Inc.
..Proceeds—Repay debt, taxes, purchase equip¬
ment, and working capital. Office—174 Main Ave., Well¬
ington, N. J. Underwriter—Mortimer B. Burnside & Co.,
N. Y.,V ->'
Corp.
Brooklyn, N. Y. Underwriter—A, J. Gabriel Co.&N. Y.
MacLevy Associates, Inc. (1/29-2/2)
^
July 20, 1961 ("Reg. A") 150,000 common shares (par one
cent). Price—$2. Business—The distribution of tfealth,
Melnor
Price—$7. Business—The manufacture of ladies' wear.Proceeds—For working capital. Office—141 W. 36th St.,
ment.
c e—
Corp.,
metals.
Aug. 29, 1961 filed 225,000 common, of which 150,000 are
to be offered by the company and 75,000 by stockholders.
Dec.
O f f i
& Co., N. Y.
Metallurgical International, Inc. (1/15-19)
Sept. 26, 1961 filed 145,000 class A. Price—$3. Business
—Reprocessing and manufacturing of rare refractory
expansion,- acquisition of
Lyon & Co., Inc. (mgr.), Glass & Ross, Inc., and Globus,
Industries
purposes.
Busi¬
equipment.
•
Inc., N. Y. C.
Marlene
corporate
Underwriter—Francis I. duPont
By
and 100,000
by stockholders.
Price—By amendment. Busi¬
ness—Operation
of self-service
discount
department
payment and
m;
—
facilities and other corporate purposes. Office—153Tenth Ave., Whitestone, N. Y. Underwriters—Ross,
Union Securities & Co.,
Business—Design
!-.|*
Price
new
•
general
Price—$10.
electronic
City, Calif. Underwriter—Financial Equity
purposes.
shares.
—For debt repayment and purchase of
Co., Inc.
29, 1961 ("Reg.
•
(1/22-26)
common
For
—
1501
Nov.
'
Corp.
Proceeds
amendment.
filming
MRIM
-
Polarized
27, 1961 filed 95,000
& Coke Corp. (1/2-5)
13, 1961 filed 250,000 common. Price—By amend¬
ment.
Business—Mining of bituminous coal. Proceeds
and production and working capital. Of|ice—
Broadway, N. Y. Underwriter—Ehrlich, IrWin &
Co., Inc., 50 Broadway, N. V.
\}F
June
common.
medical
Nov. 15, 1961 filed 152,500
common, of which 52,500 are
to be offered by the
company and
100,000 by stock¬
holders.
Price — $11.
Business — Manufacture of
lawn
and
garden sprinkling equipment.
Proceeds—
For general corporate
Co., N. Y.»
Marks
of
Los Angeles.
(2/5-9)
Aug. 31, 1961 filed 125,000 common. Price—$5.75. Busi¬
ness—The production of television films. Proceeds—Foi
«
•
Mathias
(1/15-19)
Devices, Inc.
-Sept. 14, 1961 filed 100,U00
1961 filed luo,ouu common. Price—By amend¬
ment.
Business—Development, design, manufacture and
sale of precision electromechanical devices.
Proceeds—
For debt repayment and working capital.
Office—155
Waverly Place, N. Y. Underwriter—C. E. Unterberg,
Manufactures
165,000
Studio
Oct. 26,
Towbin
1961 filed 250,000
Proceeds—For
(1/22-26)
Corp.
13,
ness—Manufacture
By amend-
?—
company.
(1/22-26)
Inc.
Markite
Nov.
None.
Price
common.
insurance
Proceeds—
•For the selling stockholder. Office—Louisville, Ky» Un¬
derwriters—J, C. Bradford & Co., Nashville, Tenn. and
-W. L. Lyons & Co., Louisville. Ky.
•
•
39
Medical Video Corp.
capital.
.
15, 1961 ("Reg. A") 75,000 common. Price — $4.
Business—Operation of 20 departments in closed-door
membership department stores. Proceeds—For general
corporate purposes. Office—1510 Page Industrial Blvd.,
<
Proceeds — For debt repayment and working
Office—610 W. 18th St., Hialeah, Fla. Under¬
writers—Shawe & Co., Inc. and Terrio & Co., Inc., Wash¬
ington, D. C.
systems.
16
Inc.
Nov.
(2755)
24, 1961
Business
-
valve.
Corp.
("Reg. A")
300,000 common. Price — $1.
—.Production and sale of new type butterfly
Proceeds—For purchase of the patent and pro¬
and development of the valve.
Office — 5909
duction
Hollywood
ferred
Blvd., Hollywood, Calif. Underwriter—Pre¬
Securities, Inc., Phoenix.
/
Continued on page 40
•
40
The Commercial and Financial Chronicle
(2756)
Continued
National Mercantile
from page 39
Oct.
Research
Mitron
&
Development Corp.
Proceeds—For
industry.
corporate
corporate
general
products. Office—899 Main St., Waltham,
Underwriter—Stanley Heller & Co., N. Y.
purposes, new
Mass.
Mobile
Estates,
•
Oct.
to
For
holder.
leasing
ment
trailers.
of
of
debt,
expansion, repay¬
capital.
Office—8472 S.
Proceeds—For
working
and
Underwriters—Kleiner, Bell
Co., Beverly Hills, Calif, and Hardy & Co., N. Y.
&
Modern Pioneers' Life Insurance Co.
Nov.
Underwriter
Phoenix.
North
•
("Reg. A")
1961
common.
Associated
—
General
of
Agents
America, Inc.
Molecular
Sept.
105,297
1,
Inc.
Dielectrics,
filed
1961
150,000
(1/22-26)
common,
135,000
are
to be offered
Co.
Price—$5. Business—The manufacture of high-tem¬
by the company and 15,000 by Cardia
electronic and electrical insulation materials.
Proceeds—For equipment, a new product and working
perature
capital. Office—101 Clifton Blvd., Clifton, N. J. Under¬
writers—Street & Co., Inc. and Irving Weis & Co., N. Y.
Molecu'ar
Dec.
Corp.
Systems
1961 filed 140,000 common. Price—$3. Business
—Production
of
polyethylene
materials
of
varying
grades. Proceeds — For equipment, research and de¬
velopment and working capital. Office — 420 Bergen
Blvd., Palisades Park, N. J. Underwriters—Stone, Acker& Co., Inc., (mgr.) and Heritage Equity Corp., N.Y.
man
&
Lumber
Mont'scello
Mfg.
the
Bldg., N. Y.
•
National
to
Inc.
(1/22-26)
class A shares. Price
120,000
By
—
Business—Distribution of automobile parts.
For debt repayment and working capital.
amendment.
Proceeds
Industries,
filed
—
Office—900-908 S.
Oyster Bay Rd., Hicksville, N. Y. Un¬
derwriter—Street & Co., Inc., N. Y. '
Municipal Investment Trust Fund,
Series
(1/9-12)
First Pa.
April 28, 1961 filed $6,375,000 (6,250 units) of interests.
Price—To be supplied by amendment.
Business—The
fund will invest in tax-exempt bonds of the Commonwea
th
of
Pennsylvania
Ill
its political sub-divisions.
Sponsor—Ira Haupt & Co.,
and
investment.
Proceeds—For
Broadway,
Y.
N.
Office—Time and Life
(2/13-16)
by the company and 80,000 by stockhold¬
amendment." Business—Manufacture of
suspension systems, and other specialized
roll
formed
and
metal
other
products.
Proceeds—For
corporate purposes. Office
debt
—
repayment
Morehall Road,
Malvern, Pa. Underwriter—Drexel & Co., Philadelphia.
National
C.
Semiconducter Corp.
Credit
Mutual
3,
Corp.
subord.> debentures,
—A
finance
$300,000
("Reg. A")
1961
due
of 6V2% convertible
Price—At par. Business
1971.
Proceeds—For general corporate
company.
Address—Keene, N. H.
Underwriter—ChilNewbery & Co., Inc., Kingston, N. Y.
purposes.
son,
Blyth & Co., Inc., N. Y.
•
Premium
Narrows
(1/8-12)
Corp.
'
York
Proceeds—General
State.
fice—9805
Fourth
corporate
purposes.
Of¬
Ave., Brooklyn. N. Y. Underwriter—
Pearson, Murphy £: Co., Inc., N. Y.
National
July
21,
filed
150,000
capital shares. Price—$5.50.
bowling centers. Proceeds—
expansion, repayment of loans, and working capi¬
Business
—The manufacture of electronic components. Proceeds—
For repayment of a loan,
expansion, new products, work¬
ing capital and general corporate
St. Casimer Ave., Yonkers, N. Y.
Karasik & Co., Inc., N. Y. (mgr.).
Oct.
30,
Vended
1961
filed
Ski
vending machines
ance
purposes.
Office—52
Underwriter—Frank
Insurance Corp.
550,000
Price—By
common.
Business—Distribution
to
of
amend¬
coin-operated
brokers
at
inventory/ advertising and working capi¬
Lexington Ave., N. Y. Underwriter—
Pacific Coast Securities
Co., San Francisco. Offering—
Expected sometime in February.
Nationwide
Bowling Corp.
19, 1961 filed 100,000 capital shares (with attached
warrants). Price—By amendment. Business—The oper¬
Oct.
ation of
bowling centers. Proceeds—For a realty acqui¬
sition and working capital.
Office — 11 Commerce St.,
Newark, N. J. Underwriter—Warner, Jennings, Mandel
&
Longstreth, Philadelphia.
New
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 pur¬
Office—90 Industry St., Toronto, Canada. Under¬
C.
MacPherson
&
Co., Toronto.
New West Land
Corp.
June 30, 1961 ("Reg. A") 200,000 common shares
(par
$1). Price—$1.50. Proceeds—For repayment of notes and
acquisition of real estate interests. Office—3252 Broad¬
way, Kansas City, Mo.
Underwriter — Barret, Fitch,
North & Co., Kansas City, Mo.
New
World Laboratories, Inc.
13, 1961 ("Reg. A") 100,000 common. Price — $3.
Business—Manufacture of cosmetics and hair prepara¬
Nov.
tions.
Proceeds—For debt repayment and general cor¬
porate purposes. Office—1610 14th St., N. W., Washing¬
ton, D. C. Underwriter—T. J. McDonald & Co., Inc.,
writer—Edward
S.
16th
Lewis &
Street, Philadelphia.
Co., Inc., N. Y.
Under¬
Offering—Ex¬
pected sometime in January.
National
Capital Acceptance Corp.
20, 1961 ("Reg. A") 150,000 class A common. Price
—$2. Business—Purchase of second trust notes and other
Oct.
securities.
Proceeds—For
working capital. Office—8719
—Colesville
Rd.,
Silver
Spring,
Md.
Underwriter—
Guardian Investment Corp., Washington, D. C. Offering
—Expected sometime in January.
,
•
National
Equipment & Plastics Corp. (1/15)
Sept. 28, 1961 filed 105,000 common. Price—$5. Business
—Operation of a cleaning and pressing plant and affili¬
ated
stores.
pansion
and
Proceeds—For
working
debt
capital.
repayment,
Address
—
store
National
June
22,
Hospital Supply Co., Inc.
("Reg. A") 100,000 common.
1961
Pfice—$3.
Business—Distribution
of medical supplies. Proceeds—
advertising and promotion, expansion, re¬
payment of loans and working papital. Office—38 Park
Row, N. Y. Underwriters—Edward Lewis & Co., Inc. and
For inventory,
Underhill Securities
Corp., N. Y. Offering—Imminent.
Inc.
(1/3-5)
—
Choice" brand, working capital and
operating expenses.
Office—1511 K St., N. W.,
Washington, D. C. Underwriter
—Hirschel & Co., Silver Spring, Md.
Nuveen
Tax-Exempt Bond Fund,
Feb. 23, 1961 filed
$10,000,000 (100,000
certificates. Price—To be filed
Series
2
units) ownership
Business
—The fund will invest in
interest bearing obligations of
counties, municipalities and territories of the
U. S., and political subdivisions thereof which
are be¬
states,
lieved to be exempted from Federal income
taxes.
ceeds—For investment.' Office
135
South La
—
payment
and
construction.
Office—140
West
Y.
pected
Jan.
9
(11
a.m.
EST)
in
Room
1600,
140
West
Tax-Exempt Bond Fund,
Series
3
Oct. 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
U. S., and political subdivisions
thereof which are be¬
lieved to be exempted from Federal
income taxes. Pro¬
ceeds—For investment.
—
John
Nuveen
Nuveen
Oct.
17,
&
Office—Chicago, 111 SponsorCo., 135 So. La Salle St., Chicago.
Tax-Exempt Bond Fund,
1961
filed
fractional interests
$15,000,000
of
Series 4
units
representing
in
the Fund. Price—By amendment.
Business—The Fund will invest in
interest-bearing obli¬
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—
For
investment.
Office—Chicago, 111. Sponsor—John
Nuveen & Co., 135 So. La Salle
St., Chicago.
Oceanic Instruments, Inc.
(12/28)
Aug. 24, 1961 filed 140,000 common. Price—$1. Business
—The company plans to manufacture scientific
marine
instruments and provide consultation services. Proceeds
---For organizational expenses and
purchase of equip¬
ment.
Office—1515 Norton Bldg., Seattle. Underwriter—
Globus, Inc., N. Y.
•
.•
/
Old
Empire, Inc. (12/26-29)
1, 1961 filed $950,000 of convertible subordinated
May
debentures
due
1971.
Price
—
At
Business
par.
—
The
manufacture, packaging and distribution of cosmetics,
pharmaceuticals and household, chemical and industrial
specialties. Proceeds—For the repayment of bank loans,
property improvements and working capital. Office—
865 Mt. Prospect Avenue,
Newark, N. J. UnderwriterLaird, Bissell & Meeds, N. Y.
Olympia Mines, Inc. (1/2-5)
Sept, 1, 1961 filed 300,000 capital shares. Price—$1.35.
Business—The exploration and
development of mines.
Proceeds—For mining
operations.
Brooklyn, N. Y. Underwriter
—
Office—44 Court
Gaumont
Corp.,
St.,
Ltd.,
Toronto, v
Orbit
Aug.
St., N.
Pro¬
Salle
Street, Chicago.
,
mortgage
bonds, series M, due Jan. 1, 2002. Proceeds—For debt re¬
Industries,
22,
1961
filed
Inc.
(1/8-12) $
:/*;
.
125,000
common shares.
Price—$4.
Research,
development,
engineering
and
manufacturing in the telephone, electronics and related
Business
fields.
—
Proceeds—For
of loans, and equip¬
St., N. E., Vienna, Va. Under¬
writer— Hodgdon &
Co., Inc., Washington, D. C.
ment.
Office—213
repayment
Mill
Originate Inc.
Aug. 29, 1961 filed 150,000
Dec. 7, 1961 filed 90,000 common. Price—$5. Business
—Company plans to construct a plant for production
common. Price—$9.25. Busi¬
ness—The manufacture of women's coats.
Proceeds—For
the selling stockholders. Office—512
Seventh Ave., N. Y.
Underwriters
Globus, Inc., and Divine
of
Inc., N.. Y.
Nigeria
Chemical
Corp.
(2/5-9)
ethyl alcohol and deiivatives and
to
distill
and
sell
industrial and potable alcohol in Nigeria. Proceeds—For
equipment,
debt
repayment, and working capital. Of¬
St., Newark, N. J. Underwriter—Scott,
Harvey & Co., Inc., Fairlawn, N. J.
fice—1060 Broad
Norcold, Inc.
Nov.
20,
1961
("Reg.
A")
75,000
common.
Price—$4.
Proceeds—For
general corporate purposes. Office—5111 W. Washington
Blvd., Los Angeles. Underwriter—Morgan & Co., Los
Angeles.
North America
Real
Estate Trust
Nov.
13, 1961 filed 2,000,000 shares of beneficial interest.
Price—$10.
Business—Real
estate
investment
trust.
Proceeds—For acquisition of property and working cap¬
ital.
Office—475 Fifth Ave., N. Y. Underwriter—None.
•
North Atlantic
Industries, Inc. (1/8-22)
filed 131,500 common, of which 120,000
will be sold by the company and 11,500 by a stockholder.
Price—By amendment. Business—Manufacture of pre¬
Sept.
cision
26, 1961
electronic
—
instruments.
Proceeds—Repayment
of
&
Offering—Expected
some
time in
Fishman,
January.
Orion Electronics
Corp. (1/15-19).
Aug. 28, 1961 filed 100,000 common. Price—$3.50. Busi¬
ness—The
tems
for
quencies
Business—Sale of compact refrigerators.
ex¬
Portage, Pa.
Underwriter—Cortlandt Investing Corp., N. Y.
.
Nutri-Laboratories,
Sept. 14, 1961 filed 100,000 common. Price—$5. Business
7*—The manufacture and distribution of animal foods and
dog products. Proceeds
For marketing of "Doctor's
•
.
•At New York Telephone Co. (1/9)
Dec. 15, 1961
filed $60,000,000 of refunding
•
220
•
and
writer—A.
For
—
Blvd., Beverly Hills,
Vickers, McPherson & Warwick,
—
Inc., N. Y.
insur¬
sporting centers.
Office—420
St., N. Y.
Office
Underwriter
Nuveen
Corp. (1/22-26)
Sept. 11, 1961 filed 133,000 common. Price—$3.
Business—The operation of
tal.
Corp.
—
Tel-Tronics
Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc., and Morgan Stanley & Co. Bids—Ex¬
Bowling Lanes, Inc.
1961
Nutri-Bio
Fund, Series 2.
National
Washington, D. C.
Sept. 25, 1961 filed 100,000 common. Price—$4. Business
—Financing of casualty insurance premiums in New
related
ark, N. J,
by amendment.
—
Nov.
Price—$5. Business
cabinets and
debt
Note—This registration has been indefinitely postponed.
poses.
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,
N. Y. C. Offering—Expected in early 1962.
For
Sponsor—John Nuveen & Co., Chicago.
Offering—Expected in early 1962. Note—This fund form¬
erly was known as Tax-Exempt Public Bond Trust
ment
Municipal Investment Trust Fund, Series B
—
May 11, 1961 filed 75,000 shares of capital stock. Price
supplied by amendment. Business—The design,
development, manufacture and sale of quality transistors
for military and industrial use.
Proceeds — For new
equipment, plant expansion, working capital, and other
corporate purposes. Office—Mallory Plaza Bldg., Danbury, Conn. Underwriters—Lee Higginson Corp., N. Y. C.
and
Piper, Jaffray & Hopwood, Minneapolis (mgr.).
tal.
Parts
1961
30,
working capital.
Price—By
Proceeds—For
Motor
centers, repayment
new
Rolling Mills Co.
Address—Monticello, N. Y. Underwriter—J. Laurence &
•
of
offered
be
ers.
National
Co., Inc., N. Y.
kitchen
repayment, expansion,
and working capital. Office—201-221 Godwin
Ave., Paterson, N. J. Underwriter—United Planning Corp., New¬
Underwriter—Berger-Derman, Inc., N. Y.
ment.
Oct.
acquisition
Nov. 22, 1961 filed 200,000 common, of which 120,000 are
Inc.
Co.,
Proceeds
Corp.
common.
Calif.
Recreation
("Reg. A") 75,000 common. Price—$4.
Business—Sale of lumber, building supplies and hard¬
ware. Proceeds—To repay loans and for working capital.
1961
11,
Inc., N. Y.
Products
Nov. 29, 1961 filed 78,000
—Manufacture of wooden
St., New York City.
Higginson Corp., N. Y.
Wood
ceeds—For
•
12,
April
Office—20 Broad
Busi¬
Proceeds—
—To be
which
of
Price—$15.
company.
Northern
Corp.
filed 337,500 common. Price—$8. Busi¬
ness—Operates a national chain of bowling centers. Pro¬
steel
Price — $2.
Business—A life insurance company. Proceeds—To in¬
crease
capital and surplus. Office—811 N. Third St.,
6,
investment
Thursday, December 21, 1961
writer—G. A. Saxton & Co.,
appliances.
1961
of debt and for
.
Figueroa St., Los Angeles..
Trust
.
Oct. 17, 1961 filed 1,200,000 common.
Price—$5. Business
—Distribution and sale of vitamins, minerals and die¬
tary food supplements. Proceeds—For selling stockhold¬
ers.
Office
291 S. La Cienega
National
(1/29-2/2)
Corp.
Investment
1,000,000 common.
estate
investment,
Sept. 27,
offered
by the company and 50,000 by a stock¬
Price—By
amendment.
Business—Sale
and
real
Underwriter—Lee
13, 1961 filed 215,000 common, of which 165,000 are
be
Estate
9, 1961 filed
ness—A
ing capital. Office—26 Dalbert, Carteret, N. J. Under¬
writer—Harry Odzer Co., N. Y. Offering—In mid-Jan.
