Full text of Commercial and Financial Chronicle : December 27, 1962, Vol. 196, No. 6224, Section 1

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

The COMMERCIAL and FINANCIAL

Reg. U. S. Pat. Off.

LEADING

THE

Volume

EDITORIAL

It

not

was

INFORMATIVE

New York

Number 6224

196

MOST

AND

long

ago

An

that Russia's big boss let it
bury the free world—

quickly to explain that he meant merely that

"highest form of social organization" in his country
would so outproduce any and all countries that adhere
longer be
of

any

best for

was

milk

and

question in any one's mind which system
all. More recent reports from that land

World Aid

us

honey hardly give much support to what

Mr. Khrushchev had to

say.

Now the prophecy is that

charming will the communist system come to be that

so

the

people (presumably the proletariat) of this country

will

rise

up

and install that system here without

<br interference

force

the

on

in its economic

support this idea. As
ago

part of the Kremlin. The

a

organization and the like hardly
a

matter of fact, it

not long

was

that the Russian boss had prepared and disseminated

long discourse

in which it

would

was

have

could

to

on

the task of "building communism"

plainly said that

a

great number of

years

elapse before the Mother country itself

hope to install the system.

1

i

bish. It likewise

seems

ingly that the sort of danger to

system

to show rather

us

that

many

time

President

these

have been

us

simply by

the fact that the Kremlin is bent upon
at the
on

so

U. S.

a

scale. For the time

Government,

Public

of

reason

come

into

(Continued

creation of

being

on page

In 2 Sections

Mr. Champion would replace bilateral with

enterprise
such

basis;

and

organization

an

coordinate

as

all

growth

foreign

on

aid

10)

of

part

A few years ago

through

arriving at

Americans to

many

past

several
the

of

one

most

developments
period.
hard

of

increasing degree

namely,

our

over

foreign aid

the

the

at

ago,

a

been

the time

NewYork

live

is

directly

linked

the

to

much more
an

a

few

comfortable

as

now

of

you

short

affording

globe. Yet

that

alone, the people of this
through

tion;

grants

lesser-developed
the

loans

and

Plan

total of $60

span

has

added

of

to

up

a

that

dams

built

are

in

areas

where

costly

see

for

misallocated

and

to

produce
genera¬

a

steel

be

cannot

stadiums

the

waste

astounding

great

modern

need

and

air

and

fertilizer

to

cases

it.

grow

Committees have

turned

of sheer

downright fraud.

True, there

are

also

worthwhile

record of accomplishment.

some

state

more

Congressional

countless illustrations, including

up

billion—an amount equal to twice the

national income

waste

produced;

farmers

Numerous

George Champion

foreign economic aid, including that under the

Marshall

mills

steel

and

And

postwar

entire

of

Those

countries

un¬

facilities in countries where people need more food

to

lands.

working.

under-developed

examples

economically

provided about $3J/2 bil¬
in

isn't

program,

electricity in quantities not needed for

govern¬

our

to

resources—great

have been doing. Last

country

simply

travel

yourselves

is

year

feeling that the aid

constituted,
who

mas¬

accomplishments

appear

projects,

and

But too often the

(Continued

on page

18)

State,

Municipal

Public

Housing

Lester, Ryons
So.

to.

&

Hope Street, Los Angeles

17,

If 14

Agency
Bonds and

California

Notes

Members Pacific Coast Exchange

Offices in Corona del Mar, Encino, Glendale, Hollywood, Long Beach, Oceanside,
Pasadena, Pomona, Redlands, Riverside,
San Diego, Santa Ana, Santa Monica,

Securities

CHEMICAL BANK NEW YORK TRUST COMPANY

BOND DEPARTMENT

MEMBERS

STOCK

Plan.

we

within

Corporate & Municipal

MIDWEST

Marshall

with foreign aid is

trouble

Members New York Stock Exchange
Associate Member American Stock Exchange

P. O. Box 710, New York 8, N. Y.

the

of

growing recognition that

well-being

own

No—the

623

Dealers

freedom."

complex and deep-rooted. It springs from

MULLANEY. WELLS 4 COMPANY
*

of progress and

less strong today than it was

and

Distributors

seeking

generation

we

yearly

nation

a

a

the

around

over

of

power,

imagine

what

lion

case

health, vitality and stability of other peoples.

help to nations stretching

ment

neighbors.

highly inter-dependent world—one in which

a

our

the people of the United

years

decade

in

postwar

have

cause

Indeed, there is

respects

many

other

no

summit of world

no

a

pro¬

the

bear

to

Sir Winston Churchill said of the

That resolution is

remarkable

the

would

It

to

that

ago

an

The growth of foreign aid in

gram.

is

years:

questioning,

sudden unwill¬

a

territorial gain, but resolved to use her strength

no

problem that has been troubling

a

This

Americans

of

and wealth in the
I want to discuss

encounters

helping their less fortunate

IBA CONVENTION SUPPLEMENT: SECTION 2

Chemical

•

Congress.

United States: "There is

the OECD to maximize effectiveness.

Underwriters

770-2541

the

the

on

burden

free

a

people. Each year

appropriations

convinced, does not reflect

am

ingness

multilateral aid;

place of grants; finance only those

activities which would contribute most to

growing question¬

a

among our

new

searching within

Concerned

foreign aid,

our

Municipal

Securities

Section 1

—

greater difficulty, and there is much honest soul-

multinational

a

for

request

Housing,

State and

phones:

Copy

a

like India. Yet there has been

I

results and inefficiency of

extend low cost loans in

our

world domination

time that nuclear armament has

large

same

Kennedy is quite right in saying that

dangerous times for

are

as

convinc¬

troubled about is small if not non-existent. At the

Cents

1839

ing of this foreign aid

Organization staffed by businessmen.
poor

States wouid be

i

;

These and other facts that could be cited reveal much

arrant

50

ESTABLISHED

.

Entirely Different Approach

banker proposes the

about the

sive

of what is said in Russia about its economic

.

any

overhauling that the party in Russia has recently had to
effect

Price

.

the
New York

capitalistic system that there could

FIELD

Bank, Neiv York City

no

decadent

FINANCIAL

By George Champion,* Chairman, The Chase Manhattan

this

to the

THE

Why Foreign Aid Today Requires

be known that communism would

and had

IN

7, N. Y., Thursday, December 27, 1962

As We See It

very

PUBLICATION

THE
CHASE

Whittier

EXCHANGE

Municipal Bond Division

770-2661
Inquiries Invited

TWX: 212-571-1414

135 So. La Salle Street

on

Southern

MANHATTAN

California Securities
New

York

Correspondent

—

Pershing

&

Co.

Chicago 3, III. FRanklin 2-1166

BANK

Net Active Markets Maintained
To

UNDERWRITER
DISTRIBUTOR,
DEALER

T. L. Watson & Co.
ESTABLISHED

Shell Oil Co. of Canada, Limited

Dealers, Banks and Brokers

We

Block

at

New York Stock

FIRST

Exchange

American

Exchange

Stock

25 BROAD

STREET

NEW YORK 4, N. Y.

BRIDGEPORT

•

PERTH

AMBOY

market

New York

on

of

Shell

of

one

five Shell

Shell
of

prices

or

The stock

November
Oil

CALIFORNIA

this

in

Co.,

Canada

1
on

for

to

the
each

Oil.
^

212-571-1213

Dominion Securities

MKCT VIRES TO MONTREAL AND TORONTO

Goodbody
MEMBERS

DALLAS

distributed

shareholders

Exchanges

a

prices in Canadian funds.

was

On All

CANADIAN DEPARTMENT

Teletype

COMPANY

maintaining

basis

Canadian

<£mthiv€At




Orders Executed

are

stock either at net

Inquiries Invited

Members
Commission

DIVERSIFIED

Class A Common Shares

Canadian Securities

1832

NEW

YORK

a

STOCK

Grporation

Co.
40

EXCHANGE

2 BROADWAY

1 NORTH LA SALLE ST.

NEW YORK

CHICAGO

-

•

Exchange Place, New York 5, N. T.

Teletype 571-0880
'

Area Code 212

Garment

Industry

MUNICIPAL BOND DEPARTMENT

BANK OF AMERICA

WHitehall 4-8161
/

N.T.&S.A.
SAN FRANCISCO

•

LOS ANGELES

Commercial and Financial Chronicle

The

.

.

Thursday, December 27, 1962

.

(2638)

2

This Week's

I Like Best...

The Security

Dealers only

For Banks, Brokers,

Year-End Tax-Switch

Problems?

"Call HANSEAT1C"
system, reaching banks, bro¬
kers and dealers all over the

Seldom

Primary markets
500 issues.

over

.

.

.

Just call

"HANSEATIC"

Russell
NEW YORK

Candies

volved

CORPORATION

growth

a

1920

Philadelphia

•

Wide

World

Russell Stover's sales
tripled and net

San Francisco
Wire
Service

competitors

Write

for

economy

ufactures

Candy

thk Japanese
as a

all

Ltd.

The Nomura Securities Co,

tsf.Y.

York 6,

is

not

orders

an

for

solicitation for
particular securities

offer

any

or

which

of

duce

Inc.

fine quality

a

located

NEW YORK 5,

Lincoln,

Refined

—

the

Denver,
Company

principal distri¬

seven

centers located in Lincoln,

Nebraska, Loring, Kansas, Denver,

Sacramento,

Pennsylvania,

Fin¬

California and Dallas, Texas.

plants and distribution cen¬
various

the

purchasers.

Chocolate, the main ingredient, is

18-month and two-

on

year

contracts,

good

supply

assuring

thus

the

at

bean

cocoa

current

prices;

a

low

beans

cocoa

of

at

one

its

distributes

Stover

methods:

in

NORTH

SOUTH

cities

CAROLIN

has

pany

wholesale
50

call

these

RICHMOND,

VIRGINIA®

and

The

the

District

Approximately
with

280

drug
with

are

the

Com¬

approximately

are

about

located

stores

states

25

2,900

accounts located
and

states

lumbia.
ACO

fw

in

76 Rus¬

are

Columbia.

District

CAROLIN,

retail

Stover

46

stores,

quantity

and

To date there

orders.
sell

retail

accounts

agency

VIRGINIA

in

$0.65 is currently being paid.

of

Co¬

to

maintain

Stover

firms

vast

the

who

made

distribute

APPEAL
PRINTING

to

part of their fund

Telephone: WOrth 4-3033
1889—Our 73rd Year—1962

and

the

untapped
States

for

market

Candies
as

exists
the

extent

United

the

it

has

the

in

Com¬
area

of

rest

States.
year

cur¬

25
'

•

tion

Aug.

31,

1962, approximately 25% of sales
were

made

by

retail

of

the

space

Sperry

a

neglected

age

industry,

has long been passed over

public.

As

by the

result

a

major management efforts to
rect
ness
a

of

without

(This is under
a

no

circumstances

solicitation of

an

offer

to

to

contract

a

machines

dramatic

1962,

October,

contracts

November

not

in

in mid-1963

Rand

currently
.

Sperry
resents

■

_

will

therefore

stock

cember

•

■

'/.

million in

$20

Corporation

merged

be construed

buy,

any

as

an

is

,

creased

to

to

sell,

—

313 222-5012

•

City, Mich.

Bay

Service Your Accounts

than $43 million

than

36%,

some

nual rate that is

De¬

million

$42'

Quickly By Using Our
BANK &

QUOTATION

an average an¬

RECORD

than twice

more

rate

growth

whole

the

of

data

economy.

The

division

which

processing
been

will

years

and result

improvement

marked

a

over

anticipated earnings of $0.65

the

share for the year ending in

March,

or

herein.)

year)

—

This

$4)

give

you

well

monthly prices

the

securities

^listed

all

on

publication .will

bound

those

as

"hard

to

:

as

find"

1963.

The

capitalization of the com¬

Over-the-Counter

quotations.

$212,925,734 in
long term debt; 102,267 shares of
consists

pany

of

at

30,756,029

$100.00;

Write

WILLIAM

$25

Sept.

1.08

for

16,

Sept. 15,

or

B.

call:

DANA CO.

warrants
25

purchase of 2,288,000 shares
common
stock on
the basis

through

shares

Park Place

New York 7, N.
_

Y.

REctor 2-9570

then $28 through

1963,

1967. Finances are ade¬

quate with current assets of $593
million

of

liabilities

current

and

quite $308 million, providing

not

net

working capital of approxi¬

National

mately $285 million.
current

The

Rand

price
stock

common

discount

the

poor

in

60%

Sperry

showing

pected for this fiscal
than

of

to

appears

year.

below

At 13,

the

at

less

the

than

eight times its

aver¬

earnings during the last five
Sperry

Rand

Bureau

high

1961, the stock is selling

approximktely book value and

age

Quotation

ex¬

at
rep¬

per

(Single Copy

the

in

be

probably

black in fiscal 1963-64,
in

(Only $45

has

losing operation for some

a

;

organizations

offer

security referred

in

signed;

five years sales have in¬

the past

made

•

J
Office

given to Sperry Rand. Over

like

I

.

by

go

first ten days of

more

more

security

1 i

Rand

the

and

,commoh

"the

best."

earnings

•

being awarded

were

more

in the

and

a

division, I believe

rise

•.

It is a

systems.
does

that

j-

Stock Exchange

(Stock Exchange
1051 Penobscot Building
DETROIT 26, MICH.

Sperry Rand. During the month

of

years.

as

control

week

cor¬

problems relating to its busi¬

begin

establish¬

ments, 65% to wholesale accounts

of

QUOTED

—

Detroit

Branch

and

rare

-

962-3855

of

stock

SOLD

'VYMembers.
Midwest
-

instrumenta¬

of

City

Corporation,

giant

of

for the

Sparry Rand Corporation
common

—

MORELAND & CO.

major factor in the design

shares of common stock;

The

BOUGHT

'■ 'Z-'-'iS

••

producer

a

ROBIN L. WINKLER

Rand

industries

of

control,

$4.50 cumulative preferred stock,

Partner, Bernard, Winkler & Co.,
New York

DETREX CHEMICAL

of

which., represent,

manufacture of

"redeemable

Sperry

ended

flight

also

over-

is

al¬

field

the

in

and

per

v..

quoted 24 bid,
V. '•

being

investing

has not penetrated this

the

CO., INC.

St., New York 6, N. Y.




organizations who

Stover

Western

pany

For

130 Cedar

various

to

Russell

Speed...

an

':v' .V"■■

market

the-counter

Depart¬
are

raising activities.

/

is

the out¬

The stock is traded in the

separate

Candies

re-sell candy as

Reliability,

promising.

very

6,N.Y.

BEekman 3-3622-3

Telephone:

from

essing equipment, Sperry Rand is

look for Russell Stover Candies is

department

Quantity orders

business

and

I |

If

year.

record

149 Broadway, New York

a

set a

Forty-two of these depart¬

A

Quality,

per

of the future,

asked.

candy to employees and customers

L

earnings

and

sophisticated

most

of

American

is

NEW YORK OFFICE:

compa¬

business machines and data proc¬

increase in

15%

to

Company's past

indication

rently

stores

ments.
IN

and

sales

the

10%

of

of

stores.

Russell

SPECIALISTS

goal

and

2,620

stores

Candies

Stover

growing company that has

all

ment

V

dividend of

stock. A

Securities Co.9 Ltd•

same

creation

the

into

outstanding

by institu¬

holds over 400,000 shares of

common

DAI WA

Rand's

expenditures

."ZZ. y" Z/Z.-':

An

the

keting

WEST VIRGINIA

a

management

The

$10.

SECURITIES

a

increasing

increase of

an

the

all

years,

tions and are convertible one-for-

Russell

BONDS

held

are

JAPANESE

of dynamic growth in future

areas

re¬

retired

leaves

This

branch offices

our

earnings

grown

missiles,

essing,

to

this

be

to

radar, navigation, and data proc¬

were

the

Russell

of

will

stock and 50,000 war¬

which

group

products by three principal mar¬
MUNICIPAL

In

$4,500,000. Man¬

lr 1963.

common

rants

being the raw" material for chocor

the

the

capital structure of 850,000 shares

late.

for

$1,400,000

$1,600,000.

Birmingham, Ala.

Mobile, Ala.
Direct wires

away.

These

gone

new

January

1961,

some'..; of

stock,

this

indicated

debt

td

a

$2,500,000

of

to

1960 the debt was

has

purchased

DIgby 4-2727

debt

long-term

agement

shipped

are

have
.

the year reduced

of

first

the

maining

ters

Exports—Imports—Futures

prepayment

a

from

candies

both

Liquid

and

debt

of

reduction

has

80%.

most

October. This
by conversion

120,000 in

and

in

lion

130,000 shares were sold in Janu¬
ary

New Orleans, La. -

the

depreciation

to

guided

Of

Notes.

N. Y.

212 571-1425

.

$25.7 million in 1957 to $46.1 mil¬

principal amount of Subordinated
Convertible

of

by 40%. The

rose

equipment- used

of

conversion

of

result

factories

and

Nebraska

town,

N. Y.

SUGAR
—

pro¬

HAnover 2-0700

in the past five years, yet

through

institutions

the

steadily

the

the public

to

in
far

too

amortization

of underwriters. The insti¬
tutions obtained their stock as the

product.

addition,

In

ished

Raw

19 Rector St., New York 6,

clue

a

operating income during the

group

City, Missouri,

Kansas

in

sold

were

three

by

Company

has

Stover

stock

not

of 12%

and
brought

earnings.

in

rise

this

Exchange

net earnings have shown a decline

During the past year 250,000 shares
of

is

Despite

increased

management

Exchange

re¬

and it is thought that

profit mar¬ ny's^ ; charge

of

combination

about

Colorado, Atlanta, Georgia, Allen-

STREET

which

volume of business. Sperry

6.9% versus 3.8% in 1960.

was

aggressive

are

known to

been

always

bution

WALL

trend

sales, lower cocoa bean prices

boxed

in

The

form.

package

has

maintains

99

The

substantially

sold

are

Col.

LAMB0RN & CO.,

gin

the

most of which

items,

Russell

Telephone: BOwling Creep, 9-2895
Tills

and

different

50

than

more

chocolate coated, and

whole.

or

61 Broadway, New

one

United States. The company man¬

Digest, and our other reports
that give you a pretty clear
picture of

is

distributors of fine candies in

Monthly Stock

problems

reversal

marked

$1,581,000, an increase of period

100%. The 1962

over

York

general decline in net

a

company

soared from $758,000 to last

ever,

year's

largest manufacturers

the

of

JAPAN
our

the

and

42,

of 17%. Net earnings, how¬

crease

selling

Candies

Stover

Russell

of

many

are

earnings.

for 15 to 20 times

Opportunities Unlimited

of

Stocks

1963.

for

Stover's

IN

to

15

from

creased

than

more

yet the stock is selling

1231, 32, 33, 34
•
Los Angeles

—

Chicago

•

of

-

departments operated by cline provides one with
to the future operations
department stores has been in¬

earnings have nearly

York 4

series

sulted in

quadrupled, number of wholesale accounts
around 14 from 2,200 to approximately 2,900.
times last year's $1.86 per share
During this
three year period,
earnings and around 12 times the ; sales increased from $19,185,000
estimate of $2.05-$2.15 per share to last year's $22,931,000, an in*-

Exchange

363-2000

Telephone:
Teletype: 212-571
Boston

have

a

units

Stock
Stock

American

1955, the corporation has had

candy

Since 1951,

'

Member

Stock

American

New

separate earnings. An analysis of this de¬

of

number

The

closed.

most of the glamour

with

in

Co!

Steiner, Rouse &
Members

>

retail

low-volume

five

and

in¬

risk

high

the

issues.

60 Broad St., New

York

Mumpers

17 new,
retail establishments were opened
partnership,

the

chased

to

seems

requirements of

without

HANSEATIC
Established

New

Co.,

City. (Page 2)

$7,500,000 to $22,931,000, an, in¬
creased of over 200%. Earnings

company

a

Stover

meet the
stock

Associate

&

Bought—Sold—Quoted

L.

Bernard,

keeps setting new sales

Over-the-Counter experience
pays

Robin

that
of the-" Sperry
Corporation and
and earn¬ during this same period rose near¬
Rand.
Historically
ings records and is not selling at ly 400% from $400,000 to $1,581,- Remington
000. Since May, 1960, when the each has been a leader in its in¬
the customary high P/E ratio of
most
growth
stocks.
However, present controlling interests pur¬ dustry, but since the. consolidation
recommend

to

in

—

Partner,

Winkler

from

Louisiana Securities

City, Mo.

1
Corp.

Rand

Winkler,

Russell

—

Stover's sales have increased

fortunate enough

we

are

1962

August,

through

Russell Stover Candies, Inc.

you.

11 years—1951

—

Dept. Barret, Fitch,

(Page 2)

Sperry

.■

During the last

City, Mo.

Fitch, North & Co., Kansas

service to

quantity order

the

by

method.

Barret,

Dept.,

Research

10%

and

LLOYD M. MAYER

Investment

Inc.

Mayer, Investment

M.

Research

North & Co., Kansas

private wire

country, can be of

Lloyd

favoring a particular security.

Alabama &

Candies,

Stover

Russell

field from all sections of the country

in the investment and advisory

participate and give their reasons for

Our nationwide

Their Selections

which, each week, a different group of experts

A continuous forum in

Participants and

Forum

truly merits

attention of investors seeking

long term capital appreciation.

Incorporated

Established 1913

Over-the-Counter Quotations
Services for 49 Years
46 Front Street,
CHICAGO

New York 4, N. Y.
SAN FRANCISCO

Volume

196

Number

The Commercial and Financial Chronicle

6224

(2639)

CONTENTS

Answers to Four Questions

Thursday, December 27

$appp

On International Economics
Articles and News

By Hon. Robert V. Roosa,* Under Secretary of the Treasury for")

;

-

*■"

'

•

PAGB

.

Why Foreign Aid Today Requires

Different

.

and adult

quick peddlers of pipe-dreams, flights of fancy

nostalgia to be

Answers

child again as the way to solve today's

a

Secretary does not hesitate to point out that
otherwise

our

The Under
of

overuse

balance of payments difficulties.

our

.

four-fold
world

creating international

-temporary

stop-gap

monetary arrangements;

liquidity at will;

cooperative
and

of

praises financial

for

significantly cutting balance of payments deficit despite rising im¬
,

ports.

that claims
of

,

Dr. Roosa denies, and shows to the contrary, that balance of

payments has been choking economic growth at home;
on

balance of payments will

our

:

of

an

-

as

The

Subcommittee

Inter-

on

Since all of these questions

is

Exchange and Payments

making

interrelated, it would not be

impressive contribu¬

prising

analysis of this country's

answer

an

tion to the

to

is

each

the

international

But

economic;

the

problems.

,

there is great value in

My

in

making

discussion

I in the Treas-

test the

Depart¬

ment

that

of

these

issues.

underpinnings of

financial

rent

'

President's

i

t

a

this

e

ture

with
S

the

u

some

of

.

,

been

issues

given

that

lic

r

look

forward

examination

hearings'

on

years,

this

and

Domestic

on

of

tion,

V

Backs"

,

for

statement

in

com¬

aspects of four of

that have

have

that

thus

far

E. F. MacDONALD
»

attention

Future

_L—i—

Tax

System Is

.

balance

problem

of

pay¬

domestic

caused

.

;
.

1

>

A

.

V

Our

J.F.ReiIly&Co.,Inc:

15

SBICs

of

Powell,

39

Jr. 16

Art

Linkletter

Direct

18

New York

DI 4-4970

Connecting Wires:
—-

Chicago

—

Denver

Los Angeles

;<,v.

'•

*

208 S. LaSalle St., Chicago

Dudley Dawson 17
Contrary to National

*

'v•

Broadway, N. Y. 5

Stability Is

.

<

;'iV:'; '■

i

;

■

Regular Features

stagnation and high in¬

See It

As We
Bank

of

and

(Editorial)

Insurance

Stocks....

Commentary _!

Unhindered By

the

is

that

in

gap

Einzig:

time

same

at home. But I
as

frequently

From

a

policy
the

history

has
with

Market

ments

NSTA

can

far

so

the

of

Our

be for

in

modern,

of

of

such

size

been

able

to

interest

and

and You

.

Activity..

(The)

so

30
11

31

Utility

15

Securities
in

Now

10

Registration

Security

Security I Like

Best

20

Offerings.^.^-^.

27

(The)___

Security Salesman's Corner

;

2

I

State of Trade and Industry
Tax-Exempt Bond Market

pay¬

and

.14

...

Singer, Bean

(The)..

12

...

&

Mackie, Inc.

6

Washington and You...

32

keep^

low^

so

Governments

on

•

:!:Column not available this week.

freely available

rates

19
4

Reporter

■tProspective

New Year

11

....

Notes

Securities

industrialized

1

balance

domestic credit

.

Funds

Public

the

as

United

Happy

14

News About Banks and Bankers

an

deficit

persistence

.

Mutual

'

News

Observations !

never

a

Ahead of the

Indications of Current Business

been

past two years is

For

8

9

Washington

frankly puzzled

making that charge,
over

Recommendations

"Meeting the Problems of Local

choking growth

am

to what basis there

financial

Investment

31

Unemployment"

con¬

balance of payments is

our

at the

has

*

...

Dealer-Broker

first ques¬

1
13

32

Current News in the Field

Payments Gap

■

country

others:

our

.

•

12

!

; <•/-*

\

(1) Has recent financial policy

terest

the

on

on

Earl L. Butz

Canada's Objectives Now That

•

much

charge

try

to

relatively less

economic

Short

■

Subcommittee

concerned.

ments

L

.'VJoseph W.

made—that the effort to close the

many

only

the

States

meeting

Industry

..

Interest

structively calling attention to

larly aspects

for

Securities

Strong Economy to Meet All of Our

Progressive

the

months,

many

will

I

some

some

the

William LJ Cary, SEC Chairman 11

•

_______

Don't Go

v

.

>

financial1 lOv'v/';

^

highlighting

been raised—emphasizing particu¬

than

OF NEW YORK

Tasks Which Lie

Bingham, Retiring President 10

"Keep Government at Our Sides—Not
:

It

our

with

the principal questions

received

9

Henry J. Frank 14

have

have

not

Growth

Balance

In

through

them

of

some

ahead.

prepared

ment,

S. B.I. C.

Amyas Ames

-

Coming Events in the Investment Field

con¬

many

collaboration

Subcommittee, for
and

of

to

FUTTERMAN CORP.

following

Address

:

recently published

problems, both through pub¬

working

should

to teach.

more

Chairman's statements concerning

tinuing

in

;
a

some

through

H.

Achieved

who

us

revolutionary I

criticism

emphasis and focus in

by the Subcommittee and in the

these

of

carry

the

ally—to imply that experience and

Robert V.Roosa

been

We

those

Inaugural
-

-

Need

the

at

ASSO-

BANKERS

includes

.Lammot du Pont Copeland
Value of Tax Immunity on Municipal Bonds
-

on
both fronts—that is,
domestically and internation¬

both

several studies

them.

for

GLICKMAN CORP.

the

to

Objectives

home

World..

unseemingly,

devoted

changes

the

new

Western

trying to

mildly

challenging
have

be

least,

.

bp1"

committee
.

the

would

opportunity to
review,

of

is

"

■

c

issue

and

■

..Curtis

V"

our cur¬

at

program

MIDLAND CAPITAL

29

the pages indicated:

>

We

They

and of the present financial struc-

appre-

"

from

searching

a

today's

of

Self-Regulation

same—no.

clear

beginning, I do not deny that

colleagues and

ury

sur¬

one-word

own

my

Sale
15

of AMERICA

on

Ahead

that

7
7

Date of Competitive

as

The IBA's Accomplishments and

*

national

Thomas P. Stovell

.

Bonds

TWO

1

are

'

-

5

Values

and

Incoming
-

4

More Articles in Section Two

.

articles

banker for the world.

a

Million

CIATION

role

our

./

:

,

;-f; •Convention of the INVESTMENT

appropriate

abandoned

we

.

Investment

Nadler

Cobleigh

Ira U.

proceedings, editorial and pictorial, of the 51st Annual
•

if

even

Future

vs.

'

SECTION

and agrees

forcibly inject balance

payments consideration into the formulation

policy mix for the domestic economy

Price___Marcus

3

Casualty Insurance Industry
Analyzed by Northern Trust Co. of Chicago

strengthen

measures

$250

The Fire

....

to

Gold

Treasury Sets Jan. 8

explains the

facilities

Change

,

GTo <0ne

Hon. Robert V. Roosa

Yields

.

1

Hawaii's Business Year Ending With Strength

payments-imbalance by not sharing economic-military
burdens more fully. He exposes the fallacy of
fluctuating exchange
of

.

'

•

Champion

International

on

—

to

Dividend

Nor,

international

and

Need

No

Entirely

an

George

Questions

.Well Groomed Stocks........

for that matter, does he spare our allies for their contribution to our

rates

Four

an

profitable "borrowing short and investing long arrange¬

ment" has contributed to

Approach...:

to

Economics

.

hard economic realities and international responsibilities.

J^eto Jiear

"

Monetary Affairs, Treasury Department, Washington, D. C.
Dr. Roosa cuts to the

3

The

general level of interest rates for

rates?

business

(2)

Would

flexible

exchange

rates be preferable to the

present

system of fixed exchange rates?
.

(3)

Should

thje

United

States,

because of the high costs involved,
abandon

its

role

as

banker for

a

the world?
a

substantial increase

"international

liquidity"

programs

of

from

constraints

ance

the

credit, consumer credit,
housing credit, for example, is

now, and

domestic

free

expansion

of

the

bal¬

The COMMERCIAL and FINANCIAL CHRONICLE
Published

Twice

WILLIAM

part of 1960, below, and in most
far

cases

similar
other

below,

kinds

the

of

advanced

of

ance

partial
and

payments

of payments?

—

of

Park

have

D.

Continued

on

the,

'

Southern Gulf

Treasurer

GEORGE J. MORRISSEY, Editor

\

"

,

Utilities

Thursday, December 27, 1962

Every Thursday (general news and advertising Issue) and every
Monday
(complete
statistical
Issue — market
quotation
reoorda,
corporation news, bank clearings, state and city news, etc.). Other
Office: 135 South La Salle St., Chicago
3, HI. (Phone STate 2-0613).

'

appre-

page

REctor 2-9570 to 9570

*

-

President

SEIBERT,

v

v

Moreover,
not

COMPANY, PUBLISHER

WILLIAM DANA SEIBERT,

half*

with

Reg. U. S. Patent Offioe
DANA

B.

Place, New York 7, N. Y.

CLAUDE

any

Switzerland

Netherlands.

long-term rates

25

for^.

rates

credit" in

capitalist country

exception

the

Weekly

has been since the latter

regardless of the state of its

(4) Would
in

or

16

Copyright 1962 by William B. Dana Company
rights reserved. Reproduction in whole or In part

All

without

For many years we
have

specialized in

PREFERRED STOCKS

United

Union
•

■-

-

■-

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countries

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per

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of

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I

4

The Commercial and Financial Chronicle

(2640)

thought that if I wrote to you that

OBSERVATIONS.;

how

graph.

information

me some

would send

that

very
Carl

much.
Your

THE

THE TREASURY AND

MARKET

AUCTION

period" is explained

its

be

unwise

surround

to

interest rate) of
forthcoming $250 auction issue with any
25-year issue — the first avoidable complications.
the

(excepting
million

director

a

of

York

Cassidy

have

Campbell,

Jr.

of the

Thomas

and

L.

First

The

City,

Boston

and

been

Douglas

elected

Vice-

corporation, it has been announced.

in favor of your ambition

am

President.

be

the first quest

As

to

your

re¬

the rules as to "how to

on

further get to be President," 1 suggest that:
The first rule is just to be a boy

Treasury's

the

I
to

shortening; and that it would

elected

been

Exchange Place, New

20

Presidents

—

Dear Martin:

community's comment was against

provisions

the

of

Announcement

has

Cooke

F.

Corporation,

friend,

Martin

the
grounds that 90% of the market

IN THE

INVESTOR

tended "grace

by high Treasury officials on

Corporation

Names Three Executives

auto¬

me an

like

would

I

First Boston

I

got to be a President.

you

wish you

WILFRED MAY

A.

BY

give

you can

Thursday, December 27, 1962

.

.

.

1

getting all the constructive joy out

In providing for the five-year
bidding-—high¬
of life;
lights the auction system's poten¬ before maturity call exercisabil¬
The second rule is that no one
tial impact
on
the "bond con¬ ity,
and
being
thus similarly should ivin the Presidency without
sumer."
(The offering provides joined with the 12 outstanding
honesty
and , sportsmanship and
that the successful bidder shall Treasury
Bonds, the legitimate consideration
for
others in his
being
re-offer all of the bond's to the and constructive need is
character—together with religious
investing public). To what extent met to give the borrowing Treas¬
will the winning bidder protect ury 'flexibility
in arranging to
The third rule is that he should

under competitive

public investor?

the

Factor

Redemption

The

This presents

date.

due

meet; the
a

Carl F. Cooke

be

the bene¬

welcome contrast, for

fit of the bond-holder, to the usual
will be a man of standing in your
important feature concern¬ practice for the above-cited early
community even if you do not
ing which the bond buyer requires call privileges in corporate bond
An

protection
In

the Call privilege.
financing, the com¬

is

corporate

mon

privilege enjoyed by the is¬

suer

but

to abro¬

buyer,

the

not

gate the contract anytime during
the interval shortly following the

usually

and

offering,

fully

not

compensated for in the "winning"
auction
tutes

one-way

a

•

1, 1962, maturing 1992

dated Dec.

redeemable anytime on 30-

—are

60

days notice.*

competitive-bid bond and the

Pacific
due

of

day

month

any

1962,

28,

Nov.

offered

1995,

1995—redeemable

due

4V4 %

Electric

and

Gas

the first

on

days

30

on

notice.

Pacific

Dec.

offered

41/2%,

due

1992—
30 days

1962,

1,

redeemable at

Light

&

Power

anytime

on

notice.

Similar unrestricted redemption

option is given to the borrower in

issued Southern Elec¬

the recently

provide a
determining

for

Generating

tric
due

4%%,

Company

Edison

Metropolitan

1992;

4%%, due 1992 and the MontanaDakota Utilities 4V2% due 1992.
The Treasury,

in its earlier con¬

templation of its new offering via

had been
leaning toward a Call provision
with a 10-year after-offering grace
bidding,

competitive

period,

compromise with corpo¬

a

practice, according to Robert

rate

Roosa, Under Secretary of

V.

Meeting

Public

the

at

sell long-

Treasury's Plan to

the

held

bidding,

competitive

through

bonds

term

York

New

the

at

on

Federal Reserve Bank on Oct.

17.

'

this
writer, while stressing the absence
Mr.

of

Roosa,

questioned

commitment

a

to

by

corporate-

a

short grace period call fea¬

type

leaning"

ture, indicated his "slight

paying

toward

"a

basis point or

perhaps more for it . . .
at the same time gaining more

two

or

and

the

from
than

we

higher

slightly
would

unattractiveness

lose

through

the

Call fea¬

the

of

yield

Call

But

made

was

issue
date
the

Period

the

Hoover

decision

regarding the pending

life

of the Bond, and as with

12 other Treasurys,

This

change

No

bonds

redeemed
debt

in

the

with

back

achievements

back to World War I,

going

best-selling book "Men and Deci¬

sions," by Lewis Strauss, his star

ex¬

in

of

these

anticipation

be
refund¬
incurring of

issues

of

now

we

of

up-dated

are

kindliness

and

the

through

simple

on

wis¬

operation involving the
having an interest rate or
of less than 4%%.

the company




I

publication

the

his

of

half

over

GROWING

(ON

LETTERS

UP:

AMERICAN

century.

beg

a

BOYS

cost

to

INCLUDING "THE
MAN"

AND

UNCOMMON

OTHER

and

Edited

by

York:

William''

pp.

William

$3.50.

Nichols.

Morrow

in

1960.

1954
He

and

is

was

ap¬

member

a

of

Also published

answers

queries

charming

as

domiciling of

a

special

dog, part terrier and part dachs¬
hund. The
the

answers

"cold"

inimitably

President

fishing with
Here

are

printed

by

samples.
of

idol?

TO

am a

BECOME

Hoover,
boy 10

like

to

years

become

President

like you were when I
grow up.

I

of

of the

the

New

consulting economist and well known

To raise its price every time illiquidity sup¬

Abraham

plains

that

price

of

"Those

yours,

and

cen¬

dollars

of their

liquid assets

as

a

key

currency

system has not served them well
idol.

an

He

was

and

they would

hold

Lincoln.

gold

better off to

be

instead

of

income-

producing U. S. dollar claims.
International

ADVICE

Our 8th grade

have

to

in the

class would like

answer

can

help

the question

keep

peace

in

the

world?

1.
to

Work

that

Play

in

school

head.
chance

get—

you

Don't

ing

go

begin

you can

to

affairs

to college.

life,

easily

increase

price of gold."
a

sue

gold

Union, along with

in

public

liquidity

could

lead

credit policies and
the

about

could

to

until

renew

easy

weakening of

the

time

forces

of

inflation."

short-term

interest

Gold

itself

might

be

the

line

in

rates

in the lead¬

ing financial centers abroad, not¬
ably

of

Abandonment

London.

such

policy would lead not only

a

larger balance of payments def¬
but to a massive outflow of
and

in motion

which

gold

set

could

flight of capital from

a

this country.
"Rectification
of

ance

of the U.

abatement

and

international

of

sions

would
It

ten¬

free

the

end

be

if

world

of

sad

they

to

were

growth of their

dependent
or

prob¬
a

the leadership of

on

the rate

gold

indeed

would

commentary

S. bal¬

deficit

payments

upon

the

the price of gold."

Carter, Berlind
To Admit
Berlind

Carter,

Street,

members

Mint Fixity and Monetary Quality

mate

of

balance

the

with those prevailing

Broad

after

There is noth¬

"it

says,

imperative to pur¬

be

increase

discipline imposed by the in¬
could

supply of free gold

eliminate

to

production

A substantial

monetary

payments deficit and to maintain

economies

general

liquidity, gold

this

vigorously the policy of striv¬

ing

gold hoarders and speculators, Dr.
"The

was

insuf¬

was

increased, Dr. Nadler

make

the losers.

there

lose

Even if the

is

lem.

another

of
the

of

quality."

the

this

worry

do about them at this

time of
yoyr

the

ternational money market. In

Keep the rules of sport.

4.

you

claimed

be

lack of international liquid¬

a

necessitated

ity

hours

things

every

again

currencies

that

Nadler says, warning:

in the eighth

indestructible

stored in your

that

activity throughout the

would

stability in terms

raised whenever it

considered

and the Soviet

advice is:
hard

it

prime

monetary

But if the official price of

were

price rise would be South Africa

"

get some

reason

Principal beneficiaries of

David

my

also

its

the
a

icits

it would not be long be¬

world,

Sincerely,

grade,

could

economic

in

Dear David:

gold

to

Liquidity

with the growth of population and

fore

young people of Amer¬

to

is

leading

funds

"They

following paragraph.

How
ica

you

the

would still be

holding

the

of
as

could

sterling,

"that

"one

ficient international

rightfully argue," Dr. Nad¬

says,

that

the

the U. S. dollar

governments

banks

would

on

metal

which

system,

currency

largely

out

advantages of gold

ex¬

in

undermine

would

and the pound

tral

increase

an

gold

key

ler

had

I

Hdnover, Dr. Nadler

facturers

major part

respectfully

Crisis

Gold

Re-examined," released by Manu¬

servant

long life, good

econo¬

Hanover

ing

world.

"The

report,

a

the

Dear Lester:
—

Manufacturers

is based

Lester

Yes

In

and

your

basis

economic

Trust, stated recently.

you

this question,

valid

Nadler, consulting

If

me

I wish you

international

old and who

member

a

bluntly warns gold's monetary advantage lies in

price stability.

no

of

he,

including fishing.

PRESIDENT

is

was

answer

Most

the

*

is also

Department

Change Gold

changing the price of gold, Dr.

idol?

your

will make

you

also have

you

who

so

he

just

idol. When

did

and

10).
#

If

was

forever.

2.
*

for

remember,

can

my

a

(Re¬

He

forces of inflation.

Marcus

As you say you are

permission

1960.

cause gold to lose its monetary
quality, weaken its disciplinary effect, and in time, help renew the

There

health, and happiness.

worms.
some

*

I

re¬

as

Professor

its mint

Dear Mr. Hoover:

as

in

Underwriting

are

fifteen years old,

am

age,

my

would

how to become Presi¬

on

dent to the

N. Y. U.

by

wise; and ranging from

are

I

have been

why

The volume contains 150 letters
with his

boys who

*

since

Co.,

the Hall Syndicate.)

the

posedly threatens, he adds, would

New

&

of

Manufacturers Hanover Trust's

great

a

WAS YOUR IDOt?

ever

you

SELEC¬

TIONS, BY HERBERT HOOVER.

would

corporation

Price. Says Marcus Nadler

part

ardent admirer of yours,

GIRLS

AND

and

few moments of your valu¬

TO

a

Division

No Need to

combination

"Duchess"

*

an

President

former

correspondence with children ex¬

I

joined the

Assistant Vice-President in

cleans

mist

you

may

any

ap¬

——;

terrier

That

,v

As

an

HOW

was

favor of dogs.

were

protege.
And

she

3.

the

he

Department.

York office.

-\W

part

able time.

through the

date.

to

1962,
Bond

in

Dear Mr. Hoover:

fullest

documentation, of his tremendous

age

3,

Cassidy, who joined First Boston in 1955, was appointed

Buying

help to mother.

a

WHO

have

while we

talks,

Mr.

Also, I like mothers and fathers

■

only five years

April

would

—

who have girls and

reminded,

pet

a

mother

when

makes

pet and

public image has occurred through
wittiness and wisdom exhibited in

wide

that

surely

country").

veal

Campbell
an

Assistant Vice-President

greatly interested to hear

was

dachshund.

The renaissance of Mr. Hoover's

Dear Mr.

ing

stem¬

("that great engineer who ditched

public

having

my

company

about

Great Depression

and the ensuing

the

postpone

before the maturity

★

President

former

unpopularity

from

I

first Call
publisher; the selections have been
until 1988, the 25th year of
made
by
Robert
Dennis
May,
to

so

My dear Debi:

ming from "goat-ship" for "1929"

they

On

Government

part

Sincerely,

swimming

Delayed

subsequently

of

idea

house

Debi

American

the

on

of

emergence

160

Vice-President.

a

Buying Division of the Underwriting Department of the New

in fifth

the house.

former boy who grew up on sandlot
baseball,

ture."

the

like

is, at long last, the decisive

the tending

Treasury for Monetary Affairs, as
/stated

developments

dom

Assistant Vice-President in 1954.

an

transferred to the New York office and, in 1959

My mother and father

interesting

most

the

of

One

am

pet dog named Duch¬

a

dachshund.

raises

HUMAN

A

I

older brother and sis¬

an

EX-PRESIDENT

the

the

an

have

world

Mr.

She is part Terrier and

ess.

offering price,

REVEALING

been

appointed

was

was

elected

was

pointed

Hoover;

I have

ter.

the

his

and

pointed head of First Boston's

DOG

ten years old.

am

I have

latter

the

the initial

the

1943

1958, he

.

grade.

practically

issues

outstanding

scene

in
In

Thomas L. Cassidy

joined the Philadelphia office of the corporation

York office.
I

provisions of the

the Call

With

post-issuance interval of freedom
from the borrower's
redemption
privilege in recent issues, follows:
Consolidated
Edison
4%%

i

SPECIAL

A

holder.)

whether the auction routine

"grace period," that is the

The

Cooke

■

Dear Mr.

yard-stick

arrangement.

tails I lose"

Mr.

"

giving the redemption right to the

new

Maybe zhat also.

tell?

can

advantage of

Savings Bonds in exclusively

U. S.

consti¬
identical,
"heads you win- -

essentially

price,

And who

make the White House.

of course highlights

contracts (but

with them the great

Douglas Campbell, Jr.

of education.

a man

If you follow these rules, you

ulti¬

loser, Dr. Nadler adds, point¬

Exchange,
John

ship.

W.

of the
on

&

New York

Jan.

Hamilton
\

Weill,
York

New

3

will
to

60

City,
Stock

admit

partner¬

Volume

196

Number 6224

.

.

The Commercial and Financial Chronicle

.

(2641)

For

Well Groomed Stocks

net

short

dissertation

pulchritude, and

glamour, the youthful

earnings' statements

tron

saint

try. He

tain

started

to

quest for

attractive.

more

to

accent is
more

the

-

Good

of

First

figure.

tion

is

fastest

growing

of cogent rea¬

steady

rise

Millions
extra

more

in

who

money,

women

popula¬

women

in

are

before. About

ever

been

single

a

tis

A factory or domestic
to

sales clerk,

a

worry

looks—but

ste¬

a

a woman

professions and service in¬

dustries
to

have

she

nographer,
in the

ap¬

must

look

well

groomed

The

Then

too,

(as

women

well

as

rate

of

"42"

Products, Ltd.,

Men"

line

toil¬

of

"Lentheric," Jules Monte-

nier, Inc., and Hubbord Chemical,
makers of the
"Stoppette" deo¬
dorant. Other lines include

Net"

"Suave"

and

"Enden"

hair

treat¬

line of plas¬

a

bandages,

sealants,

coatings and adhesives.
Studio

In

1960,

Girl—Hollywood, Inc.

acquired,

now grossing
million, in door to door

at

75,

women are still

about

cerned

and

not

platinum

are

At

the

Canada.

and

the

ment

largest

trum,

girls

habit

end

start

much

in

Soap

full

circuit

cake

of

Why,
dec¬

a

majoring

tints.

start "dating" right

hit

now

lipstick,

pan¬

Girls

common.

energetic

Helene

supplier

management

Charles

Revson, Presi¬

dent, has kept this

company mov¬

is

company

OTC

for

perfumes and fragrances, and its
"My
Sin"
and
"Arpege" were
on

Retail outlets include

department,

currently, at 19, and is get¬
special attention because of

ting
a

product, Redeema, a facial
preparation to remove wrinkles.

some

drug

and

year,

may

men.

40,000

Lanvin

specialty

stores.

this

first

$20

cross

time,

and

per

share

$1.15

million

produce

the

for

net

a

the

on

sales

It

down

has

both

prove

fiscal

from

a

Curtis

of

Maradel
This is

a

Changes at

1963, Helene Curtis will probably
achieve $75 million in total
sales,
deliver

and

$1.70

in

net

profit

share. Common sells at 26

per

$.80 and is down from

pays

shares

outstanding

Stone & Webster

high

46.

of

Earnings which

pla-

earlier this

sales

Vice

as

come

acquisitions

ybar.

A. G. Becker Co.
CHICAGO, 111.—On January 15th,
Kingman Douglass, Jr. will be¬
vice president and Warner

a

Rosenthal

assistant

an

G.

120

Becker

South

Midwest

Stock

Broad

Securities Corporation, 90

Street, New York City, has

elected

Edward

K.

Van

Arthur L. Wright

Home

ToJoinH.A.Riecke
PHILADELPHIA, Pa.—Arthur L.
Wright

high of 36.

company

market

&

no

Warner

team, headed

than

the

upon,

and

more

other
pays

companies

Sales
have

of

the

New

York

spec¬

issues
no

cur¬

constit¬

doubled

the past five years. For 1962,

I

This

announcement

is

the

in

they

is neither

as

vice

president.

is president

in

girl to switch from

Officer

Chief

Orland

and

Join Rouse Brewer

K.

Zeugner, President, both effective

WASHINGTON, D. C.—On Janu¬
ary

1, 1963.

Mr. Van Home has been Presi¬
dent

Mr.

and

Zeugner

Executive

3rd, Oscar PY Ryder will be¬
associated

come

Brewer,

Becker

with

&

out of

have
last

even

high school. Hair dye sales

increased

Inc.,
Washington Building, members of

is

the

a

major subsidiary of Stone &

Webster,
Mr.

Incorporated.
Home

Van

New

joined Stone &

Webster Securities Corporation in

the

ington

President

becoming

1921,

in

charge

and

Philadelphia-

changes. Mr. Ryder,

Chicago

in

York

Baltimore-Washington

Vice-

the

of

New

a

Stock

an

offer

to

sell

nor a

solicitation of

an

offer

Philadelphia-Baltimore-Wash¬
Exchange, is

a

700%

over

in

the

buy

any

of these securities.

December 24, 1962

not' being

drive

Shaving

for

left behind

grooming.

good

after shave lotions,

soaps,

deodorants, toiletry sets and hair
tonics

all

are

demand.

of

on

a

We'd

roaring upsurge
be

astounded

knew the number of

we

their

dye

hair!

Over

ca,

All

these

trends

toward

attractiveness

mented

by

the

leisure

our

dictates

events,

social

bakes.

and

bowling

from

cocktails,

This

cotillions

And,

sporting
buffets,

to

nobody

clam¬

these

days,

except the stray beatnik, wants to
look like

ly."

a

s^lob when "out social¬

So, the

being

propelled

magnitudes

to

logical,

social
And,

that

are

fluence

nual

psycho¬

is

personal

of

grooming

having

a

setting

pervasive

in¬

throughout the world.

Goods

a

summary

the cosmetic

as

achieving

era,

above-average

gins. Pre-tax profits
about

23%

should
from

of

are

106.

below

Dividend

its

of

$1.60

consisting of

One

mar¬

$200

6%% Convertible Subordinated Debenture

stock

year,

up

due November 30, 1974

high

could

of

and 7 Shares

be^

Itevlon

an¬

in¬

Avon, in the number two spot in

Debentures

the industry, but is rapidly ex¬
panding into other lines. Its Zu-

$7.50 per

nino-Altman

division makes

are

share

immediately convertible into Common Stock at

share; conversion prices increase by 6%

every

24 months.

arti¬

ficial
of
the

flowers; Knomark (maker
"Esquire") ranks at the top of
shoe polish trade, and recent

Price

per Unit:

$228

acquisition of Evan-Picone places
the

is

in the women's

company

parel

field.

Thayer

ap¬

Copies of the Prospectus

may

be obtained only in such States
be legally offered.

where the securities may

Laboratories

sizable proprietary drug com¬

a

pany.

In
as

cosmetics, the Revlon line is

complete

is

at

it

and

cream

there's

sprays

perfumes.

"That

Man"

and
For

cologne

tions.

Revlon

also

owns

growth

the

Robert L. Ferman &

famous—

"Living" lipstick, powders, makeup^eyebrow pencils and shading,

dustry has enjoyed uninterrupted

sales,

Par Value 10</' per

This company ranks just behind

care




Each unit

currently

1962

hair

Total

of the

$2.17 in 1961. At 90, Avon is

points

Brass"

years.

of

consist¬

The

this

"Top

for 30

one

profit

sales.

$2.45

earn

deodorants, hair

by the

Association, the

business in

ently

economic

America

According to
Toilet

and

is

annual

new

powerful

by

forces.

standards

business

cosmetic

cited

Common Stock

spends

and

been

per¬

leisure

everybody

at

post-war

16

i

increased.

increase

massive

has

brilliant growth stocks

the

supple-:

are

time.

that

time

more

million

in Ameri¬

men's hair tonics alone.

on

sonal

in

who

men

$75

will be spent this year,

if

2200 Units

The Kaiser-Nelson Corporation

representatives.
Avon

are

this

partner

Co., Alexandria, Va.

Ryder &

to

skin

Company

Incorporated

Western Reserve Securities Co.

Charles A.

Taggart 8t Co., Inc.

men,

and

prepara¬

27.6%

H. L. Emerson §L

Co., Incorporated

J. N. Russell & Co., Inc.

of

equity of Schick, Inc.
11-

Ex¬

member of

through 150,000 door to door

age

decade.

Men
in

brun¬

a

blonde before she's

a

Rouse,

Bryant,

Vice-President of the firm, which

NEW ISSUE

15% of total dollar volume, and
achieving fabulous market cover¬

a

L.

Oscar Ryder to

Zeugner

cosmetics, accounting for, roughly

for

Mr.

Arthur

of

The offer is made only by the Prospectus.

I

country's leader

and

Jan.

dividend, it has quite excit¬
potentials.

Orland K.

Chairman of the Board and
Executive

Ray-

ette, Coty and Helena Rubinstein.

touched

be¬

Wright & Co., of Philadelphia.

manage¬

Lambert,

ulative

will

time

Hudnut, American Home

Products,

of

changes,

Edward K.Van Home

of

3rd

Co., Inc., 1620 Chestnut Street,

Wright

doubt, to the

quality

January

Philadelphia-Baltimore stock Ex¬

whose

at the

on

associated with H. A. Riecke

members

enthusiastically

were

Avon Products

This

Co.

Salle

Exchanges.

now

hfter hair rib¬

vice

&

La

be¬

It is nothing at all startling

1949

Street, members of the New York

of

top executives of Revlon,

assimilated.

recent

bons.

ette to

in

President

-

teaued this year should expand in
1963

Chi¬

To Be Officers of

and

2,240,000

by Mr. Martin E. Revson, includes

ing

in

The board of directors of Stone &

attractiveness,

ment. The executive

uent

1962

a

1929

national

Incorporated,

first publicly offered

ragged stock

rent

of

Executive

president of A.

July 24, 1962, at $13. Even in the

Richard

charge

A.

Products, Inc.

newer

were

former

in

becoming Vice-President in

and

come

certain

a

received, due to,

ending Feb. 28,

year

to'be things of

aromatically and statistically.

shares

corporation

described

vin stock sells at 22, pays 40 cents
is

.■

.

shares outstanding. Lan¬

common

and

>

Zeugner joined the securi¬

cago,

come

Exec.

Webster
For

should

shares

beauty in 1963.

Xmas

the

*

-

new

Some of these

famous

to

seem

special look by growth-

a

Mr,

1934 and President

V

1949.

minded investors. The stock trades

above

Lanvin-Parfums
This

York office in
in

ties

Possessing real talent for pack¬
aging, promotion, marketing and

ing constantly ahead.

Whereas Maradel is

For

pencils

eyebrow

hair

even

be

Lux,

or

makeup,

and

11, who

still

Ivory

the

today.

younger

would

ago

spec¬

cosmetic

the

little girls of 10 or
ade

the

of

and

$6.6

over

merchan¬

equip¬
supplies to professional

and

the

Imagin¬

success.

on

of

sales.

old,"

grandmas

compact cars!

as

other

con¬

"looking

blonde

common

as

vitally

ative

of

the

living

are

smell

was

dising in the United States, Puerto
Rico

share

666,000 outstanding shares of

industry and exudes the

under Mr.

prepara¬

dandruff

shampoo, and

products,

$7 million,
a

"Spray

longer, and use beauty. salons, apd tbisf business
30% - of
total
cosmetic^ far Hater into life) Even1 provides* roughly

men)

sweet

about

1956, Helene Cur¬

year,

"Kings

etries,

is

keep her job.

the

at

acquired

tic

labor

attractive

an

doesn't

com¬

any

grown

shares

shopping lists of millions of

annually, and mergers have
important in this growth. In

ment

how

companies,

You'd have to include this

tions.

about

right

Ilelene Curtis

ment

the

demands

in

*

in

above

the

mature entry into the

a

high priority items

force

worker-

these

of

well

per

$2.45

3,700,000

be

produce above $1

deserve

for early investors
right companies; What are

some

and, increasingly, female employ¬

now

Growth

today?

20%

adult

the

pearance.

1970.

about

should
and

merging, Maradel would

fortunes

the

have

had

Second,

of

and

in

Money

income.

working than
37%

in

income,
population, and prettification has
made
glamour a great industry,

more

have it to spend on face and

now

lion

industry has .be¬

the

before

never

gross $2 billion this
probably reach $4 bil¬

and

list of representative
equities. Sales for the past decade

our

is

capita

per

1933,, will

pany

ones, for a variety
sons.

paltry $300 million

a

the

camp,

6

Looking

one

White

spending

are

cosmetic

come

majority

the

were

the youthful look, and

on

every day.

The

major

a

great

trailer

people

it,

desire

looking,

is

From

he

thinking

keep

the

year,

the

attractive

for

for

Foun¬

but

people

Americans.

House* to

Youth,

which

indus¬

the

today,

and

and

objective

on

find

of

and,

look,

of

cosmetic

did

lot

a

it;

young

the

Eternal

of

about

of

never-

the pa¬

be

should

Revlon is

look, the

cosmetic

Ponce de Leon should

of

the

on

sales

common. Stock has
ranged (196162) between 84 and 34. Currently
selling at 41 and paying $1.10,

cosmetic companies that are making both people

on

and

on

Revlon

million, and distill into

earnings

share

By Dr. Ira U. Cobleigh, Enterprise Economist
A

1962,

reach $168

5

of

Financial Chronicle

The Commercial and

headed

Co.

