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ESTABLISHED 1839 Reg. U. S,. Pat. Office Volume 193 Number 6026 New York AS WE SEE IT Editorial We have lost count of the "task forces" ;f 7, N. Y., Thursday, February 2, 1961 Fund now So far surrounded. as know there has we yet been no task force to end all task forces—and During Strong Stock Market as Analysis to the effect that when By A. Wilfred May wifh contrasted most investment companies' portfolio with favored retrenchment tural and reactions were net suggested to him. Per¬ haps the whole matter may be taken as evidence of the complexity and exceptional difficulty of the tasks the Continental President ends with their is such fixed-income being called some been sharp to clear for warm a that Mr. Khrushchev wished the up is this is as a soon tale of little surprisingly heavy in the case of some as well as the newly-promoted companies. For example, one of the very oldest funds indicates a full 78% redemption ratio during the past quarter. Among the younger "hard-sold" companies, one of the most prominent, indicates its last quarter's redemptions at almost triple its con¬ current sales total, and for the full year 1960 at the of ac¬ veterans excess over an . showed net, although reduced, a funds combined, excess , closed-end companies, as a group, reduced sales of 64%! I U. S. Highly interesting is the disclosure by Consoli¬ Investment Trust (a closed-end company buying, domiciled and . . our "Securities in Registration" Section, starting on page State,. 34 Municipal and Public Housing, State and Housing Municipal JAPANESE Securities telephone: HAnover 2-3700 BROAD New COMPANY York Telephone: Head Office: • / Affiliate: SAN Nikko • 1-2759 TOKYO OF NEW YORK FRANCISCO LOS Co. ANGELES Bond Dept. Net To ESTABLISHED Teletype: NY 1-708 Markets Active Dealers, Southern Banks New York Correspondent — Pershing ft Co. MANHATTAN BANK HAnover 2-6000 Maintained and Brokers securities New York Stock Exchange American BONDS & STOCKS Exchange; Inquiries Invited Orders Commission i STREET NEW YORK 4, N. Y. , V MUNICIPAL. FOR DEPARTMENT Teletype NY 1-2270 DIRECT VIRES TO CIVIC MONTREAL AND TORONTO Dominion Securities Goodbody & Co. MEMBERS *. BRIDGEPORT. • PERTH AMBOY %S-? Executed On All Canadian Exchanges CANADIAN - Notes CANADIAN Block BROAD Bonds and? 1832 Members Stock on canadian T. L. WATSON &CO. 25 Inquiries Invited California Securities Securities Agency Riverside, San Diego, Santa Ana, Santa Monica, Whittier THE FIRST NATIONAL CITY BANK U • Kasai Co. in Claremont, Corona del Mar, Encino, Glendale, Hollywood, Long Beach, Oceanside, Pasadena, Pomona, Badlands, Teletype: 30 Broad Street & Hope Street, Los Angeles 17, Offices Y. NY So. Members Pacific Coast Exchange STREET DIgby 4-5884 BOND DEPARTMENT 623 Members New York Stock Exchange Associate Member American Stock Exchange BONDS 4, N. Lester, Ryons California Securities Co., Ltd. 25 MUNICIPAL AND The Nikko NEW YORK New York 15 STATE SECURITIES CHEMICAL BANK TRUST J ■ dated Government, Public ■ thus increased their net 30) undertakings in r i in Boston)-of its* purchase of its own stepped-up their selling. They liquidation of stocks which i outstanding shares ("Because of the particular market conditions prevailing at the time, the trus¬ had been evidenced in the preceding quarter. tees took the opportunity of purchasing 7500 shares Consistent with the balanced .funds' 'bullish" on July 20, 1960 and anattitude cited above, they greatly reduced their (Continued on page 20) " SECURITIES NOW IN REGISTRATION—Underwriters, dealers and investors in corporate securities are afforded a complete picture of issues now registered with the SEC and poten¬ tial ; Welcome Anti-Dilution Policy of buying selling. over meaning—as similar early courting: on page own have been springing from a greater drop in than in disposals. The overall ' result for the balanced and stock their (Continued maintained policy of retrenchment practiced earlier in the year. Although the dollar total of Redemptions ($192.6 million) showed a decline from earlier in 1960L their ratio to sales of a full 40%, and repre¬ senting a 30% rise over the comparable 1959 quar¬ ter, wouM seem to warrant concern. Redemptions its this of equity buying, their- acquisitions to know definitely whether all of the Eisenhower Administration "The Public's" Cash-ins ; The stock funds, on the other hand, showed a considerably smaller quarter-to-quarter net balance to holdings of cash and in our Table Balance "The Public" during the final quarter quisitions (the. result of drastically reduced liqui¬ new yet too a of of uting annual capital gains dividends. foreign decline, then a recovery of 10%, net gain of 8% for the quarter. la see-sawing market rise, the 5% a context The It other dation rather than zestful buying). Wooing From the Kremlin - in most trebled their quarter^to-quarter net stock time that he and his minions do not same Interest in evidenced purchases broadened. balanced funds, whose policy is always rendered significant by their greater freedom of action, al¬ Administration in Washington at forget to continue the rather silly abuse of President Kennedy's • '■ V: ;\ < predecessor in office. the to the time by finishing with release some sold. further con¬ largely seasonal, reflecting the setting aside of amounts of distrib¬ interspersed with sharp intermediate swings. The composite averages' initial rise of 3% was fol¬ lowed surprise and dramatic announce¬ by the Kremlin of two American Airmen whom it had no right to hold, or even to take prisoner. One, v/e suppose, might call it a sort of political coup, although it is not evident that the action was taken as a result of anything that the Kennedy Admin¬ istration did or did not do. In any event, it has been of the ment widely reduction Governments, their Between Cash and Investments, is was 1960's final quarter portfolio opera¬ by 90 funds with $13.3 billion of net assets, covers a stock market period of moderate gain, upon — inevitably called upon — to of the hard realities of life. He has make able most Likewise securities. The Oil, while profit-taking in Philips' Lamp Works the common contrasting caution, the closedincreased the tions is plain enough that the Chief Execu¬ contend with it issues must face. In any event, it tive made individual preferreds. or com¬ stock and common by industry groups.] substantially This survey of now courses transactions; buying of bonds sistent auto, building, coal, drug, electronic, railroad, rubber, steel, textile, tobacco and utility stocks. Most popular issue and securities stock transactions by the closed-end units. The issues. Meeting mixed total other groups paper 21 and 26 show funds* on pages parative investment positions; operations included the aluminum, chemical, oil, publishing and retail stocks. Sold on balance were agricul¬ ignore any of the numer¬ ous reports that have been accumulating on his desk. 4though of course there is no evidence either as to whether he will take the of 90 December quarter's market gain reveals divergent investing attitudes; with increased net acquisitions of com¬ mon stocks by both the open-end Balanced and Stock funds, hard a that the President intends to ; [Tables appearing midst . a politician does not know what problem, particularly when any course seems dangerous, he appoints a committee, com¬ mission or some similar body to "report"- to him—and then forgets all about it. There is as yet no evidence do Copy a none appears in the offing. It would, however, be unfair to refer at this time to the statement often made in the past to Cents 50 Managers Mildly Bullish that President Kennedy has called into being to give him a hand in finding solutions for the innumerable problems by which he is Price NEW YORK STOCK EXCHANGE 2 BROADWAY? * v. s.NEW YORK Corporation r ' 1 NORTH 1A SALLE ST. ' . ".'.it's ^ CHICAGO V'.. . ... j » 40 Exchange Place, New York 5, M. Y. Teletype NY 1-702-3 WHitehall 4-S161 BONDS CALIFORNIA'S 4 IMPROVEMENT MUNICIPAL BOND DEPARTMENT BANK OF AMERICA /• N.T.&S.A. SAN FRANCISCO LOS ANGELES ■y v - 2 For The Commercial and Financial Chronicle (550) Banks, Brokers, Dealers only If it's Over-the-Counter The Security I Like Best... A continuous forum in which, each week, a different group of experts in the investment and gives the benefits of truly you national—not just re¬ gional—coverage of all O-T-C markets. Over-the-Counter JOHN P. O'ROURKE Our Nationwide wire sys¬ facilities Thermo King—John 1956 Thermo for King Thermo King is the world's larg¬ tue ket New York Hanseatic King yet to extent. any These vir¬ having, If and analyst an name service leader Member 120 Broadway, New York 5 Teletype NY 1-40 BOSTON • CHICAGO PHILADELPHIA • SAN FRANCISCO Private Nationwide Wire as System in leading GROSSMAN & CO. T. If. Security Dealers $1.14 1.36 0.42 on to Odd Lots (To Brokers and Dealers) - 40 > — 1959 1960 1.70 ★f and reasons: future is relocation of closer areas to No. NY 1-2762 trailer vans barges, Gas American Furniture i arrival STRADER and COMPANY, Inc. VA. TWX LY 77 shifted be from City is one transport to another. Although containerization is just be¬ ginning to catch on, the advan¬ tages of reduced costs of loadingand unloading, faster delivery, al¬ most complete elimination of dam^and for the fic Y. According to publication, concern — Liquid Exports—Imports—Futures of article went few a passed that it the now It is merger $2 parties with been last Fall basis. time that comes .. a utUit'/v current our with economy and growing demand ahead. When this plants to sell be divided In as the sale sold are into four cate¬ this as a no circumstances solicitation of an offer to to -The gap • States' network Company fills that a existed close AND seeking a mate¬ large owns in Company. could these be prof sup¬ be construed any an offer security referred to to sell, or herein.) Semi-Annually ALL FEDERAL INCOME TAX Send information CADERO Name Tax on Free EMBAR¬ Bonds _ such Address opera¬ City Zone State G-1107 category, modern a 11- the GRANDE Tf. CO. INCOB.POP.ATEO HOGE BLDG., 2nd SEATTLE Oklahoma Large realized 4, CHERRY and WASH., MAin 2-6830 capital on both investments. States invariably has "something new" pending all the Right now there are two particular projects, among several, warrant the Lo-Vaca North A - special N. Q. reference— System and the Texas Properties. •for ,an • the sale by Coastal INDUSTRIAL STOCK INDEX States of annual 23-Year average of 130,000,000 cubic feet of gas daily. To carry out this contract Coastal States <will construct- the System Lo-Vaca at and into there 7s a a Continued Gas cost area chance on page Performance of 35 Industrial Stocks *, -v. FOLDER ON REQUEST of System the Houston good B. OVER-THE-COUNTER 20-year contract has been with El Paso Natural Gas will extend as CALIF. \ source. miscellaneous enterprise •Gathering an this FROM in Barbara. * rela¬ {signed gas and'flexible six be to Santa to areas time. market and the plies of gas. While from that major gas transmission companies .needing expected (and improvements INTEREST —Paid EXEMPT un¬ with a. summer—when are Coastal sys- long-standing Dist. issued water residential new for and pay general, sewer that plants receiving interest gains of '' • of between tively small independent ducers buy, for The is setup extraction Cement gas Imp. fully secured limited tax bonds of these by-products ,around $10 5 million.. The (This is under These to office stock Municipal Federal Obligation Bonds hydro¬ building in Corpus Christi, which is fully rented. The Company also has- a significant terns concentrated in South Texas. the Embarcadero of plants. of the story 5 and Santa Barbara County, Calif. extracted valuable Coastal States of Coastal • Transitron in Dec. (vs. 2.5 mil¬ from States month gas the tivities. by range on. Company looks for net income at the rate of $100,000 per gathering; the produc¬ oil, gas and condensate; extraction of liquid hydrocarbons from gas; and miscellaneous ac¬ tion • 5% on cubic ting—the industry stability is by Coastal States' 20- most attractive. gories: specified price (vs. 98 billion users Coastal The operations of Coastal States can share for share selling in the 35-38 against reserves by-products operate against 20-year gas to major transmission lines, the picture be¬ equip¬ Transi- Company billion willing to build, are Coastal balanced contracts to agreed to a was billion preliminary merger terms on At the ' Gas gathering is the function of agreement had is have now in contracts to buy proven reserves use. cancelled that both cost sub-standard in in years cemented estimated INCOME as By this year recently was 551 These "beauty" ' mention interesting to note that the recently tron It 1960 rial percentage of the gross reve¬ nues for making the gas available. the • would replace ment states. that securities in more other the hydrocarbons anxious positions intrinsic stringent laws to safeguard the public and changes are being considered in a number of Samuel Weinberg investors the to fiscal proved 1960: petrochemical ■ the assured have TAX EXEMPT and gas ;gas being delivered by various of " its gathering opera¬ institu¬ an food on states in fr .I'M;,: We offer amounted commodity reaching the grocery stores in the beginning stages of deterioration. that frozen have the by over in like character of its gas gathering business. Natural gas is a ba^c being shipped in containers refrigerated by obsolete equipment. A great proportion of shipments. are The DIgby 4-2727 lately agencies in markets for oil, use, revenues liquid carbon States' transferable leading business a expressed amount Refined by a Philadelphia 2, Pa. LO 8-0900 Teletype PH 30 ATT Dec. on tions. tional routing Broadway N. Y. from investment t^ere has been great regulatory SUGAR be soon from large special attracted of assure million 30, features container. STREET YORK 5, N. will of . 7 - many 115 New York 6, CO 7-1200 31, 1955). Fast becoming a prime source of earnings is Coastal States' share Among ' the company's 1529 Walnut Street production future lion • pros- which cubic 1.15 of oil and condensate g n billion Established 1914 cubic 31, 1955) and 17.9 million barrels f o i w pects. - equipment in this area should show steady growth in the future. A large proportion of all rail traf¬ LAMB0RN & CO., Inc. $2.4 owned forecast,' growth possibility of pilferage lower tariffs, indicate that demand o BOENNING & CO. against $1.1 million in fiscal 1957. This one 1 g Jess aee. the Private Wire to New York to recognized For for the future* form of Keyes Fibre Co. totaled 7"-V''-'' condensate is, howonly a the 31, million course Revenues stepping stone big boxes without wheels can the feet of gas as 52.5 to June ever, Stouffer Corp. 30, Dec. on Richardson Co. of gathering systems from ment greatly enhanced Thermo King's future prospects. Contain¬ are five t ment nve s June at Fischer & Porter Inc. States reserves facilities which Company has achieved stature. containerization of Producing cubic feet Coastal Continuing Interest in were acreage. Similarly, the Company has, on its own, under¬ taken drilling and production in order to capitalize on its gathering Producing Company over A promising Security Dealers just in sales: there 1955, gas accomplish¬ . has which Commonwealth Natural Gas LYNCHBURG, cars. . ers Y. branch offices our has well operators to participate favorable drilling ventures or & of operations, Coastal States already (6) Growth in parts and service revenue. ' \ • Life Insurance Co. of Va. N. job daily. In •' ^ to gathering system, Coastal States is offered frequent opportunities by W einberg, Grossman In the short span of The in daily feet Association, Inc., New York City years The priced Like Best." I to systems gas. Trading Interest In- Bassett Furniture Industries S. Coastal States Gas trucks and flat feet earnings and the reason it is prospects trillion Back spurted counts moderately present Members expanding concept of refrigerated perishables in containers on ocean freighters, — above Co., Inc., New York City mar¬ 4 Company's King flat on (4) Exploitation of foreign (5) Raw the 6, N. Y. NY 1-1557 Mobile, Ala. Direct wires . only 408 billion cubic feet. During this period, the capacity of the SAMUEL WEINBERG moving WALL to President, (3) Prospects for gradual re¬ placement of railroad ice cars by than dedicated 1960. compe¬ Thermo "The Security cities' big more rural livestock supplies. slaughtering plants in kets. NEW still relative cars. 99 is that all of on Longer hauls of meats due the Phone: WHitehall 3-7830 —5-2527— fact it seen gathering ahead, years gathering (the one time, clearly gas dedicated The ever rising rate of fro¬ consumption. refrigerated LD 39 on is for the gas several large cli¬ or long a outstanding an done more tition. strong growth trend should food for compa¬ Lack of substantial (5) scores Exchange Place, New York 5 Teletype Nonreliance for from $4.3 million in fiscal 1957 up to $13.7 million in fiscal 1960. As 1.55 0.94 (2) BONDS Bids 1958 continue for six zen n g s ents. 1957 (1) The Ass'n the in " Members That •. government) 1954-1958. 0.80 This INC. two last the _$0.23 1954______ Dominance (4) through years, 1953 WEINBERG, (3) HAnover 2-0700 sible, ganization took advantage of this extraordinary business oppor¬ tunity. to nies field. O'Rourke P. John needed figures i Stock Exchange New Orleans, La. - Birmingham, Ala financially-respon¬ technically competent or¬ Recession resistant product, (2) eight * even recession been listed e a r n Members New York Stock Exchange wasn't until Coastal States entered the field that a been (1) #» STE!NERy ROUSE SCO to connect these two demands had doubt no (Page 2) ~ 19 Rector St,, New York pre¬ items Uninterrupted growth. Earnings have improved in last the Weinberg, President, Weinberg, Grossman & Co., Members American an unquestionably strong growth field. the of Producing Co. t "growth term list, would most Bought—Sold—Quoted Gas Inc., New York City. below. • years S. contain the to his stock" is recognized 1920 Stock Exchange WOrth 4-2300 requisites the company Louisiana Securities O'Rourke, two asked were the of some coast-to-coast Corporation S. the stock. to P. (Page 2) States —Samuel Railway Co., been able to not factors in Thermo King's makeup, nevertheless add a measure of speculative appeal busi¬ product has contributing superior a Chicago, 111. Coastal subsidi¬ a products while not likely to emerge in the near term as heavy United of 27 of break in the railroad ice car mar¬ perhaps 75% By market controls and Thermo ary, producer of mechanical truck refrigeration equipment doing the buses which est ness. American Alabama & .Partner, J. P. O'Rourke & Co., King. TK makes air conditioning units Chicago, III. States Associate Participants and Their Selections for Thermo Partner, J. P. O'Rourke & Company, of Established Thursday, February 2, 1961 advisory field from all sections of the country participate and give their reasons for favoring a particular security. and . ... Call "HANSEATIC" tem . Week's This Forum . of 48 -National Quotation Bureau -■ Incorporated 46 Front Street New York 4, N. Y. Volume 193 Number 6026 . . The Commercial and Financial Chronicle . (551) The CONTENTS Long-Range Outlook For Mortgage Financing AND sufficient funds will be available to meet the — . "UNQUOTABLES" The projected housing in starts this, decade is 13.5 and disposable personal income (in 1359 dollars) Introduction tial During the decade of the 1950's, of total units dwelling construction. units were The to came total - under put of these , some 11 (2) Pa ral debt $102.1 - of banks land savings mercial banks, and Within the each, one-fifth banks and slightly than to regarded dollar Bank ex¬ account - completed 45% a of this Table cost 2 affect good a the 1959 in the size of the factors, in sure, the the of cost 1960s. most expected 1965 a 2 The net three re¬ increase latter loans of course, difference repayments fortunately, data made and on between* . •- is vM .' \ ' of new 3 Bureau lation the Members , ■ , 1868 aver¬ : is the 47 May Prospectus on request * 14 of now The Schenectady 43 - 16 Market v . and . You—By Wallace Streete 16 The Security I Like Best 2 de¬ The State of Trade and Industry.*...-.-—.... 5 ...— ra Tax-Exempt Bond Market—-Donald D. Mackey continued South 6 and Washington and You____— price Chemical 48 ——.—— per See article Cover on page. 2. on page 28 Twice Weekly . Copyright 1961 by William B. Dana . The COMMERCIAL and FINANCIAL Company CHRONICLE B. Park 25 DANA COMPANY, .CLAUDE WILLIAM D. to J. SEIBERT, Febru¬ Subscription Rates Subscriptions in the United States, U. S. Possessions, Territories and Members of . 9576 Pan-American Union, Dominion Treasurer MORRISSEY, second-class matter at Canada, of Other Countries, Editor ! Other $65.00 $72.00 per $68.00 per year; per in year; corporation state and ^ Other Chicago news, bank- clearings, city news, etc.) Office: 3, 111. 135 South (Telephone ' ■ Publications Note—On; account; of the La Salle, STate St., 2-0613). rate the INCORPORATED , fluctuations of In foreign exchange, remittances for subscriptions and advertisements must made be W* V. FRANKEL & CO. year. Every Thursday (general news and ad-^ V Bank andr Quotation Record — Monthly vertising issue) and every Monday (com¬ $45.00 per year. (Foreign Postage extra.) plete statistical issue — market/quotation ., Glens Falls Worcester 1942, Publishers SEIBERT, President* DANA GEORGE « 25, Place, New York 7, N. Y. REctor 2-9570 as the post office at New York, N. Y., under the Act of March 8, 1879. 1 ; Reentered i ary TELETYPE NY 1-5 Chicago Broadway, New York 5 Another i . 39 DIgby 4-4970 —. Security Salesman's Corner. * p. J.F.Reilly&Co.,Inc. 34 the and the 1958) 12 Prospective Security Offerings— records, Newark PNEUMODYNAMICS households the to 25 BROAD ST., NEW YORK 4, N. Y. Nashville CHEMICAL 19 ______ Securities Now in Registration. New York Stock Exchange Boston FOTOCHROME INC. * ____- Utility1 Securities^ Public ~ ' TELEPHONE HAnover 2-4300 Albany ^ 13 Funds Thursday, February 2, 1961 , - dwelling units. shifts . — .-moo*. ■ HYDROCARBON Census, Current Popu¬ Reportsr Series P-20, No. 90 (De¬ cember 29, Founded . PERMACHEM CORP. •' V PREFERRED STOCKS - bfioihin- iC-: * Our Reporter on Governments.-^--. Spencer Trask & Co. - •;' ' * : ' ' 33 WILLIAM i !■■" IONICS INC. Reg. U. S. Patent Office ^ ':;tv ■■■ 13 Published specialized in .. ; ____a_______ Observations—Wilfred op¬ their housing Continued have ■' J. ' -> r» f" 8 £ CORPORATION* likely to be for smaller, able. For many years we { . quali¬ some of West where the average avail¬ not V ".'.Vt NSTA Notes:___—__ average important is expensive population the principal. Un¬ residential loans are 48 1 . News About Banks and Bankers of the Among between share downward force on new repayments on less debt, sincfe the mortgage the was and in rise the families, mand * than greater in even residential'. leans new was . Dealer-Broker Investment Recommendations Mutual by persons under 25 years age.3 Since young heads- of large throughout this paper.will volume of 1 Indications of Current Business Activity--- households generally do not have magnitudes: (1) the expected in- made, ' St. Louis From Washington Ahead of the News—Carlisle Bargeron__ factors exerting a downward pres¬ ans¬ specifically stated, ' Free World"__ headed so Dallas Philadelphia 15 reinforcing, will some construction units residential construction? The though not Angeles San Francisco Stocks reveals, measure the movement in institutions during the adequate again to finance the expected high volume of new mortgages Insurance to Cleveland per increase 45% number of A 1960s be residential Cover Einzig: "Revival of Inflation Faces Britain and: the expressed in 1959 dollars, are posing and financial References (Editorial) Chicago dwelling unit. mortgage money from our major 1 page the higher prices of labor and age be* to nonfarm and - ■ increase average in tween 1950 and important question, there¬ fore, Ms this: Will the flow-of V -v.* ^ ■ dwelling unit from $11,600 $13,240. This $1,640, or .14.1%, ty The for Teletype NY 1-1825 & 1-4844 < - Coming Events in the Investment Field % ? question calls projection of See It INC. 40 Exchange Place, N. Y. of improvement that took place be¬ fairly as mackie, & 18 Los average construction 1950 increase is (See Table I.) In the light systematic Singer, Bean »Js building materials. When the data today's knowledge, the Indiana reasonable. ^ 14 # ' of the average cost per is seen to rise only group forecast may be into As We need we number housing data flected decade, new this •••*•• " "■ Direct Wires To expendi¬ housing totaled $17.1 new the much of experts, at Indiana University forecast that as many as 13.5 million dwelling units will be built during the to Electronic Int'l Cap. construction and the as compared with the. 1956s, will call for an even higher rate of- residential construction. In a report released wer •'..'•V Regular Features , dwelling unit of $9,140. However, and 1960s. 12 Taravella_—____ for the represented ure forces indicate Demographic on from ' of Economics HA 2-9000 dwelling unit in 1959 was roughly $13,240. The $13,240 fig¬ of the total increase. a Sound cost per com¬ less 1959, gest that the gage holdings, life insurance com¬ panies and mutual savings banks recently, on Text of the President's State of the Union Message-:.. 1,292,475. dwelling - units. (See Table 2.) These figures sug¬ total increase in residential mort¬ the P. —Roger W. Babson \"V. v; , totaled 14%_by indi¬ others. one-seventh Struthers Wells —J. - credit? question, starts billion, of .institutional investors, savings and loan associations ac¬ counted for nearly one-half of the mercial Guy P. Harvey n as demand mortgage by taking price factor. tures com- 4-6551 White Shield 10 Residential future this In group about McKinley___ Life Insurance Stocks for the Smaller Investor penditures cmfionsT life-insurance companies, and the translate to the ' WHitehall Pantasote 9 - ___h__ Florida's Bright Future Based a projection of 13.5 housing starts meam in of physical Of this $102.1 billion debt, 86% was ab¬ sorbed by savings and loan asso- STREET, NEW YORK Market does first ; in viduals Stock .___ Business Outlook—Gordon W. v.—James J. Minot assump¬ Residential of answer *- $44.9 billion at the beginning to $147.0 billion at year- »mutual for Projection residential Dr. James C. T. Mao billion, increase institu¬ reasonable seem Demand terms 1950 that which What end, 1959.2 i the basis of on million by •» 7 ___ Construction Expenditures mort¬ gage here. anything ! now. (A) resi¬ : from of Mortgage Credit their dential —Joseph V. Yakowicz ii"' Americans in¬ untouchables on Obsolete Securities Dept. WALL 99 Why Common Stocks Are the Best Long-Term Investment The ex- creased Outlook for Business and the likely to invest in resi¬ are tions d it\i re, nonfarm Money Rates—Donald MacArthur__ The leling huge p e n on savings capital of our major financial institutions, and (3) the expected share - of additions. this the rations e and 4 not We bid Telephone: Reflections debt during "the expected increase volume the of were a 1960s, jections billion spent on $32 3 . dential mortgages. The purpose of this paper is to make these pro¬ More- over, mortgage tions of $126 roughly billion. for is $4,424 billion. in nonfarm1 cost • are Mao„________ that increase which these million 11.6 a figure T; in the demand for residen¬ crease v the C. Union Texas Natural Gas Corporation—Ira U. Cobleigh Anticipated figures for million Long-Range Outlook for Mortgage Financing —James The author explains the methodology used and the assump* tionS made in anticipating a $152.1 billion demand for, and a $155 billion supply of, residential mortgage credit. a THE -Cover — . demand. '' ' COMPANY Fund Managers Mildly Bullish During Strong Stock Market ~~A. Wilfred May_. ~ Analysis made of the future demand for and supply of residential mortgage credit for the 1960's, compared to the decade just past, concludes ' icHTtnsTfin is. Articles and News By Dr. James C. T.'Mao, Associate Professor of Economics, The University of Michigan, Ann Arbor, Michigan * 3 in New York funds. 39 ; BROADWAY, NEW YORK 6 WHitehall 3-6633 Teletype NY 1-4040 & 1-3540 4 The Commercial and Financial Chronicle (552) petroleum liquids, and 93.1 billion Gas Corporation like cubic feet of gas. Against all that Union Texas has agreed to trans¬ fer 8.3 million barrels of crude and Union Texas Natural a Thursday, February 2, 1961 ... billion 56.5 cubic feet of and gas million in working capital Anderson-Prichard; with Union Texas in a position to realize and quality, whereby it can, un¬ be compressed into liquid and then magically revert der pressure, into HeadsWellington's volatile gas when the pres¬ lifted. So, in bottles, it a St. Louis Office is sure By Dr. Ira U. Cobleigh, Enterprise Economist $9.76 provides to fuel for cooking, water and space ST. heating in areas Schmertz has time, $12.8 millions recover, Summarizing the and past the of prospects Some companies off start fields their which 1950s, for accounts about corporate life with terrific muzzle now velocity, and advance to alone of total gas production. stature and Others in a major take short period positions of investor and 75% re¬ Union Oil they attain magnitude and pres¬ tige. In this second category we with Texas would place Union Texas Natural original corporate dependent producer and distribu¬ Union Sulphur & products quire the passage of Gas Corp. forbear before years was and Gas Corp. merged Natural Gasoline Corp., to become the largest in¬ tor Its Oil of natural gasoline (propane Corp., organized in 1896 to extract principally). sulphur from LPG and and butane further Sulphur deed delivered for of over century, until sulphur production and the due to course changed quarter oil 5/6ths when Union Oil In tal) Gas and the oil and gas prop¬ Anderson-Prichard of will be production Corp. of Louisiana. The was Oil (plus other assets consist¬ ing of undeveloped leases and a certain amount of working capi¬ the company name was to enterprise Corp. was production. of erties halted was geologic field same converted a 1925, a in¬ was The expanded by an acquisi¬ tion, to be implemented' in the spring of this year, whereby property in south¬ a Louisiana. ern Under Sulphur Mines oil field, at acquired under payment this, oil as a contract. and gas are produced, payments totaling $58.3 Calcasieu Parish, La., was the chief base of operations Until 1948, million when to Frankfort Oil Co. of the just cited re¬ plicated but placing Union has petroleum stantial the re¬ small empire of a and reserves, of flow of the on The cash. sub¬ a - 5/6th oil company was These be made payments, acquired, with producing proper¬ ties along the Texas Gulf Coast; and management broadened the oil exploration effort to include and gas on are South Ander¬ 80% Louisiana, West Texas and, West Canada, the Rocky of oil, derived gas, Mountains and Latin America. All tioned this exploration however, until was late (South) Parish, when Union Oil big at Lake Arthur . La. There the company of the major one gas the ground, and interest charges incurred in the financing paid for, Union Texas should are Field in Jefferson Davis; have brought in for aforemen¬ price, by the end of When all this petroleum in now quite unimpressive 1952 and Gas hit it prices left, serves these on million 36.2 available and in properties, barrels of re¬ some crude and understand and this to answer compound question is found in the four major areas to which Union Texas itself: addresses natural gas, nat¬ gasoline, liquid petroleum oil. Let's take them up ural gases and at time. a Natural share of the over steadily the past has become heating total fuel. market, and States, the natural major Some natural 85% space of is sold to Texas Gas Transmission under The long-term a original price Commission have been contract. 9.25 cents was MCF and, subject by to Federal to approval, increased customers to This FPC). kicked 19.19 (with any por¬ approved application rate around by FPC until 15, 1960, when mediate of was increase not the examiner ELLIOTT the of production gas (taking in the entire output of the Lake Arthur Field) Jan. H. its Union Texas was WILLIAM 15 increased energy United Northeast per commission a recommended price of an 14.57 inter¬ cents per in our firm as of Partnership This determination favored by has filed February 1,1961. a is still cents Union MCF. be year announce that oil half of is also producer. 