Rentals
Real
.
debt, new product development, inventory and working
capital. Office—Terminal Dr., Plainview, N. Y. Under¬
purposes.
National
Nov.
27, 1961 filed 140,000 common shares. Price—$6.
Proceeds—To purchase land, construct and develop about
250 mobile home sites, form sales agencies and for work¬
Mobile
collection
(1/22-26)
Inc.
June
•
Clearing House, Inc.
A") 75,000 common.
Price—$4.
("Reg.
1961
agency.
Proceeds—For general
Office—4539 Ponce de Leon Blvd.,
Miami, Fla. Underwriter—Armstrong & Co., Inc., N.Y.
Offering—Expected sometime in January.
Nov. 21, 1961 filed 130,000 common. Price—$3. Business
—Research and development of new products for the
electronic
23,
Business—A
.
manufacture of precision electronic
the
up
sub-sys¬
generation, detection and control of fre¬
through the microwave region. Proceeds—
For expansion, eauipment
—Tuckahoe,
N.
Y.
and
working capital. Address
Underwriter—A. D.
Gilhart
&
Co..
'
Inc., N. Y. C.
Orlando
Paper Corp.
Oct. 11, 1961 ("Reg.
A") 80,000 common. Price—$2.50.
Business—Manufacturer of miscellaneous paper
Proceeds—For
purposes.
products.
debt
repayment
and
general
Office—Oceanside, L. I., N. Y.
corporate
Underwriter-
Professional
N.
•
& Executive
Planning Corp., Long Beach,
Y., and E. J. Roberts & Co., East Orange, N. J.
Oxford
Nov.
ment.
28,
Finance Cos.,
1961
filed 200,000
Inc.
(2/26-3/2)
Price—By amend¬
common.
Business—A finance
company. Proceeds—For
ex¬
pansion and debt repayment. Office—6701 N. Broad St.
Philadelphia. Underwriter—Blair & Co., Inc. N Y
'
Volume
194
Number
6118
.
.
The Commercial and Financial Chronicle
.
(2757)
Oxford
Nov.
Trust
24, 1961
—An
Fund
filed
investment
Oz
Price—$1.
Business
Office—Atlanta, Ga.
Distributor Corp., Atlanta.
Oxford
15, 1961 filed
Business
ment.
Sponsor—
installation of additional
year warrants
For the repayment of debt,
equipment, modernization of a
—
department and working capital. Office—156 Fifth Ave.,
N. Y. Underwriter—Laren Co., N. Y.
Ozon
Products, Inc.
Sept. 28, 1961 filed 105,000
Pirce—By amend¬
common.
to
be sold in
—$3.50
,
to purchase an additional
units of
unit.
per
Office—521 5th Ave., N. Y. C.
Proceeds—For
>
Processing, Inc.
100,000 common of which 50,000 are to
be offered by the company and 50,000 by stockholders.
Price—$3.75. Business—Furnishing of statistical infor¬
Proceeds-r-For
training personnel, new equip¬
ment, expansion and working capital. Office—75 W. St.,
Manufacturing Co.* Inc.
110,055
Manufactures
—
Price—By amend¬
appliance replacement
For
—
debt repayment,
expansion and working capital. Office—230 E. 162nd St.,
N. Y. Underwriters—Kahn & Peck, Cohn &
Co., N. Y.
P.
&
H.
Tube Corp.
Oct. 25, 1961 filed
"
120,000
Perpetual
(with attached
common
war¬
purchase 60,000 additional shares) to be offered
in units consisting of two shares and one warrant. Price
•—$12 per unit. Business—Manufacture of electric resist¬
welded
and
ment
steel
tubing.
working
Proceeds—For
capital.
Office—413
debt
repay¬
Hamilton
Rd.,
Bossier
City, La. Underwriters—Howard, Weil, Labouisse, Friedrichs & Co., New Orleans and Clark,
Landstreet
&
Kirkpatrick, Inc.. Nashville.
Pacific
Big Wheel
Oct. 26, 1961 filed 100,000
Price—By amend¬
common.
Business—Sale and installation of automobile ac¬
Proceeds—For expansion and working capital.
ment.
N.
•
C.
Roberts
Pacific
&
Cajon Blvd., San Diego.
Co.; Inc., San Diego.
Nutrient & Chemical
Sept. 15, 1961 filed 120,000
Co.
Underwriter—
nutrients,
For
(1/15-19)
Price—Business
common.
additional
equipment,
capital. Office
Wash.
North
—
fertilizers, ani¬
seeds, insecticides, etc.
crop
Underwriter
Paul
—
plant
new
a
Oak
Equities Corp. •«■.
....
27, 1961 filed 400,000 shares of 60c cumulative con¬
vertible preferred, and 400,000 of class A
common, to
be offered in units of
Hazel
and
Proceeds—
and
St..
working
Burlington'
Eisenburg & Co., Inc., and
Magnus & Co., Inc., N. Y.
Pacific
States Steel Corp.
\ •'
1961 filed 100,000 outstanding shares of capital
stock (par 50 cents) to be sold by stockholders. Price—
$6. Business—The manufacture of steel products. Pro¬
Price—$2.20
rado-Niles
the
selling stockholder. Office—35124 AlvaRoad, Union City, Calif. Underwriters—First
California Co.,
Inc., and Schwabacher & Co., San Fran¬
(mgr.). Offering—Indefinitely postponed.
cisco
Fal-Pfaywell
1
Nov. 28, 1961 filed 100,000 common. Price—$4. Business
—Design, assembly and manufacture of toys. Proceeds—
For debt repayment and working capital. Office—179-30
93rd Ave., Jamaica, N. Y. Underwriter—Tyche Securities, Inc., N. Y.
Palmetto
Property Leasing Co.
Price—By amendment.
Proceeds—For
Nort
coating. Proceeds—For general
porate purposes. Office—443
writer—Edward
Uewis
Co.,
W.
Inc.,
cor¬
15th
St., N. Y. Under¬
N. Y.
•
Paragon Pre-Cut Homes, Inc.
Aug. 25, 1961 ,filed $1,UU0,0UU ot 15-year
debentures due
1976
000
common
be
ing
of
10
to
and
common
sinking fund
("with warrants attached)
offered
in
and
100,-
10,000 units each consist¬
$100
of
debentures.
Price—By
amendment. Business—The packaging and direct sale of
precut home .building materials. Proceeds—For repay¬
of loans and working capital. Office—499 Jericho
Turnpike, Mineola, N Y Underwriter—L F Rothcrhild
& Co., N. Y. Note—This registration will be withdrawn.
ment
Paramount
Sept. 25, 1961
ment.
Foam
filed
Industries
137,500
Business—The
Proceeds
—
'working
N. J.
Finance
Fialkov
&
Co., Inc., and Stanley
Corp.
1961 filed 135,000
—Financing
ceeds—For
Silver
—
Co., N. Y.
Parker
Oct. 27,
of
Spring,
common.
commercial
debt
Co., Inc., N. Y.
repayment.
Md.
6,. 1961
v
For
an
Business
receivable.
Pro¬
Office—8650 Cameron St.,
Underwriter,—D.
E.
Liederman
&
Offering—Expected in February.
filed
—Manufacture
Price—$6.
accounts
Parkway Laboratories, Inc.
Dec.
Price—By amend¬
polyester foams.
of
160,000
drugs
common.
and
pharmaceuticals.
Price—$2.05.
marine
repayment
Office
Providence, R.
—
I.
vinyl
and
plastic
products
household
fields.
of
debt, new equipment and
184 Woonasquatucket Avenue,
Underwriter—Continental
Bond
Corp., Maplewood, N. J.
operation
Proceeds—For
classes in
computer programming and
of electronic data processing machines.
expansion. Office—45 W. 35th St., N. Y.
Underwriter—D.
M.
Stuart
&
share for each six held of record
Pir-O-Wood
Nov.
28,
Business
ment.
Sept.
Prufcoat
Co., Inc., N. Y.
—
The
distribution
of
films
for
motion
Co., Inc., N. Y. Offering—In February.
Industries, Inc.
("Reg. A") 75,000 common.
Price—$4.
Business—Design and manufacture of women's hand¬
bags.
Publishers
1961
Proceeds—Debt
repayment
Nov.
•
be
Nov.
15,
ment.
Corp. (1/29-2/2)
160,000 common. Price—By amend¬
filed
1961
Business
—
Manufactures
masonry
units
for
•
the
Plymouth
Aug.
28,
&
1961
("Reg.
Business—Consumer
payment
Church
Co., Inc., N. Y
Discount
A")
sales
Offering—In Jan.
100,000 common. Price—$3.
financing. Proceeds—For re¬
of notes and working capital. Office — 2211
Ave., Brooklyn, N. Y. Underwriter—M. Posey
Associates, Ltd., 50 Broadway, N. Y.
(1/2-5)
16, 1961 filed 200,000 capital shares. Price—$3.25.
Business—Leasing of insurance vending machines. Pro¬
N.
W., Washington, D.
C.
shares, of which 150,and 43,750 for stock¬
Rico.
Nov.
Industrial
Warehouse
filed
Products
160,000
Co.
distribution
of
class
A
(2/13-16)
corrosion
resistant
24,
Rico
filed
1961
due
Land
1971
fered
in 25,000
tures
and
„■
(1/10)
Darlington
and
&
Grimm,
N.
$4,000,000 of 5%
conv.
subord. de¬
class A shares to be of¬
units, each consisting of $160 of deben¬
Price—$200
per
unit..
—
Business
For general
Office—San Juan, Puerto Rico.
derwriters—Lieberbaum & Co., and Morris Cohon &
New
-
Un¬
Co.,
York.
Pulp Processes Corp.
■i
Y.
Development Corp.
and 200,000
eight shares.
corporate purposes.
(1/8-12)
Sept. 20, 1961 filed 140,000 common. Price—$5. Business
—Development of pulping and bleaching devices. Pro¬
ceeds—General corporate purposes. Office—Hoge Bldg.,
Seattle, Wash. Underwriter—Wilson, Johnson & Higgins,
San
of
common,
Corp.
Capital
—Real estate and construction. Proceeds
which
133,333 are to be offered by the company and 26,667 by
present stockholders. Price—By amendment. Business—
22, ;1961
Rico
Underwriter—Hill,
bentures
•
Power
Inc.
filed
debentures
Puerto
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. (managing).
development,
•
1961
general corporate purposes. Address—San Juan, Puerto
holders. Price—By amendment. Business—Research and
Nov.
3,
Puerto
Popular Library, Inc. (1/15-19)
Oct. 17, 1961 filed 127,500 capital shares. Price — By
amendment. Business—Publishing of paperback
books
and magazines. Proceeds—General corporate purposes.
Office—355 Lexington Ave., N. Y. Underwriter—Sutro
Bros. & Co., N. Y.
ac¬
an
Sept. 13, 1961 filed 750,000 common. Price—$10. Business
—A small business investment company. Proceeds—For
(1/2-5)
June 7, 1961 filed 193,750 common
000 will be sold for the company
Price—By amend¬
common.
Underwriter—D. H. Blair & Co., N. Y. Note—This regis¬
tration was withdrawn.
Underwriter—Balogh & Co.,
Polytronic Research, Inc.
Inc.
541,000
Publishers Vending Services,
ordinated
(1/3-5)
Corp.
13,000
$600,000 of 5%% convertible sub¬
due 1971; 120,000 common shares
which underlie 2-year first warrants exercisable at $7.50
per share, and 120,000 common shares which underlie
5-year second warrants, exercisable at $10 per share.
The securities are to be offered for public sale in units
of one $100 debenture, 20 first warrants and 20 second
warrants. Price—$100 per unit. Business—The design,
manufacture, sale and leasing of coin-operated vending
machines
for
magazines, newspapers and paperback
books. Proceeds—For the repayment of debt, advertis¬
ing, sales promotion, and the manufacture of new ma¬
chines. Office—1201
South Clover Drive, Minneapolis.
industry. Proceeds—For general corporate
Office — 1883 Dixwell Ave., Hamden, Conn.
Underwriter—Blair
Co.,
1961 filed
28,
July
construction
purposes.
which
and 47,000 by
amendment. Business—Devel¬
quisition and other corporate purposes. Office—1106 Con¬
necticut Ave., N. W., Washington, D. C. Underwriters—
Amos Treat & Co., Inc., N. Y. and Roth & Co., Inc.,
Philadelphia. Offering—Expected sometime in Feb.
named.
P.asticrete
of
company
ment. Business—Book publishing. Proceeds—For
and
working capital.
Office—6700 N. W. 37th Court, Miami, Fla. Underwriter
—To
by the
and production of plastic-base protective coat¬
ings, paints and primers.'Proceeds—Purchase of equip¬
ment and other corporate purposes. Office—63 Main St.,
Cambridge, Mass. Underwriter — Chace, Whiteside &
Winslow, Inc., Boston.
Plastic
28,
offered
opment
—
Sept.
to be
are
stockholder. Price—By
a
filed 62,000 common. Price—$5. Business
prefabricated wood and plastic specialized
components. Proceeds—For general corporate purposes.
Office
1182 Broadway, N. Y. Underwriter — Arnold
1961
Laboratories, Inc.
filed 60,000 common,
1961
25,
shares
Industries, Inc.
of
Malkan &
i.
Programs For Television, Inc.
Aug. 29, 1961 filed 150,000 common. Price—By amend¬
Sept.
new
Francisco.
•
Pyramid Publications, Inc. (1/8-12)
Nov. 24, 1961 filed 115,000 common. Price—By amend¬
ment.
Business—Publication
and
sale of pocket-s^e
stainless
steel
paperback books and a man's magazine.
of
expansion, debt repayment, and working capital. Office
—444
Madison
Ave.. N.
Y.
Underwriter—Milton D.
pipe, tubing, valves, etc. Proceeds—For repayment
debt, expansion, and working capital. Office—352
Harrison St., Passaic, N. J. Underwriter—S. D. Fuller
& Co., N. Y.
Blauner &
'
i
Proceeds—For
Co., Inc., N. Y.
;
President Airlines,
June
Inc.
Pyrrmeter Co. of America, Inc.
Sept. 26, 1961 filed 300,000 common. Price—By amend¬
ment. Business — Design and manufacture of thermo¬
couple temperature transducers and
electronic indi¬
cating and controlling instruments. Proceeds—To finance
("Reg. A") 150.000 ciass .A common shares
cent). Price—$2. Business—Air transportation
13, 1961
one
of passengers and cargo.
liabilities
rent
Proceeds
certificate
pur¬
shares.
of
writer—None.
one
Business
acquisition, research and other corporate
common
manufacture
automotive,
ness—Instructs
the
Price—One cent. Business—Exploration for oil in the
Philippines. Proceeds—Repayment of debt and the drill¬
ing of test wells. Office—Manila, Philippines. Under¬
tpar
<
Price—$5.
Inc.
9.
of
equipment, debt repayment and
Office—Mercer and Arnot Sts., Lodi,
capital.
&
manufacture
Additional
Underwriters
Heller
(12/27-29)
common.
Island,
Programming and Systems, Inc.
11, 1961 filed 40,000 common. Price—$3.50. Busi¬
•
in the field of paper
•
Rhode
Oct.
Inc., Washington, D. C.
.
of
pictures and television. Proceeds—For repayment of debt
and working capital. Office—1150 Avenue of the Ameri¬
cas, N. Y. Underwriter—To be named.
basis of
ceeds—General corporate purposes. Office—1001 15th St.,
Co., 29 Broadway. N. Y
the
& Share
Proceeds
and
&
-v
working capital.
of
Oct.
Fapefcote, Inc. (1/22-26)
Dec. 1, 1961 ("Reg. A") 60,00u common. Price—$5. Busi¬
ness—Development and sale of chemical processes used
Pro¬
working capital.
N. Y. Underwriter
.
Proceeds—For
(12/26-29)
June 28. 1961 filed 1,000,000 common. Price—$3.45. Busi¬
ness—The growth of timber. Proceeds—Working capital
Lowitz
in
used
Business—Leasing of
Policy-Matic Affiliates, Inc.
possible purchase of a mill. Address—Box 199,
Orangeburg, S. C. Underwriter — Stone & Co. c/o E.
firm.
acquisitions and
Research
Business —The
Philippine Oil Development Co., Inc.
Sept. 25, 1961 filed 95,270,181 capital shares to be of¬
fered for subscription by common stockholders on the
Pulp & Paper Corp.
the
Price—By amend¬
investment
(1/8-12)
equipment and collateral for bank
credit. Office—6381 Hollywood Blvd., Los Angeles. Un¬
derwriter—Dempsey-Tegeler & Co., Inc., St. Louis.
•
Inc.
estate
July 28, 1961 filed 330,000
June 21,
ceeds—For
•,
/• Product
Office—1613
purchase
share each.
Office—66 Hawley St., Binghamton,
filed
equipment to industrial and commercial firms.
—For
one
real
property
—None.
1961 filed $2,000,000 of conv. subord. debentures
1976.
Business—A
ceeds—For
the
Personal
—Sale
—The manufacture and sale of chemical
mal
Primex
.,.
Oct. 13,
Price—$5. Business
Nov.
Eye St., N. W., Washington,
Underwriter—Sidney Z. Mensh Securities Co.,
Washington, D. C.
:
®
(1/16)
common.
products, advertising,
Ave., Philadelphia. Underwriter
—Steven Investment Corp., Bala
Cynwyd, Pa.
C.
D.
Industries, Inc.
1961 filed 75,000
Office—4408 Fairmount
Investment Trust
1961
investment.
cessories.
Office—6125 El
9,
Pride
—The sale of pet foods. Proceeds—■For
inventory, repay¬
ment of a loan, machinery, new
500,000 shares of beneficial interest.
first 10,000 shares) $10.80 per share.
(For the balance) Net asset value plus 8% commission.
due
rants to
ance
•
Aug. 29,
electronic devices.
Business—A real estate investment trust.
common.
parts and accessories. Proceeds
common.
Proceeds—For working capital. Office—7500 S. Garfield
Ave., Bellgardens, Calif. Underwriter—Darius Inc., N. Y.
Nov.
Business
Gleich & Co., N. Y., and
Laird, Bissell & Meeds.
Wilmington, Del.
ment.
135,000
business investment company. Proceeds—For
Office—485 Fifth Ave., N. Y. Underwriters
—D.
Underwriter—Hampstead
Business—Manufacture of solid state
Price—(For
Underwriters—Harry Odzer Co., N. Y., and LenchCovato & Co., Inc., Pittsburgh, Pa. Offering—Ex¬
pected in January.
ment.
small
investment.
Office—Woodbridge-Carteret Road,
Underwriter—Mortimer B. Burnside
("Reg. A")
Corp., Maplewood, N. J. Note—
been temporarily postponed.
—A
Price
market
payment of income taxes and loans and
Sept. 28, 1961
ner,
filed
to
Co., Inc., N. Y. Offering—Temporarily postponed.
N. Y.
1961
warrant.
Pennon Electronics Corp.
Oct. 6, 1961 filed
10,
100,000 shares)
plans
Share
Capital Corp.
19, 1961 filed 200,000 common. Price—$5. Business
Pellegrino Aggregate Technico, Inc.
Aug. 10, 1961 filed 130,000 class A common shares. Price
—$5. Business—The manufacture Of building materials.
&
Oct.
one
&
Prestige
Investing Corp., N .Y.
pected in January.
P-G Products
share and
Bond
Oct.
patented products, or products which it considers to be
patentable. Proceeds—For general corporate purposes.
for working capital.
Port Reading, N. J.
mation.
one
Business—Company
working capitalSt., Brooklyn, N. Y. Underwriter
•—Carter, Berlind, Potoma & Weill, N. Y. Offering—Ex¬
Wallabout
PCS Data
nental
This offering has
•
ment. Business—Manufacture of toiletries and cosmetics.
Proceeds—For repayment of debt and
Office—50
Ave., Philadelphia.
Merchandising Corp.
22, 1961 filed 100,000 common (with attached five-
Nov.
common. Price—By amend¬
design, production and sale of
greeting cards. Proceeds
Pennsylvania
Patent
140,000
The
—
2301
—
Underwriter—Arnold Malkan & Co., Inc., N. Y.
Publishing Corp.
Sept.
Office
poses.
5,000,000 units.
trust.
41
and
Proceeds—For payment of cur¬
payment of balance on CAB
taxes;
and
working capital.
Avenue, Rockefeller Center, N. Y.
/
Office
—
630
Fifth
•
•
Underwriter—Conti¬
"
-
Continued
on page
42
^
42
The Commercial and Financial Chronicle
(2758)
!
Continued from
41
page
shoes,
metal
Quaker City Industries,
—Design
boiler
manufacture
and
and
radiator
of
v.
~
V
cabinets,
• Quartite Creative Corp. (1/4) u ::
Sept. 27, 1961 filed 100,000 common. Price—$5. Business
—Manufacture of home furnishing products.