&

Nuveen

John

by

Tax-Exempt Bond Market

ing

the Bi-State Development

up

$1,000,000

oring
the

our

111.

weekly monologue

this

This Year

kept where it is.

on

and

subject of state

general

policy for the present would be

in auth-

purpose

There

issue

and

tempted to exercise mere common
considering

in

sense

the

to

ute

making

contrib-

municipal

of

Most of these con-

bond markets.

side'rations

of the

most

believe

we

be pri-

to

little regenerally sizing up the

niary and

it

flection in

takes

but

of

fering

deduction.

and

•

I

-

To

flotation.-

bond

authorities

market

lower

bond

prices

making

their

in

cations at this
It

tion

to

fact that

the

have

issues

bond

floated this past year,

been

the market

improvement

steady

a

into the month

of May

and, after

healthy price readjustment dur-

a

ing

the

ceeded to
fall

and

it

of

and

ago

the

Reserve

before

even

quite apparent to

Federal

Reserve

was

profit- margins.

tha't

strenuous

matter

no

business

the

re-

might develop. As it was,

during 1962 the Federal Reserve's
credit

resourcefulness
not

course

wrote

of

The

tion.

restraint

occurred

little

change

credit

of

during

at

and

1961

We believe

in cost.

availability of credit to be one of
this

is

immutable

Administration's

of

that

and

tenets

the

important

cost

of

political

same

signifi-

We continue to hold to the fore-

to

before

ana

a.m.
a.m.

15,000,000

1965-1988

11:00

a.m.

Barron

put

any

belief

and

generally

refer

Economic

the

that

Club

Federal

the

to

monetary

Highway,.3%s, Indi¬

Toll

flecting

the Blue List

than

offering

around

10

Jan.

by

will

offering

negotiated

As

it

predict

a

money.

for

a

dynamic

would

total

ingenuity

Bid

Maturity

and

degree than

it

Asked

omy

3.10%

inflation at least

Connecticut, State——

3%%

1981-1982

3.05%

2.90%

to

New

3%

1981-1982

3.05%

2.90%

municipal

1981-1982

3.00%

2.85%

higher

Jersey Hwy. Auth., Gtd

New York,

Pennsylvania,

.

—3*4%.

State

'3%%

1974-1975

2.70%

2.55%

.2.90%

1981-1982

3.00%o

to

1981-1982

3.10%

,

3.30%

3.15%

State

another

Carroll

New

State......

Housing Auth.

Los Angeles, California..

Baltimore,

♦Cincinnati,

3V4%

Ohio

(U.T.)

...

Pennsylvania..

Illinois

__

New York, New York.....

1981

3.05%

1981

3.10%

2.90%

1981

3.25%

3.10%

3y4%

1981

3.25%

3%

1980

3.20%

Dec. 26, 1962, Index ==' 2.953%

,

D.

Bruen

3.10%

partner

in

the

3.15%

Exchange firm of Riter & Co.
will

'

the

•No apparent availability.




,

.

make

his

Morristown

Place.

,

' 5,000,000

_—____

A,,

1,200^000

&
—

January 29
Municipal

River

District,

become

4,250,000
1,500,000

1964-1983
1965-1988

2,750,000
2,700,000

—

—

January 30

1964-1969

(Wednesday)

Sch. Dist., Ohio—

1,800,000

February 1 (Friday)
Calleguas ikun. Water Dist., Calif.
4,500,000
3,
Miami, Fla.._
-3,125,000
a
New Canaan,
Conn
1,800,000
,

February 5

He
in

office at 42 Park

Orange

County,

Water Imp.

Moulton

a.m.

2:00 p.m.
2:00 p.m.

(Tuesday)

Stock

headquarters

9:30
Noon

Water

Texas-..—

Opelousas, La.

1964-1983

(Thursday)

January 24

Lafayette Parish, La.—

Colorado

1965-1983

,

MORRISTOWN, N. J.—On Jan.

8:00 p.m.

(Wednesday)

1, La

Garbage District, La.___

look

William

1:00 p.m.

1964-1083
1963-1973

^(Tuesday)

—

Roafi District

Parish

Wickliffe City

York

w

4,500,000

tough year for dealers.

will

10,000,000
2,348,680
1,100,000

Consolidated

Parish

#

!

and

Riter to Admit

2:00 p.m.

1966-2002

fp,000,000

January 23

District No.

Jefferson

though it looks like

New

?

Hampton, Va

of

2.90%

3V2%
3V2%

Maryland

Philadelphia,

♦Chicago,

3%%

3:00 p.m.

*

School

.

Delaware,

1:00 p.m.

1964-1983

—-

•

care

at present

a.m.

1964-1983

1.500,000

'

Petersburg, Fla.—

East

that

state

1968-1986

15,000,000

;__

January 22

,

con¬

we

1964-2001

1,190,000

2:00 p.m.
10:00

(Thursday)

■

the

strains

1964-1973

1,572,000
10,740,000

No. 7, Mont.

Gallatin County S. D.

Pomona, Calif.

capacities

as

y,.

8:00 p.m.

January 21 (Monday)

2.95%

1931-1982

rate,

any

bonds

even

far

a.m.

(Wednesday)

City Sch. Dist., Ohio—

Cleveland

,

a

,

D. #8, La.

Metropolitan Seattle, Wash

9:00

Noon

1964-1983

5,500,000

January 17

2.85%

(N.Y., N. Y.). 3V2%

At

peer.

as

8:00 p.m.

1964-1989

1,970,000

Sch. Dist., N. Y.__

Jefferson Par. Sewerage

legislated

seem

the

sustain

may

3.25%

-

2,ooo,boo

Dist., Mo

St. Louis Sch.

the still latent vigor of our econ¬

1982

—

A

7:00 p.m.

1,000,000

January 16

\

St.

would

3V2%

State—

West St. Paul

have witnessed.

we

Brothers,

1964-1983

3,303,000

Auth., N. Y.
Ind. SD #197, Minn.

Altogether

the

a.m.

___!

1964-1983

—

Oregon (State of)

up

'

1965-2002 •2:00 p.m.

A 964.1986

Suffolk County, Water

qf the Federal Reserve to a greater

syndicate

MARKET ON REPRESENTATIVE SERIAL ISSUES

California,

Santa Monica, Calif

inflation that may test

of

However,
Rate

add

to

seem

tinuum

r

11:00

1963-1990

1,500,000

Calif.——- —

Santa Barbara,

developments

other

.'

.7,850,000

Calif.____—

District,

the hoped

economy.

and

these

taling $25 to 30 million may come

A

School

to

perform

generating

of

miracle

for

to

enough

not

but

2:00 p.m.

1,700,000

Columbus City .Sch. Dist.,

continuing policy of easy
It
appears
likely that

tax cutting will be

some

1964-1984

January 15 (Tuesday)
Dist., Texas—

deficit

difficult

not

seems

7:00 p.m

1,800,000
Community S. Dist., Mich. A 4,800,000

Aldine Indep. Sch.

aver¬

an

federal

heavy

a

ahead,

the

January.

Wayne

predictions that seem easy

With

Another negotiated offering to-

in

few

10:30 a.m.

Burlington. Township, N. J._—_—

start into 1963 we'll make

we

1964-1902

1963-1982

8,500,000

—

V\

January 14 (Monday)

enough for any of us to come by.

$194,200,000.

late

Okla.—

Auth.,

Higher Prices Forecast for 1963

a

N. Y.

j'

Noon

:
194,200,000
________
,"r
[Expected to be underwritten by a syndicate managed by Lehman
; Blyth &
Co., Inc.y Kuhn, Loeb & Co. and Equitable Securities. Corp.]
Oklahoma
Lade
Redevelopment <

point gain during 1962.

6

a

..

1963-2002

Memphis, Tenn

Johnstown City

This

being readied

On

situation.

a.m.
a.m.

•

3,260,000
3,540,000

— — —

Huntington U. F. S. D. No. 1,

these issues have made better

age,

figure does not include the large

issue

improved

remarkably

a

intrinsic

of-

and
tentatively
issue sales is pres-

Memphis

point from

superbly marketwise and are re¬

average

ently less than $260,000,000.

Vt

Ohio.-—
previous highs. However, it Ewing Township Sch. Dist., N. J.—
be confidently generalized
Phoenix, Ariz.

may

10:00
11:00

1963-1982

19,000,000
1,100,009
1,500,000

—

Noon

January 10 (Thursday)

>

Burlington,

Authority 13.40s

Port

1964-1988

Project Antelope Valley Joint Union High

Dam

that these issues have been acting

traditional consideraJanuary the total

new

Tri

27/sS,

off about -44 of a

their

Through

scheduled

Terrebonne Parish, La.__

4%s,

Turnpike

Florida

and

3.05s

dealer

municipal

and

N

Ohio Turnpike 3!4s, Texas

were

We have seemed
inventory

This slight

in orderA

appears

Turnpike

periods

on

quarter point

a

Toll Road 3V2s, Kansas Turn¬

3.20s,

considera-

during

yield

1964-1983

15,000,000
1,690,000

—

J_—_—

Mary Parish, La._

St.

1964-1977

1,075,000

Local SD, Ohio!

(Baton Rouge)___ —

Louisiana

"

1,210,000

Co., Wis

Jackson Township

pike 3%s, New York State Power

issue calendar contin-

scheduled

of

the President's recent remarks

effect

11:00
11:00

revenue

3.54%

a

t'rjis week.

as

Illinois

Lehman Brothers' syndicate. Thi^

tance."

going

1964-1983

Certain of the active key issues

to be lighter than is normal

than

has

.

new

under

fulfilled

represents
for

such

Two Negotiated Undenvritings
Shaping Up
ues

easily

at

average

reaction

total

with

more

26, these long-term

issues

4:00 p.m.

1965-1988

—

Dec.

2:00 p.m.

1969-1989

2,500,000

market rise

represented a

which

around
$500,000,000.
is $523,780,000. l'

at

should

be

state

Current

1962:

4,

an

ferings

•

Jan.

on

investor

is expressed in

"Monetary demands (during 1962)

no

.

_T

_

1964-1977

1,630,000

A week ago Maynard, Mass.—
these
dollar
quoted issues had Pa. State Public School Building
averaged out at a yield of 3.52%
Authority, Pa.
_______

of

was

'

We

develop

total

seriously tested at any

'

time.

an

when the squeeze is

mands of the

economy,

it is

particularly

tion,

1,075,000

15,350,000

Usual,

is

a.m.

January 9 (Wednesday)

toll road,
utility rev¬

than

11:00

Ala.

in for more in¬

attention

vestor

a.m.

1964-1983

a.m.

Philadelphia School District, Pa.__

-issue

new

9:00

City, Okla.__——

Oklahoma

Soften

of

10:00

1965-1984

2,000,000

!—

1964-1983

1,500.000

—•

long term

.

as

4,500,000

Parish Wide S. D., La.
Citrus Junior College Dist., Calif.
Caddo Par.,

Mobile Co. Bd. of Sch Comm.,

Issues

8:00 p.m.
8:00 p.m.

January 8 (Tuesday)

was

Mesa, Ariz...—_—

issues were

enue

drop

to

how

-purposes

toll bridge and public

which

ready to fulfill the monetary de-

surgence

buying of tax-

tax

absence

business the

the norm a year or more ago
but for obvious reasons. In a
strong' new issue market, bonds
bo not move out as readily as in
iess predictable market periods,
In order to be competitive, dealers must carry bonds along in
order to satisfy sales department
requirements.
%

tion

Sch. Dist., Mich.

previous years.

Dollar

Moreover, tax-exempt income is
as
important a dealer considera-

Federal

seemed

that

us

heights during the

new

year

that

pro-

early winter.

Role
A

months,

summer

Noon

1,215,000 ,1964-1983
1,400,000
1964-1989

N. J.

Cinnaminson Township S. D.,
Coldwater Comm.

*-

apparent this December

the

In

record was

a

breaking volume of state and mu-

showed

>-

,

explanation.

no

been carrying more bonds than

ing most of 1962.
Despite

1964-1986

January 7 (Monday)

.

.

level that has prevailed for most
°i the last quarter. Dealers have

bonds dur-

obtained for long-term

nicipal

offerings

upon

basis points higher than has

50

,

'/A:'

1,400,000

Ohio____

Sylvania City Sch. Dist.,

As we go into January, dealer of close to a point during the week
market would develop inventories
would seem to be preceeding. This- was the largest
rate structure'from 25 Jtftle changed from the general weekly jump during 1962. As of

interest

11:00 a.m.

January 4 (Friday)

The ab¬
Corpus Christi, Texas
sence of this important source of
Freeport, N. Y
business in 1962 seems to require
in

than

Inventory Picture Is No
orbiading

ago.

year

a

demands

business

that

the money
an

season

1966-1994

3,250,000

Texas

Arthur,

during the last week.
,

the' general expecta-

then

was

for

much less

tive trend.

for

,

The selling and

stantial a

prognosti-

predicted
1S52

many,

■'

.

exempts

price rise during this
flatly period but we did expect the posi-

consternation,

our

8:00 p.m.

1,000,000

— __

'

December

late

for

timed

were

might not have suspected so sub-

Prophecy and Reality

■

Port

Florida State
and in previous

sizeable negotiated

years

Township, Pa

January 3 (Thursday)

large

a

issue

Turnpike

about 34 basis points. Translated
of i° prices, this means that longterm high grade bonds improved
an average of $5 during 1962. We

hope to be a useful content

information

Upper Darby

quieter than dur¬

market has been

municipal bond market with what
we

1964-1983

2:00 p.m.

the

consequence

,a

as

ing early December.- Last year the
market was enlivened by the of¬

on
representative high grade
general obligation bond offerings,
This average yield is little changed
from last week's 2.957% Index,
To put the year's price spectrum in focus, it may be recalled
h?.at as we moved into 1962 the
Chronicle's
Index
averaged
3.292%. In the course of the year
the average yield was reduced by

profundity or wisdom of the professional economist, we have at-

factors that in some way

2:00 p.m.

January 2 (Wednesday)

new

the ...past

during

offerings

week

Municipal MarKet
delineate the various market fac-'
The Commercial and Financial
tors and to progressively express Chronicle's
state and municipal
some
opinion each week as to bond yield Index averages out at
where
the
market
might
be 2.953% as the year ends.
This
headed. In possessing none of the Index represents the average yield
to

tried

have

We

1964-1985
1965-1989
1964-2001

.

municipal securities to be briefly
informative.

notable

no

were

of Regents, S.D.

So. Dakota Board

Noon

2,600,000
2,900,000
1,175,000

—-

Ind.—

Hammond Sanitary District,

Trading

Tax-Motivated

No

for which specific sale dates have been set.

December 27 (Thursday)

offering.

term

Elgin,
been

or more

Transit Revenue issue for

Louis)
near

tabulations we list the bond issues of

following

the

In

District (St.

Agency Metropolitan

D. MACKEY

DONALD

BY

Nicolaus & Co. is shap¬

and Stifel,

Scheduled For Sale

Larger Issues

,

Tt has

Thursday, December 27, 1962

.

.

.

(2642)

6

(Tuesday)

Niguel

Dist. No. 1, Calif

Orange Co., Co. San. D. #12,

Calif.

1,750,000
1,810,000

i

10:00 a.m.

Volume

196

Number

6224

.

.

The Commercial and Financial Chronicle

.

equal the overall record of higher

Dividend Yields

scrutinized carefully from a

yield stocks.

vs.

ness

Conclusion

This

made include:

(1)

appreciation;
for risk;

Mr. Stovell lists the numerous

better price performance.

a

in

high

yielding

the

stocks

These

be¬

either

low

very

those

'

in

stock

price. The

reflected in
i

*

High

stock

'

v

fund

risk, and favor low

by

Bank and

'

Trust

be

at

Con¬

a

Policy

Tradesmens

Co., Philadelphia, Pa.

NOTICES

uu

other analytical factors

many

pertinent to each case. We believe

The

regular quarterly dividend of

30$

per

Stock

share

of record

Hawaii's

trust

15,

in

and-

ings

Common

declared

1963,

payable

stockholders

to

January 2, 1963.
M. E. GRIFFIN,

Secretary-Treasurer

1958-

increment in value through earn¬

the

on

been

has

January

common

than .3%%

sup¬

Investment

Provident

by;, consideration of

tempered

the

'

holdings show that the stocks
less

the

DIVIDEND

stock prices.
of

real

a

judgments based on yields should

be

stocks -should

yield

v

prices.-

as

However, we emphasize that any

-

^ield stocks are often "already

•low

having

by Mr. Stovell

Foundation

on

high

very

or

yields.

having

generally, de¬

on

studies

yielding stocks for the expected yielding

outperform the stocks with high¬

plow-back."

this

Is

right?

low

about high

reasoning

yields

roughly'

from

today's

but

yields

not

always,

usually

from

come

^

funds

occasional

be

with

invested

growth.

reports of

ence

primarily for in¬

We;.are

research

not'.aware

has

been

a

few comparisons we

as

to have

State

group

a

may

<

yields

average

with

the

Bank

price

in

tive

have

unusual

•

this

year

have

-

been better" than

^

ap-

for

price improvement when earnings
business

when other favorable

or

developments dccur.%

■

of

advance

an

reservations indicate

out

tained 39 with yields of 4%
and

less.

higher
17 %

or
with yields of 1%'%

32

We

calculated

yielding

depreciation

1962

to'July

yield

proup

that

from

1962;

involve

the

and

1963.,

;:

,

risks

and

yield

low

stocks.

selection
this

of

careful

However,
purchases

to

group

re¬

in

made

degree should

some

,

minimize this risk.

(2) A comparison

(5)

two lists of recommendations sub¬

with

15

suggested

the

purchases

this

produced

less income.

(3)

We

little

about

have

to

Trust
the

Fund

four

ago

and

appraising

in

to
to

show

yielding

as

But,

it

'

will

is

the

group

a

stocks

high

of

have

might be

dend

reduction.

Certain

an

low

as a group may

observed:

7

be :
Y

following results:
Low

Average

Yielding

No. of

(1)

to

-

July 1963

10

10.1%

3%

to 3M>——

11

to 4%

17

34.5%

4%

to

Over

5%

The

higher

instability

stocks

.

.

dends

"groups

simply

have

(3)

been

particularly

dends

declines

paid

the 30

over

stocks

the

four

with

period.

the

lowest

yields, 16 declined in price,

com¬

pared with only 9 declines in the
30

stocks

with the highest yields.

(4) A similar
all the

1962

November
as

1954

to

August

follows:

11/9/54
'

,

.

*

earnings

go

with

to

are

price

down

or

to

Stocks 8/23/63

visitors

with

They
poor

certain

brilliant

to

a

the

achieve

the

significant

develop¬

lies ahead.

and

the

The most

rapidly

most

some

prospects where recent

of

low

yields.

(5) Low .yields stocks

likely to have

dividend

more

the

Pacific

East"

Far

creased from

increases

but

numerous

they-

are

ments

which

.bfi<

;1? hy

Ml> iwb O,

BOSTON EDISON

There

COMPANY

for rent.
An

Preferred Dividend

esti¬

an

A

tion

changes

most

rapidly growing age groups

indicates

persons

and

of

those

Stock

ratio

of

A

:

trend is
ian

an

disturbing population

"young

adults"

due

The

to

out-,

impact of mechanization on

as a

primary

c.ay

Dus.ness

o.

Cumulative

the

jiared

Preferred

es.

dividend

Company
payable

February

oi

holders

oi

business

mild strength¬

oi

stockho.ders

295

33c

oi

share on the Common Stock

per

tion of the neighbor islands.
The report notes a

dec.ared

firsi

to

c.ose

4.78% Ser

quarteny

oi

of the

cause

$1.19

ol

Common Dividend No.
A

migration within the state is also
analyzed

Prelerred

January-lv, 19«3 ol the Com¬

pany's
Stock.

-

,

oi

Dus.ness

oi the Com¬

oeen

the

1963

record at the

oi

actual decline of civil¬

migration...

o.

div.dend

on

February

on

most

day

stocknoider-.

Series.

has

share

payab.e

in the population.
Disturbing Trend

.

The

4.25%

quarceriy

per

employed

to

hrsw

..o

ciose

Preferred Dividend

retirement

the

increasing

che

dec arcd

Cumulative

pany's

in the categories of children
14

1963,
ac

ok January 10, 1363

the

that

record

5.1.06

Oi

oeen

the

on

February
01

has

share

payable

'

.

analysis of the basic popula¬

dividend

quarterly

pef

Old

tions during the past

ha~

been

de-

the first day

1963

to

stock¬

record at the close oi

on

Checks

ening in mainland business condi¬

on

January 10, 1963.

will

be

mailed

irom

Boston.

Bank

of

month.

Hawaii's

economist

James Shoemaker forecasts
mal

a

j

during 1963.

Trust

Company,

ALBERT C. McMENIMEN

Treasurer
vasurer

nor¬

I

continuing business growth in

Hawaii

Coiony

962
Boston. December 21, 1962

,

GOODALL

It

develop¬

RUBBER

tion of "Downtown Honolulu" to¬
ward

Waikiki,

shopping
districts
new

of

arterial

increase

33

5^%

relatively

island

as

residential

centers,

(with

well

a s

and

the

COMPANY

of

the

areas,

industrial

assistance

highways)

to

construction

Haitmii

(due

Wit

of

other

STOCK DIVIDEND

The Board of Directors has

declared

on

the

largely to

a

stock dividend of

cent on all voting Common and Class A Shares
outstanding, payable solely in shares of Class A Common
Stock on December 31, 1962 to stockholders of reccrd at
the close of business December 20, 1862. No fractional
shares shall be issued, but all resulting fractions will be
one

per

payable in cash on the published bid price of the Class A
business on the record data,

Common Stock at the close of

December 20,1962,.
H. G. DUSCH

parts of'Oahu; (2}-the substantial
in

sm

emphasizes

high-rise buildings and the exten-

income makes it necessary to have

price advances to

are

in¬

lulu's business district in terms of

often small.

more

islands.

by

85%.

The lack of adequate

Turner,
Secretary

11,693 in 1955 to an

estimated 85,000 this year.

spread-out
as a group

F.

Toronto, December 10, 1962.

feet will become available

square

(1) the rapid expansion of Hono¬
pros¬

"

category of "visitor arrivals from

45%




of

era

so

growth

3:30

at

developing growth factor is in the

12

5%

balanced

new

in¬

promotion and

planning of local facilities
to

as

include

growth

include

may

group

dividend reductions have been the

are

the

themselves, indicates

the imperative need for more

36

over

together with the

The report also covers
as

T.

gradual change in the character of- continuing decline in the popula¬
the

Yields under 3Vi%—
Yields

rap¬

length-of-stay, and

declining

Yields 3V2%

to 5To—

more

." Developments by Islands

'

Average

Appreciation
No. of

Pacific

if expected increases do not

reasonablv

cause
-

-

are

pects.

Trust Fund

if

stocks

vulnerable

(4) Low yield stocks

stocks held by

our

participant in

a

pattern " of

advancing far

This,

during

because,: divi¬

occur.

some

Discretionary Common
from

even

studyjwas made of

common

when

over-evaluated.

Some low yield

naturally benefit by greater divi¬
Of

prices

generally declining.

are

decline

to

yieldiing

reason

a

are

of

(2) Some low yield stocks tend

.

13.8%

13

travel is

ment which

20.9%

9

5%_,—__

for

yields

Low

4.1%

3V2

as

formation to guide

Stocks

Appreciation
Stocks

role

growing

inlands, - changing relations
with mainland travel markets, the

of

•

nonproductive

occasional divi¬ bor

characteristics

yielding stocks

with

Under 3%____

Hawaii's

recdrd

By order of the Board.

is still advancing,

area

of

January 7, 1963.

on

450,000 additional

the

a

shareholders

p.m.

Federal

new

completed,

are

thus

idly.

yielding category and in turn

Building

age,,

as

to
-

planned

already

feet

,sq.

under

Hawaii

while

that

Capital

respect Of

with. an,, qdditipuaf'

space,

travel

designed

There

year. :.

report

on

Hawaii,

through

destination

the

Hawaii's

of

special section

a

years

stocks.

that

there

we com¬

Diversified

our

years

yield

Bank

spread-out of tourism to the neigh¬

July 31, 1962 of 60 indus¬

trial stocks held in

contains

low

pared the price records from June
1958

The

2%

advantages

high

fewer dividend increases than the

covering

longer period, and

low

high

% !.

chart

a

an¬

of

at

in

1962, payable in Cana¬
dian funds on February 28, 1963,

I,200,00Q; square, feet of

mated 400,000 to

are;

of

period

Business activity
continues

Ordinary

declared

the-year

have all become

Capitol and the

new

levels but with no major advances.

an

a

fields

other

construction

good

lies ahead.

year

develop,

significant

reasonable,

5%

' :

relative

and

depreciated 3%, and during

period

be

a

differential

over

the

14% by Sept. 20, 1962. The growth
group

more

can

appreciated

group

price dif¬

any

for

(averaging 2.9% income),

income

which

income

nual
or

income

Apart frbm

ferentials

mitted in March 1960, one of them

already projected in¬

dicate,', that
in

of

made

was

construction

the

was

is also the prospect that when the

construction

1963, high levels of public

of

a

apartments,

for construction during 1963.

be some moder¬

may

residential

in

entrie group of high*
during

an

cufrent

over

300,000

rising trend in construction. Al¬

ation

unfavorably the average

the

t

this year is beginning to show in
a

space

Board

final divi¬
seventy-five cents per

on

Stock

construc¬

on

housing,

office

office

high level of bid'openings

though there

sults from

depre¬

ciation during the same period.

business

poor

which

some

The

fect

March

averaged 29%

as a group

the losses from such stocks can af¬

the

averaged

group

certain to include

are

share

(4)

in construction.

section

special

new

good first

a

.

(4) High yield-stocks

con¬

the prospec¬

as

the

of

held today

of

increasingly competitive through¬

approximately 15%, and advance
quarter in

A list of 265 recommended

and

of

1961

over

A

residential

Tourist arrivals

million.

$157

showed

meeting

a

Directors

tion indicates that the offerings of

of Ha¬

the dollar value

*

room,

.

well

as

increase

share

waii's crop reached a record high

to

At
.

rapid development of the new

Kaanapali tourist center; and

history, and because prices

average,

(3) Some high yield stocks

Maui,

on

at

estimated

is

trade

industry

pineapple

dend

all-time high and total

an

the

of

tidal

the

by

(3) the reorgani¬

1960);

Notice

—oOo—

level of 1961.v Sugar output the continued expansion of tour(1,120,000 tons) is the second high¬ ,ism on Kauai, accompanied by a

est

result of

as a

being re-evaluated\up-'

increased

or

•

v ord

'

■

zation

approximately 6% above the rec¬

gen¬

"

.

$t

of

wave

sales

Retail

year.

buildings ' damaged

annual

Hawaii's

of

the

of

Christmas

ward.

pear

Compares Three Groups

more

RAILWAY COMPANY

and relocation of

the replacement

is

year

according

strength,

ending
to

.

business

Hawaii," the

i. are

stablizing influ-

a

declining.

are

dividends

on

recently

investment stocks last March

CANADIAN PACIFIC :

Review, prepared by its economist, James

during 1963.

Dividend
In

high I

of

prices when stocks

to advance in

made which should be of interest.

(1)

review details evidence of resurging busi¬

annual

strength and foresees normal, continuing business growth in

that

'V".•

(2) Some high yield stocks tend/

price trends of (stocks grouped ac-:
cording to yield, but we can report
on

stocks

on

erally

that

done

of Hawaii's

Bank
ness

groups

observed:

(1) Higher than

than funds intended primarily for

much

middle

review

having better price records

come

the

characteristics

yielding

appear
are

in

Certain

high price-earnings ratios.
There

,

High Yielding Stocks

yields

stocks

not

Shoemaker, also covers developments by islands.

Usu¬

higher

the

lower

and

stocks

had the best recordsi

from stocks with low

come

price-earnings;

respectively," did

discus¬

sion of price-earnings ratios.

ally,

the

stocks

common

parallels

and

1954,

yields; and they also show that.

er

Our

a

sponsored

with

Mr. Stovell notes the
are

address

ference

contrast

in

at¬
♦An

good qualities. o|companies with

,

high yield stocks should be carefully scrutinized

clining; and the supporting influence of good yields

of

v

yielding stocks. Observations '

vulnerability of low yielding stocks when stocks

cause

future rise

a

justified

are

porting influence lm stock prices.

per¬

with

stocks

and (3) stocks whose yields are neither very low or very

high tend to have

"Avoid

better price

from

we

7

respect for good yields

tractive yields in a middle range,

relation¬

suggests that

experience

our

busi¬

the odds

low yield in itself does not assure

low yield in itself does not portend future price

(2)

to the

as

•

Unique study is made of the comparative price trend performance
grouped according to yield.

formance

justifies

subject

ship of price performance to yield
but

Philadelphia, Pa. >'

entire

research

more

By Thomas P. Stovell,* Assistant Vice-President, Provident

characteristics found for high and low

risk standpoint and

probably favor

Future Investment Values
Tradesmens Bank and Trust Co.,

\

t
^

of stocks

(2643)

December 26, 1962.

,

.

Vice President & Secretary

|
t

j

|

3

The Commercial and Financial Chronicle

(2644)

.

.

Thursday, December 27, 1962

.

—National Market Relations, Inc.,

DEALER-BROKER

342

Madison

Avenue,

New

York

17, N. Y.

INVESTMENT LITERATURE

SteAl

Acme

Corporation—Analy¬

Whipple

sis—Bacon,

RECOMMENDATIONS

AND

INTERESTED

SEND

TO

111.

PARTIES

available

Also

Aileen Inc.—A
Farrell

&

Corp.—Bache

Whirlpool

and

Sunbeam,

reference to

particular

York 5,

Co., 36 Wall Street, New
York.

New

Securities

York

Review

—

Street,

New

available
ican

221 Montgom¬

Hooker & Fay Inc.,

Review—Bank

Canada—Business
of

Calif.

Street, San Francisco 4,

ery

—

real

Knowles

Ross,

Cor p.—

Acceptance

Industrial

Ltd., 25
Toronto, Congress

West,

to

with particular reference

view

American Cyanamid, Celanese,

C.

Monsanto—B.

and

Stauffer

S.

Boston

2,

in

used

stocks

Averages

the

and

Christopher & Co., Board of Trade

the

Building, Kansas City 5, Mo.

4.5%

42

Wall

New York 5, N. Y.

Also

Rhoades

Loeb,
Street,

of

more—Bulletin—Carl M.

or

available

is

Co.,

&

Chemicals

Pennsalt

Dutch-Shell,

of Royal

analysis

an

New York 4,

46

Statistical
&

Commonwealth
R Street,

Puerto

of

the

of

Report—Office

Progress

2210

Rico—

Puerto

Rico,

N. W., Washington

Debentures—Data

Convertible

Investment—

Walston

Street,

&

Co.,

available is

Stocks,

a

Attractive

Y.

Also

list of 102 Depressed

bulletin

a

5, N.

for

five

on

income,

issues

Stocks—Bulletin—Goodbody

and

an

of

Savings

and

Loan

Stocks.

—Discussion

in

—The American
Stock

New York

$2

Exchange

data

are

Coke,

Building,

Also in the
on

Fischer

Company,

Investors, Ameri¬

6,IN. Y., 25c

per year.

sue

December-Janu¬

issue of "American Investor"

can

Taxes

—

Booklet

giving current Federal and State
tax

Original issue and transfer

rates—Registrar and Transfer

Bank—Report—

geshall

York

New

111

Inc.,

same

is¬

Porter,

port—Harris,

B.V.D.

Nomura

Market
Securities

Hentz

&

available is

Upham

Utility
lected

C.

Corporation

Salle

on

36

cisco
se¬

&

Review

Co.,

Ltd.,

Co., Inc.,

Crouse

A.

&

M.

Instrument, Inc.—Report

San

Company,

&

—W.

Hinds

E.

Street,

Company—Review

Hutton

&

Co.,

14

Wall

Haven

*

Heller

available

&

York

are

and

Corporation—

Analysis—Euler & Hart, 121 South
Broad

Street, Philadelphia 7, Pa.
available

is

Organ—Memorandum

—Penington,

Colket

on

Aurora

Corp.

of

Seagrams

Boston

Mass.

9,

dressed

of

State

85

(company

stamped,

envelope

copies).

Street,

iq

asks

self

ad¬

-

requesting

Also available

Analysis

—

i

Girl

Kelly

Service

randum—Dean

Inc.—Memo¬

Witter

&

Co.,

50

111.

Marine

Report

Petroleum
—

Brown,

Bank

Trust—Annual

Allen

Building,

Co.,

&

Dallas

1,

Nippon

Indus¬

Heavy

Se¬

curities

Co.,

York

N. Y. Also available

4,

149

on

Broadway,
Mitsui

New
are

Mining

&

Smelting Co., Mitsui Shipbuilding
&

tn All

East Ohio

Corporation—Anal¬

Reid

&

Co.,

Inc.,

Building, Cleveland 14,

—

An¬

Company, Butte, Mont.

★

★

★

Fischer

&

Ported—Memorandum

—Orvis Brothers &

Street,

Troster, Singer & Co.




New

available
Plan

are

York

Co., 30 Broad
4,

N.

memoranda

International

and

Y.

Also

on

Lease

Southern

Nitrogen.
Frito
er,

Broad
New

-

and

Company,

Inc.,

Vaughn Building, Dallas 1, Texas.

for dealers

Inc.

only

on

Industrial

and

Fasteners, Inc.
Gas

Texas
A

n a

1 y s

Producing Company—

i s—Equitable Securities

Corporation,

322

Union

Street,

Nashville 3, Tenn.
Texas

Industries, Inc.

Exchange

Detailed

—

Place,

York

New

5,

New York.

Times

Co.—Memorandum

Mirror

—E. F. Hutton & Company Incor¬

porated, 1 Chase Manhattan Plaza,
New York

5, N. Y.

Von's

Grocery
Witter

Dean

,

ery

Memorandum

—

&

—

Co., 45 Montgom¬

Street, San Francisco 6, Calif.

Xerox

—

Comment

Management,

—

Investment

St.

of

Bank

Inc.,

Louis Building, St.

Louis 1, Mo.

—

Analysis

Duncan, Partner
In R. D.

—

R.

—

Natural

Elkins,

Gas—Memo¬

Morris,

Stokes

Co., Land Title Building Phila¬

delphia 10, Pa.

Also available are

memoranda

Sherwiii

on

Williams

Pershing

&

120

Broadway,

&

Co.

Lerchen

&

Co.,

Building, Detroit 26, Mich.

Ford

bond

general partnership.

Morgan

&

merger

moving

over

to R.

about

of

Trust

Guaranty

Company
\

and

Incorporated

after the

with

bank

Company,

ago.

on

1958 with J. P.

in

Co.

&

continued

White

began his career as

trader

bond

that

Inc.—Report—

has

department, has been admitted to

Mr. Duncan

5, N. Y.

Chas. Pfizer

Watling,

Co.,

City,

municipal

its

of

manager

a

Mathieson—Memorandum—

120

York

New

of

Company,

&

announced that James V. Duncan,

and Union Carbide.
Olin

White

D.

firm

banking

investment

The

Broadway,
Jersey

New York

Lay—Memorandum—Park¬

Ford

Inc.

Street, New York 5, N. Y.

randum

&

Ohio.

Also avail¬

data

are

Shi-

Brand, Grumet & Seigel, Inc., 67

ysis—Fulton,

Los Angeles 36, Calif.

Engineering Co., Nippon Brew¬

eries Co., Nippon Oil Co. and

Federal

Street, Boston 10, Mass.

Boulevard,

Texas.

Munsingwear,

Resistor

Com¬

&

-

Wils'hire

Study—Kidder, Peabody & Co., 20

May & Gannon, Incorporated, 140
Erie

Only—Adams,

5455

analy¬

are

of Sinclair Oil and A. O. Smith

nual Report—The Montana Power

—

Squire for Men, Inc.—Bulletin for
Dealers

&

Inc.,

Montana Power Company

Company

Company

Chestnut Streets, Phila¬

Steel—Survey—Colby

Company,

5,

available is

analysis of Canadi¬

and

Trail-Aire,

York

seido Ltd.

Celanese Limited.

15th

Y.

memoranda

Corporation

Duriron

—

delphia 2, Pa.

N.

New

Limited, 60 Yonge Street,
Toronto
1, Ont., Canada.
Also

UliaJjea

Engineering

able

Co.,

tries—Memorandum—Daiwa

Brokers

Iteat

Company

.

Schaevitz

70

Street,

Inland

ses

&

Mitsubishi

>

an

4, Calif,

pany,

Hammond

Also

Limited—A nalys i s—Equitable

an

Research

Analysis—Schwabacher & Co., 100

Company.

Wall

Dynamics

of

analysis

an '

Gulf Life Insurance

44

comments

America.

Distillers

America

N. Y.

Co.,
5,

Products

Montgomery Street, San Francisco

available

Hospital Supply.

Texas

Wright—Comments—

New

Plastics

and

209

West Adams Street, Chicago 3,

Penob¬

Street, New York 5, N. Y.

Stanley

(Sre?tings

265

Fran¬

Building, Detroit 26, Mich.

Curtis®

Mason's

on

New

Co.,

Corp.

—

61

randa

&

are, memo¬
Hallicrafters and Ipco

enclosure

Inc.—

Company—Analysis—Mur¬

scot

*

&

Street,

Frumin

Weeks, 1 Chase Manhattan Plaza,
N. Y.

122 South La

4, Calif.

Cross
ray

Producing
Brochure—

Freightways,

Report—Walston

Stocks—Report

Street,
Also

Pine

Street, Chicago 3, 111.

Consolidated

Montgomery

issues—Hornblower

Scranton

120

St. Louis,

on

Gas

Allyn & Co.,

an

*
—

States

on

analysis of Abbott Laboratories.

Co.,

&

bulletin

a

report

a

Church

Also

San Franicsco Railroad.

A.

Pacific:—Memorandum—

W.

o g-

Co., Inc.—Re¬

&

Robbins, Inc. and

Also available is

C

Broadway, New York 5, N. Y. Also

New York 5,

Slick

and Canadian Trade.

Japanese

N. Y.

McKesson &
per copy;

Virginia Iron and
&

Investment—Report—H.

Co., 72 Wall Street, New York 5,

—

6, N. Y.

Coastal

Exempt Bonds for Year End

Chas.

Great

Broadway,

Company—Analytical

7, N. Y.

Georgia

—Analysis—Robinson & Co., Inc.,

Memorandum
Hicks,

&

Company, 50 Church Street, New

Tax

211

Conn.

York

analysis

ary

Transfer

Co.,

&

Street, Philadelphia

Cluett, Peabody

New York.

Stock

Sunstein

( Chrysler

Co., 2 Broadway, New York 4,

Stock

Company

&

New York 5, N. Y.

way,

Wall

74

Inc.,

New York

Commercial and Financial Chronicle

Broad

Laird, Bissell & Meeds, 120 Broad¬

on

interesting—

appear

B.

h

p

25

Produces—Memorandum—
Broad

Chase Manhattan

porated, 231 South La Salle Street,

&

which

five

Inc.,

Sons,

7, Pennsylvania.

Bulletin—Illinois Company Incor¬

Chicago 4, 111. "

Insurance

220 Bay Street, Toronto

Gerstley,

Co., 120 Broadway, New York

Steel

Inc., 99

1, Ont., Canada.
Carter

Stocks—

8, D. C.

Life

—Analysis—Annett

Comparison—Reynolds

for

&

Limited,

N. Y.

Stocks

Co.,

Caribbean Cement Company, Ltd.

South

Railroad

Memorandum

New York 4, N. Y.

Street,

5, N. Y.
of

Commonwealth

—

and

National

Leonard

Street,

Front

on

S'treet, New York 5, N. Y.

Wickett

Company—Bulletin— Ra 1

Bureau

Publishing and Printing

c

and Continental Can.

Inc.,

Bureau,

memoranda

are

Industries

Bankers

Averages,

Yield

With

Stocks

Common

Quotation

Ex¬

Wall

both as to yield and
market
performance over a 23year period — National Quotation

National

40

S.

in

used

R i 11-

—

Co.,

&

—V.

over-the-

35

stocks

Voisin

Arnav

Mass.

Dow-Jones

the

industrial

counter

Prosperity for All.

120

Cinerama and Revlon.

industrial

listed

the

between

son

Sparks & Co.,

Also available

compari¬

up-to-date

an

Peace, Good Health and

Jim

change Place, New York 5, N. Y.

J.

Moseley & Co., 50

Street,

showing

Comprehensive Re¬

—

Markets,

Memorandum

—

master,

Over-tbe-Counter Index —Folder

Ont., Canada.
Chemicals

Armco

Al-

aAd

Roebuck

Sears

Penney,

Spiegel—F.

Co.,

&

Street,

Adelaide

C.

to

Ward,

Montgomery

Inc.,

Minit

Broadway, New York 5, N. Y.

particular reference

dens,

port—With particular reference to

Insurance

e

Florida Gas Company,

randum—J. W.

Industry—R eview

Order

with

Industry—Re¬

Finance

Amer¬

on

Forms.

N. Y.

6,

Also

Fla.

American Home Products—Memo¬

Securi¬

Exchange-—Daiwa

Year Ahead Will Be One of

Com¬

Walter Corp., and Lewis Business

the Tokyo

on

Co., Ltd., 149 Broadway, New

Mail

Que., Canada.

3,

Stock
ties

issues listed

on

York

Montreal, P. O. Box 6002 Mont¬

Canadian

cular

L i f

Heritage

Jackson's

cir¬

Stocks—Statistical

Japanese

&

Johnson, Lane,

—

comments

are

Company,

struments Manufacturing Co.

Review

—

Development

Jacksonville 2,

New

I York
6, N. Y. Also available are
sey-Tegeler & Co., Inc., American comments on
Nippon Musical In¬
Building, Houston 2, Texas.

California Industry

Sincerely Trust That the

Space and Co. Inc., 16 North Laura

—

of

Co.

l y s i s—Bell

n a

Report

—

Broadway,

Ill

Inc.,

Oils—Review—Demp-

Australian

pany

Market

We

on

3, Wis.

Land

Alice

of

Mitsukoshi Ltd.

Yamaichi

report

a

Y.

Broadway, New York 6, N.
available is an analysis

Also

Japanese

is

135

Chicago 3,

Inc., 119 Monona Avenue,

Madison

with

Stocks—Report

Appliance

Co.,

&

Salle Street,

La

Dresser Industries, Inc.

MENTIONED WILL BE PLEASED
Tllk FOLLOWING LITERATURE:

FIRMS

THE

THAT

UNDERSTOOD

IS

IT

South

a

D.

year

Volume

6224

Number

196

.

.

borderline

Meeting the Problem

unions

Of LocalfUnemployment
•

•

•

;

' '.

.

By Paul Einzig

-v
V-*-1;

>

•

„■

..'

■

■.[ »•'

-

y

.

■'

kv•

great

Britain

to solve them exist in
Dr.

as

well

■

.

to

obvious solution

an

LONDON, Eng.

The situation,

—

unlimited
at

only too familiar throughout the

which

in

post-war period, that amidst gen¬

ing.

eral

the

there

prosperity

derelict

develop

also

in

at

of unem¬

North

South

the

and

a

It has

in

crease

of

Scotland

in

England,
Northern

Ireland.

The

between

Nort h

and

contrast
South

in

depression

is

of

self-aggravating

a

of b

Prospects

tt er

e

local markets attract firms to the
South.

and

easily

expenditure.

Nevertheless,
not

higher

of

ing to
of

those

southward

tract
who

in

are

in

uproot

the specialists they
in

the

wages

are

than

South

the

find

firms

Business

it easier to get

need

employees

position to

a

themselves.

at¬

limit

could

though

even
in

North

the

labor

and

is

plentiful, they prefer to ex¬

more

growing

and

concern

British authorities

worried

than

it

;

tion

always

bringing

it

about

dealing

There is of

by

inflationary
such

create

-

of

means

an

would

It

boom.

the

to

have
in

allotted

be

to

the

North

would

in

be

South

better

position to

would

effect would in¬

an

evitably create over-full employ¬
ment

with

South

the

in

dustrial

that

be

its

all

North.
an

for

cost

which

carry

to

policy to such
full

vide

of

pay¬

de¬

November, could ill

in

afford

its

expansionary

stage

a

For

that the

result of

tion

of

this

that

the

effect

suggestions
that

public
to

the

that special fiscal

and

allotted

be

North

and

other

inducements

fered

to make it

should

be

of¬

worth while for

business firms to establish or

in

North

the

ex¬

in

preference to the South. The first
solution

is

towards

diture.
was

it

with

keeping

in

the

change- in

a

general

the

attitude

year

or

two there

growing resistance to it and

looked

as

if

To Admit Partner

all

current
figures are in
the

in

final

derwritings in the

Davis,

to

be

value

in

below

ary

G.

One

reason-

popularity
is

the

the

for

I.—Davis

the

of

New

3rd will admit to partnership

Stanley

growing

Berge.

of Japanese securities

higher

generally

D. B. Marron Names

stock

yields and interest rates in Japan,
Mr.

Minami indicated.

"They

Jacob

are

H.

higher in most instances than in

elected

the

Marron

United

States

for

and,

that

Deutschmann

vice

has

president

&

Co.,

of

Inc.,

63

to

comes

be

factories

putting
where

them
they

this

not

work

to

in

up

do

of the New York Stock

Exchange.

Issue of

than

district

the

profitably.

THE CHRONICLE

be

expect to

From

point of view the difference

trying to force firms to

Will Be Published January

to the North and trying to in¬

go

them

do

to

by

so

of

means

the

opponents




of

24th

fiscal concessions is merely one of

degree.

What

promise

the

of lower

is

concerned

firms

they

★ The 1963 "ANNUAL REVIEW & OUTLOOK" Issue will present

a

that

expect

if

on

the

What

1—What

Union's Hands

not

does
to

occurred

to

lies

solution

unions.

their

the

During

if

the

only

workers

adandoned

view

of

submitting
of

gree

4—What

such

of

in

the

to

sufficient

difference
that

of

would

attract firms

to

North

strictive
than the

the

for

strikes

official
and

practices

for

is

and

in

the

Chronicle

The

V,

answers

"Annual

in

are

close

down

the

lack,

&

questions and
Outlook"

many

Issue

:

.

.

the

opinions

of

and

~

■:/.

.

ness

be

and financial

opinion which will

appear

Regular advertising rates will prevail
for space in this

re¬

issue

better

no

in

of

'

in the January 24th issue.

the

THE COMMERCIAL AND FINANCIAL CHRONICLE

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

the

danger of having to
for

to these

Review

featuring

25 Park

North

business conditions in 1963?

opportunity to advertise your Firm, Corporation or
Bank in this composite cross-section of America's most competent busi¬

corresponding record for

shipyards

on

★ Do not miss the

in

South.

Although

have

forecasts
of the country's foremost Management Executives.

unof¬

costly

likely to happen to prices and values of securities in 1963?

impact will the Administration's and Congress' foreign poli¬

others

North. But the record of firms in

ficial

major problems that the various industries face

You will find the

their

to

de¬

South

the

cies and domestic program

and

from

attitude

workers

factors underlying the general course of busi¬

the

in

harder

a

ahead.

out

discipline, the

industrial

evidence

their

the

year

in 1963?

the

necessary

working
to

are

3—What is

theiP post-War

reverted

and

behavior

the basic

are

2—What

debate
on

single speaker pointed

a

in the

and

workers

of Commons

in the House

economy

.

the

that

large extent in

a

the

hands' of

the

is

anyone

of the nation's

in 1963?

ness

have

to

seem

course

business perspective on the new year's possibilities from the
banking and corporation leaders who manage the country's industries.

profits to tax.
in

probable

★ Get your

tory in the North there would be

Solution Lies

the

opinions and forecasts of the nation's banking and corporate leaders

establish their fac¬

to

were

of

use

taxation if the

work,

i

B.

Wall

Street, New York City, members

putting

rather

been

D.

matter, higher than in many other

to

from

and

York

"Annual Review & Outlook"

be

prefer

would

well

&

Street,

Boston Stock Exchanges, on Janu¬

the

1961"

total

far

R.

Westminster

70

members

United States

bound

are

PROVIDENCE,

types of issuers, total un-

1963

increasing public expen¬
For

When

year.

for

business

DON'T MISS IT!

rigid applica¬

might

altogether

new

up

the

factories

Davis & Davis

located in

are

a

rule

firms

abstain

of

pand

of

in

sold

in the American securities under¬

writing

in

Japan.

times

$48,150,000

securities

70%

transactions

countries."

pre-War behavior /from the point

v

popular

should

the

of

Japanese

four"
which

than

more

securities

number of in¬

a

stances, unless they

*

works

size

handle

firms

compulsion

not

Spending

the

fact

obvious

realized.

the North. It is realized, however,

that

to

would

much worse before

subject that took place on Nov. 17,

the

Proposed Increase in Government

are'

in

factories

North

most

combined
all

first

"big

the

of

one

securities

of

which

the

reason

to pro¬

North.

The

this

in

as

employment

(

situation

pay

surprisingly

teriorated

the

needed

office in New York in

extent the government

some

new

in "the

balance

the

on

eye

revival

a

to

the government, with

But

ments

people

Many

willing

quite

"The total is nearly three

is

1959,

York office.

firm's New

Securities,

an

Japanese

who

just been appointed manager

his

refusing to grant licences for

by

prices and in¬

on

discipline.

would

opened

decline

sudden

a

has in fact resorted to

no

effects

adverse

of

the

of

are

latter

which

inflation

of

produce such

the

But

to the North, is much more

duce

the

promise early delivery. But a1 de¬
gree

of

losing their jobs
result of the closing of ship¬

popular.

are

the firms

to

because
a

a

has

Ltd.,

Co.,

part

mar¬

count¬

are

compelling private firms

even

go

orders would

the

occupied

future

of the members

likelihood

this

be¬

about

between

fully

seeing

increases

have to grow

and those

of

greatly

disputes

yards.

non-produc¬

investment

approached.

a

that

demand

in

firms

the

once

as

de¬

be

Daiwa

United

1962, it was announced

Securities

for

on

they

source

funds.

by Itsuo Minami, Director of the
Daiwa

one

other solution, that of encouraging

able

persistent

strong

conditions

rival unions

all

in

States

expanding.

on

employment once that limit is

strong tempta¬

a

solve

to

au¬

of intractable

unemployment.

course,

dealing

in

been

with their problem
local

in

American

the

have

thorities

the

re¬

In

jobs.

alternative

found

those

a

rec¬

keep

have not been

successful

more

any
with

far the

so

nation's

should

and

is

when

employment

in the North
unsatisfactory
solution
of

the

means

immediate

the

To

with

viewed

is

problem

the

capable

are

yond

pand in the South.
The

are

There

essentially

capital

and

North,
lower

to

voted

in

spending.
which

to

who

the North by

rescue

public

em¬

pay

people

many

happy about the idea of try¬

tive

easier

of

Prospects

ployment

displaced workers could have

present

sources

character.

over-full

the

be looked upon as

to

come

during the years

even

of

being anti-social to resist the in¬

the

in

substantial

Japanese

new

eco¬

prevelent

growing

in

and

not

discouraged their antagonists,

reasonable degree of prosperity in
is

if

has

the Midlands. On the other hand,

there

socially

rate

any

the

On

above

ket is

would be more convincing,' 1961," he said. "The upward trend
marks one of the few bright spots

fact that borderline disputes were

slightly

to

issued

securities

expected

are

seek

huge American capital

ing
$134,500,000 of

argu¬

encouraged the spenders and

ployment

Purchase Mark
ord

to

industries

as

The

American investors bought a

concerns

continue

9

financing in the American market

Set Japan Stock y

new

has

chronic

hand, there is unprecedented

one

prosperity

The increase

in

unemployment. This

ment

matter of

a

it

nomically, if it were not for the

high

Britain.

in

past.

now

that

these men
order to

for

jobs

for

excuse

pleaded

natural
their

spokesman,

an

threatening to

is

unemployment,

large

are

is

only

defend

avoid

In the course

Socialist

effort to find

inexcusable,

to

grow¬

it.

2%

with

areas

All this

was

compelled

are

House of Commons debate

official

an

was

spending might be able

public spending

employers

to

.

the

rate to check the rate at

any

work

do; the

Japanese

U. S. Investors

the

which

under
union

one

employ members of the other

the

with which Americans have been

of

of the

One of his observations
largely ignored —i.e., "the solution

large extent lies in the hands of the workers and their unions."

a

very

instances agreements

unions to watch

Einzig's discussion of the causes, improper and proper solutional

deals with

to

indeed

are

reached

but the

proposals has pertinent relevancy to us.

,

many

men

•

here in our own country.

as

to

as

■.-y-

cockeyed schemes

Intractable geographic pockets of unemployment and

.

'

jobs,

of

V:

'■
A*

v-

•

three

even

prevalent. The result is that in a

are

A'*
5-

/v

between two

disputes

and

whose members should do certain

types

•'

(2645)

The Commercial and Financial Chronicle

.

10

The. Commercial and Financial Chronicle

(2646)

the

duce

As We See It

Continued

from,

1

page

>

communism
have

its. organization

ground
time

same

^ b

by force seems to techniques for bringing pres

something

to

approaching

halt,

a

is

which

professional

^

methods

of

intrigue and decep- There are very few left who

tion has not

anywhere in the

can—or

world been

able

a

up

providing it

possibly suggest to

thoughtful

any

that

person

any-

the

produce

under the

ination
the

be gained

to

of

imperialism

now

found in Russia is at least

as

to them. There are other

ury

finding

■

event

any

means

0f

much the

trial

that

Mr.

Khrushchev

local scale.

would not be interested in the

r™.

is

sj+uation

adoption of the communist
system by us unless

we

the

and

knee

To

him

bend

most

affairs

the

for

Franklin

Qf

and the New Deal. And it

iar

with

the

nature of

tactics

the

the

and

so-called

nows

v.

.-.I-

J

4-^

tions are not prepared to
take

dictation from any man

or

group

^>f

out

for them.

si,';»l;rrdTi.nu,nd"
the Kremlin the
wage
t

and

leged

for

accept

a

0
1

is

the

that

ardly
of

wants

the

likely that the

cow

o

force

is

as

the

is now clear

formidable

believed,

as

as

no

is

it has

ap this sort of

would

it

not

of

had

would

necessity

be

we are

to

are'

aanger.
irom

a

wisdom need it

from

a

those
,

,

and

in

and

our

source

or

at

1

,

Both

those

Here,

from

or
...

so

from

another

A Vast Difference

i

-

.

t

I

OV

become

of

meeting are:

as

public at large,

ordinarily stated from

ernment.

In

a

certain

or

gov-

sense

States the

success

depends entirely

tary

effort

those who

on

now




will have to be sold

a

power

"firm" basis, and it

contracted

for

of these

to

The

?***£■'
&

from

or

and

Vice-President

John

of

ficient

A.

per

Merrill

a

on

service
its

two year

upon

brokerage

ritieS indUstry at the state leveL

generating

/

plants

Goudey;

—

provided nearly.90% of

year

average

heat rate of less than 10,000

New

England companies,

as

btu

compared with other

ayeraging 31 cents per

However, due to the fact that operations

4.0

-

transmission costs

residential rate in 1961
cents

for

Consolidated

as

company

may

spread

are

Edison, 3.03 cents for Rochester
.

is

be relatively high. The

2.80 cents per kwh compared

was

Electric, etc.

The

plant

>

area,

.

'

•

earning about'6.5%

new

.

net

year-end

compared with 5.4% in 1952. Gas rates contain automatic

adjustment provisions to compensate for increases
v

•

•

.

on

or

decreases iri

the cost of gas from pipeline suppliers.

During the past decade
doubled

as

a

earnings

"

per

indicated in the accompanying

with

'The

an

share have

more

table. The recent price

approximate range of 45-29 in 1961

present dividend rate is $1.40, affording

yield of 3.5%. The price-earnings ratio approximates 17.4 based

on

estimated earnings of

$2.30. This multiple

sidering the stable character of the

area

seems

reasonable

con¬

and the growth rate.

Common Stock Record
Revenues

■

Approximate

Year

(Mill.)

Earned

Dividends

Range

1962

$122

$2.30:|:

$1,375

44-34

1

2.13

1.275

45-29

1.88

1.20

30-24

1959

105

1.80

1.095

29-24

1958

98

1.86

.95

27-18

1957

89

1.45

.95

19-15

1956

83

1.43

.95

19

-

16

1955

77

1.29

.95

22

-

18

of Street, New York City, members

1954

73

1.23

.93

21-17

of the New York stock Exchan£e>

1953

68

1.21

.905

18-15

1952

63

1.13

.86

17-14

find it impos-

"DuAIr
•

pro-

'

JDU.Ciy

rn

XA-Qiillb IWO
& Co., 4 Albany

partnership.

"

£

'

than

110

T

volun- Richard J. Buck

they

also

are

However,

117

plan

part

productivity.

1960

the United
of the

an

and 44-34 this year.

