Full text of Commercial and Financial Chronicle : December 7, 1961, Vol. 194, No. 6114

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

The COMMERCIAL and FINANCIAL

ESTABLISHED

1839

Reg. U. S. Pat. Offica

Volume

194

Number

6114

New York 7, N. Y.,

AS WE SEE IT

Editorial
President

Kennedy did not quite ask what the Chief

Executive found to be the basic trouble in this troubled

world, but
of

Editor

he might as well have. In any event "the
Izvestia, 'and son-in-law of Premier Khru¬

shchev^ received

excellently

an :

framed

statement

By Wm. McC. Martin, Jr.,* Chairman, Board of Governors
of the Federal Reserve System, Washington, D C,

of

what all Western powers acquainted with current affairs
and with the course of history must feel about things in

Mr.

control

Here is what the President told him:

the

we

feel the

difficulty

comes

Soviet Union to communize,

world. If the Soviet Union
tect its

own

in

a

Martin

President

general and about international conditions in particular.
"Where

the record

deficits

people of the Soviet Union to live in

In

the visiting Russian was no mere

the

dollar's

of budget

integrity is non-political.

and

'

any

is,

have

we

be made:

attained

ever

nevertheless,

To

a

an

in

world,
in

as

recession
upon an

before.

imperative

too

that

many

people

our

business

of

upon

That

us.

economic

strength and

is

because

measure

further

still

are

un¬

structure

is

our

system

of

world

into

in

future.

say that — apart
bearing directly on the question of
—
the most important single devel¬

a

new

of

era

vigorous

economic

and

ruins of war, got their finances in order, developed
an
industrial base unprecedented in size and ef¬

expanded' their

ficiency,

po¬

foreign trade,
creditors, and opened the

from debtors to
W.

McC.

Martin, Jr.

freer

a

the

international

balance

dropped

range

of sizes.

My

con¬

In

a

parallel

on

from

funds

by

moved
for

way

restoring

development, the United States
with the rest of the world

a

surplus

(Continued

on page

24)

State,

30.

page

of

of payments

REGISTRATION—Underwriters, dealers and investors in corporate
complete picture of issues now registered with the SEC and poten¬
Section, starting

flow

convertibility of their currencies.

a

"Securities in Registration"

the

is not a new fact, of course: it has been
making for years as, with a generous assist
from us, the countries of Europe cleared away the

mates

our

atmos¬

us,

in the

It is not my purpose at this time to engage in
predicting economic levels: already there are esti¬

undertakings in

important

an

This

to

great

wide

of

economic

financial competition.

enterprise

a

the

exaggeration to

no

or war

and individual initiative.

aplenty, in

note

in

opment of recent times has been the entry of the

the princi¬

on

it

matters

peace

for

course

think

frbm

have

greater

even

tential, founded
ple of freedom

of

own

I

are

so

take

us

occurred

for it is something
must take seriously into account in
considering

we

may

we

let

phere of the world around

be¬

a

needs

end,

re¬

and we
the past,

whatever

that

change that has

Municipal

Housing,

and Public

Municipal

Housing

JAPANESE

Securities

STATE

SECURITIES
HAnover 2-3700

Securities

MUNICIPAL

AND

BONDS

Co.,Ltd.

New York 5, N.

623

Telephone:

BOND DEPARTMENT

DIgby 4-7710

•

•

Members Pacific Coast Stock

Affiliate:

OF NEW YORK

TOKYO

Inquiries Invited

Nikko Kasai Securities Co.
LOS

Bond Dept.

New York

Correspondent

Agency
Bonds and
Notes
Municipal Bond Division

THE

CHASE

Southern

—

MANHATTAN

Pershing A Co.

BANK

To

T. L.Watson & Co.

Markets

Active

Dealers,

Banks

Maintained

and

Brokers

CANADIAN

DIVERSIFIED

BONDS & STOCKS

LOBLAW, INC.

CALIFORNIA

1832

ESTABLISHED

Block

Members

Commission

Inquiries Invited
Orders

Executed

On

All

Canadian Exchanges

New York Stock Exchange
Stock

Teletype: NY 1-708

ANGELES

Net

American

on

California Securities

•

FRANCISCO

Exchange
Exchange

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

THE FIRST NATIONAL CITY BANK

New York 15
SAN

Exchange

1

NY 1-2759 U
Office:

Street, Los Angeles 17,

Offices in Claremont, Corona del Mar,
Encino, Glendale, Hollywood, Long Beack,
Oceanside, Pasadena, Pomona, Badlands,

Teletype:

Head

Co.

Associate Member American Stock

Y.

NewYoiklrust Company
30 Broad Street

So. Hope

&

California

1 Chase Manhattan

1824

Lester, Ryons
Members New York Stock

The Nikko

Founded-




had both
embarked

are

operating below most efficient levels, and
growing population must have more job and
business opportunities.
-

•

f

strong and

a

now,

come

large

worthy of much note and certainly not worth elabora¬
tion at this place. All those who
(Continued on page 22)

Chemical Rank

system,

a

still

two

arrow

earlier.

-civilization

able

,

State and

economic

our

decided tendency
underestimate rather than to

employed, too much

balanced;

than at¬

people

bow

are

meet

export 1)f the revolution, but we are also against any
export of counter revolution." Then followed some ac¬
cusations against the United States which hardly are

.telephone:

onus

to

years

of

to have been

me

recovery, and now we

It

nation, with a role
play in maintaining freedom

and

any

Public

Copy

expansion that already has carried almost all indiabove ayn we have ever attained before,

cites

a

leaguered

party Congress," he. said, "we adopted a program of
Communist development, and we said, that we are against

tial

places the

potential

to

Over the past year we have

eco¬

Martin

many

and

sourceful
to

expected to have nothing to say to such a frank
leading Western power. "At the 22nd

U. S. Government,

declares

by

We

statement from the

afforded

Mr.

and

seems

progress

centuries

journalist

are

of population,

the people, and warns that it must be

American

tacks

,

SECURITIES NOW IN

a

over-estimate.

world

a

the

influential member of the Communist, party of
Russia and of its governing body. He could hardly have

securities

there
for

strained by tensions, we are fortunate
country that has consistently responded
to peril with greatness. A
savage bombing attack
on U, S. soil almost
exactly 20 years ago did no
more
to halt the progress
of

an

been

strength

of factors shaping Fed's

buying and exports;

to live in

people under conditions of peace, I think there would
be nothing that would disturb the relations between the
course

Cents

our

want the same for our own people. It is this
effort to push outward the Communist system, on to
country after country, that represents, I think, the great
threat to peace. If the Soviet Union looked only to its
national interest and to providing a better life for its

Of

of

political

above

on

and

peace—we

but

and

of

consumer

.

»-'•,*

in his review

money

implementation

increasing commercial bank deposits $20 bil¬
May, 1960; calls for price reductions to stimulate

lion since

live - in peace—-then I believe that the
problems which now cause so much tension would fade
away.
:
' •
h

f

years'

against private

capacity.

they wish—to

,

over

his ten

upon

strictures

volume growing constantly wilh
growth
nomic activity and productive

security, and would permit other countries to live as

•

reflects

Wilson's

(1) obligation to underwrite Treasury
borrowing and expectation of reciprocal Treasury obligation
to abide by the market's dictates and
(2) keeping money

were

Soviet Union and the United States." *

50

cern, instead, is with how to get the most and
the best out of the American
economy.
But I
would like to note that, in
appraisals of the basic

policy. They include

is the effort by
sense, the entire

merely seeking to pro¬
national interests, to protect its own national

"We want the

Price

Maintaining Our Money's Integrity
Transcends Political Differences

Adzhubei in his widely publicized interview with

Mr.

Thursday, December 7, 1961

CANADIAN

Exchange

DEPARTMENT

.

Teletype NY 1-2270

Finance

.

25 BROAD

;

STREET

NEW YORK 4, N. Y.

M1ECT VIRES TO

Dominion Securities

MONTREAL AND TORONTO

Goodbody a Co.

'

Corporation

'

MEMBERS NEW YORK STOCK EXCHANGE
1

BRIDGEPORT

•

•

PERTH AMBOY

2 BROADWAY

.NEW-YORK-

1

NORTH

LA SALLE ST.

...CHICAGO

-

-

.

*

40

Exchange Place, New York 5, N. T.

Teletype NY

1-702-3

WHitehall 4-8161

MUNICIPAL BOND DEPARTMENT

BANK OF AMERICA
,

.

N.T.&S.A.

SAN FRANCISCO

•

LOS ANGELES

2

For

(2498)

The Commercial and Financial Chronicle

The Security I Like Best...

Banks, Brokers, Dealers only

Year-End Tax-Switch

This
Forum

A continuous forum in

which, each week,

in the investment and

advisory field from all sections of the country

Problems?

participate and give their

different group of experts

a

Bendix

DOUGLAS CAMPBELL

Our nationwide

country,

Thalmann & Co., 'New York City

■

Primary markets
in

,

_

York Stock

.

.

the

and missile fields

somewhat

of

market

stock

Just call

.

the

electronic,

space

fnlin<5

in

rarity

a

the

hardly afford
ignore the
longer - term

potential
these

Corporation
Established
Associate
American

Stock

WOrth

4-230O

field

*-l. N.ationioide

d i

Exchange

Private

Wire

at

indicated

FRANCISCO

SAN

,

Corp.,

x

about 14 times

CHICAGO

•
•

the

Ben-

is

selling

5

Teletype NY 1-40

BOSTON
PHILADELPHIA

in

looked

Member

-120 Broadway, New York

of

groups.

Perhaps over¬

1920

S.

Douglas Campbell

GROSSMAN
& CO.

INC.

7.

Security

a

decline

Dealers

Ass'n

last

BONDS
Bids

on

(To Brokers and Dealers)
40

it

WHitehall

Teletype

No.

the

to

Bendix

when

automotive

subject
fluences

Life Insurance Co. of Va.

Commonwealth Natural Gas

civilian

STRADER and COMPANY, Inc.

programs

space

TWX LY 77

York City

result

brakes, brake lining, .power
steering, radios, carburetors, fuel
pumps and the famous Bendix
starter drive. Customers include
all leading manufacturers. In addition the 51% owned BendixWestinghouse Automotive Air
Brake Co., turns out air-brake
systems, mainly for trucks. .■ >
-

with

associated

a

one

review

of

breakdown

these

programs,

of the most

strongly

the

for

following

fiscal

1960

sales
indi-

cates.

LAMBORN & CO., Inc.
STREET

19(50

Missile

&

$182.4

23

325

Space

Aviation

41

Automotive

1.9

Others

-Raw

—

Refined

—

Exports-—I mparts—Futures

the

taxes)

in

fiscal

1960

and

69

-

fiscal

Automation

I960

Aviation
DIgby 4-2727

1961.

from

60 cents

Robert N. Tuller

.

47.9

6

$240.9
Total

sales-—-

terns

10

15

Others

^

a

sale

What
the

is

31

the

$425

not

above

readily apparent

sales

and

m

is

character.

•

would

show

nized at time

The

in-

estimates

end

nmnite

nPW

a

mentioned

vestor to

quiremente

finance

to

make

'

,

,,

,

coverage by
be comfort-

do

not

an

missile

2.40

defense
nents

control
radar

such

as

systems
to

basic

and

air

compo-'

transistors, precis

annual

an

require
an

a

share

dividend

.

,

any secur ity

:

•

as an

'

that

!he

t,her.etls no anticipation
facilities

be

will

offer to sell,

the legislation that

§

-JH
^
pr^ects

anci

!?r

u

3wpls, °
th^

OneToes

^rnrn«iv2

not

hav^

agree or disagree with an-.eam\\f ings ..estimate -in order to anti^i-v
:

or

referred to herein,) *

Markets, Inc.
has been admitted

to

trading

on

the American Stock Exchange
:

;

Ticker

I'

Symbol:

PKM

"

yv

f

.

N. Q.

B.

self-

^lf^nnnnSf cr1?31

,of

than seburd

'»•'.«

Packer's Super

,,

,

jn< importance. J'he unusual feaof these bonds lies

However,\tM

more

in the nght o^past earnings

4

i>uy,

rate.

seems

_

solicitation of an offer to

volume

announce

in¬

ture

close to $800 million will probably

(This is under no-circumstances to be construed
as-a

sales

pleased to

intelligent de-

„

hold cash dividend to the present

and

are

that the Common Stock of

.^°^. rece*Pts °f the
roa^,s les?®n m importance just
1? d°es the. relationship of the
?tate to The Authority increase

ahd^^r^?Y^State enabled

company's-electronic products
range
all
the
way
from
highly engineered
aircraft
and

Philadelphia 2, Pa.
LO 8-0900

ATT Teletype PH 30

as

"strnrv*

high

,;

cisj0n.

substantially understated, since
nocf
over the past decade the company
has spent better than $138 million
ftn

N. Y.

may

that comfort in order for

last fiscal year is

of the

of

ing, but the Kentucky Turnpike

strong

We

disappoint-

of bond issuance,

honest engineers

share in that year.

characteristically

1529 Walnut Street /

-New York 6,
CO 7-1200

lectors relate to the estimates
made? by engineers as to debt
sendee coverage and the debates
^e. heated, in this regard., .The
results; to date would not permit
anY traffic engineer to claim his
calling an exact science.
The
record

amounted to

nmmwtiwniant

The

,

JTurnpike. Authority of

,rnor® ^harj working capital position,. cash,r?eTthp

^endrx present output

electronic

in

backlog fig-

is

4nvS'

issued

construction, population densities
°f area served, area of economic
development, degree^ of subsidy
State, relationship of State
*°^he Authority, etc. All of these

position. At the
end of fiscal 1960 working capital
was
$146 million, equal to over
$27 a share on the common stock.
Moreover, book value of $43.88 at

$786.8

_

a

Established 1914

115 Broadway

"

were

Non-recurring

this

BOENNING & CO.

Some of the differences between
'-Turnpikes have to do .with cornPetition - from free roads, cost of

working capital

Backlog Sept. k30,

1961^

Road Revenue

_1ir

bonds

$73.9

and.

Eastern

Bonds

Financially the company mam-

%

119.1

__

Automotive

I

Turnpike

effected ;

was

Keyes Fibre Co.

the

to

Western

and

consolidated,
$180' million,
royalties f(net
approached $4

Stonffer Corp.

op¬

available.

over

and

real in¬

a

refer

Fiscal
COMMERCIAL




in

come

$545.9

well

foreign

Elliott

36.6

Liquid

not

are

were

dividends

Richardson Co.

conviction

higher in fiscal 1961. Disposal of ments from un-anticipated reathe
company's holdings of ap- * .sons as well, as excellent results
proximately 8 % of the stock of from
causes
likewise unrecog-

.(

SUGAR

earnings

million
%

America

South

Fischer & Porter Inc.

in

vestment

the Continent. Although sales and

of

(Millions of $)
MILITARY

both

serves

and

Fiscal

I(

product

lead

A Continuing Interest in

its

portunity is

abroad, through subsidiaries and
jointly owned companies, Bendix

sales

Sales Breakdown

NEW YORK 5, N. Y.

7

broad

the

A

of

opinion to

that

been

situated companies in the field as

'!

of

view

Im

diversification in both civilian and

the

ue ness

a

power

.

Telephone: BEekman 3-3622-3

States

will

1961. Autoinclude brakes,

products

YORK OFFICE:

NEW

study
u n iq

$ioo million in fiscal
motive

Co.9 Ltd,

149 Broadway, New York 6, N. Y.

unique.

my

of

has

result

Bendix is

WALL

-

such a change, military lines it is difficult to besharply ex- ' lieve that* Bendik can Tail to play
panded
sales,
and
sometimes an important part in these new
earnings, for companies closely fields in the future. Furthermore,
logical

The

LYNCHBURG, YA.

9 9

$80

D A IWA

which is most

Bendix

Mercury,

branch offices

JAPANESE

Securities

.*

in

United

1958 model ye&r
accounted for $119 million in fiscai i960 and were probably about

a

was

Authority

in the poor

even

to all of the cyclical inin that industry.

fields, and over
$325 million in military aviation
products.
Since
the
successful
space
shot, there has been an
entirely different philosophy expressed toward our defense posiure and the step-up in expenditures for both the military and

Bassett Furniture Industries

-5-2527--

days

primarily an
manufacturer

was

parts

Turnpike

sales, which con-'
million to volume

Automotive

missile and space

American Furniture

Private Wire to New

the

to

Project

tributed

Today, Bendix has sales of better
than
$180
million
in
the

Trading Interest In

LD 39

a

back

dates

doubt

1-2762

NY

misconception
present scope of the
operations.
This no

appear,

company's

3-7830

times

40

would

as

Exchange Place, New York 5
Phone:

of

ratios

pro-

In the man-in-space pro-

gram,

our

SECURITIES

each must be analyzed from many
different approaches. There exists
one

Titan

and

Tartar

to

.

built the tracking, telemetering
and ground-instrumentation sys-'//
terns.
"

command
and more, is,

stocks

science

where

market

ratio in a

modest

tively

Odd, Lots

Terrier,
grams.

Mobile, Ala.
Direct wires

Every Turnpike is different and

sub-system and components supplier for the Polaris,
Minuteman, Atlas, Nike-Hercules,

One reason the shares

year.

NY 1-1557

New Orleans, La. - Birmingham, Ala.

ROBERT N. TULLER

Partner, Tuller & Zucker,

serves as a

discounting profits at a rela-

are

the

on--

+

or

..

the

in

and

tractor for the Navy's Surface-toNew York City
A
+«
Air Talos and the more sophisti--.The TurnpikeAuthority of Kentucky
cated Typhon. The company also

automotive parts
and commercial aviation divisions

Members
N.

Hflnover 2-0700

prospects

pansion of sales in this area in
fiscal 1962. Bendix is a prime con-

nonrecurring profit of 60
cents), upwards of $4.25 a share,
Although down from the $4.88 a
share
reported in the previous
fiscal year, earnings were relatively good considering the sales

WEINBERG,

Members New York stock Exchange
American Stock Exchange

times profits certainly a.
^ °x
Jlls
stock is listed
on tne JN-Y-h-E.

field,

space

roughly 23% of
total sales, and the present backlog is suggestive of a further exmillion

$182

Sept.

30,
1961,
of
(i n c 1 u d ing

and

Steiner, Rouse & Co.
19 Rector St., New York S, N. Y. *

<

engineering

missile

tiought—Sold—Quoted

Members

sales in fiscal 1960 were over the

year

ended,

the

In

profits for the
fiscal

System

(Page 2)

appli- yxesen; nrice of the stork nroProspects, ana on ine
nresent
company
is/ also Pfesent price of the stock, proclosely associated with the ; Air vides^-a-"yield of close to 4%.
Force's
SAGE—system of inteBendix ^ Corp. common stock
grated
continental air defense, provides broad participation in
while in satellite tracking, Bendix the
newer science field; in my
built-and-operated Minitrack sta- opinion. The recent price of the
tions are now in wide Use. For the
stock of about $63 compares with
Navy, the company is building an; the 1959-61-price range of -89-56y4
airborne sub-hunting radar sy$and based on estimated share
tern and has been active in sonar
profits approaching $5 for the
and other under-sea applications
current fiscal year to end Sept.
of electronics.
30,; 1962, is selling at a ratio of

scientific and
cations.
The"

to

New York Hanseatic

City.

installations at work on business,

.

„

ner,

important

an

port-

ran

,

is

company

_

Camp¬

builder of medium-priced digital
computers with more than 250

in

balanced

yet

t Olios .can

"HANSEATIC"

shares

Louisiana Securities

Douglas

—

tiicky—Robert N. Tuller, PartTuller & Zucker,, New York

civilian products

ing systems.>In

Corp.

The Turnpike Authority of Ken-

and is now > moving
strongly into sonic-energy clean-

/

Alabama &

New York

facturmg

,

Exchange

of

is
pays

_

New

Undervaluation

500 issues.

over

Over-the-Counter experience
,

.

_f

Members

Bendix Corp.

.

Week's

Participants and

bell, Manager, Research Dept.,
Ladenburg, Thalmann & Co.,
City. (Page 2)

elec,,

be of service to

can

connectors and

relays,

tron tubes. Bendix was a pioneer
*n numerical tape control manu-

Manager, Research Dept., Ladenburg,
.

you.

sion

private wire

Thursday, December 7, 1961

.

•

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

.

Their Selections

for favoring a particular security.

reasons

.

Continued gn page 13\

OVER-THE-COUNTER
INDUSTRIAL STOCK INDEX
23-Year Performance

of

35 Industrial Stocks
FOLDER ON REQUEST

j

,

National Quotation Bureau
Incorporated

46 Front Street

How York 4, N. Y.

Volume

194

Number

6114

..

The Commercial and Financial Chronicle

.

(2499)

CONTENTS

Facing Up to the Future
Of the American Economy

B.S.

By Dr. E. Sherman Adams,* Vice-President, First National City
Bank of New York, New York City
Banker-economist

warns

.that somehow it
progress

Articles and News

afford the "reckless

cannot

we

"miraculously"

may

by itself.

occur

To maintain

'pects, once past the next four to five sluggish years,
minces

must face

we

.

words in

no

prescribing policies

Dr«

Differences—Wm. McC. Martin,; Jr.^

—E.

>

and leadership; non-hasty tax reform to encourage

'■

avoiding reliance on government spending;

ending

and achieving closer international cooperation.

practices;

—Bernard

all

are

World

Free

have done

the

for

Com¬

that the

aware

intend

munists

to

Assuming

-

1

-

J

•

busily engaged in their
long - range economic offensive
against us. This is a deadly peril.'
If
we
lose this wear, we shall
they

of

vital

more

importance to
free
people
everywhere

priority

was

to

to

E.

Dr.

S.

Today

Adams

most

—Gordon

conclusions

reach.

can

we

in

life

a

or

-

economy,

death

-

always must

we

as

Obviously we can only hit the
high spots but this is not all bad
because it gives us an opportun¬

wartime. The future of

ity to try to view our situation
in perspective.
So, let's turn to
our crystal ball and see what we
can
see
bearing in mind, of
course, that crystal balls are at
times just as fallible as the peo¬
ple looking into them.

in

challenge.

can

The

munist
be

for

not

paint

the

U.

S.

colors.

the

easy.

dilate

could

We

Is

of rising living stand¬
ards, advances in technology, im¬
proved public services, more lei¬
sure
time, better education and
broader
cultural
opportunities.
We would not have to be greatly
concerned
over
just how
how

this

place.

"

,

will

progress

" •"

.

.

■

\.

''..

If it were not for the

nist

menace,

we

.;

that

/

the

■

exists.

Communist

Armageddon

the

output

United

valid

any

this

will

—Frank

L.

Adler Electronics

Fictitious Premise

on

*

Barton

Coastal States Gas

12

Electronic Int'l Cap. Ltd.

i

:

14

Lindy Hydrothermal Prod.

—Roger W. Babson

:

Singer, Bean

15

&mackie,

Government Plans to Remove Silver from Our
Monetary

HA 2-9000

;

19

ity

Teletype NY 1-1825 & 14844

<'!<•

Kc

'•

i'i

,\VW

V

Bank

for

reason

from

people

but

points

they

goods,

T

y

and

Insurance

-

slow

the

and

so

some

valid¬

add up to
overwhelming

experts

Soviet

Stocks___

20

BARTON DISTILLING
48

COMPANY
8

9

From Washington Ahead of the
News—Carlisle

*

Bargeron

LANCE, INC.

Indications of Current Business Activity

BINNEY & SMITH, INC.
'

29

SCIENCE RESEARCH
Market

Mutual

and You

.

.

.

(The)—Wallace Streete

17

_

Funds—Joseph C. Potter

News About Banks and Bankers

ASSOCIATES, INC.

23

18

AETNA

MAINTENANCE CO.

1__

NSTA Notes

22

Observations—A.

Wilfred

May

4

;

Our Reporter

Public

Governments

on

Utility

u

Securities

J.F. Reilly & Co., Inc.

21

39
Securities

Now

in

Registration.—

30

Broadway, New York 5

Prospective

Security

Offerings

DIgby 4-4970

46

Security I Like Best (The)
'

v

Security

'•

■

.-

.v '

-•

'

Salesman's

s".'

•

2
-A" •'

■'

1

1

".V-"

•'

-g

Corner.^

"•

-20

L

State

of Trade

and

Industry

(The)____

Cosmo Book

4

is • that
does

economy

somewhat, it will in
probability continue to grow
very rapid rate for a good
many
years
to come. This is a

Tax-Exempt Bond Market—Donald D. Mackey

6

all
at

a

fact

view

In
our

Washington and You

of

this,

what

should

economic strategy be?

Continued

•

*

York

,.

1868

Stock

Distributing Co.

48

,

must face.

we

on

*Column not available this week.

Many

page

26

*Prospectus
Twice

FINANCIAL
Reg.

U. S.

Park

DANA

Place,

REctor
CLAUDE

WILLIAM

D.

Weekly

Copyright 1961 by William B.

Exchange

Schenectady

to

7,

N.

as

SEIBERT, President

Subscription Rates
Subscriptions in United States, TJ.
Possessions, Territories and Members
Pan-American

SEIBERT,

Treasurer
Editor

second-class matter Febru'
at the post office at New

25, 1942,
York, N. Y., under the Act of March 8, 1879.

Y.

9576

MORRISSEY,

request

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$68.00
per
Countries, $72.00 per year.

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of

in

year;

W¥ V. I1UNKEL & CI.
INCORPORATED

Thursday, December 7, 1961
,,

TELETYPE NY 1-5
Chicago

J.

COMPANY, Publishers
York

Reentered
ary

Patent Office

New

on

Dana

Company

CHRONICLE

2-9570

DANA

,

ST., NEW YORK 4, N. Y.

Newark

Washington

demand

down

the

TELEPHONE HAnover 24300
Boston

-

Dealer-Broker Investment Recommendations-i_J

GEORGE

Albany

St. Louis

•

Cover

The COMMERCIAL and

Nashville

.-y

;

'

:

Los Angeles

San Francisco

not

The

of

if

have

do

much.

even

Founded




:

...

a

rigged, that

may

Spencer Trask & Co.
BROAD

*-,V"

■

(Editorial)

Coming Events in the Investment Field

25

25

A"-'

.

is

the

will

PREFERRED STOCKS

New

Cleveland

Philadelphia

WILLIAM B.

Members

•

Direct fVires to

Chicago

Regular Features

y

consensus

ahead.

specialized in

inc.

40 Exchange Place, N. Y.

not

are

consumer

very

more

For many years we

'

Judging Common Stocks for Uncommon Value

Published

have

Calvert

.

States.

growth starts

statistics

These

menace

lies

it

of

forth.

we

the

threat;

growth

Soviet

of

Russian

va¬

Americans have al¬
ways valued and pursued a wide
variety of goals, and never tired
of arguing which should be most
prized.
But

its

more

production, how far we should
go in equalizing incomes. In times
peace,

to

that

Soviet

that

objectives for our society.
We
might debate whether the
role of government should be ex¬
panded or reduced, whether more

of

10

„.

rious

leisure would be better than

of

the

about

lower base, that it has borrowed
heavily
from
the
technological
developments of Western nations

Commu¬
of

:

happen?
We have all heard this question
discussed, often more hopefully
than realistically. It is pointed out

would doubtless

discuss the relative merits

Soviet

rate

there

4-6551

■J

secret

no

the

believing

take
;.;

:.

of

rapid

exceed

prospect

rapidly

is

increment

the

on

Communist

eventually surpassing the Ameri¬
can economy. And
long before this
goal is reached, according, to the
Kremlin's timetable, the
annual

Com¬

task

our

the

of

Soviet economy. The Communists
have
laid
carefully
plans • for

would
We could
long-range future of
esconomy
in glowing

menace,

comparatively

the

basis
the

WHitehall

'

this

to

Menace

Priorities

Wartime

for

were

respond

we

Basis

There

STREET, NEW YORK

Aztec Oil & Gas

Monaghari

Einzig: "Britain and U. S. Erred in Recent Gold Transaction"

how

upon

tbe,Afri¬

will depend largely

economy

—

it

L.

As We See It

purpose.

conflict, and to win it, we must.
again reassign priorities in our

significant
subject and see

this

this

to

•

WALL

again find ourselves

we

embroiled

the

of

subordinated

be

overriding national

to

summarize

1

given

had

I.
to

If

99

at¬

was

of

like

Need

•

production. Other objectives

attempt

what

Ha,rbor

war

paper,

aspects

Pearl

the

limitations
would

A.

.System

Top

omy.

economy.

this

:

5

are

When

American
Within

•

tacked,
the
American
people
immediately,
instinctively,
reassigned priorities in our econ¬

the

of

ture

'

3

:

Principal Merger Issues Today in Transportation

perish.

fu-

the

than

United

the

on

States and other free nations and

No

is

subject

death

the

to

war

United

the

States.

* '

a

nomic strength
of

with

protracted struggle, perhaps for
generations.
The
Soviets
are
single-mindedly committed to, a

that they might
already were it not

eco-

nuclear war, we are
the prospect of

no

confronted

the

enslave

and

so

Economy

Adams

Federal Municipal Loans Based

-

.

We

those obsoletes

r

•

-

Construction Industry"s Bright 1962
Prospects

capital formation

bring about internationally competitive plant and equipment

incentives;

'

■

>

keeping wages in line with economy's efficiency; obtaining education

wasteful

of the American

(

Cover

■

Manpower, Inc.—Ira U. Cobleigh_____

Dealt with are:

public understanding of what needs to be done.

tax

'

Telephone:

cost-push inflation and the urgent task of overcoming the lack of

and to

Sherman

yourself from

1

v

■

•

.

(Facing Up to the Future

Adams:Y'

must adopt for problems

we

■;

;

pros-

This includes the major unsolved problem of

to,

up

un-TWiST
Maintaining Our Money's Integrity Transcends Political

:

gamble"

excellent growth

our

COMPANY

Page

top priority must be given to advancing our

specialty and to insure

as our

LlCHKnSTEin

AND

-

economy's rise and adds

3

-

Glens Falls
Worcester

Every Thursday (general news and ad¬
vertising issue) and every Monday (com¬
plete statistical issue—market quotation
records, corporationrnews, bank clearings,
state and city news, etc.)
,Other
Chicago

Office:
3,

111,

135

South

La

Salle

(Telephone STafce

St.*
2-0613).

Other Publications
Bank

$45.00

and
per

Note<—On
the

must

be

Record

(Foreign

39 BROADWAY,

Monthly,
Postage extra!.

NEW YORK 6

—

WHitehall 3-6633

account

of the fluctuations in
exchange,
remittances
for
subscriptions and advertisements

rate

ioreign

Quotation

year.

of

made

in

New

York

funds.

<

Teletype NY 1-4040 & 1-3540

4

The Commercial and Financial Chronicle

(2500)

.

.

.

Thursday, -December'7, 1961

and company.

But—the point cru¬
cially invalidating the Rush proArt argument is the comparative

OBSERVATIONS...

comprehensive record of

WILFRED MAY

A.

BY

the rails. Such

available

is

Index

OF

BEHALF

ON

PROFITS

ART

common

stocks, including the "lemons"
Standard

in

Poors

&

on

higher the selling price tags
paintings go, the more wide¬

spread becomes the proclivity to
invoke investment connotations in

long-existing

Such

behalf.

their

attribution, motivated

investment

Im¬

the

come.

so

groups

ago.

declines have occured in the Bar-

the investment world was the re¬

to

Parke-Bernet's

"Sale

Century,"

the

of

recent

by

made

"the $2,300,000

Rembrandt's" win¬
ning bidder, James Rorimer, di¬
Metropolitan Mu¬
would
have
been

the

of

rector

"It

seum

close

so

Street

Wall

with

heartbreaking,

have lost out on it."

to

Thus, most timely is a newlypublished full-length volume, "Art
As An Investment," by Richard
200 illustrations;
Prentice Hall, $10).
With his art collecting activities
H. Rush

an

(418

Rush's profes¬

avocation, Mr.

sional

career

has been mainly oc¬
and

himself

adviser

as

others

for

consultant

investing

securities

with

cupied
for

the

pp.,

and

(including

But

1914; and in the English por¬
In fact, a highly signifi¬
event

auction,

extension

current

How-To

another

field.

the

-

of

into

craze

(We cite

in a way

Rembrandt

the

sale of

offsetting

bonanza,

the

was

Gainsborough for

a

Erick-

last month's

at

a

paltry

1928 had cost
some $300,000, and which the Gal¬
lery had pre-sale estimated at $75
to $90 thousand.
Likewise coun¬
tering the stratospheric figures
fetched
by many items at the
Auction"

"Rembrandt

•

the

were

slashed

price tags of: $60,000
brought by a Raeburn (cost had
been $100,000); $27,000 for a Van
Dyck
(for which Erickson had
paid more than $200,000); $35,000
for a Holbein (which had cost the
seller

the

still

some

of

specific How-To-Isms below.)

$130,000).

the book contains a
information, useful as
record, rather than a "guide,"
specifically including the price
history of 12 major art schools,

fea¬

required the ben¬
efit of hindsight. Murillo, Teniers,
and De Rosa were darlings of the
last century, but unheard of in
today's market.

'

•

u</

Our

author, Mr. Rush, insists
intelligence and knowledge

that

of price

trends can overcome the
But here also he, along
host of fellow observers, is

with

copies.

belied by

basic

the author

tenet,

holds that if you study

art,

the items

schools of

purchase must

you

in price, and stay up in the

go up

absence

of

a

major depression.

author

Our

cites

the

dramatic

in the art market, during
the nineteen fifties, of the French
impressionists, whose popularity,
upsurges

he maintains has been predictable
as to extent and permanence.
Double
He

thus

Hindsight

selection
the

in
of

their
both

particular

course,

it

pitfalls.
a

the record. For surely
like

collector

Stotesbury

a

either

full portion of intelli¬
knowledge himself or
employed it through expert assist¬
ants.
Yet seven
pictures which
possessed

had

a

and

gence

him $943,000 brought a
$68,700 at their sale in 1944.

cost

mere

And

similarly

with

the

W.

H.

Vanderbilt and Jarves Collections.

Surely the unpredictable factor
fashion, not forecasting knowl¬
edge or "trend" discernibility, has

of

been

controlling.

is

the

facto

artists

and

period.

time

true

post

ex

Of

that

the

"hot"

fashion

also

market.

In

likened

in

The

December

the

First

the

that

is,

of

unjustified
for the stock market performance
protagonists to pin their argument
on

an

IBM

course,

as

trade,

concentrate

on

art boys to

Picasso,

Gauguin

path.

prettiest,

but

those

he

which

Bank

adverse

weather

on

an

and

September,
again, slowly

front.

Detroit

is

much

encouraged by the favor¬
able initial reception of the new
'62

model

hopeful
will

passenger

that

its

exceed

6V2

and

cars

sales

next

million

is

year

cars.

If

realized,

of the other competitors.

the second best year in the in¬
dustry's history. .Merchants gen¬
erally have been cheered by ap¬

But

these

stock

the

popularity

as
with the
uranium, publishing,
mark extraordinary
excesses whose ma-;

crazes,

speculative
terial

."f

.

market,

electronics,
etc.

.

phases of

effects

outweighed

are

in

the

above-cited satisfactory over¬

all

results.

The

Return

From

Master

Old

an

A riskless commitment of
in

000

30

bonds

would, today,
$2,900,000 to the

ago

years

worth

be

some

ingness

holder.

spend.
continue

plant

How'-to-Ism

Highly significant to

is the

us

Rush book's extension of

on

a.

equipment.

and

Federal
Reserve
index
(s e a s 0 n all y
adjusted,
1957^100), which had dipped to
in September under

strike

of

and

the

the in¬

General

hurricane

in

covered

October

Motors

Carla,
to
113,

re¬

incident to the negotiation of new

functioning»;,This

to be not

seems

much the. responsibility of the
author, who has sprinkled a good
measure
of
limiting caveats
throughout, as of the book's jacket
"blurbs" and accompanying pro¬
motion—to whit, "siren songs" as:
"Gives
sound
practical business
advice
how to judge the au¬
thenticity and permanent value of
a painting
how to profit from
.

.

.

.

the

.

.

uptrend in art

you

everything
need to know to invest in art

and

make

building
For

.

.

.

at it

money

.

.

your own fortune

part,

our

have

sub-titled

"An

enjoyable

Mr.

recommend its

Rush's

book

collecting"; and in

today."

would simply

we

on

opus,

picture

event,

any

purchase

wage

as a

we

good

*From
&

Poors

contracts

<>

had

calculation

based

Index

on

of

Standard

back

dustry

able to push produc¬
650,000 cars, the
highest monthly total since March
tion

was
close

to

1960.

Other

consumer

durable

gains

well

goods,

non¬

durable, scored
October and also, ap¬

as

in

as

parently, in November. Helped by
foreign
orders,
production
of
capital equipment set a

business

in

record

October.

The flow

mills

of

is picking up, as officials of

steel-consuming industries ponder
the

possibility

of ^another

strike




and

MUR—for

active in¬
be delivered

quiries for metal to
next

early

year.

It

clear

seems

1962

will

period of accelerated steel

duction

as

building

demands for

be

pro¬

stocks.

inventory

as

are

9 million tons of finished

steel—nearly one-fifth of all steel
shipments forecast for the first
half of 1962—will go to build in¬

half

is

»

..

_

|
§

,v

will

now

listed

on

Exchange.

producer, refiner

petroleum

El Dorado, Arkansas
December 4, 1961

tape

products.

MURPHY
4

CORPORATION

that

business
third

from

or

will

first-

borrowed

1962

strike,
would

There

this

be

quarter

no

activity
of

of this

some

could

when,
letup in

a

fore¬

seem

be

distortion

a

way

of

the

prospective 1962 business pattern,

Murphy Corpora¬

the New York Stock

a

equivalent to
Since

year.

tended

111

mill

on

for
in

September,

million

tons

pourings

decline

to

had

reached

of

then,

de¬

yet

output

was

week

a

have

moderately

under seasonal

influences, though
it
now
seems
likely that total
production for the year will fall
only nominally short of the 99

million tons in
Industrial

1960.

production has

been

helped by the growth of business
inventories, which have been on
a

rising

-

since

course

March

on

seasonally
adjusted
basis,
though this increase has been no
a

than

more

in

line

with

the

ex¬

pansion of business volume. Dur¬

September (the latest month
figures are available),

for

which

business

inventories;

million—equivalent

$600

rose

to.

a

season¬

ally adjusted annual rate of $7.2
billion. But
sales
at

the ratio of stocks to

remained

lower

even

than

the bottom of the recession.

I
|

ffiiiiiiniiiiiiiiiiiiiiiiiiiiiiiiiiiiiitiiiiiimjiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii

Bank

Clearings for Dec.

Increased

1960
Bank

showed

ures

compiled

Chronicle

the

by

advices

telegraphic

upon

the

from

week

compared

Preliminary fig¬

ago.

year

based

last

increase

an

a

Same

Week

clearings

with

Week

2

8.2% Above

chief

cities

of

the

indicate
that
ended
Saturday,

for
the
Dec.
2,
cities
of
the

country,
week

clearings1 for

all

United States for which it is pos-

was

obtain

to

weekly

clearings

8.2% above those of the

responding

last

week

year.

cor¬

Our

preliminary totals stand at $30,920,855,716 against $28,578,495,620

companies report

matter

I

additional symbol—

tion, which is

of

last

not

peak

date

steel

much

1936.

I

marketer

the

to

comparative

June 30,1962. The

Brace.

Today the ticker

Murphy Corporation is

year

The

for

on

t"The General Theory of Employment,
Interest and
Money," p. 156, Harcourt
;

I

illlllllllllllllllllllllllllllllllllllllljJIIIIIIIIIIIIIIIIIIIHIIIIllllllllllllllMMIIIIIIIIli

the

has

influence

production.

expires

superimposed upon
heavy consumption requirements.
Steel magazine estimates that as

500

SYMBOL

1

visible

any

tract

out

CORPORATION

no

increased

of

steel

when the present steel wage con¬

ordained.

|

for

sible

orders at steel

new

that the first half of

Composite

held

automobile
production in early
October', but in November the in¬

start

.

Illlllllll

carry an

had

negotia¬

level recorded for August. Strikes

steel

MURPHY

has

wage

the

cur¬

our

strike

I

steel

Anticipation
mand

ing
meas¬

the

by

rent literature's.pervasive how-to

iff Board

±

statesmanship

tions.

Government

Industrial production, as
ured

111.5

Pervasive

1962

rising
course, though businessmen, held
back by the pinch on profit mar¬
gins and the abundance of present
capacity,
r e main
cautious
in
scheduling additions to
outlays

fluences
That

make

to

outlays

$100,-

Government

S.

U.

would

ventories. The other aspect of the

1

Failures

parent revival of consumers' will¬

for

Security

this

nomic

precedent in

and

strikes

thinks likeliest to catch the fancy

pllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllHIIIII^

Illllllllllllllllltlllllllllllllll

Business

Index

through agreement on a steel
contract months ahead of termina¬
tion date, but this kind of eco¬

in

ahead

broad

a

back

by

and

over

Production

hampered

on

competitor has to pick not

is

economy

probing

those faces which he himself finds

as

for the

the

but

wherein

City

suggest'that the "lull" is

are

competitions

monthly letter of

National

stated that the reports on business
in October and early November

a

It

Production

Commodity Price Index

stock

picking
"each

exists

pleasure!

The All-inclusive Record

Trade
Price

Auto

TRADE and INDUSTRY

England, this has been
by Lord Keynes to beauty

investment in both education and

falls, unwittingly, into

the category of the past perform¬
ance
sensationalists who exploit

hindsight

"Intelligence?" ' '

Price

What

Retail
Food

upward

it cannot be denied
selectivity rooted to fickle

so

appraising—financially and artis¬
tically — discoveries, fakes and
s

six-fold.*

been

course,

that

have in the past

of

h i

has

Of

sale,

of

cows

the

the sa-.

art world,

a

In

In

art-booming - postwar period
1945, the gain from securi¬

made

Old Masters,

the

Actually,

wealth

the

in

which

$35,000.

tured at last month's auction

furthering the book's sig¬
its

great

traitists.

cred

is

that

true

also

is

enjoyed such popularity from 1875

Even

Broadened How-To-Ism

nificance

it

School, featuring Millet,
Rousseau, Daubigny, which had

son

appreciation and in¬
interval since 1931,

the gain has been twelve-fold.

ties

Side

bizon

Getty interests).

Also

Debit

The

cant

In the

since

by factors ranging from inflation
guilt feelings over the soconspicuous extravagance, is now
additionally
stimulated by
the
highly publicized auction price
advances to new high records.
Significant in coupling art with
at

a

from market

Paris

have af¬
forded enormous price appreciatipn to their buyers of a decade or

fears to

marks

shown

have

pressionist, Post-Impressionist and
School

of

+

Out-put

present from the
period, the stocks
seven-fold
gain

advance.

in

concentrated

artists

To the

1928 bull market

The

:>;;; The State of

Stocks—selected in

of 500

Production

Carloadings

as

inclusive record

an

Steel

Electric

the

week

centers

in

1960.

Our

for

this

.summary

the

for

leading

money

follows:

Week End.

(000s Omitted)

,

1961

Dec. 2—
New

week

same

York

,

%

1960

+10.4

$17,019,429

$15,416,878

Chicago.™

1,394,775

1,358,986

+

2.6

Philadelphia

1,248,000

1,217,000
869,181

+

2.5

+

3.4

Boston

898,966

"Iron Age"

This
was

Report Omitted

week's

not

Iron

December's

Age

report

at press time.

available
Steel

Output and

Shipments to Be Up 5 to 10%
December

steel

shipments will
November's,

and

production

be 5

Steel

to

10%

over

magazine

re¬

ported.
Operations
in spite of

backs

in

are

sure

to pick

up

holidays, seasonal cut¬

consumption, and year-

^

Volume

184

Number

6114

.

.

The Commercial and, Financial

.

Chronicle

(2501)
end

efforts
by some consumers
keep inventories low. Reasons:

to

(1)

Demand

appliance

firms,

is

sumers

(2)

from

stocks

down

other

plan

to

Almost

than

the

poured

October's.

Assuming

a

gain in December, this
output will be about 98
ingot tons (vs. 99.3 mil¬

million
lion

tons in

Much

confidence

banner

that

1962

for

year

will

the

ended

from
be

of

November

month's

break

the

were

sales

2, 1961
(*111.3%), or

in the week

ended

Production
Dec.

highest

2,. 48

to

are

in

low

of

expected
November record

the

To

1960.

start

June,

automakers

building
first

2.0%

Steelmakers

have

worked

above

auto

out

~

amounted

through

Dec.

and

2,

will

tons

same

time, they

sure

lesser

trying to

are

for

The

or

concludes
with
Production
by

week

ended
*

Dec.

share

by

orders

within

keeping
the

framework

of

2,

of

•

strongest

indicates

buildup

that

steel

of

mill

of

While

majority

a

to

inventories

the

dents),

underway.
steel

of

hold

(70%

the

at

of

respon¬

For

13% then.

U.

Those planning to add to stocks
vs., 12%.

same

—23%

Those

—12%

Those

—10%
The

who

with

5%..

.vs.

most

■

...

inventory
position ish still the 39 to 60* day
-

popular

/•/•g'V; ?•."

.range.'f-*;
Scrap prices

last week.
Steel's composite price on No. 1
heavy
melting
grade
advanced
67 cents a ton to $33.67, reversing
.

the

rose

-

recent i downtrend.

reflects

bids

higher

rise

The

factory

on

bundles.

this

expensive
strike

since

this

such

since

With

-

World

even

year

will

losses

War

was

though

the

lowest

be

II

Steel

years,

reports.
losses

this

from

year's strikes include:
Nearly 15 million mandays will
not be worked because of stop¬

for

■

to

would

senger

.

industry's

(ended

'

47*

December

2,

that this week's

reach

not

cars,

163,904 pas¬
matched since

strike

production
early 1960. It will be a 31.7%

in
in¬

from
124,292 cars turned
during the Thanksgiving Day

crease

out

week

and

same

a

units

year-ago

21.1%

rise

assembled

from

in

the

period. Production

of '62 models, at the close of the
week, will approach 1,750,000.
Entire
November
production
Continued

pages.

in

the

taxes, etc.
building or

In

on

page

28

the

6/20/61)

249

and

the

in

due

fiscal

the

.office

an

United

.

formerly

branch

seven

v

years

...

-

.

New

when

it

.'

•

=,.

-

-v

aud its Instrumentalities




.

Mstnoets:

Inc.

For

being

chain,

these

part

a

the

services

of

Co.

etc.

be

expanded

travel

into

service

nation-

a

widely attractive to clients.
Considering the extent of business
prove

the ^ T?nd

f
touring abroad, Travel-

.

new branches, new services, and
and

satisfied

more

clients,

individual

proprietorInc. 6%

of

fee

?VfJ

na-

Over

rui/o*

7

39c"td

increased

annually; and intensive national advertising in major
news
and business journals has
conveyed
the
story of "instant
staff' to the major "front offices"
of America.

matoTvTnThe^offYce'fieto'' in*
of

areas

service

toe

and

resnect to national coverage

P

in

Man

auestioned

f

t

Th.

whole

at

conUnue

companies

seek

answer

and

more

more

part time help,
dismiss at will,

which

they can
when a given stint has been
complished.
business
never

Moreover,

firms

to

up

47%

now.

the

clients

seem

flextotoaVd'tsLt fabof iorcel
to

oreanDations

likely to enter

Data

60 corporations most of which op-

erate

branches

this idea and by drive, initiative,
Inc. on the service map in
big way. Investors, too, are becoming increasingly interested in
power,
a

rise in earnings, and the fact

six

racks

months,
new

up

y-+

The

highs

broaden

in

sales

in

plus

initial

an

insurance

vanced

by

base

of

equity

the

words

revenues

a

..w„

"We are

.

confident

about

to stock"

holders the level of earnings they
deserve' to customers the dualitV
and variety.of services they need,
and

to

and

personal

eraployees, the
•

financial

opportunities

abroad..

and

When

little baffled, since

balance,
usual

sheet

"brick

stock

deSelding to Be
Trask Partner

contain:

mortar"

are
people, not plants!
earning power, however,

(and is) attractive, and
suggests that Manpower common
may continue to be a rewarding
long-term investment. *
was

The annual report for fiscal 1961

shows
sees,

that

if

on

you

Manpower,

include

Inc.

&

Co.,

25

sales of

licen-

had

total

$37,444,319. Actually, how-

We wish to

The

of

the

com¬

roughly

into

New York Stock
Jan.

will

1

admit

Exchange,
Edward

announce

and

Division

firm.

Mr.
•

de

Selding

Spencer-- Trask

&

has

55%

of

Division

jobs

as

and
for

now

sales.

-

The

35%.

/

-

'

The

remaining
Merchan¬

Services,'- Salespower

Salespower provides^ crash

or

A

<

,•

•

;

Exchanob

such

assignment,

' for
example,
operatives called on
service
stations
in
two

Manpower

52,000

i

HP-it?IWU

VV 111 jlxUIIIIL
Burnham

& Company,

15 Broad

Street, New York City,/ members
of the New York Stock Exchange,
on

Jan.

Gellert

2

will

admit

John

and

L.

Michael

Furth

partnership.

the removal of

our

offices

larger quarters at

5

Telephone: WHitehall 3-1570

Boland, Saffin,
Gordon & Sautter
ORIGINATORS,

-

J-ALll IlllCtlll VX/ V_2\J.

\17ill

<

panies seeking regional or national
product distribution.
Under one

~

T5iiv"nVlQ"m Kt C^C\

Teletype: NY 1-535

and

>

\

Indus¬

from

-for

v

;

employing men for
warehouse, car un¬
inventory work ac¬

comes

been

Co.

^rri^

64 Wall Street, New York
New

B.

Selding to partnership in the

three

Office

Broad

.

assets.

the bankers enthused. The growth
curve

Trask

the.?

assets

About

0f

werev with

the.company

didn't
and

the

bankers

to new

business

divides

they

earn."

for Man¬

>

the

future of Manpower, Inc. We will
contlnue to add new o£flces. new

ex¬

steady

the

annual report-

the

splendidly, resulting in rapid

sum-

of

parent company.
arrangement is working

This

and

calculated

move

a

the

ownership.
The picture here is well
marized

that,

company

[n&ni3 111 bcUes d"a
stock was recently

split 3 for 2 in
to

the

ad¬

sales,

certain

and

imagination and energy,-put Man-,

throughout Amer-

"went .public", the

;

attrartivp

The management at
Manp0Wer, Inc. has taken hold of

Street, New York City, members

Manpower, Inc. is a Delaware
corporation owning stock in some

Its

is

sensible.

Spencer

a

to

dehverine

Manpower fold.
Financial

ica

and

of

have

used

new

it

income

ac¬

temporary help. When
these "get the message," thousands
of

„.mn,vin„

and

^ek

those who

y'f

id_.

work

whither t0 continue to brinS

Manpower
T^

growth

he; thah
Be that

t
to

seems

in

2c

servlces and to diversify in order

dominates the industry

PT0me
th

from

vear

Chairman and the President in the

Manpower, Inc. does have considerable competition, but this is

„

everv

Mrtltirne

o™

out

w"der

rten

share net has

$141-hnr dividends

,96fi tn 4(lc rurrentlv

million direct mail pieces are profits.

mailed

p4i

since 1956

Lgf

and

premiums

community.

603 25f>

are

standi

ture of its business throughout the each
business

There

vear

^is equity, impressed by the swift

tne ManPower name, and the
entire

to

ae%ommonLun4from llto" the

mLedine
Pres to

should

and

down

in net earnings; which

UNDERWRITERS and' DISTRIBUTORS

permanent sales program to com¬
*•

Stock

for

nationwide

licensee pays Manpower,

dising

Y.

.

and

the

Technical Divisions.

American

started

They benefit from
the knowhow, operating
guidance^
advertising, promotion and \;national
reputation
of
Manpower,

10%

Securities of. The United States Govemrnent

York Stock 'Exchange'

-

.

operated all of its
offices until, about

ago

trial

New York 4, N.

a

offices.

power

about

ESTABLISHED 1887

.

,

People who want a
business of their own, by this
plan,
are able to open their own Man-

counts

,

each

with

franchising.

loading

.'V

draftsmen,

in

$20,860,095

distilled

punch operators, etc., account for

General Partner

&

were

over.

.

such

•

will

of-

a newcomer, too—TravelThis, according to plans,

pojpr.

wide

Division

supplying stenographers, typists,
bookkeeping machine and key¬

effective December 1, 1961

25 Broad Street

engineers,

There's

of

: The company

pany

Agent of the Federal Home Loan Ban\s '

Chas.E. Ouincey

Technical

grown

in

States

population of £0,000 *or

categories.

a

year

number

17, overseas of¬

are

course,

city of the

Current

as

fers

calculated

totaled

This

Types of Services

Mr. Everett Smith

firm

a

foreign countries; and
company program is to have,

pleasure in announcing that

to our

of

truck to

13

in

royalty
power, Inc.

has been admitted

em-

75,000jcustomers

There

fices

rise in

Fiscal

an

Instead

'
a

pansion of branches and

We take

services.

of

course

Manpower, Inc. offices had

'

overtime

report

returns

estimated

output

:

.

the

of

a

signments.

own

production
Ward's

roaring

a

tsirijilar bigh~!n>

.-

still

plants

135,348

Measurable

said that

highest

and

130,000

over

rable with the net costs of perma¬
nent personnel in many work as¬

to

—

1955

26

people

served.

sendofL toward/ a

-

employs

company, Manpower, Inc. leases
people, and at rates quite compa¬

period in 22 months—gave
the industry its brightest. Novem¬

December..

rapidly rising earning

average

Production/

agency

has be-

ployment agency fit hir.es all these
people itself, and takes care of all

a

ber

■

n,ee.<?f'

Manpower is not

insurance,

November

week

post-steel

Labor-management discord

;

,

statistical

output

problems

i,

month of 1960, Ward's Auto¬

The

;•

delivery

.':

motive Reports said.

overstocked

are

19%.

vs.

on

Pa

is womanpower)

It

a'year;

second
time
in
1961,
production topped the

auto

ofseasea

corporation of substantial

a

leasing

based

Automobile

the

S.

I ■

^

l!)57-59.

Attained for

or
or

±\r JV ££

stature and

111.3

___„

for

oeak
peak

i„„;

„„

an

come

>i I'll.'

production

professional

Dressing
pressing

119

103.:.

of

vinousands

whenever they take inven¬
or want to replace people

resource

108 3;,

Peak

.Those planning to reduce stocks
vs.

at

power.

production

and

cimnlp

a?

nesses,

different

*Index

midsummer poll. Other signposts:

now

105

' ^

points below that reported in the

—7%

•

135

weekly

is

Christmas, insurance companies
the year-end, and most busi¬

133

line
•

chandising Division supplies demonstrating, survey
or
shopping

the

increasingly wider scale,
Manpower, Inc., (whose leading

94

______

_________

Total

is 5 percentage

level

have
ave

Cincinnati

■

idpa

it,

sonal demand for extra personnel

on

Southern

pe¬

.

continue

buyers
on

is

1939-60

business

1

Western

products since the poststrike

Mer-

but by an advertising and public

Idea

about

aamentai.

iu

St. Louis

the

think

Tnn

155

Chicago

survey

is

tory,

1 103

Detroit

quarterly

-

inventories

102

__

Cleveland

-

latest

2, 1!X»1

107

Buffalo

reservation system.
Steel's

Dec.

.

.'Pittsburgh
Youngstown

,

it

fices

Ingot

Wfi'k Ended

:

J...

as¬

Manpower

you

—accountants in the spring, stores
Index of

North East Coast—

an

When

Mannnwpr

follows:

as

.

equitable
automotive

buyers

namically grow-

enternrkn
e

as

Institute
Ingot

anti-

new

nf

a^it ^^ncShenlM

"

inventory objectives. At the

Mr

inc
s

3,--I960;-'-48 ;

93,202,000

was

and

that

urgent

own

a

Chemical.

now

to

4.6% -bel¬

or

Production for

other big customers
permit them to reach

their

to type
and she

Dow

bure^ntoe'se^felfntoiTrto<f
"Sir' 'T' to°Uld Pr°? ?l0gical
ShefnfelTfs
Boaixi^ Chairman
^
corporate line
wfnte7 Pr^idnnt
The comPany business is steadfttrattiv^
iily ex^nd^' not °hly through

through

year

v
~

from

if

see

introduce

Mr

weeks,

of

1661,

com¬

their

riod

to

a

for

one

"

of

former
raise

to

freeze

Manpower'inc' o'ne o^thetrtoM ^
Manpower, Inc.,
of the bright- American

(*109.1%)

-

a

tied up.

weeks,

more

Districts

with

arrangements

panies

regular

part time help, these two
lawyers, Aaron Sheinfeld, and El-

•

; The
index

after

year.

And

lawyers
a brief

get

need tor

week

2,075,000

was

Nov. 25.

this

period

did.

(*104.2%).

will

Inventories

the

of

the

weeks

against
possible steel labor strike at the
of

two

ago

years

Milwaukee couldn't

in

The year to date production for
1960
through Dec.

1955

protect ^themselves

end

Thirteen

ex¬

Steel In¬

the output of 2,032,000

automotive

529,000 which was Set
and equaled in 1960.
-

the

and

for that* period?- and«the total (88,953,000- (*99.5%),

ever

a

Iron

Dec.

tons

a

sales in the middle third

car

the

slowdowns, featherbed-

stitute, production for the
stems

industry, steel's biggest customer.
New

of

the American

1960).

optimism

1961.

$1,622,704
could document

you

Gross,

manner,

for

for stockholders.

ding, and all the other byproducts typed up because their
of
disharmony, the total would stenographic staff was all
So
be much higher.
they remembered, a
'g-'•
secretary who'd left to
Steel Production Data for the
family. They phoned her
Week Ended Dec.
she could spare the time
2, 1861
According to data compiled by up that brief. She could

10%

year's

statement.
this

An accordian-like labor force makes sweet music

aftertax

„

than

to

If

pense

higher

industry

in

profits will be lost by the strike-

November's production
8.7
million tons, 5%

about

less
5

the

week.

was

slightly

million

hit firms.

2,040,000 tons that Steel

estimates
last

be

$50

ma¬

in anticipation of a
sharp
buying upturn early in 1962,1
Ingot production this week is

to

By Dr.,Ira U. Cobleigh, Enterprise Economist

companies

struck.

in¬

of semifinished

only the sales from company
branches, and the income
(6%
royalty) from licensees can prop¬
erly be included in the earnings
ever,

Manpower, Inc.-

drain.

not

terial

expected

the

About $840 million in sales will
be made by
the

con¬

upswing.

Steelmakers

crease

Some $280 million in wages not
paid to striking workers will be

automakers,

and

the

on

5

-

OF NEW JERSEY MUNICIPAL

and AUTHORITY REVENUE OBLIGATIONS

E.

to

6

The Commercial and Financial Chronicle

(2502)

issues
of
importance selling at
competitive bidding since we last
reported.
"
* ;

TAX-EXEMPT BOND MARKET

On

D. MACKEY

BY DONALD

Monday,
County, " Texas'
tax

issues

continued

has

to

municipal

bond

fleeted

be

vig-

state

competitive,

orously

and

high

bv

prices,

as

re-

market

slightly in the course of the last
week as they had during the previous

week.

empts continue

issues,

for; the

suiting in sell-out
well

credits,

name

efforts

of these

or

re-

placed deals.

1 '

'

':"N

.

■

Less

Than

''AAv

Prosperous

within

it

of

means

and,

in

of

means

price

concessions

and

adjustments that have resulted in

Although
volume

the

has

year's

been

proportions,

and

tions have been

of

the

and

have

group
than

this

This
tained

the

years,

bond

of

There

as

a

indicate,

simply

ob-

the

nature

within

the

of

in-

considerably

are

dealers in tax exempt bonds
and the steadier market base has

more

justified
and

the

expansion

l-\

;

Bidding

state

lv

,

been reduced and the competition
thus increased. This small revolu-

tion

in

bidding

naturally

technique

added

commitments

to

the

involved.

has

and

the

norm

of

inventory

increase

will

during

years.

must

the

past

the

smaller

tions

the

political

in
from

can

ferred

actions, there

several

suggest

political

of

to

large

institutional

,

would be

his

the

lowed

"It

forceful

objectives

of

this

Investment

World

in-

for

1962.

the

near

they did

a

articles

that

papers

year

and

as

but

Many of the

ago.

appear

in

periodicals

releases in

other.. Their

one

sense

way

or

S t

/■*

i'i

MARKET
•

/oi.

California

little

This

,

one

decline in

to 3.35%

the

issue

carrying

yes,

hold
will

the

bond

'

future.

Rate

has

been
new

issue

field,

with

-




Asked

3.70%

3.55%

1980-1982

3.40%

3.30%

1978-1980

3.35%

-3.25%

1978-1979

3.30%

3.15%

..

3.10%

3.00%

1978-1979

3.25%

3.15%

1977-1980

3.25%

3.10%

1978-1980

3.75%

;3.60%

1930
,

this issue-, Santa

1980

sure

close

than

>

fire.

.

-

Ana

p.m.

2,000,000

1963-1992

1:00

1963-1982
1962-1981

Noon

2,031,000

1963-1984

Noon

1967-1981

7:30

1962-1991

11:00

a.m.

1,098,990

1963-1981

1:00

p.m.

3,000,000

1962-1990

11:00

a.m.

4,160,000
6,000,000
2,115,000

1962-2000
1962-1981

3:00

p.m.

Noon

1964-2001

10:00

a.m.

1,550,000

1963-1982

8:00

p.m.

1,971,000

1962-1988

Dist., O.

District

1, N. Y.

4.00%

Unified

S.

:

The

nated

of

net

a

to

the

initial

180,000

of

sewerage

"

County,

Week's Big One Highly

EaSt

City Sch. Dist.,

wide

banking

,

group

The Chase Manhattan

Los

Bay

Mun.

ceeds from this
to

construct
relief

mental
drains

a

in

tions

3.25%

County,

in

14

13,000,000
6,000,000

30,750,000

UtiL Dist.,

Mun.

1963-1982

Noon

.

Calif.

30,000,000
13,150,000

#1, La.

2,000,000

-.2001

11:00

a.m.

10:00

a.m.

1963-1987

...

.1964-1987.

(Wednesday)
1,150,000

»

11:00 a.m.

9,000,000

Sep. S., D., Miss.

2,000,000

"1962-1986

1963-1982

11:00a.m.

11:00

a.m.

(Wednesday)
2,500,000

Jan. 22
Ector County,

a.m.

10:00

1963-1997

1964-1973

(Monday)

Texas

1,500,000
Jan. 24 (Wednesday)

by

Minneapolis Special S. Di 1, Minn.

2,000,000

°.

Bank. Pro¬

municipal

Southeastern

'

;

Jefferson

of supple¬
and sanitary

District,

Parish

-

Jan. 25 (Thursday)

Cons.

1,000,000

Feb. 6

Oakland

Los Angeles

The§e bonds ary secured

3.60%

3.45%

1980

3.60%

3.55%

munities. However,

if this assesson

page

7

Sch. Dist., Calif

<
-

Feb.

'

Jefferson

County,

%

—

14

2:00 p.m.

1963-1982

(Tuesday)
35,000,000

.Columbus City-Sch. Dist., Ohio___

by

-

Drainage

La.

corpora¬

1977

■/.'•••

v

Calif.20,000,000

sale will be used

Continued

Noon

Noon

&

Alpine School District, Utah.

assessments at large levied
against the 14 participation com¬

3.60% >3.50%

Bridge

Fla.___
Angeles, Calif.

San Jose,

system
storm

1963-1982

3,500,000

1,678,000

County,

JPascagoula

:

1979.

,

Ohio

James

nation¬

headed

2,325,000

Jan. 9 (Tuesday)

Jan. 10
Lee

Dec.
6,
the
the * week, $33,675,000 Oakland County, Michi¬
gan Drainage District (1963-1992)
a

•

(Thursday)

Jan. 17

to

Noon

Jan. 8 (Monday)

of

bonds were awarded

^
a.m.

2:00 p.m.

1963-1982

1,750,000

1.

Terrebonne Par. Cons. SD

Wednesday,

issue

2,500,000

Ohio_^

Montgomery County, Md

;.

>

i

(Wednesday)

;Ferry Authority, La

were

sold.

"

Jan. 1 (Monday)

Ascension-St.

Haute,

Indianapolis.. Reoffered to yield
from 2.20% to 4.10%, about 50%
been

27

Georgia Rural. Roads Auth.,. Ga..~
Georgia State Office Bldg. Auth.,
Georgia

Kenton

.

have

• •
a.m.

11:00 a.m.

1965-1983

b'-:'''-

the
group
headed,
jointly by Smith, Barney & Co.City
Securities
Corporation
of

bonds

-

1,357,000
7,800,000

and

revenue

bonds ' which

(1963-2001)
bought, by

1962-1986

'•.->>
10:00

Okla

Jan. 4

bonds

Terre
works

•

,

Tuesday's final notable sale in¬
$6,300,000

s'•;<
^1970-1982

10:00

.

Indiana

a.m.

V

1970-1989

~

,

offering all but $3,the bonds had been

volved

a.m.

1,000,000

sold.
:

'.1964-1987; 11:00

i

Ga

Cypress-Fairbanks CISD, Texas...
Taylor Township Sch. Dist., Mich.

The

yield from 1.75% to 3.75%

after

a.m.

1963-1990

Noon

County,

Trumbull

by- the

group.

11:00
10:00

'1964-2001

1963-1983

of

cost

>

made

scaled

group

.

1,340,000

Dec.

desig-

Co.

&

p.m.

;

4,000,000

D., Calif

Mahoning County, Ohio

interest

bid

-

interest

was

Nuveen

winning

3.751 %

runner-up

3.756%: and.
John

a

p.m.

Noon

1,110,000

Richmond, Va.

an-

Authority
revenue - issue,
with
the
W?rite,
Weld
&. Co.Merfill Lynch, Pierce, Fenner &
Smith
Inc.
syndicate successful
bid

2:30

.

„

•

Dec. 20 (Wednesday)

peared? for the $9,500,000 Georgia

its

.

Dec. 19 .(Tuesday)

•

Sch. Dist., Ohio-___

Oklahoma City,

blJding

A>■

Ala.___^^-__.;!

.

Chatham

3%
1

a.m.

«

3,100,000

County^

Bellevue City

3%

'

a.m.

10:00

>

*

Port

3.40%

3.50%

,3.40%.

,

6, 1951 Index=3.32o%
•

10:00

1964-2001

3,681,000

Noon

'

31/4%

New York City, N. Y
-

1963-1983

Iowa

;.;.rA."
Mobile

retail

Extremely

largest

1974-1975

3%%

.

Dec.

City,

Central. School

eight

Bid

1978-1980

31/4%

___

'

1962-2000

7,500,000

sold.

coupon,

good

continue to be

un-

3%%

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

been

yielding'better

sue?

r

32/4%

(N. Y., N. Y.)

Los AngelesCalif.___^_

1

r

of

im-

an

3V8%

(State)

Housing Auth.

23,044,000

Oyster Bay C. S. D. No. 3, N. Y.__
Rutgers University, N. J
South Carolina
(State of)

in 1982, about-45%

has

3:00 p.m.

2,000,000

Successful

Maturity

3y2%

(State)

33/4%
Jersey Highway Auth., Gtd.__ 3%
(State)
.3%
Pennsylvania (State)-.*^33/8%
'New

a.m.

Lucas County, Ohio—„

buying and
yesterday afternoon's balance \yas
$4,000,000. General obligation is¬

of the

SERIAL ISSUES

York

Vermont

Iowa

worth

4%

a

attracted

the

moder-

yes,

.in

near

in the

derwriting

REPRESENTATIVE

New

New

11:00

1962-1981

Dec. 14 (Thursday)

it

the Mellon National Bank

1964-1987

1,060,000

Springfield, Mo.

The

S^s.

-

S,

change

week

portant

an-

\

x

to
as

bonds

is

as

cost.

Recent Financing

(State)

Connecticut

15,940,000
-

<3,000,000
3,041,000

Morris County, N. J
North Olmsted City Sch.

Connecticut

of

e

a.m.
a.m.

Dec. 13 (Wednesday)

v

Chesterfield County, Va

(1962 - 1987 )
bonds, £ Scaled • to.
yield from 2.00% to 4.10%: and

the

At

no,", they will
and 32 said no, they

as

generally hews
ON

good demand

$25,000,000 general pur¬

group

On

>

t

a

9:00
11:00

Atlantic County New Jersey

present balance.

(1963-1982)

1963

News and
recently queried,

market for the

news-

read

yield 4.00%.

& Co. syndicate.]

1962-1980

•

University of the Pacific, Calif.__
Sch. Dist., N. J.
Walton,' jHamden, Tompkins, etc.

or

rise. It would seem to. his that a
moderate attitude might envisage

fi-

though inspired by departmental
news

U,

Report

steady,

much,

the

with

ately; 245 said

year-end,

read

to

a.m.

"

1962-1986

West Milford Twp.

Association

Bankers

considerably; 396 said

Forecasts and Reality

writings

offered

were

Corp. group

and

Yield Trend

on

market'

bond

;

we

2% .coupon

a

a.m.

10.00

2001

3,781,000
53,100,000'

Texas State Teachers Colleges, Tex.

1987

1986 and

carried

Phoenix, Arizona

to

particular
includes, besides
The First Boston Corp., only the
Bank of America N. T. & S. A;

m

months ahead?"—-only 11 said

As

1.60%

from

1985. The

mention

note the thoughts of investment .bankers
toward
the

marketability.

nancial

yield

p.m.

11:00

1963-1982

be handled by Dillon, Read

to

New York

re-

were

This

Ad-

pal

largely

bonds

First Boston

In this connection it is interest-

"

long folbond dealers

may

in

pose

the

"Will bond prices

"

The

to

The.

reasons

that

belief

herent difficult'es for the rrunicivolve

[Negotiated sale

1:00

1962-1991

Authorty, Fla.__ 155,000,000

Angeles, Co. Hosp. Dist.,Calif.
City, New York
Oklahoma City, Okla

p.m.

.1963-1977

1,500,000
1,765,000

Education

Pennsylvania Stale Public School
Bldg. Authority, Pa

Hutzler.

awarded

in-

be

convention the

that

of

Olean City Sch. Dist., New York..

Securities

"

2,000,000

Board

Corp., Phelps,

of

but at least there is some analogy,
In
the transit;on,
there are in-

people

State

Los

Morgan

are

,

ing' to

pblicies

by corporate

.

as

managers,

with

statements

are

the

Pol! Results

oversimplification to
Lis
management
ten-

to

■

•

■

Florida Turnpike

and

considera-

manner

no

_

an

compare

dency"

interest.

Florida

•

•-

This issue met with

and

market changes and
variable's
that " derive " from'•

the

5:00 p.m.

maturities

bidding ministration
could not countegroups,
a
greater flexibility of-nance a generally higher level of
group action seems likely to de- '.interest rates than has ..recently
velop, along with.a more-sensitive prevailed,
response

8:00

Eastlake, Ohio
Fall River, Mass

3.50%

wldl th^ expanding
and that the base -of

Although

con-

development

1963-1987
1963-1992

Liberty County, Texas^

mar¬

p.m.

largest issue of the day

offered

bank reserves^ muSt be accordinSly expanded.
-«^

to

syndicates

2:00p.m.
3:00 p.m.

&

Srow

economy

-

With

1964-1981
1962-1986

The

to

came

*

J
Dec. 15 (Friday)
This
Halsey,
Stuart
&
Co. .- and Louisiana State College, La
^as l°nS been Federal Reserve
"
1,585,000
P°licy and represents a continuum Phelps, I JFenn &• Co:, jointly man¬ Loyola. University, 111.
»1,000,000
economic balance that is not aged tire" syndicate that was high
;•? : '
*>' "Dec. 18 (Monday) "
'likely-tc* be abruptly altered. He bidder, for $9,673^000 JerSey City^
Chino -Unified Sch. Dist., Calif.1.085,000
' maintained
that money supply New Jersey_ various purpose':;

totals that have traditionally prevailed

a.m.

note

Fenn & Co. and Salomon Brothers

encouia§e economic gioWth.

be-

beyond

11:30

Webster

continue to create lending power
to meet seasonal demands and to

gradually grow and that

sequently

1965-1984

of

the^ Reserve whhld

stated that

lieve that this tendency will persist

a.m.

1,000,000

issues

as

_

dealer
We

11:00

.

Guaranty Trust Co., Blyth & Co.,
The Northern Trust Co., Stone &

willing to accept the
J°recasts that bond yields ma.y
tend upwards, but we would hesi"tate to predict that an upward
swing in tax exempt bond pi ices
3S
be soon expected. It seems
pertinent to reflect on Federal
Reserve Chairman .Martm s remar^s as recently reported. [See
cover page of this issue.
Ed.IHe

*

Particularly since the advent of
the recent California bidding, the
size of certain bidding groups has

1964-2001

are

Developing

Format

1,375,000

municipal bond men

-

bondj inventories,

municipal

New

of

1:30 p.m*

1,650,000
>1,600,000

8:00p.m.

5,

cate

chairman Martin's Thinking

state

prosperous

might

has

because

any

dealers

been le^s

Criteria

competition

dustry.

fluctua-

gradual and

than-during

condition

the

price

postwar

municipal

record

near

more

moderate

more

of

a.m.

3,270,000

Galena Park Ind. Sch. Dist., Texas
Illinois State Normal
Univ., 111.

major
under¬
writers, in addition to the syndi¬

averaged out at 3.23%. As of Dec.
^lie average yield Ipdex was
3-326%. These simple inferences
and facts speak for themselves.

issue

new

11:00

7:00

Dec.

Associated

the Commercial and FiChronicle's yield Index

1961
nancial

4,

generally less profitable business,

1966-2001

1,035,000

(Monday)

Campbell Union High S. D., Calif.
Clackamas County S. D. #1, Ore.

New York.

for 20-year high grade general
obligation bonds is down only
about one point to date.- On J an.

fairly good initial sales
numerous
instances, by

a.m.

1962-1992

•

jointly by Bankers Trust Co. and
The First National City Bank of

heavy volume, the average market

manageable
would seem, by

Dec. 11

p.m.

11:30

(Friday)

Green River Valley Water D., Ky.
.

2:00

1963-1981

Dec. 12 (Tuesday)
$28,500,000 Baltimore," Bannock County S. D. #25, Idaho2,140,000
Maryland, various purpose (1962-- Coral Gables, Fla._____„
1,000,000
1987)
bonds.
This
issue
was
Cordova Park Dist., Calif..
1,200,000
bought by the syndicate managed • East Baton Rouge Parish, La._
7,000,000

Actually, investors were heavy

proportions,

Dec. 8

1963-1968

2,334,000

1963-1982

sold. '

been

ket.

an

maintained

1,100,000

consisted of

purchasers of tax exempt bonds
during
1961.
Our
price Index
shows
thatdespite; the year's

However, inventories have been

Bend, Ind._
Wethersfield, Conn.

of the bonds
•
'
./
*•
was a hectic

1922, about 80%

five

'

Dealers

South

syndicate included Lehman

day for

backed-up demand of investors

"would potentially represent
incipient bull market surge.

immediately

or

Dec. 7 (Thursday)

Halsey, Stuart &
Other major members

Tuesday,

that have come to market in this
period would now largely repose
on dealer's shelves, and the latent

for new

to

in

have

exempts

tax

of

volume

mense

ex-

press

few

but

tax

particularly

and

high grade popular
with

in

Dealers

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

4,

sold

Brothers, White Weld & Co., Blair
&
Co., Fahnestock &
Co.
and
Johnston, Lemon & Co. Scaled to
yield from, 1.70% in 1963 to 3.75%

an

on

group.

of this

extremely selective basis,
Should our large investing institutions have followed this sort of
procedure during 1961, the im-

grade secondary
offerings,
have
eased

In

bonds to the

Co.

to the line that the economy is
on the verge of burgeoning, that
bond prices are thus vulnerable
and that the broad upturn in mterest rates is imminent and that
bond purchases 'should be made

Thursday, December 7, 1961

.

Larger Issue^Scheduled For Sale

:

Dallas
$5,000,000
improvement Limited

permanent

Although new issue volume has
been
relatively
light in recent
weeks and the bidding for these

Dec.

.

.

<7,000,000

________

1963-1985

■

Noon

' "

(Wednesday)

Ky.^

Pai^esville Twp. Local S. D., Ohio

2,415,000

I

1,000,000

1962-1982

Noon

,

Volume

Tax

-

194

Number 6114

.

.

.

The Commercial and, Financial Chronicle

Exempt
Bond Market

Continued from page
merit* is

not

6

ill

sufficient

111

County pledges to make up debt
service deficiencies from its
gen¬
eral fund. Pontiac .is the

B

county

seat.

W.

''

The. 1989. to 1992 maturities
not publicly reofferedv .Ex¬

cellent investor demand
appeared
for this issue and, as we go to

it

press,

is

reported that
of
the r bonds
;

$29,000,000
been
-

issue Tof

this"

week

■

Co. of Detroit.

carrying

County

has

This

time

to

come

Salt

Lake^

the

public

market for iunds. The bonds
offered

yield from 1.70% to
The. present account bal¬

is

ance

were

to

2.80%.

the

by

inventories

Blue

little

week.
of

Yesterday's

state

and

(Dec.

municipal

6)

total

the

next

1,1962

show

may

!§§
II

11
¥:¥:%

sp

Coupon bonds in denomination of $1,000, registrable as to principal only.
In the

xSS:

AMOUNTS, RATES, MATURITIES* AND YIELDS OR PRICES
.(Accrued interest

Rate

Amount

$645,000

Yield

Due

$

985,000

1.75%
2.20

715,000

5

situation

might be more interest¬
ing to both dealers and investors.

755,000

5

1966.

2.60 A,-,;

790,000'"5

1967

2.80

The

836:000'

'8

1968

2.90

855,000

5

1969

3.00

890,000

5

1970

3.10

920,000

5

1971

3,20

33/4

1972

3.30

1,285,000

proposed

suits to be heard

on

Dec. 11.

likely

may

follow

the hearings.

The

quotations

for

If

the

dollar

11
li

*

quoted toll road issues fell back
slightly during the past week.
The Smith, Barney & Co. turnpike
bond

*Bonds due in the

v :

19_$?0 t2.40nR'i<>:

>

year

|

:

3%%
3%

1984

1,385,000

3% ~

1985

3.85

1,425,000

"

3.55

>

3%
3%
3%
3'/2
354
3l/2
33/4

1986

@100

33/4/ ri<1977

3.60

1,450,000

33/4
33/4
33/4
33/4
3%

3.65 'n'^

1,490,000

3.70

1,520,000

@100

1,545,000

@100

1,585,000
1,180,000

L 1978
; 1979
? 1980

1981
1982

i

callable

as a

whole but not in part

3.80%

on any one

Price

1983

$1,320,000

;

3.45

d

or

1,360,000

3.40%
3.50

Due

Rarte

date

3.80%
3.85

1987 %100
1988

3.90%

1989

@

90

1990

@

90

1991

@90

1992

on

;.

4.00%

and after May 1,1965

interest payment date on or after May 1, 1977.

Descriptive Circular upon request (Includes full information

on

Redemption Provisions)

Index

averaged at a 3.88%
yield on Dec. 1. This was off
about one-half a point from the

I

The above Bonds

are

previous week's level.
Meeting
the

Yield
Amount

Price

1992 will be callable as a whole or In part in inverse numerical order on any interest payment

Bonds due in the years 1978-1991 will be

.

1,020,000
1,055,000
1,095,000
1,120,000
1,150,000
1,185,000
1,220,000

ox

1973
1974

3S/4%
33/4

1,260,000

955,000

issue

flotation, a Dillon,
Read & Co. negotiation, has been
delayed through so-called nui¬

"

Yield

market

new

be added)

to

Due

Rate

Amount

1964

to

offering

..

.

II

1963

The

•

.

.

obligations of the County..The Bonds and interest thereon are payable primarily from at large assessments against the Cities
Berkley, Birmingham, Ciawson, Ferndale, .Hazel Park, Huntington Woods, Madison Heights, Oak Park, Pleasant Ridge,
Royal Oak, Southfield and Troy, the Village of Beverly Hills and the Township of Royal Oak. Assessments ate general
obligations of each unit of Government and each is required to levy sufficient taxes to pay the assessment installments and
interest thereon, unless there has been set aside moneys sufficient therefor. If any public corporation fails or neglects to pay
the Oakland County Treasurer for the amount of any assessment installment or interest thereon, the County Treasurer shall
advance the amount thereof from county funds.
" '

5

sance

Detroit, Michigan.

of

Florida

bonds

the

or

v

im¬

some

$155,000,000

mid-December

-

opinion of counsel, under Section 474 of Chapter 20 of the Michigan Drain Code of 1956, the Oakland County Treasurer

5%

in

;

required to advance from county funds amounts necessary in order to meet the payment of principal and interest on the
Bonds, which are backed by the full faith and credit of Oakland Cdunty, Michigan and therefore constitute general

H
come

.

is

685,000

of

shown below

as

Principal and semi-annual interest (May 1 and November 1) payable in New York, N. Y.

II
III

Should the proposed negotiated

Turnpike

^

Exempt from present Federal Income Taxes

Interest

$225,000,000 for
days the inventory

provement.
issue

f

L--'-i:

Due May 1,

than
30

situation

;-ip

i

offerings

$480,384,000. Since the calen¬
dar of sealed bid offerings now
less

Dated January

P?

S&S?

was

totals

m

indicated

as

have changed
reporting last

List

since

II

mt

Inventory Unchanged

but

<

fits
m

m

$4,400,000.

Street

-

Twelve Towns Drainage District
5%, 3%%, 3%% and 3Vi%:Bonds

is¬

high credit rating

a

first

the

II

Oakland County,

ill

$5,500,000- Salt
Lake
County,. Utah serial (1963-1972)
bonds
bought
by r the
Morgan
Guaranty
Co.
and
McDonald,

marks

V.V.V.

have

involved-v

sue

$33,675,000

m

final

Moore.&

III

over

spoken for.

The

11

■I

•

.

The bonds were scaled to
yield
from 1.75% in 1963 to 3.90% in
were,

December 7,1*961

New Issue
•Sigj

Oakland

1988.

(2503),

Wednesday (Dec. 6)
City Council, it is

on

Chicago

reported,

'

'MM

.

approved •' a" resolution
has been made of

-

The Chase Manhattan Bank

transfer

and

the

from

'

'

"

'

c

,

The First National City Bank

Morgan Guaranty Trust Company
of Now
York

ii
ms

Chemical Bank.New York Trust Company

and Trust

of Oregon

Names R. M. Link

Parjbos Corporation

American Securities Corporation

Company

Los Angeles

Blyth & Co. Inc.

Mercantile Trust Company

The First National Bank

Mellon National BankFirst Western Bank and Trust

II

The Philadelphia National Bank

Continental Illinois National Bank
Company of Chicago

;

_

and Trust Company

sip

'

•

of New York

city's

motor
vehicle
fund
to
the
Chicago
Calumet
Skyway
interest
and
sinking fund. This amount sup¬
plementing expected net operat¬
ing income should assure interest
payments through Jan. 1, 1963.
$2,000,000

offered when, as and if issued and received by us, and subject to prior sale and approval of legality by
Dickinson, Wright, McKean
Cudlip, Attorneys, Detroit, Michigan.

Messrs.
'

-

Paine, Webber, Jackson & Curtis

Shearson, Hammill & Co.

Dempsey-Tegeler & Co., Inc.

Gregory & Sons

li

l!
■

Richard M. Link will
M.

ill

California operations of

'

as' manager

of

Blyth & Co., Inc., nationwide in¬
vestment

banking firm, effective
Jan. 1. Mr. French is retiring to
devote
full
time
to
personal

in St.

Hallgarten & Co.

Link,
of

joined

the

elected

a

and

a

ill

He

City National Bank & Trust Co.
Kansas

E. F. Hutton & Co.

firm

Commerce Trust

in

1945,

Vice-President
1959. He

in

was

1955

was

Kansas

in

Incorporated
1

G. H. Walker & Co.

Wood, Struthers & Co,

The First National Bank

Robert Garrett & Sons

Folger, Nolan/Fleming*W.B.Hihbs& Co., Inc.
*

•.'*'■■■

The

King, Quirk & Co.

•

The head office of Blyth & Co.,
is in New York City.
In ad¬
dition to the Los Angeles office,

State Street Securities Corporation

in

Diego and Oxnard.

Pasadena,
€ii




San

Laidlaw & Co.
,

The National City Bank
of Cleveland

at Dallas

•

Northrop & White, Inc. Bioren&Co.

Incorporated

Incorporated

Mercantile National Bank

Liberty National Bank and Trust Company
of Oklahoma City*

and Legal
Acquisitions
and

Inc.

offices

Geo. B. Gibbons & Company
^

"Financial

Spring^ St., Mr. Link
supervise operations of the

Fahnestock & Co.

Cruttenden, Podesta & Co.

Green/ Ellis & Anderson

Granbery, Marache & Co.

South

Bramhall, Falion & Co., Inc.

City, Mo.

lectured

of

Second District Securities Co., Inc.

Boland, Saffin, Gordon & Sauter

Courts & Co.

Company

of Memphis

The National Shawmut Bank

Yarnall, Biddle & Co.

•

Mergers."

firm's

Stroud & Company

of Boston

Federation Bank and Trust Company

California.

of a book,
Aspects

will

Ernst & Company

City, Mo.

J. R. Williston & Bepne

director in

has

NewarL

.

Trust Company of Georgia*

Spencer Trask & Co., /

Vice-President and
Blyth & Co., Inc.,

a

extensively on
financial subjects and is co-author

629

i

....

Glickenhaus & Co.

charge of underwriting and buy¬
ing
activities for
the firm
in
Southern

National State Bank

Hutchinson, Shockey &. Co..

Louis

Incorporated

director

Fidelity Union Trust Company
Newark

First National Bank

affairs.
Mr.

Francis I. duPont & Co.

'

II

rrencn.

Southern

j;

succeed Jo

the

Dominick & Dominick

Dick & Merle-Smith

Coo!ey& Company Newburger,Loeb&Co. James D.0'Donnell& Co., Inc.

Tollner & Bean, Inc.

Shelby Cultom Davis & Co.

A. Webster Dougherty & Co.

Albany

■1

3
ill

Freeman &

Company

Arthur I.

v

\

Hannahs, Ballin & Lee

Wright & Co., Inc.

the National Bank of Commerce
of Seattla

Stockyards National Bank
of Wichita

The Provident Bank
Cincinnati

Martin & Company

7

8

York office 25 Broad

DEALER-BROKER

York 4, N. Y.

THAT

UNDERSTOOD

PARTIES

INTERESTED

SEND

TO

FIRMS

THE

MENTIONED

THE

WILL

FOLLOWING

BE

Calls

By An¬

—

thony M. Reinach — The Bookmailer, Inc., 232 East 35th St.,
New York, N. Y.—$2 per copy.

AND RECOMMENDATIONS
IS

Street, New

,

Nature of Puts &

INVESTMENT LITERATURE

IT

Combiner rial

The

(2504)

Oil

Pforzheimer

H.

Broad

LITERATURE:

Earnings—Bulletin

Company

—Carl

PLEASED

&

Co.,

25

Street, New York 4, N. Y.

and Financial Chronicle

able is an analysis
Industries, Inc.

Ky.

Fifth

.

Thursday, December 7, 1961

of Houdaille

Ingersoll Rand

—

Memorandum—

E.

tin—The Kentucky Company,

South

.

&

Company,

F.

320

Louisville

Street,

2,

*

Engineering

Corporation-

Analysis—Filor, Bullard & Smyth,
26 Broadway New York 4, N. Y

Securities Co., Inc.,
Broadway, New York 4, N. Y.

Industries

S

Keystone Custodian Funds, Inc.—

Analysis

Airlines

—

&

Lewis

H.

John

of outlook

Analysis

63

Co.,

—

Wall

Dental

&

Manufacturing—Thomson

McKinnon,
Y.

Street, New York 5, N. Y.
Automobiles and Heavy Trucks—

Investing

Broadway,

2

New

York 4, N.

Analysis

Broadway,
Also available

Co,.

&

2

New York 4, N. Y.
is

a

prospects—

growth

of

Goodbody

memorandum

on

Raytheon.

Y.r

Canadian Market—Review—Equi¬
table Securities
60

E. F. Hutton &

Manhattan

—

Survey—

Company, 1 Chase

Plaza,

New

York

5,

N. Y.,

with particular reference to
British American Oil, Canadian

Pacific

in

New

Carreau

between

son

used

stocks

listed

the

in

the

industrial

Dow-Jones

Averages and the 35 over-thecounter industrial; stocks *used in

Canada, Limited,

Blue

Chips—Commentary—

Winslow, Cohu & Stetson, Inc., 26
Broadway, New York 4, N. Y.
Foreign External and Internal Se¬
curities—1960

Inc.,

Rocket

and

Jet

Engineering Co.

Fenner &

N. Y.

Also in the same issue

Smith, Incorporated, 7,0
Street, New York 5, ,N. Y.

Pine

Peter P. Mq-

fining
matic

York

Corp., King Seeley, United Biscuit

Peabody Coal

on

prices—

year-end

4, N. Y.

4, N. Y.

Electronics

Industry

—

Analysis—Nomura Securities Co.,
Ltd., 61 Broadway, New York 6,
N. Y.

Utility Common Stocks—
Comparative figures—G. A. Saxton &
Co., Inc., 52 Wall Street,
New York

Retailers

Electronics

Japanese

Report—Yamaichi

Industry

Securities

—

Co.

5, N. Y.
Discussion

—

}j;

of New

York, Inc., 115 Broadway,
6, N. Y. Also available
analysis of Noda Shoku Co.

is

Joseph D.

120

Ltd.

an

Calvin

—

Bullock, Ltd., _1 Wall Street, New
York 5, N. Y.
Alabama

Broadway, New York 5, N. Y.

—

Public

Co.

5|;

Gas

Memorandum—

—

Goodman

Chestnut

& Co., 1526
Philadelphia 2,

Street,

Pa.

Food

Industry

&

Hickey,

New York

—

Analysis

4, N. Y.

26 Broadway,

Japanese Investment Survey—Re¬

port—The

Daiwa

Securities

Co.,

Ltd., 149 Broadway, New York 6,

Hospital Equipment & Supplies—

Survey of the industry with par¬
reference

New York.

Japanese Stocks

—

Handbook for

American

to

investment, containing 20 essen¬
Hospital Supply, American Steril¬ tial points for stock traders and
izer, Baxter Laboratories, John¬ investors — The Nikko Securities
son
& Johnson, and S. S. White
Co., Ltd., Tokyo, Japan — New

W.

E.