Proceeds
^-For research, new products and working capital. Of¬
fice—34-24 Collins
-
Co., N. Y.
Place, Flushing, N. Y. Underwriters—
Godfrey, Hamilton, Taylor &
0.;
Interonics, 'Inc.
w
Oct.
30,
1961
•„
J')
-y
"y
,t y yy
y.y
filed
40,000 common. Price—$5. Business
—Manufacture of radio frequency interference filters
and capacitors. Proceeds—For
equipment, working cap¬
ital and other corporate purposes. Office—15 Neil
Oceanside, N. Y. Underwriter—Arnold Malkan
N. Y. Offering—Expected sometime in January.
Court,
& Co.,
'
Racing Inc.
16, 1961 filed 1,250,000 common. Price—Up to $4.
Business—Company plans to build and operate an auto¬
Oct.
mobile racing center.
Office—21
poses.
Proceeds—General corporate pur¬
7th St., Stroudsburg, Pa. Under¬
N.
J
writer—None.
Rainbow
Photo
Laboratories,
Sept. 28, 1961 filed 150,000
ment.
1
...
Inc.
common.
equipment.
Ave.,
Proceeds—For
Rapid-American Corp. ~
Nov. 1,-1961 filed $8,367,000 of con v. subord. debentures
due 1976, being offered for subscription
by common
stockholders
rate of $100
*
$100 of
and
of
new
53A%
new
debs,
con v.
debenture holders
debs, for each 25
for each '25
into
the
at
held and
common
common
which
the
'outstanding 5%% conv. debs, are convertible of record
Dec. 14, with rights to expire Jan.
11, 1961.
Price—
At par. Business—Manufacture of metal
signs, plastic
toys, novelties/bth^Procecds—To increase";ownership in
McCrory Corp. and general corporate purpbses. Office—
711
Fifth Ave.,
N. Y. Underwriter—None.*
.♦1
Proceeds—For
r
Raritan
'
debt
repayment and general corporate
purposes. Office—37-02 27th St., Long Island City, N. Y.
Underwriter—Herbert Young & Co., Inc., N. Y. Offer¬
ing—Imminent.
•p
{f ■
Plastics
Sept. 28, 1961
r
filed
Corp.
Business—Extrusion
ment,
debt
Raritan
'
of
plastic sheets. Proceeds—Equip¬
and working capital.
Office—1
repayment
Rd., Oakland, N. J.
Underwriter—Gianis & Co..
'7'
Inc., N. Y.
•
Real
Estate
Fund,
Inc.
("Reg. A") 14,634 units each consisting of
iSept. 28, 1961
seven
shares
common
and
subordinated debenture,
—Development
other
one
Price—$20.50
and operation
properties.
20-year 6%
of
per
convertible
unit. Business
shopping centers and
Proceeds—General corporate
purposes.
Address—Greenville, S. C.
Underwriter—McCarley
Co., Inc., Asheville, N. C. Offering—Imminent.
I'
--jf.s
;
Price—$5.
common.
&
•
Realty Equities Corp. of New York (1/8-12)
Sept. 28, 1961 filed $1,675,800 of subord. debentures due
1971
(with warrants attached) to be offered for subscrip¬
tion
by stockholders in
$100 of debentures and
the basis of
on
$100
one
a
16,758 units, each consisting of
warrant to purchase 12.5 shares
unit for each 20 shares held.
Price—
unit.
Business—General real estate and con¬
struction. Proceeds—General corporate purposes. Office
per
—666 Fifth
Ave., N. Y.
Underwriter—Sutro
Bros. &
Co.,
New York.
Recco,
YY-.vY
Rochester
Inc.
(1/2-5)
By
sta¬
tionery departments in discount stores. Proceeds—For
expansion. Office—1211 Walnut St., Kansas City, Mo.
Underwriter—Midland Securities Co.,
Inc., Kansas City,
*1
.
—
Mo.
...
Wing Fiberglass Products, Inc.
July 28, 1961 ("Reg. A") 260,000 common. Price—$1.15.
Proceeds
Debt repayment,
building improvements,
equipment, research and development, and working cap¬
ital. Office—Industrial Park, Red
Wing, Minn. Under¬
writer—York &
Mavroulis, Minneapolis. Note—This let¬
—
M
•
M
■
Mi
M,
YP
ter
'Ml:
•
'i
in
temporarily postponed.
Reher
Simmons
'P
of
processes
in
VU
kv
!;fc
>
(1/8-12)
*
the
field
of
surface and biochemistry.
construction, equipment, research
and^ development, sales promotion and working capital.
Office—545 Broad St., Bridgeport, Conn.
Underwriter
Proceeds—For
I
&
Research, Inc.
i'J**)
plant
■—McLaughlin, Kaufmann & Co., N. Y. (mgr.).
•
Ripley Industries, Inc., and Jomar Plastics,
(1/22-26)
Inc.
Oct. 27, 1961 filed 100,000 common shares of
Ripley and
<100,000 of Jomar to be offered in units consisting of one
.share of each company.
:!
Price—By amendment. Business
-^Manufacture of wood and plastic heels for women's
f
■t
>*
V.
<•-.
working capital. Office—161 Ave. of the Americas, N.Y.
Underwriter—Ira Haupt & Co., N. Y..
,«
.<>
t
Stiver &
Schultz Sav-O-Stores,
<
75,000 are
stockhold¬
Price—By amendment.
Business—Wholesale food
distribution and operation of supermarkets.
Proceeds
—For expansion.
Office—-2215 Union Ave., Sheboygan,
Price—By amend¬
ers.
Business—Development and manufacture of solid
propellants, rocket motors, rocket catapults and related
products. Proceeds—To repay debt. Office—Falcon Field,
Ariz.
Underwriters—Paine,
Webber,
Rodale
Sept. 29,
Business—Manufacture
Price—$5.
equipment. Pro¬
products, equipment, sales
common.
promotion and advertising.
Office — 562 Grand Blvd.,
Westbury, N.Y. Underwriter—Charles Plohn & Co., N.Y.
Offering—Expected sometime in January.
(John)
Co.
tures due 1976 and
120,000
shares to be offered
consisting of one debenture and two shares.
Price—$25 per Unit. Business—Sale of rebuilt automobile
engines and reground crankshafts to automobile parts
jobbers. Proceeds—For working capital and general cor¬
:
,
common
units
Office—1060 Huff Rd., N. W., Atlanta,
porate purposes.
Ga.
Underwriters—Robinson-Humphrey
Courts & Co., Atlanta.
Co.,
Inc.,
and
.v-
—Importing of goods from Japan. Proceeds—For debt
repayment. Office—Stokely St., and Roberts Ave., Phila¬
delphia, .Pa. Under writer-^Amos Treat & Co:, N. Y. Of¬
fering—Expected in late January.- /. «. / v.
Security Acceptance Corp.
^
7, 1961 filed 100,000 shares of class A common
stock and $400,000 of 7%% 10-year debenture bonds, to
March
<
be offered in units consisting of $100 of debentures and
shares of stock. Price—$200 per unit. Business—The
25
purchase of conditional sales contracts
on home
appli¬
working capital and expansion.
Office—724 9th St., N. W., Washington, D. C.
Under¬
Proceeds
ances.
For
—
it Security
other
Dec.
other
asset value plus 6%.
plastic items. Proceeds—For debt repayment and
corporate purposes. Office—1517 Jarrett Place,
Bronx, N. Y. Underwriter—Arnold Malkan & Co., Inc.,
N.
•
Y.
16,
debt
repayment
engraving.
gravure
and
working
Address—Pal¬
Moyer, Fricke &
Royaltone Photo Corp.
Nov. 29, 1961 filed 300,000
common, of which 100,000
by the company and 200,000 by stock¬
holders.
Price
By amendments
Business
Develops
and prints color,
and black and white photographic
film. Proceeds
For equipment and working capital.
to be offered
Stonehill &
7th Ave., N. Y. Underwriter
Co., N. Y.
—
Federman,
Rubber & Fibre Chemical Corp.
(1/8-12)
Sept. 25, 1961 filed 120,000 common. Price—$5. Business
—Exploitation of a new process for reclaiming unvul-
canized rubber. Proceeds—Purchase of
equipment and
existing plant building, repayment of debt, and working
capital. Office—300 Butler St., Brooklyn, N. Y. Under¬
writer—Armstrong & Co., Inc., N. Y.
S.
M. S. Instruments, Inc. (1/29-2/2)
28, 1961 filed 100,000 common. Price—$3.25. Busi¬
ness—Repair and maintenance of aircraft instruments
Nov.
accessories.
Proceeds—For
equipment, debt
purposes.
Airport, Jamaica, N.
Lieberbaum & Co.,i N. Y. ■ tv- :•*;/» -.i»
S.
O.
S;
29, 1961
tures
due
in units
filed $50,000 of 6%
1969
and 50,000
common
repay¬
Office — Idlewild
Y. Underwriter—
TtW
Photo-Cine-Optics, Inc.
June
deben¬
shares to
offered
be
consisting of $10 of debentures and 10 common
Price—$40 per unit. Business—The manufactur¬
advertising, research
capital
and
other
and
corporate
development, working
purposes.
52nd
St., New York. Underwriter
Motti, Inc., N. Y.
"
*
("Reg.
—
A")
50,000
for
data
and
transmission, filters, transceivers
program
equipment.
Proceeds—For equip¬
ment, research and development, repayment of loans and
working capital. Office—12 Hinsdale St., Brooklyn. Un¬
derwriter—Searight, Ahalt & O'Connor, Inc., N. Y. " : '
Sel-Rex
Sept.
will
27,
be
(1/2-5)
Corp.
1961 filed
by the
sold
200,000
W.
Price—$2.
pre-painted aluminum siding
Proceeds—For inventory, dies, inventory
Office—4990 E.,Asbury,
Underwriter—Schmidt, Sharp, McCabe & Co.,
—Nutley, N. J. Underwriter—Eastman Dillon, Union Se¬
curities
&
Co., N.
Y.
';/•
nix.
Underwriter—None.
/-'.y
Sell "N Serv
Dispensers, Inc.
Oct. 17, 1961 ("Reg. A") 60,000 common. Price—$5. Busi¬
ness—Manufacture of dispensers for hot and cold bever¬
Proceeds—For debt repayment and general corpo¬
Office—20 Simmons St., Boston. Under¬
writer—Goldsmith, Heiken & Co., Inc., Brooklyn, N. Y. -
ages.
rate
purposes.
St., Saegertown. Pa.
Rhoades
&
Underwriter—Carl M. Loeb,/
.Co., N. Y. Note
—
This
company
plans to
Y
•
s'
•
Semicon, Inc.
/
June 30, 1961 filed 125,000 class A common shares. Price
—By amendment. Business—The manufacture of semi¬
•
conductor devices for
use.
Proceeds—For
military, industrial and commercial
equipment, plant expansion and new
Address—Sweetwater Avenue, Bedford, Mass.
Co., New York (managing).
Offering—Imminent.•: »
products.
Underwriter—S. D. Fuller &
Servonuclear
12,
1961
Corp. (12/27)
A") 100,000
("Reg.
of
common.
medical
Price—$2.
electronic
products.
plant relocation, - equipment, inventory,
new products, debt repayment and
working capital. Of¬
fice—28-21 Astoria Blvd., Astoria, L. I.. N. Y.
Under¬
writer—Rothenberg, Heller & Co.,. Inc., N. Y.
;
\ 1
Proceeds—For
•
Servotron
Corp.
(1/8-12)
—Sale of automatic film
Main
,
Corp.
; j
Dec. 8, 1961 filed 500,000 common. Price—$6. Business
—Engaged in real estate mortgage field, and the financ¬
ing of intangibles ;and chattels. Proceeds—For general
corporate purposes. Office—830 N. Central Ave., Phoe¬
Saegertown Classeals, Inc.
Sept. 27, 1961 filed 210,500 common, of which 100,000 are
to be offered by the company and 110,500 by stockhold¬
ers.
Price—By amendment. Business—Manufacture of
parts, including diodes and rectifiers.'- Pro¬
general corporate purposes.
Office—South
-
Selective Financial
Sept. 25, 1961 filed 100,000
ceeds—For
and
Price—By amendment. Business—Production of
gold compounds and chemicals for electroplating. Office
Inc., Denver.
electronic
of which 33,000
167,000 by a stock¬
common,
company
holder.
Sept.
common.
> :Y:
.
Seg Electronics Co., Inc. (1/29-2/2)
Sept. 28, 1961 filed 110,000 common. Price—By amend¬
ment.
Business—Design and manufacture of networks
Business—Manufacture
equipment and working capital.
Denver.
Office—602
<•••
•
William, David &
(1/8-12)
Business—Manufacture of
and accessories.
—
.„•••.•
Office
700 Harrison St., Topeka,
Underwriter—Security Management Co., Inc., To¬
Offering—Imminent.
(12/26-29)
subordinated
ing, renting and distributing of motion picture and tele¬
vision production equipment. Proceeds—For new
equip¬
ment,
-•
Inc.
400,000 capital shares. Price—Net
Business—A mutual fund. Proceeds
'—For investment.
—-
—
Office—245
filed
1961
and related electronic
—
<• r
,
Equity Fund,
...
Price—$5.
Proceeds—For
capital.
N. J. Underwriter—Woodcock,
French, Inc., Philadelphia.
and
14,
peka.
Cylinders, Inc. (1/22-26)
1961 ("Reg. A") 60,000 common.
myra,
are
writer—None.
Kan.
Roto
Nov.
1
Products, Inc.
Aug. 29, 1961 ("Reg. A") 75,000 common.
Price — $4.
Business—The manufacturing and processing of assorted
food products. Office—13480 Cairo Lane,' Opa Loeka,
Fla. Underwriters
Terrio & Co., and Shane & Co.,
Washington, DC. Offering—Expected in January.
^
Sea-wide Electronics, Inc.' •
"^';r •'
';>'Sept. 26, 1961 filed 200,000 common. Price—$4. Business
Plastic Corp.
)'■??%
15, 1961 filed 200,000 common. Price—$5. Business
—Manufactures plastic housewares, baby products and
★ Rona
Simmons, Chicago.
Food
—
y':-y
•Oct. 24, 1961 filed $600,000 pf 6%, conv< subord. deben*
in
Underwriter—Blunt Ellis &
Seashore
of, electronic
ceeds—Debt repayment, new
Rogers
Wis.
&
V
-
Electronics, Inc.
("Reg. A") 60,000
1961
Jackson
Inc.
Nov. 13, 1961 filed 160,000 common, of which
to be offered by the company and 85,000 by
ment.
Mesa,
(1/9-12)
1961 filed 150,000 common. Price—$10. Busi*
ness—Distribution
of
products for use in photocopy
machines. / Proceeds—For initial
production of xero*
graphic machines, additional equipment, expansion and
Rocket
Power, Inc. (1/8-12)
Sept. 20, 1961 filed 200,000 common.
I,
Underwriter—Armstrong & Co., Inc., N,v%." Of¬
fering—Expected sometime in January.
' ~
■
Savin Business Machines Corp.
furniture, equipment, and sup¬
plies to schools, hotels, hospitals and industrial com¬
panies. Proceeds—For working capital. Office—8 Jay
Sabre, Inc.
Sept. 25, 1961
May 8, 1961 filed 150,000 shares of capital stock. Price—
$6 per share. Business—The research and development
"V:
!
was
N; Y.
Sept. 28,
Manufacture and sale of
shares.
Red
Mi-
Capital Leasing Corp.
St., Rochester, N. Y. Underwriter—Saunders,
Co., Cleveland.
;
5,
pansion. Office—151 Birchwood Park Dr., Jericho, L.
.f:... YY'Y
1961 filed $625,000 of 6% convertible subordi¬
nated debentures due 1972 and 100,000 class A to be
offered in 12,500 units each consisting of $50 of deben¬
tures and eight shares. Price—$90 per unit.^ Business—
International
19, 1961 filed, 75,000 class A shares. Price
amendment. Business—Operates record, card and
■
,*.•
Oct. 30,
ment, and other corporate
Oct.
•ii-
Underwriters—Blunt Ellis & Sim¬
,
Business—Custom
(2/5-9)
100,000 class A
<
•Dec.
-
-
Rapid Film Technique, Inc.
Sept. 19, 1961 filed 70,000 common. Price—$4. Business
—The rejuvenating and repairing of motion picture film.
•ih'
111.
San
Sav-Mor Oil Corp.
Chicago., and Schmidt, Roberts & Parke, Phila¬
delphia.
£v"'V *
: *'&'-''Vt? f f'
•
>r
Chicago,
ap¬
July 5, 1961 ("Reg. A") 92,000 common shares (par one
cent). Price—$2.50. Business—Wholesale distribution of
gasoline and oil to service stations. Proceeds—For ex-*
mons,
(1/8-12)
Price—By amend¬
moving ex¬
penses, expansion, advertising and promotion, repayment
of debt and working capital.
Office—29-14 Northern
Blvd., Long Island City, N. Y, Underwriter—Rodetsky,
Walker & Co., Inc., N. Y.
i
be offered
ers.
Curtis and Prescott & Co., N. Y.
Business—Processing of film and distributing of
photographic
'V
to
Industries, Inc., subject to
Offering—In February.
Diego Imperial Corp. (l/16)r
1961 filed 350,091 common. Price—By amendT
ment. Business—A holding company for 14 savings and
loan associations, and other firms. Proceeds — For the
selling stockholders. Office—1400 Fifth Ave., San-Diego;
Calif. Underwriters—White, Weld & Co., Inc., N. Y., ana
J. A. Hogle & Co., Salt Lake City.^
1961 filed 80,200 common, of which 16,680 are
by the company and 63,520 by stockhold¬
Price—By amendment. Business—Sale of special¬
ized photographic, plate making and press room sup¬
plies and equipment to the graphic arts industry. Pro¬
ceeds—For working capital.
Office—4140 W. Victoria
boxes,
equip¬
Proceeds—For
Shell Associates, Inc. and
-
•
Dec.
Roberts & Porter, Inc.
metal
enclosures.
Thursday, December 21, 1961
.
merge
Nov. 20,
ment, aadvertising and working capital. Office — 234
Russell St., Brooklyn, N. Y. Underwriter—M. J. Merritt
& Co., Inc., N. Y.
:
,/
.
Inc.
1961 filed 87,500 common. Price—$4. Business
.
with Glass-Tite
proval of stockholders.
and
dies, bowling pins, bowling
Proceeds—For general cor¬
porate purposes. Office—4067 Folsom Ave. St. Louis and
Rio Piedras, Puerto Rico. Underwriters—Paine, Webber,
Jackson & Curtis and American Securities Corp., N. Y.
of Hamilton Manufacturing Co., Inc. Office
—600 E. Lincoln Highway, Penndel, Pa. Underwriter—
Arnold Malkan & Co., Inc., N. Y. Offering—January.
Nov. 28,
molds
and related products.
shoes
the purchase
.
,
common.
Price—$5. Business
processing machines and other
electronic
products. Proceeds—Purchase of equipment
inventory, sales promotion^ research and develop¬
ment, and working capital. Office—29503 West Nine Mile
Rd., Farmington. Mich. Underwriter—None.
'
•
and
•
Shamrock Oil and Gas
Dec.
Corp.
(1/23)
13, 1961 filed $25,000,000 of sinking fund debentures
1, 1937. Price—By amendment. Business—Pro-
due Jan.
l
Volume
duction of
194
Number 6118
natural gas,
.
.
The Commercial and Financial Chronicle
.
natural gasoline and petroleum.
Proceeds—For
of
ital.
Bank
prepayment
Office—First National
loans
and
working
Discount Co.
("Reg. A") $155,000 of 5% subordinated
debentures (series G) to be offered in denominations of
$500 and $1,000. Price—At par. Business—Operation of
a
personal loan and discount business, an insurance
agency and life insurance company. Proceeds—For debt
repayment and working capital/ Office—919 W. Peachit Southern
8, 1961
Dec.
cap¬
Bldg., Amarillo, Tex.
Underwriter—First Boston Corp., N. Y.
Shasta Minerals & Chemical Co.
April
24,
1961
filed
500,000 shares of Common stock.
share. Business—Acquisition, develop¬
Price—$2.50 per
tree, St., N. E., Atlanta. Underwriter—None.'
ment, and exploration of mining properties. Proceeds—
For general corporate purposes. Office — 1406 Walker
Bank Bldg., Salt Lake City, Utah. Underwriter — None.
Note—The SEC has ordered "stop order" proceedings
challenging
tration
the
and
accuracy
statement.
adequacy
of
this
•
ated
nated
glass.
Office—4815
&
Cabot
distributes
and
Proceeds—For
Ave., Detroit.
chase
1961
lamin¬
selling stockholders.