°s

Chicago

reserve,"

t

steam

largest

around 40 compares

organization ■ which
80

and

a-/large

average

term

t™e E^o

full

standby facilities.

plants with

million btu.
over

was

year

lower

'

liams' Jr" Davis °£ re-elected to
partner
Goodbody &
Co. Scott
three

a

fu}l amount of $12

the Niagara River last January, which completely

company's

York

with

keeps

on

below- their

well

at

kwh. The cost of coal is relatively low

New

Gynch' pje"ce/ Penner & Smlth

else and William Witter to
of term-

con-

an

around the

commence

the company's total steam power production—are modern and ef¬

William m. witter

another

J

the

anticipated that all the

was

and other base load units

Greenidge and Milliken—which last

el'

Vice-chairman

serve

as
^

becomes effective. During 1961, 250,000 kw of

annum

they have house members informed on im-

the

same
?

the

of

seems

the next two

over

decade.

amount

be fi~

can

flow, it is estimated. Hence,, it

curtailed the Authority's power deliveries, required the temporary
use

-

£d Td JST 'rasrint' f!? 2atvery di,ficu""="
and each
fragment has to hold
to what
on

per

icy conditions
••

J-vI(3lTci/iCl J

as

on

being operated

,

non-communist

countries such

common stock

substantial

kw

Scott Davis,-,

pro-

the

the past-

supply from the Authorhy, the contract provided for

per

components

In

,Of the total $88.5 million, $56.5 million

"capacity charge" until July 1, 1965 when the

•

a

organizations duce.

expendW

over

with electric utilities in Pennsylvania.-

power

additional supply of peaking power would

the

'

slaves

expected to
as

average

middle of 1963. In recognition of the excess capacity resulting from,

'

in capitalist countries the proto'produce

the

as

estimated at $28.5 million in each of the two fol¬

are

years.

Authority is
•

elected at

s

tinue

same

firm power would be available around the end of 1962 and that

theannual

cers

rulers; while

are

A

Firms. He sue-:.partner

transmission,

on

that total construction

so

transmission lines under construction will permit

new

the average for the past

stock

°h "

of'

excess

The present equity ratio is around 37%, about the

years.

Exchange

k

substantial

a

larger amounts

spend

remain about the

may

lowing

Chairman of the Chicago Associa¬

*

to

nanced through internal cash

P°rtant developments in the secu-

fronr the

tures

Gas &

usually "purged"

ducers

expects

company

distribution and other facilities

ss&sx
of

has

now

However, during this period

the

one

communist

r;
; •• "• ■;;
:
purchase of the large block of power-

contractual

Authority the cdmpany

million and

v.

<

difference, hill, Noyes & Co.; Wallace D.
though, that should never be Johnson, partner of David s A;
overlooked. That is this: In
& Co ' and Roger E* wil"

the

investor-'

Construction expenditures for this year are budgeted at $31.5

in the past—and do so withhowever. Our population has out
the
incentive of being
crystallized into a number of able to
keep what they

specifically designed to "get"
something for themselves

Due to the

per-

Incorporated, to Treasurer,
'.Elected to three year terms

to

372,000 from

and

obtained from the company's'

was

■'XT'''

hydro plants.

CHICAGO, 111. — William,M.
Witter, ..otor partner ot Dean

productive, Orb,

aii

is

(principally the Authority)

to be reactivated in later years;

p0ssibly hardly productive

There

its

of

unlikely that

navfs

not been

:

Weeks.
0ther -°ffi~

or

in-J

revenues

1956-&1.

different

take

byJ

a substantial amount of power from
the;
Niagara River developments/In 1961 it purchased
power, requirements —
1,038,000 kwh from public*

owned utilities. A small amount

-

™

reason

rapid growth; electric

72% during

steam generating facilities were placed in "cold standby

different nature,

or

31%

Q

created

have

of

one

6%

Generating" capability at the end of 1961 aggregated 848,000

agencies

communism ■'

■/

'mi

1

give to those who

who

weaith and
one

would

not
gas

a

Hornblower &

"redistribute" wealth and income.

and

decade. The

•

give

this country
7
C0Um^
who
would

elsewhere

is

area

34%

by

At bot-

more.

t0m this is not very

consent

h°^eveir- ln ver.y
Ihis hazard is

different

Jeast is of

and

to those who in its infinite

are

e! £e

what

who had accumulated wealth

Danger Is Real
institutions

take

keep communist countries those

strong in the future.

Our

simpiy

been

us

face

argument and1 tion

others have created

world be-

foolish to
suppose that
under

and

*«»»

and have

enough

bear

some

but

it is

not,

has been comm„nlsm tha, ha,

peoples of the for

Russian

and

de-

or

by the Krem-

trying to make the
.Heve

Of
Ut

uncombe pure

ample It
that

future
future.

communism-

upon any

or

in

intention

and hence rule
in

time

disavowal in Mos-

any

to

sire

it

any

foreseeable
eaoie
e

what

get

at

us

course,

must

man or group

will

rem in

.

patriotism. And whether it is
or

^

our

0; ™ake; Chicago Stk. Exch.
T
_

the

balance

St. Lawrence and

indirect product

an

communism.

to be public spirited

appear

their master, then

as

■■

.

variety of light industries.'

the

and

greater exchange of

underprivi- rationalization.Communism
matter

foreign

men

'.'

;■

supplied by metal

were

thority of New York for

a -

today,

self-seeking claims" ; A
:
.J:

'

'

23%

electric capacity and construction of additional
generating facilities
will not be required for several years.

we

Frontier, that

*u to,how,^ey
their own

industrial revenues,

residen-X
-

.

v

compared with.the peak load of 640,000 kw. However, the com¬
pany has entered intq long-range contraets with the Power Au¬

gjven these groups ideas

'

Revenues

kw

haPs> is the greatest danger

and

the

men. Presidents recognized

have found this

earner

r6w

Deal

have

labor

well
nvn

Fair

the

now

knZTTeni«1olShinE
enough that the
livnnnc

rip., 1

i\jpw

Binghamton,

by office machines,

While

this state of

threatens

Catskills, and

are

from the

of

was

and is the facile leaders of the

Anyone who is at all famil-

which

.the

served

economic position in the

Roosevelt

the

Kremlin.

sense,

larger cities

in

world is

part but not wholly, the

wQrk

real

very

1961

products,

-creased

,

a

the

of

-

about

covering large farm

area

sections

of

food

old, old Russian im- groups of the same sort which ;minimum of what he
pro-;
perialism as it is Marxist- work in the same way on a duces wm be taken
away. In

Leninist.

Some

resort

population

products, 11% by glass products, 9%

•

means

so

important

as

Corporation

a

(with 10% miscellaneous). The gas business is 62%
Of the

in devising

or

proceeding

serves

tial, including heating.

:

a

Gas

three-quarters electric and one-quarter gas. Due to the
■:'* predominantly rural.and small-city character of the area, revenues
are about 50%
residential, 21% commercial and only 18% indus—;,

keeping what ought to be

to open the public treas- his in

sure

time

&

about

are

.

Ais

Electric

Elmira, Auburn, Ithaca, Lockport, Corning and Geneva.

point./ The

£or

well

as

Adirondacks.

as a t^fhole.
Their ways and means of
entrance of- the providing this incentive are
labor unions into politics is a far frmri sound or effective

Qf

State

1,550,000 in New York State, the service

country

in

York

areas

The /active
case

New York State Electric & Gas

.

New

therefrom,

tutelage and dom- to place legislators and other
Russia.
In short, political leaders under pres-

of

sort

by

ELY

"

of permitting

farmers and by reason of unwise tax
adopting communism. It has have for many years-been systemSj the demands of dicmeanwhile become crystal playing this game, but only
tutorial labor unions and the
clear that the Kremlin is not in relatively recent years
bhe, the normally large promuch interested in promoting have they joined hands, as it
duCgr
js
often
obliged to
communism anywhere except were, with the unions really
spend a yery substantial part
thing is

OWEN

-

natr

the proceeds

or

BY

-

producers to keep what they

at any rate do—take

detached view of the needs

of record which of the

sort

any

could

build

to

SECURITIES

reformers

from

way

all of its

PUBLIC UTILITY

busy seek-

are

Thursday, December 27, 1962

.

by

recognized

who, however,

to bear upon the politi-

sure

proceeds thereof;

the cians in the interests of its whjchiare far
with own self seeking programs,
m*a]^ direct

at

Russia

that

question of incentive is

one

.

being at least the march of developed

or

This

'

•

.

.

1961

*

Estimated.

I

Volume

Number 6224

196

.

.

The

.

The Market..

Commercial and Financial Chronicle

YN.-Y. See. Dealers

And

.

The

/.

•

,.

financial

The

that this week will defy

comparisbn.
list

-vVY A

Caught
have

the

in

been

The favorites

this latest

immune to

noticeably

phase be consid-

ket?"

sues

"glamour"

is¬

definitely out of vogue,

are

the

brokerage fraternity is hope¬

ful that

in

enthusiasm may be

some

kindled

last

As

January-February.

week's

must

unusual factors

showed,

trend

price

market

the

with suqh

cope

as

tax-switching

a

movement which is the most com¬

prehensive in

A trend was

years.

definitely lacking in the past five
six trading

or

sessions.

"Mechanical"

"After
now,

all,

"mechanical"

The

with

the

replacing the
which

considerations

have had

to

seem

much to do

so

market

recent

fac¬

market

tors took over, even

"technical"

Dominate

good

because the

solutely
the

bad

Too

been

waiting

the short-interest total.

to

moment

income

take

mid-December
decline
more

including

sionals,

The

tional-size

and

profes¬

last

even

They played

steels.

tered

the

of

put to work

severely

Their
as

less

a

This

was

but

5%.

still

expected

pessimistic

reading

the

for

YYY'Y Y

bat¬

must be

cash

part of their fidu¬

ciary responsibility.

~rae

l

lSllIllQiJ

r

'

market

weeks

forced

to

the

back

P

stock

in the

"shorts"
buying

by

cover

can

Divine & Fishman, Inc., has com-

originally

they

back

&

Co.

of

New

York.

Golkin,

Divine

&

consolidation

The

Fishman,

tive Dec. 26.

the

borrowed and sold.

—

.

This sort of artificial
market

ical

factor

mechan-

or

the

is

Ineffective

type of

bers of the New

.

It

doubtful

is

that

,

this

weeks

flood of optimistic oratory on the

last few sessions
market

economic ' outlook

brokers
in

from

—

both

and
will
wi 1

—

have mneh effert
have much ef
ct

investor thinking.

swaying

Too

of

Harold

the

S.

seem

of

sort

cated

to

the

following that their dedi¬
have

boosters

calling

been

for.

their highs of the

^

is

Fl-

•

,

fr„.tratpri

mpn

gain

for the rails.

news

gressional
haps

by

much

activity) is
able

for

Fishman

substantially

sales-and

considered favor¬

Commerce

force

to

the

Commission

allowing the carriers to "ad¬

just"

cut freight rates in meet¬

or

ing trucking competition.
But
to

while

rails

theirfa
their fa-

they still must take a backseat to
industrials

(generally

con¬

sidered to be The Market).

doubt

no

emphasize investments in the only
safe

field

they

think

can

narYnAwill
Laigei mvestois will
more

of,

4.u

them

sure

trading

had much trouble in

level.

This

was

vaulting the
more

counting

-

tnereiore
therefore

beneficiaries

—

a?:-

behind

toe

are the sui
tne sur-

of

Rails fit into this

surge.

category, too a much less extent,

will

or

less

least

population

the

in

shift

some

the

Investment

^ ..•

at

Series of mutual

Vice-President

was

in

charge of investment research at
A. G. Becker and before

Consumer

mix.

convenience

all

officers

or

Seymour

are:

Vice-Presi-

Securitv

of

y

*

r

the

of

y

'

level. Most

analysts had agreed that 650, pos¬
on

bear

market."

is

no

why the market

reason

have

should

There

stalled

at

the

650

signpost.
But

do

to

the

there's

snowball

little

starts

anyone

can

stop it—and that's the way

market

dent

Miss

Marjorie

longtime slu-

a

market

and

ecnomic

"I

always pay close attention to
anything Larry Kahn has to say
the

about

stock

market

He

economy.

a

is

the

or

credit to his

calling.
And since this

the fading

of

the

last column

let

year,

us

wish

fortune to the folks
who fondle crystal balls and to
the r'est of the people in the inevery .good

yearj

lTli'i"nrlci T?P"RnT*f"
1 UiitlO Xtt/jJUI L

fprnewsmM. Ever since the end

Axe_Templeton

bee!°engaTed

Canada, Ltd. reports that at Oct.

e j??8®?,

in

an

annuafforek

,

copies

circulated and

are

no

fessional should be without

pro¬
one.

Growth

Fund

•

^

assets

amounted

yea£L) Thfs

of the previous quarter.

professionally, the
wanted Larry to tell

them what the stock market
going to do. Said he, flatly:

on

Oct.

31, against $9.01

31, 1962.

-•

was

H;

Income

Fund

*

of

groups

charge

months.

Bomback, Executive Vice-Pres-

j

work

quite

in

jdent

charge

of

operations;

research;

of

Charles

a

will

It

the

(U. S.)

July

on
,

*

Boston, Inc.

lay the

ground-

The

M

ends

bullish

folk

at

™

Chicago office is looffice is lo-

firm'«
firm's

Tho
The

rhira^o

f

cated at 134 s. La Salle-Street. Its

j^ew

York

office

will

be

at

67

Street

run

"

t

lowing

at

'

..

A

_1

*4-

10 XYCLlTIlt

T)
X

3Xin6l

com Dares

with

81

a

peak

for

*

TeXaS FU"d net assets
lts
port puts total

at

will °n

'63

preparing the
significant

the

improvement tnat can be anticiimprovement that can pe anticipated for the years/ ahead, par-

ticularly if t^x reductions, aiding

ch0r0

men

fmm

<&in iq

and

share rose from $10.19 on Aug. 31
$10.63

on

Nov. 30.

■*

*

*

annual report fbr the year ending
Oct. 31 announces total net assets
of $217,999,300, equal to $7.11
per share.
This compares with
assets of ^o<,ooi,tuu, ui
assets or $207,361,400, or $9.78
per share at the close of the previous fiscal year.

American

will

change

from

quarter-

to-quarter. It seems logical to
elude that what
ered

was

once

consid-

"glamour" will be

as

Dullness

is

definitely

con-

Jan- i wfll admit Edward A.;
'° partnership,

sc
.

i"

Business Shares

*

pAn.0.oalia'|l P, Tficka
OO^^ODllcill (jo lllL/ivO

passe.

.

'

l

.■

TTT

A Balanced Investment Fund
The

...

anced

-Admit WOlll

back In

opinions often

are

in the financial district.




formed

not

cide

They

between
for

selected

[The views expressed in this article
do

Company

selected

necessarily

with
are

those

at any

of

presented

author only.]

&

Hicks,

111 Broad-

invests

in

a

portfolio

bal»

preferred stocks
and common stocks
growth possibilities.

bonds

and

stability,
for

Prospectus upon request

time coin- way, New York City, members of

the "Chronicle"
as

Coggeshall

the New York Stock Exchange, on

will

admit Theodore
Wolff to partnership.
'

those of the Jan.

1

P.

Loud, Abbktt & Co.
New

York

Atlanta

—

^

inov.

30 lit $50,063,481, compared with
$46,091,796 on Aug. 31. Value per

The Putnam Growth Fund in its

period of consolidation
levels,

*

*

to

all, 1963 should, in our opin-

groundwork
m

Tan

They think the corporate profit

ion, be

■

prifplfl

.

year.

picture ifc good. Their finding:
"In

/

This

National

o

i

neb share

next upturn.

Vice-President: and New fhead^redtek wHl^^ ^
A AA/
a^cau* iCU
1 Uil LU ak lcaai
Ark Stock Exchange Floor
^°^k+stock Exchange Floor. Spe $7.8 billion in the year ending
Spe,>
alist; and Arnold J. Adelberg
S? U'
rJm Member. -abiy 30 next and <<c0uld conceivug' June
Vice-President and Floor Membei
ice-President
to $15 billion in the fol-

Newman,
Vr
^

appliances,

of

re-

I see $7.28 a share at the end of the
stock market in the latter nrecedine nuarter
Fiscal
year

for

part of 1963."

George Colan- Vice-President in

all these lines and in typical

cross

to

com-

Net asset

value per share was $8.83

Unmerciful,

of

31, marking first half of the fis-

cas*. which is made available
,
without charge through invest-'
nmnt_ dealem. A^t ■ a _millio„

style!

when

rolling,

"fad"

The

the topside, was the style

uppermost limit of this "bull rally
scientific

breed,

that has more than $21

and President of National, thrust
Larry into the limelight one day ^Pl-jp
last week at a downtown luncheon -L lit/

k

a

much-needed

a

vestment community. Happy New

.

Henry Simonson, Jr., Chairman

department; Milton

critics who had

further gain to the 700

in

on

ball,

that the "Cuban

contended

sibly 675

are

^ a.

that, Bi-

President

Sob'ietv ;

-YHrk

reporters

Executive

0f the trading

at

notably

Past

Angsts

cus¬

population

goods,
s,

foods,

ac¬

alsb is

„

hard

crystal

"I look for a broadening trading ports that at Oct. 31 net assets
S"*1*?- department; SaulinGolkin, range over the next three, four am0Unted to $38,217,289, or $7.16
Executive Vice-President

the

up

boom
the

its

baby products, will be cited as the
rally" kinds of stocks that will climb on Brukenfeld & Company, 80 Pine
of Oct. 23 through November, was the big new business of increasing Street, New York City, members
of the New York Stock Exchange,
too speedy to set the stage for a family formations.

expected by

funds)

is

the

research. They are indispensable,

com-

joining
National
(manager of the $500 million Na¬

farsighted

talking

start

for

and

with

man

dent in charge of the corP°rate

Rroad

Toward mid-'63 some

types

in

transactions.

Fishman,

future

any

time

clearing

facilities

larger
depart-

will have its

company

complete

own

become charge

-

well

are

ana
and

marxet
market

est

heenme

interested^ depressed inwhirh
their advisor*

-3,^4.

Himtripc

coming

The Dow Jones industrials have

650

will

including chart readers, steels also.

some,

the

industrials,

market

important

are

history the

per¬

behind-the-scene

legislation

Interstate

into

now

The Con¬

(formed

climate

vontc

with

President

The consolidation gives Divine

retail

Other

The safest New Year prediction

associate

American Stock
* ":
A *

Divine

the

trends:

if.*'.„.
before

and, to repeat,

more

and

who

Committee. That's only part of his

Midwest

of the combined company.

tomer

would be to look for this:

findbTJ no following foi
no'fo?lowin£for
dramatic

'50s.

New Year Prediction

finding
Industry observers contend 1963
will be the year for some

many

have been selling too

far below

Railroads

wanning

be

chips

Too

are mem-

and

much

it is must reading,
Nearly everybody

specially those members of the
fraternity who: base their /thinkin£ on exhaustive and calculated

xiu.iini
:ec.tor of i«™.i h. n F. Hutton.
Research at E. r

the

of

Exchange

business-minded

politicians

better

some

were

performances.

finally

of the

Inc.

York.,Stock Kx& Fishmah is a

Exchange

member

Inc.

more,

vruthers, herself

f
Kahn

$480

With

People being what they are, there
is a propensity to delight in an¬
at- other fellow's miscalculation. Still,

Crys-

respect

the

of

around

compared

gazers

Securities & Research

Chairman

the

they

community

Fraternity

considerable
within

of

1963,

billion of assets.
According to

.Golkin' B9mbac^:^nd>ike

Divine & Fishman,

Stock

Optimism

by the hot stocks of '61.

dullness

Ball

income
in

to

Class I rails indicated for 1962.
This painstaking study contains

they

tional Securities

A

n-ntsJ For-the first

by

the

A charter member of the

stal

carriers,

dusted

are

for

of

as

effec-

became

they

remain

season

icllui-ui

blue

Hidden

The

combined firm will be known

crystal

tention.

mands

extend

the

Chairman of its policy committee
•;

.

is the

care

not

For

and

Orftied

\

...

.

staff with those_ of Golkin, Bom-

the

extreme

the

Corp.'s Lawrence R. Kahn, Vice-

i

ra

suspended ani-

clouded,

when

year

attention

Golkin,/ Divine &

of

does

net

see

million

although it

'time:

a

And this

is National

bined its operational facilities and

'

Rails Perk Up

Y'"A"

,

month ago. But it

a

power, are

approximately $520 million by the

te peer and the public to pay

&

market

over

that

means

are

H. ..Smith,. Stryker

Brown,'

:v.;

True, it means that less people

immediately re-invested

some

about

i discouraging

sum¬

shares of depressed blue chips,

up

showed

figure

some.

also

Elbridge

institu¬ thing the market has been, labor- change. Divine
member
firm
completed ing with the past few sessions.

investors,

funds available.

the

After set-

Seainght, Sea-

right, Ahalt & O'Connor Inc., and

some

most of their tax-selling
mer

of

or

made

their

for

loss

a

returns.

tax

last

is

comeback,

through it all

it.

however

with

high in mid-November, the

a

as

the

until

statistic

forthcoming

could do little.

smaller investors have

many

intriguing

pressure

(bright prospects, plea singly plump
profit statements)

the

"Elbridge H. Smith

men are George A.

;,Y '

for

intact.
George A. Searight"

state

a

then

aspect of Canyon- life

one

in

balls,

still

,

lived

forget

ever

mation

after

.

memorable

a

who

one

corporate purchas-

put into effect."
Interestingly enough, their en-

high

a

generation and

a

is not going to change

Friday, March 29, 1963.. Co-Chair-

Another

stage

No

was

heavily weighted toward the

on

ing

thusiasm

to

figures back this up since they're
sell side.

Community

ar«d

consumer

the

railroads.

a

Odd-lot

1962

of

with

plunge in

worried

beating of May.

column

that 'began

year

Still,

market

stock

last

plateau, only to sustain the worst

willingness to get in¬

the

in

the

Financial

public has shown ab¬

no

volved

is

—a'

Worrying

them expect less buying

behind

story

This

they?"

are

outlook than

In other words even those stocks
a

.

.

will

different track. Many are

are

with

.

bad

Privately their thinking takes

vagaries.

Delayed Tax Selling

aren't too

things

POTTER

Crystal Ball Time

at the Waldorf-Astoria Hotel on

their reasoning goes like this:

up,

ting

Factors

i

mar¬

bear leg has ended.

that the

Private

so-called

bull

new

a

C.

Security Dealers

Publicly most analysts will

rally phase.
While

of

ered the start

JOSEPH

will hold their 37th Annual Dinner

.

.Jhe„J?lg ^eStT rlght n0W !S
this: "Can this

say

fbr instance, have been;

1961,

'

-

.

York

BY

currents They quote all sorts of encourage,
favorite iling business forecasts. -Summed

the

stocks of yesteryear.

al¬

''."A;A'

■

cross

of

some

The

that

had

have

ready.

of

historical

Year-end rally?
to

seems

fearful

is

district

-

New

11

MUTUAL; FUNDS

Annual Dinner

STREETE

BY. WALLACE

(2647)

Chicago

Los Angeles

San Francisco

The Commercial and Financial Chronicle
12

.

.

Thursday, December 27, 1962

.

(2648)
1

'•■Index of Ingot

y

Production

Steel

'

'

v

TRADE and INDUSTRY

Production

87
83

statement
Secretary of Corhmerce Liither
Hodges, "the economy has dis¬

by
H.

tail

-l'_—.

Expectation of
has

tax cut in 1963
spirits,

a

business

buoyed

current quar¬

"The GNP in the

billion; this will bring the

1961 of 7%. Most

an

increase over

of

this advance has been in the

higher
accounting for only a little

physical volume of output,
prices

Total

"What

*

Morgan

the

Guaranty review suggested, "is to
strike a reasonable balance be¬

stimu¬

of

desirability

the

tween

:■■■!
of

Jan..

favorably with the rise

compare

this

rise._

lating the economy and the need

the

quarter.

economic

"While the increase in

A.

1963.

1,

,,

be

holidays, there is

because

of the

still

chance

a

largest of any
Steel

April,

since

December's

that

output will be the
month

next

and

week

this

production

maga¬

said.

zine

concerted tightening up
Federal
expenditures,
even
A

little less than the

be

will

output

week's

This

■J

tons.
a

Bernhard is

Mr.

F. W. Hellman

John R. Lehman

Director of the Lehman

Corporation, and

James W. Glanville

Robert A. Bernhard

production reaches 7.9

If

million ingot

listed:

Survey

(1)

Robert

Since April

Biggest of Any Month

within

keep the budget deficit

to

City, members
that

announce

average

million
bounds."
tons, it will top November's out¬
I would hazard the guess that in
the quarters of next year we will
Among means that would help put and boost this years total to
have advances in GNP which will in attaining such a compromise, slightly more than last year's 98
of the dollar

1%

than

more

New York

Exchange,

Stock

Bernhard, James W. Glanville, Frederick W. Hellman, and John
R. Lehman will be admitted to the firm as general partners as of

May

Output

Steel

December

Street,

William

I

York

■

production based on
production for 1957-1959.

weekly

Brothers,
New

the

of

88.3

100.6

industry

Index

Lehman

Although steelmakers will trim
the

in

need e d

is

103

,

.7

-7

already looming.

deficit

year's

representing circumstances,"

$554 billion,

to

total

$560

exceed

to

expected

is

ter

111
105
86
101

108
90

Southern

sales.

also

some

1

Western

additional momen¬
the
bank
publicationobserves,
tum in the fall period and it is
while
noting
also
some
Con¬
my expectation that the gains will
gressional reservations about re¬
carry through into next year.
ducing tax rates with a budget
played

1

Louis

St.

automobile

especially

trade,

112

124

>''

Chicago

recent

102
143

112

♦

Cleveland

Cincinnati

a

86
83

91
160

:

Detroit

to

88
96

Youngstown

Commodity Price Index

According

Four New Partners

1962

.

102

Buffalo

Pittsburgh

Failures

Business

/

90

East Coast

North

Auto

1962

-t

.

.

District—

Index

Price

Food

Ending
Dec. 15

Week

Dec. 22

-

.

,

Trade

Retail

for

Production

Output

Carloadings

The State of

Lehman Brothers to Admit

'

-

Electric

a

trustee of several charitable foundations.

a

Glanville

Mr.

the

with

was

r.

Oil

Humble

and

Refining Com¬

prior to becoming associated with Lehman Brothers. He is
Chairman of the Evaluation and Economics Committee of Society

pany

Petroleum

of

1,820,000 ingot

Engineers.

a graduate of the Harvard Graduate School
tons that Steel estimates the in¬
of Business Administration and the University of California.
encouraging, the pace within the spending lines already
Steel's
is not satisfactory. The major con¬ laid out by past legislation and dustry poured last week.
Mr. Lehman, the s'on of the Honorable Herbert H. Lehman,
price composite on a steelmaking
tributions
to
the advance stem appropriations;
has been associated with Lehman Brothers since 1949.
raw material, No. 1 heavy melting
from corisumer and
government
(2)
Restraint in making new
scrap, stayed at $26 a gross ton
demand.
approaches to the public purse
last week.
+
'
"One of the favorable aspects during
the
coming
session
of
Once
the
holidays
are
over,
in
the
current
picture
is the Congress;
one-third of any savings in men,
steelmakers expect to book orders tons); and the largest suppliers of
willingness of consumers to spend
(3) A staging-put of tax reduc¬
iron and steel scrap (1961 ship¬ materials, or machines. This would
at a brisk rate. Most analysts fore¬
freely. Consumer buying is being tion into two or more steps, as
ments to Japan were nearly 5.8 place some of the toughest points
see
a
stable or gradually rising
backed up by an increase in the
of
collective
reportedly is under consideration
million tons).
bargaining
on
an
market despite
adverse seasonal
flow of income. Personal income
automatic basis.)
by the Administration. By this
trends in January—declining con¬
in November, at an annual rate
Stronger Steel Demand Buttressed
method, the Survey -states','1 ^the
If

struction

October

above

■

of last year.

November

business.

Christmas

record

a

This high

practically insures

level of income

If

the

around

be

to

ago.

.

.

i

would

"I

above

5%

a

that

expect

as

1963

the

that

to

move

the

faster

ahead to a

economy

position

and

at

rate.

"We need

have business in¬

to

vigorous upturn.

a

have stated

previous oc¬

on

prompt
governmental incentives through
adequate tax cuts for businesses
casions,

stimulant
the

will be the

individuals

and

that

believe

I

cities
which

we

very

accelerate

to

need

growth of both business and

last

week

for

(000s omitted)

Outlook
a

ness

City
.i

606,996

remarked

recently
ment

is

that
it

than

better

December

for

Survey

Guaranty

the

0.6

6.1

+

2.4

Increases

—

4.3

' t v.

2.3%

in

Change and is

"senti¬
was

last

000

the

week

22, 1962, was 1,874,000

(:!T00.6%),
tons

for

against 1,832,-

as

in

(*98.3%)

the

tool

sup¬

Chicago mills

rail¬

and

builders,

There won't be much hedg¬

ing next month in anticipation of

week

production

This

soft

some

in

is
that

spots

steel

The Iron
spite of
developed

assured,

is

stated.

Age

the

late in December and brought

month

below

notch

a

Orders have

November.

in for Janu¬

come

steel

buying

re¬

shows

and

excellent

mains

Continues

Buying

Auto

Automotive

no

signs of weakening. New car sales
in

for

to

points

February

a

tion will show

steel

major

they've

since

scored

Oct. 1.

dicate

Steel said that if combined auto
and

truck

De¬

automakers.

to

(vs.

4.3 million in the first half of this
sup¬

pliers will need about 7.9 million
mill

of

tons

products.

would

course,

buoy

This,

the

of

steel

market.
U. S. steelmakers can

expect the

even

of steel labor

dicted in

a

in the lift in the market continues
to

doubts

cast

on

the

is

improvement

some

from nonis irreg¬

automotive steel users, it

not yet give assur¬

gains across product

of broad

ance

of

depth

While there

steel market strength.

world's fourth

producer

(after

largest
U.

S.,

Russia, and West Germany), Japan
has

capacity in

lion

tons, and it,plans to turn out

excess

of 30 mil¬

also

is

in

individual

demand

with

to

operating

cember

some

noted

A recent government survey

dicating
in

in¬

at

higher

levels

slight dip next quarter year's

a

capital spending by business is

cited
Trust

by

the

Guaranty
New York's

Morgan

Company

of

Dec.

22

Jan.

1-Dec.

about

the

in

industrial

prices also is mentioned. The best

ground

for

optimism,

stated, is found in re¬




The

year

amounted

near-term

conviction

2,106,000

or

to

through

96,429,000

0.9% above the

for

follows:

the

an

important customer

compares

last

two

Americans

pliers

of

the

its

weeks

as

ments

to

Japan

were

the

steel

purchased

attempt

to

million);

important
(1961
worth

ship¬

said

the

labor

tie

wages

resists

In
any

to produc¬

Wards'

Automotive

U.

last

S.

Reports

re¬

statistical agency said

The

that

in deference to the Christmas hol¬

Saturday

industry

than the rule.

176,106

weeks

two

still

was

164,721

the

since

its

at

although

last

week

intense

most

December

same

of record 1955.

U. S.

car

149,285.

rate

weeks

output

a

This marks

year-to-year gain of

the

the

from

units

ago

through

volume

daily

in

Output declined to

estimated

an

overtime

the exception rather

was

10.3%

for

week.

During last week, Ward's noted,

of

output
above

all

makes

32,000 units

Few

a

remained

day.

worked

plants

full

shifts

and output this week

and in the final week of the year
is

to

expected

show further

de¬

cline..
Entire

1962, however, is certain

to result in

for

second-highest output

in industry history.

year

any

By the close of operations Decem¬
ber

22, more than 6,812,000 were
Jan.

since

model

1,

exceeded

only

in

entire 1955.

nificantly increase labor costs.

been produced

have

estimated to

tivity and is determined to oppose
any union demands that will sig¬
(Under the Kaiser Plan, wages

$9.5

automatically

costs are

million); and of coking coal (1961

go

U. S.

reduced. Workers receive

shipments totaled 5.8 million

Kaiser

situation.

industry

the

ported.

last monday,

wage-setting plan did nothing to

the

(1961 U. S. sales to¬

ore

Age

general,

from abroad

suppliers of iron

Iron

sup¬

biggest

equipment

$47.6

The

ease

are

taled

23, 1961 period.

Institute

Index of Ingot Production by Dis¬

tricts

industry is

steel,

for the U. S.

this

(*101.5%),

future.'" Weakness

of

(*113.1%).

Production

tons

as

the Survey

output

reflecting "lack of

publication

statistical

tons

week

On the other hand, Japan's

in

high it reached in the prior week,

late De¬

dip to the same extent.

product development push.

compared to last

10.3% Ahead

by

strong auto ties tend

not share in the

do

and

output

Auto

mills, and by location.

Those
be

in

reflected

more than 50 million tons
Further, a mill in the Detroit
by 1970.
fingers have ending Dec. 15. The week to week
Japan is also in the fore on the area, as well as sales bffices there,
not yet been completely uncrossed output had increased 2.3%.
adoption of modern production report a better December than
Data for the latest week ended
against the possibility of a down¬
November. This is not the overall
techniques and is beginning
a
Dec. 22, 1962 shows a production
turn in early 1963."
industry sentiment.

decline of 11.0%

come

week ebbed 6.5% from the 7-year

a

This

although

summer,

productivity

necessarily

Year Ago

i

unevenness

the

Of

year ago was

lines.

pre¬

special report.

Now the

demand that

a

ward industrial peace."

iday,

.

Dominance of the auto industry

greater force in the world

today, Steel

sources

industry will

sharing

It won't

gains.

cushion 40% above

advance

in

ular and does

Japanese steel industry to become

steel

a reserve

normal

production in the first negotiations.

half of 1963 is 4 million units

be confronted with

involves

is

However,

hint from union

no

when the rest of the

applies

This

users.

particularly

producer will begin building pro¬
tective stocks in March. Plans in¬

record

probable bargaining.

there is

This

element

new

in orders from

up

spite public denials, a major auto

tive

a

Week's Auto Output

record for

a

added

Aft^r that, inventory accumula¬

period—the seventh consecu¬

early December set

the

to

outlook.

Continued im¬ this year, although union chief
provement
through the month. David J. McDonald has hailed the
Further, automotive tonnage indi-< plan as "a great step forward to¬
strong February, too.

Strong

it

because

have toughened

may

labor

steel

indicate

that

ary

cated

midyear strike.

market than it is

S'teel In¬

and

produtcion

ended Dec.
tons

Iron

the

good upturn in January

A

manufacturers,

equipment

roads.

an

11.9% From Last Year

American

Morgan stitute,

The

•

Down

+

'

r

.

Output

+16.7

—

According to data compiled by

discussion of current busi¬

conditions,

%

1,535,744
1,318,000
914,203
634,353

936,133

Week to Week

In

,

1961

1,544,567
1,237,000

Boston

Steel

Viewpoint of Economic

consumption.

to

year), automakers and their

$22,533,638 $19,312,048

Chicago
Philadelphia
Kansas

same

comparative

1962

York

the

of the princi¬

some

,

Dec. 22—

■

Another

for

centers follows:

money

Week End.

New

$37,084,155,934

Our

1961.

summary

J

at

$34,435,595

in

week

7.7%

be

Our preliminary

year.

stand

against

obtain

to

will

of the corresponding

those

above

pal

possible

clearings

1

demand."

consumer

is

it

weekly

for

States

needed

levels

below

machine

ended

week

United

the

of

totals

take

vestment
I

increase

which is necessary

full-employment

As

these are not

the

indi¬

country,

the

for

last/ Saturday, Dec. 22, clearings for all

Congress

produce

to

investment

the

of

nouncement

Precautionary Buying

building

inventory

farm

telegraphic advices from the

anything, the Kaiser Plan an¬

Strike

Pre-Steel

By

■

> -:'w •.

expect strong support from auto¬
makers and better demand from

a

cate

by

figures

compiled by the Chronicle, based
cities

However,

compared with

Preliminary

ago.

upon

in

a

increase

an

year

chief

passed

October.

enough

a

depreciation al¬

liberal

and the tax credit on invest¬

ment

show

week will

this

clearings

provided by the Treas¬

more

lowances
ury

1961 Week's Volume

Above

,

7.7%

.}and limited

""',,tj

by users
who have allowed their stocks to
est

fall

Increased

Clearings

Bank

Bank

will see more evi¬
the beneficial effects of

of

accep¬

enhanced.

be

,

There's bound to be some mod¬

port

year

progresses, we
dence

Congressional

of

would

tance

the

and

of

relation

past

lift"

psychological

chances

income to
sales prevails this year, I would
expect retail sales in December

the

activity

nparly $2 bil¬ budgetary effect would be blunted
canmaking.
and 6% over without
too
great
a
- lo&s
of

$447 billion, wa?

lion

Mr. Hellman is

is

activity

of

on

up

as

roughly

Meanwhile,
ally

in

model

production

cars—which

began

of

September—is pacing
years

2,442,000

cars

in

history.

'63

gener¬

all

About

have been made to

&

.

.

total of the price

of 31 raw foodstuffs
and meat in general use. It is not
Of
last
week's passenger car
a
cost-of-living index.
Its chief
output, GM Corp. accounted for
function is to show the general
approximately 51.5%; Ford Motor
trend of food prices at the whole¬
Co. 27.3%; Chrysler Corp. 13.9%;
sale level.
American Motors 6.3%, and Stu-

will extend until August

Corp. 1.0%.

debaker

Note:

Rail freight ton¬

data

nage

tWT*

t

Trpck Tonnage Down 1.9 %c From
Last Year and 2.7% From
"

Week

.Vj Last

'.v.'-

.

A

wholesale commodity data are un¬

vV*

holiday.
M

truck tonnage in the
ended Dec. 15 whs 1.9% be¬

Intercity

:/■ i\t

-

of

is

headed

The

NUMEROUS

YEAR-END

se¬

of

INSURANCE

COMPANY

offered

$228

at

underwriting group

Robert

correspond¬

-

York

due ,,Nov.

30, -1974

and

r

year

week of this

recent

In

shown truck tonnage

has

survey

trailing volume of
the

However,

weekly

the

weeks,

year

earlier.

year

a

to

-

de-^

year

-

is colored by the unusually

crease

strong upturn in traffic during the
fourth

quarter of 1961.

-

These findings are based on

the

partment of Research and Trans¬

handled

tonnage

of

carriers

throughout

the

from

a

from

the

1961

tonnage

16 localities,

tonnage

of

creases

a

10%,
de¬

registered

than

more

from

10%

Compared with the immediately

preceding

week,

while 25

the pattern

tonage

mained

strong.

but purchases of entertain¬

lags,
ment

goods

which

housewares

and

Consumers contin¬

forged ahead.

ued to order new cars at a record-

breaking
tail

pace.

been

reclamation

found

at

and

orders

new

Dun

Regional

Bradstreet, Inc.

&

estimates varied from comparable

convertible

i

levels

1961

Mountain
Central

by the following per¬

tral

—2

to

—1

to

+3;

Atlantic, West North Cen¬
Atlantic

South

and

Central

South

East North

Central

0

to

+4;

to

+2

+6;

+3 to

+7.

Electric

data

are

because

Nationwide

3%

Over

of

Data

reported

in

from

the

for

3%

Dec.

15,

Dun

&

Bradstreet

Weekly Business
the

ever,

holi¬

a

regular

our

report

Failures.

week's

over

in

sales

figures

department

the

by

commenced

on

How¬

will' be

week.

2

City
15,

was

Index

compiled

street,
$5.92.

Inc.,
For

City

cent
on

a

short

the

similar day

Foods
sale

falling
$5.98
of

cost

oats,

the

other

this

week

and

hogs.

hand,

items:,

lower

1.0

per

recorded

1961.

overall year-to-year

point

percentage
York

New

the

were

wheat,

Declines,

on

occurred in only

-cottonseed

•

oil

and

cocoa.

The

bers

in

the

Dun

&

Food

Bradstreet,
Price

Index




-bonds,,

2.1

.35

.44f

78

0.6

.74

24

3.0

dividend.

stock

net investment

upon

usually

While

significance to

of some

are

insurance companies

income.

current

the

size

out to stockholders

pay

of

fairly

a

Big

City

gain

less

are

:;

of

on. common-stock

traditionally
of

Jan.

with

1

Street, New

offices

will be Kenneth R.

thony

T.

Holahan,

ner.

of

$750,000

dividend payments

of

and

Olivo,

a

limited

The

million.
the

&

exchange

Inc.,

was

rep¬

of

Mr.

the

member

individual

floor

Williams, also

Exchange.

Stock

Exchanges,

.

in

Millard, has-been
them

on

admit Charles S. Mil¬

partnership

Research

and

York

New

D.

Street,

for

the firm.
associated

time

some

in

the

Department.

Stifel, Nicolaus Co.

R.

Opens Louisville Branch

and
part¬

LOUISVILLE,

the

formerly partners iri Olivo, Hola¬
han & Co.' Mr. Rheinstein, also

an

to

with

laus

Exchange, and Mr. Holahan, were

art

1

lard

Vine

313

the

of

will

Jan,

Mr.

was

active

broker,
a

as

member

■•.»

-

has

&

Ky.—Stifel,

a

E.--

branch office in the
Building. J.

Taylor

Berges Reimer and Dale F.
co-managers.

served

in

a

Cruttenden,

Nico¬

Incorporated

Company,

opened

Marion

are

more

Both

similar

Podesta

Linch

formerly

capacity

&

for

Miller.

to

impressive for

total

earnings,

and

a

small amount

current

yields

highly favorable return

a

on

are

period

a

original in¬

are

as

an

major attractions

investment vehicle.

Therefore, cash

likely to remain low in relation to

earn¬

*

:i:

I

National

Board

of

The

total

was

Fire

than

less

.

LOSSES

Underwriters

the

were

$115.9

reports

that

fire

estimated at $105.7

million reported for

a

residential

area

near

Los

Angeles during that month.

Despite the monthly decline, fire losses for the first 11 months
of

this

year

are

estimated at $1,160.7 million, well ahead of the

of 1961. A new

is certain to be posted for 1962.
INSURANCE

SALES

Individual life insurance sales continue to run ahead

Ohio —Ben j.

Co.,

on

corresponding month of 1961 which reflected the costly brush

fires in

last year,

of those

according to figures released by the Life Insurance

Agency Management Association. Total individual sales for
•

of

member of

even

losses in November in the United States

con¬

Partners

partners,

general

been

$1,009.5 million reported for the similar period

Bartlett

on

cash available for invest¬

new

•

To Admit Millard

Ex¬

Joseph

have

*

maxi¬

Wall

11

.portfolios, highef returns available

FIRE

320,250 shares of common

CINCINNATI,

es¬

dividend

years,

characteristic of the past are likely to continue in the future.

maxi¬

a

recent

ings and market prices, although the steady increases which are

$1,047,996

6%%

in

debentures,

for

Such

Nevertheless, the compounding of total assets through

of life insurance stocks

of

Williams, An¬

and

Olivo,

Rheinstein,

Mr.

at

York City.

In

the reinvestment of current earnings is one of the

capi¬

a

decade.

past

low, steady increases in payments over

very

often result in

years

vestment.

mining

outstanding

the

out in cash dividends only
or

Upon com¬

indebtedness,

Cincinnati

as

pay

income

LIFE

the

Stock

industry.

dividends

in

investment

Benj. Barlett

average

formed

be

the

annual record high total

Williams, Olivo

will

in

fairly .continuous flow of

companies

surance
.

stock.

•

■

over

for In¬

55.4%

fairly typical of the payouts of the major

companies

Increases

,!;

$151,693.

was

sundry

mum

was one

district

Insurance

and

life insurance companies over the past decade. While most life in¬

eight months ended Aug.

vertible

Six

than

Marine

59.1%

and

47.4%

stockholders in the form of increasingly higher dividend payments.

at four lo¬

,,

a

ahcl

of North America

upward trend in investment income, which has been passed

pro¬

location

on

for Home Insurance, 47.9%

&

ranges

as

ment and the plowback of current earnings have led to a steadily

of

salvage

63.9%

Fire

^increases

Reclamation

conducted

company's

mum

4%

newspapers

the New York

of

change,

as

Wholesale

major

talization will consist of

store

for

points less than the Atlan¬

Sidney

whole¬

quoted higher in

rye,

two

the

at

consecutive

continued

ago,

of

Brad-

remained

third

index

year

&

with

dismantling,

,,

income

However, the

department stores.

Form

Price

narrow

Saturday, Dec.

a.m.

Index f

Food

which

f 25%

operations

Company

tablished

making slag

maintained

are

the

for

change this week Williams, Olivo & Holahan, mem¬
by Dun

the

week, the
than

no

Wholesale

principally

reclamation

installations.

members

Price

Steady In Latest Week

the

93

31, 1962, totaled $2,229,862, and net

Re¬

were

printers

••

There

primarily

and

Paul

St.

Operating revenues (unaudited)

ta district.

in

3.9

2.00

v

dividend,

1962, and undoubtedly has cut

next

Holds

2.7

61

percentage of net investment income in cash dividends.

surance

demolition of industrial plants

cations.

period in 1961.

same

York

New

and six

Food

113

2.40

example, annual dividends

pletion of the current transaction

Dec.

ended
than the

the

in

operations

period

Federal

the

York

New

at' Cleveland,

at various steel mills, and

the corresponding

to

System,

serve

provided along with current data

Wholesale

constant
For

for

plants

sales stayed

1962,

i >

Dec.

8,

omit

stock

5%

based

ducers; in the mining of sand and

gain

ended

week

the four-week

In

1961.

strike

regret that it will

to

3.00

1.80

the payment, managements

interest

■

steel

contract

under

in¬

Board's

;

the

engaged

into retail sales in New York City

necessary

all

each year

1%

y -

metallics

and

overall

an

case,

a

on

mail
be

de¬

to

accrued

Headquartered

taken from

as

Reserve

Federal

The

This Week

Owing to

we

2.0

.72

underwriting

prior to Nov.

Ohio,- the company is

or

sales

store

Department

country-wide basis

each

in

of

plus

thereafter,

and

day-shortened work schedule and
delays,

The

subordinate

Vz

receding by

-

Year-Ago Week

week

Editor's Note:

65

Dividend payments by fire and casualty

payments

1965.

1,

3.7

1.32

2.20

National

Also

are

redistribution to the
construction and steel industries,

Store

Department
Gain

Sales

more

Failures

*

every 24

fund

price of 105%

gravel

>

i

According

holiday.
Business

Oct.
are

60

Ohio Casualty

stock at

common

Sinking

bentures

South

+2; East

Pacific

and

Middle

Unavailable

Unavailable

into

1.4

2.20

2.90

Steam Boiler

Insurance Co. of N. A

;■

3.7

60

1.10

Insurance

Liberty

/■

69

.85

'•

.80

Fire____

Hartford
Home

2.60*

2.00

Employees

American:

Hartford

share, with the conversion

a

months.

period ip 1961.

the

Great

1.7

2.00

Fund

Government

69

immediately

are

price increasing by 6%

centages: New England —3 to +1;

unchanged

unobtainable this week.

week

Fireman's

$133

30, 1964, and at redemption prices

ended

this

•

.90
1.15

1.10

ing to spot estimates collected by

in

Note:

Yield

0.7%

$

Current

and 42.8% for Hartford Fire,

tion,

Editor's

Price

.80

51.9%

yearly changes in lumber produc¬

unavailable

Recent

Insurance

pur¬

•■

The debentures

15, compared with the like period

The weekly

Data

New

Rate

$

tion

Editor's

Electric

Federal

General_______

percentage of net investment

to

even

of

are

investment income.

a

from

ranged

Lumber Data Are Unavailable

and

For fire and casualty companies, the in¬

income have ranged between 33.1%

dex

shipments

•".'V

ments.;.;:'

and

higher

Old

product require¬

to meet increase

$7.50

the

and

fire
of

callable at any time; at a redemp¬

Wednesday

the

in previous years.

Note:

plants

and

Rate

auxiliary equipment; and

chase of

commence

re¬

findings follow

has

excess

Connecticut

replenish

loans;

-

life

SOME RECENT DIVIDEND INCREASES

,

the week ended this;' senior
indebtedness, and they are

in

trade

1

■

of

volume

dollar

total

The

of generally declining

season

high-priced items, re¬
Furniture
and

especially

reported decreases.

areas

The week-to-week

this

metropolitan

9

The call for toys,

popular.

very

registered increased tonnage,

areas

proved

while children's outerwear

West

1

ago.

year

of

excess

points

ter¬

reflected

centers

in

gains

four

Truck

level.

three

at

that of

lakt

for

points reflecting decreases

minals

while

freight

increased

at

bank

0

both

4% higher than last year, accord¬

survey

ago

year

with 18

com¬

country.

showed

week

re¬

cipally from

early this_ week. working capital used in 1962 for
construction
and
installation
of
Apparel accessories, both women's
and men's, moved at a zestful pace, four additional high speed mobile

more

of

general

terminal

The

at

truck terminals

than 400
mon

report

The

Economics.

flects

certain

major appliances showed seasonal

weekly survey of 34 metropolitan
areas conducted by the ATA De¬
port

picked

and

,

stocks,

seven

momentum

up

year.

Saturday

earnest'on

FOR

improved

ago were

tonnage was 2.7% less than

of the previous

that

INCREASES

underwriting results and steadily
rising net investment income; while for the life insurance com¬
panies, the dividend boosts represent rising earnings derived prin¬

Dec./. 19,

gains over a

DIVIDEND

STOCKHOLDERS—

insurance

numerous

reflected

creases

debenture

subordinated

vertible

of

cash dividend payments.

unit consists of

Each

City.

$200 face amount 6% % con¬

one

Shoppers stepped up Yule pur¬
chases
in the week ended this
Wednesday,

Insurance Stocks

—

casualty, received pre-Christmas presents in the form

&

Ferman

L.

although shares of common stock, This of¬
still fering represents the initial pub¬
lic sale of the company's securities
ing week of 1961, the American pared by snow in some areas'and
Net proceeds from this sale will
strikes in others.,
A last-minute
Trucking Associations announced.
be used by the company to retire
buying surge * got underway in /
Truck
week

low the volume in the

Holders

Co., Inc. of Miami, Fla., and New

H Vt •»*.<? 4.J *** - '

This - Week

y

4

y

Corporation's

an

by

',

units

2,200
being

unit by

per

of the

Gained Zest

Christmas Buying

total

curities

% *

1

>>•/■■**■**■+%

V-

*

•

Bradstreet

available this week because

of the holiday.

because

week

this

unavailable

are

STOCKS

Units Offered
Kaiser-Nelson

Editor's Note: Dun &

13

BANK AND INSURANCE

Corporation

Unavailable

Unavailable

(2649)

Kaiser-Nelson

Commodity Data-

Wholesale

-

Data

Rail
Editor's

pound

per-

Chronicle

The Commercial and Financial

.

resents the sum

which
of J.963.

current term,

the

in

date

Number 6224

196

Volume

.

ten

months

1961.

are

estimated

However, group

at

sales

$51.4 billion,

were

Overall total sales at $64 billion are

down

1.8%

first

higher than in

10.1% from a year ago.

less than 1% behind last year's

total for the corresponding ten month

period.

14

The Commercial and Financial Chronicle

'

(2650)

.

.

Thursday;,. December 27, 1962

.

important role in the further de¬

SECURITY SALESMAN'S

velopment of
market

countries

pean

CORNER

been

expressed

amount

was

one

who

tor

diagnosticians
took

ologist,

man

was

and

he

his

could have

you

radi¬

to

internist,

an

had

enviable

an

recommended, his

I

they told

people and

was

did

Yet,

Doctor.

good

a

practice

he

great hos¬

several

he

record.

services

not

al¬

I

grow.

overlooked his one primary

ways

effect

you

And

desire

them,

to
do

&

so.

telephoned
morning
market

informed

well

very

office

my

asked

and
in

investor

the

unlisted

an

other
the

for

me

I

stock.

which

tion

azked.

"This

doing

so.

77/8.
if

at

in

had

the

67/s

Knowing

he

well

asked

I

morning

in

paper

Although

Specialized

a

ed

Doctor friend was

my

The*

follows:

as

the

out

'sales'

and

difference

'quotations')

are

sup¬

National Association of Securities

whom

Dealers.

you

discussing invest¬

are(

this,

"Are

'ADR's'

and

stock?1'

I

day.

came

in

wanted

not

to

see

(and

original
the

mistake

couple hundred

a

English

an

When I asked such

tion, he looked at

he

said

and

me

sell

shares of stock in
nny.

quotations

An elderly gentleman

to

coni¬
ques¬

a

and his mouth

me

dropped open, "AD what?" he ex¬
claimed. "I

this

tory

they

have

England
ceipts

I'll

and

stock

some

there

and

in

issued

also

are

English

the

for

sued in this

see

re¬

to

was

of

ADR's.

shares

had

I

market

the

in

regular

If

Hope

deal

after

have

day

our

vernacular.

But many

own

in

particular
of

cli¬

our

well informed.

so

had

it since

the

and

said,

it

before

over

we

sell

its

headquarters in England

the

right shares.

There

want

we

ones."

This

Paris

Company

Eng¬

are

Deposi¬

all there

been

ments,
tus.

or

Establishment

banking

of

of

investment

an

in

company

contained

to

financial

repelled

are

phrases and
ance

the

in

sheet.

wish

not

to

state¬

legal

by

intricate figures
accountant's

an

is

It

often

bal¬

mistake

a

expect too much of the general

lay public in this respect.

Please

don't misunderstand this; full dis¬
closure and the prospectus should

always

accompany

offering

of

weakness in the

behind
the

rely

upon

to be

ones,

their

find

clients
to

an

merits

that

you

have

who do not wish to

involved
of

a.-

discussion

security—it

them. Once you

who

security

Salesman to do it for them.
will

the

is that

Acts,

people who need

protected are often the
should

But

laudable purpose

the Security

very

public

every

securities.

You

many

listen

of

the

bores

put the burden of




financial

ropean

Paris,

skills, has

The

Paris

new

Morgan

Morgan

by

&

Cie.

both

which is
It is

of RL Mees

origins

de¬

business

been

Guaranty

company,

S.

A.,

financing

in

Holland

countries.

It

conducts

commercial banking

extensive

an

branches

with

in

seven

Dutch cities.

lier this year

dation

announced

their

of

called

Corporation is

a

bank.

subsidiary

are

not hostile

and

him.

to

Rule£

the

Com¬

the villain in the piece

as

friendly <

Ways

Means

and

Committee has been just as

much

of

Morgan & Cie.

are

held by Morgan

Limited, merchant

to increase the Rules

move

with

margin,
Voting.

Rayburn,

of two

perform various financial func¬

able

Southerners

banking firm in London, and by
the Dutch
& Co.,

banking firms of Hope

Amsterdam, and R. Mees &

'

t.

!. *

,

-

-

V

"• V

^

lishment of the

new

for

estab¬

company have

been given by the New York State

McKeown Co.

Banking Board, the Federal
serve

Board

the French

Morgan

of

Governors,

the

several

Cie.

will

will

President
entry

the

support

Democratic

the

Morgan

Gates,

Guaranty

Finance

Chairman of
International

Corporation,

launching

this

said:

"In

vestment
Other

rope.

We

also

/

hope

to

in

play

Eu¬
an

are:

,

Mr.

Partipilo

firm has

firm

operations

firm

retary; John F. MorHssey, Treas¬
urer.
*
V*

to obtain

European capital to help

the

new

that
move

completed its
and

the

larger office

La

Building

Salle.

He

plans

to

also
open

at

209

said
an

signa¬

the

from

away

But

no

such

Elects Officers

in

PHILADELPHIA,

Kirby,

friendship

for

not vote to

may

Further,

as

may

that

office

the

phia

in

of

the

Association.
Mr.

of

Kirby

whose

term

expired.

Other
cers

offi¬

elected
Robert

were:

J. Caulfield of

Equitable
curities

Se¬

Samuel

Vice-President;
erts of

and

Secretary
C.

C.

R.

Rob¬

Schmidt, Roberts & Parke,

of

Arthur Judson

Collings and Company, Inc.,

Treasurer.

;

■*

-.

Executive Board

Elected to the

and Mr.

Ray-

Sam

retain the

other

made

have

unwilling

of

Caulfield, Joseph L. Pyle
of

Rebmann

William

&

Peabody

Kidder,

Co.

Meeds.

sell &

and

Laird, Bis•

bills,

the

reasons

Own Inv. Co.

strengthening
advanced
for

Frontiersmen

New

] I. C. Ahalt Forms

to

with him.- The need of

Liberal

members

of

the

in this fight
President

prOnged

on

Harry J. Kirby, Jr.

Corp.,

of the Association were Mr. Kirby

change

government's -hands, etc., are

engaged

of the year.

&

Drexel

Co.

by

sup¬

WASHINGTON,
Inc.

Company,
with

offices

N.

securities

to

The In¬

meet-

mittee.

IJJew York shortly after the first

Inc.,

tht

at

Avenue,

of

Co.,

vestment Association of Philadel¬

porting the enlarged Rules Com¬

the

South

&

the President him¬

members

rights

among
the

J.