1960 production For oil being Texas Gas the cover five- commissioner a the . . ' • Natural Building. of Canada. The An¬ properties joined our organization as a Texas in plants, Vice President all the of foregoing the In St. H. balanced producer It is grossing now ated annually, and delivered, in 1960, a cash in¬ come of $33 million and a net of zation and class B stock outstanding (the only difference between the that is next value has of and operating in the and 50 has a agement, fabulous store of a material. (Reserves liquid equivalents For about 27 equal barrels share per York firm of Schmertz the J. M. to past mist for at Exchange Gruntal two was the a 100% natural two-thirds a more, two has and a 1960.) Cash flow Harris, Upham & Co. is V; : excellent and gross revenues have been in For those not sophisti¬ petroleum equities, Union Texas Natural Gas common, priced at around $31, paying 40 cents a share (with a small stock dividend as well) might prove a rewarding long-term equity. The shares trade the Over-the-Counter H. Hentz As of Wall Feb. 2 H. to company largest independent natural in production, Bernard Kahn Co. The corporate title of Mandell & Kahn, been & market. Inc., Admit Hentz & New York City, Co., Inc. Bernard M. Paul D. and They will 72 brokerage of the New York Stock Exchange, active as has admitted Ella G. Weil to lim¬ fices are MR. pleased to ROBERT engage business in a and underwriters. are in the Time announce P. HOWARD JOSEPH P. MINETREE gasoline and storage have is been admitted to this firm as producer engages and GENERAL mar¬ PARTNERS I known Howard, Weil. Labouisse, Friedrichs AND COMPANY Members New York Stock entire Municipal Finance petroleum business. Sales (in millions of gallons) have in¬ creased, with an almost monoto¬ uptrend, from 3,483 in 1950 9,860 in 1960. LPG is quite a fuel. It has all the advantages of natural gas—heat, high BTU con¬ tent, cleanliness, speed of com¬ bustion—-plus portability beyond 70 Pine Street 5, N. Y. The First National Bank Miami 32, Florida Exchange Associate Members American Stock nous to New York Bldg. general also The & that and MR. pipelines. LPG has a chameleon ,211 Carondelet St. *• February lt 1961 is Levine, Building. partnership. in petroleum products, as LPG, represent the fastest growing segment of the on Kahn Vice-President. Co., St., New York City, members We has changed to Bernard M. Kahn in¬ Liquefied better Consultants "i to averse cated in C Firm Name Now strong, steady uptrend. a gasoline interest pre¬ econo¬ ' 31, half interest in The more. net Mr. with He market as Gasoline nine -Co., years, keting. WAIN WRIGHT & RAMSEY Inc. & associated Kaplan Fund. viously served to Stock of research. the Bookbinder raw converted were he National the Cunningham, New director the Texas with Broadway, New York City, as more profit sec¬ industry. Union fine energetic man¬ of of member higher tions previously, 1959; Co. the oil stocks generally have quite neglected by investors the past three years, here is dynamic associ¬ Albert I. A. Bookbinder has joined While company been Gruntal & Co. products been a since has Wellington organi¬ Bookbinder With by manufacture of petrochemicals. for the aggres¬ upgrading petroleum Wellington's sole to take the steps—more exploration, the "B" & The company now resources logical sive the head affiliated firm A classes Dakota. City Bank of New York and the Pittsburgh investment banking $2.10 per share on the 7,041,228 shares of combined class has the cash to Schmertz with was about voting rights). L. Mr. millions $80 over cover Pittsburgh office. diversified of metro¬ will replaces William Sullivan, who has been transferred large-scale, well- a to he South and Gas is addition Louis, Schmertz perceive that Union Texas Natural Corp. Railway Exchange Nebraska, Iowa, Minnesota, Mr. will you F. L. M. Schmertz Louis, at North and put in future years. From St. politan will, greatly add to oil out¬ course, product. It vaporizes at low temperatures, has the high vola¬ tility necessary for quick-starting and anti-knock qualities. It is thus eagerly sought by sophisti¬ cated refiners of motor fuels. of has in cial two - his headquarters Natural gasoline is a quite spe¬ still ' make bar¬ ited positive trend. Union I will located and r. Schmertz first 15,634 M rels daily — 60% domestic, 25% Venezuelan, and the balance from nor time, the price of natural gas is going up and that Union Texas is in a strategic position to benefit terest formerly of Blyth & Co., Inc. E. Presi- dent. condensate and averaged by Welch, substan¬ a . Mr. Portland Merrill an¬ President from that New York pleased to with to there redetermination attorney, we are in no pdsition appraise the foregoing rate ar¬ guments. We only say that, over J are enough, were to 3323 WILSHIRE BLVD., LOS ANGELES 5. CALIF San Francisco tial an Principal Exchanges Fund, was nounced period beginning next Jan. 1. Not Members New York Stock Exchange We prices Transmission Established 1883 and Other another gas if this As complicated of which exceptions and billing at the rate of 19.19 per will Co. & dis¬ was Texas, batch of not J. Barth it Production Union Texas March MCF. has been admitted to General Equity is well Gas in broad sections of the North and Co. and Wellington of hydrocarbons. gas has years gas Fund producer. derson-Prichard The one shares) of Argentina investors that seek? refunds that production r We 1 ling'ton manu¬ Union Texas M. organization for Joseph Oil this subteranean. inventory of hydrocarbons for future delivery. What soft of company is Union Texas today, what can it earn, and what are its horizons for the kind of growth tion of announce the LPG undeveloped. cents per MCF Feb. 15, 1957 pleased to and major a L. been distributing Not only that—but LPG has become an-increasingly sought fuel for trucks, buses, construc¬ tion machinery and farm tractors. But enough of to are LP Gas. Mo.-—Francis tributors, Inc., wholesale esti¬ 1960, over eight million homes were supplied with synthetic rubber. but years in facture 65,000 acres are in pro¬ duction and 735,000 acres hopeful Power We that, of which oil the subject properties, at existing prices mated or It is gas. leases aggregates 800,000 net acres from from total 1970. production, and revenues and contract liquidate the to later on, gross miles areas from piped LOUIS, appointed up¬ per Western Mississippi Valley representative of Wellington Dis¬ beyond the gas mains, in rural It is also useful in chemical Natural calculated for to suburban interest in the Anderson-Prichard son-Prichard. another will broad of the U.~S. and away effect Texas ceiving end of March 1960, however, new dimensions and depth were added to the corporate picture, when acceptance. time more In sale All of this may seem a bit com¬ the of a serves independent hydrocarbon companies of America. over under major the of one economical household an Exchange Tel 524-2711 New Orleans 12, La. 1 be of¬ Life Volume 193 Number 6026 ; . The Commercial and Financial Chronicle . (553) Steel Production Electric sible for the lag in GNP. During the first quarter of 1960, business Output Carloadings The State of Retail was Trade otherwise Food Price Auto TRADE and INDUSTRY Production Business rebuilding Index tories a Failures First National City Bank's letter on Business Eco¬ Conditions? for February nomic reveals that the new has year brought few, if any, signs of tne hoped-for business pickup. • In both industry policy and remains trade buying cautious, hold to unemployed January; if correct, this would be the highest number for any Pearl Harbor. resulted workers hired phase of down inventories and reduce them and tories must, bottom. should approximately Thus, steel at the operations have up or improve. On hand, automobile deal¬ other than more hand. on cipitate to is no this cut situation production. been restrains Further announced in are working out their and December. also felt In car and of out Retail effects 5% than increase over smaller than usual. was retailers. New sales, car January 1-20, were off 18% from a year earlier, while department stores sold three own weeks of 3% in the in the first same of Probably houses without replacement. Even indication though that is final at demand is Final the the promising high level, manufac¬ turing output and employment are national product well measured justed (1957 by the Federal seasonally Reserve 100), dipped to December, down from November in ,and;>the ad¬ 103 in peak of quarter, 1960.. The slowdown in production, centered initially in basic materials, has spread to con¬ sumer goods and business capital A lull building. But ficials continues report F. an tract-letting W. in of upsurge other lines The crease in offices the of billion. from fourth seasonally of • $503.5 If quarter rate of the influence changes the is calculation, steadily ■ all it long—to year a new peak rate of $507.5 billion in the fourth quarter, up $17.6 billion in¬ the first quarter of 1960. backs of in each stores and post major areas of the econ¬ had the benefit of sustained largely offset by cut¬ final demand. The fourth quarter roughly 300,000 persons estimates included new records for construction and manu¬ facturing. Only part of these lay¬ offs could seasonal bad that be weather the attributed influences and Government in mid-December statisticians number to unusually oi figure persons out " of work in December rose to 4,- 540,000, equivalent to 6.8% of the labor force justed Arthur omy basis. on seasonally a Secretary Goldberg! has of ad¬ Labor estimated consumer expenditures and spending. The surplus of exports of goods and services was the largest since the Suez crisis. mained peak. in fixed investment close to The the third re¬ quarte" marked lag construction which were 12% only was residential penditures, low the the record second This peak quarter leaves tory demand the reached of shift ex¬ $4 billion a quarter of further final indi¬ adjust¬ advanced in Months of 1960 The steel market is put at the The current, level. undergoing recent show of strength in short-lived, balanced from govern¬ eventually be the means turning things around. When of businessmen find too low to their keep stage a sharp price composite Steel's stocks and orders, percentage The primary little a although The figure. price copper firmer sales this cents pound a earlier By trimming step schedules show signs of stretching out, then orders will pick up, output, have taken In due course Clearings Up 4.6% for Week Ending Jan. 28 Over Same Week Bank with Last Year clearings showed Free been year, or week compared by 11,700 rate a of a add to up month, the about 22,000 264,000 or cur¬ tons a is based telegraphic upon from the chief cities country,. .indicate week ended clearings United ings from 4.6% was plate orders a mill plus in assessing the stocks a some which weekly it ' : •1 seasonal pickup. appliance general 'M on • is above those of the for the week same comparative leading week in ending Jan. 1 York__ I960 % -f- 3.2 — 1,262,564 2.9 1,110,000 —11.6 738,285 February Steel of follows 28 961,000 Boston the admission the ■. 1,226,369 ___ announce the for $14,252,757 $13,173,595 Chicago Philadelphia pleased to are Our for centers money 1963. New 1960. summary *We 759,927 Output — Will G. 2.8 LESLIE FABIAN NEW YORK Ap¬ proximate January's 6.5 Million h- ' Tons GUSTAV February steel production will approximate the 6.5 million ingot tons produced magazine But said in January, SAN Steel vi predicted. the metalworking there is not . ■ ■ ;| ... weekly LeBOUTILLIER NEW likelihood much KNECHT, JR. FRANCISCO ; MARTIN T inven¬ February, which has fewer days, will be better than January. respon¬ Orders showing are improvement. At running are YORK behind EDWARD steelmakers will be expect deliveries Some steelmakers getting 40 business there increase in ordering an quick to in 50% • A. PENCE SAN FRANCISCO for February have of the after MEYER last month's. But E. NEW YORK mills, they some little a KENNETH over-all no ROBERT been month's a first of W. SWINARTON NEW YORK the month. We are pleased to Weekly steeimaking operations apparently have reached a plateau announce the admission of of about WILLIAM R. million this week's be DRIVER, Jr. 1.5 estimates the about the week was as a General Partner, resident in Boston. slightly up previous 499,000 same ended week's automotive was (0.1%) General Partners in in from production (1,- cutbacks incustrv are in in steel, the the largely move¬ Dean Witter & Co. INVESTMENT. publication -■ If .* it were not for San Francisco CHICAGO * * _* /J the ' New York Stock Exchange automakers' requests that part of their Febru¬ PHILADELPHIA ary February I, 19.61 BANKERS noted. Business Established 1818 BOSTON firm the Members: NEW YORK our effective February 1,\1961 which 28, responsible for the sidewise ment BANKERS it as Jan. as will tons). Production Brown Brothers Harriman & Co. Steel tons. output • Los Angeles * New York • Ch icago tonnage be held until March, market1' moderately (1) Other trend would upward/ consumers 45 oe Reasons: of sheets and OFFICES SERVING makers, demand, clear¬ corresponding week last year. Our preliminary totals stand at $26,553,450,632 against $25,379,407,114 over Galvanized is also Continued 7; e m : orders new carried •r. / <; the fac¬ starting to are iactor from last year. showing new little faster. But there absorbing are market, the 28., of state production. Some mills on from the the Jan. cities obtain needed to stabilize the are of disappointing the for that all States to of Saturday, from possible advices production cutbacks stocks hesitant of some Warehouses, more on steel market: negative a year. If are up effects a year ago. Preliminary figures compiled by the Chronicle the move a tons since Jan. 1. Together with cutbacks made last year, tons of and tors in the has tons 140,400 large a most low very face Here ex¬ world output copper indicate the Tin World tailments last increase an a of basis, that business is new business, low inventories ma> be the biggest single factor work¬ ing for the steel industry, The Iron Age says. major amount overhanging slashed month, Bank the metal cess by r limit of of this markets. in to the fact and sales auto copper a prod¬ steel. month. producers of range of any pattern in new have users week remain slow, the metalworking magazine said. The primary price fell one cent to 29 lack rush a ap¬ strong swell of wide range of steel a / ucts. 1 in counter¬ are a wide a week's revised shipments rolling, smoothly, when shortages crop up and delivery followed for users heavy melting was at $32 a gross ton, unchanged from the previous are production No. on orders by orders from upswing. cutbacks severe automotive the scrap market was drastic shift. a Basically, .... that in make Show Much Change From Last or pected to at least hold their out¬ pears nearer. demand business, and consumers, be¬ 1959. primarily as will First Quarter Business Will Not not are tonnage What's more, some buyers are making adjustments that will in¬ gov¬ ernment Business at process (000's omitted): Most was retail cutbacks is consensus producers 01 removed becomes apparent that final demand gained since job >the a rate second inventory con¬ business. Christmas In at was annual record $505 fcr usual least billion, only 3/10ths of 1% below of¬ schools, highways, and other heavy construc¬ tion, which will help provide an offset to declining tendencies in at 1960. it adjusted home Dodge sustained, throughout 111 January goods. (GNP) has been dent's Economic Report, GNP held within a very narrow range in 105 is ment will busi¬ through the end of 1960. According to pre¬ liminary estimates in the Presi¬ as index = current Automotive increasing in number only GNP correspondingly tories. Demand most that curtailed. Industrial production, the Sustained dip will be relatively mild, overall, is the fact that the gross main¬ a in fourth much ness tained magnitude with rising production, shipments, and inven¬ I960. Strength ware¬ less tnan cut were the should be of higher this than many observers had believed and the low point of the decline though Decem¬ even were Christmas, the weeks shelves the in ment in January, stormy weather again During a period of general in¬ ventory reduction, goods are sold the sales hurt adjustments. off have November assembly schedules. Between these extremes, individual indus¬ tries income personal $15 billion. The of absorbed fluctuations cates way March, began to be reflected over-all last have passenger in cut a ventories rate ment, which has been under line the says the them. same The decline in factory employ¬ ber current ac¬ of year. payroll cuts; pre¬ stock cuts outdoor November down, this early in the year, but the of sales million one There rush this time since hold ers cars be at curtailment that definitely encouraging. At the reflecting failure of steel produc¬ time, the estimate that in¬ tion to tivities usually cause other layoffs possible. To be sure, in¬ ventory positions and prospects vary from line to line. It is gen¬ erally conceded that steel inven¬ than been minor taking - publication as plate, oil country goods, and pipe is lirming appreciably. careful that has Christmas inventory where * fact layoffs ...of the lor while season, inven¬ purchases. up in tin $11.4 billion But, with the evaporation more January rise in unemploy¬ ment from of stepping are Demand for such products . Part of the . rate (2) undergoing quickly gave way to crease rather than reduce the a basic change in products and policing of inven¬ tonnage customer demand, The Iron Age they will take. Reason: tory positions. We had a $4 billion Inventories are getting too low in says. First quarter business will annual rate of liquidation not show by the some sizes. much of a tonnage fourth quarter. Altogether, the Unless new car sales drop change from the last months of rate of inventory demand was re¬ sharply, automakers can be ex¬ 1960, but the products picture is duced that 5'% million were since the and inflationary psychology, and disappointing sales and profits, Commodity Price Index in month accumulating at year. one monthly stocks of this The steel bars 5 INVESTORS have page 30 6 The Commercial and Financial Chronicle (554) * licly offered. The investor TAX-EXEMPT BOND MARKET tion DONALD BY MACKEY D. issue state and bond municipal with type abating strength. This week new exempt issues have been of- apparently ample seCurity behind it. The various resources and means or payment indicate ample coverage fered % Since market has continued to show un- tax at higher prices, with most of them meeting with progressively at least ception. ferings The fair investor met*, with investor diminished almost each successive of sort market inyestors by offer- with grudgingly rthe tax over-all removal bond price structure desubstantial lessening of spite the yields have progression with Highway Department and Authority involving the building, maintaining and operation of the toll road under all contingencies, seem well established legally and conservatively conceived financially and economically. Because of the State's chain reaction a apparently satisfied exempt issue -new State the Turnpike as relatively •. ing. The result is of- interest yields in this category, foo, been re- higher yielding have immediate the Kentucky Constitution virtually requires this rr.anner of financing such projects, the assurances set up as between the * the as market gradually higher. is misrn, bid - , dogged optieach high grade issue as though its coupons might be the last to bear income new tax exemption. Price markups are often based upon the pricing of large unsold balances for similar outstanding issues for reasons not always cogent or coherent. The competitive nature of the business inevitably generates these procedures during periods of inventory scarcity. The resultant is of today's bonds with course morrow's prices is tomorrow and to never mi.\es1 through suhed to- or to However, with major help deriving from the banks, most of new quite volume issue eashy January generous obtained been helpful !v?' situation l°r+e of is ^1 with has the hardly m manifold refu dmg to piobseem likely not to seriously disturb the bond market. They all be resolved by a single short-term offering. The answer here will be fort the nature may today (Feb. 2) when coming the of refunding issue will be announced officially. Kentucky Revenue ligation w°as j County) New York CSD # 1 (1961-1990) bonds awarded - to . F'irst ob- general (1964-1980).issue which Wednesday, Feb. on headed National bid b The City Bank of New York and included Lehman Bros., Halsey, Stuart & Co., Harris Trust and gavjngs body & Bank, Kidder,-Pea- Co.,' Drexel Co. & and others. The deferral from the pre- offering date involve5 a technicality in advertising which fortunately resulted in a better vious interegt bonds 19Q% c£st scaled were to 3 1Q% jssue another the for 0f state from with the bulk Qf relatively short ma- and trust department statey 7^""week issue attracted Co., J.: C. associates. to yield 1.60% from have gone only $1,500,000 remained in period. the /The Markets dollar ac¬ No. 2, '•'./; 26. Jan. on Jan. on This rise average 3.77% to 19 represents of 'about Feb. volume uled for issue new of less seems first the qtotal of is than quarter. bid sealed >an and listed sched¬ The dar situation Water Conservation Dist., into market as Smithtown No. Co., members of the Stock Exchange, has effective February/1, of the William R. 1, New York to and" wiUi thftax S Se^forr^ue^ssu^ the growth type seems . to volves thority and be offered this revenue •• year in- $39,000,000 Turnpike Auof Kentucky (an agency instrumentality monwealth of Kentucky the Com- Kentucky), Eastern Toll SSmoCUe; of Road Revenue An was interesting also offered Michigan to issue investors on Feb. Parma hattan where-lie $17,800,000 serially A. C.'Allyn & Co., Inc., Hallgarten $21,200,000 termv,& Co., Barr Brothers & Co., and bonds due; 7/1/2000. The serial others. This high grade issue was JS a/e Priced to yield from scaled to yield from 1.60% to 3.o0 /o to 4.60% and the term- 3.30% (1962-1981). The last five -.bonds are 4%s priced at par. Thin maturities bore interest at 1% obligation is of the lease-rental (1982-1936) and were not pub196o-1985, , ! •! (State) Housing Auth. (N. Y., N. Y.) Angeles Calif._r___ Feb. East * Community Niles • ; • /A Baltimore, Md. __ Cincinnati, Ohio New Orleans, La.________________ ; Chicago, 111 New York 2.90% 1978-1979 3.15% 3.00% 3V2%, 1977-1980 3.35% 3.20% W. R. 3.15% 3.30% York the City, N. Y.______ February 1, 1961 the of General Prior to the and the Bank Company, -he of the of metropolitan was latter a in¬ served by 3.70% 3.40% 3V2% 3i/4% 1980 3.30% Clearview 3.20% 1979 ,3.65% 3.50% New Co., York;,City, 1977 3.65% 3.50% have announced 3% 1980 3.50% 3.40% with & their 7:30 Jr , p.m. v v 1935-1986 1962-1981 1962-1993 1962-1981 8:00 p.m. Neon 8:00 p.m. 10:00 a.m. 32,550,000 Regional High School District, New Jersey__ Louisville, Ky. St. 1,500,000 Paul-Maplewood 11:00 a.m. 8:00 p.m. 1963-1981 11:00 a.m. 1991 11:00 a.m. 15,802,000 Calif. 1,240,000 Feb. 16 County, 8:00 p.m. 1,000,000 Louis, Mo Cuyahoga 1967-1998 Indep. School District No. 622, Minn.__ Vallejo, 1961-1980 2,080,000 Ohio__ ____ (Thursday) 8,000,000 3,000,000 a.m. 10:00 a.m. 1903-1986 Noon 1982-1981 8,000.000 Charleston, W. Va 11:00 1962-1986 1,225,000 County, Miss.____ Jchnstown Municipal Auth., Pa._j_ St. Louis County, Mehlville School District, No. R-9. Mo.._. 1932-1981 5,000,000 ____ Harrison 1932-2001 11:00 1982-1982 Noon • "8:00 p.m. a.m. 2MMonday) ' 1,250,000 District, Ohio 19,000,000 County, Va._ 1:45 p.m. 3,000,000 27 (Mendav) 1,700,000 1963-1980 1,720,000 1932-1930 e City Sch. Dist., O''io__ 11:00 a.m. 8:00 p.m. firm 76 ■_ the of Parish, Fourth Jefferson Drainage District, La. G. a.m. 10:00 a.m. 1QS2-1991 10:00 a.m. Alameda Water 1,090,000 1,353,000 1962-1991 10:00 qam 19 "3-1931 197"-lr99 11:03 a.m. 2,300,000 Dist., Calif. Parish, '.J fchopl District, Denver, Colo. Paris 1962-1981 11:00 a.m. 10:00 a.m. 10:00 a.m. wide La Portsmouth, Va. Angeles Dept. of Water 8 % and . 12.009,000 __^ 10,634,000 14 (Tuerdav) >' 10,000,000 March 16 (Th^vvdav) 'University of California: .,i Jacksonville 5:09 p.m. (Wednesday) Calif. St./Paul, Minn ity, Fla 2:00 p.m. (Tuesday) County Flood Control & Comervat'on Beauregard Power. 1932-1981 l,r59,000 15,090.000 March 7 r association George 10:00 1935-1866 March 2 (Thursday) Washington Sub. San. Dist., Md.__ St., brokers, 1061 -1.981 Jefferscn Beaver money 1,500.0/0 2,030,000 5,000,000 Mexico Marc1-* 3.25% Palumbo. Npon 1,500,000 Baltimore, Md. Mr rch Kinney & Co. 1978-1980 1980 Index = 3.2577% area G.G.Palumbo Joins Kinney 1962-1981 Feb. 15 (Wednesday) Los 33/4% 3.55% 1:00 p.m. 1,675,000 office. 3J/4% , 1962-1981 8,600,000 Monroe, La.. the Fngland and in the New head 1:00 p.m. 1,410,000 V' stitution with general supervision of 'commercial banking activities 3.50% a.m. 1962-1982 1962-1991,, (Tuesday) Tucson, Ariz. Driver, Jr. 3.05% 3.00% 3.85% 14 District, Calif. New 31/4 % _____ , Manhattan a.m. 10:00 Service Georgia State Hospital Auth., Ga._ Township, Mich in 1955 of the Chase Na¬ Vice-President 10:00 1,000,000 Meridan Chillicot' was Bank a.m. 1,150,000 Russell, Kentucky 3.15% 3.20% i974-1975 3i/8% , 3.30% 1978-1979 33/8% Vermont 1978-1980 3% ______ 1980-1982 3% _____ 1978-1980 33/4% (State) / New Jersey Highway Auth., Gtd.__ New York (State)___ Pennsylvania (State) tional 1963-1972 11:00 ; Feb. 28 (Tuesday) Committee. merger 1:00 p.m. 1961-1990 Roxbury Township School District, New Jersey Vice-Chairman Loan 1962-1991 1,200,000 Exempted Village School District, Ohio and r iri New 3i/2% _____ Connecticut Los s o a.m. Flori/a Development Comm., Fla._ Super- and California (State) New v' a.m. 11:00 Rossford Feb. Bank, Loan 11:00 1962-1973 (Monday) the award. after a-Monday night Saginaw, Mich., $4,832,C00 general obligation (1962 - 1.986) bonds were bought by Kidder, Peabody & Co., Shields & Co., 13 City Sch. Dist., Ohio Chase Man¬ Tuesday 1964-1988 1982-1980 1,328,000 Chesterfield Presi¬ o? Noon a.m. Feb. 23 (Thu^dav) was dent 10:00 2,000,000 office, - 1962-1996 12,500,000 Mr. Vice 8:00 p.m. 3,750,000 Dallas, Texas formerly This Week a.m. 1961-1986 3,085,000 ______— Canton Local Schcol 10 Post Office Driver &°nas are out ot account, more Other Financing Tim first large toll road Boston p.m. 9:00 6,003,000 the Square. favorable. issue in 2:00 1962-1981 .'Feb. 9 (Thursday) FeL. General dent 1962-1979 1 South '■-mm tained wer» a.m. District , . as a 11:00 1,000,000 Eimira City School District, N. Y. Minneapolis Spec. Sch. Dist., No. 1, St. BOSTON, Mass.—Brown Brothers state^nVmunicSaffinane^fi highIy comPetitive bidding. New announced, negotiated Mexico awarded $8,000,000 genadmission Cnmed?L«eanyatcdurtSaUeed Mr* largely 'by relson^the 'higher Boston Corp,.which included The Driver, Jr. ud?St ^te'^uct^e'^ha1!1 Sohb" S'VaTfo %1 Bat/And .Partner, resi¬ during most of that period, others The bonds D^d 1962-1981 2,720,000 ___ Central School ;/,// - Admits W. Driver York a.m. 10,600,000 Pinellas County, Florida more Brown Brothers & a.m. (Wednesday) Charleston, South Carolina North Harriman 11:00 11:00 2,750,000 2,000,000 North Carolina calen¬ area. a a.m. 2,020,000 Galif. Feb. 8 s of inventory likely to nudge unpromising seem dealers meagre 10:30 1,285,000 favorable the and 1962-1990 Greenbush, Nassau, Etc., Cent. El Segundo Sch. Dist., Calif moderate a a.m. (Tuesday) Roseville Sch. Dist., Mich.________ Sonoma County Flood Control & normal municipal., bonds $346,910,500. nf Feb. 7 con¬ The listed offerings.Lis Feb. 1 is but on 10:00 Triway Local Sch. Dist., Ohio. 15. The Blue List total Feb. state 1962-1981 (Monday) Schcol District No. 1, New York less than $250,000,000. The largest proposed issue is $32,500,000 Bal¬ timore, Md. bonds slated for bids on a.m. 1,715,000 Colo. number issues new a.m. 11:00 Arapahoe County Sch. Dist. No. 6, East Now the 11:00 1962-1980 . > three- calendar Both sparse. ____ (Friday) Minn. Calendar 2000 1963-1981 Riverside City Sch. Dists., Calif.2,300,000 Texas and 3 Feb. 6 1. Meagre 1:00 p.m. __ Feb. Milwaukee County, Wis bond issues have been more/ active recently. This category had a greater aver¬ age rice last week than has occurred during a similar period for months. The Smith, Barney & Co. Turnpike Eond Index went 3.81% 6:00 p.m. 1,415,000 3,500,000 2,000,000 Belleair, Florida and municipal ;• revenue from 1962-1980 1963-1989 1,250,000 »1962-1991 10,328,000 1962-1981 Mich. A state quoted 2:00 p.m. Wayne County, Livonia Drain Dist. order >:/%%': .Firm ■;r as 1961-1987 .1,200,000 14,000,000 38,000,000 . Dist., Texas__ Kentucky Turnpike Authority, Ky. King County, Highline Sch. Dist. No: 401, Washington Marlborough, Mass. TOpeka Scnool District, Kansas 3.65%, to investors well with after count New has 1,000,000 District, Houston Indep. Sch. The yield to (Thursday) ____ School _ Peabody & Pressprich & Co., J. The of volume Feb. 2 Abilene, Texas Bay City Indep. y Texas Co., R. V/. A. Hogle & Bradford & Co., and The bonds, reoffered Kidder, tinues the $28,980,000 was th C turity, bank During the past several months negotiated type ..underwriting The the following tabulations we list the bond issues of $1,000,000 or more for which specific sale dates have been set. $3,470,000 by Geddes and Onondaga, (Onondaga are siz- sealed iargest Connecticut awarded t |be Issue wee^>s gtate. of well development, Connecticut Award (type offering easy course ™n<?f The Tbjs which influence the impend- Tieasury ng start impetus; granted. ems to The yrnld base The extremely fundamental for been absorbed,., during The that money has; territory general Winchester and Campton able terminal areas, v at least is remote. the being very well paid. managers of the group week Thursday, February 2, 1961 . In , final the come The is this . Larger Issues Scheduled For Sale . of account. financing this much needed fa- quarters of a point. This segment cihty are: Allen & . Co.,. John of- the market has been stronger Nuveen & Co., Inc., B. J. Van since the last reporting date. Ingen & Co., Inc., Merrill Lynch, During this week of brisk bid¬ Pierce, Fenner & Smith, Inc., ding the secondary market has A. C. Allyn & Co., Inc. and The naturally been stimulated in kind. Kentucky Co. Nationwide under- The Commercial and Financial writing and selling groups are Chronicle's state and municipal a^? involved. A favorable lnsti- bond yield Index portrays a mar¬ tntional and investor interest has ket rise during the past week of been indicated. The road is of about three-eighths of a point. advanced design both technically The yield Index dropped from an.d safety -wise. It runs about 45 3.28% on Jan. 25 to 3.257% on their <on gen- of this case issue, /the Authority must psy dearly for its money. In this instance it appears to us that the pushed Aggressive Bidding in direct'-and a eral obligation in the investor Dealers, from recep¬ than 20% Less remains in The important New York State school district market was repre¬ sented The good. was the . Expressway _r 2,750,000 AnvM . 3 1951-1988 (Monday) Author- — 40,000,000 2000 Volume 1S3 Number 6026 . . The Commercial and Financial Chronicle . (555) dollar Reflections . By Donald MacArthur,* Treasurer, Sears, Roebuck and Co., Chicago, III. , will, rise during the next 20 years? (4) How many believe that corporate taxes will decline sig¬ nificantly in the next 20 years? Money Rates on I - When k most long-term Financial executive probes the prospects for shift a in the country, present that relationship of short- and long-term interest rates. He concludes longtjrm rates wilt continue to exceed short-term rates and, moreover, it is likely that the , , is subject a that is understandably of uncommon importance to a Scotch treasurer. In its last fiscal- year, u somewhat Sears / ■; , rates * '/> discussion by saying a word my two regular nightmares. , For 22 this to say ; ample, the. following figures Sears me. million of debentures in the fall ~ for of other tion a tidy very $43 million through the million Roebuck p great tance needn't that Donald MacArthur springs eternal in our /•" Vui: pe f:ndl"g a e.ndeav°r t0 ob" S possibfe. NaturSly,3 cost successful brace ing efforts our not but must em¬ only astuteness in tim¬ also competent employ¬ ally grows in magnitude our need own of for other at funds because and thQ borrowers .almost constantly opihioh so grow,-and in our the^Vill continue to do increasing rate. an The uncertainties ness outlook, the ministration, and of the change busi¬ in ad¬ the change in Federal Reserve policies have all combined to make todav's topic of one unusual interest just now. As might be expected, of comments have a number appeared lower short- and rates, with money opinion that is disturbing. ucwuac Because have a way of long-term unanimity of impressive but a uisiuxuiug. events usually usuaujr crossing the up predictions of the major¬ is led to examine a point of view that departs from ortho¬ one doxy, It so goes to speak. V without saying that any discussion make a of interest distinction relationship of rates must between short- and the long- term interest !rates and the trends of the individual rates themselves. I would like to explore the rela- tionship of rates because, viously^ noted, as pre- economical, any borrowing program must be based upon a judicious use of the shortand long-term bit of good 1 is mix as not : ' • joining Viae nightmare has Sears, hppn been In summary, my money rates are: a thoughts well timing overall. as . a self.- . '* anrmirpH acquired • • book ; is green shows tinue at level a rate. 1.07%. tive to ls cur" V - , Sears us. the .. v .... v .. . the level of a's to the firm a below C. h been admitted prime-'•/ long-term as general partner, ef¬ fective Feb. 1. He will be rates.- of manager the firm's this chart operates period market open exceeded though doing the a ^ rates they did of 'Name soft a re- currency *n each of of cause cost, and hence the natural one—-the shorter the exPpsure to risk of currency depreciation, the lower the rate. I guess * s 1S one those things Senatoi Douglas would call Normally, about borrowings are short- low this What if "obviosity." an market open rates again moved long-term rates? Certainly above this is a Long-Term ment. add that sleep far of any from friends, such of mogt an After event would offer delightful experience in- deedt sponsored the Mr. Jan. Bankers 24, Association, four questions: (1) '7. How meditating up country will with a TT of this "Jong put" very ... . , in W. C. Crawford p>e? that the C3) Few. a manv purchasing power cut of- rates, increase of the As Bernard M. Kahn President with associated firm. formerly Trust was Securities Corp., will work out of the New York office of Broadway. He Formation of the investment firm wholesale of C. Walter offices City, ( at 52 business Prior Mr. to conduct viously was & Co. associated general a • He was with C. L. Tweedie Opens firm, own partner a Eastern Pennsylvania. securities.' forming his Blair metropolitan New York area, ^-Island,* New Jersey, and St.,j New York Long The anhounced. investment Crawford H. D. in ' Vance, Sanders, 61 will serve as a representative, work¬ with1"investment dealers in ing Co'.'hvith the Wall will company i;' Crawford has ;!beeh We LOS of ANGELES, Calif.—Cyril Schoell- are and is Fairfax pleased'to for users Avenue. announce that of ' MONEY BROKERS February 1, 1961 long-term KAHN & CO. its Tel. by the' market open , J • innHhiiMriiiiiiijiiiHiMiMuiuiiMHiiiHiiiiMfiuiuiiiriMniiiiftHi'iriiiiiiMMUiMiiiiMiliiin'MMUMUHiHintniuMtiiniiiMiiiuiiMiiMiuiiMMijihiiiinuMuiMtiiMninuunnntiHnhiiif ; (.