Underwriter—Shields
ic' Shaver- Food Marts, Inc. /PV-P'.,
19, 1961 filed 170,000 class A common/of which
30,000 will be sold by the company and 140,000 by cer¬
tain stockholders. Price
By amendment. Business—
Operation of seven supermarkets in the Omaha-Council
small
Greenville, S. C.
Greenville,
•
•
135,000
parts.
Proceeds—For
debt
Sheraton
Oct.
30,
1961
sinking fund
ment.
filed
Meridian
of ll/z% capital income
1989. Price—By amend¬
hotels and other real estate
Proceeds—For
general
corporate
Mines
Ltd.
the
•
Sierra
-."d
Sept. 5, 1961 filed l,0UO.000 capital shares. Price
—
—105
loans
—
estate
investment.
$5.
Price—For
the
Southwest
10,
$500.
For
of
Factories, Inc.
1961
("Reg. A")
search ..and
debt
development
capital shares.
100,000
repayment,
and
general
Price
equipment,
corporate
re¬
pur¬
Office—<1432 W. Main St., Oklahoma City, Okla.
Underwriter—Best & Garey Co., Inc., Washington, D. C.
Offering—Expected sometime in January.
poses.
E. Unterberg, Towbin Co., N. Y.
•
•
.Silo
Space Age Materials Corp. (SAMCO)
(1/2-5)
Sept. 19, 1961 ("Reg. A") 100,000 common. Price—$3.
Business—The manufacture of high temperature mate¬
Discount Centers, Inc. (1/29-2/2)
15, 1961 filed 165,000 common. Price—By amend¬
ment. Business—Operation of retail discount stores. Pro¬
,
Nov.
ceeds—For
rials for the space, nuclear and missile
general corporate purposes. Office—2514 N.
Broad
St., Philadelphia, Pa. Underwriters—Boenning &
Philadelphia, and Rodetsky, Walker & Co., Inc.,
Co.,
N. y.
•
Sokol
Brothers
Furniture
equipment, research and development, and working
capital. Office—31-26 Greenpoint Avenue, Long Island
City, N. Y. Underwriter—Manufacturers Securities Corp.,
(1/29-2/2)
Co., Inc.
511
Sept. 28, 1961 filed 240,000 common. Price—$2.50. Business—The instalment retailing of furniture, appliances
and
other
and
modernization of
household
working capital.
N.
Y.
goods. Proceeds
—
Office—253
Columbia
Underwriter—Continental
Maplewood. N. J.
_
•
Bond
,
St.,
&
Corp.,
,A
Sonic
Development Corp. of America
1961 filed 56,000 common? of which 30,000 are
by stockhold¬
ers. Price—$5.
Business—Design, development and manufacture of devices using sound or fluids as a source of
energy.. Proceceds—For general corporate purposes. OfOct.
Sonic
Oct.
Sept.
28,
1961
filed
Products
Inc.
Price—By
vinyl sheetings.
Proceeds—For equipment and working capital. Office—
amendment.
241
1
rsi
205,710
class
A
Business—Manufacture
shares.
of
Church St.. N. Y. Underwriters—H. Hentz & Co. and
Allen & Co., N. Y. Offering—Imminent.
Southeastern
-
-
Towing & Transportation Co.,
"
•
Inc.
Nov. 29, 1961 ("Reg. A") 100,000 common.
Price—$3.
Business—Construction and operation of towing boats.
Proceeds—For debt repayment, conversion of a boat, and
working capital. Office—3300 N. W. North River Drive,
Miami, Fla. Underwriter—Irwin Karp & Co., Inc., 68
William St., N. Y.
•
P
59
p;'1
ir
&
it
n
Southern California
Edison Co.
outstanding 4.88% preferred. Office—601 W. Fifth St.,
Los Angeles. Underwriters—First Boston Corp., N. Y.
and Dean Witter & Co., San Francisco.
Southern California P'astic Co.
e
-s
i-
Nov.
16,
1961
85,714 common. Price—$3.50.
Bu iness—Manufacturer
of plastic products.
Proceeds
—For debt repayment, ecmipment and working capital.
4|
?
a
("Reg., A")
Office—1805 Flower St., Glendale, Calif.
Sutro &
Co., San Francisco.
Digitized'f for
FRASER
•••'
i a
Underwriter—
small
100,000
business
common.
investment
-
Poor's
&
Mayo
son
Corp.;
13, 1961 filed 261,896
St, N. Y.
selling
,
common.
Business—Publishers
of
Price—By amend¬
financial
stockholders.
information.
Office—345
Hud¬
Underwriter—Smith, Barney & Co, N. Y;
Offering—Expected in late January.
Stanley Industries Corp.
1961 filed 80,000 common. Price—$4. Business
—Design, manufacture and sale of heavy-duty stainless
steel
equipment.4 Proceeds—For debt' repayment and
Oct. 26,
general
corporate purposes. Office—454 Livonia Ave.,;
Brooklyn, N. Y. Underwriter—Edwards & Hanly, Hemp-stead, N. Y.
Star Home and Shelter Corp.
June 28, 1961 filed 133,000 commn and 133,000
warrants^ 1.
to be offered in units, each unit consisting of one com^ mon
share and one warrant. Price—$3 per unit. Busi- :
ness—The construction and sale of shell homes. Proceeds
—For repayment of loans, advances to a
subsidiary, es¬
tablishment of branch sales offices and working capital.
'
Office—336 S. Salisbury Street, Raleigh, N. C. Under¬
writer—D. E. Liederman & Co, Inc., N. Y. (mgr.). Note
—This firm formerly was known as Star Homes, Inc.
Nov.
Industries, Inc.
1961 filed 100,000 common.
3,
Business
ment.
Manufacture
amend-,..;
Price—By
Pro¬
company.
(1/29-2/2)
("Reg. A") 90,000 common. Price—$3. Busi¬
of a synthetic elastic yarn and other-
fibres. Proceeds—For general corporate pur¬
Office—186 Grand St., N. Y. Underwriter—Mc¬
Laughlin, Kaufman & Co., N. Y. Offering—In January.
poses.
&
Steel
Plant
Equipment Corp.
Oct. 2, 1961 ("Reg. A") 100,000 common. Price—$3. Proceeds—For equipment and working capital. Address—
•
Sterling Extruder Corp. (1/8-12)
Sept. 12, 19^1 filed 90,000 common, ot which 20,000 are
to
offered by
be
holders.
Price
the
and 70,000 by the stock¬
Business — The manufacture of
machinery
and
auxiliary
equip¬
company
$10.
—
extrusion
plastic
Proceeds—For
ment.
working capital.
Office—1537 W.
Elizabeth
Ave, Linden, N. ^.'"Underwriter
Sioss & Co.. w,,Y.
,,;
Marron,
ht-
b
...
• Stevens Markets,»•Inc*-
Dec. 8, 1961 ("Reg. A") 13,559 class A common. Price—
$7.37. Business—Operation of supermarkets. Proceeds— V
selling stockholders. Office—5701 N. W. 35th Ave, ■
Miami, Fla.
Underwriter—Floyd D. Cerf Jr., Co, Inc.,'
Chicago.
•
Stokley-Van Camp,
Nov.
1961
29,
filed
debentures
nated
Inc.
(2/5-9)
of convertible subordi¬
$io,0O0,000
due
1982
be
to
offered
by the
com¬
and 100,000 common shares by a stockholder.
By amendment. Business — Processing and distributing of various canned and frozen food products.
Proceeds—For debt repayment and working capital. Of¬
N.
fice—941
Meridian
St, Indianapolis.
Reynolds & Co, Inc, N. Y.
-
1961 filed 150,000 class A common. Price—By
Business—Company was recently formed
23,
Sun
Oct.
Inc.
7, 1961 ("Reg. A") 100,000 common. Price
Dec.
and
and
$2.50.
—
dealers in gold and silver
bullion
other non-ferrous metals. It also does processing and
City Dairy Products,
Inc.
1961 filed 120,000 common. Price—$5. Business
—Distribution of eggs and dairy products in Florida and
southeastern
states.
Proceeds—General
corporate
Office—3601 N. W. 50th St., Miami, Fla. Un¬
derwriter—Seymour Blauner Co, N. Y.
purposes.
Sunset Industries,
1961
24,
Inc.
("Reg. A")
and
75,000 common.
retail
sale
of
Price—$3.75.
builders'
sup¬
plies. Proceeds—For general corporate purposes. Office
—1029 Sunset Blvd., Los Angeles. Underwriter—Costello,
& Co, Los
Russotto
•
Angeles.
Super Valu Stores, Inc.
(1/2-5)
filed 115,000 common. Price—By amend¬
ment.
Business — Distributes food and related products
to
franchised retail stores.
Proceeds — Debt repayOct.
1961
11,
Dain
•
&
Crane
Packaging,
(1/3-5)
Inc.
and greeting cards. Proceeds—For repayment of loans,
expansion, working capital and general corporate pur¬
Sportsmen,
Nov.
29,
1961
offered in
10
Inc. (1/8-12)
filed $100,000 of
debentures
shares.
due
1977
poses.
6%
and
subordinated
50,000
common
con¬
to be
units, each consisting of $20 of debentures and
Price—$60 per unit. Business—Design and
manufacture of fishing and
archery equipment and fiber
glass household items. Proceeds—For general corporate
purpose.
Office—131 Saw Mill River Rd„ Yonkers, N. Y.
Underwriter—William, David & Motti, Inc., N. Y.
Standard
Oct. 13,
to
be
-
Industries, Inc.
1961 filed 210,000 common, of which 183,000 are
offered
by
the company and
27,000 by
a
stock¬
*
Co, Inc, Minneapolis.
Susan
Seidler
vertible
*
ment, inventories, expansion and other corporate purposes.
Office — 101 Jefferson Ave, Hopkins, Minn.,
Underwriters—White, Weld & Co., Inc., N. Y. and J. M.
Aug. 28, 1961 filed 150,000 common. Price—$10. Business
—The manufacture of gift wrap, packaging materials
(Woodbridge), N. J. Underwriter—Flomenhaft,
Co, N. Y.
w
27,
smelting. Proceeds—For a new refinery, debt repayment
and working capital. Office—E. William St, Hopelawn
&
*
Underwriter—
Scientific & International Corp.
(1/2-5)
Oct.
-
—
Business—Wholesale
Metal Co.,
'
pany,
Price
•
Sperti
:.
/
For
other
Inc.
-
Norristown, Pa. Underwriter—Joseph W. Hurley & Co.r
Norristown, Pa. Offering—In early January.
Nov.
Business—Broker
.
St., N. Y. Underwriter—N. A. Hart
Co, Bayside, N. Y. Offering—In February.
1961 filed 65,000 common. Price—$5. Business—
Operation of retail furniture stores. Proceeds -— For
working capital. Office—2212 Third Ave., N. Y. Under¬
writer—Arnold Malkan & Co., Inc., N. Y.
+ Spiral
r
of
by Struthers Wells Corp, to take over latter's recent de¬
velopments in saline water conversion and certain manufacturing, international engineering and sales activities.
Proceeds—For general corporate purpose. Office—111 W.
50th St, N. Y. Underwriter—Hirsch & Co. Inc, N. Y. .
(L. B.)f
>
*
boxes, brochures,"
packaging materials and packaging machines. Proceeds
—For debt repayment and general corporate purposes.
—
•
Spears
.
Starmatic
Price—$2.
working capital. Office—113 W. 2nd St., Casa
Grande, Ariz. Underwriters—Preferred Securities, Inc.,
and Brown & Co. Investment Securities, Phoenix.
Spandex Corp.
.
January.
Offering—In late
Struthers
A")
Office—731
amendment.
(1/15-19)
Dec. 11. 1961 filed 1,500.000 common. Price—By amend¬
ment. Proceeds—For debt repayment and redemption of
("Regj
Products, Inc. (2/26-3/2)
Nov. 29, 1961 filed 230,000 common of which 200,000 are
to be offered by the company and 30,000 by stockholders.
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.
Office—730 Grand St., Hoboken, N. J. Underwriter—
Blair & Co, N. Y.
ment, systems and transducers. Proceeds—For expansion
and .working capital. Office—1250 Shames Dr., Westbury,
N. Y. Underwriter—Keene & Co., Inc., N. Y.
/
Plastic
*
Oct. 30,
1961
Southbridge
•
Proceeds—General
Bldg, Tulsa,
highways, etc.
ceeds—For
■
Ave., Yonkers, N. Y. Underwriter
Securities Inc., Hempstead, N. Y.
Business—Manufacture
•
Standard
Nov.
synthetic
.
Systems, Inc. (1/8-12)
("Reg. A") 75,000 common. Price — $2.
of
ultrasonic
cleaning equip¬
30,
/
ness—Manufacture
Hawthorne
—Meadowbrook
1961
24,
Oct. 25, 1961
27,
to; be offered by the company and 26,000
fice—260
Ave., N. Y.
Business—A
<,
Brooklyn,
Share
5th
of
purposes.
Okla. Underwriter—Allen & Co, N. Y. Offering—In Jan.
Space Financial Corp.
Nov.
For expansion
buildings, repayment of debt and
fields, and com¬
Proceeds—
field.
For
yvy-v.'- v;
/;
used in the communications
ponents
construction
corporate
Proceeds—For
debentures:
Business—Operation
*■'*
Price—By amendment.
Business—Production
limestone, gravel, and ready-mix concrete
Office—252 W. 30th
and
—$3.— Proceeds—For
By
com- /
Proceeds—For general corporate purposes. Office
Montgomery St., San Francisco. Underwriter—C.
pany.
stocks:
Oct.
:.ouok,rr7^ir;-r.
amendment. Business—A small business investment
Underwriters
bowling alleys.
Proceeds
For debt repayment and working capital.
Office—2711 N. 24th St., Phoenix. Underwriter—A. G.
Edwards & Sons, St. Louis.
••
Capital Corp. :(12/27)
Fla.
Corp., N. Y.
—
*
West, Toronto, Canada.'
'■>':
Underwriter—None.
of
shares.
common
/St.,
Price
shares.
• Southwest Recreation Associates, Inc.
Nov. 29, 1961 ("Reg. A") $150,000 6% convertible sub¬
ordinated sinking fund debentures due 1973; and 30,000
-
Office—62 Richmond
poses.
common
working capital.- Office—2501
Bank of Georgia Bldg., Atlanta. Underwriter—Johnson,
Lane, Space Corp., Savannah.
- "
purposes.
Prp£$£ds—gor g$p$ral corporate pur-
,
&
Avenue, Miami Beach,
repayment
Sept. 18, 1961 filed 250,000 common. Price—By amend¬
ment.
Business—The exploratory search for silver in
northern Ontario.
Y'Ty-'
•
Business—Real
ment.
Office—470 Atlantic Ave., Boston. Underwriters—Paine,
Webber, Jackson & Curtis, Boston and S. D. Lunt & Co.,
Buffalo, N. Y.
'•
Y Siconor
Building,
• Southern
Syndicate, Inc. (1/3-5)
Sept. 13, 1961 filed 300,000 common. Price—By amend¬
due
Business—Operates
properties.
C.
Hirsch & Co., and Lee Higginson
$8,000,000
debentures
Office—Poinsett Hotel
repayment of debt, the development of property, work¬
ing capital and other corporate purposes. Office—1674
repayment
(2/5-9)
Corp. of America
Pro¬
company.
of principal amount. Business—The develop¬
unimproved land in Florida. Proceeds—For the
ment of
and working capital. Office—2101 S. High St., Colum¬
bus, Ohio. Underwriters—Rodetsky, Walker & Co., Inc.,
N. Y. and Boenning & Co., Philadelphia.
"
•
purchase
Underwriter—Capital Securities Corp.,
Realty
and
—At 100%
to be offered by the company and 15,000 by
stockholder. Price—$6. Business—Manufacturer of re*
are
automobile
S.
Southern
investment
debentures and warrants for five
which
to
Utilities Corp. (1/2-5)
May 26,. 1961 filed $4,140,000 of 6% convertible deben¬
tures due 1976, with warrants to purchase 41,000 common
shares, to be offered for public sale in units of $500 of
expansion^ Office—139 S.
40th St., Omaha,' Neb. Underwriters—J. Cliff Rahel &
Co., and Storz-Wachob-Bender Co., Omaha.
"
' /
built
business
ceeds—For investment.
area.' Proceeds—For
of
warrants
Growth Industries, Inc. (1/3*5)
1961 filed 100,000 common shares. Price—$6.
28,
—
a
with
Southern
Business—A
Dec.
shares
1976
43
crushed
Proceeds—For
shares.
common
.
Shenk Industries, Inc. (2/5-9)
Nov. 28, 1961 filed 150,000 common,
due
holder.
of
ment.
(1/2-5)
filed $1,000,000 of sinking fund subordi¬
debentures
20
June
Bluffs
Co.
Price—By amendment. Busi¬
ness—Repurchase of mortgage notes, contracts, leases,
etc. Proceeds—Repayment fo debt, investments and other
corporate purposes. Office—615 Hillsboro St., Raleigh,
N. C. Underwriter—J. C. Wheat & Co.,
Richmond, Va.
•
Co., n. y.
Finance
Frontier
200,000 shares of common stock, to be offered in units
consisting of $100 of debentures with a warrant to pur¬
regis¬
;
Business—Manufactures
safety
Southern
Sept. 22,
Shatterproof Glass Corp. (12/27-29)
Odt. 27, 1961 filed 215,000 common.
Price—By amend¬
ment.
(2759)
Office—8107 Chancellor Row, Dallas. Underwriter
Towbin Co, N. Y. C.
—C. E. Unterberg,
•
Swift Homes, Inc.
-
:
240,000 common, of -which 80,000
will be sold by the company and 160,000 by stockhold-'
ers. Price—By amendment. Business—The manufacture,
sale and financing of factory-built homes. Proceeds—To
expand credit sales and open new sales offices. Address
—1 Chicago Ave, Elizabeth, Pa. Underwriter—Eastman
Dillon, Union Securities & Co, N, Y. Offering—Immi-
-
Sept.
nent,
15,
1961
,
filed
^
AA
_
Continued
on
page
44
i
v-v
„
••
41
(27C0)
The Commercial and Financial Chronicle
Continued from page
43
©
Controls, Inc. (2/26-3/2)
150,000 common. Price—By amend¬
ment. Business—Design and manufacture of time con¬
Technibilt Corp. (2/19-21)
Nov. 28, 1961 filed 150,000 common.
Price—$4. Business
—Manufacture of shopping carts and related products.
the
rate
of $100
Price—$100
rant
Trans-Alaska Telephone Co.
and
of debentures for each 280 shares
holder.
Price—$6. Proceeds—For construction, and ac¬
quisition, repayment of debt, and other corporate pur¬
poses. Office—110 E. 6th Ave., Anchorage, Alaska. Un¬
derwriter—Milton D. Blauner & Co., Inc., N. Y.
at
held.
per
manufacture
animated
of
transparencies
and
Transdata, Inc.
29, 1961 filed 100,000
other
Nov.
technical
training aids and displays. Proceeds—For debt
repayment, expansion, research, and working capital.
Office—11
Sintsink Dr., East Port
Washington, N. Y.
Underwriters—Bull & Low; John R. Maher Associates;
and R. Topik & Co.,
Inc., N. Y.
•
—Research
processing
Co., Inc. (2/5-9)
Nov. 28, 1961 filed 100,000 common.
Price—$3.25. Busi¬
ness
Design and manufacture, of inert gas welding
equipment. Proceeds—For debt repayment, expansion
Nov.
27,
Tri-Point
Sept.
3401
W.
Tele-Ccmmunications
Corp.
47th
N. Y.
ment.
Business—A small business
&
Ave., Houston.
Co., Inc., Houston.
1961
be
47,000
Manufacture
—
Proceeds—For
—D.
L.
Greenbaum &
Triton
•
Hutzler'
&
26,
shares
1961
are
be
stockholders.
facture
of
beverage
(jointly).
Bids—Expected
Industries, Inc.
amendment.
development, and working capital. Office—1346 Con¬
necticut Ave., N. W., Washington. D. C. Underwriter—
Sandkuhl & Co., Inc.. Newark. N. J., and N. Y. C. Offer¬
ing—Expected sometime in January.
Business—Manu¬
water
coolers, water cans and portable hot
dispensers.
Proceeds—For
debt
repayment
and general corporate purposes. Office—6502 Rusk
Ave.,
Houston.
Underwriter
S. D. Fuller &
Co., N. Y.
•
—
and
working
capital.
Office
—
500
Edgewood
Trenton. N. J.
Tidewater
23,
Lumber
—Wholesale
payment
lumber
and
working
Nov.
capital.
Office
debt
1600
—
&
re¬
Electric
Co.,
Ltd.
broad line of electrical
("Toshiba")
account
of
Sept. 19,
ness
Manufactures
tronic equipment.
new
.
amendment.
share
Business
Price
common.
—
•
.
Displays,
common
Pro-erdr—For working capital.