Art

Metals

Company—

Hutton

Company, Chicago Pneu¬
Company, Masonitc

Tool

Company

Fireco

Sales

First

Dempsey-Tegeler & Co., Inc., 1000
Locust Street, St. Louis 1, Mo.
Flintkote

—

New York 4, N. Y.
are

Enka and

—

Memorandum

—

J. W.

Armour
man,

New

Memorandum —Feder-

—-

Stonehill & Co., 70 Pine St.,
York 5, N. Y.
.
j
.

.

data

Ameri¬

on

list of interesting

a

—

Analysis in current

Investornews—Francis i.

of

issue

du Pont &

Co., 1 Wall Street, New
York 5, N. Y. Also in the same
discussions of Cryogenics,

are

Industries

Chemical

Atlas
Ferro

and

Corporation.

Glidden

Company

Bulletin—

—

Auchincloss, Parker & Redpath, 2
Broadway, New York 4, N. Y.
Also available is an analysis of
Tire' &

Analysis

Com¬

Rubber

Eisele & King,

Arvin

pany

Broadway,

Y.

Libaire, Stout & Co., 50 Broadway,
New York 4, N. Y.

of

Grayson

Industries, Inc.—Analysis—
Laird, Bissell & Meeds,
120

Also

New

available

York

is

N.

5,

analysis

an

—

Robinson

Premier Albums, Inc.

Data—A.

Associated

1

Transport—Memoran¬

dum—First

Troster, Singer & Co.

|i

74 Trinity Place, New York 6, N. Y.

§|

Citizens

Corporation,
3850 Santa Barbara Avenue, Los
Angeles 8, Calif. Also available is
a

memorandum

BMC

M.

Trade Winds.

on

Industries,

H.

Inc.

Meyerson

&

—

Co.,

Ltd.,

15

Stores

Kidder

M.

Wall Street, New

Also available

&

Co.,

Inc.,

rold Electronics Corp.

Richard Bruce & Co., Inc., 80

Street, New York 5, N. Y.

across

the country

Colby & Company, Inc., 85 State
Street, Boston, Mass. Also avail¬
able is a report on Island Creek

Special review—Dominion Securi¬
ties Corporation Limited, 50 King
St., West,

Toronto,

Ont.,

Canada.

Bauer
Aluminum
Analysis—
Parker, Ford and Company, Inc.,
Vaughn Building, Dallas 1, Texas
—

Budd
H.

CFC

Specialists

An

in

Company—Analysis—John

Lewis

New

&

York

important

function of

business is

Securities
.1.

<

/'
;

1

•

■

•
*

J

•

■

our

'

'

,

establishing

Underwriters

-

Packing

Rouse

new

issues

—

Report

—

&

Company, 19
Rector Street New York 6, N. Y.
Also

available

isa

report
Suburban Propane Gas.

Cleveland

in

Memorandum—

—

Electric

on

Data—Paine, W.ebber, Jackson &
Curtis, 25 Broad Street, New York
4, N. Y. Also available are data
on
United
Stafes
Plywood and

^

ysis—Courts

Corporation—Anal¬
&

Co., 11 Marietta
Street, N. W., Atlanta 1, Ga.

Miner

Industries

Tri-State

Inc.—Bulletin—

Securities Co., Incorpo¬

rated, 2061 Broadway, New York
23, Ni Y.
Motorola

Memorandum

—

Jacobs

&

Inc., 711
St. Charles Street, St. Louis 1, Mo.

Nat

&

Nast—Memorandum—Hardy

Co., 30 Broad Street, New York

4, N. Y.
Cash

National

Company

Register

—Analysis — Butler, Herrick &
Marshall,
76-11
Thirty-seventh
Avenue, Jackson Heights 72, N. Y.
J. J.

Newberry—Data—J. C. Wheat

and

Company, 1001 East Main St.,

Pan

19, Va.
World. Airways—

American

Nordeman

Memorandum—Bruns,
&

Co.,

115 Broadway, New York

6, n. y.
Peoples Drug—Report in monthly.
Investment Letter—-Hayden, Stone

Co., 25 Broad Street, New York
N. Y. In the same issue is a
,

discussion of

General Tire.

<

shire—Detailed report—Shields &

44

Company,
survey

Henry
liam

Street,

Wall

New

5, N. Y. Also available is a
of Burndy Corp.

Spring

Siegel—Analysis—Wil¬

I.

Staats

R.

&

Street,

Co., 640 South
Angeles 14
an analysis

Los

Hooker Chemical

Fahnestock

&

New York 6,

is

report

a

Corp.—Report—

Co.,

N. Y. Also available
Jonathan Logan,

on

Southwestern

Company
tion

Inc.

Moseley
Boston

&

—

Co.,

Analysis
50

—

F. S.

Congress St.,

2, Mass. Also available is
issue of a new Moseley

first

the

of Siegler Corporation.

65 Broadway,

research

veys

publication "The Anal¬
Notebook" containing sur¬
of the Bottled Water Indus¬

try,

Atlas

ysts'

Credit

and

Finance.

...

Industry

Pioneer
\'

—

—

for

Public

Public

Service

Brochure of informa¬

analysis—Southwestern

Service

Ama-

Company,

rillo, Texas.
Spencer Chemical Co.

Report—

—

Harris, Upham & Co., 120 Broad¬
way,

New York 5, N. Y.

Standard

Motor

ysis—Eastman
curities

&

Products—Anal¬

Dillon,

Co.,

15

Union Se¬
Street,

Broad

New York 5, N. Y.

Anal¬

ysis—Ross, Lyon;& Co., Inc., 41
East 42nd Street, New York 17,

Waddell & Reed, Inc.—Analysis—

N. Y. Also available is an

United Pacific Building Seattle 24,

of

Treesdale

analysis

Laboratories.

Pacific ,Nort h
Wash.

w

V.

v,.

Company;

est

.

=

-

.

.F

Fixed Income Securities.
'

F

..

Container

Corp. of America—Re¬

view—Hirsch & Co., 25 Broad St.,
New York

is
For

banks, brokers and financial institutions only

a

Just Out $2

"THE NATURE OF PUTS & CALLS"

...

&

Knowles—Review—

by Anthony M. Reinach

Hemphill, Noyes & Co., 8 Hanover
Street, New York 5, N. Y.
Also
available

Inquiries invited




or

on

the purchase

sale of large blocks of

stock

V.:.v.v

4, N. Y. Also available

review of Standard Oil Co. of

New Jersey.

Crompton

are

fPh«mn5on

Transcon

reviews

Fiber

tif

Glass

H.

Co.

I.

and

Published for the first time in
*

basic concepts

a single volume are all the.
of the Put & Call business. These concepts

presented lucidly by one of our more professional
on financial
subjects—who also happens to he a
competent trader.
are

Lines.

writers
Crown
V.VAV#V.V.V/.V.V.V.V«V.V.V.V.V,

Bremson

-

Memorandum

Industries

—1

Cruttenden,
Co., 209 South La Salle
Street, Chicago 4, 111. Also avail¬
—

Podesta &

•,

-1 •»

able is

a

memorandum

Culligan, Inc.

—

on

Analysis

Nutoiie.
—

A. C.

Allyn & Co., 122 South La Salle
..Street, Chicago 3, 111. Also avail¬

—

Co.,

Calif. Also available is

Information for

Illuminating—

Analysis—

—

Coal.

Hurletron, Inc.

5, N. Y.

Funding

Steiner,

.nationwide markets
•.

Wall Street,

Boenning & Co., 1529 Walnut St.,
Philadelphia 2, Pa.
California

Over The Counter

Co., 63

&

N.Y.

Midland-Ross

York

Hayes

Industries

Rothschild

F.

Co., 120 Broadway, New York 5,

Public Service Co. of New Hamp¬

Corp.—Analysis—
Pine

Wells

on

McNeil Machine and Engineering

4,

Jer-

and

Bailey Selburn Oil and Gas Ltd.—

correspondents

Rloedel
& \PowelI.
Report ^ Reynolds & Co.tj
Broadway, New York 5, N. y.
—-

available
is
a
report
General Steel Industries.' t

&

on

William Street, New York 5, N. Y.

Direct wires to 23

120

Roblin

data

are

Inc.—

Paper—

Also

York 5, N.. Y.

Seaway Industries Inc.,

Harvey

Report—

—

&

—

MacMillan,
River

Richmond

General Cable Corporation.

Goodyear

Power

Royal Securities;
Inc., : 2 Wall Street; New York 5,

Semple,

Stocks.

Oil

Co.,

Apco Oil

Purcell & Co.,

—

Also available

Evans

Incorporated, 300
Avenue, New York 22, N. Y.

Data

50 Broadway,

issue

&

Report—

—

MacLareh

Co.—Review—L.

Limited—Analysis—

Surety Corp.

Company

Park

the

Golkin, Bomback & Co., 67 Broad
New York 4, N. Y.

Anaconda

Analysis—

and

Street,

Ford Motor

—

America

of

& Co., 14 Wall St.,
5, N. Y. Also available
is
a
bulletin
on
Oil
Company
Earnings.

New York

discus¬

are

Polypropylene Industry,

can

American

Sparks & Co., 120 Broadway, New
York 5, N. Y.

I|

.discussion of

a

Development.

New York

Corp.—Discus-

Johnson

Dermott & Co., 42 Broadway, New

memorandum

issue * is

same,

Memorandum

Endicott

esting selections

a

Company, 115 Broad¬
New York 6/
„Y.\Also in

way,

the

Letter—

&

General

sions of American Smelting & Re¬

available is

December Investment

sioh. in current issue of Investor's
Reader — Merrill Lynch, Pierce;

New York

ticular

Evans Rule, Wings <fc

on

Wheels

King Kullen Grocery—Discussion

the
National
Quotation Bureau
Averages, both as to yield and
market performance
over • a
23year period — National Quotation
Bureau, Inc., 46 Front
Street,

booklet—arranged by countries—
New York Hanseatic Corporation,

—Vilas

u r v e y—

Petroleum Industry—List of inter¬

Japanese

Canada.

Frozen

data

are

—

660 Madison Avenue,
York 21, N. Y. Also available

Railway, Dominion Tar &
Chemical, Hollinger Consolidated
Gold Mines,
Imperial Oil, McIntyre Porcupine and Shawinigan

Yonge Street, Toronto 1, Ont.,

Dull

Globus Inc.,

Water dk Power. Also

Stocks—Quarterly review—
M. A. Schapiro & Co., Inc.,
1
Chase Manhattan Plaza, New York
Bank

3, N.

Canada

in

Dymo

compari¬

May & Gannon, Inc.,
St., Boston 10 Mass.

—

Federal

140

showing

up-to-date

<

ysis—Albion

0|rer-the-Counter Index — Foldei
an

7616"

International Marine, Inc.—Anal¬
52

Dunn

Hutton

Company—Bulle-i Girard Avenue, La Jolla, Calif.

Chemical

Dow

.

the
232

Eas?

Bookmailct
35th Street, New York, N. Y.

;;'

Volume

194

Number

6114

.

.

.

The Commercial and Financial

Chronicle

(2505)

have

Britain and U. S. Erred in

reacted

which

it

self-imposed
been

t otal

a

beyond money? Does the "temperature" of
That these
balances
depend
on
the
could: have length of their
maturity? Can we

reluctant to go.

is

limit

greatly

^extended

by

<*r-

rangement with the United States
authorities.

Such

call
^

would

and

Treasury authorities by Dr. Einzig for the

and

conducted

Britain's

recent

$300 million gold purchase.

gold sales' balance still undoubtedly shows

sales by
is not

the

the U. K. to the U. S. A., Dr. Einzig says that

acceptable

an

is

the transaction's

"hot"

money,

money

from foreign short-term balances.

should have

effect

difficulties involved in

and the

Even though

perature

an

Attempts to Define
The

distinguishing "hot"

influx

chased

It

shock.
weaken

as

valuation

purchases over a longer period
preferable when there is an influx

to

of gold to the United States from

foreign
came

fresh

of

a

to

some

another

teethe

million

On their part the

authorities

£50

sterling
£50;. million

is

pened
amount

is

stead

of

Forward

spot.

would

have

preventing

of

International Monetary Fund.

It is open

to question whether the

better, but in
meagre
result is
having offset the
disadvantages of the revival of
some degree of pessimism towards

trouble

also

£150 million to

depart soon
have taken the

not

converting the result¬
ing dollars into gold, because an
iv
early revival of sellin» pressure
ly revival of selling Dressure
ol
sterling would necessitate

on

conversion
conversion

the

into
into

British

riollar<5
dollars.

re-

whether
Whether

authorities

is

wrong

the

end

are

another

ready

of

right

question.

November

called

for

a

to

in¬

dollars

operations
equally effec¬

been

an

There

that

au¬

latter

has

reversal

al¬

of

their operations.

appreciation

is

although

reason

the

to

Ex-

on

convert
a

adopted
tween

their

in

hot

tistics

on

London

to

recent

months,

such

in

operations

is

based.

and

In

be¬

other for¬

what

foreign
be

is

of

"stone

such

cold?"

On the

theory the tem¬
deposits and

a

of

time

circum¬

balances

regarded

rises

their

maturity

as

in

"hot"

with

the

approach

of

date.
As far as
Treasury bill holdings are con¬
cerned, even if they do not ma¬
ture

be

before

sold

that

six

at

months

they

a
moment's

cold

even

at

can

notice

money

"red-hot"

come

so

be-

can

moment.

any

Possibly the authorities do not
base their differentiation

on

turity

purpose

for

dates

which

A

large
Glances

but

the

on

is

money

held

proportion

of

London

m

ma-

here.

foreign

constitutes

+

8

i-

sterling

as

an

1 ie

Possibly

lency.

balances
for

the

the

It

Br^ish only
authat
to

London

of specula-

purpose

tion

or arbitrage may be
regarded
coming under the definition of

as

hot money. That is all very
but where is the borderline?

well,

On each occasion when there is

the pound, working bal¬
kept here for genuine re¬
quirements were invariably re¬
run

011

ances

duced

to

a

minimum.

thing happens when
between

forward

interest
rates

a

hard

for

arbitrage

bulk
as

however

a

cannot

be

the

regarded

being "tepid" let alone "cold."
considerations

same

liable to

are

of

speculation,

or

of them

The

ances

liable to

are

reduction

of

arbitrage bal¬
cause

drastic

a

genuine
"

balances.

which

the withdrawal

cause

speculative and

working
>

Euro-Dollar

Moreover,
British

is

one

permitted

in'which

wonder

authorities

include

to

the

category

Euro-

dollars held

by British banks. To
to
which
they
are
swapped into sterling — and the
the

extent

amount

involved

into

run

p0un(}s

deposjts

is

hundreds

—

believed

of

millions

to

of

these foreign currency

are

fully

as

"hot"

sterjjng balances.

mentators

on

for-

as

Yet

com-

chances in the latter

figures of those

cgangeP}

without

an0wing for the possibility that

^

they may have
changes in the amount

offset
or

by

owner-

ship of Euro-dollar deposits. The
figures of those deposits are not
published in any British statistics,
though they have become a
important element in the

even

very

situation

and

familiarity
with
indispensable
for judging the prospects.
'
them

has

become

,

same

With H. O. Peet

discrepancy
parities
and
outward

There is

un-

of working

core

be,

negligible proportion of the total,
This means that even though such
working balances are less "hot"
than funds transferred to London

a

makes

arbitrage profitable.
doubtedly

The

leaves Lon-

never

must

J*1™ ? Lon cnan&es ln Jne ia\ier
01 build elaborate arguments on the

cur-

view

transfeired
sole

"se

international

thorities hold the

a

don.

on" balances to meet genuine ejgn

w

commercial and financial requirements
arisinc from
the
use
of

to have

which their differentia¬

are

dollars

seem

gold

eign short-term balances.
It would be interesting to know
both the principles and the sta¬

stances

forward

into

differentiating

money

tion

buying

dollars

rule they

new

basis

by

to

been

from

far

very

lasting char¬

a

indicated

If they had expected

would

change Equalization Account has

that

case

any

sterling.

believe

is for the

damage

criticism

Such

tive in

the

they

at

United States

the

enabling

in

operate

now

and

recent

to

thorities

in¬

firms

private

by

is

monetary
the

They based their
assumption that they could afford

dividuals instead of being held by

held

of

Possibly the weakness of sterling

Treasury

to

revival

a

foreign funds to

or

open

pur¬

arrangement with the British

the

to

that

of

are

gold

British

being of

This

hot," money for three months
"tepid," and money for six

ually
Money

for having failed to make some

International

Fund, it has not done
real good. All that has hap¬

Monetary
any

-

Criticizes ILS. A.

Even thoug that
enabled
the
British

authorities t©k repay

other quarters.

de¬

talk).

has

influx

,

brief

a

of

(which

result

a

as

dollar

was

influx

Britain

to

end

an

there

the

of

came

the

caused

and

revival

funds

States

the

considered

the I. M. F.

Exchange
Equalization
Account
might
well
have
staggered
its

$300 million of gold from

United

the

the

the repayment of

however, an acceptable excuse for
the inopportune transaction. The

that Britain has pur¬

nouncement

as

acter.

operate in forward dollars instead of

The an¬

—

that

notice,

other short-term investment
grad¬

"Hot"

caused

authorities

the

England

has

cates

Dr. Einzig states that II. K.

spot to prevent the appreciation of sterling.
LONDON,

for

buying of sterling is that it indi¬

staggered its purchases over a larger period—preferably

have helped Britain to

why

reason

chase

the influx of

upon

the* necessity

of

excess

this factor

even

obviated

the gold withdrawal.

during an influx of gold to the U. S. A. from elsewhere—and that we
should

months

for what he describes as an inopportune

excuse

Outlined

transaction.

is

tnrt

nf

money

days

seven

red-hot,

is

have

they timed

way

the

ac-

nimiii.nf.inn
cumulation

incompetence" is the charge levied against both the British

our

prevented

at
is
money for one month

at

or

of.too i*rcfo amounts
large
of spot dollars by the Exchange
Equalization Fund and it would

By Paul Einzig * '
"Rank

have

for instance, that

say,

arrangement

an

balances which

9

(Special to The Financial Chronicle)

OMAHA, Neb.—James M. Patton
has been added to the staff of H.

O. Peet & Co., Farnam Building.

the dollar.

Gold Sale Criticized

.

as

This advertisement is neither

Inopportune
would

It

be

tribute this

mistake

a

Albion."

at¬

Not

deplorable transaction

malevolance

to

to

Its

is

rank

but

a

offer to sell nor a solicitation of offers to buy
offering is made only by the Prospectus

New Issue

any

il

of these securities.

>

December 1, 1961

"perfiduous

by

explanation

malevolance

an

The

not

incom-,

petence on the part of the mone¬
tary authorities of both
Britain

740,000 Shares

and the United States. The British

is

Treasury

to criticism for

open

:lin

attitude

tradition-ridden

its

being determined to hold most of
..

its

in "gold

reserves

rather

The M. A. Hanna

than

in

foreign currency. It was not
slow in taking advantage of the

other - Central
to hold sterling under the
arrangement and it would
of

willingness
Banks
Basle

at all

not

hav«

liked

had

done

unto it what

unto others.

it

Company

(A Closed-End, Non-Diversified Investment Company)
-

others

if

Common Stock

it. is doing

Having regard to the

importance of avoiding any action
that might undermine confidence
in the dollar, it might well have

(par value %2.50

share)

per

departed from its tradition in this
been

in

since

involved,

have

would

risk

No

instance.

the

un¬

likely event of a dollar devalua¬
tion sterling, too, would be cer¬
to

tain

devalued

be

to

the

Price $34 per

same

share

extent.
The

argument

only

that could

extenuation

in

used

be

of

this

British

attitude

appears

to have been

in

C

the

matter

overlooked

by the British authorities, as it is

Copies of the Prospectus may be obtained from any of the several underwriters,
including the undersigned, only in States in which such underwriters are qualified

-riot contained in the official state¬

ment

explaining this transaction.
It is that earlier this year, when
the
Exchange Equalization Ac¬
had

count
-

to

sell

dollars

on

as

dealers in securities and in which the

Prospectus

may

legally be distributed.

large scale in support of sterling,
it

acquired the dollars needed for

that

purpose

to

a

through selling gold

United

the

to

States

amount that

total

was

in all

probability well in excess of the

million
which
was
now
bought from the United States.
This means that the British Treas¬
ury
own

only repurchased part of its
gold which it had to sell to
United

the

earlier
that

on

between

States

authorities

It also means
balance gold transactions

this

an

the

Britain

excess

Kuhn, Loeb & Co.

Goldman, Sachs & Co.

*

Incorporated

Harriman Ripley & Co.
-

Eastman Dillon, Union Securities & Co.

Glore, Forgan & Co.

Incorporated

Kidder, Peabody & Co.
Incorporated

Lazard Freres & Co.

Lehman Brothers

Carl M. Loeb, Rhoades & Co.

year.

and

the

United

still must show
of sales by "Britain to

States during 1961
1

The First Boston Corporation

authorities

$300

'1

to act

a

Merrill Lynch, Pierce, Fenner & Smith
Incorporated

Stone & Webster Securities

<

<

Corporation




White, Weld & Co.

Dean Witter & Co.

Incorporated

United States.

The above facts do not

Model, Roland & Stone
1m

*'

provide,

V

I

The Commercial and Financial Chronicle

(2506)

10

corporate

Construct ion Industry's

profits

modestly,
than
*

but

the rate

The

1961.

is

most

increase
rate

slower

a

Such

our

companies,

company

increase

of

lower

of

rate

increase

that

add

.

business

our

industry, com¬
public utilities should operate at a higher level
in 1961 accompanying anticipated improvement of the industrial,

heavily weighted to

mercial

upines new construction in 1962 by

than

in

consumers..Stated yet differently,

myself to the
the construction
should outline the
see it, within which

addressing

"Before

industry,

!l

milieu

we

as

*

that

industry

will

^operate,

Hence

tion

mmmm

for

in

most

,Dou btless

of

would

•

agree

slip

the

into

statistics

as

business

which

in

B. A. Monaghan

a

over-all,

year,

staged

a recovery

sion that hegan
of

1960

—

no

generally

from the reces¬

during the middle
boom, no startling

prosperity, but a year of fairly
good business. I think we should
inota, however, that as in all pe¬
riods of fairly good business some
m a j o r
industries r experienced
^moderately a d verse conditions
during 1961.
Perhaps-"the most
striking feature of the "year, on
the adverse side, was a failure of
consumers'
spending to equal
consumers' income; the obverse of
that

relative

sumers'

short

spending

fall
was

in
a

con¬

pro¬

nounced relative weakness in those
sectors

expanding government
; all
other purposes, a continuing
build-up in business investment
in
plant and equipment, a re¬
spectable increase in other con¬
struction e x p enditur e s, and,
fundamental to all of it, a gradual
increase
in
consumer
spending,

of the economy that serve

local.

tures for

which

from

the

gap
come
and

for

:

when

vance

tors

sents

some

and

and
of

should

continue

to

of

of

industry—its

and

response

jthe

the

basis of the high

stability
time

that

*

too

highway

-ditures

ex¬

most

at about the same rate of increase

during

experienced

1961.

or

And

in

some

and

facilities

sewer

number of states, but

a

for

1961

highways

registering

;

con¬

sec¬

Now I turn to the outlook for
the construction industry for 1962.
Over-all, the signs point to a continuing increase in expenditures
and

accelerated

an

rate

in-

of

I have said, the
industry
responds

Since,

crease.

as

construction

degree

to influences at work
^industrial, consumer and

generally
the

in

.governmental sectors of our eco.nomy,
and since on balance 'the

across-the-board

forces

each

work .in

at

of

those

sectors

point to an even more
prosperous 1962, so the over-all
construction
industry
in
1962

compa¬

industry.

•

*

significant

if

modest

unlikely, a major break-through
a
super-boom is possible. On

to

Xn 1962

should

;

in

_

higher

even

1961.

expenditures;for

example,

private residences should increase
already

continuing x
evident

months

of

somewhat,

Unlike

1961.

in

increase

trend

a

ln^the last s^x
That

expected
antici-

reflects

1962

■

.

the^other hand, forces are present
Jmight result in a level of

expenditures for .private
construction .that is no greater
than and might possibly be below

J

expenditures, and the down-

turn *n :total -P«vate construction
swards m September of this year
au^ur.y,' uj SP1^ of
strength m the residential segb^cut- I repeat that taking all.
considerations into account, howf1Ter'uwe
important
•

^

though modest improvements in
PriXf. e construction in 1962.

This brings me to public construction, which accounts for
of all expendiconstruction. Here

one-third

about

'

...

,

.

-For

at

operate

than

levels

other segement of +he

construction

:

.Summarizes Prospects

construction

Sees Higher Construction Level

construction, such as highways,
sewer systems, dams and the
like;

1962,

consumer

increases all along the line. While

;• of' the'
Yet at the

individual

in

'

-

construction.

new

It should be noted in passing
that

downturn

a

ness-confidence.

in other states more Than
compensated for the laggards; so

characteristic

industry.

of

expenditures; the possibility of
renewed inflation; the current relatively high levels of unemployment; the equivocal state of busi-

surges

participa¬
to .all

risk

of

active forces tending to restrain
activity, and hence the prospects
are than in 1962 we shall experionce quite a - satisfactory year

i

example,

that the nation-wide

participation creates special difdiculties in analysis and forecast¬

income
in

are the unpublic affairs,
most notably foreign affairs; the

course,

state

expen-.

of

For

lagged in

our economy—represent a
significant source of strength

same

consumer

rise

influences, of
settled

arid sewer
systems will show an increase
over
1960
expenditures slightly
exceeding the increase in total

i

construction

construction

.

Personal

forces.

had anticipated,

<

units.

v e rsu

that projection reprebalancing of favorable
s/potentially unfavorable
Among the unfavorable

* believe I can summarize the
prospects for construction activity
the private ^sectors -for 1962
thus: On balance, the forces genorating increased expenditure ap-Pear to be stronger than the

try.

business

balance

a

sectors of the construction indus-

ex¬

spending takes hold. We should nies within* the construction in¬
see a gradual rise in government
dustry participate only in phases
spending, both by the Federal of the whole: Either in construc¬
Government
and
by state 'and tion or structures; or in heavy
local

however,

country fared equally well in all

of

steeper ad¬ ing.

increased

The

characteristic

in

very

initial slow rise in industrial pro¬
a

com-

fields.

other.hand, not all sections of the

•

are more*
expenditures
construction. % "
■'

new

tion

If the experts' projections prove
out, during 1962 we should see an

duction, followed b^

new construction
by industry, commercial ventures,
and public utilities.
Here again,

sixty-one over-all has
; year
for the con-

modest than

addition, total expendi¬
repairs, as distinguished

new

This

expendi¬
"*'■

In

struction

a

consumer's

tures. ;

expenditures for

to

good

a

than one-third of all

gradual closing of
between consumer's in¬

means

more

industry, although its
improvement over 1960 was more

penditures for new construction,
or about 30% of the total, is made
by government, Federal, state and

expenditures for defense and

that 1961 will

activity

confidence.

ventories,

us

and

telephone companies,

All these factors point to a signifieant, if modest net increase in

struction

to;,the
of which

me

penditures for new construction.
All other private construction, or
slightly less than 30% of the total
new construction, is a function of
industrial

resnects.

optimism is founded on
the expectation of a continuing
and accelerated build-up in in¬

1962.

all

*

That

outlook

ness

brings^
industry,

accounts for about 40% of all

that the consensus of
leading economist is that 1962
will be a record-breaking year in

busi¬

general

consumer

our.

the

and

in

It appears

briefly
upon
conditions
1961

surge

a

materialized.

touch

prevailing

of

spending that has not as yet fully

shall

I

first

this

good business conditions of 1961 spending on non-durable goods is
prevailed over-all because indus¬ influenced by factors that deter¬
try generally was willing to ex¬ mine also levels of private resipand operations in the expecta¬ / dential construction—which alone

.1962 outlook, for

roads and

heavy

than

utilities expected to outweigh

gas

decreases in expenditures by rail-

my own company is a .member. Both total. new construction and
Unlike most others, the construc¬
vtotal expenditures for repairs in
tion industry actively participates
,vl961 will show about a 3% inin all segments of our economy.
crease over 1960 in dollar volume,
In
major
respects,
consumer's
•whi6h represents a record. Qn&the

;

with modest ^improvements expected
private construction.
^ i

of all construction fexpendituresi
.

of

construction

which accounts for one-third

anticipated for public construction

is

All

however,

construction

Nineteen
been

is

serve

residential

the

serve

■'■■J;_V*-'. i"v.-

Economy

sectors of the economy. A banner year

.and governmental

consumer

construction,

Construction Pervades the

-

.

„

projected for

mercial ventures and

however,

the

pressures.

Southern builder

Thursday, December 7, 1961

.

participates in
the construction

1962 because of
the continuing price-cost squeeze,
and continuing heavy competitive

Materials Company,

By Bernard A. Monaghan,* President, Vulcan
Birmingham, Alabama

.

we enevery phase of
first
quarter industry, since our products are
fourth quarter of hasic to all construction. I should

joyed
from
through : the

'

should

at

.

tures

for

new

the
nearly all the signs noint tosigns point tonf>ariv

vprv

very

increases

all

in

School

1962.

con-

structicn almost certainly will go
up; for funds borrowed in early
1961
and
committed during theyear practically assure that.
De^

personal
improvements

pated increases in total

i

income,
in

This

buy

announcement

any

is neither

of these securities.

an

offer to sell

to

spend, and in business confidence.

solicitation of an offer to

nor a

well as
propensity

as

consumers

Also

The offering is made only by the Prospectus.

ous

will

work

at

be

the

gener-

.changes in FHA and VA rules
But let

effected earlier this year.
me

NEW ISSIE

pS

December

4, 1961

balancing of forces
..moving in opposite directions, and
hence must always be presented
.■represents

a

.

with

humility

with

280,000 Shar§fi

caution.

acted

and

upon

insofar ;as

Thus,

private residential constructicn, forces that might result
„in lower level of activity include
concern

Pakco

Management

pi

.a

high

vacancy

slow-down

of

and

Development Company

possible
level tof
build-

apartment

ings;

the

possibility that

funds

now

being invested in more-

capital

be drained olx to
improving
yields
upon
alternative investments; a
continuing relatively stable popu-

1 gages may
channels

Common Stock
(Par Value One Dollar Per Share)

by

lation in the 25-40 year old group,
who

Price $11.00 per

a

high

rate;

the

in

construction

m

are

the

principal buyers

_

of

residences; and a continuing decline in the cost per unit ot new
residential construction.

share

Like factors

be obtained in

may

any

state

in

are

present in re-

which

may

certain

further

Woodcock, Moyer, Fricke & French, Inc.

to

-

reasonably

increase

very

during
1962.
;Expenditures for highway, sewarage-

significantly
an(j

water

systems seem assured

significant

a

increase

in

1962

by funding already provided, and.
commitments
already made.
In
sbort, 1962 promises to be a banner year insofar as concerns ex-

penditures for public construction,
|urn ^t wj-q provide a
major support for relatively prosperous business, in most if not all
—an(j

0ther
jn

sectors

of

our

economy. :

general, activity also is ex-

to accelerate in the very
important sector of the construc^on
industry that involves repairs. We expect expenditures for
repairs
to
increase
moderately
above the record levels that we

pecteci

attainirig in 1961; and if that

are

true, then expenditures for
repairg aiso will prove a very
important support for a generally

proves

■nrosDerous

In

economv

total, then, the construction

faces over-all a good
that is more likely than
otherwise to show improvements

industry

year,

present malign forces which could
overpower
benign
forces,
with

one

in all sectors
•

need

I

over

not

George, O'Neill & Co., Inc.

In all of life, including the human

body

and

personality, there

resultant harm.
true of business

of

the

increase

further

the very real intangibles that are
involoved in assaying the future,

in consumer

tion

1961.

emphasize

pected continuance and accelera•

increased,

has

is

pacity resulting from an increase
in
industrial
activity;
the
ex-

this

is circulated only from such dealers, including the
undersigned,
legally offer these Securities under the securities laws of such State.

'Goldman Securities Corp.

and

of
industrial, commercial
and public utility new construetion.
Somewhat modest increases
in levels of activity appear toibe
in store for 1962. That projection
is based
on
an
anticipated increase
in
corporate
profits;
a
likely decrease in idle plant ca-

announcement
as

1961,

;

spect

Copies of the Prospectus

during

plain that any forecast

make

construction

fense

are

That certainly is
generally, and of

spending; the trend to new office

'H. A. Riecke & Co., Inc.
Albert TellerCo., Inc.

[rourr, Larnpert &Co., Inc.




.

continuing increase in the proportion of

G.E.C. Securities Inc.

cally. But, on balance, it seems to
us
that the benign forces will

construetion reflecting a
"white

Roscoe M. Alexander

AllieaSecurlties Corp! ■ilk>

the construction industry

collar"

employees

and

a

continuing centralization of office
*

t ^*4

predominate in 1962, and that the
outlook for the' construction in-

*fatilitifes; hnvexpOcted heavy in-, dustry is good.
vestment .in shopping centers, a *
major

irtfluence^for several years

specifi-

past.; and announced plans for ex-

417th

pansion of iacilties by electric and

i6,

-

Meeting, Detroit, Mich.,

i96i.

x

November

Volume

194

Number

6114

.

.

Financial Chronicle

The Commercial and

.

(2507)
when
this

looking at this problem at

TTnxTAVk

Non-Monetary
It is

Townsend to

Measures

quite evident that

of

some

a

m

'

the

which will be taken

measures

to

Talcott Official
To Address CPAs

JLA3 IlclVGn

time.

combat

unfavorable

our

A (1TV)IT"

~

bal-

-

I

WA

Thomas J.
;

,

,

of

ance

JOHN

BY

T.

payments

-

will

be

other

PHILADELPHIA

v

CHIPPENDALE, JR.

Purely monetary

:

and in

ones

Again the movement of prices in

disturbing

the

factor

could

it

since

Townsend,' Crouter & Bodine,
Land. Title-Building, members of
the'New "York and Philadelphia-

not

does

there

that

ghan and Newbold Strong

make

to

levels

present

which

fullest.
...
short- A Apparently the balance of

market
term1

specialists V that

interest

time

-rise

as

to be much fear around

seem

long-term

and

wermeaiaie ana long leim

™ni Wof n'S&Kte *;,LhterrP,uonee:
^
i th™.uh
ni
»im

the

it

tnm»

inflation

...

ments is the

soning

'

intermediate

f

will

rates

time goes along.

that

money

fears .which have-in

dition,

ti J liTwVTnJf
bscn. In ad

as

it

they have
seems

who

are

mal

business

be

though

as

looking for

those

more

a

recovery

nor-

to

appear

gaining followers.
Strong

Higher

Argument for

action

those who

commitments

ligations
the

all

hi

h

^

over

they have been
past. These purwhich

issues.

kind

every

interest

rates

rise, and how such

ls

is

most

^.

*

*

attractive to keep the "
which moves readily from if

...„„ij

appear *as

J"

..though

taken

measures

make

to

attractive

to

any

thp
the

'

.

near-lerm
our

rates to

unfavorable

ments

help

us

balance

not

be

happenings
taken

into
~

.

which

T m/I Ulivi:

v

-

sale

of

of

members

can--changes,
Walsh to

•.

New

the

•

will

York

proposal

authority,
a

rp

A Jwil- T AVAr-in/-.

as

if the under-

partnership

is

accepted

soon

as

by
practi-

-

-

.

Rtnr>ir

York

2

La Fosse
firm.

Supreme

also

but

all

partnership

of

the

pressing

that

points

;i.r

■

TX7™*
AT

,of Rec.

11.

.

on

jan.

1

j_

1

bO

Jl

irill

^rk 'stoik^chang^
will

1

admit

•

of

*

•

nor a solicitation of an offer to buy
offer is made only by the Prospectus.
:

any

of these

.{■

now

in

"

The Borden Pomp

the

the

argument for higher interest rates
is

the

able

sizable

indicated

balance

unfavor¬

■43/«%Sinking Fund Debentures Due 1991

of

payments of the
country for this year. There is no
question but what a very large
deficit against us in the interna¬
tional balance of payments is a

Dated December 1, 1961
.

.
.

-v.-.

i

J

'

Z

"

'

♦

'•

*

*'
'

.

-

Due December
'

.

'

'

•

1, 1991
•'
t

.

Interest

payable June 1 and December 1 in New York City

Specialists in

Price 983A% and Accrued Interest
U. S. GOVERNMENT
and

FEDERAL AGENCY

Copies of the Prospectus
such

SECURITIES

may be obtained in any State from only
of the undersigned as may legally offer these Debentures
in compliance with the securities laws
of such State.

Certificates of Deposit

MORGAN STANLEY & CO.

KUHN, LOEB & CO,

THE FIRST BOSTON CORPORATION

WOOD, STRUTHERS & CO.

Incorporated

BLYTH&CO.,INC.

■

GOLDMAN, SACHS & CO.

SMITH, BARNEY & CO.

LEHMAN BROTHERS

Incorporated

Aubrey G. LanstonSc Go.

HARRIMAN RIPLEY & CO.

INCORPORATED

DREXEL & CO.

EASTMAN DILLON, UNION SECURITIES & CO.

Incorporated

I

GLORE, FORGAN& CO.

KIDDER, PEAB0DY& CO.

MERRILL LYNCH, PIERCE, FENNER & SMITH

•

20

Incorporated

BROAD STREET
NEW YORK
☆

☆

CHICAGO




'

STONE & WEBSTER SECURITIES CORPORATION

☆

BOSTON

December 6,1961.

WHITE, WELD & CO.

Theodore

Danforth to partnership,

.

fixed

one

the

Gude, Winmill & Co., 1 Wall St.,

The bonds

Nov. 15 by

Court.

•

AClIUlC

$50,000,000

;

in

(jrUClG, W inmili tO

offer to sell

The

on

M.

J.

;

to

bearing obligations.
evident

an

Debentures.

:-

nn

Exchange,

admit ^Patrick

to

motion

week

TTvoVmnnro

Stock

will

decision is rendered

a

a
G:\unanimous decision of the Florida

of Jan. 1.

as

Vnrir

Jan.

increase in

an

Tlino

June,

TO Admit LaEOSSe

by the authority for
a
summary judgement in a law
suit
recently iueu
filed
by Florida
&uit
leccnuy
oy
rionaa

andhe

admit« Semmes

to

as

going

are

a

in

11
tfT.,q+:00>i:+v '
Xlalie G£ OLleglllZ

is

Philadelphia-Baltimore Stock Ex«owere validated

This announcement is neither

as

of

th^

IT

$155

owners. A decision on
-Co., Calvert & Redwood Sts., this motion is anticipated during

un-

.

that

BALTIMORE, Md.—Baker, Watts property

consideration
..

nf

and

Inc.

f.n.-sio'n
tv>o
Npw
The present nl3n is ;to sign the New
plan

on

A rJ-rnif-

.IxWilU

developments would have to

foreseen

h^ad

committee

Authority, tnpffVS

cable after

tin

pay-

be to° stable unless there are

1957.

m
annoi-ntpd

was

P^rntivf Ar2.fl 1

on Nov.;28 that it is

now . planned

the

Baker, Watts to

combat
of

ni

nnn

PP!l"£ *" '^Wu^ipr ^ AlTpman' of the Americas New York
i ^
Alleman, oi me Americas,.mew York,

writers'

not

whirh

olace

to**

£e ™asjappjmted head of the

11 fVi

Inc.,, Childress and Company

purchase contract,

v

"hot

the

ri«p

take

to

money

rise should not be too significant.

short-

term rates attractive to tne

,in

thJ inrnff
^nd
»ni!^winn

^ C°U^
'
T"
1961,-will take Halle & Stieglitz, 52 Wall Street,
the unpredictable takes place, this placenresent. the week of Dec. 11. New York City, members of the
during
The

money" group will have to be on
the upside. However, it does not
seem to not a few money market
have

short-term

r.v.nni/1

it,„..wu

would

upward

an

he

™tes ln

of the pressure on the dollar

should be removed. Accordingly,
-4.

be

Talrntt'c

of

vision'^ retail

<

^

PvpciHpw+

Kpfd

TllVrir)llrp RHft' fae^
1
^^ctormg

would not again be unexpected announced
there ; should

Vine

named

VV 66K 01 JJ6C. lltR

i

.

the

*•

.

WppIt* Af TW*

than a
is fore-

,

,

of

manager

Tc?st fr°ra th's typef borrowing iPierCe, Garrison, Wulbern,

°"e «™*ry to aise of movement in

it

rates

.

ioined

«

that .the

more

modest uptrend in
'

more

money

borrowing will have a
depressing influence on the quo¬
tations of not only Treasury se¬

It

to

keep this kind of funds here-If it

the cost of

income

profitable

McGann

long-term

It appears

is being put forward

curities

it that.Short- At the most, not

it

Mr

'SAment^n 1nftlr
Slduation^ yJSSt-^Pordham ?Tnf

.Rpo/^Vi A/T^T*lrpf
1U IvtJdCIl IVIdlKCl

needs of industry which will grow

"move up to levels

make

believe

t

State

credit

being

are

the short and

almost

reason

ob-

district." They

m

being made in spite of

Government

why

in fixed

Government

shadows

though

and
that

as

now

are

the

cast

in

recent

chases

money

indicates

interested

are

rates

•

about"the0 same'0"pe"of

maktag

in

the

of

markets

interest

J^ ^.«vxu(?cc «u

would
The

rea-

nhsprvprs „ that
that,
observers

Short-Term Rates

capital

where the

higher

for

area

term rates wlU

some

ctrnli

strong

C

RId

coming year, in the
opinion of many in the financial

pay-

to, mrU

g

m

credit in the

,

talk before the New York

ant

'

<

•

purchases

complete agreement among

a

merit

monetary unit pretty-well pro- -which are not only a reality, but
tected. And it appears as though which should continue to do betlook not too prudent. There does, we will take any measures neces- ter
with :the passage
of Time,
however, .appear to be
nearly sary to defend the dollar to the should
not , demand Too
much
going

are

would

^

Mr Gaushan is

;

menfs and reports of textile companies in determining credit in

***** MT

Ie?sMp

is

p^iomof ^oUar.

rates

McGann,-a-Viee-Presi-

James

?an!twaiSt

problemsVf

tte

in further .losses of gold the domestic
economy, as well/as
which would cast doubt concern,'the international aspects which
any. ;, great
fear as yet evident ing the .strength of the- dollar, involve our, gold hidings and the
among those who are buyers of
these
obligations
that
interest at least been able to keep our
The better business conditions

indicate

of

Talcott, Inc. will
discuss the role of financial state-

Haven

^

&

result

Government market

to

De

dent

.

£g"astackle

—_____

appear

Pa.

.

this way there will be less interference with the actionsi which the

■

:ll

DEAN WITTER & CO.

«

N.

12

The Commercial and Financial Chronicle

(2508)

.

.

Thursday, December 7, 1961

.

i
•

_

.

■

Eligibility for the

rate

which

istratively
for

financing

Government's

tion

Mr, Calvert de-

competitively in the market place.

scribes the Federal Community

^

at

panion Area Redevelopment lending, and finds that their arbitrarily
distinguish between

to

that

and

carrying out the law's intent

a

private

appeal.formeconomy drive and the usurpa¬

Community Facilities

presently ad¬
ministered is a shocking example
of the Federal Government taking
Program

Loan

over

as

private
industry
in
substituting
Federal
fi¬

nancing for
financing

be

...

costs.

Act"

Community

of

Loan Program

Gordon L. Calvert

authorized

under
the
Amendments of 1955 as

Department of Com¬
The programs authorized

merce.

this

under

by the Housing and Home Finance

administered by the

the

in

tion

administered

program

Redevelopment Administra¬

Area

Facilities

include

Act

(a)

million in Federal grants
lic

on

Redevelopment

"Area

1961

$75

for pub¬

facilities in qualified redevel¬

opment

areas

there

if

is

little

previously
administered
by the RFC, pro¬
vides Federal loans to municipali¬
ties for community facilities if the

probability that the project could

financing

ing the

grant shall contribute to

the cost

of the

a

other

is

The

an

Act

of $100

authorized

million.

In

additional $50 million was

authorized.
1961

from

"reasonable

on

1955

aggregate

1960

available

not

sources

terms."
an

program

The

amended

Housing Act
Program

of
to

the

authorize

an

lion

Federal

for

community

additional $500 mil¬
loans for
any

facilities

except

schools ($50 million earmarked

as

assist¬

be undertaken without the

of such

grant (with a re¬
quirement that the entity request¬
ance

tion

a

project in

ability to contribute)
and (b) $100 million in Federal
loans for public facilities in quali¬
fied
redevelopment
areas
with
maturities up to 40 years, if the
funds
on

terest

rate

under

terms," at

in¬
annually

determined

an

formula in the bill which

a

available only for loans for urban

presently

transportation facilities or equip¬
ment). Such loans, except urban

present

transportation loans,

may

be

ex¬

tended only to municipalities with
a

population not exceeding 50,000

(or

in

the

case

of

a

community

would

be

3%%.

At

over
1,000
counties
throughout the country have been
certified as qualified redevelop¬

ment

and

areas

counties

is

a

list

available

of

from

those
the

Area Redevelopment Administra¬
tion.

840,000——Morris
800,000

Medina

112.000

Buhl

170,000

the

300,000-.—Medina
49,000

198,000

the

-New

Enfield

1,880,000

St.

00,000

Community

Fa¬
cilities Administrator adopted the
following basis for. determining

Wesson

whether

financing

from other
terms:

sources

the

same

the

government

rate

is

to

be

loan,

loan
or

is

repayable
For

more.

Arden

Hills

years

such interest rate is not less than

velopment
for

borrower

designated

be

rede¬

a

the benchmark
r a t e s
interest

area,

reasonable

would

is, located
as

3%%"

(i.e., 3%%

for

30-year or longer maturities or
3%% for 20-year or shorter ma¬

turities in
The

Area

Redevelopment

Ad¬

ministration adopted as a reason¬
able rate under its program the
rate

same
a

adopted by the CFA

reasonable

ment

rate

for

as

The interest rates presently es¬

rates.

This

cause

the

the

HHFA

classify

as

to

is

current

easily

rates
and

market

proven

established
the

ARA

be¬

by

would

unreasonable:

comparable

maturities,

on

the

basis of current market yields on

sold
of

December 4, 1961

100,000 Shares

1

sewage

bonds

for

the

(presently

best

credit

of

municipal

bonds

with

maturities

not

ex¬

ceeding

20 years; Over 42% of
number of new issues of mu¬

the

nicipal bonds sold during the first
six

months

1961

of

with

maturi¬

issues

of

during

municipal

the

years;
of new

bonds

sold

first

six months of
with maturities of 26
years

1961

The

Research

IBA
of

a

issue

new

and
on

the

of

of

each

of

bonds
based

are

of

the

sale

municipal

figures above

of

of

reported

of

issues

new

record

a

every

check

a

Department

keeps

details

the

municipal

3,610

bonds

of

during the first six months
1961, aggregating over $4,569,-




Common Stock
per

rate

established

and' the

ARA

by

for

the

the

HHFA

indicated

maturities.

a

to

Judge

rate"

under

these

pro¬

obligation

bonds

and

revenue

rate

for

determining

vides
be

is

that the

other

may

ported
press

by

the

Federal

is: not
This

to

intent

specifically

only

sources

terms."'

rate

"reasonable

contrary

provided

nancing

be obtained from the undersigned and
legally offer these securities in this state.

SECURITIES COMPANY,
YORK

4.

N.

INC.

MIAMI, FLORIDA-

usual

circulation
that

chase

all

bids

It is

or

recent

renorts

housing

the

received

bonds

Facilities

Loan

presently established

in

to

at

is

re¬

offered
so

that

of

the

at

in

least

issues to
by other investors.
many

on

This

making
portion

a

be

be¬

based

maturity.

constructive
for

one

shorter

interest rate
rate

in

pri¬

might purchase
an

maximum

possible

purchased

The

principal effect of these
with the interest rate
presently established as "reason¬
programs,

able"

by administrative policy too

low in relation to current market

rates, is to substitute Federal fi¬
nancing for financing which is
readily
available
from
other
at rates

sources

lation

to
the

reasonable in

current

market

Federal

re¬

rates—

Government

thereby taking over unnecessarily
a function
of private industry.-It
is doubtful that
struction

little, if
community

of

any, con¬

facilities
financed
under
this
which would not be fi¬

being

are

from

programs

Small

other

were

sources

if

the

abandoned.

Towns Do Borrow at

Reasonable Terms
One

wh/ch
is

that

of

as

"reason¬
too low

current

market

the

both

assumptions

programs

small

not ! obtain

those

at

on

based

municipalities

financing
as

are

can¬

rates

obtained

larger
municipalities.
This
sumption is not well-founded.

as

by
as¬

A

draft

report
by
the
Advisory
Commission on Intergovernmen¬
tal

relation

rates.

Pro¬
rates

are

by the HHFA

be

the reasonable

policy

other

terms."

policy of HHFA to

blocks

more

which

from

"reasonable

maturities

maturities

for

the

including the

gram), has stated that the
able"

of

agree¬
will pur¬

bonds

on

favorable

legislation

Oct.

on

an

HHFA

that

sup¬

in

and

the

not

are

quire

"reasonable

on

conclusion, is

3.945%,

requirement

those

investors

that Senator Willis Robert¬

Community

FLORIDA, INC.

tional

nanced

Y.

MUTUAL FUNDS SERVICE OF

the

ment

may

loans

Chairman
of
the
Senate
Committee on Banking and Cur¬
rency (which has jurisdiction over
NEW

with

program

when the fi¬
available
from

of

cost

The HHFA approved the
$4

pro¬

son,

NETHERLANDS

interest

with

interest

the

constitutes

of the law which

as

would

generally be about one-half of 1%
higher than a reasonable rate for

terms"

from such dealers

bonds

revenue

on

bids

seven

that the bonds be advertised
again
in a financial
newspaper of na¬

of

to current market rates, it
should be observed that no dis¬
tinction is made between general

focused

million loan to Charleston

further factor demonstrat¬

sonable

which

may

net

rate.

it

grams

in

Copies of the Prospectus

able

Quality

ing the failure to relate the "rea¬

Va.

after
a
representative
of
the
HHFA present at the
meeting ad¬
vised that the funds might be ob¬
tained from his agency at a lower

the

Failure

It
appears
that
the
present
policy of the HHFA and the ARA

Offering Price: $4.50 Per Share

attention

W.

on
$4 million Charleston, West
Virginia
sewer
,. revenue
bonds
were rejected on
July 31, although
the best bid provided a reason¬

low

general obligation bonds.

share)

Particular

this program when all

vate investors

the

on

4.332

Charleston,
Undercutting

classifications

based

4.330

4.335

Recent

blocks

is

4.108

1-20

2-20

Cites

sold

bonds,
although
the
statistics
clearly indicate that a reasonable

American Variety Stores, Inc.

8-29

19,

longer.

or

4.010
4.088

4.141

2-81

_

_22III-11111

in

during the first six months

1961

As

NEW ISSUE

.

000,000. The breakdown into three

(a) The interest cost on out¬
standing U. S. Government bonds
of

4%

issues

new

the

relation

1-20

0-24
8-21

sewer

world).
(b) Over 25% of the number of

redevelop¬

areas.

tablished under these programs as
"reasonable terms" are too low
in

outstanding
above

3.978

—A
revenue—

the

ties
from
21
through 25
redevelopment area).. Over 48% of the number

a

1-18

;

Springs (N. C.) sewer
(Minn.) waterworks Imp.

100,000—Hugo

3.950

.

loans,

by

the

(Mich.)

3.940

1-20

;

sewer

water

(Minn.)

3.940

1-18
;

Fuquay

term

3.930
3.930

district—-III2-20

sewer

water district

C.)

3.910

1-80
2-25

I

sewer

(N.

(Minn.)

4-80

^

district

Imp.

J.)

Falls

280,000

one-eighth per
cent for each five-year reduction
of the length of the
loan, provided
If

(La.)

(Maine)

490,000

reduced

area

Granite

water

sewer

(N.

Town

__I

sewer

J.)

Cloud

'reasonable' interest rate is to

an

Quincy

White

be

in

(Miss.)
(N.

(La.)

Blaine

30

3.803

3.809

150,000

the

3%%.

2-31

sewer

05,000
Bernice (La.) sewage
000.000-—-Cookeville (Tenn.) waterworks

3%%, if the

3.778

3.877

588,000

over

shorter

waterworks

3.743

1-20

I

;

2-81

reasonable

deemed

1

3.778

3.817

interest

an

3.730

1-29

sewer

1-25

Ilazlehurst

50,000

1-38
3-21

1-19

102,000—__Somerdale

bond issue secured upon
terms and conditions as

a

3.710

i

sewer

Winsboro
De

1
district

;

sewer

(La.)

Riverdale

157,000

water
water

3.045

3.080

1-39

.

3.050

2-31

„

(Fla.)

175,000

800,000—.-Old

sewer

1-20

sewer

895,000-.

reasonable

on

3.080

2

(Ore.)

275,000

available

3.570

1-27

(Mich.)

(Miss.)

8.500

3.500

2-10

sewer

water—

(Ore.)

Joseph

Seaside

750,000—Belleair

%.:'v

'

"For

is

271,000

Y.)

(Ore.)

C.)

3.500

2-21

sewer

(Ohio)

Hills

Helens

80,000.:—St.

the

(N.

8.538

3-31

—

3-20

(Ohio)

(N.

Heights

Bloomfield

135,000

program.

However,

Windsor

Salem

100,000

proportion of municipal
financing would be eligible under

3.487

1-20

L"

;

water—

Carrollton

'180,000

small

a

West

3.400
3.480

2-31

.

sewage

Heights

3.450

1-29

2-18

water and

Bedford

175,000

monthly in a realistic rela¬
tionship to current market rates
at a level high
enough that only

offer to sell nor a solicitation of an offer to buy any of these securities.
The offer is made only by the Bros
pectus.
L

(Par Value. l'Off

1-19
1-20
:

waterworks

(N. Y.)
(Minn.)

Wells

898,000

3.391

;

;__L

sewer—

130,000——Liberty

3.373

1-20

sewer

(Minn.)

190,000

reasonable

3.870

2-31

i

sewage

(Ohio)

Fairfax

3.350

1-30

•*.

Y.) water
(Minn.)
sewage

(Va.)

3.331

1-39

__

(Ohio)

8.273

1-19

.

sewage

(Ohio)

8.187
3.240

3.257

1-18

_

g

(N.

Strasburg

Bond's
an

district-;
1_

_

sewage

Baltimore

295,000—Perrysburg

1-30
1-15

community school

(Mich.)

3.109

1-19

sewage

establish

i

.

3.130
3.154

1-15

sewer_--:

(Minn.)

Greenville

100,000——North

8.090

1-15

Dalton

Criticizes

This announcement is not

1-15

waterworks—

not otherwise available

are

"reasonable

(Iowa)

2.990

3-12

!_

(Ohio)

propor¬

its

of

the.

water

water

(Iowa)

Cost
2.700

1-15

district

(Ohio)

if it does not exceed

companion

a

the

under

The Federal

available

terms."

is

There

of

Y.)

water

150,000——Medina

ex¬

"unless
applied

assistance

otherwise

not

reasonable

at

substitute

is

for

other

Agency,
Housing

shall

assistance

Rock

Net Interest

3-10

system.

(Mass.)
sewer
09,0OO_.—Oak. Harbor (Ohio) sewer

these

Population
First

the

March)

sewer

(Colo.)

..Spencer

,,

With

During
-

sewer

(>50,000—...Medina

an¬

a

financial

the

reasonable in¬

terest.

under

tended under the program

available

sources

determined

rate

interest

an

financial

which is read¬

from

population not

a

formula in the
law, which fixed the rate for the
fiscal year beginning July 1, 1961
at 3%%
(or for communities in
redevelopment areas
at 3%%).
The
law
still provides that
no

tion of

ily

redevelopment area,

a

exceeding
150,000). The loans are made at

with

nually

func¬

a

in

situated

140,000——Little

rate

services and funds at reasonable rates.

The Federal

Golden

water

(N.

(Mass.)
(Fla.)

and

Com¬

would

which can provide advisory

industry function

Sudbury

700,000

administrator

street

Belleair

850,000

sources

under

(Ohio)

munity Facilities Loan Program a
suggested yardstick for establish¬
ing
"reasonable
terms,"
which

providing Federal loans only when financing is unavailable from
other sources on "reasonable terms"; and notes the contradiction
of

eligible

(January

Range

Farmingdalc (N. Y.)

095,000

In August the IBA submitted to

the

of

between the President's

other

Municipalities

Facilities

IlMil

Radford (Va.) water and sewer
135,000„_ .Westminster. (Mass.)
water
1)0,000
Britt (lawa) sewer

market

from

by

Sewer

1,100,000

set

programs.

He, also, berates the H.H.F.A.

tion

at

Sold

of

1)0,000—..Wappingers Falls

te^ obtain financing

rate

is

arrived at "reasonable rate" norm fails to even

and the A.R.A. administrators for not

current

or

Maturity

55,000

rates, a
large volume of municipal financ¬
ing is unable

Facilities Loan Program and the com¬

general obligation and revenue bonds.

sources

interest rate

Bonds

Issuer-Purpose

500,000
370,000

"reasonable" by the administra¬
tive agencies is too low in rela¬

He points out that such loans undercut reasonable

rates arrived at

other

the

of

Water
Months

150,000

as

undermining of free enterprise in offering unreasonably low loans to

municipalities.

from
If

for

Maumce

Federal loan under the pro¬

a

Issues

135,000

grams, only if they cannot obtain

of America, Washington* D. C.

spokesman protests the Federal

New

10,(MM!

Amount $

^s determined admin¬
as a

that rate.

bankers'

of

Three

"reasonable" rate,
because municipalities are eligible

By Gordon L. Calvert,* Municipal Director, Investment Bankers

Investment

List

Under

Federal Municipal Loans
Based on Fictitious Premise
Association

Partial

Programs

Eligibility under either of these
programs depends on the interest

Relations

tional

and

on

"State

Constitu¬

Statutory Restrictions
on
Local Government Debt," re¬
butting the premise that small

Volume

194

Number 6114

.

.

The Commercial and Financial Chronicle

.

(2509)
governments

and

bond

is¬

sues

commonly involve somewhat
higher rates of interest than the
larger

issues

of

widely known
governmental units, observed that
"Extensive

recent studies

tend

to

discount earlier impressions about
the prevalence of any such sizerelated differential."

Furthermore,

a
brief review of new issues of
bonds sold by municipalities with

population under 10,000 for water
or

facilities

sewer

firsts three

of

months

that

cates

small

obtain

can

during
the
of 1961 indi¬

municipalities

favorable rates
A partial list of such
attached for illustrative

is

It

purposes.

that

22

list,

which

out

of

should

the

51

be

observed

issues

this

on

financed

were

with¬

Federal

assistance,
would
presently be eligible for Federal
loans under the program (in ad¬
dition to
any
qualifying in re¬
development areas) because they
sold

were

at

of the

excess

cost

in

presently established

"reasonable"
rities

interest

an

rate

the

for

involved.

;

matu¬

;

facilities

sold

such

of

able

year

that

such

this

The IBA

billion—

$8

to

assistance.

Federal

Government

THE SECURITY I LIKE BEST...

the

in

Continued from page

Community

Facility Loan Pro¬
is taking over a function of
private industry in substituting
Federal
financing for financing
that
is
readily
available
from

pate debt service coverage. These

other

roads, West and ifyst, were
planned to develop the State and
bring isolated regions into closer
relationship with the State as a

at reasonable rates.

sources

,

provision

The

able

authorizing

advisory services to mu¬
nicipalities in budgeting and fi¬
nancing should be repealed.
The

(b)
the

extending

provisions

application of the Community

Facilities

Loan

munities

Program

this

consideration

state¬

a

ment submitted to members of the
House Committee on

tolls

could

be

help defray costs, well and good;
but the State through its permis¬
sive legislation had other goals in
mind besides a totally self-sup¬
porting Turnpike. ' V
That!is why
the relationship
of the State of Kentucky through
its ' biennial
appropriations,, its
Department of Highways, and its
State Road Fund is so important

Federal

to com¬

in

redevelopment areas
under special terms should be re¬
pealed because they create an un¬
necessary and undesirable dupli¬

was

by that Com¬

mittee, through letters addressed

of the

of the House

im¬

proposal in the House, and

through notice to members
garding the proposal.
President
ordered

the

should

program

fixed

be

an

understanding

which has done

at

Kentucky

of

the

Kennedy

rates

for comparable maturi¬
types of securities (gen¬
eral obligations or revenue bonds).
ket

ties and

(d)
The acts authorizing the
Community Facilities Loan Pro¬
and loans to municipalities

gram

the

under

Area

Redevelopment

should

Program

be

amended

loans

may

lease

be made only when the fi¬
is
not
available
from

under

those

programs

nancing
other

at

sources

relation

,

reasonable

rates

to

current

satisfy

market

for

rates

*An

address

Florida

Miami,

tion,

by,

Mr.

Securities

Fla.,

ment

excise

an

Of

on

re¬

the President's

ing, eligibility

fitt of Harriman

26

of

to

Acousticon

aids,

internal

under

e

has

debt service.

The

appropriated

source
are

the

the Highway Depart¬
after

taxes

license

from

realized

certain

and

prior

been

the

as

is authorized to establish tech¬

advisory services to assist

municipalities and other politi¬
cal subdivisions and instrumen-

budgeting, financ¬

ing, planning, and construction
of community facilities.
There
hereby authorized to be ap¬
propriated such sums as may
be necessary, together with any
fees that may be charged,
to
are

-

cover

the cost of such services."

on

unnecessary

provides
intrusion of the

Federal Government in

furnishing
professional services which would
be
provided more properly and
more
effectively by professional

,

•

of the

instance

an

Highway

where

who

the

bo^rd

Mr.

1941.

with

the

becomes

directors

of

1957
since

Carlson, who has been
company

Chairman

Eleanor

U.

for

34

ated

most

security

bond

a

monwealth.

payment and some
have
ques¬
tioned the bonds since each legis¬
lature

must

appropriate
bien¬
nially the sums specified. Only a
complete study of the laws of
Kentucky and its Constitutional
provisions will provide a full un¬

Arthur Ross With

Reiner, Linburn
Arthur

Ross, for

ecutive

many years

Vice-President

have

and

been

has

built

State
itol

since

The

1925.
of

some

its

Cap¬

buildings using this mechan¬

ism.

I

issues.

such

of

know

default

no

on

Further, the legisla¬

is

1960

Continental

Co.,

of the

members

Stock

an

offe)■

to

sell

nor a

solicitation of

ters at 80 Pine

an

offer

to

"bufk)tfof

^

September 1,1976

(To bear interest from December 21, 1961)

•

'

Convertible
until

from June 1, 1962 (or earlier as provided in the Prospectus),
August 31, 1976, unless previously redeemed, into Common Stock at

$8l/3 per share, subject to adjustment, as referred to in the Prospectus.
Company is offering to the holders of its Common Stock of record at the close of
on
December 6, 1961, transferable Warrants evidencing Rights to subscribe
for the Debentures, at the rate of $100 principal amount of Debentures for each 80 shares
of Common Stock so held of record. The subscription offer expires at 3:30 P.M., Eastern

The

business

Standard Time

on

buying

department,

was

Executive

December 21, 1961.

Subscription Price 100%

a

Moffitt

Mr.

Connecticut

Vice-President

of

Development
Credit Corporation from 1958. He
manager

ucts

During the subscription period and after its expiration, the several Underwriters may offer
at the prices and pursuant to the terms and conditions set forth in the Prospectus.

Debentures

may he obtained from the undersigned only in states where the
legally offer these securities in compliance with the securities laws thereof.

Copies of the Prospectus

undersigned

may

of the special prod¬

division

of

the

Connecticut

Hardy 8C Co.

Hard Rubber

Company from 1955
through 1958 and before that spent
seven
years
with the Hanover
Bank, New York City.

■

1

Allen &

Company

Laird 8C

Company, Corporation

1

Hill, Darlington & Grimm

financial advisers. We believe that
much

advice

furnished by repre¬

V.-P. of

sentatives of the Federal Govern¬
ment will

to

qualify

various

than

Federal

for

the

-terests -©£:the

programs,

best

rather

long-term

community.~

in• •

In

-

conclusion, in this country
where we speak so proudly of our
»free enterprise System and ' where
so

much

attention

demonstrating
our

J. R. Williston,& Beane

be

designed principally
for assistance under

system

the

over

is- focused

superiority of
alien system

an




on

Donaldson, Lufkin

Butcher 8C Sherrerd

Straus, Blosser 8C McDowell

Donaldson, Lufkin & Jenrette In-?
corporated, U0; Pine- Street;
York

New

Exchange,

have

•

an¬

nounced that George Dana Gould,

has

Hallowell, Sulzberger* Jenks* JKirkland & Co.

-

,

City, members of the New

York .Stock

joined

President

the

and

firm

as

director.

a

Vice-

Doolittle & Co.

:

York

Street, New York.

Vending Machine Corp.
due

New

Exchange, with headquar¬

6% Convertible Subordinated Debentures

Mrs. An¬

joining Harriman Rip¬
as an associate in the

the

Ex¬

Induc¬

associated with the invest-

now

Dictograph in 1938 fol¬
lowing the death of her husband.
Prior to

of

mept firm of Reiner, Linburn &

director of

ley in

Com¬

security for

c

years,

made President and

was

whole

•

;

Andrews, Board

post of Vice-Chairman.

its

designed for

development of the

Chairman since 1957, assumes the

drews

and

constructively' to give

to

Board.

the

of

State, its

Turnpike Authority have cooper¬

$5,052,700

was

Presi¬

graph in

a

Department,

December 7, 1961

•,,

and has served

was

This authorization also
an

essence

is

dent of Dicto¬

pro¬

Administrator

.

Malte J. Carl¬

Mrs.

talities in the

The

it

succeeds

•

•

that

Moffitt

Mr.

Peter M. Moffitt

nical

fact

the bonds lies in the Lease Rental

Tbis announcement,is neither

an-,...

nounced.

loans

the

-^ {-\

■

out

Housing Act of 1961 also
amended the Community Facili¬
ties Loan Program by adding the
following provision:

;

the

bonds

quipment

systems,

The

The

is

and fire alarm

gram.

207.

bonds should be compared critithroughout
issues of T,urnpikes
bonds, the Highway ,-palfc with
where the success or failure lies
Department pays all costs of re¬
pairing, maintaining; and oper¬ primarily in a proper estimate of
toll receipts.
Here in Kentucky
ating the Toll Roads as a public

help

com¬

son

"Sec.

State

of

popular trading medium. As

of this
writing such bonds are
available at 100x/2 to yield better
than 4.80% to maturity.
These

the life of th«

to date than

munications t

that

carry

Federal

..-Vi

hearing

elected

•

evidence

most

manufacturer

rate of interest established
rate

Authority.

further

tograph Products Inc., 59-year-old

under the program by raising the
reasonable

Depart¬

Ripley & Co., Inc.,

order by restrict¬

for

the

rental payment

New Issue

On

measure.

do. much

lease

DANBURY, Conn.—Peter M. Mof¬

30, the IBA suggested to the
could

A

has been elected President of Dic¬

Oct.

administrator of the program
he

to the

aid

course

its

Dictograph

care

anti-recession

of

in

these, securities. Ttie offer is made only by the Prospectus.

postponing the
initiation
of
deferable
projects
and phasing out any acceleration
of spending which was instituted
Oct.

extent
ment

1961.

10,

Moffitt President

ing requirements,

as

and

Associa¬

Dealers

Nov.

Serial

rental

receipts of

before

Calvert

more

in

of the funds

comparable maturities
and types of securities
(general
obligations or revenue bonds).

the

in

Lease

of
this
procedure. tion Heating Co., manufacturers
are
secured
by a derstanding
The investor should realize that
of high-frequeqcy electronic heat¬
appropriated bien¬
nially whereby the Department of many of the school bond issues ing
equipment, which was re¬
in Kentucky are necessarily is¬
Highways leases the road facil¬
sued
on
a
lease payment basis cently merged with Lionel Corp.,
ities
for
a
rental sufficient
to
The

so

that

heads to exer¬
in tighten¬

agency

cise the maximum

the

in¬

arranging a finan¬
cial mechanism whereby its Turn¬
pike roads, which are built by its
Highway Department and are a
part of its public road system,
have
every
possible chance of
financial security under the con¬
stitutional provisions prevailing.

level in relation to current mar¬

a-Federal economy drive

asked

and

issued

totalled

•

consideration

to

prior

mediately

$80,000,000 plus. Prior claims for Department.
The bonds, West and
this year 1960 on these revenues
East, were

highway provided for the use of
the Commonwealth of Kentucky.
cation
with
Federal
loan
and vestment merit of these
bonds. The Turnpike Authority is com¬
grant programs authorized under There is a vast difference in what posed solely of the following' statfe
the Area Redevelopment Act.
some
States have done to help officials—Governor, Lt.-Governor,
Some Attorney General, Commissioner
(c) The interest rate determined their creature Turnpikes.
of Highways, and State Highway
been
as
"reasonable"
in
generous
and
some
establishing have
eligibility for Federal loans under niggardly, but .1 know of none Engineer.
in

..

to all members

these

equalled

1912, the
Department
creation, to appropriate all Road
Fund revenues to the Highway

Banking and

Currency when the proposal
under consideration

claims. Revenues
from
sources
in
fiscal
1960

ture has not failed since
date
of
Highway

Term form.
$34,000,000 plus.
While
The Term Bonds of the Western
is in effect, all toll
that reason¬ revenues pass directly to the De¬ Kentucky Toll Road are the 4.85s
maturing July 1, 2000 and are the
charged to partment of Highways and. to that

whole. To the extent

Consequently:
(a)

two

of this program when

under

2

gram

in

Drive

Economy

in Congress, through

year

sales

for

be established

vigorously opposed the

expansion
was

been

months

10

record

close

Federal

President's

The

it

first

bonds will

year,

without

Over $6.8

and it, appears prob¬
new

a

record

have

bonds

the

during

of this

of

reached

have

in recent years.

levels
billion

the

a

In
this
connection, it is also
appropriate to observe that sales
of new issues of municipal bonds
to finance construction of public

governmental ownership,
compelled to protest that

on

are

we

very

interest.

issues

based

13

Sntro Bros. & Co.

14

(2510)

The Commercial and Financial Chronicle

r

business generally are speculative ownership has no sensible
in characters v This- explains- the. for
policy ; consideration

Principal Merger Issues

fact

that

-

in

coincide

with*

of the cycle is under way

Transportation, Department of Commerce, Washington, D. C.

activity.

This

official states he fails
want to

understand

to

first

solving the basic problems of the structure of their

try.

Moreover, he advises the industry to obtain

consolidation
missions

Merger has
a

basic

direction

different meaning in each of the

modes of

transportation.

such

areas

air

as

and

In some
trans¬

bus

carrier

common

different setting and

a

is

industries

transportation

firm

modes of transpor¬

operate

may

tation.

Here, too, I shall pass over
question; not because the is¬

the
sue

lacks

has moved

but

because I

along rather
smoothly to
the point

to

large extent involves solution

where

some

I find it difficult to see how great

companies

transportation industries can have

of the

the

or

solution

its

believe

great merger issues within

several

ambitions

offer

now

a

interest

significance;

portation mer¬
ger

modes.1

transportation

to

other

into

expand

nation-wide

modes through the merger process

service

when

they have not yet solved
the basic problem of the structure
of their own industry. When we

under

single corpo¬
rate

owner¬

ship.

In other
such

areas

are

as

on

settled

a

that

ourselves

we

with

course

respect to a suitable structure for

trucking the

each

trend

merger

satisfied

have

is in evidence,
but policy—

of

then

shall

Frank L. Barton

the

about

several

have

how

both industry and governmental—
is less certain. There is more soul

find

more

gether

modes, we
time
to
think
modal

the

cross

boundaries.

searching,

to

.

more industry dispute,
amti -trust
agitation,
and

recrimination

more

air and bus fields.
other

where,

areas

than

in

the

are

There

still

consolidation have become

tering

problem,

and

merger

where

dustry and public face frustration,
where in fact any agreed basis
for progress is lacking.
The-rail¬
phase of the merger problem.
men¬

tioned; the problem of who should
the pipelines.: I shall not get

own

into

this

tive
strict
not

delicate and sensi¬

here.

definition

include

Those
are

very

issue

the

of

reason:

trying

in

does

the

situation

"un-merge"
has already been
to

something that
merged, so that the subject is
clearly beyond the purview of this
paper.

volves
in

■.

:

Still

f

another
every

great

other

issue

merger

in¬

issue

transportation—the problem of

common

merger

carrier

ownership where

a

single

dbfhmon carrier
can
rephrase the
what, kind of

policy is good for
transportation?

a

common

one.

Which way is com¬

mon
carriage going? Is it an in¬
dustry of growth and advance? Or

is

it

industry

an

retrenchment?
ternative

of

retreat
are

.

these

affirmative

depending
questions

answer.

A

and,;

two

approaches to the

problem,

which

of

There

al¬

mer¬

upon

gets

an

growing,

retreating, contracting industry.

"

We know

on

the basis

of

ful economic studies that the

cipal

motives

behind

care¬

prin¬
in

mergers

further

of

based

the

on

an

—that
with

activity coincides
and downs of busi¬

merger

the- ups

reports

contain

./.In short, railroad consolidation

lent suggestions for

portation.

It has undergone a long evolu¬
tion with sharply distinctive fea¬

acterized

tures in different periods.

again

problem( coincides with

departs
Special,
attention from-:the policy stand¬
point should be given those mer-i
ger problems which offer signifi¬
the

from

cant

normal

departures

relationship.
Where

from
,

the

or

pattern.

.

.

normal

a

—A

..

•

;V.

;•

■

We may-distinguish four differ¬
ent

neled

into

be

must

actions/ that

chan¬

will 'im-

proye • the^commQri '■ carrier system *
by prdvidihg 'Vno'ther stfong com¬
allowing better public serv¬
The public must see to it
that improved business conditions
pany

lead

to

better

carrier

commori

services.
far

.

Orthodox

I

have

been

expressing

anti-trust

philosophy.

But I submit further that'in trans¬

portation we see evidence of mer¬
ger interest that may not be in
line

with

the

normal

trend.

The

outstanding example of this is in
the

railroad

field.

/

'•

•

.

_

It

is

-

;

Key Issue

consolidation

famous

railroad

barons

problem

For

a^ea.

of

common..

as a matter

of record only.

,

|f

Securities ,Case

the

and

Act such

as

and

Hepburn

the

v

sions

policy.

These
actions

consolidation

Act

a

"trust

in

see

re¬

cally

the

for

its

of

est

then

see

its

nomic

in

law

;its

and

administration

in

indifferent
of

era

an

rising

which

officially

was

aged—railroads.
1920

had

encour¬

If the lawmakers

not

mentioned

even

Act, nature might have taken
farther

their

toward

did

their

objec¬

solidation

policy

inter¬

of

railroad

this feeling

individual

to

and calls

cases

of

government;

its

protect

each

into accom-.
fights rail¬

Railroad

interest

own

case,

York Central Railroad for the ICC

to

come

with

up

general consoli¬

a

dation

is

plan, at least for the East,
case
in point.

a

In

addition
there

ment

carrier

to

manage¬

two

important
groups with a stake in the rail¬
road consolidation problem: labor
are

communities.

affected

and

Many

of the supposed economies of con¬

solidation
labor
Of

derive from

which

cost

jobs.

fears

savings in
the

means

Understandably

that

will

it

bear

loss

labor
undue

an

share of the sacrifice in achieving
the benefits of consolidation. Con¬
solidation

also

elimination

munity

and

result in the

may

service

of

removal

to

com¬

a

railroad

of

facilities

from a community, and
brings forth expressions of panic

and fear among

lead¬

community

'

ers.

law.

objective of this most fa¬
experiment in railroad con¬

mous

to

and second to offer
general guidelines to the industry
in" reaching a rational consolida¬
tion goal. The petition of the New

history; railroad consolida¬

written

conflict

on

the

intervention

first

They
of the great¬
American eco¬

poorly

mixture

rational

advantages/in toto; it cannot

for

one

in

While

translate

the

of

rail
-

industry
appears to favor unanimously the
principle of consolidation and sees

soecif'-

encouragement

this

is
in

based

be

est.

They

own.

-

public interest to be

How

resolved

to

who

at

*

public
policy? Here we must explore the
principal causes of the lack of
consensus on policy.
The problem begins, this time,
not with government but with in¬
dustry.
There is no consensus, in
industry on consolidation policy.
The division of industry appears

'consolidation.

paradoxes

IIow is the

.

be

road in

senses

cn

interven-,

current

many

plishment.

busters"-

their

in

served?

business

law enacted

a

railroad

was

limited

a

oF railroad
systems of
equal strength. Equalization as a
goal worked
at
cross
purposes

number

Sharing Sacrifices
-

There

snould

the

be

assurance

that the sacrifices due to consoli¬
dation

by

will

be

-

carriers,

shared

equitably
affected

labor,

and

Once

there

communities.

is

such

however, there can be
no place for doctrinaire
opposition
guided industry in its merger in¬
to consolidation as such; each case
terests.
On the other hand, the
should be considered by all groups
goal of equalization contributed

Share

the

nothing

profit

Copies of the Offering Circular

may be obtained from the Undersigned in
Undersigned may legally offer'these shares.

particular

to

consolidation
of

which

Thus
its

on

the

policy

conflict

with

both sides of the economic coin-

•:

a

79 Wall Street, New York 5, N. Y.

.

.

!

,

'

'

istration

j
jg'

flicts

'

of

was

sense

stultified

interest

a

poorly

among

by

con¬

contend¬

ing carrier groups.
When

it'

became

most

its

is

government

the

cision

merits.

own

in

need
a

for

field

expert—the

workers

and

thus

action
in

faced

and

which

de¬

those

industry itself,
shippers—are in

advance

the

thesis

that

the

government must lead the 'way
out of this confusion.; But first we
must determine the basic

disagreement.

I

believe

cause

that

of

the

basiccause of disunion is the lack
evident

political consolidation
ure,

with

I

mechanical

drawn act with indifferent admin¬

First Weber Securities Corp.

its

The

disagreement.

profit and cost.;
In

assurance,

another

objective:

investment base and

cost.

foundered

any

motive

on

in

operating




is

have

We

consolidation.

of the
merger proposals.

that

course

reduction

.

motives

policy of promotion of rail¬

ing

consolidation depart from the nor¬
mal trend of business merger and

v' The

Share)

of

official proposals.
We
clear pronouncement of

Anturusr Division-in

paralleled

aimed'at

in

the other hand the interest of the

rapid turn of railroad consolida¬
tion policy at the end of that war.
They would have seen railroad

rational

I'.

eral
road

de¬

were

events

have believed

with

State in which the

This mixture

halcyon period
prior to World War I would not

tive-than

per

merger problem.

amend¬

consolidation in their Transporta¬

Common Stock

motives, there has

least this philosophy is uttered in
connection with the Eastern rail,

generally.

old

flourished

tion

LIQUORS

an

Be¬

a
limited resurgence of the
balanced rail system approach; at

as official repres¬
railroad
consolidation

on

them

Offering Price: $3.00

side these two

the Mann-Elkins Act

similar

of

100,000 Shares

consolidation is

been

signed in part

one
>

con¬

industry in

an

instrument of retrenchment.

ments to the Interstate Commerce

era saw, as we might, expect,
burgeoning of industrial consol¬
idation in every field except the

'

reflect

where

retreat

the

of

merger

the

capi¬
terms

through consolidation. Other

railroads, and the rise of the

ern

and. out

of the

be

can

immediate

the Doyle Report favoring a Fed¬

tion brought to a halt bv a

instance

into

have the

problemsf

in

efforts.

v

This movement culminated in the

transportation

both

consolidation

famous; "community of interest"
consortium among the major East¬

would

a

char¬

flected

problem.
Not only
deep-seated historical one,
but upon its solution awaits other
is it

decades

bankers and financiers to capital¬
ize
on' the
boom
period ahead.

would

.;f\

important that; we pay
attention to the railroad

see

solidations

tion running hand-in-hand in the
classic pattern. Edward G. Camp¬

follow

'

Motives

two

by prosperity, we once
a mixture of motives in

talized

Those

So

excel¬
reducing costs.

numerous

business which

new

normal

mergers must be restrained. Other

whose

Some of the consolidation propos¬
als
reflect awareness
of
future

phases of railroad consolida¬
tion history running from the turn
of the century to the present day.

where;

merged" activity,

past

railroad

relationship West: Hill,, Harriman, Hunting¬
transportation don and so forth.
mergers are based on speculative
I.;" Public policy reacted to these
anticipations of increased v busi¬
developments in the classic anti¬
ness, we should adopt the
anti-- trust'
pattern — to repress
the
trust philosophy. We must deter¬
growth of monopoly. As the mer¬
mine from the standpoint of pub¬
ger
movement in both business
lic " policy if the enthusiasm of
generally and railroads1 reached
the merging -interests will carry
its height and declined along withto the point of undue control over
business conditions, a great wave
the supply of transportation serv-''
of
legislative and anti-trust ac¬
ices.
Where this is the "case some
tions took place.
The Northern
prevails;

the

In

.

December 4, 1961

per

a

Coor¬

Transportation

Mixed

v

.

'

conditions—should be used*
bell's able study showed that the
the point of departure; for any.
major railroad reorganizations of
consideration
of
transportation that
period came out of the depths
mergers.
We should examine the; of "the '
depression of the midextent to which a given merger
1890's and
were
engineered by
ness

8:

(Par Value $.10

reports of the Federal

transportation problems.

as

NEW ISSUE

WILLNER'S

so

or

from

for

a-

appears

squeezed

dinator

this

AM °f these shares having been sold, this advertisement

savings,

ous

industry.
significance be¬
of its relationship to other

is

prosperity and boom. Incidentals

Hi

cost

be trimmed

of the importance of the

speculative interest there

special

Mergers Tied t** Business Cycle
Swings

to

It

provide the motives-, for History of Railroad Merger Phases
specific merger actions.
In; the early period we find
This fact of merger economics
railroad and business consolida¬

advancing
industry
requires
a
policy toward merger that is quite
different from
the policy for
a

"

'W-. i .//■•v

„•

ice.

This
question,
however,
re¬
quires the answer to a more fun¬

ger
merger

to¬

merger

in this way:

issue

a

pipeline problem.

interested

often

The

tie

to

problem in
transportation? We can begin by
noting that it is one of the prob¬

damental

One other issue related to trans¬

portation mergers could' be

this

system.We

in¬

road field is representative of this

thread

common

lems affecting the'

fes¬

a

both

For a-11 its diversity how can we
a

profit

which

in two

or more

is

merger

this

market conditions work their way
back into the prices of securities

on

going.

are

'

-

in

anticipation of.. increased
sales. Such optimistic forecasts of

policy and to learn together with the regulatory com¬

the

industrialization

normal

indus¬

own

consensus

a

turned

loss could

a

is the key merger issue in trans¬

Research, which
the entire period of large

When

why transportation industries

expand into other modes through the merger process without

that

declining
traffic.
The high point
in this
kind of thinking came in the vari¬

of Economic

country.

guiding merger applications. Turning to the broad problem itself, the

studies

to the

answer

disappeared
in
the
Depression,. Consolidation

Great

problem.' The structure
of the railroad
industry is im¬
portant for its own sake because

cause

scale

in leading and

use

solidation

basis
until

well
busi¬
mergers by the National Bu¬
was

traced

that tribunal should

general criteria and other indices for its

prepare

Thursday,- December 7, 1961

ness

Charging the ICC bears

the burden for consistent action, Mr. Barton says

definitive

a

.

reau

Department official says the Government should lead the

trend

in the study of

documented

out of the railroad merger "confusion."

there is

noticeable falling off in merger

a

there is

.

upward* railroad

swings in the so-called business
cycle. When the downward part

By Frank L. Barton,* Deputy Under-Secretary of Commerce for

way

in

movements

merger

business

Commerce

.

was

a

the economic motive for

(hat

of

understanding

fail¬

future

con¬

The

of

the

answer

to

on

the

railroad
that

actual

industry.

long

range

Volume

194

Number

6114

.

.

The Commercial and Financial Chronicle

.

(2511)
question is decisive for the direc¬
tion

of

industry
ment

demands

toward

its

other.

structure;

industry

requires

"

far

kind of policy

one

business

advancing
So

J. A. Hogle Co.
Absorbs N.M. Firm

consolidation: policy.
An
in retreat- or retrench¬

know,

of

the .basic

ing. With their
action and

be

are

of

the

transportation,

.the

there

ICC

(2)

are

Almost

now

to

that

tion.

Clifford E. Minor

,

criteria

its

for

general

consolidation

de-

cisionsi
have,

those

are

the

another

who

Commisison

would

formulate

"grand plan" for consoli¬

dation. A grand plan has i Is prac¬
tical pitfalls, as we all know from

past

experience.

Such

plan,

a

may not encourage in¬
initiative in moving con¬

moreover,

dustry

solidation plans since there might
be a tendency to settle back and
wait

for

the
its

nounce

better
modest

government

plan.

idea

to

It

approach- to

policy

-

an¬

might- be
with

start

to
a

-

a

more

general
consolidation
of

toward

a>

railroads;*

The

Commission

suitable

might, after a
parte study, announce

ex

general criteria and other indices
which

it

would

in

deciding
consolidation applications.
These

criteria
based5

indices

and

its

on

use

Own

would

economic

be
ap¬

praisal of railroad prospects, both
from

national and regional point
of view.
In making such a study
the
the

The
fices

in

and

Carlsbad.

a

Commission

on

of present-daw eco¬

resources

nomic

could 'draw

research

and

consulting

cipals

been

believe that the first burden
action falls on the

Interstate Commerce Commission.
The Commission should make the
effort to

lead

carrier

mon

and guide the com¬

industry into

a

suit¬

Dec.

on

the

Merger

should

be

consolidation

and

^necessary
the progress of the in¬
dustry. Conversely where merger
consolidation

and

progress,

jeopardize that
they should be discour¬

aged. r"We
tell'

are

us

•'

'

looking
is

to

now,

is?

high, to find
them.'■
■ VA1"'''* ■
v
v."' "■
J '4
It isr our hope that the common
carrier industry will advance and
■

be of further service to our econ¬

and to the public.

omy

toward

work

a

We must
suitable

more

structure for tha* industry's busi¬

operations. This is the prop¬

ness
er

state

to

Co*.
become

be

linked

The

company

now

by a pri¬
which also pro¬

vides- direct

communication) with
principal commodity and stock
exchanges throughout the nation.
all

The

1 y-a cquired

n e w

Mexiccr

operation,

New

which» has ,16

representatives who will be regis¬
tered

with

the

Exchange,
bonds

New

will*

and

add

Offerings

of

to

its

of¬

ownership.

new-

unlisted

considerably

Stock

municipal

-

commodities

ferings under itsbe

York

stocks

will

expanded,

by

address

Mr.: Barto" be^re tV

Acquisitions,
Evanston, III.

Northwestern

University,

banking
department will underwrite, as a
major participant, securities for

and

distributors

James

Edward

N.

present

quarters at
The

York.
located

Wall Street, New
firm was previously

at 35

Wall Street.

E.

Minor

ceremony

Ball, Burge Office

MANSFIELD,
&

Kraus 'has

the

Richland

Ohio—Ball,- Burge
opened
Trust.

an

net

asset

value

Next, divide this

; When you
figure

this- asset

compare

value

just

obtained -with

the price your stock is

selling for
and with the price you paid
itj you will probably., be-sur¬

now, -

prised-;* Over'a period of

years,
the ratio of .net asset value to the

selling price may average: out
fairly well, depending upon the
industry., The more - popular the
industry; or
the
company,
the
higher the price will average in
to

net-

asset-

value

have

*

selling

investing stresses three
asset

ually

increase

chance

for

and

there

stock, to

asset

is

ered .with

,

nearly

a

sell! for

any

of

the ^common

company

should

make

the

ent price of the stock. You do not
figure the yield on the price you

originally
but

paid

the. price

on.

today.:

This

important.

very

that:

the

of

must

your

PORTLAND; Ore.
Heikkala

the

stock

do

stocks

this matter
largely upon

'

V/ J.4

.

for

f The competition to

Edward M.

To Admit Two

more

factors.
of

There

competition.

comes

from

new

.

As

in¬

of

and

■

.

Jan.

John

admitted

dustry in which your company is

H.

Second,

engaged.

from

which

that

other

corporations

R.

in

1

*

Harry

partners

The
Mee

Co.

&

an

offer to sell

securities. The offering is

former

nor a

solicitation of

Straton, Jr., will! be

partnership

York

offer to buy

arty

of these

made only by; the Prospectus.

in the mid-Twenties, then
continued
in
management posi¬

careers

with

tions

various

of the New York

Minor

Mr.
ager-'

of

ment

of H.

New

York

which

member

firms

Stock-Exchange.
appointed man-'

was

United

the; Investment" Depart*C.

Wainwright & Co.,

City,

in .1936,

fflt I

after

he

became manager of the
Investment Department of-'E. W.
Clucas

&

he

1948

moved

became

and

Common Stock

Co., New York City. In

vestment

to

(Par Value $.10

Mexico

New

manager

of' the

per

Share)

In¬

the Al¬

Department' of

buquerque office of E. F. Hutton
&

Price $3.00 per

Co.
Mr. Mee

firm

served

of

partner in

a

as

Share

Podesta

Cruttenden,

Co., New York City, from 1942

to

1946, and later became a part¬
in E. W. Clucas & Co., also

*150,000 Shares

ner

New

York

State

the

City.

Securities

firm

in

1951,

his

own

1953 to establish

Copies of the Prospectus

after

dealers

broker¬

Minor

in

Aetna Securities

:

•

,

••

•

•

.

.

Englander & Co., Inc., 115 Broad¬

York

City,

has

presidents,
secretary.

and

distributed.

as

Godfrey, Hamilton, Taylor & Co.

-

Incorporated.

an¬

vice-

Arthur Fisher/ as

Laird, Bissell & Meeds

Frank Karasik & Co.
Incorporated

Freiss, Cinder & Hoffman, inc.

Magnus & Co.
Incorporated

nounced the election of Alari Cur¬

tis and Theodore London

Corporation

•

.

Names Officials
New

in v/hich such dealers or brokers are so

Roman & Johnson

-

way,

be obtained from the undersigned or other

qualified to act, and in wf.ich the Prospectus may be legally

Minor, Mee & Co.

■

may

brokers only in States

He went into

Mr.

Englander & Go.
.

or

the

Albuquerque,

with

being offered by the Company and 40,000 Shares

Mexico for

and

William R. Mee Co;

partnership

are

being offered by certain selling stockholders

He was ap¬
Commissioner

New

of

1950

years

are

'

2

December 4, 1961

'

S

.

•

>

Jas.

City, members of the

New York Stock Exchange.

Minor,
began
their

both:,

in

Oliphant & Co., 61 Broadway,

New

an

~

Brooks

C.

in

This announcement is neither

Hogle & Co.

G.

-•

to

Mee,
J.••A.

"
t

.