•. r. - •», - V ■ in the as respond past. a highs. We - . ~ - ' - But bit a take - improved Paul D. Vice President - is sage. Levine there I ing and as £ ; 1 ' ' '' '' ' '• •' in this NEW YORK 4, NEW YORK TWX very- significant think, the market is a -. We v . - COOK INVESTMENT CO. r?v- of life. Hired money is one of the cheap- pleasure in announcing the ■ ; < ■ the -financial, author¬ 'with, the. monetary, facts take NY 1-1316 — opening of direct telephone service to - mes¬ ities, the lender is becoming more land more Thoroughly* acquainted also — lack I think CO., INC. Telephone HA 5-6330 I wonder il message of great im¬ the borrower cf ! pleasure in announcing Well, that, irrespective of the mach¬ inations ' 26 BROADWAY as corporates have from- their August traditional Fed treatment. j-, ' formation of the V. F. NADDEO & cf response cf the bond market to 7-2030 ' as they fact, Why? port to not governments, of ',*1 opera¬ -Moreover, I expect that, the recent move, prices of corhave • move encouraged by the would prices slipped DEALERS ROwling Green 9-5588 position of "active a were had matter rockefeller center . BEAVER ST., NEW YORK 5, N. Y. /• •: -haven't. PLAZA us (ESTABLISHED 1927) 76 directly indirectly lot of hired money, a heartened in porates TELEPHONE: associated with Kinney-' & Company it both obtaining of the Fed to bond title from • now \ / , f- ; t ' - , - Chicago, Illinois f * L. Tweedie is conducting a securities business from offices at 163 Soutn pre¬ GEORGE G. PAI.UMBO< apparent abandonment of its "bills Kahn. Inc. UNDERWRITERS . distributing financing. there isn't NEW YORK fund Mullen, who the upon stated rates and also dition believe INCORPORATED YORK 20, ,.j Ill announced Forms Own Co. through expansion of the require¬ ment of an equity bonus as a con¬ ;11 How many believe that labor will be willing to take less of short-term will costs deflationary period? (2) much building Vance, Mr. is likely that the spread between s^ort_ and long-term borrowing in life Sanders 5r Devonshire St., it by Henry T. President of the large been ' 777 believe that the citizenry good exceed many " to BROKERS has * with Vance, Inc., mutual relationships in the '30s—managed money and the Spread Shift? the threat of inflation, particularly Well, what are the prospects for the latter. Further; it seems likely a shift in the present relationshin that, although the degree of spread of short- and long-term interest between shortand long-term rates? By way of finding an anrates will surely vary, basically swer, we might begin by asking long-term rates will continue to they BERNARD Nl. 1944. early to announce & Co., Chi-' 1961. term; rate • our corporate Mandell associated before Conference only" program.' We expected that change oj since Will ease" the associated Mass. — George J. Mullen, Jr. of Boston has become kopf, Hutton & Pomeroy, Inc. Will from BOSTON, MacArthur Credit Co. & Vance, Sanders not by Credit Policy Conference of American cago, by National ulating upon the reasons for them, there appear to be two rather obvious and basic causes of this sharp change in short- and long- banker good address 13th Goodbody movements on the chart and spec- disturbing the our Rates *An the to ■comes Mullen Joins my views, are Mr. Mathers Lloyd C. Mathers Stay Higher frightening prospect of considerable import to us. On the other hand, it is unnecessary to a u to several occasions in past. our great a demand for Moans of all +1? r on8, When we bef a bit, the cause is a perfectly , al- close come Perslsts despite never Lordship's fine hand, "But Well, these Latin once 5un^ry anc* we7e *n when rates, his depart- nance been report was returned..With the fol-' lowing terse r&argi'nal comment in* probkir- nightmare. so upon term and have his ot fact,,0U? Vice- tions and We wish in currency which 1930 long-term recent 40% since to coun- *"ese countries/ softness and since 1900. Not rpapV of us recall *hreatened softness of the curthat, as the.ch^H indicates, during rency and statutory limitations, the-pe'riod prior to 1930, open lTP°n bank rates result m a verymarket interest rates usually exspread between short-term ceeded long-term rates by a good andMong-tenn borrowing costs. It margin. This is in sharp contrast js important to note that this rethe monograph de- t.r:es havl"S relationship'- betw.eQ^ short-and long-term in^gree^ rates to lengthy a- fi¬ corporate Smith, chiefBarney & Co. with whom he had ; - f-,lmbtr °* Latln American we "were NEW that con¬ (2) The prime rate will fall be¬ low costs, our own experiences in Latin AllierjCa have been instruc- the. - 8c ex- an¬ Mathers on, en' some' subject and with his characteristic flare, wound up his dines in the purchasing power of- discourse by saying, "These ar^ the currency unit upon money my views'." A few days lat^f the second a a thought-provoking, groupingf ine, freside^t tnjg& of On page 37 of this ^"^^^an.^o^^rations the , Perhaps Lean best introduce the time modity changes, . , (1) Open market rates will l939, Speaking of the influence of to. which relates to a chart appearing regularly in the Historical Suople-. ment" to the Federal Reserve Chart Book-a most useful and evems earnest ity, awakening one lio'htmarA re¬ specting the outlook for money rates, all of them thought-provok¬ ing and all of them making a case for Exchange and security and com¬ Lloyd prepared /nni, statistics. ment of the mix of short and longterm funds. The problem continu¬ needs that Since I say hope Stock leading My, stand- guess. upon employed. Moreover, certain relief ■ realize Corp. I'm you. may doggone thing during the month. 7^7? Naturally, there is-a feeling of rent*y through Sears c e as York other invest¬ nearest your New times v parent and $13 Ac the paraphrase, nounces ..... m of a -> indeed— sum OQ suggest to / nearest your , Summary o jn„ to , Co., 2 Broadway, New York City, members of the *959, a very sub(3) Long-term rates will rise. ard nightmare is one in which -1 stential reductionMndeed.But this I am reminded of a story Win-am again peddling securities on ls Mess than half the story, for ston Churchill tells upon himself.. straight commission; it is gettinga Back in his early days in the For¬ ^a^c®; ls,Pla^e ^?r *^etoward the last day of the month,* ^ec me 7 in the eign Office, Churchill served un¬ and I am the only salesman in the--P°™er ff- the dollar since 1939, the der Lord Elgin, he of the famous organization who hasn't sold a n after-tax cost of funds bor- Marbles. Winston people's funds, v_y0. & ' 25-year i2e in* 1929, 3.84/0 basis,--;'.with1 violent swings in compensa-; some hire signs years commission vjOOCl DOQ\ Goodbody "Run, The "Hasten prior to joining rate of 4%% to the lender.-It is Sears organization in 1947 I interesting to observe that in terms of interest cost after soldvsecurities mostly on ,a~". wi-iiueiesi cost aiier taxes, raxes, straight the J-I1 admonition ment banker." * - $56 •mil¬ over lion* can"?. T„ you the to seem spent- the ~ recall may Mathers Partner to one an of 1958 at mar¬ don't v.,.walk, are sold place broker." j "i : market long-term of the stock market advisory services a few years back: we significant to about'issue of $350 .;! . in fair of the the financing is when Some about in Isn't fairly shouting: "The time do funds. We seem to suffer fropi a type of financial myopia; For ex- - / ■ , rates money I think it is great ' financing. • . Money talk us articles ket are apt to underrate the influence of these factors upon the net cost of hiring such - spread between their respective borrowing costs will increase both directly in stated rates and also indirectly through the /use of equities as a condition for obtaining long-term of est today.- 7 VINCENT F. NADDEO, President •- 8 (556) The Commercial and Financial Chronicle DEALER-BROKER tion—Grande & Co. Hoge Building, Seattle 4, Wash. Co., Inc., 74 Wall Street, New UNDERSTOOD TO SEND THAT THE INTERESTED FIRMS PARTIES MENTIONED THE WILL 1961 which Bulletin — Broadway, Carreau Also New available Miehle Vulcan LITERATURE: York is growth potential Noyes New Co., & York Auto Issues — Hemphill, Street, — 15 with Broad 5, N. Y. Parts Companies—Review— Fahnestock & Co., 65 Broadway, rangement brokers may obtain in quantities [minimum quantity 25] York Security Dealers Association, 26 Broadway, New from New York 4, N. Y. at a cost of 20 cents an Materials Company Infra Red Processing casting System. New Bank Stocks—Quarterly compari¬ of leading banks and trust companies of the United States— son New York Hanseatic Corporation, 120 Broadway, New York 5, N. Y. Bituminous Coal Industry alysis outlook of — An¬ withyiparticular reference to Peabody Coal, Truax Traer Coal, and United Electric Coal Companies—Eastman Dillon, Union Securities & Co., 15 Broad Street, New York 5, N. Y. Also Survey— — Globus Inc., 660 Madison Avenue, York 21, N. Y. Investor's Aid to Market Oppor¬ & ton suggestions—E. Company, 61 F. Hut- Broadway, New York 6, N. Y. Japanese Nikko Market Broad St., Also Motor Japanese .Co., New is 25 Y. report a on Co., Ltd. Stock Business of Mill Review Bi-monthly publication — Chase Manhattan Bank, Economic Research Depart¬ ment, 18 Pine Street, New York 15, N. Y. Also .available is the curcent — issue of "Latin American - available of Yawata Iron & Steel; Fuji Iron & Steel; Hitachi tronics); tomo Limited Breweries; Kirin Chemical; Toanenryo Oil Toyo Chemical hama Rubber Co.; and Co. (elec¬ Sumi¬ Rayon; Company; Business Highlights" containing Coffee Agreements and Highways in Latin America. — analyses are articles on Taxability in 1960 Chas. ; . Paid various mutual funds- on Sekisui (plastics); Yoko¬ Showa Oil Companies H. & Hentz Co., Report— — 72 * Alco Oil * & Wall Street, American Electric Power Co.— Alstyne, Noel & Co., 40 Street, New York 5, N. Y. Wall Also available data are Clifton on Co. and Fisch- Avenue, New York, N. Y. Cement Stocks & Hodo Survey—Shields Company, 44 Wall Street, New 5, N.Y. Fourteen for '61 Bul¬ — letin—Goodbody & Co., 2 Broad¬ way, New York 4, N. Y. Also available are studies of Berman Leasing Company, Armour & Co., Consoliadted Edison, General Electric, General Tire & Rubber, Joy Manufacturing, and Missouri Pacific. Financial & Leasing of Industrial Equipment—Review—A. der & York M. Kid¬ Co., Inc., 1 Wall Street, New 5, N. Y. Also available are reports on Worthington Corp. and Admiral Plastics Corp. Guide to Market: Success Guide in to the Stock the —Sponsored by New York Se¬ Dealers Association and Edited by Ira U. Cobleigh—Avon Book Division, Hearst Corp., 959 Eighth Ave., New York 19, N. Y. curity 35 cents Life (by special ar¬ Stock—Bulletin- Insurance Copley North Company, and Nevada data Colorado United Also available „Scharco on are Manufacturing, Service Insurance Aero Inc., 409 Colorado Avenue, Springs, Colo. Products and Co., Fron¬ tier Refining. New York Bank Stock—Bulletin leading New York City Banks —Laird, Bissel & Meeds, 120 5,"N. Y. Broadway, New York Over-the-Counter showing an stocks the listed the in used counter and the the industrial National Averages, — up-to-date between son Index compari¬ industrial Dow-Jones 35 over-thestocks used in Quotation both Folder to as Bureau yield and market performance over a 23period — National Quotation year Bureau, Inc., 46 Front New York 4, N. Y. Street, folios for Courts & N. suggested port¬ various ojbjectives-+- Co., 11 Marietta Street, W., Atlanta 1, Ga. CURRENTLY I'lililfchiiig & Co., Russ Francisco 4, Calif. & Co., 50 Broadway, New York 4, N. Y. Also available Publishing Row, Peterson & Co. Western Publishing Miles-Samuelson, Inc. Bought • Sold Troster, Singer & Co. Members Ne\V York Security Dealers Association 74 Trinity Place, New York 6, N.Y. HAnover 2-2400 Harbison Walker • Teletype NY 1-376; 377; 378 K. Osborne & Blvd., Refractories Co. —Analysis — Carl M. Loeb, Rhoades & Co., 42 Wall Street, New York 5, N. Y. are data Raytheon. on Curtis Industries—Analy¬ Street, Boston 2, Mass. Heublein, Inc.—Analysis—ShearHammill & Co., 14 Wall St., New York 5, N. Y. Also available is a bulletin on Hercules Powder, son, Corp. Report Ross, Knowles & Co., Ltd., 25 Adelaide Street, West, Toronto, Ont., Can. — — Greene Company — An¬ C. Allyn & Co., 122 Salle Street, Chicago 3, La Curtis, Holton, Henderson & Co., 210 West Seventh Street, Los Angeles 14, Calif. British Columbia ration, Ltd. — Power Detailed Corpo¬ Report— James Richardson & Sons, Inc., 14 Wall Street, New York 5, N. Y. > British Petroleum—Memorandum —Pershing & Co., York 5; N. Y. Brush Beryllium —Ball, 120 Broadway, Burge Commerce available data are Maryland on Casualty, Archer Daniels Midland, International Minerals & Chemi¬ Memorandum — Union Cleveland Kraus, Building, 14, Ohio. Cascade randa Pittston, on Heyden Newport Gas A. Corporation Saxton & Co., Inc., 52 Wall Street, New York 5, N. Y. Tractor Caterpillar Company— Analysis—Hornblower 40 Wall Electronics, Bell & are data Weeks, Pictures S. Boston 9, Mass. Colby, Textron on American Howell and Columbia an & Street, New York 5, N. Y. Also available Tobacco, Union Pacific. Analysis — 31 Milk — Street, Also available is Korvette Deere & & Co., De Corpora¬ Witt Haupt Broadway, New York Inc. — Citizens Street, C. Security Building, West Bend, Wis. Ziegler Ohio Memorandum— Corp., 210 Los Angeles West 14, College—Report—B. and Company, Oil—Analysis—Bache & Co., Street, New York 5, N. Y. are chart analyses 36 Wall Also of available Ford Co. Motor and Rayonier reports and Corp. on E. J. International Article January issue of "Exchange" Magazine—The Exchange, 11 Wall Street, New York 5, N. Y.—20c per copy; $1.50 per year. Also in the issue is same data dis¬ a Industry, and International on Coal Company—Report South La 111. Salle Street, Chicago 3, - Polytronics Laboratories, Inc. — Report—Theodore Arrin & Co., Inc., 82 Beaver Street, New York 5, N. Y. Precious Metals—Cold and Silver —Memorandum—Draper, Sears & Co., 50 Congress Street, Boston 2, Massachusetts. Presbyterian Ministries, Inc.—Re¬ port—B. C. Ziegler and Company, Security Building, West Bend, Wisconsin. which Stocks — List of issues interesting accord¬ ing to industry—Emanuel Deetjen & Co., 120 Broadway, New York 5, New York. appear Raw Sugar Prices—Chart of com¬ parative prices—Lamborn & Com¬ — in cussion of the Steel Peabody —Freehling, Meyerhoff & Co., 120 Selected Chemical are Inc. Rectifier Inc., pany, York Wall 99 Street, New 5," N. Y. *:;• Oil Standard of Indiana—Report —L. F. Rothschild & Co., 120 Broadway, New York 5, N. Y. Stephan Roman Third Illinois Company & Analysis— — Johnson. 15 • Sonthe^t Fla. Central Francis I. — Memorandum— duPont & Co., 1 5, N. Y. Street/ New York Lone of is Star the a Wall Also memorandum Cement, Oil and Industry, on Man- and Van Raalte. Illinois The Toll Sulray, Inc. curities — New York Lauderdale, Report—Harris Se¬ 5, N. Y. Thompson Ramo randum—R. 231 Street, Chicago 4, Inc. Montgomery Street, San Franicsco 6, Calif. Thrifty Inc., Wooldridge —Review—Dean Witter & Co., 45 Company, Salle Ft. Corporation, 79 Wall St., Highway—Review— Illinois South La Avenue, analyses Johns ville, Eaton Manufacturing, Piper Aircraft, New England Electric, Drug Stores Co.—Memo¬ W. Pressprich & Co., Street, New York 5,'N. Y. 48 Wall 111. United Shoe Indiana General Corporation— Analysis—Laird, Bissell & Meeds, 120 Broadway, New York 5, N. Y. Inland Container brochure & New York Lei, — Corp.—Analyti¬ Paine, Webber, Curtis, 25 Broad St., 4, N. Y. Conklin Co.—Review—Ira Ill Leas¬ Resistance Company. Jackson Shoe Machinery — Berman High Speed Railroading cal analysis of Harsco Corp. Compo and memo¬ —Analysis—J. A. Hogle & Co., 40 Wall Street, New York 5, N. Y. available Natural Company. Nazareth Corp., and Perkin Elmer Corp. & —Analysis—G. Motor ing and Fotochrome. Also available Gas—Memo¬ — White Certain-Teed Products and Inc.—Report—Bertner Bros., Street, New York 5, N. Y. 63 Wall Lockheed H. — Lewis & New York 5, Memorandum—John Co., 63 Wall Street, N. Y. sey - Tegeler & Co., 210 West Street, Los Angeles 14, Seventh Calif. Also avialable for Machinery—Analysis —W. E. Hutton & Co., 14 Wall St., New York 5, N. Y. Vitramon Inc. — Memorandum— William R. Staats & Co., 640 South Spring Street, Los Angeles 14, Calif. R. H. WEST H. Manganaro Opens CHESTER, Manganaro ' is Pa. —.Richard engaging in a securities Long Mile Rubber—Data—Demp- Laboratory Kingsport Press V. — Sons, 9650 Santa Monico Beverly Hills, Calif. Helene Argus Calif. Ginn & Co. Meredith morandum San York Ampex—Data—Purcell Seventh Companies Corp. — Report—PeningColket & Company, 70 Pine Street, New York 5, N. Y. Also ton, Incorporated. Building, First Grolier, Inc. Street, gress Diversa, Harcourt Brace & World Broad — 6, N. Y. ACTIVE- Co., 25 4, N. Y. —Report tion—Bulletin gji Misison Green Dollar Nurseries Inc.—Me¬ sis—F. S. Moseley & Co., 50 Con¬ Organization, 120 Broadway, New York 5, N. Y. For financial institutions & Helene Gerald Portfolios—Three Corp.—Memorandum— American Recreation Centers, Inc. New on Averages market; stocks for the surging * sixties; stop-loss orders; tax-exempt in¬ come; and mutual funds explained —paper, Ltd. — York Favored Co., are and Pine bach & Moore. randum Ltd. & Co., 30 Street, New York 5, N. Y. New York Data—Van Blossman Hydratane available Cement—Report Glass Tite Industries Inc.—Report Corp.—Re¬ port—Chace, Whiteside & Winslow, Inc., 24 Federal Street, Bos¬ ton 10, Mass. reports Also Mitsukoshi Tiger—Analysis—Oppen& Co., 25 Broad Street, Hirsch * Chemical Nippon Y. on Flying heimer Glickman N. Madison & Moore, Inc.—Analy¬ sis—Hardy & Co., 30 Broad Street, New.York 4, N. Y. Manufacturing. Inc., Ill Broadway, New York 6, 331 Fischbach —Stanley Heller South News—Bulletin New York 6, N. Y. way, New York 5, N. Y. Also available is an analysis of I Philip Carey 111. Co., Analysis pers Japanese Market & — General Portland maichi Securities Co. of New York Realty Corp. —Reynolds & Co., 120 Broadway, New York 5, N. Y. Canadian Business Review—Bank Canadian Systems Missouri. of —Tankoos 115 Broad¬ Inc., 509 Olive Street, St. Louis 1, alysis —: A. Review—Ya- Company, —George, O'Neill & Co., Inc., 30 Broad Street, New York 4, N. Y. cals, Kern County Land, and Kop- Barber — & alysis—Dittmar & Company, Inc., 201 North St. Mary's Street, San Antonio, 5, Tex. Missile Bulletin— — Merchants Fast Motor Lines—An¬ New York 4, N. Y. Report—Taussig, Day & Company, Co. Montreal, Montreal, Que., Can. Corporation . Distributions of Precision Products Market Also analysis an v — Ltd., 4, N. York available Honda Review — Securities Factors Corporation. is of tunities—28 page booklet with in¬ vestment Survey —Nomura Securities Co., Ltd., 61 Broadway, New York 6, N. Y. available Y. Company, and Trucking copy). per New York 6, N. Y. Also available is a review of Columbia Broad¬ 4, N. analysis Goss Dexter Inc. and data Kendall Stocks Broadway, New York 4," N. Y. Ferro Pfizer. Apparel 10 on attractive— appear Incorporated, Fanny Farmer Candy Shops—Re¬ port — Thomson & McKinnon, 2 Auchincloss, Parker & Redpath, 2 on FOLLOWING for issues PLEASED BE 5, N. Y. Stocks AND RECOMMENDATIONS Thursday, February 2, 1961 . & INVESTMENT LITERATURE IS . Steel .Outlook—Bulletin—Walston ' York IT . are data on Electronics, Inc. business from offices in the M. firm Co. F. & name He was Building under the of R. H. Manganaro formerly with Thayer, Baker & Co. and A. J. Sailer & Co. Volume Number 193 6026 . . The Commercial and Financial Chronicle . which Outlook for Business early earnings before taxes of $40 bil¬ lion in 1950 rose to a new peak of $47 billion in 1959; dividends of $9.2 billion in 1950 expanded to $13.4 billion in 1959. In brief, industrial production during the period under consideration in¬ By Dr. Joseph V. Yakowiez, Manager of Research Department, Blair & Co., New York averaged 75 in 1950, an all-time high of 111 in 1960; total corporate reached And the Stock Market I (557) City ■ , Even though the foreseeable future promises only moderately paced economic does growth and not preclude the presence rewarding, of tries he believes will benefit from science and that those offer 50%, corporate earnings 18%, and dividends 46%. end to increasing price-earnings ratios this an Dr. Yakowicz is certain of this, and he stocks. creased recurrent profit selected. carefully . However, in response to grow¬ ing investor enthusiasm, the rise identifies the indus¬ technology as well as in stock prices outpaced the gains in industrial output, earnings and in cyclical stocks. opportunities dividends by a considerable mar¬ The opinion prevailing business through going are about "mild" a the the second half, with the turning expected about mid-1961. These expectations are generally supported by the assumption that the Administration new mitted spending welfare, defense, for com¬ government large to is highway and school construction, etc., and that these measures give strong assurance against the pos¬ sibility of a prolonged or serious economic setback. The post-war experience during the 1949, 195354 declines business 1957-58 and to reinforce this type of appears thinking. While there element is considerable a realism of this in ap¬ praisal of business prospects, it is our opinion that government spending is not likely to jump as quickly as many investors might expect, that the impact of in¬ creased government expenditures is likely to be gradual, and that there is no magic of a mid-1961 upturn in business. We, too, ex¬ pect government outlays to trend higher and expect appreciable support for the economy from this source during the coming year. The annual rate of spending by all levels of government for goods and services should approximate final the during billion $109 quarter this year, up from $100.5 billion during the third quarter of 1960 and estimate of about our $102 billion during the final quar¬ ter. This would suggest a rise of the next 12 about $7 billion over Since combined Federal, months. state and local spending has been services and for goods increasing increase dur¬ the $7 billion ing the coming year. Moreover, inventory liquidation, downtrend in capital spend¬ the ing, could demand than more offset projected rise in government outlays over the immediate future. During the moderate 1957-58 re¬ cession, inventory liquidation reached an annual rate of $7 bil¬ the capacity ample, the eased, and in¬ With lion. threat of inflation ventory controls more effective, the reduction of business inven¬ modest recent months may well which tories began a on scale in again approach the rate experi¬ during the 1958 readjust¬ Obviously, such a develop¬ would wipe out the impact enced ment. ment of rising government outlays. Ad¬ ditionally, consumer spending has eased recently with seasonally adjusted retail sales down in No¬ vember and December from the October level. With respect to spending, McGraw Hill's indicates that busi¬ capital ex¬ capital recent survey ness intends to reduce penditures these by downward if earnings ing months Of tions. are revised be can and 1961 in 3% intentions over com¬ below expecta¬ massive new course, counterrecessionary programs, including a possible tax cut, could hasten a business government revival. , V ,. Careful Selection Pessimism ? : We •, - <.. m -. , v . would make allowance >>. But Not ..... for following market of reasons: gin. The Dow-Jones Industrial index, which stood at about 200 at the beginning of 1950, has about tripled to its present level term for near < less or will be fiscal which pushed the price-earnings ratio of 1950 , stocks to 19. its The On the other of 684 and the full story back rent the do averages from 25% its Europe progress Profits stocks dividual bad are sharply. and about news dends and business is and their lows this possible hectic period of expansion, grow over digesting sion of urgent even that our economy at a more moderate the next several years, the impressive industrial satisfaction expan¬ capacity and of the more of many needs for hous¬ consumer ing and durable goods. Also, we can hardly expect price-earnings divi¬ not, of government spend¬ Even other factors which have strength¬ ened investor confidence are al¬ Governors Bankers present growth-stock fever should not of the Investment Association market Bond Club and is the fact that cyclical obscure of America swings often a member of the Bankers, University and Exmoor swift Country special situations or growth equities, and the turn of the cycle is usually more depend¬ able and predictable than the problem of projecting earnings of most growth stocks several years Seniors. as those are as for in advance. tire to rubber, farm, equipment, manufacturing and paper equities are already attractively priced for sizable recovery poten¬ over a the New York Hanseatic and tialities and Illinois Names Officials In this respect, it ap¬ that selected chemical, us Clubs N. Y. Hanseatic 120 Broadway, New Corporation, York City, has appointed Frederick S. Mjoore of the Boston office an Assistant Vice-President of the firm. Hugh J. Donnelly andl Angelo J. Lom- period of time. bardo have been named Assistant In conclusion, even though I do anticipate a boom in the econ¬ omy or investor psychology in the period ahead, investments in care¬ fully selected stocks are likely to prove very rewarding. Treasurers; and John D. Lelong and Raymond H. Quaid, Assistant not Secretaries. Opens a at V CLEVELAND, Ohio —Sheldon M. Fisher and become Lee Hartzmark affiliated with heimer decline, for example, drugs and cosmetics, amateur pho¬ tography, data processing, adver¬ tising, publishing, food and to¬ bacco consumption, etc. In the case of space and missile activities and other beneficiaries of higher worries no spending, about DIRECTORS Merrick Boulevard. OF NEW YORK the Statement new markets or significant developments products, Newf other Chairman of the Board, producing new sales and earn¬ peaks for still other com¬ panies. Morgan Guaranty Trust Company of Mew York are GEORGE CHAMPION In brief, it looks like a contin¬ divergent trends in the market with many attrac¬ tive individual investments likely Chairman Board uation of highly develop. Overall, the of December 31,1960 Bank \ assets Acceptances Discounted $122,286,598.62 United States Government Securities and Security Contracts, at market or less.... 127,954,389.64 677,872.52 CHARLES E. DUNBAR Executive Vice-President averages Sundry Debits 279,173.90 . Cash and Due from Banks 1,988,837.79 HORACE C. FLANIGAN $253,186,872.47 Chairman of the Board, Manufacturers Trust Company liabilities HAROLD H. HELM Chairman of the Board, Chemical Bank, Mew York Trust Company Investment Opportunities In the our 4,p00,000.00 Undivided Profits 2,805,454.68 $ of the Trust Committee, Chemical Bank Mew York Trust Company examine the fundamental features of Surplus Chairman Year Ahead we Capital ADRIAN M. MASSIE tation. economy DUDLEY H. MILLS and the Mew York stock market during the post-war years, two developments appear to stand out: GEORGE S. MOORE The First Rational City Bank of Mew York This was a period of con¬ expansion in industrial output, corporate earnings and (1) WILLIAM H. MOORE Chairman of the Board, Bankers Trust Company dividends. (2) Even more important from the viewpoint of stock prices, mounting investment confidence pushed price-earnings peak levels. " ; $2,000,000.00 General Reserve. Loans ratios ~ - * , HERBERT N. REPP • President 8,^05,454.68 300,000.00 97,500,000.00 Payable.... Acceptances Rediscounted and Sold with Endorsement 91,527,627.65 President, siderable Index as Interest Receivable Accrued experience additional periods of weakness early in 1961, but a recovery approximating the rec¬ ord high of 684 in the Dow-Jones Industrials by the end of the year appears to be a reasonable expec¬ " >: The of Directors, The Chase Manhattan may If of Condition HENRY C. ALEXANDER ings to DISCOUNT CORPORATION there are recession. Security Contracts..... Accrued Taxes Accrued Interest and Expenses Sundry Credits. ...... ... 52,841,853.88 1,140,411.41 554,705.78 516,819.07 $253,186,872.47 to " •; Federal Reserve Board's of Industrial Production, have West¬ and Company, East Ohio Building. Both were formerly with Goodbody & Co. securities business from offices 186-11 : (Special to The Financial Chronicle) Morris Goldstein Jwo With Westheimer tually without interruption since SPRINGFIELD GARDENS, N. Y. it appears that inflation psychol¬ —Morris Goldstein is conducting ogy, growth expectations and the important, certain activities relatively unaffected by the Harris Bank a as in also was and, also, is active on its govern¬ Finally, there are always recur¬ mental securities and finance rent profit opportunities for the committers. In addition, he is a investor in cyclical stocks. The Past President of the Municipal ratios to continue to multiply vir¬ already dis¬ more are a is pace much move. during the coming and the foreseeable future? will many on of decade it individual issues probably have already seen counted ' repetition a may truck After rubbers earnings, expect we while recent expansion of ing. pears year not tell down Price-Earnings a first] official. Mr. past, prospects for Hawes is in certain activities, products and charge of the companies look as dynamic and ! Hardin H. Hawes Investment intriguing as ever. Moreover, over the Department intermediate future, many at Harris Bank. The Bond Club's companies are likely to benefit nominee is a member of the Board considerably from the prospective the past Dow- Therefore, Japan, stabiliza¬ as in the broad upward sweep of profits and price-earnings ratios of the cals 21%, paper more and toward Outlook 23%, autos 23%, chemi¬ 16%, etc. Many in¬ down psychology, Ad¬ decline of 1960 high, as the impact of the upward momen¬ tum of the market itself. experienced during the cur¬ year. A representative index a factors tion of international relations and of the market set¬ of steel stocks shows are the such inflation Western some down some are 7 of mitigation of recession fears, growth psychology, favor¬ able political climate, economic recovery and political stabilization 1960 Jan. 4 high of from the 8% hand, level marked Can Industrials about steady rise of in¬ during this reflected widespread ministration. Jones from present confidence1 period and new the all-embracing and rapid (3) The recent rally in the stock may be expecting too from the Clarke, be market soon which should benefit greatly the unprecedented progress 1911, vestor policies. much too sary year. Broadus J. ' growth for in Expectations of immediate and large-scale new spending pro¬ grams under the Kennedy admin¬ istration may not be realized. At best, these usually take time, and, moreover, the serious outflow of gold and a conservative Congress may provide some restraint on the Administration's its anniver¬ <$£ science and technology. Thus, about (2) new ties celebrates 50th while average persistent than previous post-war readjustments, but this will depend importantly on the course of government policies. monetary chanical vending, space explora¬ tion, such specialty metals as columbium, tantalum and beryl¬ lium, etc., are some of the activi- club's industrial trouble¬ more Bond Club President confidence and some By Chicago With from In other words, the responded not only to the growth of earnings but even more so to the expansion of investor ing, it is possible that the current recession Far from it. development expen¬ ditures in excess of $10 million and likely to double within the CHICAGO, 111.—Hardin H. Hawes, next 10 or 12 years, certain areas senior Vice - President, Harris of our economy will receive a Trust and Savings Bank, Chicago, powerful stimulus. The drug in¬ has been nominated for President of the Bond dustry, data processing, industrial electronics and plant automation,1 Club of Chi¬ cago as the photography, optics, fibreglass, high temperature plastics, mer* organization of about 635. time be¬ for the satisfied opportunities. research and markets (1) We are still not certain pre¬ cisely how "mild" the current re¬ cession may be. With capacity more than ample and the more urgent consumer demands more government disappointing consumer and the over Hawes Nominated However, this does not mean stagnation and lack of investment business at a rate of about $6.2 billion dur¬ ing the last two years, no marked stimulus to business is indicated from periods weakness cession, that the downtrend is likely to be brief, and that a re¬ covery is likely to develop during point additional we re¬ that stress to seems ready reflected in current market appraisals to a great extent. 9 OFFICES: FIFTY-EIGHT PINE STREET 10 (558) The Commercial and Financial Chronicle connection The Business Outlook private Insurance concludes economist we for mild a dip this in the next quarter and an in the second half. This quantitatively $10 billion GNP rise 1960 over to $514 billion. means a Admittedly not boom, a billion and areas of strength to repose ratio ventories and plant ment expenditures experi ence inven- The in The has tion both at home and abroad and will the upward push we been ing first the quarter of 1960, is likely private to continue tion the in non-residential contract strong opening all during of the ready al¬ been Gordon W. McKinley ventory-sales ratios at present not high by ards; in fact, lines than at historical retail are are stand¬ ratios' in favorable more previous time in the jjostwar period. We estimate that any the cutback for the amount This in full to effect on First, reasons continue very to differentiate between moderate compared to the $13 bil¬ lion cutback in inventory buying all balance ments balance over¬ international of and our that which pay¬ longer individuals encouraging development during the past year has been improve¬ total in 1961 ment merchandise most tures will be business expendi¬ plant and equipment. Many industries today are operat¬ ing -considerably below capacity, profits have been squeezed leav¬ on ing less money available for capi¬ tal spending, and manufacturers' capital appropriations have de¬ clined during the past year, sig¬ naling a reduction in expendi¬ tures in the year ahead. in balance the of U. S. trade. in 1959, but level same havfe exports very sharply, so that the of our exports over our has risen to one have Imports remained about the as risen balance imports of the most favor¬ able levels in the past decade. The fact that we have a favor¬ able merchandise not mean, Fortunately, striking balance however, that solved the deficit in we does have for of this potential been used up. rates have risen cent have for is likely to be small, for heavy volume of payments abroad lation in gressive an excessive similar in to 1956-7, for that number have not had goods which boom occurred that there is no large cutback. Even a peak so we capital a need at the of the recent rise in capital connection developed loans of with aid to under¬ countries,1 grants various types, and military contribution and our tal flows out for investment to terms housing through extension' and payments. ', For of re¬ of the reasons, residential construction will not be as dramatic by of abroad. The basic problem is that basic below the normal volume of these payments in demand in recent the nor a solicitation of an offering is made only by Offering Circular. NEW ISSUE January 30, 1961 ' >, the - This 1961. The residential portant DIAL-A-DISK, INC. not rise just to will the industry but to all the building dustries whose products the home. ' are in COMMON STOCK (Par Value $.05 Sees per Consumer Share) Going third A OFFERING PRICE: $2.00 PER SHARE year spending. Copies of the Offering Circular may be obtained from the under- ; signed and from such other dealers as may lawfully offer these j securities in this State. the Most 26 BROADWAY Dl 4-4744 YORK and American consumer — all these * others ; involve which must again be and features ' of durable is over and regular typical family 15% of consumer devoted, however, goods—such as auto¬ previous interruption of *From before an the address by Dr. McKinley Businessmen's Conference- sponsored by the Kansas City, Mo. Commerce the I have St. or had be George^ Biddle Duke, son Angier Biddle the not - increase Stock Hardy & Co., 30 Broad Street, York analyzed 1961 Two segments of these of Duke, graduate of Duke . Univer¬ sity in 1959, joined Hardy & Co. in January, 1960. V. F. Naddeo Co.. Opens in N.Y.C. total V. F. been Naddeo formed & with Co., Inc. offices at has 26 Broadway, New gage in cent the year. the New City. Mr. a A. St. G. Biddle Duke all a F. York City, to en¬ securities business. Vin¬ Naddeo is President of new firm, which has opened direct telephone service to Cook •Investment \ Ex¬ of Ad¬ suffi¬ f the York change. firm will Summary a part¬ of New purchases the has general under 1961, S- Pro- become ex¬ by U. of tocol, been be Duke, new Chief continued year buying, Co. of Chicago. out¬ the segments —capital expenditures and inven¬ economy. . of With Pini-Dietz look in terms of six major spend¬ ing, Co.