Office—1221
,
.
Price—$1.15.
Glenwood
Ave., Minneapolis: Underwriter—iContinental
Securities
Inc., Minneapolis.
Office—134
purposes.
Whipple
Price—By amendment.
Plastics
and
Business—Manufacture
of
new
and
Title
1961
Co.
common.
Price—$4.
Price
—
$3.
used
filed
(1/9-12)
Waddell
of
150,000 capital shares.
Price—$7.50.
estate titles.
working capital and expansion.
tral
Ave., Phoenix.
Proceeds—
Office—222 N. Cen¬
Underwriter-—None.
• Union Trust Life Insurance Co. (1/9-12)
: >
Sept. 25, 1961 filed 300,000 common. Price—By amend¬
ment. Business—Sale of life, and health and accident
Proceeds
—
For
•
&
share
Inc., parent,
Reed,
for
the basis of one
on
Waddell shares
two
each
The
held.
remaining 90,400 shares will be offered to certain per¬
sons
associated with the parent company or its sub¬
sidiaries. Price—By amendment. Business—A legal re¬
serve life insurance company. Proceeds—For the account
of Waddell & Reed. Office—20 W. 9th St., Kansas City,
Mo. Underwriter—Kidder, Peabody & Co., N. Y.
United
—A
Packaging Co.f
Inc.
*
(2/26-3/2).
29, 1961 filed 102,000 common. Price—$3. Business
general packaging business. Proceeds — For new
machinery, debt repayment and working capital. Office
—4511
Wayne 1 Ave., Philadelphia. Underwriter—God¬
frey, Hamilton, Taylor & Co., Inc., N. Y.
•
Scientific
United
Laboratories,
(1/16)
Inc.
filed 360,000
common shares. Price—$2.
Business—The manufacture of high fidelity stereo tuners
18,
Aug.
1961
amplifiers and amateur radio transceivers. Proceeds
repayment of debt, increase in sales personnel,
tooling and production and working capital. Office—
—For
37th
35-15
Fred
F.
U.
S.
Ave., Long Island City, N. Y. UnderwriterY.
Sessler Co., Inc., N.
Controls, Inc.
(12/26-29)
manufacture
common.
investment.
Office
—
Broadway St., Milwaukee. Underwriters—None.;
611
in¬
N.
Price—$2.25. Busi¬
automatic
of
control
systems.
Proceeds—For repayment of
debt, a sales and advertis¬
ing program, research and development, equipment and
working capital. Office — 410 Fourth Ave., Brooklyn.
Underwriter—N. A. Hart & Co., Bayside. N. Y.
United
States
Crown
Corp.
(1/3-5)
Aug. 22, 1961 filed 150,000 common. Price—$8. Business
—The manufacture of specialized bottle caps. Proceeds—
Forequipment, .working capital and general corporate
purposes. Office—437 Boulevard, East Paterson, N. J.
Underwriter—Adams
U.
Electronic
S.
Sept.
26,
1961
&
Peck, N. Y.
(mgr.)
Publications, Inc.
("Reg.
A") 100,000 common. Price—$3.
of military and industrial hand¬
books. Proceeds—Debt
repayment, expansion and work¬
Office—480 Lexington Ave., N. Y., Under¬
writer—Douglas Enterprises, 8856 18th Ave., Brooklyn.
ing capital.
United Variable Annuities Fund, Inc.
April 11, 1961 filed 2.500,000 shares of stock. Price—$10
per
share. Business—A
investment.
Office—20
Underwriter—Waddell
new
W.
mutual fund
9th
Street,
Proceeds—For
Kansas
&
Reed, Inc., Kansas
Offering—Expected in early January.
>; ,
City, Mo.
City, Mo.
.
Urcivend
Corp.
(1/8-12)
Sept. 29, 1961 ("Reg. A") 115,000 common. Price—$2.50.
Business—Operates coin-vending machines for food and
drink.-Proceeds — For expansion and working capital.
Office—28 O'Brien Place, Broklyn, N. Y. Underwriter
—Ezra Kureen Co., N. Y.
Universal
Electronics
Laboratories
common,
Corp.
of which 76,250 will
be sold
by the company and 14,000 by stockholders. Price
amendment. Business—Design, development and
production of teaching machines. Proceeds—For produc¬
—By
tion
advertising, marketing etc. Office—510
Hackensack, N. J. Underwriters—To be
expenses,
St.,
.ox'-"'fei
Universal
Lighting Products, Inc.
Sept. 21, 1961 filed 175,000
—Manufacturer
merchandising
capital.
common.
(1/15-19)
Price—$1. Business
of lighting
fixtures and display and
equipment for use in gasoline service
Repayment of debt and working
stations.- Proceeds
—
Office—55
Bergenline Ave., Westwood,
Underwriter—Globus, Inc., N. Y. (mgr.).
N.
J.
Universal
Waterproofing Corp.
17, 1961 ("Reg. A") 60,000 common. Price
$3.
Business—Application of water-proofing materials, re¬
medial work to buildings. Proceed-—For
working cap¬
Nov.
—
ital. Office—613 E. 12th St., N. Y. Underwriter—Profes¬
& Executive Planning
Corp., Long
sional
Beach, N. Y.,
and E. J. Roberts &
Co., East Orange, N. J.
Uropa International, Inc. (1/8-12)
Sept. 28, 1961 filed 120,000 common. Price—$2.50. Busi¬
ness—Importing of compact appliances- and stereophonic
radio
and
capital.
Dean
©
For
surance.
Arthurs, Lestrange & Co., Pittsburgh. ,'
United
•
150,000 class A
Purchase
working
it United Investors Life Insurance Co.
Dec. 15, 1961 filed 562,500 common, of which 472,100
shares are to be offered for subscription by stockholders
named.
Inc.
1961 filed
Business—Manufacture of
capital. Office—Columbus Rd., Burlington, N. J. Under¬
writers—Hess, Grant & Remington, Inc., Philadelphia
Hudson
Inc.
Business—The insuring of real
Inc.
July 24, 1961 ("Reg. A';) 200.000
Union
Aug. 28,
By
For the
Tri-Siate
amend¬
company.
eral corporate purposes. Office—166 Clymer St., Brook¬
lyn, N. Y. Underwriter—Capital Consultants Corp., N. Y.
•
Business—Design
corporate
investment
coin-operated
vending and recreational machines. Proceeds—For gen¬
and manufacture of
toys.
selling stockholders. Address—Mound
Minn. Underwriter—Bache &
Co., N. Y. ♦.
'
Proceeds
Price—By
common.
business
• Uneeda Vending Service, Inc.
Dec. 14, 1961
("Reg. A") 73,500 common.
|
6,450
250,000
small
general
debt, inventory, additional personnel, advertising and
Underwriter—Amos Treat & Co., N. Y. Offering—In
January.
TQkyo, Japan. Underwriters—None.
itr Tonka Toys, Inc.
8, 1961 ("Reg. A")
filed
(1/22-26)
Corp.
ment, research and development, expansion and
Sept. 28, 1961 filed 90,250
late
a
broad line of electrical and elec¬
Proceeds— For
expansion.
Office—
Dec.
Un¬
Business—The manufacture of outdoor plastic
signs and
urethane foam. Proceeds—For equipment, repayment of
Price—$0,125. Busi¬
Products
precision machined parts for the aircraft, missile, elec¬
tronics and nuclear industries. Proceeds—Debt repay¬
Phila.
food
Ultra
subsidiary. Office—Tokyo Japan
Underwriters—Smith, Barney & Co., and the Nomura Se¬
curities Co. Ltd., N. Y.
Offering—Expected in February.
Tokyo Shibaura Electric Co., Ltd.
("Toshiba")
Dec. 8, 1961 filed
50,000,000 common shares to be of¬
one
Inc.,
and beverage service
equipment.
Proceeds—
working caiptal. Office—6815 Hamilton Ave., Pitts¬
burgh. Underwriter — Arthurs. Lestrange(& Co., Pitts¬
burgh. Offering—Expected in early January.
a
of
Co.,
La Salle St., Chicago.
Underwriter—Bacon,
Co., Chicago.
of
and
fered to stockholders on the
basis
for each two held of record
Dec. 30.
Ave., Wyncote, Pa.
Securities
For
electronic equip¬
including home appliances, radio and TV,
heavy
duty equipment, tubes and semi-conductors Proceeds—
the
1961
Business—A
holders.
ment
For
Forge
Oct. 26, 1961 filed 70,000
common, of which 21,000 shares
are to
be offered by the company and
49,000 by stock¬
Depositary Shares, each representing 50 common shares
of the company.
Price—By amendment. Business—Manu¬
a
Glenside
Valley
—
Tyson Metal Products,
Hillside
Dec. 5, 1961 filed
30,000,000 common to be offered for
public sale in the U. S., in the form of
600,000 American
factures
24,
ment.
Price—$5. Business
Proceeds—For
.
.
Twentieth Century Capital Corp.
Avenue,
Ave., New Hyde Park, N. Y. Underwriter—Rubin, Rennert & Co., Inc., N. Y.
Tokyo Shibaura
Office—209
ponents.
derwriter
S.
company.
Corp.
_
Proceeds—For
common.
Automation
27, 1961 ("Reg. A") 75,000 common.^.Price-p^-$4.,
j
Business—Manufactures
electronic
devices
and
com¬
Co.
1961 filed 200,000
&
Sept.
Underwriter—D. L. Capas Co., New York.
Note—This letter was withdrawn.
Oct.
Engineering
(1/15-19)
.
Aero
tures due 1971. Price—At par.
•
Turner
•
Thermionex Industries Corp.- -v
-i :
^
July 27, 1961 ("Reg. A") 150,000 common shares (par
10 cents).
Price—$2. Business—'The manufacture of a
flexible heating tape.
Proceeds—For construction of a
machine, research and development, sales engineering
United
Business—Publishing
Turbodyne Corp.
May 10, 1961 filed 127,500 shares of common stock. Price
—$5 per share. Business — The research, development,
manufacturing and marketing of space and rocket en¬
gines, and related activities. Proceeds—For research and
(1/29-2/2)
Pitts¬
Sept. 28. 1961 filed $600,000 of 6% cunv. subord. deben¬
•
Inc.
named.
175,000 common, of which 150,000
offered by the company and
25,000 by
Price—By
—
advertising, and working capital. Office
Ave., Woodside, N. Y. Underwriter—To be
—62-05 30th
filed
to
Price
Price—$4.50. Business—Manufacture of magnetic record¬
ing tape and metallic yarns. Proceeds—For research and
a.m.
Texas Tennessee
Oct.
common.
Sept. 26, 1961 filed 108,000 common, of which 76,500 will
be offered by the company and 31,500
by stockholders.
development,
Inc.,
Securities,
burgh, Pa.
ness—The
Co., Philadelphia.
Electronics,
Underwriter—Strathmore
Mich.
Sept. 28, 1961 filed 120,000
—
1511
Brothers
Electronic
$5.
Business
Manufacture of a wide variety of cosmetics.
Proceeds—For equipment, inventory and working cap¬
ital. Office—1215 Walnut St., Philadelphia. Underwriter
Office—1947 W.
general corporate purposes. Office—Grand Haven,
—For
and
Price—$2.
common.
debt
Tripoli Co., Inc. (1/8-12)
Oct. 20, 1961 ("Reg. A") 60,000
Underwriter—Moroney, Beissner
23, 1962 at 11:30
of
Corp.
27, 1961 filed 250,000 common. Price—$2.50. Busi¬
ness—Manufacture of high-precision instrument compo¬
nents for missile and aircraft guidance systems. Proceeds
•
160,000 common, of which 80,000
by the company and 80,000 shares by
Price—By amendment. Business—Manu¬
Thursday. December 21, 1961
.
Electronics
Unison
Nov.
(1/10)
writer—Ezra Kureen Co., N. Y.
Inc.; Kuhn, Loeb & Co.-Blyth & Co., Inc.-Kidder, Peabody & Co.-Merrill Lynch, Pierce, Fenner & Smith Inc.
(jointly); Lehman Brothers; White, Weld & Co.; First
Boston Corp.; Eastman
Dillon, Union Securities & Co.Salomon
Dar¬
Parts and Equip¬
repayment, machinery, new
products, leasehold improvements and working capital.
Office—3410 W. Cohasset St.,
Burbank, Calif. Under¬
Bryan St., Dallas. Underwriters—
(Competitive). Probable bidders: Halsey, Stuart & Co.
Jan.
amend¬
valves
pressure
filed
Business—Manufacture
Power & Light Co. (1 /23)
A /
13, 1961 filed ,$10,000,00 of sinking fund* debentures
due 1987> Proceeds—Fop debt
repayment and construc¬
—
high
offered
Texas
Office
of
Underwriter—Hill, Darlington & Grimm, N. Y.
ment.
Dec.
tion,
Capital, Inc.
common. Price—By
Trio-Tech, Inc. (1/8-12)
Oct.
6,
1961
("Reg. A") 100,000
investment company.
Proceeds—General corporate purposes.
Gray
filed
&
•
(12/26-29)
Electro-Dynamic Capital, Inc.
1961 filed 250,000 common. Price—By amend¬
16,
debt
of precision, plastic components. Proceeds—For
repayment of loans, advertising, equipment and work¬
ing capital. Office—175 I. U. Willets Rd., Albertson, L. I.,
Edward Lewis Co., Inc.,, N. Y.
Oct.
Proceeds—For
facture
and
Sept. 29, 1961 (''Reg. A") 100,000 class A common. Price
—$3. Proceeds—For debt repayment, advertising, re¬
search and development, plant improvement and work¬
ing capital. Office—41 E. 42nd St., N. Y. Underwriter—
Texas
Research
Industries, Inc.
stockholders.
St., Chicago.
Underwriter—Clayton Securities Corp., Boston.
•
28,
to
are
Business — Manufactures illu¬
non-illuminated signs and other advertis¬
—
image
—
Price—By amendment.
repayment
and
Bldg., Bellevue, Wash. Underwriter—Hill,
lington & Grimm, N. Y. Offering—In February.
due 1974 and 180,000 common to be offered
consisting of $100 of debentures and 20 common.
debt
field.
data
accessories. Proceeds—For expansion, working cap¬
ital, and possible acquisitions. Office
Pacific National
debentures
For
the
Bank
Tel-A-Sign, Inc.
Oct. 30, 1961 filed $900,000 of convertible subordinated
—
in
and
working capital. Office—153 Union Ave., East Ruth¬
erford, N. J. Underwriter—Scott, Harvey & Co., Inc.,
Fairlawn, N. J.
and
1961
Business
ment.
and
ing material.
Proceeds
working capital.
Office
transmission
Trans-Pacific
—
minated
and
Price—$5. Business
common.
development
repayment and other corporate purposes. Office—1000
N. Johnson Ave., El Cajon, Calif. Underwriter—N. C.
Roberts & Co., Inc., San Diego.
Tec-Torch
in units
and
.
Nov.
•
Nov. 29, 1961 filed 265,000
common, of which 250,000 are
to be offered by the company and 15,000
by a stock¬
unit ($100 of debentures and one war¬
purchase 14 class A shares). Business—Design
to
filed
Proceeds—For debt repayment, expan¬
working capital. Office—1 Grove St., Mount
Vernon, N. Y. Underwriters—Godfrey, Hamilton, Taylor
& Co., and Magnus &
Co., N. Y.
Animations, Inc.
common
1961
and
sion,
Nov. 30, 1961 filed $211,400 of 7% conv. subord. deben¬
tures due 1972 (with warrants) to be offered for sub¬
scription by holders of class A and class B
12,
trolled switches.
Proceeds—For debt repayment, equipment and working
capital. Office—905 Air Way, Glendale, Calif. Under¬
writer—Frank Karasik & Co., N. Y.
Technical
York Time
Dec.
•
,
phonograph consoles. Proceeds—For working
W. 32nd St., N. Y.
Underwriter—■
Office-—16
Samitas &
Co., N. Y.
U-Tell
Corp. (1/8-12)
Sept. 18, 1961 ("Reg. A") 31,097 common. Price-^-$5.
Business — Operation of a discount
department store.
Office—3629
N. Teutonia Ave., Milwaukee, Wis. Under¬
writer—Continental Securities Corp.,
Milwaukee, Wis.
•
VaUU
KcmesyCorp. of
-Aug. 28, 1961 filed
100,000
-
common.
Price—$5; Business
—The
manufacture of prefabricated
buildings and shell
homes. Proceeds—For working capital. Office—765 Riv¬
er
St., Paterson, N. J. Underwriter—To
be
named.
Volume
•
194
Number
6118
.
.
The Commercial
.
and
Valley Metallurgical Processing Co. (1/8-12)
23, 1961 filed 70,000 common. Price—By amend¬
its products
Oct.
Business—Production
ment.
debt repayment
—For
Office—Essex,
Inc., N. Y.
Van
Walston
and
general corporate purposes.
Underwriter—McDonnell & Co.
Conn.
and for working capital.
Proceeds
Canada. Proceeds—For selling stockholders. Office—
1480 Lake Shore Rd., Toronto.
Underwriter—Rosmar
Underwriter—White &
(1/22-26)
Inc.
Sept. 15, 1961 filed 14U,000
common.
—A nation-wide and overseas
writer—Shields & Co.
working capital.
Office
542
compression, transfer and injection
of plastic materials. Proceeds—For debt re¬
payment and general corporate purposes.
Office—180
Co., Inc., St. Louis.
Inc., N. Y. (mgr.).
molding
•
Weiss
Bros.
.
Kingsland Rd., Clifton, N. J. Underwriter—Investment
Planning Group, Inc., East Orange, N. J. Offering—Ex¬
pected in January.
•
Offering—Ex¬
WJnchell
Sept. 26,
pected in February.
Insurance Ex¬
Price—$3.
common.
Business—Custom
Proceeds—For the purchase of vessels, and working cap¬
ital. Office—71 Saint Joseph St., Mobile, Ala. Under¬
Price—$15. Business
non-regulated freight for¬
warder engaged in the forwarding of household goods.
Proceeds—To repay debt, purchase metal containers, and
increase
Wiggins Plastics, Inc.
20, 1961 ("Reg. A") 100,000
Oct.
—
Waterman Steamship Corp.
Aug. 29, 1961 filed 1,743,000 common. Price—By amend¬
ment.
Business — The carrying of liner-type cargoes.
Corp., Ltd., Toronto.
be
drug stores. Proceeds—Expansion, equipment and work¬
ing capital. Office—738 Bellefonte Ave., Lock Haven, Pa.
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
For expansion and general corporate pur¬
Office—Civic Memorial Airport, E. Alton, 111.
poses.
in
Van-Pak,
(L. F.), Inc. (1/22-26)
1
"
27, 1961 filed 162,000 common, of which 102,000 are
offered
by the company and 60,000 by stock¬
holders. Price—$3. Business—Operates a chain of retail
Aviation, Inc.
29, 1961 filed 100,000 common. Price—By amend¬
ment. Business—National distributor of automotive parts
Widmann
to
Price—$6.25. Business—Sells Cessna Airplanes and sup¬
plies; also repairs and services various type airplanes.
Der Hout Associates Ltd.
45
Oct.
Oct. 30, 1961 filed 90,000 common, of which 60,000 are to
be offered by the company and 30,000 by a stockholder.
Nov.
•
•
Lane,
Joshua &
powders for the
rocket, munitions and pyrotechnics industries. Proceeds
(2761)
Office"— 1230 E.
Wyndmoor, Pa. Underwriters — John
Co., Inc., and Reuben Rose & Co., New York.
Mermaid
of' metal
Chronicle
Financial
Do nut
House, Inc.
1961 filed
ment. Business
—
90,000
(1/2-5)
Price—By
common.
amend¬
Sale of doughnut mixes to franchised
change Bldg., Des Moines, Iowa. Underwriter—Hodgdon
(1/15-19)
Oct. 27, 1961 filed 140,000 class A shares, of which 25,-
&
operators of doughnut shops leased from the company.
Proceeds—For the selling stockholder. Office—1140 :W.
000
Main
—
Co., Inc.; Washington, D. C.
Industries, Inc. (1/3-5)
Nov. 7, 1961 ("Reg. A") 120,000 common.
Price—$2.25.
Business—Custom design and manufacture of furniture.
Proceeds—For debt repayment and working capital. Of¬
fice—45th St. and Crescent Blvd., Pennsauken, N. J.
Underwriter—Mayo & Co., Inc., Philadelphia.
12
women's apparel stores and sells men's and women's
N.
•
—
Office
Vending International, Inc.
1961 ("Reg. A") 70,588 common shares (par
Price—$4.24. Proceeds — For repayment ot
debt, expansion and a new building. Office—c/o Brownfield, Rosen & Malone, 1026-16th St., N. W., Washington,
D. C. Underwriter—H. P. Black & Co., Inc., Wash., D. C.
cents).
Corp.