Pa.—Harry

Blyth

of

admitted, the Mississippi

along

civil
the

Jr.

elected President of

was

make

have

program

it

easier

controversial

on

House

of
to

bills.

the side
three

a

their
get

own

action

Represen¬

D.
has

C.—Ahalt
been

1024

at

W.

to

Vermont

engage

in

Officers

business.

&

formed
a

are

C. Ahalt, president; Clar¬

Henry
the

ence

Rookery

it

100

the

into

stated

take

months,

for

representa¬

for

15 member size of the committee.

go
of

Tiberi, Executive Vice-

President; James P. Norville, Sec¬

its

their

firm.

Arthur J.

activity we
facility by which
American companies Will be able
new

aim to provide a

finance

of

burn

of

in¬

President of the

officers

pension

actidn developed.

tough, hard

a

of those

voted

who

McKeown & Co. has" self has

as

speaker, John W.
Massachussetts,

of

Some

Southern

United States.

S.

The Board

the

Oklahoma/ face

incident

a

desk

Committee.

Rules

all

give

a

required

the

to

to

Majority Leader Carl Albert

Partipilo

conduct

underwriting. It
business only outside the

Thomas

of

announced the election of John C*.

of

by
bill

a

month. It remained on

a

House. So the Pres¬

new

and

Directors

including
do

be' in the*

and

general investment banking busi¬
ness,

—

tures

bill

a

veterans

Speaker's

inviting

At

change.

military forces into

"Also,

Re¬

banking authorities.
&

111.

take

J. F. Sherrerd

into "Ole Miss" Uni¬

Negro

a

versity.

tives

Names New Pres.
CHICAGO,

$100

I

House

Speaker

time

of

out

approvals

members,
can

succeeds John

to

battle.

Zoonen, Rotterdam.
Required

of

the

on

1961

]to swing

for

sent

not

and

tions in the international field.
•:

'

sat

War

vote

whole

the

McCormack

''

mittee
World

5

a

tremendously popular

a

was

only

that

At

to

'

100

petition,

a

in

membership
with

succeeded

ident

'

it

from the Rules Committee.

ing
The

Committee

in 1919 to enable American banks

h-

present

annual

stumbling block.

Mississippi

wholly-owned subsidiaries formed
Corpora-' by the parent bank under provi¬
the
New' sions of an American law enacted

Minority interests in

getting

vote.

a

with

Committee

Rules

by a couple of votes than it will

York

there

and Means Commit¬

majority in the House was greater

tion,

of

means

the

bill

a

the

of

out

International

Finance

my

whenever

and

reduction

get

had

one

House

out

measures,

but

activities

His

program.

consoli¬

a

Morgan Guaranty International
Finance

session, he did

that time, however, the

retaining their separate names'.

is princi¬

the

tax

depicts

mittee

man,

Hope and Meds firms ear¬

The

with

strange that while the prop¬

aganda

to

enterprises

other

in

that,

can't

and

In

Like the Hope firm, it has

major

are

and

his

and

House

the

its

traces

odds

pally owned by Morgan Guaranty

Grenfell & Co.

complicated prospec¬

a

They

right

probably

that.

to

do

involved

the

have

was

people

Many
read

sell

to

you

Zoonen

and

Trust Company of New York.

sell

difference to

would

the

payment for the

led in the formation and

announced

tary Receipts for these shares. It
but

in

issued

1720.

and

we

lish shares and American

won't make, any

with

'

the

important

he

the

bears

wants

a

to

move

At the last session the Rules Com¬

fight,

tee which has nothing to do

bought from France the U. S.

bonds

most

before

This

really

At

re¬

him

fact

House Ways

1803, Hope was one of the firms
that

&

Morgan Forms

has

company

I would like to be certain

the

anni¬
name,

France and the United States.

American capital market with Eu¬

just

look

200th

The Rotterdam firm

signed to blend techniques of the

I'll

two

1721 and this

dealings

early

the

datesjfits;; reform,

present

committee

of

could

that

always

to

Ken¬

membership increas¬

all

medicare

which

its

under

.

Y "Louisiana Purchase."

"OK.

and

during

war.

Co.,

&

versary

Harry, bring the stock in tomor¬
row

Government

is

are

much

so

ed to 15 at the last

get

Mr.

that

when

the

standing

a

committee

bill

contention

would

against

of

been

whole

opinion

by

the

vote.

House

remain
We

had

use

House

the

signing

this

committee's

not

the

a

away

on

light

beleaguered

is observing its

day

there

if

know

difference

a

value

the

to

of

for

if

Our

lose.

put

particularly

suc¬

to the London firm of J. S.

million

that

no

approved

bring

the

recent

a

said

doesn't

strange

slightly

Grenfell, is

he

my

would

liance

histories of

French financial

with

Morgan

Franco-Prussian

over-

explain the intricacies of

wanted

affairs.

In

15.

we

in

is

It

nedy

partners in the new Paris

year

who

v.

v

bill

a

after

committee for 21 days, any mem¬

be emasculated."

a

American Depository Receipts; he
even

Dutch

is¬

shares

;.

if

program

Morgan Guaranty's English and

French

country."

That started another discussion.
I had to

anty in 1959.

of

Republic¬

"we can't function.

through

Guar¬

Morgan

beginnings in

developed
not

into

merged

at

address

membership

15

at

Later incorporated, it

New York.

£10

to

always well to remember

are

related

first

us

the

Paris banking firm closely
to J. P. Morgan & Co. in

years

of

membership

for many

was

repealed

retaining

on

in

made of it. Under this rule, after
the Rules Committee had sat on

ber

country

ejection

In

discharge

the

-

Truman's

its

Kennedy has already gone

radio-TV

Morgan & Co., which in 1870 lent

been

important notation.

those

td 1868,

back

read this explana¬

never

securities

ents

for

quotations

to

Mor¬

he

1948. In the 82nd Congress it was

eight Democrats and four

or

but

to

consist

it

Committee

12.

of

five

and

President

its

at

back

-go

words,,; shall

Democrats

Mr.

to

known
earlier

An

or

membership

to

Republicans.

company

new

long

finance.

years a

cessor

day/!jfet!

as

had looked at the

and
is

plain

was,

man

and had

stock

tomorrow

have

intended

not

are

the-counter

the

in

it

There

that

the certificate. You

word

represent actual purchase prices."

Harry", I replied. "Just bring
over

and

traded

couljd

The

15

Committee

company

Guaranty's

Morgan

name

a

association

guide

a

the

other

new

venture also, have long

'asked'

as

to

present

& Cie., with predecessors go¬

ing

the-

of

and

given

are

securities

these

you

look

'bid'

pointed

I

It

sorry

auspices

'guide') to the range within which

this confuses

am

The

hold

you

the

this

made

other

sure

you

the

under

such

ments understand statements
as

plied

of

Rules

Rules

strongly favors revival pf the
the so-called 21-day rule adopted
by the 81st Congress after former

the

of

of their leaders, not only
retention of the en¬

also

the

10,

membership

larged

are

whether

Henry S. Reuss of Wiscon¬

one

advocates

few

a

January

on

sin,

on

chances

decide

the

meets

get it. Within

will

former

States

the

and

will

House

14, Place Vendome, the

office.

takes

was

between

extremist, how often have you
assumed
that
the
people
with

an

location

Paris

gan

following quotations (and I point¬

Own

Our

of

World

be at

French

I read the cap¬

me as

BARGERON

tative

anticipates

administration

Congress

maybe

keep

ans

will

over-the-

the

of

9

he

days,

payments."

Offices

the

in

the United

on

that

his

after

House

As the Common

have a substantial bene¬

ficial effect

in

January

in

European coun—

10

bid, offered at

him

the

Stocks'

Counter
We Also Live in

capital

Kennedy

crisis

.

shortly

develops further, the ex¬

Market

balance of

tion under the listing of 'Over-the-

j

raising

for

S'. capital.

U.

on

asked.

he

listed

was

paper

counter list

bid—7%

,

come?",

stock

morning

7%

was

"How

medical carefully with

technical

used

a

Cie., by adding to the existing

rope may

tient's ailments with them and he

in

President

ex¬

pansion of capital markets in Eu¬

him the then current quota¬

gave

CARLISLE

this

We

abroad.

use

tries, will lessen foreign reliance
A

that he did, I asked him to follow

always

raised in

capital

France and other

front of him and when he replied

terms

BY

United

by

that the creation of Morgan

facilities

Another Example

pa¬

his

discussed

he

weakness;

for

pect

often they

very

to

"Here

of

country

in

them;

upon

say

it."

not

do

making

do

you

what he

twice

sincere, kind and

with

been

me

family until he

been

more

he

pitals

He

knew.

met. He was a skilled

never

war

finest

the

decision

his ability his income

conscientious

had

of

ever

my

have
A

|iad a Doc¬

from our community.

Based upon

earned.

I

of

care

moved away

should

I

Ahead of the News.

...

States Government officials at the

Customers

Be Sure You Are Understood By Your
ago

by

"Concern

continued:

Gates

Mr.

years

created

needs

Europe's remarkable growth."

has

Several

Euro¬

they respond to

as

financial

the

JOHNDUTTON

BY

other

of

FROM WASHINGTON

capital

French

the

those

and

A.

Levine,

secretary

and

treasurer. Mr. Ahalt was formerly
an

officer

O'Connor,
Levine

of

Searight,

Inc.

was

also

with

Ahalt

which

associated.

&

Mr,

Volume

Number

196

6224

.

.

(2651)

Chronicle

The Commercial and Financial

.

15

V,

Eastern Standard

York at 11 a.m.,

Treasury Sets January 8 for

Time,

$250
issued

20

Dec.

on

public notice

a

of invitation for bids

'will

This

of

his

sale

to

petiti

tire

The

Treasury

this

new

Douglas Dillon

the

Federal

Reserve

Yor)r not later than

Eastern

a.m.,

cessful bidder will be required to
bona

a

the

re-offering

fide

bonds

the

to

York

The bonds will

investing

mature

but

payment
The

Feb.

on

will

1988,

15,

treated

dated

be

Jan.

the

called.

bonds

mature

first

interest

The

or

interest accrued
1963 and Aug.

A

published
forth

rate

coupon

17,

relating

be

rates

or

of

to

the

interest

which bids ...will be received.

upon

Bidders must file

Notice

a

of

In¬

tent to Bid at the Federal Reserve
Bank of New York not later than
12

noon,

on

Jan.

Eastern
4,

Standard

Time,

in

immediately

available

funds not later than 11
Standard

ern

Time,

1963.

-

any

V

Jan.

on

;

East¬

a.m.,

17,

Full text of the publicnotice of

will

notice

constitute

not

a

"

:

;
Submission
_

III.

.

.

.

ot

Kids

invitation,

vites bids for
the

United

Treasury Bonds

Circular,
22-62, in¬

designated

of

/

bonds

be

1988-93.

will

be

single block

The
These

'I

will

hereof

must

bid

cate

will

be

in

sealed

Each

Description of Bonds

PD

17,

1963, and will bear interest from

after
each

a

semiannual

Aug. 15, 1963, and there¬
Feb.

on

15

and

Aug.

furnished

until

year

becomes

the

15

in

principal

payable.

They

will mature Feb. 15, 1993, but may
be redeemed

at

United States

1988, at
on

par

the

option of the

on

and after Feb. 15,

and

accrued interest,

interest day,

any

on

with

the

4 months'

Treasury

the

Secretary

shall

prescribe.

as

of

the

From

era!

Reserve

not

later

than

Standard

will

bidders

successful

may

will

be ob-

in-

f\£:£*

■% y

JN ailieS UlllCGrS
LOS ANGELES, Calif.—Verdon C.

of Lester,

Smith,

Co.,

&

Ryons

elected President of The Bond

was

the

that

be

which

must

man
than

later
later

on

iz
12

Form

noon

jan
Jan.

on

»
3,

,

....

may

bid., which

one

in

scribed

this

.

,

submit-only

must

of all of

purchase

....

.

bidder

Each

the

for

be

reject

a

as

percentage

the

to

exceed

100.01038

five

percent.

decimals, e.g.,
Provisions

re-

lating to the coupon rate of interwill

est

mental

be

set

notice

in

forth

hereto

supple-

on-Jan.

2,

Each

by

z

,

a

serve

bid

must

.

,

be

,

accompanied

payment to the Federal ReBank of New

York,

agent of the United
amount

equal to 3%

C11~r
mediately

as

fiscal

States, of
of

an

the_ prin,

?.
bonds in im~
available funds.

IV.

will

be

opened

i

Conference

in

Room

the
of

along because the

hedge against this force

■

.

,

■

.

n

than

Timej

xU

nf

Rarik

York

mpw

•"

•

a

u

with

corporate

tax-

and

~

,favor non-Federal bonds, such as
ahead: of Governrnent bonds dur-

the

ln

Banks

ohinmpnt

^^^^Gn
•

the

nf

the

„

+n.nnv

will

bonds

pavme^

H

k

CxQzpo

Federal
Branches.

and

of

niMf>P

at the

date
the
nr

be

United

nlaees

in

ury

wiU iggue interim receipts for
bonds

on

the

payment

Advance

refunding

various offices in the
Association of Security

Donald

W

Moulton

[Signed!

presided

President,

H.

Club

at the Club's

business meeting and formally in¬
President-elect Smith,

in

a brief acceptance address to Bond
a bnet
actciress
uonci

Club

members

President Smith

-P—d - optimistic viewpoint
regarcbng tbe coming year, indi-

ti
tive

tlial:

;ear

1963 should be an ac-

for the Bond Club and

m'embers
Metnbers of The Bond Club also
elected John A. Carter, III, of
Vance, Sanders & Co., as Secre-

tary; Paul J. Anderson, of White,
Weld & Co., Treasurer; Robert R.
of Hornblower & Weeks,
director; George W. Weedon, of
Crowell, Weedon & Co., director,
and Clifford E. Poindexter, of

Miller,

Turner-Poindexter & Co., director.
^

successfully and, by this extenmaturity of the Fed-

is^on

eral debt' the way was cleared

vacated

.

debt

extending

These

takings

the Treasury

oiR

outgoing

operations

of the Treasury were carried out

date.

DOUGLAS DILLON
Secretary of

held

has>

National

,

.^fby ^.^4™ obltgaTiLTwere
the bidder. If necessary, theTreas-

the

investment business since 1928. He

the former securities, there

nonetheless sizable commitment^ made in Government bonds

date at

payment

been

in

were

If tl^ bidder desires any regis- especiany by public pension
tered bonds to be shipped on the funds
seems from the reports
£a^mei 5!
'
must noti y e wbjcb were available for the year
Pederal Reserve Bank o
ew tbat ^be ^o/0 due 1995 was stm the
^mk: and furnish the necessary favorjte bond of the public penregistration information wit in gion group. However, other more
^wo days after the award. All distant Government bonds were
°^er bonds will be delivered in gajntng [n popularity as 1962 was
bearer form and will be available comjng to a close.
Reserve

Angeles
has

active

stalled

0

bidder not ;later ing the year because of the more
Eastem standard favorable yield that was available

Jan. 17,1963, at the Fed-

on

Rp5;prvp

v

•

completed by

be

must

Co.,

&

long ..been
resident of'

and

Verdon. Collins Smith

as

exempt bonds.

of

the

Bids—Opening—Acceptance

Bids

and

the. successful

Te

increased

Lester,

Los

funds

bonds

Payment for the bonds must be

rd°
funds

,

obligations

a

part¬

has
a

investible

of

of

Ryons

favorable

Although investors continued to

■

ner

to get yields

considered

Smith,

general

and long-term

able

being made in fixed income bear-

Delivery

and
.

on

1963.

for

c

The

of

;

•

all bids.

any or

Payment

the bonds de-

invitation.

•< -

-

Mr.

Ex¬

Club.

change

high

too

Stock

les

suffi-

through the purchase of common Dealers, and was Chairman ,of
stock came to an abrupt end. This NASD, District No. 2, embracing
resulted in larger commitments California, Nevada and Hawaii.

Bonds

lyoa
1963,

bids.

of

ernment

along

"P^eZ^tor%^i

neither

at

the Los Ange¬

that rates in these

discretion:reserves the right ^bga io^ in these purchases
w^Cover—
sharing

not

3557

PD

with

Christ¬

party

mas

money

int0 medium- and long-term Gov-

£ the Tre

gecret

The

V.

markets
so

were

flow

by signing the'need to

bid

representative.

to

the

were

were

The

delivering it to the bidder, or his

in his

specify

supplied

by them.

be

successful

submitted by a syndicate

Club's

the

preceded

too low, yet attractive enough

investors

from the Bu-, duplicate copy of the bid form and

or

of the Public Debt, Treasury

,t

purposeful

i

of

representative, will accept; fear of inflation subsided and the

bis

or

the Federal Reserve Bank of New

i

-DUIIU. VjIUL/

.

.

Secretary of the Treasury, ■ thd year went

The

Federal Reserve

any

Branch,

or

1963.

8,

in any




Pln"h

Rrmrl

A

T

our balance of pay- Club of Los Angeles at the annual
meeting which
were to leave

that near-term

so

apportioned and the
remainder refunded immediately,

Eastern

Jan.

on

the

its

York

New

a.m.,

envelopes

from

Bank

11

Time,

Forms and

of

Bank

Northwest

on

on

.

markets
nor

amended-accordingly; their depos-

the date of redemption designated

such notice, interest

strQng as eyer in lg63

ag

debt management and alert mone-

a,division of the bonds, the bids

form,

notice of redemption given in such
manner

funds

decided

a

combination

The

In the event of

sion of the bonds.
of

^

amount

moveable

here in volume.

submitted
on a divi-

who

those

the identical bids agree

enclosed

3556,

envelope which

an

and.

and must be received in.the North-

not

The bonds will be dated Jan.

on

the'lowest interest cost

prescribed by him, unless he pro-

submitted in dupli- .poses

Form

on

and

considered.

be

be

principal amount of the bonds in

basis

...

capital

pressed

that date payable on

bg

the^bM. re- ments deficit if they

cient funds

only as a price to be paid to the United
competitive bid (States by the bidder must be ex-

a

markets,

money

indications that this

centers,

money

have

wouid

and

offered

on

basis.

I.

$250,000,000.

which

to be accepted by lot in a manner

„

as

principal amount of the issue here¬
under will

world

the, readily

Gr

discretion, shall determine the bid

required by Sec. II

as

the amount of each member's un¬

issue of bonds of

an

States,

other

mainly London, for the hot money

tent to bid

resentative

•*

wjth

who have filed notice of their in-

plement must be filed by the rep¬

No.

tQ

short-

ableRo compete successfully

policy

A bid

prescribed in

Series

no

Uquidlty trend win not continue

both gov-

keep

were

tary

rt
its members

Department

agencies to

Secretary of the Treasury, in his

and

Debt

the purpose of

was

22-62, by bidders

Debt Series No.

by this notice and under the terms

Public

it

and of Treas^

derwriting participation. This sup¬

conditions

are

avaiiabie to them at all times.

ttf 'the1 -'first cail''dat6.J Otherwise,
Department Circular, Public if Identical'bids are submitted, ;tlie

amendment hereto,

Secretary of the Treasury,

Treasury

will accept

Treasury

supplement or. suiting in

any

or

this

of

x,..

z.

__

provisibns

BID

Treasury Bonds of 1988-93
The

world

0f the aid which was made

cause

bidsjsubmitted in accord- maturity, . the Secretary o*. the Tluence
the

with

reau

on

:

from

non-competitive with

them

There

penings pretty much in stride be.

to

basis costs of money computed

Department, Washington 25, D. C.
TO

able to take these hap.

were

securities

these

on

other

term rates high enough so that we

PUBLIC NOTICE OF

INVITATION

^ake

the money and capitai mar-

year>

ketg

yields

the

during

time

posits. In the event that the supplemental notice does not specify
a single coupon rate of interest
and bids based on different coupon
rates, of interest result in identical

commitment to bid.

su n tenu

going down to levels that would

occurred

which

time-, to

from

Department,

such

Slmrt-term

^ " Treasury had to
tuae *nal all year to Y naa the
Jne ireasu keep „
struggle

and

The filing of

tained

.

invitation to bid folloios:

/

disturbed

the

of

developments

No interest

immediately.

turned

Branch

or

west Conference Room of the Fed-

1963.

Payment for the bonds must be
made

spite
gpite

ernment

ury

to

Jan. 2, 1963, will set

on

from

Bank

Reserve

Only

between Jan.

provisions

obtained

be

uemaua

Ant

are

cover

notice,

In

,

there-

for
lor

demand

The
_

re-

helpin¬

maturities.

term

gide

e

wneu uie suc-cessLui umuer

timely

been

advance

short- and long-

between

rium

side and long_term rates on the
,

the successtul bidder has

on

15, 1963.

supplemental

having

by

our

will be allowed on any of the de-

ance

-

SZ

show

extensions

debt

management policies made

from the Bureau of the Public

coupon,

1963, will

payable Aug. 15,

and

management

have

At the same time,

gold holdings wei e given Government obligations during
help an(J protection while keep.
in« short-term rates on the high eign sources< was of such magni-

retap'of the Treasury, the bidder

Jan. 4,

on

are

have

problemwould

payments

,

o

3

s,^condition ol each

shall make a bona fide reoffering
of all of the bonds to the investing

New

Forms and envelopes

may

■

until

b

not go

could

that

funding operations tended
possible for domestic business maintain a semblance cf

nf Parh

mnHitinn

a

levels

to

in aggravated.

Board

Washington 25, D. C.

17,

Feb. 15 and August 15 of each year

debt

and

Treasury

Reserve

Debt,,' Treasury

date thereafter.

Interest will be payable

Time,

which

to

as

Federal

any

or

The

ease.

their
- m0ney

be retained as security for the
performance of his obligation and
willbe applied toward payment ot
the bonds. Thereafter, the deposits of all other bidders will be re-

for

called

be

may

payment

bonds

,1963.

It sha

62

hp

they were
mailed prior to that time will be
postmarked

Feb.

on

down

Form PD 3555 by 12 nooh,

Notices

filed.

of

the *'Federal

been announced, his deposit will

or

.interest

i

received

of

that short-term rates did

time,' the stability of the dollar

tswiii.

fi9

writ-

of

Bank

markets

maintained

were

t0 get the needed funds at favorab]e rates Qf jnterest. At the same

-

bid must file

a

Reserve

on

1963.

for

1993,

.

side

^

CHIPPENDALEy JR.

Pretty much on an even keel even caused a sharp outflow of funds
though the trend was toward the and in that way our balance cf

willha

zv^qnw

.

capital

and

1962

T.

JOHN

unvitation,^. ;any supplement iqr
a^mendmen^ hereto, and the provi-

,.

.

-i

.j

BY

cular, Public Debt Series No. 22-

estate

Federal

Eastern Standard

public.

15,

-

notice of such intent with the

Federal

Time,

Standard

Tuesday, Jan. 8, 1963. The suc¬

of

..

.

ten

Bids for the bonds will be

Bank of New

all

redemption

the

ing to submit

tech¬

make

1 ■. , • v .
r s
n,g
5
aIe
V1® DOHrts.

inten¬

test

on

,

_

Any individual, organization,

to

at

during

J™5
tne aate
01
J"
to cordance witn tne term^ ot tnis

Notice of Intent

II.

tion

received

of

.

..

.

i

Secretary of

<

„

„

Septem¬

nique.

that

the names

e. one

such decedent's estate.

on

A

11

of

proceeds

taxes

announced

its

"

is authorized by the

payment; of

to

public.

ber

p.m.,

decedent's estate to. apply the en-

the

last

2
on

_

®

part of

a

and accrued interest-at the

the Treasury

for

bidding

constitute

estate, provided the

ve

re-offering

a

option of the representative of the

the basis of

com

by

estate, they will be redeemed

at par

an

underwriter
on

owned

are

Our Reporter on

the bidders will be considered as
matters of public record,, mcluding,'in the case of a syndicate, the ——
names of t ®
,e • The money

at the time of his death

and thereupon

Treasury

bonds

bonds

decedent

be

first

the

of 1988-93.

than
Time,

bids and

The

date.

1

-

the

If

$250,000,-

on

of Treasury bonds

000

nease

later

Standard

Eastern

redemption shall

bonds called for

Treasury Secretary Douglas Dillon

will

hot

publicly

;

Bond Sale

be

bid

accepted

and the
announced

1963,

8,

Jan.

on

in

a

were

since

fitted

in

these

ventures

worthwhile under-

the

Treasury

was

position to supply the money

rq^rket with near-term issues so

^

Tpffpr.Tpo fo Pn

J elterieS & UO. IS
/ p

i

PaqcT

t OriTied Oil COSSt
LOS ANGELES, Calit.-Jefleries
& Co- has been formed wlth
offices at 618 South Spring Street
t° engage in a securities business.
Boyd L. Jefferies is principal. He
was formerly a partner in Noo.e,

Tulk, Marsh & Jefferies.

^

16

The Commercial and Financial Chronicle

(2652)

•'
.

.

.

'it

■

Thursday, December 27, 1962

SELECTED INTEREST RATES IN 2 BUSINESS CYCLES
(Plotted to align the recession low points of April 1958 and February 1961)

FREE RESERVES OF MEMBER BANKS

Latest... 11/62...3.87

Expansion

Roctssion

Expansion

> Roctssion 4-

Expansion

> Roctssion 4-

Expansion

Corporate Aaa

Bank Loans to Business

State and Local Aaa

FHA

>J

Mortgages
1
I960-62

>'

Olfc*

the

Secretory of the Ireuuy




Note: Periods of recession and

retoT.n
F 627 B

t\

„

„

^

Office of the

-

.

.

.

.

Secretary of the Weeury

expansion as determined by the National Bureau

of Economic Research.

F-634

Apart from the earnings attrib¬

banking role, which have fun¬

damental

importance

long-run

balance

enjoy

our

advantages which we
banker in being able

as

finances

than

almost

in

represent
form.

fashion, without the necessity of
borrowers must

other

as

negotiating

and

arranging
trouble

only

Th^

people

and

comes,

only likely to begin to raise

are

aspects of the banking role, when
this

facility

others

not

do

Much

That,

of

happened
After

had

(i.e.,

which

on

borrowing)
countries

Need

largely

point to remember

clear

convincingly
deficit

accounts

tional

with

and
[

mately

chosen

as

for

tries

what may now appear

in

respects

many

ciplines that other countries
in

and

of

cause

out. Even

year

must

the

now,

with us as

countries to cooperate

they
have confidence that we will not
abuse our role by failing to bal¬
ance
our
own
international ac¬
their

because

and

banker,

possible dur¬
ing the past two years to introduce
a
new dimension in our banking
it has been

counts,

arrangements, through which our
performance

own

of

world

the

strengthened.

essential

four

this broadened

have

all

through
(1)
other

elements

of

gold-dollar system

identified

been

now

specific action:

forward

currencies

against dollars;
(2)

Swaps

currencies

of dollars for other

on

an

activated

or

a

stand-by basis;

calculation

would

problem

remain

for

the

Corporation

1932

Massachusetts in

the

taining

suggested,

that the zones for

which

those

only of at¬

perspective already
it would seem clear

turn
The

major effort are

the Subcommitee

on

International

Exchange and Pay¬

ments

to

began

Dec.

explore

12,

fundamental need
expansion
of
our
exports,
the

alongside
for

would

be,

in

comparative terms,

quite incidental. If the basic prob¬
lems

are

neglected, and our bank¬

in¬
stead, the effect would be, at the

There is

levels.

whether

no

On

at least in this

in the materials

fore

the

forward

of

the

ternational

kind is

same

circulating

me¬

given country or as the

acceptable medium for holding in¬

Creating Liquidity
caution

the

a

be cre¬

can

reserves,

retain its acceptiwithout a counterpart in

ated,

can

or

it

seems

in international

increase

not

free

liquidity

programs

of do¬

expansion from balance of

mestic

payments consideration^. Substan¬

augmenting
liquidity have al¬
in

tial- achievements

international

of

occurred,

ready

there is

creases,

tions

for

sion and

prosperity within a par¬

assure

expan¬

learned

al¬

ready working so effectively that

mercial

fractional

through

granted

however,

disrupted, could quickly grind

essary

com¬

banking, have been nec¬

for the evolution of modern

economic

velopment
link

reserve

society.

has

between

But

rested

money

that
upon

and

resolving

any

or

of

any

liance

de¬

further

to

I

look

opportunities

participate in the work of the
its
the

must

as

it

progresses

comprehensive review of
relevant
answered

be

questions
if

States is to achieve the

the

that

United

balance of

equilibrium that must
be reached, through methods that
will contribute to the more rapid
payments

growth of our own economy and
of world trade.
^Statement

committee

on

of Dr. Roosa to the Sub¬
International Exchange and

Payments of the Joint Economic
tee of Congress, Washington, D.
13,

Commit¬
C., Dec.

1962.

in

W. E. Hutton Co.

in

To Admit Hamill

moderating

countries

are

there

additional in¬

credit,

whatever

the

arrangements may seem to
a

to

will

become

a

Hutton & Co.,
York

City,

partner

in

W.

E.

14 Wall Street, New

members of the New
Mr. Hamill

York Stock Exchange.
is

manager

of the firm's trading

department.

To Be V.-P. of

Propp & Co.

most important prac¬

time.

draw

against which

added interna¬
will have to be

for

liquidity
over

3rd, Arthur T. Hamill

On January

accept¬

fact be

in

proposals

easy

in¬

and

terms

countries,

deficit

This is

tional

or

Unless surplus

on

tical consideration,
all

supply

willing and able to

are

credit,

ternational

be.

problems

liquidity"

ternational credit.

formal

sugges¬

enlarged

an

upon

of "international

the tested,

credit.

of

given country through re¬

been through media which

has

much

sure,

as a

considering

the balance of payments

extend

country.
be

important to have this

is

It

in¬

a

a group
that are

or

others

to

al'ready be¬

Subcommittee.

deficit.

in

it, would

To

country

one

countries

mind

creating
ticular

by

But in this
further

decisive

for

desire

liquidity does not circumvent the
fact that credit must be provided

and

course,

useful.

have been very

provide

to

institution

national

not

which,

thought had not

way,

in which money,

way

as

dium of

Stricture

themselves

are

treated,

been

yet

all

perity to lower and unsatisfactory

will

them largely for

they

and

of the kind that I

with

denying that
least, a prolongation of our bal¬
modern
monetary systems, with
ance of payments problem, as well
their provision of flexibility
as the probable disruption of ex¬

take

—

some

these four ques¬

as

Subcommittee

ings and there is no

—arrangements

worth

be

may

tempted only to suggest fragments

to

to

are

that

appraised in the further work of
the
Subcommitee.
I
have
at¬

its stock to the stockholders of The

Down

to men¬

of the argu¬

consideration,

First National
Bank of Boston and of The Chase National Bank of the City of
New York. In 1946, Mellon Securities Corporation, of Pittsburgh,
was
merged into The First Boston Corporation.

Lays

But as I said

aim in this brief

my

few fragments

a

tions

be sure,

this vast

on

In 1934, it also

able

arragements which

outset,

ment

Boston Corporation. It

result of those yearn¬

isting

said

be

only four among many—are being

similarity with
yearning that has always been
cern
to the Subcommittee.
The
expressed by those who feel that
significance of any possible fur¬
more money, and the facilities for
ther
monetary
arrangements

•which has been of continuing con¬

the world level of trade and pros-

value guar¬

tion

the goodwill of Chase

the offering of

would

the

auto¬

be

statement has been only

Harris Forbes Corporation—
successor to Harris, Forbes & Co., founded in 1882.
First Boston Corporation became publicly owned through
to

succeeded

should

at the

to me, in bility,
granting
and
accepting of
turning to the fourth question, the
Thus, not in the interest of ab¬
Even the use of an inter¬
that asking whether a substantial credit.
solving our banking role from any
further obligations, but

will

of affiliates of The First National Bank

of the Old Colony Trust Company.

of Boston and

A

that

assuming

themselves

intriguing subject.

organized under the laws

was

The First pf

as

succeeded to the business

in

as a

There is much more, to

that

dollar bonds.

other external

and

First Boston

appropriate,

eign currencies (without provision




of

vis¬
kind

indeed

do

liquidity

matically available.

corporate

in

trading

and

Canadian

in

as

The

real balance of payments

no

for

currency

well

they

new

also

credits

in the fields of underwriting,
securities both domestic ,
and foreign. For a number of years, it has been one of the lead-<!
ing firms in volume of corporation uhdelrwriting managed. •
./'
The corporation is a primary dealer in obligations of the United ;
States Government and its agencies. It is an underwriter, dealer
and trader in domestic
municipal and revenuh obligations as

economic

domestic

automatic access to credits, al¬

ways

Corporation performs an investment bank¬

Boston

of those who
proposals for in¬

securities dealer function

or

distributing

disproportionate share that the
long—

once

or

of

prepared to reach out

"equality" and assume the kind

we

(3) Outright acquisitions of for¬

gold

The First Boston Corporation in 1946 and

eco¬

ing role treated as a scapegoat

transactions in

convertible

were

then

ualize the

an

First

under¬

from external consider¬

that

ations,

Corporation.

the

Experimental Facilities

Four

The

im¬
system

be

can

proved and the monetary

appointed

very

am
an

part

new

liberating

programs

aid; if other surplus coun¬

United States.

be¬

other

of

readiness

in the

toward

of

of the execu¬

assistant Vice-President in 1952. He was elected
Vice-President in 1955 and a director in 1959.

United States carried for so

much more consciously year

face

If the

would disappear.

of

payments dis¬

from the balance of

of payments

of

different

no

balance

beyond any arithmetic

to

burdens are

be annoying risks or

degree

of Xerox

is

ternational liquidity as the means

elected a

was

the

on

heroic

urge

Senior Vice-President in February,

1956 and a

director

a

sire,

Department
.

1935,

I

it

that

indetermi¬

or

And

lying if not always expressed de¬

to

1949

From

1945.

organization in

the

Miller joined

Mr.

the financial front,

contributed

nomic

balance.
Thus

same

well comparable results

shares

ulti¬
effecting a

methods

the

and

time to

United States were able to achieve

in the

flexibility

considerable

us

on

our

pressures

if our banking role had not given
timing

over

obligations of the West¬

of

most

greater urgency—

even

so

Alliance that has already been

ern

had to face earlier—

have

would

and

long

provide the

of
responsibility for the joint
the

volunteered

otherwise

we

the

military

different

no

was

need

the

from

answer

of their
United

problem.
United States were able to

shared

interna¬

the

is

He

1962.

balance of payments

accomplish

the

close

to

country's

this

in

If

is that

eventually became

so

that will

—

fundamental
our

The

in

Government Bond

the

>

joined

committee in

ing

some

that

carried

has

States

needs.

the need which

of

responsibilities

future

possible

meet

to

Glavin

The

gradual sharing

a

others

among

accumulating additional

balances

Vice-President

a

headed

corporation.

Mr.

Sharing

It is that same kind of coopera¬

limits, both of their pre¬

for

elected

Pattberg

Mr.

the

of

was

Financial

For

tion—involving

vailing needs and of their toler¬
ance

was

and

1955,

mone¬

By Our Allies

banks

the light of the accel¬
rate of our deficit, to ex¬

ceed the

1929

afraid

much

to

automatic credit of in¬

duration.

nate

agree¬

assuring

of

way

any
an

determinate amount

director of First Boston since 1951
from 1955 until

Glavin. He joined the corporation in October,

by Mr.

be

debtors

the executive committee

of

Chairman

fact

creditor

of

required, there cannot in

is

ment

department.

the

of

Pattberg has been a

was

succeeded

a

began, in
erated

international

tary arrangements.

been

central

their

needs

present

world's

the

reliable

for

monetary

the

in

and
of

reserves

can

building up

was

Mr.
and

officer

senior

a

tive

working balances of other

the

in

that

is

Vice-President in 1945, a director in 1950, a member

fulfill

short-term
have

we

Miller

condition

the

named a member of the committee. Mr.

was

But so long as

great significance.

Glavin is in
charge of the corporation's Underwriting Department and Mr.

dent,

the

arrangements of that kind are of

Senior Vice-President, was elected Chair¬
committee and Paul L. Miller, Vice-Presi¬

executive

of the

in

circumstances to lend, and

given

wi,ll also continue as President.

man

| the
additional

able

and

willing

is

try

Charles C. Glavin,

permit

of

credit, provided the creditor coun¬

Pattberg, Jr.

(World Bank). Mr. Pattberg

tries

dollars

of

the

effect

in

notes

aggregate

the

decade,

leading coun¬
provide facilities that do

Emil J.

Miller

L.

ing agencies of the

for almost a

one

which

Paul

Charles C. Glavin

for Reconstruction and Development

will

that

Ar¬

established

be

activation'

ready

extension

credit.

of

may

will
auto¬

an

the

for

amounts

tested

and

today, I feel
country

no

advance

liability

large

rangements

operative effort among the bank¬

in

deficits

run

but

year

every

United

the

to

we

inpay¬

provide clear evidence that co¬

do

has
States.

from

escape

an

outpayments

and

be

can

country must face; but they

every

what

is

course,

provide

ments

Short-Term

On

of

who

requirements

basic need to balance

that

We Have Borrowed Too

in

matic

they certainly

in these ways;

met

from

borrowing

for

overused.

is

sure,

undertake

against banking risks

international liquidity

for

Credit Is Money

Test of

reasonably

"customers"

larger

our

all manner of future

about undesirable

questions

countries

those

not promise

do

the

on

if it exists, has

or

For in the world of

mutual

are

banking business we per¬
These four kinds of facili¬

sulation

remains

practical significance.

The

of op¬
have

complete in¬
in
the future; they do not themselves
necessarily provide assurance that

ties

loans

do.

the

in

imperceptible

an

—

have

initiative of one or

of

another

in effect, borrow to meet its

needs

little

They have to a con¬

gestions and

it

center is such <that

banking

can,

mechanism

the

which

without

itself

siderable extent reflected the sug¬

pend upon. The credit standing of
a

they

countries;

the agreements.

could de¬

leading banker)

other

into that network the

put

credit

been imposed on

not in any sense

other

They

experience.

erating

leading

other

any

country (except for the U. K.,

to

ors

International Bank

ar¬

potential,

their

emerged from the lessons

longer periods and in much larger
amounts

experimental

different

very

which

of

dence

obtain for much

credit which we

Woods, who will become President of the

a

task to induce creditors and debt¬

corporation, succeeding George

have
tested
faciilties, and provided evi¬

these

outpayments—

net

our

D.

the

of

whole

foreign

the

rangements

credit that

obtain the

to

currencies,

directors

of

board

drawing-board,
of

All

run

readily

the

It is

interna¬

of

release

and

tional credit.

various maturities.

for

payments
in addition the

20
of

storage

Boston Corporation,
Exchange Place, New York City, has been elected Chairman

of

position, there are
shorter

for

ih

nominated

the

by

indebtedness de¬

United States of

of

network

monetary

conduits, pools, and valves for the

Pattberg, Jr., President of The First

Emil J.

Contracting

The

(4)

of

utable to the investment aspect
our

States; and

the United

dollars.

systematic

First Boston Elects Officers,

,

17

(2653)

Financial Chronicle

The Commercial and

.

interest we antee) to be held alongside gold as
foreign holdings of part of the monetary reserves of

the

on

pay

.

.

the

exceed

greatly

Number 6224

196

Volume

up

It is relatively
a plan for
a

On January
will

3rd, Charles K. Perlin
a
vice president of

become

Propp

&

Co., Inc.,
400 Park
York City, members
York Stock Exchange.

Avenue, New
of the New

I

18

(2654)

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The Commercial and Financial Chronicle

|

A

•
O

•/

1

•

1

1

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H orpl 2TT1

One needs only to

J^OCl£LV
«7

(• (*

International

nization be directed and manned

Approach

.Arjl 1 lT*PkS I IITTPFPTm, r\ YVnY*0£IPM
VOb[ Ull OO iy ll±OI Oil Ul
OU/V

testimony to this fact. Aid-giving

be leaders and technicians from
the business world. These are the

Rather than giving up

on

(for-

both

of

ence

the

countries could not be played off

I

from

governing

2.

page

cases

actual

no

can

a

Droeress

+G

to

ure

harm than good.

Criticizes Export Credits

ow

s

,

the

of course

door

aid.

eign
m

of

directed

poorly
it

for-

clear

seems

which

lems'

hom

arise!

n.,iin

fri^c

terorise

nftpn

•

on-

within

investment

and

i

these

serve

e

almnd

vide

all

industrial

such

nations

guarantees

or

misdirected by a maze of govern-

controls, inflation,
civic

even

or

low

standards

And

yet I firmly believe that the

of

rectitude,

nro-

export

for

f

j+u

frustrated

is

and to
to

oug

credits, and they

4i

than

cover more

would

to

tries.

coun-

,

f

13

03

.

•

ui

4.

5

i

Not
the

full

importing country
x

realize

us

to

nations

Japan,

as

well

United States), have been

ing

assistance

example,

for

from

all

amount

an

$8 billion—

to

some

unable

cies. Here the pressure arises not
only within the buying country,
but from the seller as well, quite
properly anxious to make a sale

1960,

up

projects,

been

the

as

supply-

During

added

sources

have

Bank or other government agen-

lesser-de-

the

to

world.

non-essential

which

of

+

the

contributions

veloped

•

Eu-

(Western

equal to almost l%.of

waste

of his particular equipment. Once
again the bilateral approach sets
up

competitive environment in

a

inef-

and

finie>nnv
an

.obligations to

..

annually

e*

all developing na-

tions. Priorities need to be set. And

6.,

,

aid

almost
or

capita than

per

all

former

its

of

National

Gross

although

we,

to colonies

goes

possessions. At

any

rate,

this total assistance from the Free

its

amount

the

Communists

could

r

projects

of

ought

to

normally

nanced in

World dwarf into significance any

possibly offer.

for major

that
The

both

be

fi-

other way.

some

is

trouble

varied

type

a

that

w

,

,

,

r

approaches

to

the

assistance,

public and private,

countries

needs to

also

fast

,,

,,

combination the Communists,

by the very nature of their system,

World

lateral

Bank,

aid

lnstrument

merely

as

a

an

not

or

in political

price

economic

becomes

"offered

exacted

bargaining

account of the actual

no

requirements of the

dpients.

Moreover,

Gene

em

bi-

often

foreign policy,

of

infrequently
that takes

too

re-

0 ay*

avoid

is

There

little

wonder, then,
why such widespread questioning
of

foreign

there is
it.

if anything,

ever.

The

tries

clearly

deeper

adequate

simple

a

waste

money, for aid offered on

political
often
tries

such

and

makes
to
as

put

possible for

off

needed

of

straight

uneconomic

it

sug-

of

currency

a

or

lesser-developed

ital

Moreover,

reforms.

taxation

essential

greater

cannot

than
coun-

quite

make

without

side assistance in the form of

terms

the overhaul of outmoded

systems

is

progress

coun-

reforms,

defeatism about

and

any

from any phase of this developis.needed to help finance

supporting
most

of

the

I

type

also

suggesting, and

am

tions
of

of

help

a

complete

could

extreme.

political
be

Countries

position

the recipient nation's balance of
payments.
.

_

to

"iefers Low Cost oans to Grants
By and large, I believe that

antagonistic

o

e

theoretically

add

prestige of a country, or its




We

can't

to

hide

our

our

way

heads

of

in

life,

the

sand and say this doesn't matter,

example,'
essential

and

of

equipment.* As

to

may

private

permit

machinery

of

matter

a

fact, I would hope that the new
agency would act positively to
encourage the growth of private
industry in underdeveloped coum.tries, perhaps by making avail-

able

capital

necessary

fund s,

either for new ventures or for the
expansion of old ones. Once a
business became established, it
could then pay off the indebtedness. Even more welcome in many
respects would be'assistance from
private foreign capital, acting
jointly with native concerns or
otherwise, especially if it did not
have an unfavorable impact on
the balance of payments.
:
is

There

bureaucrats

oping

countries

economic

for

in the develf-

negotiate

(who

aid),

to

put

the

should be left to free enterprise,

donor

a

WOuld

that

sure

balance

nation's
be

necessary

purchases

to

emphasis

temptation

great

a

among

from

who

Leaders

as-

on

counter

this

effectively,

and

can

most

tendency

any

economic aid should be in the particular country were roughly who can give enlightenment on
form of long-term, low interest in proportion to that country's the role and the potential of
rate loans, rather than grants, contribution.
Exceptions
might private industry, are those who

case

seem

to exercise

courage sound

a

certain

housekeeping poli-

cies by the borrower, interest
ments

might be

given

period

course some

of

time,

single

and

of

loans in the end, may

multinational

were

in

running

its

a

0ver-all

a

donor
strong

cur-

agency

also would be far less susceptible

have

na-

balance

had

wi'th

experience

it—

those who have helped make free

sur-

of

enterprise

payments.

it
•

and

work,

who

who

know

believe

its

in

inherent

strength,

Staffed by Businessmen

a

rencies.
A

made if

p0Ssibly be

pay-

postponed for

?w t Jj-ue examples are that is! radical change — change which is have to be repaid in local
we a*J know
e
legion:
which

help

the

of

on

plus

which fail

in

imports

into

take

financial

required

payments. For some time it pro-

,

of grants. If desirable to en-

the

to

be

government—to extend it into areas which properly

tion

in

have

the World

by

devoted to that

sector —for

account the impact of foreign aid

discipline which is absent in the

withdrawal

would

course

Loans

make progress open themselves to

gain

rojec s

in

out-

implica-

serious

impossible

—

loans

But

purpose.

indeed,

facilities

the

of

Bank have been

organization

aid

world

new

agricul-

of

Develops Private Enterprise

the Development Assistance Com-

cap-

-knoW-how.

technical

the

V

growth

the

Economic aid cannot be divorced

multinational

why

and

yet the need for foreign

gested that the problem goes even

than

exists,

sense of

a

And

aid,

aid

an

oe

agriculturel, can and should, be
left1 in private hands^ with the
powerful incentive of free enterprise f#guide'and StiMUlate it. '

mittee of OECD. However, I am

match.
a

be

wouia

porting facilities: roads, dams,
railroads, power facilities and the
like. Part ol this activity, chiefly
the task of building supporting
.facilities, is regarded in many
countries as a function of government. But the great bulk of the
task, particularly in industry and

.

the

would

o ganizauon

ture, and the growth of all sup-

be very close cooperation between

of

toward well-being. That

Certainly

than

inausiry, me growm or agncui

,

.,

be better coordinated than it has
been in the past. Perhaps this can
be a major function for the OECD-the organization for Economic Cooperation and Development
—to which all the Atlantic Community nations now belong. T e
OECD has a special Development
Assistance Committee, made up of
ten of its principal members plus

and

freedom

promise
progress

can never

rather

organization

a a

industry

convinced the two should be seCriticizes Bilateral Aid
creating a financial situation that agency of the type I am proposing -parate. The World Aid OrganizaThe trouble is that these con- may> in the lonS run> prove to be would
have
many
advantages tion should serve as an executive
tributions have come from a wide untenable.
Many of the lesser- 0ver the bilateral approach. Its agency, manned by men of high
range
of uncoordinated sources, developed countries already have talents
would
be
devoted
to technical competence whose task
quite often working at cross pur- mortgaged their future to the hilt, selecting and financing only those it is to determine what the true
poses to each other. There are the
ASain to quote Gene Black, be- projects which could contribute needs for economic aid are in
bilateral
government
aid
protween 1955 and 1961 a group of the most to the growth and pros- each of the developing countries,
grams,
not only of the United 34 countries, accounting for some perity of the recipient nations, and then to see thatjthe scarce
States,
but
of
Great
Britain, 70 % of the underdeveloped world bearing in mind always the goal funds which finally become availFrance, Germany and other na- more than doubled its total ex- 0f WOrking toward a free econ- able are spent most productively
tions as well. In the United States ternal debt. Yet over the same omy
Such an agency would be and efficiently.
OECD, on the
alone, some half dozen agencies Period, the export earnings of expected to follow through on other
hand,
is
essentially
a
have a finger in foreign aid. No these same countries increased b^ projects, to determine that funds meeting place for political conless
an
authority
than
Gene little more than 15%. There is no were indeed used for the purposes siderations—the scene at which
Black has labelled this bilateral Question but that trends like these
agreed upon. And because all for- political decisions concerning the
approach to foreign aid as one of cannot
long cqntinue; indeed, eign financial commitments are distribution of foreign aid bethe
major sources of difficulty heavy maturities already arising interrelated, it should act in a tween countries can be coordiand inefficiency. As he put it reJn. mauy of the developing coun- consultative capacity on other nated.
cently in his farewell speech to J"les ^ose veiT real problems for foreign
borrowings, seeking
to
The
new
world
agency
of
are

aid

me

Naturally there would have to

a

nations

w

,

command, but because it offers a
hope,

in-

this

•« This political priority-setting as cipient countries—the 'growth of

Communists between

could do would bear aven mln»r
comparison.
As matters now
stand'' we and otber mdustna
natlonf are engaged in a mortal
struggle with the Communists,
Unhappily our efforts are fragmen^ed; we are scattering our
shots. The Soviet bloc on the
other hand, is unified, it knows
objectives and it concentrates

is

all

in

The fact that the men running

the

s

which thb lesser-developed coun-

ernment-guaranteed export cred-

of

job

vast

it

whlch ls overwhelmthe

We

level

One.

the establishment of priorities be-

me esiaoiisnmern 01 p

twelve

or

a

hs limited resources in an effort Japan. That committee, as well
Product of the contributing na- tries seek to obtain the most they
make the best use of them.
as the OECD itself, has no extions.
That is a tremendous sum.- can get, regardless of the urgency
What I am suggesting is a unity ecutive powers. Nevertheless, it
It included about $2.3 billion from of the need. And the industrial for the Free World which would could serve as a meeting ground
private sources, and approximate- nations, on their side yield to provide an unbeatable combina- • for determining how much econly $5.7 billion in the form of pressures and compete with each tion. It would entail a strength of omic aid might be made available
grants, loans or guaranteed cred- other in terms that are uneco- purpose, a sense of dedication mlore from each of the participants, as
its by governments or multilateral nomic and unsound. In the cir- powerful than that of the Com- well
as how this overall sum
agencies. The French, incidental- cumstances, it would seem wise jmunists—more powerful not only could best be divided among the
ly, are extending more economic to me to prohibit the use of gov- because of the resources at its, various developing countries.
combined

the

this

aid—only

Tr" —... •*—

Nothing

ing.

in

for

same

skills, stance it will be drawn from ten

technical

capital,

talent

of

economic

managerial ability to take care

managerial ao ny i

businessmen.

by

need to call forth the

tweem different ;underdeveloped drawn from business and banking
f sizable T T m
rath?' ,tha? fro"? government,
^^ j iyhich, to a substantial ext
,
would also have othei advantages.
to
lesser- polltlcal ln c aracter:i ^70ICthf^
if

„encv

even

j

.

*

WOUlCl taCKie ine of ap needs

of

minimum

nor

the

faokle

won]H

'

and frequently

i

to
qualify for loans from the World

today
ail

which

f

for

developments.

extent

and

rope

i

of

many

industrial

undesir-

x

such

supports

and

ages

it

d

f.

job Jhat needS, t0 be dorle Wltn

and

exclusively

have

countries

Many
ties

areas which need to be
recognized. Moreover, there is not

°f the Atlantic nations and enough

es

sssassflis " Xizrjzs&s&z s«-««an lmPact
able internal

historical

japan. ^ would be free of politi-

But it's often overlooked.

underdeveloped

desirable.

by

be manned

best talent available from the certain

half a billion' dollars annually of
machinery and equipment shipments

Such

countries.

member

agency

business and financial communiti-

useful purpose. Currently

a

•

countries

ment

PnmmhanH

economic

erected within the coun-

an

|ovei " the

ment guarantees of credit.lor cap-

!miny,instances that.QimnlP
to
better- these seem s mple
are

dustrial

,

And then there are the P™b-

be laid at

can

Indeed,

loadblocks
ment

huge task and choosing between

.

oexween mem a
nations seems *o be

.,

Steadily^widening. fai
ot all of this
progress

free society. They are men who

hard alternatives. It was no aemultinational agency, designed to altogether from political consi- cident that the War Production
plan and administer economic as- derations. A complete separation Board in the United States during
sistance contributed by all its in- is impossible; nor do I think it's World War II was manned almost

nan

\;

.

had

have

are used to getting a job done—
who are capable of organizing a

aDDear

v,

who

proven themselves m the exactrag, competitive environment of

success

one

all,

experience

in economic
development-who already have

but

group,

after

men,

contributed®" ,aid'th! ttae has come I am against each other, and a more
to be isolated
There is
little else; balance of payments convinced, to take a completely rational approach to the allocation
broad pattern of
To which grants that merely postpone an new approach-one which is cap- 0f scarce aid funds could be
noint
And most telling
unpleasant
day
of
reckoning. able °f mobilizing and making adopted. Coordination of foreign
the neonfes of the lesser-devef- When the history of Aid to Latin effective use
of the very great aid programs of donor countries
ODed countries
to be mak- America finally comes to be writ- resources
which the industrial _so urgently needed—would be
ins too slow
Batherthan ten>
I suspect that the balance countries can make available to brought about automatically.
nafrowinelheeanlnTiVine stand- of Payments form of assistance the lesser-developed world. I have By this I don't mean to imply
arris
the
between them and may be seen to have done more In ,")lnd.
® crea " 0 a "cw that foreign aid could be divorced
Continued

that the

Bank and the IMF already bears

r\

J.

propose

Indeed, I would

are

Experi- actual operation of the new orga-

Proposes New Foreign Aid

•

1

A

i

than

pressures

individual governments.

^

J

political

to

look at Cuba

and China to see the answer.

Thursday, December 27, 1962

.

There is another aspect of this

World

new

Aid

-

Organization

No Short Cut to Economic
Progress

>

emphasize:

The course of economic devel-

namely, its close cooperation with

opment is not an easy one. There

the

is

which

I

want

business

munity

of

and

to

financial

the industrial

com-

nations,

no

ress.

short cut to economic progIt

has taken

the

combined

efforts and
tions

to

Number 6224

196

Volume

skill of many

produce

The Commercial and Financial Chronicle■■

.

(2655)

Bank, Philadelphia, Pa. promoted

The Dime Savings Bank, Brooklyn,

NEWS ABOUT

great

Harry T. Enssler, G. Odell Fletcher
and

economy.

Even the Chinese Com¬

N. Y.

munists

have

in

the

that

all,

the

gradual

a

in

Consolidations

Branches

New

•

Revised

Officers, etc.

New

•

was

Capitalizations

also

mortgage

~

nations

the

have

must

who

ones

They

who., must

improvement;

self

real

provide

of

bulk

the

Vice-Presidents

to establish an en¬

who need

and

was

the

of

E.

conducive

to

progress.

there still remains a vital

Peter

York,

announced yesterday,

the

of

Free

institutions

branch,

„

underdeveloped

come

has

clearly

man

The

countries.

time

to take

Stewart,

New

the

issued

following announcement:

.

all

involved.

be

the

cannot

•

Haugen is Director of peradministration

I

-Hion

ef¬

convinced, is the

am

of

establishment

multina-

new

a

is responsible

supervision
search

\ Mr.

for general

Board,
,

tirement date,

economic

re-

recent

public

and

relations

di-

Flanigan,

f

Committee,

could

capital and manpower

izing both
in

a

organization would bear
of

vitality

society.

free

our

the

be

strength

the

testimony to

could

It

Communist
beside
it,
insignificance.

pale; ■ into

an

and

never

standing

programs,

living

has

before.

experienced

Such

world

the

way

would

mobil¬

channel for

the

be

of

means

trans¬

War

cember

L1

In

bank's

the

for

1957,

1950 to

the

to

respecuve duties on Juiy i:

department. •he

United

r

the

McNeill, Jr., Chairman of
Executive

Chief

and

officer;

ap-

was

e.

Board

jobn

A

Kley,

County

Gabriel

Hauge, President.

of service

"ce!Sen?In l^" when £

Mr.'

was

25

*

years

of

Plains

White

nounced that

*

Bank

N

the

to

comes

Pittsburgh

to

-

Y

the

$8,000,000 by

an-

from

Vice-

Ravenna" °hio- Other earlier exPerience includes service with the
Central National Bank of Cleve-

Surplus

transfers

was

-

of

land*
Mr. Vaughn attended John Car-

roll

University,

special-

acquired

ized training through American
—- of Banking and is a grad—
Institute

MarIne MlcUantl riust Compa,,y
of
Southern
New
York
Flmirn
N_ y
^ begn g.yen ap'
£ uate of the School of Banking at
the University of Wisconsin.

increase the par value of all pre-

viously authorized shares, and
the

from

amount

$2,673,000

an

..