„ Admits Duke A. governments. full services V'z "C*-i Trust Hardy & Co. a I forward our than has been the case in any previous business setback. purchases thus are the budget. About purchases made less local defense accelerated fourth quarter of and have- we progress of goods probably rise $7.5 billion above the $100 billion spent in 1960, and are likely to reach a $111 billion rate by the consist will we as postwar contrac¬ My own view is that the adjustment will be ac¬ complished more rapidly and with, over¬ and Eisenhower will government of of nondurable goods and services. Foo.d, clothing, rent,, medical care, to the. day-to-day cost .of living many 4, N. Y. For time easily current purchases will neverthe¬ in the this as will will state and local consumer the state which the match items over NEW less strength in the of ' tions. expendi¬ sometimes increase in probably Federal Spending be that recover from ciently underway in 1961 to reflect their full impact in this year's spending totals, the rise in used ? , not always ranking for our machine, and who argue beginning of every minor the setback nondur¬ good a breakdown^ ner ministration in¬ Up will' entertainment McCLANE & CO. INC. of area ahead - ex¬ many great is system patience with small are economic at the new Administration. Although such new programs as may be launched under the Kennedy Ad¬ im¬ be enterprise successful Government ministration, and rise of $1 billion construction have I system a again in¬ purchases, by almost penditures, started by increase of 6% in hous¬ penditures. This and spending also rise steadily throughout will mortgage money in" the year,, should produce a slow but steady rise in housing output. We in that con¬ throughout the units Federal of a free $4 billion. flow an is the their mand, coupled with the increased expect it that ernmental de¬ the government purchases and services. In con¬ goods crease in latent our ing has been advancing year after1 year throughout the postwar pe¬ riod. In 1961, these smaller gov¬ is marketplace months. ing starts, and 150,000 Shares housing of economic our system of including rising economy demonstrate sufficiently confident that am does the Federal Government, and state and local government buy¬ higher than that which has shown itself 7/ns announcement is neither an offer to sell offer to buy any of these securities. The for'* I upward consumer American again and the resiliency and the dynamism governments in the United States today purchase almost as much as prior the still continue ahead Toal spending, postwar years. Our studies nevertheless convince us that the was and move looked year ing the system. sidering the effect of government some expenditures, this type of spend¬ that of once power ture will be the support provided in in drive will The fourth, and final, area of strength in the 1961 economic pic¬ (down this as likely to cause a minor during the first quarter. Thereafter, however, the upward purchases of goods, will probably rise in 1961 about $9 billion above the 1960 figure, providing strong sup¬ port to business activity. pro-' rise estimate we will months more setback strongly in the second half. tures, . these months adjustment few a is and durable maturity lowering opening , This for some year. its a the line. continue purchases of durable goods begin to rise in the second ably less exhausted - has durable intensity of the cycle Consumer spending on ability to provide effective stimu¬ to NATO. In addition, private long-term capi¬ has intensity Whereas the inevitable accompaniment of attempt to get inventories back into able goods and services will prob¬ limiting the market housing. Finally, the new running an those who of thus come, early quarter, now in the ahead by 30% they rose by only 1959. Because of 1955, year, more but are its less. to will pushed home prices up more than average family in¬ government of reasons. First, this rapidly balance of international payments. The United States makes a very over-all steadily be will For sumer vacancy builders identical cycle, much tation. in willing to embark on large scale developments simply because the financing is available. Third, ris¬ ing land costs and labor costs however, the de¬ cline in capital expenditures, like the decline in inventory buying, our 20% has Second, and years, as boom >veek. con¬ both the up and the down side —is diminishing. After some hesi¬ un- formation, - will $20 giving these estimates, I am pretending that an all-out, not on .expect unrelated much as is output an approximately been words, the of who household In cycle, consumer this reduced intensity of the up¬ swing there is less likely to be an appreciable cutback in durable goods buying in ,1961. In other a accounted previous in¬ the By the fourth quite possible that billion higher than in the fourth quarter of 1960. buying and early surge it rate a billion, an billion above 1960. is far early 22%,. in previously had single housing unit. In postwar years, undoubling many most $514 $10 get underway next. past nine months, the U. S. economy has been ex¬ periencing the slowdown which in rea¬ large a or initial at such 1958 the quarter purchases jumped boom in housing 1 in housing demand is no by the been pay¬ I late in earlier the number cannot we for services. the why bolstered by the export and import of goods A will be housing. d.oubling of families and about thus domestic a will cycle of durable goods buying has a strength in the are advance right up to the end of 1960. Although the timing of this recent only of in As off, stant our toward of wave and remained about not to the occurred between the first last quarters of 1960. The second area of the economy which will exhibit some weakness which consumer leveled purchases of durables leveled off, and of Another after gov¬ to show balance there 1961. First, shared and our will the all-out an rise, buying 1959. because businessmen, This the total this ' sudden occurred ex¬ quotas is likely support that of pace accelerate in the second half. We estimate that gross national prod¬ uct for the full year of 1961 will .. aggressive sales¬ accounted is by and of portion its merchandise our of year lize de¬ con¬ such A second area of new foreign trade will strong. Here I want will business activity. Expects Rising Foreign Trade our but problem, but will provide welcome - goods national contribution solution durable the buying 1955; purchases In ago. ing in toward improvement a ments to this some business make inventory buying will pull general business ac¬ tivity downward, there will be four other broad types of spend¬ ing which will be rising in 1961. 1961 will not than, $2 billion. but the effect will be quite year, business tend when goods years ing the recession of 1958. 1961, we steps efforts billion. $1 Although the decline in busi¬ ness capital expenditures and in five occurred rapid deficit in and business ; ■. for balance further 6%. or about the general mary picture? on figure more manship by will not exceed $3 billion, controls mained constant all through 1956 and 1957, and then dropped cur¬ tariffs trade 1961 durable consumer securing reductions in because of in the imposi¬ or government solved continued foreign given, decline war good unusual jumped upward by 30%. Follow¬ the In the year ahead, in inventory buying cutback will exert pressive the as to of our ernment in durable crease take plant and equipment expenditures year more that have I reasons estimate we accomplished, however, that the remaining cut¬ back will probably be small. In¬ most the For adjust¬ has ment recent no the partly •, re¬ in of weakening of this lead indicator. been poli¬ resulted step is to de¬ vote every effort toward a further ports. . — conditions, partly to durables One year or partly balance of payments solution. past and the i:';C of taken to increase the gold. be have been 1961. So much has not tinue construc¬ months' of there of have alarmingly problem have awards an over-all our of labor costs is forcing more rapid adoption of labor-saving machinery. Finally, ever on since go¬ in S., of waves related tory buying-—are likely to exhibit some weakness, particularly in the early part of the year. There will, however, be four segments— foreign trade, housing, consumer buying, . and government pur¬ chases which will be rising steadily and quite substantially. Putting these different areas to¬ gether, what can be said in sum¬ C .".y. buying. Once such a; In the first quarter of 1961, the cycle d is started, it is likely to American economy is likely to continue in the future until it experience a mild dip. The de¬ gradually loses intensity or is per¬ cline in national' output' will haps abruptly changed by some probably be small, and it will be new force. shortlived. By the second quarter, One of these great waves in output will be rising again and attracted easy-money U. less consumer the from., and : in move are lifetime .of tion factors, coupled with future outflow reduced competi¬ greater economic the balances abroad balances the recently chology. Third, rates of cies because of swings in business psy¬ y dollar of foreigners. During These fears adjustment, which o r by ex¬ is much less likely to be are U. S. growing. Replacement modernization expenditures and decline. some t modernization rather than for pansion to to which events such the ,volume short-term proportion of capital spending which is for replacement and equip¬ which will tend cycles, we spending1 much Consumer purchases of durable itself, interest Second, output. that means items regular. goods past year this difficulty has been intensified by the fact that higher the and — national on not owned in consumer spending, to is trade our cit, which is paid for either by an outflow of gold or by an increase including durables, foreign trade, housing, and government spending. In the coming year, there will be two areas of the economy—in¬ consumer these than greater all in expects plant, equipment and inventory spending to decline but by $5 mobiles, refrigerators, and televi¬ sion sets—and end up with an international defi¬ McKinley Dr, and burse abroad. This accelerated pace Thursday, February 2, 1961 andF large enough to pay the grants, gifts, and in¬ vestments whicb we want to dis¬ for headed are still is America, ISewark, I\\ J. . government surplus. Despite the improvement in our exports, our trade balance" Company of first quarter, a recovery is . movements capital grants By Dr. Gordon W. McKinley,* Executive Director of Economic and Investment Research, Prudential Insurance with . . AURORA, 111.—Maurice Dorfman is & now with Pini-Dietz Com¬ pany, 314 North Lake Street. Volume 193 Number 6026 . . The Commercial and Financial Chronicle . (559) to continue at seem • Why Common Stocks Are the Best Long-Term Investment i high level. There also is though . comments issues made with the about market outlook and of holding at strongly in favor of dollar averaging. less a has perhaps He is bullish about violent more 1961 that are it try to project me into '60s. I am downward optimistic enough to believe that necessity sound It of money. to seems his me p o the realizes President new our a p - probably It human life and fort more is the im¬ reasonable market next course, • continue "wonder" issues earnings be to many selling now at ratios completely unjustified unless earnings pyra¬ mid by almost geometric progres¬ sion. Everyone, know which like would to hold and can give no valid advice except to be very skeptical and figure out what earnings would to perhaps from years at, say, investor must able consider the new and the if growth climate prob¬ issues so- when changes. day, can managed attractive be found the exist and in certain therefore, in for and come part do New to- and the Individual their _ average in issues period. this index had price earnings ratios ranging from eight times to almost 35 times a — wide very ; , average - recent earnings. While . - . , selling at relationship are reasonable • spread water. some a to fairly their I of about the (g) .y' labor saving devices in processing for office use.' . Many thought the election of Mr. Kennedy might bring easier money. However, long-term, highgrade municipals- exempt from taxes can be purchased to yield 3.50. Many feel they should con¬ fine purchases dium to maturities. short I and believe me¬ long an annual tween appreciation 4V2% and of be¬ 5%. Current business < be / de¬ same cellaneous about five years as will revenues moderately. move up In my ! opinion, • in 1960 over $2.,a share of Grace earnings will be accounted for by the chemical divisions. I tain that has the stocks now cash faced were , some¬ that a goes with its one way chemical am cer¬ Foster Grant another or activities. is Over-the-Counter to double traded in market within The years. through the medium of in¬ vestment has the and price three has to New York equal I nothing but would selected best them Itek, , underwritten among Laboratory for Elec¬ tronics, and Scantlin.- make a good case them and yet for all You any can one selling are of at prices that bear little relationship to earnings; any of them could be affected by a growth "cold has situation blast." been . . '*"■ great a and with Electronics executive Corp. The chief and 1 Chairman, Don Power, said recently that no •equity financing would be neces¬ , held - 30, for common is spite of the fact that Gillette will backlog ments of great future and will a tinue to when on in * Remarks Annual individual by Mr. Minot Investment by the at Outlook was Paine, Webber, 12, 1961. Minneapolis office of Jackson & Curtis, Jan. Reynolds Names Norfleet Partner exchanges, has announced polyethylene in production that can be to the firm a general addition, thousands have Mr. Norfleet, Among other stocks, I like the •fire insurance companies. His¬ torically, in many European coun¬ tries after ment in fire World War insurance able not are , rated to as the Salem, "blue many Reyn¬ olds Co. & Reynolds & Co., founded in 1931, one of the nation's largest in¬ firms./ It has 37 offices from coast to coast. chips." Nearly all of them have dividends for 100 years or paid more and all but a very few are selling in the vicinity of 50% of liquidating value. In this general category,, there are particularly Home, Continental, Great Ameri¬ Phoenix. and can Tennessee Paso El Gas v & Transmission Natural Under its Gas is like¬ president, new Colgate Palmolive might the blue I doldrums. chip and will Once come it out was a it could be again. "stick my neck Fischer Heads Lawrence Dept. John should double by that Fischer has joined All . of Cyrus J, Lawrence & Sons manager as investment of research Established in the firm's department. 1864, Cyrus of these debentures and the This announcement quarters York at 115 Broadway, W. A. Popper Opens Wolf A. Popper is engaging in a securities business from offices at East 42nd St., New York City. common stock have been purchased an agreement appears as a matter between the parlies. of record only. " NEW ISSUE February 2, 1961 $400,000.00 be¬ fore taxes increased in every year for the last ten. As INTERNATIONAL COMMUNICATIONS CORPORATION 5% Convertible Debentures and Common Stock . - : There were many glowing fore¬ last year as to what is in prospect. Much of that en- casts , early thusiasm -'has -, been' dampened.; derlying premise is still sound: that sub¬ stantial growth is going to be with us in the years ahead. ; Nevertheless, the u n • . blue a turn is about due." All are watching carefully for significant changes in new orders for durable goods, Grace ago, about and earnings derived fifty-fifty from steamship American activities, material , worked in maufapturing. Service, luxury and recreational activities American and . Electro-Science Investors, Inc. South price index,- with bank and miscellaneous less' residential construction, business than a million, dollars. However, failures and five •' years average hours about later, " South raw . earnings had shrunk, steamship income had shrunk A Federal Licensee Under the Small Business Investment Act of 1958 727 New City. . Earnings J. Lawrence & Sons maintains head¬ 60 by the undersigned under terms of the Stock Exchange mem¬ ber firm out time. N. New York again. Paine, Webber, Jackson & Cur¬ tis recently offered Green Shoe Co. in 1952. of dollars in cash divi¬ dends. C., N. joined Norwood Norfleet values better of W insto'n- I, invest¬ companies conserve native a would, received as partner. Attractive Fire Stocks introduced to $300,000: and has been admitted in expected Norwood Norfleet 1962. offering' price of $80 would today- have 3,361 shares now over Third meeting the con¬ during World War I at tax ~ substantial increase a earnings the •in your bracket. Jt is interesting to buyer of 100 shares the stock the public worth' corporate grow. note that the the are municipals, govern¬ bonds, de- or ended year new be shortly and selling close to its record high, it has stocks I believe in a balanced investment portfolidAnd at the 1 present time suggest a • Foster Grant's plant the 1960. sary in 1981. So present consider¬ Rexall earnings for 1960 will be able profits will continue to grow about $2, earnings for 1963 should with expanding net earnings. • be twice that, and the stock In ahead. by a recent substantial cut Reynolds & Co.,' 120 Broadway, in the price of polystyrene. For New York City, members of the the long run, this is a bullish de¬ New York Stock Exchange and velopment; however, I expect to other leadingsee no increase in 1961 earnings, security and and they will be about the same commodity as the the continue. so been investment. vestment has have always a bull on our coun¬ try. Over any considerable period, ly depressed, especially those that firm v growth -situations,' many the are . Exchange in monthly, amounts not am is stocks holding. Stock dollar better than any other class. Fire insurance stocks have been great¬ will—common best long-term There is five been shares. company been a period of over about five years when, if you pur¬ chased every stock listed on the never sponsored , considerably undervalued. Assum¬ ing no change in the general mar¬ ket, this stock can be expected a but great deal lower— a done without emphasizing way to get richs» averaging. This is best sure re¬ nothing or only dollar steamship loss will -pending $1.61 been on with Sept. Tra¬ population currently depressed—such as scribed best b3'the phrase "modest continues to multiply, there is no the oils and coppers, which have reason this growth shouldn't con¬ undergone a bear market for ^recession." The high plateau of activity forecast for the first half tinue indefinitely. The company's some three years—there are other is still declining, although there only product is shoes for children. groups that have enjoyed phe¬ are-certain signs of "better things At the present price of 25, ths nomenal gains and are selling at to come." Recently one of the current dividend of 90 cents gives what might appear to be exorbia yield of less than 4%. tant prices. Even so, the stock leading bankers in Pittsburgh said about the steel business,. "Execu¬ market today is not in a class A "New" Company tives generally can scarcely be with the 1929 market,, when the more W. R. depressed, and it is my ex¬ Grace & Co.7 has been vast majority of stocks were sell¬ perience that when. they are so greatly misunderstood. Ten years ing at very inflated prices. can in¬ • of of propulsion. miscellaneous erations ' will lose money, and South. American activities will be not far< different;' bank and misr & (d) electroluminescense. means ap¬ "the is op~ you able. new for and well over two-thirds will be from chemicals; steamship Always near the top stands General Telephone v (f) solution of air pollution. and ago (c) thermoelectric (e) accounted im¬ providing the balance. This earnings in dollars will be year, and Business Outlook of securities bank come should • groups as inflation. believe owning Manufacturing are with present competent management it term ' " estate against I Sheraton securities, with a relatively By way of comparison, an ex-, high yield, are attractive. For in¬ vestors in the 50% bracket this is cellent quality common, stock., equivalent to dividend income of should be worth perhaps 15 to 20 times earnings. It would seem, 7%; if we relate it to a growth stock paying little orJ no divi¬ therefore* that at current levels dends, it would be equivalent to the high grade components of this indeed. if Our continues power, and became proved Prospect sea portant Diversification then proximately one-third of earnings, (b) fuel cells. past. 1957-59 of While common - (a) desalinizatjon earnings. I can't end it I are t of chemicals Dollar Averaging over and, parenthetically, I don't think few, the possible fields of could very well include: I look, things to rely more than times for many discoveries recent 19 V2 at earnings a same estate. good time to have a market being spent American corpora¬ by the The iU. 'SyXHovernment bonds, I would pick common stocks. Even if-'tha td accelerate and many new prod¬ will be developed. To men¬ past on the in of investment always bullish am serve, ; ■■. Products annually now performance. low point, the Dow Industrials were selling at about 18 times their 1959 earnings At ' the real hedge choice great oppor¬ tions for research. This better not -r. Enormous funds well- vicissitudes recent • I is tunities to the investor. '"" and the offer good thing. -'V•, ' and be real ; continue, but will be increas¬ will of a select ingly difficult to find; but fair to suffered - to in together slightly down trusts, market. to ] the ditionally, in ./'• The search for growth situations will proven companies high quality, but per¬ haps particularly those that have of skill more would applied ownership downward past* recent new values in violent more of the some feature a to taxed, so double taxation no longer will inhibit the collective capital gains vehicles than in the tion most V ; afford ., trusts. The trust itself will not be of ucts - Today's Values The that would, it did as '50s. be investment principle now difficulty of selling these called v ; well estate investment could 1961 fast, if this as accurate, great deal 15 times ratio. The a means, market can "good look" at a real which from movements. It is going to require a in order to then have such stocks sell is . five be take new The market will have less spec¬ tacular advances in the '60s and to which to sell. I have the the decade of the money is an essential concomitant to life and happiness. price This that forecast James J. Minot sound There J The Realty Trusts that assume advance advance one-sixth Obviously we all agree it is, but to could decade. portant than the dollar?" for 60% two and, when it is, Grace will com¬ mand a price more commensurate Investors its recent high of 65 on this index to perhaps 100—1 or 50%—in the com¬ last more months, but its ex¬ might be only half as severe be in¬ can only be eliminated the Standard & on the for tent jV-y.- y;;^y.; more. about, "isn't again that so several Poor's industrials from their pres¬ ent level of $2.05 to $3 or slightly much might . creased too to the conclusion that come recession to: 214,000,000. Dividends going as¬ one * Our gross as the 1957-1958 recession. product, which is run¬ ; - There is no easy answer to the ning at $500 billion compounded dangers of inflation. If we ease at 4% annually, can be expected money much more we might ac¬ to reach the neighborhood of $750 centuate the outflow of gold. billion to $800 billion by 1970. 000,000 we not re- ■ anticipated that in the '60s population will rise from 180,- in¬ hear * national i>ntments are future. near the statements of the on might definitely to affected -shipments, believed it will make a cently-elected President. In sessing the. pros and cons, ; dicate that Resi¬ yet is based It is our out. of the most one general government spend¬ ing looks almost certainly higher, overpriced. thinking my of the the decade long h In the Let bottomed plus factor- in the expects real estate investment trusts may be a feature < investment market, and warns against wonder stocks movements; of the with pace the significant factor is the in defense orders. This not but stocks; foresees market advance in the 1960's but' spectacular evidence, al¬ that housing is step-up representative particular appeal. common some A third Mr. Minot started his climb up the ladder to senior partnership in 1913. Based on extensive experience, he argues have more accounted consistent early indicators of busi¬ ness revival. Sagacious investment advice is to be found interspersed among the I unexpected decline in residential construction dential By James J. Minot,* Senior Partner, Paine, Webber, Jackson &, v Curtis, Boston, Mass. an • tentative, might ' 1 ; 11 South Central Expressway, Richardson, Texas 12 (560) The Commercial and Financial Chronicle this is best Florida's Bright Future Based on Sound Economics By J. P. Taravella, Executive Vice-President and General Manager, Coral of I the to his wife, people and have conviction favoring Florida's impressive growth performance and the move types of firms which can successfully weather irregular periods of uncertainty are described by the illustration, :*r.r Mr. Taravella. stresses writer also reflected in Florida land development of Many ance. perform¬ company highly-pub¬ the lost and each this for national accent and the the out¬ go tion dim, according to analysts. One busi¬ Joseph Taravella editor that "the bloom was bright spots, citing particu¬ larly Coral Ridge Properties, Inc., for paying its dividends regularly, noting that its stock was selling at about the original market price, developments paying uncertainty those disturbed weathered who has have economic such many Prudent and real¬ periods before. istic Florida business leaders like MacGregor Chairman Smith, of the Board, Florida Power & Light Co., Eddie Rickenbacker, Eastern Airlines, James S. Hunt, President Chairman and Coral Ridge, of ideas, new the two Florida's will potential in this ground, plan well, :■ and keep themselves healthy and flexible financially, will grow and prosper right along with Florida's growth. Those which down with interest false load the of Board of and Gov. R. H. Gore, pioneer Florida publisher and fin¬ impossible tax and burdens, start out on a trying to develop premise areas from the normal years away lines of selves growth in will find difficulties possible to keep. them¬ when their are soundly, grow of business. good into its exist Florida land eventually is come but obvious dangers own, in and they will go out or Most will and im¬ They will either end up more sober and wiser trying to force develop¬ ment in remote situations beyond normal >-patterns of growth and attempting to build "cities" over¬ night, notwithstanding vast pro¬ of grams costly promotion, and financing. A major unrealistic have ouilt capable of solid founda¬ factor in our company's success withstanding what they consider to be a level¬ over its 15-year history has been its policy of selling on the basis ing out process to be expected pe¬ of either all cash, or 50% cash, riodically in any economy. They balance in one and two years. The are all emphatic that this uncer¬ tainty is no reflection on Florida's company also has no interest or growth potential. These men stand carrying charges on the majority of its land indebtedness, and can, out in the growth of Florida be¬ therefore, show profits even on cause they have built with Florida ancier, tions on a, sound premise rather than the false premise used in some of the quick promotions which have plagued our state since the "boom and bust" days of The tions same ideal 1926. climate growth potential which attracted people to Florida, from its very beginnings here. Nationally, with born zen the condi¬ and have every a still are citi¬ new 7V2 minutes, with babies" "war of now mar¬ riageable. age, with millions of people retiring every year and wanting to enjoy warm, tropical living, Florida has only one fu¬ ture: up and bright as sunshine. Florida is the fastest growing state in the nation, with a gain of 2,000,000 since permanent new 1950—a citizens weekly net gain of 5,308 persons. Ranking 20th in population in 1950, Florida is es¬ timated by the U. S. Census Bu¬ reau to move into 9th place in the United States by 1965. population, contrary popular belief, is not principally composed of retired individ¬ uals as 37% are under 21, years of 53% are from 21 to 64, only 10% are 65 and over. age; and These ages, are and about make the for U. a reduced sales. pressed for sales, we land land S. aver¬ good bal¬ premise terms that We all are bullish Utah Wellington within annually gets 10 its share by attracting some 8,000,000 tourists, who spend in excess of $1^ billion. However, while in¬ creased tourism is still the main¬ the well- Florida's future, and in evidence note that Coral tax¬ Ridge in payer is the largest Broward County, ex¬ ceeded only by the two utilities, Southern Bell Telephone Co., and Florida Power & Light Co. Im¬ plementing President Kennedy's call for extensive housing on an and contributing average level, something besides of economy cently the words to the the we country, announced re¬ model ground breaking on the new $9,000,000 Coral Ridge Towers — a 330 - unit cooperative residence Waterway Ocean the on apartment Intracoastal overlooking Mile and the Atlantic Gait Ocean. the open¬ see ing of the $6,000,000 Coral Ridge Shopping Plaza in Fort Lauder¬ dale. the of addition, we anticipate steady day-to-day sales readily salable Fort Lau¬ our derdale business inventory residential, commercial lots, as and well as ocean of increased front net on revenue ground leases, ward year, and year in as a of cumulative more industry for progress and way more gravitate the tropical way of life. Welling¬ distributor an¬ for¬ each people towards Perhaps industries new to Louis his office, and of total ex¬ finance income. centers and around includes metal rous industries, Manufacturing metal steel industries and non-fer- milling and fabricating promotion. Sullivan has had wide machinery macmnery, ^stnTcUiral esteefmand structural steel and perience in the mutual fund field and Qnnrppc sources at one, time associated Philadelphia office of a was with the New York Stock Exchange firm. .'"U' V I per per, include ana Residential sales the Pursuant to offering circular, F. R. Burns & Co. Okla¬ homa City 2, Okla. and Copley & Springs, Colo., 70,000 shares value Colorado of offered publicly of common (managing) Co., the 10 stock cent of par Starfire Corp. at $4.25 per share|. Starfire, located in Tulsa, Okla., manufacturer of of luxury a proceeds will be used general corporate purposes, for in¬ cluding the purchase of parts and supplies, plant rental, the repay¬ n about gas 70% and revenues from miscella- sales are minor. mainly to are smelters and refiners and the Gesteel plant neva Steel. of United States The residential space heat- ing load is important. The area enjoyed in the a for 18% decade, the compared state Stanford the ; the company population gain of 37% for the U. the for S. of Utah to Research Institute 1955 through 1975 increase in, population an of 59% and the national increase of 34%. for Utah, far in excess of Board members of of Directors of Chance Vought Corp. has been announced by F. O. Detweiler, President. The new directors Edward are Morehouse, Vice-President of Harriman, Ripley & Co., New Chance Vought's Vice-President— Finance. New York 30 Broad Street, City, members Stock of the Exchange, on Diamond, Steckler New York Exchange, name of Broadway, City, members of the and was American changed mond, Steckler & Co. uniform in and area, the the Utah company plans to' extend service to several communities. new heating 95% However, space approximates saturation which ' tends limit to the growth of residential sales. Reveand nues profits are, of course, by variations in heating affected degree-days; severe winter weathusually prevails in the area. To er of growth care the company is carrying on exploration and development work in Utah, Colorado and Wyoming. El Paso Natural Gas' proposed new line from Wyoa market new the California to ruing may for open up gas in field Rocky Mountain which area, should benefit Mountain Fuel Gas. The ,s c0 ital structure is conse^va(ive 5%% 50% common t , listed stock debt stock and it The the New York on Exchange recently,, trading commencinS have Jan- been paid Dividends 9- since 1935 and in November the rate was raised to ^ 4Q compared w^h the $1.20 rate of the previous five years (in the pagt decade tjie dividend rate has ed to compare favorably with 1960 ^dTtlnnZ ; n°rmal " . At the recent price of 32 V2 on fj}e New York Stock Exchange the stock yields 4.3% and sells at about 17 times estimated 1960 earnings. Several weeks ago The First nin^"pa^e L Supply it y r H n fnrZ-ati u, ie, +v, the a^°Ye in~ obtained from mah.sourceRevenues v *ear Common stock Record (M,IL) Eanied Div- Pr- R^e- $i ^Esfc- 1959™" $J-25 30^-23 28—22 26—21 23 1.66 1955 21 1.50 1.10 30—26 1954 18 1.42 1.00 27—21 1952"*""" 1951IZZ it ?oI 'o2 11 1,15 .'70 20—16 ming, and Utah; it purchases 19% 1950_____ 9 .99 ,eo 25—16 , The one-third of its nearly requirements gas reserves other from , produces company in the Rocky producers in ural It Gas, owns lion on or long-term a controls equal serves, to about basis. 