150,000
common.
purposes.
Imminent.;Venus
:
,
Rd.,
Merrick
Office—572
-
Price—$2.
vend- *
Lynbrook,
N.
Y.
Inc.
K
&
•
and 20
centers for
men
and
women.
Virginia
Oct.
27,
shares
Dare
to
offered
be
by
the
Eighth
N.
Vitamin Specialties
Co.
Y.
Nov.
and
share held and two-fifths of
right for each preferred
required to purchase one
new
share. Price—By amendment. Proceeds—For con¬
struction. Office — 15909 San Jose-Los Gatos Rd., Los
of which
company
100,000
and
54,000
—
Sale
of
vitamin
cisco.
Western
Of¬
and
1961 filed 400,000 common. Price—$2.25. Busi¬
ness—Acquisition, construction and leasing of shopping
centers. Proceeds—For general corporate purposes. Of¬
fice—2205 First National Bank Bldg.,, Minneapolis. Un¬
Office—3610-14
N.
15th
proprietary
Western
Semiconductors,
Inc.
(1/8-12)
*
Calif. Underwriter—Currier & Carlsen, Inc., San
Diego, Calif.
Ana,
(1/8-12)
Oct. 20, 1961
("Reg. A") 54,000 common. Price—$4.25.
Business—Acquisition and development of new patents.
Proceeds—For debt repayment and working capital. Of¬
fice—35-10 Astoria Blvd., Long Island City, N. Y. Un¬
derwriter—Peters, Writer & Christensen, Inc., Denver.
Voldale, Inc.
Western States Real Investment Trust
13, 1961 filed 32,000 shares of beneficial interest.
Price—$6.25.
Business—A small business investment
company.
Proceeds—For investment.
Office—403
Ursula
Inc.
Colo.
St., Aurora,
Underwriter—Westco
Corp.,
Aurora, Colo.
24, 1961 filed 90,000 common. Price—By amend¬
ment. Business—Operation of a self-service family shoe
store chain and shoe departments in discount depart¬
ment stores. Proceeds—For debt repayment and other
held.
electric
174
of
Price—By amendment. Business—Operates
"discount" stores and manufactures
Bethesda, Md.
ton, D. C.
retail
St.,
Proceeds—For expansion. Office—
Garfield, N. J. Underwriter—Bache &
•
Co., N. Y.
Voron
July 28, 1961 filed
Corp.
sale,
installation
and
commercial communications
of
to
Co.
(1/8-12)
135,000
common,
be offered by the
of which
company
45,000
and 90,000 by
Price—By amendment. Business—Design
ladies' dresses. Proceeds—For gen¬
corporate purposes. Office—124 E. Olympic Blvd.,
Los Angeles. Underwriters—Schwabacher & Co., and J.
eral
equipment and the furnish¬
tooling, pro¬
promotion of
are
filed
and manufacture of
servicing of industrial and
background music. Proceeds—For
duction, engineering, inventory and sales
ing
1961
stockholders.
100,000 class A shares. Price — $3.
electronic test equipment,
Underwriter—Weil & Co., Inc., Washing¬
(Norman)
28,
shares
(1/2-5)
Business—The manufacture of
the
Wiatt
Nov.
Electronics
r.epayment
•
World
July
Publishers,
Scope
31,
1961
amendment.
filed 300,000
loans.
of
Business—The
and other reference books.
debt,
working
(1/9-12)
Inc.
publishing of encyclopedias
Proceeds—For repayment of
capital and general
corporate
Office—290 Broadway, Lynbrook, N.
Standard Securities Corp., N. Y.
•
World
Nov.
24,
Toy House, Inc.
150,000
1961 filed
Price—By
shares.
common
Y.
purposes.
Underwriter—
(2/5-9)
common.
Price—By amend¬
ment. Business—A manufacturers' broker specializing in
the sale of toys, hobby goods and related items. Proceeds
—For general corporate purposes.
Office—408 St. Peter
St., St. Paul, Minn. Underwriter^tLaren Co;, N. Y.
Worldwide Fund Ltd. (12/27^29) •
/
t
Sept. 19, 1961 filed 100,000 common.-Price--$100/ Busi¬
ness—The Fund plans to invest primarily in equity se¬
curities
of foreign issuers. Office—Bank of Bermuda
Hamilton, Bermuda. Underwriter — Burnham &
Co.,N.Y.
•
World
Sept. 28,
Wide
Reinsurance
common. Price—$1. Busi¬
Proceeds—For
capital. Office—214
ness—Reinsurance.
W. 3rd
Bell
&
tion
Corp.
1961 filed 4,800,000
St., Yankton, S. Dak. Underwriter — Harold R.
Associates, Billings, Mont. Note—This registra¬
withdrawn.
was
Writing Toys Corp.
Nov, 8, 1961
("Reg. A") 65,650 common. Price — $3.25.
Business—Design and assembly of toys. Proceeds—For
equipment and working capital. Office — 354 GriggsMidway Bldg., St. Paul, Minn. Underwriter—Pewters,
Donnelly & Jansen, Inc., St. Paul.
•
Wulpa Parking Systems, Inc. (2/5-9)
13, 1961 ("Reg. A") 75,000 common.
Price—$4.
Business—Company plans to manufacture a parking de¬
vice called the "Wulpa Lift."
Proceeds—To open loca¬
tions and increase working capital. Office—370 Seventh
Oct.
Ave., N. Y.
Underwriter—Ehrlich, Irwin & Co., Inc., N. Y.
Wynlit Pharmaceuticals,
27,
1961 filed
Inc.
150,000 common. Price—By amend¬
Barth
&
N. Y.
-
Co., San Francisco;
:
-
new
plant,
St., Madison, N. J. Underwriter—Andresen & Co., N. Y.
•
Yankee
Plastics, Inc.
("Reg. A") 100,000 common. Price — $3.
Business—Manufactures plastic hangers and forms. Pro¬
Sept. 8,
1961
For acquisition of manufacturing facilities and
working capital. Office—29 W. 34th St., N. Y. Under¬
writer—Sunshine Securities Inc., Rego Park, N. Y. Of¬
fering—Imminent.
•
—
Youthcraft
Creations,
Inc.
(2/13-16)
6, 1961 filed 130,000 class A shares, of which 20,000
and 110,000 by stock¬
holders.
Price—By amendment. Business—Design and
manufacture of foundation garments for "juniors" and
are
to be offered by the company
women.
Proceeds
—
To
finance increased
Ave., Long Island City, N. Y.
Paine, Webber, Jackson & Curtis, N. Y.
Zenith
Laboratories,
.
•
sy
re¬
Underwriter—
Inc.
22, 1961 filed 120,000 common. Price—$4.50. Busi¬
ness—Development and manufacture of ethical pharma¬
ceuticals, non-prescription drugs, vitamins, etc. Proceeds
of debt and working capital. Office—
150 S. Dean St., Englewood, N. J. Underwriter—Sulco
Securities, Inc., N. Y.
—For repayment
Zim
Israel
Navigation Co., Ltd.
5, 1961 filed 20,000 of 7% participating preferred.
Price—$500. Business—Furnishing of passenger and dryOct.
cargo freight services.
Proceeds—For construction and
working capital.
Office—Haifa, Israel. Underwriter—
None.
and Bear, Stearns & Co.,
-
accounts
Office—21-09
Nov.
•
,
a
product expansion and working capital. Office—91 Main
Borden
filed 65,000 common. Price—$3.75. Business
—Rendering of consulting services pertaining to elec¬
tronic system analysis.
Proceeds—For expansion, pub¬
lication of technical papers, marketing, product develop¬
ment and working capital.
Office—4903 Auburn Ave.,
appliances.
Passaic
Proceeds—For
ceivable and for other corporate purposes.
Electromagnetics, Inc.
White
7, 1961 filed $5,500,000 of convertible subordinated
due 1982, to be offered to common stock¬
holders at the rate of $100 of debentures for each 25
chain
Stearns & Co., N. Y.
Oct. 5, 1961
debentures
a
investment company. Proceeds—For
Calif. Underwriter—Bear,
Dec.
shares
Capital Corp.
Working capital. Office—9229 Sunset Blvd., Los Angeles,
(2/5-9)
Inc.
Westland
—A small business
4
Vornado,
Business—The printing of towels and other
products.
Office—2357 S. Michigan Ave., Chicago. Underwriter—
D. E.. Liederman & Co., Inc., N. Y. Offering—In Feb.
Dec.
(1/15-19)
Sept. 21, 1961 filed 985,500 common. Price—$11. Business
®
corporate purposes. Office—115 W. Crane St., Topeka,
Kan. Underwriter—Stern Brothers & Co., Kansas City,
•
textile
ceeds
Nov.
Nov.
Mo.
Price—$2.
drugs and pharmaceuticals. Proceeds—For
Sept. 20, 1961 ("Reg. A") 100,000 capital shares. Price—
$3. Business—Manufacture of semi-conductors for com¬
mercial and military use. Office—605-G Alton St., Santa
Under¬
writer—Woodcock, Moyer, Fricke & French, Inc., Phil¬
Volume Distributors,
Texprint, Inc.
ment. Business—Manufacture and distribution of ethical
St., Philadelphia.
adelphia.
Windsor
Aug. 25, 1961 filed 265,000 common, of which 250,000 are
to be offered by the company and 15,000 by stockholders.
Nov.
derwriter—None.
drugs. Proceeds—For debt repayment and working cap¬
ital.
Land Corp.
Oct. 24,
Underwriter—Lehman
products
a
Gatos, Calif. Underwriter—Dean Witter & Co., San Fran¬
(1/29-12/2)
6, 1961 ("Reg. A") 100,000 capital shares. Price—$3.
Business
Proceeds—For debt repayment and
(2/15)
18, 1961 filed 84,000 common to be offered for sub¬
scription by preferred and common stockholders of rec¬
ord Feb. 15, on the basis of one right for each common
Brothers, N. Y.
•
shares. Price—$200 per unit. Business—
share held. Two rights will be
Proceeds—For working capital.
Ave.,
common
&
Proceeds—For a selling stockholder. Office—
St., New Bedford, Mass. Underwriter—Lee Higginson Corp., N.Y.
Dec.
by stockholders.
Price—By amendment. Busi¬
ness—Operation of stores selling women's, misses and
children's apparel.
units, each consisting of $100 of debentures
^ Western California Telephone Co.
shares
fice—111
in
Underwriter—McDonnell
dresses.
Bldg.,
Hills, Calif. Underwriter—Morris Cohon & Co., N. Y.
(1/2-5)
154,000 common,
filed
1961
are
Corp.
Stores
(2/5-9)
working capital. Office —9412 Wilshire Blvd., Beverly
Office—
Park
Ave., N. Y. Underwriters—Globus, Inc.,
Ross, Lyon & Co., Inc., N. Y. Offering—Imminent.
•
Development Corp.
General real estate.
1961 filed 200,000 shares of class A common
to be sold by Mr. Vic Tanny, a stockholder, who will
use
proceeds to repay debt to company. Price—$6.25.
Business—The operation of a national chain of gymna¬
375
Land
Westates
offered
11,
siums and health
St., N. W., Washington, D. C. Underwriter—Hodgdon
Co., Inc., Washington, D. C. Offering—In February.
Sept. 28, 1961 filed $1,500,000 of 7% convertible subord.
debentures due 1976 and 300,000 common shares to be
Inc.
Enterprises,
Shopping Center Limited Partnership
Development of a shopping center at Falls Church, Va.
Proceeds—For general corporate purposes. Office—1411
2, 1961 filed 168,000 common; of which 120,000 are
sold by the company and 48,000 by stockholders.
Business—Wholesale distribution of cosmet¬
ics. Proceeds—For new product development, advertis¬
ing and working capital.
Office — 4206 W. Jefferson
Blvd., Los Angeles, Calif. Underwriter—Garat & Polonitza, Inc., Los Angeles.
•
Tanny
St., Everett, Wash. Underwriter
Nov. 14, 1961 filed $444,000 of limited partnership inter¬
ests to be offered in 444 units. Price—$1,000. Business—
be
Vic
(1/15-19)
Telephone Co.
11,
West Falls
Price—$5.
May
Coast
Office—1714 California
Han;is & Co,.vInc., N. Y. Offering—
/ \ • /j;/-// V ■ ■ :v//y: '
Drug Distributors,
Corp.
—Blyth & Co., Inc., N. Y. !;•
Oct.
to
West
Calif.
Deane
1961 filed 110,000 common. Price—By amend¬
ment. Proceeds—For debt repayment and construction.
ing machines/ Proceeds—For repayment of loans, adver¬
tising, inventory, working capital and general corporate
Underwriter—B. G.
Co., N. Y.
—
West Coast Bowling
Dec.
A")
("Reg.
1961
&
primarily in California. Proceeds—For general
corporate purposes.
Office—3300 West Olive Avenue,
Burbank, Calif. Underwriter—Hill Richards & Co. Inc.,
Los Angeles (mgr.). Offering—Imminent.
•
1,
duPont
centers
Offering—Imminent.
Sept.
I.
May 26, 1961 filed 100,000 common.
Price—$5.
Busi¬
ness—The company plans to acquire and operate bowling
July 27,
Business—The manufacture of automatic popcorn
Francis
475 Alfred Ave., Teaneck, N. J.
Underwriter—
Scott, Harvey & Co., Inc., Fairlawn, N. J.
Underwriter—HP. Black & Co., Washington,D.C.
Vendotronics
■—
(12/26)
Inc.
ment, equipment, sales, advertising and working capital.
•
•
Underwriter
Y.
Wespak
St., Alhambra,
Cc.« Inc.. N. Y.
• Windsor
(Kay), Inc. (1/3-5)
Sept; 28, 1961 filed 200,000 class A common. Price—Bv
amendment. Business—Manufacture and sale of women's
Sept. 29, 1961 ("Reg. A") 100,000 common. Price — $2.
Business—Thermo-forming of plastic material for pack¬
aging of products. Proceeds—For research and develop¬
Vending International, Inc.
30, 1961 ("Reg. A") 70,588 common. Price—$4.25.
Business
Automatic vending of food, beverages and
cigarettes. Proceeds—For debt repayment, equipment
and foreign expansion. Office—436 Fourth Ave., Mans¬
10
are
apparel in leased departments of other specialty stores.
Proceeds—For debt repayment. Office —1 W. 39th St.,
Nov.
field, O.
offered
by the company and 115,000 by
stockholders. Price—By amendment. Business—Operates
Varicraft
•
be
to
Stores, Inc.
—-
Continued
on
page
46
46
?!
if.
4
The Commercial and Financial Chronicle
(2762)
tive).
ATTENTION
El Paso Electric Co.
you're planning to register?
Nov.
News Department would like
to know about it so that we can prepare an item
Our
I"
I
I
Corporation
you'll find hereunder.
similar to those
Would
write
telephone
you
to
at
us
.
REctor 2-9570
7, N. Y.
or
at 25 Park Place, New York
us
if Alberto-Culver
?
arations, particularly in the hair care field. Proceeds—
the selling stockholders. Office—Melrose Park, 111.
Underwriter—Shields & Co., N. Y.
For
^ American Telephone & Telegraph Co. (2/14)
Dec. 20, 1961 it was reported that the company plans
to sell $300,000,000 of debenture bonds due Feb. 1, 1994.
Proceeds—For expansion. Office—195 Broadway, N. Y.
Underwriters—(Competitive). Probable bidders: Morgan
Stanley & Co.; First Boston Corp., and Halsey, Stuart &
Co. Inc. (jointly). Bids—Expected Feb. 14.
I'¬
ll
K
•'ft*
:*»■
!r'
P*
Baltimore Gas & Electric Co.
Aug. 30, 1961 it was reported that this company plans to
issue about $25,000,000 of first mortgage bonds in the
first
half
of
1962.
Office — Lexington
and
Liberty
i1
T-
;;;
K'
i>!
Co., Inc.,
(jointly).
Laboratories, Inc.
Nov.
6, 1961 it was reported that a "Reg. A" will be
shortly covering 75,000 common. Price—$4. Busi¬
ness—Operates a color photo processing laboratory. Pro¬
ceeds—For expansion, equipment and other corporate
purposes. Office—108 W. 24th St., N. Y. Underwriter—
Stevens, Hickey & Co., N. Y.
filed
»|
I!
Si'
»!
!
Cincinnati Qas & Electric Co.
Feb. 16, 1961 it Was stated in the company's 1960 annual
report that this utility plans to sell both first mortgage
.
IT
bonds and
stock in 1962 to finance its
$45,000,Main StsH
Cincinnati, O. Underwriter—(Bonds) To be determined
by competitive bidding. Probable bidders: Halsey, Stuart
& Corlnc.; Merrill Lynch, Pierce, Fenner & Smith Inc.
and Lehman Brothers (jointly); Morgan Stanley & Co.
and W. E. Hutton & Co. (jointly); Blyth & Co., Inc.,
♦and First Boston Corp. (jointly); Eastman Dillon, Union
Securities & Co., and White, Weld & Co. (jointly). The
last issue of common stock (81,510 shares) was sold pri¬
vately to employees in August. 1960.
: i
; .:
r
,
'
Columbus Capital Corp.
Dec. 11, 1961 it was reported that this newly formed
Small Business Investment Co., plans to sell $10 to $20
million of common stock in the late spring. Office—297
r,
?•
I1
•*
l*
common
r
lr'
South
High
Nov.
V!
/'
Underwriter—To
be
'
.
•
Edison Co.
it was reported that this company plans
17, 1961
to sell
"
-
Commonwealth
¥:
O.
Columbus,
St.,
named.
,
$30,000,000 of first mortgage bonds early in 1962;
$20,000,000 of additional debt securities in 1963 and $25,000,000 in both 1964 and 1965. No new common or pre¬
ferred stock
0-
financing is contemplated in the four year
Proceeds—For construction.
Office—72 West
Adams St., Chicago. Underwriters—Competitive. Prob¬
able bidders: First Boston Corp.; Halsey, Stuart & Co.
■!i!
Inc.; Glore, Forgan & Co.
Corporate Funding Corp.
12, 1961 it was reported
file a "Reg. A" covering
Dec.
to
I
shares.
11!
$
|
}!'■
Proceeds—For general corporate pur¬
Office—39 Broadway, N. Y. Underwriter—R. F.
& Co. Inc., N. Y.
holding
poses.
Dowd
I
that this company plans
75,000 class A common
Price—$2. Business—A financial investment and
company.
Delaware Power &
Light Co.
Feb. 7,
1961 it was reported that the company has
postponed until early 1962 its plan to issue additional
common
stock.
The offering would be made to com¬
mon
stockholders first
shares
10
held.
■in
an
iiic
#'
I
the basis of
on
the
one
number
share for each
of
shares
out¬
standing, on Sept. 30, 1960, the sale would involve about
418,536 shares valued at about $14,600,000. Proceeds—For
construction.
t
If
on
Based
Office—600
Market
St., Wilmington,
Del.
Underwriter—(Competitive) Probable bidders: Carl M.
Loeb, Rhoades & Co., N. Y.; W. C. Langley & Co., and
Union Securities Co. (jointly); Lehman Brothers; First
Boston Corp.; White, Weld & Co., and Shields & Co.
(jointly); Kidder, Peabody & Co., and Merrill Lynch,
Pierce, Fenner & Smith Inc. (jointly).
Diversified Vending,
•v»
Sept. 13, 1961 it
r
ment
will
be
was
filed
Inc.
reported that
a
registration state¬
3
—Philadelphia, Pa. Underwriter—T. Michael McDarby
& Co., Inc., Washington, D, C.
>•
-'•<» -
I
■ft
Dec.
S;
&
Securities
Corp.;
Probable
Merrill Lynch,
Smith
Duke Power Co.
(2/20/62)
6, 1961 it was reported that this company plans to
$50,000,000 of 30-year first mortgage bonds in Feb¬
ruary. Offices—422 So. Church St., Charlotte, N. C., and
sell
I
closed number of common shares. Business—The
Elizabethtown Water Co.
Nov.
(2/6/62)
reported that this company plans
to sell $9,000,000 of debentures in February. Office—22
W. Jersey St., Elizabeth, N. J. Underwriters—(Competi¬
tive). Probable bidders: W. C. Langley & Co.-Paine,
Webber, Jackson & Curtis (jointly); Salomon Brothers
&
Hutzler-Eastman
Dillon, Union Securities & Co.
(jointly); White, Weld & Co.; Halsey, Stuart & Co. Inc;
Bids—Expected Feb. 6, 1962.
1961
28,
it
was
,
Power &
Florida
Light Co.
Ave., Miami, Fla. Underwriter—To be de¬
termined by competitive bidding. Probable bidders: Mer- rill Lynch, Pierce, Fenner & Smith Inc. and Kidder,
Peabody & Co. (jointly); Halsey, Stuart & Co., Inc.;
White, Weld & Co.; First Boston Corp.; Blyth & Co., Inc.
if Garrett
Dec.