.The Commercial Bank & Trust

of capital

Company will have initial Capital

consisting

and

Surplus

of

and

$5,000,000,

of 132,000 shares of the par value plans to be open for business in
$3>300>000 con_

its

building at Eighth

new

is presently Vicefusing into the developing nations
was placed in charge of personnel
Chairman of the Board, Mr. Mcsome of the lifeblood of free en¬
administration. Earlier this month Neill is President, and Mr Northterprise, for the leaders would be

just as dedicated to such a system

9' Be(verich> Assistant Vice-Presiderds' were elected Vice-Presi-

and

siting of 132,OM^shares of the par Penn Avenue in February.

bank's

the

I

en

since 1957' and was Previously
Cashier and Secretary of the Board
of the SGC0nd National Bank,

West-

of Direc-

Board

increased

had

of $2025 each>

^

b

President and member of the Execu.tive Committee of the First
National Bank of Canton. He has
been Chairman of the Board of the
Windham Bank, Windham, Ohio

The

White

Dec. 22.

on

National

Chester

of

Company,

*

The

stock

Eugene S. Northrop, Vice-Chair-

h

Jr

Canton, Ohio, where he

*

President

Trust

increase in

voTf^!nHaw«SnromotedretnSUAr=fi0tn
1951 and
promoted to Assist-

*

Vaushn

H

,

He
*

Account of the bank from $7 500

assumfe their

lowing officers to

training

special

assigned

was

selected

was

frorn

and

program,

btates

he

1948

advanced to Senior

were

°
GC if 7 rial Bank & Trust Company, Pitts^ °ecembfrn31' burgh. Pa.
banks said De-

20.
*

000

Payne

The Board of Directors of Pittsburgh National Bank, Pittsburgh,
Pa. approved the transfer of $9,000,000 from undivided profits to
surplus. The transfer brings the
total capital and surplus of the
Bank to $90,000,000.
:
;
#
... y
#

the

II, when he was in the U. S.

Army.

he

joined

who

Haugen,

Division

Estate Planning Officers.

William S. Gray, formerly Chair- $250,000 each' from Reserves and
bank in 1935, served at the Pro- man of the Finance Committee, Undivided Profits.
good that lies in such an organi¬
duce Exchange branch until 1948, the Boaid of Directors announced
}[.
;I.
^
zation would be unsurpassed. It
exqept for five years during World its intention of electing the folMidland
Trust
Comnanv
Mr.

suggested. The power for

have

I

Estate

n

of- both

tors

and

Planning

*

of

Chairman

formerly

L.

ap-

C.

Horace

of

officials

J.

the

and in view of the

(retirements

Executive

the

of

June 30, his normal re-

on

the

of

Charles

of

Chairman

now

forth-

the

of

retirement

Stewart,

visions.

organization of the type

aid

and

-

for more

step

anticipation

coming
Mr.

sonnel

:

-

John D. Wilson

Carl E. Haugen

Wilson

essential

An

fective aid,

In

do;

nations must

industrial

the

of

alone

States

United

that

something

is

This

Financing

Vice-

to

Bank's

James M. Arrison, II and Howard

1.

Plains, N. Y„ completed

hard, critical new look at foreign
aid.

Both

Jones

the

White Plains ^ ^x3e'
the latter s name and of the newly organized Commer-

Chair-

Board, and R. E. Mc-

President,

Jr.,

and

W.

In

Company

N. J under
hn.i.Su

XT

Company,

J.

Bank,

Vice-President

officer.

Manufacturers
~

Trust

of the

Neill,

a

elected

Nelson

Presidents.

*

Trust

*

of

Charles

York,

yet, to the harm of the

worse

Welty,

McK.

*

m

Hanover

ed, not only at a cost to ourselves,

Street

meeting of the Board

a

Directors

of

m

W.

Robert

Savings

of

*
*
y
William W. Wilson has been elect€d a Vice-President of Long
Island Trust Company, Garden
City, N. Y.
*
:|!
*
The merger of The Gramatan National Bank and Trust Company
of Bronxville and; The County

branch^ J (•
*

Following

radical

Alan

and

28th Street

reform. Resources are being wast¬

but

district;

mm

needs

J.

Bernard

<Broadway-40th

Deuchar,

industrial nations

role

L.

Martin, Wall Street and financial

support¬

World.

that

Today

.

department;

tronics

ing role to be performed by good

neighbors;—the

John

and

Corcoran

H. Dickerson, aerospace and elec-

it

y

But

„

department,

economics

Ivers, petroleum department. Roy

vironment of law and order which

is

Olsen,

Chase

New

Bank,

Manhattan

tjhe savings and technical skills;

H.

have been promoted to Senior

son

desire for

John D. Wil-

Carl E. Haugen and

capacity

pointments effective Jan.

hands

the

themselves.

peoples

the

are

in

rest

must

the

of

Brooklyn

and

for

Vice-President

a

administrative

Brooklyn N. Y. Vincent J. Quinn

underdeveloped

the

elected

was

an

the

Above

one.

responsibility

final

progress

BANKS AND BANKERS

of industrializa¬

process

tion must be

admitted

finally

19

Thomas S. Sites, Vice-President of

genera¬

own

our

.

.

I

Communists

the

as

to theirs.

are

nothing but good that could

see

Wilson

Mr.

it.

of

come

the

by Mr. Champion before
York
Chamber of
Commerce,

address

New

New

Dec. 4,

City,

York

the

following

man

banking
Harri¬

Brothers

Brown

the

& Co. has announced

ap¬

pointment of James C, Bard as an
Assistant
Prior

Manager of the firm.
to

Salle

La

South

135

Street, as an account manager
Mr.

1960,
Miami
as
a

a

dents

Virginia

and

the

is

Treasurer

a

of

Mr. Bard is

of

Trustee

the Henrotin Hospital in

Chicago.

The

office

Chicago

Harriman

&

Brown

of

is

Co.

en¬

gaged in the investment advisory
and

institutional

brokerage

York

New

•

busi¬

ness.

Trust
an-

was

Henry C.Alex-

4.*

n/r

j

The Grace

t

*

*

Fitch and

-

Daniel

Franklin

/—11

sistant

Cashier to Assistant Vice-

Robert F. Dall to As-

President;
sistant

G.

Cashier;

K.

James

and

Ryarij Jr.} to Assistant Trust Officer

*

*
rwvL.

4.

i.

n/r

*

*>

i

<•

ir

-%.t

i

tppointed: Mortimer J. Glee- The Merchants Bank of New York,

John
m

F

7.

Madison
F.

Snvder

James

T

'
if i'T
V
general banking; Joseph

'Guaranty's

Morgan

in

Cook

;;

A

has

«iVen

been

crease its
706 25

g X.

office; and David

the

in

Fifth

Avenue

following

Assistant

shares

147 953

cfthepar value of $6.25 each
$943,200.00

appointed

were

Treasurers:

c'.

Arthur

O.

Kemp

Eschenlauer,

Fell, Jr., William E. Pike,

same

*
Ross

D,

+

+

Hill

Dime

Savings

Hill,

Thomas O.

and

Treasurer

all-in

Jr.,

division;

banking

the

general

Stanford

H.

*
has

par

to

who

ern

also

of

the

*

A"

a,- ftnft

ftftn:

was

.

„

„

nr

p

plus account of the National Shaw-

Dec. 24.
Mass. has
Z
ri3"
*
*
*
voted by the Board of Di- The Comptroller of the Currency
rectors. The $25,000,000 surplus james J. Saxon on Dec. 14 ap-

mut

^Ut

Bank

of

Boston,
v

has

account

been

increased

Mnnnnnnfltw,il.j«b.fl«e*ornf

to

nroved

division.

Officer

The
New

111.

CHICAGO,
Marr

vice
&

has

been

president

Co.

—

Lawrence

elected

of

A.

G.

N.

assistant

Becker

Incorporated, 120 South La

Salle Street, members of the NewYork

Midwest

and

changes. Mr.
the

firm's

Marr

trading

Stock

Ex¬

is manager

department.




of

First

York,

Hoguet

Jr

*

elected

New
a

National

elected

City

Bank,

Robert

L.

Executive Vice-Presi-

dent and Norris O. Johnson Senior

to

merse

000,000 from the undivided profits Chester, Ohio into The Huntington
.

,$

yalu

^

^

iumbus

.g $10 000000.

i

»

Ohio

Ohi0'

#

*

*

t.
,

—^

,

_

m

n

u

i

effective

after

on or

*
A

__

^

.

York.

^0n?panf'

Bank,

.

Barrow,

to Vice-Presidents.

t

Citizens National Bank, En-

has

the Real Estate and Mortgage De-

bave J*1" pr?.m°!ed 9barle^

Mass>

elected John L. Shannon, a Vice- Wendell W. Snider, Jr., James R.
President.
Ware and Kenneth F. Hoffmaster

Trustee

fJev^ood.'

Goetschius and H. Fred Mittler,
Vice-Presidents.

*

York, has announced that William

*

annlication

Thp
aPPminil nf thP Z A^
account- the capital account ot tne National Bank of Columbus, Coappmint

*
*
*
The Excelsior Savings Bank, New The First National Bank of Som-

*

the

proven tne appucauon to merge

«

$30'000'000 through transfer of $5,- The Peoples Bank, Canal Win-

partment.

the personal

merge

Bank of Richmond, Virginia, and
The Pe°Ples National Bank &
Company of Lynchburg,
Lync!!burff' V,rffinla' on or after

announced

fice; Victor H. Prendinger, Jr., in

Marr Named

Comptroller of the Currency
—

VtaiMa'Tnd

Brainerd, in the Fifth Avenue of-

*

2^.

James J- Saxon on Dec. 17 ap-

*,/

*

'

been Vice-President in charge of

*

after Dec.

The State street Bank and Trust The Northern Trust Co., Chicago,

been

is

or

The

i

wIsU

Company of

New York

value.

*

Bank,

on

^New York*5 office' 'of"The Proved the application to

M«in?TruIt

150,912

Executive Vice-President of Union
Mr.

Williams, Frederick C.

of

consisting

Robert McK. Rex, Peter B. Smith,

Witsell,

.no/t

.

capital stock from $924,-

consisting of

shares of the

°ffice-

John R.

app,

.

in-

to

annroval

yf'

...

iVA01fan ^uarantys /Ub.20 consisting ot 14 / yw snares Bank consisting 0f 800,000 shares
Avenue

\

Jardine,
The

,

.

Smith, Jr., from As-

T.

Montrose, Montrose, Pa., effective

*11*

^ Manager trad^in^th^MuI

National Bank of New

following

Baysville, ■ LeRaysville, Bank and
Pa,, of
The
County
National

Y

The appointment of William N.
Robertson as Manager trading, and
.

a—ced the

Vice-Presidents

Assistant

Five

*

were a

Dozier,
Brothers

Vice-Presi-

as

ander, Chairman of the Board.

W

University
a

,-j

promotions:

and

ehLLr WhUeTlai^"^
chestel> Whlte p»ains' N'

elected an Honorary Director.

: V-Vork'

-

Morgan, Guaranty

of

in
it
the Wallis,

of
Vice-President

and

A

«

Claude, Jr.

.

Company

son

six years

for

security analyst.

of

with

was

Corporation

graduate

and

Bard

•

'

Abram

Harri¬

Brothers

Brown

Co.,

ated by the resignation of John M.
Frankiin. Mr. Franklin has been

the

of

Election of E. Ware Cady, Jr.

4.

&

man

charge

public relations divi-

N

>

of

office

in

nounced Dec. 21 by

Chicago

the

joining

and

Si0nS"*

of

appointed

was

year

and

1953

sibility over both the economic research

firm

in

*
*
*
The Comptroller of the Currency
James J. Saxon on Dec. 20 appr0ved the application to merge
The First National Bank of Le-

^

.Executive Vice President. Walter F. Smercak and Frederick

Mr. Northrop has been elected
Director, filling a vacancy ere-

Milo B. Hopkins, also an Execueconomic research department. In tive
Vice-President, has
been
1961 he assumed general respon- elected an Honorary Director.

Harriman Names
111.—The

a

-

joined the bank as

Vice-President

1962.

Brown Brothers

CHICAGO,

•

.

consultant

business
*An

also placed un-

was

his supervision.

der

un

management develop-

ment division

Hauge

*

*

*

The recently organized Hartford
pjaza Bank, Chicago, 111., Dec.-19,.
wag

jssue(j

Illinois

Rs" charter

the

of Fi-

nanciai Institutions.

€irset County, Bound Brook, N. J.,

J. Tabert was promoted to Assist- elected John G. Powlison a Viceant Vice-President, and William President.
M. Ryan to Assistant Treasurer.
v
*
*
*
*
•
The First National Bank of Jersey

by

Department

State

.

Tnitialcapia
ls*'
0™. ^nc\udl"S 10'°^ shar®s ^
Si
'
$250 00i0 surpl^^/"operatina exi

^

n nnn

City, N. J., promoted Kenneth F.
Albers
to
Vice-President; P
rad F. Ahrens, investment research Dime Savings Bank of Brooklyn, Robert
L. Carhart to Assistant
Lawrence W. Nortrup, is
department, trust division; Philip N. Y., announced that Carmine P. Vice-President,
President, and John P. Bent is
J. Orsi, investment advisory de- Anzalone,
and
Ralph • E.
Erb,
*
*
*
Board Chairman. The bank'is expartment, trust division, and Leif were named "Vice-Presidents.
The Girard Trust Corn Exchange pected to open April 1.
Vice-President

and

Economist.

Elected Vice-Presidents

were

Con-

George C. Johnson, President and

Chairman

of

the

Board

of

The

N.

\

The Commercial and

Financial Chronicle

.

.

.

Thursday, December 27, 1962

(2656)

20

* INDICATES

in

Now

Securities

of

Ave.,

Park

Office—230

debt.

Y.

N.

$13. Business

Underwriters—

Registration statements filed with
the SEC since the last issue of the "Chron¬
icle" are now carried separately at the end
of this section "Securities Now in Registra¬
tion." Dates shown in parenthesis alongside

Amerel Mining Co.

—

not, in general, firm offering dates.
Also shown under the caption "Effective
^

those issues which became
this week and were offered pub¬
are

licly.

American Bolt & Screw Mfg.

Fidelity

ing capital. Office—3500 N. W. 71st St., Miami. Under¬
writer—Givens, Marx & Co., Inc., Miami. Note—The SEC
has issued an order temporarily suspending this issue.
Steel Corp.

S.

March 29, 1962 filed 100,000 common. Price—$4.50. Busi¬
ness—Sale of processed flat rolled strip steel.
Proceeds

equipment, and working capital.
Northern Blvd., Corona, N. Y,
Under¬
L. Madoff, N. Y.

—For debt repayment,
Office—126—02
writer—Bernard
Abbott

Realty Fund, Inc.
June 29, 1962 filed 380,000 class A common. Price—$10.
Business—Real estate ownership and management. Pro¬
debt

ceeds—For
poses.

repayment and general corporate pur¬

Office—292 Madison Ave., N. Y. Underwriters—
Inc., N. Y.

Morris Cohon & Co. and Street & Co.,

Accounting Corp. of America
5, 1962 ("Reg. A")
300,000

Dec.

Price—$1.

common.

electronic data processing
service. Proceeds—For expansion, equipment and work¬
ing capital. Office — 37 Brighton Ave., Boston. Under¬
writer—Walker, Wachtel & Co.* Inc., Bostom-Business—Operation

of

an

Finance

American

(1/7-11)
Price—$3. 'Business
—Company has beeii engaged in experimentation on
aerodynamic concepts and holds ten U. S. Patents relat¬
ing to advanced vertical lift vehicles and systems for
achieving controlled vertical flight. Proceeds—For addi¬
tional equipment, research and development, plant fa¬
Aerosystems Technology Corp.

Aug. 29, 1962 filed .165,000Tcommon.

cilities and other corporate purposes.

Aiken

Office—Route 15,

Underwriter—Chase Securities Corp., N. Y.

Sparta, N. J.

Savings Trust

gaged in the automobile sale finance business. One ad¬
ditional subsidiary is a Maryland savings and loan asso¬
ciation and two are automobile insurance brokers. Pro¬
ceeds—For the retirement of debentures, and

real

investment

estate

trust.

Proceeds—For

investment.

Address—Florence, S. C. Underwriter—None.
Air

Master

Office—20th Street and Allegheny Avenue, Phila¬

Pa. Underwriter —
Boston. Offering—Indefinite.

Clayton Securities Corp.,

tures

due

Properties, Inc.
1962 filed $5,000,000 of conv. subord. deben¬
1977. Price—At par. Business—Company and

subsidiaries

emphasis
in

conduct

on

general real estate business with
development and home construction

land

Corp.

11, 1962 ("Reg. A") 60,000 common. Price—$5
Business—Company plans to sell "puts and calls" and
may act as a broker-dealer.
Proceeds—For general cor¬
porate

Office—120 Broadway, N. Y.
Y.

purposes.

writer—Provost

Under¬

Securities. Inc., N.

a

Fla., Md., N. Y., and Ky. Proceeds—For repayment

izing

in

health,

life,

casualty

accident

and

insurance.

Kalakaua Ave.,

Office—1523

investment.

Underwriter—American

Honolulu.

Pacific

Management

•

Plan'

American

March

m
'

over-the-counter securities
....

curities
and

will

filed

offered

be

in

units

of

one

$20

debenture

share.

one

and

Price—By amendment. Business—Pro¬
servicing of physical damage insurance on

automobiles, trucks and mobile homes. Proceeds—To fi¬
nance the purchase of American Fidelity Fire Insurance
Co. Address—American Plan

Bldg., Westbury, L. I., New
York. Underwriter
Bear, Stearns & Co., New York.
Note—This registration will be withdrawn.
American

Southwest

Realty

Trust

Feb. 12, 1962 filed 1,000,000 common. Price—$11.
Busi¬
ness—A real estate investment company. Proceeds—For

investment.

Office—800 Hartford Bldg.,

writers—Kidder,
Pierce &

Peabody

&

Co., N.

Y.

Dallas.

and

Under¬

Rauscher,

Co., Inc., Dallas. Offering—Indefinite.

East, Inc.
13, 1962 filed 400,000 common.

equipment, debt repayment and new
Blancke, Linden, N. J. Un¬
derwriter—John R. Boland & Co., Inc., New York. Of¬
inventory,

Office—1570 W.

fering—Expected in January.

j/SIEGEL

v

%Jnc.

1942

of New York Security Dealers Association
39

$1,000 debenture and 100 shares.
Price—
unit. Business—Manufacture of amplifiers and
equipment for musical instruments. Proceeds

one

per

products;

BOUGHT-SOLD-QUOTED
for Banks, Brokers, Institutions

Members

of

accessory

—For

ISSUES

ESTABLISHED

:j

29, 1962

$1,020

r::

a

Ampeg Co., Inc.
Oct.

units

««NEW

fjfu/i

Price—$2.50. Busi¬
ness—Development, construction and management of
real estate properties.
Proceeds—For construction, debt
repayment and working capital.
Office—173 First St.,
Macon, Ga. Underwriter—Nusouth Growth Stock Sales
Corp., 4101 Steam Mill Rd., Columbus, Ga.

("Reg. A") $294,000 7% conv. subord. de¬
bentures due 1972 and 29,400 common to be offered in

specializing in

Price—By amendment

(max. $6). Business—Manufacture of home aquariums,
supplies.
Proceeds—For moving expenses, equip¬
ment, debt repayment and working capital. Address—Route 46, Pine Brook, N. J.
Underwriter—Divine &
Fishman, Inc., N. Y.
and

Controls, Inc.

1961 filed 50,000 common. Price—$4.
—Design, manufacture and installation of
Dec. 28,

Business

electrical,

pneumatic, hydraulic and mechanical systems, controls
indus¬

and devices to control and automatically operate
trial

machinery and processes. Proceeds — For general
Office—3601 Merrick Rd., Seaford,

corporate purposes.

Underwriter—S. Schramm &

N. Y.

Automatic

Merchandising,

Co., Inc., N. Y.

'

Inc.

May 24, 1962 filed 225,000 common, of which 125,000 are
to be offered by company and 100,000 by stockholders.

(max.. $8).

amendment

Business—Company

ment, inventories, equipment and working capital. Of¬
fice—217 N. Willow Ave., Tampa.
Underwriter—A. C.

Bank "Adanim"

Mortgages & Loan Ltd.

1961 filed $556,000 of 6% cumulative prefeferiee
dividend participating dollar-linked shares.
Price—By

Dec. 29,

A mortgage lending company.
corporate purposes.^ Address—
108 Achad Haam St., Tel-Aviv, Israel. Underwriter—
Adanim American Israel Investment Co., Inc.

amendment.

Business

Proceeds—For

Basic

—

general

Inc.

Properties,

1962 filed 400,000 class A common. Price—By
amendment
(max. $12). Business—Real estate invest¬
ment.
Proceeds—For debt repayment, acquisition of a

June

29,

building and other corporate purposes.

Ave., N.
Underwriter—Hornblower
Offering—Indefinite.
Belock Instrument

Corp.

$3,100,000 convertible debentures
1982, and 155,000 common (of which 120,000 will be
by company and 35,000 by a stockholder). The se¬
1962

30,

Americana

Ma/(a^ h

Paul, Minn.

Office—521 Fifth
& Weeks, N. Y.

Corp. (same address).

Nov.

rfftADING

ing capital.
Office—668 Jenks Ave,, St. Paul, Minn.
Underwriter—Pewters, Donnelly & Jansen, Inc., St.

•

American Pacific Fund, Inc.
July 9, 1962 filed 94,500 common. Price—Net asset value.
Business—An open-end management company special¬

—

All-State

April 24,

Options

April

duction

delphia,

humidi¬

Proceeds—For equipment, inventories and work¬

Allyn & Co., Chicago.

of natural gas. Proceeds—For debt repayment and
expansion. Office — 546 S. 24th Ave., Omaha. Under¬
writer—Cruttenden, Podesta & Miller, Chicago.

storm windows and doors,

poses.

Price—$1.50.

of Misti-Cone

sale

—

sold

and other aluminum products.

sale

operates, owns, services and leases coin-operated auto¬
matic
vending machines.
Proceeds—For debt repay¬

May 26, 1961 filed 180,000 common, of which 90,000 will
be sold for company and 90,000 for stockholders. Price—
By amendment. Business — Manufacture of aluminum
Proceeds—For working capital, and other corporate pur¬

fiers.

Price—By

(1/14-18)

-

$1,685,000 of 6V2% convertible sub¬
ordinated
debentures
due
Sept. 1, 1977; also 275,000
common. Price
For debentures, at par; for stock, by
amendment. Business—Transportation, distribution and
March 26, 1962 filed

due

Corp.

Co.

Gas

and

Business—Manufacture

additional

capital funds. Office—1472 Broadway, N. Y. Underwriter
—Myron A. Lomasney & Co., New York. Offering—Jan.
American

Control, Inc.
("Reg. A") 200,000 common.

Automatic

warrants, to be offered in units of one $200 debenture,
30 shares, and 10 warrants. Price—$500 per unit. Busi¬
ness—Company and its subsidiaries are primarily en¬

-

,

Atmosphere
May 28, 1962

v

April 21, 1961 filed $500,000 of 6% convertible subordi¬
nated debentures due 1972, 75,000 common, and 25,000

Proceeds—For

Aug. 22, 1962 filed 100,000 shares of beneficial interest.
Price—$10. Business—Company plans to qualify as a

Inc.

Co.,

„

Co.,

Publishing

Dec.

& Miller, Chicago.

tenden, Podesta

Proceeds—For debt re¬

1900 W. Slauson Ave., Los Angeles.

Aquariums Inc.
5, 1962 filed 51,200 common.

Corp.

4, 1962 filed 500,000 common. Price—$11. Business
—A small business investment company. Proceeds—For
investment.
Office—423
E. Market St., Indianapolis.
Underwriters—Reynolds & Co., Inc., N. Y., and Crut-

American
•

L. I.

June

Forms, Inc.

July 27, 1962 ("Reg. A") 51,500 common. Price—$3.50.
Business—Manufacture, design and development of busi¬
ness
forms.
Proceeds—For debt repayment and work¬

L.

other cor¬

porate purposes. Office—Lawson Blvd., Oceanside,
N. Y. Underwriter—S. D. Fuller & Co., N. Y.
American

A.

Corp.

repayment, equipment and

debt

ceeds—For
i

Business

ABC

(

(1/14-18)
Dec. 15, 1961 filed $900,000 of 6% convertible subordi¬
nated debentures and1 90,000 common,
to be offered
in units consisting of one $100 debenture and 10 shares.
Price—$100 per unit. Business—Manufacture of standard
and special industrial aircraft and missile fasteners, pro¬
•

—

Inc.
Jan. 29, 1962 ("Reg. A")
103,000 common.
Price—$2.
Business—Publishing of a bowling magazine. Proceeds
—For general corporate purposes.
Office—14 W. 55th
St., N. Y. Underwriter—Dana Securities Co., Inc., 80
Wall St., N. Y. Note—This letter will be withdrawn.
Ascot

Under¬

80 Richmond St., W., Toronto.
Toronto.

—

writer—E. A. Manning, Ltd.,

are

effective

Office

penses.

company's name, and in the index, re¬
flect the expectations of the underwriter but

Manufacture, purchase and sale of ice

Underwriter—None.

Price—500.

shares.

is engaged in exploration, de¬

company

velopment and mining. Proceeds—For diamond drilling,
construction,
exploration and general corporate ex¬

the

Registrations"

payment. Office

Ltd.

July 31, 1961 filed 400,000 common
Business—The

—

ISSUE

REVISED

and other dairy products.

cream

To be named.

NOTE

ITEMS

•

ADDITIONS

PREVIOUS

SINCE

Corp.

1962 filed $1,400,000 of 6% conv. subord. deben¬

Nov. 23,

tures, due
1975
(series A).
Price—By amendment.
Business—Design, development, and manufacture of me¬

chanical,
electromechanical and electronic precision
equipment for U. S. armed forces. Proceeds—For pre¬
payment of loans.
Office—112-03 14th Ave., College
Point, N. Y.
Underwriter—Carl M. Loeb, Rhoades &
Co., New York.
Belock Instrument Corp.
Nov. 23,

1962 filed $752,400 of 6% conv. subord. deben¬

tures, due 1975 (series B) and an unspecified number of
common
shares to be offered by subscription in units

(7,524) consisting of $100 of debentures and an un¬
specified number of shares, on the basis of one unit for
each 130 common held.
Price—By amendment (max.

$210). Business—Design^ development, and manufacture
of mechanical, electromechanical and electronic precision
equipment for U. S. armed fprces. Proceeds—For pre¬
payment of loans.
Office—il2-03 14th Ave., College
Point, N. Y. Underwriter—None.
Bene

1

Inc.

Cosmetics,

2, 1962 ("Reg. A") 100,000 common. Price — $3.
Business—Importation, sale and . distribution of Italian
cosmetics. Proceeds — For advertising, inventory and
March

working capital. Office—114 W. 13th St., N. Y.
writer—Granite Securities, Inc., N. Y.

Under¬

Big Top Stores, Inc.
26, 1962 filed 86,000 common. Price—$3.50. Busi¬
ness—Operation of live retail toy, stationery and variety
Nov.

stores, and the servicing of franchised dealers. Proceeds
expansion, additional inventory, and working cap¬
Office—832 Scarsdale Ave., S'carsdale, N. Y. Under¬

—For

ital.

writer—P.

J.

Gruber

Blue Magic

Antenna Systems, Inc.
Sept. 28, 1962 filed 35,000 common. Price—By amend¬
ment
(max. $30). Business—Design, manufacture and
installation of large microwave antennas and antenna
components.
Proceeds—For reduction of bank loans,
and working capital.
Office—349 Lincoln St., Hingham,

July

Mass.

&

Co., Inc., N. Y.

Co. of Ohio, Inc.

Price—$4.

Busi¬

Indefinite.

Underwriter—None.

16,

1962

filed

ness—Manufacture
starch

for

100,000
of

household

common.

liquid
use.

plant expansion and working

starch, a rinse, and spray
Proceeds—For equipment,

capital.

Office—901 Flor¬

AVe., Lima, Ohio. Underwriter—Hallowell, Sulz¬
berger, Jenks, Kirkland & Co., Philadelphia. Offering—

ence

Broadway, New York 6, N. Y.

Arden Farms Co.

TWX: 212-571-0320

Dlgby 4-2370

Direct Wires

to

' "y

Los Angeles
WOODCOCK, MOYER, FRICKE & FRENCH, INC., Philadelphia
R. J. HENDERSON & CO.. INC.,




Brewer

(J. W.)

Co., Inc.

("Reg. A")

May 23, 1962 filed 49,993 shares of $3

Nov.

ferred

Business—Distribution

for
on

cumulative pre¬
shares being offered

stock and 205,105 common
subscription by stockholders of the respective classes

the basis of

date for both

one

new

share for each

10 held.

Record

offerings is Nov. 21 and the rights expira¬
tion date Feb. 15. Price—For preferred $52; for common

and

29,

120,000 common.

Price—$2.

of automatic dispensing,

cooling

ice-making equipment through a lease service pro¬

gram.

tal.

1962

Proceeds—For debt repayment and working capi¬
Under¬

Office—3650—51st Ave., Sacramento, Calif.

writer—Mason

Brothers,

Oakland.

Volume

Brinkmann
March
shares

.

.

by

Central Mutual

100,000 common, of which 77,420;
offered by the company and 22,580

be

Price — By amendment (max.
Importing and distribution of scien¬
Proceeds—For research and develop¬

stockholders.

Business

—

instruments.

other corporate
Office—115 Cutter Mill Rd., Great Neck, N. Y.

ment, equipment, debt repayment and
purposes.
Underwriter—D.
•

Buddy L.

B.

Marron & Co., N. Y.

Corp.

1962 filed 225,000 common. Price — By amend¬
ment (max. $10).
Business — Design, manufacture and
sale of various type toys. Proceeds—For a proposed ac¬
quisition of another toy company. Office—200 Fifth Ave.,
N. Y. Underwriter—Milton D. Blaur-er & Co., Inc., N. Y.
April 2,

C-Thru

Products, Inc.-

East

payment.

St., Jacksonville,
Inc., same address.

Santurce, P. R.
•

ley

sale pro-?

vertical tray lift systems, floor and over¬
systems, etc. Proceeds—For working capital.
Kirk Blvd., Greenville, S. C. Underwriter—

tow

Office

—

13, 1962 filed 100,000 common. Price—$3.50. Busi¬
ness—Company plans to publish classics. Proceeds—For
general corporate purposes. Office—339 W. 51st St., N. Y.
Underwriter—S. B. Cantor 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 re¬

payment and working capital. Office—324 E. Bixby Rd.,

Long Beach, Calif. Underwriter—To be named.

(1/2-4)

Price—$3.50. Busi¬
ness—Design and manufacture of infants' nylon "stretch"
wear.
Proceeds—For debt repayment, working capital
and general corporate purposes. Office—725 Broadway
N. Y. Underwriter—Alskors Securities Co., N. Y. ;
July 27, 1962 filed 110,000 common.

Child

Inc.1'

^

12, 1962 filed 200,000 common, of which 120,000 are
the company and 80,000 by stockhold¬
ers.
Price—$5. Business—Manufactuer of women's and
children's tailored panties. Proceeds—For debt repay¬
ment, inventory and working capital. Office—Fajardo,
Puerto Rico. Underwriter
Schweickart & Co., N. Y.
to be offered by

—

Offering—Temporarily postponed.
Cameron Iron Works, Inc.
Sept. 14, 1962 filed 280,000 common.

Price—By amend¬
Business—Manufacture of equip¬
ment used in the petroleum and processing industries.
Company also makes forged metal products used in the
aviation, missile and atomic industries. Proceeds—For
selling stockholders. Address—P. O. Box 1212, Houston,
Texas.
Underwriters—White, Weld & Co., Inc., and
Lehman Brothers, New York. Note — This registration
may

(max.

$21.50).

be withdrawn and then refiled.

Canaveral Hills

Enterprises, Inc.

May 10, 1962 filed 100,000 common. Price—$5. Business
—Company was formed to own and operate a country
club

and

golf course, swimming pool and cabana club,
near
Cape Canaveral, Fla., and develop real estate,
erect homes, apartment houses, motels, etc.
Proceeds—
For debt repayment and expansion. Office—309 Ainsley
Bldg., Miami, Fla. Underwriter—Willis E. Burnside &
Co., Inc., New York. Offering—Expected in January.
Academy, Inc. (1/7-11)
'
June 29, 1962 filed 100,000 common.
Price—By amend¬
ment (max. $3.25). Business — Operation of technical
schools.
Proceeds—For debt repayment, expansion and
general corporate purposes.
Office—135 W. Wells St.,
Milwaukee. Underwriter—Divine & Fishman, Chicago.
•

Career

Hospitality Services, Inc.
' *■
14, 1962 filed $500,000 of 8% debentures due 1969.
Price—At par
($1,000).
Business—Company plans to
Castle

Dec.

offer management and

furnish

with

consultant services to motels and
equipment.
Proceeds—For general

purposes.

Office—1068 S. Ocean Blvd., Pom-

them

corporate
pano

Beach, Fla.

Underwriter—None.

Cedar Lake Public Service Corp.
March 20, 1962 filed 9,964 common. Price—$100.

Business
Company plans to qualify as a public utility and
furnish
water
and
sewage
disposal services in and
around Cedar Lake, Ind. Proceeds — To construct a
sewage disposal system. Address — R.R. N. 3, Box 28,
Cedar Lake, Ind. Underwriter—None.
—

Center

Star

Gold Mines,

Inc.

April 10, 1962 ("Reg. A") 2,000,000 common. Price—15c.
Business—For

exploration, development and production
deposits. Proceeds — For mining expenses.
Address—Box 469, Wallace, Idaho.
Underwriters—Pennaluna & Co. and Standard Securities, Inc., Spokane,
Wash. Offering—Expected in early 1963.
of

1962

ceeds—For

Bronx,

N.

mineral

Central Maine

Raceways, Inc.
Oct. 26, 1962 filed 450,000 common. Price—$1. Business
—Company conducts commercial parimutuel harness
racing meets. Proceeds—For debt repayment, purchase
of land, and raceway improvements.
Office—33 Court
St., Auburn, Maine. Underwriter—None.




Office—1125 Close Ave.,
Underwriter—J. R. Williston & Beane,

Y.

capital.

Builders, Inc.

Circle K Food Stores,

Inc.

(1/14-18)

,

• Conso
Products, Inc.
Sept. 27, 1962 filed 125,000 common.

Price—By amend¬
(max. $10). Business—Manufacture of home fur¬
nishing trimmings and accessories. Proceeds—For ma¬
chinery and working capital. Office—27 W. 23d St., N. Y.
Underwriter—H. Hentz & Co., N. Y. Offering—Feb.
ment

Consolidated

28, 1962 filed 96,000 common, of which 64,000 are
to be offered by company and 32,000 by stockholders.
Price—By amendment (max. $6.25). Business—Opera¬
tion of retail drive-in grocery stores.
Proceeds—For

expansion and, other corporate purposes.
Office—904
Magoffin Ave., El Paso. Underwriter—Eppler, Guerin
& Turner, Inc., Dallas.
Clark Semiconductor

22,
1967
of

Corp.

1962 filed $153,045 of 5% subord. debentures
and 166,500 common shares to be offered in

shares. Price—
Business—Production of very high fre¬
quency power transistors.
Proceeds—For debt repay¬
ment and other corporate purposes.
Office — Walnut
Ave., Clark, N. J. Underwriter—None.
per

$170.05 of debentures and 185

unit

Coastal

Chemical

Leasing Corp. of America

7

(1/28-31)

April 27, 1962 filed $1,000,000 of 6%% subord. deben¬
tures due 1977
(with warrants), and 99,000 common.
Price—For debentures, at par; for stock, by amendment
(max. $9). Business—Renting of cars, trucks and equip¬
Proceeds—For

ment.

other corporate

and

debt

repayment,, an

Consolidated Vending Corp.
April 2, 1962 filed 70,000 common. Price—$5.75. Business
—Operation of vending machines, Proceeds—For debt
repayment, working capital and other corporate purposes.

Office—129 S. State

St., Dover, Del. Underwriter—Dana
Co., Inc., N. Y. Note—This registration will

Securities

b<* withdrawn.

•

Guild, Inc.
Sept. 19, 1962 ("Reg. A") 75,000 class "A" common,
Price—$4. Business—Manufacture and sale of a patented
contact
lens.
Proceeds—For
moving
expenses,
re¬

advertising

and working
capital.
Rochester, N. Y. UnderwriterDeGolger Co., Inc., Rochester, N. Y.
inventory,

search,

Office—360 Main St. E.,
John J.

ControlDyne, Inc.
24, 1961 filed 150,000 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., Minne¬
apolis.
Underwriter—To. be named.
Note—This firm
formerly was named Control Dynamics, Inc. Offering
—Indefinitely postponed.
Corporate Funding Corp.
April 26, 1963(.(,"Reg.>A") 75,000 class A common. Price
$4. Business — A financial investment and holding
company.

Office—39
&

Proceeds—For expansion and working capital.
Broadway, N. Y. ' Underwriter—R. F. Dowd

Co., Inc., N. Y. Offering—Indefinitely postponed^
Cosnat

May

26,

Corp.

filed

1962

$1,250,000

of 6%

manufacture

records.

Proceeds

For

the

repayment

stock.

saler

j

Board

28, 1962 filed 164,000 common, of which 115,000
are to be offered by the company and 49,000 by stock¬
holders. Price—By amendment (max. $15).
Business—

P/oceeds—For
expansion, equipment and debt repayment. Office—615
Parker St., Manchester, Conn. Underwriter—Putnam &
Manufacture of shoeboard and boxboard.

Co., Hartford, Conn.
Colorado Imperial Mining Co.
Sept. 20, 1962 filed 200,000 common. Price—$1. Busi¬
ness—General mining.
Proceeds—For exploration and
expenses.

Office—Creede, Colo.

Gas System,

Inc. (1/3/63)
Nov. 27, 1962 filed $25,000,000 of debentures, due 1988.
Proceeds—To redeem outstanding 5%% debentures, due
1984, and increase working capital.
Office—120 East
41st St., New York. Underwriters—(Competitive). Prob¬
able bidders: Halsey, Stuart & Co. Inc.; Merrill Lynch,
Pierce, Fenner & Smith Inc.-White, Weld & Co. (joint¬
ly); Morgan Stanley & Co.-First Boston Corp. (jointly).
Bids—Expected Jan. 3, 1963 (11 a.m. EST).
Commercial Life Insurance Co. of Missouri
Nov.
for

26, 1962 ("Reg. A") 46,000 common to be offered
subscription by stockholders on the basis of one share

for each 3.36

common

shares held. Price—At-the-market.

Business—Sale of
surance.

health, accident, life and hospital in¬
Proceeds—For working capital.
Office—3570

Lindell
&
•

Blvd., St. Louis.
Co., St. Louis.

Computer Concepts

Dec.

Underwriter—Edward D. Jones
Inc.

29, 1961 filed 20,000 class A common. Price — $25.
Business—Development and sale of advanced program¬
ming systems, for solution of business problems by the
use of digital computers. Proceeds — For general cor¬
porate purposes. Office—1012 14th St., N. W., Washing¬
ton, D. C. Underwriter—Doft & Co., N. Y. Offering—
Imminent.

and

Cotter & Co.

of

hardware

related

and

subordinated notes,
cooperative whole¬

items.

Proceeds—For

Underwriter—None.

Creative

Ventures

Corp.

May 28, 1962 filed 150,000 common and warrants to pur¬
chase 30,000 additional shares, to be offered in units of
one share and one warrant. Price—$2.25 per unit. Busi¬
ness—A

corporate guidance and interim financing con¬

Company

cern.

may

also act as a broker-dealer and un¬
Office—733 Third

Proceeds—For investment.

derwriter.

Y.

Underwriter—Hampstead Investing Corp.,

New York.
•

Credit

Department,

Inc.

1962 filed $1,200,320 of 7% conv. subord.
bentures due 1974 and 54,560 common shares to
Jan.

26,

de¬
be

units, each consisting of $440 of deben¬
tures
and 20 common shares.
Price—$550 per unit.
Business—A consumer sales finance company. Proceed!

offered in 2,728

—For

debt

Underwriter

repayment.
Bernard

—

Offering—Expected
D.

Underwriter

—None.

Columbia

of debt,

Corp. Offering—Indefinitely postponed.

Ave., N.

Co.

March

operating

—

working capital. Office—315 W. 47th St., N. Y. Under¬
writer—Van Alstyne, Noel & Co., N. Y. Note—This firm
was known formerly as the Cosnat Record Distributing

working capital. Office—2740 N. Clybourn Ave., Chicago.

(1/9)

Sept. 21, 1962 filed $12,500,000 conv. subordinated de¬
bentures, due Jan. 1, 1963. Price—By amendment. Busi¬
ness—Design, development, and manufacture of special¬
ized radio communications equipment, and aircraft and
flight control devices. Proceeds—For repayment of bank
loans. Office—5225 "C" Ave., N. E., Cedar Rapids, Iowa.
Underwriters—Kidder, Peabody & Co., Inc., and White,
Weld & Co., Inc., New York.
Colonial

convertible sub¬

1977. Price—At par. Business
and
distribution
of
phonograph

ordinated debentures due
—The

Corp.

Co.

'•

•

Lens

Nov. 21, 1962 filed $3,000,000 of 6%
series I. Price—At par. Business—A

Radio

acquisition

Office — 1012 Baltimore
Ave., Kansas City, Mo. Underwriter—Blair & Co., N. Y.
purposes.

24, 1962 filed 40,000 class A, 39,239 outstanding
class C, and 20,000 class D shares. Price—$35. Business
—Manufacture of anhydrous ammonia and other fertil¬
izer materials and components. Proceeds—For working
capital. Mississippi Chemical Corp., parent, will receive
the proceeds from the sale of the class C stock. Address
—Yazoo City, Miss. Underwriter—Mississippi Chemical
Corp., Yazoo City, Miss., will act as underwriter for the
Sept.

Collins

1

.

Oct.

Nov.

due

Underwriter—Kidder, Peabody & Co., N. Y. Offering—
Indefinitely postponed.

Contact

Offering—Indefinite.

6, 1961 filed 50,000 shares of common stock, series 2.
Price—$5.50 per share. Business—A closed-end diver¬
sified management investment company. Proceeds—For
investment. Office—501 Bailey Ave., Fort Worth, Texas.
Distributor—Associates Management, Inc., Fort Worth.

Aug.

facture

•

-

filed

working

New York.

$220

Feb.

ment

:'V'

Guidance Toys,

23,

units
Cameo Lingerie,

■

Inc.
■
100,000 common, of which 70,000
are to be offered by company and 30,000 by stockholders.
Price—By amendment (max. $12.50). Business—Design,
manufacture and sale of plastic educational toys.
Pro¬
;

Church

Cambridge Mills Inc.

Inc."

Feb.

Publishing Corp.

June

•

\

.

Industries,

Price—By amendment. Business—Design and manu¬
of digital equipment. Proceeds—For debt re¬
Office—983 Concord St., Framingham. Mass.

ers.

1961

29,

May

None.

Caldwell

.

Hill

.

/

conveyers,

head

Chestnut

filed 300,000 class A common, of which
225.000 are to be offered by the company and 75,000 by
stockholders.
Price—$5. Business—Design and manu¬
facture of women's, misses' and junior sportswear, co¬
ordinates, and dresses. Proceeds—For debt repayment,
equipment and working capital. Office—2025 McKinley
St., Hollywood, Fla. Underwriter — Clayton Securities
Corp., Boston, Mass. Offering—Expected in early Feb.

motion;
equipment; research and development, and
working capital. Office — 2401 Pacific St., Brooklyn,
N. Y.
Underwriter—Broadwall Securities, Inc., N. Y.
Carriers, Inc.

Agency,

Coating Corp.
June 29, 1962 filed 70,000 common. Price—$5. Business
—Company plans to operate a painting contracting busi¬
ness and manufacture paints. Proceeds—For general cor¬
porate purposes. Office—Santurce, P. R. Underwriter—
Arnold Malkan Investment Growth of Puerto Rico, Inc.,

-

22, 1962 filed 1,015,564 capital shares to be offered
for subscription by stockholders on the basis of four new
snares for each share held on Feb.
14, 1962. Price—25
csnts. Business—Manufacture and sale of overhead trol-*

Underwriter—CN

111.

Chemical

13, 1962 ("Reg. A'') 90,000 common. Price—$1.50.
Business—Design and manufacture of flexible re-usable

Cable

Computer Control Co., Inc.
Jan. 24, 1962 filed 157,500 common, of which 62,500 are
to be offered by the company and 95,000 by stockhold¬

value

Nov.

June

21

100,000 capital shares. Price—Net
(max. $14) plus a 2% sales commission.
Business—A mutual fund specializing in life insurance
stocks.
Proceeds—For investment.
Office—110 North
20,

asset

Dec.

vinyl packages. Proceeds—For debt repayment;

Fund, Inc.

1962 filed

Aug.

withdrawn.

Note—This registration was

(2657)

The Commercial and Financial Chronicle

Inc.

Instruments,

to

are

shares
tific

.

1962 filed

26,

$7.75).

Number 6224

196

C. Transit

Office—1775 Broadway, N. Y.
M. Kahn & Co., Inc., N. Y,

in February.

,

v

Systems, Inc.

April 30, 1962 filed $6,250,000 of 6^% conv. subord. de¬
bentures due 1977 and five-year warrants to purchase
aggregate of 187,500 class A shares, to be offered f<?r
subscription by holders of class A and class B stock in
units consisting of $100 of debentures and three war¬
rants.
Price—$100 per unit. Business—Operation of a

an

public transit system in Washington, D. C.; a new sub¬
sidiary to construct housing projects in Washington,
D. C. Proceeds—For construction and general corporate
purposes.

Office—3600 M St., N. W., Washington, D. C.

Underwriter—None.
•

Data

Corp. of America

(1/14-18)

29, 1962 filed 105,000 common. Price—$1.25. Busi¬
ness—Development of specialized data processing appli¬
cations and the furnishing of data processing services.
Oct.

Proceeds—For

training

of

personnel,

advertising

and

promotion, and working capital. Office—44 Beaver
St., New York. Underwriter—A. D. Gilhart & Co., Inc.,
sales

New York.
Data Systems Devices of Boston, Inc.
April 26, 1962 filed 200,000 common. Price—$5. Businesa
—Company plans to design, develop and produce elec¬
tronic and electro-mechanical devices, including printers
for electronic computers.

Proceeds—For product develContinued

on

page

22

<

22

The Commercial and Financial Chronicle

(2658)

Eastern Camera & Photo

Continued from page 21

Corp.

March 28 1962 filed $500,000 of
000

Schmidt, Sharp, McCabe & Co., Inc., Denver.

holders).

Delta Bowling

Sept.

28,

shares

be

to

100,000 common,

50,000

by company and 50,000 by
Business—Leasing and operat¬

offered

Price—$3.

stockholders.

of which

ing of bowling centers. Proceeds—For expansion, equip¬
ment and working capital. Office—230 Park Ave., N. Y.
Underwriter—Provost Securities, Inc., N. Y.
Deuterium Corp.

units

•

•

to

Mills Corp.
23, 1962 filed 200,000

of which 120,000 are

by the company and 80,000 by stockhold¬
Price—By amendment. Business—Manufacture of

women's

nylon hosiery. Proceeds—For debt repayment
working capital. Office—417 Fifth Ave., N. Y. Un¬
derwriter—Drexel & Co., Philadelphia. Note—This reg-

and

was

withdrawn.

Diversified

June
ment

Proceeds—For investment.'Office—8397 N. E.
Ave., Miami, Fla. Underwriter—Karen Securities

company.

corp., N. Y.
March
est.

Estate Trust

8, 1962 filed 1,000,000 shares of beneficial inter¬
Business—A real estate investment

Price—$10.

trust.

Proceeds—For investment.

Office—500 Fifth Ave.,

N. Y.

Underwriter—Bacon, Johnson Realty Management
Co., Inc. (same address). Offering—Expected in Jan.

Diversified Realty Investors
-June 28, 1962 filed 1,900,000 certificates of interest. Price

—$1

per

trust.

interest.

Business—A

Proceeds—For

real

investment.

estate

investment

Office—19

•

•

Dixie Lime & Stone Co.
(1/28-31)
Sept. 27, 1962 filed 100,000 common. Price—By amend¬
(max. $6.75).
Business—Mining and processing
of crushed granite, lime rock, and
agricultural limestone.
ment

loan

repayment,

and

Office—11 N. Main St., Ocala, Fla.
& Co., Atlanta, Ga.
Doman Helicopters, Inc.
April 19, 1962 filed 418,680
subscription by stockholders

working capital.
Underwriter—Courts

the

on

to

be

basis

offered
of

two

for
new

Price—By amendment (max.
$1.25). Business—Research, development and construc¬
tion of experimental helicopters.
Proceeds—To obtain
certification of models, train service
personnel, repay

etc.^ Address—Municipal Airport, Danbury, Conn.

Underwriter—None. Note—The SEC has questioned the
accuracy and adequacy of this statement.
•

Donmoor-lsaacson, Inc.

(1/28-31)

Feb.

26, 1962 filed 150,000 common, of which 50,000 are
to be offered by the
company and 100,000 by stock¬
holders. Price—By amendment
(max. $12). Business—
Design and manufacture of boys knit shirts, sweaters,
and pajamas. Proceeds—For
working capital. Office—
1115 Broadway, N. Y.
Underwriter—Goodbody & Co.,
New York.
•

Duro-Test Corp. (1/2-4)
Dec 6, 1962 filed 150,000 common.

Price—By amendment
(max. $9). Business
Manufacture of ,various types of
lights for industrial and commercial use. Proceeds—For
—

selling stockholder. Office
2321 Hudson Blvd.,
Bergen, N. J. Underwriter—Auchincloss, Parker
& Redpath, New York.
—

North

Dynamic L. P. Industries, Inc.
June 21, 1962 filed 75,000 common.
Price—$4. Business

—manufacturing, labeling and packaging of long playing
stereophonic and

monaural

phonograph records for label
Proceeds—For equipment and work¬
Office — 900 Passaic Ave., East Newark,

record companies.

ing capital.
J. Underwriter—Mortimer B. Burnside

N.

New York.

&

Co., Inc.,

1

Dynapower Systems Corp.
Sept. 28, 1962 filed 750,000 common. Price—$1.
ness—Manufacture
electronic devices

of

for

electro-mechanical
medical




and

research

spout
10th

St., Wilmington,

and

marine

and

purposes.

Del.

Underwriter—None.

(Alex)

Ave., Bronx, N. Y. Underwriter—Mc¬
Co., New York. Offering—Indefinite.

Donnell &

Garden State Small Business Investment Co.
Oct. 27, 1961 filed 330,000 common.
Price—$3. Business
small business investment
company. Proceeds—For
investment. Office—1180 Raymond
Blvd.,

with¬

was

patents and die patents. Proceeds—For
other corporate purposes. Office—

repayment and
W.

fice—2885 Jerome

-j

common.

development

working

and

("Reg. A")

18, 1962

Business—Sale

toward

Newark, N. J.
Co., N. Y.

Price—$5.
improve¬

Underwriter—Godfrey, Hamilton, Taylor &
Offering—Temporarily postponed.

capital.

Office—368

160,000

commercial

of

common.

and

valves

/

(1/2-4)

Price

industrial

and

fittings. Proceeds—For inventory. Office—
Broadway, St. Louis. Underwriter—Midland Se¬
Co., Inc., Kansas City, Mo. Offering—Indefinite.

4124 N.

$1.

—

1

:',v Geigher Pipe Supply Inc.
Sept. 28, 1962 filed 60,000 class A common, of which 50,000 are to be offered by company and 10,000
by stock¬
holders.
Price—$9.50.
Business—Sale of steel pipes,

curities

refrigera¬

tion machinery and

equipment. Proceeds—For debt re¬
payment, equipment, inventory and working capital. Of¬
fice—150-49 Hillside Ave., Jamaica, N. Y. Underwriter
—S. C. Burns & Co., Inc., N. Y.

General

Dec.

American Transportation

Corp. (1/8)
$35,000,000 of equipment trust cer¬
(series 60), Price—By amend¬
Business—Supplying of railroad freight cars to

14,

1962 filed

tificates due Jan. 15, 1983
ment.

Equity Annuity Life Insurance Co.
Aug. 21, 1962 filed 150,000 common being offered for
subscription b^ stockholders on the basis of IV2 new

railroads

shares for each share held of record Dec.

Kuhn, Loeb & Co., Inc., N. Y.

to expire Dec. 29.

and shippers for their use.
Proceeds—To re¬
imburse company's treasury for freight car construction.
Office—135 St. La
Salle St., Chicago.
Underwriter—

11, with rights
Price—$7. Business—Sale of individual

General

Design Corp.
25, 1962 ("Reg. A") 65,000 common. Price—$3.
Business—Design and development of new products for

life

insurance, pension trust and group variable an¬
nuity contracts. Proceeds — For expansion and capital
Office—2480

16th

St., N. W., Washington, D.

April

C.

Equity Funding Corp. of America
240,000 common. Price—By amend¬
Business—A holding company for
firms selling life insurance and mutual funds. Proceeds
—For new sales offices, advances to subsidiaries and
working capital. Office—5150 Wilshire Blvd., Los An¬
geles.
Underwriter—Wisconsin-Continental, Inc., Mil¬
March 29, 1962 filed
ment
(max. $6.50).

waukee.

.1;

;;Vv ;

>

•

.

various
industries.
Proceeds—For
debt
repayment,
equipment and working capital. Office—1252 W. Peachtree St., N. W., Atlanta, Ga. Underwriter — Robert M.
Harris & Co., Inc., Philadelphia. Note—The SEC has is¬
sued an order temporarily suspending this issue.;1 >. 4

Genesco

Engineering Corp.
/
April 2, 1962 filed 100,000 class A shares. Price—$2.40.
Business—Manufacture and sale of long-lived electrc

Inc.

(1/9/63)

.

Dec.

7, 1962 filed 185,000 Sh&res of cumulative convert¬
ible preferred (no par). Price — By amendment (max.$100). Business—Manufacture of various types of foot¬
and

wear

Everbest

working

apparel. Proceeds — For debt repayment and
capital. Address—111 7th Ave., North, Nash¬

ville, Tenn. Underwriter—Blyth & Co., Inc., New York.

lamps. Proceeds—New product development, inventories
and working capital. Office—41 E. Twelfth St., N. Y.

Glasco Pacific, Inc.
;
July 12, 1962 filed 250,000 class A and 250,000

Underwriter—Planned

shares to be offered in units of

Investing Corp., N. Y.

Nov.

30, 1961 filed 125,000 common. Price—$5. Business
distribution of nuts, bolts and other fastening
devices manufactured by
others., Proceeds—For debt
repayment and general corporate purposes. Office—8
Benson Place, Freeport, N. Y, Underwriter — Arnold
Malkan & Co., Inc., N. Y. Note—This registration will
—The

to

wardrobe

Price—$5.05

manufacture
mirror

per

flat

doors

and

one

class A and

common
one

cpm-

unit. Business—Company
glass mirrors and sliding
related

products.

Proceeds

—For

equipment, inventory and working capital. Office
—1299 N.~ First Street, Sgn Jose, Calif. Underwriter—
Birr, Wilson & Co., Inc., San Francisco. Note—This reg¬
istration will be withdrawn.
Glensder Corp.

Fedco

March

Corp.
j.
Oct. 29, 1962 filed 20,000
,

.

,

common, of which 17,500 are to
be offered by company and 2,500 by a shareholder. Price

amendment

(max.

$15).

Business—Design

and

manufacture of tools, dies, molds, beryllium castings and
the distribution of plastic, metal and glass products for
home *use. Proceeds—For a recession offer to stockhold¬
and reduction

Pratt

share.

plans

be withdrawn.

ers

,

„

mon

Fastpak, Inc.

of accounts payable.

Office—3600 W.
Underwriter—None.

Ave., Chicago.

23, 1962 filed 150,000 comnfion, of which 60,000
to be offered by the company and 90,000 by the
company's parent, Glen Modes, Inc. Price—By amend¬
ment (max. $7). Business—Design, production and sale
are

01

women's fashion

—For

general

accessories, and sportswear. Proceeds

corporate

purposes.

Office

—

417

Fifth

Ave., N. Y. Underwriter—Sprayregen, Haft & Co., N. Y.
Offering—Indefinitely postponed.
Global

Construction

Devices,

Inc.

Fidelity Mining Investments Ltd.
Nov. 30, 1961 filed 800,000 common.
Price—By amend¬
ment. Business—Exploration and testing of mining prop¬

100,000 common. Price—$10. Busi¬
ness—Manufacture, sale and lease of steel supports and
oeams

used

erties. Proceeds—For general corporate purposes.
—62 Richmond
St., Toronto. Underwriter—G. V.

ment,

expansion,

&

Office
Kirby

Associates, Ltd., Toronto.
First American

Aug.

15,

terest.

1962

Israel

filed

type

Price—By

Mutual

2,750,000

amendment

securities of Israeli
Office—141

Fund

shares

of

(max.

$10).

In¬

Business—

primarily in equity
companies. Proceeds—For in¬

Milk

First New York Capital Fund, Inc.
Oct

27,

1961

Business—A

filed
small

2,770,000
business

investment.

Manhasset, N. Y.

Northern

Underwriter—None.