1.8 tril- some cubic feet of natural liquids gas of gas re- years' about 20 to Stock Dia¬ fnrmpfa WZ . R . H _ ■ T " rv 1 only 5.1% 5.6%. on net property, following years, the in three 1959 rate ice a increase by the Public Serv- Commission of Utah 6.3% rate of return versus on allowing rate base, the previously allowed re- 0f Moines, Iowa, the opening of a in Atlantic, Iowa, Manager. offices in G. Dickin- j)es office of R. Dale White- The firm also has Hampton, and Iowa, Iowa Falls, Iowa, | The return in the next five averaged less than 6%, but reached 6.2%. Early in 1960 the company was granted a years in q0 under direction man, Supply in 1950 ' President, Treasurer, and ATLANTIC, Iowa.—R. announced Fuel angage Officers « has Mountain Ji6?? 83"55 at £, • branch 4,117 transmission ' V Dickinson Branch pipeline network comprises M r> "®"?ess' c' & gathering, o^Zjq vT p/10" °fflcc'= Ujr, son of 28—24 M"sky, Secretary, - are acres V t Ji , ZZ/ZZ barrels. 137,003 and 656,260 non- N ^°°dlEYf^;?ouJev.ard to principally in Wyoming, Utah and Colorado The miles 1.20 . D. M. Stuart Co. Formed WOODHAVEN * rvC 26 3,693,000 acres „— these fields, and 49% from El Paso Nat- earned partnership. York fairly 1956 mu ited New seems 1.20 Feb. 3 will admit Olivia Maugham and Emanuel I. Birnbaum to lim¬ To Be outlook :i.2o and distribution lines. Effective Feb. 1 the firm Diamond & Co., 120 company's 1.72 productive productive Hawkes To Admit Co., is 1.57 Net leasehold interests & The favorable, since customer growth 25 supply, compared to City investment banking years' supply for the natural gas firm; Lester T. Potter, President industry. In addition, the comof the Lone Star Gas Co., Dallas, pany has oil reserves estimated and Frederick E. Burnham, at 1,502,000 barrels and natural York that 26 York Hawkes in 1957_1___ J. New base rate state. 1953IIZI from owned Named Directors the year-end to on Mountain fields of Colorado, Wyo- of indebtedness, advertising promotion, the design of new boat models, expansion, and working capital. new in- rate of return and Projections by period indicate 6.4% a served by past rate a Wyoming Public Commission calculated produce In- copper ment Election of three Service the ln~ increased 133%). The earnings mw^earnin v°Z moftt" of earmngs for 1961 are expect- interrupts) field from crease the In November 1960 the also received company commercial (mostly dustrial sales 28% fiberglass boats.. The for The Lne zinc. revenues 29%; neous Boat a account industrial 16 and company's for Jan. a oil, gas, importance.33 creased Stock Offered natural ironP leaci 3a^d P zinc l°eTd iron, ' !. Starfire Boat velopment. Farming accounts for about 20% he post a present agriculture and tour- are annual $1,520,000 expense an allowance for exploration and de¬ -take economy of the service is well diversified. Basic in- service and Flor¬ move national Wellington organization 1956, when he joined the Pittsburgh staff. Subsequently, he was placed in charge of Welling¬ the Gait Ocean Mile. Nineteen Sixty-one will be raw trade; manufacturing, mining, Imilling, smelting and refining, and petroleum, supplemented by the construction, transportation, the Mr. in expansion industries and has many company; it also allowed in oper- ating service ^ is rich area 1st Mr. Sullivan has been associated St. its- oil has encouraged dustries since until liquid hy- from area. W. H. L. Sullivan the funds. ton's ELY turn of 6%, in recognition of the increased cost of money to the and The rector of distribution for held other derived established area appointed with and rural produces The combination of these factors of Executive Vice-President and Di¬ of contiguous wells. gas centers. Brower, who Inc., pres- materials, enjoys a favorable marketing position, and has ample transportation facilities connecting it with the large population Presi¬ Co., and southwestern ^ Bruce ton in also The service the In same ida, which continues to double on and attracted was it oil livan succeeds line us, markets dent. Mr. Sul¬ . acquired its with drocarbons E. A $32 1929, consolidation seven and areas; an¬ Joseph and Wyoming, Fund, Welch, additional on other Florida of in office, by is purchase expected years. placed been Pittsburgh Street, nounced for made is half-sold." Nationally, tourism is the third industry, with expendi¬ tures in excess of $21 billions, largest to has H. and was in name. It serves a population 690,000 in Salt Lake City, Ogden, Provo, Logan, Brigham City and 70 other communities in organiza¬ Equity through about started was ent Wellington conditions and "a not are inventory advantageous to from anced population. we acquire can under most Since This year will also Florida's to '■ Pa. —William the OWEN Supply Company of Wellington it It mergers in 1935 tion for shares Fund of revenues million. and distribut¬ ing of themselves "pie-in-the-sky" promises this However, not off ways. many of the off the rose," but noted that there in on technological age. Businesswise, Florida land com¬ panies which keep their feet on mained its of Grant sale of the Iron hand in hand towards realiza¬ look for earn¬ with now combination ings in some companies re¬ were 500 Age, but at the beginning of the Age. Florida is a young, fresh pioneer state, and with the and stated glumly charge we Atomic between, ness short, Sullivan L. new industries to Fuel Mountain Fuel Supply is an int.egrated natural gas company with HeadsWellington's Pittsburgh Office PITTSBURGH, evenly balance not at the end are far Florida < In Mountain forward! Florida is building sound premise! a BY fundamental living in South will continue to in have year. SECURITIES en¬ annual by attracting thousands of We Cash few it great an as *' more with adjusting to the times, for Distributors, certainly "change is here to stay." Inc., whole¬ dividends were and economy our are of their lustre. must on stay of Florida's economy, we are working hard to diversify that Florida land stocks much firms businesses licized, socalled "glam¬ orous" requirements in Florida's bullish future. order to share The economic uncertainty of 1960 was Using his firm PUBLIC UTILITY he as at ocean thusiasm and sincerity said, "This is it! This is the life!" As long Florida, Florida Factors Thursday, February 2, 1961 . by the remark overheard from emerged . Gait Ocean Mile Hotel. He turned as Ridge Properties, Inc., Fort Lauderdale, Florida typified visitor a . Jft. E\>,, ™>Oker & hay Branch BURLINGAME, Calif.—Hooker & Fay, nff- Inc. has opened 1Qnn a branch j Howard under the management R. Hedelund. 0, , Street, of John Volume 193 Number 6026 . . The Commercial and Financial Chronicle . (561) 13 I FROM WASHINGTON CARLISLE revival BARGERON relaxation of instalment the word The effervescent Mr. Adlai Ste¬ the Federal to Government forces con¬ in venson, our Ambassador to the/ tinue its policy of giving grants United Nations, has already added and loans to the States to handle to the nervousness of President the situation as they see best. The Kennedy. The fear when he appointed what that he been couldn't you might that he Liberals tell states already has say given support by ment was that assert a lot the of "Mining" instead of The headline should state¬ Kennedy would meet Khrushchev if ment insurance from latter Nations vised attended meeting. and Stevenson It of one faux that Mr. United the ill-ad¬ was those the Khrushchev United nedy Mr. he unemployed. to came do nothing him to to was ; Khrushchev. There is Khrushchev the tend tribunal attend to. Nations at the Red boss encouraged to attend. they meet it will only be If social a meeting with no discussion about the disagreements between the two countries. Mr. drawn conference into until is any from money the period. Union Mes¬ Kennedy indicated that following the advice of the within the next two Liberals and will weeks send up message a asking for an appropriation to re¬ lieve unemployment. A budget balance the for currents year is Kennedy made it very plain and we shall probably have heavy deficit spending in fiscal 1961-1962. Y Stevens of resident partner of Curtis & of the man Vice-Chair¬ as Lps.Ahg'ele§.flWision» summit Management Committee -c, " the most of ships indicated in the release of the two flyers, and Mr. Kennedy has said that it big removes obstacles countries, the there other are Cuba, Laos though is it two that such barriers of that fact a as in Russia D. R. tive the Insofar the as cerned there down in claim we flyers on the of that waters. been were re¬ killed and their bodies have been turned- American authorities. the over to But two flyers counted for. remained'Unac¬ An German East has published a story that in a Russian prison. The deny this and say the story was all wrong. Besides 11 flyers were shot down in Ar¬ menia, or crashed in Armenia, paper they are Russians and have there So turn been never place show to the tween that the first relations be¬ countries two are now restored. President however, Kennedy, trying to make the most release of the two flyers. the They upon n'.a g Stevens about their treatment which Other Division officers Man¬ elected were: Thomas P. Phelan, President; McPhail, Vice-President and Treasurer; and John D. Guyer, Secretary. In W. addition, Hale D. of Director a Stock the election Fairman of the & of Co., as Los Angeles Corporation was Clearing announced. Directors Other Officers re-elected to Clearing Corporation the and Stock Harry Johnston, President; Curtis A. Thornblad, Vice-President; Brian F. Neary of Neary Purcell & Co.; were: Z. Chester & L. Co.; Noble of Noble Tulk Thomas P. Phelan; and Wyatt of E. F.,Hutton & Gordon Company. toned down has his demands for an on early meeting of. the world lead¬ apparently realizing that he push Mr. Kennedy...- CEDAR Management RAPIDS, Iowa.—Life In¬ to the The conservatives want to the Rritain other most And just been taken . „ , of of .. vpt a aiming consumer , all shades, hav- h those measures. Unfortunately, they are right in the factual part.of their argument. Throughout the period of restrictions, wage inflation continned unabated. The shipbuilding continuing in industry, down wages to by regain W1 instead of cutting some 25% in order loss supremacy, its 41/2% increase, which is lose many more orders for British shipyards. Although there was some vague talk about granted bound a reduction in the depressed automobile industry, actually wage have American - Motors, having number of had workers offices in the Merchants rest W. Officers National are For¬ Stewart, President; Jack R. Eakin, Ronald Secretary-Treasurer, and Jensen, Vice-President. L. counseling services available. w. Nicholas Thorndike into and reducing of the Boston worked is Presi- firm. in the Mr. Trust of the wage-cost-pnce spiral. °"e °GoveernIfeantnSdedded British Government decided abandon V which policy a ctahilitv living for over of Robert to to main- the ro<?t of -fined tne staoiiity oi tne cost oi anticiDatio two years the is 0hanee of Amer- f anticipation oi a cnange oi Amer lcan economic policies inflation. Paine granted will in due t Fidelity Steven formerly ith j } p • Mr- a u x Lewis was ucker security Chase In^ with previously Anthony and R L Dav u' Udy' Members of the board not representing management Guid.o are PereraL,paptner in the la^v fif1^ °J- Hemenway ,& BarpeS, Washington R. in course embark on a un- Richard A. Eisner, of Eisner and Lubin of New York City and Francis H. Burr, a partner of the Boston law firm of Ropes & Gray, of measures to relieve atjng inflation. If that should happen then WQU'ld authorities British they CQuld afford to with comparative impu- jdfjate - the feel The penalty would aid be of . Dimond Opens g i^imona wpens cost' R. B Dimond is conducting a sethe busmess from offices at at any rate West Street, New York City, further de- under the firm name of R. B. inflation but States prevent R course the form of living> united of would mitigate or ferioration of the a in British balance Dimond Company, payments There ern , is, of still West- * Cutler Godfrey Co. Opens Un- WttqthAMPTON RFACH N Y course, Germany to reckon with. th HAMP 1 ON BEACH, N. Y. nf Pnuprnmpnt Jfss the Federal Government of _Cutler Godfrey & Co. has been sufficient extent, the Avenue to engage in a securities Bonn relaxes its resistance to in- formed flation to D.mark and a could the ,. both sterling make do]lar . look silly. ,, .. . . But , ... there are indications that in Wes ern Germany,, too, inflation is slackening. It - to resistance seems with business. offices Sunset on Partners are Cutler N. Godfrey, Dons S. Godfrey and Heter b. coairey. rpbe fjrm maintains office at 49 Park branch a Avenue, New York City, h a 11 to dismiss a and put the This an announcement offer to buy any is neither an offer to sell nor a solicitation of of these securities. The offering is made only by rest on a very short working week, has just granted an increase in basic wage rates. This is not likely to helpful be towards re¬ the Offering Circular. NEW January 16, 1961 ISSUE; covering its lost markets at home abroad. failure which to pursue 70,000 Shares would in eventually make general, and both automobile the of course a STARFIRE industry particular, to face realities. By BOAT CORPORATION relaxing restrictions on instalment financing it has greatly encour¬ practice the aged of COMMON STOCK (Par Value $.10 "hoarding" per redundant labor instead of releas¬ placing it at the dis¬ other industries which highly paid but nonethe— ing it and ,-/Special to The Financial Chronicle) and k as formed been €06 Bank engage Officers Financial of in .a are with Equities offices at America Building to securities business^ Bryon F. ..White, cer of Fleetwood Securities Corp. the of less essential less DIEGO, Calif.—Selected In¬ surance posal are for the welfare of community. month or two it has become necessary for house- " During the their is not automobiles own because coal in * Copies of the Offering Circular and- from such other dealers may as be obtained from the undersigned may lawfully offer these securities. there delivering it.- The unskilled labor.*' for that: purpose, and for thousands, of other pur¬ if $4.25 PER SHARE enough labor available*.for that is necessary poses, PRICE: share) last holders to fetch their would be easily obtainable only the automobile D f-nase, inv. AULm» AIUIluny dna now taken for in London that the new Administration Doran were j favor of in W of Paine and George Lewis are Vicepresidents Mr Doran and Mr f^Mueius. iViX- UUXdn dna is It department The raised. been controlled complete wages to a more realistic level. Department of the Seattle Trust As ^ 1S> labor scarcity will con- and Savings Bank in Seattle, tinue, wages in the automobile in- Washington, before joining the re- to wages stocks, and fixed securities, plans are underway to offer one of the most employment at the cost of toler- , , credit the common income dent labor and Thorndike, Doran, Paine & Lewis is currently specializing in the Thorndike series ' restric- the obtains advice services from lVEST, Inc., an affiliated cornpan y. Although, been starved into surrendering its + inexex resnprt further increase a em- an canital capital rnnntries inmistrial with out instalment financing, the automobile industry might have investment Management & Research Co. regard behind sides a lich, Jr.,. Secretary and Treasurer. Mr. White was formerly an offi¬ handle this in lagging was ducting how unemployment sit¬ uation. that fart held on St. firm search critics of oi having penditure, trade unions in Corp. is con¬ securities business from Presidents and Charles W. Froeh- over nronortion proportion field of tions State are fated to witness a resumption Governments cntics em ereaqpd creased One counseling oustrv will rise further, and we a to Governments at The This though it varied industry. Most even fices such means we would soon witthe doubling and trebling of the cost of living. Had the Government of firm of Thorndike, Doran,,. Paine & Lewis, Inc. is announced with of- certain ness counsel consumer year. running at was vestors Management The first dissension in the Ken¬ nedy cabinet has arisen continued excessive to which industry thp tne its President; Paul A. Peterson, Vice... which phasized the necessity for or Life Inv. SAN incidentally, Khrushchev, due was figures considerable a workers surplus change. a showed 1960 over- redundant The Government is to blame for might fan the flames of discord. not Manning ement Selected Ins. & Fin. Equities anything i" saying their prevent ers a protected from news¬ their return to were papermen could M Bank. Building. has been of Division is taken captive illegally in were deterioration heard from. nothing in the re¬ two flyers who had been of man shot were have another two con¬ are men International Only, two turned, six considerations overwhelmingly The balance of payments point Chair¬ James L. flyers were which plane actually trying to economic against such for a was Their argument is that squeeze and instalment financing restriction have failed to prevent the wages spiral from making progiess, there is no of Board agement are It decision, which since Governors territory. advisers. political its Formation — investment new bor by doubling the wages they pay and increasing the retail price of coal to a corresponding extent, If all industries which are shorthanded competed for labor by economy. of stabilize the government while new his of purely riding tasted blood, are now clamoring for a complete removal of all disinflationary lestiaint on t e Vice- Chairman Committee. Communists most ing Execu¬ propagandizing in all these coun¬ tries, we are not sending any of them military aid, except Laos, and there we are only trying to gain chants could attract adequate la- J, It was on that day that the British Government gave up its struggle against inflation by yielding to the growing clamor in favor of relaxing its restrictions on instalment financing. This was done against the better judgment of the Chancellor of the Exchequer and inflationists Hop¬ kins, and the Victory for Inflation Day. „ by are we dismissed demand was announced Al¬ Congo. the and of the the remains fact intervention the one between meeting BOSTON, Mass. instead of putting them on short time. Alternatively, coal mer- at Ex¬ change at the organizational inflation. down, or at any rate should go down, in history as "V. I. Day"— step- has Pacifig, (Coast- of its way to make the better relation¬ weakening its resistance to go nf oi Paine, Webber, Counsel Firm > Germany, Dr. Einzig adds, shows indications LONDON, Eng.—Jan. 19,1961 will from Manning, Form New Inv. the high level Names Manning Election Stock out Western of demand Coast Exchange has been done. gone Even Exchange Re¬ Holding Gold ill future for an causing this shift in Britain's anti-inflation stance right to the end of the ov'/,:,:-.' / Administration the flation. Mr. out, lot of spadework has v may the burden of on of the Although a in Mr. is ready and another he Some of them State Jackson Kennedy is determined not be to he Ken¬ Mr. Stevenson's about now his 7In time any But what fears be at¬ can United statement is that will he state member of the a can wants nedy tell can It is for him to decide, Any head of he that whether next meeting. < nobody period the government to extend this sage statement printed in Russia without the qualifications, just a simple state¬ ment that Mr. Kennedy would meet borrowing the employ¬ will be given to the not want to take en¬ come. Stevenson's fix they prob¬ Nations but Mr. Ken¬ wants to courage if and ers which relief ability is that Mr. Kennedy would meet the states. typical The pas. One of the reasons at the end of their now are This together with recent wage increases is said to be the anticipation of new American policies favoring in- L Follow Ban?"]. particularly because of its deteriorating balance of payments. and want tne Federal Gov¬ ernment to make overall gifts to Under the present sys¬ tem the states collect unemploy¬ the Britain "Will read: straints surrender to the a shipbuilding and automobiles is held to forebode ropes his guessed favoring inflation. have Dr. Einzig believes the January 19th so, financing restrictions is a inflation [Ed. Note: The headline in Dr. "Holding." Condemning Britain for doing shall witness we international Einzig's interesting column of last week, Jan. 26, inadvertently used By Paul Einzig , of throughout the free world. Britain and the Free World ...Ahead of the News BY probable that Revival of Inflation -Faces industry F. R. BURNS & CD. 164 NW 3rd St. Oklahoma City 2, Okla. COPLEY & COMPANY ■" 469 North Nevada Colorado - Springs, Colo. - 14 (562) The Commercial and Financial Chronicle and eventually gold last this country to free world. GOVERNMENTS JOHN BY T. The "bills other in the only" policy is one given by not a few market money responsible in experts some as being measure action the of capital markets is still structive of is ease' the side likely the on because foreseeable and money the con¬ policy continue to future. In for addi¬ possible to meet circumtances it much of very in encounter orthodox man¬ in G\: VT Lv ner. not might be developments that could Among the issues which might become more prominent with the passage of time are those concern¬ have ing the - tion, within this framework there influences short-term ,the yields of long-term Gov¬ on and ernment issues, since it appears though the "bills only" policy with its lack of flexibility may not as be returned to immediately. It though some money mar¬ ket specialists are of the opinion seems as level of long before too much time has elapsed. folios The financing of the new money requirements of the Treasury for use until through the sale of near-term ob¬ ligations and the refunding of maturities issues term brought selected has into the market. Government According to re¬ these purchases have been fairly sizable ones. ports,, New Administration's The Policies in Administration new Washington ward of some be putting for¬ of the policies which will more follow with the passage of time. Among these will be the ways in which the dollar will be protected and bolstered in they expect to international the This is of the most important one operations unit solved. gold And and the the in the with short-term the prevent the return that will these make those who from The the securities one are term of term to be of one bonds, is one hard needs the main whether today will be (Feb. on ters of the what sidered money dure. monetae there - which they time because of lar. from , said pressure what so tration has been far that the is going G. Leslie Fabian Marti;.*. Le Bouiillier Six members of Dean Witter & Kenneth E. Meyer Robert W. Swlnartcn Co. have been admitted partners effective Feb. 1, the firm has announced. •' • The ' general as - new partners are G. Leslie Fabian, Martin LeBoutillier, Meyer and Robert W. Swinarton, New York; Gustav Mr. Fabian, a senior investment analyst with the New York 14 Wall Street, was a member of Laurence M. Marks & office, Co. Their when York the that firm he was Life a merged member Insurance American Bar with Witter of the A Co; member in investment Association, he is of the 1959. department New specialist a Before Bar Mr. as has Meyer member of Laurence Marks when that firm Witter in 1959. He joined Marks in 1956 as a analyst was a petro¬ following two years in same was a capacity with petroleum engi¬ Witter in 1954, following prior busi¬ experience as Vice-President and director of Braun-KnechtHerman Co. He currently is a director of Kimball Manufacturing Co., San Rafael, Sierra Capital Co., San Francisco and M. D. Burns & Co., San Francisco. He is governor of the ☆ and its » ^ CHICAGO A BOSTON been in the member of William Witter in 1949. a with Witter & Co. is securities business, since Cavalier & are Wherever from, the The firm coast to office located now coast. has It more is a at 1S27, and Co. when that firm of the merged largest investment banking 1 brokerage firms with headquarters outside home Analysts 45 than of New York 1500 small drug druggist — and all devoted chil¬ are interested in helping older people and their friends. In fact, there is no group of com¬ panies except the life insurance companies which have so many every dren — people working for them! Elliott Admitted To J. Barth Co. life to Barth J. Elliott has been ad¬ partnership general & Co., 3323 Eoulevard, members of therefrom. the As £ this people week buy rich! are that is life good now, although -brokers will such stocks My appeal small investor.? insurance most bankers and always claim that "too high"! are Life Insurance One managing partner of the other planks in President platform was to help The ways. American Medical Association and the Amer¬ ican Dental Association, composed of some 275,000 doctors and den¬ tists, fighting this are Heretofore, most 65 over may of age or the life of age; years favor this legis¬ lation, but also the children of the who employees with, 45 offices member from of the New York, American and Pacific Coast Stock Exchanges, and Chicago Board of Trades, and other leading securities and commodities exchanges. are providing Hence, I Kennedy thus proper care of Gees. for William H. Elliott over as relieved medical their of a^d Plans Compared State AMA Federal funds and as-. for ten years; the past five years cf the Trading De¬ manager Mr. Elliott Vice-President Traders also of the Association of geles. serves, Security Los An¬ , . McClane & Co. Inc. Pursuant to funds a Jan. 30 offering circular, McClane & Co. Inc., 26 Broadway, New York City, pub¬ licly offered 150,000 shares of the 5c par stock common Disk, Inc. at $2 Dial-A-Disk of Bial-A- share. per A organized jn Beach, Fla., last April, and was this is the corporation's first pub¬ lic financing. The firm sells phonograph rec¬ ords by playing them over a pro¬ spective customer's telephone so that they may be heard prior to purchase. The sound is am¬ plified in the customer's home by the a special device to which Dial-A- Disk retains title. M. S. Thomas With Michael rector Plan for medical ADA Co. & Lehman Eisenhower and Kennedy Medical provide been Barth parents. forecast that President will succeed in getting Eisenhower J. of Angeles, has with partment. as Los > . sociated Elliott, native a legislation passed. The Mr. , but legislation passes, insure persons 75 years perhaps older. Not only do the "oldsters" aged South¬ California ern Miami program. of companies have refused to insure people firm's Offers Dial-A-Disk the aged by free medical care and in ■ in- vestment Stocks the of E. stocks President Kennedy Helping - was by national pay sell Ex¬ Lawren ce, give a dividend every until you Coast Walter year.; These stock dividends • Pa¬ announced divi¬ Some and changes, it gener-' every in Wilshire the New Stock companies or more in¬ come may money very cash pay dividends received City, Montgomery Street, San Francisco, life doctor and dentist, manufacturer a n.d every buying them. dividends. nontaxable this one for the other dental Mr. Pence has was ☆ Security of San Francisco. Dean ☆ the companies, which are in¬ terested in one thing, namely in increasing the health and length of life of the American people. income. much the companies stock they Mr. Knecht joined Dean • stocks, of if. the Kennedy joined Dean Witter in 1950. ness ' offset these - the Company. Mr. Swinarton NEW YORK plans should to surance mitted write to rule, life, insurance stocks ar° bought only by rich people; but in many cases this is one reason public utility on with been Lehman Corp. Before joining Lehman he neer with Cities Service BROAD STREET the reason stock and a merged with leum 20 Either of these two be most beneficial required stock New Dean Witter since 1955, after partner of Delafield & Delafield and earlier business experience with Fred Eldean & Co. and Firestone Tire & Rubber Co. He is a former governor of the American Stock Exchange. ' INCORPORATED want dividends cash Kennedy's Mr. LeBoutillier serving 6c Co. I joining of York securities. Aubrey G. Lanston rity Tax, to be paid as now— jointly by employer and employee. small.and they sell at high prices. The reason is that a growing life . Marks SECURITIES affair, tying it to the Social Security program. It would prob¬ ably mean a one-quarter of one percent boost in the Social Secu¬ alio f< •; yield five years. Knecht, Jr. and Edward A. Pence, San Francisco. FEDERAL AGENCY eral cific not large 50% Kenneth E. and, 'I ' week buying while and U. S. GOVERNMENT niggardly in their appropria¬ The Kennedy Plan is to have the movement purely a Fed¬ tions. Yo~k ous Adminis¬ Specialists in this do such appear to do everything It use l.)»m I" But To of written new be severely death. of by be Buying Life Insurance Stocks dends, the dol¬ Nonetheless, it would This which would time is another at loss the on at '• '•/ are gold and the medical expected to be enacted ' con¬ go is legal reserve. Life insurance companies are carefully audited by the government, which limits cannot which William H. "• the proce¬ are planning." form ly reduced. far through the always been To be sure, beyond this has high. too -insurance company must continu¬ ally "plow back" more money for government, does sound self- or of trusts, gifts to members of one's family and to charities, such taxes can be great¬ Dean Witter Co. Admits Partners not seem to indicate any departure from and now, are ly of new "estate estates taxed basis, no rights being enjoyed by holders of the maturing issue. those who will handle the important money mat¬ testimony newer a shows how reports of the "Task Forces," and the one applies chiefly to those in active business for The information which has been so and is along with this will made available stocks claim such stocks insurance companies. These usual¬ be capital markets at home. for money a I also believe in business insur¬ cash a be may patience no ance an¬ terms 2) save abroad. or policy other way. about or will problem has . some long- will to way whose Treasury Get married are control, but I would rather invest Treasury nounce tion endowment who se¬ governments. The fringes. you to travel in the U. S. good now' of other or can An however, of these pur¬ Personally, I prefer the simple life"-"without any "20-payment or on refunding the 4%% Certificates maturing Feb. 15, 1981. The f'rst financing of the new Administra¬ short- the too of liquid Government issues is believed that Note: V center to another. in Treasury obli¬ tax-exempt or been should not be unfavorable to shift funds attraction not the get life insurance to pay the mortgage on your house, or to put your children through college, competitive to unattractive able to money lack purchase has money these obli¬ on corporates these and MUST for every young per¬ should be first in one's a you yielding as high as 4%. The use of short-term obligations to finance the new time this will gations from going down to levels not curities by the Treasury of nearliquid obligations to finance new money requirements will help to supply some of this de¬ same that still since there is not sector, use At the fact are end) Different Kinds of Life Insurance . addition, shortage of these The issues for term mand. those signs yet that are. no the not regarding this first.;: After gations. Government securities is still very heavy word a endowment there is any real Rates demand but means though there time, Indicated though with fairly good interest in a recommends small years insurance insurance stocks, Mr. Babson avers, is the financial program before thinking of real estate, stocks, or bonds. sharp discounts leading role, ac¬ In many life for the aged which both parties are for (they disagree on the most distant Governments al¬ bonds. Short-Term in is and may son." It future the future trend of the go "bills of at be port¬ v for chase of life insurance. This should American monetary determine will period investors, War II 2V2S selling there First the adviser , during the current session of Congress. be to the because of the the not will' Have that undertaken course markets. money a into again assuming a cording to advices. would the certain the World recently. Even the in quite Rise due with long- come not are areas, investors bond they as that effective than more of issues only" program which had been in be securities the develop¬ vV": ■- and way boost for life program long - term obligations are still Government policy is flexibility and it seems as though the kind of open market operation which would embody the use of all types Government ''• finding their monetary of unexpected an > A Help for Long' Bonds ceiling that the current type of open mar¬ ket operations will be expanded be investment seriously consider good despite the fact that others market should money Intermediate on long-term Government bonds. It is evident that what is needed in easy ment. and short- term interest rates and the an known investors yielding money centers. Therefore, it would appear as though higher short-term rates extenuating Will an Wall higher the Thursday, February 2, 1961 By Roger W. Babson at4 least for this flow of the so-called "hot money" from here to other The . Life Insurance Stocky For the Smaller Investor from year areas of the reasons CHIPPENDALE, JR. . for the fast flow of dollars reasons Our Reporter on . . was to to match aid. The willing to approve this, apparently on the assumption that most sta.es would prich Lehman New Brothers Thomas, formerly di¬ of research of & vestment were S. Co., has R. W. Press- joined the In¬ Advisory Department of Brothers, York New York 1 William City, members Stock Exchange. St, of tha > Volume 193 Number 6026 Howard, Weil STOCKS NEW ORLEANS, La. — Howard, Labouis-e, Friedrichs and Company, 211 Carondelet Street, Weil, of the New (563) BY LEO The following seven banks approved a proposal last week for the organization of a holding company: Morgan Guaranty Trust Company of New York, Manufacturers and Tracers Trust Com¬ L .BURR1NGTON York Stock This Week Investor attention Bank — Stocks • company is being directed over ,the of holding $10 the the company route be ultimate Joseph P. Minetree the announced Robert P. and Joseph P. Minetree partners of the firm. general cA'A Robert P. Howard has been as¬ sociated with Howard, Weil, Labouisse, Friedrichs and Company since 1953 as Trading Department. Joseph P. Minetree associated with for the Orleans as past been 15 in career and later Wail years Inc. Inc. with in 1926 associated with Pierce, Fenner & their New York in office. that noted beginning its jj&h-^Sar and G. Since that partners ,have the firm. time been They Wa'ter Hunter Collins, -BANK Arizona— First California new First to Paul T. Wes¬ H. Weil, Jr., Jr., Thomas Jr., P. people and in Louisiana, Citizens & Southern Natl. Bank; Company Idaho— First : National .,7y~; Bank with offices 203 at Home Home. cers Both of J. John were formerly Cliff Rahel & :v:S'::\ Boise; First Security Marine Midland County Trust Co., Co. of Co., apprQVai offi¬ Ohio Co. Girard Traders & National Co., White Tr. - Y., York Buffalo; N.Y.C.; Holding Marine Marine 120 BROADWAY. NEW Telephone: COlumbus; Bank, Portland; ■■'7 ■ - '.;■;» ■ . Security Eank Eank National & BancOhio First PHILADELPHIA, Pa. Bell li Teletype NY Specialists l-l Exchange N. 1 Trust of Building, Philadelphia - has 349.2 3rd 278.1 millions Utah, Co., - 3,032.2 10th 11th 481.9 Plans a ' Office: 377.2 • > Branches 17 th 313.6 2 to the KENYA, STREET, S.W.I. Government UGANDA. Branches -INDIA. PAKISTAN. KENYA. UGANDA, in A-A-A dollars, size form to York 20 th 420.3 ADEN. SOMALI AND ADEN, . name 880.3 Fort Worth Ogden; Salt Lake First 303.6 Bk. Natl. 7th of REPUBLIC. SOUTHERN RHODESIA • at York BURMA, ZANZIBAR. 