Corp.
1961 it was reported that this company plans
registration statement shortly covering $20,000,000 of 20-year debentures. Business—Company furnishes
engineering services and distributes parts to the airT
a
craft
industry. Proceeds—For debt repayment. Office—
9851 Sepulveda Blvd., Los Angeles. Underwriter—Mer¬
rill
Lynch, Pierce, Fenner & Smith Inc., N. Y.
/;/; ^
Gateway Transportation Co., Inc. /
Dec.
13, 1961 it was reported that this company plans to
registration statement covering 200,000 common,
of which 50,000 shares will be sold by the company and
150,000 by stockholders. Business—A truck transportation
file
a
—
To purchase terminal facilities.
Crosse, Wis. Underwriter—Blyth & Co., Inc.,/,
Proceeds
company.
Office—La
,./
N. Y.
General
Utilities
Corp.
tion rights on the basis of one share for each 20 shares
held. Based
on the 22,838,454 common shares outstanding
31, 1960, the offering will involve a minimum
1,141,922 additional shares. Office—67 Broad St., New
York 4, N. Y. Underwriter—None.
Dec;
of
Georgia Bonded Fibers, Inc.
was reported that registration of 150,000
shares of common stock is expected. Offices—Newark,
N. J., and Buena Vista, Va. Underwriter—Sandkuhl and
Company, Newark, N. J., and N. Y. C.
Sept. 14, 1960 it
Government
Nov.
Employees Corp.
opera¬
1961
it
was
House of
Koshu, Inc.
13, 1961 it was reported that this company plans
file a registration covering 65,000 common. Price—$5.
Nov.
to
Business—Importers of Japanese liquors and liqueurs.
Proceeds—For expansion.
Office—Beverly Hills, Calif.
Underwriter—P. J,
jGruber & Co., Inc., N. Y.
Lighting & Power Co.
Oct. 17, 1960 Mr. T. H. Wharton, President, stated that
between $25-$35 million dollars is expected to be raised
publicly sometime in 1962, probably in the form of pre¬
ferred and debt securities, with the precise timing de¬
pending on market conditions. Office—Electric Building,
Houston, Texas. Underwriter—Previous financing was
handled by Lehman Brothers, Eastman Dillon, Union
Securities & Co. and Salomon Brothers & Hutzler.
Illinois Terminal
16, 1961
it
its
1961-65 construction program, but the current feel¬
ing is that it will not be necessary to turn to long-term
until May
1962. Office
Louis, Mo.
Olive
1017
—
,,
Lembro
Concrete
Products
St., St.
,
Inc.
j
Nov. 13, 1961 it was reported that this company plans to
file a registration
statement covering 100,000 common.
Price—$3.50.
Business—Manufactures pre-cast concrete
fallout shelters, enclosures, play sculpturs and drainage
equipment.
Proceeds—For expansion.
Office—Hunting¬
Underwriter—Blank-Lieberman
ton
Station, L. I., N. Y.
& Co., N. Y.
Masters
Inc.
,
,
Jan.
6, 1961 it was reported that this corporation is
contemplating its first public financing. Business—The
operation of
38th
a
chain of discount houses.
Office—135-21
Avenue, Flushing 54, L. I., N. Y.
if McDaniel Equipment, Inc.
./
//
-
Dec. 20, 1961 it was reported that this company
plans to
file shortly on 100,000 common shares. Price—$3. Busi¬
ness—The sale, servicing and installation of laundry and
dry cleaning equipment and the operation of such cen¬
ters
at
military bases, trailer parks and apartment
houses.
porate
Proceeds—For
debt
repayment
Office—San
purposes.
—California Investors,
15,
vide for
other
and
cor¬
Diego, Calif. Underwriter
Los Angeles.
Mercantile National Bank at Dallas
Nov.
(Tex.)
1961 it was reported that stockholders are to
16, 1962 on increasing authorized stock to pro¬
10% stock dividend sale of 100,000 additional
on the basis of one new share for
a
shares to stockholders
each. 15
shares held of record
Jan.
16.
Price—$36. Pro¬
ceeds—To
increase, capital .f qnd^.r Underwriters—Rauscher, Pierce & Co., and First Southwest Co., Dallas.
•
Monterey Gas Transmission Co.
;
^
^
4
April 24',«!!96Mtfwas reported that Humble Oil & Refin¬
ing Co., a subsidiary of Standard Oil Co. of New Jersey,
and
Lehman
Brothers,
had
formed this
to transport natural gas from
new
company
southwest Texas to Alex¬
andria, La., for sale to United Fuel Gas Co., principal
supplier to other Columbia Gas System companies.'
It
is expected that the pipeline will be financed in
part by
public sale of bonds. Underwriter — Lehman Brothers,
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
divest themselves of the stock. Price
About $20 per
share. Proceeds—To repay a $4,500,000 demand
loan, and
other corporate purposes. Office—Miami International
—
Airport,
Miami
Fla.-Underwriter—Merrill
59,
Lynch,
Nautec Corp.
Nov. 6, 1961 it was reported that the
company plans to
sell $3,000,000 of convertible debentures to be offered
on a pro rata basis to
common stockholders. Business—
Manufactures parking meters, truck
winches, fiberglass
boats, steel towers, etc. Proceeds—For debt repayment
and working capital. Office—350 5th
Ave., N. Y. Under¬
writer—Bear, Stearns & Co.. N. Y.
New
England Electric System
Oct.
2, 1961 it was reported that this company plans
to sell additional common stock to stockholders
through
subscription rights, early in 1962. Office—441 Stuart St.,
Boston, Mass. Underwriters—To be named. The' last
rights offering in April 1958 was underwritten by Carl
M. Loeb, Rhoades & Co.,
Ladenburg, Thalmann & Co.,
and Wertheim &
Dec.
13, 1961 it
offer
Co., N. Y.
for
each
For
will
shortly covering 100,000 common. Price—$3.
Business—Industrial
designing and the production of
was
stockholders
additional
common
20
held
Electric Co. (3/1)
reported that the company plans to
the right to
subscribe for 328,912
shares
of
construction.
on
record
the basis of
about
March
one
1.
new
share
Proceeds—
Office—321
North Harvey St., Okla.
rights offering in March,
1956 was underwritten by Merrill
Lynch, Pierce, Fenner
& Smith Inc., N. Y.
City.
Underwriter—The
Pacific Gas
was
Jaap Penraat Associates, Inc.
(and Visual Education, Inc.)
Dec. 12, 1961 it was reported that a full registration
filed
/
)
Nov. 15, 1960 Mr. L. A. Horton, Treasurer, reported that
the utility will need to raise $33,000,000 externally for
Nov.
RR.
reported that this company plans
the sale later this year of about $8,500,000 of first mort¬
gage bonds. Office—710 North Twelfth Blvd., St. Louis,
Mo. Underwriter—Halsey. Stuart & Co. Inc., Chicago.
be
early 1962.
Laclede Gas Co.
Oklahoma Gas &
Houston
Jan.
selling household
Zerega Ave., Bronx. N. Y. Under¬
Office—1200
goods.
stores
Pierce, Fenner & Smith Inc., N. Y.
reported that the company plans
to offer stockholders the right to subscribe for $2,675,000
of 41/2% convertible capital debentures on the basis of
$100 of debentures for each seven common shares held
of record April 6, 1962 with rights to expire April 30.
Business—The company and its subsidiary provide auto¬
mobile and mobile home financing service on a nation¬
wide basis to government employees and officers of the
military. Office — Govt. Employees Insurance Bldg.,
Washington, D. C. Underwriters—Johnston, Lemon &
Co., Washington, D. C.,-and Eastman, Dillon, Union
Securities & Co., N. Y.
29,
discount
of
New York City (managing).
Public
March 14, 1961 it was stated in the company's 1980 an¬
nual report that the utility:expects to sell additional
common stock to stockholders in 1962 through subscrip¬
on
chain
a
vote Jan.
20,
to file
of
securities
Spectrum Corp.
Sept. 14, 1961 it was reported that this company plans
to file a "Reg. A" covering 100,000 common. Price—$3.
Business—Research, development, manufacture and mar¬
keting in the fields of optics, electronics, chemistry and
photography. Proceeds — For organizational expenses,
building lease, machinery, inventory and working cap¬
ital. Office—300 Gramatan Ave., Mt. Vernon, N. Y. Un¬
derwriter—Harry Rovno (same address).
shortly
covering 100,000 common.
Price—$4. Business—The servicing of vending machines
and coin operated kiddy-rides.
Proceeds—For equip¬
ment, inventory and general corporate purposes. Office
July 27, 1961 it was reported that this company plans to
file
a
registration
statement
covering
an
undis¬
bidders:
Stone
&
Pierce, Fen¬
Inc.; Halsey, Stuart & Co. Inc.; Kidder,
Peabody & Co. Inc.-White, Weld & Co.-Shields & Co.
(jointly); Equitable Securities Corp.-R. W. Pressprich
& Co. (jointly). Bids—Expected Feb. 7, 1962.
period.
.if
£.
Corp.
in
construction program. Office—Fourtin &
000
Inc., N. Y.
John's Bargain Stores
writer—Hayden, Stone & Co., N. Y. Offering—Expected
—25 S. E. 2nd
(jointly); Harriman Ripley &
F. Dowd & Co.
$3,500,000 outstanding amount of 5J/8% bonds due 1989.
North Stanton St., El Paso, Texas.
Under¬
Sept. 18, 1961, it was reported that the company may is¬
sue $25,000,000 of bonds in the second half of 1962. Office
Corp.
teaching machines. Proceeds—To expand teaching ma¬
chine
subsidiary, and for other corporate purposes.
Office—315 Central Park West, N. Y.
Underwriter—R.
Office—215
Boston
Bebell & Bebell Color
F
(2/7/62)
reported that this company plans
Streets, Baltimore 3, Md. Underwriters—To be deter¬
mined
by
competitive
bidding.
Probable
bidders:
Halsey, Stuart & Co. Inc.; Whitd, Weld & Co., and First
and Alex. Brown & Sons
:j
was
$10,500,000 of first mortgage bonds in February.
construction and possible refunding of
Electro
made shortly
T
it
Thursday, December 21, 1961
.
tion
Co.
20, 1961 it was reported that a full filing will be
covering 125,000 common. Business—Man¬
ufacture and national sale of cosmetic and toiletry prep¬
Dec.
i*,e
•I,t)
Y. Underwriters—(Competi¬
First Boston Corp.; Stone &
.
Proceeds—For
ner
5'
.<?'
sell
1961
Webster
t
j|T
22,
writers—(Competitive).
I
V.!
N.
bidders:
Securities Corp.; Halsey, Stuart & Co. Inc.;
Morgan Stanley & Co. Bids—Expected Feb. 20, 1962 at
11 a.m. (EST).
UNDERWRITERS!
Do you have an issue
v
Plaza,
Probable
Webster
V
£
Rockefeller
30
Continued from page 45
.
10,
to sell
1962
to
&
1961 it
last
Electric
Co.
reported
that the company plans
$98,000,000 of securities, probably bonds, in
help finance its proposed $208,000,000 construc¬
was
some
tion
program.
Office—245 Market St., San Francisco.
Underwriters—(Competitive).
Probable bidders: First
Boston Corp.-Halsey, Stuart & Co. Inc.
(jointly); Blyth
& Co., Inc.
if Pacific National Bank of San Francisco
Dec. 20, 1961 it was reported that the bank
plans to
offer stockholders the right to subscribe to
119,220 addi-
Volume
194
Number
6118
,
.
The Commercial and Financial Chronicle
.
(2763)
i-
tional shares
on a l-for-5 basis to raise about
$6,000,000.
subject to. approval of stockholders on Jan. 9
and the Comptroller of the Currency. Proceeds—To in¬
crease capital and surplus. Office—333
Montgomery St.,
San Francisco. Underwriters—Blyth &
Co., N. Y., and
Elworthy & Co., San Francisco.
>s.
|R.
to
;
technology. Proceeds — For expansion, diversification
working capital. Office—400-06 Adams St., Newark,
N. J. Underwriter—Keene &
Co., Inc., N. Y.
is
Action
and
★ Rooke
Pan American
Beryllium Corp.
1961 it was reported that a full filing will be
covering 100,000 common. • Price—$3. Business—
Operation of beryllium mines in Argentina.
Proceeds
Dec.
mining
Offices—39
expenses.
Broadway,
Inc., N. Y.
Underwriter—R. F. Dowd & Co.
American
Pan
World
Airways,
covering 120,000
Roth
Oct.
Oct. 30, 1961 it was reported that the CAB had approved
the company's plan to sell its 400,000 share holdings of
National
filed
Office—135
stock.
East
42nd
March
8,
Eastern
it
1961
was
Penn
Amusement Corp.
★"'21
San
>-
<
shares.
company
f
Laboratories,
Inc.
the
■
.
-Institutional .activity on the New
Stock
York
new
•
a
high in the Exchange's latest
Sept.
Keith Funston, President of
Exchange, has announced.
Public Transaction Study on
13,
the
;
reached
Exchange
that
Mr. Funston also reported
activity by
the public declined from the pre¬
vious study a year earlier. ',
and' trading
; margin
f
Highlights
of
11th -Public
the
; Transaction Study — a statistical
i portrait of the market, the results
of which were just recently pubFor
and
!
the
more
on
This
13.
accounted
for
total
the Exchange on Sep¬
*
group
—
u
.
including
non-
broker/dealers, * invest¬
and
insurance
companies,
-
;
religious and educational founda¬
tions, trusts, and banks acting for
26.2% of the
share volume that day. This com¬
pared with 24.3% for the previous
study, in September 1960. Shares
bought and sold" by institutional
Sept.
13
the
totaled
,
an
Exchange
estimated
on
1,-
936,000—more than 2V2 times the
763,000 estimated daily average
for the first PTS in September
1
.r
Sep¬
was
an
public's margin activity for
trading
purposes
was
also
down
sharply—to 17.6% of total margin
activity from a high of 25.6%
reached in last year's study.
"Significantly .
.
international
produced no unusual ef¬
fects on trading on the Exchange,"
Mr.
Funston
concern
noted,
at the
time of the study
over
the Berlin crisis and the So¬
viet
Union's
clear bomb
resumption
testing.
several months earlier
seem
more
evident, the study indicated.
The Exchange's reported vol¬
ume
for Sept. 13
was
3,114,000
shares.
Total
added
lots
volume—with
and
odd-
purchases
and
sales counted separately—came to
7,389,000 shares. Of this, 5,732,000
shares
represented some 52,000
orders originating with public in¬
dividuals
and
institutions
or
in¬
termediaries and having a market
value of $240 million worth
of
uals accounted for
of the overall volume
14.2%. in the last PTS
While-
year ago.
nu¬
The effects of
Sept. 13, to 9.5% of their total
shares
bought - and " sold
from
a
of
Community warnings
thoughtless
speculation
stock.
on
high
despite
Trading transactions by public
individuals dropped off sharply
(Trading, transactions
m
high
in
in December 1954.
estimated 27%
The
13.8%
The
1952.
tember
against
on
only
for
total volume, or less
out of each six shares
estimated
an
was
ment
1952.
i
one
Exchange
investors
accounted
changing hands. The only lower
percentage in, this category
throughout the nine-year series
member
individuals—placed
:
of 62.3%
As
been*
in
the
past, public individ¬
more
their .share
than half
—
51.4%.
volume
has
their
up
steadily,
numerically,
proportion of the total has
closed out within 30 days, as well
been
decreasing and is down from
are
defined
in
reached
Co., and First
Ripley & Co.; Kidder,
Peabody & Co. and White, Weld & Co. (jointly). BidsExpected March 5, 1962.
Western
Nov.
sell
To
-
The
proportion
counted for
volume
ac¬
by Exchange members
member
accounts
of
firms
for
their
own
somewhat
down
was
Public individuals investing for
long-term—more than six months
volume
to 62% of their total
up
the
in
from
60.8% a year ago. Short-term in¬
vestments, of from one to six
months, accounted for 28.5% of
public individuals' volume, com¬
pared to 25% in September 1960.
new
The remainder
survey,
the
was
9.5%
for
trading activity.
Women,
than
who
half
of
make
the
up
more
nation's
esti¬
mated 15 million
shareowners, in¬
proportion of public
individuals' buying and selling to
creased their
a
record 28.3%.
This
was
nificantly from the previous
of
ord
26,1%
tinued
last
general
a
year
rec¬
and
trend
sig¬
up
con¬
for
the
PTS series.
Persons with
annual family in¬
$10,000 or more were
responsible for almost four out of
five shares bought or sold
by pub¬
lic individuals, likewise continu¬
ing an upward trend and account¬
ing for a new record proportion
of their
As
been
resented
since
levels
have
less
risen,
in
the
prominently rep¬
succeeding PTS
each
start
of
the
series
in
1952,
dropping from
then to 2.7% of public in¬
8.9%
dividuals'
share
volume
in
1961.
(Persons with family incomes of
to $5,000, while they are not
up
active
market,
all
:
in
the
day-to-day
constitute
about
stock
30%
individual: sharebwners,
reported that this
the
in
12, 1960 it
was reported in a company prospectus
undetermined amount of capital stock or bonds
an
will be sold in 1961-1962. Proceeds—For the repayment
of short-term bank loans incurred for property addi¬
tions.
Office
—
Sheridan Springs Road,
market.
I.R.E. Investors
In
both
this
LEVITTOWN, L. I., N, Y.—I. R. E,
Investors
CoFp. of Levittown and
Inc. of Hemp¬
merged, it has been
announced jointly by the princi¬
pals. The resulting organization
and
Nelson Securities,
the
earlier
of
the
studies,
of
have
ever-widening geographic
Every state was repre¬
an
spread.
orders
were
found
lic
volume
New
from
such
states
as
York
(28.9%), Pennsylvania
(5.4%) and Illinois (5.8%), though
still
high, has been decreasing
gradually, while the proportion
accounted for
by Massachusetts
(5.7%), New Jersey (4.5%) and
Texas (3.4%) has moved up. Cali¬
fornia slipped back
to 9.1% of
total public share volume, from
10.3%
in
the last
business
as
I.
R.
E.
Investors
at
Corp., with headquar¬
Levittown and branches
at
ters
to
sented, plus the District of Co¬
lumbia, Canada and other foreign
countries. The proportion of pub¬
conduct
will
the
origins
have
stead
dividuals'
volume, up one-fourth
figure in October
1957, the earliest study for which
comparable data are available.
Merges
With Nelson Securities
from the 24.3%
in
Lake Geneva,
Wis. Underwriter—The Milwaukee Co., Milwaukee, Wist
previous PTS, such investors
accounted for 30.8% of public in¬
As
plans to
Wisconsin Southern Gas Co.
Dec.
that
of age-^was again apparent
years
company
$50,000,0(00 of debcntures'eajrl^.int 1"962. Proceeds—
repay s&p-term loans* Office—60 Pludson St., N- Y.
Relatively high participation by
younger investors—those under 45
Commaek,
L,
I.
Provi¬
and
dence, R. I.
J.
Peter
■
tinue
as
Comerford
President
Marvin
vestors,
will
of I.
A.
R.
con¬
E. In¬
Lauterbach
and George N, Oeslander, the two
top Nelson officers, have become
General Manager—Securities Di¬
vision, and Comptroller, respec¬
tively, of 1. R. E. Investors.
This
I.
R.
merger
In
E.
is the second
November
for
it
1960
acquired Capital Accumulation
Corp. of Garden City, L. I. in a
merger.
Form Seibu Securities
study.
(Special to The Financial Chronicle)
Named Director
Astrop, Vice-President
of
Florida
Capital Corporation,
Palm Beach, Fla., has been elected
the
board
of
directors
of
Roberts
'Company,
textile
ma¬
chinery manufacturer of Sanford,
N. C., it is announced
by Robert
E.
Pomeranz,
President.
Previously, he served
manager
and
president
of
assistant
Brenco,
ANGELES, Calif. — Seibu
Securities, Inc. has been formed
with offices at 333 East Second
LOS
William B.
to
in the range under $5,000
persons
have
volume—77.8%.
income
Telegraph Co.
Underwriters—Kuhn, Loeb & Co., and Lehman Brothers,
of
comes
was
the
from September 1960, to 22.4%.
—moved
Union
15, 1961 it
Exchange noted, according to the
1959 Census of Shareowners.)
De¬
1954.
September
as those closed out or likely to be
high
a
„
tensions
time, institutions
than one-quarter of the
tember
•
"V;-
■■
intermediaries
i volume
.
first
than
ers; Eastman Dillon, Union Securities &
Boston Corp. (Jointly); Harriman
was
.
\
"
lished.