-

that

First,

some

i

two

are

partner 'in

partners

associated

JamesOliphant Co.

which the

is .subjected*, may
be
important than the

company

comes

—

become

{Competition

,

kinds

has

'

r

:

dustry taking the place of the in¬

sell

»

Blankenship;
Gould
&
Blakely, Inc., Equitable Building.
Mr. Heikkala was formerly VicePresident of First Cascade Corp.

judgment.

j'

which

often

to

come*

with

is

On

depend

you

above

Earnings and Growth

will

(Special to The Financial Chronicle)

for the stock—
it is: selling for

means

growth) feature

of

computation^

illustrations

other

your

prised,^ when they do this, to see
what a small yield" they are ob¬
taining on the basis of the pres-.

even

the

asphalt., As; a result,
in the. granite

everyone

-

of

stock

that
cov¬

of my home town went
broke, and there are now a dozen
empty quarries.
The competition
of airlines with railroads, of.' oil
and gas with coal,
and various

•

shares

ce¬

building

mind; To keep» alerted ■ to
cost more to build on a prairie in
this competition, you should careKansas, but its assets would be .fully read the newspapers and use
of no use.
your own knowledge of what is
The
wise
investor,
however, going on.
does not consider merely the cur¬
Regarding the second form of
rent dividend.
Although the di¬
competition, to keep in. touch .you
vidend may have looked good to
must study the relative earnings
you at the time you bought the
of your'"company- and of compet¬
Stock,
the
market
may
have
ing companies. This is a difficult
caught up with it so that the yield
task for individual
investors to
is no longer satisfactory at pres¬
do without" employing professional
ent prices. To ascertain the yield,
counsel.
■'
you. divide
the dividend by. the
price; Many readers, will be sur¬

most,

number

of

use

for

business

in the di¬

higher figure. In the last analysis,
we buy for earnings
and not for

pep

value.. Readers

goodly

a

Suddenly the

every¬

making

sulted
in
public insistence
the granite paving, stones be

vidend, then these earnings might
entitle' the

primary

was

and the rapid5 rise4 in
popularity of the automobile re¬

(net

increase

an

the

purposes;

and
If the earnings grad¬

the growth.

granite

ment'was discovered

valuer

looking: at the earnings

are

considerably

office in

Building in
charge of William H. Rusk, a reg¬
istered1 representative.
-




is- the

figure by the number of common
shares outstanding. This- will give
you the net asset value per share.

Why

William

and

limited

new

/

;

statement

(ex¬
stock). The

common

of the company.

relation

of

in

when

charge of operations; and Clifford

age

64

the

at

E.

Bagley,

which he opened

New
Jersey municipal and au¬
thority revenue obligations, 'an¬
nounced Dec. 4, the removal of
their offices
to new
and larger

take the value

you

from

Hogle, man¬
aging partner; G. Kenneth Hand-, much more than their asset value?
ley, partner in charge of finance; The reason is that most investors

the

of

difference

above

distribution to clients.

for

underwriters

this,

assets

deduct the total of liabilities

for

art

money.

assets. The Waldorf Astoria would

their

pointed

Boland, Saffin, Gordon & Sautter,

the

who

in

Boland, Saffin
In New Quarters

ascertain

above

were

the

common

share-j-, Today,however,

and

investment

changeover

of'

in

Asset Value

company's

formal

im¬

very

.

first

are

.

three

involved

:

stocks

officials

>

holding

or

?

handled by a staff of specialists in
Over-the-Counter securities.
The

&
*/.ii

Conference onTransportation Mergers and

shares.

more

factor
(but not the
important is asset value. To

most

of

are

cept for the

effective

Mexico

vate wire system

the

issues today.

limited

as

has 24 offices connected

framework in which to discuss

merger

New

system.

age

guides-to

opportunity

interest,

when

for

which fork in the road

There

take.

V:

many

in¬

are

firm,: which is sent to stockholders .and

into the J! A. Hogle & Co. broker¬

where

used

to promote

Minor

Mexico

acquisition,

1,

eleventh

able structure for its future activ¬

ities.

New

admitted

With» the

the

consistent

E.

Fe,

Mee, former prin¬

partners in J. A. Hogle &

here
I

Santa

Clifford

the

Company
ICC's Burden

-

in

have

practice.

for

Albuquerque,

and William R.

There

common

them

of

factors

■•'v."

William R, Mee

urging the

formulate

the

on

why stocks sell above their

readers

my

share of

one

there

,

•stocks;

In fact many of the partici¬
cases are

of

one

most

in

purchase

involving this very
industry direc¬

Commission to

and

portant

many cases before

ultimate

pants in these

consider—(1)

Unfortunately, few people realize

alsor be¬

of

investors

(yield) compared to asset value
share; and (3) inter and intra industry competition.

every

terested

issue

to

importance of earnings

has-at-least

stock,

of

matter

but

to

per

con¬

only; because

advice

factors

go-*-

particularly

of railroad

case

solidation*. not
the importance
all

General

them

article

same

makes;

granite, and

was

then

one

parte

have

to

Gloucester

industry

with of*-

company

planning studies? Such

studies

urgent in the

cause

Mexico

New

a

the

are

powers of ex

reasonable

parte

in

By Roger W. Babson

investigation, would it

make such
ex

.

direction

carrier industries

common

not

none

the

company

Regarding • the first, T have re¬
in a previous article (Sept.
14,- 1961)t about my young days

ALBUQUERQUE, N. M. — J. A.
& Co., has announced its
acquisition of Minor, Mee & Co.,

an¬

make

can

your

lated

Hogle

L

of the
regulatory, commissions-have con¬
sidered the merger: issue in > the

light

that

an

'•
as

which

15

*:

16

The Commercial and Financial Chronicle

(2512)

NOTICES

DIVIDEND

Managem't
& Developm't Co.

CITY INVESTING COMPANY
Madison

980

The

Board

pany
the

New York 21, N. Y.

Ave.,

Directors

of

share

per

Series
the

the

on

Cumulative

Preferred

payable

company,

this

of

com¬

29, 1961, declared
dividend of $1,375
outstanding
&l/2%

November

on

regular quarterly

Stock

January

December

on

15,

1,

HAZEL

T.

BOWERS,
Secretary

AMERICAN
CAN COMPANY

On November 28,
of

and

one

declared

holders

of

main

January

record

December

quarterly dividend

a

cent

per

8,

1962

close

will be

Bellevue

104

Inc., manufactures elec¬
components, chiefly garage
door controls, television receiver
deflection yokes, a Fish Finder
and a Fish-Finder depthfinder.

;

HYATTSVILLE,

THE

ATCHISON,

SANTA

Haseltine
INDUSTRY

AND

HOME

is

was

of

ner

(25c)

declared on

also

Board

this

day

of

Dividend

of this

to

istered
close

the

on

books

business

of

addition,

In

the

of

the

1962.

declared

Board

the

at

Company

26,

January

extra

an

dividend, No. 204,

for the year 1961, of Twenty-

five

per

Cents

12,

ary

close

(25c)

share,

the

on

of

business

December

1961.

8,

M.

R.

Broadway,

York 5, N.

New

25^

A

—

is

4'/2 %

&

CUMULATIVE

PREFERRED
regular quarterly

A

—

payable

of

$1,123/2

January

1962

1,

Dec.

share,

a

R.

■«

TWE

and Hardware Products since

Materials Handling Equipment

the

VALLEY

v..:-'r

-

,

The
<■«

The Board of Directors of
a

'

the

December
.'

the

(27^)

of the

share,

1961.

dividend

of

rate

100
ary

6

m CONSECUTIVE

on

6

A

January

Agreement

March

and
of

Preferred

1960,

will

Fuller

n

if

13,

6f

an

be

Progressitron

000 shares, al $5; per share.

Vbrk

New

r

r Net proceeds from the f inane-,
ing wili be used for Purchase. of

urMeb-

public sale? of common
Alpine Geophysical As-

;addltl1p^al manufacturing, Testing

through the offering

v9premeht of new facilities, re-

of

Inc

shares, at $5

per

ne^UfT^?Hec• Pw"

share. :

of

Current w^rate ^^eralTnd

of

.pepses

Merger

entitled

to

their exchanging said
becoming holders of
Cumulative
Convertible

Series A.

r

veys

for

mine

development in certain, spe-

guiding, petroleum
ploration, as an aid in planning
cial

situations

ing

projects.

and

The

for

Q

also

and

apparatus

Ph'C a " d ge0physical

special

{

company also makes
ers* po^er .supphes, tele-

develops, manufactures and sells
standard

a va-

fjl10' itr

^;ai*?f'2 5, ?f, a

engineer-

company

eJe

mechanical devices
Jrc^and spare Sehide°"
space vemcies,
^rning syst®1Tls and related projS a",a.

purpose

••

SCHOENER

Vice-President

flit workfng capital. N. Y„

sclent Th^ Surt V located in College Point,
and land geophysical stir-' "?® company manufactures

marine

pur¬

heretofore

cash divi¬

a

cents

(9tf)

pine

per

deuces Ind Telephone eqCip-

ing

ment.

the close of

November
on

30,

CORPORATION

TENNESSEE

TENNESSEE

QJ-J- Aycsa
Tnr»
OvUJLJfc/bj 1I1L«

tension

November 21, 1961

375 FIFTH AVENUE

16, N.Y.
CASH

VA PUBLICLY OWNED REAL ESTATE COMPANY

DIVIDEND

A

regular quarterly: divi'
dendof thirty'five (35c) cents
per share was. declared pay.'

at

and

reclamation

a

along

dam

the

M

bOIIl 111011 Uttered

LaGuardia

Airport;
Japan;
a
bridge and tunnel across Chesapeake Bay, Md.; a pipeline in
Alaska; fixed-''replacements for
two lightships off Rhode
Islanri;
land

CORPORATION

Chairman of the Board

&

-Lllll^l-LvClll: V <Xk lv3 Cy

Oregon and Galveston and Matagorda Bays, Texas; a runway ex-

pay¬

Ira Sands

NEW YORK

V
TYTPTlPQTl 1 V^YMPfv
#

A

Sydney, Australia;
deepening at Newport,

channel

December 20, 1961.

^

by the Alinclude: harbor

dredging and channel entrance at

business,
1961,

conducted

companies

Newcastle and

the Class A Stock

on

at

300 Park Avenue

Co

and earth

Shareholders of Record

Secretary

&

rhanager

of

stock

common

Corp. through the offering of 60,-

.

TwlkSf of'the^eSS

....

upon

Stock,

making the initial public sale of

(iffpr^prl

^■LtClCU

piohn & co.; b. w p,.

& Co., Inc., and Atlas Securities Corp., New York City, are

zim

.

share

16,

;

..

thereby
$1.50

Indus¬

City of

Specialized engineering surveys

to

CORPORATION

.

.

December

Plan

EUGENE

Michael D. David

N. Y.

and

the

31,. .1961,

stockholders
at close- of

exchange

Executive

dend of nine

able

New York 22,

21,

dividend

record

MONTHLY DIVIDEND

has declared

1962.

CERRO

t>n

for

Urban

by

Progressitron

.

of 150,000

par

shares

owned

popcorn.

sociates

First

$50

or

Flatlands

sites.

for

A,

The Board of Directors

9,1962, to stockholders
on

1961..

13,

to

shares

shares, payable Febru¬

of record

record

record

dated

for each

shares

the

of

such

said

the

at

December

£}erifes

December

of

industrial

into

York.

products

Cumulative

$1.50

1962,' to

suant

OF AMERICA

6% Stock Dividend
stock

machine

develop

New

stock

INC.

.

December 15, 1961.

A

to

writing group which is making the

Lehigh Valley

of

Stock,

ending

year

rendered

pay¬

of record

It

parcels of land in
Brooklyn, six of which it intends

Park

City*

Preferred, Second Pre¬
Preferred Stock of theCorporation, or of the Capital Stock of
Lehval Industries, Inc., who have not sur¬
ferred,

CORPORATION

able December 28, 1961, to
stockholders

the

on

Preferred

holders

of

1961

THE FIRST REPUBLIC

per

half

The

Twenty-seven and one-half

estate

eight

trial

s

1868

1,

December

w

,

payable January 2,
holding such shares

.4business

Cash Dividend No. 166

Stanley

business.

construction

oWns

^

today declared a dividend

Inc.,
share

; a

Convertible

5,. 1961, declared the fol¬

cents

vending

vyllllllvll

since 1875

INDUSTRIES,

of Directors

Board

Industries,
of'75c

Stock

400

gaging in the general real

indus¬

dis¬

initial

-

Corporation:

cor¬

95-acre

of

Principal

U.fimmnn

*"

Common

of

other
r-

This land is close to the proposed

.

Cash dividends paid every year since 1899

LEHIGH

on

of

A
I
AbbUOlaltJb

JALE & TOWNE MFG.CO.

CocK
on

CERRO

dividends

-

company

The

Alpine Geophysical

Symbol is EFU.

lowing

for

and

purposes.

Stock Offered

Elmer F. Franz

TIBOLT, President
Stuart St., Boston 16, Mass.

New York Stock Exchange.

on

building

porate

and

maintenance

and

.

meeting held

fice

12,1961

j Vice President & Treasurer

P.

Our stock is listed

at

.

by

Ave., Brooklyn, N. Y., was incor¬
porated in Delaware on June 15,
i961
for
the
purpose
of
en¬

and

Nov. 30,1961

November 30, 1961

Corporation,

used

cigarettes, soft drinks, coffee,
various tvoes of hot food (includ¬
ing 40 different casserole menus)

Declared:

to

ber 11, 1961.

Treasurer.

Y.

250

Cerro

Co., New York City and
Net proceeds will be
the company to repay
bank
loans,
erect
a
one-story
warehouse and a three-story of¬

associates.

Record date:

STOCK

Corp.,

are

Jan. 2,1962

dividend

Development

baum

of

shares

common

&

pensed by the company's machines

Payable:

shareholders of record

to

1,000,000 class
Royal -Land
at $1 per
being made by Lieber-

offering of

A

common

share

routes.

Share and

a

2% Stock Dividend

shareholders of record Decem¬

SWEARINGEN,

Assistant
120

STOCK

December 11, 1961.

Common

Stock of the Company, payable Janu¬
1962, to stockholders of record at the

Capital

1961

of

shares

80

"in-plant,"
cafeteria-style,
automatic
feeding systems, and
sale of various consumer products
through the operation and main¬

Quarterly Dividend

regular
quarterly dividend of 40 cents
a
share, payable December 28,

Thirty Cents
(30c) per share, being
No.
205,
on
the Common Capital
Company, payable March 1, 1962,
holders of said Common Capital Stock reg¬

dend

Stock

each

trial

DIVIDENDS
COMMON

Sept. 1, 1976 at par,

the basis of $100 of debentures

tenance

295th

divi¬

a

Public

The
company
of
Westbury,
Long Island, N. Y., and its sub¬
sidiaries,
are
engaged
in
tue
design, development and manufac¬
ture of vending machines; instal¬

Pickard, Hamil¬

Stewart,

1961.

29,

December

Mr.

YALE & TOWNE

ASSOCIATES

1,

The

Class A Sold

de¬

Hardy & Co., New York City,
manager
of an underwriting
group which is underwriting the
offering.
-

DIVIDEND NOTICES

Capital

ness

subordinated

is

AND FUEL

per

126, on the Preferred
Stock of this Company, payable Feb¬
1962, out of undivided net profits for
the year
ended June 30, 1961, to holders of
said Preferred Capital Stock registered on the
books of
the Company
at the close of busi¬

the

.

a

EASTERN

has this day declared

6

Subscription " rights' expire
has applied
for listing of the debentures on
the American " Stock Exchange.

Part¬

a

common

Dec.

Dec. 21. The company

R.

proprietor.

formerly

Royal Land &
Development

held.

Co.

&

GAS

1961.

share, being Dividend No.
ruary

sole

in

Theodore

concerning persons who
checks, bank drafts and
other
negotiable instruments in
payment for goods and .services.

lation

WITH ESSENTIAL BASIC PRODUCTS

AND

Cents

bentures due

911
lor

7100

at

engage

business.

Haseltine

re¬

SERVING

28,

to

Street

securities

COMPANY

November

Y.,

Twenty-five

of

dividend

a

N.

of Directors

Board

The

TOPEKA

RAILWAY

FE

York,

offices

its

of record

convertible

6%

Md. — Citizens
Company has

with

formed

Hawthorne

ton

New

Securities

Mutual

Ave.,

is

other

reports

right to subscribe to $5,052,700 of

Forms Citizens Mutual

DIVIDEND NOTICES

mailed.

offering

Corp.

stockholders

request of retail businesses
subscribers, immediate

on

present

Machine

Vending

Evans,

business

JOHN R. HENRY, Secretary

Continental

tronic

Stock¬

to
of

Transfer books will

1961.

Checks

open.

2,

the

at

corporate purposes.
of

ing,
and

To Stockholders

Co., makes loans on auto¬
mobiles, boats and airplanes.
A
secondary
subsidiary, Elliott &
gage

been

was

the Preferred Stock of this Com¬

on

payable

pany,

1^61

three-quarters

other

Pakco

Thursday, December 7, 1961

Rights Offering

Mort¬

&

Investment

Hammonton

.

Contin. Vending
Machine Corp.

J., for the large scale produc¬
tion
of
blueberries, cranberries
and strawberries.
A subsidiary,

Development Co., at $11 per share
is
being
made
by
Woodcock,
Moyer,. Fricke &
French, Inc.,
Philadelphia and associates. Net
proceeds will be used by the com¬
pany for the improvement of its
plantation properties, repayment
of debt, loans to subsidiaries and
for

STOCK

PREFERRED

organized

was

to

N.

offering of 280,000 common
shares of Pakco Management &

1962,

1960

develop a 2,500 acre
tract of land near Mays Landing,

Public

1961.

*

in

Common Offered

of

to stockholders of record at the close of

business

Hammonton, N. J.,

Pakco

.

.

.

,,

.

i

,

oifenng of 100,000 common

in

|hares of Amer ic a n Variety
Stores, Inc., at $4.50 per share is
^ehig made .by Netherlands Secu-

'es_^°'' Jnc- .New Afork .City
Mutual^ Fund? .Servace of

.

»!?d

survey at Hales Bar
Tennessee River.
A

Florida, Inc.; Miami. Net proceeds

able December '19, 1961, to
stockholders of record

BENEFICIAL FINANCE CO.
COMMON STOCK CASH DIVIDEND

Common

5%

Preferred

Stock—Semi-annual—$1.25

$.80

per

Preferred Stock—

share for the

period

the close of business December

Over 1,300 offices
in U. S.—Canada

England—'-Australia

from




FINANCE
SYSTEM

a

2% stock

declared pay

4,1961.

19, 1961.

Wm. E.

BENEFICIAL

addition,
was

-

The above cash-dividend

will
Thompson
Secretary

December

ity of the proposed English Channel tunnel.

'

The conqpany located at
v "
land
and
Passaic, Fort

Cleve¬
Myers,
Fla., is engaged primarily in re¬
tail and discount selling of house¬
wares,
appliances,
toois, hard¬
ware,
toys and
other products
commonly handled by small de-

*'

Telecredit, Inc.
Common Offered
Globus

Inc.,

660

Madison-

Ave.,

>

par^mem S^01T^S.*

1,

1961

not

be

paid

on

issued pursuant to
dividend.

the shares
the stock

Telecredit, Inc., at $1 per share. PHILADELPHIA, Pa. — Warner,
Net proceeds will be used by the- Jennings, Mandel & Longstreth,
company
for organizational rex-- 121 South Broad Street, members
penses, as a * reserve for continof the New York and Philadelgencies and for other corporate phia-Baltimore Stock Exchanges,
.

purposes.

•New York 6, N. Y:'-

*•

\*

•

i<

on

Dec.

14

will

admit Albert

P.

Shore to general partnership and
St., Los Angeles, plans to develop, Frank < R. Stranahan 1 to limited
operate and commercially license partnership in the firm. Mr. Shpre
high-speed .' electronic data, proc-' is manager of the firm's office, in
essirig systems capable of furnish- " Miami Beach.
:
•'
T : *' ' /
The company

John G. Greenburgh,
61 Broadway
Treasurer

t

Jennings to Admia

close of business December

payable December 31, 1961 to stockholders of record
at

DIVIDEND

able December 30, 1961, to
stockholders of record at the

share

October 27, 1961 to December 31, 1961

*

In

on

dividend
per

the

'/X

A,

STOCK

Stock—$.25 per share

$4.50 Dividend Convertible

'

4, 1961.

130th CONSECUTIVE QUARTERLY

The Board of Directors has declared cash dividends

at

close of business December

of 2724 West 8th

i

Volume

194*

Number

6114

.

.The Commercial and Financial Chronicle

.

in

favor

(2513)

to

about the steels

say

at 103%%

to and including Nov,
30, 1962, and thereafter, at prices
decreasing to the principal amounf
on
and' after Dec. 1, 1986. The
debentures may not be redeemed,
prior to Dec. 1, 1966, with funds

since

they so obviously are not *
participating
in - the ~ economic ■

■

STREETE

BY WALLACE

boom to any
that had its

•'

-

•

The

yearend

cleaning-up

-

these highflying issues of recent weeks followed official approval for com-

growth status warrants wider indemand, and new yardsticks
including a
lower yield
basis.
For a long time when its
dividend was held static for a
third of a century, it was considered a yield item and its return
more times than not was in the
5 % bracket. Lately the indicated

mercial banks to raise their inter-

yield has fallen below 3%.

'

the

stock

markets

kept

scrambled

for

shares

much

pretty

ignored

the general market.
r
The corrections in

est rates

by

,■

savings accounts to

on

maximum of 4%

a

to listed

A newcomer

•

the indicated annual

return for

initely

trading

The move was
help them compete
with institutions paying higher
rates
than
they had been permitted earlier.
And the savings
and
loan
issues were
quick to
take

a

year.

to

;

heed.

Financial

had

of

which

Federation

traveled

over

a

of

range

treat

the

to

stretched

lows

new

its

range

lists

past

points. First Charter
Financial,
which
had
had a
longer trading life, earlier had
jumped from its year's low of less
than 29 to a peak of 69. It reacted
bit

hard, too.

Pipeline
Texas

More Trouble for Electric

makers

it

troubles

over

the

nature of

suit

by

44

what

but

makers

since

the

even

utilities admitted they

don't know

the precise overcharges

partly since it was
the only supplier mentioned in all
12
specific types of equipment
where price-fixing was charged,
Then, too, the issue had been in
something
of
investment favor
.and had been toying with its ,1961
high prior to the time the suit
;was, filed.
.Westinghouse, which

much in the way of

fanfare.

;

isn't

better than

cide

completely
new
Coal supplies

be

reduced

section : whi ch

slurry
dried

to

.scrambled,
of

Some

times

more

coal

the

approach has

teamed

three

350-mile

pipeline

interest in the plan

group

erated. /

.

glamour of

:

.

.Steels

Motors

.

,

-The

•store

other

>

in

from

run

yea^
*

last

year.

is coming
'

less

an

issue

than

up

.

V

the "Chronicle."
as

those

of the

1

M

J

aul nadeau vJpens
js

conducting
x

££.

securities

a
.

on

'

,

Mr. Optican has held executive,
positions at Newborg & Co. and
Burnham & Co.

and

products.

Mr. Jacobs is

a

member of the

New York Stock Exchange.

Central States Inv, Office
BUCYRUS, Ohio—Central States
Investment

including the continuing de¬
velopment and diversification of
the company's business and the

Zeigler, Jr.

maintenance of

adequate work¬
ing capital position.

sinking fund for the deben¬
of
$2,000,000 on each Dec. 1 from
1967 to 1990, inclusive, with the
non-cumulative right to as much
double

the payment in
any
The mandatory sinking fund

calculated

issue

fund

has

opened

t

e n

t i

a

to

retire

the entire

by maturity. The sinking
redemption price is 100%.

The debentures

Thomas Jay Winston Office^

redeemable

are

Thomas Jay, Winston & Co. Inc.
has opened a branch office at 50

Broadway, New York City, under
the management of Solomon Eisenrod.

Preferred Securities Branch
DENVER, Colo—Preferred Secu¬
rities Inc. .has opened a branch of¬
fice at 444 Seventeenth Street un¬
der

the

management

Slade.

.■

of

has

offer to sell nor a solicitation to buy any of these securities.

December 6,1961

NEW ISSUE

150,000 Shares

coal pipeline, Texas

a

been profit-less

up

W

Alpine Geophysical Associates, Inc.

to

Common Stock

cor-

was

on

(Par Value lOf.

that

had

at

4.4%, well above

av-

Price $5.00 per

qUestion mark in the utility

field is Consolidated Edison.

Share

schedule

rate

the

sumers

by

this

on

York

City,

larger

a

was

And

the decision of

a

was

-

,

duck'

dealings

Nevertheless

the

with

S. D.

FULLER &

the
or-

;

of the

ARTHURS, LESTRANGE & CO.

LAIRD, BISSELL & MEEDS

second

one

the

lawfully offer these securities in such State.

in-

city's large builders to install generating equipment in new projects
fq

may

con-

despite

schedule

as

new
•

by the State's Public Serv-

i<ve - Commission.

blow

would

underwriters

is to be fought vigorously

New

dered

which

rates

fact that such

r

t

Copies of the Prospectus may be obtained only from such of

For

the company's proposed

one?

at the

.

Share)

per

the stock

Uncertainty Over Con-Ed.
_

crease

shares sold below 15
A stock split proposal
up next week.

GEORGE D. B.

BOENNING & CO.

&THGIRBNOB CO.

SONS

McKELVY & COMPANY

A. G. EDWARDS&
ADAMS & PECK

Con-Ed.

investmen t

DRAPER, SEARS & CO.

HAMPSTEAD INVESTING CORPORATION

•

.

,

.

-




,

Russell

-

offering is made only by the Prospectus.

1

a

an

A

is

Co.

branch office at 220 Walnut Street,
under the direction of Robert C.

a

standing of the utility as a top
r
Controversial ATT
; grade
operation is not impaired—'.. .American Telephone took a rest
by such squabbles and the trim in
'after, it .had- worked, to its best its price served mostly to boost its i
price level in history. -It was still„ yield well into the 3 % bracket, an
the center of a rather spirited deabove-average return. bate
over
whether
its-* • -n e w •, Few market analysts had much »" "
•

ated with Dean Witter & Co.

of

tures requires annual payments

-

The

.

as

discount
_much

32

chemicals

foods,

Diran, Norman & Co., un¬
derwriters, has also been associ¬

cal plants, involving an estimated
$16,000,000. The balance will be
used for general corporate pur¬

erage, despite the fact that part of
its dividend is treated as a return

pretty

low to .nearly .129
The

high..

on

distribution

used, in part, to pay the cost
of construction of two new chemi¬

This announcement is neither an

;

recently

•

ended, and Korvette was cut back
hard
at
times
as
profit-taking
moved

•

the

in

had

and

be

;
p o

The indicated return

good runup recently.

fanfare

maturity.

specialty

the
company's overall profit showing.

on

items

to

priced

be gen-

can

here is expected to turn the
next year to
enhance

the lists of new
highs.
Some oils- were able to
reflect mild buying interest, while
Amerada
was
an
erratic
item
after its

;

showing

Street, New York City, effective

at
approximately
are

yield

manufacture

ner

.

General

Inc., members of the New York
Exchange, has announced
that the company has commenced
operations in offices at 50 Broad
Stock

.

which

and motors,

repeaters

Singer, Chairman of the
Singer & Company,

Board of D. J.

-

fished business and its petroleum

had

.

.

Ambassador

is engaged in the
dairy products industry and in the

which were
]also long-neglected items, were -of capital, and hence tax-free,
generally buoyant with Ford and
- V
r,

the

Francisco,

The company

formerly with Bernier & Co.

Eastern is doing well in its estab-

full point only three

times.

be-

business from .offices at 32 Robbinson Garden. Mr. Nadeau was

sys-

■

.

without the

Even

usual.

sessions

dozen

varied by a

and

San

Donald J.

not. "tern to serve seaboard utilities if

Their
.average last moved as much as
two
points in a single session
eight weeks ago, and in more
.than

Hotel,

to

4.45%

as

r

products transporting activity
as

98% %

year.

with

up

proposed

section.

drab,

the

at

Governors at the Mark

debentures

The

aeau

-

flying high on stock
.split
announcements
or
hopes,
bumped into profit-taking that
.gave them wide losses that aren't
•normally encountered in this staid
were

Governors

which makes it an expensive
Texas Eastern in its

use,

of

Singer Co. \
Opens in N. Y.C.

operation.

that had been

Rails

of
8-9

LEWISTON, Maine—Paul E. Na-

before

and with Consolidation Coal in

than

in

items

the

of

presented

only.]

p

which must

well

was

are

i

_

a

nnt

;

year-to Cleveland via a long
distance pipeline.
In this operation half coal and- half water- is
into

those

with

They

a

mixed

win

[The views expressed in this article
da not necessarily at any time coin•

million tons of coal

a

a def-

coal transporting

util-

The suit did little for the

•ity

tS
s+ht^i * *!?f ™

author
a

of

Inn, Detroit, Mich.
meeting of the

poses

Babcock & Wilcox which devel".r':''oped a furnace that can utilize the
Utilities Scrambled
slurry directly without drying,
:

comparisons

to AIlie(* s profit showing,

Consolidation

since

without

but

retreated

volved

and

^

-

,

pipeline

well

was

b e r,

^

^nombinatfon Should

the

but

cost

D. J.

.

The proceeds from the sale will

from its natural gas opera-

The idea of

under its
year's high, was less seriously affected.
The other companies inwhich

.and

subsidiary,

tions.

recent markets

little in

is

5*ilut<

comes

.

done

P

c o m d a n v

bulk of the company's profits still

of the selling,

had

Allied

since have been showing

exploration

alleged.

General Electric bore the brunt

-

'

Hotel, Los Angeles, Oct. 11-12;

planning a
merger with Union Texas Natural

addition, it has a 2,000-mile petroleum products pipeline and an

suing

interest

an

,

lately.

gas pipeline system now stretches
from Mexico to New York.
In

cost

the

successful

if the suit is

moot

was

utility

against 21 of the equip-

would be

The

1

...

8-12-^-Fall

Board

more

Chip

pipelines and became a major
transporter of natural gas.
The

more

took

consolidated

customers
ment

of

case

a

their anti-trust con-

This

victions.
a

was

Cosst

Ecist

Oct.

Hopkins

started out running the petroleum
pipeline built during World War
II for the government. After the
war the company bought the two

equipment

at

Company

plan of
coal to

of

borrowed

14-15—Spring meeting of

Board

Dearborn

*.9 give Allied the means for

transmission

the

Hotel, Washington,
,,,

May
the

stepping up its participation in
the petrochemical field. In addi*lon' ,1*s" esrnings turn came in

tlic

electrical

-

an

moment

the

of

Exchange

December 1.

rating,

hard-to-assess

a

al-

The 31/2 %

Transmission's

at

pipeline

Equipments
the

on

factor

Stock

For above-average returns there
He will be joined by Diran M.
are other blue chips that offer a
Borden
Kaloostian, President and Treas¬
respectable yield, but the. best
urer; Donald G. Optican, Vicedescription that the market letPresident and Secretary, and Paul
ters has been using about them is Debs. Offered
S. Jacobs, Vice-President.
that they have been "dull" marMr. Singer was most recently
ketwise. One such is Allied Chem- A new issue of $50,000,000 4%% associated
with Newborg & Co. as
ical which has an indicated yield- sinking fund debentures, due 1991, a
general partner. He also served
of well above 3% despite the fact of The Borden Co. is being of¬
fered for public sale by a nation¬ in executive capacities with Leh¬
that a new facet is being added to
wide underwriting group headed man Bros, and Burnham & Co.
it and that chemical earnings in
Mr. Kaloostian, formerly Presi¬
general have been improving by Morgan Stanley & Co.
dent of

"Growth"

Eastern

"growth"
rests

For

good growth

a

Governors

of

C.

D.

Oct.

.

-

,

it

of

Statler Hilton

quality issue is defattractive one against

Neglected Blue

The markets still give convincing
proof that valid growth factors
rate premium prices.

three dozen

a

give

to

and

far

so

Board

Association

popular issues,

champions who concentrate on its
pattern of consistently growing
sales and widening profit margin

a

in

points

only about a
month of listed trading, beat a rescore

The

a

the returns available in the

at times is Swingline, giant of the
stapler industry, and controlling
shareholder in another listed cornpany, Wilson Jones, which is an
important factor in the business
forms and stationery field. Despite
a
relatively high price-earnings
ratio,
Swingline
still
has
its

designed

dividend

ready covered handily.

that has had erratic price swings

t'urbed for

Inland

was

industry generally for the first
three-quarters of this year with

.

funds undis-

on

backers

sumption has held up better than Firms have announced the follow¬ less than 4.50%.
in
other
steel-consuming
sec-' ing meetings in 1962:
tions. It helped Inland's earnings
: Jan.
22-23—Winter meeting of
hold up better than those of the the Board of Governors at the

vestment

the most this week with sharp reactions in the savings, and loan

startling degree. One

Steel, which has a solid position
in the Chicago area where con-

•

■

17

JONES, KREEGER & CO.

TOWNSEND, DABNEY AND TYSON

PENINGTON, COLKET & CO.
WATLING, LERCHEN & CO.

18

The Commercial and Financial Chronicle

(2514)

December
elected

Branches

New

•

New

•

Offices, etc.

Haldan

was

ing

the

open¬

Elected

Nov. 29

Office

of a Representative
Manila, Republic of the

in

-

will

its

ask

Charles

v-v.

•

;- 0.

*

•

Dec.

4;

Rockefeller, President, an¬
nounced Dec. 7.
Both are in the

department,

in

/■■■_. lX'

a

He

was

/

named investment

Jer.old

He

Vice-President ' in-

in

advanced

personal
Paul W.

was

formerly in charge of the Na¬

tional Division's sevens

geographi¬

cal districts in the eastern
of
.

W.

Vicethe
Division, will be in charge

President,
Trust
of

States.

the United

Eben

portion

Pyne,
former

bank's

the

Senior

of

head

downtown

G.

with Robert

Fuller,, Senior Vice-President,
supervision of the

who has overall

bank's offices in lower Manhattan.

that

their

of

all

of

the

53.

bank's

an;

Vice-President

Trust

of

I. Spencer will continue in charge
of the-Special Industries Group.

made'

so

:'''

-

Co., New York,

Fifth

of

it

of

of

Green

He was

ficer,

been; in

as

in

in

election

of

Assistant

an

the

Pe

Trust
1

F.

R.

Of¬

merce,

sistant
Secretary
Advisory; Wilder

or¬

his

J.

Agency

in'

Division

George R

Vice-Presidents-:

Kress, Assistant Treasurer in the
bank's Branch Administration Diivision.
n
-''-'a'al 'v'

trust

he

after

that

assigned to

was

Mr.

custody department. He

Cochran,

bank's

assigned-

to

Advisory

phia, Pa.

Di¬

department in

joined Bankers Trust Co.
in 1946. Mr... Cochran
has,- been an
officer .of; Bankers
Trusty since

Avenue
and

to

the

Office

became

President in

1947.

1945, Mr. Schaffer.

transferred'

a

bank's

three

years^

George
-■'

-I-'

The

election

Trust

to

':;i

*

of

■

-

officers

>

Marine

.

Company of New York ef¬

Paul
W.
Kimzey,
VicePresident, will be in charge of the

and

Eastern

sistant

Scott,,

National

Group of districts in the

Division, and Edward L.

continued

ganization

in

the

general

department

Vice-P

r e s

i d

as
e n

an

t

or¬

As¬

Six

when

Vice-Presidents

vanced

from

Guaranty Trust and J. P. Morgan

President:

Palmer, Vice-President,, will be in

&

52nd

charge of the Western Group. Mr;

to?

Co., Inc. merged .in April, 1959,
form
Morgan Guaranty. * In

A.

Street

Collins;

were

Assistant
Hunter

Office;

-

'

:

by George C. Textor, President.v

Mr.

Western

ad¬

and

Assistant

Co;,

Trust

Pittsburgh

"

Banking;

77

to

the ;

WPNB
the two
"

-

;M. A, Cancelliere, President of
and
John
E. - Winner,

IYPNB,

All

of these shares having been sold, this
appears as a

matter

^Vice-President of West End Bank,
•-said that directors of both banks
announcement

■have

of record) only.

voted

favor

in

solvation pian.r. •

of

the

con-

- -

'

•

November 16, 1961

proposed-

now in

the hands of governmental

consolidation

is

ton and

agencies in WashingHarrisburg, for their ap-

Br«val,.

The agreement o( con-

.sohdation will also be voted upon

by the stockholders of each bank.
»«

,Dates of the stockholder meetings

\

will

•

on

be announced

West End

-

soon

Bank*

at

$3,750,000 to $4,125,000, effective Nov. 20. (Num-

ber

(Par Value $.01

per

Share)

/

total

;

..

*

•




in which the

may

be obtained from the Undersigned in*

Undersigned

may

any •

State

..

Currency issued

;

7

Church

Street, Paterson, New Jersey

*

#

,

Election
the

is

W.

Smith.

.

Nov.

on

County,

Charles
The

capital of $200,000
L„

Md.,
Wil-

E.

bank

has

a

and a-surplus

$140,000;i

t.

<

I,. i

>1

*-

•

six

of

Board

of

#

the

;

,

.

Directors

new

Bank

of

to

Mon.

treal, Montreal, Canada, has been

G.. -Arnold'Hart,.

by

ing: vacancies

< (

om

and

the- board

enlarge total membership.
The new Directors are:

thanael

V.

Davis;

bray Jones;

tier;

H.

M.

Mow-

Lechar-

Donald-

A.; Mcintosh;
Sir
Outerbridge and James
:
■»

Leonard

Sinclair.

-

vacancies
created

by

tirements

:and j.,

the

.

Board

death

the1 Rt.

of

Robert

A.

re-

Laidlavv

R; Porteous;

Bank

:

^

„f

Montreal> Montreal,

canada> wjh shortly open
reSentative's

japan

were

Howe, and by the
of

v

the

on

^

The

J.

Bernard

•

Na^

office

according to
todav

b

in
an

a

rep-

Tokyo,

announce-

Arno!d

.

Hart,

j

,

...

£

office of

-1Su

lts kind to be set

up in Japan by

a Ganadian bank.
It is expected that the

-/11

i

new

of-

operation
/

the

of

ford, Jr. and the Cashier is How¬

of

U-

/

charter

a

Howard

President

the

ard

International Services Corporation

outstanding 412,500value $10.)

par

will
commence
next month.

21 to the Elkridge National Bank,

Elkridge,

■•!

legally offer these shares.

*

•

Office of Comptroller

The

Share
-

Copies of the Offering Circular

shares

-

fice

"

Oct. 24.

on

.

per

$235,786,132

were

resources

.

Offering Price: $3.00

of

shares,
.

22

$7,787,990
on
Oct.
24,
and
-Western Pennsylvania Nationals
•

capi-

common

from

President of the bank.

located

of

.

.

stock

tal

.Wabash Ave.* had total resources

Class A Common Stock

super-

stock dividehd The Old Na-

a

supervisory

100,00.0 Shares

in

private trusts section;

Hon. C. D.

-'.The

NEW ISSUE

announced.

positions

new

National ficer. The elections, fill outstandplans

Bowman, j"family,"
officials of
Vernon
E. "banks announced Nov. 29.-.

International

to

President'and Chief Executive Of-

Pa.,-

into

Ore;, have been

announced

*

consolidate the West End Bank of

Vice-

First
Port-

7.

By

was

Provident

Pennsylvania

^

the

Wash., increased its

7

Pittsburgh,

Bankv

in

Oregon,

of

trust business development

admimstra-

an

*

*

'

,

*

t;onal Bank of Spokane, Spokane,

Bank. &

Xradesmens

new

the
$56,-

and

0fficer.

been

the

Midland ^Philadelphia; Pa.

to

*

Bank

bank's

v:

.

has

Hutchinson

of

from

6,599,395,

William L. Schaumberg, corporate
frusf
officer,
and
William
J.

and

Vice-President

H. /.Stark

,

Yice-Presidenl

fective Jan. 1-, has been announced

to

supervisors

K.

shares

to

visor; Eugene R. Linville, head of

have

Vice-President

a

num-

outstanding

National

f^g

,

branch

of
W.

elected

stock

the

Appointed

Fidelity-

'

charge

m?

The

shares

Finke; trust administration

Randolph

•

date.

increase

appointments

land,

^

Divisional

;tlQn* and

,

positions at The

Second Vice-

1949. He returned

r

'

.

of5

the

^

,

S.

named

vision,

Assistant Treasurer

an

Investment

*.,f

David

that

will

*

Charles

_

0f

New

^

of

six

566,250 to $65,993,950.

David

and

each

am0unt of capital stock from

;Ph.dadelphia Trust Co., Philadel-

the

the main office downtown in 1956

deputy

^gj.

one

for

011

5,656;625

Guiles^ Johm p, MuehC. Peet Assistant

sam

J.

bank

year

of New York,

later

owned

dividend

0

Henry

will receive

^a <dhe bank's Portland head office
Cottlfrusf
department are Allan
C.

Vice-Presidents

elected

been

Nov. 28,

on

Share

neWi

.

,

Shepherd,

Corporate

and

,

announced by Presi-

was

additional shares at the rate of

I?6
Mr.

Ganoe and Robert D. Byrnes

III- and

Assistant

the

Bank

J

F.

Otis

Investment

FoOte,

Moynahan,

Secretaries

1926,, and

in

As^-

as

the

New^York.
•

Cox

beeii

to

outstanding

eleeteel

has

of

Director

Trust

with Guaranty Trust Co;

a

.

Wills

R>

approxi-

equal

presently

of

0£ record

department.

„

an¬

Clark

r s o n a

Division; Thomas A.

joined the National

Commerce

1930,

Fifth

Research

Investment

of

million,

-

vaiue stock. Each shareholder

par
,

Office.

dividend

$10

jf

Francisco*

Hoover..;. "
dividend, declared
and
announced j by
the
bank's
p0ard of Directors on Oct. 10, will
payable by the issuance of
942,770 shares of the bank's $10

Trpxell and Mr. Wood?both joined
the,bank m 1954 and are in the

announced Dec.

Francis

Mr. Schaffer

was

\

Bank

San

gf0ck

Curran,_ Everett

Avenue

;

dent paul E.

pointed Assistant Treasurer
Mr. Ewen, who joined The Bank

Vice-President

a

stock

a

sfock

.

.

v^::

-Crocker-Anglo

of

Nov. 28 voted approval

0n

16%%

Frank U.
S. Oliver,
Jr., and T; Tex Rhodes;
X Henry- L.
Hackmann* was ap-

out

round

^

*

:

par

Bank,.

d£

Estes, Peter Hernck,
Naughtom III, Harry

J.

nounced? the

in the bank's general organization

-eluding National Services. William-

be

can-

Simultaneously, Mr. Moore

Mor¬

Company

had

Schaffer

Elected

12

will

Bankers Trust

re¬

charge of the bank's general
ganization department until

the

be

not

-

mately

6-

DonaldK F.

shares

of

(Number

caiif.,

m

Vice-President;

Assistant

-to

issued;
after Jan; 30;.appropriate

been *named

retirement.

in

Frac¬

2o:

National

Im.addition-; Mr. Simmonds said,
the following have been promoted

6, by William
H. Moore, bank Chairman.

York, died Nov.; 29.

merged

will

held.

to, $10,-

$9,200,000

Shareholders

of New York, Albert

Dec.

v

-

Mr.

Bank

Secretary.

nounced

Cochran, Jr., formerly
Assistant Vice-President, has

partment in 1938.

domestic geographical districts in-

As

New

'

Simmondfe, Jr., Chairman; an-

C.

in-

was

stock dividend; effec-

a

Nov

of

Bank

outstanding- 1,000,000' shares,
value $10 )
'
-• -\f >
• v-"~.

New posts

the

new share

one

shares

holdings.

Henry

*

Schaffer, who retired

as

Guaranty

gan

tlve

J.

approve

stockholders

became assistant head of that de¬

With these changes, George C.
Scott,. Senior Vice-President, Na¬
tional Division, will assume super¬
vision

S.

cently

head¬

quarters at 55 Wall Street where
he willbe associated

John

*

nine

soon

was

*

bank's Trust Division. Mr. Hoguet

Assistant

Mr.

from

000,000 by

.

arrangements

bank's

the

officer.

trust

Kimzey

Moore,

National

Planters

creased

Lorenzo Burrows was elected an

dividend,, it will be payable

each

but

1956v

trust department were Robert-B<
Miller, Jr., and Joseph O'Shaughnessy,
to
Assistant
Vice-Presi'-:
dents, Thomas F. Coyle, to agency
officer, and Floyd A. Dunston, to

George C. Scott

Jr.,

_

Grif-

-

of The Bank

stockholders

tional ; shares

joined the bank in 1928.

Others

Franklin;
Emlyn R.

Glick,

"*

capital stock of the

Memphis, Memphis, Tenn.

fiths, James M. Neveras, Clifford
G. Schlosser, and Wallace C. Von-

Dec.

record

30; in the- ratio; of:
for

named per¬

was

sonal trust officer in 1931 and As¬

sistant

A.

Arx. '

March 10 to holders of record Jan;

President, in I960, Mr. Fryatt, who
is in the personal trust7 adminis¬

division,,

If

stock

officer in-1958 and Assistant Vice-

tration

of

the old shares.

in the. investment di-

1950, is

T.

Gordon

Vail;

ap¬

•

Union

Phillip J. Bratt, Thomas F. Dono-

value $100.)

*

rpkg COmmon

Paul J. Borowsla,

included

par

*

^

Clune,.who joined the bank

vision.

H.

:Board,

shares,

f

15,: from
McGlenn.^
'7,
43 cents to 45 cents. This,- in ef¬
„!"
"m, '
Robert H. Ewen, Thomas F. Troxfect, will set a dividend rate of"
ell, Jr., and James Wood, have
$1.80 on the increased shares, or.
been promoted to Vice-President
tne equivalent of $2 annually on
holders

York,.

Bank,., New

David

Palmer

the

<

dividend, effective Nov. 22.
(Number of shares
outstanding

15 q00

as assistant trust ofMoore yalgo: announced that; the
ficers went to Helen- M. Bertrand,
promoted- to- Board had increased the quarterly
William McCarthy II, and Edward
of
the. Chase dividend ;, payable - Jan. ;15,
to

Vice-Presidents

Mr.

of

common

stock

Newly elected Assistant Treas-

urers

of

incapital stock

$1,000,000 to $1,500,000 by a

Williams.
;■

Bank

Springfield, Mo.,

its

creased
from

been

Manhattan

trust

William

by

created

Carrigan, John C. Gault, Francis N.
Millett, and Matthew J.

and. James, A."

Glune

J,

have

Fryatt

L.

to

newly

S.-

Laeri,
Executive
prove a one-for-nine stock divi¬
Vice-President,, is the senior of—
dend, at the annual meeting to
ficer in charge of "the National; be held Jan.
24,Jt'..was announced
Chairman

Edward

stockholders

the

of trust officer, from
Assistant Secretary, were Russell
position

*

National

Union

by

Jr., President.

*

*

-

to

it-is announced

I. Webb,

Springfield,

announced

.

-

willard

Xhe

Howard

Division.

Toledo, Ohio,

•

Scarlett, Trust

York,

.

,

Middle AtlanDivision;
Walter
V.

Keeling, Credit; Henry Reuter, International
Banking;
Joseph H.

Philippines.
Dwight G. Allen, a Vice-Presi¬
dent of the bank, is its Represen¬
First National City Bank of New' Palmer will also continue to head
tative
for - the
Philippines and
York
announces
that Robert L.; the banks Western District. At* the;
Southeast-Asia, and will be in
Hoguet, " Senior
Vice-President, same time; P. Henry Mueller,
charge of the office.
will
assume
supervision of the - Vice-President,
was
placed
inl
'?'•
'*
#
A,'..A-*
,:v
charge of
the
New
York-New
Bankers
Trust
Co., New
York,,
Jersey District.
';.
J.

E. Connor,

States

tic

Thursday, December 7, 1961

.

New

Revised Capitalisations

•

he

year

.

Manufacturers Hanover Trust Co.,

BANKS AND BANKERS
Consolidations

that

of

Vice-President.

a

.

J

»

Columbian Sees. Opens
CHICAGO, 111.—-Columbian Secu¬
rities

Inc.

has

offices at

140

to engage

in

Officers

are

been

South

a

with
St.

securities business.

Milton

President, and

formed

Dearborn

A.

Edward

Newton,
Bernardi,

Secretary & Treasurer., Mr. New¬
ton

was

formerly Manager of the
department of Benjamin

William R. Kennedy has been ap¬

buying

pointed .administrative

Lewis & Co. with which Mr. Ber¬

assistant

in; the mortgage loan department
of

The

Ohio

Citizens

Trust

Co.,

nardi

was

ager of

also associated

as

Man¬

the stock department.'.,

Ml

"

i~~rrtt,r»w!ps-«mi v

*w*»wwiiwmw

/

Volume 194

Number 6114

The Commercial and Financial Chronicle

(2515)

19

iff
isi'i'rt:

tire

First

step

leading

to

planned

eventual

stops sale of Treasury free silver.

Vi

of the

partial

of

for

this

retired

history

anachronistic silver in

tary system

our

finally

may

end if Congress

an

keeping

of

mone¬

come,

favorably

to

sup-

This

desirable

total

earlier

demand

re¬

to

recommend

of

the

to

„

Silver

Act

interest in silver bullion is

only to support this legisla¬

lower

tion,

it would also be desirable
simultaneously to Con¬

and

established, by

eventual

to propose

Internal Revenue Code be repealed

monetary
tually all

the

gress that the relevant

Congress: for

so

absorbed vir¬
domestic produc¬

purposes,
new

tion.

The

free

silver

Treasury's
reached

supply

of

of

r

>

as

to

except

part of the

permit the development

of

free futures market in silver,

a

peak in
April, 1959, at 222 million ounces.

Since

that time, purchases have
steadily decreased and sales have

embodied

ments

legislation

for

number

a

believe

will

coinage

cover

this

is

authorizing the Federal Reserve
System to issue Federal Reserve

time

increased and the Treasury's stock

notes

release of the silver

of free silver has declined.

than

of

end
r

President

Kennedy

Douglas Dillon

the silver policy

recommendations of his Secretary
the

of

Douglas Dillon.

Treasury,

The

President's

immedi¬

letter

ately suspended the sale of Treas¬

"free" silver and called upon
convenes in Jan-

ury

l

Congress when it
"

ury

to repeal the silver provisions
acts of June

of the

19, 1934, July

1939, and July 31, 1946.

y

6,

l

it not for the

Were

deliberately slowed

—though large— silver purchases

Secretary

by

have

would
the

i

of

been

once

double-standard

1934.

"

the

Morgenthau,

Henry

ury

',4

•

Treas¬

Jr., ; we
again on

commencing
''HU'd rtop.tv;

Ironically, should Congress
cessation

of

sup¬

when

non

-

the

monetizing

commodity silver will

Treasury

just

occur

is

demand

reaching impressive proportions in
the industrial sector.

To what

ex-

the

tent

ending of Treasury-sup¬
port buying may affect freed sil¬
ver's price remains problematical,
and

undoubtedly will be an im¬
portant consideration in the way
-the Silver-bloc will vote in Janu¬

ary—if the vote

occurs

ing

half-way phase,
demonetized, the

the

until

current

silver

is

then. Dur¬

market will not be

free, the
will not be happy, and the
ducers not displeased.

t

Full texts
Dear

Mr.

The

pro¬

the

uses

monetary

of

in

silver

system.

Informal

our

con¬

ferences have also been held with
;

other departments in your Admin¬

istration, with the Federal Re¬
serve. and with leading represen¬
tatives
and

of

both

silver

producing

consuming interests.

It

now

seems

appropriate to recommend
several changes in our silver pro¬

cedures/largely because of the
change that has taken place in the
world position of silver.
The industrial
been

expanding

industrial
is

of silver have

greatly

consumption

and the
silver

of

steadily increasing; it continues

to be used

it

uses

is

weeks, it has fallen
million fine ounces. ;

to about 22

It

is

clear

that

under

extensively in the arts;
in our coinage.
All

needed

together

the industrial, artistic,
coinage uses of silver are
currently consuming more than

procedures this stock would

soon

entirely exhausted and that the
Treasury would thereafter have
further

no

public

basis

for

under
the

In

90.5

cents,

absence

sales

the

market

of

of

further

free

is

as

silver,

quite

ob¬

viously

prepared to absorb all
production at or above
the price of 90.5 cents.
-•
domestic

The government

still has, how¬

nearly 1.7 billion ounces in
bullion reserve held against the

ever,
a

issuance

of

part

a

of

paper

our

.

\

*

yours,

#

On

Nov.

28, 1961

of

basis

mendations

and

your

the

con¬

ducted by the Treasury and other
Departments, I have reached the
decision

that

silver

metal

should

gradually be withdrawn from
monetary

reserves.

Simultaneously

our

'
with
\

the pub¬
letter, you are
directed, to suspend further sales
of
free
silver, and to suspend
lication

of

this

market

over

90% of the outstanding currency
of these denominations. The other

of

three-quarters
lion

$1
der

is

reserve

the

silver

used

to

support

and $2 silver certificates;
existing law, only silver
authorized

are

bul¬

for

un¬
cer¬
cur¬

of these denominations.

rency

it does not

wise

feasible

or

impound
silver

begin

I

continue

in

these

million

the

world-wide

estimated

at

of

ounces

in

United
more

silver

States.

per

The

consumption
than

300

is

mil¬

lion.

silver

in

silver

we

though

held

and

the currency reserves, permitting
substitution
of Federal Reserve

the

for

notes

silver

by

for

ceeds from the sale.

ounces.


http://fraser.stlouisfed.org/
U
Federal Reserve Bank of St. Louis

BEVERLY

firm, located in Cleveland,

B.

Ohio, has recently registered un¬
der the Investment Company Act
1940

of

as

a

Application

such

closed-end,

investment

diversified

has

determine. In order to meet coin¬

needs, the amount of silver
required for this purpose should

were

ments.
the

At

the

time, under
existing law, I

same

of

authority

of silver to

At

age

by

circulation of
of

five-dollar

a

retirement from
sufficient number

and

ten-dollar

sil¬

certificates,

Pursuant to this general

deter¬

common

become

that

Hogan,

Inc.,

be requested

remove

the

role

tive

the

markets

represented
common

of

stocks

includes

mination, I intend to recommend

folio

common

investments

(Special to The Financial Chronicle)

LOS ANGELES,
F.

Calif. —Edmund

Delaney has joined the staff of

the

N. C. Roberts &

com~

Seventh Street.

in

stocks of nine other

also

Joins N. C. Roberts

The

Mining Co., National Steel

to

Congress, when it reconvenes,

investments

by

Jardine,

Co., Inc., 210 West
•

This announcement is neither
any

an

offer to sell

nor a

solicitation of

of these securities. The offer is made only by the

an

offer to buy

Offering Circular.

NEW

ISSUE

1

December 5, 1961

60,000 Shares

•l

.

v

"

.

4

i '•

Progression Corp.
Common Stock
(Par Value 10(f Per Share)

an ac¬

for

the

and

for
to

should

silver

free

possible
orderly

be

/

as

to

-

- ■

•

'

.

a

Price

$5 Per Share

conserved

in contributing
market
conditions

use

the

Secretary

of

the

Copies of the Offering Circular
as

may

may

be obtained in

Uses

of

this

remaining

stock of subsidiary coinage should
be

terminated, and to meet coin¬

any

State from only such of

the undersigned

lawfully offer these securities in such State.

Charles Plohn & Co,,,

.

^

B.W* Pizzini & Co.
Incorporated

Treasury to suspend further sales
the remaining stock of free

Bur-

formerly
with Arthur B. Hogan, Inc., has
joined the Cantor-Fitzgerald staff.

Corp. and Consolidation Coal Co.
The balance of the company's port¬

promptly to

Treasury from

in

of

-

June

of the

Sept. 30, 1961, 70.8%

the

in

appropriate leg¬

islation

associated

bank.

Stock Exchange.

Hanna

the market. I further

recommend

Stock
:

HILLS, Calif.—Arthur
has

to suspend further sales

propose

j

net assets of The M. A. Hanna Co.

be ~ obtained

Hogan

Arthur' B.

to

shares on'the New

York

:

Cantor, Fitzgerald & Co.,
Inc., 232 North Canon Drive. Mr.
Hogan was formerly president of

non-

made

<

with

company.

been

American

"?.<»..*

ArthurHogan J oins
Cantor, Fitzgerald

share. The shares are being
by The Hanna Mining Co.,

The

Street, members of the

York rand

Exchanges.

which will receive the entire pro¬

the

Rector

New

York
City, and associates are offering
publicly 740,000 common shares
of The M. A
Hanna Co. at $34
per

partner in Steiner, Rouse & Co.,

19

thereby released to meet our con¬
tinually heavy coinage require¬

silver.

million

a
.

The First Boston Corp., New

sold

:

On Jan. 2, Louis Weil will become

certificates

apart from changes in inventories,

running-at about 65

Steiner, Rouse
To Admit Weil

Common Offered

withdrawn, and using the bullion,

from

now

'

,

withdrawal of silver bullion from

rective

thus

Secretary of the Treasury
Washington, D. C.
;
- -

other special purposes as you may

now

produced in the United Sates. The
indicated gap between world pro¬
duction and world consumption,
is

Angeles office, 3324 Wilshire Blvd.

-

list its

gradual,

pending enactment of the neces¬
sary legislation.
If you should desire to imple¬
ment this general policy, the first
step would be a Presidential di¬

short

KENNEDY

to

Production, however, falls
of these totals.
Wqrldwide it is currently estimated at
235 million ounces annually," of
which only about 35 million is
far

is manager of the West Coast In¬
stitutional Department in the Los

currency

that

propose

actual,

an

to

Exchange member firm of Shearson, Hammill & Co.
Mr. Cherry

per¬

substantial holding of

a

bullion

reserves.

to be either

me

free

acquired can be used,
at your discretion, to contribute
to the maintenance of an orderly

large and grow¬
to

seem

of

ver

.

are

recom¬

studies

latter

well

ANGELES,. Calif.—On Jan.
1, Jackson Cherry will become a
in the New York Stock

partner

M. A. Hanna Co.

Secretary:

the

sequently

represent

LOS

;

permits
issuance of $5 and $10 notes by
the Federal
Reserve, and these
notes

acr

au¬

Douglas Dillon

• -

•,...

existing

also

they

JOHN

Honorable

<n

Treasury for coinage. In this way,
the remaining stock and any sub¬

legislation

I

Sincerely,

washington

-

.

Dear Mr.

use

to

and

purpose

range of notes
mitted to issue.

'

DILLON.

Roughly one-quarter of
the total is held against $5 and
$10 silver certificates, although
currency.

Shearson, Hammill
To Admit Cherry

and

recommend

enacted

the

.

.

•

legisla¬

this

gradual

required

certificates.

also

in

,

thorize the Federal Reserve Banks

The White House
:

therefore

complish

primary commodity. Meanwhile,
the Treasury's remaining stocks of

total

r

shall

the
now

one-dollar

silver

House.

*

•

of

support

current

government

private

develop¬
remaining

for

years,

■

The White

for

backing

Ray C.

Walker to general
partnership
the firm.
•
;
;

I
appropriate

an

York

& Co., 45 Wall
St.,
City, members of the
Stock
Exchange, on

Jan. 1 will admit Gerald A.
Lodge,
Richard C. Steadman and

require¬

of

for

that legislation be

thereby free¬

v DOUGLAS
President
■«
v ;•

The

provide

suffi¬

York

New

the

ten-

to include these denominations in

Faithfully

clear

seems

no

price at

provided
tion.

also

of. these

government

silver

the

available

that there is

ments

need

It

sale.

the

on

silver

150

£

*

,

be

to

two-dollar

requirements. '
.

purchase and sale of silver,
to permit trading in silver

year

A

certificates and

present

and

ii

orderly,

for replacing or

means

ing the supplies of silver that will
be needed.to cover future coinage

sales in recent

ing aggregate demand for silver,

has, as you re¬
been studying for some

as

supplementing the supply of sil¬

In view of the

;..

.

an

less

ver

by the end of 1960 it had
123 million ounces; as of
today, following unusually rapid

tificates

Treasury

quested,
time

users

of the letters follow:

President:

$5, thus providing

long-term

of

fallen to

port the demonetization of silver,
the

By the
million'

174

was

denominations

ounces;

ports the President's plans enun¬
ciated November 28, 1961, in his
letter response to

it

1959

in

in

be

to

.

H. Walker

New

supply

and

cient

com¬

equity

subsidiary

potential

now

other

G.H. Walker & Co.
To Admit Three
G.

the

dollar' certificates

Finally,- - : I
suggest
that
you
recommending to Con¬

gress ■ the enactment of-

silver

in

use

outstanding five-dollar

consider

its

its

coinage.Although

primarily in

and

securities.

demonetization of silver

for

stocks

mon

modities are traded. Our new pol¬
icy will in effect provide for the

neces¬

sary

purchases by the United States
Treasury, at the minimum price

tends to invest

of

when

years

much

was

repeal

(

These
actions will permit the
1934. as well as establishment of a broad market
the Acts relating to silver of
July, for trading in silver on a current
6, 1939, and July 31, 1946. Since and forward basis
comparable to
the existing tax on transfers- of the
markets in which other com¬

Purchase

,

in

be

Congress, when it reconvenes, the

it is a growing
one, has for some time been filled
by sales from the stocks of "free
silver" held by the United States
Treasury. These stocks were' ac¬
cumulated

would

Paralleling this action it would
be

act upon

and

gap,

These

purpose.

certificates

immediate

long

silver

k

repealing country's silver monetization laws.

:The

the

to

panies, and U. S. Government and
6, other short-term securities.
1939, and July 31, 1946. The exist¬
M.
A.
Hanna
intends
in
the
ing tax on transfers of interest in main to continue a
policy of con¬
silver bullion has been
necessary
centrating its investments in longonly to provide reinforcement for term holdings in a few industries
this legislation. I will therefore
and in
relatively few companies.
simultaneously propose that the This will be supplemented by
relevant portion of the Internal
carefully
limited
and
selective
Revenue Code also be repealed.
diversification. The company in¬

cer¬

placed by Federal Reserve notes.

of immediate

sequence

and legislative changes for Congress to

measures

release

required

silver

to

that it repeal the acts
relating
silver of June
19, 1934, July

re¬

sufficient

a

and $10 silver

tificates'

Exchange of letters by Secretary

Treasury and the President sets forth

'*'!•

&

demonetization

of $5

to

propose

circulation

from

amount

Silver From Our Monetary System
|

needs I would

age

Government Plans to Remove

Atlas Securities

Corporation

.

i

f

i

20

(2516)

The Commercial and Financial Chronicle

vestors

SECURITY SALESMAN'S

this problem)
"Or,
possibly be interested
hearing of some of the more

in

BY JOHN DUTTON

looks

phone.

he

said.
Bill

is

"Hello,

Smith

like

I'd

to

couple
can

Mr.

at

&

it

you

utes?"

this

asked

for

well

man

he

a

politely

is

his attention for just a

his

call

This

The

curiosity.

mutual

"Mr.
20

This

where

is

cides whether

give

or

his

you

attention

you

minds
we

another.

How

aware

wandering
subject at hand
was

ciously forced
intently again?
have all of

us

from

and

you

yourself

to

own

tell

that

his

will

also

prospect's
It

talking

have

a

to

and

investment

their

methods

they
you

would

like

offer

can

these

of

of

over a

Dutton,

ments

of

are

there

of

of

the

could tell?

of

where

areas

my

day-dreaming minds keep
roving even while we are driv¬
ing a car, looking at television, or
eating our dinner. This is what is

firm

clients?

For

would

attractive

some

that you may

be

might

dispersed at the beginning of

be

have been thinking

improved?"

(Most

in¬

of

'

The bulk of employment

large percentage of

:

It

or

class

A

per

by

up

government

acknowledged that this

and it is doubtful that either

an area

State employment will decline.

.7'7

Iftdttktrial' Trends in Colorado

-

Percent Increase 1947-55—

of

Number

Colorado-

Employees

u. s.

;

29.2%

'19.1%

16.6

Payroll

•

com¬

has

share

by service indus¬

was

this is made

is generally

employment lends stability to

.•

9.5

71.3

.a/./7 Number of Production

8.6

57.6

,

47.5

Value Added by Manufacture

been

v

.

58.7

Workers

Wages Paid Production Workers

a

Techno-Vending

purchase

company,

sidiaries
in

the

sale

64.7

57.4

213.0

288.0

.3.8

-

Percent Increase 1929-57—

Income Per

of

Capita.-

__

Commercial Banks Authorized to Increase Interest Payments

equipment

The Federal Reserve Board has just announced that

and

cial banks in the United States may pay up to

of

524

W.

time

43rd

design,

and

manufacture

operation

of

produce
16-mm

sell

and

mutual savings

and

films

used

in

banks, and also

as

one year or more.

This

puts commercial banks in

move

a

commer¬

saving and

on

and

loan

associations

a

and

stated by the board "to compete

vigorously to retain foreign deposits that might otherwise

move

abroad in search of

higher returns and thereby intensify

outflow of gold or capital to other, countries.'/ In. the

minute

former

amusement

f

the

advantage,

benefit because

devices.

Such

4%

more

coin-actu¬

one

left in the bank for

are

1, 1962.

position to compete with the savings

principally engaged

are

deposits which

is effective Jan.

ated amusement devices. They also

securities that you now own

this is the preoccupation that must

>

y.

Street, New York City and its sub¬

some

gains situations that might replace

in the minds of others—

t.

,

materials, research

raw

The

has

capital

s-v'

development and working capital.

example,

interested in

be

you

particularly

a

employment in Denver.
\\

..."

debt, sales promotion and ad¬

and

especially helpful to certain

our

whole.)

a

and

Net proceeds will be used

vertising,

pro¬

procedure that we might
help you improve? May I ask you
a few questions
please about some
been

try as
tries

by the company for the repayment

gram or

listened to another

shares

all sold.

ele¬

any

investment

your

(7%).

Although the following statistics compiled by the Federal Gov¬
ernment are not recent, trends in manufacturing have continued
upward. The economy of the state is dependent upon mining, agri¬
culture, and manufacturing with a much smaller representation in
the productive industry. (30% as compared with 40% for the coun¬

N. J., reports that its recent

Corp., at $3

along

lines you have gone a long

"Mr.

listen

How many times

of the Denver

case

percentage of deposits

that, he worked for Gen¬
Corp. in an engi¬

offering of 100,000
mon

toward obtaining a client.
Come into my office and say,

con-

obvious, the dividends are low relative to earnings. In
National, the capital account is strong (9%).;
however, in the case of the First National, large dividend increases
may not be immediate as the capital account represents a smaller

branch offices.

••

erson,

way

the

As is

the

its

at

difficult unless

more

rado, these two banks would continue to grow at rapid rates and
availability of stock would be a foregone necessity.

International Services Corp., Pat-

operation that
to improve.
If

assistance

firm

14.1

and

same

-/./ Number of Establishments

in

or

the

Stock All Sold

investors

account,

16.60

in the state

are

Techno-Vending

particular weakness in

some

2.7

6.50

largest

are 800,000 shares of the Denver National and this stock
fairly active market. The First National has only 150,000

a

Federal

is

prospect

Most

Our

on

the

are

that further

Dynamics

'

participation
longer be¬
presentation

the

listen.

their

on

going

235-190

institutions

splits and stock sales by interests with large holdings. It
would appear that with liberalization of branching laws in Colo¬

neering capacity.
V

no

one-sided

a

forced

a

we

eral

his

the

humerous story and
our unwilling minds cantakerously began thinking of one of our
person

who

salesman

14.6

There

enjoys

Harrison, Inc., a management con¬
sulting firm where he was em¬
ployed for the past* 3/2 years.

wHkre the salesman does most of

that your mind
away

>

Mr. Snyder joins Granbery, Ma¬
rache from Stevenson,. Jordan and

op¬

en¬

comes

conscious¬

you

activities

six

.

paragraph and before you finished
mind began to stray? Or, the
many
times others were telling

something and

sales

and

who

hold

questions

lists

many

read

v;'

...

J.

Prior to

securities

in the interview.

your

you

better

listener's attention because he

uses

orie par¬

times have you started to

ly became

far

a

the 7 salesman

than

The

wish to offer. Our
always working. Either

to

will have

$2.70

figure represented a
five-year period. The First National
time deposits of $318 million—which
represents
a
smaller growth over the same
period, but none-the-less repre¬
sents a deposit increase of 50% for 5 years. In view of the restric¬
tions on branching, these increases are unusual and
point to the
growth in the Denver area.

headquarters offices in New York

funds.

subject^ or qur^busy mind
flitting back apd forth from one

subject

protecting
possible)
shrinkage in the
dollar, isn't that cor¬
as

he has called to sell mutual

says

ticular
is

V

listed

rapid growth in deposits

City, members
Exchange.
will be responsible for all non-

He

presume

in

capital (as much

tention

not he wishes to

on

A

-v

i

.

two

had at that

Street, New York

portunity of gaining favorable at¬

attention. Without
cannot place your

concentrating

interested

I

(X)

2.5

$1.20

P/E

an area of investment which is certainly undervalued
relative to stocks of larger banks. The Denver National had
depos¬
its of $275 million at the year end 1960. This

of the New York Stock

.

you

are

are

50%,

over

are

rect?"

of an in¬
important.
prospect de¬

proposal before him, nor can you
gain his consideration of any sug¬

gestions

the
de¬

Prospect, during
the dollar has

(Est.)

represent

of

Snyder has beem ap¬
pointed to the newly created po¬
sition of operations manager of
Granbery, Marache & Co., 67 Wall

who

years

value of the

most

your

curi¬

salesman

you

first ten words that you
the

v

from any future

salesmen have made the statement

are

fund

your

successful

at the beginning

be valu¬

may

enhancement

—

The

$49- 311/4

235

First National Denver._

offer¬

achieve these benefits.

osity and made the listener alert
as to what might be coming next.

made

The First Ten Words

speak

them

follows

you are

$48/2

there

preciated

terview

This

interest.

fact that

National..

Denver

shares and participation in this bank is much

past

that the

interview that will

him.

aroused

Earns.

(% )

capital—an opportunity to make
money—and you are inviting them
to join with you in an effort to

most

time"

Yield

Divid.

-Ranger—

Robert

asks,

most

the

able ' to

by

minutes

attention by adding the additional

the

Price

Granbery, Marache
Names Snyder
7/

is

element of suspense and

of

their

an

ing something that

to

BANKS

few

important and it insured

Some

COLORADO

effectively accom¬
using leading ques¬
tions.
The question asked by he
registered representative "for a

ensuing conversation by
asking if his listener could spare
of minutes.

Aim

interest

immediate

plished

his

couple

of

This

of minutes—is it O. K.,
what this opening question
at the beginning of his phone call
accomplished.
He set the stage

couple

a

hold

v,;:. from

want a person's attention
say something
that will IMME¬
DIATELY reach through the fog
of his preoccupied mind and di¬
rect his thoughts to a subject that

ever,

for

ticipation in

If you

O.

through such lead¬
will gain their

you

attention and also enlist their par¬

At Self Interest

K.,
spare me a couple of min¬
Despite the fact that he

knew

7/^/7

To Gain Attention

Co.

for

you

v.:

■

this

Lyons,

Burwell

speak with
minutes—it

of

client

Bank Stocks

—

this

in

year

that if you approach

ing questions

sentative and

a

a

sure

am

This Week

scheduled for what

are

be

most investors

every sales interview—wether it
is a personal call or over the tele¬

he picked up the

to

busy
respect in 1962?"

The other day I was sitting at the
desk of a busy registered repre¬
as

you

issues that

I

speak with

Thursday, December 7, 1961

.

have

would

Attention Please!

to

.

attractive underwritings land new

CORNER

telephone

.

<

its which

are

banks

in

California

should

they will be better able to retain their time depos¬

already substantial relative to total deposits.

readjustment

rapid

commercial

an

of the

case

of

rates

could

penalize

earnings,

Any

therefore

changes are likely to be gradual.
This

announcement

is neither

an

offer

to

sell

nor a

solicitation of

an

offer

to

buy

The offering is made only by the Prospectus,

any
-

NEW ISSUE

.

Under the new

of these securities.

schedule, for funds

less than six months there will be

> ;

funds

December 6, 1961

be

n v •, <•

3V2%, and for funds on deposit for

200,000 Shares

In regards to

of the United

Ace

billion.

Trophies Corporation
COMMON

the second

reason

Although the

STOCK

■

one

a

loss

has

period of
rate.

year or more,

the

stated, the recent loss

been

For

rate will
per¬

•

explained

by

into gold,, it would

of Britain's dollars could remain

some

in this

-

States gold stock reduces the
supply

Britain has transferred dollars
that

deposit for

deposit for from 6 to 12 months, the maximum

on

missible maximum rate will be 4%.
?

on

change in the 3%

no

as

the fact

seem

such and

country in view of the rjse in rates paid

on

of $300

to below $17
that

apparent

on

deposit

time deposits.

(Par Value $.01 Per Share)

OFFERING PRICE:

NATIONAL AND GRINDLAYS
BANK LIMITED

$1.00 PER SHARE

"

'

.

Copies of the Prospectus
'

dealers

as

may

may

be obtained from the undersigned and from such other

legally offer these securities in this

state,

Third Quarter

Head Office

£6, BISHOPSGATE,

Statistics

LONDON, E.G.S.

54 PARLIAMENT STREET,

S.W.I.

■

■

10 N. Y. CITY

;

•

13

1

London Branches

BANK STOCKS

ST. JAMES'S SQUARE, S.W.L

Bankers to the Government In:

Bulletin

ADEN,

on

Request

KENYA, UGANDA, ZANZIBAR

EZRA KUREEN CO.;
26

v




Branches In.

Broadway, New York 4, N. Y.
V

'•

/V

-

*

-V

KENYA, TANGANYIKA, ZANZIBAR,
UGANDA,

-

*-

I..

4

Members New York Stock
Exchange

INDIA, PAKISTAN, CEYLON, BURMA,
.

Laird, Bissell & Meeds
•

•

ADEN, SOMALI REPUBLIC,,

■

Members American

120
r
-

NORTHERN AND SOUTHERN

1
TV*"'*

-

,

RHODESIA

;;

Stock

BROADWAY, NEW

Exchange

YORK 5, N.

Telephone:- BArclay 7-3600
Teletype NY 1-1248-49

Bell

Specialists in Bank Stocks

I

\

}

Volume

194

Number

6114

.

.

The

.

Commercial and Financial Chronicle

(2517)

21
1

capacity^ thusgenerating future in- Q-J-pynq TiQIIPT*
reducing plant. It
OtUIIl, XjdUCI

PUBLIC UTILITY
SECURITIES

BY

vestment
also

is

OWEN

types of utility systems in 32 states
with a combined load of approximately 65 million kilowatts—the

Florida Power

largest

Corporation
the

company's

largest

by

manufacture

utility company in Flor¬
ida, serving a population of some
1,250,000.
The service area ex¬
tends
from
the
Georgia-Florida
line south along the Gulf Coast
to St. Petersburg; and through the
central part of the state to Lake
Placid.

during

for

The

future

kwh.
per

added

430%

compared

state

rate

sales

is

of

with

increase

^

.

the

in

7.8%

growth
are

the

in

trend

business

toward

is

citrus packing and canning plants,

househeating. Sales of heat

phosphate

in the year

amounted

to

well

as

mines;
chemical
Farming

rock

electronics,
aviation products.

and

as

and cattle

amount

raising, growing of. cit¬

28%

of

pumps

lumbering,

air-conditioning systems. M oreover, four out of five new homes

49% residential, 27%
15%
industrial and

added to

dairying,

stores

sale and

and

9%

whole-

49%
is
industries, 21 %

from

revenues,

phosphate

reduced the proportion
slightly.a a,"
ay

30%

from

from 23%
the

industries.

otner

Industrial

There

Of the total to 15%

past decade because the

with

in

mercial

business.

portion

of

should be

The

and

new

court

pro¬

revenues

lion

President
the

number

continue

to

numbers
the

Clapp has
of

and

as

total—a

in

will

major

medical

retiree

has

higher

a

programs

United

tables under discussion would
tablish

income"

for two

people.

As

indication of the ownership of
securities by retired persons, Mer¬

rill

Lynch

Florida

.

has

than

;V'"

g r o jw

t h

scientific
and

been

Orange County 129%). The
pany's gain' in customers last

—nearly 20,090

com¬

an increase of
highest for any
utility with 100,000 or more cus¬

7.5%—was

tomers.

or

".

It is estimated

this

the

Revenues

sells

pooling

~

currently

one

solid city

will

to

construction.

Earnings

about

have

since

uptrend

to $1 30 and

1961

to

However

to

to

been

with

1960

an

es-.

earnings

tedA&t °nly

$1.45,

late

in

price

at

the

little

a

about

34

At the

year.

around

Florida
2% and

47,
over

times

earnings.

with
share

f-\*'

FRANCISCO, California—A
major- change in executive per-

Crane

other

Kellogg,

Chairman of
v,x

Murray
51

bankers

and

and

brokers

Moore

&

Rothenberg
are serving

Schley

and

joining

Mr.

Michael T.

the

research

securi¬

as a

one-half

The

Murray

has

also

Chevrolet

years

Ohio

was

Com¬

Co.

made

was

known

with

been

associated with

Division

of

General

Chrysler Corporation.,

Mr.

Murray is

a member of the
American Bankers Association.

of
as

Now Mutual Funds Sees.
Speakers at the dinner, the first BILLINGS, Mont.-The firm name
neLd ,in AT f'™' -AfT- ln Of Mutual Funds Investment Com-

co-Chairmen..

-

,

CoAlege °f,,MedlTe'
Maynard, member

n

of the Board

New

of Governors

2801 Glenwood Lane, has
been' changed to Mutual Funds
pony.

of the

securities Company.

York

Stock Exchange and
Parker, ^Chairman of the
College's Metropolitan Develop¬

*

.

Albert

ment

Council.

A

report

on

training activities,Will be given by Dr. Lep; M.
Davidoff, Professor and Chairman
of the Department of Neurological

Forms Price Inv. Co.

.

Salvatore E.

cur¬

rent research and

ing
■

a

Dragotta is conduct¬
securities business from of-

fices at 357 Bast 57tT^ffbet under
the firm haWfe of Price Investment
Cd/ 'He

Surgery at the College.

was

fbrmerly with

Inc.

Thomas W. Bartch, Travers
Hume; Elmer Bloch, H. L. Goldberg & Co.; Michael Bregman,
M.
L.
Bregman and
Company;
Arthur
C.
Briggs, Deiafield &
Delafield; James Campbell, Jr.,

A

are:

&

:

-

,

&

Campbell; William A.
Coleman, .Adler, Coleman & Co.;
Albert Fagan, Fagan & Co.; Horace
W. Goldsmith, H, W. Goldsmith &
Co.; Michael Goodson,

All*

\\7

i

Allison Waugfl Co.

CHICAGO, 111.—Allison Waugh &
Company, Inc. is conducting a securities

business

from

offices

This announcement is not

an

offer to sell

Rowena R. Grace, Vice-President;
Evelyn T. Rockey, Secretary; and
Genevieve Rolling, Treasurer.

nor a

solicitation of

an

offer to buy

any

of these

securities.

No offering is made except by the Prospectus. The Prospectus has been.
filed with the Department of Law of the State of New York. Such filing does not
constitute

Com¬

i

*

approval of the issue
'

.

or

the Attorney

or

the sale thereof by the Department of Law

General of the State of New York.

Ltd., Osaka office.
as

Pres¬

NEW ISSUE

ident will be Kenji Hatanaka who
has been in charge of the Los An¬

NOVEMBER 27,

1961

geles and Beverly Hills offices, of
Nikko

He: will

Kasai.

make

his

1,000,000 Shares

headquarters at Nikko Kasai's San
Francisco offices, 220 Montgomery
Street.

This announcement is under
to sell

or a

The offer is made

..

no

solicitation of

circumstances to he considered

an

offer to buy

any

as an

offer

in such States where these securities may be
These securities

are

offered

as a

V:,'A'

'•

*

w

A

a'«••-r"

j;

Will Form

lawfully sold.

speculation.

NYSE Firm
NEW

Royal Land &

Vinik, Feins Co.

of these securities.

only by the Prospectus which is available only

,

'

Class A Common Stock

ISSUE
December

1,

1961

(Par Value $.10 Per Share)

Vinik, Feins & Co. will be formed
of

Jan.

1

with

offices

at

120

Broadway, New York City, to

en¬

as

155,000 SHARES

in

a

Partners

of

gage

Telecredit,

Inc.

be

a

securities
the

member

Price $1.00 Per Share

business.

firm, which will

of

the

New

York

Copies of the Prospectus
and such other dealers

Stock

COMMON

STOCK

(Par Value $.01 Per Share)

<

Exchange, will be Donald
Vinik, who will hold the firm's
exchange membership, Martin S.
Feins, general partner, and Meyer
Weinberg and Joseph H. Warner,
limited partners..

may

as

$1.00

PER

SHARE

Allen

is engaging

in

a

securities

business from of fices* at' 3636 Six-*
,

*

fX? " c?.

li.1.l_".

::Y




legally offer these securities in this State.

Sprayregen, Haft & Co.

Forms Jordan, Marc & Co.
Goodkind, Neufeld, Jordon Co., Inc.

WASHINGTON, D. C.—Thomas B.

GLOBUSa ■JEMCwT; a?"15 •' Tu A-k A j* I

be obtained from such of the undersigned

Lieberbaum & Co.
Morris Cohon & Co.

PRICE

may

teenth,: Street;; N. W/ under the^
firm name of Jordan, Marc and
Company. Mr. Allen was.formerly
with HuF.

Weekley & Co.

Ehrlich, Irwin & Co., Inc.

Robert A. Martin Associates, Inc.

•

^

'

r-

'

at

6670 Northwest Highway. Officers
are Loren B. Rockey, President;

an¬

Tokyo that Shizuo
Hayase, President of Nikko Kasai,
has been named managing direc¬

Succeeding Mr. Hayase

East-

man Dillon, Union Securities &
Co. and J. P. Howell &
Company,

...f
Members of the Executive Committee
of
the
sponsoring group

nouncement in

pany,

trust

a

Motors Corporation, and Plymouth
Division of

Shearson, Hammill &

Albert

three

pany,

cine to be held Thursday, Dec. 14
at the Park Lane Hotel.
s
W. J.
Co.

joined

investment ' analyst
with
The
^efroit Bank and Trust Company.
He

xxx-

a

of

&

Company
—

High Street,
analyst.

For

dinner to honor the
Albert Einstein College of Medi-

Denman

West

Staff

Ohio

has

prior to

ox

wx

Joins

North

ties

III,

wwxxxxxxx^v.

Beauchamp,

department of The Ohio Company

committee of in-

a
cx

*

Incorporated; and Samuel

West,

•

COLUMBUS, Ohio

Spear, I.eeds & Kellogg is serving
as

•

Co

Warren, De Coppet &

Of

Medical College
James

E.

Murray

/»

,

Cn

Rt

&

sonnef of Nikko Kasai Securities

r

of

reserve

:

Roth

and

Sponsor Dinner fi[)J»

Marks

SAN

tor of the Nikko Securities

agreements
utilities

5%

Of Nikko Kasai

from

much

serve

n

benaLf °L

exceptionally
large credit for

declined

York

will be Walter

gain

a

Ilatanaka. Pres.

supercity.

Florida

is

of

an
a

charged

Ppwer yields

that

,kw. compared with the 1960 peak
load of 756,000 kw.; It has made

stripping the rest of the South in
the growth of
manufacturing; in

to

vigorous

recent

The company's generating
capa¬
I
bility' is currently about 933,000

during 1950-60

increased from $21 million to $68
million.
Florida has
been
out¬

be

FPC

.".'and

due

dilution

Cape Canaveral to St; Petersburg"

year

price

reflecting the proposed rate cut and possible equity

stating "I foresee the day when
will

stock

I1 £ ?Je

?.r

instruments to Mercury

Jupiter.

there

/

the

ad¬

a

Governor Bryant has been quoted
as

a

about

tion of which will benefit Florida.

and

After

after the first land¬

the company's
ellas
County

.135%

1952.

splits*

timated $1.42.

$20 to $30 billion will be spent in
the next decade, a large propor¬

gained

for

then

.rising

es¬

rapid in the company's area. Dur¬
ing the decade ending 1960, the
state showed a gain of 79% and

territory 69% (Pin-^

21%

m

three

moon

since

Earnings in 1958 showed

$1.14.

man-flight
to Mars and Venus in the early
1970's along with the sending of

■

has

the

on

ing, and accomplish

offices in
other state ex¬

cept Texas.;.-' A.*/
Population

to five years

more

any

man

a

some¬

9 times the low of 1950.

1959

Government

able
an

rates."

earnings have been

interest

industrial

than the national "average dispos¬

load-factor-type

common

of

or
by
private industry. One of the time¬

income

electricity
our
$1.3

recover

cold winter and

undertaken by the

ever

States

of

use

than

year

oyer

the

should
benefit during the
coming decade by the. Moon Boom
—probably one of the 'longest and
most costly sustained development

breakthroughs would add to these
gains. He estimates that the aver¬
age

of

sales

actual

three

or

through increased sales in
year's time with the new pro¬

the

six-

a

Beach

greater

justment

South; all homes along the new
bayway will be Medallion Homes;

percentage nf

a

few

Jones

stated ^.^BcvthvrJne^idnntial and

retirees

both

grow

the

to

each

being spent to

become

two

to the earnings rate.

New

W.

Jr., and Westcott Trainer to partnership

sponsoring

,

is

4.

what irregular, declining in 195i
and again in 1959, with gains in
intervening A years and in 1960.
Dividends paid have increased in

a

Mont¬

and

another

more

Share

develop
Mullet Key, said to be destined to

proportion of retired people in the
area.

$800,000

store

add

motional

building

construction

an

Ward

i

the

'nirshon

lMirk

Stava.

Midwest Stock Exchanges, on Jan.
1 will admit Charles P.
Schwartz,

vestment

story office building. Some $8 mil¬

Regarding residential business,
an
important factor is the large

that

house,;

gomery

'

t

of

F

Doremus; Norman Weiden Merrill, Lynch, Pierce, Fenner &
Feni
Smith,

members

Nar^rnark-

T

D'

William

SXtllGrS

T

Tr

Nam

Safanie.
Shearson,
Hammill & Co.; Edwin H.
Stern,
E.
H. Stern
&
Co.; Charles H.
Thieriot, Carlisle &
Jacquelin;

CHICAGO, 111
Straus, Blosser &
McDowell, 39 South La Salle St.,

a

totaling Over $13 mil¬
$5 million expansion of a

a

4.u

1 0 Admit

Roth

Murray

\

_

million

ment houses

stabilizing factor.

a

only

$750,000 bank building, a $1 mil¬
lion department store, two apart¬

lion,

4.

expected tn inorpasp pffiripnrv
to increase efficiency

and

area:

under

are

com¬

small

industrial

a

been

pvnertprl

ance

in Clearwater,
population of only 38,000,

there

manufacturing plants (electronics,
etc.) represent light industries and
are
not big power users.
How¬
ever, they do have large payrolls
which favor residential

considerable

activity in the

have shrunk

revenues

is

with

terms

President Clapp has stated: "We
expect to reduce customer resist¬

the

has

from

citrus packing and processing and

has

return

tenths of 1%

company's lines are
all-electric; the coming of natural
gas
to Florida in recent years

miscellaneous.; Of the in¬

dustrial

to 7%

During 1961, the company's

-i.

and

.

commercial,

equal

on

iu
is
is

Emjj

H"

TernmP w

Snraeue

James Nick

GLIctUb, JDlObbol
m

& Hutzler*

mack

it

present allowable maximum; and

pumps now

Harry

rev-

time

same

running
about 0.5% to 1% higher than the

heat

fishing are also
important.Revenues are about

fruits,

rus

the

at

it

of

rate

total

Central

installed.

the

de-

a

increkse in the allowable

an

spect.

number 4,578 and ac¬
count for 57% of total residential

naval

for

Florida Power & Light in this re¬

ended September, 1961

lime

and

while

placing

electric

the

Lauer & Co., 120 BroadNew York City, members of
New York Stock Exchange,

in

currently asking

$1,000,000 in

over

rate of return from 6.45%

residential

rapid

Stern,
way,

&

Sons; Benjamin J. Levy Salomon
Bros

favorable.

Commission

of

Wants

'

.

Jacobson, Benjamin Jacobson

v*

the

in

atmosphere

considered

State

crease
enue

at

is

Florida Power is

whole.

a

estimated

I

annum.

us

regulatory

Florida

Especially promising for future

•'

Important industries served

the

ArliyiiF
J. 0 x\QIXllL dmirrVl
AXOU^ll

Gough to partnership.

The

value

jumped

area,

1947-60

305%

interconnection

world.

Florida Power Corp. is the second

TP

nected Systems Group, a 33-yearold
voluntary association of all

ELY

Bear, Stearns & Co.; Francis X.
Hoart, Moore & Schley; Robert J.

Vj0.

in

member of the Intercon-

a

Marshall Roberts & Co., Inc.~

.

22

(2518)

The Commercial and Financial Chronicle

AS WE SEE IT
have

Continued from
unfortunately

their

cut

1

page

;

rather

.

.

Thursday, December 7, 1961

could repeat itself in time if
rift between Russia and

'

the
effec-

readily

N

*

China grows serious enough.
But for the time being at least

eyeteeth will
recognize the Com¬ tive in reaching that objective
munist jargon into which all and any effort of anyone to we have a world which isi
things official that come out prevent the success of such dominated by communist im¬
of Russia today are expressed intrigue and corruption is try¬ perialists and the remainder
—and will as readily realize ing to export counter revolu¬ of the world which wishes
tion according to their jargon. only to remain in peace and
the lack of specific meaning.
So
much
for
what
the independence. All the Marx- =
v

.

NSTA

NOTES

.