1 and K New York City. •; BANK and City; Bancorp 538.6 2nd Banksliares 731.5 1st Firstamerica ;A''A'; 'Ao.'A AAv Seattle; Marine Dec. First Wise. 31, 1960. QUOTATION 2nd Corp. A;;.v.. \ tProposed Corp. holding company was merged with RECORD . A subject • Reproduced holding companies banking lav/ in 35 mm. film Eliminates storage costs • Editions kept • Will not deteriorate (Elmira) and Auburn Trust follow 1960. the passage Several of months the ago, permanently proposed to affiliate New York City's and County Trust Company of White company was of of on • Marine Mid¬ a re¬ For further information regarding an¬ state-wide holding microfilm, please address Morgan New York State " Corporation. 1961 by regu¬ will be reduced to 20 commercial banks where a size Natmnal Bank of Westchester, White Plains, remain unaf¬ City bank stocks will be reduced to 8, as¬ suming- 'completion of the* Manufacturers Trv.sUHanover Bank merger. Holaing companies will increase their number of New New your quiry to Microfilm Division: The COMMERCIAL and FINANCIAL CHRONICLE York banks with deposits exceeding '$200 million to 9. in¬ limit least $200 million in,deposits .is desired. Outside of New City, the State Bank of Albany, Franklin National Bank, filiated. York I that 1st 206.6 Corp , , 7 the community and was most recently associate^, with Lehman Brother^ Stock also 304.5 Security the associated financial 1st latory authorities, bank stork investment possibilities in New York banks in: CEYLON. long 5th by Omnibus firstholding the ZANZIBAR TANGANYIKA, NORTHERN In: been Philadelphia CHRONICLE 18th 216.8 company proposal affiliating Morgan Guaranty Trust Co. with six major upstate banks under ST. JAMES'S SQUARE, S.W.I. Bankers . of The COMMERCIAL and FINANCIAL . Should both holding companies.be approved in li ha's the \ nouncement .it He the 15 th Bankers Trust Company Plains, New York; the name New York Holding Corporation cently was adopted: Even more dramatic was last week's LONDON, E.C.S. 13 announced President 14:h 451.6 Corp . Bk., Milwaukee; of exceeded New BANK LIMITED PARLIAMENT Baltimore - 6 th 719.0 Corp. Mr. corporation. with of Vice 4th 3,646.0 — Company was merge i with Marine Midland Trust Co. of Central Stocks 54 to Now Available of Our Publications • approval. NATIONAL AND GRINDLAYS London elected been 1st Corp land Trust Co. of Southern New York I Head become firm. ICROFILM REP (Syracuse). The Marine Midland system's total deposits exceed $2.3 billion. BISHOPSGATE, has has the Board of Directors and designated John R. members with 7 New York 26, Stinson ; , Commerce, - ■ Natl. Wise. of 7 Firstamerica ing 1960, Windsor National Bank 7-3500 1-1248-49 Bank in — Stinson A. associated Hudson, President, Thayer, Baker 6 Co., Inc., Philadelphia National Corp., the only state-wide holding company, only one other bank holding company— Firstamerica, which has banks in several western states. Marine Midland presently is consummating several smaller mergers. Dur¬ is Exchange 5, Trust-Rockland 2nd Corp._ / - Ni'Vv Bank Wisconsin— to YORK BArclay Street William Senior Marine Midland Stock State 1st .450.2 Plains; Wortlh National Bank,- Fort Worth; First ANALYSIS Stock Exchanges, and (Boston). - 5 tin son Joins 2nd 678.2 Corp.t Midland Midland '■ Utah— Bissell S Meeds York Corn ;;; 2nd 452.2 Col, Bank, National Fort Request American Trust Atlas National Bank AA, New Oregon— "■In New Manufacturers Trust-Hanover Bank, Continental Illi& T (Chicago), Philadelpnia National Bank- hois-City National B Ohio— BANK STOCKS Members method, through mergers, or through establishing In orcler to maintain and increase competi¬ offices. basis, several large banks already have expansion steps, including such mergers now awaiting announced ' ' 504.3 N.Y.C.; Morgan N, Y. State Ccrp.t N.Y.C.; N. W. Trust Washington— Members company branch 1st ;• New York Holding Corp.t-A, Buffalo; Morgan N/ Y. State Corp.t Lincoln Roch. Trust Co., Rochester; Morgan N. Y. State Corp.t Natl. Com'l B. & T. Co., Albany; Morgan N, Y. State Corp.t Genesee Valley Union Trust, Rochester; Marine Midland Corp. Mfrs, 11 N.Y. CITY rd. plans to provide for the holding company's acquisi¬ 3rd 199.7 • Bank, Company, Trust Walker Lai Morgan "wholesale" leading a AT 7' Corp.l ':?'■■■. .f V; ' 77,/.. Trust Marine In¬ 1960 on 504.2 219.4 "':>r fvAT ''A 'v-.; Boston; Shawmut AssociationC Bank, Guaranty Tr. Texas-- Bulletin Idaho, -I York— First COMPARISON & 2nd as tive positions on a national Exchange, Minneapolis; Northwest Bancorp. Bank, Minneapolis; First Bank Stock Corp Bank, St. Paul; First Bank Stock Corp.__ National Morgan Van E. 209.1 Citizens & Southern Hldg. Co. Co. of Georgia Association .• of National National New Credit and holding more 6 th d'/'Ad First^National Bank of Nevada, Reno; Firstamerica Corp.- Building to engage in a securities business. Principals are Edwin N. Van offices,: operates stock of the seven banks are in the process of devel¬ It appears likely that other New York banks may take steps for expanding their services whether through the further Nevada— .. formed Farm nine banks not included in the table presented, Detailed , 5th Trust ''."v/1,-A Shawmut Bankers been serving business and commercial customers, with Tne opment. 2nd 1,073.6 Atlantic Trust Co.___'„A in . 7 Stats 1,217.8 corp. as tion of the :',A Corp.——— further First Trust Deposit Co., the Oneida National Bank & Trust Co., and FirstNational Bank, had year-end deposits of $182.7 million, $111.8 million, and $86.4 million respectively. Rank in $352.1 for City Minnesota—• Formed in Omaha has Georgia; Security First Inc. of Massachusetts— Northwestern Home well Bank FirS.america base 6 ~—- -- C. First vestments Francisco; J extremely strong deposit growth. upstate banks in the proposed group with their 144 bank¬ ing offices are presently engaged in the "retail" banking business bank. 77- Firstamerica Co.', San ' /• in the group will an Georgia— Mississipi OMAHA,- Neb. —Van Angejes; T. & A . .7J1j^fl^nti,q..Nati.onalJjaank, Jacksonville; and Arkansas. Van Home Inv. Los B. Total each bank The group will have Thayer, Baker Deposits ^ v,'";A Phoenix; Firstamerica Corp. Arizona, F. branch 11 of ,■ Bank, COMPANY- It is expected that position, providing the Guaranty, COMPANY RANKS • Bank Western M. have HOLDING Florida— Collins, Howard and Joseph P. They now employ over Minetree. offices Forrest AND V'";:-, A National California—7,A. Trust Holmes, Robert seven admitted are: ter volt, on HOLDING banks. It is expected that approximately 24,150,initially issued in exchange for the shares of retain its present name. as of • Fri'dFeb. 1, Shelby banking.. The was of opera¬ Tichs organized the firm branch expansion deposits in 20% MAJOR th^,...Arm' to and share par value. seven capital Minnesota,; Montana, Nevada and Utah, deposits in Arizona, Georgia, Idaho, Massachu¬ setts, Nort.a Dakota, Oregon, South Dakota, and Wisconsin. If developments announced reach fruition, New York State will join those states where over 20% of deposits are represented b'y'bank holding companies. Also the lead already held-by New York State in having the most holding cQdr.Pp*"'y banking offices will advance sharply. The nine hojtd^ng companies presently operating in New York have ove^OO'banking offices. Marine Midland Cor¬ poration's groupu sei'ves 102 communities through control of 11 banks operating 178 offices. ,/ AJLvV-TT Howard, John P. Lab-'-Asse 1946. bank over Ac' VA :c was tion. In¬ began > Lynch. Smith, the He Street Co., became Merrill It of manager operation merc.al and has Department. Dillon, Read & 70 the Steiner, Rouse & Co. in New vestment his of manager of - per All six Probably the main advantage of the holding company is the ability to operate interstate, regional offices. For banK investors, opportunity already exists in such stocks as Firs-america Corp. (j.1 states); Financial General, Corp. <9 states,, including New \ork); Northwest BancorporationA(7 states); First Bank Stock Corporation (5 states) and First Security Corporation (3 states); Holaing companies now hold over one-half of the total co n- Howard as transition . branch banking generally is conceded to best 'serve the banking needs of the people in tne most profitable way ana thus in time will gain near universal acceptance throughout the nation, but political power exerted by unit bank managements in many states is limiting a smooth evolution for branch banking. form have (Rochester), $6 billion, and total deposits of over $5 billion. Capital'*of holding company will be 35 million authorized shares of. 000 shares will be considered less satisfactory-to the proponents of branch banking for strengthening a banking system, formations of holding companies can be considered a more practical method to accelerate of Company As of Dec. 31, I960 the seven banks in the group reported aggregate capital funds of over $680 million, total resources of toward the formation proposals, New \ork bank managements.-While the may admission Trust First-City National Bank of Binghamton, N. Y. > two pending bank Morgan New York J$iaie LOipo.ation ana New York Holding Corporation. Specula¬ tions continue on possible additional affiliation announcements by holding Exchange, (Buffalo), Lincoln! Rochester pany The National Commercial. Bank and Trust Company of Albany, First Trust & Deposit Company (Syracuse), The Oneida National' Bank and Trust Company of Central New York (Utica), and BANK HOLDING COMPANY EXPANSION IN NEW YORK STATE Robert P. Howard 15 Morgan New York State Corporation BANK AND INSURANCE Admits Partners ' members The Commercial and Financial Chronicle 25 Park Place, New York 7, N. Y. 16 The Commercial and-Financial Chronicle (564) supply prospectuses, and that they SECURITY SALESMAN'S will not be reluctant to have (implied) indications( BY ■ in CORNER the stock. The BY JOHN DUTTON is timing placed this of before The main solved without problem that must be in developing is to find the people who are Many other type of of these | Outside investment ads should reach investing buy any ads rather are doing service great a are carrying forward. the But not security salesman all of his time spend sions often are compensate of and the for small too long only ordinarily opened course by who to this process the a bread the new are who about knows securities, Y may be the advertising on OF able This not offer the the firm wrote the ad unlawful such of hot there five in prior %to of an offer in which registration be quali¬ or laws of the path for early in January of Dealer While, much ; since in tous ket followers. for of to 1959 advertising is wide it. use Personal solici¬ tation is the usual procedure when indications public a who obtained are offering. wish to prior Those avail the their to dealers themselves of market when inter¬ some they receive advertisement such an this. A - personal a years comment, for have, witnessed we the solicitation present for issues new than more what INDICATION. market's to strength ignore such called is is farce. furore ing market that we than more Only changed. dealer such fiasco have Under who the as RITY) is and the which see (NOT years. have rules any an¬ do his legal buying issues where the to be are rule. times during tivity in by the bucketful can't do it—if they want Colt Director Colt, Electric pany, a Bond and Dominick cording to an Fund Vice-President Share has been elected The than more tape on,a Strength the ac¬ market, first time in prospects for McDonnell, as with other plane companies, are brighter than they have been for a long time. McDonnell has been spared the violent ups and downs in by a of Com¬ director Fund, Inc. ac¬ announcement made the single trading session. -selective was for part, which in turn left names the some the among & Share's market¬ portfolio. worked 1961 Central, comfortably low, Rail excess closed-end of Fund, with assets $40 million, is. a investment managed company by' Dominick & nick., Its shares,are listed York Stock Domi¬ on Exchange. /, the designing with capsule to outer space carry and of with As has Oils Oil its 1960- over available 5 Ms %.. than better offers and than the return a This is Spot Bright a of yield average of on run¬ distressing problems of constantly higher costs, passenger losses and tral are in common affected full to all rail¬ Illinois measure. But Cen¬ it has been active in meeting the chal¬ lenges by trimming its work force a third, participating fully in the piggyback type which been has of a general business, any in enticing improvement generally make the has and help to industries to its service ness in transportation marked added area. in busi¬ the to in¬ efforts, a the road Could far better profit showing future. some new And made in the future, important fic control. one the line economies to also lines, have been the bright spot in the earnings statements. In this field Standard rather a Oil of Indiana unique half out of a its earnings, mostly in cash plus shares of Standard Oil of^tociv (New Jersey) and, obviously, with earnings im¬ provement comes a better divi¬ dend payout. In addition to profiting by the prices and high consumption of petroleum products during the firm final months Standard realigned of has its to turn the holding marketing the into company and assigning and refining to sub¬ promises to cut trim operating ex¬ which that add much more profit potential. The bitter winter factor in a Indiana drastically corporate structure parent and penses to 1960, also company duplications, was definite a helping lift oil stocks as group, some of which have been able to which forge to manifest regard for a The peaks dozen Oil in highs, investor new laggard group: discounts from half run than a all-time a price as Ohio Oil, points so from dozen a to more Standard in of-Jersey and Pure Oil. A Diversifying Food Company 1: The fcodshares that n-ettv One much that much wasn't down in the which busy year nmeted during Foods, had last buoyant moments is the a absorbing their have lately. limelight play Hunt is company its merger of Wesson two still year's last Oil.'The profit of automated traf¬ * < > - h ; , combining the companies is still to material¬ ize in full. The Hunt Foods it now factors other exists in is organization as the of one the food field, interests such as major and has can, glass jar production, match production, and is zine field ing in represented in the maga¬ through its stock hold¬ McCall Corp. It has also important stock interests in Har¬ bor Plywood and California Pack¬ ing. The earnings complicated fiscal one . in policy of company rigidly to paying a "year" picture bit when to a- was it cut its seven-month be including the . in ones other enhancement from The have against reports, at even preferred stocks, currently ning around 4%%. that man success company welter the the other line more the into with this a project would step up its partici¬ pation in the space age signifi¬ cantly. points, which still was half around ternal The Dominick charged 1959 With Bond is space long. Attractive An Colt, has direct responsibility for able securities profits that have been reported aircraft companies that do a large business in civilian aircraft. history 1,300 issues dotted Illinois , new New market of languid stocks. by A. Varick Stout, President. Mr. Electric of pace record-breaking, mostly breadch since for the roads Dominick expenditures defense the the general slowdown in the econ¬ Of C. high was the . ity I understand they leads stepped-up sidiaries The the rights, this have ticipation. Only an insignificant part of its work is for non-gov¬ ernment customers, and with a omy * of the some ap¬ SECU¬ THE so. C. C. in be¬ high of 1956. carriers, the earn¬ ings record of Illinois Central is not such as to inspire any testing of historic highs, but it is a qual¬ (in my book) is the pur¬ advertising. After all, I reason why anyone and no everyone of worse stepped-up expenditures new of pose Philip L. Carret, Chace, Whiteside & Winslow, Inc.; Frank Dunne, Dunne & Co.; Maurice Hart, New York Hanseatic Corp.; Herbert D. Knox, H. D. Knox & Co., Inc.; Robert N. Kullman, John J. O'Kane, Jr. & Co.; David Morris, David Morris & Co.; George A. Searight, Searight, Ahalt & O'Connor, Inc.; Herbert Singer, Singer, Bean & Mackie, Inc.; Elbridge H. Smith, Stryker & Brown; Eugene G. Statter, Mabon & Co.; Oliver J. Troster, Troster, Singer & Co., and Samuel Weinberg, S. Weinberg, Gross¬ man & Co., Inc. V only get will a foregoing offering of several past few C. The contention defense well-known public a Ads like produced the the his of divert to always was terms uses within believe. peared meeting will consist of: effect the most is noth¬ now what the prospectus to and of the economy Congress. business my nouncement prior to the issue date Brown, and Herbert Singer, of Singer, Bean & Mackie, Inc., were elected Vice-Presidents of the Association; George A. Searight, of Searight, Ahalt & O'Connor, Inc., was elected Treasurer, and Rob¬ ert N. Kullman, of John J. O'Kane, Jr. & Co., was elected Secre¬ tary. < in set fore it gets better, and that action is urgent to help turn it around, an in today, complete a What issues. Robert N. Kullman di¬ when the busi¬ over three- increase its missile-electronic par¬ is the ability the widely view to message over the method of distribution of . the so expressed by the President in his of nothing as termed The regulation book I good showing laggard, was as will upturn ness rather bleak "jumping the gun" on the offering of attractive "new issues," the hodge-podge that is a industrials amazing aspect of the vergent views so-called Singer in hypocrisy of what the S. E. C. orders nearly up to well • v . • toted that it holds The more was ^ fared a were new 1960 fiscal year, McDon¬ still needs. back better than mixed. no was tax these toward turn fourths^ of its sales from fighter aircraft,, while it is working' to is not clear. year the leads nificant raising- tax been pushed able to make score mar¬ income investors cover although rails security dealer that any to terms dour a 15, the flabby February were at¬ February and last * The nominating committee for 1961 is as follows: E. Paul Emert, W. L. Canady & Co., Inc.; Lester Frenkel, Gersten & Frenkel; Horace I. Poole, Eisele & King, Libaire, Stout & Co., and Norris Rosenbaum, Englander & Co., Inc. When In wishes cor¬ March on to money Phone is prospects electronic work and fields is McDonnell Aircraft. It Name will . at sharp rections. casting Co. the elected than more call for advances 15, the record many Association January alone points had been added by the industrial average. And precipi¬ April As the cautious 32 to of there serious the market it has 'i* Governors the prospectus on X Y Z Broad¬ tion as of of Since inquiries to Board that so making was time fell . without me their sales force with The ground obliga¬ send Please esting annual coming was beingfull-fledged correction so a That opportunity offered when a ''popular underwriting comes along certainly are going to provide George A. Searight progress the general list has not yet shown any disposition to give tributed v and profits In the harder, ' Address se¬ missile 1960. Emerging Caution . ' in their nell markets Name Officers Herbert of Then, too, February has Address Elbridge H. Smith, of Stryker & Elbridge H. Smith subsequent assault on a any (Name of Investment Dealer) ence as reputation among the stock Samuel Weinberg, of S. Weinberg, Grossman & Co., Inc., has been elected President of the New York Security Dealers Association, Weinberg - the all-time peak of 685 recorded of would that has made the big differ¬ ness new students sale sale or under the securities ■:\v ■,. ■ State. open Samuel recovery busi¬ the defense sector, the In companies like Martin dropped strength to carry it airplane work in favor of the "science" portion of their business. above that level, according to the technicians, will leave a clear One that has yet to make a sig¬ Any were has announced. the only is far in the advance. an any State any solicitation This type of the Association under had average 650 which to up points called constitute be Switching in Defense into ran high of mid-June, 1960. up request. on Address N. Y. Security Dealers Elect rally industrial the before may STOCK shall shall offer, fication although that nor the solicitation or securities such it certainly minces no words in implying that an offering is soon to come, that them market se¬ SHARES you advertisement buy these procedures in offering However, the ad only prospectus to possible in¬ does stock worked will be made avail¬ to STREETE resistance again this week but not COMPANY COMMON A prospectus issues. a The has been nothing worthy of those use Z 236,000 usual curity, butter something buys X se¬ appeared re¬ metropolitan city of vestors.^ It in this business still lies with the customer type offers matter of and specific criticize would not amateurs. ad There has These but effective. effective. grounds that it appears to violate aggressive sales¬ most but men, as such nor a been offers to buy be accepted prior to the time the registration becomes to sell in relat¬ has curities may not be sold to newspaper. development that leads to very meager income. A few small accounts Commission become offer to cently customer often for that offer ads change yet the create task a The following educational work it pay. The commis¬ regular Stock Exchange on orders can¬ this energy in and make To securities with the Securities and Ex¬ sales force to follow. public in connection with the edu¬ cational and trail-blazing efforts they not have who these to curities, or special reports and reviews, only produce the type of leads that represent in the part curiosity seekers, students, other salesmen's inquiries, and but a paltry few good prospects for the the to is and newspaper understanding securities. Many The mutual fund people the has used this type of effectively in the past is registration statement ing segment of the a public and means than savings accounts and life in¬ surance. that very filed institutional pi community where the located. Investors good-will advertising, people in investors ad A qualified prospects for the security salesman. I am not re¬ ferring to those who are now being contacted by mutual fund first-time firm ' and are ular in the a Advertising Should Seek Out adult population are initiated salesmen. of much too time, and has some knowledge of investment and speculative procedures. interested in investing in securi¬ ties. Only a small percentage of our security is antitcipated, and when the issue in question is very pop¬ salesman's qualified prospects for the investment busi¬ ness taking WALLACE which issue is released, is excellent. It is used only when a national underwrit¬ ing of a well known and popular Advertising That Products the Right Inquiries AND YOU ... ad, new a ..Thursday, February 2, 1961 . THE MARKET some orders) or . coincident with Wesson. write-offs That into merging with compressed the - its abbreviated Volume 193 Number 6026 . .The Commercial and Financial Chronicle . (565) period so sharp rebound is a from sured the artificial as¬ 70-cent Mr.. Page; Thomas Blake, Jr., Savings Bank of Brooklyn; Joseph J. Devine, Bankers Trust N. Y. Fin. Adv. Chemical Ready for Rebound The chemical ^company regarded widely prospects for having as good rebound when business in a general picks is up Monsanto Ass'n Elects The New tisers York Financial Association George W. Heyne 1961. Mr. Adver¬ has as Heyne, President for Vice-President of cutting 3y2 Page, of the public relations department of the First million of them for the half inter¬ National City Bank of New York. in shares est by with paying American held in now lines own its than Viscose formerly With wholly-owned its last diluting more Chemstrand. a and its of some also and year this operation, earnings on an Bank, South Savings Robertson manager Charles Daily Brooklyn succeeds assistant O. Graf, News, was Vice-President and New named York first Frank W. trend, plus Hall, Albert Frank - Guenther Law, second Vice-President. Rob¬ the ert up¬ new products on which potential is still vague, sales J. Stiehl, the division is in Association tribute Treasurer. position to con¬ importantly to the results of the parent company. Like other chemical companies, Monsanto able was while to show profits that a increased lagged, business . sales Brown American will Bankers continue Paula < Company; Andrew J. McDermott, Jr., First Boston Corporation. The elected which had to contend with price- the De Niebling Joins Lee Higginson Dime profit reported for fiscal 1960. A 17 as Menna, & Bigelow, was named Secretary. Newly - elected directors are: New vertisers' prised of relations York Financial Ad¬ membership is com¬ advertising and public representatives the of major financial institutions in the metropolitan Robert of the New York Stock as at Niebling's that of - investment Names Officers ;> Stone of gen¬ Leonard dent. Company of National Bank, W. Mr. Leavitt America; assistant Vice-President Mellon Cahoon, Simon and will retire is Co. Vice-Presi¬ a partner in which he from February 8. in New charge of the Investment Research Division of the Trust Department; Remco Syndications, gaging in 90 Broad Charles Stuart Street, F. MacR. Bookwalter Vice- Wyeth Presidents. well as as earlier background with & investment Lionel D. Edie Co., and Wood, Struthers & Co. from Inc. securities a could easily end. [The views expressed in this article do Where not necessarily at any time coin¬ those of the "Chronicle." They are presented as those of the cide with author the Bell was ON only.] Telephone System FRIDAY, AUGUST 12, I960? Auchincloss, Parker Admits 2 Auchincloss, investment members Parker & the New V Redpath, banking of SGiM BATTgRttS *:•' firm York and Stock Exchange, announced that A. Peter Knoop and Henley C. Hoge, III have -mm* r cccccwwy. \ to* XvX-xj: been admitted general as partners. Mr. Knoop, with the firm's York office, Broadway, 2 for 25 has ized i IK-. New years, RECEIVES It handling was some 210,000,000 local It and long distance conversations, plus about 5000 so calls. overseas guiding Echo I was Bell System world's first special¬ into near-perfect orbit scientists could make the telephone call via satellite. U >«i TftAHSMIfT6H developing was world-wide a communica¬ tions system using satellites powered Solar Battery, a Bell System by the invention. insti¬ in tutional sales and syndicate operations for A. Peter Knoop 20 partner he will As years. continue a these functions and in addition super¬ vise branch office operations. Mr. has Hoge been associated with the Washington, D. C. office, 1705 H Street, N. W. for nine where years the in for he has development been of active Seminars investors. Abraham & Co. Will Admit Weil It On Feb. quire a 9, Wallace P. Weil will membership in the ac¬ offering Bellboy personal signaling to was more and Transistors, more people. another Bell Device System uses It was for tiny invention. building fast, reliable communications BMEWS—the nation's Ballistic Missile Early Warning System. It constructing was munications a 'round-the-world system for America's first com¬ man (or woman) into orbit. New York Stock Exchange, and will be admitted to partnership in Abra¬ ham York York will & Co., 120 Broadway, New City, members of the New Stock Exchange. Mr. Weil retire from in partnership Gruss & Company. Schweickart & Co. To Admit Partner Schweickart & Co., 29 Broadway, New New York York City, members of the Stock Feb. 9 will admit Exchange, on Stanley A. Nabi It to partnership. was providing circuits for the speedy trans¬ mission and of mountains of data for It business was providing thousands of miles of high- quality government. circuits network for television the country's local and And it was scientific delving into innumerable fields of inquiry laboratories programs. in at the the largest industrial world. Exch. Firms Govs. Holds Meetings The Board Association of of Governors Stock of It the Exchange firms will hold their winter meet¬ ing Feb. 27 and 28 at the Hilton Hotel in Pittsburgh. at the scene of every around the world—Bell major communications activity that day, held a on the ground, under the oceans, as if is every day. through the air, Telephone people "wrote the book that everybody else uses." How come? Because it's You have The Spring meeting will be in was And for them all—communications our job to be expert in universal communications. right to the best service in the world. And you get it! Sf. Louis, May 8 and 9, and the Fall meeting Oct. 9 and 10 at the Brown Palace Hotel in Denver. BELL TELEPHONE SYSTEM Pioneering in outer space to improve communications on earth is en¬ business offices at 55 Liberty New York City. pattern a upturn New Exchange, City, has elected Edward W. Holland, and Cor¬ Stock will be as of Feb. 9, with offices in the Seitz Building. Officers will be Lee K. Simon, who will ac¬ quire a membership in the Ex¬ change, President and Treasurer; in¬ of The Simon formed research Stone; K. Co., Inc., members of the Remco Syndications Form'd poration, York Securities of manager Prudential Insurance Webster & York Exchange, experience head Model, Roland & eral Syracuse SYRACUSE, N. Y.—L. the firm's Director of Research. Mr. cludes & In E. Niebling has joined Lee Higginson Corp., 20 Broad Street, New York City, members area. Stone & Webster L. K. Simon Forms Street, f ; . (566) the awaiting Text of the President's ■ marked anxiety and, particularly, foreign affairs. Dis¬ Kennedy's first report to Congress displays about the state of our domestic diagnosis that we are in a rela¬ tively mild recession, and more so with former President Eisen¬ hower's recent optimistic prediction of a substantial turn-about in 1961, Mr. Kennedy bluntly declares the American economy is in trouble. Ha outlines a resuscitative program, which he will detail to Congress within the next 14 days, encompassing not only our economy but also our balance of payments position and our social- ? , aid I need the first State of Message to Congress Union the President John F. Ken¬ Jan. 30, on childen munism. have no-greater asset than the willingness of a free and assets, we feel¬ I cannot fully express my ings in addressing this joint ses¬ sion of the Congress. You are my Washington—and oldest friends in this is house 14 oath eral office. 14 and members both parties President Kennedy wise your and generous leaders—and from the pronounce¬ I which ments vividly recall, can sitting then where you sit now— including the programs of two great Presidents, the undimmed eloquence of Churchill, the soaring idealism of Nehru, the steadfast words of de Gaulle. To speak from this mskes back I me will continue. both For joint part, fact or report, past, present or future, which is neces¬ sary for a free and informed Judgment of our conduct and people any the The rest include areas. to Congress, nor avoid respon¬ for the outcome of those industries important decisions. Hour of National Peril whether such The and can en¬ as ours answers clear. means •—this All of by no together are us administration, this this nation — must gress, Con¬ forge answers. But after anew organized The outcome is by no means certain. those test to nation a governed dure. an have shall we today, little office — remedy metals, as and mum of use Troubled In industrialized ful ranks, were detailed every would I than to a offer— legislation a Construction is off. sold automobiles Fewer people on below well too now to them many spend to more Economic Yet Americans for For that have national rightly ill, • the best at , from this be "the our most history." prosperous year in Nevertheless, fore¬ slack and only casts of continued replaced the duty of responsibility. throughout My remarks, therefore, will be limited. candid. But they will also be To state the facts frankly slightly been imity does reduced made — not 1961 with and intend is not to despair the takes careful future nor The prudent heir inventory of his We lar for concern despair. for cause reserves financial and and — their I now strength full large assets abroad—the total owed this nation Moreover, far reserves—and imports, i hold we the exceeds alarming unan¬ . if needed. use again claims our substantially - upon exports exceed . . our once our .. administration to stand cannot afford to and our stand behind the value of the dol¬ Pledges to Maintain $35 help¬ lessly by. hours de¬ billion in total gold other international that pledge , indict the past. meet for cause not and unemployment and 1962 have this once to monetary monetary is is is our stocks prediction one year ago podium that 1960 would in the back to short, empty waste plants idle : while all our efforts up that, abroad, and to make certain future the in the in as past, the • In . Gold short,, we Dollar need not—and we shall not—take any action to in¬ democracy our high promise of our herit¬ the to Morality in private business sufficiently spurred age. not been has problems and projects in of host states, though not possible include in this message, de¬ 50 of both tention "sound as as Congress and the On most of the executive branch. these matters, the sent dollar." a receive—the at¬ will serves—and to next dollar is A by morality in public business. all to two will be within the messages Congress weeks. m. ' "IV.