Blvd.,
1

1

First Union

Nov. 29,

Realty

1962 filed 880,000 shares of beneficial interest.
amendment (max. $14).
Business—A real

Price—By
estate

investment

trust. Proceeds
To acquire the 55
Square Bldg., in downtown Cleveland. Office—
Room 1840, Union Commerce
Bldg., Cleveland. Under¬
writers— Harriman Ripley &
Co., Inc., New York and
Hayden, Miller & Co., Cleveland.
—

Public

Bancgrowth, Inc.

(max.

$15).

Business—An

specializing in bank stocks.
Office—3356 Atlantic

Proceeds—For debt repay¬

inventory. Office—545
Teaneck, N. J.
Underwriters—Winslow,
Laird, Bissell & Meeds, N. Y.

Lane,

research,

and

& Stetson and

Co., Inc.
filed 80,000 common. Price—$4. Busi¬
ness—Manufacture, development and sale of pharmaceu¬
March

13,

1962

tical and veterinarian products. Proceeds—For advertis¬

ing,

research,

debt repayment and working capital.
St., New Rochelle, N. Y. Underwriter

Office—36 Lawton

—Droulia

&

Gotham

Co.,

N.

Y.

Educational

Equipment Co.

Inc.

(max. $6). Business—-Design, manufacture, and market¬
ing of items used in educational institutions such as
chalk boards, exhibit cases, etc. Proceeds—For general
corporate purposes. Office — 91 Weyman Ave., New
Rochelle, N. Y. Underwriter—Federman, Stonehill & Co.,
New York. Offering—Expected in mid-February.
Gotham

Investment

Price—By amend¬

investment

company

Proceeds—For investment.

Blvd., Pompano Beach, Fla. Un¬
derwriter—Dempsey-Tegeler & Co., Inc., St. Louis. Note
This offering was postponed.

Corp.

Nov. 21, 1961
—Real estate

filed 100,000 common. Price—$6. Business
investment. Proceeds—For working capi¬
tal and other corporate purposes. Office — 1707 H St.,
N. W., Washington, D. C. Underwriter—Rouse, Brewer,
Becker & Bryant. Inc., Washington, D. C.
Gourmet Food

March 16, 1962 filed 200,000 common.
ment

Cedar

in construction.

Dec. 4, 1962 filed 75,000 common. Price—By amendment

capital shares. Price—$1
investment company. Pro¬

Office—1295

29, 1962 filed

Gold Leaf Pharmacal

beneficial

St., Boston. Underwriter—
Paine, Webber, Jackson & Curtis, Boston. Offering—Ex¬
pected in February.

ceeds—For

June

Cohu

A mutual fund which plans to invest

Florida

Busi¬

vehicles

Proceeds—For working capital, equipment and debt re¬
payment. Office—2222 S. Centinela Ave., Los
Angeles.

Underwriter—None.

Note—This registration
-

vestment.

the

Y.

Office—Fern

& Sons, Inc.
March 23, 1962 Jiled 125,000 common.
Price—By amend¬
ment
(max. $15). Business—Wholesale distribution of
toys and games. Proceeds—For selling stockholders. Of¬

centrifuge technology for separation of iso¬
and gaseous materials. Proceeds—For equipment,

—By
common

6hares for each three held.

debt,

100

Plaza, Philadelhia. Under¬
Philadelphia and Kidder, Pea-

Electro-Temp Systems, Inc.

Oct.

First

E.

South, Salt Lake City. Underwriter—Realty SecuritiesI»"
Salt Lake City.

Proceeds—For

debt

Underwriter—None.

Corp.

1962 filed 77,050 common. Price—By amend¬
(max. $11.75). Business—A real estate investment

Diversified Real

Co.,

Electro-Nucleonics, Inc.
24, 1962 ("Reg. A") 29,525

funds.

Collateral

13,

Second

pouring

Co., Inc., N. Y.

•

common,

N.

Co.,

expansion,

Searing

be offered

tration

working capital.
Underwriter—To be named.

Floseal Corp.
x:'/.,
_■
May 10, 1962 filed 169,420 common to be offered for
subscription by stockholders.
Price—By amendment
(max. $2). Business—Company owns and licenses carton,

Passaic Ave., Caldwell, N. J. Underwriter—M. L. Lee &

Diamond

ers.

improvements,

—A

tope

Ave., Mineola, N. Y. Underwriter—Magnus & Co., N. Y.
Offering—Indefinitely postponed.
•

...

Park, Fla.

ment of gas

Dust Co., Inc.
1
1962 filed 102,000 common. Price—$3. Business
—Production of graded diamond powder and compound.
Proceeds—For
debt
repayment, additional personnel,

Office—77

&

Business—Research

Diamond

Jan.

building

Center

Penn

Sept.

Feb. 27,

caiptal.

&

bpdy

to public, $22.25. Business—Com¬
plans to erect a small size production and experi¬
mental plant for the limited manufacture of deuterium
and deuterium oxide, and to establish and equip a gen¬
eral research laboratory. Proceeds—For working capital,
construction, equipment and other corporate purposes.
Office—260 Lexington Ave., N. Y. Underwriter—None.

working

3

—

drawn.

subscribers, $20;

and

Jai Alai, Inc.
1962 filed 400,000 common.
Price—$5. Busi¬
Operation of Jai Alai games and pari-mutuel...
Proceeds—For rent, purchase of leased quarters,

Forst

writers—Drexel

pany

advertising

—

betting.

Eastern

Office

preferred A stock held and 40
units for each $1,200 face amount of non-interest bear¬
ing subordinated debentures held. At the same time, the
company will offer the securities to the public. Price—
To

by stock¬
The securities are to be offered in units of one

Pennsylvania Investment Co.
March 16, 1962 filed 450,000 common. Price—By amend¬
ment (max. $16). Business—A small business investment
company.
Proceeds—For general corporate ! purposes.

5%

each

for

ness

by the company and 25,000

28,

to be withdrawn.

Sept. 28, 1962 filed 120,000 common with attached war¬
rants to purchase an additional 120,000 shares to be ofered for subscription by holders of its stock and deben¬
tures in units (of one share and one warrant) on the
basis of 3 units for each 5% prior preferred share held,
2

sold

be

$100 debenture and 10 shares. Price—By amendment.
Business—Operation of retail camera stores and depart¬
ment store concessions.
Company also processes black
and
white film and repairs photographic equipment.
Proceeds—For debt repayment and working capital. Of¬
fice—68 W. Columbia St., Hempstead, N. Y. Underwrit¬
ers—Edwards & Hanley, Hempstead, L. I., and Street &
Co., Inc., New York. Note—This registration is expected

Corp.

filed

1962

are

will

Thursday, December 27, 1962

.

Florida
June

subord. deben¬
shares (of which 25,conv.

1972 and 50,000 common

tures due

opment, new plant and equipment and working capital
Office—342
Western
Ave.,
Boston.
Underwriter-

£%

.

.

Products, Inc.

May 25,

1962 filed 28,113 common. Price—$3.50. Busi¬
ness
Growing, purchasing, distributing and selling
whole potatoes and processing and selling of prepared
potato products. Proceeds—For the selling stockholders.
—

Office—915

Southeast 10th

writer—To be named.

Ave., Portland, Ore. Under¬
M

Number 6224

196

Volume

.

.

.

Trust
Aug. 3, 1961 filed 300,000 shares of beneficial interest,
Price—$10. Business—Real estate. Proceed*—For invest¬
ment. Office—530 St. Paul Place, Baltimore. Underwriter
Estate Investment

Continental Real

Great

Note—This firm formerly was known as
Continental Real Estate Investment Trust.
—To be named.

Price—By amende
ment (max. $5). Business—Company plans to write cer¬
tain types of fire and casualty insurance. Proceeds--For
general corporate purposes. Office—116 John St.» N. Y.
April 13, 11962 filed 381,600- common.

Underwriters—Emanuel, Deetjen & Co., and Zuckerman,

*'vV/ '-V

Smith & Co., N. Y..
Greater

^

*/■'///

Price—By

$14).
Business—Operation of 16
supermarkets in the Los Angeles area. Proceeds—For
•selling stockholders.
Office.—17602 ,-Bellflower Blvd.,
Bellflower, Calif. • Underwriter—Morris Cohon & Co., -New York.
• ?/
■ v.-■■'■■/-•••
\ :,■•>•/'/ >:.y..• "
(max.

amendment

Greenman

April 25, 1962 filed 150,000 common, of which 50,000 are
to be offered by company and 100,000 by stockholders.
•Price—By" amendment (max. $7).-Business—Wholesale
retail distribution of toys, hobby lines and sporting

'and

repayment, inventory
Hicksville,

debt

Proceeds—For

'equipment.

working capital. Office—35 Engel St.,
•N. Y. Underwriter—J. R. Williston & Beane,
and

New York.

•Offering—Indefinite.

Rock & Sand Co.

1962 filed $250,000 of 8% subordinated debentures due 1977, 200,000 common and 6-year warrants to

-purchase 25,000 common at $1 per share to be offered in
units consisting of a $10 debenture, 8 common shares and
one warrant. Price—$18 per unit. Business—Extraction,
•

•

27, 1962 ("Reg. .A") 75,000 common. Price — $4.
Business—Manufacture, sale and development of solderLess terminals and other wire terminating products. Pro¬

(1/2-4)

Co.

k

-U.

•

Webber, Jackson &

Harley Products,

istration

.

•

.

■

1 '/

.:

'./''.«

Inc.

pany

are

and

Dec.

•

writer—Gold-Slovin Co.. Inc.. N. Y.

.

Corp.
Dec. 10, 1962 filed 100,000 common. Price—$3. Business
—Company plans to engage in the research and develop¬
ment of devices for the hard of hearing and equipment
applicable to certain specialized and affiliated areas of
communication. Proceeds—For general corporate pur¬

International Systems

Price—$2.

mechanical




Business—Company is engaged in operating gas and oil
'

properties, supervising drilling on its leases and managing exploration programs for investors. Proceeds—For
general corporate purposes. Office—2200 First National
Bank Bldg, Denver, Colo. Underwriter—None.,
Kraft

Nov.

8,

1962

electronic

("Reg.

A")

75,000

common.

Price—$2.

and
the installation of marble and tile. Proceeds—For debt
repayment, equipment, working capital and other corpo¬
rate purposes. Office—826 E. 62nd St., Brooklyn, N. Y.
Underwriter—Jay Gould & Co., Inc., Ill W. 57th St.,
New York.
/..u-Llu
Business—Manufacture and installation of terrazzo,

Inc.

.

(John)

Sesame Corp.

May 24, 1962 filed $225,000 of 6% conv.

subord. deben¬

1972, and 150,000 common to be offered in
units consisting of a $300 debenture and 200 shares.
Price—$900 per unit. Business—Processing and distri¬
bution of sesame seed. Proceeds—For accounts receiv¬
tures,

due

able, inventories, plant expansion and working capital.
Office—2301 N. Main St., Paris, Texas. Underwriters—
John A. Dawson & Co., and Leason & Co., Inc., Chicago.
Kreedman Realty &

Construction Corp.

19, 1962 filed $5,000,000 of conv. subord. deben¬
tures due 1982 and 200,000 common shares to be offered
April

of $25 of debentures and one common
amendment (max. $27). Business—
operation of office buildings. Proceeds
—For
debt repayment.
Office—9350 Wilshire Blvd.,
Beverly Hills, Calif. Underwriter—Lee Higginson Corp.,
New York. Offering—Indefinitely postponed.

in units consisting

Price—By

Construction and

Kwik-Kold, Inc.
29, 1962 ("Reg. A") 100,000 common of which
65,000 will be sold for company and 35,000 for stock¬
holders. Price — $3. Business — Manufacture of certain
March

ment and

cooling packages. Proceeds—For debt repay¬
working capital. Office—Jennings Bldg., P. O.

638, Moberly, Mo. Underwriter—John W. Flynn
Co., Santa Barbara, Calif. Note—This letter will be

Box

&

withdrawn.

and

and

International Terrazzo Co., Inc.

Proceeds—For in¬
Under-

$500 debenture and

bentures,

patented

manufacture of mechanical, electro¬
equipment for government
agencies and the military. Proceeds—For equipment,
debt, repayment and working capital. Office—Engineer's
Hill, Plainview, L. I., N. Y. Underwriter—Leib, Skloot &
Co., Inc., Clifton, N. J. Offering—Indefinite.
development

St., Los Angeles.

or one

Research Corp.

30,1962 filed 110,000 class A common and 9-month
warrants to purchase 110,000 class A shares at $4 per
shaie, to be offered in units, each consisting of one share
and one warrant. Price—$4 per unit. Business—Design,

1962 filed $1,000,000 of 4% cum. income deben¬
tures due 1982 and 15,000 capital shares to be offered in

shares

Underwriter—

Mai oh

Nov. 27,

units consisting of 10

Office—171 E. 77th St., New York.

None.

writer—None.

Hillsboro Associates,

King-Stevenson Gas & Oil Co.
26, 1962 filed $1,526,200 of 6^% conv. subord. de¬
due 1977, to be offered by subscription by
common stockholders at the rate of $100 of debentures
for each 30 shares held of record Nov. 15. Price—At par.

Nov.

share.

Intelectron

plant. Office—1725 S. Gault Ave., Ft. Payne,
Robinson - Humphrey Co., Inc.,

Atlanta, and J. C. Bradford & Co., Nashville. Offering—
Indefinitely postponed.

—

equipment. Proceeds—

company.

Price—By

11, 1962 ("Reg. A") 135,000 common. Price — $1.
Business
Manufacture and distribution of electro¬
mechanical rotating devices. Proceeds—For debt repay¬
ment, sales promotion and other corporate purposes.
Office—312 Mt. Pleasant Ave., Newark, N. J. Under¬

.

investment

class A common.

(max. $10). Business — Company develops,
and sells electronic equipment for use in

Co., Inc., N. Y.

filed 2,265,138 common

Office—760 S. Hill

Instr-O-Matics, Inc.

a new

Underwriters—The

Ala.

systems.

principally in pleasure boating. Pro¬
repayment, advertising, inventories,
new
products and working capital.
Office—3181 N.
Elston Ave., Chicago. Underwriter — R. A. Holman &

and

vestment.

—For

Corp.

the marine field,
ceeds—For
debt

("Reg. A") 75,000 common, of which 69,000
be offered for the account of the com¬

management

9, 1962 filed 140,000 shares of capital stock of
100,000 will be offered by company and 40,000
by stockholders. Price—By amendment (max. $17.50).
Business—Manufacture of prefabricated homes. Proceeds

La Salle
Chicago.

manufactures

to

1961

Kingsberry Homes Corp.
April

which

Corp.
filed 500,000 common. Price—$15. Busi¬
Proceeds—

information handling and/ auto¬
Proceeds—For, new products, inven¬
tory, new plant and working capital. Office—1401 S. Post
Oak Rd., Houston. Underwriter—None.

30, 1962 filed 542,000 common, of which 205,000
offej-qd by cqrppany and 317,000 by stockhold¬
Price—By amendment (max. $24). Business—Manu¬

New York.

in the field of electronic

,

will be withdrawn.

St., Cincinnati, Ohio. Underwriter—Kuhn, Loeb & Co.,

Price—$5. Business
—Research, engineering, manufacturing and marketing

poses.

debt

facture, design, and distribution of 'plastic toys. Proceeds
—For general corporate purposes. Office—912 Sycamore

1962 filed 100,000 common.

amendment

Proceeds—For

to be

ers.

Capital

Sept. 28, 1962 filed 32,000

(max. $101 per unit).

investment.

Kenner Products Co.

are

general corporate purposes. Office—208 S.
St., Chicago. Underwriter—A. C. Allyn & Co.,
Note—Th\s registration will be withdrawn.

mation

estate

March

For

23,

Price—By amendment

This registration

Corp.

1961

I

repayment and working capital. Office—30 E. 42nd St.,
N. Y. Underwriter—Hayden, Stone & Co., N. Y. Note—

ness—A small business investment company.

debt

16,

26,

Conditioning Corp.

Corp.

Business—Real

withdrawn.

was

Air

Jamoco

warrant.

assist in arranging
Proceeds—For work¬

Hollis, Long Island. N. Y. Underwriter—
White, Weld & Co., Inc., N. Y. Offering — Indefinitely
postponed.

to be offered for
subscription by stockholders of Union Bank of Califor¬
nia on a share-for-share basis.
Price—$3. Business—A
Oct.

and

Jamaica Ave.,

y.

Hill Street Co.
■

loans

—By amendment (max. $20). Business—Manufacture of
toys and related products. Proceeds — For debt repay¬
ment and general corporate purposes. Office — 184-10

repayment, advetrising, research and developworking capital.
Office—2176 Palou, San
Francisco.
Underwriter—L. H. Wright Co., Inc., N. Y.
For

ment

.

con¬

29, 1962 filed 50,000 shares 6% cum. preferred
and four-year common stock purchase warrants to be
offered in units consisting of one preferred and one

Busi-i
busi¬

/Instrument Components, Inc.

6,000 shares for the underwriter.

For

Connecticut

the

Kavanau

May 1, 1962 filed 490,000 common, of which 250,000 willy
and 240,000 by stockholders. Price

.

Business—Manufacture of dental

—

March

be offered by company

.

Inc.

Manufacturing Co.,

3315

Imminent.

capital and other corporate purposes. Office—200
St., N. Y. Underwriters—J. J. LeCort Associates,
Harris, Clare & Co., Inc., N. Y. Note—This reg¬

Ideal Toy

Price—By amend¬
(max. $5). Business—Operation of discount stores.
Proceeds—For inventory, expansion, debt repayment and
working capital. Office—6400 MacCorkle Ave., S. W.,
St.
Albans,
W. Va.
Underwriter—Willard Securities,

shares

make

and corporate financing.

istration

common*

Inc., New York.

—

—

Underwriter—

June

■

Office

28, 1962 ("Reg. A") 40,000 common. Price — $3.
Business—Design, installation and maintenance of heat¬
ing, plumbing and air conditioning systems. Proceeds—
For inventory, equipment and other corporate purposes.
Office
954 Jamaica Ave.; Brooklyn. N
Y
Under¬
writer—Martin-Warren Co., Ltd., New York Offering—

Inc. and

,

.

•

Financial Corp.

Infotronics

/■

investment.

and

Proceeds

Feb.

Insurance Co.

concerns,

Oct.

Discount Centers,

Aug. 7, 1962

D.

P.

Industry

> \

investment trust.

Business
machines
production of teaching programs. Proceeds—
For expansion, new facilities and working capital. Office
—315 Central Park W., N. Y. Underwriter—R.' F. Dowd
& Co., Inc., N. Y.
r

W. 57th

ment

Hek

I.

ing

—For general corporate purposes and debt repayment.
Office—40 Beaver St., Albany, N. Y. Underwriter—None.

•

Offering—Indefinite.

Life

mergers

28, 1962 filed 23,300 shares of 5% convertible
preference stock to be offered for subscription by stock¬
holders on basis of one preferred share for each 10 com¬
mon
held. Price—$12. Business—Real estate. Proceeds

•

Ijias acquired in Southern Calif. Proceeds
and other corporate purposes.
Edna PI., Irwindale, Calif. Underwriter—

named.

be

ness

Inc.

125,000

Ave., N. W., Washington, D. C. Underwriter—None.

23, 1962 filed 300,000 common. Price—$4.
ness—Company plans to furnish equity capital to

Development Corp.

1962 filed

Y.

repayment

Liberty St., S. E. Salem, Ore.
Oregon Underwriters, Inc., Salem.

March

7,

struction

real estate

Jaap Penraat Associates, Inc.;

fice—250

Note—This registration was withdrawn.

Heck's

Under¬

25, 1962 filed 1,130,000 common to be offered for
subscription by stockholders on a share-for-share basis.
Priced—$4. Business—Sale of ordinary life, individual
health and disability, and group credit life and disability
insurance. Proceeds—For expansion, and investment. Of¬

beneficial interest
.and eight-year stock purchase warrants to be offered in
units consisting of one share and one warrant. Price—
.$10 per unit.Business—A real, estate investment trust.
/Proceeds—For
working
capital.* Address—Honolulu.
.Hawaii. Underwriter—White, Weld & Co., Inc., N. Y.

June

—A

Oct.

May 18, 1962 filed 1,000,000 shares of

,

debt

Office—15855
To

Curtis, Chicago.

-/'

$10. Business

—

general

Proceeds—For

—

—For

Real Estate investment Trusts

Heartland

S.

U.

which company

.

-

the

By amendment (max. $6 per common share).
Business—Construction of homes and apartments on land

works for children and operates an advertising
agency for sale of TV and radio spot time. Proceeds—
„For working capital. Office—170 Varick St., N. Y. Un¬
derwriter—Van Alstyne, Noel & Co., N. Y. Offering—
Hawaii

in

Investors Realty Trust
May 31, 1962 filed 200,000 shares. Price

and

Price

pedic

Indefinite.

inc., a mutual fund. Proceeds—For debt repayment and
general corporate purposes. Office—818 17th St., Denver.

Underwriter—None.

Jan. 30, 1962 filed 100,000 common. Price—$3.
—Industrial designing, the design of teaching

Jan.-29, 1962 filed 300,000 class A common. Price—By
amendment. Business — Publishes , illustrated encyclo-

.

V:

Investment Management Corp.
May 10, 1962 filed 100,000 common to be offered for sub¬
scription by stockholders on a 2-for-l
share basis.
Unsubscribed shares will be offered to the public. Price
—To stockholders, $2.50; to the public, $3.50.
Business
—Manager and distributor for (Western Industrial Shares,

30, 1962 filed $1,600,000 of convertible subordi¬
nated debentures due 1977 and 250,000 common shares.

Harwyn Publishing Corp.

•

i

March

withdrawn.

was

distribution

corporate purposes. Office—42 W. 48th St., N. Y.
writer—Sunshine Securities, Inc., Rego Park, N.

28^ 1962 filed 75,000 common. Price—$4. Busi¬
ness—Design, production and-distribution of belts and
related products. Proceeds—For sale promotion, expan¬
sion, inventory, and debt repayment. Office—476 Broadway, N. Y. Underwriter—To be named. Note—This reg-

;

«

29,

their

March.

-

/

Ltd. "
7.
"■
1961 ("Reg. A") 76,500 common. Price—$3.75.
Business—Purchase of cultured pearls in Japan and

Proceeds—For selling stockholders.
Fifth Ave., Chicago.
Underwriter—

W.

Underwriter—Van Alstyne, Noel & Co., N. Y.

Ave., N. Y.

Honora,

Nov.

S. armed forces.

•.Paine,
•

engineering projects for

also engages in long-range

•.Office—4401

and

working capital. Address—P. O. Box 430, Phoenixville,
Underwriter—Harrison & Co., Philadelphia. Offer¬

-

-Nov.'27, 1962 filed 108,144. capital shares.
Price—By
amendment, (max. $15). Business—Manufacture of short¬
wave radio transmitting and receiving equipment, com¬
pany

repayment, equipment, advertising

ceeds—For debt

Pa.

processing and sale of rock and sand. Proceeds—For a
new plant and other corporate purposes. Address—Hal-landale, Fla. .Underwriter—To be named.
Hallicrafters

Hollingsworth Solderless Terminal Co.

Feb.

Aug.

March 30,

-•

property improvement.
Office—
Fort Lauderdale, Fla. Underwriter

Equity

30, 1962 filed 1,605,100 shares of beneficial interest.
Price—(max. $10). Business—A real estate investment
company. Proceeds—For investment. Office—450 Seventh
Offering—Indefinite.

ICOA

Price—By amendment
(max.. $10).-Business — A management and operating
•company for subsidiaries which own
water treatment
and sewerage disposal plants, and water distribution and
sewage collections systems. Proceeds—For debt repay¬
ment, expansion and working capital. Office—2738 Ma•linda Blvd., Jacksonville, Fla. Underwriter—Pierce. Carrison, Wulbern, Inc., Jacksonville. Offering—Indefinite.
July 30j 1962 filed 90,000 common.

Hallandale

and

•—None.

Inc.

Utilities,

Atlantic

Gulf

repayment,

1776 E. Sunrise Blvd.,

23

Mai eh

Hunsaker Corp.

Inc.

Bros.,

debt

Interstate

Business—Company

unit.

per

plans to purchase the Hillsboro Club, a social and rec¬
reational organization.
Proceeds—For working capital,

ing—Temporarily postponed.

McCoy's Markets, Inc.
June 28 1962 filed 219,150 class A common.

-

Price—$1,000

five shares.

;

Insurance Co.

Great Eastern

,

(2659)

Financial Chronicle

The Commercial and

Las Vegas

Properties Trust

29, 1962 filed 500,000 shares of beneficial interest.
Price—$10.
Business—A real estate investment trust.
Proceeds—For investment.
Office—4933 Paradise Rd.,
Oct.

Las

Underwriter—Securities

Vegas.

Co.

of

Nevada

(same address).
•

Lee

Norse

Co.

May 25, 1962 filed 272,000 common. Price—By amend¬
ment (max. $20). Business—Production of a coal min¬
ing machine.

Proceeds—For selling stockholders. Office
Charleroi, Pa. Underwriter—Moore,

—751 Lincoln Ave.,
i

Continued

on

page

24

24

The Commercial and Financial Chronicle

(2660)

Continued from page

McGrath

23

(John W.)

Corp.

&

Lynch,

Pittsburgh.

registration

Note—This

withdrawn.

was

Lewis

(Tillie)

Inc.

Foods,

(1/14-18)
convertible sub¬

—Processing, canning,

bottling and selling of fruits and

vegetables. Proceeds—For debt repayment and working
capital. Office—Fresno Ave. & Charter Way, Stockton,
Calif. Underwriter—Van Alstyne, Noel & Co., N. Y.

Litho-Web, Inc.
Oct. 26, 1962
("Reg.

A")

150,000

common.

Price—$2.

processing forms. Proceeds—For debt repayment
capital. Address—P. O. Box 168, Leaks-

data

working

ville, N. C. Underwriter—Smith, Clanton & Co., (Inc.,
Greensboro, N. C.
Litton

&

(1/7-11)

Industries, Inc.

18, 1962 filed 215,444 common. Price—By amend¬
ment (max. $70.) Business—Manufacture of electronic

business
machines,
nuclear
powered
sub¬
and ships. Proceeds—For selling stockholders.
Office—336 N. Foothill Rd., Beverly Hills, Calif. Undewriters—Lehman Brothers; Clark, Dodge & Co., and

systems,
marines,

Mechmetal-Tronics lnc£

May 28, 1962 filed 150,000 shares of 8% convertible cu¬
mulative preferred stock. Price—$3. Business—Design
and

miniature
12

sure
new

subsidiaries. Office—26 Piatt St., N. Y. Underwriter

—Shearson, Hammill & Co., N. Y, Offering—Indefinite.

Logos Options, Ltd. (1/14-18)
April 11, 1962 filed 250,000 capital shares. Price — By
amendment (max. $10). Business—A diversified closedend investment company. Proceeds—For investment. Of¬
fice—26 Broadway, N. Y. Underwriter—Filor, Bullard &
Smyth, N. Y. Note—This company formerly was named
Logos Financial, Ltd.

(1/28-31)

Inc.

Dec.

5, 1962 filed 145,500 common, of which 72,750 are
offered by company and 72,500 by Stockholders.
Price—By amendment (max. $9). Business—-Canning and
marketing of processed foo.ds. Proceeds — For general
corporate purposes. Address ™ Seagrove, N. C. Under¬
writers—J. C. Wheat & Co., Richmond, Va., and Allied
Securities Corp., Greensboro, N. C.
be

Lunar Films, Inc.
Aug. 31, 1961 filed 125,000 common. Price—$5.75. Busi¬
ness—The production of television films. Proceeds—For
filming and production and working capital. Office—
543

Madison

Ave., N. Y. Underwriter—To be named.
formerly was named Lunar Enter¬
Offering—Postponed.

Note—This

firm

prises, Inc.

Mac-Allan

Co., Inc.

23, 1962 filed 130,260 of class A common, of which
65,130 are to be offered by the company and 65,130
by stockholders. Price—$5. Business—Sale and distribu¬
of

bellows

Medical

Industries

Fund,

Oct.

23, 1961 filed 25,000

—A

closed

end

-

investment

Medical

Price—$10. Business

which plans to
For investment in the

—

situations.

growth

Manufacture

—

Nov.

costume

jewelry, ladies' handbags, and accesso¬
ries. Proceeds
For working capital. Office — 1650
Broadway, Kansas City, Mo. Underwriter—George K.
Baum & Co., Kansas City. Offering—Indefinitely post¬

—

Office

Medical As¬

For

—

medical

of

general

—

$1.

electronic

corporate

Underwriter

equipment.
Office
Financial Equity

purposes.

—

Mail

Enterprises, Inc.

Price—$2.25. Busi¬
ness—Assembling of packages for shipment to post of¬
fices.
Proceeds—For general corporate pui poses. Office
—145

Ave.

named.

of

the

Americas, N. Y. Underwriter—To be
Offering—Indefinitely postponed.

Management Investment Corp.
Aug. 29, 1962 filed 2,000 common (with attached war¬
rants). Price—$500. Business—Company plans to fur¬
nish equity capital to firms in the atomic, space and
missile fields, and provide advisory and management
counseling services on a fee basis. Proceeds—For re¬
payment of loans, and general corporate purposes. Office
—130
Fulton
Federal
Bldg., Atlanta.
Underwriter—
None.

Manchester Insurance Management & Investment

Corp.
Nov. 28,

1962 filed 272,941 common. Price—$3.50. Busi¬
of
ness—Writing
casualty
insurance,
adjustment
of
claims, financing of insurance premiums, and the mak¬
ing of investments. Proceeds—For expansion, loan re¬
payment and other corporate purposes.
Office—9929
Manchester
&

Rd., St. Louis.

Underwriter-r-Troster, Singer

Co., N.Y.

phonograph records to, and the providing of merchan¬
dising services to retail record department. Proceeds—
For general corporate purposes.
Office—750 Stewart
Ave., Garden City, L. I., N. Y. Underwriter—J. R. Williston & Beane, N. Y; Offering—Indefinite.

Corp.

$1,000,000 of convertible subordi¬
nated debentures due Nov. 1, 1977. Price — By amend¬
ment. Business—Distribution of food and related prod¬
ucts
to
supermarkets
and
other
retail
stores
in
the New York Metropolitan area. Proceeds—For genera]
corporate purposes. Office—345 Underhill Blvd., Syosset,
N

30,

filed

1962

Y. Underwriter—Brand. Grumet &

Siegel, Inc., N. Y.

Of fering—Indefinite.

Metropolitan Acceptance Corp.
Occ. 2, 1961 filed $300,000 of 6% subordinated convert¬
ibles due 1967 and 60,000 common shares to be offered
In units consisting of $100 of debentures and 20 common
shares. Price—$150 per unit. Business—Financing of re¬

tail

sales.

Western

Proceeds—For

working capital.

Office—5422

Ave., Chevy Chase, Md. Underwriter—To be

named.

■

Midwest Technical Development Corp.
Feb. 26, 1962 filed 561,500 common to be offered for
subscription by stockholders on the basis of one share
each two

company.

held. Price—By amendment (max.
A closed-end management investment
Proceeds — For general corporate purposes.

Office

2615

shares

$7). Business
—

—

First

Business—Manufacture,

packaging

and

of various proprietary drug products.
Proceeds—
For equipment, new products, debt repayment and work¬

sa*e

ing

capital.

Office—156

Tillary

St.,

Brooklyn.

N

Y.

Underwriter—Dana Securities Co., Inc., N. Y. Note—This
registration will be withdrawn.
Marshall

Oct.

Business

Manufacture

May

28,

of

common.

cosmetics.

Price—$3.

Proceeds

—

Office—837 W. North Ave., Pittsburgh.

Monarch

Plastics

1962

("Reg.

For

Un¬

Office—812

N. Y. Underwriter—To be named.

Greenwich

St.,

Offering—Indefinitely

postponed.

$1.

Business—Production

radio shows.

and

distribution

Proceeds—For debt

of

Price—$2.
plastic letters, em¬
bossed sign faces, quantity signs and boat windshields.
Proceeds—For purchase of land and building, moving
expenses, equipment and working capital.
Office—5606
Stuebner
Sauve

Airline

Rd.,

and

sale

common.

of

Houston.

Underwriter—W.

R.

Co., N. Y.

Montebello Liquors, Inc.
April 5, 1962 filed 160,000 common. Price—By amend¬
ment (max. $5). Business—Blending, bottling and mar¬
keting of alcoholic beverages. Proceeds—For equipment,
inventories, advertising and working capital. Office—
Bank St. & Central Ave., Baltimore.
Underwriters—
Street & Co., and Morris Cohon & Co., N. Y. Offering—
Temporarily postponed.

Municipal Investment Trust Fund, Series B
April 28; 1961 filed $15,000,000 (15,000 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
—

Music

Sponsor—Ira




National Memorial Estates

£
11, 1962 filed 4,750,000 common. Price—$1. Busi¬
ness—Company plans to engage in cemetery develop¬
Oct.

ment and

establish and

to

insurance

operate

Nov.

series

a

life and disability

Proceeds—For general corporate
pur¬
Office—13 S. Broadway, Red Lodge, Mont.
Un¬
concern.

National

Mortgage

Co., Billings,

Mont.

Corp.

9, 1962 filed $8,000,000 of installment certificates,
20, and 410,000 common shares. Price—For cer¬

tificates, $1,000; for common, $1.15. Business—A mort¬
loan company. Proceeds—For investment and other
Kan.

Office—113

purposes.

Underwriter—National

S.

Hydraulic, Wichita,
Agency, Inc.

Mortgage

(same address).
National

Security Life Insurance Co., Inc.
28, 1962 filed 590,075 common to be offered for
subscription by common stockholders of record Oct. 15,
on a share-for-share basis.
Price—By amendment (max.
$2). Business—Writing of participating and non-partici¬
pating ordinary life insurance. Proceeds
To expand
operations. Office—6225 University Ave., Madison, Wis.
Nov.

etc.

National Security Life Insurance Co.
March

Royalty Corp.

engage in the music publishing busi¬
Proceeds—For debt repayment, public relations,
acquisition of musical properties, and working capital.
Office—545 Fifth Ave., N. Y. Underwriter—Associated

health

insurance

Office

—

filed

125,000

130

Proceeds—For

company.

Alvarado,
be

N.

E.

Life

common.

Price

Co.

—

By amendment

(max. $15). Business—Writing of health and accident in¬
Proceeds—For general corporate purposes. Ad¬
dress—2632 McGee St., Kansas
City, Mo. Underwriter—
To be named.

N.

M.

National Uni-Pac, Inc.
July 31, 1962 filed 85,000 common. Price—By amend¬
ment (max. $4).
Business—Company plans to sell or
lease coin operated vending machines.
Proceeds—For
debt repayment,
—15 Peachtree

equipment and working capital. Office
St., Atlanta. Underwriter—None. Note—
will be withdrawn.

This registration

Natural

Gas

&

Oil

Producing Co.

—For

(1/11)
Price—$5.

common.

and oil.

Proceeds

drilling expenses, working capital and other

porate

Office—Tekoil Bldg., Oklahoma
& Co., N. Y.
;

purposes.

cor¬

City.

Underwriter—Peter Morgan

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

holder.

Price—50c.

Business—Exploration,

a stock¬
develop¬

ment and

mining. Proceeds—General corporate purposes.
Office—90 Industry St., Toronto, Canada. Underwriter—
A. C. MacPherson & Co., Toronto.

Nippon Electric Co. Ltd. (1/28-31/63)
7, 1962 filed 400,000 American Depositary Shares,
representing 10,000,000 common. Price—By amendment
Dec.

(max. $22.50)./Business—Manufacture of telecommunica¬
and electronic equipment. Proceeds—For
expan¬

tions
sion.

Address—Tokyo, Japan. Underwriters—First Bos¬
Corp., and Daiwa Securities Co., Ltd., New York.

ton
•

Norda Essential

March

Oil &

Chemical Co.,

Inc.

20,

1962 filed 200,000 class A shares. Price—By
amendment (max. $15).
Business—Manufacture, process¬
ing and distribution of natural and synthetic essential

oils, flavor, essences, etc., to food and drug industries.
Proceeds
For debt repayment,
working capital and
—

other corporate purposes. Office—601

Underwriter—S.

D.

pected in March

or

Nordon

Fuller

&

W. 26th St.. N. Y.

Co., N. Y.

Offering—Ex¬

April.

Corp., Ltd.
1962 filed 375,000

29,

capital shares, of which
be offered by company and 275,000 by
Price—By amendment (max. $6). Busi¬
ness—Acquisition and development of oil and natural
gas
properties.
Proceeds—For drilling expenses and
working capital. Office — 5455 Wilshire Blvd., Los An¬
are

to

stockholders.

geles.

Underwriter—Gregory-Massari,

Inc.,

Beverly

Hills. Calif.

Northwest Securities

Insurance

investment.

Albuquerque,

named.

National Telepix, Inc.
July 30, 1962 filed $150,000 of 6%% conv. subord. deben¬
tures due 1972. Price—At par. Business-^Production of
motion pictures.
Proceeds—For production and distri¬
bution
expenses
and
working capital.
Office—1270
Ave. of the Americas, N. Y. Underwriter—None.

Co., 545 Fifth Ave., N. Y.
Central

'

,

1962 filed

100,000 common, of which 80,000
are
to be offered by company and 20,000 by stock¬
holders. Price—$17.50. Business—A life, accident and

100,000

and plans to

National

23,

March

ness.

7

Underwriter—None.

Ill Broadway,

-July 27, 1962 filed 150,000 common. Price—$1. Business
—Company acts as representative of artists, musicians,

•

Price—
recorded

repayment, inventory,

working capital and other corporate purposes. Office—
Heather Rd., Beverly Hills, Calif.
Underwriter—
Co., Los Angeles.

PG41

Keon &

Proceeds—For

Investors, Inc.

June

25, 1962 ("Reg. A") 80,000 common. Price—$3.75.
Business—Acquisition of second-trust notes secured by
real

estate

purposes.

property.
Proceeds—For general corporate
Office—922 You St., N. W., Washington, D. C.

Underwriter—Clarence E. Shaw & Co.,

Washington, D.C.

Nuclear Science &

Master Artists

Corp.
Nov. 26, 1962 ("Reg. A") 65,000 capital shares.

.,

and

New Campbell

surance.

capital.

•

debt > repayment, store ex¬
working capital. Address — Portage, Pa.
Underwriter—Cortlandt Investing Corp., N. Y. Note—
This registration will be withdrawn.

Co., Pittsburgh.

Corp.
A") 140,000

Business—Manufacture

staff

^

—

derwriter—A. J. Davis

Dec.

working

stores.

pansion

Business—Production of natural gas

Laboratories, Inc.
1962 ("Reg. A") 97,000

29,

May 29, 1962 filed 60,000 common. Price—$3.75. Busi¬
ness—Graphic design and printing. Proceeds—For pub¬
lishing a sales catalogue, developing a national sales
and

ated

Sept. 7, 1962 filed 180,000 class A

Modern

Securities

Press, Inc.

Busi¬

fence,
related

Equipment & Plastics Corp.
Sept. 28, 1961 filed 105,000 cpmmon. Price—$5. Business
—Operation of a cleaning and pressing plant and affili¬

National Bank Bldg., Minneapolis.

Underwriter—None.

March 29, 1962 filed 72,000 common, of which 58,000 are
to be offered by company and 14,000 by stockholders.

Puce—$3.50.

link

National

Underwriter—To

Haupt & Co.,
New York. Offering—Indefinite.

Drug Co., Inc.

chain

—

Met Food
March

Investment.

Manhattan

Price—$8.75.

common.

galvanized

Of fering—Expected in February.

Inc., N. Y.

corporate

offered

equipment.

Assembly Service, Inc.

April 27, 1962 filed 100,000 common.

of

concrete

gage

—

poned.

Manufacture

—

reinforcing fabric, gates and
products. Proceeds—For construction of a plant in Ire¬
land, and working capital. Office—4301 46th St., Bladensburg, Md. Underwriter—Netherlands Securities Co.,

Busi¬

5,

be

ness

welded

Manufacturing Co., Inc.

1962 filed 100,000

derwriter—Security Brokerage
Price

common.

1962 filed 104,000 common, of which 33,000 are
by company and 71,000 by stockholders.
Price—By amendment (max. $5.50). Business—Sale of
to

Nov. 29,

poses.

Video Corp.

13, 1961 filed 250,000

Proceeds

Underwriter—

company

Lafayette St., Denver. Underwriter
sociates, Inc., Denver.

ness

other

Inc.

common.

become open - end.
Proceeds
medical industry and capital

Nov.

and

products. Proceeds—For debt repayment, re¬
development and working capital. Office—

Rochelle

for

Feb.

tion

metal

and

Merco

1962 filed 130,000 common. Price—$10. Business

insurance holding company

Luck's,

miniature

City, Calif.
Corp., Los Angeles.

whose subsidiaries in¬
the lives of all types of animals. Proceeds—To form

to

of

Ave., Rochelle Park, N. J.
Charles Plohn & Co., New York.

Livestock Financial Corp.

•

manufacture

—Studio

Goldman, Sachs & Co., New York.

—An

Underwriter—Bear, Stearns

—677

Dec.

Feb. 23,

Broadway, N. Y.

Co., New York. Offering—Indefinite.

search

Business—Manufacture of various types of busihess and
and

Office—39

1982. Price—At par. Business

debentures due

ordinated

1962 filed 253,875 common. Price—By amend¬
$15). Business—Contract stevedoring and
operations. Proceeds—For selling stockholders.

(max.

related

1962 filed $2,250,000 of 5V2%

April 9,

ment

Thursday, December 27, 1962

.

National Fence

June 28,
Leonard

.

.

National

Directories, Inc.
March 29, 1962 ("Reg. A") 100,000 common. Price—$2.75.
Business—Compilation and publication of regional classi¬
fied telephone directories. Proceeds—For general cor¬
porate purposes. Office—3306 Lancaster Ave., PhiladelDhia. Underwriter—Crichton, Cherashore,
Cundy, Inc.,
New

York.

Note—This

Jetter

was

withdrawn.

March

Engineering Corp.
29, 1962 filed 100,000 common. Price—By amend¬

ment

(max. $15). Business—Research and development
using radioactive tracers; precision radio¬
activity measurement; production of radioactive isotopes
and the furnishing of consulting and radiation measure¬
on

contracts

ment

ment,

services.

Proceeds—For

expansion and

equipment,

working capital.

debt repay¬
Address—P. O.

Volume

Box

6224

Number

196

.

.

The Commercial and Financial Chronicle

.

10901, Pittsburgh. Underwriter—Johnston, Lemon

k

Co.. Washington, D. C.

Tax-Exempt Bond Fund, Series 4

Nuveen
Oct.

17,

$15,000,000

1961, filed

representing

units

of

Price—By amendment.

fractional interests in the Fund.

interest-bearing obli¬

Business—The Fund will invest in

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

Permeator

Corp.

working

May 18, 1962 filed 300,000 common being offered for
subscription by stockholders of National Petroleum
Corp., Ltd., parent, on the basis of one share for each
15 National shares held. Record date for the offering
is

Dec.

14, and the rights expiration date Jan. 3, 1963.
Price—$5. Business—Manufacture, use and sale of a
patented tool, "Permeator," used in completion of oil
and gas wells. Proceeds—For general corporate purposes.
Office—445 Park

•

Orr

May

Enterprises, Inc.

(J. Herbert)

1962

1,

filed 200,000

ness—The company and its

subsidiaries manufacture and
player recorders and pro¬
grams therefor; sell at retail nationally known audio'
visual equipment; and manufacture men's and boy's dress
trousers. Proceeds
For additional inventory, equip¬
distribute cartridge type tape

—

ment, research, and working capital. Address—P. O.
Box 27, Opelika, Ala. Underwriter—First Alabama Se¬
curities, Inc., Montgomery. .Offering—Expected in late
January,
'
J
i
Outlet

Mining Co., Inc.
Feb. 28, 1962 filed 900,000 common. Price—$1. Business
—Mining. Proceeds—For equipment and working capi¬
tal. Address—Creede, Colo. Underwriter—None.
•

Pak-Well

Industries,

Paper

Inc.

March 30,

1962 filed 150,000 class A common. Price—By
amendment (max. $13). Business—Manufacture of en.

velopes, packaging materials of various kinds, wrapping
paper, stationery, and school supplies.
Proceeds—For
selling stockholders. Office—198 W. Alameda, Denver
Underwriter—Francis I. du Pont & Co., N. Y. Offering
—Indefinitely

postponed.

Pan American

Beryllium Corp.
Feb. 28, 1962 filed 100,000 common. Price—$5. Business
—Company plans to mine for beryl ore in Argentina.
Proceeds
For debt repayment, equipment, and other
corporate purposes. Office—39 Broadway, N. Y. Under¬

28,

New

Note—This

York.

Petrolane Gas
Dec.

Business—A

To

Price—$10.

estate

holding and development com¬
Proceeds—For general corporate purposes. Office

pany.

—70

real

N.

be

Main

Underwriter—

St., Freeport, L. I., N. Y.

named.

Parkway Laboratories, Inc.
Dec. 6, 1961 filed 160,000 common.

Lakes, Minn.

nal

1962 filed

Hill,

Witter &

Calif. Underwriter—Dean

Co.,

gaged in manufacturing, engineering and research under
Defense Department contracts; also manufactures ball

Little

named.
Radar Relay,

tems, and integrally lighted switches. Proceeds — For
product improvement and development, working capital,
and
other
corporate purposes.
Office—1631 10th St.,

Proceeds—For investment. Office—880
Bonifant St., Silver Spring, Md. Underwriter—None.

Santa

Sept. 28, 1962 filed 100,000 common. Price—$5. Proceeds
—To drill for and operate oil wells.
Office—418 Mar¬

Real

30, 1962 filed 150,000 common. Price—$5. Businesi
purchase of mortgages, anc

—Real estate. Proceeds—For

—

working capital. Office—18 Lancaster Rd., Union, N. J
be named.

drawn and then

Country Club, Inc.

Recreation

15, 1962 filed 500 common to be offered for sub¬
scription by stockholders on the basis of one new share
for each share held of record Feb. 18, 1962. Price—$1,000.
ming pool, and other improvements. Address—Landover,
Prince Georges County, Md. Underwriter—None.

This

& Co., Inc., N. Y. Note—
registration will be withdrawn.

Pellegrino; Aggregate Technico, Inc.
Aug. 10, 1961 Tiled 130,000 class A common shares.
Business—The

Proceeds—For

Price

manufacture of building materials.

taxes and loans and

payment of income

for

working capital. Office—Woodbridge-Carteret Road,
Port Reading, N. J. Underwriter—Mortimer B. Burnside
& Co., Inc., N. Y. Offering—Temporarily postponed,
istration

withdrawn.

was

January 2, 1963
(Alskor

Duro-Test

Co.)

Corp.—

Electro-Temp

Systems,

150,000 shares

Inc.)

Capital Stock

Webber,

Jackson

108,1^4

Curtis)

&

shares

Gas

K

Food

January 3,

Data

(Thursday)

1963

(Bids

11

---Debentures

EST)

a.m.

January 7, 1963

Corp.)

Atlantic Coast Line RR._(Bids

Career

12

Litton

Industries, Inc

(Lehman

Brothers;

New York

&

11:30

Dodge

Co.)

a.m.

Common
&

215,444

Illinois

I

(Bids

Tabach

EST)

(Costello,

Inc.)

Co.,

RR.

(Kidder,

Russotto

Co.,

Inc.,

and

White,

Weld

&

Co.,

noon

MT)

D.

Anderson &

noon

(Bids

February 6,
Laclede

Gas

12

CST)

EST)

$6,300,000

Inc.

)

Public

(Bids

Barney

&

Co.,




Inc.

and

to

be

(Tuesday)
received)

Debentures

$50,000,000

Drexel

&

Cc.)

Service

o.

Debentures
to

be

received)

$10,000,000

Preferred
Merrill

Lynch,

Fenner &
200.000 shares

Pierce,

and Reinholdt & Gardner)

February 27, 1963

(Wednesday)

received)

Common
shares

Texas

Eastern
(Dillon,

12

Bonds

Brooklyn Union Gas Co
(Bids

to

be

received)

$12,000,900

$50,000,000

Bonds

Oklahoma

of
to be

(Bids

200,000

(Wednesday)

1963

Brothers;

(Lehman

Smith Inc.;

$6,405,000

$10,000,000

March 5,

1963

Northwestern

Bell
to

(Tuesday)
Telephone
be

received)

Co

Debentures

$40,000,000

(Wednesday)
Equip. Trust Ctfs.

Southern Pacific Co

$375,000

Smith Kline & French Laboratories
(Smith,

$25,000,000

Laclede Gas Co

(Tuesday)

received)

January 23, 1963
.--Cap. Shs.

Co.,

Bonds

EST)

noon

—Equip. Trust Ctfs.

noon

to be

(Bids

(Thursday)

Securities

$300,000

Co

Chesapeake & Potomac Telephone Co. of Md._Debs,

185,000 shares

Servotronics, Inc.
(General

Inc.)

Telephone Co.. of Pennsylvania

(Bids

1963

12

February 5, 1963
Bell

$250,000

(Thursday)

1963

22,
(Bids

Preferred

January 10,

Co.,

(Tuesday)

January 29, 1963

___Equip. Trust Ctfs.
12

(Bids

$4,500,000

Genesco, Inc.
(Blyth & Co., Inc.)

Co.)

(Wednesday

1963

(Bids

January

Denver & Rio Grande Western RR.___Eq. Tr. Ctfs.
12

———.....—Common

Mountain, Inc

Inc.)

$12,500,000

(Bids

&

!

Debentures

&

Zero

—Common

;

shares

230,000

Co.)

$35,000,000

Common

Seaboard Air Line RR

Co

Peabody

CST)

a.m.

$35,000,000

(Wednesday)

1963

Inc.
&

Co., Ltd.;

(Tuesday)

January 17, 1963
January 9,

Sperti Products,

Securities

D. S.

Dallas Power & Light Co

Chicago, Burlington & Quincy
Equip. Trust Ctfs.

Collins Radio

$3,*225,000

-—Bonds

10

Daiwa

and

Corp.

$70,000,000

(Tuesday)

&

Co.)

Industries, Inc

-Bonds

Corp.
Loeb

Boston

(Don

$25,000,000

Co

Power

Goldman,

Co.,
and
shares

General American Transportation
(Kuhn,

(First

145,500 shares

—American Shs.

Nippon Electric Co., Ltd

(Bids

January 16,

January 8, 1963

Common

Inc.-

C. Wheat & Co and Allied Securities Corp.)

(Blair

Ben. Int.
&

--—-Common
150,000 shares

Debentures
EST)

a.m.

(J.

Common

-

shares

100,000

(Goodbody & Co,)

shares

Properties

January 15, 1963

100,000

Telephone Co
(Bids

11

$1,000,000

400,000 A.

Capital Stock

250,000

Co.)

&

(Courts^ Co.)

$2,250,000

-:

(McDonald

_

Clark,

Sachs

of)

(City

Smyth)

&

99,000 shares

Dixie Lime & Stone Co

$131,250

Debentures

Noel & Co.)

page

America—-Common
:f'
Leasing Corp. of America.—__Debs.

Consolidated

Common
Fishman)

&

Inc.)

Co.,

-.—_—

Bullard

(Bids

Shaker

$3,900,000

Academy, Inc.(Divine

Montreal

$495,000

-Equip. Trust Ctfs.

EST)

noon

Common

.

(Tillie) Foods, Inc

(Filor,

Common

•

Luck's

$1,685,000

96,000 shares

Common
&

Logos Options, Ltd

(Monday)

Securities

Gilhart

D.

(Van Alstyne,

Aerosystems Technology Corp
(Chase

Lewis

$25,000^000

,'S

.,

Miller)

&

Corp. of America
(A.

Columbia Gas System, Inc

Podesta

Stores, Inc.__

Guerln & Turner, Inc.)

(Eppler,

on

(Monday)

Donmoor-Isaacson, Inc

shares

receiv¬

Underwriter—

Ave., N. Y.

Consolidated Leasing Corp. of

Debentures

(Cruttenden,

Circle

275,000

Miller)

&

Co

Proceeds—

accounts

Continued

(Blair

Units

users.

and

Co., Inc., New York. Offering—Imminent.

Common
Podesta

(Cruttenden,

American

&

(Blair & Co.)

$900,000

Co.)

&

Office—577 Courtland

Crosse

.

Mfg. Corp

Fuller

D.

inventories

January 28, 1963

(Monday)

1963

industrial

and

additional

$900,000

Co.)

&

finance

ables.
-

commercial

to

ment

Class A

American Gas Co

$160,000

Hallicrafters Co
(Paine,

Morgan

Bolt & Screw
(S.

Common

Inc.-

(S.C. Burns & Co.,

$2.

Red-O-Lier Corp.

(Friday)

1963

Oil Producing Co

January 14,

Common

(Auchincloss, Parker & Redpath)

—

entertainment. Proceeds—

To

American

_

7th

Russotto &

common

(Peter

$385,000

W.

common. Price

75,000

and

investment, and working capital. Office—
St., Los Angeles. Underwriter — Costello,
Co., Beverly Hills, Calif.

capital
-

travel

of

shares to be sold by stockholders.
Price—For debentures, par; for stock—by amendment
(max.
$10).
Business—Book publishing.
Proceeds—
Company will use its proceeds for the purchase of two
printing firms; to redeem outstanding 6% notes; for

outstanding

Natural Gas &

Common

Securities

411

("Reg. A")

Aug. 27, 1962 filed 50,000 class A common. Price—$6.50.
Business—Distribution of electrical supplies and equip¬

(Wednesday)

Cambridge Mills Inc

For

^refiled.

Industries, Inc.

Co., Inc.
Aug. 29, 1962 filed $3,500,000 of 6% subord conv. deben¬
tures due 1977 to be offered by the company and 25,000

January 11,

NEW ISSUE CALENDAR

1962

23,

Business—Sale

Publishers

;

—$5.

Nov.

repayment, construction of a swim¬

Proceeds—For debt

27,

amendment

Prescott-Lancaster Corp.

Underwriter—Arnold Malkan

Price—$5.

drugs and pharmaceuticals.

Properties Corp. of America

1962 filed 300,000 class A shares. Price—By
(max. $16). Business—Company owns cer¬
tain real estate, general insurance agency and a mort¬
gage servicing company. Proceeds—For debt repavment.
Office
745 Fifth Ave., N. Y.
Underwriter — Stanley
Heller & Co., N. Y. Note—This registration will be with¬
April

Underwriter—None.

Oct.

of

Underwriter—White, Weld & Co.

Monica, Calif.

Inc., New York. Offering—Indefinite.

Inc.

Business
Proceeds
—For an acquisition, research and other corporate pur¬
poses.
Office — 2301 Pennsylvania Ave., Philadelphia

—Manufacture

r

1, 1962 filed 100,000 common, of which 75,000 will
be sold by company and 25,000 by a stockholder. Price
—By amendment; (max. $10).
Business—Design and
manufacture of electronic monitoring and warning sys¬

investment trust.

Underwriter—To

Inc.

Oct.

Real Estate Investment Trust

St., Shreveport, La.

points,

pens,

Proceeds—For equipment and

July 6, 1962 filed 1,000,000 shares of beneficial interest
Price—By amendment (max. $5). Business—A real estate

March

mechanical pencils and desk sets.
working capital. OfficeFalls, Passaic County, N. J. Underwriter—To be

point

Petroleum,

Corp.

holders. Price—By amendment (max. $6). Business—En¬

Los

Playboy Clubs International, Inc.
May 2,8, 1962 filed 270,000 common. Price—By amend¬
ment. (max. $7). Business—Company is engaged in the
ownership and franchising of Playboy Clubs. Proceeds—
For debt repayment and general corporate purposes. Of¬
fice—232 E. Ohio St., Chicago. Underwriter—Divine &
Fishman, Inc., Chicago. Offering—Indefinite.

Powell

Securities, Inc., Detroit

June 29, 1962 filed 125,000 common, of which 50,000 will
be offered for the company and 75,000 for certain stock¬

Angeles.

Potomac

-

Vi

'

D. M.

R. E.

$30.)

(max.

Underwriter—Northwest

Minn.

100,000 common. Price—By amend¬
Business—Sale and distribution of
liquified petroleum gas. Proceeds—To reimburse treas¬
ury for the acquisition of other companies, debt repaybent, and working capital. Office—1696 E. Hill St., Sig¬
18,

ment

funds. Proceeds—For

Quick-N-Clean Corp. of Minnesota, Inc.
1, 1962 ("Reg. A") 205,000 common. Price—$1.15.
Business—Company plans to open a chain of coin operated dry cleaning stores. Proceeds—Advertising, expan¬
sion and working capital. Office—712 Fir St., Brainerd,

withdrawn.

was

mutual

of

Oct.

Service, Inc.