As in Past

The
deal

Kremlin is doing. Let us not ian dialectics
good be unduly deceived as to cannot alter
:
say before he what the motive of all- this these*.
We could wish world-wide scheming is. Of

President
to

more

that he had been

a little more
course,
in the communists'
explicit at points, but by and book the end and aim of it all
large he succeeded in saying is to "Liberate" all men, par¬
in. a rather convincing way
ticularly those who have been
what the real trouble is to¬
exploited in the past or have
day. He could have added, simply not had* the energy
had he been so disposed, that and drive to lift themselves
..

this

of

same-sort

throughout

had

issue

history

been

the root of international

at

con¬

flict. For such is the fact, and
the

jargon which the Kremlin
the

and

world
of

others

who

socialism

preach

are

fond

so

mouthing

can not for a
alter the fact. Of

moment

there

course,

numerable
which

have

been

smaller

in¬

wars

essentially

were

con¬
flicts between conquerors and
the conqueredr or in some in¬

of

conflicting

the field

of

Of course,

it is imperialism

the Kremlin

on

in its endeav¬

"eommunize"

to

mainder

of

the

world.

the

Stock Offered
The initial public sale of the com¬
stock

mon

of United

States Plas¬

tics, Inc. is being made with the

of ,190,000

offering

shares

tent

which

to

•

.

the

world's

Net

proceeds

from the

re¬

The

at

$8

sale

Elbridge H. Smith

S. E. Dawson-Smith

Sidney Jacobs

of

- imperialist—now or its 150,000 shares will be used
by
time in the past—ex¬ the company to retire the out¬
pects to profit financially or standing 5%% and 6% promissory

greatest
at

any

other

m

materialistic

ways

from all that

as

notes, held by Consoweld Corp.,
company's supplier of lami¬
nated plastics.
the

the

Headquartered in Hialeah, Fla.,

related

items,

plywoods,

such

as

as

and hardware in southern

and

ruler.

It

Russians

are

in, natural

they

that

true

the

exceedingly rich
if

and,

resources

get at it in what

ever

would /

is

call

way,

have

extent

of

Florida,

about

25,%

.

T?,om

Salvatore J.

the manufacture-'
of,high pressure, laminated post-formed counter tops, panels, doors

sales,

in

elected the

and bath enclosures.

Rappa

Wilbur Krisam

following officer's for the

year

1962:

President: Elbridge H. Smith, Stryker & Brown.

we

1st

■;

Owen D. Snyder Opens

business-like

a

leaders of the Russian Soviets

its

of

the

to

and

cores

tools, adhesives

power

as

its

.

Consoweld laminated plastics and

which must

accept Moscow
capital and the Kremlin

•-

the company is engaged primarily
in
the
distribution
and. sale of

its

imperialism.

and ^impfethat drives

pure

or;

ambitions

U. S. Plastics

the

they are doing
imperialists of an ear¬
doubtless we should lier
day expected to do and
say would-be conquerors. But usually did. The point is that
the major conflicts have usu¬ what the Kremlin is
doing is
ally if not always been be¬ to build up if it can a world
in

such

quagmire of dire per share by Roman & Johnson
and associates.
poverty. It is, however, of the
Of the total 150,000 shares are
deepest significance that all
being sold for the company and
these liberated people become
40,000
shares
for -Edward ' R.
at once subject to the dicta¬ Scharps, President and
director,
torship in Moscow. It is fruit¬ who will retain 230,000 shares of
the class B stock and no shares
less to discourse upon the ex¬
of the common.
out

stances

tween

the world., SECURITY
TRADERS ASSOCIATION OF NEW YORK
facts
as
The Security Traders Association of
New York, largest affiliate of
the
National
Security
Traders
Association, held .its Annual
Meeting on Friday, Dec. 1, 1961, at the Harbor View
Club, and

in

a

..

through.

was

had

Vice-Fresident:... Stanley

E.

Dawson-Smith,

Cruttenden,

Podesta & Co.

^

of the material

'2nd Vice-President:
have practically all JENNINGS, Mo.—Owen D. Sny- > T
Sidney Jacobs, Sidney Jacobs Co.. /V/Secretary: Salvatore J. Rappa, Mergott, Rappa & Co.
> '
good things of der has. opened offices at 7033
Treasurer: Wilbur Krisam, John C. Legg & Company.
Theodore Place to engage; in a
that they expected to see the life without the
exploitation
securities business under the firm y
■/■"New Directors: (two-year terms): John M.
whole world turn communist, of
Fitzgerald, W. C.
any foreign people, large name Of Owen D.'
Snyder & Co. -; Pitfield & Co.; James T.
and the present leader
Gahan, E. F. Hutton & Co.; Edward A.
or small
yearn¬
—although we cer¬ Mr. Snyder was formerly with :°' Horn, Kuhn, Loeb &
Co., and Charles S/Offerman, Troster, Singer
ingly expressed the wish at tainly would not assert that A. G. Edwards & Sons.
•
&.Co.
-1"

and

over

over

again said

can

'

,

.

-

-

-

•

time that it would

one

occur

they have been wholly with¬

during his life-time—and his
are
running out. He,
moreover, has been again and
again quite frank in saying

out sin

in their economic

lations

years

with

their

In Inv. Business

f

NEW

HAVEN, Conn.—Lillian Cohen is conducting a securities bus¬
•

that

the

it

can

to

marked

the 25th

Anniversary of STANY.

attended by a record number of members who

was

■

-

-

,

-

I

./

^

•-

-'<■

*

them

talk

porting"
like.

about

any

"ex¬

not

revolution

and

the

Deeds

or

some

and

for

the

desire to do

no

to heed resolutions in

between

those

so.

most; tors, Inc.
This

struggle:

•/
~

versity's

at

5

:

who

wishrto:

hudd ah empire and those who

second

of exporting

lution

and

communistic

which

anny

revo¬

not

are

evident to the casual
eye, and
never,

able.

tions

almost

or

never

They have for
been

do

more

-

genera¬

developing

technique. While it
than

overthrow of

prov¬

their

not
produce- the
may

existing

govern¬

is

the

year he has done the au¬
School
and: Society

all.ti-

pSak

collegiate

at

study, started and carried on the
preceding '40 years by this uni¬
versity's Pr esident Emeritus
Raymond Walters/,

over 1969's admissions.

v American

in

eudqnre

With

topbe^tWs fall* wittl

/

•

,

-

Lsnchner, Covato

.

This

type of

conflict

remains

that

the

most

that had the

powers

ability to

real trouble

cause

themselves out for colo¬

were

nial

spoils. ,The
too

were

much
not

for

Now With Birr Co.

weak

about, it

in

to
or.

do

else

v

SAN

FRANCISCO, Calif.

liam

S.

Griffith

is

now

—

_

Wil-

affiliated

with Birr & Co., Inc., 155 Sansome

Street,
Ccast

members

of

the

Pacific-

XX,00

was

,

very

Joins

position in which
they felt that they had to pro¬

SAN

tect

E.

a

-

-

Stewart, Eubanks

(SDecial to The Financial Chronicle)'-

*

the imperialists

situation

which,

of

—

a

course,

recently

at

.

FRANCISCO, Calif.—Morley

for

survey
,

..

,

School
.

,

en¬

and
_

2257^921UfSll-time
E"kertsfl™® 2/5J^
'

§2,5427
™
lle;>

dnQ

finds

ntrt-time stnunfversitur-yefr collt ef
iUU1
full

and

,047 accredited
.yC-cU

In

1,017 institutions reporting
comparable 1961 and I960 figures
there
ar§; 7.5%
more
full-time

students—largest percentage fulltime

more

increase

in'grand

since

total;

members

of

the

Coast

New

York

ment, Corp., Pittsburgh.
Mr, Sottile, attended Westinghousd High School and the Uni¬

versity of Pittsburgh.
He was
formerly
Division
Sales
Man¬
ager

of

Underwood

Corp., Pitts¬

burgh.

New Frumkes Branch
CEDARHURST,
Frumkes. &

and

4.2%

New

York

nounce

.the

N.

Y. —H.

M.

Co.,. members of the
Stock Exchange, an¬
opening of their first

urban institutions have de- Long Island branch at 536 Cen¬
Arthur J. Frumkes,
clines in part-time enrollments.
- tral Avenue.
and-. 'This is the'hinth straight year' who has been la4 fesidfcnt of the
many

Stock

was

Mr. Carey was formerly associ¬
with General Office Equip¬

ated

6.6%

Exchanges/ of increased American collegiate
previously with enrollments.
V
Paine, Webber, Jackson & Curtis.
.'Dr/ Parker is Cincinnati uni¬
Mr. Meverson

nounced.

1955;

Meyerson has become connected .more part-time students, although

Pacific*

among,

.

Stock

Exchange. Mr. Grifxxri + l-,
PrnHan.
formerly with Crutten¬
den, Podesta & Co. •

+ V.
fith

were

themselves from the de-

reported

Completing the 42nd annual

rollment

(Special to The Financial Chronicle)

fi

rest either

Parker

the University of Cincinnati,

(often natives'-who have been




7.5% gain of full time students

year>3

LOS

with Stewart, Eubanks, Meyerson
&
Co., 216 Montgomerv Street,

is

a

—

Last

and their
replacement spoilers. In short, the big wars
by henchmen of the Kremlin were
usually between and

it

This Fall's record high college enrollment

D.

slaves.

ments

"Moscow-trained").,' but

central

This

ANGELES, Calif.-Roland Li
been
PITTSBURGH,
Pa/— Lenchner/
feel that, they must offer
Barclay; has
become, associated rphenomenaLincrease in full-time
op-«
Covpto "& Co.; Inc., Bigelow
with
Standard
Securities - Corp.,.* students" "the
-/most
significant/ Square, has appointed Mark A.
position to the imperialists if'
7805
Sunset Boulevard. He was feature
of
the
current
national
Carey and Louis Sottile as ac¬
they themselves are perma¬ formerly with Marache, Doffle- enrollment
picture," Dr. Garland count
executives,
it
was
/an¬
nently to escape the role of myre & Co.

tyr¬ part the

always

arid

■

^

-

v

thoritative

r»

..(Special to theFiNANcm CHRONictE),

.

gathering of the com¬ has not been wholly absent inJ
They have their past centuries, but the fact

ways

i

registrar

admissions'; officer.;

•"

records

*

vv

j

With Standard Sees.

•

munist clan.
own

;,

i

of leaves 1 the- current

running over' a
very considerable ^period of
time shout the
contrary so
loudly that no one is likely to
hear

more

part

quite futile for

to

■>

any

Jargon
It is

addressed

encourage

"movement"

-

were

rangements for the meeting.

.

I

The meeting

by the outgoing President, John S. Barker of Lee Higginson
Corp.
.Lewis H. Serlen of Josephthal & Co., was in charge of all ar¬

•

What is unique in the pres¬
Form Heritage Equity
ent-day situation is the fact;
and, of
Heritage Equity. Corporation has
that there is so little
course, that the non-commu¬
competi-' been formed'with offices at 518
nist world
would- do ; what, tion in imperialism, Almost; Fifth Avenue, New York City to
they can to prevent it, but it nowhere in the non-commu-' engage in a securities .business.
would come anyway no mat¬ nist world do we find any ef¬ S. Spencer Grean is a principal of
the firm. Mr, Greah. is President
ter what either of them did." fort to -build
up an ' empire! of The
Heritage Fund Distribuall

:

iness from offices at 1150 Whalley
Avenue.
:

What Is New>,

1861

,

re¬

so-called

satellites.

that his nation expected to do

*

,

Five Towns
Community all his
life, is managing partner and Al¬
fred J. Goldman, office
manager.

Volume

Number

194

6114

.

.

Commercial and Financial Chronicle

The

.

(2519)

assets
1

'

formers

a

w~

the portfolio

were $298,555,604, or $20.12
share/ The net asset value per

share

JOSEPH

BY

C.

a

earlier

year

*

$

.

POTTER

Chase Fund of Boston
at Oct.

Financial editors and analysts are
forever complaining that the term

recent

got

years,

above

up-

reports that

fast year, fell to 95 this year.

were

Bobbie

•;.„.

'J.\ v

;;

V :

*

,

•/

*

'

.

Brooks

%

'•

./'

'

*

'

•

stock
*

.

invest¬
' •
" •

Security suggestions (have been
to

change

listed

and

be
of

New

of

purpose

Broad¬

Taft

and

growth

-

limited

casting. Gains ranged from 212%
in Dymo to 31% in Taft.

lier.

256

ing.

Industries, Wm. H. Rorer,
Pacific Hawaiian Products, Hud¬
son's Bay Oil & Gas, Lockheed,
Xerox, - Litton, Johnson Service,

$41,789,089, or
$8;40 a share; against $20,728,396,
equal to $6.55 a share, a year ear¬

Synonyms Wanted

understand

Dymo

31, close of its fiscal year,

net' assets

in

held

stocks

throughout the nine
ended
Sept.
30
were:

months

$16.67.

was

*

-

those

of

23

•

York

Stock

Ex¬

companies for The
tabulation
accuracy

efficiency and not,

as

might

inferred, from any ?standpoint
comparative performance.

Hi

,

*

,

■

New peaks in total assets and in Washington Mutual Investors
market, as Mr. Templeton
net asset value, were reported by "Fund, " Inc; reports -net assets at
.notes,', now is around /the highest
Oct. 31 .amounted to r$31,'515,616,
Commonwealth/Stock
Fund for
they'll go right on using it .until
point in history, measured by .the
pr $10.88 a share, against assets of
the
fiscal
someone' comes up with a better
yean ending
Oct. 31.
Dow-Jones and Standard & Poor's
equal to $8.75 per
'Chairman S. Waldo Coleman and $20,196,022,
synonym — or until the general
averages.
"Therefore," says Mr.
share, a year earlier.
President /Robert
body,<of stocks moves one way.
L. Cody told * "
Templeton, "it may -surprise, some
'*//..;\"
*
- sjt
*
.stockholders in the annual re¬
At least it's a good -deal more investors to learn .that
as
many
port that total assets at year's end Wellington Equity Fund reports
accurate
than

/'selective"

scriptive

as

stock market de¬

a.

is

,,

overworked,

The

but

.

•

headlines

y

which

149

ras

stocks

listed,

,the'two

on

were

relate that the market
was,

lower, Stock Exchanges in New .York
story discloses that are mow selling at prices Jess than
•more istocks rose than fell.
What •half of their best prices 'this wear
'•
prompted the misleading head, of and -last."
••.v£'
although-the

•course,;; was

averages

The

.

th e

fact

,

of

couldn't

primary

interest

havior

pattern
He will

rise

and

an

the

.

is

principal changes in holdings for

/an

the six months ended Oct. 31, New

in

course,

the list would

be

the

be¬

.

hold¬
aver¬

his stocks

as

.issues

included.

were

But,

indices

when

casualties.

Thus,
basis, there

1961

sales

in

such

-on

Alberta

realized

cents

share

a

gains.

made

New

increases: )

Important

Gas

Trunk

Line

Co., "
Harvey Aluminum, Burlington In¬
Th.iokol
dustries,
Chemical,

in¬

final

the

in

Towne.

six

•

-

John

Templeton,

falling.

are

the President

of

Nucleonics, Chemistry & Elec¬
tronics
Shares,
Inc.,. has- some
worthwhile -thoughts of his own
-on
the subject of -stock averages
and

selectivity.
Says he: "Fifty
years ago, the policy of some in¬
vestors
was
to '.buy- stocks
of
promising companies ,and keep
„

them
in

forever.

Careful

-

selection

picking the.bast stocks always

did

rewards, but. now
selectivity is more important than
ever.
Investment profits now de¬
pend on continuous study of each
Targe

pay

stock

owned."

damage

others.

numerous

has

been.,;

even

as

The

40 cents

Wm.

Capital Gains Distribution

Potash .«&
Chemical, '
Rorer, Cessna Aircraft,
M. C. A., Inc., Friden and Hagen

H.

Chemicals & Controls.

in such stocks as Avnet,
Case, Collins Radio, PackardBell, Transitron
and
Universal
Match. *
; / v.;

v."

■/ .: v...

severe

is

study

of

that

the

The

com¬

marketplace

high

whose

of

in

best,

of

team

per

had

92%

analysts will not be able to fore¬

total

of

net

Final Quarter Dividends

Record Date

December

60 cents

a

12, 1961

investments

new

STOCK

Payable December 23, 1961

67V* cents

share

a

on

'

Sept.

30

Guardian

to

*

#

offering of 100,000
of

£[£»**

in the
selling

it's

funds,

aid.

Just

a

V*-

'1:

Corp.

total

,

Mutual

the

Broadway, New York 6, N. Y.

pany's
Net

ing

$3i

A Name to

per

Massachusetts

value

the

later

sound,

are

market,

sooner

price

will

be

from

used

to

new

the

and
stores to be

opened in late 1961

or

to

for

acquire

license

financ¬

equip

—

early 1962;
one

new

contract, and to equip
inventory that store; and for

and

additional

working

a

Massachusetts Life Fund is

paying a dividend of 22 cents
per
share from investment
income for the quarter ending

nearly in

possibilities.

retail liquor store chain

in

operation

be

opened.

three

and

All

of

the

stores
stores

Ask your

to
are

located

in New Jersey—eight in
'County, four in Bergen
County, two in Hudson County

.

for prospectus or write to

Essex

.4,

-.i

.

Wellington Company, Inc.

Philadelphia 3, Pa.

.

.

or

the

rise
value.

portfolio:

Bond

rose

./

Investor

produces

more

to

Aberdeen Fund announces the ac¬

share from realized capital
gains. r.
per

"$7.09

McDonnell

the

at

*

Incorporated,

ship, has announced that all pres¬
ent
customers, of the firm's 11
offices have been invited to

U. S.

submit,
folio

*

Co.,

Broadway, New York, invest¬
ment brokers specializing in the
growth concept of security owner¬

reporting

latest

&

Opinion

120

date.

quisition of the assets of Richard¬
Specialty Co., Inc., a personal

.

from $5.30 on Oct. 31,

The Funds Report

December 31, 1961, and a yearend distribution of 41 cents

the

*

a

of

"model"

five

New

growth

York

Stock

The income dividend is
pay¬

January 1, 1962 to trust
beneficiaries of record Novem¬

ers

er

first

.

for

nature

rities

...

jfree

having

Boston
close

Fund

of

a

market

the

#

:!s

reports
Oct.

value

31

./

.

'.
>-

.

that

at

quarter

'

•

the

&

Miami, Utah Construction & Min¬
ing and Winn-Dixie Stores.
;

.-

Rowe

•-.'

*•#

Price

*

New

*

.

'.

..

Horizons

.

in

exhibit

Exchange

the

greatest

growth during 1962.

the FULLY

on

ADMINISTERED FUND

of GROUP SECURITIES, INC.
A

mutual

fund

in¬

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

in

cordance

with

ac¬

management's
judgment.
Mail this
advertisement.
CFO

firm

different sections of the coun-.

regional,
industrial, or corporate influences
affecting
investment
judgment;
(3) the degree to which investors
try that might point to

/

Fund*

net Inc. reports that the TO best per-

to

on

plans to tabulate the
/received through Dec.
31, 1961 on a quarterly basis dur¬
ing 1962 in order to determine for
participants (1) the divergence or
compatibility of national invest¬
ment opinion; (2) local variation

eliminated First National Bank of

of

"

*

,

The

Flaming Co.,
Dunlap, H. M. Harper
Co., D. C. Heath & Co., Interstate
Vending and Lanvin-Parfums. It

of the exchange

'
sj;

.

BOOKLET-PROSPECTUS

Nam©_

responses

Manufacturing,

Grosset

265,600

$677,280.

average

lin

Aberdeen

shares of Aberdeen
Fund at net asset value for secu¬
was

Coat/tent tp Trustee




Davega, found¬
Stores. This is the
of a tax-free ex¬

The basis

Fund.

tjtlaMac/u&efh

50 State Street, Boston.

merger

change

December 7, 1961.

„•/••,

of Davega

expected

quarter, ended
Oct. 31, it added to the portfolio
American Greetings Corp., Eichduring -the 'latest

-of which

estate of Abraham

The distribution

beneficiaries of record

tfnbWiance

Putnam Growth Fund reports that

company,' the stockhold¬
are the heirs of the

holding

able

port¬

listed

securities

son

trust

investment dealer

081,414

may

line

This

to

Fund

capital, reasonable cur¬
income, and profit

consisting of 20 stores currently

re¬

Balanced

rent

capital.

The company of Newark, N. J.,

operates

a

seeking conservation of

store under

with
-1960, to $5.54 at- Oct. 31, 1961;
*
capital
while
the
Balanced
advanced
growth and more income on the
from $10.12 to $11.63, Income from
increased capital."
$5.52 to $6.17, Dividend from $3.42
to $3.79 and Growth Stocks from
$7.80 to $9.60. Preferred Stock de¬
clined from $7.18 on Oct. 31, 1960,

more

DIVIDEND

capital gains is
payable January 1, 1962

*1

r'

r.

.

of

Life Fund

also

Remember^

Investing

shares.

common

proceeds

inventory three

reports that

Inc.

at

,

from realized

St..

Boston/Mass.

•

Payable January 1, 1962

ber 30, 1961.

of record at 4:30 P.M.,

the initial public sale of the com¬

stockholders'

Fund,

shares

common

Liquors,

booksxlosecf. The offering marked

•'
•••/'.

•

Wilner's

to

dandy little
reading of the
a

Dec. 22 to shareholders
.

share, was-oversubscribed and the

were

ports that at Oct. 31, close of its
fiscal year, net assets amounted

'•

$2.70 PREFERRED STOCK

65

•

at

in¬

prove

reading

ijs

..

$14,887,130, compared with $9,- and one each in Hunterdon,
a year earlier.
Over the Cumberland,
Burlington,
Cam¬
.same
span
assets per share ad¬ den, Middlesex,
Somerset, Union,
roll call of the fallen should give vanced to
$21.57 from $18.58.
Passaic and Morris Counties.
second thoughts to casual inves¬
,*•
'*
P
All of the company's stores are
tors who
operate on their own
Investors
Stock
Fund, Inc. re¬ situated in urban shopping areas,
•with "the help" of friends.' Nor
ports that .at Oct. 31, close of the and the last three stores, as well
is there any need to rub it in—
fiscal year, net assets were $978,- as the three stores to be opened,
the study tells its own tale.
T30,731, or $19.93 per-share. This are located in shopping centers.
Mr. Templeton says: "Every in¬
The stores carry a complete line
compares with $638^187,751 of as¬
vestor wants more safety, more sets and
$15.32 per share at the of nationally
advertised wines,
income and more .capital growth. end of the
preceding fiscal year.. liquors and beers. The company
Continuous search for bargains is
also packages under its own label
intended, to
increase safety by National Securities Series
a
complete line of wines, liquors
reports
selecting those
stocks whose for the six months ended Oct. 31 and beers.
:
; '
prices are not already high in
year-to-year, changes in net asset
relation to value. If the appraisals
McDonnell to Tabulate
value per share for each series in
mutual

share

the COMMON

helpful

and

everybody with a stake
stock market. "For
folks

v

sales

on

should

stocks

teresting

Distributions payable

.-"MrMl

First Weber Securities Corp., New
York City, has announced that its

in¬

assets

equity amounted to $21,442,227,
experience, hard work arid sound equal to $2.70 per common share,
judgment
they can find" better -compared " with
$14,564,782 and
bargains than other investors do." $1.56 a share at Sept.
30, 1960.
Mr.
•.
'
*
*
*
Templeton's
table
of
tumbled

Dividends and

Eastman

•

,

:Graham-Paige

every "twist and turn of for¬
tune. We can expect only that by

Diversified Closed-End
investment Company .

A

".*■

share

a

Capital Gains Distribution

.

.

see

oortioration

30 cents

Willner's Liquors

31,

stocks, against 91.34% a
/earlier. .'During the latest six

months

•

share

share

vested in
year

a

Dividend.from lavestment Income

rose
from
$2.76 to
At the close of the latest

are

security

8 cents

w

a new

Oct.

at

value

asset

i

the

Even

•••••••••••••.••••a*'

Dec. 1, 1961. 24 Federal

A Templeton example
made in American Telephone &\
of 1 most
likely to -rise.-.'' • t
rapid change: Texas Instruments,'
Telegraph, American Tobacco,
"Our
one
of the best growth stocks of
security
analysts,";/ says -Burlingcon Industries,' Container
Mr.
Templeton, ""are continually
Corp.,; Mellon, .National Bank &
searching
through
hundreds
of Trust
Co., Phelps Dodge, Procter
•stocks, seeking :to select
those -&
Gamble
and
Transamerica
which are the best bargains.
Corp., / '/,./.

fYri-Continental

and

"

.

.

Fetzer

...

reporting period Dividend Shares

earnings
are
most likely to rise, which is vastly
different from the*go-it-alone fel¬

.

&

Kodak.

•

a

STOCK FUND

Dividend

$331,325,411

Net

$3.52.

-

low who looks for stocks that

•

.

Oct. ,31, 1960, to

meanwhile

of

analysis that looks for stocks
companies

assets

on

of

1961.

^research

the 'kind

—-

net

099,556

;prime requisites to-suceess In

are

the

*

•

Shares, Inc. increased from $256.,-

Templeton

and

care

r * T

*

.

Total

J. I.

point

Scott

•Holt, Rinehart & Winston.

.more
.

The

share

American

Charter Financial, Florida Power, pany eliminated Transitron,
Allis-Ch aimers, American Export
International Telephone .& Tele¬ Spencer .Chemical, Kern County '
Lines, Hoffman Electronics, Gen¬
graph, Interstate Department Land, United Biscuit Co. .of Amereral Time, General
Controls, Erie- Stores,
SaladajShiriff-Horsey, •ica, Oklahoma Gas & Electric, '
Copperweld
Lackawanna,
Steel, Suburban
Gas; Western Publish¬ Monterey /Oil, McGraw-Hill Pub- i
Budd, Ampex,, Walworth,■% Royal
ing, Great Western Financial and .lishing, Continental Casualty,
McBee and

share

a

Dividend from Investment Income

AMP,
A v o n
Products,
Champion
Spark
Plug,
Coastal
S t a t e s
Gas
^Producing,
First
copy,

,

they rise,as his stocks

BALANCED FUND
II cents

months included American Photo¬

vs.

issues

28

capital

vestments

half-price

are

noted

.&

distribution

after

year,

year-end- of

just

1980

a

at

in

include Lucky Fri¬
day Silver-Lead Mines and Yale

asset value tper

a

confining the list of the battered
His to the Big Board turns up enough

the

of ?his own
at the
the

Of

share rose to
$18.03, an /increase of 26% during

odd lot

sneer

damn

owns

less.

care

when they fall

ages

$2R500,000,

of 40% in the 12 months.

investments

Net

lot longer if the Over-the-counter

typical, investor, who

that,

ings.

that

lower*

w;ere

round lot of this and

a

than

more

increase

.

•

Address.

.Stote.

City.

DISTRIBUTORS GROUP, INC.
80 Pirie

Street, New York 5, N. Y,

t

Wm

?<| |

r/:-x-:-x-:yX-x-:;::Xr>X:^

_

v

.

,

24

(2520)

The Commercial and Financial Chronicle

Ai
4-n 5
JiA
H f/\^i
\
1
lVldl II LAjI 11111 S2 1V1 Oil V>V S V Ml UP,
n i

/v

vi

/n

tyO luyiAVj
AAVk

M

1 Vk

T

Vi

1A

ir

Continued from vane 1
i
,
r;
..
...
■
to a deficit position,
reflecting the
fact that, the United States was
..

n

,,

to apply

their

HnHnrL tiJl

for two

mg

Dromote the

fri«

wpr

J nfFf

A

than foreign coun- F
-f

r

A

K

welfare tif the

cbun

a e:°! Ae

le

eenerai

That

rpsnorwihiliiir:

operations

„

of choking off the flow of credit

in

with recognition of the Governr
ment's borrowing requirements,

Ai

ft

Reserve's

the money field must be conducted and

w

§£.
X *
beiA
emselves, their families, and

-

w

reasons:

^pons "J

artificially confined, with few exceptions, to

rates,

first? although the

federal Reserve has no part in
.'Still - another factor that - we 0f Federal Reserve purchases over
tax or expenditure decisions, it have to deal, with is psychology, a wider range, these operations
does have a' duty-.to prevent fi- or to use the economists' jargon*«exerted some influence, suppler
—expectations -4- and no reliable mentary to the much more imporyardstick has yet been devised to taiit steps taken by the Treasury,
measure this factor. What things in' holding short-term rates at
really are may count most in the around the 2^% level despite thb
long run, but what often counts decidedly easy posture''of mOhei

rp

could

whole,

not

its

pay

bills:

nWwwa pJ^Wi.w»:.4apes ^

'

forcing

i960, these transactions had been

higher, for there is not any such securities with a maturity under
policy and there is not going to one year. "'X'
'V
t
be one of-that lrindvCv
"'5: By spreading the direct impact

ch^ina ?ni9
deficits began /That gene al responsibility^is nancial panics, and a panic surely
£ fi
f'
Svstem
shares^'Thp direct
' would follow if the Government,
Sv*"Sn«n Le*re:^ This'con- Sonsibilitv-of^'thJsvstem
year'
A-which represents the people as a
Iwvecontmued
smce;

Thursday, December 7, 1061

,

Federal

enterprise

energy

intiniiifv

„nH

^

VM

*

.

authorized by Congress and made tinuance of the Federal Reserve of providing bank reserves were
law with the signature of the policy of letting the supply and-broadened, first to include securi¬
President, as it also has the task demand for credit be reflected in ties with a maturity up to 15
bf managing the public debt ac- market rates of interest.
Cer- months, and next to include all
cumulated in that process. The tainly it does not signal a policy , maturity sectors. - Until October

^

rlf
n
^
TTV\
A
\JL X I d;IloCt3llQlIli£ llll UOI Lldnnri
O
v»

.

.

sec0nd^ H would be preposterous
in the short runis what things
are
a11 ,fin0r^«aSf business ?amT^ImDiovmSrit" for the Federal Reserve to say in
C0?A A" sf^miard fhe vahfe of our
eff^ that it didn't approve of seem to be—what people .think
fnHnQtFS ^ uFderstand that^in sa,S
d e a
' the- expenditures;1 authorized; by they 'are. I recall instances over
AitFfmfr
and fmanSe fn thF Aonomt Bv a^doinVlt the-Congress and ordered by the the years when we were proceedt/nn n^^iv fmare
f
ca™SdmDortant contifbu- Preside nt> -and- therefore' it -ing to provide4 for a- rate of
liFF WhAlo i 1?CA tk>n to imnroSntf the°li^h*' wouidn't help enable the Treasury growth in the money supply that,
ffi? n t only for goods and serv- standards Tthe neonle as a whole to finance them. x>,In retrospect, seems to me
CTPe
on
P
P

tarypolicy; Some assistance was
thereby,
rendered ' in
keeping

wa

"

short-term capital in this country:.
if these funds, looking for higher
interest rates abroad, had moved
outward in greater quantities, our

«

but also for

xces

competition
miaiiHr

capital funds; in

not

only

design

L nrnlu

nrnmnHnn

Innrire*-

hlit

netitfnn
petition

in

nnlt

not

not

a^d
and

sel.erc
sellers

ac

only

™

as

-am* ,t

can never do more
than that because its powers are
limited-

to

bSlness

and

live
live

credit

credit
credit

on

on

and

matters

emDlovTnent

do

not

alone'
afonix

seeing

So

aS

-

rS

Federal Reserve Act

All

this brings strains, but it
brings opportunities. An in-

so

fnternaUonal

creased
goods

services

f 1

and

k

tn^ll

mutuallv advantaeimus
ticinants

nf

thp

us

wnHH'

America

welT

as

with

nrosnTroAsia

and

mnro

whh

the

of

T a«n

old

and

Africa striv-

ine for better standards of living

opportunmes
ffrods

our

for

also

to

seem

me

some

to

cautions

that the

see

judgments would be

tial

in-

Great

pre-

required

in

far

so

as

care

peVmit

impa?-

and

informed

of the countrv

in the

interest

as a

wholl
the

when

money-management

power

the

to

of

Fed-

during

System

President Wilson's Administration

that

the

Wf*r^

upQn

npnacim.

nr.

™mnd

.i

Now it

7

the scales of psychology And what
counted was not what the facts

Reyi

0n

they were or were going to be.

£a reciprocal obhgation °n .the

Re

Rg

.

is

not

my purpose

either

to apologize for or to boast about
the Federal Reserve's operations,

but what people thought

were,

thg Federal

Reserve. On the other hand, there

even morn

~ nave,9m maae even mor.
U

in

they were on occasion wrong in

account;..imbalance

would have been made

caltulalion^ere

needed to pay the Government's
lawfully incurred bills is an oblibinding

international

Pretty close to perfect. But even if
the
right lttfacti

credit

Jo, Seeing to it that t^e credit

either of these fronts. What I

really feel is that the System has

ma e an rarM^e fort, ani

{

be-

Part of the Treasury to conduc.
«s operations with recognition of
the Federal Reserve's responsiMlity for orderly credit and economic conditions, and for stability
of the dollar. The Treasury ob-

l- Now, let us
the Federal

credit conditions attuned to the

victories that have not yet been

viously

needs

won.

Federal

taken

was

entrusted

Congress

wise

very

marklt Sal !Rdserve

to

us

hrnadoninf*

aro

policy would

monetary

that

evitably require an element of
judgment
For they took what

^he^est to^ capSuet

as

TTiirnno

and

new'countries

tee

nar

and exnandins? that flow

benefft

can

of

ow

aware

were

it

oase> is
laige
enougn ior uie
Treasury to borrow whatever is

^

borrowers

to

would

not

expect

IT I

Growth

Deposit Glowth
doing

the

in

times

recent

of

to

nation- caught

a

S™ 1°?,'

'

part m dealing with national
take a look at what problems
of diverse character,
Reserve has been But I would not want to deceive
y°u,

keep
in

a

myself,

or

by

claiming
•/

Of one thing I am quite sure:
we cannot make solid progress on
a shaky foundation. And the possibility of getting the most and
the best out of the American

Reserve to inflate the
supply, thereby putting

cross-fire between domestic and
m'oney
international problems.,
the entire economy in jeopardy, ; Oh the domestic front, to help
merely so that the Treasury could; bring about recovery, expansion
Set money at an artificially low and sustained growth in producrateSo'
with
complementary tion and employment, the Federal

economy is going to be lost if we

-'St'SK'SK'str 2=?Es.E!;si;
world, wh

«Srt.2rSsJBr«!ffif

mounting
f domestic

skill in order to come up

right

goods

right

with tee
services, at tee

places,, in

and

the

right times,

and at the right prices.
But we also need a
quality
which

have

we

tinguished

"I

thus

for

that is

of self-discipline

By

mean

self-discipline in our
our governmental
processes alike.
'
■
'
We simply cannot afford to be
priced out of the market by tee
wage-price spiral: in our private
enterprise, employers must realprivate and

in

.

that

ize

they are competing with
employers around the world

other

for

sales

and

enterprise,

private

and

areas

of the United States and the
and

arise out of

peculiarly American

can

the

inflation:

currency

earnestly

to tee economic

attuned
the

day

well'

and

value

world

•In

of'

"

short

urgent

an

needs of

morrow

The first requirement

search

Relevant

for

as

is

a

the

all

facts that may bear upon
economic and financial out-

the

The

next

is

interpretation
dnaI
annraisa/ of those facts There
of

less

tangible but not less essential

our

gov-

must

we

of

the

One

other

course

is

reuuirements

consciousness

of

principles

that underlie

and

tain

American

un-

which

the

dollar,.ence

-

teere

the

of

are

.in

and so undermine our
competitive
position as both sellers and buyers
of goofs and services throughout
the

as

be

budgetary
practices that can
the

well

by

avoid

monetary

as

to

operations

ernmental

dermine

afford

imoortant

an

market

we

of

out

is mutual

need

I

that

I

is

measure

uo

.

ations

agriculture—character-

no

foresee the
i
Vni V

man

„ii

and
(

„

ffdlF unavailable. The forces of tamed

the market must be allowed to
operate, and to be reflected in

.

—

or

aware-

therefore

uieieiuie

"

re-

time to

refrain

from

b-havfor

the

as

same

that

seem

.

on

i

a

reserve s

Hole

.^.?ur iree society, the
bill.y qf

si

government,

aerstand

,-Vves
,

.

it,

is

oF people

not

for

to

as

I-un-

them

but

to

A

third
.r.

factor

.1

The United

States Treasury,

pay

money

*nal

reauire*

requires

through

recovery

into work together to hold costs down

*

*
.

if

'a

,

demand deposits.

These

American

products

become

more expensive abroad, and the

American dollar becomes cheaper,
either as a result of the wage-

tion, ourboth. What if, hearts into
or
instead, we
put
minds and

'

substan-

.•

>

growth
represented
by
unused
and deposit expansion will be

term investment funds can interminably withstand " the., sort of

deeded without incurring risk of deficits in our balance of payexcess,although perhaps not at the ments we've had so persistently in
same high rate as was appropriate ;recent years?.. Does anyone seri*n the last year and a half of ously believe we can indefinitely
economic recovery from recession, avert a damaging drain of capital
„

and gold

„■

resources except by tak-

Coping With "Hot";Money Flows ,ing actions

with

are

lie in

consideration m determining tial increases in the spending convincing the whole world, by
monetary policy is that of growtn. p0wer, actual and potential, of performance, that the value of
The volume of money must grow the American public provide a American products and of Ameriwith the growing population and monetary base for the economv'« can dollars will always equal or
.the, growing scale pt. economic -adVance to heights far beyond better that of other countries'
activity and productive capacity anything, yet seen. Yet the total products and currencies?
-■>,
5° the base,of hank-reserves must, volume 0f deposits is ;not high i: litany event, it seems to me we
.be. expanded accordingly, flow, -relative to the level of economic have no choice but to make the
much growth there ..should be,is activity currently existing, not to try. or. else resign, ourselves fo
Wore- difficult to say.. I do. not mention tee potential for further eventual decay. Does anyone truiy
profess to know^ what the figure growth represented ' by • unsued feel our country's reputation as: a
ought to be, and I doubt that a resources. Continued bank credit safe haven for short- and long-

T h e
internationally
oriented Rental, causes?
operations began in October 1963, t
• •,

loan

demands

on

much greater than can be

a

scale-

judged

can

they '--and' -were extended in - February
-expect the result to be some .1961,
as • the
Federal-- Reserve's

does occur, it merely signals con-

open

market transactions in Gov-

qrnment securities for the

purpose

to eradicate the funda•

The People and Balanced

reasonable for growth. needs,

needed to. rise in interest rates. If that rise

for the expenditures that

may

trying to offer the consumer more
for his money? All we d have to
do would be to let the consumer

time that borrowers crowd banks

as

more

Would it be too old-fashioned to

"denorit^" 8°^ f„f
that

the country's real needs. At any

Aid

the financial representative of the
Federal Government, has the task

provide^ them a climate of oppor- of raising the
tunity* that will encourage them




Must

Treasury Borrowing

respon-.

order, the

Reserve

considerably

think that the solution

In the course of

are met.

^

Feder?!

and

savings than they have ever had.

^ustment for seasonal variation
-$15 billion of it m time deposits
<?Yer *5 bllJI0n m demand
.deposits,. -These increases repre-

i

Go^rnment and Federal

.

income,

years

pursuing the=e
In our external, as well as our
interest rates, but it would be operations, tee Federal Reserve internal economic and financial
fantastic for the economy to be made possible over a period of 18 affairs much the same questions
stifled by unavailability of credit, months since May 1960 a $20 bil- arise. Does anyone think we'll be
Because this is a vast country, hon. growth m the deposits of the better off in our international acmoneF may be less available in commercial banking system, after counts, or even as well off as now,
-

Periods, but it is up to the FederaI Reserve to, see that the
seasonal requirements of business

.

at

two

through to early 1961. These op- P oduct vity an undmakinto that
erations were extended as, the could be facilitated if Government
recession deepened, teen main- management and labor would

0ne area than another for limited

unereingly

can

future

a® Z!L

an

say

thing for interest rates to rise
under the pressures of a heavy
demand for credit, and another
thing for money to become gen-

to

natur^ for fobm
" :
govlrnment each
A11 these matters are part of
to te7^rafo
the background of monetary pol-

and

nearly

one

'c^ tlooisions. Perhaps I should
mention as well some basic conmakes it harder for the others fo siderati?'?s that enter into mak!ng
measure
ud
to theirs
the decisions themselves. The first
Having
given
vou
this
broad
consideration is to estimate the
picture of things
thev
to
Ilnanc'aI needs of the general
me
I want to take this onnortu
econ°my — the private sector, as
nitv to record mv views
where
rePresented,bv i n d u s t r y, comthe Federal Reserve fits into that
merce> agriculture, and consum- precise figure- can
be .set- as
picture even thoSch I donTthink
and the public sector, as rep- desirable for year-in-and-year-out
I can add anything new to what
resented by the Federal, State, purposes.
,
.......
.
•
I have said many times over since
a?dl°cal governments. The need t. In the matter of growth
I entered unon mv present duties
?
e sectors are intertwined, measurements, one needs to be
more
than 10 years a^o
'
y
separated for extremely careful/Growth in the
Tiio rv
PurPoses of discussion.
-money supply must be related to
The
spons'bilities

began

.

nu™b®r'
.
well, consumers now have more

ideally expand at certain

refer-

brief

humility

should

sus-

system

mad-

Another

perhaps

Sess

have

certain

and

management and
fo

Much concern is centered these
days ' on whether the consumer
Will expand his buying and thus
clear the way for more production and more jobs, in growing

seasons, ago, when-the Federal Reserve
and it is always the job of the moved early in 1960 to try to
as becomes evidlnt when we con^
Federal Reserve to see that these buttress
the -- economy against
sider what fs required in formu- seasonal needs are met. The Fed- weaknesses that were to become
lating a program to provide credit eral Reserve has always done so, mcreasmgly evident
after midand
money
conditions
properly and will keep on doing so.. It is I860 and bring about the short
That is

wages.

Neither

priced

continuing balance of payments
deficit, the Federal Reserve has
been operating to see that the outflow is not aggrevated by the puii
r Now,
as to the needs of the of international differentials in
private sector of the economy: interest rates.
- •
'
the credit. .meeds of business—
The domestically oriented oper-

unique advantage of the System,

look

as

r*tes should . be. Instead, : both
must assess market forces and
determine-their policies accordmgly.
:

including

conditions.

around the world for

well

problems that

regional

painstaking

as

also

local

profits, and employees must remember they are
competing
with
other
workers
jobs

and

to accord recognition to the wide

far dis-

ourselves—and

tee Quality
that

not

the
best 'American
tradition a
blending of the public interest

•

Is

it

too

much

to

Budgets

expect the
richest society the world has ever
known to get its income and ex-

,

,

Volume

194. „N,umber

>6114

.

.

The Commercial and Financial Chronicle

.

ienough., jnto line^-im. ope
But money has more than a
the .other—so that iOsn'.t symbolic value. In functioning as
perennially passing out IOU's in a medium of exchange, as a standlieu of paying its bills?
ard
for
measuring
value,
and
'.
Let me
say. right here
that I .further as ,a means
of 'storing
don't
think
anybody
here-. or value, it serves—so long as it is
abroad questions the ability of our kept stable in value itself so that
country -- to
"afford"
whatever it may perform those functions—

to their native plot of soil
their native status in society.

pense

way

or

.

American

the

public, demands

well. But I think there

benefit of all.

mum

;

incur.:,

.we

.'instrument

an

fr^ histwy, it

total

of

threat

nearly

much. from

so

year

fiscal

even

~

decisions

in any other

or

1959

do

to

It gave

they

as

them free-

pleased

church or charity, to spend it for
teaming, to save its value against

;t°

unforeseen

r a

i

s e

living

-

event, to use it
standards for

themselves and their families, or
to
ut it aside to fortify their in-

not

dependence
assert it.

iFor
'•

when

they

wish

•

-

-

.

{With, rts

'

.

and

for

manv

other

and dor many .other

-

,

•

'

'

•

"

v

.

of

many

them

which

to

prosperous

Annual

DinnerSMeetingrof

clined.

in

suggests

job to
also

the

be

difficult,

in

the

and

resultant

the

job

.has been named-to the Board., of
Directors of Nation-Wide SecuRuHarr) to Admit ^ <
es
'
M0r- Clark, ;a Dioulldra, 40 ^u™11
.rector of Carriers & General Cor'•

-,

Filor

*

wa^> New York City» members of
the New York Stock Exchange, on
Jan. 1 will admit George Gould
to limited partnership.
;
\
;
•

.

..

..

tain

our

world,

.

\

.

.

V,

•/

•

-

;

.

has contributed notab|V in ^eloping the art of circuit analysis.

itself

the

It

more

urgent.
level
of

The
costs

only to main¬
position in

but

also

to

confidence

v/ill

and

dollar's

..

competitive

worldwide

ability

of

future.

value

to

retain
in

our

maintain

henceforth.

the

-

Dollar

erosions, like nuclear blasts, leave
cumulatively
poisonous

behind

effects.
In my

.

view, it would be grossly

unfair

and
wholly unfruitful to
blame any one Administration for
our: national
debt's growth -and

~

our
currency's shrinkage. Deficit
financing has marked many Administrations,. arid the emergency

of

has

war

forced

Presidents,

our

'From

United
dents

its

States
and

them has

I

strument

people

had. 34

of

policy.

"

* "

pre¬

If

r

of

deficit

a

.

in- v

an

as

,

,

the

we

culprit,

a

.

...

Presi-

none

welcomed

inflation

want

:

inflationary

certain

am

ever

of

many

.

.

-

founding, ' the

has

advocated

or

on

they could not

consequences

vent.

it

with

..

we' had

better look for fault in
well

as

ourselves,
somebody else. And
better give a
collective

as

had

we

in

assist to Presidential commitments
to
balanced

budgets,
whenever
they're profered. The least thing
we
can
do for our
country is to
stop asking it to do more for us.
Mv observations

tonisrht

on

the

need to maintain the value of

our

have not

money

ings

of

from

come

despair.

I

feel¬

have

been

promoted, instead, by belief that
in a democracy, where the ulti¬
mate

rests

responsibility
with

vations

the

matters

on,

have.

concern

for

people,

of

obser¬

national

;

chance

some

of

serving the public good.
*

;

.

,

Non-Political

The

.

Dollar

; :

integrity. of-the- dollar

v

is
,

not

a

sion

by-anyone in Tpy post: it is
deep conviction-that a central

political matter. Otherwise,
.it could not be a topic for discus¬
my

'

policies

any

..It is essentially a

thing of the mind for it works through concepts, symbols and

it helps

relationships
universe and

himself..

.

man

to analyze and synthesize the complex phenomena of the

it works in

many ways

to advance electrical communications:

bank—which .must-always/ assist
incumbents but. never candidates
—niust not,- in any: time or
place,
be engaged in, partisan politics. -

>• It-, is

important

that when,

ject of
with

me,

the

faith

and

a

recent

to

strength.
a

trip has

of

Thus*

suggest
States,

to

this

a

of
> -

:

.

them

more

dollar is
country's
in

and in

of -the

their

not. only

the

force.,

.

.




Bell

Telephone Laboratories, mathematics

powerfully to solve problems involving

plex data.

com¬

Intriguingly, too, the mathematical

ap¬

technique for determining how many circuits must
provided for good service without having costly

be

equipment lie idle.
•■

proach: led to the invention of the electric
filter... disclosed
which may some
mation in

a

day

wave

kind,

of

carry

huge amounts of infor¬

wave

transmission

.

.

foretold the feasi¬

bility of modern quality control..

.

.

waveguide systems

.

led4o

a

scientific-

•••

'

'

.

#

'

'

For each creative task,

whatever

serves

'

'

•

signal
in American
-

.

-\,i.

'

r.

best—mathematical

analysis, labora¬

tory experimentation, simulation with electronic com¬
puters. Together they assure the economical
ment-

of

all

Bell

advance¬

System communications services.

in :the

minds

.

Bell Laboratories utilizes

United

economic/ strengthj butv/also-..in
moral

works

MATHEMATICS

say

decline

a

At

CALLED

\

nothing
devaluation, would

and vcredit

decline

the

J

reminded

decline

dollar, to

formal

faith

a

^

Americans,, the

symbol

value of the
of

credit
: /

.

IS

sub¬

dealing

to people, abroad, much

than
a

remember

money* we are also

United States.
As

to

deal with: the

we

IT

BELL TELEPHONE

Shares,

••

;

t

Dividend

National. Association ofInvestmeht Companies, now the Investment Company Institute.^" ; ;

..

•

and

Inc., is a former President of the

That

more

higher

makes it harder not
the

cents.

dimensions

done

makes

65

..

TaxVoun- President of Calvin Bullock, Ltd.,

the

;

;

,

surplus would
have been more logical to expect.
Since 1946, the dollar has de-

...

daiion/-New York City j De<t; 5; isei^u

a

value

in

years

01

,

budget deficits in 25 of the last 31
years,

•

,

,

At Bell Telephone Laboratories, mathematician Sidney Darlington

;

-V

.

\T
"D
V .-JT

£)llllKc3Il

matters of

...

'

.

the^faS^that5'wf'h^shoX

on

25

both theory and practice on which tti
]ir
ttt
i
the voters are divided by their \h. 1V1. VV 3XDUr2f
convictions or interests... But in .
my judgment, it is clear that the Donald M. Blink en has been
necessity to maintain the integrity elected a vice-president of E. M.
of our currency is accepted by the Warburg & Co., Inc., 52 William
rank and file of Democrats and Street, New York City,
R e p u b 1 i c a n s' alike, and that
....
neither party can benefit by-de-]
/NarnpfJ DJi-prl-nr
1
predating the dollar.,;
iucu w«tiur
•
~T7~
.Robert E. Clark, Executive Vice-

' ■; '■//

'

-

.

of difference

areas

Filor,-Bullard & Smyth, 26 Broad -.poration

these

•'

single

legitimate

to '

e •" rotlds fljfc serfdom , that- had reasons, money should never be a
bound the mass of them for life political issue. There are numerL,
V
a.'

destruction./ jOur

present budget troubles come-not
made in this

It gave

'it

As

y:wp know frnm hi^fnrV it woe nrv*
decisions,, are c always
^
was
hard; to make,, especially ,when until payment in labor.and prodexceedingly costly-measures, are uce was supplanted by payment in
rendered
imperative,, to:. protect ,cash that men were able to break
the nation against, an-unparalleled
,

of leisure.

of

with
the product of their labors; to eat
it or to drink it, to give
to a

/

Budget

will.

dom

r

of .liberty

freedom

men

ous,

between the parties

the

sions at

And that is that money—if good— .some

willingly ..^

and

ability to change the
nature and place of their work
and the locality of their posses-

are

afford indefinitely, notto pay

v1—willingly—rthe costs
:

them

to keep our entire economy functioning efficiently for the maxi-

as

gave

movement and

a.great ;
There.is still another aspect of
question whether .we money we should never forget,

who

many
can

Money

,

amounts it needs, for the national
defense and for the social benefits

•(2521)

SYSTEM

.

i

26

The Commercial and Financial Chronicle

(2522)

only because it would disrupt
growth but because it would un¬
dermine

Facing Up to the Future
Of the American Economy

verse

somehow

fend

capacity to help de¬

our

the

World.

Free

This

is

would

nomic

that it would be at

answer

desirable

least

if

could

we

ac¬

S.
economy. But the question is not
whether faster growth is merely
celerate

of the U.

growth

thd

desirable but whether it is essen¬

tial, vital to

survival—wheth¬

our

but they
should mot be permitted to inter¬

soned

by

any

means,

fere with growth nor distract our
achieve.* attention from its paramount im¬
Either it is or it isn't.
This is^ portance.
Against this background, let us
thee, ritical question on which
^at
some
point soon, we must ;' analyze the present growth pros-pects of the American economy.
really make up our minds.
Will it be necessary to stimulate
Why Faster Growth Is Vital
growth? If so, how can this best

it is worth subordinating some

er

of

other objectives to

our

There

question that

no

rulers

will

strength to step
political and military
against the free nations

their

pressures

If the Soviet econ¬

of the world.

continues to grow at

omy

their

use

economic

added
up

be

can

Soviet

the

sub¬

a

stantially faster rate than that of
United

the

States,

will

it

enor¬

the

in

American

fast will the U. S.
economy grow if it is left alone?
Will rapid growth be automatic?
The Communist party line is
how

First,

that

become

nations

more

their

into

ex¬

orbit.
predicted that

Khrushchev has
"development of
the Soviet economic might well
give communism a decisive odge
in

the

international

of

balance

power."
Some persons who
selves

pride them¬

non-materialistic

their

on

scale of values pooh-pooh the im¬

portance of faster growth for the
U. S. They ^ay it would be stupid
to
engage
in a mere statistical
race
with the Russians and that
most is the quality
civilization,
not
sheer
phyiscal output. They argue that
our
rate of growth is relatively
unimportant and that what really

what
of

matters

vast

is

the

tion

thinking.
Of
the quality of our civiliza¬
highly important, both to

is

ourselves ;and

in

lecturing

have

primarily

what

is

point..

this

on

We,

valued material prog¬

never

ress

world

terms =of

Most Americans need

influence.

for

itself

contribute

can

for

but

human

to

betterment. And it also goes with¬
out

saying that

use

our

The

should strive
intelligently.

we

resources

crucial

poohpohers miss is that rapid economic
growth will be essential if we are
to improve the quality of Ameri¬
can

life

combat
the
say

fins

point

and

the

the

at

growing

Communists.
we

the

It

is

cosmetics

of
to
tail-

easy

should spend less

and

time

same

pressures

and

on

more

incomes.
This applies even more to the
problem of augmenting our aid to
the less developed nations.
And
in the long run,J it may even ap¬
ply to the adequacy of our mili¬
tary defenses.
Another
our

major point is that if

rate of growth is

be much

achieve

slow, it will

easier for the Soviets to
domination

developed

the

over

nations.

The

the

be

willing

pretty

is

The recent feats of our
economy in
helping win World
silly.

n, assisting other nations
throughout the world, surviving
severe inflationary pressures, ad¬

War

justing to a huge defense burden,
at the same time achieving

and

and

standards

living

higher

broader income distribution, have
been

truly prodigious.
No, there can be no question
that the U. S. economy retains its

dynamic

drive

continue

to

ahead.

the

But

over

will

it

that

and

grow

the

years

is:

question

At

This is the nub.

what rate?

will

order to

Rapid
would

able

may

need

to

export

in

develop their economies.

growth

help

in

this

country
to solve

enormously

bright.
Our rapid
growth after World War II was

may

cost-push

rate

of

growth

of

matter

growth

the

economy is therefore a
of vital
concern.
Rapid

is

,not

merely

our

rate of growth
surprising.,

desirable

enable

us

to

do

the

need to do to win the

things

struggle

that lies ahead and
eventually- at¬
tain a peaceful world free from
the threat of

This

tyranny.

means,

plainly,




that

eco¬

that

highly signifi¬
have come through

we

to

15

25

years

stand¬
point, our population trends are
highly favorable to growth. Dur¬
ing the latter part of the 1960's,
counts.

really

our

rate of

this

From

new

since

period

World- War

II

There

tions

there

be

jobs

enough

to

to be

problem at times but there
plenty of work to
Our growing population
will
require vast quantities of
goods.
Advances in technology
And,we have

industries.,

of unfinished

deal

attended

to

—

new

great

a

business to be

modernizing

our

capital equipment, improving

our

educational
and

our

plant, our highways
housing, and renovating

burgeoning

our

metropolitan

areas.

This

enormous

for

job
may

alone

has

an

potential. Over the past
urban
renewal
has

years,

gathering

the

nation

momentum.

Yet

whole, thi§
has hardly been started.
It
well provide a major stimu¬

lant

In

item

last

to

to

our

as

a

economy

we

are

for

many

lacking

in

factors

tribute

to

the

by
that

future

no

means

can

at
periods

growth

of

Will Instability Disrupt Growth?
But what is the

the

for

As

danger of runaway

growing and will doubtless
Will

War II,

subsided

them

Effects of

Creeping Inflation

while the

danger

biases

in

our

economy

of

have not

yet been corrected, and until they
are,

and

the

level of prices
continue to

general

living costs

This will

be

a

will

be

critical

of

balance

needed.

test

are

we

the

U.

S.

may

substantially

remain

we

do

about it than

more

doing.

of the

Stimulate

Should We

-.

!'/!"'■'

Growth

;

Now?
the

to

question
do, that
be willing to do, that will
stimulate
growth. This question
obviously deserves careful, dis¬
passionate.analysis. It has already

Gooperalion

we

of* what

b Some fears have been expressed
that

country.
In
if we avoid

fiasco, our
growth will in all

of

now

Thus

International

this
even

payments

rate

probability

intelligence and maturity of the
American people and its leaders.
Closer

is

himself •below that of the Communist bloc

President

that

it

come

things

we

can

we may

try to evade

this problem by a return to pro¬
tectionism. This would, of course,
be folly, There is every ^likeli¬

received

considerable

attention

may

hood, however, that we will, move .and will be discussed even more
creep upward over the years; •
in the opposite direction, toward widely as Americans become in¬
The most serious problem here closer economic
cooperation with creasingly aware of its vital im¬
is
so-called
cost-push inflation,, other nations. One force impelling portance.
the
rising trend.of wage and us in this direction is our increas¬
Some people feel there is no
salary

which

costs

in

results

strong upward pressure on prices
—the familiar wage-price spiral.
This root
tion

Wages and salaries

^persists.
still

are

of creeping infla¬

cause

rising

-

than .the

faster

long-term trend
ductivity in our

of

overall

pro¬

economy.

Creeping inflation
growth- in

economic

impede

can

number of

a

thing, it. hurts the
competitive position of American
For

ways.

one

ing

dependence
for

world

Also,

needed

has

it

that the

clear

on' the
outside
raw
materials.

lem. They point out that our out¬

become ^abundantly
United States can¬

put is

causing a
profits in many of our

costs have been

before

possibly try to go it alone in
world,
that we need our allies just
as
much as they need us. The in¬
stinct
for
survival
will
help
create
a
closer partnership be¬

to

ourselves

other

and

confronting the U. S. econ¬
omy — our international balance
of payments and our rate of capi¬

free

there

lems

Great

of

enlarged

the

Free

markets
economic

tal formation. Let us take a closer

look

deficits
ments

in

lead to

interfere

with

growth?

'Our Balance of Payments

nation,

it

is

of these

Unfortunately.

deficits in

balance

of. payments

nations

without

fering

that

clear

we

in

There

to

the

suf-=
little

which

we

productive

save

mous

The
of

with

A

is
a

this

to

as

a

left-

of

excuse

some

government
non-conserv¬

trick

of

rightbusiness

augment

of

faith in the Ameri¬

system.
attitudes could

Naturally,, there

sui¬

be

are

other

does not constitute an
crisis. But this
does

immediate

facilities.

high rate of capital
practically synony¬
high rate of growth.

an

increase

enterprise

problem

and

elementary fact and the
their superior growth

for

to

matters that urgently demand at¬
tention and obviously our growth

cru¬

Soviets are, of course, aware

reason

as

These

cidal.
most

conservatives dismiss .the

firmations

is no need in this
paper to dwell upon the essential
role of saving and business in¬

current
with other

our

is

growth.

not alter the fact that in

surely

formation

consequences.

there

at

rate

vestment.

.eventually

disastrous

the

to

indefinitely

continue

American

cial growth factor of all, namely,
matter of capital formation,

invest

Despite the strong overall posi¬
tion of the U. S. as a great cred¬
cannot

now

prob¬

about.

profits. Some seem to think the
problem
can
be
dissolved
by
paeans of praise for our past ac¬
and
fervent
af¬
complishments

and

the
~

Problem

itor

come

argued,

is

it

immediate

concerned

atives view it

Investment
We

more

be

wingers

Outlook for Productive

serious trouble and

are

now,

spending, and

can

First, will chronic
our
balance of pay¬

each.

at

for

Right
to

growth will accel¬

own

our

subject
wingers

thereby contributing to

products,
own

World

it

a

Some

toward

that

that

and

goodly number of years
they can possibly catch up
Meanwhile, something may
their timetable and per¬

erate.

nations.;^

our

us.

upset
haps

•

nations

lems

Communists

this Communist-threatened

progress is being made
integrating the economies
of Western Europe. This may well
squeeze on
cause some troublesome problems
industries.
for us for a while.
Eventually,
These effects of cost-push in¬
however, it should result in an
flation have an important bearing
enormous
strengthening
of
the
on two
of the most critical prob¬

rising

still more than twice

the

of

will be

tween

about tackling this prob¬

urgency

not

producers in world markets. Also,,

incur large

be disastrous, not

the

problems,

inflation, depression arid &

supplies the wise and courageous —unless

-

-

it?

depend largely upon

may

leadership

However,

resolve

to

in

words,

future

made

whether

well

as

other

up

The

be

answer

economy

our

through

has.

it

as

that

and

come

investment

face

States

severe

must

largely

now

United

this problem, in time? Will we
make
the- hard
decisions
that

both in the U. S.

have

abroad,

the

basic

two

hard to foresee any really appre¬
ciable rise of the rate of capital

con¬

to

flationary pressures generated by
World

these

tinue to grow in the future.

good reasons for optimism. It is
reassuring that the terrific in¬

possibility that
growth may be seriously inter¬
rupted by galloping inflation or
by crippling depression?
Either
would

de¬
en¬

productive enterprise. In

courage

importance of this problem
and: its
implications
has
been

inflation, here again we find need
for continuing vigilance and also

con¬

the American economy.

countries; have

signed their tax structures to

large order. One silver
lining is that deficits in our bal¬
a

grow

come.

short,

This is

other

most

foreign competition.
.

•

a

products and

in

•

be done.

new

have been falling behind

we

-other nations

easy,

contrast, the tax system of the
all. - Avoidance .of
ance of payments will exert con¬
United States clearly discourages
such
should contribute
tinuing pressure on us to take
saving and investment.
substantially to our-average corrective
action.
Realization of
-Unless, we. do something about
growth rate over the years ahead.^ the
not

will clearly be

will create

no

this

'

the fact that we suf¬
fered long periods of depression,
such as the 1930's, when we did
of

inspite

family formations

employ all our additional work¬
ers? Unemployment may continue

are

to

.

pick up sharply. A constantly
expanding labor force will be
available to help
our
economy
..

appreciably lower than
of our allies. In partic¬

.

will

grow.
Will

ular,

"

.

been

..

that

—

ital investment has been not only
below that of Russia but hais

far

modernizing our
simple solu¬
1
kind of pro¬
problem. Efforts to -productive facilities.}
1-'i Of the various factors respon¬
longed depression which had pre¬ encourage American exports are
sible
for
this, rTwo stand
out:
viously
been
the aftermath
of highly
commendable
but 4 their
(1) the declining rate of business
effects may prove to be tempo¬
every major war.
Over the years ahead, some of
rary
if production costs in this profits in the U! S. and (2) the
greater incentives that exist in
our built-in economic ^stabilizers
country
continue: to rise. * Our
.other -countries
for investing in
—unemployment compensation, position would "be eased some¬
new plant and
equipment.
for example—-will in all probabil¬ what if some of our allies were
It is
obvious that the /ability
ity be further strengthened. Also, to assume a larger share of the
and willingness of corporations to
we
have
learned a great deal burden of the common defense
modernize and expand is greatly
more
about dealing with reces¬
and aid to less developed nations.
affected by -their rate of profits.
sions^than we used to knpw^ pver However, even if this happens, as
During the postwar period, many
time, we should be able to de¬ it probably will, it is highly prob¬
businesses maintained their profit
velop even more effective policies able that eventually outlays for
margins by passing a large part
for
reducing economic ups and these purposes by the developed of the -cost
of-rapid wage in¬
downs.
nations will have to be substan¬
creases along to the public in the
Clearly we must be vigilant to tially
expanded
as
Communist form of higher». prices. More re¬
excesses
which
might pressures increase. This could fur¬ cently, this has become harder to
prevent
lead
to
an
economic
collapse.} ther complicate our foreign pay¬ do because; of
intensified: com¬
there are
solid ments position.
Nevertheless,
:;;a-v'.';-V"."i '
petition both at home and abroad.
grounds for confidence that we
As a result, dhe overall rate of
So it is plain that there is much
should be able to avoid the type more to be done if we are suc¬
corporate profits.'has been showr
of depression that used to plague
cessfully. to defend the integrity ing a persistently declining trend,
our economy.
of the dollaru. We "must
pursue though this is-obscured at times
This will be a big plus factor
non-inflationary' '■» monetary
and by cyclical factors. -This squeeze
for. our future rate of economic fiscal
policies and we must keep on profits may become even more
-growth. Our past record of un¬ the prices of American products severe in the .future.
;
On
the
matter „• of
paralleled growth was . achieved in line with increasingly keen
incentives,
the

inflation. Some of the inflationary

next

the

In recent years our rate of cap¬

in the terms

modernizing their
facilities faster than

have.

we

without suffering the

be, it is the longer range future—

this

as

imperative, primarily because

it will

even

unfavorable shift

a

of their

for many

It is

would

unfortunate

But

coun¬

imports, by

our

trade, and by intensified com¬
petition from foreign producers

galloping inflation appears to be
remote,, there, is still plenty ..of
cause for concern about creeping

^

this

centage

productive

cant

slowdown in the rate of
family
formations.
Some
be at all

inflation in

rise in

a

obviously that they have

much larger per¬
output than we
have. So the really key question
is: What is the outlook for capital
formation in this country?

itself.

of

Moreover, we face a tem¬

would not

investing

who have been

has

sluggishness in

is

been

it used to be.

porary
new

rate

less vulnerable to depression than

be

and

These powerful stimuli have now

faded!

ad¬
will

our

an

private debt from the
low postwar level.

in

crease

unusually

Thursday, December 7, 1961

present-day economy can¬
regarded as being depres¬
sion-proof but it is certainly far

in¬

unprecedented

an

.

Indeed, it
be aggravated by continuing

try, by

not

by war-created short¬

and

ages

years

American

we

growth prospects may not be

our

.especially

to

basic problem.

The

but

For the next four or five years,

buy -few
products which the emerging
been

nations

this

and

less

great

danger here is that the U. S.
not

t

This

on

education, but the hard fact is
that in a democracy such as ours,
with taxes already high, the only
way to increase substantially our
investment
in
education
is
by
substantially increasing people's

-

suddenly

has

economy

anaemic.

stimulated

is muddled

course

no

our

use

we

way

resources.

This

-

our

our

counts

to

Prospects

Our Present Growth

prestige, their military power and
their capacity for drawing more
panding

of sacrifices for the
people?

way

mously enhance the Communists'

and

And what will it mean

be done?

that

.

position

cure

undoubtedly the Kremlin's fond¬

growth must be given top

priority among our social objec¬
tives, just as war production is
given top priority during a shoot¬
ing war.
Other objectives will
not have to be completely jetti¬

hoping

payments

est dream.
Our

iContinued from page 3

for

ground

.

run,

it
.

assuming there is

will

be

a

crucial. And

the long

long

run,

the

point
is that accelerating the growth, of
an economy such as ours is not
!a
matter

of pushing ...buttons;
it 4s
going to take time, perhaps a long

time.
•

"

v

We therefore need to be

concerned

about

this

deeply
problem

Wieiaismwwwelmiiww

Volume

194

Number

6114

,

.

The Commercial and Financial Chronicle

.

(2523)

right

We

now.

the

take

cannot

reckless

miraculously

may

afford

to

slow

it

process of exhortation and
education. It should also be noted

itself.

gamble

that the reduction of waste would

that

solve

is

replete with warning
examples of once-mighty civiliza¬

History

which

tions

failed

to

be,

our

prepare

enemy's

of

resist

that

mean

centives
There
in

must

we

but

avoid

upon

b

e

be

made,
economic

approach

to

lasting stimulus to

quack

,

own

ex¬

tax

structure

this

way.

is

historical accident, an
from depression and

obstacle

to

be

not

easy

there
future

it is,, a
growth.

rate

its

growth.

total

resist

tax

to
achieve.
The
in a position to
.

Treasury is not
accept much if

for

pressures

general

tax

and

we

this

be

many

Tax

appreciably

years

come.

reductions

stimulate
be

to

reduced

must

have

little

It is

to

therefore

largely offset by plugging tax

or

no

of

not

likely

tax

one

to

bill.

this matter

popular
so

the leaders in both of

sistent

efforts

litical parties have shown a grow¬
ing appreciation of this problem.

should

help

tive

The
are

action,

be

able

remains

to

to

be

seen.

'

Kennedy

tax

will ' be

year a

reform

has

<r

*;

>

stated

This

with

■«

will

an

comprehen¬

program

"conducive

growth."
nation

<

plans to place before the

Congress next

substantially

to

which

economic

present

opportunity

the
.

to

•

sider

do

bilities
There

not

for
are

contribute
be

have

^

time

all the various

stimulating

deliberately

basic-that

but

a

do

can

enduring

the

whole

novation
v

and

growth.

approach would be

wrong

to

place primary reliance on
sive
government spending.

mas¬

This
self-defeating and ex¬
tremely dangerous. If financed by
higher taxes, it would weaken the
would

be

private
the

sector

of our

where

sector

economy—

is vital.

growth

If not financed by
be

taxes, it would
inflationary. It would
daylights out of many

highly
the

scare

Americans

and

cause

the

out

of

loss

a

confidence in the dollar

through¬

world.

Moreover, government spending
may
or
may
not contribute to
growth, depending on what the

expenditures
education

in

outlays
other

research

these

<

and

for
needed
roads
productive facilities;

may

and

large dividends

pay

JJU*>.

Investment

for.

are

worked

are

there

But

out.

and

assuming
carefully

—

programs

other

are

public spending which
definitely hamper growth by di¬
verting manpower and other re¬
sourcesfrom
more
productive
uses.
They also add to * the tax
of

types

,

burden
vate

and

thereby

saving

impede pri¬

investment. S

and

'/This applies not only to waste¬
spending for unheeded public
vyorks rand excessive farm -pro¬
ful

■Bgiii^ttMiR#^

duction but also to most so-called

"welfare"

be

may

sirable

fact

the

The
latter
socially de¬
important to face
they may retard

programs.

regarded

but it is

that

~$*»€

.

as

growth. I£ we spend too much for

"welfare,'V.igrowtfi Ms ;bound
r-

suffer.,;

to,!

Mr'v

.

v

:

Mv
-

-In
we

the. circumstances

in

which

cannot afford to load too. many

tliese

•

v

■t'.V,-.'

find ourselves, we simply

now

of.

nonessential

programs into
buget. -Whether .we
happen tq like it or not, we have
reached a point where,;we "must
our

Federal

now

take

than

a

realistic attitude

more

have

the past -toward
nonessential. .spending
programs
which do not c o n f r i b u te to
we

in

gtowth.. And. the
for
tion

the

we'/spend

more

growth' purposes—for educa¬
and research, for example—
more

must

we

cut

back

on

World's

other types of

public spending to
avoid
inflationary
consequences
or
higher
taxes
which
would
thwart

be

The

Eliminators

Waste

of

sources

human

and

natural

mands

re¬

our

more.

.

♦

/.

•.

.

y

These studies
tion.

some

of

this

waste

could be

be raised. It is difficult, however, ■ >
to
suggest realistic steps to V
achieve

this,

except




through the

Extensive study of the Savannah's lubrication de¬

Texaco's million-dollar radiation laboratory—the most

f

-

diversified investments in providing oil for energy for the Free World.
r

■

^

proved the ability of Texaco Marine Lubricants to withstand radia¬

Striking evidence of Texaco product performance, this .is also evidence of

Texaco's many

-

'

eliminated, our total output and
living standards Would5 obviously ^

conducted by

fully-equipped, privately-financed research facility of its kind in the oil industry.

Conspic-

economy.

uous examples are featherbedding
practices, industrial . strikes, the.
declining work/ week, enforced ^
early .retirement, the piling up of
agricultural surpluses, and many

If

was

which is evident in many

of

•

commissioning early in 1962, have awarded the lubrication contract to

Texaco—and for good reason.

approach,
advocated
by many, is the elimination of the

T

by Texaco. States Marine Lines, operators of the vessel

growth.

'Another

parts

nuclear-powered commercial vessel, N. S. Savannah, to

lubricated

after her

waste

first

!

'it"..t

.■*, ••

i

•

-f.

\

.■

V.c

con¬

growth.

It

climate

-

is
of

enterprise.: ZEduca-

Continued

Public Spending and Growth
One

un¬

C
-

•"
.

government should encourage in¬

to promote sound,

now

to

cultivated.

tariffs, the
land grants
we

to

many
factors which
to growth . which can

our

—

goal

other possi¬

successfully fostered
early protective
homestead act, and
to railroads, to cite
few. The question is what

growth

per¬

A Major Unsolved Problem

We

have

which

to

years

this

insight into effec¬

formidable.

President

many

toward

leash the expansive power of the
American economy.

political difficulties involved

that he

sive

will

achieved^ by
probability,

require continu¬

for

po¬

our

all

Eventually, however,

come.

many

be

In

will

ing attention

encouraging that

/•

undertaken

growth

for

,

is

appeal.

private sector, and

that in all probability,
the overall level of taxation can¬

'•

needed

they

is

important progress toward
this objective.
Of course, adequate tax reform

existing
taxation, this will
be hard to do, to put it
mildly.
Moreover, the reforms that are

their

There

make

At

areas.

of

Whether

means

not

other-

translate

little prospect that the public sec¬
tor of our economy will shrink
relative to the

levels

in

premature

reductions.

by increases in taxa¬

or

in

high

must

reduction

any

take

loopholes
tion

it

Thorough-going tax reform will

On the

our

it does

plan

Nevertheless,

major

depend
provide

cannot

agreement
among competent economists that
the most promising approach to
the growth problem lies in the
area
of tax reform. Ideally, our
tax structure should provide
strong incentives to private sav¬
ing and investment, the basic pre¬
requisites to economic /progress.

plenty of precedents
history of policies

are

our

we

an

inheritance

There is widespread

beneficial.

1

should

not

present

;

largely

The Most Promising Approach

does not
diet of in¬

healthy

a

this

of

that

cannot

hand,

much

did

war.

effort

other

growth would be "artificial" and
therefore bad. They might boom¬
erang. They might undermine our
economic
system.
They
might
jeopardize our basic freedoms.
This assumption is unwarranted,
or course

Our

years.

course,
to
reduce
waste wherever possible.

facing up to this problem because
they
assume
that any
policies
consciously aimed at stimulating

prescriptions

We

a

of

capa¬

strongly

persons

so

Every

bilities.
Some

the present time,
actly the opposite.

one-shot prop¬
osition. It would not greatly affect
our rate of
growth over a period

against growing threats to their
security.
It would
be
fatal
to
underestimate

to speak,

At

27

'jr<'»

TEXACO: SYMBOL OF WORLD-WIDE PROGRESS THROUGH PETROLEUM

k

>

TEXACO

on

page

28

rv

The Commercial and Financial Chronicle

(2524)

28

clear

Facing Up to the Future
Of the American Economy
Continued from page 27

training

technical

tion,

deserve

high priority.
agenda also should

High
be the

on our

problem of cost-push infla¬
The

tion.

the

and

of science obviously

advancement

basic

is

here

need

to

keep wage increases in line with
the

rise

in

the efficiency of our
This
is
obviously
a
proposition to deal with

economy.

tough

the

and

has little under¬
its significance.
Its
solution will require changes in
the thinking of both labor and
management. This is an area in
which union leadership has both
public

standing

of

a
responsi¬
major contribu¬
same time, business

opportunity

an

and

bility to make
tion.

the

At

of

its

Over the years

peaceful

co

existence

-

between
will

which

labor

and

inflation

for

make

and

fail to do so, the
spiral will continue
jeopardize economic progress.

growth. If
wage-price
to

ahead, we must
a
pattern of

out

work

avoid

impli¬

What
It is

we

Sacrifices Must We Make?

pertinent to inquire at this

point how great and what kinds
of sacrifices the American people
be called

may

achieve
will

of

rate

a

to make to
growth which

upon

effectively

counter

the

So¬

As far

I

I know,

there are no
responsible proposals for accel¬
erating growth that would call for
any reduction.in our peak level of
spending * for immediate'" enjoy¬
ment.

would

as

All that would be
be

required

temporary

some

slow¬

ing down in its rate of increase.
From this standpoint, the sacrifice
involved is
deserves
at

so

called

be

to

and

been

have

•' ■v

that business profits

in

high

too

recent

Will

modify

American

the

people

On the other hand,
indicated again, as
others have done, that when the
American people are reasonably
well informed about an economic
problem, they will support sensi¬
ble policies for dealing with it.
And they are certainly capable of
understanding the fundamentals
of the Communist threat.

.

things are urgently needed:
and leadership.
Bank¬

Two

education

businessmen, labor leaders,
educators, publicists,

ers,

economists,

this

of

tions

the

understand

do

and others
implica¬

officials

government
who

economic

have

war

responsibility for
that
understanding

profound

a

spreading

American people and

the

among

providing the leadership that will
be needed to win it.
There can
be

no

doubt that Americans would

respond to such leadership.
This is a new kind of responsi¬
bility and one which many of us
may be reluctant to acknowledge.
of

Most

accustomed

are

us

to

affairs and being
generally public spirited but leav¬
ing pubiic. education and leader¬
our own

policies to others.

ship in national
This is

luxury we can no longer

a

afford. Its abandonment is one of

called

the sacrifices which we are

to make to help safeguard

upon
our

civilization.

What do all these considerations

terms of the outlook

add up to in

the

Per¬

American economy?

be

This is
to which

needs to be done and whv. Ameri¬

kind of challenge

tfrvr>-

to
to

not only

make

willing but eager
required
freedom.

preserve

and

The

big difficulty,

of course, is
that the people do not yet under¬

have not yet adjusted

But

continue

to

There

grow.

is

no

why

reason

this

threat.

has
always
been an American specialty and
we
have
the
advantage of an

the necessary is
obvious to all, but this is an eco¬
nomic

if

a

what

shooting

are

needs

be

done.

In

war,

and

war,

'poorly

economic

to

'

Americans

most

informed

facts

of

about
life.

the
And

whereas, in a shooting war,
turn automatically to military

we
ex¬

perts

to formulate strategy and
tactics, in the economic war in
which we find ourselves, our poli¬
cies will be

largely determined by
economic inexperts, the American
people.
The magnitude of this problem
is suggested by a recent
unpub¬
lished

survey

cross

sedtion

public. Here
its findings:
(1)
think

ing

as

(2)
three,
.

Five
that

of
of
are

the

American

some

samples of

Americans
our

fast

representative

a

as

Only
thinks

out

economy

is

of

grow¬

it should.
one

of
in

factories and" machinery makes a
major contribution to economic
„

growth."

•

*

—•

*

range

we

firmly

resolve

to

do

so.

Fortunately, our economic
strength combined with that of
our

allies

is

so

superior

the

to

Communists'

at

that

belt-tightening will

real

no

the

present time

be

required to meet their chal¬
lenge.
In fact, over the longer
all groups in our society will
benefit
from
rapid
economic
growth.
run,

Nevertheless, the difficulties

;'•+ + +

adjustments

We

not be easy.

Many of

must

make

us

will

will have

to modify or abandon some of

our

modes of

thinking and doing. This
the toughest kind of

constitutes

Some

lag in making these

ad¬

justments,. therefore; is not sur¬
prising.
But progress has been
made and1

even

more

can

be ^ex¬

pected in the future. The gravity

(3). More '.than half the adult .and the imperatives of our situa¬
population believes that net prof¬ tion
will
become
increasingly




American

mendous vitality of the

character

the

and

economy

should

fail,

civilization
by the

that

overwhelmed

be

of tyranny and darkness.
Persevering efforts | will be re¬
quired but we are capable of

powers

them.
our

way

We

ple. We have achieved greatly in

On

Monday, Dec. 4, the Daily
Commodity Price In¬
dex reached 272.55 (1930-32 = 100),
edging up from 272.35 a week
earlier and exceeding the 263.44

Wholesale

it is inconceivable that

Indeed,
we

achieve greatly

can

fulfill

must

and

can

registered

the comparable day

on

1960.

in

Price

Food

Wholesale

Slightly

destiny and help to lead the
to a brighter future for all

Index

Up

Last Week

From

But Below Year Ago

Recovering

mankind.

and

intelligence of the American peo¬

from

dip

a

in

the

week, the Wholesale Food
Index, compiled by Dun- &
Bradstreet,
Inc., edged up this
week to the highest level since
Oct. 10.
The slight upturn lifted
the
index
0.5%
to
$5.95 from
$5.92 in the preceding week, but
it remained 3.7% below the $6.18
prior

*An

First

address

National

by

Adams

Dr.
of

Bank

the

at

Economic

Hawaii

Fcrum, Honolulu, Hawaii.

STATE OF TRADE AND INDUSTRY
and
1,181,000.000
kwh.,
or
8%
above that of the comparable 1980
tally near 642,000 units, com¬
week.
pared with 597,638 for the same
month last year. December outFreight Car Loadings for Nov. 25
put, Ward's said, will also be high.
Week Decreased 16.2% Below
General Motors and Ford Motor
The Preceding Week
Co. each has 12 plants scheduled
Loading of revenue freight in
to operate Dec. 2.
American

Price

the comparable day last year.
Moving upward in wholesale

on

Continued from page 5

cost this week were

will

bellies,

t

Motors

Corpl, at Kenosha (Wis.),

is

also

the

overtime, and in
area,
the Jefferson

slating

Detroit

Ave.

Chrysler
line

sembly

(brand)

car

as¬

employed

two

eight-hour shifts Saturday.
Truck
output this week was
estimated
at
25,554,
compared
with 21,593 last week and 22,933
in the

week

same

a

the

week

Mack

production

truck

This

announced.

Railroads

American
was

decrease

a

in

Oct.

3

contract disputes.

new

Truck

The

loadings represented
of
23,738
cars
or

crease

I960, but

an

in¬

5.0%

decrease of 79,140 cars

a

13.8% below the corresponding

or

in

1959.

The

fell

in

Thanksgiving
of
these

each

weeks.

:

There

ing the week: Iri contrast to auto
production, truck making in 1961

total).

lags, only 8.3,%+behind

basis,

same

20.5%

off

the

this

Of

General

Chrysler
Motors

for

28.4%;
American

Co.

12.1%;

Corp.

6.1

%; Studebaker-Packard

1.5%.

-

12,655

were

to

rebounded
ended

week

Nov.

in

t h e

from

their

cars

reported

more

revenue

street,

Climbing

Inc.

alties
290

exceeded

the

to

casu-r

substantially

(which

18, 1961
that

This

was

were
over-all

week's

increase

an

of

1,481 cars or 13.3%
above' the
corresponding week of I960 and
an

increase of 3,749 cars or

42.1%

piggyback loadings

for first 46 weeks

523,657' for
cars

5.6%

or

of

totaled

1961

increase

an

of

27,894

the

above

corre¬

sponding
period
of
1960
and
153,565 cars or 41.5% above the
period

:

were

systems

58

in

Class I U.

1959.
rail¬

S.

originating
this
type traffic in the current week
compared with 54 one year ago

Ended

Of

*

T

\

25

Nov.

Was

Same

the

ahead

week

the

35%

was;

pre-war

toll

heavier

of 264

the corresponding week of

in

1939.

Lumber
Above
L

b

u m

United

Shipments Were 11%
Same

Week

in

1860

production

e r

States

in

the

in

week

the

Nov. 25, totaled

174,536,000 board

feet

with

compared

board feet in the

219,132,000
prior week, ac¬

cording to reports from regional
associations.

A

year

ago

the fig¬

159,257,000 board feet.
Compared with 1960 levels, out¬
put climbed 9.6%, shipments ad¬
ure

was

vanced

11%, and

orders dropped

22.4%.

Following
thousands

are

of

the

board

figures

feet

for

in
the

1961

Nov. 18
1961

cor¬

week

of

week-to-week
in

this

large

measure

is
to

the

Thanksgiving
Day
holiday
during the week reported.

began their Christ¬
buying in earnest in the
post-Thanksgiving
week
ended
Wednesday, Nov. 29 arid boosted
retail
trade
substantially above
that in the similar week last year.

1950

219,132

159,257

173,805

222.871

156.5*2

Orders

152,037

209,918

195,993

usual

seasonal
upsurge
in
purchases
was
especially
strong in children's wear, women's
The

gift

,

.

weekly survey of 34 metropolitan
areas conducted by the ATA De¬
partment of Research and Trans¬

Economics. The report re¬
flects tonnage handled at more
port

mon

400

truck

carriers

terminals of
of

general

freight

As well, total
heavily bolstered by

in

new

for

Reflecting

in Month

primarily

the

price

in

silver, the general whole¬
commodity price level ad¬

vanced

in

7%

Dec.

to

climb
levels

-...v.. :.; ?v

volume

of

re¬

the week ended this

in

ranged

higher

volume
a

record

+ '+;

dollar

total

Wednesday

t>an

from

a

year

3%

to

ago,

ac¬

cording to spot
estimates
col¬
lected by Dun & Bradstreet, Inc;
Regional estimates varied from
comparable 1960 levels by the fol¬
lowing percentages:; West North
Central and

Mountain

+1 to +5;

Middle Atlantic, East North Cen¬
tral and West South Central +2
to

Nationwide Department Store
Sales Increased

Department
the

the

week

Federal

dex

ended

store

ended

pared

sales

with

6%

a

a

on

taken from

as

Reserve

reported

week

6% Over

I960 Week

country-wide basis

Board's

rise

in¬

for

the

Nov.

25, 1961, com¬
like period last

the

For the week ended Nov. 18,
were
6% higher than last
In the .four-week
period

sales
year.

ended

Nov.

vanced

5%

25,

According
serve

in

week

Nov.

sales

were

City
25

Re¬

store

for

the

were

6%

compared with
last
year.
In

than

preceding

Federal

York

period

same

the

department

New

ended

higher

correspond¬

1960.

to

System

sales

ad¬

sales

1961,
the

over

ing period in

the

the

week ended Nov. 18,
5% higher than- the
last year. For the

period

four weeks

ending. Nov. 25, a 4%
was
reported above the
period while from Jan. 1 to

increase
1960

Nov. 25
in

the

was

a

2%

increase

over

sales

comparable period of 1960

recorded.

,

Mon¬

4, to the highest

level
Electric Output 8% Higher
in a month, reports Dun & BradThan in 1960 Week
street, Inc.
As well, the index
The amount of electric energy remained appreciably higher than
distributed by the electric light on the corresponding date a year
and power industry for the week ago. Along with silver, rye moved
ended
Saturday,
Dec.
2,: .was up in ' price and' these two in¬
estimated; at 15,9-541)00,900- kwh.; creases
outweighed sizable - de¬
corn
and, oats,-: two
aecording - to j the Edison; .Electric clines ' in
Institute. Output was* 624,009,000 grains which fell off- at-wholesale
kwh. above-that of the previous after marked gains in Uae preced¬
week's total of 15,330,003,000 kwh. ing week.
day,

sales

car

November.

The

same

Wholesale Commodity Price Index

rise

furnishings,
stereo,
and

appliances,

television.
was

com¬

throughout the country.

sale

men's

accessories,
major

These findings are based on the

than

Good

a

Consumers

.

year.

year.

decrease

Nov. 26

174,596

_

previous

Moves Highest

Shipments--

Production

volume in. the

week v of
I960, ' the
Trucking Associations,
Inc.
announced.
Truck
tonnage
was 17.8% behind the volume for

weeks indicated:
Nov. 25

the

attributable

the

at

mas

The

responding

the

prices

Start for Week Ended Nov. 29

Week

American

The

ended

of

food

of

levels.

Christmas Shopping Off to

Ahead

9.2%

1960

week

in

the

trend

corresponding week

'•

Intercity truck tonnage in the
ended Nov A 25, was 9.2%

in 1959. As

business

than

chief function is to show the gen¬

Intercity Truck Tonnage for Week

last year and the 261

mortality

a

+6; South Atlantic, East South
Central, and Pacific +3 to +7;
+' New England 4-6 to +10. -0: >

and 50 in the

the

occurring in the similar week

well,

meats

tail trade

Cumulative

holiday low of- 238 iir the preced¬ "hi 1-959.
ing week, reports Dun & Bradhighest level in six weeks,

or

in

road

356
30

Nov.

included

There

Week

Commercial and industrial fail¬
ures

one

corresponding

Business Failures Rebound in
Latest

pound

and
not

above the 1959 week.

output,

account

Motor

is

pace.

auto

will

ors

Ford

On

making

auto

year-ago

week's

Mo

51.9%;

1960.

of 31 raw foodstuffs
in general use.
It is
cost-of-living index.
Its

per

eral

ended

over

Price Index rep¬

Food

wholesale

production during 1961
the 1,000,000 mark dur¬

went

Inc.

Wholesale

preceding week.

highway trailers or highway con¬
tainers (piggyback) in the week

since

rye,

oats, milk, peanuts and hogs.
The
Dun
&
Bradstreet,

of 95,553 cars.or 16.2% below the

Divco

out

offset

corn,

of

Nov.

loaded with

been

for

sociation

ended

has been halted since Oct. 26 and

has

than

more

-price

25, which
Thanksgiving holi¬
day, totaled 495,089 cars, the As¬

Holiday

1,700 workers in a dis¬
pute over relief time for 24 spray

in

the

week

about

increases

declines

included

of

painters.

cocoa,

These

above the corresponding week in

year ago.

barley, hams,
cheese,
cottonseed
oil,
eggs,
steers
and
lambs.

resents the sum total of the price

Among truck makers,
Dodge
division, at Warren (Mich.) was
idled at mid-week by a walkout

we

face should not be minimized. The

problem.

out
investment

person

that

enormous

cherished illusions and accustomed
six

a

progress

head start.
Our longgrowth prospects are rea¬
sonably good right now and we
could improve them substantially

stand

who fear that

some

are

pessimists underestimate the tre¬

latest

basic

combat

cannot

we

it

of

awareness

understanding of its implieshavp been growing and will

Economic
Two Urgent Needs

new

a

we

ourselves.

sacrifices

any

There

democracy such as ours cannot
meet this kind of assault, that we
will do too little too late. These

we

future.

should

needed.

the

Not Our Final. Era

Our Finest,

make these sacrifices?
There can be no question about
it provided they understand what
cans are

past;
the

in

survey

some

willing to

the

couraging.

this

for

groups

many

and

pressures

Thursday, December 7, 1961

than 2% thinks
they have been too low.
These findings are hardly en¬

would
of haps we could summarize our
future prospects as follows:
their ingrained habits of thought
The United States and other free
and action and they would doubt¬
are
confronted
with
a
less regard these modifications as nations
being
rather
serious
sacrifices. deadly menace over the years
Indeed, this applies to some de¬ ahead. The Communists' primarv
gree to almost every group in our weapon is economic power and
society—to businessmen and em¬ this power will continue to in¬
ployees, to farmers and educators, crease raoidly. To counter it, we
must quicken the pace of our. own
to labor leaders and government
economic growth.
officials.
However,

be called upon to

various

economic, political and
military—will help us to achieve
the
adjustments
that
will
be
—

.

less

and

years,

sacrifice

a

or

tion believes

slight that it hardly

all.

are

exceed total wages
less than one-tenth
knows that payrolls substantially
exceed profits.
(4) About 40% of the popula¬
to

paid,

tending

viet economic offensive.

firms

business

most

equal

more

pricing policies.;

somehow
business

be

to

economic

the

conscious of
cations

a

needs

management

of

its

and

forces

.

.

B. Jacobson to Admit
Arthur L. Jacobson will acquire a

membership
Stock

will
'in

on;

Exchange

be

admitted

the

New

and

on

to

York

Dec.