'
purchases
and
it
and
of
mined by competitive bidding. Probable bidders:
Halsey,
Stuart & Co. Ihc,; W. C. Langley & Co.; Lehman Broth¬
Automated
1961
smaller than in the last two stud¬
10.3%
one
con¬
bowling and recreation centers in
Proceeds—To build the first three centers
cember
They
of
build
sales.)
Margin transactions by public
individuals were proportionately
to close out short
ies.
basis
shares held. Proceeds—For
Systems, Inc.
reported that a ("Reg. A") will be
filed shortly- covering 75,000 common shares. Price—
$3. Business—The custom, design, manufacture and in¬
stallation of automated material handling systems foi
large wholesale and retail establishments and industry.
Aug. 9,
sales
to
subways.
Teeco
-—
short
all
as
Pann Power Co. (3/5)
10, 1961, J* Lee Rice, Jr., President of Allegheny
System, Inc., parent company, stated that West
Penn expects to sell about $25,000,000 of bonds in 1962,
Office — 800 Cabin Hill Drive, Hempfield
Township*
Westmoreland County* Pa. Underwriters—To be deter¬
Office—New York City. Underwriter—Rodetsky, Walke*
& Co., Inc., Jersey City.
>
—Company is engaged in applied research and develop¬
ment ill field of resin's polymer chemistry and plastics
!
Wast
Feb.
the
on
Co., Inc. and associates.
Power
Office—720 Mercantile Dallas Bldg., Dallas 1,
Underwriter—To be named. The last rights of¬
New York
,Dec. 20,1 1961 it was reported that a fij.ll filing will be
made covering 105,000 common. Price—$3.50. Business
NYSE Reports
Inst. Activity J
&
Subway Bowling & Recreation Enterprises, Inc.
Aug. 22, 1961 it was reported that this company plans
to sell about $1,200,000 of common stock! Business—The
company has an exclusive franchise from the City oi
; '
•.
no decision has been made
yet as to type. Office—
Richmond 9, Va. Underwriters—To be named. The last
sale of bonds in June 1961 was handled by
Halsey, Stuart
Co*
stockholders
common
share for each 20
Texas.
ba^s by
v.
but
fering to stockholders in January 1957 was underwritten
by Dillon, Read & Co., New York City.
.
;
Service
,
Virginia Electric & Power Co.
Oct. 2, 1961 it was reported that this company plans to
sell $30,000,000 to $401,000,000 of securities in mid-1962
struction.
,i?
negotiated
Los Angeles.
•
stock in March 1962. The shares will be offered for sub¬
1961 it wa9':reported^that-jthe previously an¬
nounced plan to sell about $20,000,000 of common^Stock
to stockholders through * isubscriptiortftrights had'Abeen
postponed until about June >1062. Offic&^OOO.'lSth St.,
.Denver, Colo. Underwriter — To be named. The last
Research
manuals Proceeds—For expansion.
Office—Los Angeles, Calif. Underwriter—Adams &
Co.,
July 19, 1961, Herbert L. Nichols, Chairman, stated that
the company plans to issue about
$13,000,000 of common
•Aug. 22,
ir Resin
lication of technical
Co.
Public
a registration stated
quarter of 1962 covering
common
★ Varigraphics, Inc.."r
''v
Ded. 20, 1961 it was
reported that a "Reg. A" will be
filed covering 50,000 common.
Price—$4. Business—Pub¬
filing will.be>,:
Bldg.,
Southwestern
1961 it was reported that this company plans to
60,000 common shares. Price—$5. Business—The
operation of dining clubs, Proceeds—For expansion and
working capital. Office—15th and Locust St., Philadel¬
phia. Underwriter—To be named.
\
of Colorado
Gas
of
.
full
a
—
fissue
a
that
number
shares. Business^—
Distribution of wines, liquors, etc., and operation of the
"21 Club." Office—23 W. 52nd
St., N. Y. Underwriter—
Hornblower & Weeks, N. Y.
Sixth Ave.,
V
Co.
reported
,
undisclosed
an
Birmingham, Ala. Underwriter—
(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; First Boston Corp.; Blyth & Co. and Kidder,
Peabody & Co. (jointly).
June 1,
on
Brewing
was
Natural
scription by
.
equity financing was handled
First Boston Corp.. ;■
r
Schlitz
1961' it
Office—Watts
<
Inc*
Co.
Office—861
.
.
ment will be filed in the first
Diego, Calif. Underwriter—Blyth & Co., Inc., N. Y*
(Jos.)
new
Service
$17,500,000.
some
,
—
Brands, Inc. "•
; ^
Dec. 20, 1961 it was reported that
Oct. 17, 1961 it was reported that the
utility is contem¬
plating the sale of $35,000,000 of 20-year first mortgage
bonds early in 1962. Proceeds
To retire bank loans.
-
Laurence & Co.;. New York City.
Public
raise
Southern
(truck) amusement rides for children/Proceeds
and set up national dis¬
tributorships. Office—Brooklyn, N. Y. Underwriter—J.
Penthouse Club,
named.
•
Co., Chicago. Registration—Expected in January.
ex¬
mobile
.
>>
>.
:
made
—To operate a new type truck
,
^
-
covering about 692,000 outstanding common shares.
Price—About $31.75. Business—Production and distribu¬
tion of beer. Proceeds
For the selling stockholders.
1961 it was reported that this company plans
a, "Reg.
A": shortly covering 100,000 cdmmon
Price—$3.
Business—The company furnishes
file
to
Dec. 20,
Aug. 22,
to
Proceeds —For
—
pects to sell about $72,000,000 of debentures sometime in
.1962, subject to FPC approval of its construction program.
Office—120 Broadway, New York City, > Underwriters—
Merrill Lynch, Pierce, Fenner & Smith Inc., and Kidder
Peabody & Co., both of New York City (managing).
Page 16.
on
Greeting Cards Co.
Office—Milwaukee, Wis. Underwriter—Glore, Forgan &
this
that
Appear
metals. Proceeds—For expan¬
Hills,; Calif.;
★
Pipe Line Co.
reported
exotic
Angelen, Calif. Underwriter—Adams &
18, 1961 it
1962
writer—Merrill Lynch, Pierce, Fenner & Smith Inc.
Panhandle
a
"Reg. A" will be
Price—$2.50. Business—
common.
San Diego Gas & Electric Co.
Sept, 12, 1961 it was reported that this company plans
to sell about 500,000 common to
stockholders in mid-*
N. Y. Under¬
St.,
of
that
reported
was
expansion.
Offlee
42-14 Greenpoint
Ave., Long Island City, N. Y. Underwriters — To be
Airlines, Inc.
However, it said Pan Am must
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
the
it
was reported that this company is plan¬
ning its first public sale of common stock. Office—Glendale, Calif. Underwriter—R. E. Bernhard & Co., Beverly
"start selling the stock within
•of
1961
Co., Los Angeles.
V.-,
Inc.
20,
sion. Office—Los
Y.
N.
Dividend. Advertising Notices
Engineering Corp.
Dec.
The fabrication
12,
made
—For
47
sales
as
to
Inc„
tbe
roller
bearing
manufacturer of Rich¬
mond, Va., and before that was a
registered representative with the
Street
to
business.
engage
Officers
in
a
are
securities
George
Y.
Kuniyoshi,
President
and
Nobushige Hosaka, Vice-President,
Secretary and Treasurer.
Now With N. C. Roberts
(Special to The Financial Chronicle)
SAN DIEGO, Calif.
—
Lawrence
baa become affiliated
C. Roberts & CQ-* 625
McGuckin
with
N.
Broadway, members Qf the New
Richmond
investment
banking York Stock Exchange, Mr, Mc¬
and
brokerage firm of Willis, Guckin was previously with HayKenny and Ayres.
den, Stone & Co.
•
48
The Commercial and Financial Ch ronicle
(2764)
,
.
4
'
.
Thursday, December 21, 1961
.
*
*
,
:
•
jtk.
COMING
WASHINGTON AND YOU
EVENTS
XYZ
INTERPRET A TIONS
B EHIND-THE-SCENES
32
FROM THE NATION'S CAPITAL
y2
IN INVESTMENT FIELD
r
STOCK
WASHINGTON, D. C.—In the
closing days of the Old Year there
ment
invest¬
business
small
431
were
in the United
capital of $428,-
companies
States with total
000,000. None existed three years
ago
when Congress created the
Business
Small
Com¬
Investment
Act.
pany
As
indication
of
the
The
dur¬
growth
ing the coming year of the econ¬
of
means
increase in
an
these
of
probably
country
our
small
the number
investment. com¬
panies.
The
Small
a
:
signed,
flow
in
of
of
Act
to
part,
was
de¬
channel
the
1958
dollars
of capital to small business. At the
same time the legislation provides
tax
some
of
privileges to men and
are
willing to risk
who
women
of their
some
billions
many
capital.
own
The
tration,
legislative
by
investment
lend
funds
The
SBIC's
intention
to
terms,
small
license
to
companies and to
companies.
set up with the
becoming
profitthese
are
of
making
corporations, and so
is being done with few
that
far
ex¬
ceptions.
The SBIC Act has increased the
importance
the
of
Nation's
Inciden¬
Capital.
the nation
willingness
chalk
fail
to
profit, or should by
they
become
worthless
companies, there is still a favor¬
able risk advantage for neople in
the high income tax bracket.
up
a
chance
Why?
Because if
his venture
if
the
Small
his
on
income.
able
in
funds
deduct it
can
On
person
a
business
gram.
'
other
hand,
Investment
money—and
Companies make
have
been
the
are
count
ors
can
tal
gains
the
rather
profits
as
capi¬
regular
than
in¬
tax
incentives
are
play¬
the or¬
ganization of Small Business In¬
vestment
Companies.
Scores of
ing
paramount part
a
of the
SBICs, among other things,
will result in Congress
institutions—State
to
expressed gratification at the
growth of the Small Business In¬
ago,
vestment Companies.
-in
capital and surplus equal to at
$300,000 before it receives a
license and starts operating. There
least
maximum.
no
.
The
SBA
is
authorized by Congress to buy up
$150,000 in subordinate deben¬
tures of a company which plans a
to
minimum
capital of $300,000.
In
addition
to
this, the SBA may
lend a company another $400,000.
As
a
result
the
investment
com¬
could go out and borrow on
equity capital. Therefore, the
available lending capital becomes
pany
its
sizable.
Many
unquestionably has ex¬
ceeded
the
anticipation of the
growth expected by sponsors of
the 1958 legislation.
the
capital
invested
in
impressive
There
approximately
categories,"
"The
said
the
geographic
states.
scope.
There
is
in
license
in
St.
the
country
is
business
nancial
anybody
has
who
a
story in Washington.
Thomas,
the
"The
roll call
SBICs already
of
in
operation is only a part of the
story.
There
are
in the back¬
ground
another
160
companies
received
SBA
an
institutionalized
has
the
requirements
tion
being
to
in prepara¬
licensed.
140
are
more
of venture capital for
ment
businesses
bankers
ment
have
exchanges
small
much as invest¬
and
major stock
very
larger
for
done
businesses.
"What
he:
the
for
to
and
SBIC pro¬
has done is to formalize the
obtaining equity capital
gram
rules
of such
capital out in the open.
It has
expanded to a tremendous degree
an awareness that venture capital
funds
edge
And
be¬
available and
are
of
these
where
knowl¬
a
funds
may
from the nation
may not
may
views.]
own
Administration
ness
Avenue in downtown
have
come
with
up
effort
an
to
maintain that
in
a
SBA's
Collectively,
business"
they
small businesses
real
estimated that
small
statistics
support
our
very
Washington,
many
sense
the "big¬
America.
in
there
It
30,000,000 of
count
for
40%
of
C.
South
In
Dallas,
Luther
of
after
as
a
a
C.
Campbell
representative
:'
area
offer
on^
of
employed
sons
States
today is
worker
in
our
SBA
ceed
if
its
opened
branch
a
First National Bank
$5,000,000,
not in
of
excess
average
net
in
its
net
^are organizing Small Business InVestinent Companies to take ad¬
small
months
ago
Hodson
ously
ties
to
;
,
in
his
affiliated
now
Association
Firms
'7"
Angeles)
(Los
Exchange
Stock
of
Board
Mark
''U
1962
11-12,
Exchange
the
at
Governors
of
meet¬
4, 1962 (Boca Raton, Fla.)
Security
Asso¬
Traders
Convention.
with
Avenue.
He
with Pacific
previ¬
was
Coast
Securi¬
Brokers and Dealers
Attention
MARKETS
TRADING
Botany Industries
Maxson
(Special to The Financial Chronicle)
Mass.
—
Charles
Odence is now with Bache &
10
Post
Office
previously
delbrook,
with
Inc.
Square.
Coburn
He
&
Electronics
Official
L.
Waste
Co.,
Films
King
was
Mid-
Our
New
York
telephone
is
number
J^Anal 6-4592
New Riecke Branch
Avenue, under the management of
Securities.
William M. Comerford.
Canadian
Oct.
National
Dividend Shares and Nation-Wide
Fund,
Stock
Meeting
Hopkins Hotel,
Nov.
Fund,
Bullock
of
Fall
Now With Bache & Co.
exchange firm.
firms
Firms
Company.
Bullock, Mr. Campbell will
investment
is
BOSTON,
assistance and sales ideas for
(San Francisco)
8-9, 1962
American Cement
LERNER & CO., Inc.
Investment Securities
10 Post Office Square, Boston 9, Mass.
Telephone
HUbbard
Teletype
2-15)90
BS
69
*
ruT
For Distribution in
Central New England
ex¬
Boston
Telephone
worth
is
taxes,
Carl Marks
foreign
20
BROAD
securities
STREET
•
TEL: HANOVER 2-0050
-a
business, replied: "A small
Co. Inc.
CAnal 6-8481
Richmond 2-0420
S.ROMANOFFCO.,Inc.
specialists
#\
NEW YORK 5, N. Y.
American
1-971
,
Members:
Stock
v~v."
•
•
Exchange
*
(Assoc.)
340 Main St., Worcester
8, Mass.
Tel.: ELeasant 4-3295
Adminis¬
define
&
TELETYPE NY
i
asked
;
•
ANGELES, Calif.—Douglass
than $250,000.
Horne,
•
New York
not
after
N. J.)
American Bankers Association an¬
by
$2,500,000 and its
income,
Sept. 23-26, 1962. (Atlantic City,
ciation
business.
do
Meeting.
ing at the Ambassador Hotel.
(Special to The Financial Chronicle)
as
spending a number of years
registered representative of
to
un¬
With Raymond Moore
the
';";a -'A A .A*""
stock
the
of E. H. Bix-
ac¬
for the two preceding years is not
Several
office
in
Building
ler, Jr.
two per¬
the
United
assets
Governors
of
Association
Bankers
Investment
Board
total
A business is regarded small
the
Calif.)
Association
owner, manager or
small
a
(Santa Barbara,
19-21, 1961
Sept.
Oct.
SCRANTON, Pa.—H. A. Riecke &
Co., Inc. has opened a branch of¬
fice
at
341
North
Washington
area
meeting at the Dearborn Inn.
nual convention.
Martin,
Sellers, Doe & Bonham, Inc. has
every
in
and
Ala.—Odess,
MOBILE,
of the United
to the Bullock organization
New York
With
Street,
Odess, Martin Branch
Fairfax
Texas
Campbell," who will make
headquarters in Dallas, Texas,
comes
a
Raymond Moore & Co., 501 South
Bullock
DALLAS, Texas—Calvin Bullock,
Ltd. have announced the appoint¬
ment
as
midwest territory.
business activity.
Nearly
company
Salle
La
Association
Bankers
-
about
people,' and
our
about
is
4,500,000
are
businesses employing
the
as¬
now
representative
with
Kennedy, Jr., partner
of the Chicago office,
charge
120
M.
his
Vermont
on
in
Morgan is
with
sociated
wholesale
LOS
To Represent
States.
officials at the Small Busi¬
W.
Laurence
or
Mr.
The
Affiliated Fund,
Inc.,
and
American
Business
Shares, Inc., has announced that
interpretation
Capital and
s
SBA
4,500,000 Small Businesses
ment managers of
Investment
May 14-15, 1962 (Detroit, Mich.)
Abbett Association
of
Stock
Exchange
invest¬ Firms Board of Governors spring
CHICAGO,
111 — Lord,
& Co., underwriters and
coincide with the "Chronicle's"
central western
re¬
(White Sulphur,
1962
meeting of Board of Governors.
To Staff
der the management
[Tils column is intended to reflect
wholesale
view."
annual con¬
Olympic Hotel.
the
at
bring the sources
obtained."
be
Lord, Abbett & Co. Adds
Daniel
proposals
undergoing
are
procure¬
no¬
tice to proceed and are well along
with their organizational and fi¬
nancial
Mr.
Horne maintains that the program
one
Virgin Islands.
Association
National
Springs)
the "behind the scene"
SBIC
(Seattle, Wash.)
of
Mutual
May 6-9, 1962
has
May 9-12,
as
located
SBICs
now
13
financial
its
as
are
but
trator
2,000,000
of the program is equally
range
all
already
is
than
more
different
;
over
SBICs
cf
America, an¬
St. Anthony
meeting at the
ference
me
$140,000,000 of
•'Cly-'-jC:*.
Savings Banks 42nd
Said
gratifying to
more
that approximately
more
f
banks
He said the
growth
"It is still
Worrywart
doing it for years!"
Meantime, the SBIC program is
gest
Investment
Company must have in cash, paid
is
been
Twist?—Mr.
the
currently the most interesting fi¬
are
Business
about
the post by
President Kennedy nearly a year
functions.
Small
new
days ago Mr. Horne, who
appointed
at
Hotel.
"What's
large competitor."
A few
was
As¬
Dinner
(San Antonio,
1962
8-10,
Associatiori 3of
nual
bank¬
Na¬
Annual
Texas Group of investment Bank¬
ers
Ad¬
and
Security' Dealers
36th
Tex.)
in
tional.
at
the Waldorf Astoria Hotel.
gD(yG<S
for
Asso¬
Dinner
1962 (New York City)
30,
April
charges
Traders
Winter
Annual
sociation
pro¬
r
business
new
being called upon to pass some
amending legislation in the com¬
A
the
in
the SBA is helping
says
create
in
Banks Active Participants
(Boston, Mass.)
York
New
growing Federal agency is a
competitor, but supplements
banking services. As a matter of
probably
ing session.
(Chicago, 111.)
Securities
March
expressed
in
applications for licenses are pend¬
ing before the SBA. The growth
1962
9,
ciation
fast
which
These
1962
29,
Feb.
banks
institutions.
tax-paying
hind them
come.
Business
ministrator Horne denies that the
fact, he
meet¬
at the Ambassador West.
circles
that the
competition with
banking
SBA is in direct
an
majority of them
expected to do so—the invest¬
Governors
of
ing at the Statler Hilton Hotel.
AA
which have
overwhelming
Stocky Exchange
of
Board
Investment Traders Association of
investment
>7...
There
he
regular tax¬
the
Business
Association
Firms
Jan.
Subsidized Competitor?
loses
SBIC
an
Jan. 22-23,1962 (Washington, D.C.)
for
participate
to
small
Administrator.
SBICs
20
the
have
60
the
19
1
Meeting and Dinner
Barclay Hotel.
from
of other
number
is
event
1
6
Annual
the Statler Hilton Hotel.
A
loans.
Small
the
6
LAST
Pa.)
Associa¬
funds
Small
the
of
tion
Administra¬
LOW ;
tion
at the
Alabamian,
ah
the
Business
23
Securities
Chicago annual midwinter dinner
Home,
small businesses in
In
•
the
come
tally, the old Reconstruction Fi¬
nance
Corporation
never
grew
half as fast in its peak years as
growing today.
2
(Philadelphia,
1962
the banks in connection with SBIC
financing role
of the
II
17,
Philadelphia
Boston
is
busi¬
HIGH
Jan.
Administration, and his staff are
working
more
and more
with
ing
Adminis¬
Business
Small
authorized
ness
E.
head
and
to
Favored Tax Status
20
%
.
John
some
Company
part of
will
needs
sbic.
Investment
Business
20
2
equip¬
to the
plant and
1962, according
on
for
across
Certainly the growth in the
economy
in
recent
years
has
caused an unprecedented demand
by business firms, regardless of
size, for long-term and equity fi¬
nancing.
2
II
expected that $38.6 billion
needed
for
capital ex¬
penditures
Administration
Business
II
OPEN
be
sba.
January.
omy
It is
will
these
a
CLOSE
making possibilities.
total
have been licensed by the
Small
since
ply
i r
their clients,
prospective clients, and sim¬
because
they offer money-
rapid
an
of* 254
and
ment
growth of these companies
tax privileges,
of certain
vantage
to provide for some of
✓
....
--JbiVect
phones
Tele.: WO 395
to:'
*
•
1V-
~
/
-Woonsock'et, R.-U4 Fitchburg; Mass.:
@FedFRASER