Prince Georges

|

registration

Inc.

stockholders. Office—60 Congress St., Boston.
Underwriters—Paine, Webber, Jackson & Curtis, Bos¬
ton, and Kidder, Peabody & Co., Inc., N. Y. Offering—
Indefinitely postponed.

general corporate purposes.
Office—6130
Lane. Dallas.
Underwriter—McDonnell & Co.,

Sherry

distributor

adviser and

common.
Price—$11.
investment company.
Pro¬

business

Management Co.,

selling

556,700

filed

small

Putnam

1962 filed 150,000 comtnon (non-voting). Price
—By amendment (max. $14). Business—An investment

ceeds—For

ket

PanAm Realty & Development Corp.
March 12, 1962 filed 400,000 class A stock.

•

Aug. 22,

'

1

I

1962

Business—A

—

writer—To be named.

writer—Roth &

Petro-Capital Corp.

Marcn

Price—$5.25. Busi¬

common.

Co., New York.

capital, and other corporate purposes. Office
Ave., Washington, D. C.
Under¬
Co., Inc., Philadelphia.

Connecticut

—1106

Ave., N. Y. Underwriter—Irving Weis

&
•

135 So., La Salle St., Chicago.

Nuveen & Co.,

25

(2661)

noon

EST)

Transmission
Read & Co.,

$8,300,000

Corp.—-.Debentures

Inc.)

$25,000,000

March 25,
Norfolk

(Monday)

1963

& Western
(Bids

to

Ry
be

Equip. Trust Ctfs.

received) $5,475,000

26

26

The Commercial and Financial Chronicle

(2662)

Continued from page 25

reserves,

and other corporate purposes.

Regal

Factors, Inc.
("Reg. A")
90,000 common.
Price—$2.
Business—Company plans to engage in factoring and
accounts receivable! financing.
Proceeds—For working
capital. Office—32 Broadway, N. Y. Underwriter—Ed¬
ward H. Stern & Co., Inc., N. Y.
1962

2,

Jam

to

filed

1962

29,

75,000 common, of which 50,000

are

be offered by

the company and 25,000 by Electronic
Specialty Co., parent. Price—$5. Business—Design and
manufacture of regulating and control devices used in
electric

the

electronic

and

Proceeds—For

fields.

debt

repayment and working capital. Office—455 W. Main
St., Wyckoff, N. J. Underwriter—Myron A. Lomasney &
Co., N. Y. Note—This registration will be withdrawn
then

and

refiled.

Remitco, Inc.
Nov. 19, 1962 filed 952,000 common. Price—$10. Business
—Company is engaged in selling "puts" and "calls."
Proceeds—For working capital.
Officp—130 N. Virginia
St., Reno, Nev. Underwriter—None.
Resin Research Laboratories,

Feb. 27, 1962 filed

inc.

105,000 common. Price—$3.50. Busi¬

Operation

for contractual re¬
engineering in the chemical
field Proceeds—For expansion of facilities, debt repay¬
ment
and working capital. Office—396-406 Adams St.,
Newark, N. J. Underwriter—Keene & Co., Inc., N. Y.
ness

—

search.

of

laboratory

a

development

and

•

Resort Corp. of Missouri
Nov. 27, 1962 filed 125,000 class

A common and three-

1,250 class A shares to be
offered in units consisting of four shares and one war¬
rant.
Price —$32 per unit.
Business — Company will
erect

and

and sell

operate

80

for home

Office—3615

construction.

facilities,

luxury hotel and resort

a

of land

acres

Olive

sites.

Proceeds—For

St., St. Louis.

Under¬

writer—R. L. Warren

in

February

Co., St. Louis. Offering—Expected
March.

or

Richard
June

Gray & Co., Inc.
1962 ("Reg. A") 60,000

21,

Business

—

A

securities

Proceeds

broker-dealer.

—

For

purposes.

Corp.

Dec. 21, 1961 filed 1 *2,858 common.
—A real estate investment company.

Price—$7. Business
Proceeds—For debt
repayment and general corporate purposes. Office—220
K St., N. W., Washington, D. C. Underwriter—Hirsehei
& Co., Silver Spring, Md. Offering—Indefinite. Note—
The
SEC has challenged the accuracy and adequacy
this

registration statement.

Corp.
26, 1962 filed 100,000 common. Price—$5. Busi¬
ness—Design, manufacture, and distribution of girls'
blouses, sportswear, and coordinates.
Proceeds—For
debt repayment. Office—112 W. 34th St., N. Y. Under¬

Sept.

writer—Winslow, Cohu & Stetson Inc., N. Y. Offering—
Indefinite.

Royaltone
29,

Photo
filed

1961

to be offered

are

Corp.
300,U0U

by the

of

common,

which

100.00C

and 200,000 by stock¬
holders.
Price
By amendment.
Business — Develops
and
prints color, and black and white photographic
company

—

film.

Proceeds

Office—245 ,7th
Stonehill &

For

—

Ave..

equipment and
N

working capital

Underwriter

V

—

Federman

Co., N. Y. Offering—Indefinitely postponed.

Ruby Silver Mines,
2, 1962 ("Reg. A")

Inc.
2,400,000 common. Price—12%
cents. Business—Exploration and development of mineral
deposits. Proceeds—For debt repayment and general
corporate purposes. Address—Box

1088, Wallace, Idaho

Underwriter—Pennaluna & Co., Spokane, Wash.
• Russell
Mills, Inc.
Sept. 28, 1962 filed 312,500

(max.

clothing,
cotton

$12).

knitted

Price—By amend¬

common.

Business—Manufacture

underwear,

children's

of

athletic

sleepwear

and

cloth.

Proceeds—For bond retirement and plant
Address—Alexander City, Ala. Underwriter
—LHornblower & Weeks, N. Y.
Note — This company
formerly was called Russell Manufacturing Co. Offering

expansion.

—Indefinite.

•—For

small

business

investment.

Francisco.

investment

Office—400

Price—$12.50.
company.

Montgomery

Busi¬

Proceeds

St.,

San

Underwriter—Cantor, Fitzgerald & Co., Inc.,

Scripps-Howard

Broadcasting Co.

1962 filed 375,000

Price—By amend¬
Business—Company owns and oper¬
ates TV, radio and FM
broadcasting stations. Proceeds
—For selling stockholders. Office—1121 Union
Central
Bldg., Cincinnati. Underwriter—First Boston Corp., N. Y
ment

(max.

common.

$20).

Offering—Indefinitely postponed.

Thayer

Ave.,

American

Silver

Seaboard Life

Spring,

Seaboard

(same address).

Md.

Securities

Under¬

Corp.,

I
Insurance Co.

of America

June

29, 1962 filed 256,097 common being offered for
subscription by stockholders on the basis of one new
share

for

each

5 held of record Oct. 1, with
rights to
(period may be extended). Price—$9.25.
Business—Writing of life, accident and health insurance.
Proceeds—For purchase of a building, debt
repayment^

expire Dec. 31




■

Corp.'

.

733
/'

.

•;

■

working capital.
Office—19201 Cranwood
Warrensville Heights, Ohio. Underwriters—
& Co., Cincinnati, and Hartzmark & Co~
Inc., Cleveland.
V

loans

and

Parkway,

Westheimer

.

•

Tennessee Gas Transmission Co.

1962 filed $50,000,000 of first mortgage pipe line
1, 1982. Price—By amendment. Proceeds
repayment, and construction. Office—Ten¬

Oct. 11,

bonds due Dec.

Sentinel Life Insurance Co.

—For

Sept. 10, 1962 filed 250,000 capital shares. Price — $5.
Business—Company plans to sell life and disability in¬
surance. Proceeds—For organizational expenses and other
corporate purposes. Office—225 Bush St., San Francisco,

nessee

debt

Underwriters—Stone & Webster
Corp.; White, Weld & Co.; Halsey Stuart &
Offering—Expected in late January.

Bldg., Houston.

Securities
Co.

Ir-2.

Plastics

Texas

Calif. Underwriter—None.

luc*

July 27, 1962 filed 313,108 common. Price—$3.50. Busi¬
ness—Operation of a plant producing plastic film and
packaging
products.
Proceeds—For working capital.
Address—Elsa, Texas. Underwriter—Crow, Brourman &
Chatkin, Inc., N. y.
'

Servotroniics, Inc. (1/10/63)
30, 1962 filed 125,000 capital shares. Price — $3
Business—Design, development and manufacture of pre¬
cision control components and associated products. Pro¬
ceeds
For debt repayment, equipment and working
capital. Office — 190 Gruner Rd., Cheektowaga, N. Y.
Underwriter—General Securities Co., Inc., N. Y.
March

—

•

Shaker

Properties

Top Dollar Stores, Inc.
y
r
May 1,.1962 filed 200,000 common, of which 100,000 are
to be offered by company and 100,000 by stockholders.
.

(1/14-18)

19, 1962 filed 215,000 shares of beneficial interest.
—
A real estate investment trust.
Proceeds—For investment and working capital. Office
—1956 Union Commerce Bldg., Cleveland, Ohio. Under¬
writer—McDonald

&

ceeds—For

Philips, Appel & Walden, 115 Broadway, N. y. Offering
—Temporarily postponed.

Co., Cleveland.

Signalite Inc.
|
29, 1962 filed 126,000 common. Price—$4.50. Busi¬
ness—Manufacture, sale and development of glow lamps
for use as indicators and circuit components. Proceeds—

organized by the State of Israel to furnish financing to
tourist
enterprises.
Proceeds—For
general
corporae

repayment, equipment and working capital.
Heck Ave., Neptune, N. J. UnderwriterD. Blauner & Co., N. Y. Offering—Postponed.

Town &

100,000 common. Price—$3.
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
("Reg. A")

1961

•

28,

1962

filed

800

shares.

capital

ing—Indefinite.

Price—$8,750 per unit. Business—A limited partnership
which plans to construct a shopping center, an office
building and related facilities at Springfield, 111. Pro¬
ceeds—For general corporate purposes.
Office—59 E.
Van Buren St., Chicago.
Underwriter—None.
-

PriCe—$2,500.

Transarizona
r

Co., Inc., New York. Offcr-

.

•

Sperti Products, Inc. (1/28-31)
29, 1961 filed 230,000 common of which 200,000 are
to be offered by the company ana 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., New York.

Nov.

Sterling Copper Corp.
Aug. 2, 1962 filed 850,000 common. Price—$1. Business
—Company plans to operate a non-ferrous rod and tube
mill. Proceeds—For plant and equipment, working capi¬
tal and other corporate purposes. Office—300 Horn Rd.,
Pinconning, Mich. Underwriter—None.
Stratford Financial
March

Corp.

_

1962 filed 315,000 class A shares of which
218,000 are to be offered by the company and 97,000 by
the stockholders.
Price—$6. Business—Commercial fi¬
nance company.
^Proceeds—For debt repayment. Office
—95 Madison AVe., N. Y.
Underwriter—Mortimer B

29,

Burnside
•

& Co.. Inc.. N. Y.

Stratton

Fund,

Inc.
20, 1962 filed 500,000 common. Price—$20. Busi¬
ness—A new mutual fund which plans to offer investors
the opportunity of exchanging their individual securi¬
ties

for

shares

of the Fund without incurring Federal
liability. Office—15 William St., New York.

R.

Williston

&

N. Y.

Beane,

Note

formerly was named Stratton Realty &
Construction Fund, Inc. Offering—Imminent.
•

Superior Commercial Corp.
15, 1962 filed 200,000 class A common, of which
100,000 are to be offered by the company and 100,000 by
stockholders.
Price—-$1.50.
Business—Company
buys
and holds second mortgages. Proceeds—For general cor¬
porate purposes.
Office—9 Maiden Lane, New York.
Nov.

Underwriter—S. C. Burns & Co., Inc., New York. Offer¬

ing—Expected in early February.
.

Tabach Industries,

March 29,

1962

Inc. (1/15/63)
("Reg. A") 125,000 common.
sale

of women's

Price—$2.
wear.

—

Fluid Controls,

Corp.

March 29, 1962 filed 90,000 common. Price—By amend¬
ment (max. $7.50). Business—Manufacture of fluid con¬
trol

equipment used in missiles, helicopters and aircraft.
Proceeds—For
selling stockholders
Address-—Bridge¬
port, Conn. Underwriters—Stroud & Co., Inc. and Penlngton, Colket & Co., Philadelphia.

Teaching Systems, Inc.
June

1,

1962 ("Reg. A") 50,000 common. Price—$2. Busi¬

ness—Production

and

sale

Inc.

Turbodyne Corp.
March 2, 1962 filed

127,500 common. Price—$5. Business

—Research, development and production and overhaul¬
ing of gas. turbine eng:nes. Proceeds—For debt repay¬
ment, research and development, a new plant and work¬

ing capital. Office — 1346 Connecticut Avenue, N. W.,
Washington, D. C. Underwriter—Sandkuhl & Co., Inc.,
n. y.

v.-

Ultrasonic Laboratories, Inc.

29, 1962 filed 67,200 common. Price—$3.50. Busi¬
ness—Design, engineering and manufacture of special¬
ized products primarily in the field of contamination
control. Company also acts as sales agents and distrib¬
utors of allied equipment in the fields of contamination
control and ultrasonics. - Proceeds—For debt repayment,
Nov.

equipment,

advertising

and

other

corporate purposes.
Underwriter

Office—1695 Elizabeth Ave., Rahway, N. J.
—None.

United Camera Exchange, Inc.

29, 1962 ("Reg. A") 100,000 common. Price—$3.
Business—Operation of retail stores selling and trading

films and other photographic equipment. Com¬
also sells radios, tape recorders, dictating and
photocopying machines, and provides a film developing
and
printing service.
Proceeds—For new stores and
camera concessions.
Office—25 W. 43rd St., N. Y. Un¬

cameras,
pany

derwriter—Ingram, Lambert & Stephen, Inc., N. Y.

of

educational

U.

audio-visual

S.

Cold

Storage of Hawaii,

Inc.

:

1962 ("Reg. A") 20,000 common. Price — $10.
Business — Operation of a cold storage warehouse for
frozen foods and other commodities. Proceeds — For a
Nov.

20,

new

warehouse,

Ualena

and working capital. Office — 3140
St., Honolulu. Underwriter—Loyalty Enterprises,

Ltd., 32 Merchant St., Honolulu.

-

-

•.

United Variable Annuities Fund,

-

Inc.

April 11, 1961 filed 2,500,000 shares of stock. Price—$10
per share. Business—A new mutual fund. Proceeds—For
investment. Office—20 W. 9th Street, Kansas City, Mo.
Underwriter—Waddell & Reed, Inc., Kansas City, Mo.

Pro¬

improvements and
expansion. Office—217 E. Eight St., Los Angeles, Calif.
Underwriter
Costello, Russotto & Co., 9301 Wilshire
Blvd., Beverly Hills, Calif.
Tactair

Resources,

May 28, 1962 filed 500,000 capital shares. Price—$1.50.
Business—Exploration, development and production of
the Lake Shore copper deposit near Casa Grande, Ariz.
Proceeds—For equipment, exploration and working cap¬
ital. Office—201 E. 4th St., Casa Grande, Ariz. Under¬
writer—None.
;
'
' "

Nov.

March

income tax

Country Associates
filed 64
limited partnership interests and

$506,325 of 5% subordinated promissory notes due 1973
to be offered in units of one interest and $7,850 of notes.

Sovereign Life Insurance ol California

Business—^-Company plans to engage in writing life and
disability insurance in California. Proceeds—For capital
and
surplus.
Office—510 S, Spring St., Los Angeles.

Israel.
Underwriter—
Corp., N. y.

Nov. 5, 1962

and

William St., N. Y.

Nov.

Address—Jerusalem,

purposes.

American-Israel Basic Economy

Southeastern Towing & Transportation Co., Inc.

29,

3,

stock due 1962.

debt

Nov.

Industry Development Corp. Ltd.
1962 filed $5,000,000 of 7% senior debenture
Price—At par. Business—Company was

Tourist

Aug.

Office—1933

Business—Construction

chain of self-serv¬

a

selling clothing, housewares, etc. Pro¬
expansion, equipment and working capital,
Office—2220 Florida Ave., Jasper, Ala.
Underwriter—
stores

ice retail

Jan.

For

Business—Operation of

Price—$5.

Oct.

Business—Manufacture and

July 25, 1962 filed 200,000 class A common. Price—By
amendment (max. $2.50).
Business—Ownership and de¬
velopment of real estate. Proceeds—For working capital.
writer—North

C share oi

ceeds—For debt repayment, leasehold

Seaboard Land Co.

Office—912

each class

for

Remaining

—This company

Beverly Hills, Calif.
March 20,

share

Tenna

Underwriter—None.

nix.

Dealer-Manager—J.

San Francisco Capital Corp.
April 23, 1962 filed 60,000 common.

ness—A

held.

N. y. Underwriter—Creative Ventures Corp.,
Ave., N. y.

Sept. 28, 1962 filed 122,000 common. Price—By amend¬
ment (max. $11). Business—Manufacture of automobile
antennas and radios. Proceeds—Fpr repayment of bank

94,822 and any unsub¬
scribed shares will be offered publicly. Price—To public,
$6; to stockholders, $5. Business—Company plans to en¬
gage
in the consumer finance, mortgage, general fi¬
nance
and related businesses. Proceeds — For general
corporate purposes. Office—830 N. Central Ave., Phoe¬

Jan.

ment

Life

Underwriter—McDonnell &

Rona Lee

Nov.

share and two-thirds

Milton

Office—
237 W. 51st St., N. Y. Underwriter—Richard Gray Co.,
New York. Offering—Imminent.

of

B

Price—$5.

common.

working capital and other corporate

Richmond

Third

filed

1962

Price—$15. Business

purchase

to

warrants

year

way,

Corp.

500,000 common, of which 405,000
are to
be offered for subscription by holders of the A,
B and C stock of Selective Life Insurance Co., an affili¬
ate, on the basis of 4 company shares for each class A or
28,

Selective

Regulators, Inc.

Financial

Selective
Feb.

Thursday, December 27, 1962

.

teaching aids. Proceeds—For equipment, promotion and
advertising and working capital.
Office—-1650 Broad¬

Office—1451 N.

Bayshore Dr., Miami. Underwriter—None.
Oct.

.

.

Universal

Capital Corp.

Aug. 28, 1962 filed 1,500,000 common. Price—$1. Busi¬
ness—Company plans to establish or acquire control of
other companies, principally those in life insurance field.
Proceeds—-For general corporate purposes. Office—318
N. St. Paul Sfa, Dallas. Underwriter—None.
Urethane of Texas, Inc.
Feb.<m. 1962 filed 250,000 class A and 250,000 common to
be

offered

in

units of one

share of each class.

Price—

Business—Manufacture

of urethane
foams.
Proceeds—For
equipment, working
capital,
leasehold expenses and other corporate purposes. Office
—2300 Republic National Bank Bldg., Dallas
Under¬
$5.05

writer

per

—

unit.

First Nebraska Securities

Offering—Temporarily postponed,

Corp., Lincoln, Neb.
i

Volume

196

6224

Number

.

.

The Commercial and Financial Chronicle

.

(2663)

Valu-Rack, Inc.
May 4, 1962 filed 200,000 common, of which 100,000 are
to be offered by company and 100,000 by stockholders.
Price
$5. Business — Wholesale distribution and retail
merchandising of health and beauty aids, housewares,

—Packinghouse Rd., Sarasota, Fla.
berry & Co., St. Petersburg, Fla.

30, 1962 ("Reg. A"j jluu,uuu common. Price—$3.
Business—Operation of underground cold storage facil¬

vincial Ltd.;

kitchenwares, wearing apparel and other goods. / Pro¬
ceeds—For debt repayment.
Office—2925 S. San Pedro
St., Los Angeles. Underwriter—To be named.

ities.

Corp.

capital.

27

treal.

•

Zero

Mountain

Inc.

Underwriter—Hens-

(1/28-31)

March

—

Proceeds—Expansion, debt repayment and working
Address—Box 594, Fayetteville, Ark.
Under¬
writer
Don D. Anderson & Co., Inc., Oklahoma City.
—

Venride Inc.
Nov. 5, 1962 filed 150,000 common. Price—$3. Business
—Operation of coin-operated children's rides. Proceeds

repayment, equipment and working capital.
Church St., N. Y. Underwriter—Leonard B
Stern & Co., N. Y.
i.
debt

—For

•

.

■

.

Issues Filed With SEC

.

Wade, Wenger ServiceMaster Co.
23, 1962 filed $250,000 of 7% ;conv. subord. de¬
due
1973.
Price—95%
of principal amount.
Business—Sale of franchises for on-location cleaning of

repayment and other corporate purposes.
Chicago. Underwriter—None.

Office—

N. Wayne,

Waterman

Steamship Corp.

Price—By amend¬

Aug. 29, 1961 filed 1,743,000 common.
Business—The

ment.

carrying of liner-type cargoes.
Proceeds—For the purchase of vessels, and working cap¬
ital.

4 v

r

Western Empire Real Estate Investments
Sept. 26, 1962 filed 600,000 shares of beneficial interest.
Price—$4. Business—Company plans to qualify as a real

estate investment trust.

Feb.

Proceeds—For investment.

Gilpin St., Denver, Colo.
Pioneer

Co.

Oi-

(Underwriter—None.

;

19, 1962 filed 371,750 capital shares of which 175,000
by the company and 196,750 by stock¬

to be offered

are

Office—1017

Price—$6.

Business—A

legal

reserve

Proceeds—For working capital.
St., Phoenix, Ariz. Underwriter—

company.

N.

3rd
j

'<•

s

Dec.

"

Wellington Electronics, Inc.
Oct. 29, 1962 filed 50,000 common, of which 37,500 are to
be offered by company arid 12,500 by a stockholder.
Price—$10. Business—Manufacture of etched aluminum
foil; the company also produces and'leases automatic
winding machines used in the manufacture of capacitators.
Proceeds—For loan repayment, equipment, plant
expansion and working capital.; Office—65 Honeck St.,
Englewood, N. J. Underwriter—Hemphill, Noyes & Co.,
New York. Offering—Indefinitely postponed.

Western

life insurance

ic American-Coleman Co.

^-

Temporarily postponed.

fice—1755

stockholders.

for

&

writer—Shields

1

if American Alliance Life Insurance Co.
Dec. 7, 1962 ("Reg. A") 50,000 class B capital shares of
which 41,667 will be sold for the company and 8,333

None.-

Ala. Under¬
Co., Inc., N. Y. (mgr.).
Offering-—

holders.

Price—By amendment (max. $42). Business—
by first liens on real estate.
Proceeds—For debt repayment. Office — 3243 Wilshire
Blvd.. Los Angeles. Underwriter — Kidder, Peabody &
The making of loans secured

Co., New York. Offering—Indefinite.
Western

Travel, Inc.
j
29, 1962 ("Reg. A") 175,000 common.
Price—$1.
Business—Operation of motels, hotels, restaurants and

17, 1962 ("Reg. A") 27,087 common to be offered for
subscription by stockholders on the basis of one new
share for
each seven held. Price — $4.25.
Business —
Manufacture of front wheel axels, transfer cases for
medium

and

heavy

duty

trucks,

and specialized
inventory, and

wheel drive vehicles. Proceeds—For
counts

receivable.

Office

—

5801

S.

Proceeds—For

completion of a motel
N.: University Ave.,
-Underwriter—Western Securities, Inc.,

Provo,

Utah.
Provo, Utah.

Office—290

:

•

;

"

•

•

.

Office—Thompson Bldg.,

purposes.

—R. J.

For repayment of debt and other corporate

—

Tulsa.

^ American Community Life Insurance Co.
Dec. 13, 1962 ("Reg. A") 26,771 common. Price

—

$5.

Business—General life insurance. Proceeds—For general

135 Jackson, N. E. Albu¬
N. M. Underwriter—None.

corporate purposes. Office
querque,

—

^ American Good Health Association, Inc.
Dec. 17, 1962
("Reg. A") 25,000 common. Price — $1.
Business—Company plans to purchase and manage the
Larger Life Lodge, at St. Leonard, Md. Proceeds—For
property acquisition and improvements. Office—Room
311, 918 F St., N. W., Washington; D. C. Underwriter—
None.

if Associated Mortgage Co., Inc. .
Dec. 21,
1962/filed 135,205 common, of which 100,000
are to be offered by company and 35,205 by stockholders.
Price—By amendment (max.*$10). Business—Originat¬
ing, marketing and servicing of first mortgages and
loans on real estate. Proceeds—For loan repayment, and

Underwriter

Price—$3.50. Busi¬
— For debt repay¬
working capital. Office—142 W.
26th St., N. Y. Underwriter — K-Pac Securities Corp.,
New York. Offering—Expected in January, v ■"!,;
100,000

common.

ness—Photo-offset printing. Proceeds

I

Widman

and

(L.

F.), Inc.
...■
Oct. 27, 1961 filed 162,000 common, of which 102,000 are
to- be offered
by the company and 60,000 by stock¬
holders. Price—$3. Business—Operates a chain of retail
drug stores; Proceeds—Expansion, equipment and work¬
ing capital. Office—738 Bellefonte Ave., Lock Haven, Pa.

Hamilton, Taylor & Co., N. Y.

Underwriter—Godfrey,
Wiener Shoes

Inc.

.

April 2, 1962 filed..80,000 common. Price — By amend¬
ment (max. $11). Business—Operation of a chain of shoe
stores. Proceeds—For debt repayment, expansion and

working capital. Office
Underwriter

—*

808 Dakin St., New Orleans.

—

Howard.

Weil.

Labouisse.

Friedrichs

&

Co., New Orleans. Note—This registration will be with¬
drawn.

Winslow

Dec. 28,

Electronics,

Inc.

1961 filed 125,000 common. Price—$4. Business

—Design

and

electronic

manufacture

measuring

of

electrical and
equipment. Pro¬

precision

devices and

test

ceeds—For
poses.

debt
repayment and other corporate pur¬
Office—1005 First Ave., Asbury Park, N. J. Under¬

writer—To

be

named.

Wolf Corp.

Jan,

26,

1962

filed

$4,500,000 of 6.5% convertible sub¬
(with attached warrants)

ordinated debentures due 1977

offered

to

be

A

stock

class

A

on

for

the

shares

subscription by stockholders of class
basis of $500 debentures for each 100

held.

unit. Business—
Real estate. Proceeds—For debt repavment and realty
acquisitions. Office-^10 East 40th St., N. Y. Underwriter
—S. E. Securities, Inc., 10 East 40th Street, New York.
Price—$500

Note—This registration

I Oct.

per

will be withdrawn.

Workman Electronic

poses.

Md.

Stanley

%rk.

EST) in Room 1600, 140 West St., New

a.m.

building

a

Earl

,

and other corporate purposes.
Las Vegas. Underwriter—None.

St.,

if Smith Kline & French Laboratories
Dec.

(1/10)

1962 filed 200,000 common. Price—By amend¬
(max. $64). Business—Development, manufacture

21,

ment

sale

and

of

specialties.

pharmaceutical

Proceeds—For

selling stockholder. Office — 1500 Spring Garden* St.,
Philadelphia. Underwriters-p-Smith, Barney & Co., N. Y.,
and Drexel & Co., Philadelphia.

Effective

Registrations

registration statements

clared effective this week by the SEC.

de¬
Offering

were

details, where available, will be carried in the
Monday issue of the "Chronicle "

Honda Motor Co. Ltd.

9.000,000

common

(par 50

shares

Yen)

represented

by

450,000 American Depositary Receipts offered at $15%
per A. Dj. R. by Goldman, Sachs & Co., and The Nikko
Securities Co., Ltd., New York.
Kaiser-Nelson Corp.

2,200 units offered at $228 each by Robert L. Ferman
& Co., Inc., Miami, Fla., and New York City. Each unit
consisted of one $200 face amount of 6%% convertible
subordinated debenture due Nov. 30, 1974 and seven
shares.

common

Mid-America

Minerals, Inc.
convertible preferred stock offered

15,000 shares of 6%
at

$100 per share by the company, without underwriting.

Price—$3. Business

ATTENTION
Our

Office—8485 Feriton St., Suite 313-Silver Spring,

Corporation

to know about

it

similar to those

Troy Bergan, Inc.
Would

20, 1962 filed 140,000 common. Price—$4. Business
printing. Proceeds—For debt repayment,

write

—Commercial
and

other

corporate

purposes.

Office

—

750

Hyler

UNDERWRITERS!

Do you have an issue you're

Underwriter—None.

that

we

can

prepare

an

item

you'll find hereunder.

telephone

you

us

so

planning to register?
would like

Department

News

us

at

REctor 2-9570
7, N. Y.

or

at 25 Park Place, New York

St.,

Teterboro, N. J. Underwriter—Van Alstyne Noel Corp.,
New York.

■jf Globe Loan Corp. of Dunellen
Dec. 19, 1962 ("Reg. A") 7% subordinated capital notes
due Dec. 31, .'1968. Price—At par. Business—Granting
of personal loans. Proceeds—For debt repayment, and
expansion. Office — 264 North Ave., Dunellen, N. J.
Underwriter—None.

ic Harvey-Wells Corp.
Dec. 12, 1962 ("Reg. A") 142,039 common to be offered
for subscription by stockholders on the basis of one new
share for each two shares held. Price—$1.25. Business—
Manufacture

and

sale

of

precision laboratory

electro¬

magnetics, and nuclear magnetic resonance equipment.
Proceeds
For debt repayment, and working capital.
Office—500 Cochituate Rd., Framingram, Mass. Under¬
—

writer—None.

'

if Horizons Unlimited Corp.
Dec. 12, 1962
("Reg. A") 1,000 common. Price — $10.
Business—Providing of employment for handicapped

Proceeds—For equipment, and operating ex¬
Office—123 E. Franklin St., Elkhart, Ind. Under¬

Prospective Offerings
^Atlantic Coast Line RjR (1/7)
Dec. 26, 1962 it was reported that this road plans to sell
$3,900,000 of equipment trust certificates due Jan. 15,
1964-78. Office—220 E. 42nd St., N. Y. Underwriters—
(Competitive.) Probable bidders: Salomon Brothers &
Halsey, Stuart & Co. Inc. Bids—Jan. 7, 1963
(12 noon EST) at above address.

Hutzler;

Bell Telephone

penses.

writer—None.

if Illinois Power Co. (1/15)
Dec. 20, 1962 filed $35,000,000 first mortgage bonds due
1993. Proceeds—For loan repayment, and construction.
Office—500 South 27th St., Decatur, 111. Underwriters—
(Competitive). Probable bidders: First Boston Corp.;
Halsey, Stuart & Co., Inc.; White, Weld & Co.-Merrill
Lynch, Pierce, Fenner & Smith, Inc. (jointly); Eastman
Dillon, Union Securities & Co.; Harriman Ripley & Co.,
Inc.-Glore, Forgan & Co. (jointly). Bids — Jan. 15,
(10 a.m. CST) in Room 2075, 231 So. La Salle St., Chi¬
cago. Information Meeting — Jan.
10, 1963 (2:15 p.m.
CST) at Morgan Guaranty Trust Co., 60 Liberty St.,
York.

^Montreal
Dec.

(City of)

(1/14)

21, 1962 filed $9,000,000 of sinking fund debentures

of

improvements due Jan. 15, 1963 and $16,000,000
sinking fund debentures for public works due Jan. 1,

1988.

price—By amendment; Address—Montreal,

P. Q.,

(2/5/63)

(Competitive). Probable bidders: First Boston Corp.;
Halsey, Stuart & Co. Inc.; Morgan Stanley & Co.; White,
Weld & Co.-Eastman Dillon, Union
Securities & Co.
(jointly).
Bids—Expected
New York.

1963 at

Feb. 5,

195 Broad¬

way,

Steel

Bethlehem

Co.

1962, Arthur B. Homer, Chairman, announced
that the company will embark on a $750,000,000 capital
improvements program to be completed over the next
three years.
He said that approximately two-thirds of
the financing for the program will be generated inter¬
nally and the balance secured externally.
Mr. Homer
added that this would not be required in the immediate
future. Office—25 Broadway, New York. Undenvriters
—To be named. The last public sale of securities in May,
Dec.

1955,

3,

was

handled by Kuhn, Loeb

& Co., and Smith,

Barney & Co., New York.

Biologies
Aug.
to

15,

file

a

International

Inc.

1962 it was reported that this company
registration statement covering 125,000

plana
com*

plans to
breed and supply animals for biological research pur¬
poses. Proceeds—For general corporate purposes. Office
—7520 Bergenline Ave., North Bergen, N. ^J. Under¬
mon

for local

Co. of Pennsylvania

3, 1962 it was reported that this A. T. & T., subsidi¬
ary plans to sell $50,000,000 of debentures in February.
Office—1835
Arch
St., Philadelphia.
Underwriters—
Dec.

persons.

New

—Manufacture, development and assembling of precise
electronic replacement components for radio, TV and
industrial
use.
Proceeds—For
debt
repayment,
in¬
ventory, research, and other corporate purposes. Office




other corporate purposes. Office —140
York. Underwriters — (Competitive.)
Halsey, Stuart & Co. Inc., and Mor¬
& Co. Bids — Expected Jan. 7t 1963

lfic«

Products, Inc.

25, 1962 filed 140,000 common.

in Mon^

New

Office—244

17, 1962 ("Reg. A") 86,000 common to be offered
subscription by stockholders on a probata basis, for
10 days, then to the public. Price—50 cents. Business—
Development and production of items in toy, game and
hardware fields. Proceeds—For gerieral corporate pur¬

De

Offset, Inc.

equipment

EST)

Dec.

Dec.

Photo

July 13, 1962 filed
ment,

Creative

Edwards, Inc., Oklahoma City.

White

a.m.

for

■Wheeler & Ryan, Inc.
July 30, 1962 filed 80,000 common. Price—$12.50. Busi¬
ness—Acquisition of leases and production of oil and gas.

Proceeds

and

The following

related businesses.

capital.

(11

bidders:

equipment,

Nevada, Littleton,

Underwriter—None.

Colo.

New York.

working

14

all

working capital.' Office—1120 Connecticut Ave., N. W.,
Washington, D. C. Underwriter—Shields & Co., Inc.,

and

Co.

Dec. 10, 1962
("Reg. A") 300,000 common. Price — $1.
Business—Company plans to acquire and develop the
Jean Silica Deposit near Las Vegas, Nev, Proceeds—For

ac¬

Oct.

.

InterproSecurities

&

^Silica Inc.

Saint Joseph St., Mobile,

Office—71

Beaubien

if New York Telephone Co. (1/7)
Dec. 19, 1962 filed $70,000,000 refunding mortgage bonds,
series N due Jan. 1,
20p0. Price—By amendment (max.
103%). Business—Furnishes communication services in
New York State. Proceeds—For debt repayment, con¬

(11:30

carpets, furniture, floors, etc., and the manufacture and
sale of cleaning equipment and materials. Proceeds—For
debt

Ltd.-Credit

Smith, Barney & Co.-Dominion

(jointly); Bids—Jan.

Probable

This Week

bentures

G.

Brothers-L.

gan

Nov.

2117

Underwriters—(Competitive.) Probable bidders:
Halsey, Stuart & Co. Inc.-Shields & Co.-Salomon Bros.
& Hutzler-Morgan, Ostiguy
& Hudson Ltd.; Lehman

struction,
West St.,

Office—241

.

Canada.

shares.

writer—To

be

Price—$3.

Business—Company

named.
Continued

on

page

28

28

The Commercial and Financial Chronicle

(2664)

Continued from page

►

Gas

Union

* Brooklyn

Pierce;,

27

(2/27)

Co.

1962 it was reported that the company plans
$12,000,000 of 25-year first mortgage bonds in
February. Office — 195 Montague St., Brooklyn, N. Y.
Dec.

to

26,

offer

Underwriters—(Competitive.) Probable bidders: Halsey,
Stuart & Co. Inc.; White, Weld & Co.; Merrill Lynch,
Pierce, Fenner & Smith Inc.; Blyth & Co., Inc.-Eastman
Dillon, Union Securities & Co.-F. S. Moseley & Co.
(jointly); Harriman Ripley & Co., Inc.-First Boston
Corp. (jointly). Bids—Expected Feb. 27.

.

Electric

California

Oct.

Power

Co.

reported that this company plans
to raise new money in the third or fourth quarter of
1963. A spokesman for the company stated that the util¬
ity is thinking of selling 380,000 common shares, al¬
though a final decision has not been made. Office—2885
Foothill Blvd., San Bernardino. Underwriter — Merrill
Lynch, Pierce, Fenner & Smith Inc., New York.
1962 it

29,

Central

was

Illinois

Light Co.

Nov. 5, 1962 it was reported that this company plans to
sell about $9,400,000 of first mortgage bonds in the first

quarter of 1963.

3*4%

like amount of

a

bonds maturing April 1, 1963.

Office—300 Liberty
Underwriters—To be named. The last
issue of bonds on March 14, 1960 was won at competitive
bidding by Halsey, Stuart & Co. Inc.
Other bidders
were: First Boston Corp.; Kidder, Peabody & Co.; East¬
man
Dillon, Union Securities & Co.; Merrill Lynch,
St.,

I

Proceeds—To redeem

Peoria, 111.

Pierce, Fenner & Smith Inc.-Stone & Webster Securities
Corp. (jointly).
Central

July 10,
1963.

Public

Illinois

1962 it

issue

to

about

Service

(jointly); First Boston

Smith Inc.

Fenner &

Corp.; Lehman Brothers. Bids—Jan. 29,
EST).
;
Power &

Delaware

noon

Light Co.

stockholders first

on

the basis of

each 10 shares held. Based

on

the number of shares out¬

common

standing

one

share for

Dec. 31, 1961, the sale would involve about

on

418,536 shares. Proceeds—For construction. Office—600
St., Wilmington, Del. Underwriters—(Competi¬
tive). Probable bidders: Carl M. Loeb, Rhoades & Co.;
W. C. Langley & Co.-Union Securities Co.
(jointly);
Lehman Brothers; First Boston Corp.; White, Weld &
Co.-Shields & Co.
(jointly); Kidder, Peabody & Co.Merrill Lynch, Pierce, Fenner & Smith Inc. (jointly).
Market

Denver & Rio Grande Western RR.

(1/9/63)

Dec.

10, 1962 it was reported that this road plans to
sell $4,500,000 of equipment trust certificates in January.
Office—1531 Stout St., Denver. Underwriters—(Competi¬
tive). Probable bidders: Halsey, Stuart & Co. Inc.; Salo¬
mon Brothers & Hutzler. Bids—Jan. 9
(12 noon MT) at
company's office.

1

,

Eastern Freight

Ways, Inc.
9, 1962 the ICC authorized the company to issue
100,000 common. Price—By amendment (min. $5) Busi¬
ness—A motor vehicle common carrier operating in nine
Oct.

.

eastern states

from Vermont

to Virginia.

working capital, debt repayment and advances to sub¬
sidiaries. Office
Moonachie Ave., Carlstadt, N. J.
Underwriter—Allen & Co., New York.
—

May

11,

stockholders

1962

issue 756.000 shares of

a

Inc.
■
authorized

Eastman

Dillon, Union Securities & Co.(jointly); Blyth & Co.-Kid-

Equitable Securities Corp.
der,

Pierce,

Co.-Merrill Lynch,

&

peabody

Fenner &

Smith Inc.

(jointly); Halsey, Stuart & Co. Inc.; Salomon
Brothers & Hutzler; First Boston Corp.; Lehman Broth¬
ers-Bear, Stearns & Co. (jointly).
Chesapeake & Potomac Telephone Co. of IVId.
(1/22/63)

Jan.

To

refund) $25,000,000 of 5^4% debentures due
1, 1996, repay loans, and expand facilities. Office—
—

320 St. Paul Place,

Baltimore, Md. Underwriters—(Com¬
bidders: First Boston Corp.-Merrill

petitive). Probable

Lynch, Pierce, Fenner & Smith Inc. (jointly); Halsey,
Stuart & Co. Inc.; Morgan Stanley & Co.; White, Weld
& Co. Bids—Expected Jan. 22, 1963 at 195 Broadway,
New York,.
it Chicago, Burlington & Quincy RR
Dec. 26, 1962/ the company announced
sell

$6,300,000

ary.

This will be the first of three

totalling

(1/16)

or

four installments

approximately $21,000,000. Office — 547 W.
Blvd., Chicago. Underwriters — (Competitive.)

Jackson

Probable bidders:

Salomon

Brothers

Stuart & Co. Inc. Bids—Jan. 16
address.

J

(12

&

Hutzler; Halsey,
CST) at above

noon

'.r'

,

Chicago Union Station Co.
Nov. 28, 1962 it was reported that

this company will
$48-$50 million of first mortgage bonds in May
1963. Proceeds—To refund outstanding 3Vs% and 2%%
bonds maturing July 1, 1963. Office—210 S. Canal
St.,
Chicago. Underwriters — (Competitive). Probable bid¬
ders: Kuhn, Loeb & Co.;
Halsey, Stuart & Co. Inc.; Kid¬
issue

der, Peabody & Co.

Community Public Service Co.
Oct.
to

29,

1962

issue

June

it

was

about

reported

$5,000,000

of

that

this

first

1963. Office—408 W. 7th St., Fort

derwriters

company

mortgage

plans

bonrL'

in

Worth, Tex. Un¬

(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc.; Salomon Brothers &
Hutzler; Stone &
Webster Securities Corp.
—

Connecticut Light & Power Co.
Dec.

10,

1962 it

Offering—Indefinitely postponed.

General Aniline & Film Corp.
Oct. 22, 1962, President Kennedy

On

signed a bill au¬
thorizing the Government to sell its holdings of 540,894
class A and 2,050,000 class B shares, representing 98%
of

the

voting control-of the company. The stock, now
by the Attorney General, was seized in 1942 as a
German asset. No date has been set for the offering
which need not be registered with the SEC. Proceeds
held

from

the sale will be used to reimburse American citi¬
for

zens

II.

that it plans to
of equipment trust certificates in Janu¬

outstanding 6% preferred stock
$6,000,000 convertible debentures of

Major Realty Corp., an affiliate. Office—223 East Alleg¬
hany Ave., Philadelphia. Underwriter—To be named.
The last rights offering in December 1957 was under¬
written by Eastman Dillon, Union
Securities & Co.,
New York.

Nov. 28, 1962 this A. T. & T. subsidiary announced plans
to sell $50,000,000 of debentures due Jan. 1, 2002. Pro¬
ceeds

ters. Proceeds—To retire

and purchase up to

losses

life

of

and

Business—Company

property during World War

is

leading

a

domestic producer

of

dyestuffs, chemicals and photographic materials. Of¬
W. 50th St., New York. Underwriters—(Com¬
petitive). Probable bidders: Bache & Co.; Blyth & Co.First Boston Corp.
(jointly); Lehman Brothers-Kuhn,
Loeb & Co.-Glore, Forgan & Cb. (jointly).

fice—111

Gulf
Oct.

Utilities

States

5, 1962 it

Co.

Ave., Beaumont, Tex. Underwriters

(Competitive). Probable bidders: Salomon Brothers &
Hutzler-Eastman Dillon, Union Securities & Co. (joint¬

—

subsidiary. Office—250

Park

Ave., N. Y. Under¬
financing by the com¬
Allen
&
Co., and Van

1963

Proceeds—For construction. Address—Sel-

Alstyne, Noel & Co.. New York City.

pany

be

named.

The

underwritten

was

last

by

(jointly).

Interstate

Sept. 4, 1962, Robert P. Briggs, Executive Vice-Presi¬
dent, announced that the company had postponed until
mid-1963 its plan to sell additional securities because of
"larger than anticipated internal generation of cash, sub¬
stantial

refunds

from

natural

suppliers and the
increased use of bank credit."
Earlier, the company re¬
ported that it expected to sell about $40,000,000 of secu¬
rities, probably bonds, in the fourth quarter.
Office—
212 West Michigan
Ave., Jackson, Mich. Underwriters—
(Competitive). Probable bidders: Halsey, Stuart & Co.
gas

Inc.; White, Weld & Co.-Shields & Co.
man
Ripley & Co. Inc.-First Boston
Morgan Stanley & Co.

-

Dallas

Power & Light Co.
1962 it was reported
Texas Utilities Co., plans to sell

Dec.

gage

10,

bonds

due

Oct.
sell

(jointly); HarriCorp. (jointly);

10, 1962 it

this

stock

$25,000,000 of first

Public

Service

was

of

Co.

reported that this company plans to
bonds in the third quarter of 1963.

Address—Orpheum-Electric Bldg., Sioux City, Iowa. Un¬
derwriters—(Competitive). Probable bidders: Kidder,
Peabody & Co.-Blyth & Co. Inc. (jointly-1); Eastman Dil¬
lon, Union Securities & Co.; Equitable Securities Corp.;
White, Weld & Co.; First Boston Corp.

sell

20,

Water

I962

it

$3,000,000 of mortgage bonds

and

preferred

mort¬

payment,

and

Jamaica,

N.

and

Kidder, Peabody & Co.-Blyth & Co., Inc.-Merrill
Lynch,

was

common

reported
stocks.

construction.

Other bidders

utility plans
$2,000,000 of

Proceeds—For

Office

—

161-20

Co., Inc.

5¥4 %

bonds

due

Office—1506

—

;

Y.

sale of bonds

Underwriters—To

on

May 3, 1956

was

be

debt

89th

named.

re¬

Ave.,

The

made by Blyth

(2/6/63)

Underwriters—(Competitive). Probable bidders:
Halsey, Stuart & Co. Inc.; Lehman Brothers; Merrill
Lynch, Pierce, Fenner & Smith Inc.-Reinholdt & Gard¬
ner
(jointly); Stone & Webster Securities Corp.; First
Boston Corp.; Eastman Dillon, Union Securities & Co.
Bids—Expected Feb. 6, 1963. Information Meeting—Jan.
31, 1963

(11 a.m.) at 16 Wall St., New York.

Laguna
Dec.

the

Corp.

Niguel

11, 1962, Gerald W. Blakeley, President, stated that
is "seriously considering" the issuance of

company

about

$10,000,000

debentures to redeem its 60-cent
Blakeley said class A divi- '
dends must be paid from after-tax earnings, meaning
the company has to earn 12% of gross revenue, whereas
interest on debentures is an expense item, so the com¬
pany would have to earn only 6% to provide the same
return. Business—Acquisition, development and manage¬
ment of real properties. Office — 32802 Pacific Coast
Hwy., So., Laguna, Calif. Underwriter—To be named.
The last financing for the company was handled by
Paine, Webber, Jackson & Curtis, Boston.
of

cumulative class A stock. Mr.

Michigan Consolidated Gas Co.
24, 1962 it was reported that this company plans
sell about $22,000,000 of first mortgage bonds in the
third quarter of 1963. Proceeds—For construction. Office

On Oct.
to

■—415 Clifford

St., Detroit. Underwriters—(Competitive).
bidders: Halsey, Stuart & Co. Inc.; Blyth &
Co., Inc.; White, Weld & Co.-Lehman Brothers (jointly).

Probable

Michigan Wisconsin Pipe Line Co.
24, 1962 it was reported that this company plans
sell about $22,000,000 of first mortgage bonds in the
third quari/er of 1963. Proceeds—For construction. Office
—500
Griswold St., Detroit.
Underwriters—(Competi¬
tive). Probable bidders: Halsey, Stuart & Co. Inc.; First
Boston Corp.; Blyth & Co., Inc.
to

Mitsubishi

Electric

Mfg. Co.

issues
of

of

preferred

common

on

Oct.

by March 31, 1963. It is
expected that the bonds would mature in 15 years and
bear interest of 6.5%. No decision has yet been made as
to

were

sold

May 9, 1956

was

whether

the issue will be sold

Business—Production of
For

electric

Office—Tokyo,

expansion.

publicly

or

privately.

machinery. Proceeds—•

Japan.

Underwriter—

Kidder, Peabody & Co., New York.
if Nippon Telegraph & Telephone Public Corp.
Dec. 19, 1962, it was reported that the company plans to
sell $20,000,000 of bonds in the United States in. the fis¬
cal year April 1, 1'963 to March 31, 1964. The financing
program is subject to approval by the Japanese Diet.
Business
Nippon Telegraph, wholly-owned by the
Japanese Government, furnishes domestic telephone and
telegraph services, without competition, in Japan. Pro¬
ceeds—For
expansion. Office—Tokyo, Japan. Under¬
writers—Dillon, Read & Co.; First Boston Corp., and
Smith, Barney & Co., New York.
* Norfolk & Western Ry. (3/25)
Dec. 26, 1962 it was reported that this road plans to sell
about $5,475,000 of 1-15 year equipment trust certificates
in. March. Office—8 N. Jefferson St., Roanoke, Va. Un¬

derwriters—(Competitive.) Probable bidders: Salomon
& Hutzler; Halsey,, Stuart & Co. Inc. Bids —

Brothers

Expected March 25.
•

1962

20,

Gas

Illinois

Northern

Dec.

the

Co.

company

informed

"The

Chronicle"

an

plans to spend $40,000,000 on construction in 1963,
undetermined amount of/which will be raised by sale
bonds.

that it

last

privately. The last sale
made through Blyth &

time

Dec.

20,

issue

inadvertently stated

that

planned to sell $40,000,000 of bonds some¬
1963. Office—615 Eastern Ave., Bellwood, 111.

in

(Competitive.)

Probable bidders: First
& Co. Inc.; Blyth & Co.,
Inc.-Equitable Securities Corp. (jqintly); Glore, Forgan
Underwriters—
Boston

&

Corp.;

Halsey,

Stuart

Co.

Northern

Natural Gas Co.

Feo.

28, 1962 it was reported that the company's 1962
expansion program will require about $40,000,000 of
external financing to be obtained entirely from long
or

/■

Our

company

& Co.

Halsey, Stuart & Co: Inc.; Kidder,
Peabody & Co.; White, Weld & Co.
The last several

1

t.

Co.

1, 1962 the company announced plans to sell $10,000,000 of 20-year sinking fund debentures. Proceeds—•
To repay bank loans.
Office—1017 Olive Street, St.

were:

■




Laclede Gas
Nov.

the

this

Proceeds—To redeem $20,000,000
1989, and for other corporate pur¬
Commerce St., Dallas. Underwriters
(Competitive). Probable bidders: Halsey, Stuart & Co
Inc.; Salomon Brothers & Hutzler-Equitable Securities
Corp. (jointly);,Eastman Dillon, Union Securities & Co
of

poses.

St. Louis.

of

Supply Co.
that

of

1993.

late

1

Iowa

to

subsidiary

reported that the company plans to

was

in

Nov. 5, 1962 it
sell $16,000,000

Jamaica

(1/29/63)

Co.

and $4,000,000 of
May, 1963. Office—1000 Main St.,
Dubuque, Iowa. Underwriters—(Competitive). Probable
bidders: Merrill Lynch,
Pierce, Fenner & Smith Inc.Kidder, Peabody & Co. (jointly); Halsey, Stuart & Co.
Inc.; Salomon Brothers & Hutzler; White, Weld & Co.

March

that

Power

$8,000,000 of first mortgage bonds

common

Consumers Power Co.

writers-—Lehman Brothers; Merrill Lynch, Pierce, Fen¬
ner & Smith Inc., New York, and Reinholdt &
Gardner,

—

den

last

W. Scranton & Co.-Estabrook & Co.

(2/6/63)

of convertible bonds in the U. S.

Highway Trailer Industries, Inc.
1
Sept. 10, 1962 it was reported that this company plans
to raise some $2,500,000 by a rights offering to stock¬
holders. Authorized stock now consists of 2,000,000 $1.25
par common shares of which 714,086 shares
are out¬
standing. Business—Manufacture of truck trailers, cargo
containers, telephone and power line construction equip¬
ment, etc. Proceeds—To help form a new finance com¬

sidering the
1964.

Co.

ing—Temporarily postponed.

writers—To

or

Laclede Gas

Nov. 1, 1963 the company announced plans to sell
200,()00
shares of preferred stock (par $25). Proceeds—To repay
bank loans. Office—1017 Olive Street, St. Louis. Under¬

24, 1962 it was reported that the Japanese Finance
Ministry had authorized the company to sell $10,000,000

pany

St., Berlin, Conn. Underwriters—To be named. The
public offering of bonds on Jan. 20,
1960 was
handled by Morgan Stanley & Co.-Putnam & Co.-Chas.

Kentucky Utilities Co.
1, 1962 it was reported that this utility plans to
sell approximately $15,000,000 of 30-year first mortgage
bonds, in the first quarter of 1963. Office—120 So. Lime¬
stone St., Lexington, Ky.
Underwriters—(Competitive).
Probable bidders: Blyth & Co., Inc.; Halsey, Stuart &
Co. Inc.; Kidder, Peabody & Co.-White, Weld & Co.
(jointly); Eastman Dillon, Union Securities & Co.-Merrill Lynch, Pierce, Fenner & Smith Inc. (jointly).
„
Aug.

ly); Stone & Webster Securities Corp.; Halsey, Stuart &
Co. Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.White, Weld & Co. (jointly); Lehman Brothers. Offer¬

reported that the company is con¬
issuance of about $22,500,000 of bonds in
was

Corp.; Dillon, Read & Co. Inc.; Smith, Barney &
Co., Inc., N. Y.

Oct.

reported that this company plans to
sell $16,000,000 of first mortgage bonds due 1992. Pro¬
ceeds—To retire a like amount of 5J/4% bonds due 1989.
was

Office—285 Liberty

Boston

Louis.

the

company to
convertible nreferred stock

new

March 31, 1963. Business—The bank was incorporated in

Proceeds—For

tion rights on a l-for-10 basis. Price^By amendment.
Business—Development and operation of shopping cen¬

bidders:

$22,500,000 of bonds in the U. S.
It is expected that a
portion of this financing will be completed by

1951 as a Japanese Government financial institution to
supply long-term funds to Japanese industry for the
promotion of economic reconstruction and industrial de¬
velopment. Office—Tokyo, Japan. Underwriters — First

The offering would be made to

stocjs.

common

which will be offered to stockholders through subscrip¬

able

E.

Japan Development Bank
July 3, 1962 it was reported that the Japanese Finance
Ministry has authorized the bank to issue an additional

tional

Adams

construction.

Thursday, December 27, 1962

major

St., Springfield, 111. Underwriters—(Competitive). Prob¬

Proceeds—For

.

reported that the company has post¬
poned until early Spring of 1963 its plan to issue addi¬

Food Fair Properties,

Office—607

(12

March 9, 1962 it was

Co.

reported that this company plans
$10,000,000 of first mortgage bonds in
was

1963

.

.

short term borrowing. Office—2223 Dodge

St., Omaha,

Number 6224

196

Volume

.

,

The Commercial and Financial Chronicle
■

.

■

■

..

Neb.

Underwriter—To

named.

be

it was reported that this A. T. & T., subsidi¬
ary plans to sell $40,000,000 of debentures to mature not
later than 40 years after date of issuance. Office—100
So. 19th St., Omaha, Neb. Underwriters—(Competitive).
Probable bidders: Halsey, Stuart & Co. Inc.; Morgan
Stanley & Co.; First Boston
Corp.-Eastman Dillon,
Union Securities & Co.
Bids—Expected March 5, 1963

/

Broadway, New York.

195

Gas

Oklahoma

-

Hutzler.

plans to

Aug. 1, 1962 it was 'reported that this company

Nov.

Southern

28,

vote

Jan.

Pennsylvania Power & Light Co.
1962. Jack K. Busby, President and C. E. Oakes,
Chairman, stated that the company will require about
$93,000,000 in debt financing in the period 1962 to 1970.
Proceeds—For construction and the retirement of $17,-

of

bonds

Nov.

1961

29,

at com¬

won

wgs

bidding by White, Weld & Co., and Kidder,
Peabody & Co.
Other bidders were Halsey, Stuart &
Co. Inc.; First Boston Corp.-Drexel & Co. (jointly).

petitive

•

Public

Aug.

&

bonds, series H. due Feb. 1, 1990. Office—600 S. Main,
Tulsa, Okla. Underwriters — (Competitive). Probable
bidders: Glore, Forgan & Co.; White, Weld & Co.-Shields
Co. (jointly); Blyth & Co. Inc.; Equitable Securities
Corp.-Eastman Dillon, Union Securities & Co. (jointly);
Halsey, Stuart & Co., Inc. Bids—Expected Jan. 22.

ton

pansion
the

that

Power

Electric

fire

and

companies
first

half

of

premiums

insurance
the

For

year,

to reach

expected

are

in the

about 5%

1962.

one

coverages

casualty

rose

fire

bines

of

combination

and

casualty

This

policy.

practically
provid¬

years ago,

writings

6%

or

last

of

to

lagged behind the unfavor¬
operating results. Numerous

in

decade

the

past

income

year.

also

premium

doubled,

substantially

the

growth

53%

exceeding

income.

Contributing

dustry's

expansion
of rate

number

national

the

in

the

to

have

in¬

been

increases,

an

a

up¬

investment

Undewriting

basic

18

Some
age

are

damage and

injury,' property

damage

physical

—

account

for

of total premiums. The

about 40%

next

industry.

automobile lines—bod¬

The three

ily

of cover¬

types

written by the

largest

which
growth in recent

line

has shown little

is

fire,

because of the diversion, of
premiums to multiple peril pol¬

years

Fire

icies.