14

partnership,

Benjamin Jacobson & Sons* 61

Broadway; New Ybrk City, mem¬
bers

of

Exchange.

the

New
^

York

Stock
^

Volume

i

194

Number

6114

.

The Commercial and

.

Financial Chronicle

Indications of Current
Business Activity
;

AMERICAN

IRON

Indicated

AND

steel

STEEL

operations

cent

week

Dec.

Week

71.0

2

or

month available.

month ended

or

Previous

Week

capacity)

following statistical tabulations

latest week

-Latest

INSTITUTE:

(per

The

(2525)

Month

ingots

AMERICAN

42

and

gallons

Crude

castings

PETROLEUM

oil

Crude

and

Dec.

output—daily

(bbls.

average

output

Distillate

fuel

7,029,000

Residual

fuel

(bbls.)

at

Revenue

(number

of

28,776,000

2,718,000

2,942,000
13,462,000

13,367,000

6,352,000

5,793,000

5,612,000

182,101,000

183,178,000

36,591,000

36,836,000

37,099,000

177,543,000

178,483,000

177,091,000

.,48,732,000

48,696,000

ERAL

187,906,000

36,630,000

175,741,000
48,808,000

49,940,000

*

?

cars)

>

•

v

I

'

>

OF

647,549

493,853

517,975

531,852

tj.

Private

COAL

$304,800,000

$527,000,000

149,000,000

318,000,000

172,700,000

municipal

209,000,000

212,300,000

165,200,000

173,500,000

43,800,000

38.800,000

OUTPUT

Bituminous

(U.

coal

Pennsylvania

S.

BUREAU

and

lignite

anthracite

OF

9,130,000

6,559,000

223,100,000

155,800,000

Nov. 30

192,400,000

138,100,000

Nov. 30

and

EDISON

ELECTRIC

'Electric

output

FAILURES

(tons)___

30,700,000

17,700,000

Nov. 25

;

..

BRADSTREET,
IRON AGE

313,000

..Nov. 25

184

Service

8,890,000

352,000

422,000

340,000

180

152

173

INDUSTRIAL)

DUN

—

Pig

(per

gross

steel

(per

15,954,000

15,330,000

15,396,000

Electrolytic

&

356

238

344

290

6.196c

6.196c

6.196c

6.196c

AND

$66.44

$66.44

Nov. 27

$32.83

$32.83

COTTON

(St.

tZinc
Zinc

Louis)

$66.44

$66.32

$34.50

$28.50

Straits

MOODY'S

U.

Average

30.600c

30.600c

30.600c

29.600c

Nov. 29

27.875c

28.075c

28.025c

28.075c

Nov. 29

10.250c

10.000c

11.000c

12.000c

10.800c

11.800c

12.000c

13.500c

Nov. 29

11.500c

11.500c

11.500c

13.000c

24.000c

24.000c

24.000c

26.000c

Shipped

at

at—

———Nov. 29

121.875c

122.750c

121.625c

w

\r— Dec.
L;

l

Dec.

__

U.

86.54

K;
»:

86.11

DAILY

*

,

7

90.48

liij

;

88.27

bfiiaau88.4b^'

85.59

90.34;.

;
v.

;

V

85.33

.

r

81.05

80.93

83.79

83.53

84.17

5

87.32

87.18

87.05

87.72

5

87.72

87.86

87.72

5

Dec.
Dec.

Oct.

YlO

81.05

EMPLOYMENT

88.13

OF

LABOR

4.69

4.69

4.70

4.66

Durable

4.39

4.38

4.39

4.34

5

4.54

'4.54

4.53

4.50

5

4.74

4.74

4.76

4.70

Dec.

5

5.10

5.10

5.11

V 4 89

4.88

4.90

4.61

4.62

>4.63

4.58

5

4.58

4.57

4.58

4.55

Dec.

5

370.9

All

4.85

5

Dec.

index

Unfilled

368.1

Nov. 25
Nov* 25

292,355

364.4

332,241

332,276

344,952

Nov. 25
Nov. 25

93

97

473,385

515,009

(tons)

(tons)

at

end

period

of

DRUG REPORTER PRICE

AND

ROUND-LOT

ACCOUNT

FOR

Total

of

113.67

1

Nov. 10

261,948

356,111

270,596

99

521,854

,113.88

'•

2,731,010 * '

626,270

452,660

2,504,960
3,131,230

2,499,640
..

397,980

2,029,700

2,248,630

344,700

384,410

28,900

26,000

50,300

sales

Nov. 10

395,530

303,280

352,020

329,170

Nov. 10

424,630

332,180

378,020

*379,470

:

sales

initiated

transactions

on

Nov. 10

-

988,888

934,522

77,840

104,860

Nov. 10

812,064

Nov. 10

purchases

889,904

sales
sales

sales

——

umu—»u.mh

—

transactions

Total round-lot

for

account

n.«,

r

Member

867,322
86,540

164,500

Total

716,488

724,033

587,959

821,349

810,574

752,459

4,397,908
733,210

4,010,232

10

3,712,554

4,445,764

Nov. 10

,

sales

DEALERS

Number

by

SPECIALISTS

AND

dealers

ON

V.

N.

,

586,420

3,751,372
'

.'•*

719,200

3,325,368
:

510,520

3,105,753

2,661,359

„

Nov. 10

2j005,709

Nov. 10

$113,069,723

3,911,788

3,616,273

3,380,559

total

Nov. 10

total

Total

..

Total

•

L

stock sales

1,851,100
$105,072,491

1,752,184

on the n. y.

$95,060,259

1,991,740.

1,874,426

Other

$4,072,000

$4,037,000

$3,243,000

figure.

listed

of

.

„

44,000

of listed

$89,486,568

$56,966,684

511,790

342,570

'.'Personal

580,610

571,420

511,790

342,570

Less employees'

594,300

559,130

531,280

561,210

and

1,227,000

111,000-

109,034,597

107,999,239

377,000
1,063,000
109,858,783

371,991,242

bonds

shares—

U. S. Govt,

361,140,794

on

other collateral

281,529,166

issues

UNITED

-

j.

642,000

2,781,000

*

*

549,000

*695,000

2,813,000

2,312,000

*$421.1

$406.4

*284.0

272.9

*112.9

109.5

STATES

COMMERCE)—Month
$425.0
286.8

114.5

—

*

90.0

*88.8

75.1

*74.7

72.4

44.2

*44.0

41.4

53.0

52.4

49.6

11.4

.

income of persons

36.8

13.0

12.7

86.3

11.2

37.0

professional
.___

Rental

*420,000

1,214,000

credit balances-

on

OF

46,000

429,000

:

571,420

11.5

11.1
36.4
-

11.5

Total

11.7

14.5

14.4

14.4

27.5

26.6

32.7

10.0

9.8

9.3

407.5

*404.1

389.8

$1,248,103

".

contribution for social

i

-

1

income

$1,345,783

$1,096,716

-

30.2

•

__;

nonagricultural

12.5

33.0

income

payments

Insurance

-

27.7

,

interest

Transfer

Nov. 10
N°v- 10

•

895,950

714,600

647,770

1,015.870

18,978:910

17896,890

16,231,300

13,131,790

ESTATE
OF

FINANCING
U.

S.

—

IN

19,874,860

18,611,490

16,879,070

14,147,660

BOARD—Month

Savings and
Insurance

loan

of

HOME

Sept.

NONFARM

LOAN

(000's

BANK

omitted):

associations..

companies

S. DEPT. OF

101,364

110,735

111,396

companies
Mutual savings banks

441,200

482,593

380,640

173,561

179,349

Individuals

Nov. 10

144,796-

302,558

330,764

344,471

509,768

554,722

519,920

$2,776,554

$3,003,946

$2,597,939

$1,616,300

$1,652,700

1,176,300

1,233,500

$1,610,100
1,160,100

Banks

and

trust

Miscellaneous

•-

-Nov. 28

118.8

►118.8

118.6

•36.7

87.2

86.3

89.7

Nov. 28

108.6

108.3

108.2

■

and foods

institutions

109.2

—

.

lending

119.6

-Nov. 28

——7

—

NoV. 28

94.0

93.2

93.9

97.5

Nov. 88

127.5

127.5

127.3

127.8

tNumber of orders not reported since introduction of Monthly Investment Plan,
at^cenYerS where freight from East St. Louis exceeds one-haft cent a pound! "

delivered basis-

free

Farm

AREAS

,—.——————




$32,000,000

—

income

$96,954,159

Business

22,367

(1947-49=100) t

foods

labor

580,610

•

Total

UNITED

fPrime Western Zinc

STATES

BUREAU

(000's

on

$32,600,000

banks in U. S

•

—:
_r.———7—
other than._farm

♦Revised

31,060

22,946
$54,346'

accounts—

industries

1,191,602

•

REAL

;—

AH .commodities

sold

*32,060

$32,700,000

and

Service

$67,541,044

stock

--

produces-

Processed

*$53,760

23,110

31

balances—

salary receipts,
total———
producing industries
Manufacturing only
Distributing industries

1,446,667

(SHARES):

commodities

Meats'
ivieetba

$31,400

$54,210

(in billions):
income.—

Nov. 10

sales

Commodity Group—
Farm

*$30,650

i

personal

Nov. 10

sales

—

$30,800
23,410

dollars):

STOCK TRANSACTIONS

MEMBERS

OF

value

1,169,235

urM

i

WHOLESALE PRICES, NEW SERIES—U.

All

245,799
352,779

33,480

of

Dividends

sales

LABOR

408,000

326,164

•

round-lot sales—

Other

303,208

354,480

SALES

&

margin

debit

and in

borrowings
borrowings

1,739,682
14,260

purchases by-dealers—Number of shares

ACCOUNT

Short

CONSTRUC¬

customers

customers'

Nov. 10
Nov. 10

sales—
*_

of

1,725,422

Nov. 10

by dealers—
shares—Total sales

sales

net

to

(DEPARTMENT

sales

round-lot

FOR

7,440,000

(AMERI¬

_

hand

15,844

value

EXCHANGE AND ROUND-LOT
•

9,299,000

7,462,000

'

(millions

carrying

1,858,582

Nov. 10

Other

16,739,000

9,202,000

.____

10,220

Nov. 10

-Round-lot

October

1,981,520
$102,228,751

sales

Short

-

STEEL

INVENTORIES

Government

sales

sales—

of

of

of October

(customers' sales)—

short

Number

16,664,000

(tonnage)—estimated—
(tonnage)—estimated—
i

on

Wage

other

Dollar

'

OF

STEEL

Commodity

Customers'
-Round-lot

106.7

7,381,000

PERSONAL INCOME IN THE

Total

Customers'

«

*108.4

16,598,000
9,217,000

.__

extended

Member

3,150,144

STOCK

."

orders—customers'

of

5,650,006

110.2

—

STRUCTURAL

Market value

purchases)—t

(customers'

purchases by dealers

...Number

6,880,000

avge.=100)—

closed

Market

SECURITIES EXCHANGE COMMISSION

value

Dollar

Odd-lot

—

shares—

of

12,530,000

*6,760,000
*5,658,000

goods.—

customers'

Cash

STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODD-

...

*12,418,000

of

5,583,000

goods

firms

Total

Member

"NOV.

Odd-lot. sales

12,352,000

Month

—

(000's omitted):

of members—
Nov. 10

LOT

413.1

17,652,000

DEPT.

NEW YORK STOCK EXCHANGE—As of Oct.

710,684

Nov. 10

purchases

EXCHANGE

10,328,000

432.9

i

Credit

floor— ^

the

*

Total

19,942,006

8,658,000

421.0

MONEY IN CIRCULATION—TREASURY DEPT.
As of Sept. 30 (000's omitted)

318,310

29,100

Total,

S.

Total

1,744,230

2,427,680

404,010

Other

SERIES

Sales

504,400

2,305,600

2,758,260

>

Nov. 10

Total

19,614,000
17,270,000

17,344,000
10,525,000

Inventories—

2,121,150

..Nov. 10

Short

19,581,000

.___,

INSTITUTE

Shipments

floor—

off the

initiated

purchases!—

Total

181,000

COMMERCE):

PAYROLLS—U.

TION)—Month of October:

108.80

Other

'•

OF

384,818

sales

Other

226,800

93,800

6,769,000

(DEPT.

—

Contracts

81

Short
Total

137,800'

105,000

181,400

355.3

329,629

"7

113.67

3,005,010

.Nov. 10

—

'

Total

109,300

222,100

:

Nondurables—

Nov. 10

—

transactions

Other

150,000

142,400

specialists in stocks in which registered

sales

sales

164,600

Durables

..Nov. 10
Other

57,900

74,600
68:800

31

manufacturing

Durable

MEM¬

OF

purchases

Total

322,900

153,000

.___

number of employees in manufac¬
turing industries—
manufacturing
;

BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Transactions

353,500

86,100

—_

goods

—Month

Dec*

TRANSACTIONS

97,100
169,000
:

All

INDEX—

AVERAGE=100

1949

167,700'
;

*

Oct.

MANUFACTURERS'

OIL, PAINT

31

goods
indexes (1957-59

CAN

activity—

orders

73,300

165,700

Estimated

ASSOCIATION:

(tons)

of

149,600

.

manufacturing (production workers)

Payroll

5.10

5

Dec.

All

FABRICATED
received

96,700
341,200
317,800

:

REVISED

Nondurable

Orders

761,800

1,639,000

Nondurable

Group

Percentage

1,697,900

334,200
*479,300

.__

AND

5

v.:

Dec.

Production

*591,600

753,000

1,830,000

31

Oct.

SPINNING

5

Group

PAPERBOARD

2,103,700

—

_

31_

(bales)

3.95

Group

NATIONAL

of

•

*•

Dec.

commodity

'

(bales)

3.93

„

Industrials

124,444
404,108

17,652,0013

October:

Baa

moody'S

"*

(tons)

Oct.

(bales)

4.05

A

Utilities

mills

'

(tons)

4.09

.

Public

105,281
384,832

17,270,000

PROD¬

Spinning spindles in place on Oct. 1
Spinning spindles active on Oct. 1___
Active spindle hours (000's omitted) Oct. 1
Active spindle hours for
spindles in place Sept.

86.11

81.05

Dec.

—

Railroad

'

(tons)_____.

Shipped

COTTON

91.05

:1 <"!' 88.81

AVERAGES:

Bonds

corporate

Aaa

SEED

COMMERCE—Month

' •"

*

(tons)

.Dec.

Average
Aa

126,033

1,017,365

17,344,000

1

86.65

83.66

-

801,445
7,745,951

•

85.59

5

:
,

88.27

-

5

5

Dec.

YIELD

•

86.42

COTTON

OF

Linters—

102.000c

87.42

86.24

90.34

5

Dec.

Group

Group

BOND

■

Dec.

Government

S.

5

Dec.

—

MOODY'S

AND

of Oct.

as

.

Produced

86.24

5

Dec.

Group

Utilities

Stocks

|>H t

86.21

5

Dec!

„Lu- Dec.'

Industrials

.

Stocks

AVERAGES:

Bonds

690,188

1,810,722
4,288,609

4,938,570

(tons)

Produced

Nov. 29

at

._

Baa

847,459

1,636,263

1

(tons)—

9.800c

DAILY

3,111

OF

BALES:

353,989
active

(tons)

12.000c

'

Public

Stocks

Produced

Shipped
Huiis—

10.050c

York)

4,272
4,370

3,398

Meal—

12,000c

corporate

Railroad

and

Nov. 29

PRICES

4,303

3,376

1

at

Nov. 29

(New

BOND

Nov. 29

pig, 99.5%)

4,614

4,395

.

DEPARTMENT

—

3,013

-

4,566

—

;

RUNNING

—

(tons)

at.

Government

S.

———

(tons)

Stocks

at

(primary

tin

11,715
12,337

__

Seed—

Received

QUOTATIONS):

at.

(East St. Louis)

Aluminum

credit

LINTERS

SEF.D

Cotton

'

•

•

•

(delivered)

11,753

_J-

42.591

October:

Cake

refinery
Export refinery at
Lead (New York) at

12,315

goods

.

UCTS—DEPT.

copper—

Domestic

Lead

J.

M.

10,961

.

credit

Stocks—Oct.

14,773,000

Nov. 27

ton)___*_.

gross

(E.

—_

loans

Crushed
•

—

Cotton spindles

Nov. 30

ton)

METAL PRICES

3,008
11,661

credit

term

credit—

Consumed, month of September
In consuming establishments as of Oct.
In public storage as of Oct. 1

&

lb.)_:

Scrap

-

■

__Nov. 27

(per

iron

2

Dec.

AND
_

steel

10,625

3,008

SERIES—Esti¬

Sir-

credit-:

COMMERCE

PRICES:

Finished

Oct.

RE¬

Linters—Consumed, month of September

kwh.)

INC

COMPOSITE

17,992

10,706

YORK—

FEDERAL

Single payment loans—:
Charge accounts

COTTON

7,345,000

Nov. 25

AVERAGE—100

000

$54,344

'17,179

10,805

THE

jintermediate

of

Noninstalment

INSTITUTE:

(in

$54,869
42,554

.

MINES):

(tons)

(COMMERCIAL

$1,361,000

17,186

'

.

OUTSTANDING—FED¬

OF

consumer

Personal

DEPARTMENT STORE SALES INDEX—FEDERAL RESERVE

SYSTEM—1947-49

$1,617,000

42,714

i

OUTSTANDING—BOARD

and

as

Automobile

$385,000,000

226,700,000

Nov. 30

_

State

$449,800,000

Nov. 30

Federal

$92,480

$55,051

: *

i

Repairs and modernization loans—

Nov. 30

construction

*$91,260

$1,730,000

-'it.-

(000's omitted)

consumer

Other

'-construction

Public

-

short

millions

Instalment

CONSTRUCTION—ENGINEERING

construction

S.

13,200

25,020

$92,000

J,.

.

SYSTEM—REVISED

mated

472,741

30

CREDIT

SERVE

471,351

(no. of cars)__Nov. 25

■

BOARD OF NEW

GOVERNORS

Total

590,642

-,

PAPER

of Sept.

As

'

495,089

"v

•

RESERVE

CONSUMER

in

Nov. 25

$54,260*

*13,500
*24,140

,

COMMERCIAL

6,257,000

183,706,000

■

Total

3,108,000

14,191,000

"$53,620

13,600

■

NEWS-RECORD:
Total

$53,760
24,640

'

freight received from connections

ENGINEERING

28,971,000

3,138,000
13,747,000

Nov. 24

freight loaded

Ago

COM¬

(Millions of dollars):

8,092,000

8,170,000
-29,063,000

Nov. 24

Revenue

CIVIL

8,146,000

8,303,000
29,543,000

Nov. 24

(bbls.)
(bbls.)

ASSOCIATION OF AMERICAN RAILROADS:

OF

SERIES—Month of September

6,964,010

Nov. 24

output
output

oil

7,127,510

Nov. 24

Stocks at refineries, bulk
terminals, in transit, in pipe linesFinished and unfinished gasoline
(bbls.) at
Nov. 24
Kerosene- (bbls.)
at
,
Nov. 24
Distillate fuel oil (bbls.) at
I"Nov. 24

-

7,205,910

Nov. 24

(bbls.)

oil

1,376,000

DEPT.

—

Year

Month

Wholesale

(bbls.)

average

INVENTORIES

MERCE NEW

2,044,000

of that date:

Previous

Manufacturing

(bbls.)

Kerosene

2,032,000

2,073,000

Nov. 24

stills—daily

output

2

either for the

are

are as

Month

BUSINESS

of

each)

Residual fuel oil

i;

tons)

of quotations,

cases

Latest

48.3

INSTITUTE:

condensate

to

runs

Gasoline

(net

that date, or, in

Ago

70.0

Equivalent to—
Steel

production and other figures for the

cover

Dates shown in first column

Year

Ago

69.5

on

29

EXPORTS

AN,D

IMPORTS

OF CENSUS—Month of September

omitted):

30

The Commercial and Financial Chronicle

(2526)

.

.

.

Thursday, December 7, 1961

ADDITIONS

* INDICATES

Now

Securities

and

in

installation

Registration

of

moulds, machinery and equip¬

new

ment, research and general corporate

number of issues
awaiting processing by the SEC, it is becoming
increasingly difficult to predict offering dates
with a high degree of accuracy* The dates shown
in the index and in the accompanying detailed
items reflect the expectations of the underwriter
but are not, in general, to be considered as firm
offering dates.~
1
NOTE

Because of the large

—

Oct.

Road, Hawthorne, N. J. Underwriters—Cam¬
bridge Securities, Inc. and Edward Lewis Co., Inc., N. Y.
Offering—Expected in late January.

be

• Aero
Space Electronics, Inc.
July 17, 1961 ("Reg. A") 80,000 capital shares. Price—$3.
Proceeds—For repayment of debt and working capital.

Office

2036

—

writer—To
•

named.

•

ABC Air Freight Co.,

Oct.

25,

Aerological Research, Inc. (12/11-15)
v
1961 filed 100,000 common. Price—$3.50 Busi¬

ment.

throughout the U. S. Proceeds—For expansion. Office
N. Y. Underwriter—Flomenhaft, Seid-

—467 Tenth Ave.,
ler &
•

Co., N. Y. Offering—Expected in January.

ABC

Cellophane Corp.
Sept. 7, 1961 ("Reg. A") 100,000 common. Price—$3.
Business—A converter of packaging material, produc¬

and cellophane bags and sheets. Pro¬
new plant and equipment and working

ing polyethylene
ceeds

For

—

a

Office—1368-72

capital.
•

A.

& M.

Utica

Securities

writer—Havener

Brooklyn. Under¬

Ave.,

Corp., N. Y. Offering—Jan.

(12/18-22)
Oct. 19, 1961 filed 150,000 common. Price—$3.50.
Instrument, Inc.

the

for

devices

uring

instrument

of

ness—Manufacture

Proceeds—For

dustries.

electronic
debt

Busi¬

testing and meas¬

in¬

electrical

and

and

repayment

general

corporate purposes. Office—48-01 31st Ave., Long Island
City, N. Y. Underwriters—Crosse & Co., Inc.; V. S.
Wickett & Co., Inc., and Thomas, Williams & Lee, N. Y.
AMT

Sept.
are

to

(12/11-15)

Corp.

filed 230,000 common, of which 160,000
be offered by the company and 70,000 by a stock¬
1961

11,

amendment,! Business—The manufac¬
automobiles distributed in
kit form. Proceeds—For equipment, repayment of loans,
and working capital., Office—1225 E. Maple Rd., Troy,
Mich. Underwriter—A. G. Becker & Co., Chicago (mgr.).

holder.

Price—By
scale

of

turer

model plastic

The

manufacture of instruments for aerology,
oceanography, geophysics and atmospheric
phenomenon. Proceeds—For working capital. Office—
420 Division St., Long Branch, N. J.&Underwriter—A. D.
Gilhart & Co., Inc., N. Y.
ness

Inc.

1961 filed 105,000 common. Price—By amend¬
Business—Furnishing
of
air
freight services

—

meterology,

•

sickroom and hospital equipment. Proceeds
—Expansion, inventory and working capital. Under¬
writer—William R. Staats & Co., Los Angeles.
sale of party,

Aceto

Chemical Co.,

Inc.

Sept. 27, 1961 filed 88,000 common.

Price—$5. Business

—Purchase and sale of chemicals and

by-products.

Pro¬

expansion, sales promotion, and working
Office—40-40 Lawrence St.* Flushing, N. Y. Un¬

ceeds—For

capital.

derwriter—Karen Securities

Chemical

Acratex

Corp., N. Y.

...

Inc.

Coatings,

Aug. 8, 1961 ("Reg. A") 99,980 common. Price—$3. Busi¬
of a wallcovering product. Pro¬
ceeds— For expansion and general corporate purposes.
ness—The manufacture

Proceeds—Debt

refiled.
•

Aero

<-•

'

-v.-

Products

Electronic

Co.

V-'r

v

*

...

.

:

(12/11-12)

ventory, research and development, advertising, promo¬
tion and merchandising, repayment of debt and other
corporate purposes. Office—369 Shurs Lane, Philadel¬
phia. Underwriter—Roth & Co., Inc.,. Philadelphia.
•

A-Drive Auto

Jan.

19,

1961

Leasing System, Inc.
100,000 shares of class A stock,

filed

of

which

75,000 are to be offered for public sale by the
company and 25,000 shares, being outstanding stock, by
the present holders thereof. Price—$10 per share. Busi¬
ness—The company is engaged in the business of leasing
automobiles and trucks for periods of over one year.
Proceeds—To repay

loans; open new offices in Philadel¬
phia, Pa., and New Haven, Conn.; lease and equip a large
garage

registration has been withdrawn.
•
Aero-Dynamics Corpr
Aug. 7, 1961 filed 100,000 common shares. Price—$5.
Business
The importation and distribution of Italian
—

marble

and

mosaic tiles.

UP

54%

Proceeds

IN

—

For

the purchase

Now only New York has

And in this

investors than Chicago."
busy Chicago market, 90% of the adults with
more

annual household incomes of

Chicago Tribune. Where

$8,000

can you

or

more

advertise

your

read the

securities

and services to these
top

people more effectively than in
the Chicago Tribune? Want more details? Call
your Chicago
Tribune man today!

(Mjiragv QTribntir
mi




womb"#

most

1961

electronic parts manufactured by others. Proceeds—For

Almo Industrial Electronics Inc.

•

Air Master

May 26,

shares

of

class A

amendment.

Business

—

manufacture

The

windows

storm

sale

and

&
•

of

and

doors, and other alu-v
minum products.
Proceeds—For working capital, and
other corporate purposes. Office—20th Street, and Alle¬
gheny Avenue, Philadelphia, Pa. Underwriter—Francis I. •
t

du Pont &

Co., New York City (managing).

• Airport Package Service, Inc. ;
Nov. 28, 1961 ("Reg. A") 100,000 common.
Business—Furnishes

freight.

Airtechnology Corp.
15, 1961 ("Reg. A")

vestment

in

U.

S;

60,000

common.

Price—$5. '

manu¬
Govts ^contract. ' Proceeds—For 'in-

Airtronics International Corp. of Florida
July 29, 1961 filed 199,000 common, of which 110,000 are
to be offered by the company and 89,000 by stockhold¬
ers.
Price—By amendment. Business—Manufacture of
electronic, mechanical and components. Proceeds—Re¬

Alan-Randal

Co.,

For working

capital, Office

—

11608

Nov.

17, 1961 filed 250,000

ment.

Business—A

Price—By amend¬
Proceeds—For

common.

lumber

company.

,

construction and

working capital. Office—614 Equitable
Bldg., Portland, Ore. Underwriter—Dempsey-Tegeler &
Co., Inc., St. Louis. Offering—Expected in late January.
• Albert
Voigt Industries, Inc. (12/11-15)
Aug. 29, 1961 filed 80,000 common. Price—$4. Business—
The manufacture of metal store fixtures, show cases and
related items. Proceeds—For repayment of loans, work¬
ing capital, a leasehold improvement and moving ex¬
penses. Office—14-20 Dunham PI., Brooklyn, N. Y. Un¬
derwriter—David Barnes & Co., Inc., N. Y. C. v
'
<

Al-Crete Corp.

Sept. 20, 1961 filed 127,000 class A common. Price—$3.
Business—Development and manufacture of a new vari¬
ety of building products. Proceeds—For construction of
a
new plant.
Office—4800 Baltimore Ave., Hyattsville,
Md. Underwriter—Whitehall Securities Corp.,
•

All

Star World

July 7,

Wide, Inc.

Price—$2.25.

color anodized aluminum

Office—44 Passaic Ave., Kearny, N. J.

Un¬

International, Inc.

—

■

•

i

Amacorp Industrial Leasing Co., Inc.
Sept. 27, 1961 filed $3,000,000 of 6^% conv. subord. de¬
bentures due 1971.
Price—By amendment.
Business—
Financing and lease of industrial and office equipment.
Proceeds—Repay debt and increase working capital. Of¬

fice—34

S.

Stoneman

Ave.,

Alhambra,

Calif.

Under¬

writer—McDonnell & Co., Inc., N. Y.

Amcap Investment Inc.
Oct. 2,

1961 filed 250,000

common.

Price—$11.25. Busi¬

ness—A small business investment
company.
For investment.

Proceeds—

Address—Chicago. Underwriter—None.

Amcrete Corp.

May

Alaska Pacific Lumber Co.

new

Proceeds—For inventory and plant

Alyeska Ski Corp.
12, 1961 ("Reg. A") 240,000 common. Price—$1.25.
Business
Operation of ski facilities. Proceeds — For
general corporate purposes./Address—P. O. Box 1882,
Anchorage, Alaska. Underwriter—Paul Nichols Co., Inc.,
Anchorage, Alaska.

4,

common

•

fencing.

Price—$7. Business
—Company plans to construct special type homes, and
engage in the general contracting business.
Proceeds—
For general corporate purposes. Office—St. Petersburg,
Fla. Underwriters—Wm. H. Tegtmeyer & Co., Chicago
and B. C. Malloy, Inc., St. Petersburg.

Ventura Blvd., Studio City, Calif. Underwriter—Pacific
Coast Securities Co., San Francisco, Calif. Offering—

Expected in January.

link

Nov. 13, 1961 filed 73,000 common.

Inc.

Oct. 27, 1961 ("Reg. A") 120,000 common. Price—$2.50.
Business—Distributor of pens and other advertising ma¬
—

Sept. 28, 1961 ("Reg. A") 100,000 common.

Oct

84, Fort Lauderdale, Fla. Underwriters

—Stein Bros. & Boyce, Baltimore and Vickers, McPherson &
Warwick, Inc., N. Y. Offering—Expected in Jan.

r

Aluma-Rail, Inc.

>

other

companies, and working
capital.
Office—640 Memorial Dr., Cambridge, Mass.
Underwriter—Schirmer, Atherton & Co., Boston.

—6900 West Road

writer—Albion Securities Co.. Inc.. N. Y.

Alumatron

Un- ;

research," development and

and

own

1961
stock

(letter of notification) 75,000 shares of
(par 10 cents). Price—$4 per share. Busi¬

ness — The sale of pre-cast and
pre-stressed concrete
panels for swimming pools and pumps, filters, ladders,

etc.

Proceeds—For building test pools; advertising, in¬
ventory and working capital. Office—102 Mamaroneck
Ave., Mamaroneck, N. Y. Underwriter—Vincent Asso¬
ciates, Ltd., 217 Broadway, N. Y.
•

Amerel

July

31,

Mining Co. Ltd.
filed 400,000

1961

/
common

shares.

cents. Business—The company is engaged in

I

Svff

*

A

i

i

J ' J*..

Price—50

exploration,

; 4

if

t

YOUR PRIME SOURCE FOR

all

Pittsburgh.

(12/26-29)

1961 filed $250,000 of 5%

convertible subordi¬
nated debentures due 1971 and 150,000 common shares.

operate bowling centers in Europe. Proceeds—For ex¬
pansion and general corporate purposes. Office—100 W.
Tenth St., Wilmington, Del. Underwriters—Alessandrini
& Co., Inc. and Hardy & Hardy, New York (managing).
All-State Auto

Rental

Sept. 28, 1961 filed 50,000
Leases
Office

motor

ouuurmwirAru

widely circulated market table pages

Price—$4. Businessworking capital.

vehicles.. Proceeds—For

31-04 Northern Blvd., Long Island
Underwriter—N one.

Inc.

^

.

•.

Nov. 6, 1961 ("Reg. A") 25,000 common.

Proceeds—For

—Copiague, L.
Co. (mgr.)

a

I.,

„

City, N. Y.

N.

Y.

and

-

SOLD

-

QUOTED

working

SI IK ill.
a

capital.

Underwriters—Richard
Y....„-_

and Weinberg, Ost & Co., N.

^/tdne

,

Price—$3. Busi¬

roller skating and ice skating rink.

expansion

BOUGHT

for Banks, Brokers, Institutions

Corp.

common.

—

ness—Operation of

of

derwriter—To be named.

■

Nov.

under

distributor

and

Alson Mfg. Co. (12/18-22)
Aug. 28, 1961 ("Reg. A") 75,000 common. Price—$4. Pro¬
ceeds—For equipment, repayment of loans and working
capital. Office—2690 N. E. 191st St., Miami, Fla. Under¬

expansion.

Price—$2.

ground transportation of air
construction of a terminal and

derwriter—None.

facture

Price—By

shares.

A

—
412 N. 6th St., Philadelphia.
Collings & Co., Inc. and Harrison
Co., Philadelphia.
I

chain

Office—50-36 70th St., Woodside, N. Y.

Business—Electronic

class

.C.

Business—Manufacture of

-

local

Proceeds—For

equipment.

155,000

Business—Wholesaler

Underwriters—C

common

stock, of which 50,000 shares are to be offered for public
sale by the company and 150,000 outstanding shares by
the present holders thereof. Price—To be supplied by
aluminum

filed

1961

working capital. Office

Corp.
filed 200,000

1961

27,

amendment.

Services Corp., Paterson, N. J.

All Weather Roll NMce,

Mid America's

Alio Precision Metals

Price—For debentures, at par; for stock, $5. Business—
Joint venture with Brunswick Corp. to establish and

5

In Mid America, the number of individual owners of
pub¬
licly traded securities has increased 54% in the past five
years.

Co., N. Y. Offering—In Jan.

writer—International

in New York City and lease additional trucks.

Office—1616 Northern Boulevard, Manhasset, N. Y. Un¬
derwriter—Hill; Darlington & Grimm, N. Y. Note—This

&

Industries, Inc.

Nov.

terial. Proceeds

July 17, 1961 filed 100,000 class A common shares. Price
—$4. Business—The manufacture of transformers for
electronic and electrical equipment.. Proceeds—For re¬
locating to and equipping a new plant, purchase of in¬

13,427

payment, new products, sales pro¬
advertising, new office and warehouse and
working capital. Office—522 W. 29th St., N. Y. Under¬
motion and

Office—Easton

St., Ronkonkoma, N. Y. Underwriter—
Tyche Securities Inc., N. Y. Note—This letter will be

Allison

common,

public and

Engineering, Inc. (12/15)
("Reg. A") 85,000 common. Price—$3. Pro¬
debt repayment, equipment, and
working
capital. Office—Congressional Airport, Rockvillej Md.
Underwriter—Davis & Leach, Inc., Washington, D. C.

payment of loans, expansion and working capital. Office;

-

the

to

ceeds—For

Abbey Rents
Sept. 25, 1961 filed 200,000 capital shares, of which 100,000 will be sold by the company and 100,000 by stock/holders. Price—By amendment. Business—Rental and

offered

Oct. 3,

Agency Tile Industries, Inc. (12/18-22)
Sept. 6, 1961 ("Reg. A") 120,000 common. Price—$2.50.
Business—Importing, marketing and distributing ceramic
tiles.

ISSUE

Nov. 2, 1961
("Reg. A") 60,000 common. Price — $3.
Business—Design and manufacture of board games, toys
and Christmas stockings. The company also operates a
discount department store. Proceeds—Expansion, prod¬
uct development and working capital. Office—1015 Jef¬
ferson Ave., Brooklyn, N. Y.
Underwriter—S. Apfelbaum Co., 39 Broadway, N. Y.
'
: -

•

Aug. 29,

.

Corp.
20, 1961 filed 213,427

Underwriter—Allen

Broadway, Santa Monica, Calif. Under¬
"
1
'
' //

be

REVISED

of which 200,000 will
to stockholders on
a
l-for-10 basis.
Price—By amendment. Business—A
small business investment company. Proceeds—For in¬
vestment.
Office—7720 Wisconsin Ave., Bethesda, Md.

250 Goffle

...

..

ITEMS

•

PREVIOUS

Allied Capital

Office—

purposes.

SINCE

.

Office
Gray

39

Dlgby 4-2370

Broadway, New

Jrnc.
York 6, N. Y,

Teletype No. N

.Y. 1-5237

Volume

194

Number

6114

.

.

The Commercial and Financial Chronicle

.

(2527)
development and mining,. Proceeds—For diamond drill¬
ing, construction, exploration and general corporate expenses.
Office—80 Richmond St.,, W., Toronto. Under¬
writer—E.

A.

Manning, Ltd., Toronto. Offering—Jan.

American Book-Stratford
Oct.

27, 1961 filed 430,000

ment.

common.

of

St.,

N.

Y.

stockholders.

Underwriter—Bear

Note—This

for

books

•

Office

Stearns

&

shares

by

to

are

be

offered

by

the

N.

stockholders.;

Price—By amendment. Busi¬
ness—Providing of building maintenance services. Pro¬
ceeds—For general corporate purposes.

expected

be

to

refiled.

100,000 common. Price—$5. Business
of amphibious automobiles. Proceeds—
parts depot in Newark, N. J.,, set up sales
and service organizations, and for
working capital and
general corporate purposes. Office—660 Madison Ave.,

111,000

and

company

is

Amphicar Corp. of America

To establish

Building Maintenance Industries
19, 1961 filed 141,000 capital shares, of which 30,000

shares

statement

—Manufacture

American

Oct.

Building, Baltimore, Md.
Securities Corp., New York City.

June 15, 1961 filed

Co., N. Y. Offering—Expected sometime in January.
1

Office—Equitable

Underwriter—Karen

Price—By amend¬

hard-bound

Proceeds—For selling

Varick

—75

reduction.

Press, Inc.

Business—Manufacture

publishers.

including the building of an air strip, a marina, and a
housing cooperative; This is the issuer's first public fi¬
nancing. Proceeds—For general corporate purposes, in¬
cluding $170,000 for construction and $12,000 for debt

Y.

This registration

Anaconda

Office—335 Fell
Underwriters—Carl
M.
Loeb,
■

was

Real

J.

Krieger & Co., N. Y. Note—

withdrawn.

Estate

:

-

,

„

Investment Trust

Oct. 3, 1961 filed 163,636 shares of beneficial interests.
San*. Francisco, & Co., N. Y. and Sutro &
Price—$10. Business—Real estate investing. Proceeds—
Co., San Francisco.
Offering—Expected in late December. h'.&Ai; .y/;;)/' For purchase of real estate in Florida., Office—1776 E.

St.,

working capital. Office—120 North
Ave., N. W., Atlanta,
Ga. Underwriter
The
Robinson-Humphrey Co., Inc.,.
Atlanta, Ga. . i
'
—

<

Atlas Electronics Inc.

Sept. 28, 1961 filed 185,000 common..
Price—$2.10. Bust-'
ness—Distribution of electronic
components, parts and;
equipments Proceeds—To repay debt, purchase inven¬
tory, and increase working capital, Office—774 Pfeiffer
Blvd., Perth Amboy, N.. J. Underwriters—Hay, Fales deCo. and

a

Underwriter—J.

h, American Cellubox Corpv
19,

1961

("Reg.

Business—Design,'manufacture

Sunrise Blvd., Fort

+ :;V

;

A">-75,000

Price—$4.
of cellulose-

common.

and

sale

and; other*

acetate

semi-rigid plastic type transparent
Containers/ Proceeds—For debt repayment and general
corporate purposes; Office—27-01 Bridge Plaza N., Long

Island City, N, Y.*

Proceeds

Ausco,

N.::y..,;;:;C

Inc.,
•

^

American Data

■

Machines, Inc.

New York.

'

-

Aug. 17, 1961 filed 150,000

Price—$4.50. Busi¬
ness—Manufacture of data processing equipment. Pro¬
ceeds—Repayment of loans, new products, advertising,
working capital and general corporate purposes.: Office
common.

^ American Development Corp. : • ^
^
Nov.'29, 1961 filed 60,000 Common. Prite—$6:.

June 20,

nated

one

to

26,

new

for each

10 held of record

commc^&eing
thei-^te of
Nov. 29

the basis of
record

electronic

capital.

equipment.

$100

Proceeds—For

construction,poses,

American

—

Suplee, Yeatman, Mosley Co., Inc., Phila.

■

SEC

ment.

and

accuracy

y'':;Vy 'V

y.."yy":

adequacy

of

'}<

;

this

of

Proceeds—For

home.

a

,

...

■<

Amity Corp.
Jan.

17,

1961

'

Underwriters—Sterling, Grace

Street, Waltham,

3'!

1961

;

Inc.

filed

Business

—

Broadway,

N.

Y.

Underwriter—Carreau

&

Co.,

Burn-

stock

(par

$1). Price—$3 per share. Business—Land development,

18,

1961

Teaching Systems, Inc.
("Reg. A") 30;000 common.

devices.

development

other

and

materials

equipment, research

corporate

and

Office—I

purposes.

W. 58th

St., N. Y. Underwriter—Arthur J. Rosenwasser
Co., 95 Broad St., N. Y.

A Automatic Marker Photo Corp.
Dec. 1, 1961 filed 150,006 class A
shares, of which 125,f
000 are to be offered by the
company and 25,000 by
stockholders. Price—By amendment. Business—Sale and
distribution of a photocopy machine and
supplies. Pro¬
ceeds—For equipment,
expansion, and working capital.
Office—153 W. 36th St.r N. Y.
•

Aveeno

Underwriter—None.

Pharmaceuticals, Inc.

(12/20)
Sept. 27, 1961 filed 125,000 common. Price — $8. Busi¬
ness
Development and sale of pharmaceutical prod¬
ucts. Proceeds
For sales promotion, new products
and working capital. Office — 250 W. 57th
St., N. Y.
—

—

Underwriter—Laird & Company, Corp., N. Y.
•

B. S. F.

June

Company
filed $2,500,000 5%%
due Dec. 1, 1969. Price—At

30,

1961

subord.

conv.

de1-

possible acquisition.

Price—By amendment.

castings.

Office—321

W.

Business—Manufacture

Proceeds—For plant improve¬
St., N. Y.
Underwriter—

44th

Bear, Stearns & Co., N. Y. Offering—In February.
)

Astro-Science

Sept. 27,

1961

Corp.

filed 232,500

common,

of which

150,000

be offered

to

support and servicing of electronic systems, aircraft and
missiles..

Proceeds—Repay

capital.
Calif.

debt and

increase

working

Office—9449 W. Jefferson Blvd., Culver
Underwriter—W. C. Langley & Co., N. Y.

holding

company

concerns.

ton', Del.
•

for

various

Business—A

par.

industrial

and

Proeeeds—To repay debt and as

a

financial

reserve

for

Office—818 Market St., Wilming¬
Underwriter—None. Offering—Imminent.

Babs, Inc.

Nov. 27, 1961 filed 150,000 common. Price—$4. Business
—Sale of dairy products, through "Dairy Drive-ins."

by the company and 82,500 by stock¬
Price—By amendment. Business—Design and
manufacture of ground systems and equipment for the
are

.

Price—$10i

self-instructional

of

Proceeds—For

bentures

City,

Aug. 29, 1961 filed 500,000 common. Price—$12.50. Business—A small business investment company. Proceeds—
For general corporate purposes. Office—744 Broad St.,
Newark, N. J. Underwriter—Pain6,, Webber,) Jackson &
Curtis, N. Y. C. Offering—Expected sometime in Jan.

Atlanta Motor

common

and

.

Co., N. Y;

Richling,

Automated

Business—Manufacture

&

Atlantic Capital Corp.

88,739 shares of




Y.

h

-

filed

27,

ment.

Proceeds—Inven¬

Office—473 Winter

expansion.

Aronoff &

of custom made

American Sports Plan, Inc.

Underwriter—None.>

common.

holders.

tory. machinery, and research. Office—261 Madison Ave.,
N. Y. Underwriter—Charles Plohn & Co., N. Y. Offering

Mass.

Westbury, N.

holders.

29, 1961, filed 200,000 common shares. Price—$0.
Businessr—The. operation of bowling centers. Proceeds

1,750 units, each consisting of one
principal amount debenture (with attached war¬

Corp.
Nov. 21, 1961 filed 230,000 common, of which 110,000 are
to be offered by the company and 120,000 by the stock¬

'

June

$400

rants) and 120

.

Arwood

American Safety Equipment Corporation
Sept. 28,. 1961 filed 80,000 common. Price—$10. Business

.

withdrawn.

was

Automated Sports
Centers, Inc.
June 28, 1961 filed

—The operation of

..

Office—16 W. 61st St.,

—Expected sometime in January.

letter

Co.

Branch, N. J. Underwriter—Mortimer B.
side & Co., Inc., N. Y.

debt

"safety seat belts.

Underwriter—J. Laurence &
Co;, Inc., N. Y. Note—This

Sept.

Biochemical

Long

common. Price—$2.50. Busitype of component constructed

Underwriter—Troster, Singer & Co., N. Y.

V-.—For

Price—$3.
and"; assembly of

common.

Mills, Inc.
Sept. 28, 1961 filed 135,000 class A common shares. Price
—$5. Business—The purchase,) conversion, decoration,
gift packaging and distribution of terrycloth towels and
cotton pillow cases. Proceeds—For inventory, repayment
of loans and working capital.
Office—1030 Pearl St.,

Price—At par. Business—Real estate
and also the oil and gas business. Proceeds—For repay¬
ment of debt/sales and advertising, property improve¬

of

100,000

Artlin

bentures due 1971.

'—Manufacture

A"!

N. Y.

Realty & Petroleum Corp. (1/8-12)
Sept. 28, 1961 filed $2,000,000 of 6Y2% conv. subord; de¬

N. Y.

("Reg.

Automated

Gift Plan, Inc.
12, 1961 ("Reg. A") 100,000' common. Price—$3^
Business—Manufacture and sale of "Gift Bookards" de¬
signed to provide simplified gift giving for business andf
industry. Proceeds — For advertising, sales
promotion*
repayment of loans, working capital and the establish¬
ment of national dealerships. Office^-80 Park
Ave., N. Yl

be--offered

—1400

Minneapolis. Offering—Ex' "•
; y

possible acquisitions.

•

June

Miami

54,000 common. Price—By amend¬
Design and manufacture of women's
junior sizes. Proceeds—For selling stockholders. Office

American

ments and

North

Leagues, Inc. Offering—Imminent.

ment.

repayment, equipment, and
"working capital; Office—4950 71st Ave.," North, Pinellas
Park, Fla. Underwriter—Equity Securities Co., N. Y.
•

St.,

.

Nov.

Nov, 27, 1961 filed 200,000
ness—Manufacture

165th

Price—

working

Price—$1,000 per unit. Business
bowling centers. Proceeds—For re¬
payment of debt, acquisition of a warehouse and work¬
ing capital. Office — 11459 E. Imperial Hwy.,
Norfolk,
Calif. Underwriter—Holton, Henderson &
Co., Los An¬
geles. Note—The company formerly was named Union

•

Manufacturing Corp.

'

W.

11.

and

Products, Inc.

1961

Co. and D. H. Blair &

materials, operational'expenses, working capital and re-

,

6,

St.,

1961-filed 1,500,000. class A common shares.
Price —$T.i5. Business—The manufacture of electronic
components. Proceeds—The. purchase of equipment and

Modular

N.

Underwriter—Pacific Coast Securities Co., San Fran¬
cisco.
Offering—Imminent.

control mechanisms for aircraft missiles, etc. Proceeds—
For equipment and sales expansion. Office—648 Main

Aug.-2,

American

Anoroc

to

Devices, Inc.

'writer—Naftalin & Co., Inc.,
,* pected in early January.
y

Office—1270

expansion

$L

Hills, Calif.

on

of which 25,000 are
by the company and 55,000 by a selling
stockholder. Price—$5. Business—Designs and manufac¬
tures precision hydraulic, pneumatic and fuel valves and

'

•

Micro

rights to expire Dec.

Proceeds—For

—

Arkwin. Industries, Inc.
Nov. 28, 1961 filed 80,000 common,

Corp.: (12 18-22)
Nov. 13,-1961 filed 150,000 common, of which 50,000 are
<to be offered by the company and 100,000 by stockhold¬
ers.
Price—By amendment. Business—The operation of
three savings and loan associations, an equipment, auto¬
mobile and truck leasing system and a general contracting business. " Proceeds—For leasing program, to in¬
crease holdings in a subsidiary and for working capital.
.Office—3955 Montgomery Rd.,:
Norwood, Ohio., Under¬
writers— Shearson;; Hammill & Co., N. Y. and Westheimer .&• Coy Cincinnati.5American

with

1
Price

common.

Proceeds—For tooling, equipment and
working capitaL
Office — 241 S. Robertsdn
Blvd., Beverly

shares held of

common

International*- Inc.
("Reg. A") 300,000

writer—Globus, Inc., N. Y. Offering—In January.

American- Financial

r

Automata

Aug. 22, 1961

14, 1961 filed 200,000 common.
Price—$4.
Busi¬
ness—Company plans to construct and operate refuse
disposal plants. Proceeds—For general corporate pur¬
poses.
Office—1001 N. Central Ave., Phoenix. Under¬

state¬

''

unit of each 200

Nov.

has instituted "stop order" proceedings

the

24

unit.

Arizona

bentures, and capital funds; Office:— 1472 Broadway,
,N. Y. Underwriter—Myron A. Lomasney &
Co., N. Y.
Note—The

purchase

being offered

are

glass enclosures for bathtubs. Proceeds—For debt re¬
payment and general corporate purposes. Office—181-14
Jamaica.Ave., Jamaica, N. Y. Underwriters—G. Everett
Parks & Co., Inc. and Parker Co., N. Y. Offering—Ex¬
pected in early January.

primarily engaged in the automobile Sale fi¬
business. One additional subsidiary is a Maryland

.challenging

to

warrants

Business—Fabrication^1 manufacture

savings and', loan association and two are automobile
Insurance brokers. Proceeds—For the retirement of de¬

'

•

are

nance

one

Nov.

per

Oct.

Finance

Co., Inc. ; y U.
April 21, 1961 filed $500,000 of 6% ^convertible sub¬
ordinated debentures due 1971; 75,000 shares of common
stock, and 25,000 common stock purchase warrants to
be offered for public sale in units consisting of dtfe $200
debenture, 30 common shares and 10 warrants. Price—
$500 per unit; Business—The company and its siibsidi->
aries

and

The securities

Beach, Fla.- Underwriters—Ross, Lyon & Co., Inc., and
Globus, Inc., New York.

new equipment, and other corporate pur¬
Office—121, North Seventh Street, Philadelphia.

Underwriter

1971

being offered the right to subscribe to the units

are

wiMfcights

expire Dec. 15, 1961. Price—$27.
Business—Tbe|comis engaged in research and development in tfc# field
communication

due

shares.

2,921 units each consisting of a $100 debenture and
warrants to purchase 10 common shares.
Stockholders

pany

of

common

Proceeds—Working"

capital and repayment of loans. Office—525
Lexington'
Ave., N. Y. Underwriter—General Economics Corp., N.

convertible subordi¬

in

Electronic

1961

debentures

29,210

Laboratories, Inc.
filed 10,632 of class A
offered for subscription by stockholders at

May

service for the professional market;

1961 filed $292,100 of 6%

Business'

Authentfcolor, Inc. (12/18-22)'
Aug. 29, 1961 filed 148,200 common, of which 136,800 arec
to be offered by the
company and 11,400'by stockholders.
Price—$3.25. Business — Furnishing of photographic1

Anodyne, Inc.

Btipiness
Proceeds-Debt
repayment, and other-/corporate 'purposes.
\Offic^-1068
Proad St.; Newark, Ny J. Underwriter—To be
n^led.
•

Price—$7.

and

Raymond Moore & Co., Los Angeles.

Proceeds—For

New York.

38

—Development and sale of vacant land.

American

Offering—Expected sometime in February.

machinery research, sales promo¬
tion, and working capital. Office—26 Essex St., Hackensack, N. J. Underwriter—Amber, Burstein & Co., Inc.,

St., Hicksville, N. Y. Underwriter—Golkin, Bomback & Co., N. Y. Offering—Imminent.''!*;,
y

Industries, I no;

aircraft, guided mis¬
electronic components, and
fastening devices.;
Proceeds—For debt repayment and a new
product. Of¬
fice—4873 W. Armitage
Ave;, Chicago, Underwriter^—siles

Nov. 24, 1961 filed 38,500 common. Price—$8. Business
—Design and fabrication of precision sheet metal prod¬

—7 Commercial

;

Austin Continental

Anchor Industries Corp.

ucts.

Inc.

Nov. 14, 1961 filed 103,000 common.
—Manufacture of specifications of

Ave., Brooklyn, N. Y. Underwriters—Charles Plohn &
Co., B. W. Pizzini & Co., Inc. and Atlas Securities Corp.,

Underwriter—Diran, Norman & Co.,

Price—$3.50..

neering, product development* inventories,
advertising,,
expansion and working capitaL Office—17 W. 60th
St.,;
N. Y.
Underwriter—Pearson; Murphy & Co., Inc., N. Y..

Office—968 Meeker

purposes.

common.

For

Oct. 12, 1961 filed 110,000 common.
Price—$3. Business
—Design, development, and manufacture of high pres¬
sure aircraft ancf missile
valves. Proceeds—For engi->

.

general corporate

—

repayment of loans, acquisition and!
Office—715 N, Fayette St.,
Alexandria,
Va. Underwriter—First Investment
Planning Co., Wash¬
ington, d.. c.
•; •'
:

.

—For

Co., N. Y.

working capital.

Alloys, Inc.
v.'/
27,. 1961., ("Reg. ": A") 50,000 common.
Price—$6. *
Business—Purifying, alloying, and fabricating metals as
components for the semi-conductor industry. Proceeds
Oct

&

Atmospheric Controls, Inc.
Aug. 22; 1961 ("Reg..A") 40,000

Lauderdale, Fla. Underwriter—None.

Anchor

.

;>

,

McLaughlin, Kaufman

•

Rhoades

Oct.

31

Lodges* Inc. <
1061 filed 150,000 common, Price—$10. Business
—Operation of motels. Proceeds — For expansion and

Proceeds—For debt repayment and

fice—32550 Pulaski
Pacific

Coast

working capital. Of¬
Dr., Hayward, Calif. Underwriter—

Securities

Co., San Francisco. Offering-

Expected in late February.
•

Bacharach

Industrial

Instrument

Co.

Nov.

15, 1961 filed 60,000 common. Price—By amend¬
ment. Business—Development and manufacture of chem¬
ical, electrical and mechanical instruments, precision
products and special purpose tools. Proceeds—For sell¬
ing stockholders. Office—200 N. Braddock Ave., Pitts¬
burgh. Underwriter—Arthurs, Lestrange & Co., Pitts¬
burgh. Offering—Expected in January.
Bal

Harbour

Diagnostic

Service,

Inc.

Oct.

18, 1961 filed 2,000,000 common. Price—$1. Busi¬
ness—Company will operate a medical examination

Oct. 30,

Continued

on

page

32

32

The Commercial and Financial Chronicle

(2528)

and

1,

Sept.

working capital.
Office—224
Underwriter—Gianis & Co., N. Y.

ceeds—For
N.

Y.

Bao-Zyme Chemical Corp.

Pro¬

corporate

E. 38th St.,
Offering—In

River Petroleum Corp.

Barren

Oct.

200,000 class B common and

A")

("Reg.

1961

23,

100,000 class A common to be offered in units consisting
of one class A and two class B shares. Price—$3, per

Business—Production, refining and marketing of
gas. Proceeds—For debt repayment and other
corporate purposes. Office—8 E. Charleston Blvd., Las
Vegas, Nev. Underwriter—John A. Oja & Associates,
Las Vegas, Nev.
; ;
;
unit.

and

oil

.

(12/11-15)
Sept. 21, 1961 filed ,100,000 common. Price—$5. Business—Manufacture of slippers, robes, cushions, pillows, autoseat covers, and other specialty items. Proceeds—To re¬
pay debt, increase inventory and for other corporate
purposes.
Office—78 E. Chestnut St., Columbus, Ohio.
(R.

Barry

Corp.

G.)

,

t

Underwriter—Arnold Malkan & Co., N. Y.

150,000 class A common.

for use in the fields of oceanography, meteor¬
ology, seismology and ionospheric phenomena. Proceeds
—For product development and working capital. Office
—43 Leon St., Boston. Underwriter—S. D. Fuller & Co.,
New York. Offering—Expected in January.
niques

Engineering Co.

it Bechiold
Nov.

to

offered

by the

company

which 95,000 are
40,000 by a selling

and

Business—Manufac¬
ture of specially designed thermosetting plastic fabri¬
cating machinery. Proceeds—For debt repayment and
other corporate purposes. Office—631 N.E. 45th St., Fort
Lauderdale, Fla. Underwriter—Roman & Johnson, Fort
rnce—r>y

stocKnoiaer.

amenument.

Lauderdale, Fla.
Bel-Aire Products, Inc.

r

Sept.

1981

22,

("Reg.

A")

(12/14)
75,000 common.

Price—$4.

Business—Manufacture of aluminum pontoon boats.
fice—25970 W.

Of¬

Under¬

Eight Mile Rd., Southfield, Mich.

•

Bell

Television, Inc.

100,000

systems and TV security systems,, music and sound
equipment. Proceeds—For an acquisition, expansion and
inventory. Office—552 W. 53rd St., N. Y.
Underwriter
—Investment Planning Group, Inc., East Orange, N. J.
na

(W. A.), Inc.

Benjamin
Nov.

15,

filed

1961

50,000

common.

Price—By amend¬

ment. Business—Publication of scientific texts and

2465

Proceeds—For

books.

ence

working

capital.

refer¬

Office—

Broadway, N. Y. Underwriter—None.

1961

Bernalen,

filed

100,000

common,

Inc.

Nov. 20, 1961 filed 60,000 common.

Price—$2,625.

photographic

ness—Design and manufacture of

Busi¬

process¬

ing and control equipment. Proceeds—For general cor¬
porate purposes.
Office—9821 Foster Ave., Brooklyn,
N. Y.

Underwriter—Amber, Burstein & Co., Inc., N. Y.

Berne

•

Oct.

of

California, Inc.
1961
("Reg. A") 85,000

Price—$3.
Business
Manufacture of handbags and related items.
Proceeds—For debt repayment and working capital. Of- >
fice—1621 S. San Pedro St., Los Angeles.
Underwriter
27,

common.

—

—Pacific

Coast

Securities

Co., San Francisco.

Offering

—Expected sometime in January.
Bernz

Oct, 16,

(Otto) Co., Inc.
1961 filed 150,000 class A shares, of which 100,-

000

to

are

be

stockholders.
facture

of

offered

by the company and 50,000 by
Price—By amendment. -Business—Manu¬

small

propane-filled

sprinklers and hose accessories.
payment

and

general

corporate

steel

cylinders, garden

Proceeds—For debt

•

Block

Nov.
000

Driving Park Ave., Rochester, N. Y.
nolds & Co., Inc., N. Y.

re¬

department

stores.

•

Kansas

working capital. Office—Kirk Boulevard,
Greenville, S. C. Underwriter—Capital Securities Corp.,
Greenville, S. C.
~
,<
ceeds—For

B.ue Haven Pools

debt

re¬

payment and expansion.
Office—1328 Washington St.,
Oakland, Calif.
Underwriters—Kleiner, Bell & Co.,
Beverly Hills, Calif, and Rittmaster, Voisin & Co., N. Y.

("Reg. A") 75,000 capital shares, of which

1, 1961

it CadilEac Conduit Corp.
Nov. 30, 1961
("Reg. A")

are

working

Office—11933 Vose St., North Hollywood, Calif.
Coast Securities Co., San Fran¬

poses.

Pharmaceutical Co.

•

Boro

Aug.

(12/11-15)
100,000 common.

("Reg. A")

1961

Office—339
tor

factured by others.

bly and sale of tools powered by compressed air.
and working capital.

T.

Kirsch

M.

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

Long Beach, Calif. Underwriter—To
ing—Expected sometime in January.
Camp Chemical Co.,

Pro¬
Office

Aug.

Inc.

the

•

ment.

&

Business
and

Morrill

filed

of bowling centers.

•
,

—

baked

Manufacture
beans.

:

of canned foods,

Plastics

Corp,

\

'

.

'

Ave., Alexandria, Va. "Underwriter—None.
Expected in late January.
Card Key Systems,

.

v




novelties

sales

•

1

Inc.

S.

—

San

Fernando

Boulevard, Burbank, Calif. Under¬
Rutner, Jackson & Gray, Inc., Los Angeles.
Offering—Expected in early February.

writer

—

Caribbean

Cement Co., Ltd.
18,, 1961 filed 272,000 American Depositary Shares,
each share representing one ordinary share.
Price—By

Oct.
J

supplies. Proceeds—Repayment of debt, inventory,

plastic

Offering—.

July 28, 1961 ("Reg. A") 60,000 common shares (no par).
$5. Proceeds — For research and development,
advertising equipment and working capital. /Office—923

Price

tures, imports and distributes artificial flowers. Proceeds
—For repayment of debt and general corporate purposes.
Office—111 W. 19th St., N. Y. Underwriter—Rodetsky,
Walker & Co., Inc., N. Y.

Price—$3.

Capitol Research Industries, Inc.
28, 1961 filed 165,000 common shares and 75,000
stock purchase warrants. Price—For stock, $2;

for warrants, 20 cents.
Business—The manufacture of
X-ray film processing machines. Proceeds—For repay¬
ment of loans and working capital
Office—4206 Wheeler

Burros Corp.

Burton Mount Corp.
Sept. 22, 1961 filed 100,000 common. Price—$6. Business
—Importation and distribution of copying machines and

purposes. Office
St., Champaign, 111. Underwriter—Kid¬
»
4

common

Oct.

26, 1961 filed 125,000 common, of which 100,000
will be sold by the company and 25,000 by stockholders.
Business—Manufacture- of

facture, rental, and sale of graduation caps* gowns, choir
robes and related apparel.
Proceeds—Plant expansion,

•

Water

30, 1961 filed 70,000 common, of which 40,000 are
to be offered by the company and 30,000 by stockhold¬
ers. Price—By amendment. Business—Designs, manufac¬

which

be offered by the company and 66,000 by
Price—By amendment. Business—Manu¬

June

St., Portland, Me. Underwrit¬
er—Hornblower & Weeks, N. Y. Offering—In January.
Office—45

Cap & Gown Co. (12/11-15) 21, 1961 filed 192,400 class A common, of

der, Peabody & Co., Inc., N.-Y.

capital.

frozen
stock¬

and operation
Office—100 Wilder Bldg., Rochester,

repayment of debt and other corporate

Price—By amend¬

Proceeds—For selling

Price—$5.50.

bowling centers. Proceeds—•

Sept.

125,500 are to
stockholders.-

Price—$3.

working

Ltd.

N. Y. Underwriter—None.

—100 N. Market

common.

apparel. Proceeds
Office—719 S. Los Angeles

For working capital and the construction

Co.

187,250

Price—By amend-

share for each four American shares held.

Main

1961

Centers

Business—The operation of

St., Islip, N. Y. Underwriter—Albion
Securities Co. Inc., N. Y. Offering—Expected in Jan.

25,

selling stockholders.

Canbowl

Browning Arms Co.
Nov. 27, 1961 filed 368,700 common, of which 150,000
are
to be offered by the company and 218,700 by the
stockholders. Price—By
amendment. Business—Devel¬
opment, importation and distribution of sporting fire¬
arms. Proceeds—For construction and general corporate
purposes. Office — First Security Bank Bldg., Ogden,
Utah. Underwriter—Harriman Ripley & Co.,- Inc.,*N. Y.
Offering—Expected in Early February.

Burnham

(1/15-19)

common..

.Aug. 4, 1961 filed 131,500 common shares to be offered
for subscription by stockholders of American Bowling
Enterprises, Inc., parent company, on the basis of one

•

Oct.

140,000

St., Los Angeles, Calif. Underwriter—William R. Staats
& Co., Los Angeles.

Business—Design and manufacture of
equipment and communication systems. Pro¬
ceeds—For general corporate purposes. Office—201 Lau¬
rel St., Beverly, N. J. Underwriters—Roth & Co., Inc.,
Philadelphia and Amos Treat & Co., Inc., N. Y.

Proceeds—For

a converter' of raw materials.
repayment and working capital.

as

Business—Manufactures ladies'

—For

electronic

estate.

debt

11, 1961 filed

rment.

holders. Price—$4.

Business—Real

business

Campus Casuals of California

Oct.

• Bridge Electronics Co., Inc.

Office—309

:v

Highway Ave., Jacksonville, Fla. Under¬
writer—Florida Growth Securities, Inc., Jacksonville.

Nov. 29, 1961 filed 225,000 common, of which 200,000 are
to be offered by the company, and 25,000 by the stock¬

common.

^

Office—5440

Co., Inc., N. Y.

'

Sept:

plastic

Proceeds—For

Ltd.

Building Ventures, Inc.
Oct. 27, 1961
("Reg. A") 100,000

Price—$3.

shares.

Plastics, Inc.
Oct. 27, 1961 filed 574,250 common, of which 500,000 are
to be offered by the company and 74,250 by a stock¬
holder. Price—$2.50.
Business—Company is engaged in

30, 1961 filed 200,000 common shares. Price—$5.
Proceeds—For the construction or acquisition of a chain

Gruber &

capital

Campbell-Lurie

June

Underwriter—P. J.

Offer¬

Inc.

110,000

Offering—Imminent.

—

Bowling Internazionale,

filed

named.

Advertising, additional sales personnel, inventories and
accounts receivable. Office—Second Ave., and 13th St.,
Brooklyn.
Underwriter —Russell & Saxe, Inc., N. Y.

Co., Inc., N. Y.

30, 1961 filed 80,000 common, of which 40,000 are
offered by the company and 40,000 by a stock¬
holder. Price—By amendment. Business—Manufactures,
processes and supplies powders, syrups, flavorings, etc.,
to food industry. Proceeds—For repayment of debt and
working capital. Office—679 N. Orleans St., Chicago, 111.
Underwriter
Cruttenden, Podesta & Co., Chicago.
Offering—Expected sometime in late January.
•

1961

25,

be

Business—Manufacture of sanitation chemicals. Proceeds

Underwriter—

be

to

Trust

Inc.

Cambridge Fund of California,

Inc.

Arlington Ave., Brooklyn 8, N. Y.

Investment

Estate

Real

Sept. 28, 1961 filed 280,000 common. Price—By amend¬
ment. Business—General real estate. Proceeds—Debt re¬

13, 1961 ("Reg. A") 93,500 class A shares of which
85,000 will be sold for the company and 8,500 for the
underwriter.
Price—$2.
Business—Fabrication, assem¬

—365

Can4

St., N. Y. Underwriter—Sr B.

51st

vestors. Offering—Imminent.

Nov.

ceeds—For debt repayment

W.

Co., N. Y.

12014 Wilshire Blvd., Los Angeles. Underwriter—Harnack, Gardner & Co., (same address). Note—This com¬
pany formerly was named California Real Estate In¬

Price—$3.

Proceeds—For inventory, equipment,

Pneumatics,

Publishing Corp.

California

advertising, promotion, working capital and repayment
of loans. Office—69-18 Roosevelt Ave., Woodside, N. Y.
Underwriter—McLaugnlin, Kaufman & Co., N. Y.
Boston

Warren PI., Mt. Vernon,
Associates, Inc., N. Y.

Aug. 17, 1961 filed 1,000,000 shares of beneficial interest.
Price—$10. Business—Real estate investment. Office—

.-./v

Electronics, Inc.

30,

tubing, cables
Proceeds—For

27, 1961 filed 137,500 capital shares.
Price—$5.
Business—Publishing of text books and general educa¬
tional works. Proceeds—For general corporate purposes.

1961 ("Reg. A") 50,000 class A Common. Price—
Business—Compounds, manufactures and packages
private label drugs and vitamins. Proceeds—For an ac¬
quisition and equipment.
Office—54 McKibben St.,
Brooklyn, N. Y. Underwriter—Natale, Miller & Co., Inc.,
■

steel

electrical wires.

Oct.

Inc.

$2.

New York.

common." Price—$6.

45,583
flexible

Office—19

capital.

Caldwell

cisco. Offering—Expected sometime in January.

of

Underwriter—J. B. Coburn

N. Y.

Underwriter—Pacific

enclose

conduits to

and

repayment and general corporate pur¬

debt

ceeds—For

Business—Manufacturer

"

Best

,

,

Nov.

holders.

Proceeds—For

Cable

Carriers, Inc./(12/18-22)
1961 filed 196,iU9 shares of capital stock. Price
—$1.15. Business—The company which began operations
in 1954, is engaged in the research and development of
special material handling systems for / industrial and
commercial use based on company-owned patents. Pro¬

Underwriter—George K. Baum & Co.,

City, Mo.
City.

Kansas

Lexington Ave., N. Y. Underwriter—Morton
Co., Inc., N. Y.

March 23,

by

dinners

27,

discount

are

&

selling stockholders.
Price—$4. Business—
of Federal and State income tax returns.)
Proceeds—For working capital.
Office—3937 Main St.,
shares

Underwriter—Rey¬

Enterprises, Inc.
1961 filed 150,000 capital shares. Price—By
amendment.
Business—A holding company whose sub¬
sidiaries operate jewelry and photography departments
in

16, 1961

Klein

—527

R.), Inc. (1/2-5)
("Reg. A") 75,000 common, of which 25,to be offered by the company and 50,000

Preparation

Besco

Oct.

(H.

shares

Office—740

purposes.

Funding Corp.

machinery for lease, and the providing of manage¬
counseling. Proceeds—For working capital. Office

of

bowling centers principally in Italy, and for expansion
and working capital. Office—80 Wall
St., New York.

of which 60,000
will be sold for the company and 40,000 for certain stock¬
holders. Price—By amendment. Business—The operation
of eight discount type department stores in four states.
Proceeds—For the repayment of debt, and working cap¬
ital. Office—203 Ann St., Hartford, Conn. Underwriter—
May & Gannon, Boston.
14,

Growth

ment

of

Berkshire Distributors, Inc.

Sept.

Business

Oct.

common. Price—$3.
manufacture of master television anten¬

Business—The

Underwriter—None.

derwriter—Fulton, Reid & Co., Inc., Cleveland. Offering
—Expected sometime in February. V

Bowey's,

(12/11-15)

('"Reg. A")

1961

29,

manufacturing

warehouses,

of

July 3, 1961 ("Reg. A") 4,000 common shares (par $12.50).
Price—By amendment. Proceeds—For the selling stock¬
holders.
Office—4000 Water St., Wheeling, W. Va. Un¬

writer—Ehrlich, Irwin & Co., Inc., N. Y.
Aug.

Los

Co.

Business—The distribution of electronic products manu¬

filed 135,000 common, of

1961

30,

be

Tobacco

Oct. 18,

27, 1961 filed 160,000 common. Price—By amend¬
ment.
Business—Development of products and tech¬

Office—2147

purposes.

•

Bolar

Electronics Corp.

Bay State

corporate

Sept. 20, 1961 filed 100,000 common. Price—$4. Business
—Making of loans to small business concerns, purchase

Hindley & Co., N. Y. C.
Oct.

other

buildings, piers and railroad facilities.' Proceeds—For
working capital. Office—48 43rd St., Brooklyn, N. Y.

to be offered by the company and 35,000 by
stockholders. Price—$4. Business—Design, construction
and installation of swimming pools and equipment. Pro¬

Price
—$2. Proceeds—For packaging, advertising, repayment
of loans and working capital.
Office — 4621 Ponce de
Leon Blvd., Coral Gables, Fla.
Underwriter — Edward
Aug. 25, 1961 ("Reg. A")

Citizen-Corp.,

and

Business—Operation

South Produce Plaza,

Underwriter—First

Brothers

Btoch

40,000

Inc.

Barry-Martin Pharmaceuticals,
(12/18-22)

Office—4250

purposes.

Vernon, Calif.
Angeles.
•

January.

Thursday, December 7, 1961

Nov. 7, 1961 filed 92,320 common to be offered to stock¬
holders
on
a
1-for-lO
basis,- Price—By
amendment.

("Reg. A") 100,000 common. Price—At par
($2). Business—Production/of enzymes, chemicals and
pharmaceuticals. Proceeds—For- equipment and general

Price—$4.

50,000 common.

A")

("Reg.

1961

Business—Aeronautical research and development.

.

Turnpike, New Hyde Park; N.-Y. Underwriter--^
Reiner, Linburn & Co., N. Y.
■;"<
;•;>
• Bus.) Terminal Co.
(12/26-29)
V '
v

Oct. 25, 1961

Inc.

Barish Associates,

.

Jericho

party favors. Proceeds—New plant and equipment
working capital.- Office—945 39thv St., Brooklyn,
N. Y. Underwriter—S. B. Cantor & Co., N. Y.

center. Proceeds—For a hotel acquisition and working
capital. Office—10101 Collins Ave., Bal Harbour, Fla.
Underwriter—J. R. Holt & Co., Denver.,
-

promotion

and

31

Continued from page

.

amendment. Business—Manufacture of cement. Proceeds
—For

selling stockholders. Office—Kingston,
-Underwriter—Paribas Corp., N. Y.v r*

Jamaica.
:

;v

Volume

194

Number 6114

..

The

.

Commercial and Financial Chronicle

Caribbean Shoe
Corp.

Oct.-l8,

1961:filed

store.

149,794

which

of

common,

146,667

will be sold by the
company and 3,127 by a stockholder.
Price—$6. Business—Design, manufacture
and distribu¬
tion of custom made shoes for

Proceeds—Gen¬

women.

eral

corporate

•

Office

purposes.

253

—

S

W

8th

Fla.

Underwriter—Robert L. Ferman & Co.,
Offering—Expected sometime in January.

Miami.

ic Carmer
Nov.

28,

Industries,

1961

St

Inc'!,

Inc.

filed

185,000 common, of which 135,000
by the company and 50,000
by a stock¬
holder. Business—Conversion of
raw
plastics to basic
shapes such as rods, tubes and sheets. Proceeds—For a
new
plant, repayment of debt, and
working capital.
are

to be offered

-Office

22 N; 26th St.,
Kenilworth, N. J. Underwriter—
Godfrey, Hamilton, Taylor & Co.,
Inc., N. Y. >

f

Carolinas Capital Corp.

—2216

National

Bank

Bldg., Charlotte, N. C. Underwriter—R.
Co., Charlotte.

S. Dickson &
•

Cary Chemicals, Inc.
Sept. 27, 1961 filed 1,031,939 common to be offered for
subscription . by common stockholders and holders of
convertible

securities

each two held.

ufacture of

at

N.

J.

rate

of

one

Price—By amendment.

share

new

for

Business—Man¬

vinyl chloride polymer and copolymer
resins,
chloride compounds, and polyvinyl chloride

polyvinyl
sheeting and laminates
—For

the

and

polyethylene film.

Proceeds

expansion. Office—Ryders Lane, E. Brunswick,
Underwriters—Lee Higginson Corp., and P. W.

v

Brooks &

the

packaging and building indsutries. Proceeds—
expansion, leasehold improvements, repayment of

loans

and

other

corporate

Office—250

purposes.

Vree-

land

Ave., Paterson, N. J. Underwriter—Foundation
curities, Inc., N. Y.
C2 s !!i

Nov.

•

Se¬

Price—$5. Busi¬

Manufacture of specialized raidos and phono¬
Proceeds—New products, equipment and work¬
ing capital. Office—66-02 Austin St., Forest Hills, N. Y,
Underwriter—General Securities Co., Inc., N. Y. Offer¬

Nov.

13,

ment.

1961

("Reg; A")

Business—Construction

90,000

and

blower

W. 26th St., Chicago. Underwriter—HornWeeks, N. Y. Offering—Expected in January.

&

Business—A

pansion.

sales

Office—526

of

department

a

•

-•*:

(A,

•

Becker

G.

&

Co.")

230,000

&

Co.,

fR.

G.)
7

Barnes

corporate purposes. Office—4506 W. 12th
Pa. Underwriter—Sandkuhl &
Co., Inc., N. Y.

(Arnold

Television,

Boro

(Edward

Lewis

(Fialkov

&

/Personal

Inc.)

&

Co.)

r

&

Sierra

Co.)

&

Co..

Inc.)

(Straus.

Blosser

(Troster,

Singer

115,000

Chemical

(Armstrong &

Co.

&

L.

and

Co.)

Paint

&

Co.)

Tower

(Lieberbaum & Co.

(Kidder,

Co.)

United

Co.)

&

Co.)

Valley

Janis

W.

Co.,

Inc.)

(Ezra Kureen

...

Bennett

(Goodkind,

Stores,

Neufeld,

Co..

100,000

Foods

Plus,
Corp.

(Merrill

Lynch,

Pierce,

General;; Research
Glen

7

(Milton

Lincoln

..Common

Co.)

150,000

Fenner &

_

1

-

Smith

-

shares

__

1'_ -1 Common

Inc.)

50,000

&

Parks

D

&

Co.)

Inc.)

(Horizon

.

Co.)

&

Sloss

&

Co.,

Inc.)

Industries,
(Charles

Mann

Research
(L.

122.980

Martin

Yale

&

Sherman

951,799

(White, Weld & Co..

&

Odzer

Tennessee
(Stone
•

...Common

4

Monmouth

Co.)

•

"

'<

-

'.




&

Corp.)

Inc.)

December

13

Commonwealth

-

White,

Weld

Lighting
(Blyth

Common
Wards

Kellogg)
*'

Co.,

a.m.

w

r

Co:__x_
--Debentures
CST) $40,000,000
f „

Corp.__
&

Co.,

Inc.)

Common
600,000

Inc

(Siein

Bros.

—..Common
&

Boyce)

110,000

shares

Common
150,000 shares

shares

148,200

Common

Inc
$300,000

Co.)

Capital

Securities,

(Jones,

.

Corp.)

$225,525

————Units

Corp

Inc.)

Motti,

&

$400,000'

Corp..—2————.Common
and

1119.

Kreeger

Cromwell Business

Steyens,
"
7
-

Hickey

&

Co.)

;•

..

Securities

Coast

(Albion

Common

$300,000

Common

Securities

$243,000

Corp.)

Corp

Common

—

Co.,

& Co.

$175,000

Inc.)

Securities

(General

units

Corp. of

Securities

Industries,

Co.,

(Blair

&

America.-Common
$700,000

Inc.)

Inc

Securities

Common

—

Co., Inc.)

$300,000

Inc.)

Co.,

..Common

Corp

Capital Investment

250,000 shares

Common

Films Corp

Jayark

.

Units
Blosser & McDowell Co.)

and Straus,
200.000

Illinois

Co.)

House, Inc

(Bear, Stearns

Hannett

$352,000

r

Securities

Components

Energy

Co.)

&

Machines, Inc.—

Dynamic Toy, Inc.—

Coast

Securities

Molecular Dielectrics,

Co.)

72,000

shares

—Common

Inc

(Street & Co., Inc. and Irving Weis & Co.)
$75p,000
Municipal Investment Trust Fund, Pa. Series—Ints.

(Ira

,

Oceanic

shares

"

&

Securities

Vending

(Albion

(Wednesday)

9:30

$300,000
—

: -$300,000

.

shares

-Class B

Inc.)

Corp.)

Hindley

.

.

Fleetwood

.

Common

Co.,

Common

& Co.

Class A

Edison

(Bids

Pacific

&

.

Co.___—Debentures

Corp.;

<

(Pacific

...Common

Leeds

.

Inc.)

(White, Weld & Co., Inc. and First Nebraska Securities Corp.)
130,222 shares

$110,000

Spear,

"

Units

$500,000

Inc

Co..'and

(Cambridge

Executive

Tip Top Products Co

Common

$1,200,000

& Co.,

Halsey, Stuart & Co. Inc.) $50,000,000

121,778

Common

-x——

Philadelphia

Podesta

Dain

shares

Co

Corp.:

Pharmaceuticals,

(Hancock

Common

(White, Weld & Co., Inc. and First Nebraska Securities Corp.

$300,000

Bruno-Lenchner,

Electric Co.,

(Cruttenden,

'

Securities

Webster

.Units

7

.Common
$300,000

Cooke Engineering Co;—7—_—_————.Common

$600,000

M.

and Thomas,

Inc.

(Pacific

$1,500,000

Inc.

and

Metrodynamics Corp,/
(First

&

Corp.)

and J.

*—..Common
Inc.

Carriers, Inc

$600,000

Transmission

Gas

and

Inc.)

Tip Top Products Co

125.000 shares

Machines Corp.___

Co.,

Co.

Inc.

Bonds

$2,250,000

$525,000

Lee)

&

Securities

(William,; David
Continental Leasing

-

'

—

115,000

shares

'V /

:

Eastern

Stores, Inc

Corp

Co.)

Wickett & Co.,

V. S.

(Edward

Miami)

7:_i._._Common

Carlsen,

Common

(Monday)

Financial

Barry-Martin
Cable

Ctfs.

'.'.7;

Guardian Securities Corp.,

Corp

(Manhattan

(Richard Bruce & Co., Inc.) $350,000

(Harry

&

Common

Co.)

Trust

$5,490,000

,

Business

Meehan-Tooker

Finance

Super Valu

shares

Laboratories, Inc
D.

Major

(Currier

&

(General Economics

shares

$300,000

.

Common

Inc.___
Plohn

18

Manufacturing

Consolidated

Industries, Inc.-

•

...Common

Management, Corp.)

'

$1,000,000

Manufacturing Co

(Dempsey-Tegeler & Co., Inc.)

Macoid

Kendall

..^.Common

Ludwig Engineering & Science.
...

:

and

$450,000

(Shearson, Hammill & Co. and Westheimer & Co.)

Common

EST)

Gas

Peabody

Co., Inc.;

&

Authenticolor

$299,293

Equip.

noon

Inc.)

/—

Natural

(Albion

Inc.-_-^--n---.77r--.---,_--Common

(Equity Securities Co.
7.
:7.7. -7

»7''

$279,130

12

—Common

Corp

Instrument, Inc.—--

American

shares

___—Common

RR

$200,000

(International Services Corp.)

Alson

$270,000

154,000

Inc.),

Lyon & Co.,

Agency Tile Industries, Inc

-Common

Inc.)

Leach,

Ross

Williams

(Tuesday)

Line

v'General /Forms,

$300,000

Inc.:
Elauner

M

&

(Crosse

Common

Co.,

Brothers)

12

Coast

(Bids

Common

Co.,

December
A

Capital

Inc.—

<fe

Carolina

Common

Inc.)

Co.,

and

(Kidder.

shares

194.000

&

Inc.

Inc.,

Polarized

North

120,000 shares

Co.)

.

,

Inc

&

*

-

225,000 shares

Lyon & Co., Inc.; Glass & Ross, Inc. and Globus, Inc.)
95,000 shares

(Ross,

■

-Units
Bailey

Fund, Inc

\

shares

Corp

Inc._J7___.

Soffa

(Manon.

&

Demos,

(G.1'Everett

&

December

Co.)

Atlantic

21 !!• 4_ __•_ 1

Hygiene .Industries
Kulicke

&

'

Ehli,

Industries,
"

Richter

and

_

—7—

(Wilson.

Common

-

Inc.

&

Black

B.

(Lehman

shares

Inc

,7* (Shearson, .Hammill

t

Fram

(H.

(Davis

shares

Inc

& Stern)

Weld

Co.)

15; (Friday)

Homes

(Globus,

.

$200,000

100.000

$280,000

Alio Precision Metals Engineering, Inc.—-Common

Common

Co.)

Inc.)

—Common

Witter &

shares

125,000

„

—-—Common.

Co.,

&

Corp.—-—

(Capital

Inc.-

Jordon

.

,

Virginia Dare Stores Corp.-

Class A

Young

(Dean

Midland Securities

and

Co

Products,

International,

$250,000

'

Marks

240.000

Industries, Inc.___

$260,000

Co.)

Co.)

&

$300,000

Co.)

&

(Mayo

Vending

7-7

Fashion

-Common

Inc.

Inc.)

Kureen

■'* (Herzfeld

Varicraft

,

i

Common

(White.

Common

Empire Precision Components, Inc

Co.,

Valley Gas Production,

$3,000,000

EMAC Data Processing Corp
(M.

Forge

7

,'

Shoe

December
?

.

shares

150,000

Unterberg, Towbin Co.)

shares

200,000

Securities

&

"(Drexel

Common

shares

Common

Exposition Service Co

7

&

Shaer

1,000,000 shares'

Co.)

.

$360,000

shares

200,000

Inc.

$550,000

:

Peubody

Bauin

,7,'. (Herbert

'*

[

Common

Union

(Ezra

Common

Morris Cohon

and

E.

Trio-Tech,

$350,000

Inc

Co.)

&

•

Co., Inc.)

&

(Goldman, Sachs & Co. and Lehman Brothers) 380,000 shares

Capital

Communications
(C.

Diversified Small Business Investment Corp.-Corn.

Duffy-Mott Co.,

200,000

Read

Rapid Film Technique, Inc.

Common.

Towbin

Co.,

Units

Crossway Motor Hotels, Inc.
(Finkle

193,750 shares

Inc

Dillon,

units

&

•

$1,100,000

Curtis)

&

Union Securities

shares

Corp

C. Wegard

'

,

—-Common;

Jackson

Unterberg,

Homes,

$1,000,000

36,000

\

Packaging, Inc

"(George K.

Units

&

Beane)

page

Demarco Business Forms inc.——
Common
(Suplee, Yeatman, Mosley Co,, Inc.) *100,000 shares
Kellwood Co.
J
..——.Common

*

Common

Topsy's International, Inc
Common

Plan

Charge

&

on

Common;
$300,000
/
Clearing House, Inc.-rt,-!-—Common

(Ehrlich, Irwin & Co., Inc.)

-.Common

Inc.). $2,000,000

Balogh & Co.)

Continued

;

December 14( Thursday)

Commerce

137,500 shares

-Debentures

Unterberg,. Towbin Co.)

E.

(Eastman

Common

Beane)

&

E.

Crane

Swift

$025,000

$195,000

McDowell)

&

Williston

,Vi

■'

■

(Dillon,

———:

Worth.

Bel-Aire Products, Inc.^

;!

—

Dillon,

"(C.

Common

Commonwealth Theatres of Puerto Rico, Inc.-Com.
R.

/'-

Corp,)'

Capital Co.___—

Susan

Equipment Co., Inc
&

Co.,

Fort

"

$500,000

Inc..

'

Corp.

(C.

A

shares
:

Lestrange

and

Williston

Webber,

(Eastman

$300,000

192,400

Co.)

R.

Power,

(Paine,

$300,000

Class

(Gianis

Rocket
Sel-Rex

..Common

Peabodv

Management, Inc.,
Offering—Expected in late February.

.

Common:
Inc.)

Inc:)

Industries-—-,*^

Kreeger &. Co.

(J.

$500,000

_

Group,

Distributor—Associates

to

Quik-Chek Electronics & Photo Corp*-—Common/

Vending Industries, Inc

.

management investment company. Proceeds—For
investment. Office—501 Bailey
Ave., Fort Worth, Tex.

—! .Common .f?*>

(Hodgdon & Co.,

(Dempsey-Tegeler &

-(Jones,

>

'

Co.. Inc. and Stanley Heller &'Co.)

Common

Planning

(Arthurs,

.

$320,000

--

2

warrants

Securities

Property Leasing Co

7

Common

Challenger Products, Inc

Floyd

sified

Common

Underhill

and

Polytronic Research, Inc;—

$350,000

(McLaughlin,. Kaufmann Co.)

Consolidated

Inc.

Co.,

Paramount. Foam

Common

Co.,

Malkan

Inc.

(Kidder,

Community

attached

with

National Hospital Supply Co

1

Cap & Gown Co

(J.

1976

Builders, Inc.

6, 1961 filed 50,000 shares of common stock, series
2. Price—$5.50 per share. Business—A closed-end diver¬

St., Erie,

purchase 15,000 class A shares to be offered in units (of
one $250 debenture and a warrant to
purchase 5 shares)

$400,000

Electronics, Inc.

Childcraft

due

•

Feb.

Industries, Inc.

debentures

Church

Securities

Childcraft

•

Clayton

—

Equipment Co., Inc. (12/11-15)
Oct. 20,
1961 ("Reg. A") 65,000 common.
Price—$3.
Business—Design, development and marketing of edu¬
cational equipment for children of
nursery school age.
Proceeds—For
working capital.
Office—155
E.
23rd
St., N. Y. Underwriter—Gianis & Co., Inc., N. Y.

simulated brick facing for buildings. Proceeds—For gen¬

Common

Inc.)

&

Corp.—

...(Investment

'(■ J

•

Century Brick Corp. of America
("Reg. A") 75,000 common. Price—$4. Busi¬
ness—Company has developed a process for producing

shares

Products Co

(David

7.

Barry

.

St., Hollywood, Fla. Underwriter
Corp., Boston, Mass.

Nov. 9, 1961

Common

;,7
(A. D. Gilhart*& Co., Inc.)
Albert Voigt. Industries, Inc
:

.

J.

Mining & Oil, Inc.
30, 1961 filed 494,250 common. Price—$5. Business
—Exploration for oil, gas and other minerals. Proceeds
—For general corporate purposes. Office—Edificio Banco

eral

and

stockholders. Price—$7.50. Business—Design and manu¬
facture of women's, misses' and
junior sportswear, co¬
ordinates, and dresses. Proceeds—For debt repayment,
equipment and working capital. Office—2025 McKinley

ex¬

East, Westfield, N.

plant

a

Industries, Inc.
v
29, 1961 filed 300,000 class A common, of which
225,000 are to be offered by the company and 75,000 by

Central American

•

Aerological. Research,," Inc.

•

Ave.

of

ic Chestnut Hill

Oct.

J

.*■

North

Orbit Industries, Inc.—

/

(.Roth

!

Proceeds—For

company.

acquisition

Nov.

Underwriter—Armstrong & Co., Inc., N. Y.

nated

Price—$3.30.

common.

operation

,

Aero Electronic

•

finance

Proceeds—For

equipment, debt repayment, new products and working
capital. Address—Chester, Conn. Underwriter—Putnam
& Co., Hartford.
Offering—Expected in December..

amend¬

★ Central Acceptance Corp. of Delaware
Nov. 29, 1961 filed 150,000 class A common. Price—$5.

11. (Monday)

AMTVCorp.

Cole

Price—By

$300,000

December

Bell

:

equipment.

Office—5601

NEW ISSUE CALENDAR

/

V

of products for the con¬
Proceeds—For selling stockholders.

industry.

Price—$5.

Chester Electronic
Laboratories, Inc.
Sept. 27, 1961 filed 100,000 common. Price—By amend¬
ment.
Business—Manufacture
of
electronic
teaching

Business—Manufacture

struction

Challenger Products, Inc. (12/11-15)
30, 1961 filed 125,000 common snares.

Proceeds—For the repayment of
debt, purchase of new
equipment, and working capital. Office—2934 Smallman
St., Pittsburgh, Pa. Underwriter—Arthurs, Lestrange &
Co., Pittsburgh. 1

—

Certified

-

1961

7:7/ 7:

•

graphs.

' v\

working capital. Office—344 Duffy Ave., Hicksville,
Underwriter—Singer, Bean & Mackie, Inc., N. Y.;

June

Cavalier Radio & Electronics
Corp.
Oct. 27, 1961 ("Reg. A")60,000 common.

Products Corp.
filed 18,000 common.

and class B shares
unit for each 50 shares held. Price—

one

N. Y.

Hartford, Conn.