-- exchange of payments is out of But more than our international The current Federal budget for fiscal 1961 is almost certain to show a net deficit. The balance. budget already submitted for fis¬ cal 1962 will remain ,in b^a"00 measures revenue requested—and only if an earlier and sharper up¬ turn in the economy advisers nomic when these now confront pale problems those which beside placed around the world. No us entering upon this office, re¬ man party, regardless service in Wash¬ gardless of his his previous of all the ington, could, fail to be staggered enacts Congress if only all But . than my eco¬ think likely learning—even in this brief days period—the harsh enor¬ mity of the trials through which we must pass in the next four upon 10 the tax revenues esti¬ ^Nevertheless, a new ad¬ years. tiply. Each day the crises mul¬ Each day their solution of necessity budd on the soending and revenue estimates already submitted. Within that framework, barring grows more produces mated. must ministration urgent of development the draw we Each day difficult. the hour of maxi¬ nearer danger, as weapons spread hostile forces grow stronger. mum and inform the Congress I feel I must na¬ analyses our the over last it clear that — in these principal areas of days make each of which, including crisis—the tide of events has been revenues from a stimulation of running out and time has not been our friend. the economy, will not of and bv expenditures themselves the earlier unbalance budget. of the Communist Chinese menace the "Unfinished and Asia, the relentless pressures In y/; \ ./ Neglected" Tasks entire area— India and Viet Nam to the jungles of security the of of borders the from what must South house¬ /Laos,' struggling to protect its hold is cluttered with unfinished new-won independence. We seek and neglected tasks. Our ciVes in Laos what we seek in all Asia, are being engulfed in squalor. and, indeed, in all the world— Twelve i long years after Congress freedom for the people and in¬ declared our goal to be "a decent dependence for their government. home and a suitable envirohment This nation shall persevere in our for every American family" we pursuit of these objectives.; still have 25 million Americans In Africa the Congo has been However, we will do be For our national done. living in sub-standard housing. A new housing program under a new brutally torn by civil strife, poli¬ tical unrest and public disorder. housing and urban affairs depart¬ ment will be needed this year. We contain children than classrooms Our million more One-third teach. to fied most of efforts unable financially are continue the development The talents. war babies of colleges ill the in — and prepared. 1960s our our to saline the have only Our upon our over colleges are ter water conversion, and the vs. . States United Latin. America, established a base on Cuba, miles from our shores. objection with Cuba is not the people's drive for a bet¬ 90 life. Our objection is to domination by foreign tic world obligations require. basic research that lies at the root . ... Communist that re¬ gion's peaceful revolution of hope In our oceanography, member many agents seeking to exploit We lack the scien¬ We have neglected from Cuba tists, the engineers and the teach¬ ers and orderendan¬ now are states. schools in the 1950s, are now de¬ scending which support our of their overcrowded who 1940s, support the United Na¬ to the gered by mounting tensions, un¬ solved problems and decreasing promising high school grad¬ uates of efforts tions to restore peace quali¬ 90,000 teachers not properly continue shall heroic two they properly have room for, taught by have some $22 buy. prophecy Under position remains exceedingly strong. Including our drawing rights in the International Mone¬ tary Fund and the gold reserve held as backing for our currency and Federal Reserve deposits, we that cost items position sufficient • it —but prices rise—so to over¬ administration,'intends, in This its and on this All Profits in inventory. hours. 40 continued obligations. has obligations. the average work week has shrunk have than more West's military dollar remain working—and are country these deficits for im¬ provement now wonder aloud whether our gold reserves will A million un¬ are bear to aid pended Business decline. this the of whose predicted levels. wonder whether the desire for speed had Congress opportunity, $2 billion is predicted for 1961— and individuals in those countries the among have fallen below by in existing policies, another deficit of resource¬ actually receded. has to week the result private capital more was increase foreign last in economic growth. Since last spring less hand, an continued Maxi¬ economy earth have that the subjects of world opinion is not equal to the charge us and conscience national 10 share Economy The most colors our the on we race—at the ballot of elsewhere—disturbs and box fellow Americans our account ing economy, it is my current in¬ tention to advocate a program of on of some on the deficit, 1960 The Meanwhile, short, the American economy is in trouble. our to that gross restored. never was on higher industrial capac¬ our the return or speculative ad¬ vantage abroad., .-'/J. the 1958 re¬ normal levels. to returned — The tional defense needs or a worsen¬ of national product never regained- its full' potential. Unemployment never Our exports to both of restrictions other ap¬ cession, moreover, was anemic and incomplete. part large our outflow seeking new Our recovery from ity failure of the prices. ah uncertain art—as demonstrated more in caused was and goods and our own uncompetitive parel. investment is in hour of na¬ tional peril and national oppor¬ tunity. Before my term has ended speak today in The 1959 gold reserve. our deficit such in automobiles machinery, it sibility I from school new off laid workers skilled the shift decisions executive of burden neither shall I hazards. gold in such quantity as to cause a total outflow of nearly $5 billion troubled and payments of balance our billion in these three years, and holders of dollars abroad converted them to Nearly one-eighth of those who without jobs live almost with¬ out hope in nearly a hundred es¬ depressed This overall defi¬ increased by nearly $11 are pecially in cit jobless meager substan¬ has here us tially widened. result nor my their already benefit rights. ing to returned 150,000 workers are exhaust¬ some 1958, the that, since invest or four true | between the .dollars we spend abroad and the dollars gap during each month And is part-time jobs that had balanced their budgets, skilled and un¬ attempt any trespass. I shall withhold From neither the Congress nor the permit than more It penetrate foreign markets Constitution Our assigns for work months. problem in its proper perspective. some-1 by friendship that in peak highest fhe knotty put that us ents, farmers forced to give up the and separate roles to each branch of the government; and a President and Congress who hold each other in mutual respect will neither wisely at let solutions, whom serve payments.problem. Laying of ance graduates unable to Use their tal¬ glad. confident am is a To be friends many so very to aside all alarmist talk and panicky Save for 25%. by goods more competitive, is also the key to the international bal¬ rostrum solemn. very among makes historic same me at home, plant and make our expansion can for in both houses —from asked burden full men seas. that 5.5 million Americans without jobs, more than one million have been searching f ;o of technology history,/".Of from n the new ment inspira- t io placing the down w1e dge lasts, ways will be found to ease our dollar outlays abroad without families brief period in 1958, insured unemploy¬ It for that gained o Efficient current deficit the While lands. developed less the na¬ ' making it essential that improved enforcement new legislative safeguards. denial of constitutional rights have — of dwindling. is each year, we spending of private dollars abroad and (through OECD, NATO and otherwise) sharing with our allies all efforts to pro¬ vide for the common defense of the free world and the hopes for growth supply Or¬ Our scene. water ganized and juvenile crimes cost the taxpayers millions of dollars undue J ■ -iv. II. v and clean of loopholes that encourage customs our a realize r stimulating Business years, kn strength. it is — to program ' here, was tional bankruptcies have reached their highest level since the Great Depression. Since 1951 farm income has been squeezed the (particularly of hos¬ lack of nursing homes the aged), a lack American the in¬ foreign with more liberal governmental guarantees and financing—curbing tax and prices stable at recovery weaknesses our on farm income. Fed¬ of prc'mpt a immediately— way attracting at - vestment and travel to and paving the way for increased long-range growth. This is not a partisan program concentrating of months seven — price stability — and other steps aimed at in¬ take to diminished economic growth, and nine years of falling I took of natural resources our of years years that ago, first wake the of to encourage recession, 3..%' years of slack, seven more than I in We take office is disturbing. the people, owing many lack of income a among ihis coun¬ try—promoting American exports, — suring present state cf the econ¬ The omy aimed . ment under get for our lowest paid workers by raising .and ; expanding the minimum wage-Lto offer tax in¬ centives for sound plant invest¬ ment to increase the develop¬ fear. or ______________ my oldest home. It was here, panic to ex¬ — — lems frankly and meet all dangers free from • areas, power elected officials, won¬ beyond often in part upon for-, for the aged under Social Security, confidence in our ability to and to increase the supply of both pay. A series of executive orders,- facilities and personnel, must be legislative requests and coopera¬ undertaken this year. tive efforts with our allies will There are other sore spots on the services -cf the United States employment offices — to stimulate housing and construc¬ tion to secure more purchasing people, through its to face all prob¬ determined full text follows: The message in call for an¬ blessings and other recital of our to these but — achieved has research n . Noted eign pand the occasion does not Com¬ position vis-a-vis world its needy their aid to redevelop -our to — chronic.. labor surplus of legacies, and gives a faithful ac¬ counting to those whom he owes an obligation of trust. And, while nedy painted a doleful picture of the nation's economic status and and ployed, . his submitting do sense ' . long depended porting basis — to provide more food to the families of the unem¬ interest" to solve our "critical" problems. In ««» Lacks Health will riot? rew wonders the dollar ders are too good both higher and education can no longer be delayed. require,1 however, that new steps in duration on a self-sup¬ creases ahead, of what should be done, and dedication by us all to the national "complete for of and Prudence ; ' to the Congress school . That is a pledge.; reach cf too fashion. in any pensation/through temporary in¬ President's survey of what lies of public Medical value the for grants be taken to ea^e tne payments pital beds, a next; 14 days measures deficit and prevent any gold crisis.. and a lack of doctors and dentists. improve ..unemployment corn-' Our success in world affairs has. Measures to provide health care to complete the us eral commitments our administration This technological progress. Fed¬ cf all gold of around the world. distort Program will' propose . Thursday, February 2, 1961 within the diplomatic steps to cope and of the trials" facing enormities harsh "the foreign Defense, needs. welfare with Proposed . . — weaken to —or price stability. relative agreeing with the Sproul task force i , unemployment, to put unused capacity to work, to spur new productivity, and to foster higher economic growth within a frame¬ work of sound fiscal policies and . to reduce our anti-recesoion efforts — to fail back on restrictive irade policies controls change do—to reduce . ounce—to impose ex¬ from $35 an what price dollar the crease recession. a world the free economy can a State of the Union Message President of end shew must We Financial Chronicle The Commercial and - . 18 tyrannies. - should reform couraged. Questions and trade social and Cuban economic policy of can Continued their and domes¬ be en- economic always on page be 32 Volume 193 Number 6026 The Commercial and Financial Chronicle ... Jerome NEWS ABOUT1 of New Branches New Offices, etc. the Board has of been '• .« promotion X Company, N. Y. ;A ," • SH ■ of the old '' H: has of He Approval has been given to certif¬ announced James L. Kil- the of increase of icate Chemical of New for * * ::v- SH value par A. Thomas Allin, Jr., Bruce Kniffen and W. Perry Neff have been appointed Assistant Trust Officers stock in the Personal Trust Department of Chemical Bank New York Trust shares Company, New York. Other of of the East pany, from shares of $175,000 added saic value par pointments were: George J. Senger, Assistant Treasurer, Metropolitan Division; Theodore moted Vincent Fischer, Assistant Personnel Director, and Martin W. Herrick, Manager, Metropolitan Division. * * L. * * Amato to $50 'A: . National Bank increase the Westchester, * Approval has been given to cer¬ Approval has been given to tificate cate of the Incorporation providing Hanover Bank, New of reduction of capital stock of a thie York, pany, of ferred 5,0Q0,000 shares of the Incorporation First. $45,000,000 consisting of 4,500,000 shares of the par value of $10 each, to $50,000,000 consisting Trust & providing been Cumulative par Stock Convertible divided last six into Pre¬ 45,122 par in¬ to • v crease 972.50 cumulative consisting $225,610 of preferred stock, divided into 45,122 shares of the par value of $5 each and $2,344,362.50 of common stock, di¬ The value. vided nounced. * * Vice-President a Gross and George pany, :H its increase late Devoe the Trade Bank and By Company, New York, the nounces XX. fective Feb. 1. /. H. M. Grindell has been Chief as Canada's will the of York New Bank W. J. Ganann, who Assistant Gen¬ Manager of the head office succeed Bank, the ' .XX Canal Portland, Maine, common * A. a J. Saulnier was Trustee of the Bank for Savings in the City of New York, New York. a National Bank* of Vice * of N. has J., been Browning, Secretary. its Chicago, common Trust Company, John was $1,650,000 The Uppet* Ayenue National Bank of Chi^Sigo, Chicago, 111. has in¬ creased from its F.r Tiffin, Tiffin, its named Directors. were r- * * - Richard X . has Flinn D. ' * been . - ap¬ pointed Trust Officer in the Trust Department of Mellon National Bank and Trust Company, Pitts¬ sfc ❖ Robert 24,000 shares The * Directors vania Pa., has Heights,. 111., cago its *. tic of Western National declared common Pennsyl¬ Bank, Pittsburgh, dividend stock a 000 to has increased its capital stock from $100,- $200,000 by stock divi¬ a dend, effective Jan.-18. died the at capital common Trustee of the elected Hamburg a Savings Bank of Brooklyn, N. Y. * ber of shares shares, par outstanding value $10). Aj< * The American National Bank and Trust Co., Rockford, 111., has in¬ its common capital stock $900,000 to $1,000,000 by a stock dividend, effective Jan. 18. (Number of shares outstanding 25,000 shares, par value $40). creased from 1 * * * The First National Bank and Trust Company 111. has of Evanston, increased Roosevelt Savings The First * * National ' Bank . Billings X of Brook¬ ment of Arthur Loehrer T. during and and other work E. Weldon Schumacher, Robert C. Sprague Directors. * Frederick H. Davis D. Grave were Abbott and elected Associate . * * # • Trust Company of Morris County, Morristown, N. J., on Jan. 26 ap¬ Assistant Comptroller of the Bank. > Year Ended December December December 31, 1959 31, 1960 31, 1959 repairs, hydraulic turbines Estimated tracts $48,561,520 . $46,923,377 $189,726,186 $196,070,624 the unbilled * The * close At December 31,1959 $277,669,961 of during the last full work-week of the period • * the at con¬ period elected Trust Officer. The Bensonhurst National Bank of major 31, 1960 $433,834,813 balance of Eq uivalent number of employees, on a 40-hour basis, working President, and David T. Pyne.was * page * pointed Wilbert J. Snipes, to Vice- * ( 31,1960 period from the Cadwell, as * common shipbuilding^ ship conversions Bos¬ National Bank, New Haven, Conn. Bank, on December ton, Mass., has elected Howard J. President Adam Schneider, Jr. of lyn, N. Y. announced the appoint¬ Evanston, its Continued (Number Three Fiscal Months Ended elected directors were , . . • . . . x . 14,389 15,598 . • ' " .••••-. ' ' ✓ - . . - 1 Company reports income from long-term shipbuilding contracts on the percentage-of-completion basis; such income for period will therefore vary from the billings on. the contracts. Contract billings and estimated unbilled balancestare subject possible adjustments resulting from statutory and contractual provisions. any Brooklyn in New ' York, New York, N. Y., has increased its com¬ mon capital stock to from $800,000 $1,000,000 by a stock dividend, effective Jan. 17. (Number of Robert B. Hansen has been elected President Trust of the Company, Leonia Bank Leonia, N. to & By. Order of the Board of Directors J. Former President, J. F. Seal, has been elected Chairman. X January 25,1961 from 50,000 (Subject to audit adjustments) Directors of the First New Haven * * stock $500,000 by a stock dividend, effective Jan. 18.. (Num¬ Quarterly Statement of Billings, Estimated Unbilled Balance of Major Contracts and Number of Employees X- Chi¬ increased Newport News Shipbuilding and Dry Dock Company Fiduciary Trust Company, * was has age Jan. 13. * Crews R. , in $400,000 a to At December John « First National Bank reduced The City National Bank of Tiffin, Ohio, value $50). par * Ohio, capital stock from $250,000 to $216,280 by a stock re¬ duction, effective Jan. 10. (Num¬ ber of shares outstanding 10,814 shares, par value $20). common Tiffin, K: to elected , burgh, Pa. capital stock -common $800,000 $1,200,000 by a stock dividend, effective Jan. 13. (Number of shares outstanding Julius Klein will succeed the late Hubert F. O'Brien, Harris in¬ stock tj! :|: has * C. Newark,. The Commercial National Bank of . 111. capital stock to $1,815,000 by dividend, effective Jan. 18. (Number of shares outstanding 18,150 shares, par value $100). a an¬ X a * , Va. Jr., * ■ , * have been elected A. *. Chicago, from * Presidents. - Con¬ Cosmopolitan National Bank creased Senior P. Patterson, and Rawles were elected W. the X,* si: Maine, Bryant the and * Va. Director. a Richmond, Boston, Mass. Raymond * The Vice-Presidents of the Senior * of Company, 111. have approved the of the two institutions. shares, Davis, Edward F. Gee, James X •' Ralph D. Vice-President of capital its si: a A total of surplus. Kendrick, Philip Dean and John of elected ■ * stockholders $ State-planters Bank & Trust Com¬ pany, a and merger & Burwell were Francis W. Hatch, Jr., Edmund H. eral Montreal. Union < W. Dr. :X'" .. from nebunk, of 77, has been appointed in *X": of He agency. Na¬ of the Ocean National Bank, Ken- appointed Royal City, I. Executive It has capital Trust Company of Chicago, 111. and the City National Bank and Trust * and Otto in tinental Illinois National Bank and elected Carlisle R. the Bank, Portage, County, Ind. Its President .. . si: increased . Director of- as Westchester :|: . as First Jersey N. J. Norris Pulsifer Eveleth, President 'X A. v. the | issued to National :!: The common $1,350,000 Richmond, also * been to $ ' * has Alexandria, Vice-President, Hilton Herrmann Smith, and Nathan H. Wentworth dividend, Ira »———X' * » Tarry town, $2,100,000 to $2,200,Jan. 13. (Number ot: shares outstanding 220,000 shares, par value $10). Vice-President, ef¬ * * r charter $350,000 National its in¬ capital stock common stock dividend, ef¬ 17. (Number of a Jan. of * is John J. Williams and its Cashier value $10). Bank its Portage Director of the Central National a A r.. 000, -effective an¬ of election as ' si: Bingham stock National Golding, Chairman of the board, Sterling National Bank Hirschmann a has H. & Trust North sic Northern "VVX- aaa':' stock * * * of * Trust The Jr. increased from :|: • is D. E. Gardner. Alexandria, stock value $50). par (Number of shares outstanding par value $10). 30,000 & tional Bank, Chappaqua, N. Y. Company, New York, N. Y. Samuel of| the Louis Weinstock will succeed the a cer¬ capital $3,540,610 consisting of 354,061 shares of the par value of $10 each to $3,823,860 consisting of 382,386 shares of the same value the Bank si: stock from for * . ❖ Approval has been given to to shares North Tarry town, N. Y. New York. tificate 937,745 value of $2.50 each. tional of the Trade Bank and Trust Com¬ into of of has corn- 30,000 shares, * Citizens its $200,000 to $300,000 by a dividend, effective Jan. 17. ■r Davis, Monrue appointment Spencer, and of stock a Huntington, Ind., has creased of ;; * * * ' Carl Byoir as a Director at the Irving Riker has been elected to Exchange National Bank of Chi¬ cago, 111. X James T. Margotta has been, succeed Roy F. Duke, who -re-' Xa'* * * A elected a Director of the First Na¬ tired, as Chairman of Fidelity par Assistant Vice-President an convertible First si: increased * ington, from Thomas T. Arden has been elected Directors of the WeeTrust Company,v- Wee- hawken, N. J. 'i: of XiX - A its common capital stock $53,060,400 consisting of 5,306,040 shares of the par value of $10 each, to $54,121,610 consisting of 5,412,161 shares of the same par Charles J. Schor has been named and They Directors. outstanding value $10). v. value of $2.50 each; to $2,569,- from par si: Company Baumann,- has permission shares, Bank The First National Bank in Hunt¬ from stock shares fective Philip Flazman, Fred¬ as capital has •, , by Bank National 25,000 shares, stock National $ capital stock from $1,000,000 to $1,250,000, effective Jan. 16. (Number of shares outstanding Porter over erick in¬ * shares outstanding 148,500 election of hawken received Trust of New Jersey, has announced formerly dividend value $10). * outstanding value $20). tj: Second capital stock $8,175,000, par Citizens $1,485,000 by . Trust to * i. capital ce- National % :j: . has Md., common par moil < . dividend, effective Jan. 16. of shares outstanding of was E. its ' Bank 1 that the years A * shares Warren, Warren, Ohio, by Central-Penn A of shares, ; A par Commercial The Irving Trust Company, N. Y. ■ Franklin announced si: The Kohler XX'.'' * The of * • A The elected to was the * • common The Elizabeth, N. J., has increased its capital funds account from $3,991,938 to $7,246,477. divided into 941,407 shares of the o$ $10 each. \"X-. * * The Vi (Number 400.000 .a ber Director, a Senior stock value $25). par common capital stock $7,200,000 to $8,000,000 by a dividend, effective Jan. 17. from $200,000 to $300,000 by a stock dividend, effective Jan. 17. (Num¬ State Bank of shares of the par value of $5 each and $2,353,517.50 of common stock, -'.A Dudiak, has been the • A' :■ its 20,000 value each. elected of ■: * Stephen Com¬ Deposit Syracuse, New York, from $2,579,127.50 consisting of $225,610 of 10 held. increased its from Laurel, Laurel, Md., has increased agreed common Company, Paterson, N. J. a cer¬ certifi- of cate from value amendment for increase of capital stock of an of stock The «fc tificate certifi¬ also, Huntington National Bank of Columbus, Columbus, Ohio, has * $5,450,000 Va., has pro¬ of 1 817,500 shares, were represented by * stock (Number bank from shares of $25 par capital „ 10,000 »Jc The Connellsville, has increased Baltimore, from 1 It for is ' '• more, Directors the Board •' a of in share for each new White Plains, New York. * of increase an President of Board of Pa., H: creased W. Robert outstanding * Chair-, The First National Bank of Balti¬ Presidents, shareholders, Mr. been has Vice-President * of Amendment the . * - Bank ■ . ■ * and shares 19 shares, par value $20). National Bank of Philadelphia, Pa. $5,000,000 to $5,500,000 by the issuance of a stock dividend of $500,000 or one c-ach. H. Vice stock of the each, to $350,000 consisting of 35,000 shares of the par value of $10 ap¬ Mr. County, Paterson, N. J. to York, of * Kraft to The consisting of 3,500 the of will of the First National Bank of Pas¬ capital New O. Siebert, Osborne Trust Com¬ Hampton, and to of to s|: 16,000 shares, the Ward, *. Erwin change in the number and a * E. Richard Werner Jer¬ Maude. L. advanced was J Savings formerly Ex¬ was for dividend, the Second common ing who Mr. Maude succeeds, will become Honorary Chairman. merged with the County Trust Company, White Plains, N. Y. in value. Howard Waldron its elected Newark, New William man. Trust Company, New York, from 1950. X A'A /,('•'A./i'A $101,719,080 consisting of 8,476,590 I'VaXXX'A'-X: * ' * • shares of the par value of $12 Approval has been given to a Cer¬ each, to 106,800,000 consisting of tificate of Amendment of Certifi¬ 8,900,000 shares of the same par cates of Incorporation providing X. AA.XXX'"'':' of Vice-President Maude Board. was York of the been succeed Chairman after the Citizens Bank capital stock Bank Assistant has stock $300,000 to $400,000, effective Jan. 16. (Number of shares outstand¬ c * ecutive Citizens Bank of White became Kress Mr. Kress sey. Plains,. New York, died Jan. 14. :i« W. ' President ; Trust stock a Connellsville, Jersey Institution • York By National New John Carss, Emil Distel, Rob¬ shares outstanding 100,000 shares, ert J. Grimmig, John F. Simpson par value $10). sis. * * V" and Robert J. Weigel have been appointed Assistant Secretaries of John Burling, 72, former President New - ark, the of held,- payable shareholders of record Jan. 24. The National State Bank of New¬ Donald J. share one shares 50 * 'X * :!: Bank to each '■ . patrick, Jr., to Vice-President, Chemical equal Directors the First National Bank, Akron, . Revised Capitalizations • Kaufman, to Ohio. BANKS AND BANKERS Consolidations J. elected 1 (567) R. I. FLETCHER, Financial Vice President 31 20 (568) The Commercial and Financial Chronicle the Fund Heads Mildly Bullish Wellington When Continued from Investing wellington prices for 21, 1960. these Balanced this action was definite advantage to the shareholders." (As calculated Fund by seeking conservation of capital, reasonable time, the us, time cur¬ of sented income, and profit This market price purchases these discount a of at the repre¬ 17$fe%. . closed-end funds in the face of the demands therefor by a number of their shareholders and disinterest¬ Ask your investment dealer for prospectus ed observers who have write to or that the attitude the Wellington Company, Inc. has best Philadelphia 3, Pa. They when pany, of future of with share¬ the pointed investment out com¬ hand, purchases one other companies, realizable its is uncertain.' Contrast¬ necessarily capital ingly, purchases by shares own negative coincided have an the on shares hot interests holders. that contended managements' at value fund of its a discount a from their net asset value immediately and automatically yields, with their redemption, a profit; and the value the of remaining shares shareholders income therefrom creased. Such has been held by the thus are abstained the and in¬ constructive action from appar¬ ently owing to the controlling de¬ sire fund diversified, I managed investment for selected long-term possible and of¬ securities growth in M Prospectus upon request from your investment dealer, or gains dividends, fund's of shares at constructive its outstanding own discount a is further highlighted by the contrasting proclivity of other closed-end in¬ M MANAGEMENT, INC. • N. Y. 5, I N. Y. 1 companies, when the market's "going is good," to sell additional shares, via rights offer¬ ings. In thus selling shares at less than ments asset value, dilute shareholders the the manage¬ equity of those who are unable ton (which worth of Farnham is management Fund adviser of newly appointed Secre¬ tary of Defense Wellington McNamara), and Fund. These were joined, among the open-end stock funds by Affiliated Fund, Bullock Fund, Dreyfus Fund, Energy Fund, Fundamental Investors, Securities-Common Guardian Group Stock Mutual, Mutual, Investors Fund, Institutional Investment Trust of Boston, Massachusetts Investors Growth Stock, National Investors, Stock, T. National Rowe Securities- Price, Scudder, Stevens & Clark Common, Select¬ ed American Shares, and the four funds in the United Funds Group. The few net buyers of common stocks among the closed-end panies com¬ (which, of course enjoy portfolio discretion) in¬ greater rities, American European Dominick Fund Secu¬ Gen¬ and .case , for "Federal stocks among the com¬ open-end Typical telegraphed to all its wholesalers: weakness plus foreign political un¬ certainties are causing increasing sentiment consumer ANY KIND. Net sellers among open-end stock funds included Blue Ridge Mutual, Shares, Incorporated In¬ vestors (by a large margin), In¬ vestment Co. of America, One Dividend William Street Investment. As and State mentioned closed-end commons. wide Street above, companies margin By SELLING are a mutual fund f and other energy activities related to fields. the | FREE BOOKLET. Prospectus I tion I I or | period for selective purchases stocks with good common term long- outlooks". Tel. Dlgby 4-5300 From Securities National Research large Corp., manager number of funds, comes the and of City. m Mn i or on your of those of unwise gov¬ there following: "Indicated gains in personal in¬ supporting higher come spending, Federal, additional state and year progresses. by construction for renewed pansion of business activity as of after which ex¬ the think will ahead, believe the under¬ we lieve well our sound." unequivocally pronounced the following from Maurice T. Freeman, President of Loomis^ Sayles Mutual Fund: "... Circumstances there ther adjustments in various indus¬ tries, we believe that common stock prices during the course of the year will anticipate improve¬ that reasonably be can after have been such ex¬ adjustments made." and of R. Campbell, Emlen S. Hare, the Institutional Shares Group: "There is for reason our optimism belief that the business of will 1960 we on have a main¬ high pla¬ teau, perhaps for the remainder of the year. An unknown factor in . by the new measures to have a which will be national admin¬ on in the seem more positive than a likely negative business." are many economy careful of today, both at which will call attention favorable a . . by investors agement . . The . investor would coming a your stocks result, to the to lie in be¬ pessimistic about they become they decline. as popular and to danger seem overly common less as • program a Fund's of adding stock common position has been initiated in cent moonths." This fund, re¬ in its year-to-year portfolio comparison, shows new emphasis on aircraft and missile stocks, food and to¬ bacco, natural gas and retail stocks; while it has de-emphasized electrical-electronics, oil, automo¬ bile and railroad stocks. Imperial Capital Fund, through President, Albert M. Sheldon, Jr., has this to say: its "When 1960 the bottom market to date reached (566 on its the Dow Industrial Average) in Octo¬ ber, we commenced aggressively buying common stocks again, and have done so daily ever since. We are continuing to buy common and convertible securities daily, selling Governments to do so." Massachusetts Life Fund, through its President Lawrence A. Fund _/ A plan with optional completion life insurance. Common Stock Investment Fund Investment possible objectives of this Fund long-term capital and growth for its shareholders. Prospectus .Zone. upon request Lord, Abbett & Co. New York — Atlanta Chicago ¥i stocks outlook Affiliated systematic accumu¬ . accu¬ represent reasonable values at stocks cross-currents home and abroad, for to common existing prices. This is the present attitude and policy of your man¬ . business outlook is the effec¬ measures begin additional have stocks Therefore to sooner. expect the tenance of business re¬ middle of perhaps and year reason constructive common ago. year is As I was Samuel and more a towards a devel¬ are to justify the appear beginning of than which expansion of production and employment... Although 1961 will, in our opinion, witness fur¬ position More lying strength in demand will call an invested (Emphasis ours) is forth ments large and facili¬ tions not matched in any other in¬ dustrial nation. We therefore be¬ mulate pected With manpower an expanding technology and unusually high rate of savings, this country possesses requisites for a cyclical upswing of propor¬ Ample productive we maladjustments corrected. ties, govern¬ opinion, fur¬ our stimuli the outlays increased and consumer local contribute to an a Address. State. retrospect now can that being are income | are policies reserves RALPH E. SAMUEL & CO. j in miscalculations past period. Wise confidence of are yfyy. The retard recovery, but business improves when the country gains INVESTOR PROGRAMS' Send full information lation 2 Broadway, New York 4, N. Y. viewed be severe. WHitehall 4-0909 Department C Exchange will one as and full informa¬ 15 William Street, New York 5, N. Y. Members N. Y. Stock justment. We doubt whether this writing: ABERDEEN Distributor impossible, except with of hindsight, to date the completion of a business read¬ describing this Plan available by phoning SEND FOR FREE PROSPECTUS Write is wisdom ent effect 2# Optional completion life insurance. be market or "There 1 for energy; atomic energy; oil and gas; electric and gas utilities "It the much damage. Our policy in both Putnam Funds is to use the pres¬ next J" stock Chairman, and Richard H. Mans¬ field, President, maintains the fol¬ lowing: ernment I investing"! into a taken tion of shares of Aberdeen Fund will eventuality is the Lazard Fund man¬ agement. Its year-end report, signed by Albert J. Hettinger, Jr., the current slowdown without too Such for growth possibilities in electronics; high energy fuels; missiles and other term business and outlook, and assuming long such lieve seriously, personally be¬ economy will work out of adjustment 1 space uses not istration to stimulate the economy. offered at net asset v§lue. Energy Fund is and does reached bottom by the |# A monthly plan for the systematic accumula¬ I the business in 1960 were a par¬ this PROGRAMS Shares portfolio." Likewise, expressing confidence anced Fund, Nation-Wide Securi¬ ties, George Putnam and especial¬ ly the Value Line Income Fund. This reduction in the per¬ a weaken the OR mean will direction. centage of fixed-income securities held in the attitude INVESTOR COMMISSION in¬ and business regarding the outlook for 1961. It I this retrenchment which ABERDEEN I developments, in be completed in the months Broad Investing, Commonwealth Investment, Eaton & Howard Bal¬ Offer You: OF If dealers. tiveness of NO investors among vestment and, barring continue market domestic and Thereafter, CHARGE ex¬ George Putnam Funds who "Stock stocks common the portfolio translated "constructive" of securities. unforeseen will its of stocks and action, following from Charles M. Werly is IT IS THE ONLY FUND CONCENTRATING IN THE ENERGY FIELD THAT IS OFFERED in Col¬ year already begun to increase percentage of that pressions during the quarter is the Chairman FUND the held asserts 69% held common fixed-income We have economic President, ENERGY in 31% year" the -fiscal "At Fund your Street included ■wm named Fund. oping which ticularly investment fund end, coming Orr, President of investments in in CONTINGENT concern the H. onial con¬ THE CONFIDENT of the during James capacity and lessened inflationary fears are encouraging inventory funds net sellers of mutual in Tax troversy." nish STOCK SELLERS I 1 WITH Income From only Fund. Securities, as has throughout recent exclusively stuck to the selling side. This company, 8% of whose capitalization — 265,000 shares worth $7V2 million at its current market price—was owned at the year-end by subsequently inducted Secretary of the Treas¬ ury,, Douglas Dillon, reports its setting-up of in $8,600,000 reserve ments Substantial net sellers of mon Madison and activity will, in fering—constituting ONE while Stein Roe & (which reportedly the Balanced or "assess¬ the $3,287,000 stocks selling only $6,000), most there is bought common unwilling to subscribe to the of¬ an been Fund, National Securi¬ ties-Income, Scudder, Stevens & Clark, Shareholders' Trust of Bos¬ balanced re-pur¬ & Foreign Life unless their stockholders choose to accept them in additional shares). vestment FUND RESEARCH & Axe B, Axe were: eral Public Service. chase M Wall St. stocks common Science, Diversified Investment Fund, General Investors Trust, Loomis-Sayles Mutual, Massachu¬ with their basically fixed capitalization, results mainly from A income. 