10%

over

and

of

health

men's
the

account

still

ever,

coverage

half

same

tributing

rapidly

importance,
over

growing

9%.

line




work¬

The

is

home¬

offset
losses.

casualty

pre¬

rising

break-even

operations

point,

the in¬

as

1950's

the

of

rising

because

settlement

of

costs

underwriting

year

should

show

some

far

so

results

improvement.

Large Expansion in

securities
to

carry

of

While underwriting earnings in

industry have
in

folios

underwriting losses totalled
This unfavorable

ence

was

particularly evident in

the automobile

which
on

an

costs

still

bodily injury line,

remains

industry
on

$590

experi¬

unprofitable

basis.

property

Settlement

damage

rose

sharply. Windstorm and fire loss¬
also

have
an

been

unusual

unsatisfactory,

series

of

catas-

trophies has occured almost year¬

income

million

rates

on

to

earnings
86%
stock

gross

Industry

have

Ratio

raised premi¬

these coverages from

Investment

of

available for

cade,

by the stock and mutual compa¬
include

capital

for

special

and

surplus,

claims,

anticipated

established

reserves

premiums

collected
items

These

responsible

pretax

for

earnings

during

this

underwriting

investment

61%

income

of
de¬

profits

accounted

new

ed

for

of earnings. Despite the de¬

of

income

this
rose

year,
more

in the first

net investment
than

8%

to

a

high. This expansion reflect¬

the

income

derived

fire

their

from

ad¬

have

di¬

been

balanced

un¬

or

merged

lines

casualty

companies

laws

State

as

changed to permit one com¬

pany to write in both fields. More
the

recently

provide the
all

trend

has

company

been

ty

type

as

includ¬

well as fire and casual¬

To

coverages.

selling,

of

to

with

agent

varieties of insurance,

ing life

ap¬

equalled

facilitate

this

fire

and

many

proximately 94% of total industry

casualty insurers have entered the

assets

life

of

$33.7 billion at the end

income

their

own

their

aries

or

to

try

cover

for

assets.

total

with

bonds

one-half

over

S.

U.

of

Government

securities comprised 34%

securities

S.

of total

of last

have

been

declining in importance, however,
as

companies

municipal
years

issues

have

shifted

obligations

in

effort

an

after-tax

income,

of

now

total

in

for

to

recent
expand

to

and

account

stocks
of

all

bond

municipal
over

holdings.

represented
assets

at

As the end

half

Common

over

last

may

be

income
over

of

last

still

or

some

total

and

1961.

exists

assets

by over 6%,

$2 billion, but the sub¬

will

The

pressure

in

some

in

time,

show

a

the record level

companies are
but the

expenses,

continues generally

third

that

trend

industry

overall loss ratio for the

sion

reduced

year.

reducing

a

of

provided

favorable

investment

of

half

year's operating results

achieved,

further rise

end

first

approaches,

losses continues. At the same

about

the

of 1962

that some improvement

current

the

help

the

by acquiring them.

it appears

1962

during

organizing

by

insurance subsidi¬

Improved Results Likely for 1962

The decline in stock market valu¬
es

either

life

quality, fixed

investments,

accounting

field

general policy, most

a

U.

$294

efforts

rected to achieving a

not

but

year.

$621 million. Portfolio

and

investment

companies

companies

Throughout the postwar period,

were

Funds

holdings, at the end

were

the

Portfolios

bond

from

to Balanced Underwritings

industry

al

investment

doubled,

loss.

companies derwriting
operation. In the late
increasing proportion ,1940's and
early 1950's numerous
income
down
to
net concerns
writing either tradition¬

only 14%. In the previous decade

half

Decline in Expense

Companies

than

this

of

an

profit.

earned.

half

the

stock

the

of

Trend

and

Moreover, the

1961

an

more

port¬

expanded significantly.
1952

cline in equity values

ly since 1954.

um

has

income

years,

investment

from

Between

more

recent

unsatis¬

been

than

maturing

rates,

liabilities with high

1956-58

million.

as

invested at

enables

companies

Investment Income

the

improve¬

current

of 1961. As

premium rates. In the three years
company

an

yields

dividend increases.

for

In the absence

catastrophies

Kan.

underwritten by Dean Witter & Co*

expanding volume of tax-exempt

and

this

Bend,

Francisco.

were

attractive

reserves

derived

inclusive, stock

net

obligations

Carla and destructive fires in the

of comparable

Great

more

in

al calamities including Hurricane

area.

was

Ave.,

The last rights offering in

sequent market recovery restored

nies

Angeles

January, 1957,

Never¬

only slightly above

were

factory

con¬

most

1961

to

expense

helped

underwriting

for

of about

each

and

clerical

of

resulting decline

of

has

without commensurate increases in

as

and

compensation are

fire

The

ratio

the

miums

companies

es

Accident

in

com¬

the second

slightly

for

volume.

operations.

to

pack¬

one

automation

and

age

into

coverages

Forest

investment,

ment

lower

commissions, direct billing,

since

rriargins

under pressure in

were

how¬

underwritings,

interruption

both stock and mutual

sharply
Broad Range of Coverages Offered

has

which

income,

without

adequate protection.

under¬

widely in the postwar period, and

1942.

the need for

basically

is

writing profits, which have varied

risen

values,

taken

been

including

Office—2015

1963.

Underwriter—To be named.

premium writings avail¬

for

dustry again suffered from natur¬

sources:

reflect

to

coverages

have

approximately $5,000,000 of common stock through
rights offering to stockholders, in the second quarter

of

able

Los

income

Industry

derived from two

Western Light & Telephone Co., Inc.
Aug. 1, 1962 it was reported that the company plans to

ditional

increases

the

but

costs,

bining

the

Pressure

a large
growth in insurable (properties,
and a general public awareness of

of

grading

rising; current

reduce

in

Underwriting Margins Under

has

Over

1961.

time,

theless,

$16.3 billion, compared with $15.5
billion

Dillon, Union Securities & Co.; Equitable Securities
Corp.; Kidder, Peabody & Co.; First Boston Corp.; Hal¬
sey, Stuart & Co. Inc.

man

San

nearly $900 million

premium

21,

Washington Gas Light Co.
Aug. 1, 1962 it was reported that this company plans to
sell $12,000,000 of 25-year bonds, in the second quarter
of 1963.
Office—1100 H. St., N. W., Washington, D. C.
Underwriters—(Competitive): Probable bidders: East¬

curities & Co. (jointly); Kuhn, Loeb & Co.-Blyth & Co.

policy,

unkpown eight
ed

Light, Heat & Power Co.
1962 it was reported that this subsidiary of
Co., plans to sell $5,000,000 of
first mortgage bonds in 1963. Office—139 East Fourth
St., Cincinnati. Underwriters—(Competitive). Probable
bidders: Halsey, Stuart & Co. Inc.; Blyth & Co. Inc.First Boston Corp. (jointly); Merrill Lynch, Pierce, Fen¬
ner
&
Smith Inc.-Kidder, Peabody & Co.
(jointly);
Equitable Securities Corp.; White, Weld & Co.; Kidder,
Peabody & Co.

a

able

in

20

Dillon, Read & Co., Inc.,

—

Cincinnati Gas & Electric

Co.

have

certain

nearly
volume

began

premium

ago,

years

a

Proceeds—

Bldg., Hous¬

sell

multiple peril which com¬

owners

Eastern

Union

Nov.

1962 it was reported that this company plans to
$16,000,000 of first mortgage bonds in the fall of
1963. Office—428 Travis St., Shreveport, La. Underwrit¬
ers—(Competitive). Probable bidders: Merrill Lynch,
Pierce, Fenner & Smith Inc.-Eastman Dillon, Union Se¬

Casualty

ex¬

1, Texas. Underwriter

Address—Texas

New York.

sell

Insurance Industry
uninterrupted

subsidiary, operates

a

processing plants.

construction.

15,

steps

an

Business—Com¬

on

time

Continuing

through
gas

For

Nov. 5,

it Seaboard Air Line RR (1/17)
Dec. 26, 1962 it was reported that this road plans to, sell
$6,405,000 of equipment trust certificates in January.

'The Fire and

and natural gas and,
refinery and natural

Railway Co.

Southwestern

&

owns

portation of natural gas and clean petroleum products.
It is also active in exploration for and production of oil

1962 it was reported that this utility plans a
offering of $10,000,000 of convertible preferred
stock in the first quarter of 1963. Office—1507 Pacific
Ave., Dallas. Underwriters — To be named. The last
rights offering of
edslftpk,, jn April 1959 was
handled by Snow,, Sweeny & Co., Inc., N. Y., and A. C.
Allyn & Co., Chicago.
—

17, 1963 it was reported that this subsidiary of Cen¬
South West Corp., plans to sell $10,000,000 of
bonds due 1993. Proceeds—To refund outstanding 5%
tral

in January.

of debentures

and operates pipeline systems for the trans¬

rights

Dec.

(1/23/63)

reported that this firm plans to sell

was

pany

1962 it
15

Eastern Transmission Corp.

1962 it

$25,000,000

Southern Union Gas Co.

(1/22)

Oklahoma

of

Co.

Service

Texas
Dec. 4,

(1/23)

reported that this company plans to

was

York; Chemical Bank New York Trust Co.; C.

J. Devine & Co.; and the First National Bank of Chicago.

—

Office—9th and Hamilton
Underwriters—To be named. The
bonds.

on

of New

was reported that stockholders are to
authorizing the company to issue $50,000,000 of general mortgage bonds. Proceeds—To acquire
stock of Central of Georgia Ry.; retire first mortgage
33/4% bonds of Atlanta & Charlotte Air Line RR.; re¬
imburse the treasury for capital expenditures and pro¬
vide for additional capital expenditures. Offices—14th
and Canal St., Richmond, Va., and 70 Pine St., New
York. Underwriters
(Competitive). Probable bidders:
First Boston Corp.; Eastman Dillon, Union Securities
& Co.-Salomon Brothers & Hutzler
(jointly); Halsey,
Stuart & Co. Inc.; Kidder, Peabody & Co.-White, Weld
& Co. (jointly).

Feb. 20,

sale

26, 1962 it

Nov.

Co.-White, Weld & Co. (joint¬
ly); Eastman Dillon, Union Securities & Co.-Kidder,
Peabody & Co. (jointly).

last

.

was

petitive.) Probable bidders: Salomon Brothers & Hutz¬
ler; Halsey, Stuart & Co., Inc. Bids—Jan. 23 (12 noon
EST) at above address.

Stuart & Co. Inc.; Blyth &

maturing
Sts., Allentown, Pa.

3, 1962, A. J. Wagner, Chairman, stated that the
Authority plans to issue $50,000,000 of short- or longterm securities in the spring of 1963.
Proceeds—For
construction.
Office—Knoxville, Tenn. Underwriters—
To be named.
On Jan. 24, 1962 the Authority sold at
competitive bidding $45,000,000 of 4y2°/o bonds due Feb.
1, 1987. The issue was won by a group jointly managed
by Chase Manhattan Bank; Morgan Guaranty Trust Co.

sell $8,300,000 of equipment trust certificates in January.
Office—165 Broadway, New York. Underwriters—(Com¬

was

of

20, 1962 it

Dec.

to issue $30,000,000 of

000,000

Tennessee Valley Authority
Oct.

writer—To be named.

reported that the company plans
first mortgage bonds in June 1963.
Proceeds—To repay outstanding loans. Office—920 S. W.
Sixth Ave., Portland, Ore. Underwriters—(Competitive).
Probable
bidders:
Lehman Brothers-Bear, Stearns &
Co.-Salomon
Brothers
&
Hutzler
(jointly);
Halsey,
1962 it

28,

Halsey,

$14,000,000 by sale of first mortgage bonds in Feb.
March, 1963. Proceeds—For construction.
Office—
720 Mercantile Dallas Bldg., Dallas. Underwriter—Dil¬
lon, Read & Co., Inc., New York.

yr'"

it Southern Pacific Co.

+

Nov.

(jointly);

Co.

or

at 35 major cities. Proceeds—For ex¬
pansion. Office—1530 Chestnut St., Philadelphia. Under¬

Light Co.

&

Power

r

Service

Nov. 28, 1962 it was reported that the company plans to

ants with offices

Harriman Ripley & Co., Inc.-Eastman Dillon,
& Co. (jointly); Equitable Securities

Pacific

Hutzler

&

raise

announced that the company plans
Business—Operation of
nationwide network of franchised personnel consult¬

a

Securities

CorP*

Brothers

Southwestern Public

its first public offering of stock.

White, Weld & Co. (jointly); Halsey, Stuart & Co. Inc.;
Lehman Brothers-Blyth & Co. Inc. (jointly); First Bos¬
Union

29

Stuart & Co. Inc.

Broad

Snelling & Snelling, Inc.:

$12,000,000 of 30-year first mortgage bonds, in the
second quarter of 1963.
Office—321 No. Harvey St.
Oklahoma City. Underwriters—(Competitive). Probable
bidders: Merrill Lynch, Pierce, Fenner & Smith Inc.sell

ton Corp.;

W.

it Seaboard Air Line RR
,
Dec. 26, 1962 it was reported that this company plans to
sell $6,405,000 of equipment trust certificates irl' late
February. This will be the second installment of a total
issue of $12,810,000. Office—3600 W. Broad St., Rich¬
mond, Va. Underwriters — (Competitive.)
Probable
bidders: Halsey, Stuart & Co. Inc.; Salomon Brothers &

Electric Co.

&

Inc.-Salomon

total issue of $12,810,000.

a

St., Richmond, Va. Underwriters
(Competitive.) Probable bidders: Halsey, Stuart &
Co. Inc.;' Salomon Brothers & Hutzler. Bids—Jan.
17
(12 noon EST) at office of Wilkie, Farr, Gallagher, Wal¬
ton & FitzGibbon, 15 Broad St., New York.
Office—3600

Dec. 3, 1962

at

(2665)

,

—

(3/5/63)

Telephone Co.

Northwestern Bell

.

This is the first installment of

negotiated

Nov.

on

of de¬

The last sale

16, 1960 was handled on a
basis by Blyth & Co., Inc., N. Y.
bentures

i

.

for

unsatisfactory
rate

lines.

increases

The expan¬

life

coverages

should

stabilize

operating

results

into

and

increase

the

long term.

profitability

over

30

The Commercial and Financial Chronicle

(2666)

Indications of Current

The following statistical tabulations

Business Activity

week

latest week
or

or

month available.

month ended

Latest

IRON

AMERICAN
Steel

of

42

oil

and

each)

gallons

Crude

stills—daily

to

runs

average

Not Avail.

Not Avail.

(bbls. of
Dec. 14

Kerosene

Distillate

fuel

output

(bbls.)

output

(bbls.)

99.0

AMERICAN

119.4

of

98.3

Finished

(bbls.)

gasoline
(bbls.)

Kerosene

at

(bbls.)
< bbls.)

Oils

at

(bbls.)

oil

fuel

Unfinished

at

oil

fuel

Distillate
Residual

at

at

8,423,000

8,401,000

8,295,000
30,041,000

30,140,000

182,277,000
33,341,000
163,751,000

3,368,000

3,244,000

3,182,000

14,202,000

13,365,000

13,815,000

5,523,000

5,407,000

5,552,000

6,744,000

177,990,000

34,687,000
162,815,000

U.

municipal

Federal

(U.

OUTPUT

COAL

BUREAU OF MINES):
(tons)

S.

51,516,000
84,803,000

181,747,000
35,094,000
166,401,000
51,919,000

86,632,000

85,447,000

501,033

537,392

571,401

27,168,000

24,531,000

21,751,000

296,799,000

276,186,000

21,105,000

17,337,000

12,047,000

3,573

domestic

consumption
stocks

all

AMERICAN

4,436

4,109

2,205

2,799

and

export

(barrels)

509,072

20

$406,400,000

$444,900,000

161,700,000

204,500,000

218,400,000

187,800,000

201,900,000

226,500,000

227,800,000

20
20

177,800,000
10,000,000

166,800,000

199,300,000

190,400,000

35,100,000

27,200,000

37,400,000

cars

of

order

on

:

;

2,438

undelivered

and

month)

13,502

11,983

12,159

156,900,000

20

INSTITUTE—

freight cars
cars delivered __

freight
Backlog of
(end

CAR

November:

new

New

$384,700,000

20

of

of

498,859

$349,500,000

RAILWAY

Month

Orders

533,271

508,847

RESERVE
Dec. 15

SALES INDEX—FEDERAL

AVERAGE=100

SYSTEM—1957-50

13.00Q
33,147,000

_L.

(barrels)

(barrels)

46,923,000
82,025,000

53,173,000

Not Avail.

Dec. 15
Dec. 15

Pennsylvania anthracite (tons)
DEPARTMENT STORE

40,293,000

DEBITS—BOARD

of

November

OF

GOVERNORS

OF

DOLLAR

STANDING

NEW YORK—As

of

7,560,000

7,690,000

8,645,000

405,000

408,000

332,000

Domestic

Dollar

136

212

246

exchange

Based

240

warehouse

LI

_.

goods stored and shipped - between
countries
L_—
_____

on

foreign

939,108,000

15,634,000

16,765,000

94,239,000

270,012,000

173,140,000

_L__

credits

.

$460,591,000

678,980,000.

131,024,000

shipments_____i._____-______

Domestic

$501,737,060

13,601,000

159,699,000

98,240,000

914,053,000

917,075,000

.770,007,000

BANK

30:

Exports

8,838,000

370,000

$272,600,000

OUT¬

RESERVE

November

$308,700,000

$524,592,000

ACCEPTANCES

FEDERAL

—

$288,200,000

719,328,000

BANKERS'

OF

omitted)

(000's

Imports. LL__L^L:LLL-.^-_--

and lignite

coal

Bituminous

34,407,000

,

Dec.
Dec.
Dec.
Dec.
Dec.

construction
and

27,984,000

4,000

r_

THE FEDERAL RESERVE SYSTEM—Month

construction

State

209,848,000

10,000

(barrels)__

(barrels)

imports

product

Increase

CONSTRUCTION—ENGINEERING

construction

S.

Private

237,845,000

30,430,000

_______

output

imports

Indicated

BANK

Public

254,674,000
224,240,000

30,204,000

(barrels)-'—

output

176,558,000

36,032,000
175,912,000

249,807,000

284,524,000

oil

output (barrels)

oil

Refined

3,001,000

14,071,000

Crude

NEWS-RECORD:

Total

Ago

219,593,000

,i_

crude

gasoline

Benzol

8,276,000

30,894,000

RAILROADS:
freight loaded (number of cars)
.Dec. 15
freight received from connections (no. of cars)—Dec. 15

ENGINEERING

CIVIL

Year

Month

(barrels of 42 gal¬

each)

Natural

7,290,010

7,378,210

7,334,860

Previous

INSTITUTE—Month

domestic production

lons

7,340,710

of that date:

September:

Total

OF AMERICAN

ASSOCIATION

PETROLEUM

Domestic

30,456,000

terminals, in transit, in pipe lines

Stocks at refineries, bulk

Revenue

1,225,000

Dec. 14
Dec. 14
Dec. 14
Dec. 14

oil
oil

fuel

Residual

Revenue

1,844,000

1,832,000

either for the

are

are as

Month

14
14
14
14

Dec. 14

Dec.
Dec.
Dec.
Dec.

output

of quotations,

cases

Latest

Dec. 14

(bbls.)

average

(bbls.)
output (bbls.)

Gasoline

in

or,

Ago

weekly production

average

on

INSTITUTE:
condensate output—daily

production and other figures for the

cover

Year

Ago

Thursday, December 27, 1962

.

Dates shown in first column

that date,

PETROLEUM

AMERICAN
Crude

Month

Week

Dec. 22

1957-1959

for

Previous

Week

INSTITUTE:
(net tons)

Dec. 22

castings
production based
and

ingots

Index

STEEL

&

on

.

.

EDISON ELECTRIC INSTITUTE:
Electric

INDUSTRIAL)

AND

(COMMERCIAL

FAILURES

Dec. 22

(in 000 kwh.)

output

—

BRADSTREET, INC

Finished

steel

iron

(per

—Dec. 17
Dec. 17

ton)

ton)

gross

(E.

PRICES

Dec. 17

1

refinery

Export

(New

Lead

(St. Louis)

Dec. 19

285

6.196c

6.196c

Manufacturing

$63.43

$63.43

$63.43

$66.44

Wholesale

$25.83

$25.50

$23.50

$34.50

Retail

York)

(New

i

_______—

at

28.500c
10.000c

10.000c

9.800c

9.800c

10.050c

12.000c

12.000c

12.000c

12.500c

11.500c

11.500c

11.500c

12.000c

—.—Dec. 19

—.

22.500c

22.500c

24.000c

Dec. 19

109.750c

111.250c

AVERAGES:

—

A

Railroad
Public

U.

S.

88.27

85.85

92.50

89.64

UNITED

90.48

90.48

90.20

87.86

INC.—Month

88.40

88.27

87.72

83.28

82.90

80.93

25

85.33

85.33

'84.68

83.15

90.20

90.20

89.92

87.18

90.20

90.20

90.34

87.45

-Dec. 25

3.69

3.69

3.70

Dec. 25

4.52

4.52

4.54

4.72

4.24

4.24

4.24

4.40

4.54

4.54

4.58

MOODY'S

4.92

4.92

4.95

5.11

—Dec. 25

____

4.75

4.76

4.81

4.40

4.40

4.42

4.40

4.40

4.39

gee. 25

Group

Dec. 25

Group

-Dec. 25

COMMODITY INDEX

Orders

received

370.7

'

Percentage
Unfilled

U.

S.

STATES—DUN

(tons)

at

period

end of

—

AVERAGE—LOO—

1949

PAPER

370.3

of

November

CONSUMER
Month
All

purchases

340,565

341,752

94

95

426,310

456,670

461,802

7; 469,658

123.19

—

._—_

Total

—Nov. 30

purchases

Other

sales—

—~—Nov. 30
;_____—__—Nev. 30
Nov. 30

—__

sales

initiated

Other transactions

Total

sales—_—___

Total

Total

122.82

transactions

for

Other

sales

Total

2,570,100
573,760

3,020,950

3,356,720

887,740

589,480

2,939,600

1,878,670

2,307,330

2,659,310

3,740,000

2,452,430

3,195,070

3,248,790

EXCHANGE

Odd-lot

sales

Number

—

EXCHANGE

SECURITIES

by

of

dealers

N.

ON

(customers'

Number of

orders—customers'

9915

107.6

107.6

106.2

104.9

'

104.6

103.9

104.0

103.2

'

103.6
109.5

101.6

101.2

108.1

'

104.0
109.6

'

girls'

104.2

:

boys'_

and

107.8

1

apparel
Transportation

103:1
108.2

10111

i

515,700

435,840

Private

106.9

106.7

546,760

663,800

537,740

Public

116.0

115.7

112.5

114.9

114.7

112.3

Medical

260,667

131,150

844,985

1,034,844

1,526,753

939,449

1,105,652

6,023,510

4,224,435

4,757,467

4,915,743

1,069,480

809,975

1,296,507

822,530

4,869,883 *'

3,128,664

3,668,015

4,129,994

Weekly

5,939,363

3,938,639

4,964,522

4,952,524

All

i

•

-

.__

.'

care

106.9

106.7

105,8

106.8

1,165,994

Nov. 30

1

care

Personal

1,025,767

1,089,853

Reading
Other

and

104.6

109.5

108.3

105.6

105.0

$97.36

$96.72

$95.82

105.37

104.39

86.72

_-

services

110.0

105.6

105.78

recreation

and

goods

__.

85.89

85.39

40.3

40.6

41.0

41.1

FACTORY EARNINGS AND HOURS—WEEKLY
AVERAGE

DEPT.

S.

OF

November:

of

earnings—

manufacturing

■

.

goods

Nondurable

STOCK

I

1

goods

Hours—

COMMISSION

All

1,869,787

$85,046,760

1,240,210
$58,445,650

1,414,777

2,289,612

$68,402,469

$125,979,945

Nov. 30

2,242,189

1,564,527

1,547,715

...

34,719

24,599

88,960

2,207,470

1,458,755

2,322,298

Nov. 30

$100,124,217

1,539,928
$69,581,830

$74,446,046

39.4

39.9

$2.41

743,970

1

$2.40

$2.36

—

2.58

'■

2.57

2.54

$116,816,155

548,760

'

39.6

goods

earnings—
All manufacturing
Durable goods .l.

15,917

Nov. 30

41.0

—

,

Hourly

2,338,215

Nov. 30

sales

goods

Nondurable

sales)—

sales

40.4

manufacturing

Durable

total sales

ESTIMATE —U.

LABOR—Month

Durable

short

Dollar value

Number

;

sales

of

Nov. 30

sales

Other

FOR

Total

STOCK

AND

ACCOUNT

round-lot

SALES

ROUND-LOT

OF

MEMBERS

ON

THE

STOCK

N.

Y.

Total

OF

SYSTEM

489",080

591~270

548~760

743~970

Nov. 30

467,540

285,250

457,590

655,020

Seasonally

NEW

U.

26,951,350

Nov. 30

sales

28,605,320

1,215,700
18,072,590
19,288,290

2,406,650

18,419,910
20,826,560

21,936,780

NONFARM

18

100.5

100.4

Dec. 18

98.6

*97.5

98.3

100.8

101.0

101.0

(a)

Dec. 18

and

120

115

120

123

116

£25,725,000

£46,319,000

£28,240,000

7,034

7,568

6,214

$25,350,000

IN

$23,259,000

BRITAIN

GREAT

foods.

Dec. 18

98.2

100.7

98.5

100.7

100.5

(a)

99.0

Net

(a)

100.7

OF.

Net

ESTATE

SAVINGS

FORECLOSURES-

AND

LOAN

CORPORATION—Month

RECT

(a)

Dec. 18

MARKET
AND

of

TRANSACTIONS

GUARANTEED

INSUR¬

Sept
IN

DI¬

SECURITIES

U. S. A.—Month of November:

sales

purchases

$57,259,000

(a)
WINTER

tNumber of orders not reported since introduction of Monthly Investment Plan.
figure.
tPrime Western
delivered basis at centers where freight* from East St. Louis exceeds one-half cent a
pound, a Not available.




100—Month
120

ISSUES

REAL

FEDERAL

22,985,750

ANCE

Dec
.

Meats

♦Revised

=

._.

,

CAPITAL

TREASURY

commodities

farm

2.14

1,048,970

S. DEPT. OF

Processed foods

commodities other than

1,653,970

Nov. 30

—

-

RESERVE

FEDERAL

Average

MIDLAND BANK LTD.—Month of November
-Nov. 30

PRICES, NEW SERIES
LABOR—(1957-59=100):
Commodity Group—

2.18

TRANSACTIONS

(SHARES):

sales

products

THE

1957-59

—

adjusted

Unadjusted

sales—

WHOLESALE

Farm

2.19

:

of November:

STOCK

Short sales
Other

ERNORS

Nov. 30

sales

ROUND-LOT

EXCHANGE

591,270

goods

Nov. 30

Round-lot purchases by dealers—Number of shares
TOTAL

489,080

Nondurable

INDUSTRIAL PRODUCTION—BOARD OF GOV¬

by dealers—

shares—Total

Short sales

on

operation

672,610

other

Round-lot

sold

107.8
101:5

98.7

101,900

Customers'

All

•

148,100

Customers'

All

101.3

98.8

,

Other

purchases)—t

(customers'

102.4

•

106,600
440,160

Nov. 30

dealers

,—

104.8

108.0

83,200,
589,410

Nov. 30

by

oil

104:1

105.9

469,170

129,615

shares

purchases

104.9

V

710,750

809,834

Dollar value
Odd-lot

98.4

10816

573,980

Nov. 30

Y.

99.4

111.5

106.1

fuel

and

and

Women's

1,080,355

sales

SPECIALISTS

102.5

97.8

111.8

108.0

.

Men's
.

185,880

——

AND

fuels

Household

1,340,873

—;——

DEALERS

105.1

102.2

105.0

:

J.

4__

and. electricity

Apparel

STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODDLOT

99.5

104.2

98.1

__.

1958=100)

(Jan.

106.3

102.0

home

105.7

766,190

apcount of members—

sales__

at

101.2

107.9

104.3

i

from home

away

Rent

1,448,250

purchases

Short

104.6

104.8
103.5

108.0

«.

vegetables

Housing

114.13

118.68

—Nov. 30
Nov. 30
Nov. 30

——

sales

round-lot

Total

food

——-Nov. 30

—

______________——

———

products

Other
Food

Nov. 30

sales—.

Other

106.1

104.3

104.1

bakery products
poultry and fish
and

—Nov. 30

purchases————.—____.

Short

$1,868,000

102.9

;

and

Fruits

the floor—

on

$2,417,000

....

..

Footwear

—.___

Total

$2,501,000

*

—.

sales——

___

1957-59=100—

:

Dairy

floor—

Short

omitted)

—

home

at

Solid

800,400

the

(000's

INDEX

Housefurnishings
3,809,070

off

$401,400,000

OF

L\

_

Gas

——Nov. 30

sales

sales

transactions initiated

$1,026,500

106.0

DEPT.

S.

November

of October:

Meats,

314,562

96

——.——Nov. 30
____________———__Nov. 30
_____
Nov. 30

Other
Total

346,835

95

sales———_______________—

Other

14,045

BY

OUTSTANDING—FED¬

30

PRICE

Food

OF

—:

______

—

Short

U.

—

of

items

373.5

364.1

344,373

MEM¬
BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Transactions of specialists in stocks in which registered—
Total

*15,318

(NEW) IN THE
BRADSTREET,

ERAL RESERVE BOARD OF NEW YORK—

As

Food

362,148
354,714

—Dec. 21

ACCOUNT'

FOR

12,914

5,070,000

'

—

TRANSACTIONS

&

November

omitted)

COMMERCIAL

4.60

313,136

INDEX—

OIL, PAINT AND DRUG REPORTER PRICE
ROUND-LOT

of

CORPORATIONS

(000's

4.93

Dec. 15
Dec. 15

__________—,

activity

of

orders

$119,214,000,

4.62

'

Dec. 15
Dec. 15

(tons)

(tons)—

$119,092,000

$412,000,000

INCORPORATIONS

Cereal

Production

$98,841,000

COMMERCE—Month

ASSOCIATION:

PAPERBOARD

NATIONAL

18,883,000

7,634,000

4.75

-Dec. 25

Industrials

36,530,000

23,494,000

24,728,000

16,184,000

liabilities.

11,021,000

26,876,000

16,095,000

CASH DIVIDENDS—PUBLICLY REPORTED

4.57

Dec. 25

—

BUSINESS

4.44

4.38

I

Group_____

$48,833,000
-

4.15

——

_______——

Baa

Utilities

1,335
$35,237,000

85.46

83.28

25
25
25
25

4.36

Public

122

1,410

85.81

90.17

—Dec. 25

I

624

206

in

r'T

i—

————|.

8,386,000

liabilities

Dec. 25

Aaa

Railroad

Total

92.50

YIELD DAILY AVERAGES:
Bonds

672
231

■L

24,107,000

Service

88.54

Group

corporate

Average

Commercial

90.31

Group—

Government

125

1,216
$34,069,000

liabilities

Construction

92.64

-

BOND

MOODY'S

152

193

liabilities

Dec.
Dec.
Dec.
Dec.
Dec.

—

258

109

liabilities

90.48

-

Utilities Group

Industrials

<

244

590

number

liabilities

88.54

:

;

II_I

Baa"

f

200

number

—Dec. 25

_______'

L:
.L

-

..

.

.

.L

number

Dec. 25

__________________■

.

124

service

—Dec. 25

Aaa
Aa.

•

number

Wholesale

120.750q

.__

BRADSTREET

&

November:

number

Manufacturing
Retail

24.000c

111.250c

•

of

$2,475,738,000$2,367,364,000$2,554,723,000

number

Total

10.250c

9.800c

Bonds

corporate..—__—

Average

28.175c

10.000c

-—

DAILY

PRICES

BOND

Government

S.

FAILURES—DUN

___'.

30.600c

28.500c

"

U.

30.600c

Dec. 19

(primary pig, 99.5% ) at—-L

tin

30.600c

30.600C

-Dec. 19

(delivered) at_____—
Zinc (East St. Louis) at——
Aluminum

BUSINESS

Construction

——Dec. 19
—Dec. 19
Dec. 19

at

at

tZinc

MOODY'S

253

6.196c

28.475c

at

York)

Lead

Straits

252

6.196c

Commercial

Electrolytic copper—
Domestic refinery at

—1_—

—

Not Avail.

J. QUOTATIONS):

M,

&

Total

INC.—Month

lb.)

(per

(per gross

steel

Scrap
METAL

16,630,000

16,109,000

18,009,000

COMPOSITE PRICES:

IRON AGE

Pig

DUN &
Dec. 20

Not Avail.

WHEAT

PORTING

zinc

PRODUCTION—CROP

BOARD

U.

CULTURE—As of Dec.

I

r

S.
1

DEPT.

OF

(bushels)

RE¬

AGRI¬

1,028,374,000

815,028,000

Volume

6224

Number

196

.

.

The Commercial and Financial Chronicle

.

Mr.

charge.

Current News in the Field

(2667)

Pfenninger

was

pUerto RiC0 AqUedUCt &

formerly local manager for K
Brown &
Co., Inc.

Sewer Authority Bond

BRISTOL, Va.—Bache & Co., 903

■

These items

NEW

BINGHAMTON, N. Y.

Harold

—

Dinaburg, 2 Chadwick Road.
BROOKT YN

N

Avenue.

Inc., 379 Seventh

~

—

pp

Secretary.

Good-

Fla.

LAUDERDALE,

body & Co., Gait Plaza Promenade.

CITY, N. Y.—Mutual

G. Robert Ackerman is Manager,

Planning Company, 135 Broadway

-and Russell( H. Bracken, associated

(c/o Milton Weinberg). ;Irwin B. manager.'
Goldberg, formerly with Rich &
Co., is sole proprietor.

A. E. G. InCo., .Woodland Road.

'

PERSONNEL

„

COLORADO SPRINGS, Colo.—M.

:•

-

-

NEW YORK CITY, N..Y. Walter Dale Scruggs has joined the staff
Gudladt. is .sole propri- Winfield Company, 40 Exchange of B. J. Leonard & Co., 415 North
was'formerly with Op- Place.- Walter R. Winfield is sole Tejon Street. ; He was formerly

vestment

etor;

.

-

BROOKSIDE, N. J.
Alfred

'

'

.

1

zan>

NEW YORK

Anslev-Don-

Y

Company,'

aid &

Jr. is representative in charge.

stein is President, and Abe Kam-

FIRMS

E.

He

penheimer &.Co.

proprietor.. '

BROOKVILLE, N. Y —Hanly and

NOR™ HOLLYWOOD, Calif. —
Diversified Securities Corporation,
10221 Riverside Drive. Officers
are Walter L. Hansen, President,
Leroy Avram, Vice-President; and
D. L. Hansen, Secretary and

DENVER, Colo; — Lawrence P.
Gaffney is now affiliated with
Peters, Writer & Christensen, Inc.,
724 Seventeenth Street. He was
formerly with the1 Nebraska State
Auditor's office.

Treasurer.

MIAMI, Fla.—Noel N. Rothman &

Co., Brookville Road. Partners are
M.

George Hanly and M. Wyatte

Hanly.t

formerly

Hanly

George

M.

was

partner in Edwards &

a

Hanly with which Mr. M. Wyatte
Hanly

associated.

also

was

DENVER, Colo.—Consolidated Fi950 Broad-

nancial Programs, Inc

Officers

way

5

are

Temp-

John W

'

.

:

with Amos C. Sudler & Co.

/

•

'Administrative
M.

Vice-President;

Secretary,

Mahoney,

and Charles L.

Powell, Treasurer.

FRANCISCO,

SAN

Calif—Don-

Smith & Co>> InC-> x Mont-

ald D

gomery

street. Officers are Don-

SAN

FRANCISCO, Cailf.—John
„

LAS

^

.

.dise

of

Officers

Road.

President;

Ayres,

Para-

4933

Nevada,

Carl

are

F.

Willy

L.

Ful-

ford, Vice-President; Paul E. Hill,

Trpasnrpr'

,-treasurer.

***

n.r

,

and

company

has

a

tary

&

man

Officers

Radio

Francis

D.

Oeslander,

and

Treas-

w

Wash.

"

V

—

-

Davis

'

Boston

offices

which

Corporation,

of

the

Vice-Presi¬

headed

group

a

recently marketed $14,000,000 bonds of the Authority.

Left to right are: Manuel A.

Bustelo, Secretary of the Author¬

Vice-President of the Chase Manhattan Bank.

erning Committee, Canadian and

Stock Transfer

Montreal

Vice-President,

J.

Rothing,

Midwest

Stock

Exchange, Chicago, 111.; Phillip L.
The Stock Transfer Association at

its Annual Meeting
j

York City retumed

dent, Toronto Stock
Toronto, Canada.

to their

}n( Jts governing body) Ed_

pQsts

ward S. Travers
E.

New

York

William Wismer, Q. C. Vice-PresL

at the Waldorf_Astoria Hotel in

New

Vice-President,

West,

December Stock Exchange, New York City;

on

Exchange,

Chairman and

as

Robertson

and

Herman

Warnkenas members of the Executive Committee. Mr. Travers is

Tv* Tvjc

,

a Vice-President of Manufacturers Election to membership in Pacific
Hanover
Trust
Company
and Coast Stock Exchange of Law-

2j 15Ir
1T1 ±IlD. 06 lJlA. OLUUlAa

Robertson

Messrs.

BOSTON,

BRANCHES

i

Exchange, Mont¬

Frank

Canada;

real,

Ass'n Re-Elects

Stock

EndOWIlient Funds

* Zink

-

,

NEW

First

the

at

Brainerd H. Whitbeck,

ity; Mr. Whitbeck, Mr. Labadie Eurite; and Arthur F. Henning,

James

, ^ f

_

...

President

Apfel-

S.

Vice-President.

Building.

Central

Duval is sole propri-

and Associates, 2518 South 38th
165 Center Street.
Leonard A. Zink and
George
N. Larry O. Davis are partners.

are

of

reasurer' otJ5-

Collins, Jr., 315 Montgomery baum Company, 39 Broadway,
,
New York City. Stanley ApfelSPOKANE, Wash—Duval Secu- baum'
formerly proprietor, is

P" £°nner' et°r'
TACOMA,

Company, Inc.,

Treasurer

and

uary alV,

-nyr

Street.
rities,

The

of

which

check

accepts

from

Bank

Miami

^Ro?hm^n

;LEVITTOWN, N. Y.—George Nor.Lane.

dent

Authority

Manhattan

Jlarr^Upham S&

with

comnanv

N e v.-Securities Paul

VEGAS,

Company

Chase

Eurite, Executive Director of the Puerto Rico Aque¬

Sewer

and

Regional Manager.

aid D. Smith, President; Frank J. Miami office at 8101 Biscavne
6 Co., 444 17th Street. George D. Schnoor, Vice-President, and Wil- BlvcL
f
Learned is sole proprietor.
He liam
D. Evers, Secretary and NEW YORK CITY
Albert E.
was
formerly with Dempsey- Treasurer.
Sharpe, is now President, Secre'

duct

Mr. Hal H. Berk as Florida

Mr. Halff'was formerly with Per- of

DENVER, Colo.—Geo. D. Learned

Tegeler & Co., Inc.

Juan Labadie

RICHARDSON, Texas.—Mayer II. Co., Chicago investment brokers,
Halff, 1030 West Belt Line Road, have announced the appointment

President; John R. Gilchrist, kins & Company.

Edward

Financing

Park Street. Walker M. Slaughter,

supplemental to similar notices appearing elsewhere in this issue

are

31

Mass.

The

—

common

.

„

.

.

hold

top

and

executive

Warnken

posts

in

The

JoinS Coast Exchange
rence

S. Black,

effective Dec. 17,

1962, has been announced by the

stocks of insurance companies and
banks enjdy a prominent place m

First Natjona] CUy Bank and Exehange.
Morgan Guaranty Trust Company
■
Co., Somerset Hills National the investment thinking of the respectivelv A]s0 re-elected were
Mr- Black is President of the
NEW HAVEN, Conn—Albert L.
Bank
Building. Howard E. St. managers of the endowment funds Ml.P Joh„ Bancroft of The Bank firm of Black & Company, Inc.
Fish, 111 Park Street.
Mr. Fish jobn ,s registered representative of the IvY League colleges.
Qf New York as Treasurer
and other Officers and Directors are
was formerly with
Francis I. du in charge.
This ls revealed in a study of Mr George E wasko of the At Laurie R. Miller, Vice-President;
and Glenda Oeslander, Sec-

urer,

Co-

&

-NEW

BLOOMINGTON, Ind.

YORK

CITY,

Y,

N.

—

*

Queensway Securities G o r p
tion,
1

3

Park
'

-

Row.

Daniel

-

*

„

&

•

...

POnt

——

BERNARDSVILLE, N. J. Laidlaw

rotary
y

o r a-

Bern-

Ivv^LeaguTbv

J. J. B.

-

&- Son,

,,

,

'chison' Topeka & Santa Fe Rail" Bynard Shevach Secretary, Robway as Secretary. Fred W. Gun- ert^D. Adolph and Harry Rubeninwpc+incr
dersdorf (U. S. Trust Co. of New stem. - The new member firm is
York) is chairman of the Member- engaged in the general stock
company ^ and pubUcity Committee<
brokerage business having its

'"f. ,™,e. ^

P0''et^

Citizens Bank
Building. John G. Pfenninger is
registered representative in
Milliard

ml4x

i

f

;r

rlll-ivplv

:

H

py_

and bank stocks.
The

1

r-nmnnnv

nQliranpp

;7h ;l

.

i.

a

^

^

endowments

of

i

Following the Annual Meeting

col-

seven

head office at 300 American Bank
pnr+ianH

Mr. Travers presided at the cusin tomary conference and discussion

*..

leges amount to $1.6 billion with
$826

some

NSTA

Century

H.Sn

and

12%

v

/

was

invested in the securities of

;

insurance

•

*

;

'

The

CLEVELAND SECURITY TRADERS

ASSOCIATION

1963.

companies

banks

and

30, 1962.

colleges

in

include

study

Princeton,

following Officers and Governors have been elected for the
1963. Terms; Beginning January 1, 1963, ending December 31,

of total equity holdings,

June

on

year

period. The principal speaker
reveals that

survey

X\\S X±J\U
v

The

invested

the

Century

Vale,

Harvard,

Dartmouth,

Cornell,

b.a

not included since most of

is

was

the

company

North

of

popular

...

i

rr

holding.

Travelers

was

five of the colleges, while

held by four.

were

investment
nies

in

amounts

represents
of

value

these
to

$31

31%

all

The combined

of

four

compa-

million and

market

the

insurance

bank

and

Donahue, Joseph, Mellen & Miller, Inc.

Secretary: Richard A. Probst, Saunders, Stiver & Co.
Treasurer: James B.

Sparks, Ball, Burge & Kraus.

Board of Governors: James J.

Drnek, Prescott & Co.; David Baker,

Elected Director

their

agents

the

under

law

numbers.

Glazier

js

&

wiuiam

of

t

formerly

a

partner

Brothers, now retired,

0f Lehman

Director of ....
American Potash

a

chemical

Trustee

r

0

tlona* Holdings Corporation,
cl°sed-end investment company
Ras ^een announced.

pre-

in_

structiv(.B

W.1V

.

identification

taxpayer

"

-

r?e eiectl0I^# of
fc>*
^ azl^r asj a Director of Interna-

in-

to

Corporation and a
Plerpont Morgan

The

of

Library.

j

gg Kohlmeyer
*

Ba".k' Chairma" ofand a Standard- rp
tke discourse
ization Committee
:

TT

Vo

,

and^Senfor

I

V

n

j

l

Ofhcerof^The Partner

Tmst

11
First National Bank of Jersey City
°n
Pr°Blems presented stock
.

,

transfer agents by community
Pr0PerJty owners.
In J"16 eveninS the Association

New York and Bankers Trust head

jyj^cON, Ga.—Robert A. McCord
Qn

jan

3 wiB become a partner in

j^o^imeyer & Co., members of the
New

york

Stock

He

Exchange.

W-R mafce his headquarters at the

Francis T. Christy, Esq. (Author,

National

City

the bank category,
in five

of the

folios.

Morgan

Manhattan
New

York

Bank

™as

each appearing

Hotel.

Counsel, The

Guaranty,

Chase

Chemical

Bank-

Georgen, Chairman of the Board,

and

Trust

college port-

each

were

held

McLaren, McDonald & Co.; and James M. Russell, J. N. Russell

or

&

stock

13% of the insurance and bank
total.

'Transfer of Stock")

£irm>s Macon office in the Demp-

Stock Transfer Association, New
York City, N. Y.; Michael A.

seven

by four colleges. The five banks
hhd a total value of $13 million,




presented

disbursing corporations and

honored by the presence at
dinner of the following guests:

First

Merrill, Turben & Co.; Orin Koeser, Blyth & Co., Inc.; William
Co., Inc.

be

come

of

issues in the endowment fund.
Richard A. Probst

Gary A. Galdun, Wm. J. Mericka & Co<, Inc.

will

.

Rieber of The Chase Manhattan

insurance

Hartford Fire and Aetna Life each

Vice-President:

which

real estate

in

rPirvf

.

most
,

held by

are

Company

1v enJCat'heW

President: John R.

New York, conducted an informative forum on the problems
of

Pennsylvania and Brown. Colum- scribing
Insurance

Gary A. Galdun

He and William J. Neil,

Morgan Guaranty Trust Company

_

.

its investments

John R. Donahue

Service.

orP

?

■

was

George J. Leibowitz who is Di-

million, representing more rector, Systems Development Dithan 6% of the total endowment vision of the Internal Revenue

*r

Ml VI

million

stocks.

common

The

.

Delafield to Admit
n

.

..

..

w

„

&

Delafield, 45 Wall

Corporation, Chicago, 111.; Thomas Street, New

York City, members

Midwest Stock Exchange Clearing Delafield

the New York Stock Exchange,
on Jan. 3 will admit Annelise
Fitzgerald to limited partnership.

P. Phelan, President, Pacific Coast of
Stock

Exchange,,

Sail

Francisco,

Calif.; P. B. Reid, Chairman Gov-

Thk Commercial
32

and Financial Chronicle

Thursday, December 27, 1962

...

(2668)

April 3-4-5, 1963 (Dallas, Tex.)

WASHINGTON AND YOU

Texas Group Investment Bankers
Association

Convention

at

the

Statler Hilton Hotel.

BEHIND-THE-SCENES INTERPRETATIONS

CHRONICLE'S Special Pictorial
Section April

CAPITAL

FROM THE NATION'S

25.

April 17-21, 1963 (Syracuse, N. Y.)
American

jobs of the Patent Office and pa¬
tent examiners. This job has al¬

ministration, our fastest growing

is expected to ask

civilian agency,

$4,000,000,000 to fi¬

entire

its

nance

program

space

,

lions

dollars

of

making

are

being let by

are

dis¬

technical

new

time, and NASA

the

coveries

all

proposes

to make the new

patents
private industry, but

available to

is evoking a controversy.

the plan

The White House has been drawn
into it.

present

waive its

to

proposal

rights

exclusive

to

new

simple

Patent Office has the

\;he

it is receiving 1,500

reason

patent applications

week, all of

a

classified.

which

must

be

issues

1,000

patents

also

It

week, and

a

files

the

In

this

of

than 3,000,000

more

tents,

technical

are

there is

Second

oppressive
is

there

complexity

to the

year

load.

work

the

increasing

disclosures

of

in

the

applications, and third there is the

mounting

of

burden

is:

time

this

at

determine

May 12-15, 1963

novelty

needs

search

the

Patents

Office

than 3,000 square feet

more

of additional floor space to accom¬

as

presumption

be

integrated

have

would

to

Sept.

continues

office

it

manner

same

the

through

"Your stock

Supplement Oct.

what

asked

he

dustry's

provide for

policy dealing with in¬

rights

develops

under

search and
"I

inventions

to

government

it
re¬

development contracts.

cannot

comment

legislative

will give support to NASA. After

Board

gress.

However, other members of

all, the billions of dollars in

the Del Monte Lodge.

Commissioner

insists that

Ladd

the

the Patent Office functions at the

the

of

core

industrial

to

of

Con¬

as

free

Rep. Emilio Q. Daddario, Dem¬
ocrat of Connecticut, chairman of

He added:

growth.

that

subcommittee

House

a

protection offered in patents

provides Americans with the in¬
centive

invent, disclose, invest

manufacture.

and
rent
of

to

need

With

industrial

our

the

cur¬

the

increase

to

rate

economic

and

the

exercise

vigorously

Patent

Office

its

con¬

Space

the

modification

the

of

rigid

Mr. Ladd. "But it is

note

that

with

a

no

has

one

come

up

convincing argument either

way—whether government

in¬

or

The

work

present

system

seems

to

well.

very

Ladd

explained

that all American applications
examined for novelty. This

are

means,

he

explained,

every

that

importance
spread

promoting

in
of

E.

use

the

policies

patent

to

had

30-minute

the

White

rights
House.

huddle

to
He

'with

President Kennedy.

wide¬

technol¬

new

to

encourage

well

not

Mr.

that

dent

he

is

unalterably

Senate
tee's

Small

Business

Commit¬

Monopoly Subcommittee. He

said,

recorded at

"we

prior

technical

lawyers.

art.
term

It

is

in

any

anytime.

must

Prior
used

search
art

prior art

on

must

is

all
the

by

patent

means

every¬

thing that has been done
lished before

or

pub¬

this subject. This
be

the

space

program

economy

EVENTS

to

our

con¬

is extremely im¬
na¬

tion."

H.

Cassel

&

Co.,

61

Broadway,

FIELD

Meantime,
cations

an

Jan.

18, 1963

tion.

(Baltimore, Md.)

Baltimore Security Traders Asso¬

has

Some

trialists

of

the

leading indus¬

technical

and

have

people
named

been

in

ciation

28th

Annual

the

and processes to

new

to

help

techniques

aid all the people.

First, however, NASA must be
given the go ahead signal to make

to

be

a

general

of the

partnership

Mr. Cassel will

cease

in
to

limited partner on that date.

Midwinter
Attention

Jan. 21, 1963

Security

(Chicago, 111.)

Traders

Section Feb.

Jan.

24, 1963

Kansas

Botany Industries
Maxson

(Kansas

of

Head

the

Hotel

Con¬

Films

Waste King

City, Mo.)

the

Mills

Electronics

Official

7.

City Security Traders As¬

Garden

MARKETS

of

Indian

sociation Mid-Winter Party on
Roof

Brokers and Dealers

TRADING

Association

Hotel.

to

Committee

City, members

Dinner at the Southern Hotel.

CHRONICLE'S Special Pictorial

been organized and ready to func¬

implement

Senator Long, who is backed
by
Senator Estes Kefauver of Tennes¬

Committee

York( Stocki Exchange, will

Cassel

Industrial Appli¬

Advisory

New

the firm.

the Drake

session.

said

INVESTMENT

York

admit Stanley Schwartz and Hugh

Advisory Committee Appointed

Nation

others,

IN

Chicago annual winter dinner at

Advisory

Our New

York

telephone number is

CAnal 6-4592

tinental.
March

29, 1963 (New York City)

LERNER & CO., Inc.
Investment Securities

New York

Security Dealers Asso¬

ciation 37th Annual Dinner at the

Waldorf-Astoria

Hotel.

President

10 Post Office Square, Boston 9, Mass.
Telephone
HUbbard

2-1990

Teletype
617

451-3438

Kennedy promised him he would
make

a

study of the NASA

pro¬

posal before anything is done.
The

com¬

comparison," Mr.

simply

technologies developing from

the

and

new

Space Age know-how

knowledge

of

dollars

to

develop

searched.




The

of the new
techniques. The
knowledge coming to light is rais¬

ing

some

stance,

new

the

questions.

question

For

has

in¬

designed to last 1,000 times

5,000 times longer than is

rently considered normal.

Major Pool

■

Equipment

Carl Marks & Co. Inc.
FOREIGN

SECURITIES

20 BROAD STREET

TEL: HANOVER 2-0050

cur¬

v

•

SPECIALISTS

\

Corporation
Bought—Sold—Quoted

NEW YORK 5, N. Y.
TELETYPE 212-571-1685

manufacturing equip¬

ment
or

S6°y

been

posed on what effect will there be
certain

on

^

and

learn

the

law,

beyond.... The application of

the

lions

Ladd

present

new

plans to conduct hearings on the
patent question early in the new

and

CHRONICLE'S Special Pictorial

To Admit to Firm

op¬

which

literature,

"To make this

of

framework

only within

Kennedy's proposals,

said he made it clear to the Presi¬

language, anywhere in the world,
were

warranted,

sumer

Louisianian, who supports

of

Convention

the Hollywood Beach Hotel.

at

H. Cassel & Co.

COMING

and

portant to the welfare of the
most

Association

Annual

Supplement Dec. 19.

and invention is

but

industry's

patents

The

(Hollywood Beach,

Bankers

America

of

coincide with the "Chronicle's"

show that the improvement of the

is worth many
millions of dollars to
industry. Of
course, it cost the taxpayers mil¬

technical

or

may

Investment

views.]

Webb:

the

a

at

New

Opponents of the NASA's

over

1963

Association

Meeting

theoretically

patent application

pared against all relevant patents
-and

reflect

of great

regulations would prove

"I believe that the evidence will

see,

Commissioner

to

interpretation

industry."

dustry should retain patent rights.
...

may not

wrote NASA Administrator James

sist it. Mr. Long is chairman of the

interesting to

the scene"

from the nation's Capital and
own

Bankers

Governors

Fla.)

[This column is intended
the "behind

of

Dec. 1-6,

is to grow.

ogies. Representative Daddario

posed to the NASA plan, and he
is going to do what he can to re¬

cies is better than the other," said

ex¬

Investment

patent

must

agen¬

patent policy of government

probability

all

in

Act, expressed the conviction that

responsi¬

bility for the promotion of science
and

of

provisions

patent

Kennedy

program

ducted extensive hearings into the

"The

dent

different penditures must be justified if the

subject.

the stimulus

American

enterprise system

intent

entirely

feel

Congress
on

which

on

Beach,

Calif.)

Presi¬

clear

consist¬

a

Asso¬

17.

(Pebble

be initiated in order for the office

sell B. Long took the controversial

thought of the proposals that (are
scheduled to go before Congress
ent patent

available.

1963

this

i

debate

that would

information

11-13,

Senator Kefauver contends that
the
NASA
proposal flouts
the

The other evening Senator Rus¬

Rights?
was

Traders

Convention at the

CHRONICLE'S Special Pictorial

Sept.

promote science

Ladd

Security

down

Proposal

Mr.

(Colorado

Broadmoor Hotel.

dropped 30 points, Mr. Bulldozer—Oh, by
way—Happy New Year!"

Therefore,

methods designed to expedite

new

files.

Who Should Own the Patent

Association

the

the

dhne

has

1963

ciation Annual

the

in

search

decades.

Palmer

(Chicago, 111.)

Bankers

22-26,

National

if

"No"

to

the

Springs, Colo.)

patent?

be

at

Congress Hotel.

Nevertheless, he said the answer

these

into

at

Municipal Conference at the Pick-

arises because of this examination
and issuance of the

convention

Investment

which

validity

of

modate the additional paper which
must

Association

Meeting

(Chicago, 111.)

June 19-21, 1963

in

with
such
to justify the legal

growth,
the

year

Bankers

Governors

Patent

the

Can

load.
Each

of

House.

very

Ladd

L.

Sulphur

nual

to survive.

pieces

of

David

applications each

already

are

steady trend toward

a

(White

question facing the Patent Office

pa¬

literature.

Commissioner

more

office

American

thousands

and

1963

cording to the Commissioner. The

than 7,000,000 foreign

more

patents,

8-11,

rapid and complete research must

these must be classified.

says

files

He gave an affirmative answer.

The U. S.

con¬

Financial Analysts Federation an¬

patents.

biggest and most problems for

Mutual

the Hotel Statler.

Investment

given patent
the

the

thoroughly

how

thoroughness

NASA

the

of

annual

searched for each application, ac¬

patent problem cropped up in

before

(Boston,

Springs, W. Va.)

applications

the Capital, however, even

Re¬

the Greenbrier.

patent

a

at

examination system depends upon

problem-—the patent problem.

has

1963

43rd

Board

to

Washington

1,

Association

and the ultimate soundness of

erature

new

The

May

r

Office continue to search this lit¬

Therefore,

of

ference

The validity of any

May

-

Savings Banks

Patent Office Needs New

intermittent/ Contractors

NASA

27

National

ing."

Technology

Association

Mass.)

been a big one, and today
is overwhelming. And it is grow¬

mil-

involving

contracts

April

ways

starting next July 1.
New

one

Bar

gional Meeting.

principal

the

of

search

Ad¬

tional Aeronautics and Space

for more than

is

Na¬

C.—The

WASHINGTON, D.

JILL, THOMPSON & CO., INC.
70 Wall Street, New York 5, N. Y.
Tel. WH 4-4540

Tele. 212 571-1708