Ceco Steel

of

per

and

Proceeds—For operation of a ski resort. Address—Egremont, Mass. Underwriter — Kennedy & Peterson, Inc.,

ing—Expected, sometime in January.

rate

unit. Business—Production of concrete for con¬
struction purposes. Proceeds—For
expansion, equipment

Catamount, Inc. (12/20)
Aug. 23, 1961 ("Reg. A") $30,000 of debentures due Sept.
1, 1976, to be offered in units of $500. Price — At par.

ness

33

subscription by holders of class A

$250

Sept. 28, 1961 filed $750,000 of 6% convertible subordi¬

I tto

24,

for

at the

None.

21, 1961 filed 350,000 capital shares. Price — $7.
Business—Production of plastics, marble and ceramics
For

Office

Underwriter—

Industries, Inc.

Aug.
for

Longview, Wash.

Atlantida, Tegucigalpa, D. C., Honduras. Underwriter—

Co., N. Y. (mgr.). Offering—Imminent.

Casavan

Proceeds—For general corporate purposes.
Cascade Way,

None.

Nov.

22, 1961 filed 500,000 common. Price—$10. Business
—A small business investment
company. Proceeds^—For
general corporate purposes. Office—12,00 North Carolina-

(2529)

Haupt

Instruments,
(Globus,

-

<

'

•

&

Co.)

$6,375,000

Inc.)

,

.

■

..

Common

Inc
$140,000

Continued

on

page

34

.

34

34

The Commercial and Financial Chronicle

(2530)

•

Cole Vending Industries,
Inc.
(12/11-15).
Aug. 28, 1961 filed 115,000 common. Price—$5. Business
—The manufacture, sale and servicing of vending ma¬

Continued from page 33
•

(12/26-29)

Cineque Colorfilm Laboratories, Inc.

Proceeds—For working capital. Office—560 W.
St., Chicago. Underwriter—Straus, Blosser & Mc¬
Dowell, Chicago (mgr.).

equipment, sales promotion and advertis¬
Office—424 E. 89th St., N. Y. Underwriter—Paul
Eisenberg Co., N. Y.
ing.

•

Sept.

Office—33 Maiden

•

filed

1961

105,000

offered

be

to

are

the

which

of

common,

by

ture

of women's

rate

purposes.

writer—Meade

•

apparel. Proceeds—For general corpo¬

Office—113 Fourth Ave., N. Y.
&

Pako

Bissell

Corp.

Curtis)

&

150,000

Affiliates,
(Balogh

(Wilson.

Quartite

Creative

Higgins)

&

$700,000

(Paul

Corp

Common

<Lee

Higginson

James

cSncord

Products, Inc.
1961 filed 120,000
warrants to purchase

,

28,

year

Gluckin

(Wm.)

shares

(with

common

additional

an

attached

60,000

3-

shares

(Thursday)

Co.,

Ltd

(Globus,

January 8

$30,000

Inc.)

Common

IllC.)

$1,750,000

reflect

11• >

Kr*

•

St

Saxe,

Co.,

Inc.

and

American Realty & Petroleum

Common

Citizens Life Insurance Co. of New York—Common

(Troster,

Inc.)

"

$350,000':"

Magnus

Co.,

&

Inc.)

Corp
Kahn

M.

(A.

Dale

1_

Common

Co.)

Eastern

R.

&

shares

Co.,

Common

Inc.)

$325,000

Common

Williston

&<

Beane)

$607,500

Improvement
Fricke

Moyer,

Properties

'

>.?

$2,000,000

147.000

:
Arrin

Properties

(Woodcock,

Wulpa Parking Systems, Inc

&

Corp!,—..Debentures

Co.)

&

Baking Co
(J.

Eastern

(Friday)

Common

Becker

(Theodore

Deer Park

$1,575,000

Inc.)

Co.,

G.

Singer

Systems, Inc.

$450,000

Common

St

(Monday)

Common

Kemper"& Co.) $147,500

December 22

shares

100,000

Corp.)

Peterson,

&

Industries
(Bernard

(Shell Associates,'Inc. and Godfrey, Hamilton St Taylor & Co.)
$500,000

Raymond Engineering Laboratory, Inc

Eisenberg

Marlene

Jamaica,

equipment,
development and working capital. Office-—
Ave., South, Minneapolis. Underwriter—
Brapdtjen & Bayliss, Inc., St. Paul, Minn.

9330

Knickerbocker Biologicals Inc.———^Common!

7

Expressway,

Debentures

(Russell

Common

Johnson

125,000

Inc.

(John A.

Capital

Pulp Processes Corp

Corp.)

Family Circle Associates, Inc

$650,000

Inc.)

Co.,

Wyck

research and

Common

Coyle's Voting Machine Co

$300,000

Inc

Co.,

&

&

Van

Underwriter—Jay W. Kaufmann & Co., N. Y.

January 4, 1962

Inc

a

electronic automation devices. Proceeds—For

(Wednesday)

(Kennedy

Common

Posey Associates, Ltd.)

Policy-Matic

Catamount,

shares

Plymquth. fcDiscaiwLoCPTP^»
(M.

(Laird

Common

■-

(Paine;. Webber.' Jackson

20

debenture- (and

$100

a

Computron Corp.
Sept. 15, 1961 filed 500,000 common. Price—$1.15. Busi¬
ness—Research, development, design and production of

★

Meednfr $950,0v

&

N. Y.

Nov.

Pharmaceuticals,

amendment.

Office—88-06

poses.

22, 1961 filed 430,556 shares. Price—$10. Business
general
corporate purposes. Office—8201 Fenton Road, Philadel¬

Debentures

(Laird,

(12/13)

Commonwealth Realty Trust

December

Inc

Empire,

Ave., Chicago. Underwrite?*—Dillon,
N. Y.

1961

Aveeno

Old

of

shares) and six common shares;.
Business—The purchase at a

receive
credit cards issued
by these members. Proceeds—To repay debt and increase
working capital. Office—10 Banta Place*Hackensack,
N. J. Underwriter—Troster, Singer & Co., N. Y.
★ Computer Components, Inc.
Dec. 6, 1961 filed 120,000 common, of which 90,000 are
to be offered by the company and 30,000 by stockhold¬
ers.
Price—$3. Business — Manufacture of miniature
coils for relays used in computers,- aircraft, missiles and
guidance systems..Proceeds—For general corporate pur¬

—A real estate investment trust; Proceeds—For

Co., N- YT Offering—Expected in Jan.

consisting

able arising from customers who hold

Nov.

Under¬

units

Price—By

Peterson

Co. Inc.,

17,

Continued from page 33

,

W.

in

discount from merchantr-members, their accounts

filed $40,000,000 of sinking fund deben¬
tures due Dec. 1, 2011. Proceeds—For redemption of all
400,000 outstanding 4.64% cumulative preferred shares
($100 par). Office—72 West Adams St., Chicago. Under¬
writers—(Competitive). Probable bidders: First Boston
Corp.; Halsey, Stuart & Co. Inc.; Glore, Forgan & Co.
Bids—Expected Dec. 13 at 9:30 a.m. (CST).

stockholders; Price—$10.- Business—Manufac¬

shares by

fered

St., Columbus, O. Underwriter—W. E.
Co., Cincinnati,

Commonwealth Edison Co.
Nov.

55,000

a

Rico;

Address—Santurce, Puerto
N. Y.

purposes.

warrant to purchase two

Commerce

Read &

50,000

and

company

<

W. "Mound

—4025

(Jane), Inc.

19,

/

Clearing House, Inc. (12/14)
9, 1961 filed 360,000 common. Price—By amend¬
ment.
Business—Creation
and
production of topical
law reports. Proceeds—For selling stockholders.
Office

St., Rocky Ford, Colo. Underwriter — Stone,
Altman & Co., Inc., Denver. Offering—In late January.

shares

;

Nov.

& Son, Inc.

of

building renovations and general

Sept. 22, 1961 filed $3,600,000 of 6% subordinated deben¬
tures due- 1976
(with- attached warrants to purchase
72,000 common shares) and 216,000 common, to be of¬

1961

Hutton &

Elm

Oct.

22,

1625

equipment. Proceeds—For materials and inventory, re¬
search and development and working capital. Office—

Colby

construction

Proceeds—For

Rico.

Community Charge Plan" (12/11-15)

-..j<

filed 163,600 common, of which 100,000
are to be offered by the company and 63,600 by stock¬
holders. Price—By amendment.
Business-—Design and
manufacture of injection and blow molded plastic house¬
wares. Proceeds—To purchase machinery, expand facil¬
ities, repay debt, and increase working capital. Office—

July 3, 1961 filed 1,000,000 common shares. Price—$1.50.
Business — The manufacture of farm and industrial

1303

Columbus Plastic Products, Inc.

.

Nov.

Underwriter—N one.

(Francis H.)

Puerto

corporate

v

filed $21,780,000 of income debentures due
1995 and 220,000 common shares to be offered in units
consisting of 1% of stock and 99% of debentures. Price
—By amendment] Business—Company was formed for
the purpose of revitalizing downtown St. Louis.
Pro¬
ceeds—For acquisition of land, construction of a stadium
and related facilities.
Office—407 N. 8th St., St. Louis.

■

Underwriter—J. R. Williston & Beane,

derwriter—Cooley & Co., Hartford, Conn.

Civic Center Redevelopment Corp.

Cliite

in

atres

drive-in movie theatre,

toys, play pools, toy boats and houses,
expansion and working
capital. Office—75-77 Windsor St., Hartford, Conn. Un¬

Nov. 13, 1961

•

common, of which
12,000
by the company and 108,000 by
Price—By amendment. Business—Manu¬

offered

and games. Proceeds—For plant

Underwriter—A. G.

Lane, N. Y.
Co., N. Y. (mgr.).

Inc.

July 28, 19661 filed 100,000 common, of which 50,000 are
to be offered by the company and 50,000 by stockhold¬
ers. Price—$10. Business—Operation of a chain of
the¬

factures plastic

amendment. Business—The* writing of or¬
dinary life, group life and group credit life insurance.
Proceeds—For investment in income producing securi¬
Price—By

Becker &

be

stockholders.

Sept. 8, 1961 filed 147,000 common, of which 100,000 will
be sold by the company and 47,000 by a stockholder.

ties.

will

Puerto Rico,

(12/11-15)

Industries, Inc.
1961 filed 120,000

26,

shares

(1/8-12)

Ins. Co;, of New York

Life

Citizens

Coleco

Thursday, December 7, 1961

.

Commonwealth Theatres of

Lake

Proceeds—For

.

phia. Underwriters—Woodcock, Moyer, Fricke & French,
Inc., and Gerstley, Sunstein & Co., Philadelphia. Offer¬
ing—Expected in late January.

chines.

Aug. 29, 1961 ("Reg. A") 120,000 common. Price—$2.50.
slides and color film strips.

Biisiness—The production of

.

French.

&

'

Corp.—Common
Inc.)

Improvement

$2,500,000-

Corp

Debens.

-

Recco, Inc.

Class A

i

—

(Midland Securities Co., Inc.)

Russell Stover

*

(Harriman

•

:.

S.

O.

S.

(William,

David

Savin-Business

Machines

(Ira
*

Mottl,

St

Haupt

8c

December 26

Co.)

&

shares

.

.

Photo-Cine-Optics, Inc

>

r

'

Inc.)

(Alessandrini

Shatterproof Glass Corp

(Alessandrini

Common

(Offering

...Common

Cineque

.

(Shields & Co.) 215,000 shares

Growth

Southern

Realty & Utilities

(Hirsch

Cov

8s

Common

and" Lee

Higginson

Corp.)

Scientific &
(Hirsch

Talcott:
^

(P.

&

(James);

Inc.)

Forge

57,396

Corp

S.

Wickett

&

K."

Inc.)

Co.,

(Offering

Hosts,

Koster-Dana

&

*

Union

Title

Corp.)

Marshall

Western

:

'

r

Williams

Thomas,

&

United

L.

Lee,

January 9,

Inc.)

Common

300,000 shares

(Dean

Samitas

(John
..

Corp

Corp.)

Co

Pride

Inc.)

Realty

&

Co.,

$300,000

Inc.)

'

Puerto

;

Electronic

19

Co.,

Inc.)

$350,000

V

;

,

;

V

127.500

shares

New York

of

&

January

Capital
Co.)

&

Co.,

(Woodcock,

Units

•«

&

.

Sloss & Co.)

(N.

French,

$300,000

Inc.)

90,000 shares

"

.

Hart

Co.)

&

Corp.
Kureen

December

Lunar

29

(Ehrlich,

&

Block

Inc.)

McCall

Common

(L. P. Rothschild & Co.) 120,000 shares

L.

L.

Drug

(Stevens

Investment

Product Research of R.
(Continental

Bond

Thermionix Industries




(D.

Common

L.

Co.)

(Eastman

Melnor

$450,000

&

Share

Common
Corp.)

$676,500

Corp

Capas Co.)

K.

Common
$300,000

&

Coke

■

St

Co.)

to

i

Common
160,000 snares

V

&

Co.)

/

.

:

>

....Common

140.000

El

Paso

Tnc

Common

Co._

Debentures
$10,000,000

"

Debentures

■

by

Goldman

Sachs

& Co.) $9,983,000

Water
to

be

(Tuesday)
Co.

Debentures

received)

$9,000,000

■

•

..

(Wednesday)

Electric

Debentures
——Common

Corp
Securities

St

Co.)

I.

duPont

&

Co.)

250,000 shares

152,500

Co

Bonds

(Bids to be received)

$10,500,000

(Gaumont

Raritan Plastics

Capital
Corp.,

Corp
Si

Ltd.)

$405,000

.Common

_

CO.,

Inc.)

$500,000

Feb.

)

Duke
**

20

(Tuesday)

Power

'

i

Co
(Bids

11

a.m.

L—
EST)

shares-

Olympia Mines, Inc

;

shares

$175,000

stockholders—underwritten

February 7

$300,000

Industries, Inc.---^_^—-'-------^^-Common

(Gianis
■

$5,000,000

(Monday)

Corp.

Elizabethtown

...Common
Baum

Dillon,.Union

(Francis

I., Inc.

Co.-)

Noel & Co. and Johnston, Lemon & Co.) $5,000,000

Maust Coal

Co., Inc

&

(Tuesday)

(George

(Van Alstyne,

Common
Colion

Products.

February 6, 1962

$718,750

Hartfield Stores, Inc

High Temperature Materials, Inc

$375,000

(Tuesday)

v

(H. R ), Inc

Common

:

shares

Staats

,v

Common

Morris

and

R.

January 29

Common

Co.,

;

Corp.)

(Bids to be received)

*

Inc.—

Irwin

$60,000,000

(Monday)

(William

r

(Friday)\

Enterprises,

V-;''
Bonds

.

Darlington & Grimm)

January 23

Common
$287,500

Co.)

V

Co
received)

Texas Power & Light

,-.V.

$270,000

-

(Ezra

Capital

Inc:); $300,000

Inc.—___

15

Common

:

A.

Inc.'_;_—

Investment

Universal Lighting

..Common

Controls, Inc

January 2

150,000

Common
$600,000

Common

!_

Fricke

Moyer,

Inc.)

(Globus, Inc.)

Inc

(Marron,

Common

Corp.)

•

...

(Tuesday)

be

Co.

$1,675,800

Cylinders,

Co.,

Campus Casuals of California.—

(Offering

(Tuesday)

St

~

Common

Industries,, Inc

(Hill,

$10,000,000

Communications, Inc
(Laird

$210,000

100,000 shares

(Wednesday)

(Bids

December

Common

Inc.)

Capital Corp..

(Lieberbaum

Common

Inc..

Brothers

to

10

Rico

Tir-Point

100,000 shares

Co.)

&

Equities Corp.

Univend

300,000 shares

Ltd

(Burnham & Co.)

Co.)

Carlsen,

1962

(Steven

$530,000

Common

(Standard Securities Corp.)

Fund

Library,

A

200,000 shares

& Co.,

Co;,

_

&

&

&

Industries,

Common

Corp

Gilhart

D.

Common

Liederman

Scope Publishers, Inc

Worldwide

Popular

U. S.

$300,000

Class

Higginson

Electronics

Class A

Texprint, Inc
(D. E.

&

Telephone

January
.

$350,000

Co.)

Sterling Extruder Corp

(Key), Inc
(Lee

Windsor
World

$300,000 "

Co.)

Joshua St Co.. Inc. and Reuben Rose & Co.)

Windsor

Orion

Roto

$1,200,000

Common
&

Witter

(Bids

(Offering to stockholders—underwritten by Sutro Bros. & Co.)

Uropa International, Inc
Voron Electronics

.

$700,000

"

Common

Common

Peck)

&

shares

&

Common
&

Bruce-

York

-Debentures

Rossman &

(Sutro

States Crown Corp
(Adams

1,250,000

Common

Arrin

(Currier

New

Miss Elliette, Inc

$1,125,000

Union Trust Life Insurance Co
(No underwriting)

Inc.)

Semiconductors,

•

....Common

Inc.—

Electronics

(A.

.-Capital
underwriting)

Co.,

(Armstrong

$129,600

Corp.-

and

(Gianis

$155,485

Co
.(No

Capital

&

Rubber & Fibre Chemical Corp

$250,000

Co.)

Corp.

(F.

—Common

(Continentar Securities

shares

Mech-Tronics, Inc.

(Dean

stockholders—underwritten by Glore, Forgan
H. M. Byllesby St Co;, Inc.) $2,550,000

to

$300,000

Corp..

100,000

Kelly Girl Service, Inc

-Common;

'

U-Tell

Beaiie)

underwriting)

(Theodore

Common

Baum

Inc.

(Richard

Com.

Corp

Inc.)

Becker

International

shares

$300,000

$300,000

Automation

Securities

&

Inc..

(No

Development Corp.^_—Common

Co.,

shares

Common

Co.,

Engineering &

Williston

G.

$300,000

Co

Preference

Happy House, Tnc.__

Co.* and

Common

Lewis

Co.)

R.

$750,000

92,320

Laboratories, Inc

Transmission

Interstate

Com.

Corp

Inc.

(Edward

Electronic

shares

150,000

(A.

$1 500.000

Corp.

Fund,

•

_i.-__:_Common
underwriting)

Eisenberg

Products

.Dero Research &

(V.

$300,000

International

Co.,

Tele-Communications

(Valley

Coronet

Empire

Common

Hardy & Hardy)

.

(James Co.)

205,710 shares

Eberstadt'& CO. and White, Wdld St Co.)

Turner

Colorfilm

$250,000

L,

and

(J.

•

Hardy & Hardy)

stockholders—no

units

8,280

Class A

Corp.)

>

Debentures

and

Inc.

Common

Securities

Moyer, Fricke & French,-Inc.)

*

Space Age Materials Corp
(Manufacturers

Inc.

Co.,

(George

Units

Corp

Hentz & Co. and Allen & Co.)

Struthers

to

Securities Corp.)-) $600,000

Southridge Plastic* Products Inc.—_
(H.

.

;

Wide, Inc

&

(Paul

Industries, Inc

(Capital

Co.,

Bush Terminal Co.—

-

,

:JX

St

All Star World

$200,000

Corp.—A

(Tuesday)

All Star World Wide, Inc

.

Units

Co.)- $1,500,000

Southern

(Woodcock,

Electrosolids

Common
Stern Bros.

and

Ine.

130,000

(Ehrlich, Irwin & Co., Inc.) $300,000

-

75,000 shares

Candies, Inc

Ripley St Co.,

.

...

;

March

5,

1962

$50,000,000

to

be

'

'•

'

*

(Monday)

West Penn Power Co
(Bids

Bonds
'

Bonds
received)

$25,000,000

*

Volume

at $2 per

one-half
facture

194

Number

6114

...

The

Commercial and Financial Chronicle

share) to be offered in units of one share and
Price—$2 per unit. Business—Manu-

Control

elery, etc, Proceeds
Office—525-535

For general corporate purposes.
St., New York City.
Under¬

—

E.

137th

•

.

Supply Co., Inc.
1961 filed 100,000 class A

19,

Business—Sale
Proceeds

—

food

of

For

service- and

kitchen

Cooke

Price—$4.

common.

equipment.

—The

corporate purposes. Office—110 "A" St., Wilmington, Del.

Co., Inc., Philadelphia. OfferingExpected in late January.
Aerosol

Corp.
A") 70,000

ment,

...

&

Dataline Computer Processing Associates,

("Reg. A") 160',000 common. Price—$1.25.
consulting services! in the field of
commercial data processing. Proceeds—For debt repay¬
ment and working capital. Office—50 E, 42nd
St., N. Y.

engineering services.

of

Price—$11. Business

electronic products

of

Underwriter—Robert F. Shaw, Locust Valley, N. Y.

and the fur¬

Proceeds—For

•

David

equip¬

Consolidated Bowling Corp. ? ;
; ;
v=•,}"'''
Sept;-28, 1961 filed 200,000 common.; Price—By amend¬
ment. Business—Operation of bowling centers. Proceeds:
—For expansion and working capital.
Office—880 Mil-

Proceeds—To

Davis

equipment, inventory and work¬
Office—2440 Charlotte St., Kansas City, Mo.

Consolidated Chemical & Paint Corp.

Aug. 29, 1961 filed $275,000 of 6Vz%
vertible

subordinated

N.

con¬

common.;

due 1968 and 68,750 common to be"
consisting of $100 Of debentures and 25
Price—$200 per unit. Business—The company

Consolidated

Underwriter—Amos

Production

formerly

was

Corp.

named

expansion

payment,

75,000

common.

N. Y.

Consumers
Nov.

.

.

Cooperative Association

1, 1961 filed $8,000,000 of 51/a% sub. certificates of
1986 and 200,000 shares of 5Vi % pre¬

indebtedness due
ferred.

Price—(Certificates) $100 per unit; (preferred)
per share. Business — Manufacture and distribution
petroleum products, fertilizer, feed and .other farm
supplies. Proceeds—For debt repayment, expansion, and
other corporate purposes. Office—3315 N. Oak Traffic$25
of

For.

—

general corporate purposes.

gan

Ave., Chicago.

Cromwell

•

Continental

Nov. 21,

Industrial

Price

cbmpany.

Underwriter—None.

Office—2724 Leonis Blvd., Los An¬

ness

corporate purposes.
Underwriter

Amos

repayment

Treat

&

Co.,
Offering—Expected sometime in February.
•

Continental

June

19, 1961

—

Leasing Corp.

and

Na¬
Un«*>

Demarco

Inc.,

N.

Y.

payment

Ridge
man,

("Reg. A") 75,000 commun.
Price — $4.
purchase of new automobiles, advertising

Proceeds—For
and

promotion, and working capital. Office—4 Gateway
Center, Pittsburgh, Pa. Underwriters—Cambridge Secu¬
rities, Inc., and Stevens, Hickey & Co., N. Y.
Continental

Real

Estate

Aug. 3,

1961 filed 300.000 shares of beneficial interest.
Price—$10. Business—Real estate. Proceeds—For invest¬

ment. Office—530 St, Paul

Place, Baltimore. Underwriter
Co., Inc., Washington, D. C.- (mgr.).

—R. Baruch &
•

Continental

Aug. 11,

convertible

subor¬

dinated debentures due

1976, to be offered for subscrip¬
tion by stockholders on the basis of $100 of debentures
for each 80 common shares held. Price—By amendment.
Business—The manufacturing of vending machines. Pro¬
ceeds—For repayment of loans and working capital. Of¬
fice— 956 Brush Hollow Road. Westbury, L. I., N. Y.
Underwriter—Hardy & Co., N. Y. Offering—Imminent.
Control

Nov.

Circuits,

16; 1961

("Reg. A")

120,000

common.

Price—$2.50

Business—Manufacture of electronic components and as¬
semblies. Proceeds—For expansion, research and devel¬

opment and working capital. Office—c/o Shepherd, Murtha

&

—John

Merritt, 97 Elm St., Hartford, Conn. Underwriter
R. Boland & Co., Inc., N. Y.

Control

Oct; 24,

filed

500,000

common.

Metal

Custom

—

Price—$3.75. Busi¬

hardware

to

Herbert Young

•

Price—$1.15. Busi¬

Inc.

(12/14)

taxes,

business forms- Proceeds—Expansion,
and working capital.*
Office—3747

Ave., Philadelphia. Underwriter—Suplee,
Mosley Co., Inc., Philadelphia.
-v

Yeat-

r

Office

Dero

—

Investment Trust

90 State Street, Albany, N. Y;
;V " T"

Research

and

Development Corp.

Underi*
'
*

(12/26-29)

Aug. 24,

Products,

of

metal

Inc.
Price—$4. Business
and
electronic
Proceeds—For repay¬

share and

Inc., N. Y.

&

Dale

Inc.

Proceeds—For

small

sales

it Danbury
Nov. 29, 1961

to

be

offered

in

units

of

Inc.

of Washington* convertible subord.
sinking fund debentures due 1976, also 100,000 class A
District Wholesale Drug Corp.

par.

-

for a laboratory and
Lexington Ave., New York.

expenses

—Auchincloss, Parker & Redpath, Washington, D. C.

$1,000.

Sept: 19, 1961 filed $500,000 of 6%

etc.

—None.

start-up

Office—360

prints
photographic film
and
distributes wholesale
photographic equipment. Proceeds—For repayment of
debt, plant expansion, and working capital. Office—3306
Wisconsin Ave., N. W., Washington, D. C. Underwriter

Business—Leasing of stores,
offices,
Proceeds—For debt repayment and expan¬
Office—North St.v? Danbury, Conn.
Underwriter

Price—At
space,

Proceeds—Expansion and gen¬
Office—1790 B'way, N. Y. Un¬
Arrin & Co., Inc., N.'Y.

bonds

B shares

16, 1961 filed 100,000 common, of which 80,000 are
to be offered by the company and 20,000 by a stock¬
holder. Price—By amendment. Business—Processes and

Shopping Center, Inc.
(."Reg. A") $300,000 of 7% 10-year convert¬

debenture

preferred

Nov.

purposes.

derwriter—Theodore

plant.

District Photo,

(1/8-12)

employees.

corporate

the basis of 3 units for each?

Underwriter—None.

Aug. 9, 1961 filed 100,000 common. Price—$3.25. Business
—A
shopping service which checks the efficiency of
retail

on

Price—$20 per unit.. Business—Company plans to
manufacture and utilize all kinds of chemical materials;

St., N. Y. Underwriter—Jay W. Kaufmann

Systems,

warrant)

held.

Co., n. Y.

•

one

5% preferred share held, 2 units for each: 5%
A stock held and one unit for each 10 class

^ Cybernetic Systems Corp.
1961 filed 100,000 class A shares. Price—$4. Busi¬
ness
Company plans to operate a service to furnish
advice, assistance and skill in the field of data process¬
ing. Proceeds—For general corporate purposes. Office
W. 23rd

Monitors.

Sept. 28, 1961 filed 140,000 common with attached war¬
rants to purchase an additional
140,000 shares to be1
offered for subscription by stockholders in units (of one

Dec. 5,

—71

Deviation

Deuterium Corp.

components

corporate purposes.
Office—626
Brooklyn, N. Y.
Underwriter—B lank,

Lieberman & Co.,

FM

development, expansion, advertising and
working capital. Office — Broadway and Park Ave.,
Huntington, N. Y. Underwriter—James Co., N. Y.

common.

tolerances.

precise

Ave.,

of

Proceeds—For

of debt and other

Atkins

54,000 common.* Price—$2.40.

("Reg. A")

1961

Business—The manufacture

& Co., Inc., N. Y.

in late January.

filed 100,000

—Manufacture

sion.

Dynamics, Inc.

1961

Underwriter

Nov. 20, 1961

ible

of

writer—None.

and working capital. Office—37 E. 18th St.,

Offering—Expected

eral

Inc.

Forms

Dennis Real Estate

pany.

—

Vending Machine Corp.

1961 filed $5,052,700 of 6%

expenses

ment

Investment Trust

Business

—

N. Y.

(12/18-22)

N. Hill

July 24, 1961 filed 100,000 shares of beneficial interest.
Price—$100. ; Business—A teal estate • investment com¬

Manufactures plastic jewelry, dress accessories
and novelties. Proceeds—For product development, mov¬

ing

Price—$3.30;;

1961 filed 100,000

tom-made printed

v

common.

Weil,,
(managing)..

class A common (with at¬
tached warrants to purchase an additional 50,000 shares)';
Price—By amendment. Business—Manufacture of cus¬

,

80,000

By*

Office—610

Sept. 26,

acquisition, expansion and the repayment of debt.
Rd., White Plains, N. Y. Under¬
writer—Finkle & Co., n. y;
filed

Proceeds^-ForHfo/egtoeftt^

—

investment

St., Hopkins, Minn. Underwriter—None..

Crossway Motor Hotels, Inc. (12/11-15)
Aug. 4, 1961 filed 70,000 common shares. Price—$5. Busi¬
ness—The operation of a motor hotel chain. Proceeds—

1961

Price

small1 business

Business—An investment company. Office—1011

Business

•

10,

A

Delta Venture Capital Corp.
July 13, 1961 filed 520,000 common shares.

Office—4008 S. Michi¬

Cryplex Industries, Inc.

—

Labouisse, Friedrichs & Co., New Orleans
Offering?—Expected in early 1962.

leasehold improvements, advertising and
working capital. Office—7451 Coldwater Canyon Ave¬
nue, North Hollywood, Calif. Underwriter—Pacific Coast
Securities Co., San Francisco.

•

Business

tional Bank of Commerce Building, New Orleans.
derwriters—Blair & Co., New York and Howard;

machinery,

Other

debt

1961 filed 500,000 common shares.

amendment.

Machines, Inc. (12/18-22)
Aug. 1, 1961 ("Reg. A") 100,000 common shares (par 50
cents). Price—$3.
Proceeds—For repayment of loans,

Oct.

Proceeds—For

tubes.

geles.

Corp.

of

Delta Capital Coitp^M

By amend¬

—

Office—54 Tarrytown

Price—$2.50. Busi¬
and manufacture of television pic¬

Inc.
Price—By amend¬
plastic shipping con¬

common.

Business—Manufacture

Aug; 9,

For

.

1961 filed 200,000 common.

ness—Development
ture

Electronics

N. Y.

Barrel & Drum Co.,

Levittown, N. Y.

,

Kansas City, Mo. Underwriter—None.

way,

Williston & Beane,

expansion, equipment, debt repayment and.
working capital.; Office—82-88 Washington St., Middletown, N. Y. Underwriter—I. R.
E. Investors
Corp.,,

expansion, inventory, working capital

and

>

(1/8-12)

ceeds—Plant

Business—The manufacture of audio reproduction

Proceeds

and

V

•

v.

Inc.

devices, associated products and electrical transformers.

Price — $4.
debt re¬

working capital. Office—3000
Federal Highway, Fort Lauderdale, Fla. Underwriter—
Ellis Securities, Inc., 134 Middle Neck Rd., Great Neck,

Electronics,

Electronics, Inc.
Aug. 29, 1961 filed 75,000 class A.

Proceeds—For

Baking Co.

Delford Industries, Inc.
Sept. 28, 1961 filed; 95,000 common. Price—$3.50. Busi¬
ness—Manufacture of precision rubber extrusions. Pro¬

O. Underwriter—John

Creative

ment.

Prices—

warrant.

and other corporate purposes. Office—Eden Park
Gardens, Wilmington, Del. Underwriter—G. H. Walker
& Co., N. Y.

equipment. Proceeds—For repayment of loans, inventory
and working capital.
Office-—811 Boylston St., Boston.
Underwriter—Carl M. Loeb, Rhoades & Co., N. Y. (mgr.)

Corp. of America

one

tainers and tanks. Proceeds—For research and develop¬

Business—The distribution of electronic components and

Underwriter—William, David & Motti, Inc., N. Y. C.

company.

Offering—Ex¬

July 27, 1961 filed 150,000 common shares, of which
107,250 shares are to be offered by the company and
42,750 shares by the stockholders. Price—By amendment.

•

and

ment

High St., Hamilton,
Co., Lima, O.

Cramer

Cador Production Corp.

—

("Reg. A")

Co., N. Y.

A. Kemper &

operation of vending machines. Pro¬
ceeds
For repayrftdht of lbaris, hew equipment and
Working capital. Office — 129 S. State St., Dover, Del."

finance

&

share

one

Sept. 26, 1961 filed 100,000
ment.

Business—The sale of punch card type voting machines.
Office—830

unit. Business—The

30, 1961

Treat

Park

Delaware

Coyle's Voting Machine Co. (12/20)
Aug. 31, 1961 ("Reg. A") 10,000 common. Price—$14.75.

Consolidated Vending Corp. (12/18-22)
Aug. 29, 1961 filed $150,000 of 6% debentures due 1971
and 50,000 common to be offered in units each consisting
of $150 of debentures and 50 cqmmpn. Price—$400 per

Oct.

of

•

'

Business—A

distribution

and

Deer

—J. R.

supplied by amend¬

pected in January.

Offering—Temporarily postponed.

Consumer Finance

be

manufacture

phonograph records.
Proceeds—For the repayment of
debt, and working capital. Office—315 W. 47th St., N.Y.

May 26, 1961 filed 125,000 shares of common stock. Price
—$15. Business—Company buys and manages fractional
interests in producing oil and gas properties. Proceeds
—For investment, and working capital. Office—14 North
Robinson, Oklahoma City, Okla. Underwriter—Shearson,
Hammill & Co., New York City (managing). Note—This
company

Price—To

Business—The

ment.

Co., Trenton, N. J.

-

holders thereof.

ent

6%

1

(H.)

stockholders*.
Price—$6.75.
Business—Manufacture of;
Danish-style and ice-box cookies. Proceeds-—For work¬
ing capital and general corporate purposes.
Office—South Egg Harbor Rd., Hammonton, N. J. Underwriter

Distributing Corp.

150,000 shares of common stock, of
which 105,556 shares are to be offered for public sale by
the company and 44,444 outstanding shares by the pres¬

debentures, repayment of debt and working
capital. (Office—456 Driggs Ave., Brooklyn, N. Y. Un¬
derwriters—Armstrong & Co., N. Y., and L. C. Wegard

&

•

May 26, 1961 filed

manufactures from oil, chemicals and pigments, diverse
basic paint lines. Proceeds—For retirement of outstand¬

ing

Record

Prigal,,

&

Oct. 27, 1961 filed 90,000 common, of which 10,000 shares*
are to be offered by the
company and 80,000 shares by

and

Cosnat

units

Linder

Office—794 Union St., Brooklyn, 'N. Y. Underwriters—
Hampstead Investing Corp.; Aetna Securities Corp., andAtlas Securities Corp., N. Y.

repay

Mitchum, Jones & Templeton, Los Angeles.
Offering—Expected sometime in January.

debentures

offered in

Y.

debt repayment and
Office—2445 N. Miami Ave,,,,

$3.25 per unit. Business—Manufactures educational toys;?'
Proceeds—To* repay debt and increase working capital..

loans,, purchase machinery, and in¬
crease working capital. Office—1111 E. Ash
Ave., Fullerton; Calif. Underwriters—D. E. Liederman & Co., Inc.

(12/11-15)

of

Proceeds—For

offered in units of

—

Underwriter—Doolittle

Business

distributing

Toy Corp.
*'•.
Nov. 27, 1961 filed 100,000 capital shares (with attached
warrants to purchase an additional 100,000 shares), to be.,

Corrigan Communications, Inc. :*
^
Sept. 28, 1961 filed 375,000 common. Price—$2. Business
—Development and sale of tutorial telectronics com¬
munications systems for use in individual class rooms.

itary Rd., Niagara Falls, N. Y.
& Co., Buffalo, N. Y.

fabrics.

Miami, Fla.
Underwriter—Stirling,
Inc., 50 Broadway, N..;Y.
•

Proceeds—For

ing capital.

and

importing

general corporate purposes.

Underwriter—George K. Baum & Co., Kansas City, Mo.

doors.

Inc.

Price—$5.

decorative

Business^-Manufacture of aluminum storm windows and

repayment, equipment and working capital.
Office—107 Sylvester St., Westbury, N. Y. Underwriter'
—J. E. Bayard & Co., Inc., 80 Wall St., New York City.

Dash,

—Designing, converting,

(12/26-29)
("Reg^A"> *62,500 common,^-Price—$4.

1961

&

Oct. 25, 1961 filed 108,000 common.

Coronet Products Co.

31,

Ltd.

1961

Business—Renders

(12/18-22)

common.

working capital. Office—945>Ontario, Calif. Underwriter—Morgan
Co., Los Angeles.
California St.,

Nov. 21,

new

Oct.

debt

—For

E.

products, sales promotion and working cap¬
ital. Office—735 N. St. Asaph St., Alexandria, Va. Un¬
derwriter—Jones, Kreeger & Co., Washington, D. C.

29, 1961 ("Reg.
common.
Price—$3.
Business—Compounds and packages cosmetics, house¬
hold pharmaceutical and industrial products.
Proceeds
Sept.

manufacture

nishing

Underwriter—Roth &

Consolidated

Engineering Co.

Sept. 12, 1961 filed 32,000

equipment, debt repayment and other

35

—For debt repayment and

nent.

Concors

OcL

Lease

July 21, 1961

toiletries, cleaning chemicals, jew-

writer—N. A. Hart & Co.. N. Y.

(253T)

Systems,. Inc.
("Reg. A") 225,000 common. Price—$1.15.
Proceeds—For equipment, research and development and
capital expenditures. Office—3386 Brownlow Ave., St.
Louis Park, Minn. Underwriters—J. P. Penn &
Co., Inc.,
and M. H. Bishop & Co., Minneapolis. Offering—Immi¬

warrant.

of cosmetics,

'

''

..
.

...

common.

Price

Business—The

-

—

Debentures

—

At

par.

sale of drug products to

Common — $4.
retail stores in

•

ness—Development and production of electronic testing
and training devices. Proceeds-— For expansion
and
.working capital. Office—9340 James Ave., S., Minneapo- *
lis. Underwriter—Brandtjen & Bayligs, Inc., St. 'Paul."




Data-Design Laboratories, Inc. ,t
9, 1961, filed 100,000 capital shares.
Price—By,
Business—Publishing of technical reports.and manuals covering electronic equipment.
Proceeds
Oct.

^

Washington, Maryland and Virginia^ Proceeds-—For

repayment of debt, and working capital.

the

Office—52-60

amendment.

.

v

,

-r

"...

-

Continued

on page

36

•

36

(2532)

The Commercial and Financial Chronicle

Continued from page 35

it Educator & Executive Co.
Nov.

St., N. W., Washington, D. C. Underwriter—Auchincloss, Parker & Redpath, Washington, D. C.
•

Diversified

Small

Business

Investment

Corp.

(12/11-15)

Dixie

Sept.

Co.. N.

Dinettes,

28,

1961

ness—Manufacture

kitchens

dinettes.

and

Price—$5.

common.

tables

of

and

chairs

Proceeds—For

for

Busi¬

&

in

use

3,

filed

1961

200,000

shares

be

to

offered

by

the

and

company

and

general

corporate

purposes.

Inc..
Sept. 27, 1961 ("Reg. A") 60,000-common. Price—$5.
Business—Financing of shipments of business machines./
Rock

Bldg., Atlanta, Ga.
Washington, D. C.

Underwriter—Stan-Bee & Co.,

24,

1961

filed

120,000

—The

ment.

Business—Manufacture of medicine droppers and
components and glass cartridges for the pharmaceutical
industry. Proceeds — For debt repayment and general
corporate purposes. Address—Buena, N. J. Underwriters

—Suplee, Yeatman, Mosley Co., Inc., Philadelphia.
fering—Expected sometime in January.
•

Duffy-Mott Co.,
Oct. 27, 1961 filed
shares

are

shares

by

ness—A

Inc.

stockholders.

diversified

of

common,

by

the

which

Lexington Ave.,
body & Co., N. Y.

N.

Y.

46,000
Busi¬

ment.

filed

1961

Inc., N. Y.

Underwriter—Kidder, Pea-

ment

of

debt

•

80,000

common,>

Proceeds—For,

of
a

Price-^jBy^amend-

electronic
new

made

parts

subsidiary,

repay¬

and

•

and

Dynamic Toy, Inc. (12/18-22)
June 30, 1961 ("Reg. A")
81,000 common. Price
Business—Manufacture

of

toys.

—

~

Processing Corp.- (12/11-151
common.
Price—$2.50.

Sept. 8, 1961 filed 100,000

ness—The company conducts an electronic

data

*

«

Busi¬

process¬

Corp.

(1/8-12)

tures, $1,000; for stock, $10. Business—General real
tate. Proceeds—For the
acquisition and

New York.

&

es¬

development of
engineering, etc.

properties, repayment of debt and
Fricke

Underwriter—Wood¬

French, Inc., Philadelphia.

26,

General
\

186Filled
dealer

1,000,000

recourse

corporate

City, N. D.
Valley City, N. D.
Nov.

29,

Office—164

Busi¬

Proceeds
E.

Main

Underwriter—Reserve Funds,

St.,
Inc.,

Sale and

Price—$3.
servicing of home food freezers and
owners.

Roosevelt, L. I., N. Y. Underwriter—Sentinel Securities
Planning Corp., Long Island City, N. Y.
Economy

21,

Water Conditioners of

1961

A") 100,000 common. Price—$3.
water
conditioning units to home own¬

Proceeds

expansion.
writer—S.

Ltd.

("Reg.

Business—Sale of
ers.

Canada

Rental of units, new
Office—36 Densley

I.

distributorships and
Ave., Toronto. Under¬
Associates, Inc., N. Y.

Emrich

Edu-tronics, Inc.
.

Oct. 27,

<

.

filed <80,000 common.
Price—^4.* Business
—Distribution of electronic parts and

,

pany

also

plans

teaching

to

manufacture

and

machines.. Proceeds—For
ment and other corporate purposes.

Ave.,

.

sell

Com-

electronic

product

developOffice—136-05 35th

Flushing, N. Y. Underwriters—Packer-Wilbur
Co., Inc. (mgr.). and Earle Securities
Co., Inc., N .Y.




•

Electronic

Oct.

27,

1961

Business—

Foods,

Inc.

29, 1961 filed 100,000

ing

common.

Price—$3.25. Busi¬

of flavors for

the

bak¬

and

confectionary industries. Proceeds—For addi¬
tional personnel, new products and possible acquisitions.
Office—70 Barclay St., N. Y.
Underwriters—Hay, Fales
&

Co., and McLaughlin, Kaufman & Co., N. Y.
FM-Stereo

Guide, Inc.
4, 1961 "Reg. A" 50,000 common shares. Price—
$6. Business—The company plans to publish a national
magazine featuring detailed FM radio program, listings,
Aug.

reviews, interviews, etc./ Proceeds—For general corpo¬
Office—1711 Walnut Street, Philadelphia.
Valley Forge Securities Co., Inc., New

York

—

City and Philadelphia. Offering—Imminent.

Fairbanks Wire Co.,

St. N.,
Co., Corp.,

Oct.

Inc.

30, 1961 filed 54,000

Manufactures

'/'g::^/:/g/,..:/<.

common.

•■/://}•■.

Price—$3. Business—-

specialized

machinery
and
equipment.
For debt repayment and general
corporate
Office—Walnut St., M D 23, Newburg, N. Y.
Underwriter—First Madison Corp., N. Y.

Proceeds

Controls,

Inc.

—

purposes.

common.

of

Price—$3. Business

automatic

drives

Transmission

("Reg. A")

Manufacture,

closed-circuit television.
and

electronic

and

•

and

Family Circle Associates, Inc.
1961 filed 50,000 class A

Aug. 30,

Business—The
stores.

•

operation

Proceeds—For

of

retail

(12/20)
common.

discount

repayment of

^

Price—$7.
department

loans and working

capital;^Office^rSO Main Stg Keyport, N. J.
—Russell
Saxe, Inc., N. Y.- v.-.
- - V

other

corporate

Corp.. (12/26-29^ Z'

100,000

design

Price—$3.

common.

and

Family Record Plan,- Inc. «.. .
Nov. 20, 1961 filed 200,000 common.

field

testing

of

Underwriter
-

bums.

Office—103

purposes.

Hawthorne

W.

ESectrosolids Corp.

&

for converting AC-DC

ships.

Proceeds

for

Elmar

*

29,

and

•

Fashion Homes

&

Inc.

construction

(1/8-12)
1961 filed 1,250,000 shares of capital stock to be

exchange for blocks of designated securities.
Business—A "centennial-type" fund which plans to offer

precision

manufacture

electronic

of

metal

connectors.

parts

Proceeds—For

for

moving

$6. Bu:iness

Redden, Myers

Fastiine

tures

-

Inc.

due

publicly in units of
J

conv.

subord.

deben-

1971/ and 40,000

Price—$575

per

one

common shares to be-.offered
$500 debenture and 50 common.

unit.

Business—Manufacture., of con¬
zipperS; 'Proceedi^r-Debt1:
repayment^ advertising
working capital. Office—8 Washington Place. ,N. Y;

cealed

expenses,

and

and

Underwriter—G. Everett Parks &
Co., Inc., N
ing—Expected in late January.

a new plant, equipment, repayment of loans
working capital. Office—574 President St., Brook¬
lyn, N. Y. Underwriter—Ezra Kureen Co., N. Y.

re¬

Bessell, Inc., Washington, D. C.

Sept. 28, 1961 filed $400,000 of 6%

component

—

Proceeds—For

8%

•

Underwriter—

Empire Precision Components,' Inc.; (12/11-12)
Aug. 29, 1961 ("Reg. A") 65,000 class A. Price—$4. Busi¬

Price

homes.

&

G. Becker & Co., Inc., Chicago.

•

ness—The

common.

shell

apparel. Proceeds—For repayment of
debt, purchase of
Equipment, taxes, and working capital. Office—Gauthier
St., Tuskegee, Ala.
Underwriter—Wright,

exchange of its shares for blocks of corporate
having a market value of $20,000 or more.
Street, Boston, Mass.

of

of

Fashion Industries, Inc.
Sept. 26, 1961 filed 95,600 common, of which
68,000 will
be^ sold by the company and 27,600 by stockholders.
Price—$4.75. Business—Manufacture and sale of women's

in

School

(12/15)

—

Empire Fund, Inc.

Office—44

Inc.

debentures; advances to company's
subsidiary; repayment of loans; advertising and promo¬
tion, and other corporate purposes. Office
1711
N.
Glenstone, Springfield, Mo. Underwriters—Globus, Inc.
and Ross, Lyon & Co.,
Inc., New York.

of special negatives of pictures and
printing. Proceeds—For debt repayment
working capital. Office—355 Lancaster Ave., Haver-

securities

working capital.
N. J. Under¬

named. Note—July 11, the SEC insti¬
"Stop Order" proceedings challenging the accuracy
adequacy of this statement.

—The

for

tax free

sub¬

be

July 18, 1961 filed 75,000

ford, Pa. Underwriter—None.

a

convertible

tuted
and

ness—Preparation

offered

6%

Price—100% of principal amount.
company is engaged in the manufacture

Belleville,

Nov. 27, 1961 ("Reg. A") 20,000 common. Price—$2. Busi¬

June 28,

Office—2015

Underwriter—Bache

distribution

writer—To

repayment,
expansion and working capital. Office—140 Eleventh St.,
Oakland, Calif. Underwriter—Schwabacher & Co., San

•

stockholders.

Angeles.

ceeds—For the payment of debts and for
Office—471 Cortlandt Street,

Inc.

tronic parts and equipment. Proceeds—Debt

and

Los

of high reliability materials and basic
components, including dielectric and electro¬
lytic capacitors and precision tungsten wire forms. Pro¬

1961

work

>

electronic

filed 200,000 common, of which 100,000
will be sold by the
company and 100,pQO by stockholders.
Price—By amendment. Business—Distribution of elec¬

art

-"

Co., N. Y.

Business—The

aircraft, missilfes and

Debt

Electronics

>'"*

ordinated debentures.

^devices

current

Blvd.,

Jan.

repayment and other corporate
purposes. Office—12740 San Fernando Rd., N., Sylmar,
Calif. Underwriter—J. R. Williston & Beane, N. Y.
—

Proceeds—For selling

Olympic

Faradyne Electronics Corp.
30, 1961 filed $2,000,000 of

(1/8-12)

Oct. 30, 1961 filed 100,000 cum. conv. preference shares.
Price—By amendment. Business—Production of

'

Price—By amend¬
Business—Sale of photographic portraits and al¬

ment.

Proceeds—For debt repayment

Ave., Valley Stream, N. Y. Underwriters—V. S. Wickett & Co., Inc. and Thomas, Williams &
Lee, Inc., N. Y.

A.

1961

equipment.

subsidiary and realty acquisitions. Office
Dr., Chicago.
Underwriters — Bear,

ness—Creation and manufacture

72nd

Underwriter—Laird &

controlled

• ESraydo,

Proceeds—For gen¬
Office—180 Babylon
Turnpike,

Nov.

it Extrin
Nov.

demption

Enterprises Corp.
("Reg. A") 100,000 common.

sale of bulk food to freezer
eral corporate
purposes.

a

Wacker

Stearns & Co., N. Y. C. and
Straus, Blosser & McDowell
Co., Chicago (mgrs.).:///"/;/"' uV'\/-\A
/

Francisco.

Food

1961

Business

Price—$3.

finance business.

purposes.

alley

it Economy

common.

E.

Underwriter

derwriter^Seymour, Bernard & DeBoff/ Inc.y N. Y.

Sept.

Econ-O-Pay, Inc.
Oct.

ness—A

investment in

was

Office—1501

•

Aug. 22, 1961 filed $1,500,000 of subordinated debentures
due 1981 and 250,000 common shares.
Price—For deben¬

Office—10 E. 40th St.,

(with 2 warrants) and two common. Price—By amend¬
Business—The operation of hotels. Proceeds—For

'

ing service. Proceeds—Rental of additional data process¬
ing equipment, sales promotion, salaries,
rent, furniture
and working capital. Office—46-36 53rd
Ave., Maspeth,
X. Y. Underwriter—M. W. Janis
Co.,, Inc., N. Y. >
Eastern Properties Improvement

(12/18-22)

Inc.

ment.

-systems,
helicopter
check-out, flight control and landing control systems and
multi-contact relays and switches. Proceeds—For debt
repayment, working capital and other corporate pur-posse. Office—67 Soirthfield Aver, Stamford, CortnrUrt^-

Proceeds—Advertising,

House,

rate purposes.

Nov. 29, 1961 filed 100,000
—Design and manufacture

development of new products, expansion and working
capital. Address—109 Ainslie St., Brooklyn,,N.. Y; Under¬
writer—Hancock Securities
Corp., N.-Y. •
-

cock, Moyer,

France

Communications,

Petersburg, Fla.
Wilmington, Del.

$3.

A

Aug. 29, 1961 filed $2,000,000 of 6% subordinated sinking
fund debentures due 1971 and 400,000 common to be of¬
fered in 200,000 units, each consisting of a $10 debenture

and equipment. Proceeds

computer

1

-

„

Underwriter—Craig-Hallum,

corporate purposes.

it Electronic

Underwriter-1—Paul Cr Kim¬

and

filed

St.

—

unit. /Business—Lending and
working capital. Office—674

St., Philadelphia.

Executive

(mgr.). Offering—Expected in January.

1961

per

Proceeds—For

29, 1961 filed $3,000,000 of 8% subordinate deben¬

—71

Electronic

subord. conv.
shares to be

property owners;/Proceeds—For repay¬
working capital. Office—430 First Ave.
North, Minneapolis. Underwriter—None.
*■,:

instruments.

4748

tronic communication systems

porch furniture. Proceeds
For product develop¬
ment, equipment and working capital. Office—2 Barbour
Ave., Passaic, N. J. Underwriter—Preiss, Cinder & Hoff¬
man
Inc., N. Y.

real

—

Jr.

common

Co., Chicago.

builders

Business

—General

Nov. 29, 1961 filed 128,000 common. Price—$4. Business
—Design and manufacture of aluminum-frame outdoor

•

Minneapolis.

Office

of 6%%

50,000

ment of debt and

Inc.
(12/19)
150,000 common; Price—By amend¬
ment. Business—Development and manufacture of elec¬

Co., Inc.

Data

capital.

and

tures due 1965. Price—At par. Business—The investment
in mortgages and the maxing of construction loans to

Electromagnetics

Sept. 22,

Francisco.

EMAC

medical-electronic

&

Nov.

Corp.
17, 1961 filed 75,000 common. Price—$5. Business
—Design and manufacture of precision nuclear magnetic
instrumentation; Proceeds—For general corporate pur¬
poses. Office—Sawyer Lane, Hudson, Mass. Underwriter
—Gianis & Co., Inc., N. Y.

working capital. Office—27 S. Grant
St., Stockton, Calif. Underwriter—Birr & Co., Inc., San
it Duralite

of

-

capital.

^Equity Capital Co.

Nov.

Business—Distribution

by other firms.

ball

relays, and precious metal products. Proceeds—For the
selling stockholders. Office — 10 Romanelli Ave., South
Hackensack, N. J. Underwriter—Harriman Ripley & Co.,

Dunlap Electronics
Sept. 27,

N.

<

1977

Price—$550

N. Broad

Corp.

Price—By amendment.

working

working

offered in units consisting of $500 of debentures and 25

the

•
E!ectro-Tec Corp.
July 28, 1961 filed 91,000 common shares (par 10 cents).
Price—By amendment.
Business—The manufacture of
slip rings and brush block assemblies, switching devices,

food

370

outside

withdrawn.

processor, packer, canner and
Proceeds—For working
capital.
Office—

distributor.

sale

Kinnard, Inc., Minneapolis. Note—This registration

154,000

amendment.

Price—By

For

—

Avenue,

Of¬

and

company

manufacture

Proceeds

(12/11-15)

200,000

offered

be

to

for

due

insurance.

1971.

and

1961 filed $1,000,000

shares.

due

Price—By amend¬

equipment for radiation

Proceeds—For

measurements.

improvements

debentures

Electro-Med, Inc.
July 17, 1961 filed $540,000 of convertible subordinated

Price—By amend-;

common.

Oct. 27,

research, and development
working capital. Office—222 Park Ave., South, N. Y.

debentures

common.

Equitable Credit & Discount Co.

field

Instrument

133,333

equipment,
Office—•
175 Pearl St., Brooklyn. Underwriter—L. H. Rothchild
& Co., N. Y.

•

Dougherty Brothers Co.
Oct.

and

leasehold

tham Precision Instrument Co., Inc. Office—47-51 33rd
St.-, Long Island City, N. Y. Underwriter-—Sterling, Grace
& Co., N. Y. Offering—Expected in January.

Office—Red

purposes.

ignition

filed

1961

detection

Sept. 15, 1961 filed 176,480 common. Price—$6. Business
—The "design, manufacture and sale of potentiometers,
digitometers and goniometers used in airborne comput¬
ing devices. Proceeds—For the selling stockholder, Wal-

Mills,

corporate

automotive

Corp.

2,

ment. Business—Manufacture of

International, Ltd.

Electro-Mec

Office — 25
St., W., Toronto, Canada. Underwriter—Brewis
& White Ltd., Toronto.

Proceeds—General

Oct.

Underwriter—To be named.

Adelaide

Don

Eon

United States. Proceeds—For

400,000 shares by stockholders. Price—50c. Business—
The exploration and production of ores. Proceeds—For
salaries

the

in

Underwriter—Albion Securities Co., Inc., N. Y.

lyn.

and

1,600,000 capital shares, of which 1,-

are

motion, acquisition of a plant and equipment and other
corporate purposes. Office—1626 Nostrand Ave., Brook¬

May 5, 1961 filed 70,000 capital shares. Price—To be sup¬
plied by amendment. Business—Manufacture of products

Dolphin-Miller Mines Ltd.
Oct.

Proceeds:—For expansion, advertising and pro¬

ponents.

Components, Inc.
9, 1961 filed 100,000 common, of which

Electra

Office—Dabney Rd., Richmond, Va;> Underwriter—
Rubin, Rennert & Co., Inc.

ers.

(12/18-22)

Corp.

50,000 common. Price—$3.50.
distribution
of
electronic
com- v

Business—Wholesale

Co., N. Y.

selling stockhold¬

Thursday, December 7, 1961

.

("Reg. A")

1961

1,

.

Components

Energy
Sept.

common.

75,000 are
to be offered by the company and 25,000 by a selling
stockholder.
Price—$4.
Business—Manufacture
and
processing of metal parts and products. Proceeds—For
expansion and other corporate purposes. Office—187 N.
Water St., Rochester, N. Y. Underwriter—Charles Plohn

Y. <

Inc.
filed 144,000

174,960

Eldre

Nov.

general corporate purposes. Office—214 Engle St., Englewood, N. J. Underwriters—Lieberbaum & Co. and Mor¬
&

30,

ment. Business—An

Sept. 27, 1961 filed 600,000 common. Price—$5. Business
—A small business investment company. Proceeds—For

ris Cohon

1961 filed

Price—By amend¬
holding company for insurance con¬
cerns. Proceeds—For general corporate purposes. Office
—3857 N. High St., Columbus, Ohio. Underwriter—Mc¬
Donald & Co,, Cleveland.
—

O

.

Y. Offer¬

Volume

194

Number 6.114

.

.

The Commercial and Financial Chronicle

.

★ Fastpak, Inc.,
30, 1961 filed 125,000 common. Price—$5. Business
—The distribution of nuts, bolts and other fastening

Fluorocarbon Co.

<

Nov.

manufactured

devices

by

others.

Proceeds—For

repayment and general corporate purposes.
Benson Place, Freeport, N. Y. Underwriter
Malkan & Co., Inc., N. Y.

debt

Office—8
—
Arnold

Fidelity American Financial Corp.
Oct.

1961 filed 100,000

3,

—Commercial
eral

corporate

finance

Price—$5. Business
Proceeds — Gen¬

common.

company.

Office—42

purposes.

Underwriter—Netherlands

S.

15th St., Phila.
Co., Inc.,, N. Y.

Securities

★ Fidelity Mining Investments Ltd.
Nov. 30, 1961 filed 800,000 common. Price—By amend¬
ment. Business—Exploration and testing of mining prop¬
erties. Proceeds—For general corporate purposes. Office
—62 Richmond St., Toronto. Underwriter—G. V. Kirby
& Associates, Ltd., Toronto.
★ Fields Plastics & Chemicals, Inc.
Nov. 29, 1961 filed 220,000 common. Price—By amend¬
ment. Business—Manufacture of vinyl plastic sheeting.
Proceeds—For selling stockholders. Office—199 Garibal¬
di Ave.,
★

Lodi, N. J. Underwriter—Sutro

Bros. & Co., N. Y.

Fifth Avenue

Cards, Inc. v
Sept. 28, 1961 filed 115,000 class A capital shares. Price
—By amendment.
Business—Operation of a chain of
retail greeting card stores.
Proceeds—Debt repayment,
working capital and expansion. Office—18 W. 34th St.,
N. Y. Underwriters—Hardy & Co. and Filor, Bullard &
Smyth, N. Y. Offering—Imminent.

it Filon Plastics Corp.
Dec. 4, 1961 filed 200,000 common, of which 50,000 are
to be offered by the company and
150,000 by stock¬
holders. Price—By amendment. Business—Manufactures
translucent fiberglas panels for building and decorative

Proceeds—For expansion and working capital.
North Van Ness Ave.,
Hawthorne, Calif.
Underwriter—White, Weld & Co., N. Y.

purposes.

Office—333

First Hartford

Oct.

Realty Corp.

filed 500,000

1961

30,

Business—Real

ment.

common. Price—By amend¬
estate investment. Proceeds—For

ford.
First Federated Life Insurance Co.

Sept. 20, 1961 filed 10,000 capital shares to be offered for
subscription by stockholders at the rate of one new share
for each two held. Price^$35.; Proceeds—To increase

Office—Munsey

Bldg.,

Baltimore,

Md.

Under¬

writer—None.

First Midwest Capital Corp.

Price—By amend¬

Sept. 28, 1961 filed 150,000 common.

Business—A small business investment company,

ment.

Oct.

60,000 common, rrice — $5.
Business
Processing and fabrication of fluorocarbon
plastic raw materials and parts. Proceeds—For debt re¬
payment and general corporate purposes. Office—1754
S. Clementine St., Anaheim, Calif. Underwriter—D. A.
Lomasney & Co., N. Y.
—

Folz Vending Co., Inc.
i
Sept. 26, 1961 filed 55,000 common. Price—$6. Business
—The distribution of novelties, candy, etc. through vend¬
ing machines. Proceeds—To repay loans, purchase ma¬
chines, and increase working capital. Office—990 Long
Beach Rd., Oceanside, N. Y. Underwriter—None.

Food

corporate purposes. Office—512
Minneapolis. Underwriters—Paine, Web¬
ber, Jackson & Curtis, N. Y., and Craig-Hallum, KinNicollet Ave.,

nard, Inc., Minneapolis. Offering—Expected in January.
First New York

27,

filed

1961

Business—A

small

filed 50,000 common. Price—$2.50. Business
acquisition of enterprises engaged in the food '
processing industry. Proceeds—For repayment of debt
and working capital.
Office—1207 Foshay Tower, Min¬

neapolis, Minn.
•

Flair

company.

Pro¬
Blvd.,

Underwriter—None.

Manhasset, N. Y.
Nov.

Price—$1.

Northern

Office—1295

("Reg.

1961

74,667 common. Price—$3.
greeting cards, greeting card

A")

Business—Manufactures

trays, dishes, note paper, etc. Proceeds — For debt re¬
payment and working capital. Office—537 W. 53rd St.,
N. Y. Underwriter—Amber, Burstein & Co., Inc., N. Y.
★

Fleetwood

Securities Corp. of America

(12/18-22)

Aug. 8, 1961 filed 70.000 common shares, of which 56.000
shares are to be offered by the company and 14.000
by stockholders. Price—$10. Business—Distribu¬
Investment Corp., Contractual Plans

shares

Electronics

of

tor
and

with NASD. Proceeds—
capital and for investment. Office—44

broker-dealer registered

a

increase

To

net

Wall St., N. Y.
N. Y.

Underwriter—General Securities Co., Inc.,

★ Flex-I-Brush, Inc.
Nov. 27, 1961
("Reg. A")
Business—Manufacture

of

Plus, Inc. (12/J.1-15)
v
Sept. 22, 1961 filed 150,000 common. Price—By amend¬
ment. Business—A manufacturer, wholesaler, and retail¬
er of vitamin products. Proceeds—For
selling stockhold¬
ers.
Office—-62 W. 45th St., N. Y. Underwriter—Shearson, Hammill & Co., N. Y.
Foote &

N.

W.

100,000 common. Price—$3.
piece disposable plastic

one

Seventh

Ave.,

Miami, Fla. Under¬
Hempstead, N. Y.

writer—Meadowbrook Securities, Inc.,

Florida
Oct.

shares

Palm-Aire

1961

19,

are

filed

Corp.

463.000

common,

which

of

to be offered for subscription

310,000

by the stock¬

basis, and 153,000 shares will be
sold to the public. Price—$2. Business—Purchase, devel¬
holders

on

opment
related

a

and

l-for-3

sale

activities.

of

Davies, Inc.

Sept. 22, 1961 filed 165,000 common; 70,000 to be offered
by the company and 95,000 by present stockholders.
Price—By amendment. Business—Printing and binding
of books, magazines,
catalogs, pamphlets, advertising
material, etc. Proceeds—Repayment of debt and working
capital. Office—764 Miami Circle, N.E., Atlanta, Ga.
Underwriters—J. C. Bradford & Co., Nashville, Term,
and Courts & Co., Atlanta, Ga.
Fram

Corp.

(12/11-15)

Sept. 1, 1961 filed 50,000 common. Price—By amendment.
Business

The

—

undeveloped

Proceeds—For

real
debt

manufacture

of

oil

air

and

filtration

equipment for engines. Proceeds—To reimburse Treasury
for a recent acquisition. Office—105 Pawtucket Ave., East
Providence, R. I. Underwriter — Merrill Lynch, Pierce,
Fenner & Smith Inc., N. Y.

:

•

property

and

repavment and

general corporate purposes. Office — 17p0 N. Federal
Highway, Pompano Beach, Fla. Underwriter—Hardy &
Co., N. Y. Offering—Expected sometime in January.

it Flower City Industries, Inc.
Nov. 29, 1961 filed 100,000 common. Price—$3.25. Busi¬
ness.
Design and manufacture of plastic
artificial
—

foliage and flowers. Proceeds — For general coroorate
purposes. Address—St. Thomas, Virgin Islands. Under¬
writer—Seidman & Williams, N. Y.

(12/11-15)
Aug. 30, 1961 filed 100,000 common. Price—By amend¬
ment. Business—The operation of discount department
stores. Proceeds—For repayment of loans and working
capital. Office—300 W. Sunrise Highway, Valley Stream,
Flovd

N. Y.
and

Bennett Stores,

Inc.

Underwriters—Goodkind, Neufeld, Jordon Co., Inc.

Richter & Co., N.




Y. (mgrs.).

Office—725 Branch Ave.,

Providence, R. I.

Underwriter

—Hemphill, Noyes & Co., N. Y.
•

Glen Industries, Inc. (12/11-15)
Sept. 29, 1961 ("Reg. A") 100,000 common.
Price—$3.
Business—Manufacture of die casting and zipper machin¬
ery. Proceeds—General corporate purposse. Office—130
County Courthouse Rd., New Hyde Park, N. Y. Under¬
writer—G. Everett Parks &
Co., Inc., N. Y.

Global

Nov.

Steel Products

1961 filed 68,000

3,

Corp.

Price—By amend¬
prefabricated metal
toilet
compartmentsProceeds-^Debt' fepa^ihent ahd
general corporate purposes.
Office—10014 Avenue D,

ment.

common.

Business—Manufacture

Brooklyn, N. Y. Underwriter
syth, N. Y.
"
Globe

—

...

of

Treibick, Seiden & For¬
7".

.

Coliseum, Inc.

July 21, 1961 ("Reg. A") 300,000 common shares. Price
—•At par ($1). Proceeds—For construction of a coliseum
building, furnishings and incidental expenses. Address—
c/o Fred W. Layman, 526 S. Center, Casper, Wyo. Under¬
writer—Northwest Investors Service, Inc., Billings, Mont.
Offering—Imminent.
Globe

Industries, Inc.
200,000 common, of which 100,000

Oct. 30, 1961 filed
to be offered by

the company
Price—By amendment.

holders.

of miniature

are

and 100,000 by stock¬
Business—Manufacture

electric motors, powdered metal products

and devices for the missile and aircraft industries.

Pro¬
ceeds—For debt repayment and working capital. Office
—1784 Stanley Ave., Dayton, Ohio.
Underwriter—Mc¬

Donald &

Co., Cleveland.

Gluckin

(Wm.) Co. Ltd. (1/4)
Aug. 25,1961 filed 175,000 common. Price—$10. Business
underclothing. Proceeds—
For repayment of loans and
general corporate purposes.

—The manufacture of ladies'

Office—Bank of Bermuda Bldg.,
Hamilton, Bermuda.
Underwriter—Globus, Inc., N. Y. (mgr.)
Golf Courses, Inc.

A.ug.

28,

1961 filed

Pacific

Philadelphia.'(mgr.*

Oct.

Airlines

20, 1961

Business

—

("Reg. A") 60,000 common.
Price — $5.
Furnishing of scheduled air transportation

service. Proceeds—For debt repayment and general cor¬

Coast Securities

Co., San Francisco.

■

;

;

Business—The

company

„

'

GYM Toys, Inc.
Oct. 31, 1961
("Reg.

;•'<
Price—$1.

" -<1

■»r

A")

275,000 common.
Business—Design and manufacturer of polystyrene foam
toys, and water sports equipment, proceeds—For debt
repayment and general corporate purposes. Office—5238
Vineland Ave., North Hollywood, Calif.
Underwriter—•
First Madison Corp., N. Y.
Garden State Small Business Investment Co.
Oct.

27, 1961 filed 330,000 common.

Price—$3.

—A small business investment company.

Business
Proceeds—For

investment.

Office—1180 Raymond Blvd., Newark, N. J.
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.

Aug. 29, 1961 filed 847,035 common to be offered for
subscription by stockholders on a 1-for-10 basis. Price
—By amendment. Business—The operation of uranium
mill. Proceeds—For repayment of loans, ac¬

a

quisitions and working capital. Office—224 I Vinson St.,
Laramie, Wyo. Underwriter—None.
Gateway Chemicals, Inc.

filed 100,000 common, of which 50,000 ai^e
by the company and 50,000 by a stock¬
Price—By amendment. Business—Compounding
and packaging of chemical products, primarily deter¬
gents. Proceeds—For working capital. Office—8136 S.
Dobson Ave., Chicago. Underwriter—Federman, Stonehill & Co., N. Y,
Nov. 22, 1961
to be offered
holder.

•

General

Forms, Inc.

(12/12)

Aug. 15, 1961 ("Reg. A") 100,000 common shares (par
10 cents). Price—$3. Proceeds—For repayment of loans,
plant improvements, equipment and working capital.
Office—7325 Northwest 43rd St., Miami. Undrewriters—•

Co., N.

Y.,

General Research Corp.
Oct.

1961

6,

common

ferred

("Reg.

A")

and

three

Securities

(12/11-15)

common;

(2)

as

follows:

one

Gotham Investment Corp.
v > ?
Nov. 21, 1961 filed 100,000 common. Price—$6. Business
—Real estate ih^stmett^/ Pi'ddeeds—For Working capi¬
tal

other

and

corporate purposes.

Office—1707 H

St.,

N. W., Washington, D. C. Underwriter—Rouse, Brewer,
Becker & Bryant, Inc.,
Washington, D. C.
•
j
•;
v
.

Gould

Paper Co.
Sept. 28, 1961 filed 140,000 common. Price—$11. Busi¬
ness—Manufacture of paper. Proceeds—Expansion and
working capital. Office—Lyons Falls, N. Y. Underwriter
—Amos Treat & Co., Inc., N.

Y. Offering—In early Jan.

Gradlaz, Annis & Co., Inc.
Sept. 27, 1961 filed 116,875 common,

of which

25,350

shares will be offered by the company and 91,525 by a
stockholder.
Price—By amendment.
Business—Manu¬
facture

of

cigars. Proceeds—To prepay notes and in¬
working capital. Office—2311-18th St., Tampa,
Underwriter—W. C. Langley & Co., N. Y.

creased

Fla.

Grafco

Industries, Inc.

Sept. 27, 1961 filed 77,250 common. Price—$4. Business
—Manufacture of graphic arts equipment, chemicals and
supplies. Proceeds—For the operation of a subsidiary,
new product development, equipment and other corpo¬
rate purposes. Office—291 Third Ave., N, Y. Underwriter

—Philips, Rosen and Appel, N. Y.
★ Great Southern Real Estate Trust
30, 1961 filed 320,000 shares of beneficial interest.
Price—By amendment.
Business—Heal estate invest¬
ment. Proceeds—For general corporate purposes. Office
—200 First National Bank Bldg. Annex, Atlanta. Under¬
writer—Courts & Co., Atlanta.
Nov.

Greater
Nov.

14,

Pittsburgh Capital Corp.
1961 filed 250,000 common. Price—$11. Busi¬

ness—A small business investment company. Proceeds—
For investment. Office—952 Union Trust Bldg., Pitts¬

23,599 preferred and

to be offered in units

and

Guardian

(1)

115,966

ohe pre¬

preferred and

six

burgh. Underwriters—Moore, Leonard & Lynch and Sin¬
ger, Dean & Scribner, Pittsburgh.

(3) one preferred and nine common. Price—
(1) $8 per unit; (2) $14 per unit; (3) $20 per unit. Pro¬
ceeds—For debt repayment, equipment, advertising and
working capital. Office—3203 Third Ave., N., Billings,
Mont. Underwriter—Wilson, Ehli, Demos Bailey & Co.,
Billings, Mont.

• Green
(Henry J.) Instrument Co.
Aug. 24, 1961 filed 140,000 common. Price—-$2.25. Busi¬
ness—The manufacture of precision meteorological in¬
struments. Proceeds—For repayinent of loans, equip¬
ment, salaries and general corporate purposes. Office—
2500 Shames Dr., Westbury, N. Y. Underwriter—N. A,
Hart & Co., Bayside, N. Y. Offering—In January.

Girltown, Inc.
Sept. 28, 1961 filed 200,000 class A common shares. Price
—By amendment. Business—The manufacture of young
women's sportswear. Proceeds—For selling stockholders.
Office—35 Morrissey Blvd., Boston. Underwriter—Hemp¬

Nov. 29, 1961 filed 80,000 common. Price—$5.25. Busi¬
ness—General contracting for landscaping and construc¬

common;

hill, Noyes & Co., N. Y.
Glacier Publishing

.

|

International, Inc.

Sept. 15, 1961 filed 112,500 common. Price—$3. Business
—Publishing of crossword puzzle magazines, pricing

guide directories and certain annual publications. Pro¬
Repayment of debt, and working capital. Office
B'way, N. Y. Underwriter—Farrell Securities Co.,

ceeds

—

—26
★

equipment, investment in a subsidiary, research
development, moving expenses, and working capital.

and

100,000 capital shares.
Price—$6.
plans to operate a public golf
course and a private
country club. Proceeds—For pur¬
chase of land, construction and general corporate pur¬
poses.
Office—1352 Easton Rd.,
Warrington, Bucks
County, Pa. Underwriter—Metropolitan Securities, Inc.,

Futura

Equity Securities
Corp., Miami.

toothbrushes. Proceeds—For general corporate purposes.
Office—7400

Foods

mines and

Cards, Inc.

14,

Underwriter—None.

Gas Hills Uranium Co.

capital shares.
investment

business

investment.

ceeds—For

,

.

—The

Capital Fund, Inc.
2,770,000

Corp. of America

Oct. 5, 1961

Proceeds—General

Oct.

chase of

("Reg. A")

1961

23,

37

porate purposes. Office—8170 Beverly Rd., Los Angeles.
Underwriters—Raymond Moore & Co., Los Angeles and

acquisitions, debt repayment and other cor¬
porate purposes. Office—380-390 W. Middle Turnpike,
Manchester, Conn. Underwriter—Putnam & Co., Hart¬
property

capital.

(2533)

N. Y.

Glass-Tite Industries, Inc.

1961 filed 185,000 common, of which 135,000
the company and 50,000 by a stockiholder.
Price—By amendment. Business—Manufacture
of glass-to-metal hermetic seals.
Proceeds—For pur¬
Sept. 27,

are

to be offered by

★ Green

Valley

Construction Corp.

tion work. Proceeds—For debt repayment and other cor¬

porate purposes. Office—97-36 50th Ave., Corona, N. Y.
Underwriter—Williamson Securities Corp., N. Y.
Griesedieck Co.

11, 1961 filed 100,000 common to t>e offered for
subscription by stockholders on the basis of one new
share for each three held. Price—By amendment. BusiSept.

nes

—

A closed

-

end investment company.

Proceeds-

General

corporate purposes. Office—314 N. B'way, St.
Louis. Underwriter—Edward D. Jones' & Co., St. Louis.
it Guayaco
Nov.

Corp.

.

("Reg. A") 36,000 common. Price — $5.
Business—Manufacture and sale of hassocks, bench seats
29,

-

1961

.

...

.

Continued

on

page

38

38

The Commercial and Financial Chronicle

(2534)

Dec.

Continued jrom page 37

15.

writer—J.

Price—$20. Proceeds — For construction and
Office—1050 Bishop St., Honolulu, Ha¬

debt repayment.

Proceeds—For debt repayment, equipment

and leg rests.

working capital. Address—Guayanille, Puerto Rico.

and

Gulf American Fire & Casualty Co.

Business—Purchase

1961 filed 226,004 common to be offered for
,su ascription by
stockholders on the basis of three new
snares for each 10 held.
Price—$2. Business—Writing of
Sept.

^•

29,

•Sep.

Corp.

A")

("Reg.

1961

Business—Rental

of

fur

Price—$2.

150,000

coats.

common.
Proceeds—l?ur

leasehold

:

improvements, equipment, advertising, wording capital
and inventory. Office—350 Seventh Ave., N. Y. Under¬
writer—B. G. Harris

withdrawn.

Aug.

Industries,

("Reg. A")

Fabrication

—

100,000

•

cards through

capital
&

,

Marine

Electronics

1961 filed 100,000,common, of which 75,000 are
by the. company and 25,000 by a selling
•stockholder.
Price—$4. Business—Manufacture of ma¬
rine and mobile communications and electronic equip¬
and

ment

Proceeds—For

military transmitter-receivers.

general corporate
purposes.
.Office—30-30 Northern
Long Island City, N. Y. Underwriter—Charles
Plohn & Co., N. Y. Offering—Expected in January.
Blvd.,

Harvey Radio Co., Inc.
Oct. 27, 1961 filed 200,000 common, of which 100,000 are
to be offered by the company and 100,000 by a selling
stockholder.

Business—Distribution of elec¬
including high fidelity, radio and
television parts and equipment. Proceeds—For working
tronic

Price—$5.

components

capital and general corporate
43rd

Office—103 W.

purposes.

Underwriter—Michael G. Kletz & Co.,

St., N. Y.

New York.

*

Oct.

&

Appley, Inc.
27, 1961 filed" 100,000 class A common.

amendment. -Business—General real estate.
For

investment.

N. Y.

Office—101 Park Ave., Hudson,
Underwirter—McLaughlin, Kaufman & Co., N. Y.

i

Office—16

Price—By
Proceeds—

Court

Hickory Industries, Inc.
Aug. 31, 1961 ("Reg. A") 40,000
allied

manufacture

equipment.

•

Y.

selling

of

barbecue

Price—$5.

machines

and

Proceeds—For equipment, inventory,

Associates, Inc., N. Y. Offering—Imminent.

•
High Temperature Materials, Inc. (12/19)
Sept. 28, 1961 filed 120,000 common. Price—By amend¬

ment.

Business—Manufacture

models.

Hygrade

of

products

from

test

Proceeds—For equipment, research and devel¬

_

on a share-for-share basis.
Price—$3. Business—A
management investment company.
Proceeds—For in¬
vestment. Office—760 S. Hill St., Los Angeles. Under¬

nia

writer—None.

^ Honig's-Parkway, Inc.
1, 1961 ("Reg. A")
Business—Company owns

100,000
and

common.

operates

Price—$3.

three

discount

&

_

Oct.

to

Stockholders

on

the

basis

of

are

one

being of¬
new

share

Ifor each 5 held of record Nov. 7, with rights to expire




Rockville Centre, N. Y.
Underwriter—
Co., Washington, D. C.
Offering—Iw Jan.

Fund, Inc.
filed 2,000,000 common; Price — $12.50.
Business—A diversified inve^thient company. Office—:25
19,

1961

St., N. Y. Proceeds—For investment in Japanese
Co., and Paine, Web¬
ber, Jackson & Curtis, N. Y., and Nikko Securities Co.,
Ltd., Tokyo, Japan. Offering—In early January.
•
Jayark Films Corp. (12/18-22)
Aug. 24, 1961 filed 72,000 common, of which 50,000 are
to be offered by the company and 22,000 by stockhold¬
ers.
Price—By amendment.-Business—The distribution
of motion picture and television films. Proceeds—For
production of films and working capital. Office—15 E.

.

Treat

&

Inc., N.

Co.,

Expected sometime in January.

Y.

Offering—

due

Capital Investment Corp. (12/18-22)
Sept. 19, 1961 filed 250,000 common/Price—By amend-[
ment.

—Blair &

Finance & Thrift

tures

due

1974.

Price—At

shares.

Corp.

Johnson

Sept.

par.

1961

Co., Inc. •
A") 95,250 common.
Price-^-$3.
distribution and sale of industrial

filed

125,000

capital

Business—The

design

shares.

Price—By

and production - of
the -commercial and

Underwriter—Warner, Jennings, Mandel & Longstreth,
Philadelphia.

•

-

Jomar

Proceeds—For debt repay¬
Office—1403-07 E. 180 St.,
Bronx, N.' Y. Underwriter—R. F. Dowd & Co., Inc., N. Y.
gauges, thermometers, etc.
ment and working capital.

Information

Electronics, Inc.

1961

special electronic components for
military market. Proceeds—For the repayment of debt,
and working capital. Address—Box 7,
Casselberry, Fla.

("Reg.

Business—Purchase,

8,

amendment.

Underwriter—None.

9,

repay¬

and general corporate purposes. Office—514 W.
Olympic Blvd., Los Angeles. Underwriter—D. E. Liederman
& Co., Inc., N. Y. Offering—In January.

Business—A consumer
finance firm. Proceeds—For repayment of debt and ex¬
pansion. Office—339 Carondelet St., New Orleans, La.

Nov.

units

ment

Dr., Chicago, 111. Underwriter

Co., Inc., N.'Y.

Industrial

and

212,500 class A common shares to be of¬
of one $100 debenture and 25 class A
Price—$200. Business—Manufactures patented
traversing screens for use as window coverings, room
in

dividers, folding doors, etc. Proceeds—For debt

Business—A small business investment company.

Office—20 North Wacker

1S71

fered

*

-

Illinois

Plastics, Inc.
Ripley Industries, Inc., below.

See

Jorn's Greeting Card Co., Inc.
Sept. 28, 1961 filed 110,000 common.

Systems, Inc.

13, 1961 filed 1,266,000 common to be offered to
preferred and common stockholders of Ling-TemcoVought, Inc. (parent) of record Nov. 30, 1961. Price—By
amendment. Business—Furnishes industrial information,

ing

Price—By amend¬

ment.

Nov.

and

control systems.

Proceeds — For selling
Blvd., Los Angeles.

stockholders. Office—10131 National

Underwriter—Godfrey Hamilton, Taylor & Co., Inc., N. Y.
Joyce Teletronics Corp.
"
*

/Aug.

31,

1961

("Reg.

1961 filed 90,000 common. Price—$4.25. Busi¬
ness—Designs,
develops, sells
and leases automatic
packaging machines. Proceeds—For debt repayment
and general corporate purposes.
Office—441 Lexington

new
son

ties

55,000
of

common.

electronic

Price—$5.
instruments

Office—170 Coolidge Ave., En-

glewood, N; J. Underwriter—rM. H. Woodhill Inc., N.
'

Y.

Ave., Hicksville, N. Y. Underwriter—General Securi¬
Co., Inc., N. Y. Offering—Expected in January.

Electronics, Inc.
24, 1961 filed 108,000 common. Price—$6.50. Busi¬
Wholesaling of electronic parts and components
and equipment. Proceeds—For
debt repayment and gen¬

Oct.

ness

eral corporate
Baltimore.

Dynamics Corp.

of air¬

Proceeds—For working capital,
products and repayment of loans. Office—20 Madi¬

Kann-Ellert

Ave., N. Y. Underwriters—Stearns & Co. and Joseph
Nadler & Co., N. Y. Offering—Expected sometime in
January.

craft flight instruments.

A")

manufacture

used in communication.

Oct. 25,

Intercontinental

Business—Manufacture and sale of greeting cards.
loans, expansion and work¬
capital.
Office—106-11 157th St., Jamaica, N. Y.

Proceeds—For repayment of

Business—The

purposes.

Corp.

Office

Underwriter—Rubin,

-

•

2050 Rockros'e Ave.,
Rennert & Co., Inc., N;Y.
—

Keller Corp.

^u?e
ord.

1961 filed $1,200,000
debentures

due

1968.

of 6%% convertible sub¬
Price—At 100%. Business—

Development of land, construction
activities

•

International Management

11, 1961 filed €6,420 common which

fered

&

Ihnen (Edward H.) & Son, Inc.
May 16, 1961 filed 75,000 shares of common stock. Price
—$5 per share. Business—The construction of public and ' 48th St., N. Y. Underwriter—Pacific Coast Securities Co.,
\
:•
•
private swimming pools and the sale of pool equipment. * San Francisco.
Proceeds—To reduce indebtedness, to buy equipment,.
Jaylis Industries,- Inc.
and for working capital. Office—Montvale, N. J. Un¬
Oct. 18, 1961 filed $850,000 of 6%% subord. debentures

Offering—Imminent.
-

Price—$2.

common.

Broad

of paper cartons and boxes. Proceeds—
product development, expansion, repayment of a
loan and working capital. Office—92-00 Atlantic Ave.,
Ozone Park, N. V. Underwriter—P. J. Gruber & Co., *
Inc., N. Y. (mgr.). Offering—Imminent.

chanical devices used to determine the accuracy

York.

75,000

Business—Wholesale distribution of optical goods. Pro¬
ceeds—For expansion and working capital.
Office—^64

(The) .Japan

For

household

Honolulu Gas Co., Ltd.

Optical, Inc.
("Reg. A")

1961

securities. Underwriters—Bache &

July 18, 1961 ("Reg. A") 200,000 common. Price—$1.50.
Business—Manufacture of electronic
and elcetro-me-

New

30,

Oct.

5th Ave.,
Co., N. Y.

stores in the Bronx

selling bicycles, electric trains, toys,
appliances, etc. Proceeds—For general cor¬
porate purposes.
Office — 2717-25 White Plains Rd.,
; Bronx, N. ¥. Underwriter—Richard, Bruce &
Co* Inc.

Co., Inc., N. Y. Offering—Expected in January.

Jackson

Stan-Bee

Inpak Systems, Inc.

Oct. 16, 1961 filed 2,265,138 common to be offered for
subscription by stockholders of Union Bank of Califor¬

r

•

Oct.

Underwriter—None.

Co., N. Y.

Street Co.

Dee.

Distributors, Inc.
Sept. 29, 1961 filed 106,250 common. Price—$4. Business
Theatrical
distribution and co-production
of foreign

dan &
.

Aug. 30, 1961 filed 100,000 class A. Price—$5. Business

handling

Hill

Byllesby & Co., Inc., Chicago.

Interworld Film

N. Park Ave.,

Office—261
Blauner

D.

(12/26-29)

and domestic feature films. Proceeds—For
acquisition,
co-production, dubbing, adaptation and "distribution of
films, and working capital. Office—1776 B'way, N. Y.
Underwriters—General Securities Co., Inc., and S. Kas-

—Manufacture

Underwriter—L. F. Rothschild &

,

.

Packaging Corp.

opment, leasehold improvements, repayment of debt and
working capital. Office—130 Lincoln St., Brighton, Mass.

.

-

(12/11-15)

stockholders.

Underwriter—Milton

Hosts, Inc.

1981

other food establishments and gift shops. Pro¬
expansion. Office—11255 W. Olympic Blvd.,
Los Angeles. Underwriters—Glore, Forgan & Co., N. Y.
•

Sept. 20, 1961 filed 200,000 common. Price—$5. Business
of shower and window curtains. Pro¬
N.

—

sound

and H. M.

Industrial Gauge & Instrument
common.

sales promotion, expansion and working capital. Office
—10-20 47th Rd., Long Island City, N. Y. Underwriter—
J. B. Coburn

■

-—Manufacturer
ceeds—For

^"'7-

rants,

Offering---Expected sometime in January.

Hygiene Industries, Inc.

repay¬

ceeds—For

Oct. 30, 1961 filed $2,000,000 of 6% subordinated deben¬

St., Brooklyn, N. Y.
Underwriter—Arnold, Wilkens & Co., N. Y.

Business—The

purposes.

Co., San Francisco and ShearHammill & Co., N. Y.

derwriter—Amos

• Hayden Publishing Co., Inc.
Nov. 29, 1961 filed 150,000 common, of which 20,000 are
to be offered by the company and 130,000 by stockhold¬
ers.
Price—By amendment. Business—Publishes "Elec¬
tronic Design," a trade magazine in the electronic field.
Proceeds—For
debt repayment.
Office—850-3rd Ave.,
N. Y. Underwriter—Carl M. Loeb, Rhoades & Co., N. Y.
Herman

corporate

Hyatt Corp.
Oct. 20, 1961 filed 350,000 capital shares. Price — $10.
Business—Operates a chain of motor hotels. Proceeds—
For -debt repayment and general-corporate purposes.
Office
1290 Bayshore Highway,
Burlingame, Calif.

•

offered

be

pipe line sys¬
working
Office—First

eral corporate purposes/

Corp.-

Oct. 27,

to

a

Hydra-Loc, Inc.
10, 1961 ("Reg. A") 60,000 common.
Price—$2.
Business—Design, development and manufacture of a
brake control. Proceeds—For debt repayment and gen¬

Proceeds
—Repayment of debt, expansion and working capital.
Office—5330 W. 102nd St., Los Angeles. UnderwritersVan Alstyne, Noel & Co., N. Y., and Johnston, Lemon &
Co., Wash., D. C.

debt

2, 1961 filed $2,550,000 of con. subord. debentures
to be offered for subscription by stockholders
on the basis of
$100 of debentures for each 33 shares
held. Price—At par. Business—The operation of restau¬

Oct.

retail apparel and discount department stores.

Proceeds—For

Interphoto Corp.

due

Bldg., St. Petersburg, Fla. Underwriters—Blyth
Co., Inc., Lehman Brothers and Allen & Co., N. Y.

son,

elastics.

Ave., N. Y.
Underwriter —
Offering—Expected in early February.

Interstate

—

(1/2-5)

>

Price—By amend¬

Oct.

Proceeds—For expansion,

general

Inc.

common.

Office—148 Madi¬
Burnham & Co., N. Y.

and

Corp.

and

braided

and

Business

Underwriters—J. Barth &

Sept. 25, 1961 filed $5,000,000 of conv. subord. debentures
due 1981. Price—By amendment. Business—Operation of

Hartman

i

Inc.

15, 1961 filed 200,000 class A common. Price—$9.
The wholesale distribution of photographic
equipment and supplies* Proceeds—For the
selling stockholders. Office — 45-17 Pearson St., Long
Island City, N. Y. Underwriters—C. E. Unterberg, Towbin Co., and Arnhold & S. Bleichroeder, ,Inc., N. Y. Of¬
fering—Expected in. late .-January.

Business

Houston

gas.

Electronic International,

son

•

Federal

Underwriter-r-None.

Hartfield Stores, Inc.

>

Co., Inc., N. Y. Offering—Expected in January.

Price—$9.75. Business—The operation of

Harleysville Life Insurance Co.

•

filed 150,000 common.
distribution of cosmetics.

natural

Office—

Co., Inc., N. Y. Note—This firm formerly was

as

International Stretch Products

thread

Proceeds—For sell¬

of

working capital.

St., Paterson, N. J.—Underwriter—Theodore

ment and general corporate purposes.

9, 1961 filed 583,334 common being offered for
subscription by holders of common and class A stock
of record Dec. 6 with rights to expire Dec. 19, 1961.

ment, inventory and working capital. Office—11 Tenth
Ave., S., Hopkins, Minn. Underwriter—None.
Sept. 21, 1961 filed 40,000 common. Price—$15. Business
—The writing of all types of life insurance and an¬
nuities. Proceeds—Working capital. Office—Harleysville,

Price—$4.

tem

120,000 common. Price—$2.
of
precision instruments.

A")

manufacture

ment. Business—Production and sale of extruded rubber

June

Proceeds—For equip¬

franchised dealers.

15th
&

(1/8-12)

Mech-Tronics, Inc.

("Reg.

Sept.

•

(1/8-12)

Happy House, Inc.

Co., Inc., Norfolk. Offering—

Nov. 27, 1961 filed 300,000

Inc.

Westmore,

&

—

July 28, 1961 filed 700,000 common shares . Price—$1.
Business—The marketing of gifts, candies and greeting

Pa.

of

•

ing stockholders. Office—120 E. 16th St.,;N. Y. Under¬
writers—Brand, Grumet & Seigel, .Inc. and Kesselmqn

Price—$3.

common.

components for missiles, jet

of

engines, aircraft landing gears and precision machines.
Machinery, research and development and
working capital. Office—40 Sea Cliff Ave., Glen Cove,
N. Y. Underwriter—Albion Securities Co.,'Inc., N. Y.

Proceeds

Securities, Inc., Rego Park, N, Y.

Sale and

(12/18-22)

Inc.

176 E.

known

House

&

Proceeds—For equipment and

general

Oct. 27, 1961

1961

11,

Proceeds—For

S.

Arrin

Note—This letter was

<

Hannett

Business

& Co., N. Y.

U.

• Hoosier Soil Service, Inc.
Nov. 28, 1961 ("Reg. A") 41,939 common, of which 11,939
are to be offered to preferred and common stockholders
and 30,000 to the public. Price—$6.75. Business^-Processing and marketing of fertilizers. Proceeds—For redemption of preferred stock and working capital. Address—
Bluffton, Ind. Underwriter—Patterson Securities & In¬
vestment Co., Inc., Fort Wayne, Ind.

Underwriter—None.
Rental

76,500 common. Price—$3.75.
pearls in Japan and

cultured

the

1961

1

Business—The

writer—Sunshine

insurance. Proceeds—To increase capi¬
and surplus.
Office—25 S. Perry St., Montgomery,

Jialtone

of

in

Thursday, December 7, 1961

McLean

B.

International

Sept.

corporate purposes. Office—42 W. 48th St., N. Y. Under¬

fire and casualty

tal

distribution

their

28,

Ala.

•

ic Honora, Ltd.
Nov. 29, 1961 ("Reg. A")

Underwriter—I,,R. E. Investors Corp., Levittown, N. Y.

.

imminent.

Underwriter—None.

waii.

*

.

in
cu

Yetter

of homes and related

Florida,

quisition

iProceeds—Repayment of debt, ac¬
Homes, Inc., and general corporate

Aug. 21, 1961 ("Reg. A") 100,000 common (par $1). Price ' purposes.^ Office—101; Bradley Place, Palm Beach, Fla.
Underwriter—Casper Rogers & Co., Inc., N. Y. Note—
—$3. Proceeds—For loans to subsidiaries and working
This registration
capital. Office—7510 Bi Granby St., Norfolk, Va. Under¬
may be withdrawn.

Volume

194

Number

6114

.

.

The Commercial and Financial Chronicle

.

,(2535)
Kellwcod Co.

•

Oct.

1961

24,

(12/14)

filed

380,000

Larr

—

Kelly Girl Service, Inc. (1/8-12)
27, 1961 filed 100,000 common, of which 25,000 are
be offered by the company and 75,000
by a stock¬

holder.

P

Dec.

i

Francisco..

•

ness—The production of television
films.

1961

1,

filed

405,000

class

A

common.

Price—$5.

• MRM Co., Inc.
29, 1961 ("Reg. A")

Nov.

Lehigh Press, Inc.
3, 1961 filed 155,000 common, of which 45,000 are
to be offered by the company and
110,000 by stockhold¬
ers.
Price—By amendment.
Business—A commercial
printer.
Proceeds—For a new plant, moving expenses

•

Rides, Inc.;
Sept. 12, 1961 filed $1,000,000 of 7% convertible subordi¬

.

Liberian

.

,

Ore

1971 and 30,000 common to be of¬
$1,000 debentures and 30 of common,

IMacfaddon Publications, Inc.

•

Kino

Nov.

Camera

Co.

bentures due 1971. Price—At par. Business—Book and
magazine publishing. Proceeds—Debt
repayment,* mov¬
ing expenses and working capital. TOffice—205 E. 42rifl

•

St., tN.
be refiled.

$5,871,500 of debentures

Liberian
Liberian

21; 1961 filed 75,000 common.

Price—$5. Business
—Importing and distribution of cameras, binoculars and
photographic equipment. Proceeds—For debt repayment <
and working capital. Office—889 Broadway, N. Y*w Un¬
derwriter—Underhill

Securities

Corp., N. Y.

$15.85; Class C—$104
stockholder.

m

King Louie Bowling Corp.
Sept. 27, 1961 filed 325,000 common. Price—$3. Business
—Operates, a chain of bowling centers. Proceeds-^Repay
debt and for
other corporate purposes.
Office<«-8788
Metcalfe Rd., Overland Park, Kan. Underwriter—George
_

Inc.

(12/20)

Linco

ceeds—For
working capital.
Office—401 Butler
St.,
Brooklyn, N. Y. Underwriters — Netherlands SecUFFEies
Co., Inc., and Herbert Young & Co., Inc., N. Y.
.

nam

;

Y.

Underwriter—Gianis .&

Co.,

•

of aerosol

-

of

&
.

paints,

Proceeds—For

•Tiilv

Drug Co., Inc.

•




—

.

—

Manufacture

and

sale

of

children's

Ross, Inc. and Samson, Graber & Co., Inc., N. Y.

Lori-Bari

24,

Systems, Inc.
1961 ("Reg. A") 50,000

common.
Price—$5.
baking of bread, rolls, pastry, etc. .Pro¬
general
corporate
purposes.
'Office—2421

Business—The
ceeds—For

"Broadway, N. Y. Underwriters—Crosse & Co., Inc. and
Jay Chermy & Co., Inc.,'N. Y. Note—This letter has been
withdrawn.

Ludwig Engineering & Science (12/11-15)
Oct. 5, 1961 filed 125,000 common.
Price—By amend¬
ment.
Business—Renders
engineering and research
.services. Proceeds—For equipment, debt repayment and
working capital. Office—150 E. Foodhill Blvd., Arcadia,

was

Marie

*

common.

Price—$5. Business

withdrawn.s-

Design & Mfg. Corp. v

Nov. 14,1961 ("Reg. A") 55,000 common.
Pirce—$4. Busi¬
Manufacture of waste water filters and filtering

ness—

systems.

Proceeds — For debt repayment and working
Office—610 'W. 18th St., Hidleah, Fla. 'Under¬
writers—Shawe & Co., Inland Terrio & Co., Inc., Wash¬
ington, D. C.

capital.

Markite Corp.
Oct.

26, 1961 filed >100,000 common.

ment.

filed 165,000 common/ Price—By amend¬

Business

Laboratories, Inc.

debt, equipment research and development, and work¬
ing capital. Office—375 Fairfield Ave., Stamford, Conn.
Underwriter—Amos Treat & Co., N. Y. Note—This regi¬

stration

Lithoid, Inc.

Nov.

—

-

.

—The manufacture of pool filters and accessories and
tools, dies, metal stampings, etc. Proceeds—For moving
■texpenses, -purchase of equipment, promotion of a new
product and working capital. Office—199 Bleecker St,
Brooklyn, N. Y. Underwriter—None.

common.

vertising, v leases, .and working capital. Office — 2701
Stocker St., Los Angeles. Underwriter—Pacific Coast
Securities Co., San Francisco. Offering—In January.

r.,

Devices, Inc.
Sept. 14, 1961 filed 100,000 common. Price—$5. Business

shares._ Price—$4.50.
Business
The manufacture of pharmaceuticals. Pro¬
ceeds—For repayment of a loan, purchase of equipment,
research
and
development, advertising and working
capital. Office—1 Bala Ave., Bala-Cynwyd, Pa. Under¬
writer—Stevens Investment Co., Bala-Cynwyd, Pa.
,

4

"

Lomart Perfected

pay¬

Laboratory Procedures, Inc.
Sept. 29, 1961 ("Reg. A") 100,000 capital shares. Price—
$2.50. Proceeds—For debt repayment, equipment, ad¬

.l ^

St., N. Y. Underwriter—Continental Bond
Share, Maplewood, N. J. Offering—In-January.

Glass &

(12/19)

^6, ;1961-*filed JOOOOO

Office—Louisville, Ky. Un¬
Co., Nashville, Tenn. and

clothing. Proceeds —-For debt repayment and working
capital. Office—112 W. 34th St., N. Y. Underwriters—

v

Co., N. Y.
Manson

--/Research and manufacture of«.equipment for: military
and industrial ; applications. Proceeds —
Repayment .of

;

&

$4.50 .debenture

one

Nov. .29, ,1961

of taxes,, new

L. L.

>•

debentures due

ment.

products, down payment on a new
plant and general corporate purposes.
Office—401 N.
Broad St., Philadelphia. Underwriter—Marron, Sloss &
Co., Inc., New York (managing).
•

ment, a; laboratory, inventories.and working capital. 'Of¬
fice—136 Liberty St., N. Y. Underwriter—L. D. Sherman
&

By amend¬
Proceeds—

• Little Ruffy Togs, Inc.

Business—The manufacture of machinery for production
.

C. Bradford

—

company.

.

Manufacturing Co. ;.(.12/11-15)

transistors and similar devices.

Price

common.

insurance

1961 filed 120,000 common. Price—$3. Business
—Development and manufacture of equipment and sys¬
tems
for
the
photographic data processing industry.
Proceeds—For general corporate purposes. -Office—232
Cleveland Ave., Highland Park, N. J.
Underwriter—
Godfrey, Hamilton, Taylor & Co., Inc.,*N. Y.

15, 1961 filed .122,980 common shares, of which
100,000 shares are to be offered by the company and
22,980 ;shares by stockholders.
Price—By amendment.

ment

life

Nov. 22,

.Aug.

of

Price—$3.

Sept. 26, 1961 filed 200,000

—333 Hudson

.

Soffa

subordinated

Business—Sale of scientifically tested biochemicals and
pharmaceuticals. Proceeds—For new quarters, equip¬

Insurance Co.

(with one warrant) and one
share. Price
$6 per unit. Business — Litho¬
graphy printing and the manufacture of offset printing
plates. Proceeds—For general corporate purposes. Office

protective coatings and other aerosol products. Proceeds

&

Life

& Co., Louisville, Ky.

jcommon

—-For-selling stockholders. Office—Norristown, Pa. Un¬
derwriter—Eastman Dillon, Union Securities & Co., N. Y.
Offering—Expected in mid-January,
Kulicke

senior

debentures

Litho-Tone, Inc.

7%

spray

Major Finance Corp. (12/12)
Aug. 18, 1961 filed $200,000 of 7%

.

17, 1961 filed $247,500 of convertible subordinated
1971 (with attached warrants) and
55,000 common shares to be offered in units consisting

N. Y.

Krylon, - Inc.
15,il961 filed 250,000/.common. Price—By amend¬
Manufacture

working capital.

•

Nov.

Nov.

—

Business—A

*W. :L. Lyons

Ave., N. Y.Underwrjter—None.Offering—Imminent.

ment. eBusiness

Income

For the selling stockholder.

.

.5th

and

York. Underwriter—To be named.

A

derwriters—J.

Ave.,

• Kratter
Corp.
•
'Sept. 27, 1961.filed $100,000,000 of 6% subord. debentures
due 1976 (with attached five-year warrants to purchase
*2,000,000 class A common) to be offered to holders of
class A and class B shares at the rate of $1,000 of de; bentures for each 50 shares held.
Price—$1,000. Busi¬
ness—Real. Estate investment. Proceeds—Repayment of
debt, investment, and corporate purposes. .Office—521

By

publishing of business pe¬
promotion, a new publication
Office—660 Madison Ave., New

1

—

Oct. 31, 1961 filed 45,000

mercial and industrial organizations. Proceeds—Debt re¬
N.

—

Business—The

riodicals. .Proceeds—For

International, Inc.

Lincoln

ment.

Ninth

^amendment.
.

St., New Britain, Conn.
Distributor—Horizon Management Corp., New York.

Underwriter—Put¬

Office—76

Co., N. Y.

Magazines For Industry, Inc.
«Aug. 2, 1961 filed 135,000.common shares. Price

For investment. Office—300 Main

,

capital.

Proceeds—For

->

derived from the sale of put and call
options. Proceeds--

.

;Koster-Dana Corp. (12/26-29)
Sept. ,28, 1961 filed 70,000 common. Price—$5. BusinessPublishing of informational booklets for financial, com¬

working

/&

non-diversified, open-end, managementtype investment company whose primary investment ob¬
jective is capital appreciation and, secondary, income.

•

payment .and

12340

—

1961 filed 100,000 common, of which 40,000 are
to be sold by the company and 60,000 by stockholders.
Price—By amendment. . Business—Manufacture of op¬
tical enuipment. ^Proceeds—-For debt repayment. Office

King St., Northampton, Mass.
& Co., Hartford.

automobile, electrical utility and telephone
working capital.
Office-^
Cloverdale, Detroit, .Underwriter—Charles Plohn

industries.

—

Business

Nov., 9,

—347

removal and working cap¬

due T9t\/(With attached warrants) and
100,15, 1961 ("Reg. A") 75,000 common. Price
$4. ' 000 common shares to be offered in units consisting of
Business—Operation of 20 departments in closed-door
■^lOO debenture '(with a warrant to purchase one com¬
membership department stores. 'Proceeds—For general
mon
share at $4) and'50 common shares.
Price—$300
corporate purposes. Office—1510 Page Industrial Blvd.,
per unit.
Business—Consumer finance.
Proceeds—For
Overland, Mo. Underwriter—R. L. Warren Co., St. Louis.r working capital. Office—912
Thayer Ave., Silver Spring,
Lincoln Fund, Inc.
Md. Underwriter—Manhattan Eastern
(12/11-15)
Corp., N. Y. (mgr.)
March 30, 1961 filed 951,799 shares of common stock.
Mann Research
/Laboratories, lnc.( 12/11-15)
Price
Net asset value plus a 7% selling commission.
Sept. 21, 1961 - ("Reg. A") 100,000 common.

p*

J

andadvertising, plant

ucts for the

Inc., N. Y.

Nov.

+ Knickerbocker
Toy Co., Inc.
Sept. 27, 1961 filed 100,000 common. Price—By amend¬
ment. Business—Design and manufacture of
toys/JPro-

Corp..

.

Price—$3.25.

Co.,
Offering—Expected sometime in January.

testing. Proceeds—For the selling stockholder. Office—
300 W. 43rd St., N. Y "Underwriters—Paul Eisenberg
Co.,
Magnus & Co., Inc., N. Y.

Kollmorgen

common.

-

Macord Industries, Inc. >( 12/11-15)
/Sept. 28,11961;filed 300,000 . common, of which 100,000
are to be offered
by the company and 200,000 by stock¬
holders. Price—$5.
Business—Molding of plastic prod¬

B—

unit. Proceeds—For the selling

—

Inc. and

•

Class

Business—The manufacture of toys, games and novelties.
Proceeds—For new equipment,
advertising, and repay¬
ment of loans. Office—349 Rider
Ave., Bronx 51, N. Y
Underwriter
Flomenhaft, Seidler &

and cells used for blood groupinjpand

serums

per

A—$10;

•

>'

Dec., 23, 7960 filed 75,000 common. Price—$6. Busfhess
"^-Manufacture,* packaging and distribution of a line of

diagnostic

of

Business—A holding company for stock

Lido Corp.
Aug. 29, 1961 ("Reg. A") 84,000

*

K.iBaum & Co., Kansas City, Mo. Offering—In January.
Knickerbocker Biologicals

Price—Class

'•

/ .*.

...

ital. Office—189 Lexington
Ave*, N. Y. 16, N. Y. Under¬
writer—Continental Bond & Share Corp.,
Maplewood, N.J.
Offering—Expected in late January.

None. Note—The record date for the
offering is Nov. 15
and the rights expiration date Dec.
27, 1961.

•

•

motion

of
Liberian American-Swedish Minerals
Co., which is en¬
gaged in the exploitation of iron ore deposits in Liberia.
Address—Prince Edward Island, Canada. Underwriter—

Offering

—Expected in February.

shares.

~

exercise and slenderizing
equipment. Proceeds—For re¬
payment of-loans, eqmpment, new
products, sales pro¬

American-Swedish

Iron

;

MacLevy Associates, Inc.
July 20,1961 ("Reg. A") 150,000 common shares
(par one
cent). Price—$2. Business—The distribution of
health,

Minerals Co., subsidiary,
units, each consisting of $100 of debentures and three

in

"

•

Ltd.

subscription by stockholders of International African
American Corp. Latter stockholders will receive
class A

Co., Chicago.

Underwriters—First Broad Street Corp. and
Y. Note—This registration will

Lieberbaum &tCo., N.

for

Inc.

I

Sept. 28, 1961 filed $5,300,000 of convertible subord. de¬

Price—By amendment. Business—The operation of;coin
rights to acquire 40,000 capital shares on the basis of
/operated children's^ amusement equipment. Proceeds— ; one for each 22 held; class B rights to acquire
220,182
For repayment of loans, equipment and general corpo¬
.on the basis of one for each four
held; and class C rights
rate purposes. Office—2557 W. North Ave., Chicago. Un¬
to acquire 176,145 shares and
derwriter—Paul C. Kimball &

Price—$2.

-Berry St.,

Sept. 14, 1961 filed 436,327 capital shares being offered

nated debentures due
of

Iron

150,000«common.

-

••

Kiddie

Proceeds—For

Brooklyn, N. Y. Underwriter—A. J. Gabriel Co., N. Y,
-

,

units

St.

and manufacture of automatic
filling
machines and related, equipment.
Proceeds—For debt re¬
payment, and working capital. Office — 191

Kendall Industries, Inc. (12/12-14)
and equipment.
Office—2400 E. Huntingdon St, Phila¬
Sept. 11, 1961 filed 150,000 common, of wnich 100,000 are
delphia. Underwriter—Harrison ,& Co., Philadelphia.
to be offered by the company and 50,000 by a
selling ;
Leslie' (Joyce) , Inc.
'
stockholder.- price—$4. Business-^-The manufacture of v
Sept. 28, 1961 filed 100,000 common. Price—$5.50. Busisliding aluminum ..windows; and doors. Proceeds—For
ness—Retailing of women's apparel. Proceeds—For ex-- /
equipment and general corporate purposes. Office—5581
pansion, inventories and working capital. Office—850
Air Terminal Dr.. Fresno, Calif.
Underwriter—Currier
Flatbush Ave., Brooklyn.
Underwriter—Seymour, Ber¬
& Carlsen, Inc., Los Angeles.
nard & DuBoff, Inc., N. Y.

fered in

Inc.,

Business—Design

Nov.

•

V/

Co.,

filming and production and working capital. Office—
1501
Broadway, N. Y. Underwriter—Ehrlich, Irwin &
Co., Inc., 50 Broadway,; N. Y.

c

'

&

Lunar: Enterprises, Inc. \(
12/29)
Aug. 31, 1961 filed 125,000 common.
Price—$5.75. Busi¬

Business—Real estate. Proceeds—For repayment of debt.
Office—41 E. 42nd St., N. Y. Underwriter—None.

e—By amendment. Business—Furnishes
temporary
office
.clerical
services.
Proceeds—For
working capital. Office—13314 Woodward Ave., High¬
land Park, Mich. Underwriter—Dean Witter &
Co., San
r

Underwriter—Dempsey-Tegeler

Louis.

^ Leader-Durst Corp.

Oct.
to

Calif.

("Reg. A") 75,000 common. Price—$2. Pro¬
expansion, equipment, research and devel¬
opment and working capital/ Office—1375 West'Maple
St., Denver. Underwriter—Schmidt, Sharp, McCabe &
Co., Inc., Denver.
ceeds—For

—

•

Optics & Electronics Co.

Oct. 2, 1961

Price—By amend¬
ment.
Business
Manufacture of clothing, camping
equipment and bedding items principally for Sears, Roe¬
buck & Co. Proceeds—For selling stockholders. Office—
111 W. Monroe St., Chicago. Underwriters
Goldman,
Sachs & Co. and Lehman Brothers, N. Y.
common.

39

For

Price—By amend¬

Business—Development, design, manufacture and

•sale of precisionPlectromechaiiical
debt repayment

devices.

Proceeds—

and working capital.
Office—155
Y. Underwriter—C. -E. Unterberg,

Waverly Place, N.
Towbin:Go., N/Y.TOffering—^Expected sometime in Jan.
I

Marks Polarized Corp.

C12/15)
1961 filed 95,000 common shares. Price — By
amendment. ^Proceeds — For expansion, acquisition ♦of
new facilities and other
corporate purposes. Office—15316 Tenth /Ave., Whitestone, N. Y.
Underwriters—Ross,
Lyon & Co., Inc. (mgr.), Glass & Ross, Inc., and Globus,
Inc., N. Y.iC.

June 27,

o

Marlene Industries Corp.
(12/20)
Aug. 29, 1961 filed 225,000 common, of which 150,000 are
to be offered by the company and
75,000 by stockholders.
Price—$7. tBusiness—The manufacture of ladies' wear.

Proceeds—For working capital. Office—141 W. 36th St.,
N.Y.C. Underwriter—Bernard M.Kahn&Co., Inc., N.Y.C.
e

Marshall Electronics Co.

(12/26^29)
1, 1961 /(""Reg. A") 100,000 common. Price — s$3.
Business—Manufacture of rectifiers, regulators, thermo¬
couple tubes, and thyratrons. Proceeds—For expansion,
Nov.

research and
—54 Summer

Bruce &

development, and working capital. Office
Ave., Newark, N. J. Underwriter—Richard

Co., Inc.. N. Y.

Martin

Yale

Business

Machines

Corp.

{(12/11-15)

.

-

Sept. 27,1961 filedrlOO.OOO

common (with attached threepurchase 40,000 shares at $5, to be of¬
fered in units of one share and a warrant to purchase

year warrants to

Continued

on

page

40

40

The Commercial and Financial Chronicle

(2536)

Continued from page

Merit

39

Sept.

Business—Manufacture
folding machines,
photographic dark room accessories and envelope open¬
ing machines. Proceeds—Advertising sales, promotion,
new
products and working capital. Office—2450 Estes
Ave.,
Elk Grove Village, ill.
Underwriter—Arnold
Price—$3.50 per unit.

0.4 share.
of

paper

cutters and trimmers, paper

Malkan & Co., Inc.,

N. Y.

it Masury-Young Co.
^Dec. 4, 1961 filed 100,000 common. Price—$6. Business—
Manufactures commercial and industrial floor mainte'<■

Proceeds

products.

nance

of debt,
Office—76
Dabney &

repayment

For

—

equipment, and other corporate purposes.
Roland St., Boston. Underwriter—Townsend,

are

Metallurgical International, Inc.
Sept. 26, 1961 filed 145,000 class A. Price—$3. Business
—Reprocessing and manufacturing of rare refractory
metals. Proceeds—Repay debt, taxes, purchase equip¬
ment, and working capital. Office—174 Main Ave., Well¬
ington, N. J. Underwriter—Mortimer B. Burnside & Co.,
N. Y.

Metalfab,

of which 125,000

the company and 75,000 by a selling
Price—By amendment. Buisenss—Operates

private cafeterias and public restaurants. Proceeds—For
debt repayment and general corporate purposes. Office
—25
E.
Lee St.,
Baltimore. Underwriter—Stein Bros.
&

Inc.

1976

working

Office—First

capital.

Elm

and

Meust Coal

Coke Corp.

&

Oct.

18, 1961 filed 100,000 common. Price—$2. Business
of electronic cases and containers, and

precision sheet metal products. Proceeds—For debt re¬
payment, and other corporate purposes. Office — 111
Bloomingdale Rd., Hicksville, N. Y. Underwriter—Frank
Karasik & Co, N. Y.

(1/2-5)

13, 1061 filed 250,000 common. Price—By amend¬
ment.
Business—Mining of bituminous coal. Proceeds

Nov.

Meteor
Oct.

Office
Underwriter—Eastman Dillon,

and purchase of equipment.

—For debt repayment

Ave.,

31,

Oct.

26,

Inc.
offered

be

100,000

common, of which
by the company and

rence,

100,000

shares

are

shares

stockholders. Price—By amendment. Busi¬
of self-service discount department
Proceeds—For debt repayment and working cap¬

to

Oct.

(1/29- 2/2)

for

each

Business

ment.

—

Magazine publishing.

Proceeds

possible expansion and diversification,
capital. Office—230 Park Ave., N. Y.

Measurements

working
Underwriter-

debt

Inc.

—

Adams & Co., Los Angeles.

Inc.

Medex,

Price—By amend¬

Sept. 27, 1961 filed 110,000 common.
ment.
Business—Development and

manufacture of a
hospital and surgical supplies. Proceeds
construction, inventory, research and working cap¬

limited line of
—For

Office—1488 Grandview Ave., Columbus, Ohio.

ital.

Un¬

derwriter—Globus, Inc., N. Y. Offering—In January.
~

Medical
Oct.

26,

Fund, Inc.

1961 filed 2,000,000 capital shares.

Price—$10.

Business—A closed-end diversified investment company.

investment

Proceeds—For

medicine.

Address

Fleetwood Securities

serving

investment

Price—$10.

company

which

13,

1961 filed 250,000

ness—Manufacture
Proceeds—For

Studio

of

general

Price—$10. Busi¬
electronic
equipment.

medical

corporate

purposes.

O f f i

c e—

City, Calif. Underwriter—Financial Equity Corp.,

Meehan-Tooker

Co., Inc. (12/11-15)
Sept. 8, 1961 filed 100,000 common. Price—$5. Business
—The printing of advertising material, annual reports,
booklets etc., by offset lithography. Proceeds—For the
purchase of a high-speed press, the repayment of debt,
establishment of

a

department, and working capital.
St., N. Y.
Underwriters—Harry
Odzer Co., N. Y. and Bruno-Lenchner, Inc., Pittsburgh.

Office—170

'•

Melnor

new

Varick

Industries, Inc.

(1/2-5)

Nov.

15, 1961 filed 152,500 common, of which 52,500 are
to be offered by the company and 100,000 by stock¬
holders.
Price
$11.
Business
Manufacture
of
—

•

—

and
garden
sprinkling equipment.
Proceeds—
general corporate purposes. Office—Moonachie, N. J.

ing capital. Office—26 Dalbert, Carteret, N. J.' Under¬
writer—Harry Odzer Co, N. Y. Offering—In mid-Jan.
/Mobile

holder.

Office—8 WestUnderwriter—First Philadel¬

Corp.

of

Business—Sale
and
expansion, repay¬
capital.
Office—8472 S.

amendment.

•

Proceeds—For

trailers.

ment

of debt, and working
Figueroa St, Los Angeles. Underwriters—Kleiner, Bell
& Co, Beverly Hills, Calif, and Hardy & Co., N. Y.
/
_

Modern Pioneers' Life Insurance Co.

Nov.

6,

life

capital

crease

105,297 common. Price — $2.
company. Proceeds—To in¬
Office—811 ;N. Third St,
Associated General Agents of

("Reg. A")

1961

Business—A

insurance

surplus.

and

Underwriter

—

America, Inc.

Molecular

Dielectrics, Inc. (12/18-22)
filed 150,000 common, of which 135,000
are to be offered by the company and 15,000 by Cardia
Co. Price—$5. Business—The manufacture of high-tem¬
perature electronic and electrical insulation materials.
Proceeds—For equipment, a new product and working
capital. Office—101 Clifton Blvd., Clifton, N. J. Under¬
writers—Street & Co, Inc. and Irving Weis & Co., N. Y.
Sept.

1961

1,

•

Mon-Dak

Feed

Inc.

Lot,

Price—$3.
others.
drilling of water test wells, purchase of
land,
construction, general administrative
costs and
working capital. Address—Glendive, Mont. Underwriter
—Wilson, Ehli, Demos, Bailey & Co, Billings, Mont.
July

1961

17,

filed

Business—The

150,000

breeding

of

common

livestock

shares.
owned

by

Proceeds—For

Offering—Imminent.
•

Monmouth

Electric

(12/11-15)

Co., Inc.

Aug. 28, 1961 filed 200,000 common, of which 125,000 are
be

to

offered

by the

company

and 75,000 by stockhold¬

Price—$6. Business—Manufacture of electronic and

equipment. Proceeds — Machinery,
working capital. Office—1802 Corliss
Ave, Neptune, N. J. Underwriters—Cruttenden, Podesta
&

loans

Monticello

April

Corp.
A")

("Reg.

50,000

Investment

common.

Corp.

Office—1730

purposes.

K

Underwriter—Affiliated

St, N. W, Washington,
Underwriters, Inc.

Motor

Oct.

("Reg. A") 150,000 class A shares.'Price—
Business—Manufacturer of; precision metal com¬

Proceeds—For'
debt
repayment
and
working
capital.
Office—9-11
Cleveland St, Valley Stream, N. Y.
Underwriters—T.
M. Kirsch Co, Inc., N. Y. and Nelson Securities, Inc.,
Hempstead, N. Y. «/■
V
ponents, assemblies and sub-assemblies.

Minuit

Investing Corp.
Aug. 4, 1961 ("Reg. A") 28,000 shares of 80 cents cumu¬
lative, participating preferred stock (par $1). Price—$10.
Business—An investment company.
Proceeds—For ac¬

quisitions, working capital and general corporate pur¬
poses.
Office—225 Broadway, New York 7, N. Y. Un¬
derwriter—Pine Tree Securities, Inc., N. Y.
10,

of

Elliette,
1961

Business

women's

Inc.

—

(12/26-29)

Price—By amend¬
Design, manufacture and distribution

filed

dresses.

100,000

common.

Proceeds—For debt

repayment, in¬

ventory and expansion. Office—1919 S. Los Angeles St,
Los Angeles. Underwriter—F. L. Rossmann

Mercury Photo Corporation
Sept. 26, 1961 filed 100,000 class A. Price—$5. Business
—Processing and wholesaling of photographic film, etc.
Proceeds—For expansion, equipment, and
working cap¬
ital. Office—275 Clinton Ave., Newark, N. Y. Under¬
writer—General Securities Co., S. Kasdan &
Cq., Inc.,
N. Y. C., and Dual Planning
Corp., Garden City, N. Y.

Hollywood

Offering—Imminent.

ferred

& Co, N. Y.

Business

valve.

—

300,000 common. Price — $1.
Production and sale of new type butterfly

Proceeds—For

duction

Parts

Proceeds

and

Inc.

Co.,

75,000

common.

Industries,

Inc.

120,000 class A shares. Price

For

—

debt

repayment

of

and

—

By

automobile parts.

working capital.
Y. Un¬
Jan.

Office—900-908 S. Oyster Bay Rd, Hicksville, N.
derwriter—Street & Co, Inc., N. Y. Offering—In

Municipal Investment Trust Fund, First Pa.

<

~

(12/18-22)

April 28, 1961 filed $6,375,000 (6,250 units) of interests.
Price—To-be supplied by amendment.
Business—The
fund will invest in tax-exempt bonds of the Common¬
wealth of Pennsylvania and its political sub-divisions.
Proceeds—For investment.
Sponsor—Ira Haupt & Co.,
Ill

Broadway,

N.

Y.

C.

Municipal Investment Trust Fund, Series B
'
April 28, 1961 filed $12,750,000 (12,500 units) of interests.
Price—-To be supplied by amendment. Business —The
fund will invest in tax-exempt bonds of states, counties,
municipalities and territories of the U. S. Proceeds—For
investment.

Sponsor—Ira Haupt & Co, 111 Broadway,
Offering—Expected in early 1962.

N. Y. C.

Mutual

—A

Credit Corp.

("Reg. A") $300,000 of 6V2% convertible
debentures, due 1971. Price—At par. Business

3,

1961

finance company.

Proceeds—For general corporate

Address—Keene, N. H. > Underwriter—ChilNewbery & Co., Inc., Kingston, N. Y.

purchase

son,
•

NAC

Charge Plan and Northern Acceptance Corp*
1961 filed 33,334 class A common shares. Price

June 27,

—By amendment.
fice—16

•

of the patent

development of the valve.

Blvd., Hollywood, Calif.
Securities, Inc., Phoenix.

and pro-;
Office — 5909

Underwriter—Pre¬

Proceeds—For working capital.

- Of¬
St, Baltimore,; Md. Underwrite*
Co, Washington, D. C. Offering—Imminent.

East

—Sade &

Pleasant

Nalley's, Inc.
9, 1961 filed 210,000 common, of which 130,000

Oct.
to

are

be offered

ers.

by the company and 80,000 by stockhold¬
Price—By amendment. Business—The production

of food

products. Proceeds—For

a
new plant, leasehold
working capital/Off ice—
3410
S. Lawrence St., Tacoma, Wash.
Underwriter-^-,
Blyth & Co, Inc., N. Y. Offering—Imminent. -

and

plant improvement

and

Narrows Premium Corp.
Sept. 25, 1961 filed 100,000 common. Price—$4. Business
Financing of casualty insurance premiums in New
York State. Proceeds—General
corporate purposes. Of¬
fice—9805

Fourth Ave,
Brooklyn, N. Y. UnderwriterPearson,'Murphy & Co, Inc., N. Y.
National

tAt Missile Valve Corp.
24, 1961 ("Reg. A")

Nov.

Mfg.

of

purposes.

Components, Inc.

Nov. 17, 1961

Miss

&

A")

amendment. Business—Distribution

subord.

•

("Reg.

1961 filed

30,

Nov.

Oct.

1961

Proceeds—To repay loans and for

ment. Business—Wholesaler and distributor of electronic

Milo

Lumber

Price—$4.
lumber, building supplies and hard¬
working capital.
Address—Monticello, N. Y. Underwriter—J. Laurence &
Co, Inc., N. Y.
I
11,

Business—Sale

Offering—Alm-

Milgray Electronics, Inc.
Sept. 26, 1961 filed 166,667 common. Price—By amend¬

$1.

and

Co, Chicago and Spear, Leeds & Kellogg, N. Y.

ware.

Oct. 16, 1961 filed 200,000 common.
Price—$2. Busi¬
ness—Company plans to engage in the commercial fi¬
nance and factoring business.
Proceeds—General corpo¬

ment.




Price—$1.10.

working capital.

and

Plastics

1961

Midwestern

lawn

•

Rentals

Price—By

leasing

repay

Price—$4.
Business—Manufacture of plastic film.
Proceeds—.For
building improvements, new equipment and working
capital.
Office—640 Dean St, Brooklyn.
Underwriter
—S. Schramm & Co, N. Y. Offering—Imminent.
15,

For

Underwriter—Francis I. duPont & Co., N. Y.

Inc.

1961

Series

Micron

Sept.

common.

Los Angeles.
•

27,

parts. Office—136 Liberty St, N. Y. Underwriter—Marron, Sloss & Co, Inc., N. Y.
Offering—In early January.

Medical Video Corp.

Estates,
filed

140,000 common shares. Price—$6.
Proceeds—To purchase land, construct and develop about
250 mobile home sites, form sales agencies and for work¬

minent.

rate

sociates, Inc., Denver.
Nov.

Mobile

June

ers.

writer—Underhill Securities Corp, N. Y.

D. |C.

open-end.

R.

Micro-Lectric, Inc.
12, 1961 ("Reg. A") 55,000 common shares (par 10
cents). Price—$4. Business—The manufacture and de¬
sign of potentiometers used in computers, ground control
guidance systems -and missiles. Proceeds—For tooling
and production; repayment of loans; equipment; adver¬
tising; research and development and working capital.
Office—19 Debevoise Avenue, Roosevelt, N. Y. Under¬

Business
to

—

June

plans

Proceeds—For investment in the
medical industry and capital growth situations.
Office
—677 Lafayette St., Denver. Underwriter—Medical As¬
become

•

modern

Fund, Inc.

1961 filed 25,000 common.

closed-end

—A

firms

New

Medical Industries
Oct. 23,

in

York, N. Y. Underwriter—
Corp. of America, 44 Wall St., N. Y.

—

repayment

Ave, Caldwell, N. J.
phia Corp, N. Y.

1961 ("Reg. A") 50,000 common. Price

bra, Calif.
Underwriter
Offering—Imminent.

Law¬

Business—Research, design and manufacture of special¬
ized electronic instruments and devices. Proceeds—For

and

— At par
Proceeds—For equipment, debt repayment and
working capital. Office—815 S. Fremont Ave., Alham-

products.

electro-mechanical

over

Spectrum,

&

Underwriter

Ave, Chevy Chase, Md.
Co, Washington, D. C.

Metrodynamics Corp. (12/11-15)
1961 ("Reg. A") 100,000 common.

For

—

($5).

•

industry.

motors,

common

Nov. 13,

Goldman, Sachs & Co.

Oct. 9,

1967 and 60,000

Baruch &

shares held. Price—By amend¬

13

Price—$3.

barbecue

2, 1961 filed $300,000 of 6%

Western

filed $9,983,000 of convertible subordinated
debentures due Feb. 1, 1992, to be offered for subscrip¬
tion by common stockholders at the rate
of $100 of
1, 1961

debentures

common.

electric

subordinated convert¬
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. Proceeds—For working capital. Office—5422

Hyde Park Ave., Roslindale, Mass. Un¬
derwriter—McDonnell & Co., Inc., N. Y.
• McCall Corp.

of

Hollywood, Calif.
Underwriter—Kolb
Inc., Las Vegas, Nev.

ibles due

ital. Office—525

Dec.

Manufacture

Metropolitan Acceptance Corp.

by

ness—Operation
stores.

—

etc. Proceeds—For debt repayment and gen¬
corporate purposes.
Office—5356 Riverton Ave,

North

filed 200,000

1961

Mass.

igniters,
eral

Maxam,

Enterprises, Inc.
("Reg. A") 100,000

1961

Business

N. Y.
Union Securities & Co., N. Y.
Fifth

530

Development Corp.

Proceeds—For general corporate
Office—899 Main St., Waltham,
Underwriter—Stanley Heller & Co, N. Y.

electronic

purposes, new

North

—Manufacture

—

•

Metatronics Manufacturing Corp.

;

60,000 common. Price — $5.
Business—Furnishes consultative and research services.
Proceeds
For development of teaching machines and
working capital. Office—507 18th St., S., Arlington, Va.
Underwriter—Mackall & Coe, Washington, D. ,C.
("Reg. A")

1961

&

1961 filed 130,000 common. Price—$3. Business
—Research and development of new products for the

Phoenix.

Matrix Corp.

20,

Research

Nov. 21,

Beaver

Sts,

Dam, Wis.
Underwriters—Cruttenden, Podesta & Co.,
Chicago and Splaine & Frederic, Inc., Milwaukee. Offer¬
ing—Expected sometime in January.

Boyce, Baltimore.

Oct.

Thursday, December 7, 1961

13, 1961 filed 215,000 common, of which 165,000 are
to be offered by the company and 50,000 by a stock¬

27, 1961 filed $600,000 of 6% s. f. conv. debentures
and 100,000 common (of which 20,000 shares
are to be offered by the company and 80,000
by stock¬
holders).
Price—By amendment.' Business—Manufac¬
tures products and parts of the automotive and elec¬
trical industries.
Proceeds—For debt repayment and

due

common,

.

Oct.

to be offered by

stockholder.

fabrication.

Oct.

(A. L.) Co.
1961 filed 200,000

30,

common. Price — $4.
Proceeds—For debt pay¬

75,000

ment, equipment, advertising and working capital. Of¬
fice—3 Sidney Court, Lindenhurst, N. Y. Underwriters
—M. Posey Associates Ltd., and Alkow & Co., Inc., N. Y.
Offering—Imminent.

ic Mathias
Nov.

Mitron

Inc.

A")

("Reg.

Business—Plastic

Boston.

Tyson,

Associates,

1961

5,

.

.

July 21,

Bowling Lanes, Inc.
filed 150,000 capital shares. Price—$5.50.

1961

Business—The operation of
bowling centers. Proceeds—'
For expansion, repayment of
loans, and working capi¬
tal.
Office —220 S. 16th
Street,

Philadelphia.

writer—Edward Lewis &

Co, Inc., N. Y.

pected sometime in January.

Under¬

Offering—Ex¬

Volume

194

Number

6114

.

.

.

The

Commercial and Financial Chronicle

(2537)
National

Capital Acceptance Corp.
20, 1961 ("Reg. A") 150,000 class A common. Price
—$2. Business—Purchase of second trust notes and other
securities. Proceeds—For working capital. Office—8719
—Colesville
Rd., Silver
Spring, Md.
UnderwriterOct.

Guardian Investment Corp.,

National

;

Washington, D. C.

ton,

D.

C.

Underwriter—T.

Washington, D. C.

stores.
Proceeds—For debt
repayment, store ex¬
pansion and working capital. Address — Portage, Pa.
Underwriter—Cortlandt Investing Corp., N. Y.

20,

1961

("Reg.

A")

common

and

$100;

bentures,

comfort, shoes.
stores.

for .stock,

Proceeds—For

Office—Westovfer

National

Price—For de¬

common.

$1. Business—Retail
&

Underwriter—None.

Wis.
•

50,000 class B

acquisition

Forest

("Reg. A")

Business—Distribution

of

of

Oconomowoc,

/'V../

■

Hospital Supply Co., Inc.

Junq/22, 1961

sale

additional :

of

Sts.,

100,000

(12/11-15)

Price—$3.

common.

medical

supplies.

Proceeds—

For inventory, advertising and promotion,
expansion, re¬
payment of loans and working capital. Office—38 Park ;
Row, N. Y. Underwriters—Edward Lewis & Co., Inc. and

Underhill Securities

Corp., N. Y.

23/ 1961

Business—A

Clearing House, Inc.
A") 75,000 common. Price—$4.

("Reg.

collection

Proceeds—For

agency.

general

corporate purposes.

Office—4539 Ponce de Leon Blvd.,
Miami, Fla. Underwriter—Armstrong & Co., Inc., N. Y.:
Offering—Expected sometime in January.
National

Nov.

Estate

Investment Trust

9, 1961 filed 1,000*000

ness—A

For

Real

real

estate

investment.-

Blvd.,

Los
Angeles.

Angeles.

National

27,

Busi¬

St., New York City.

Higginson Corp., N. Y.

Offering—Ex¬

ital.

Office—475

ceeds—For

the

of debt and for

Bldg., N. Y.

a

North

Sept.

337,500 common. Price—$8. Busi¬
national chain of bowling centers. Pro¬

acquisition

of

—Tuckahoe, N. Y.
Inc., N. Y. C.

Office—5111 W. Washington

Underwriter—Morgan

Real

Fifth

Atlantic

26,

tems for the generation, detection and control of fre¬
quencies up through the microwave region. Proceeds—
For expansion, equipment and
working capital. Address

&

Co.,

Orlando

Los

Oct.

Estate Trust

Ave., N...Y.

1961

Industries, Inc.

new

working capital.

filed

New

Products

29,

1961 filed 78,000
—Manufacture of wooden

appliances.

kitchen

Oxford Trust
Nov.

Price—$5. Business
cabinets and related

National Systems Corp. *
Sept. 28, 1961 ("Reg. A") 70,000 capital. Price—$4. Pro¬
ceeds—For
equipment, improvement of a TV repair
course
and
working capital. Office—1036 S. La Brea
Ave
Los Angeles. Underwriter—Gregory-Massari, Inc.,
Beverly Hills.
■;

,

Sept. 11, 1961 filed 133,000 common.

Price—$3. Business
—The manufacture of electronic components. Proceeds—
For repayment of a loan, expansion, new products, work¬
ing capital and general corporate purposes. Office—52
St.

Casimer

Karasik &

Ave.,

Yonkers, N. Y.
Co., Inc., N. Y. (mgr.),

National Vended Ski
Oct.

Underwriter—Frank

30, 1961 filed 550,000

Price—By amend¬
ment.
Business—Distribution of
coin-operated insur¬
ance
wending machines to brokers at sporting centers.
Proceeds—For inventory, advertising and working capi¬
tal.
Office—420 Lexington Ave., N. Y.
Underwriter—
Pacific Coast ' Securities Co., San Francisco. Offering—

Expected sometime in -February. '

^

"

Nationwide Bowling Corp.
Oct. 19, 1961 filed .100,000 capital shares
;

(with attached
warrants).: Price—By amendment. Business—The oper¬
ation of bowling centers. Proceeds—For a realty acqui¬
sition and working capital.

Office — 11 Commerce St.,
Newark, N. J. Underwriter—Warner, Jennings, Mandel
&

j

Longstreth/Philadelphia.

*

;

..

to

be

offered

holder.
ment

by

the

Price—50c.

and

mining:-

-■

company

and

75,000

by

Business—Exploration,

Proceeds—General

corporate

Office—90 Industry St., Toronto, Canada.

poses.

writer—A.

C.* MacPherson

&

stock¬

a

develop¬
pur¬

Under¬

Co., Toronto.

-New West Land Corp.;

June

30, 1961

("Reg. A")

200,000

shares (par
$1). Price—$1.50. Proceeds—For repayment of notes and
acquisition of real estate interests. Office—3252 Broad¬
way,

North

Kansas
&

New

common

City, ' Mo;
Underwriter
City, Mo.

—

Barret, Fitch,

Co., .Kansas

Price—$5. Business

World

Laboratories,

Proceeds

For

—

Tax-Exempt

marketing

of

tions.

Proceeds—For

debt

repavment

porate purposes. Office—1610




and

general

cor¬

14th St., N. W., Washing¬

'

Price—By amend¬
production and sale of

—

Co., N. Y.

Inc.

repayment

For

Bond

investment.

Data

Pirce—By amend¬

common.

of debt and working capital.

Fund,

Series

Office —135

South

Price—$3.75.
mation.

50,000 are to

and 50,000 by stockholders.

company

Business—Furnishing of statistical infor¬
training personnel, new equip¬

Proceeds—For

Office—75 W. St.,

N. Y.

Underwriters—Harry Odzer Co., N. Y., and Lenchner, Covato & Co., Inc., Pittsburgh, Pa. Offering—Ex¬
pected in January.
Products

P-G

Oct.

Manufacturing Co., Inc.

filed

110,055

Price—By amend¬
appliance replacement
parts and accessories. Proceeds — For debt repayment,
expansion and working capital. Office—230 E;; 162nd St.,
N. Y. Underwriters—Kahn & Peck, Cohn & Co., N. Y.

Pro¬

Salle

Sponsor—John Nuveen & Co., Chicago.
Offering—Expected in early 1962. Note—This fund form¬
erly was known as Tax-Exempt Public Bond Trust

1961

10,

Business

ment.

Street, Chicago.

H. Tube Corp.

&

P.

common.

Manufactures

—

^

?

"

Oct. 25,

1961 filed 120,000 common (with attached war¬

rants to

Fund, Series 2.

purchase 60,000 additional shares) to be offered

in units consisting of two shares and one

Tax-Exempt Bond Fund, Series 3
17, 1961 filed $15,300,000 of units representing frac¬

warrant.

Price

—$12 per unit. Business—Manufacture of electric resist¬
ance
welded steel tubing.
Proceeds—For debt repay¬

interests in the Fund. Price
By amendment.
Business—The Fund will invest in interest
bearing obli¬
gations of states, counties and municipalities of the
U. S., and political subdivisions thereof which are be¬
tional

Inc.

ment, expansion and working capital.

2

La

Processing,

offered by the

be

"Doctor's

lieved to be exempted from Federal income taxes.

-r-

lieved to

be exempted from

ceeds—For
John

investment.

Nuveen

Nuveen

17,

&

1961

fractional

ment

working capital. Office—413 Hamilton Rd.,
City, La. Underwriters—H o w a r d, Weil, Labouisse, Friedrichs & Co., New Orleans and Clark,
Landstreet & Kirkpatrick, Inc., Nashville.
Pacific

Sponsor—

Oct.

Co., 135 So. La Salle St., Chicago.

filed

interests

in the

units

of

representing

Fund. Price—By amendment.

C.

N.

Roberts

&

Co., Inc., San Diego.

Pacific

Lighting Corp. (12/13)
Nov. 6, 1961 filed 600,000 common.
Price—By amend¬
ment.
Business—A holding company for firms engaged

exempted from Federal income taxes. Proceeds—
investment.

Office—Chicago, 111. Sponsor—John
Co., 135 So. La Salle St., Chicago.

in the natural gas
ceeds—For

Oceanic

Instruments, Inc. (12/18-22)
Aug. 24, 1961 filed 140,000 common. Price—$1.

ac¬

Proceeds—For expansion and working capital.
Office—6125 El Cajon Blvd., San Diego. Underwriter—

gations of states, counties, and municipalities of the U. S.,
and political subdivisions thereof which are
believed

Nuveen &

Price—By amend¬

Business—Sale and installation of automobile

cessories.

Business—The Fund will invest in interest-bearing obli¬

be

Big Wheel

1961 filed 100,000 common.

26,

ment.

Fund, Series 4

$15,000,000

and

Bossier

Federal income taxes. Pro¬

Office—Chicago, 111.

Tax-Exempt Bond

debt

business in southern California. Pro¬
and construction. Office—

repayment

&

California St.,
Co., Inc., N. Y.

•

Pacific

600

Business

San

Underwriter—Blyth

Francisco.

—The

company plans to manufacture scientific marine
instruments and provide consultation services. Proceeds

organizational

purchase

and

expenses

Bldg., Seattle. Underwriter—

Empire, Inc. (12/18-22)
May 1, 1961 filed $950,000 of convertible subordinated
due

1971.

Price

—

At par.

Business

—

Olympia Mines,

Pacific

Inc.

stock

Orbit

Aug.

22,

(1/2-5)

cisco (mgr.).

1961

Pako

•

Industries, Inc. (12/11-15)
1961 filed 125,000 common shares.

(12/18-22).

1961

Pal-PIaywell
Nov.

1961 filed

—

ties, Inc., N. Y.
150,000

common.

Globus.

Electronics

ness—The

Inc.,

and

Offering—Expected

1961

filed

Proceeds—

repayment and working capital. Office—179-30
Ave., Jamaica, N. Y. Underwriter—Tyche Securi¬

For debt

Price—$9.25. Busi¬

Palmetto

Pulp & Paper Corp.
1,000,000 common. Price—$3.45. Busi¬
growth of timber. Proceeds—Working capital
and the possible purchase of a mill. Address—Box 199,
Orangeburg, S. C. Underwriter — Stone & Co. c/o E.

June 28, 1961 filed

selling stockholders. Office—512 Seventh Ave.,= N. Y.

Inc., N. Y.

Inc.

28, 1961 filed 100,000 common. Price—$4. Business

—Design, assembly and manufacture of toys.

Under¬

ness—The manufacture of women's coats. Proceeds—For

Orion

25,

—

93rd

•

Offering—Indefinitely postponed.

Corp.

will be sold by

Originate Inc.

Aug. 28,

Pricer-

filed 150,000 common, of which 100,000
the company and 50,000 by stockholders.
Price—By amendment. Business—Manufacture of equip¬
ment used to process and print photographs. ProceedsWorking capital. Office—6300 Olson Hwy., Minneapolis.
Underwriter—Paine. Webber, Jackson & Curtis, N. Y.
Sept.

Gaumont Corp., Ltd.,

ment.
Office—213 Mill Sti, N. E., Vienna, Va.
writer—Hodgdon & Co., Inc., Washington, D. C.

Aug. 29,

(par 50 cents) to be sold by stockholders.

Business—The manufacture of steel products. Pro¬
selling stockholder. Office—35124 Alvarado-Niles Road, Union City, Calif. Underwriters—First
California Co., Inc.. and Schwabacher & Co., San Fran¬

Price—$4
Research,
development,
engineering
and
manufacturing in the telephone, electronics and related
fields.
Proceeds—For repayment of loans, and equip¬
Business

named.

$6.

Toronto.
•

be

Steel

ceeds—For the

Business—The

—

States

Corp.
June 21, 1961 filed 100,000 outstanding shares of capital

filed 300,000 capital shares. Price—$1.35
exploration and development of mines.
Proceeds—For mining operations.
Office—44 Court St.,
1,

Underwriter—To

Wash.

packaging and distribution of cosmetics,
pharmaceuticals and household, chemical and industrial
specialties. Proceeds—For the repayment of bank loans,
property improvements and working capital. Office—
865 Mt. Prospect Avenue, Newark, N. J. UnderwriterLaird, Bissell & Meeds, N. Y.

Sept.

additional

The

manufacture,

•

Chemical Co.

nutrients, crop seeds, insecticides, etc. Proceeds—
equipment, a new plant and working
capital. Office — North Oak and Hazel St., Burlington,

Old

debentures

&

mal

*

For

•

Nutrient

Sept. 15, 1961 filed 120,000 common. Price—$4. Business
—The manufacture and sale of chemical fertilizers, ani¬

equip¬

of

Globus, Inc., N. Y.

Underwriters

Inc.

13, 1961 ("Reg. A") 100,000 common. Price — $3.
Business—Manufacture of cosmetics and hair prepara¬

:

common.

design,

Oct. 6, 1961 filed 100,000 common of which

interest bearing obligations of
states, counties, municipalities and territories of the
U. S., and political subdivisions thereof which are be¬

the

Nov.

* *

,

St., Brooklyn, N. Y. Underwriter
—Carter, Berlind, Potoma & Weill, N. Y. Offering—Ex¬
PCS

common.

Brooklyn, N. Y. Underwriter

New Campbell Island Mines Ltd.

Oct. 13, 1961 filed '475,000 common, of which 400,000 are

Business

Sponsor—

Wallabout

Office—50

Vickers, McPherson & Warwick,

ment. Office—1515 Norton

common.

The

—

1961 filed 105,000

Proceeds—For

Feb. 23, 1961 filed $10,000,000
(100,000 units) ownership
certificates. Price—To be filed by amendment. Business

—For

Insurance Corp.

Corp./ Atlanta,

Products,

Sept. 28,

brand, working capital and operating expenses.
Office—1511 K St., N. W.,
Washington, D. C. Underwriter
—Hirschel & Co., Silver Spring, Md.

to

Price—$1.

/Office—Atlanta, Ga.

pected in January.

products.

For

National Tel-Tronics Corp.

trust.

ment. Business—Manufacture of toiletries and cosmetics.

.

Sept. 14, 1961 filed 100,000

Oct.

Business

Ozon

—The manufacture and distribution of animal foods and

Oct.

investment

N. Y. Underwriter—Laren

Corp.

Nuveen

May 11, ,1961 filed 75,000 shares of capital stock. Price;
-^To be supplied by amendment. Business—The
design,
development, manufacture and sale of quality transistors
for military and industrial use.- .^Proceeds — For new
equipment, plant, expansion, working capital, and other*
corporate purposes. .Office—Mallory Plaza Bldg., Danbury, Conn. Underwriters—Lee Higginson Corp., N. Y. C.
and
Piper, Jaffray & Hopwood, Minneapolis (mgr.).
Note—This registration has been indefinitely postponed.

Fund

For the repayment of debt,
equipment, modernization of a
department and working capital. Office—156 Fifth Ave.,

Nutri-Laboratories, Inc.

National Semiconductor Corp.

<

ex¬

installation of additional

—

Nuveen

Price—By amend¬

common.

filed 5,000,000 units.

greeting cards. Proceeds

tary food supplements. Proceeds—For selling stockhold¬
ers.
Office
291 S. La Cienega
Blvd., Beverly Hills,

Inc., N. Y.

24,' 1961

ment.

debt

Oct. 17, 1961 filed 1,200,000 common.
Price—$5. Business
—Distribution and sale of vitamins, minerals and die¬

—

Cos., Inc.

Publishing Corp.
Sept. 15, 1961 filed 140,000

repayment, expansion,
working capital. Office—201-221 Godwin Ave., PatN. J. Underwriter—United Planning Corp., New¬
ark, N. J.

Underwriter

corporate

Oz

and

Nutri-Bio

general

pansion and debt repayment. Office—6701 N. Broad St.,
Philadelphia. Underwriter—Blair & Co., Inc., N. Y.

Corp.

common.

Proceeds —For

and

Business^A finance company. Proceeds—For

Oxford Distributor

★ Northern Wood

—

Co.,

Price—$2.50.

common.

repayment

Finance

—An

ceeds

systems/ ; and-other- specialized roll >
formed metal products. Proceeds—For debt: repayment .< ;
and other corporate purposes. Office — Morehall
Road,
Malvern/Pa. Underwriter—Drexel & Co., Philadelphia.Offering—Expected sometime im February.

debt

writer—G. A, Saxton & Co., Inc., N. jY.

steel

suspension

80,000

1961 filed 200,000

28,

ment.

—The fund will invest in

National

&

York.

Oxford

cision

Rolling Mills Co.*
22, 1961 filed 200,000 common, of which 120,000 are
to be offered by the company and 80,000 by stockhold¬
ers.
Price—By amendment. Business—Manufacture of

•

Nov.

("Reg. A")

electronic instruments.
Proceeds—Repayment of1
debt, new product development, inventory and working
capital. Office—Terminal Dr., Plainview, N. Y. Under¬

centers, repayment

Office—Time and Life

Underwriter—Berger-Derman, Inc., N. Y.;

Gilhart

Professional

Nov.

131,500 common, of which 120,000
the company and 11,500 by a stockholder.
amendment. Business—Manufacture of pre¬

Price—By

:

D.

Office—Oceanside, L. I., N. Y. Underwriter—
& Executive Planning Corp., Long Beach,

purposes.

Underwriter—None. '

will be sold by

Nov.

Underwriter—A.

Paper Corp.

1961

11,

Proceeds—For

Choice"

Corp.

filed

ness—Operates

Price—$4.

Proceeds—For

13, 1961 filed 2,000,000 shares of beneficial interest.
Price—$10.
Business—Real
estate
investment
trust.
Proceeds—For acquisition of property and
working cap¬

dog

Recreation

1961

common.

Nov.

Proceeds—

company.

pected in January.
Sept.

Inc.,

Business—Manufacturer of miscellaneous paper products.

North America

Calif.

Price—$15.

common.

investment

Office—20 Broad

Underwriter—Lee

Co.,

erson,

National Mercantile
Oct.

75,000

Business—Sale of compact refrigerators.

Nov.

A

&

Norcold, Inc.
Nov.

ated

it National Foot-So-Port Shoe Stores, Inc.:
28, 1961 ("Reg. A") $225,000 of 15-year 6% regis¬
tered debentures (with warrants
attached), 11,250 class

McDonald

-

general corporate purposes.

Equipment & Plastics Corp.

Sept. 28, 1961 filed 105,000 common. Price—$5. Business
—Operation of a cleaning and pressing plant and affili¬

J.

.

41

Corp.

100,000

manufacture

of

ness—The

Divine

some

&
Fishman,
time in January.

(12/26-29)

common.

Lowitz

&

Co., 29 Broadway, N. Y

.

Price—$3.50. Busi¬

precision electronic sub-sys¬

.

.

.

...

.

Continued

on

page

,42

42

The Commercial and Financial Chronicle

(2538)

Continued from page

industry. Proceeds—For general corporate
Office — 1883 Dixwell Ave., Hamden, Conn.

purposes.

Underwriter—Blair

-jAr Papekote, Inc.
1, 1961 ("Reg. A") 60,000 common. Price—$5. Busi¬
ness—Development and sale of chemical processes used
in the field of paper coating. Proceeds—For general cor¬
porate purposes. Office—443 W. 15th St., N. Y. Under¬
writer—Edward Lewis Co., Inc., N. Y.
Dec.

•

28,

("Reg.

(12/18-22)

Corp.

Discount

1961

Treat &

A")

100,000

Services, Inc.
.
$600,000 of 5V2% convertible sub- .
ordinated debentures due 1971; 120,000 common shares }
which underlie 2-year first warrants exercisable at $7.50
per share, and 120,000 common shares which underlie ,
5-year second warrants, exercisable at $10 per share. *
The securities are to be offered for public sale in units
of one $100 debenture, 20 first warrants and 20 second ;
warrants. Price—$100 per unit. Business—--The design, %
manufacture, sale and leasing of coin-operated vending

-

July

Price—$3.

financing. Proceeds—For re¬

Office — 2211
Ave., Brooklyn, N. Y. Underwriter—M. Posey
Associates, Ltd., 50 Broadway, N. Y.
and working capital.

payment of notes
Church

filed $1,000,000 of 15-year sinking fund
Policy-Matic Affiliates, Inc. (12/18-22)
debentures due 1976 (with warrants attached) and 100,Oct. 16, 1961 filed 200,000 capital shares.
Price—$3.25.
000 common to be offered in 10,000 units each consist- j Business—Leasing of insurance vending machines* Pro¬
ing of 10 common and $100 of debentures. Price—By / ceeds—General corporate purposes. Office—1001 15th St.,
amendment. Business—The packaging and direct sale of
N. W., Washington, D.. C.. Underwriter—Balogh & Co.,

Aug*

1961

25,

building materials. Proceeds—For repays .
ment of loans and working capital. Office—499 Jericho
Turnpike, Mineola, N. Y. Underwriter—L. F. Rothschild ;
& Co., N. Y. C. (mgr.).
precut home

holders. Price—By amendment. Business—Research

Sept. 25, 1961 filed 137,500 common. Price—By
ment. Business—The manufacture of polyester
Proceeds

and
engineering and production of certain
electronic devices for aircraft,
missiles, oscilloscopes,
electronic vending machines and language teaching ma¬
chines. Proceeds—For expansion, repayment of debt and
working capital. Office—7326 Westmore Rd., Rockville,
Md. Underwriters—Jones, Kreeger & Co., and Balogh &
Co., Washington, D„C. (managing).
-

amend¬

development,

foams.

Additional equipment, debt repayment

—

and

working capital. Office—Mercer and Arnot Sts., Lodi,
N. J. Underwriters — Fialkov & Co., Inc., and Stanley
&

Heller

Co., N. Y.
Finance

Parker

Corp.

.

27, 1961 filed 135,000 common. Price—$6. Business
—Financing of commercial accounts receivable.
Pro¬
ceeds—For debt repayment. Office—8650 Cameron St.,
Oct.

Silver

Spring,

Oct.

Co., Inc., N. Y. Offering—Expected in January.

&

Bros.

Merchandising Corp.

Patent

fiveadditional 100,000 shares)

Nov.

warrant. Price
Business—Company plans to market
patented products, or products which it considers to be
patentable. Proceeds—For general corporate purposes.

1961

22, 1961 filed 100,000 common (with attached

year

warrants to purchase an

•

to be sold in units of one share and one

—$3.50

unit.

per

Y. C. Underwriter—Hampstead

5th Ave., N.

Office—521

Investing Corp., N .Y.

;

Pellegrino Aggregate Technico, Inc.
Aug. 10, 1961 filed 130,000 class A common shares. Price
—$5. Business—The manufacture of building materials.
Proceeds—For payment of income taxes and loans and

resistant

corrosion

of

•

stainless

Aug.

:

•

writer—Dean Samitas & Co., N. Y.

Co., Inc., New York.
Pennon Electronics Corp.

President

Sept. 28, 1961 ("Reg. A") 135,000 common. Price—$2.20
Business-r-Man,ufacture of solid state electronic devices.
Proceeds—For working capital. Office—7500 S. Garfield

1961

9,

Underwriter—Darius Inc., N. Y.
U
filed 500,000 shares of beneficial interest.

the

first

shares)

10,000

$10.80

per

nental

share.

Office—1613

D.

Corp., Maplewood, N.

•

Sept. 26, 1961 filed 300,000 common. Price—By amend-;
Business — Design and manufacture" of thermo-,

;

•

small

Price—$5. Business

common.

business investment

Property Leasing Co.

•

company.

Office—485 Fifth

Pride

Industries, Inc. (1/10)
Aug. 29, 1961 filed 75,000 common. Price—$5. Business
—The sale of pet foods. Proceeds—For inventory, repay¬
ment of a loan, machinery, - new products, advertising,
Office—4408 Fairmount Ave., Philadelphia. Underwriter
—Steven

Philippine Oil Development Co., Inc.

Investment

Corp., Bala Cynwyd, Pa.

Equities Corp.- ■- "sVy '7
Nov. 27, 1961 filed 400,000 shares of 60c cumulative con- •
vertible preferred, and 400,000 of class A common, to
be offered in units of one share each.
Price—By amend¬

Philippines. Proceeds—Repayment of debt and the drill¬
ing of test wells. Office—Manila, Philippines. Under¬

ment.

real

firm.

investment

estate

Pro¬

property acquisitions and working capital.
Office—66 Hawley St., Binghamton, N. Y. Underwriter

—None.

Photo-Animation, Inc.
shares. Price—$1.25.

Business—The manufacture of machines, equipment and
devices used in the creation of animated motion pic¬

•

Product

Research

of

Rhode

Island,

delphia Corp. New York. Offering—Imminent.

working capital.

of new products, re¬

Aug.

24,

1961

—

Nort

Photon, Inc.
filed

$1,785,000

of

5%

convertible

sub¬

& Share

ness—Instructs
the

20, 1961. Price—At

of

a

photographic

Busi¬

par.

type

setting

machine. Proceeds—For repayment of a loan and work¬

ing capital. Office

—

Underwriter —None.

58 Charles

Pir-O-Wood

Nov.

date

record

and

for

the rights

1961

—

Malkan

&

Plastic

Sept.

28,

1182

Broadway, N. Y. Underwriter
Arnold
Co., Inc., N. Y. Offering—In February.
—

Industries, Inc.
1961

bags.
Proceeds—Debt repayment
Office
6700 N. W. 37th Court,

ment.

and

working

Miami, Fla.
Securities, Inc., Great Neck, N. Y.

Plasticrete Corp.
Nov. 15, 1961 filed 160,000
Business

—




capital.

Underwriter

11,

1961

filed

40,000

classes

common.

1

•

,

'

Price—By amend¬

masonry

units for

the

•

in

computer

M.

Stuart

&

Busi¬

programming

and

Co., Inc., N. Y.

Programs For Television,
Business

—

The

distribution

films

for

motion

pictures and television-. Proceeds—For repayment of debt
and working capital. Office—1150 Avenue of the Ameri¬
cas, N. Y. Underwriter—To be named.
Prufcoat

Sept.

25,

shares

are

Laboratories,

1961

filed

to be

60,000

offered by

of which

13,000

the company and 47,000 by

Business—Devel¬

opment and production of plastic-base protective coat¬
ings, paints and primers. Proceeds—Purchase of equip¬
ment and other corporate purposes. Office—63 Main St.,

Co.,

—

Chace, Whiteside &
'

r-it

Inc.^

high

common,

of which

70,000

by the company and 40,000 by

receiving

Proceeds—For

tubes.

debt

re¬

Interonics, Inc.

30,

filed 40,000

1961

—Manufacture

of

common.

Price—$5.

Business

radio

frequency interference filters
and capacitors. Proceeds—For equipment, working cap¬
ital and other corporate purposes. Office—15 Neil Court,
Oceanside, N. Y. Underwriter—Arnold Malkan & Co.,
N. Y. Offering—Expected sometime in January.
•: .-.'v,,, 7-/.;
--,7 7yY7
,
1961 filed 1,250,000 common. Price—Up to $4.
Business—Company plans to build and operate an auto¬
mobile racing center. Proceeds—General corporate pur¬
poses.
Office—21 N. 7th St., Stroudsburg, Pa. Under¬
..

writer—None.
•

:.j

Radar Design

t

Office—1106 Connec¬
'

'Y

"■

;

Corp.

Business—Manufacture

common.

of

Price—At-the-

electronic

products;
acquisition of a laboratory, equipment
and working capital. Office—104 Pickard
Dr., Syracuse,
N. Y. Underwriters—Bertner Bros., N. Y.; Earl Edden
Co., Rockville Centre, N. Y. and Max Phil-ipson & Co.,
'Inc., Utica, N. Y. Offering—Imminent.
Proceeds

—

For

Laboratories, Inc.

Sept. 28, 1961 filed 150,000

;

*

Price—By amend*
ment.
Business—Processing of film and- distributing of
photographic equipment.
Proceeds—For
moving
ex¬
common.

expansion, advertising and promotion, repayment
and working capital.
Office—29-14 Northern
Blvd., Long Island City, N. Y. Underwriter—Rodetsky,
Walker & Co., Inc., N. Y.
*

penses,

of

debt

Nov.

1, 1961 filed $8,367,000 of conv. subord. debentures
to be offered for subscription by common

rate of

•

*

^

Price—$10. Business—Manufacture of self-

fidelity

sion asd other corporate purposes.
■

>

Rapid-American Corp.

ri

28,

"

Corp.-

payment and working capital. Office—5212 Pulaski Ave.*
Philadelphia. Underwriter—J. R. Williston & Beane, N. y,

due

7

,7

■

service tube testers and the sale of television, radio and

1961 filed 541,000 common. Price—By amend¬
ment. Business—Book publishing. Proceeds—For expan¬

Nov.

110,000

be offered

Rainbow Photo

common,

stockholder. Price—By amendment.

Publishers

to

are

stockholders.

Inc.

Cambridge, Mass. Underwriter
Winslow, Inc., Boston.

filed

1961

28,

shares

..

Photo

&

,7

(12/11-15)

Sept.

;

:

.

Electronics

Quick-Chek

market.

of

Of¬

Place, Flushing, N. y. UnderwritersShell Associates, Inc. and Godfrey, Hamilton, Taylor &

Sept. 22, 1961 ("Reg. A") 25,000

Inc.

150,000 common. Price—By amend¬

Aug. 29, 1961 filed

products and working capital.

-r-For research, new

fice—34-24 Collins

Racing Inc.'

Price—$3.50.

common.

(12/18-22)7

Quartite Creative Corp.

Sept, 27, 1961 filed 100,000 common. Price—$5. Business
-^-Manufacture of home furnishing products.' Proceeds'

Oct/ 16,

operation

Underwriter—D.

•

'

Manufactures

Bond

/

of electronic data processing machines.
Proceeds—For expansion. Office—45 W. 35th St., N. Y.

a

("Reg. A") 75,000 common.
Price—$4.
Business—Design and manufacture of women's hand¬

—Ellis

Oct.

ment.

Industries, Inc.

of

Office

,

Programming and Systems, Inc.

this

filed 62,000 common. Price—$5. Business
prefabricated wood and plastic specialized
components. Proceeds—For general corporate purposes.
28,

—Sale

V

.

St., Cambridge, Mass.

Note —The

rights offering is expected to be Nov. 30
expiration date is Dec. 15.
•

Underwriter—Continental

I.

Corp., Maplewood* N. J.,,

with rights to expire Dec.

manufacture

Office —184 Woonasquatucket Avenue,

Providence, R.

ordinated income debentures due 1971 being offered for
subscription by stockholders on the basis of $100 of de¬
bentures for each 40 common held of record Nov. 30
ness—The

&

RF

payment of loans and working capital. Office — 34 S.
West St., Mount Vernon, N. Y. Underwriter—First Phila¬

Proceeds—For development

tures.

aadvertising and working capital. Office — 234
St., Brooklyn, N. Y, Underwriter—M. J. Merritt
Co., Inc., N. Y. '7. 7 ■•77' *,*7
/" v/T.
5

Russell

Oct.

July 28, 1961 filed 330,000 common shares. Price—$2.05.
Business
The manufacture of vinyl plastic products
used in the automotive, marine and household fields.
Proceeds—For repayment of debt, new equipment and

;

ment,

Inc.

(12/19-20)

Inc.

28, 1961 filed 87,500 common. Price—$4. Business
—Design and manufacture of metal cabinets, boxes,"
boiler
and radiator enclosures. Proceeds—For equip--

Primex

ceeds—For

writer—None.

common

indi-1

electronic

Nov.

Co., n. y..

- '

1961 filed 95,270,181 capital shares to be of¬
fered for subscription by common stockholders on the
basis of one new share for each six held of record Sept.
9. Price—One cent. Business—Exploration for oil in the

Business—A

Industries,

^ Quaker City
s

Proceeds—For
Ave., N. Y. Underwriters
—D. Gleich & Co., N. Y., and Laird, Bissell & Meeds.
Wilmington, Del.
:v

1961 filed $2,000,000 of conv. subord.

July 26, 1961 filed 150,000

temperature* * transducers : and

couple
,j

Capital Corp.

19, 1961 filed 200,000

investment.

Sept. 25,

•

Co., Inc., N. Y. Offering—In February.

Pyrometer Co. of America, Inc.

ment.

J. Note—

been temporarily postponed.

—A

(12/11-15)
debentures
due 1976.
Price—By amendment. Business—Leasing of
equipment to industrial and commercial firms. Proceeds
-r-For purchase of equipment and collateral for bank
credit. Office—6381 Hollywood Blvd., Los Angeles. Un¬
derwriter—Dempsey-Tegeler & Co., Inc., St. Louis.
Personal

.

Share

&

Oct.

Washington, D. C.
Oct. 13,

Bond

Prestige

St., N. W., Washington,
Z. Mensh Securities Co.,

Eye

Underwriter—Sidney

C.

Blauner &

Airlines, Inc.

This offering has

(For the balance) Net asset value plus 8% commission.
Business—A real estate investment trust. Proceeds—For
investment.

.
>

-

eating and controlling* instruments. Proceeds—To finance
rent liabilities and taxes; payment of balance on^jCAB;,, the purchase of Hamilton Manufacturing Co., Inc. Office
—600 Et+Lincoln Highway, Penndel. Pa. Underwriter—
certificate
and working
capital.- Office — 630 Fifth
Arnold Malkan & Co., Inc., N. Y. Offering—January. 7
Avenue, Rockefeller Center, N. Y. Underwriter—Conti¬

Perpetual Investment Trust
Price—(For

expansion, debt repayment, and working capital. Office
—444
Madison
Ave., N. Y.
Underwriter—Milton D.

Offering—Imminent.

("Reg. A") 150,000 class A common shares
^par one cent). Price—$2. Business—Air transportation
of passengers and cargo. Proceeds—For payment of cur-

Proceeds—For:

paperback books and a man's magazine.

June 13, 1961

Ave>, Bellgardens, Calif.
Nov.

1961 filed 115,000 common. Price—By amend¬
Business—^Publication " and sale of pocket-size",

24,

ments

&

7

* "

Pyramid Publications, Inc.

Nov.

Industries, Inc.
1961 filed 100,000

capital. Office—Woodbridge-Carteret Road,
Port Reading, N. J. Underwriter—Mortimer B. Burnside

(12/18-22)

Seattle, Wash. Underwriter—Wilson, Johnson & Higgins,
7"
; ..7 ; '
•. -.7; ,.-7, ■/. :7
77

ness—The sale and

for working

::

.•."Y

;;

Pulp Processes Corp.

San Francisco.,

common. Price—$4.- Busi¬
financing of custom built swimming
pools. Proceeds — For repayment of loans and working
capital. Office—203 Bala Ave., Bala Cynwyd, Pa. Under¬

25,

.

Sept. 20, 1961 filed 140,000 common; Price—$5/ Business
—Development of pulping and bleaching devices. Pro-ceeds—General corporate purposes. Office—Hoge Bldg.,:

pipe, tubing, valves, etc. Proceeds—For repayment
of
debt, expansion, and working capital. Office—352
Harrison St., Passaic, N. J. Underwriter—S. D. Fuller
& Co., N. Y. Offering—Expected sometime in February.
Preco

'V-:

.

Co.

filed

distribution

Warehouse

de- [

25,000 units, each

in

fered

New York.

Products

Development Corp;

and

Land

Rico

24,

ofconsisting of $160 of deben--*
tures and eight shares.
Price—$200 per unit. Business
—Real estate and construction. Proceeds —-For general"
corporate purposes. Office*—San Juan, Puerto Rico. Un¬
derwriters—Lieberbaum & Co., and Morris Cohon & Co.,»

Inc.

Industrial

1961

Address—San Juan, Puerto .
Grimm, N. Y. :

Darlington &

1961 filed $4,000,000 of 5%- conv. subord.
bentures due 1971 and 200,000 class A shares to be

Nov.

160,000 class A common, of which
133,333 are to be offered by the company and 26,667 by
present stockholders. Price—By amendment. Business22,

Puerto

.

.

Co., N. Y.

Power

Underwriter—Hill,

Rico:

steel

Nov.

newspapers
the repayment of

general corporate purposes.

filed
—
By
amendment. Business—Publishing of paperback books
and magazines. Proceeds—General corporate purposes.
Office—355 Lexington Ave., N. Y. Underwriter—Sutro
17,

magazines,

for

Proceeds—For

-

Sept. 13, 1961 filed 750,000 common. Price—$10. Business—A small business investment company. Proceeds—For >

(12/26-29)
127,500 capital shares. Price

Popular Library,

&

Underwriter—D. E. Liederman

Md.

7, 1961 filed 193,750 common shares, of which 150,will be sold for the company and 43,750 for stock¬

000

filed

and paperback ^
debt, advertis-;
ing, sales promotion, and the manufacture of new ma- ;
chines. Office—1201 South Clover Drive," Minneapolis .
Underwriter—D. H. Blair & Co., N. Y. Offering—Ex-/
pected sometime in January.-*
.
; • /
- r /
' >
• Puerto
Rico Capital Corp. r ( 1/10)
/
w'
books.

(12/11-15)

Polytronic Research, Inc.

1961

3,

machines
-

"

/■„Y-

June

(12/11-15)

Industries

Paramount Foam

•

Inc., Washington, D. C.

Publishers Vending

•

common.

,

February.

phia. Offering—Expected sometime in

Co., Inc., N. Y. Offering—In Jan.

Business—Consumer sales

Inc.

Paragon Pre-Cut Homes,

Plymouth

Aug.

&

7, 1961

Thursday, December

.

Ave., N. W., Washington, D. C. Underwriters—Amos
Co., Inc., N. Y. and Roth & Co., Inc., Philadel-

ticut

construction

41

.

.

■

1976,

stockholders

and

$100 of

5%%

new

conv.,

debenture

debs, for each 25

holders

common

at the

held and

Volume

194

Number 6114

..

The Commercial and Financial Chronicle

.

(2539)
$100 of new debs, for each 25
outstanding 5 A% conv, debs,
At

Business—Manufacture

par.

into

common
are

which

convertible.

of

metal

the

Price

plastic
toys, novelties, etc. Proceeds—To increase
ownership in
McCrory Corp. and general corporate
purposes. Office—

Fifth

711

Ave., N. Y. Underwriter—None.

•

Rapid Film Technique, Inc. (12/14)
Sept. 19,. 1961 filed 70,000 common.
Price—$4. Business
—The rejuvenating and
repairing of motion picture film.
Proceeds

For

debt

repayment and general corporate
Office—37-02 27th St., Long Island
City, N. Y.
Underwriter—Herbert Young & Co.,
Inc„ N. Y.

purposes.

•

Raritan Plastics

Corp.

(1/2-5)

Sept. 28, 1961 filed 100,000 class
Business—Extrusion

A

Raymond
-■

Price—$5.

Engineering Laboratory, Inc.

(12/18-22)

■

000 shares

are

:';r

common

shares, of which 50,by the company and 50,000

to be offered

shares by stockholders/
—The manufacture
of
and

v

'

• :

■

Aug. 15, 1961 filed 100^000

Price—By amendment. Business
timing devices, accelerometers
related equipment for
missiles, satellites and space

vehicles/ Proceeds—For repayment of
and working capital. Office—Smith

Conn.

Underwriter

Real

Estate

—

loans, equipment,
Street, Middletown,
Corp., New York

Lee

Higginson

Fund, Inc.

("Reg. A") 14,634 units each consisting of
shares and one 20-year 6% convertible
subordinated debenture.
Price—$20.50 per unit. Business
—Development and operation of shopping centers and
other properties. Proceeds—General
corporate purposes.
common

Address—Greenville,

S. C.
Co., Inc., Asheville, N. C.

Underwriter—McCarley &

•

Realty Equities Corp. of New York (12/26-29)
Sept. 28, 1961 filed $1,675,800 of subord. debentures due
19.71
tion

(with warrants attached) to be offered for
subscrip¬
by stockholders in 16,758 units, each

$100 of debentures and
the basis of

on

$100

unit.

per

struction.

one

a

consisting of
purchase 12.5 shares

warrant to

unit for each 20 shares held.

Business—General real estate

Price—

and

Proceeds—General corporate purposes.

—666 Fifth

Ave., N. Y. Underwriter—Sutro

con¬

Office

Bros. &

New York.

Co.,

Recco,

Inc. (12/18-22)
1961 filed 75,000 clafesA

Oct.

..*'/•>'

19,
amendment.

shaTeS^Price
By
Business—Operates record, card and sta¬
departments in discount stores. Proceeds—For
expansion. Office—1211 Walnut St:,/Kansas'
Clt^,' Md.
Underwriter—Midland Securities Co., Inc., Kansas City,
—

tionery

Mo.

C.;-- ./■:// ■/

'/// Recreation Associates, Inc.
Aug. 14, T961 filed 100,000 class ' A

Business-^The operation of

Price—$3.

a

•

•.

; Red Wang Fiberglass
Products, Inc.
July 28- 1961 ("Reg. A") 260,000 common. Price—$1.15.
Proceeds
Debt repayment, buildingH
improvements,
equipment; research and development, and working cap¬
ital. Office—Industrial
Park, Red Wing, Minn. Under¬
writer—York & Mavroulis, Minneapolis. Note—This let¬
—

was

Sept.

29,

$6 per share. Business—The research and development
in the

field

of

surface

and

biochemistry.
research
and
development, sales promotion and working capital.
Office—545 .Broad St., Bridgeport, Conn. Underwriter
—-McLaughlin, Kaufmann & Co., N. Y. (mgr.). Offering
plant

construction,

equipment,

•—Imminent.

Ripley Industries, Inc., and Jomar Plastics, Inc.
Oct. 27, 1961 filed
100,000 common shares of Ripley and
100,000 of Jomar to be offered in units consisting of one
share of each company. Price—By amendment. Business
—'Manufacture of wood and plastic heels for women's

shoes,

metal

shoes and

molds

and

dies, bowling pins, bowling
related products^ Proceeds—For general cor¬

porate purposes. Office—4067 Folsom Ave. St. Louis and
Rio

Piedras, Puerto Rico. Underwriters—Paine, Webber,
Jackson & Curtis and American Securities
Corp., N. Y.
Offering—Expected sometime in January.
* \
Roberts & Porter, Inc.
Nov. 20.

1961

filed 80,200 common, of which 16,680 are
by the company and 63,520 by stockhold¬
Price—By amendment. Business—Sale of special¬

be offered

ers.

ized

Rogers
Oct.

press

room

sup¬

equipment to the graphic arts industry. Pro¬
ceeds—For working capital.
Office—4140 W. Victoria

Aye., Chicago, 111. Underwriters—Blunt Ellis & Sim¬
mons, Chicago., and Schmidt, Roberts & Parke, Phila¬
delphia.
Rochester Capital Leasing Corp.
Oct. 30,' 1961 filed $625,000 of 6% convertible
debentures

due

1972

100,000 class A to be
offered in 12,500 units each consisting of $50 of deben¬
tures and eight shares. Price—$90 per unit. Business—
Manufacture and sale of furniture, equipment, and sup¬
plies to schools, hotels, hospitals and industrial com¬
panies. Proceeds—For working capital.
Office—8 Jay
St., Rochester, N. Y. Underwriter—Saunders, Stiver &
Co., Cleveland.

V*

ment.

v

-

Price—By amend¬

Business—Development and manufacture of solid
propellants, rocket motors, rocket catapults and related




ers.

(John)

distribution

Wis.
•

conv.

subord.

•

Roto

Nov.

16,

debt

repayment

gravure

engraving.
working 'capital.

and

N. J. Underwriter—Woodcock,
French, Inc., Philadelphia.
myra,

if Royaltone Photo Corp.
Nov. 29, 1961 filed 300,000
to

be offered by the

holders.
and

Price

prints

film.

By

—

color,

Proceeds

amendment.

and

black

and

delphia, Pa. Underwriter—Amos Treat & Co., N. Y. Of¬
fering—Expected in late January.
,

,

,

Security Acceptance Corp.
March 7, 1961 filed 100,000 shares of class A common
stock and $400,000 of 7^% 10-year debenture bonds, to
be offered in units consisting of $100 of debentures and
25 shares of stock. Price—$200 per unit. Business—The
purchase of conditional sales contracts on home appli¬
ances. Proceeds
For working capital and expansion.
Office—724 9th St., N. W., Washington, D. C.
Under-,

Address—Pal¬

100,000

—

200,000 by stock¬

white

Food

Sea-wide Electronics, Inc.
Sept. 26, 1961 filed 200,000 common. Price—$4. Business
—Importing of goods from Japan., Proceeds—For debt
repayment. Office—Stokely St., and Roberts Ave., Phila¬

Proceeds—For

Business

Underwriter—Blunt Ellis &

Seashore

Proceeds

Sheboygan,
Simmohs, Chicago.

•

Price—$5.

of which

common,

supermarkets.

—

Moyer, Fricke &

company and

of

Office—2215 Union Ave.,

Business—The

Co./ Inc.; and

Cylinders, Inc. (12/26-29)
1961 • ("Reg. A")- 60,000 common.

Business—Custom

operation

Aug. 29, 1961

deben¬

units

Courts & Co., Atlanta.

and

expansion.

Products, Inc.
("Reg. A") 75,000 common.
Price — $4.
manufacturing and processing of assorted
food products. Office—$3480 Cairo Lane, Opa
Locka,
Fla. Underwriters
Terrio & Co., and Shane & Co.,
Washington, D. ,C. Offering—Expected in January.

Co.

24, 1961 filed $600,000 of 6%

,

offered by the company and 85,000 by stockhold-,
Price—By amendment. Business—Wholesale food

—For

engines and reground crankshafts to automobile parts
jobbers. Proceeds—For working capital and general cor¬
porate purposes. Office—1060 Huff Rd., N.
W., Atlanta,
Ga,* Underwriters—Robinson-Humphrey

Develops
photographic
—

writer—None.

equipment and working capital.
Office—245 7th Ave., N. Y. Underwriter •—
Federman,
Stonehill & Co., N. Y.

Seg Electronics Co., Inc.
Sept. 28, 1961 filed 110,000 common.

•

for

For

—

ment.

Rubber & Fibre Chemical
Corp. (1/8-12)
Sept. 25, 1961 filed 120,000 common. Price—$5. Business
^Exploitation of a new process for reclaiming unvul-

Russell

Stover

Candies,

Inc.

•

1, 1961 filed 130,000 common. Price—By amend¬
Business—Manufacture of candies. Proceeds—For
selling stockholders. Office—1206 Main St., Kansas City,
Mo. Underwriters—Harriman Ripley &
Co., Inc., N. Y.

O.

June

S.

Airport,

Jamaica,
Co., N. Y.

N.

Y,

•

r

new

equip¬

research and development, working
corporate purposes/Office—602 W.

52nd

St., New York. Underwriter
Motti, Inc., N.Y..-

—

William, David &

("Reg.

A")

50,000

Price—$2.
Business—Manufacture of pre-painted aluminum siding
and accessories.

common.

Office—4990 E. Asbury,

Underwriter—Schmidt, Sharp, McCabe & Co.,
i

.

y..rV

.•••■.

Saegertown Glasseals, Inc.
Sept. 27, 1961 filed 210,500 common, of which 100,000 are
to be offered by the company and 110,500 by stockhold¬
ers.
Price—By amendment. Business—Manufacture of

parts,

including

general

diodes

corporate

and

purposes.

rectifiers.

Pro¬

Office—South

Main

St., Saegertown, Pa> Underwriter—Carl M. Loeb,
Rhoades & Co., ,N. Y. Note — This company plans to
merge with Glass-Tite Industries, Inc., subject to ap¬

•

Price—By

amend¬

Business—A holding company for 14 savings and
associations, and other firms. Proceeds — For the
selling stockholders/Office—1400 Fifth Ave., San Diego,
ment.

loan

Underwriters—White, Weld & Co., Inc., N. Y., and

J. A. Hogle & Co., Salt Lake City.

gasoline and oil to service

stations.

Proceeds—For

ex¬

pansion. Office—151 Birchwood Park Dr., Jericho, L. I..
N. Y.
Underwriter—Armstrong & Co., Inc., N. Y.
Of¬
fering—Expected sometime in January.

plan

City. Retail establishments who join the plan

will

3%

Club.

discounts

Proceeds—For

to

members

salaries

of

the

Save-Tax

to

salesmen, advertising,
employees, and working

public relations, additional
capital. Ofifce—135 W. 52nd St.. N. Y. Underwriter—B.

•

Harris

&

100,000 common.
medical

of

electronic

Price—$2.
products.

Proceeds—For

plant relocation, equipment, inventory,
products, debt repayment and working capital. Of¬

Astoria Blvd., Astoria, L. I., N. Y.
Under¬
writer—Rothenbereg, Heller & Co., Inc., N. Y. Offering
—Imminent.
Servotron

Co., Inc., N. Y. Offering—Imminent.

V

•

'

'*

Vv

V'"

Corp.

•

T'"v ".rl!

Sept. 25, 1961 filed 100,000 common. Price—$5. Business
electronic

products.

processing machines and other
Proceeds—Purchase of equipment

and

inventory, sales promotion, research and develop¬
ment, and working capital. Office—29503 West Nine Mile
Rd., Farmington, Mich. Underwriter—None.
•

Shoe Corp.
(12/14)
1961 filed 225,000 common. Price—By amend¬

Shaer

Sept. 18,
ment.

Business—The manufacture

shoes.

Proceeds—For the selling stockholders. Office—
and Dow St., Manchester, N. H. Underwriter-

Canal

Dean Witter &

and

sale

of

women's

Co., San Francisco.

Minerals & Chemical Co.

April 24, 1961 filed 500,000 shares of common stock.
Price—$2.50 per share. Business—Acquisition, develop¬
ment, and exploration of mining properties. Proceeds—
For general corporate purposes. Office — 1406 Walker
Bank Bldg., Salt Lake City, Utah. Underwriter — None.
Note—The SEC has ordered "stop order" proceedings
challenging the accuracy and adequacy of this regis¬
statement.

Shatterproof Glass Corp.
Oct.

27, 1961 filed 215,000

ment.

ated

safety glass.

Office—4815 Cabot
&

(12/18-22)
Price—By amend¬

common.
Business—Manufactures and

Proceeds—For

Ave., Detroit.

distributes

lamin¬

selling stockholders.
Underwriter—Shields

Co., N. Y.
Industries, Inc.

150,000 common, of which 135,000
by the company and 15,000 by
a stockholder. Price—$6. Business—Manufacturer of re¬
built automobile parts. Proceeds—For debt repayment
and working capital. Office—2101 S. High St., Colum¬
bus, Ohio. Underwriters—Rodetsky, Walker & Co., Inc.,
N. Y. and Boenning & Co., Philadelphia.
28,

shares

1961

are

filed

to be offered

Sheraton Corp. of America
Oct.

Savin

Business Machines

Corp. ,(12/18-22) '/! - ?
Price—$10. Busi¬
products for use in photocopy

Sept. 28, 1961 filed 150,000
ness—Distribution

machines.

of

Proceeds—For

common.

initial

production of xero¬
graphic machines, additional equipment, expansion and

4:

:

—Sale of automatic film

Nov.

150,000 common. Price—$2.
to stimulate retail merchandising in

New York

give

Corp.
("Reg. A")

1961

Shenk

Club, Inc.
("Reg. A")

1961

Business—A

G.

12,

tration

July 5, 1961 ("Reg. A") 92,000 common shares (par one
cent). Price—$2.50. Business—Wholesale distribution of

6,

Inc.

Business—Manufacture

Sav-Mor Oil Corp.

Save-Tax

Inc.

Servonuclear

Shasta

^ San Diego Imperial Corp.
5, 1961 filed 350,091 common.

July

Dispensers,

purposes.

Sept.

of stockholders.

Dec.

Calif.

Serv

30, 1961 filed 125,000 class A common shares. Price
—By amendment. Business—The manufacture of semi¬
conductor devices for military, industrial and commercial
use.
Proceeds—For equipment, plant expansion and new
products. Address—Sweetwater Avenue, Bedford, Mass.
Underwriter—S. D. Fuller & Co., New York (managing).
Offering—Expected sometime in January.

Proceeds—For inventory, dies, inventory

equipment and working capital.

proval

Co., N. Y.

Semi con,

new

Inc.

ceeds—For

and

fice—28-21

1961

electronic

common,

company

Proceeds—For debt repayment and general corpo¬
Office—20 Simmons St., Boston. Under¬
writer—Goldsmith, Heiken & Co., Inc., Brooklyn; N. Y.

(12/18-22)

vision production equipment. Proceeds—For

Denver.

by the

June

Photo-Cine-Optics, Inc.

Inc., Denver,

sold

ages.

rate

shares. Price—$40 per unit. Business—The manufactur¬
ing, renting and distributing of motion picture and tele¬

25,

(12/11-15)

filed 200,000

Oct. 17, 1961 ("Reg. A") 60,000 common. Price—$5. Busi¬
ness—Manufacture of dispensers for "hbt,:attd cqlcT'bever-

Underwriter—

filed $50,000 of 6% subordinated deben¬
tures due 1969 and 50,000 common shares to be offered
in units consisting of $10 of debentures and 10 common

Sept.

be

Sell 'N

29, 1961

ment, advertising,
capital/and other

Corp.

1961

27,

curities &

Co., Kansas City, Mo.

• S. M. S. Instruments, Inc.
Nov. 28, 1961 filed 100,000 common.
Price—$3.25. Busi¬
ness—Repair and maintenance of aircraft instruments
and accessories. Proceeds—For
equipment, debt repay¬
ment, and other corporate purposes. Office — Idlewild
&

transmission, filters, transceivers
equipment.

of which 33,000
167,000 by a stock¬
holder. Price—By amendment. Business—Production of
gold compounds and chemicals for electroplating. Office
—Nutley, N. J. Underwriter—Eastman Dillon, Union Se¬
will

(12/18-22)

Nov.

International

Sel-Rex

Sept.

ment.

Lieberbaum

data and program

Price—By amend¬
manufacture of networks

and

Proceeds—For equip¬
ment, research and development, repayment of loans and
working capital. Office—12 Hinsdale St., Brooklyn. Un¬
derwriter—Searight, Ahalt & O'Connor, Inc., N. Y.

rubber. Proceeds—Purchase of equipment and
existing plant building, repayment of debt, and working
capital. Office—300 Butler St., Brooklyn, N. Y. Under¬
writer—Armstrong & Co., Inc., N. Y.
•

Business—Design

and related electronic

canized

•

subordi¬

and

Rocket Power, Inc. (12/11-15)
Sept. 20, 1961 filed 200,000 common.

to be

Pro¬

120,000 common shares to be offered
consisting of one debenture and two shares.
Price—$25 per unit. Business—Sale of rebuilt automobile
in

?

photographic, plate making and

plies and

nated

Price—$5.

—

Sabre,

Research, Inc.
May 8, 1961 filed 150,000 shares of capital stock. Price—
of processes

common.,

equipment, sales
promotion and advertising.
Office
562 Grand Blvd.,
Westbury, N.Y. Underwriter—Charles Plohn & Co., N.Y.
Offering—Expected sometime in January.

temporarily postponed.

-Reher Simmons

Proceeds—For

working capital. Office—161 Ave. of the Americas, N. Y.
Underwriter—Ira Haupt & Co., N. Y.
Schultz Sav-O-Stores, Inc.
Nov. 13, 1961 filed 160,000 common, of which
75,000 are

Electronics, Inc.
1961 ("Reg. A") 60,000

Business—Manufacture of electronic equipment.
ceeds—Debt repayment, new products,

S
common.

bowling cehter. Proceeds—
For working capital. Office—8905 Columbia
Pike, Falls
Church,; Va. Underwriter—None. w,;f

ter

debt. Office—Falcon Field,
Webber, Jackson &

repay

Underwriters—Paine,

and Stern Bros. &

-

to

Rodale

are

Sept. 28, 1961

seven

Ariz.

Curtis and Prescott & Co., N. Y.

tures due 1976 and
common.

of

plastic sheets. Proceeds—Equip¬
ment, debt repayment and working capital. Office—1
Raritan Rd., Oakland, N. J.
Underwriter—Gianis & Co..
Inc., N. Y.
yV,
•

products. Proceeds—To

Mesa,

signs,

43

30, 1961 filed $8,000,000 of 7^% capital. income
sinking fund debentures due 1989. Price—By amend¬
Business^—Operates hotels and other real estate

ment.

properties.

Proceeds—For

general

corporate

Cnntimipd

purposes.

nn

naae

44

b
44

(2540)

The Commercial and

Continued from page 43

:

:

Financial Chronicle

Webber, Jackson & Curtis, Boston and S. D. Lunt & Co.,
Buffalo, N. Y.
Siconor

Offering—Expected some time in Jan.

Mines

511

Ltd.

Sept. 18, 1961 filed 250,000 common. Price—By amend¬
Business—The exploratory search for silver in
Proceeds—For general corporate pur¬

ment.

By

Oct. 25, 1961

com¬

ProceedSr—For general corporate purposes. Office
—105 Montgomery St., San Francisco. Underwriter—C.
E. Unterberg, Towbin Co., N. Y.
15, 1961 filed 165,000 common. Price—By amend¬
ment. Business—-Operation of retail discount stores. Pro¬

Oct. 30, 1961

general corporate purposes. Office—2514 N.
St., Philadelphia, Pa. Underwriters—Boenning &
Philadelphia, and Rodetsky, Walker & Co., Inc.,

Broad

Brothers

Furniture

Inc.

Nov.

buildings, repayment of debt and
Office—253 Columbia: St., Brooklyn,
N. Y. Underwriter—Continental Bond & Share Corp.,
Maplewood, N. J. Offering—In late January.
capital.

Development Corp. of America

Oct.

27, 1961 filed 56,000 common, of which 30,000 are
company and 26,000 by stockhold¬
ers. Price—$5. Business—Design, development and man¬
ufacture of devices using sound or fluids as a source of
energy. Proceceds—For general corporate purposes. Of¬
to

be offered by the

Sonic
Oct.

75,000

•

•

Price—$60

common.

Standard Industries,
Oct. 13,
to

be

("Reg. A")

—For

1976

with

to

•

Price—By amendment.
Business—Production
limestone, gravel, and ready-mix concrete

20

selling

Debt

—

repay¬

financial

of

stockholders.

Price—$4.

Proceeds—For

equipment.

debt

Business

Oct.

$5.

Hud¬

&

which

of

80,000

•

Southern

>

(12/18-22)

Inc.

Price—By amend¬

common.

Commercial

—

*

- ,

'

..

("Reg. A") 40,000 capital shares. Price—
Business—Manufacture of steel hardware sets and
19,

1961

accessories for garage doors.
ment

and

Orizaba

Proceeds—For debt repay-

•

Office—14134 S.
Underwriter—Ray¬

general corporate purposes.

Ave.,

Paramount, Calif.
Co., Los Angeles.

Moore &

-

<

it TechnibiSt Corp.
Nov.

and

28, 1961 filed 150,000

—Manufacture

corporate purposes. Office—454 Livonia Ave.,
Brooklyn, N. Y. Underwriter—Edwards & Hanly, Hemp¬

common. Price—$4. Business
shopping carts and related products.

of

Proceeds—For debt repayment, equipment and

Office—905

capital.

stead, N. Y.

Air

Way,

Glendale,

Calif.

writer—Frank Karasik & Co., N. Y.

shares.

working
Under¬

;

•

-

Price—By amendment. Busi¬
Star Home and Shelter Corp.
Technical Animations, Inc.
mortgage notes, contracts, leases,
June 28, 1961 filed 133,000 eommn and 133,000 warrants
etc. Proceeds—Repayment fo debt, investments and other Nov, v3^4-96t-i;ii€rd; $211,400 of 7% conv. subord. deben¬
tp.be offered in: units, each unit consisting of one com-- tures due*T972
corporate purposes. Office^-615* Hillsboro St., Raleigh, fwith warrants) to be;offered"-for* sub'mon share "and one warrant. Price—$3 per- unit. Bush/ ;
N.-C: Underwriter—J. C. Wheat & Co., Richmond, Va.V
scriptioh by; hoiderSvoLclass A and. class B common at
ness—The construction and sale of shell homes. Proceeds
common

ness—Repurchase

v

Co., and White, Weld & Co., N. Y.

Tavart Co.

.

Business

repayment

(James)

1961 filed 57,396

17,

Eberstadt

information.

Office—345

Taicott

mond

26, 1961 filed 80,000 common.

steel

common,

financing and accounts
receivable factoring. Proceeds—For selling stockholders.
Office—225 RariSr Ave,,, §>puth, N. ' Y. Underwriters—F.

general

purchase

(12/11-15)

240,000

the company and 160,000 by stockhold¬
Price—By amendment. Business—The manufacture,

ment.

Stanley Industries Corp.
Oct.

Inc.

filed

1961

15,

Nov.

St., N. Y. Underwriter—Smith, Barney & Co., N. Y.
Offering—Expected in late January.

200,000 shares of common stock, to be offered in units
consisting of $100 of debentures with a warrant to pur¬
chase

Proceeds

stores.

factory-built homes. Proceeds—To
open new sales offices. Address
Chicago Ave., Elizabeth, Pa. Underwriter—Eastman
Dillon, Union Securities & Co., N. Y.

—Design, manufacture and sale of heavy-duty stainless

warrants

retail

—1

son

1961 filed $1,000,000 of sinking fund subordi¬
due

amend¬
products

expand credit sales and

1961 filed 210,000 common, of which 183,000 are
by the company and 27,000 by a stock¬

Proceeds—For

85,714 common. Price-*-$3.50.
plastic products.
Proceeds

of

Southern Frontier Finance Co.

debentures

<•:

sale and financing of

Inc.

Business—Publishers

ment.

repayment, equipment and working capital.
Office—1805 Flower St., Glendale, Calif. Underwriter—
Sutro & Co., San Francisco.

nated

—

Swift Homes,

ers.

crushed

of

debt

Sept. 22,

Business

(12/12)

common. Price—By
Distributes food and related

115,000

will be sold by

offered

holder.

Southern California Plastic Co.

16, 1961

1961 filed

11,

Sept.

Southbridge Plastic Products Inc. (12/18-22)
and construction of highways, etc.
Proceeds—General
Sept. 28, 1961 filed 205,710 class A shares. Price—By
corporate purposes.
Office—731
Mayo
Bldg., Tulsa,
amendment. Business—Manufacture of vinyl sheetings.
Okla. Underwriter—Allen & Co., N. Y. Offering—In Jan.
Proceeds—For equipment and working capital.. Office— /
Standard & Poor's Corp.
241 Church St., N. Y. Underwriters—H. Etentz & Co. and
Nov. 13, 1961 filed 261,896 common.
Allen & Co.,; N. Y.
Price—By amend¬
V

Business—Manufacturer

Co., Los Angeles.

by

,

Nov.

&

franchised

to

purposes. Office
Underwriter—Costello,

Blvd., Los Angeles.

Super VaSu Stores, Inc.

ment.

Inc.

per
unit. Business—Design and
fishing and archery equipment and fiber
glass household items. Proceeds—For general corporate
purpose.
Office—131 Saw Mill River Rd., Yonkers, N. Y.
Underwriter—William, David & Motti, Inc., N. Y.

Price — $2.
Business—Manufacture
of
ultrasonic
cleaning equip¬
ment, systems and transducers. Proceeds—For expansion
and working capital. Office—1250 Shames Dr., Westbury,
N. Y. Underwriter—Keene & Co., Inc., N. Y.
30,

Russotto

Co., Inc., N. Y. Offering—In

Oct.

shares.

10

Ave., Yonkers, N. Y. Underwriter
Securities Inc., Hempstead, N. Y.

Systems, Inc.
1961 ("Reg. A")

—1029 Sunset

manufacture of

fice—260 Hawthorne
—Meadowbrook

&

retail

and

Proceeds—For general corporate

plies.

29,

offered

and modernization of

Sonic

Business—Wholesale

1961 filed 230,000 of which 200,000 are to be
ment, inventories, expansion and other corporate pur¬
the company and 30,000 by stockholders.
poses.- Office — 101
Jefferson Ave., Hopkins;, Minn. *
Price—By amendment. Business—Manufacture of drug J
Underwriters—White, Weld & Co., Inc., N. Y. and J. M.
and food products, electrical and electronic devices and
Dain & Co., Inc., Minneapolis.
precision machinery. Proceeds—For the purchase of cer¬
Susan Crane Packaging, Inc.
(12/11-15)
tain patents, repayment of debt, and working capital.
Office—730 Grand St., Hoboken, N. J. Underwriter—
Aug. 28, 1961 filed 150,000 common. Price—By amend¬
ment. Business—The manufacture of gift wrap, packag¬
Blair & Co., N. Y.
ing materials and greeting cards. Proceeds—For repay¬
^ Sportsmen, Inc.
ment of loans, expansion, working capital and general
Nov. 29, 1961 filed $100,000 of 6%
subordinated con ¬
corporate purposes. Office—8107 Chancellor Row, Dallas.
vertible debentures due 1977 and 50,000 common to be
Underwriter—C. E. Unterberg, Towbin Co., N. Y. C.
offered in units, each consisting of $20 of debentures and

Sept. 28, 1961 filed 240,000 common. Price—$2.50. Busi¬
ness—The; instalment retailing of .furniture, applianeesL
and. other household goods. Proceeds — For expansion
working

Malkan

75,000 common. Price—$3.75.
sale of builders' sup¬

("Reg. A")

24, 1961

Un¬

Inc.

Industries,

it Sunset
Nov.

Inc.

it Sperti Products,

Co.,

Office—3601 N. W. 50th St., Miami, Fla.
derwriter—Seymour Blauner Co., N. Y.

purposes.

January.

Y.
Sokol

City Dairy Products, Inc.
27, 1961 filed 120,000 common. Price—$5. Business
—Distribution of eggs and dairy products in Florida and
other southeastern states. Proceeds—General corporate

filed 65,000 common. Price—$5. Business—

writer—Arnold

W.

Underwriter—Hirsch & Co. Inc., N. Y.

St., N. Y.

Sun

Operation of retail furniture stores. Proceeds — For
working capital. Office—2212 Third Ave., N. Y. Under¬

ceeds—For

•

B.),

recently formed

Oct.

("Reg. A") 90,000 common. Price—$3. Busi¬
a synthetic elastic yarn and other

(L.

Spears

Nov.

N.

50th

synthetic fibres. Proceeds—For general corporate pur¬
poses. Office—186 Grand St., N. Y. Underwriter—Mc¬
Laughlin, Kaufman & Co., N. Y. Offering—In January.

Inc.

was

general corporate purpose. Office—111

Proceeds—For

Pro¬

ness—Manufacture of

pany.

Co.,

Price—$2.

company.

Business—Company

by Struthers Wells Corp., to take over letter's recent de¬
velopments in saline water conversion and certain man¬
ufacturing, international engineering and sales activities.

Spandex Corp.
—

amendment. Business—A small business investment

Discount Centers,

common.

investment

Price—By

23, 1961 filed 150,000 class A common.

amendment.

working capital. Office—113 W. 2nd St., Casa
Grande, Ariz. Underwriters—Preferred Securities, Inc.,
and Brown & Co. Investment Securities, Phoenix.

Office—62 Richmond St., West, Toronto, Canada.

Silo

Oct.

ceeds—For

Underwriter—None.
Sierra Capital Corp. (12/11-15)
Sept. 5, 1961 filed 1,000,000 capital shares. Price

100,000

business

small

International Corp.

(12/18-22)

Ave., N. Y.

Business—A

northern Ontario.
poses.

5th

it Space Financial Corp.
Nov. 24, 1961
("Reg. A")

Thursday, December 7, 1961

.

Struthers Scientific &

used in the communications field. Proceeds—
equipment, research and development, and working
capital. Office—31-26 Greenpoint Avenue, Long Island
City, N. Y. Underwriter—Manufacturers Securities Corp.,

ponents

For

Office—470 Atlantic Ave., Boston. Underwriters—Paine,

.

.

of

Growth

Industries, Inc. (12/18^22)& —For repayment of- loans, advances to a subsidiary; esJune 28, 1961 filed 100^000 common shares/ Price—$6.
tablishment of branch sales offices and working"-capital'. *
Business^-A small business investment company. Pro¬
Office—336 S. Salisbury Street, Raleigh, N. C. Under¬
ceeds—For investment. Office—Poinsett Hotel
writer—D. E. Liederman & Co., Inc., N. Y. (mgr.). Note
Building,
Greenville, S. C. Underwriter—Capital Securities Corp.,
—This firm formerly was known as Star Homes, Inc.
Greenville, S. C. •
Offering—In late January.
/
• Southern
Realty & Utilities Corp. (12 18-22)
• Starmatic
Industries, Inc.
May 26, 1961 filed $4,140,000 of 6% convertible deben¬
Nov. 3, 1961 filed 100,000 common.
Price—By amend¬
tures due 1976, with warrants to purchase 41,000 common
ment.
Business
Manufacture
of
boxes, brochures,
shares, to be offered for public sale in units of $500 of
packaging materials and packaging machines. Proceeds
debentures and wartants for five common shares. Price
—For debt repayment and general corporate purposes.
—At 100% of principal amount. Business—The develop¬
Office—252 W. 30th St., N. Y. Underwriter—N. A. Hart
ment of unimproved land in Florida. Proceeds—For the
& Co., Bayside, N. Y. Offering—In February.
repayment of debt, the development of property, work¬
• Steel Plant
ing capital and other corporate purposes. Office—1674
Equipment Corp.
Meridian Avenue, Miami Beach, Fla.
Oct. 2, 1961 ("Reg. A") 100,000 common. Price—$3. Pro¬
Underwriters —
Hirsch & Co., and Lee Higginson
ceeds—For equipment and working capital. Address—
Corp., both of New
York City (managing).
Norristown, Pa. Underwriter—Joseph W. Hurley & Co.,
Norristown, Pa. Offering—In early January.
Southern Syndicate, Inc.
• Sterile
Medical Products, Inc.
Sept. 13, 1961 filed 300,000 common. Price—By amend¬
ment. Business—Real estate investment. Proceeds—For
Aug. 29, 1961 ("Reg. A") 120,000 common. Price—$2.50.
Business—The manufacture and sharpening of scalpels.
repayment of loans and working capital. Office—2501
Bank of Georgia Bldg., Atlanta.
Proceeds—For expansion and the manufacture of scal¬
Underwriter—Johnson,
Lane, Space Corp., Savannah.
pels. Office—434 Buckelew Ave., Jamesburg, N. J. Un¬
derwriter—Louis R. Dreyling & Co., Inc., New Bruns¬
Southwest Factories, Inc.
wick, N. J. Note—This letter was withdrawn.
Oct. 10, 1961
("Reg. A") 100,000 capital shares. Price
•
—$3.
Proceeds^—For. debt repayment, equipment, re¬
Sterling Extruder Corp. (12/26-29)search and
development and general corporate pur¬
Sept. 12, 1961 filed 90,000 common, of which 20,000 are
to be offered by the company and 70,000 by the stock¬
poses,
Office—1432 W. Main St., Oklahoma City, Okla.
Underwriter—Best & Garey Co.,
holders.
Price
$10. Business — The manufacture of
Inc., Washington, D. C.
Offering—Expected sometime in January.
plastic
extrusion
machinery
and
auxiliary' equip¬
ment. Proceeds—For working capital. Office—1537 W.
• Southwestern Research
& Development Co.
Elizabeth Ave., Linden, N. J. Underwriter — Marron,
Aug. 28, 1961 filed 600,J00 common. Price—$10. Business
Sloss & Co., N. Y.
•^-„A .business investment company. Proceeds-r-for investments; Office—1101 N. First
Stokely-VanCamp, Inc.
^
"
St., Rhoenbfcj Under¬

;

^
^

^ *

■>,

the rate^/^lOfl'of debentures for each 280 shares held..

Priee^$100 per unit ($100 of debentures and one war-*
rant to purchase 14 class A shares). Business—Design
.

and

manufacture

of

animated

transparencies and

;

>

other

technical

training aids and displays. Proceeds—For debt
repayment, expansion, research, and working capital.
Office—11

Sintsink

Underwriters—Bull
and R.

Dr.,
&

East

Port

Washington,

N.

¥.

-

Low; John R. Maher Associates;

Topik & Co., Inc., N. Y.

^

,

—

—

,-

writer—Wilson. Johnson &

Higgins, San Francisco (mgr).

Offering^-ImmiHent.u

high temperature mate¬

rials for the space, nuclear and missile




fields, and

29,

1961

filed

$15,000,000

nated ^debentures due

_

Space Age Materials-Corp. (SAMCO) aV( 12/18-22)'—
.-4 .'O
/-.< ',:V■
Sept. 19, 1961 ("Reg. A") 100,000 common. Price-—$3.
Business—The manufacture of

Nov.

com¬

1982

to

of convertible subordi¬
be

offered

by the

com¬

stockholder.
Price-— By amendment.
Business ^ Prppessing .and dis¬
tributing ol Various cahbed and frozen food products.
Pr 9C eeds—For debt repayhient-and-working capital. Of¬
fice—941 N. Meridian St., Indianapolis. UnderwriterReynolds & Co., Inc., N. Y.
pany,

and

100,000

common

shares

by

a

it Tec-Torch Co.,
Nov.

Inc.

1961 filed 100,000 common. Price—$3.25. Busi¬
Design and manufacture, of inert gas welding
equipment. Proceeds—For debt repayment, expansion
and working capital. Office—153 Union Ave., East Ruth¬
ness

28,

—

erford, N. J. Underwriter—Scott,
Fairlawn, N. J.

Harvey

&

Co.,

Inc.,

Tel-A-Sign,
Oct.

30,

Inc.
/'>*;■
1961 filed $900,000 of convertible subordinated

debentures due

1974 and 180,000 common to be offered
consisting of $100 of debentures and 20 common.
Price—By amendment.
Business
Manufactures illu¬
in units

—

minated

and

non-illuminated

signs

and

other advertis-

•

>

material.
Proceeds
For
debt
repayment and
working capital.
Office
3401 W. 47th St., Chicago.
Underwriter—Clayton Securities Corp., Boston.
ing

—

—

Tele-Communications Corp. (12/18-22)
Sept. 29, 1961 ("Reg. A") 100,000 class A common. Price
—$3. Proceeds—For debt repayment, advertising, re¬
search and development, plant
improvement and work¬
ing capital. Office—41 E. 42nd St., N. Y. UnderwriterEdward Lewis Co., Inc.,, N. Y.

;

Tennessee

Gas Transmission Co.
(12/12)
8, 1961 filed $50,000,000 of debentures due 1981.
Price—By amendment. Proceeds-—For debt, repayment,
Nov.

expansion and
nessee

Bldg.,

other

corporate

Houston,

Webster Securities Corp.,
sey,

Tex.

.

purposes/

Office—Ten¬
Underwriters—Stone &

White; Weld & Co., nerd Hal- 1

Stuart & Co. Inc., N. Y.v

;

•

-:

Texas

Oct.

Electro-Dynamic Capitalr Jnc.
T
16, 1961 filed 250,000 common. Price—By amend-

ment. Business—A ismall business;
investment company.
Proceeds—General corporate
purposes.
Office—1947 W.

,

<

Volume

194

Number 6114

..

.

The Commercial ancl Financial Chronicle

(2541)

&

Houston.

Ave.,

Gray

Underwriter—Moroney, Beissner

Co., Inc., Houston.'

Oct.

1961

Industries, Inc.

gan

filed

175,000 common, of which 150,000
shares are to be offered by the company and
25,000 by
stockholders.
Price—By amendment. Business—Manu¬
26,

water

of

facture

coolers, water cans and portable hot
beverage
dispensers.
Proceeds—For debt
repayment
and general corporate purposes. Office—6502 Rusk
Ave.,
Underwriter

Houston.

and working capital. Office—2151 Le
Rd., Coral Gables, Fla. Underwriter—Glone, For& Co., N. Y. (mgr.).
t

Jeune

Tennessee

Texas

payment of debt,

S. D. Fuller &

—

Co., N. Y. Of¬

fering—Expected sometime in late Januarv.

Turbodyne Corp.
May 10, 1961 filed 127,500 shares of common stock. Price
—$5 per share. Business — The research, development,
manufacturing and marketing of space and rocket en¬
gines, and related activities. Proceeds—For research and

development, and working capital. Office—1346 Con¬
necticut Ave., N. W, Washington, D. C. Underwriter—
Sandkuhl & Co., Inc., Newark, N. J., and N. Y. C. Offer¬

• Thermionex Industries
Corp. (12/19-22)
July 27, 1961 ("Reg. A") 150,000 common shares (par
10 cents).
Price—$2. Business—The manufacture of a
flexible heating tape.
Proceeds—For construction of a

ing—Expected sometime in January.

machine,

Business—Manufactures

and

ponents.

research and development, sales engineering
capital.
Office — 500 Edgewood Avenue,
Trenton, N. J. Underwriter—D. L. Capas Co., New York.
working

Lumber Co.

Tidewater
Oct.

23, 1961 filed 200,000
lumber

—Wholesale

Price—$5. Business

common.

Proceeds—For

company.

debt

re¬

payment and working capital. Office — 1600 Hillside
Ave., New Hyde Park, N. Y. Underwriter—Rubin, Rennert & Co., Inc., N. Y.

Tip Top Products Co.
Oct.

23,

common.

items. Proceeds—For the sell¬

care

ing stockholder.

Office—16th and Cuming Sts., Omaha.
Underwriters—White, Weld & Co., Inc., N. Y., and First
Nebraska

Securities Corp.,

Lincoln.

if Tokyo Shibaura Electric Co., Ltd. ("Toshiba")
Dec. 5, 1961 filed 30,000,000 common to be offered for
public sale in the U. S., in the form of 600,000 American
Depositary Shares, each representing 50 common shares
of the company. Price—By amendment. Business—Manu¬
factures a broad line of electrical and electronic equip¬
ment including home appliances, radio and TV, heavy
duty equipment, tubes and semi-conductors. Proceeds—
For the selling stockholder. Office—Tokyo, Japan. Un¬
derwriters^—Smith, Barney & Co., and the Nomura Se¬
curities Co. Ltd., N. Y. Offering—Expected in February.
•

Topsy's

Oct.

$5.
For

International,

Inc.

(12/11-15)

16, 1961 ("Reg. A") 60,000 class A common/Price—
Business—Operates catering companies. Proceeds—
working capital. Office—208 Nichols Rd, Kansas

Underwriters—George K. Baum &
Midland Securities Co.; Inc?,"Kansas^City,"Mo.
Tower Communications Co.
(12/11-15)

Co., and

City, Mo.

•

Aug. 24, 1961 filed 125,000 common. Price-^By amend¬
ment. Business—The design, manufacture and Ci'eCtiorr of
communications towers. Proceeds — For repayment of
debt

Turner

working capital. Office — 2700 Hawkeye Dr.,
City, Iowa. Underwriter—C. E. Unterberg, Towbin Co., N. Y. C. (mgr.).
V-V'"'.v:
and

Sioux

.

if Trans-Alaska Telephone Co.

(12/18-22)
Sept.

27;

ment.

Business—A small

Proceeds—For
S.
&

La

29, 1961 filed 100,000 common. Price—$5. Business
and
development in the data and image

Proceeds—For debt

and other corporate purposes. Office—1000
N. Johnson Ave., El Cajon, Calif. Underwriter—N. C.
Roberts & Co., Inc., San iDego.,

repayment

Trans-Pacific

Nov.

and

Research & Capital,

Inc.

common. Price—By amend¬
Manufacture of high pressure valves

filed 47,000

1961

27,

Business

ment.

—

accessories. Proceeds—For

Inc. (1/10)
160,000 common, of which 80,000
are to be offered by the company and 80,000 shares by
stockholders. Price—By amendment. Business
Manu¬
facture of precision, plastic components. Proceeds—For
repayment of loans, advertising, equipment and work¬
ing capital. Office—175 I. U. Willets Rd., Albertson, L. I.,
N. Y. Underwriter—Hill, Darlington & Grimm, N.„Y.
Tri-Point Industries,

Sept.

filed

1961

28,

common.
Price—$2.
Electronic Parts and Equip¬
Proceeds—For debt repayment, machinery, new

leasehold improvements and working capital.
Office—3410 W. Cohasset St., Burbank, Calif.
Under¬
writer—Ezra Kureen Co., N. Y.
products,

Tripoli Co.,

Inc.
("Reg. A")

of

food

and beverage service equipment.
Proceeds—
working caiptal. Office—6815 Hamilton Ave., Pitts¬
burgh. Underwriter — Arthurs, Lestrange & Co., Pitts¬
burgh. Offering—Expected in early January.

Ultra

Nov.

20,

1961
—

Triton

Electronics,

Inc.

26, 1961 filed

108,000 common, of which

Co., N. Y.

expireDec°15;




Price—$3.

common.

Business—Manufacture of air and liquid equipment and

systems.

Proceeds—For general corporate purposes.
Gerard Ave., Bronx, N. Y.
Underwriter—

Office—370

Publications, Inc.

("Reg.

A")

100,000

common.

Price—S3.

and

industrial hand¬
repayment, expansion and work¬
Office—480 Lexington
Ave., N. Y
Under¬

books. Proceeds—Debt

ing capital.

writer—Douglas Enterprises, 8856 18th Ave.,
Brooklyn.
ic United Packaging Co., Inc.
Nov. 29,

1961 filed 102,000

common. Price—$3
Business
packaging business. Proceeds —' For new
machinery, debt repayment and working capital Office
-4511
Wayne Ave, Philadelphia. Underwriter-God¬
frey, Hamilton, Taylor & Co, Inc., N. Y.

—A

general

United Variable Annuities
Fund, Inc.
April 11, 1961 filed 2,500,000 shares of stock.
Price—$10
pe^ share. Business—A new mutual fund. Proceeds—For
investment. Office—20 W. 9th
Street, Kansas City, Mo.
Underwriter—Waddell & Reed, Inc., Kansas
City, Mo.
Offering—Expected in early January.
Univend Corp. (12/26-29)
Sept. 29, 1961 ("Reg. A") 115,000 common.
Price—$2.50.
Business—Operates coin-vending machines for food and
drmk. Proceeds
Office—28

For

expansion and working capital.
N. Y. Underwriter
Co, N. Y.
—

O'Brien

—Ezra Kureen

Place, Broklyn,

Universal Electronics Laboratories
Corp.
Sept. 28, 1961 filed 90,250 common, of which 76,250 will
be sold by the
company and 14,000 by stockholders. Price
—By amendment. Business—Design, development and

production of teaching machines. Proceeds—For
produc¬
tion expenses,
advertising, marketing etc. Office—510
Hudson St,
Hackensack, N. J. Underwriters—To be
named.

Universal

Lighting Products,

Sept. 21, 1961 filed 175,000
—Manufacturer

Inc.

common.

(1/15-19)
Price—$1. Business

of

lighting fixtures and display and
merchandising equipment for use in gasoline service
stations. Proceeds
Repayment of debt and working
capital. Office—55 Bergenline Ave,
Westwood, N. J.
Underwriter—Globus, Inc., N. Y. (mgr.).
—

Gianis & Co., Inc., N. Y. Offering—Imminent.
•

Ultra

Plastics

Inc.

Sept. 19, 1961 filed 150,000 class A common.
Business—The manufacture of outdoor plastic

Price—$4.
signs and
equipment, repayment of
debt, inventory, additional personnel, advertising and
Underwriter—Amos Treat & Co., N. Y. Offering—In
late January.
urethane foam. Proceeds—For

Union Title Co.
(12/18-22)
Aug. 28, 1961 filed 150,000 capital shares. Price—$7.50.
Business—The insuring of real estate titles. Proceeds—
For working capital and expansion. Office—222 N. Cen¬
tral

Ave., Phoenix.

Underwriter—None.

Union Trust Life

Sept. 25,

Insurance Co.

Proceeds

surance.

Office

—

N.

611

Broadway St., Milwaukee. Underwriters—None.
Electronics

Price—$2.50. Busi¬

common.

ness—Manufacture of high-precision instrument compo¬
nents for missile and aircraft guidance systems. Proceeds
Mich.

general corporate purposes. Office—Grand Haven,
Underwriter—Strathmore Securities, Inc., Pitts¬

burgh, Pa.

V
Aero

Products

Corp.

/

"

nuclear

industries.

Proceeds—Debt

repay¬

ment, research and

development, expansion and working
capital. Office—Columbus Rd., Burlington, N. J. Under¬
writers—Hess, Grant & Remington, Inc., Philadelphia
and

Arthurs, Lestrange & Co., Pittsburgh.

United

Exposition Service Co.

(12/11-15)

Sept. 22, 1961 filed 100,000 common, of which 40,000 will
be offered by the company and 60,000 by' stockholders.
Price—By amendment. Business—Supplying of decorat¬
ing, drayage, cleaning, and related services for trade
shows, conventions, and similar expositions. Proceeds—•
For working capital, the repayment of debt and pur¬
chase

of equipment. Office — Suite -705, Merchandise
Mart, Chicago, 111. Underwriter—Drexel & Co.,, Phila.
•

United

Aug.

18,

Scientific

1961

Business—The

medial work

of

60,000

common.

Price

S3.

—

water-proofing materials,

re¬

to

buildings. Proceeds—For working cap¬
ital. Office—613 E. 12th St, N. Y. Underwriter—Profes¬
sional & Executive
Planning Corp, Long Beach, N. Y.
Uropa International, Inc. (12/18-22)
Sept. 28, 1961 filed 120,000 common. Price—$2.50. Busi¬
ness—Importing of compact appliances '^thd stereophonic
radio and phonograph consoles. Proceeds—For
working
Office—16

W.

32nd

St, N. Y.

Underwriter-

•

U-Tell

Sept.

Corp.

18,

Business

(12/18-22)

1961

("Reg. A") 31,097 common. Price—$5.
Operation of a discount department store.

—

•

Val-U Homes Corp. of Delaware
Aug. 28, 1961 filed 100,000 common. Price—$5. Business
—The manufacture of prefabricated
buildings and shell

homes. Proceeds—For working capital. Office—765 Riv¬
er

St, Paterson, N.J. Underwriter—Stearns & Co, N.Y.C.

Nov.

Sept. 28v 1961 filed $600,000 of 6% conv. subord. deben¬
1971. Price—At par. Business—Manufacture of
precision machined parts for the aircraft, missile, elec¬
and

("Reg. A")

Business—Application

if Van Der Hout Associates Ltd.

tures due

tronics

Waterproofing Corp.

1961

Office—3629 N. Teutonia
Ave, Milwaukee, Wis. Under¬
writer—Continental Securities Corp, Milwaukee, Wis.

Corp.

27, 1961 filed 250,000

17,

Dean Samitas & Co., N. Y.

life, and health and accident in¬

For investment.

—

Universal
Nov.

capital.

(12/18-22)

1961 filed 300,000 common."Price—By amend¬

ment. Business—Sale of

Laboratories, Inc.
filed 360,000 common shares. Price—$2.
manufacture of high fidelity stereo tuners

amplifiers and amateur radio transceivers. Proceeds

—For

repayment

of debt, increase in sales personnel,
production and working capital. Office—
35-15 37th Ave., Long Island City, N. Y. Underwriter-

tooling

and

Continental

Bond

&

Share

Corp.,

Maplewood,

J.

N.

Offering—Imminent.
United

22,

Servomation

29, 1961 filed 100,000 common. Price—By amend¬
ment. Business—National distributor of automotive
parts
in

Canada.

1480

Lake

Proceeds—For
Shore

Rd,

selling stockholders.

Toronto.

Office—
Underwriter—Rosmar

Corp, Ltd, Toronto.
Valley Forge Products, Inc. (12/11-15)
Sept. 15, 1961 filed 120,000 class A capital shares. Price
•—By amendment. Business—Manufacture of automotive
replacement parts. Proceeds—For repayment of debt and
other corporate purposes. Office—370 19th St, Brook¬

lyn, N. Y. Underwriter—Herzfeld & Stern, N. Y.
•
Valley Gas Production, Inc. (12/11-15)
Sept. 22, 1961 filed 194,000 common. Price—By amend¬
ment. Business—Acquisition of natural gas and oil pro^
ducing)properties. Proceeds—Construction, repayment of

debt and investment in subsidiaries. Office—583 M & M

Bldg, Houston. Underwriter—White, Weld & Co, N. Y.
Valley Metallurgical Processing Co.
23, 1961 filed 70,000 common. Price—By amend¬
ment.
Business—Production of metal powders for the
rocket, munitions and pyrotechnics industries. Proceeds
Oct.

1961

filed

355,000 common of which 150,000
by the company and 205,000 shares
by stockholders. Price—By amendment. Business—Sale
of food, tobacco products and beverages through auto¬
matic vending machines. Proceeds—For repayment of
debt. Office—410 Park

Ave., N. Y. Underwriter—Hemp¬
hill, Noyes & Co., N. Y.
•

Price-$20.625. Proceeds-For the re¬

U. S.

Controls, Inc. (12/26-29)
Sept. 28, 1961 filed 120,000 common. Price—$2.25. Busi¬
ness—The manufacture of automatic control systems.
Proceeds—For repayment of debt, a sales and advertis¬
ing program, research and development, equipment and
working capital. Office — 410 Fourth Ave., Brooklyn.
Underwriter—N. A. Hart & Co., Bayside, N. Y.
United States Crown Corp.

(12/18-22)

Aug. 22, 1961 filed 150,000 common. Price—$8. Business
—The manufacture of
For

—For

debt repayment and general corporate purposes.
Office—Essex, Conn.
Underwriter—McDonnell & Co.

Inc., N. Y.

Van-Pak, Inc.
Sept. 15, 1961 filed 140,000

common. Price—$15. Business
—A nation-wide and overseas non-regulated freight for¬

Corp.

shares will be offered

•

Tropical Gas Co., Inc.
Sept
8, 196L filed 135,217.-common being offered for
•subscription, by stockholders^ on the basis of one share
for each six common held of record Oct. 13 with rights
to

1961

Business—Publishing of military

•

100,000

...

76,500 will
be offered by the company and 31,500 by stockholders.
Price—$4.50. Business—Manufacture of magnetic record¬
ing tape and metallic yarns. Proceeds—For reseaich and
development, advertising, and working capital. Office
-62-05 30th Ave., Woodside, N. Y. Underwriter—Neth¬
erlands Securities Co., Inc., and Seymour Blauner &
Sept

Dynamics Corp.
1961 ("Reg. A")

6,

Sept.

.

60,000 common. Price — $5.
Business
Manufacture of a wide variety of cosmetics.
Proceeds—For equipment, inventory and working cap¬
ital. Office—1215 Walnut St., Philadelphia. Underwriter
—D. L. Greenbaum & Co., Philadelphia.
Oct

Electronic

26,

.

6, 1961
Business—Manufacture of
ment.

company.

Office—134

For

and

(12/11-15)
("Reg. A") 100,000

Trio-Tech, Inc.
Oct.

investment
purposes.

Tyson Metal Products, Inc.
26, 1961 filed 70,000 common, of which 21,000 shares
to be offered by the company and 49,000
by stock¬
holders. Price—By amendment. Business—Manufacture

expansion, .working cap¬

ital, and possible acquisitions. Office — Pacific National
Bank
Bldg., Bellevue, Wash. Underwriter—Hill, Dar¬
lington & Grimm, N. Y. Offering—In February.
•

business

corporate

are

United

—Research

•

general

amend¬

Oct.

Inc.

transmission field.

com¬

Salle

—For

and

and

St., Chicago. Underwriter—Bacon, Whipple
Co., Chicago.

Nov.

processing

devices

—

construction, and ac¬
quisition, repayment of debt, and other corporate pur¬
poses. Office—110 E. 6th Ave., Anchorage, Alaska. Un¬
derwriter—Milton D. Blauner & Co., Inc., N. Y.
Nov.

common". ' Price—$4/

electronic

Twentieth Century Capital Corp.
Nov. 24, 1961 filed 250,000 common. Price—By

Unison

Price—$6/ Proceeds—For

if Transdata,

A")>75,000

("Reg.

1961

Office—209 Glenside Ave., Wyncote, Pa. Un¬
derwriter
Valley Forge Securities Co., Inc., Phila.

Nov. 29, 1961 filed 265,000 common, of which 250,000 are
to be offered by the company and 15,000 by a stock¬

holder.

.

Engineering & Automation Corp.

S.

•

(12/12)

1961 filed 121,778 class A and 130,222 class B
Price—By amendment. Business—Design and

manufacture of hair

•

U.

Sept.

45

specialized bottle caps. Proceeds—
equipment, working capital and general corporate
Office—437 Boulevard, East Paterson, N. J.

warder engaged

in the forwarding of household goods.
debt, purchase metal containers, and
increase working capital. Office — 542 Insurance Ex¬
change Bldg, Des Moines, Iowa. Underwriter—Hodgdon
& Co, Inc., Washington, D. C. Offering—Expected some
time in January.
Proceeds—To repay

•

Varicraft

Industries, Inc. (12/11-15)
»
("Reg. A") 120,000 common. Price—$2.25.
Business—Custom design and manufacture of furniture.
Proceeds—For debt repayment and working capital. Of¬
Nov.

7, 1961

fice—45th

St.

and

Crescent

Blvd.,

Pennsauken,

N.

J.

Underwriter—Mayo & Co, Inc., Philadelphia.
•
Vending International, Inc. (12/11-15)
July 27, 1961 ("Reg. A") 70,588 common shares (par
10 cents). Price—$4.24. Proceeds — For repayment of
debt, expansion and a new building. Office—c/o Brownfield, Rosen & Malone, 1026-16th St., N. W., Washington,
D. C. Underwriter—H. P. Black & Co, Inc., Wash, D. C.

purposes.

Underwriter—Adams & Peck, N. Y.-(mgr.)

.

;

.

.

.

Continued
..

on

page.

46

46

The Commercial and Financial Chronicle

(2542)

Continued from page

West Coast

45

Vendotronics Corp.

Sept.

1961

I,

A")

("Reg.

Price—$2.

150,000 common.

Business—The manufacture of automatic popcorn

vend¬

Proceeds—For repayment of loans, adver¬
tising, inventory, working capital and general corporate
purposes.
Office—572 Merrick Rd., Lynbrook, N. Y.
Underwriter—B. G. Harris & Co., Inc., N. Y. Offering—
ing machines.

Imminent.
Venus

Drug Distributors, Inc.
Oct. 2, 1961 filed 168,000 common, of which 120,000 are
to be sold by the company and 48,000 by stockholders.
Price—$5. Business—Wholesale distribution of cosmet¬
ics. Proceeds—For new product development, advertis¬
ing and working capital.
Office — 4206 W. Jefferson
Blvd., Bos Angeles, Calif. Underwriter—Garat & Polojoitza, Inc., Bos Angeles.

;

•

Vic

Tanny Enterprises,

Inc.

1961 filed 200,000 shares of class A common
by Mr. Vic Tanny, a stockholder, who will
,use proceeds
to repay debt to company. Price—$6.25.
Business—The operation of a national chain of gymna¬
siums and health centers for men and women. Office—

May

11,

sold

be

to

375

Park

Ave., N. Y. Underwriters—Globus, Inc.,
Ross, Lyon & Co., Inc„ N. Y. Offering—Imminent.

Virginia Dare Stores Corp.
Oct.

-■{

{

and

•

Vitamin Specialties

West Falls

K

&

ital. Office—3610-14 N. 15th St., Philadelphia. Under¬
writer—Woodcock, Moyer, Fricke & French, Inc., Phil¬
adelphia. Offering—Sometime in January.

Voldale, Inc.
20, 1961 ("Reg. A") 54,000 common. Price—$4.25.
Business—Acquisition and development of new patents.
Proceeds—For debt repayment and working capital. Of¬
fice—35-10 Astoria Blvd., Long Island City, N. Y. Un¬
derwriter—Peters, Writer & Christensen, Inc., Denver.
Oct.

Land

Development Corp.

Price—By amend¬
self-service family shoe

chain

and

shoe

departments

Mo.

(12/18-22)
July 28, 1961 filed 100,000 class A shares. Price

—

$3.

Semiconductors, Inc.

servicing of industrial

and

ing of background music. Proceeds—For tooling, production engineering, inventory and sales promotion of
its products and for working capital. Office — 1230 E.
Mermaid Lane, Wyndmoor, Pa. Underwriters — John
Joshua & Co., Inc., and Reuben Rose & Co., New York.
Walston Aviation, Inc.

.Oct. 30, 1961 filed 90,000 common, of which 60,000 are to
be offered by the company and 30,000 by a stockholder.

Price—$6.25. Business—Sells Cessna Airplanes and sup¬
plies; also repairs and services various type airplanes.
Proceeds
For expansion and general corporate pur¬
poses.
Office—Civic Memorial Airport, E. Alton, 111.
Underwriter—White & Co., Inc., St. Louis.

;

j

-

Wards Co.,

•t

;

(12/13)

Boyce, Baltimore.

Waterman Steamship Corp.
Aug. 29, 1961 filed 1,743,000 common. Price—By amend¬
ment.
Business — The carrying of liner-type cargoes.
Proceeds—For the purchase of vessels, and working cap¬
ital. Office—71 Saint Joseph St., Mobile, Ala. Under¬
writer—Shields & Co. Inc., N. Y. (mgr.). Offering—Ex¬
pected in February.

Weiss

;

Inc.

Sept. 15, 1961 filed 110,000 common. Price—By amend¬
ment. Business—The retail sale of radios, TV sets, re¬
frigerators, stoves, air conditioners, etc. Proceeds—For
working capital and other corporate purposes. Office—
2049 West Broad St., Richmond, Va. Underwriter—Stein
Bros. &

!

Bros.

Stores, Inc.
1961 filed 140,000 class A shares, of which 25,to be offered by the company and 115,000 by
stockholders. Price—By amendment, Business—Operates
12 women's apparel stores and sells men's and women's
apparel in leased departments of other specialty stores.
Proceeds—For debt repayment. Office—1 W. 39th St.,
N. Y.
Underwriter
Francis I. duPont & Co., N. Y.
Offering—Expected sometime in January.
Oct. 27,
000 are

—

•

Wellco Shoe Corp.

•

facture

footwear

and

the

manufacture

of

casual

foot¬

Proceeds—For a selling stockholder. Address—
Waynesville, N. C. Underwriter—C. E, Unterberg, TowOffering—Expected in late January.
wear.

bin Co., N. Y.

Wespak Inc.
Sept. 29, 1961 ("Reg. A") 100,000 common. Price — $2.
Business—Thermo-for min g of plastic material for
pack¬
aging of products. Proceeds—For research and develop¬

ment, equipment, sales, advertising and working capital.
Office
475 Alfred Ave., Teaneck, N. J. Underwriter—
Scott, Harvey & Co., Inc., Fairlawn, N. J.
—




Proceeds—For

capital.

Wynlit Pharmaceuticals, Inc.
27, 1961 filed 150,000 common. Price—By amend¬

Nov.

ment. Business—Manufacture and distribution of ethical

drugs and pharmaceuticals. Proceeds—For a new plant,
product expansion and working capital. Office—91 Main
St., Madison, N. J. Underwriter—Andresen & Co., N. Y.

13, 1961 filed 32,000 shares of beneficial interest.
Price—$6.25.
Business—A small business investment
company.
Proceeds—For investment.
Office—403
Ursula St., Aurora, Colo.
Underwriter—Westco Corp.,
Aurora, Colo.

Yankee

Plastics, Inc.
("Reg. A") 100,000 common. Price — $3.
Business—Manufactures plastic hangers and forms. Pro¬
Westland Capital Corp.
ceeds
For acquisition of manufacturing facilities and
Sept. 21, 1961 filed 985,500 common. Price—$11. Business
—A small business investment company. Proceeds—For • working capital. Office—29 W. 34th St., N. Y. Under¬
writer—Sunshine Securities Inc., Rego Park, N. Y.
Working capital/Office—9229 Sunset Blvd., Los Angeles,
Calif. Underwriter—Bear, Stearns & Co., N. Y. Offering
★ York County Gas Co.
Nov. 27, 1961 ("Reg. A") 4,952 common to be offered for
—Expected sometime in January.
*

Sept. 8, 1961
—

White

subscription by stockholders of record Jan. 22, 1962

Electromagnetics, Inc.

the- basis

1961 filed 65,000 common. Price—$3.75. Business
—Rendering of consulting services pertaining to elec¬

Proceeds—For expansion, pub¬
lication of technical papers, marketing, product development and working capital.
Office—4903 Auburn Ave.,
Bethesda, Md.
ton, D. C.
Wiatt

28,

shares

.

are

Co.

135,000 common, of which 45,000
to be offered by the company and 90,000 by

1961

filed

Price—By

amendment.

Business—Design

Proceeds—For

gen¬

eral corporate purposes. Office—124 E. Olympic Blvd.,
Los Angeles. Underwriters—Schwabacher & Co., and J.
Barth &

Co., San Francisco; and Bear, Stearns & Co.,

N. Y.

Widmann

(L. F.), Inc.

Oct. 27, 1961 filed
to be offered by

162,000 common, of which 102,000 are
the company and 60,000 by stock¬
holders. Prices—$3. Business—Operates a chain of retail
drug stores. Proceeds—Expansion, equipment and work¬
ing capital. Office—738 Beliefonte Ave., Lock Haven, Pa.
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
20,

1961

("Reg. A")

Business—Custom

Proceeds—For
>

100,000 common.

compression,

transfer

and

new

share for

each

18

held

of

on

record

•

Price—$3.
injection

molding of plastic materials. Proceeds—For debt re¬
payment and general corporate purposes. Office—180
Kingsland Rd., Clifton, N. J. Underwriter—Investment
Planning Group, Inc., East Orange, N. J. Offering—Ex¬

gas.

debt

repayment. Office—127 W. Market
St., York, Pa. Underwriter—None. -A:r

Zenith. Laboratories, Inc.
- '
Nov. 22, 1961 filed 120,000 common. Price—$4.50. Busi¬
ness—Development and manufacture of ethical pharma¬
ceuticals, non-prescription drugs, vitamins, etc. Proceeds
—For repayment of debt and
150 S. Dean St.,
Englewood,

working capital. Office—
N. J. Underwriter—Sulco

Securities, Inc., N. Y.
Zim

Israel

Navigation Co., Ltd.
participating preferred.
Price—$500. Business—Furnishing of passenger and drycargo freight services.
Proceeds-1—For construction ahd
working capital. Office—Haifa, Israel. Underwriter—
Oct.

5, 1961 filed 20,000 of 7%

None.

ATTENTION UNDERWRITERS!
Do you have
Our

Wiggins Plastics, Inc.
Oct.

one

ness—Purchase,, distribution and resale of natural
<

Underwriter—Weil & Co., Inc., Washing-

(Norman)

of

Jan. 22, with rights to expire Feb. 16. Price—$52. Busi¬

system analysis.

an

issue you're planning to register?

Corporation

to know about it

News
so

that

Department
we

can

would

like

prepare an

item

similar to those you'll find hereunder.

Would
write

telephone us at EEctor 2-9570
at 25 Park Place, New York 7, N. Y.

you

us

or

pected in January.
Winchell Doughnut House,

Inc.

Sept. 26, 1961 filed 90,000 common. Price—By amend¬
ment/Business — Sale of doughnut mixes to franchised
operators of doughnut shops leased from the company.
selling stockholder. Office—1140 W.
Main St., Alhambra, Calif. Underwriter—McDonnell &
Co- Inc.. N. Y.
•

Proceeds—For the

•

Windsor

(12/18-22)
Sept. 28, 1961 filed 200,000 class A common.
(Kay),

Inc.

Deane St., New Bedford,

PHce—By

Mass. Underwriter—Lee Hig-

ginson Corp., N.Y.
Windsor Texprint, Inc. (12/18-22)
Aug. 25, 1961 filed 265,000 common, of which 250,000 are
to be offered by the company and 15,000 by stockholders.

Price—$2.

Business—The printing of towels and other

products.
Proceeds—For repayment of loans.
Office—2357 S, Michigan Ave., Chicago. Underwriter—

textile

Co., Inc., N. Y.

-

(letter of notification) 150,000 shares of
($2 per share). Proceeds
—To discharge a cohtract payable, accounts payable, and
notes payable and the balance for working capital. Office
—7805 Sunset Blvd., Los Angeles, Calif. UnderwriterStandard Securities Corp., Los Angeles, Calif. Offering
6,

common

Coast Line RR. (12/12)
Dec. 6, 1961 it was reported that this
company plans to
sell $5,490,000 of 1-15-year
equipment trust certificates.
Offices—500 Water St.,
Jacksonville, Fla. and 220 E.
42nd

St., N. Y. Underwriters—(Competitive). Probable
Salomon Brothers &
Hutzler; Halsey, Stuart
& Co. Inc. Bids—Expected Dec. 12 at 12 noon
(EST).
Bebell & Bebell Color

Laboratories, Inc.
6, 1961 it was reported that a "Reg. A" will be
shortly covering 75,000 common. Price—$4. Busi¬
ness—Operates a color photo processing laboratory. Pro¬
Nov.

filed

ceeds—For
purposes.

expansion,

equipment

and

other

corporate

Office—108 W. 24th St., N. Y. Underwriter-

Stevens, Hickey & Co., N. Y.
Bank of America N. T. & S. A.
Nov. 22, 1961

it

was

increase authorized

reported that stockholders voted to
stock to provide for

sale of 1,600,-

000 additional shares to stockholders
on the basis of one
new share
for each 16 held of record Nov.

Wonderbowl, Inc.
Feb.

Prospective
★ Atlantic

bidders:

amendment. Business—Manufacture and sale of women's
dresses. Proceeds—For a selling stockholder. Office—

D. E. Liederman &

Sept. 28, 1961 filed 125,070 comirion. Price—By amend¬
ment. Business—The licensing of other firms to manu¬

•

(1/8-12)

Nov.

—

•

Corp.

common.

Wuipa Parking Systems, Inc. (12/22)
13, 1961 ("Reg. A") 75,000 common.
Price—$4.
Business—Company plans to manufacture a parking de¬
vice called the "Wulpa Lift." Proceeds—To open loca¬
tions and increase working capital. Office—370 Seventh
Ave., N. Y. Underwriter—Ehrlich, Irwin & Co., Inc., N. Y.

& Carlsen, Inc., San
;'f

Ana, Calif. Underwriter—Currier
Diego, Calif.

and manufacture of ladies' dresses.

and

Reinsurance

Oct.

the

installation

Wide

Writing Toys Corp.
8, 1961 ("Reg, A") 65,650 common. Price — $3.25.
Business—Design and assembly of toys. Proceeds—For
equipment and working capital. Office — 354 GrigggMidway Bldg., St. Paul, Minn. Underwriter—Pewters,
Donnelly & Jansen, Inc., St. Paul.
v

Bldg.,, Minneapolis. Un¬

stockholders.

sale,

plans to invest primarily in equity se¬
foreign issuers. Office—Bank of Bermuda
Hamilton, Bermuda. Underwriter — Burnham &
Co., N.Y.

Nov.

general corporate purposes. Of¬

Business—The manufacture of electronic test equipment,

commercial communications equipment and the furnish¬

(12/18-22)
common. Price—$100. Busi¬

Price—$1. Busi¬
Office—214
W. 3rd St., Yankton, S. Dak. Underwriter — Harold R.
i
Bell & Associates, Billings, Mont.

Sept. 20, 1961 ("Reg. A") 100,000 capital shares. Price—
$3. Business—Manufacture of semi-conductors for commercial and military use. Office—605-G Alton St., Santa

Nov.

Corp.

Ltd.

of

ness—Reinsurance.

derwriter—None.

•

Electronics

Voron

Fund

ness—The Fund

World

1961 filed 400,000 common. Price—$2.25. Busi¬
ness—Acquisition, construction and leasing of shopping

Western

„

common.

Sept. 28, 1961 filed 4,800,000

Western Land Corp.

tronic

a

in discount depart¬
ment stores. Proceeds—For debt repayment and other
corporate purposes. Office—115 W. Crane St., Topeka,
Kan. Underwriter—Stern Brothers & Co., Kansas City,

f

,

Oct. 24,

•

Worldwide

curities

in

Proceeds—For

24, 1961 filed 150,000

.

Bldg.,

Hills, Calif. Underwriter—Morris Cohon & Co., N. Y.

Business—Operation of

store

-*■

•

units, each consisting of $100 of debentures
and 20 common shares. Price—$200 per unit. Business—
General real estate. Proceeds—For debt repayment and
working capital. Office — 9412 Wilshire Blvd., Beverly
offered

Underwriter-

Price—By amend¬
specializing in
the sale of toys, hobby goods and related items. Proceeds
—For general corporate purposes. Office—408 St. Peter
St., St. Paul, Minn. Underwriter—Laren Co., N. Y.
f
©

Oct. 5,

ment.

■*

.

Broadway, Lynbrook, N. Y.

Sept. 19, 1961 filed 100,000

Sept. 28, 1961 filed $1,500,000 of 7% convertible subord.
debentures due 1976 and 300,000 common shares to be

Volume Distributors, Inc.
NoV. 24,b41961r'Med 90,000 common.

'

»

Western States Real Investment Trust

drugs. Proceeds—For debt repayment and working cap¬

.

Shopping Center Limited Partnership

St., N. W., Washington, D. C. Underwriter—Hodgdon
Co., Inc., Washington, D. C. Offering—In February.
Westates

Thursday, December 7, 1961

ment. Business-AA. manufacturers' broker

Development of a shopping center at Falls Church, Va.
Proceeds—For general corporate purposes. Office—1411

Co.

Nov. 6, 1961 ("Reg. A") 100,000 capital shares. Price—$3.
Business — Sale of vitamin products and proprietary

'

•

.

World Toy Hbuse, Inc.
Nov.

Nov. 14, 1961 filed $444,000 of limited partnership inter¬
ests to be offered in 444 units. Price—$1,000. Business—

centers.

filed

Office—290

.

Standard Securities Corp., N. Y.

corporate purposes. Office—3300 West Olive Avenue,
Burbank, Calif. Underwriter—Hill Richards & Co. Inc.,
Los Angeles (managing).
-

fice—2205 First National Bank

(12/11-15)

154,000 common, of which 100,000
shares are to be offered by the company and 54,000
shares by stockholders.
Price—By amendment. Busi¬
ness—Operation of stores selling women's, misses and
children's apparel. Proceeds—For working capital. Office—111
Eighth Ave., N. Y.
Underwriter—Lehman
Brothers, N. Y.
1961

27,

Bowling Corp.

May 26, 1961 filed 100,000 common.
Price—$5.
Busi¬
ness—The company plans to acquire and operate bowling
centers primarily in California.
Proceeds—For general

.

1961

stock. Price—At par

—Imminent.

21, with
rights to expire Dec. 15. Price—$59., Office—300 Mont¬
gomery St., San Francisco.
Underwriters—Dillon, Read
& Co. Inc., and Blyth &
Co., Inc., N. Y.
Carbonic Equipment Corp.
June 28, 1961

it was reported that a "Reg. A" will be
covering 100,000 common shares. Price $3. Proceed©
expansion.
Office—97-02 Jamaica Ave., Woodhaven, N. Y. Underwriter—R. F. Dowd &

filed

—For

World Scope Publishers, Inc. (12/18-22)
July 31, 1961 filed 300,000 common shares. Price—By
amendment. Business—The publishing of Encyclopedias
and other reference books.

Proceeds—For repayment of

debt, working capital and general
v i-i

V

^

corporate purposes.

Co., Inc.

★ Citizens Fidelity Bank & Trust Co.
Dec. 4, 1961 it was reported that
stockholders
offered the

are being
right to subscribe to 100,000 additional,shares

Volume

basis

the

on

194

of

Number 6114

one

.

share .for

new

.

The Commercial and Financial Chronicle

.

each

five

held

of

securities

Nov.

record

30, with rights to expire Dec. 20. Price—
$40. Proceeds—To increase capital funds. Office—Louis¬

ville, Ky. Underwriters—Blyth & Co., Inc., N. Y
Hilliard & Son, Louisville.

*

Lembro

and

:
:

a

will be filed shortly covering

ment

registration state-

100,000

fallout

common.

«.

Masters

Jan.

'

El Paso

Electric Co.

Nov.
.

file

Public

Jan.

of record

16.

Price—-$36. Pro¬

increase

Brothers,

had formed this

new

company

to transport natural gas from southwest Texas to Alex¬

andria, La., for sale to United Fuel Gas Co., principal
supplier to other Columbia Gas System companies.
It
is expected that the pipeline will be financed in part by
public sale of bonds. Underwriter — Lehman Brothers,
New York City (managing).

Roth

was

dale, Calif. Underwriter—R. E. Bernhard & Co., Beverly
Hills, Calif.
San Diego Gas & Electric Co.
Sept. 12, 1961 it was reported that this company
to sell about 500,000 common to stockholders in
1962 to raise some $17,500,000. Office—861 Sixth
San Diego, Calif. Underwriter—Blyth &
Co., Inc.,

named.

divest themselves of the stock. Price

it

was

—
About $20 per
share. Proceeds—To repay a $4,500,000 demand loan, and
other corporate purposes. Office—Miami International

(2/6/62)

reported

Airport, Miami 59, Fla. Underwriter—Merrill
Pierce, Fenner & Smith Inc., N. Y.

W. Jersey

St., Elizabeth, N. J. Underwriters—(Competi¬
bidders: "W."'C, Laftgley' & Co.-Paine,
Webber, Jackson & Curtis (jointly); Salomon Brothers
&
Hutzler-Eastman
Dillon, Union ^ Securities;• &*, Co.
(jointly); White, Weld & Co.; Halsey, Stuart & fco/Inc.
Bids—Expected Feb. 6, 1962.
tive).

Probable

.

Dec.

increase

was

reported

q

and sale of

a pro rata basis to common stockholders. Business—
Manufactures parking meters, truck winches, fiberglass

voted to

boats, steel towers, etc. Proceeds—For debt repayment
and working capital. Office—350 5th
Ave., N. Y. Under¬
writer—Bear, Stearns & Co., N. Y.

M

provide for a l-for-7 stock
200,000 additional shares to stock¬

the basis of

on

one

new

share for each 13 shares

Dec.

record

5, with rights to expire Dec. 19.
Price—$56. Proceeds—To increase capital funds. Under¬
writers
and

New England

Oct.

Merrill

Lynch, Pierce, Fenner & Smith Inc.,
Equitable Securities Corp., Nashville.
•
\—

Government

Nov.

1961

Employees

it

was

Of. 41/2 %

common

—140

Co., N. Y.

Nov.

tion

file

a

Market

St., San Francisco.
Probable bidders: First-

a

$200,-

the

Probable

bidders:

Halsey,

Stuart

&

Co.

Inc.;

Pan

to

subways.

an exclusive franchise from the City of
build bowling and recreation centers in
Proceeds—To build the first three centers.

Office—New York City. Underwriter—Rodetsky, Walker
& Co., Inc., Jersey City.
Teeco Automated Systems, Inc.
Aug. 9, 1961 It was reported that a ("Reg. A") will be
filed shortly covering 75,000 common shares. Price—
$3. Business—The custom, design, manufacture and in¬
stallation of automated material handling systems for
large wholesale and retail establishments and industry.
Proceeds —For expansion.
Office — 42-14 Greenpoint
Ave., Long Island City, N. Y. Underwriters — To be
,

named.

Texas Power & Light Co.
Nov.

1961

22,

it

was

(1/23/62)
this subsidiary
,

reported that

of

Texas Utilities

Co., plans to sell $10,000,000 of 25-year
debentures
in
January.
Office—Fidelity Union Life
Bldg., Dallas. Underwriters — (Competitive). Probable
bidders: Kuhn, Loeb & Co.-Blyth & Co., Inc.-Kidder,
Peabody & Co.-Merrill Lynch, Pierce, Fenner & Smith
inc. (jointly); Halsey, Stuart & Co. Inc.; Lehman Broth¬
ers; White, Weld & Co.; First Boston Corp.; Eastman
Union

Securities

&

Co.;

Salomon
1962.

Brothers

&

Virginia Elactrlc A Powar Co.
this company plans to
securities in mid-1962
but no decision has been made yet as to type. OfficeOct. 2, 1961 it was reported that
sell $30,000,000 to $40,000,000 of

&

9, Va, Underwriters—To be named. The last
Halsey, Stuart

Co., Inc. and associates.
Wast

Paitn Powar Co.

American

World

(3/5)

Airways,

10, 1961, J. Lee Bice, Jr., President of Allegheny
Power System, Inc., parent company, stated that West

Inc.

Penn

Westmoreland County,

expects to sell about $25,000,000 of bonds in 1962.
—
800 Cabin Hill Drive, Hempfield Township,

Office

carriers agreed to a share-for-share exchange of 400,000
shares and lease of each other's jet planes during their

Pa. Underwriters—To be deter¬
bidding. Probable bidders: Halsey,
C. Langley & Co.; Lehman Broth¬
ers; Eastman Dillon, Union Securities & Co., and First
Boston Corp. (jointly); Harriman Ripley & Co.; Kidder,
Peabody & Co. and White, Weld & Co. (jointly). Bids—

respective busiest

Expected March 5, 1962.

under

this
of

Airlines, Inc.

However, it said Pan Am must

a

Sept. 9,

1958 agreement under which the two

seasons.

plan and ordered the

the

stock.

Office—135

The

CAB

later

disapproved

airlines to divest themselves
East

42nd

St., N. Y. Under¬
writer—Merrill Lynch, Pierce, Fenner & Smith Inc.

Bargain Stores Corp.
was

•

Panhandle

Eastern

Pipe Line Co.
reported that this

pects to sell about $72,000,000 of debentures sometime in
1962, subject to FPC approval of its construction program.

of common shares. Business—The opera¬
chain of discount stores selling household

8,

1961

it

was

Office—12Q Broadway, New York. City.

company

ex¬

Underwriters—
Inc., and Kidder
Peabody & Co., both of New York City (managing).
Merrill Lynch, Pierce, Fenhei1 & Smith

Laclede Gas Co.

Nov. 15, I960 Mr. L. A. Horton, Treasurer, reported that




has

company

New York

Feb.

start selling the stock within one year and complete the
sale by July 15, 1964. The stock was originally obtained

Office—710 North Twelfth Blvd., St. Loiiia,
Stuart & Co. Inc., Chicago.

ing is. that it will not be necessary to-turn to long-term

Subway Bowling A Recreation Enterprises, Inc.
Aug. 22, 1961 it was reported that this company plans
$1,200,000 of common stock. Business—The

National

RR.

will need to raise $33,000;000 externally fo*
construction program, but the current feel¬

Co.

to sell about

Oct. 30, 1961 it was reported that the CAB had approved
the company's plan to sell its 400,000 share holdings of

Office—1200

1961-65

Gas

Bldg., Birmingham* Ala.? Underwriter—
(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; First Boston Corp.; Blyth & Co. and Kidder,
Peabody & Co. (jointly).

Morgan

Stanley & Co.

Zerega Ave.. Bronx. N Y Under,
writer—To be named. Offering—Expected in early 1962.

its

was

Dean

sale of bonds in June 1961 was handled by

Third Ave., Seattle, Wash. Underwriters—
stock: None; For debentures:
(Competitive).

tion

the utility

Natural

Richmond

For

reported that this company plans to
registration
statement
covering
an
undis¬

a

Southern

Office—1200

March

of

and

Oct. 17, 1961 it was reported that the utility is contem¬
plating the sale of $35,000,000 of 20-year first mortgage
bonds early in 1962. Proceeds — To retire bank loans.

Hutzler. Bids—Expected Jan. 23,

closed number

goods.

N. Y.,

Co., San Francisco.

Dillon,

Corp.-Halsey, Stuart & Co. Inc. (jointly); Blyth
Co., Inc.

1964' and several issues of debentures to refund

January, 1959,

000,000 4V2% demand note issued to Pacific Tel. & Tel.

Mo. Underwriter—Halsey.

July 27, 1961 it

Office—245

Pacific Northwest Bell Telephone Co.
Aug. 25, 1961 it was announced that this company
plans to sell an additional 12,990,510 common by June 30,

it was reported that this company plana
the sale later this year of about $8,500,000 of first mort¬

John's

Witter &

in

common

by First Boston Corp.,

&

1961

gage bonds.

1961

some

program.

The last sale of

Boston

.

Securities & Co. and Salomon Brothers & Hutzler.
Terminal

plans

Electric Co.

/Underwriters—(Competitive).

Lighting & Power Co.
Oct. 17, 1960 Mr. T. H. Wharton, President, stated that
between $25-$35 million dollars is expected to be raised
publicly sometime in 1962, probably in the form of pre¬
ferred and debt securities, with the precise timing de¬
pending on market conditions. Office—Electric Building,
Houston, Texas. Underwriter;—Previous financing was
handled by Lehman Brothers, Eastman Dillon, Union

16,

company

it was reported that the company plans
$98,000,000 of securities, probably bonds, in
1962 to help finance its proposed $208,000,000 construc-

Houston

Illinois

10,

to sell

preferred and help finance construction. Office
5th St., Los Angeles.
Underwriters—To be

W.

underwritten

West

Pacific Gas &

Koshu, Inc.
Nov.-13, 1961 it was reported that this company plans
to file a registration covering 65,000 common. Price—$5.
Business—Importers of Japanese liquors and liqueurs.
Proceeds—For- expansion.
Office—Beverly Hills, Calif.
Underwriter—P. J. Gruber & Co., Inc., N. Y.

Jan.

this

St., N. Y. Underwriters — (Competitive).
Halsey, Stuart & Co. Inc., and Morgan
Stanley & Co. Bids—Expected Jan. 9, 1962.

House of

•

that

stock to stockholders through

Probable bidders:

shares held

April 6, 1962 with rights to expire April 30.
Business—The company and its'subsidiary provide auto¬
mobile and mobile home financing service on a nation¬
wide basis to government employees and officers of the
military.. Office — Govt.. Employees Insurance Bldg.,
Washington, D. €. Underwriters—Johnston, Lemon &
Co., Washington, D/ C., and Eastman, Dillon, Union
&

reported

common

(1/9/62)
it was reported that this company plans to
sell $60,000,000 of mortgage bonds in January
1962.
Proceeds—For debt repayment and construction. Office'

of record

Securities

Electric System

was

New York Telephone Co.

reported

seven

it

Oct. 2, 1961

Corp.

to offer stockholders the right to

$100 of debentures for-each

1961

4.88%

the

subscription rights, early in 1962. Office—441 Stuart St.,
Boston, Mass. Underwriters—To be named. The last
rights offering in April 1958 was underwritten by Carl
M. Loeb, Rhoades & Co., Ladenburg, Thalmann & Co.,
and Wertheim & Co., N. Y.

that the company plans
Subscribe for $2,675,000
convertible capital debentures on the basis of

29,

2,

to sell additional

Georgia Bonded Fibers, Inc.
Sept. 14, 1960 it was reported that registration of 150,000
shares of common stock is expected. Offices—Newark,
N; J., and Buena Vista, Va. Underwriter—Sandkuhl and
Company, Newark,-N. J,, and N. Y. Cr"4''
v

mid-

Ave.,
N. Y.

Office—Watts

Corp.
Nov. 6, 1961 it was reported that the company plans to
sell $3,000,000 of convertible debentures to be offered
on

.

that stockholders

Lynch,

Nautec

authorized stock to

dividend

holders
held

it

1961

5,

plana

Southern California Edison Co.
Nov. 17, 1961 it was reported that this company plans to
sell 1,500,000 common shares in early
January, 1962.
Proceeds—To repay bank
loans, redeem outstanding

change of 400,000 shares and the lease of each others jet
planes during their respective busiest seasons. The CAB
later disapproved this plan and ordered the airlines to

that this company plans
to sell $9,000,000 of debentures in February. Office—22

•

Greeting Cards Co.

Oct. 18, 1961 it was reported that this
company is plan¬
ning its first public sale of common stock. Office—Glen-

—601

1961

Underwriter—J.

Service Co. of Colorado

First Boston Corp.

which the two carriers agreed to a share-for-share ex¬

28,

Office—Brooklyn, N. Y.
Co., New York City.

postponed until about June 1962. Office—900 15th St.,
Denver, Colo. Underwriter — To be named. The last
equity financing was handktd on a negotiated basis by

Business—Research, development, manufacture and mar¬
keting in the fields of optics, electronics, chemistry and
photography. Proceeds —-For organizational expenses,
building lease, machinery, inventory and working cap¬
ital. Office—300 Gramatan Ave., Mt. Vernon, N. Y. Un¬
derwriter—Harry Rovno (same address).
Nov.

furnishes

1961 it was reported that the previously an¬
plan to sell about $20,000,000 of common stock
stockholders through subscription rights had been

to

^ Elizabethfown Water Co.

•

company

National Airlines, Inc.
May 8, 1961, it was reported that the CAB had approved
the company's plan to sell publicly 400,000 shares of
Pan American World Airway's Inc., subject to final ap¬
proval of the Board and the SEC. The stock was or¬
iginally obtained under a Sept. 9, 1958 agreement under

Corp.

reported that this company plans
"Reg. A" covering 100,000 common. Price—$3.

a

Business—The

tributorships.

>

10%

Lehman

and

writers—(Competitive).
Webster Securities Corp.; Merrill Lynch,
Pierce, Fenner
& Smith Inc.; Halsey, Stuart & Co. Inc.; Kidder,
Peabody & Co. Inc.-White,~ Weld & Co.-Shields & Co.
(jointly);* Equitable Securities Corp.-R. W. Pressprich
& Co. (jointly). Bids—Expected Feb. 7, 1962.

to

(Tex.)

Monterey Gas Transmission Co.
April 24, 1961 it was reported that Humble Oil & Refin-,
ing Co., a subsidiary of Standard Oil Co. of New Jersey,

St., El Paso, Texas. UnderProbable
bidders:
Stone
&

Price—$3.

mobile (truck) amusement rides for
children. Proceeds
—To operate a new type truck and set
up national dis¬

Laurence &

capital funds. Underwriters—Rauscher, Pierce & Co., and First Southwest Co., Dallas.

North Stanton

Sept. 14,. 1961 it

shares held

15

Page 16.

on

1961 it was reported that stockholders are to J
Aug. 22,
16, 1962 on increasing authorized stock to pro¬
nounced

a

ceeds—To

_

Electro Spectrum

15,

vote Jan.

each

(2/7/62)

Appear
shares.

was

stock dividend sale of 100,000 additional {
shares to stockholders on the basis of one new share for

Nov. 22, 1961 it was reported that this company plans
to sell $10,500,000 of first mortgage bonds in February.
v Proceeds—For
construction and possible refunding of
"$3,500,000 outstanding amount of 5Vs% bonds due 1989.
Office—215

it

vide for

„

•

Inc.

1961

Mercantile National Bank at Dallas

tive).
.Webster Securities Corp.; Halsey; Stuart & Co/ Inc.;
Morgan Stanley & Co. Bids—Expected Feb. 20, 1962 at
11 a.m. (EST).
'7../'':'.
:

.

6,

38th Avenue, Flushing 54, L. I., N. Y.

Offices—422 So. Church St., Charlotte, N. C., and
Plaza, N. Y. Underwriters—(CompetiProbable bidders: First Boston Corp.; Stone &

Dividend Advertising Notices

Office—Hunting¬
Underwriter—Blank-Lieberman

reported that this corporation is
contemplating its first public financing. Business—The
operation of a chain of discount houses. Office1—135-21

Rockefeller

30

Inc.

Proceeds—For expansion.

Station, L. I., N. Y.
& Co., N. Y.

* Duke Power Co.. (2/20/62)
v.•/-■Yr'*Dec. 6, 1961 it was reported that this company
plans to
sell $50,000,000 of 30-year first mortgage bonds in Feb¬
ruary.

Products

Business—Manufactures pre-cast concrete

ton

.

•

Olive St., St

1017

—

shelters, enclosures, play sculpturs and drainage

equipment.

Price—$4. Business—The servicing of vending machines
and coin operated kiddy-rides.
Proceeds—For equip¬

ment, inventory and general corporate purposes. Office
—Philadelphia, Pa. Underwriter—T. Michael McDarby
& Co., Inc., Washington, D. C.
.,v

.

Concrete

Price—$3.50.

reported that

was

1962. Offioe

Nov. 13, 1961 it was reported that this company plans, to
file a registration
statement covering 100,000 common.

Vending, Inc.

Sept. 13, 1961 it

May

47

Louis, Mo.

J. J. B.

Diversified

until

(2543)

•

-

mined by competitive
Stuart & Co. Inc.; W.

•

Western

Union Telegraph

Co.

Nov. 15, 1961 it was reported that this company plans to
sell $50,000,000 of debentures early in 1962. Proceeds—
To repay short-term loans. Office—60 Hudson St., N. Y.
Underwriters—Kuhn, Loeb & Co., and Lehman Brothers,

N. Y.
Wisconsin Southom Gas Co.

Dec.

12, 1960 it was reported in a company

prospectus

undetermined amount of capital stock or bonds
will be sold in 1961-1962. Proceeds—For the repayment
that

an

Penn Amusement Corp. •
of short-term bank loans incurred for property addi¬
Aug. 22, 1961' it was reported that this company plans. ■' tions. - Office — Sheridan Springs Road, Lake Geneva,
to file a "Reg; A" shortly covering 100,000-common
Wis. Underwriter—The Milwaukee Co., Milwaukee, Wis.

•>»-

48

The Commercial and Financial Chronicle

(2544)

.

.

.

Thursday, December 7, 1961

COMING

WASHINGTON AND YOU
KATNIP

BUY

COMMON

xydz

CAN ONLY GO

AND

ONE WAY

YOU'LL

behind-the-scenes interpretations
from the nation's capital

WASHINGTON, D. C.—The first
quarter of 1962 promises to be a
good

the

for

economically

one

Capital,
Government and in

nation. Economists in the
both

the

in

private enterprise, generally agree
indications

all

that

very

are

favorable.

will end
with conditions in nearly all parts
The

current

States: showing

United

the

of

quarter

favorable trend, because
has

ment

been

a

employ¬

rising

and

un¬

and retail sales rose.
buying is off to a fast
survey conducted by the

December
start.

A

United

indicated

merce

of

Chamber

States

that

the

Com¬

buying

public probably will spend
than

billion

$23

Christmas

more

this

goods

on

season.

After

This

is

all-time

an

of

the

fact,

Commerce

said

high. As

a

Chamber of
26-shopping-

the

day period between Thanksgiving
and Christmas will be at least 4%
above the

corresponding period of
1960.
Why the prospective up¬
surge? The organization cited a
series of reasons including:
People's after tax income is 4%

higher than 1960 and savings

5%

and,
for
obvious
people have more money

reasons,

to

spend.

home

furnishings,

and

fiave

been

steadily.

rising

hardware,

ployment has been going
another

for

reason

is

the

started

promoting

Thanksgiving,

merchants

before

sales

bit

a

Still
higher

up.

the

that

fact

Em¬

earlier

than

The

Department

of

Commerce

income

personal

says

in

October

rose

substantially to a new peak
$425 billion, an increase of $4
billion over September. Of course

The

Commerce

Department
.that the expansion
in
economic
activity
continued
through the third quarter with the
records

Gross
and

show

National

Product

(goods

services) increasing about $10

billion

at

an

annual

high

new

of

$526

third

rate

to

a

billion.
The
rise
in
output,

quarter

though

the

partment's

advance," the De¬

Office

of

Economics

Economists

that

assert

about

one-half of the third quarter gain
in GNP, $5 billion, was in con¬

buying. Higher purchases
clothing accounted for about

sumer

half

of the $2 billion increase in
expenditures for nondurable goods

the

third

quarter.

Residential

construction increased by
lion
to
an
annual rate

$1.5 bil¬
of
$22

billion in the third quarter.
It

apparent that the

1960-61

typically

holdings

of

type

demands for
rable

goods

to
new

rise,

As in¬

up

promptly.

recession.

Al¬

though
a

wages and salaries declined
in the industrial

bit

continued to

sector, it
rise slowly in service

industries and government.

income

payments

moderately,
.larger

mainly

payments

something good
—

for

Other

increased

because

if

so do we !

at

(White Sulphur

May 9-12, 1962
-

Association

Bankers

Investment

maintained their
liquidity in the face of increased
operating costs because of their
increased
holdings of cash and
Treasury securities.
.

meeting of Board of Governors.
"That's

NOT what

I

meant

(Detroit, Mich.)
Exchange

May 14-15, 1962

Cucumber!"

by soft sell,

Association

Stock

of

spring

of Governors

Firms Board

meeting at the Dearborn Inn.
Higher Interest

Likely

this does not
be

not

further

a

in

rates

that there will

mean

in

rise

There

1962.

economists and

some

interest
some

are

bound

interest

the
that

increase

an

next

rates

of

face

be

to

the

in

Federal

tremendous

is

Government

chalking up as a result of Con¬
gressional expenditures and au¬
thorizations.
"The relative

net

cial markets reflects the attempts
of

the

monetary authorities
facilitate continued recovery

the

money

to
by

available

made

adequate

support

to
in

increase

serves

by

with

the

change

of

the

under¬

National

Mr.

New

$1

National

Bank

de¬

Chicago;

The

a

demand

year.

reserves

billion.
low

fallen

had

Ex¬

Firms

With
until

Oct.

He

since

has

Harriman

and

1942

of

the
in

been

Institutional
of the

has

firm

been

since

charge

Investment

bonds, and mort¬

,

As the year was

Securities

Corp.;

Shearson,
Co.; IPaine, Webber,
Jackson
&
Curtis;
Gregory
&
Sons; Dempsey - Tegeler & Co.,
Inc., Dick & Merle-Smith; Dominick & Dominick;

the

Depart¬
from

with

the

he

associated

was

with the firm of Fenner & Beane,

later

which

Lynch,
in

New York

& Co.; Fidel¬

ity Union Trust Co., Newark, First
National Bank in St. Louis; Hall-

drawing toward

the

close, and spending is in high
gear,
the
paramount
economic
picture today is: the first quarter
of 1962 looks bright.

garten & Co., Hutchinson, Shockey
&

Co.; National State Bank, New¬

ark;

Stroud

Trask & Co.;

[This column is intended to reflect

Hollywood

Beach Hotel.
Anril

;v

27-May

Mass.);
National

Savings

into Merrill
Fenner & Beane

merged

Pierce,

Bankers" Association

Convention at

Annual

Boat¬

men's National Bank of St. Louis.

Subsequently

25-30, 1962 (Hollywood, Fla.)

Investment

graduation

associated

Nov.

Asso¬

Traders

Convention,'..'

ciation

the

meet¬

(Boca Raton, Fla.)

Security

ference

(Boston,

1963

1,

v'

V

y.\
Association
of
,

Banks 43rd

Mutual

annual

con¬

at the Hotel Statler.

Mr.

David

City.

been

with

Harriman &

retire

Ackerman,

who

For Banks,

Brokers and Dealers

Brothers

Brown

Co. since

Jan.

of

as

G.

1930

and

PREMIER CORPORATION

a

OF

1, 1962.

AMERICA

&

Francis I. duPont

■

Exchange

Governors

of

1962

National

bank.

Following his

Board

Angeles)

(Los

Stock

of

ing at the Ambassador Hotel.
Nov. 4,

a

1958.

of

Mark

partner of the firm since 1953 will

Paribas

Hammill

banks stepped up their investment
in short-term Treasury securities,
State and local

of

Exchange

Stock

1962

11-12,

Firms

associated

has

Corp.;

loan

recently,

Co.

of

Meeting at the

Association!

been

has

Los Angeles; American

about

business

Trust

Fall

Hopkins Hotel.

Brothers

Banks

tional Bank of Oregon; Mercantile
Trust Co.;
I
First Western Bank & Trust Co.,

At the

to

and

Philadelphia Na¬
tional
Bdnk;
Mellon
National
Bank & Trust Co.; The First Na¬

a

beginning of the

York; Continental Illinois

(San Francisco)

8-9, 1962

Stock

York

for

Brown

Co.

&

City

Co.; Bankers Trust
Morgan Guaranty Trust Co.

Oct.

Association

ner.

ment

Trust

nual convention.

and

approval of the ad¬
mission
on
Jan.
1,
1962
of J.
Eugene Banks as a General Part¬

to

include:

Sept. 23-26, 1962 (Atlantic City,
n.
:
American Bankers Association an¬

Department

Washington University in 1930, lie

Co.;

comparable stage of 1958-59 rise,
a lesser rise in deposits, net

own

Banking

was

of New

at half billion dollars since

gages.";,'

State

Bank
of New York; Chemical Bank New

after

$0.1

members
group

First

The

$7% billion expan¬
sion in savings and time deposits,
while maintaining net
free re¬

posits and

3.825238%

Wall
St., New York City, has filed ap¬
plications
with
the
New
York

Manager

writing

Federal Reserve System have

billion

of

Brown

York

"Reserves

been

is

with

Other

market

Economics.

the

cost

of

Brothers Harriman & Co., 59

Bank

On
reoffering, the bonds are
priced to yield from 1.75% to 4%,
according to maturity.

in the finan¬

ease

interest

firm

banking

the .borrower.

.

„

Manhattan

underwriting group
which purchased on Dec. 6, $33,675,000 Oakland, Mich., 12 towns
drainage district, 5%, 3%%, 3%%
and 3 lk % bonds, due May 1, 1963
to 1992, inclusive. The group bid
100.00148 for the bonds, setting a

the

in

year

Chase

manager of an

Congress who maintain that there
is

The

The

of

members

Harriman Partner

Bonds Offered

However,

\

•

Association
of Governors Meeting.
Bankers

Investment
Board

in the face of increased de¬

year

Brown Brothers

Oakland, Mich.

this

has been moderate

(Santa Barbara,

Sept. 19-21, 1961
Calif.)
;

$33 Million

upward movement of inter¬

rates

est

Believed

Rates

;..

The

& Co., Inc.;

Spencer

With

Hugh W. Long
BOUGHT—SOLD—QUOTED

RICHARDSON,
Herbert

3rd,

Texas — T. J.
has been appointed

regional representative in Texas,
Oklahoma, Arkansas and Louisi¬
ana

G. H. Walker & Co.

Our New

pany

York

telephone number is

CAnal 6-3840

for Hugh

W. Long and Com¬
of Elizabeth, N. J.

Mr. Herbert has been associated

for

the

LERNER & CO, Inc.

past four years with the

marketing

department

of

Investment Securities

Texas

Instruments Inc. in Dallas.

Trust Co. of Georgia;

>

(Formerly Premier Industries, Inc.)

I

10 Post Office Square, Boston 9,

interpretation

Telephone

•

HUbbard 2-1990

may or

Mass.

Teletype

>

BS

09

coincide with the "Chronicle's"

views.]

For Distribution in

W. J. Doyle Joins

Central New

Bear, Stearns
Walter J. Doyle, a certified

New York

England
Boston

'

Telephone

Carl Marks

public

accountant, is now associated with
Bear, Stearns & Co., 1 Wall St.,
New York City, members of the
New
York
Stock
Exchange, as
director of internal operations.

foreign
.

securities

20 BROAD STREET

•

&

CAnal 6-8481

Co. Inc.

Doyle formerly conducted
business, specializing in
management consulting and tax
services.
"
' * ' ""'
"

Members:

American.Stock

TEL: HANOVER 2-0050

TELETYPE NY 1-971

Exchange

Tel.: PLeasant 4-3295•
'

'

(Assoc.)

340 Main St., Worcester
8,

own

_

Richmond 2-0420

S.ROMANOFFCO.,Inc.

specialists

NEW YORK 5, N. Y.

Mr.

his

unemploy¬

"compensation and increased




ference

Springs)

,

ment

Banks 42nd annual con¬
the Olympic Hotel.

Savings

?

of the

Federal Reserve System said per¬
sonal
income
remained
almost

the

Do you want

show

;

houses and du¬

turned

during

meeting at the St. Anthony

May 6-9, 1962 (Seattle, Wash.)
National
Association
of Mutual

consumer

The Board of Governors

stable

Association

nual

sharply.
Corporations

may not

got underway on March. 1.

Investment Bank¬
of America, an¬

Texas Group of

moderate increase, corpo¬
rations
increased
their holdings

from the nation's Capital and

began

Tex.)

a

recession

was
not only moderate
comparatively short. Recovery

(San Antonio,

1962

April 8-10,

usually a seasonal decline. Also
during the summer, when these

but

comes

the Waldorf Astoria Hotel.

Hotel.

the "behind the scene"

is

Security Dealers As¬
36th Annual Dinner at

sociation

slight rise during the second quar¬
ter
of the year
when there is

demand

says.

1962 (New York City)

30,

York

New

ers

free

so

\

at the Ambassador West.

of cash and short-term
Treasury
securities
showed
a

months of

not

meet¬

Chicago annual midwinter dinner

spurt in cor¬

a

Exchange

(Chicago, 111.)

29, 1962

holdings

large as in the
preceding
quarter,
was
"more
widely diffused than in the initial

in

been

Stock

Governors

of

Investment Traders Association of

liquid asset holdings dur¬
ing the past si& months. Corporate

the

of

has

(Washington, D.C.)

of

Board

March

in
position
favorable
to
'borrows,'
reported the Office of Business

Consumers Buying More

Jan.

DIVIDENDS

porate

keeping

underway.

season

YOUR

cially, the Commerce Department
believes the profit picture will be
even greater in the fourth quarter.

of

this increase in income is signifi¬
cant
with
the
holiday
buying

Firms

ing at the Statler Hilton Hotel.

of this year, corporate
profits jumped to $45 billion in
the
second
quarter,
and
were
even higher in the third. Unoffi¬

deficit

last year.

Association

FOR

low of $40

a

mands from borrowers.

Sales of automobiles, appliances,

sales

dropping to

Jan. 22-23,1962

WHISTLE

quarter

are

greater

down!

billion in annual rates in the first

only

matter

-

Corporate Profits Increasing

There

quickened,

dividends.

their

maintained

tions

employment declining.
October and November business

in INVESTMENT FIELD

security benefits. Corpora¬

social

EVENTS

5;

•

Mass.

Tele.: WO 395

]'•
... jDlrec-t:.phones
.to: G
Woonsocketj R. I,. V.'Fitehburgy Mass.;