61 Prominent among the balanced who were net buyers of cluded capital investment area. funds their usual distribution of cash via INC. a assets ends m fering increase total unwar¬ BUYERS handled. (The long-term "un¬ winding", centering in the closed- FUND mutual managements to rather than "unwind" PIONEER A by process STOCK setts policy has been long-neg¬ by practically all the lected possibilities. a Corp. U. S. years, a ranted in this financial substantial discount a and, accordingly, considered under shares under the asset value at the «|MUND rent ment" Dec. on paid represented 1 page other 2500 shares a International, as well as General American Investors, Leh¬ man The — with Adams Express and case American During Strong Stock Market A Name to Remember Thursday, February 2, 1961 — ' Los Angeles San Francisco 5 Volume 193 Number 6026 Sykes, reports:'"We have started to take constructive more a towards tude whose selective outlook in 1961 is Dominick The Commercial and Financial Chronicle . strenuous im¬ positive proving earnings." The . patience is harder than action, and a middle of the road policy more atti¬ stocks for . It end-of-the-year increase of its position in the steel, office equip¬ make some ment, and food industries; about 1961, but when and well as finance his forecast for to 1961, Presi¬ keep Although the Dow-Jones highs in August 1959, or the bear market In¬ individual 30%, . 50% have and in which can said be discounting the recession. to more. have Since that be stock market to begin the favorable turn the fund 10,000 3(3) be The "... it doesn't seem likely that any con¬ vincing upward move of the whole market is 10,000 General 15,500 Lockheed 6 42,100 * pending. This is reflect¬ the portfolios^ of the two 30,200 North 2(2) 11,100 4 2(2) peak licly stated 65,500 Chrysler 36,000 Fruehauf Trailer White Motor Ford Motor ' • 1 1,000 49,200 4 ratio of its assets in cash prior securities." defensive more flected in a 12-month the somewhat than usual, re¬ increase in its cash position from 5% to 17%. Jack Dreyfus Jr., President of J. 34,200 2(1) 3(3) 1 will we continue unfolds. We to are decided erally as just understood, the window for a they out earning of good money currently comparatively ignored part the year for those that were earning little or nothing, but had tried to were not con¬ cerned with what they thought was the value of the security, but what others were going to think was the value of the security. This sort of gifessing game is very in¬ "prospects". Those stay in the swim triguing, but who strenuous on a mutual fund management. For us it OVERSEAS very The Chase Manhattan Bank' .• Chemical Bank New York Trust 2(1) 56,000 2 9,250 2 3,500 Firstamerica First Bank Stock First National Bank of Boston. Northern Trust, Chicago 1(1) 9,465 Morgan Guaranty Trust 2 or 9,300 3(1) 18,600 Coca-Cola INVESTMENTS Pepsi-Cola With return greater market Dutch, the oils the of 9,900 1 1 22,600 8,000 3(1) stock, returned to favor. It had 10 the final 32,200 3(1) oil foreign buyers and only 3 sellers 20,355 Royal attention, largest 63,300 3(1) to 17,000 3(3) concerned. 10,100 3(2) not issues the 2(1) 4(1) of number a difficult year 17,800 2 during 1,300 3(3) quarter, whereas during Continued because on page INVESTORS PLANNING CORP. of America 60 Eost 42nd 34,200 > None American Standard 1 10,000 None None 20,000 None 5,000 1,500 109,000 12,000 None Lone Star Cement 3,000 6,500 None 23 900 — 2(1) - Penn-Dixie Cement U. S. Gypsum — __ 1 1 None None 1 None 1(1) 1 3(2) 1(1) None 153,000 — Street 17, N. Y. NATIONAL DISTRIBUTOR 7,500 Bestwall Gypsum Carrier Diamond National Georgia-Pacific J General Portland Cement Johns-Manville Lehigh Portland Cement. National Lead Otis Elevator Sherwin-Williams Walter (Jim) 1 was None None 1(1) 1 Building, Construction and Equipment during the quar¬ very large in terms of dollar value, the interest became even more widespread in still While Prospectus and Literature New York stocks continued lively ter. None None 3,000 45,000 Anheuser Busch Canadian Breweries 13,500 27,000 86,500 foreign 2(1) TRUST from 5(3) in INVESTORS Beverages 8(2) interest Income For None 1(1) 2(1) 1(1) None None None 17,000 35,080 12,000 ' TOWARD ATTITUDE 1(1) 1(1) None 1 j;.. 1 1(1) 3(1) None 25,000 2,500 4,000 None None None Bankers Trust 2 blue the TARRYTOWN, N. Y. m ■ 35,000 2(1) time. Securities were 500 3 chips of the past and are concen¬ trating their efforts on finding the blue chips of the future."% are gen¬ went avoid to „ 2(1) scarcity of such vehicles, and the tremendous demand generated less None None 1 6(1) 6(2) Banks accept mpre __ i the with "coups" in a number of indi¬ vidual issues, quite modestly and sophisticatedly has this to say in "I960 was one of those years when the value 38,100 1 as investors who have Briggs & Stratton 4,000 3(3) we the story fully cognizant of areas - Borg-Warner 8,000 3(2) proportions which could not be justified, even by glowing prospects for the future5, from his annual report: 226,400 reached profits in such None 19,100 93,700 90,000 8,000 1,700 Champion Spark Plug None Dana 600 Electric Storage Battery___ 1,000 Thompson Ramo Wooldridge^.,10,000f Bendix ' 9,400 9,900 felt, that the price-times-earnings and Distributed by AXE SECURITIES CORP. None General Motors 31,300 3(1) been when this fund which has been credited concepts, at least CANADA, LTD. Automotive Equipment on growth shares. We have United Air Lines 56,060 2(1) several occasions in the most dif¬ problem for investment ficult Air Lines Eastern 1,000 2 the last six months, Fund has 27% closed 2(2) 1 1 OF Automotive typified by this statement from Merkle, President of the Madison Fund: "As I have pub¬ sellers of certain stocks Fund GROWTH FUND 2 20,900 1,400 5,517 I AXE-TEMPLET0N 1(1) 16,500 Aircraft 5(3) skepti¬ bonds, and conservative cor¬ porate bonds; Delaware Income attitude None 10,000 American Airlines 58,500 1 Growthmanship ment an Grumman None 2(1) of Dreyfus American Aviation | Airlines analysts has been the evaluation with —__ United Aircraft 3,960 , 3(3) 84,0Q0 2,400 29,700 2(2) 2(1) 4(2) booklet- prospectus describes THE Chemicals and Fertilizer Mutual Investment Funds • # I 7,800 19,500 4(2) 3,400 2(1) Balanced Series 5,200 2 Bond Series 6,500 3 2,337 4(1) Preferred Stock Series # Income • 2 4 • 2,225 3(1) 3,500 3(1) 18,000 2(2) Series 11,500 4(1) 14,800 4(3) Stock Series 115,300 3 8,100 2 Dividend Series 4,500 1(1) Growth Stocks Series 2 ' 9(2) . 4,000 . 7,000 * 61,438 Established 1930 120 Broadway, New York 5, N. Y. 28,300 14,145 2(1) CORPORATION 14,100 2(1) Request NATIONAL SECURITIES & RESEARCH 2(1) 4(1) Information Folder and Prospectus on I CORPORATION None 1(1) None 1(1) None 1 1 None Republic Aviation None extremely valuable." 13%' of l'ts assets in cash; govern¬ The 1,000 None 4,700 None 3,000 5,300 Martin 2 Dynamics Aircraft SCIENCE AXE & ELECTRONICS Garrett 2(1) Accordingly, FundS-^Delaware Fund has about year "STOCK" i! None 4(2) protected totaling 20% income 1 "B" 6(3) 4 Vought 12,444 is and 58,000 39,300 |! Mgts. Boeing Airplane Chance Edward in FUNDS: "A" No. of International Harvester 2,800 well post-market recently had this to ed No. of - 2(1) cism concerning the growth credo Fund and Delaware Income Fund, say: ' Deere 46,000 1 us Realism On D. Delaware of to temporary untoward market de¬ velopments, where such reserves managers, Barringer AXE-H0UGHT0N Aircraft and Aircraft Equipment policy in selec¬ care . •' 31,600 2 investment . M THE Agricultural Equipment with flexibility and an opportunity to capitalize on any could of going <c Shares 3 already looking coming recovery. somewhat optimistic with and CONTINGENT Moreau New York and Midwest Stock Ex¬ Sold I Shares No. of Mgts. are . issues assets seg¬ with changes. (Purchases shown exclude shares portfolios. . No. of the to provide THE CAUTIOUS connected Wayne Hummer & Co., 105 West Adams Street, members of the , advance of the event." ment probably are emphasis upon holdings and the Max E. Binz II, — become parentheses indicate number of man¬ —Bought— portfolio emphasizes longer-range market appreciation. The backlog of cash months in Exemplifying the "bearish" has companies. Number of shares bought or sold prior to a stock split is expressed giving effect to the split.) about 80% of our present discounting some ap¬ and investment capi¬ tion of recession normal for it open are cautious with been likely to terminate in a new upward surge of business later in it would they investors but seems 1961, . We suggest a business present to doubt." prices forward especially cyclical issues those . the The declines have been severe Numerals in the stock from their continue to be so, simply because declined even all one relatively high but in the light of tremendous tal, a instances, numerous stocks 40%, in italics. are statements mouth shut and than accumulation of now possibly still in effect is getting an your "Stock ear¬ Thus In transactions by more than one management Issues which more managements sold than bought group occurred. to exemplifying a construc¬ tive but thoroughly cautious atti¬ tude is the following statement from Milan D. Popovic, President of Blue Ridge Mutual Fund: dustrial Stock Average made its high in January 1960, many other important stock averages made old. able Also rising phase (bull mar¬ ket) in stock prices will begin in new little profound stupid American Shares states: their be Wayne Hummer CHICAGO, 111. received through stock splits, stock dividends, spin-offs or mergers, both of portfolio companies or via acquisition of private holding remove lier. to which Joins 21 agements making entirely new purchases or completely eliminating pear 1961. nice in really opinion, it is best dent Edward P. Rubin of Selected "A be doesn't have company areas. In would Issues to heed Mark Twain's "It's better insurance the (October-December, 1960) went through it as compara¬ tively well as we did. an in a Changes in Common Stock Holdings of 71 Investment Management Groups we through President A. Varick Stout, reports as than nerves approach. We are glad is over and thankful that the year Fund, the on (569) 8,310 100 1 \ v v None 12,500 American Potash & Chemical.. None Atlas Powder None Badische Anilin (ADR) None Dow .Chemical 8,916 du Pont 8,000 Eastman Kodak 6,300 Farbenfabriken Bayer (ADR)— None Farbwerke Hoechst (ADR) None Food Machinery & Chemical—_ None Freeport Sulphur 500 Hercules Powder 9,500 Hooker Chemical None Interchemical 500 Internat'l Minerals & Chemicals None Monsanto Chemical 4,620 National Starch & Chemical-.. None *.Pennsalt Chemicals None Potash Co. of America..--—None' Rayonier 74,830 Air Products - Allied Chemical — ____ Rohm & V -1 Haas... % —----- • 703 Continued on None 3(2) None None None 3 3(2) 3(1) None None None 1(1) 3 None 1 None 3(1) None None None 2(2) 1 page-22 COMMON STOCK FUND Oj A GROUP SECURITIES, INC. mutual fund income and investing for growth possibili¬ seasoned com¬ ties through mon stocks selected for their quality. Mail this advertisement. CFC Name. Address. City .State. DISTRIBUTORS GROUP, INC. SO Fin* Street, New York 5, N. Y. 22 The Commercial and Financial Chronicle (570) Forms Consolidated Moise Katz is Continued from page 21 Plann'g conducting a secu¬ rities business from offices at 299 Madison Avenue, New York City, under the firm name of Consoli¬ —Bought— ■ No. of No. of Mgts. Shares - ^ 7 Planning Company. 46,762 Stauffer Chemical 16,800 Union Carbide 3(1) 4,700 T None None American . Air Reduction None 70,200 Agricultural Chem.__ American Cyanamid Sold No. of Shares "1 1,700 2 2(1) 3,150 2 None None '1 ' 3(2) 2 2 2(2) 3(3) No. of Shares „ Insurance Mgts. 17,900 2,800 54,500 . Thursday, February 2, 1961 . Mgts. No. of 1 Mgts. No. of - 22,414 2,300 ___ United Carbon None 2 No. of - Shares 2 dated , . —Bought— No. of -Sold , . Life, etc. — Aetna Life Connecticut General Life Continental Assurance 2,300 > 1 2 1 1,000 2,100 500 None None None None 1,000 None 4,000 Chicago Pneumatic Tool____— None Dresser Industries _> 5,200 Emhart Mfg. —;—1,000 Gardner-Denver 15,000 Gustin-Bacon ^ None Ingersoll-Rand 7,500 Singer Mfg. None United Shoe Machinery 1,600 Allis-Chalmers Mfg. 10,000 1 None 1 None 1(1) 1(1) 1(1) None 1(1) None' 1 2(1) Franklin Life 500 11,500 . Travelers Insurance ; — !- Machinery, Machine Tools and Investors! Coal 3(1) CONSIDER 67,900 12,000 1 HOWARD^ EATON & None • Industrial Equipment Peabody Coal Pittston None 22,600 ——_ None Consolidation Coal 3 None 2 1 53,300 23,200 1,500 " 30,500 .3(1) 3(2) 3 Containers Balanced Fund 3 62,900 American 7(2)v Continental 2 40,800 27,100 2 14,600 Lily-Tulip Cup Investing in bonds; preferred, and common stocks for current income and possible growth of principal and income .. since . Bristol-Myers 2(1) 2 20,200 2,000 3,400 4,800 21,700 3,500 1 Metals and Mining—Aluminum Norwich Pharmacal 10,400 Pfizer 43,200 3(1) 3(2) 16,933 Ricnardson-Merrell 5(1) 18,300 Sobering 1 since 1931 500 3(1) I 8,000 2,000 33,400 3 2 • 6,500 Mead ! 1,500, Johnson _i__ 5,900 1,200 Smith, Kline & French_________ 4(2) 4(1) | Q 125,800 7,400 5(3) 2 > 16,400 AMP, 28,000 Ampex Beckman Instruments 2(1) Inc.— 2 10,200 10,600 Control 2(1) 25,692 Emerson 2(1) 18,600 Foxboro 11,600 General Electric FUND, INC. 1,000 7(2) 2 ' ; Mfg - Litton Industries McGraw-Edison 2 3,000 13,000 1 2,310 Lone 1(1) 2 4(1) 3 None None ____ : 800 A Mutual Fund Growth Panhandle Eastern Pipe Line__ Peoples Gas Light & Coke Flexible Investment 4 24,000 2 8,800 Republic 1 1 1,000 1 2(1) 6,400 None .1,000 1 1(1) 6,000 2(1) 5,480 3,500 13,632 14,000 1(1) 2(1) 2(2) 4(1) 7,000 2(1) 2(2) 17,700 2 1 283,000 15,800 1 500 Sunbeam Texas 53,000 3,1C0 None 1(1) York Stork Exchange 5,000 6,150 None 12,000 1 Street, New York 4, N. Y. Teletype: None 3(2) CjppenheimeJi & Members JS'ew Square D 2(2) General Distributors 25 Broad 23,700 1 Telephone: Send . 2(1) . . . 26,185 58,800 2(1) 27,500 3(2) 132,300 5(2) (ADR) «.» Westinghouse Electric 5,0C0 Beneficial 12,600 1 4(1) INVESTMENT FACTS Financial 2(1) 9(1) Finance 720 1 1(1) 5,200 Federation 7 4(1) 1 3(1) None None 7 None None 5(3) None None 5,500 1 13,100 Household Finance ' 1,000 Associates Investment 19,000 3(2) 2(1) 4,000 3(2) 3 10,100 4(1) 33,100 12,000. Charter Financial Western Financial-. (Walter E.) Commercial Credit 305- 4 AMERICAN. " V&4' . > v-fct "f: ..' Mi*" 7,900 3(3)- SHARES-inc. . : 111 fund which investment supervises Borden Campbell 6,300 Soup Cont.nental '5,000 : 38,700: - 2 Products National Biscuit American securities, 2 2,400 3,1C0 Standard Brands possibility of long term GROWTH capital—and for INCOME. * ' — 1 fill in below and mail to I 1 I " " free prospectus and inSelected AmericanShares me *: CF — »- City L < « State «« »•' * 8,000 82,500 5,978 . ' Dairy 1 2(2) 10,500 None None 3(1) 8,300 None 1 5,500 25,000 Wilson None None Heinz (H.J.)_ 2(1) 57.000 3,100- 2 2 16,700 1,200 2 3 22,300 None • Kellogg • Glass None Anchor Hocking Glass— 2 J .800 3 1,800 2,000 43,000 Libbey-Owens-Ford 1 — | 1(11. 6,000 Corning Glass Works.. Owens-Illinois Glass 1 . 2.400 None _* - Insurance 1,0C0 1 500 I 1 3,000 | 1 SCO I 1 .. None • 500 None — Fire & & Gas None None 11,000 Container Corp. Kimberly-Clark Scott Paper of None None 12,700 3 , 23,700 - None ,59,000 ; 3(3) None 35,460 4 />-• 57,476 2, 7(4) 21,800 1(1) None None 49,542 America 5(1) 1" 4(2) 2(1) 8,700 • Champion Paper & Fibre Crown-Zellerbach 1 4,560 2 None l None 6,400 -2(1) 97,000 65,137 3(2) 5(2) 2(1) 2 1,914 None 1(1) 6,000 International Paper St. Regis Paper 3 2 1,000 Union Bag-Camp — : 27,610 Paper. -1,600 American Electric Power 5,600 Baltimore 5,000 1 1(1) 5,000 America.. Northern Insurance (N. Y.)_____: U. S. Fidelity & 1,000 1 1 2,000 Central Illinois Light Central Maine Power 5,000 1(1) 3(1) 3,000 1(1) 3 23,682 ■ 2(2) - 9,500 11,900 > Central & Gas - 3 Electric and Gas 7,273 ____ 3 18,500 3 Guaranty—___ None 18,660 Skelly Oil 5(1) Continental Insurance None 24,632 None .Insurance Co. of No. 2 None .____ , None 5,400 None Hartford Fire 2 2,200 "A" 2(1) Casualty, etc. Casualty 1 2(1) 11,800 Texas Gulf Producing ____' Continental . 2,000 None Public Utilities I None 21,000 Oil Signal Oil 1 None Paper and Paper Products ' ■ v. 1,700 - v 1(1) 10,000 J J Address | 6 3(1)-; -• 34,900 2 I 2(1). 50,286 None J 11-2 Name > Swift 1 , . formation on 47,000 -' None 3 • None 135 S. LaSalle St., Chicago 3, 111. J Please send 10(1) 27,900 Selected Investments Co. r National ^4(2) 6(1) 5(2) None 13,000 — ; 86,000 1(1) of prospectus information coupon 1(1) None . Pillsbury of 2 Shamrock Oil & Gas__— Shell Oil Sinclair Oil Socony Mobil Oil.: Standard Oil of Calif— Standard Oil (Ind.)^_^___^_>.,_ Standard Oil (N. J.)___.___ Standard Oil (Ohio).— Sunray Mid-Continent Oil Texaco 6,500 None 11,C00 selected for the 2 18,700 —______ 91,392 3,000 3 and other 2(1) 9,400-. .__ Hunt Foods & Industries.-. 5,300 3(1) a Corn 1,100 5(3) -A ;, >? £2,000 __ Baking : diversified portfolio of -—for FREE copy 1(1) 8,500. , 3 mutual a 500 _>___ 3,500 : 3(1) [ Armour 20,600 1(1) 10.000 Phillips Petroleum Pure Oil Richfield Oil Royal Dutch Petroleum 49,000 52,400 2(1) 10 1 Food Products 1 5 Ohio 1 14,000 1 5,722 — 26,645 21,100 16,000 Heller •; None None 2,500 Cities Service Continental Oil Gulf Oil Louisiana Land & Exploration- 17,500 3 None None (ADR) Champlin Oil & Refining 8,900 14,500 76,600 Great None Register Cash Amerada Petroleum Atlantic Refining First None about 1 1 Oil 3 Why not Get the 2(1) 3(1) 1,232 IBM 39.510 v 11,000 56,275 4,500 Olivetti preferred Pitney-Bowes 31.800 3 2(1) Equipment National 23,700 36,700 3(2) C. I. T. Financial 235 1 21,000 Friden 494 3(1) 6(1) Finance Companies 1 None 100 Addressograph-Multigraph 5(4) 5,500 1 . 5(1) None None El Paso Natural Gas Office . Sprague Electric 34,800 . None Gas American Natural Gas__________ - 2(1) 2(1) None *"-;v None 8 RCA Siemens & Halske None 2 __ Philips' Lamp Works (fl. 50 or equivalent) None T"' , Minneapolis-Honeywell 12,140 None . _ Philco 4,500 None STREET CITY. Hazeltine Dlgby 4-9154 prospectus and literature. rue NAME. ' _ None None 1,500 ___ 0 t > 2 None _ Associates FXR None 3(1) N. Y. 1-3222 6,000 Transitron Electronic Varian 200 None Instruments 12,400'-;: United Gas None Sperry Natural 1 1 27,900 Texas Gas Transmission 28,200 5(2) Methods River Fuel..; 1 12,400 None 1,500 Gas 1,500 3 of Capital Through Star None 5,400 2 100 2 1,800 Rand 1 4(1) None Alberta Gas Trunkline Arkansas Louisiana Gas Northern Natural Gas 4(3) Seeking Possible 3 3,200 - Mississippi 2(1) Robertshaw-Fulton Controls 1 7,500 Refining 1,400 ,3,000 l)Jone 1.' 3,000 7,800 v 2(1) Microwave Associates 6,400 63,000 Dome Mines 3 4,000 _ None Natural Gas 35,800 ; International Tel. & Tel International Nickel St. Joseph Lead American Smelting & None 1,600 _______ Campbell Red Lake Mines..— 1 51,700 — 4,000 — Brush Beryllium None 3(2) None None 1(1) Other — American Metal Climax. None 750 J. International Resistance 121,500 30,000 76,000 2 Electric 1 None None Mining and 1(1) None Copper 1 None __ 4 1 4,000 _ Data 1(1) None > 5,100 Copper 16,300 1,000 5,000 5,200 1 3(1) None Cenco Instruments 3(1) None 39,000 _ 1 6 — — 45,000 14,500 2,000 1 None —— _ 5,200 4 3(1) 4,205 337,020 - Phelps Dodge Metals •4(3) 3(1) 3 Kennecott Chemical. & 2 2(1) 32,700 Magma Copper 5(1), Electricals, Electronics and Instrumentation I Name 9,200 10,415 23,700 -'3(2) ; I □ STOCK FUND OPPENHEIMER 5 1(1) 35,800 f — Aluminum Reynolds Metals U. S. Foil "B" Metals and Mining 3(. > >> ; 32,000 Merck ± Parke, Davis 1(1) 3(1)" 1,500 Carter Products. Kaiser 61,500 7,000 None 35,000 Warner-Lambert 9,270 Ltd. Aluminum Co. of America 6,000 1 1(1) Aluminium 5,800 8(3) 3(1) 1,000 35,500 4(2) 1(1) , None 3 24 Federal St., Boston 10, Mass. Address (G. D.) 1(1) or EATON & HOWARD, Incorporated □ BALANCED FUND 5,833 34,800 ___ * Sterling Drug Upjohn 23,300 1 Investment Dealer Searle 29,800 1 1 Prospectuses available from 7 1(1) 55,500 (Chas.) None 1 500 American Home Products None 2 _ , 6,500 3 3 common E&H | None 1 15,500 4(1), I 900 7,500 2 None Abbott Laboratories 3 and income J , 2(1)- 24,200 _ 5,400 2,500 2 1 None 28,400 1(1) possible growth of principal your Can 2,500 11,000 stocks for . None _ 2 Investing primarily in . ___ Drug Products Stock Fund . Can Crown Cork & Seal 1932 2 selected , 1(1) Babcock & Wilcox Black & Decker— Caterpillar Tractor & South 46,015 Electric.: None 5 None West 2,000 1(1) 840 ~ 1(1) 2,500 Columbus & So. Ohio Electric... 1 4,000 1 Continued on page 24 , Volume 193 Number 6026 . . The Commercial and Financial Chronicle . (571) 1960, Merck Fund Heads Mildly Bullish During Strong Stock Market Continued from page 21 continued the third quarter 1960 five sellers attract - other target initial in I11 gating over aggre¬ 445,000 bought newly shares; Hoogovens, the Dutch steel com¬ of which Investment Co. of bought an additional pany, During the December quarter top honors as the best bought stock went which was .Continental to Oil acquired by. nine fund America managements and sold by only 1. 7,000 shares; Jaguar Cars Ltd., in Runners-up which the fund made same a new investment of 8,550 shares; Monte- catini, with Chemical Fund of buyer 26,100 Italian the a new shares; Olivetti, office equipment maker, of which Wellington Fund newly bought 275,000 ADRs for the preferred, with Value Line Fund newly buying another 8,000; Photo Gevaert, the Belgian and world-wide maker of photo¬ graphic papers, of which Madison Fund bought another 1,000 shares. St. Gobain, the French industrial giant, where Axe B' bought another 500: shares; Telefonos de Mexico, of which Value Line In¬ come Fund bought van initial 14,900 ADRs. ' attitude The N. V. was Fund toward mixed, buying an Unilever with Chemical additional 5,500 through America reduced its holdings by 12,200 shares. - above, the was following: dated Mines, bocker B^ers Consoh- ce of which sold Fund its Knicker¬ entire 4 000 shares; Hoffman-La Roche, the high-priced Sv/iss drug stock of FAVORED following 18 issues, bought four or more fund manage¬ ments, encountered no selling at all, all transactions being on the buying side: American Food Potash Machinery Pennsalt . Chemical, & Chemicals, Charter ; Sterling Financial] Swift, Wilson, Kennecott Copper, Metal Climax, Peoples Coke, National Cash can-Marietta. Works DIS FAVORED STOCKS only taking and German U. K. . attract to more Chemicals the widespread they had en¬ Star buying interest joyed previously. The reason for this lessening interest is ascribed to the continued easing of money rates, which possibly foreshad¬ bhnk lower ows Manhattan earnings. Bank was favored which Chase by bought (20,000) and United (15,000), t with Putnam only seller (all 25,000). (16,200), Bankers Trust was also bought Wellington (20,000), and by Lazard (15,000 newly). Chemical Bank New York Trust, too, found sellers by and America for this soft was an (10,914). German two giants, Farber Hoechst. none. and no chemical and Farbformer, Chemical Fund, which had started Bayer Of the buying foreign chemical stocks only around mid-1960, added 9,000 shares, joined therein by Dreyfus (6,000) and State Street (3,000 newly). Of Hoechst, Drey¬ fus also bought 10,000 ADRs newly, while Investment Co. of the off¬ America of drinks and beer, was of werke > (9,465 newly). season Fund only buyers were sellers (8,000) and Scudder Com¬ (1,250). Morgan Guaranty Trust, on the other hand, was sold by United Income (15,000) and Dominick (all 2,000) with of Chemical There mon Co. only two (all 11,500) Madison bought by four and sold by MIT buyer the while were American Potash & Chemical was its largest buyer in Wellington (10,000), while First National Bank of Boston was bought by strongly Monsanto Chemical, with seven buyers and only two sellers; larg¬ est buyers were Wellington (27,722) and United Accumulative Wellington the this was was Stauffer agement; the largest buyers were Fund in group bought by nine man¬ agements, with only three on theselling side. Heaviest buyer of Monsanto was MIT (41,882), fol¬ lowed by Niagara Share (9,792). Second best bought chemical was three and sold by only one man¬ Income Standout a attraction mad£ an initial purchase Qf Food Machinery & 1,500. - Chemical, Boston Shareholders' was a new Trust of buyer of 10,000 Continued on page 25 four and only Largest was Invest¬ buying management. Dynamics of Boston (5.000 Ridge was buyer (1,000) only seller a and Loomis-Sayles the -widespread Middle was Mining & sold by 5 fund the In South Utilities September this Moderately Sought group United Air Lines bought by five managements was and sold by only one. purchase1 was/made The largest by (33,000 newly), was filiated (14,900) and Equity Fund 1. quarter (6,100 only followed Dreyfus by while- bought by 6 and bought by only During Airlines Philips' Lamp Minnesota 2). none. sold of stocks continued in mod¬ demand, but as in the third quarter of 1960, they failed once before, the stock (sold by 8 and bought by Manufacturing advantage its (all 10,000). mentioned As managements, yield t as newly), its only seller, Blue Ridge (all 4,700). Of United Aircraft, Blue German electrical giant, of whose The with selhng one Trust Ameri¬ and Knickerbocker (3,000). Runners-up were General Dynamics and United Aircraft, of most Bonds Attract the buyer and as (9.000) and Madison (8,500); only seller was Axe A ence ment Woolworth Maid erate Although more Register, Pure Oil, Texas Utilities, Shop, In Demand Martin, 'their stocky elicited. good demand. by six managements and Star performer was Pepsi-Cola, sold by only one. Largest buyer whose eight buyers were led by was Wellington again (20,000 shares), followed by United Sci¬ once Minute had One William its largest buyer (12,700 only seller (all 3,000). Of An¬ heuser-Busch, Madison was the largest buyer (8,000), followed by Dreyfus (3,000) and Delaware (2,500 newly), without any seller. Steadily growing Canadian Brew¬ eries was also bought by Madison (20,000 newly) and by Dreyfus (7,000). : Bank Stocks Remain Bank absorbed merger, newly) Beverages Sparkle popular stock in this Crowell-Collier, Ginn & Co., Stop & were initial acquisitions of Champion Spark Plug - by Wel¬ lington (125,400)/ and Funda¬ mental Investors s (93,000), de Vegh also making a first purchase of 8,000 shares. bought both Gas Light & most group Chemical, & was U. K. and German Internal GROUPS Street actions only Aircrafts Soaring The cyclical category, mod¬ buying appeared in excess selling. The most notable trans¬ Investment The by encountering interest by 500. heavily TRANSACTIONS IN THE FAVORITES profit 5,000, more were sold than bought. non-voting shares Dreyfus 77: Imperial Chemical Industries, Britain's industrial leader, which had a large seller (50,000 shares) in Niagara Share; and finally Siemens & Halske. the ADRs de Vegh closed out its stocks "UNANIMOUS" sold while Wisconsin Fund reduced its ~ v "Agricultural equipment and paper whose Fund aluminum, chemical, oil, publishing and retail stocks. Also fairly well bought, although to a more moderate degree, were air¬ craft, airline, automotive equip¬ ment,' bank, beverage, container, finance, food, • glass, insurance, machinery, natural gas, and office equipment stocks." • v that* at runners-up time. American Among foreign stocks sold were favored stocks.- leum, Martin and North American 'Drug;"" First' ..::g.kares- the were the this quarter just Polaroid (bought by 10 and sold by ,3), Pepsi-Cola (bought by 8, sold by A thoroughly mixed attitude only 1), and Royal Dutch Petro¬ was displayed toward automobile, leum (bought by 10 and sold by> drug, electronic, 3). 'In the preceding quarter, ATT' building, coal, and TV, railroad, rubber, had taken the crown as the best rgdio bought stock, with Prillips Petro¬ steel, textile, tobacco and utility Aviation (42,500), Putnam (21,newly), Fundamental (11,000) and American European (5,000 newly); with Investmenti Co. of America the sole seller (45,000). Coca-Cola, which during the 000 of t [ POPULARITY WINNERS $500,000; Borax (Hold¬ ings) Ltd., of which Lazard Fund Affiliated mentioned hand, purchases Lines, erate , 'B' Air Automotive Equipments Picked Up 1 1960, only issue sold by 4 or more fund Fund increased its holdings of the managements, without finding a Philips' British War Loan 31/2S from buyer. (During the September Lamp Works, long a chief attrac-^ £363,768 nominal amount to quarter 1960, Merck and Mont¬ tion, ran into considerable profittaking which, in fact, made^ it the £600,000. Tri-Continental bought gomery Ward had also been in this category.) most widely sold of any stocks approximately $900,000 worth of during the latest period. For our the British Funding Loan 5V2S attitude toward comments, we refer to our discus¬ 1982-84. On the other hand, the INDUSTRY GROUPS sion of the Electronics further George Putnam Fund eliminated its £400,000 U. K. War Loan 31/2s. below. The following analysis of port¬ American European Securities folio ^changes, reflected in our Among foreign stocks bought; bought approximately $400,030 of the three leading German chem¬ tabulation; starting on page 22, German internal bonds. Also, de icals (Badische Anilin, Bayer and of transactions in 400 stock issues Vegn doubled its holdings of the is based on the number of man¬ Hoechst) will be commented upon German Federal Railway 6V2S due under the Che m i c a 1 s below. agements buying or selling, not 1872 to nearly $250,030 and newly on the number of shares or the Bought in single transactions dur¬ bought German Federal Republic dollar amounts involved. ing the quarter were the follow¬ 6s cue 1975, worth more than ing: De Bijenkorf, the Dutch /ir During the December quarter, $700,000. ; fund department store, by Axe 'A' and managements particularly the On Eastern During the latest quarter- Min¬ nesota Mining & Manufacturing, the final quarter of Scudder, Stevens Clark- nearly offset its six buyers. and buyers balanced sellers. ' . - the of some Airlines the most widely undisputed selling funds. During to was isold issue. 23 by Af¬ newly), with Madison the seller (5,517). 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You lifetime records, in handy looseleaf vol¬ selling programs, effective sales techniques (all conforming to copy ume © Continuous flow of merchandis¬ -DAVID L. BABSON- I MANAGFMENT CORP. I "ground rules and regulations"), direct mail I important statistics—everything you packed with ideas, what to do, how need. Write for full details to Dept. CFC-67 15 William Street, New York Please send Aberdeen Fund Prospectus. Name Members: New York Stock Exch. 5I KALB, VODRHIS & CO. I T .....State. ! Exchange. (Assoc.) now. do it • • Sales promotion guides Dramatic sales presentation. ' 1037 WOODWARD Street. City... Amer. Stock ing ideas, booklets, etc.« Ads, displays, 1 BLDG.; WASHINGTON 5, D. C ARTHUR WIESENBERGER & COMPANY Member* New York end Amerleen Stock Exchangee* 61 Broadway, New York 6, N.Y. 24 The Commercial and Financial Chronicle (572) Continued from page 22 Shares 3(1) 38,036 Commonwealth 3(1) Consolidated 2 10,400 6,000 1 5,500 Duquesne Fund For 2,700 2,500 2(1) 2 Paso Dealer this advertisement mail or to . . , . 6,500 2,000 2 None None None None None None 2 3,000 1 1 Lighting Power N. Y. State Gas & Electric Pacific 9,020 Southern California 44,900 Southern 6,500 Texas 2,000 Union Electric 3,700 4,000 Central Illinois Public Service_ Central Louisiana Electric Consumers Power Detroit Edison Gulf States Utilities Houston Lighting & Power Middle South Utilities..^ T HOWE PRICE 500 1 GROWTH STOCK 1 1,000 35,000 1 500 1 FUND. INC. of long term growth principal and income. PRICE: OFFERING There is no sales REDEMPTION 2 Net asset value. None charge or commission. PRICE: 1 Net asset value Utah Power below for 8(1) 1(1) a copy" of the protpectu*- 26,000 10,000 1(1) Mail the coupon T. I Dopt. E Sow* Prie* Growth Stock Fund 13,600 10 Light Str**t 4(1) 2 | Baltimore 2, Md. (F. Associated Dry May Department Stores L & 41,500 18,200 Armco Steel 2 3(3) 2(2) 13,000 16,300 2(2) 5(1) 66,600 Jones & Laughlin Republic Steel 2(1) 1 57,300 Bethlehem Steel 29,300 5(2) 2(1) None Inland 10.000 2 27,300 42,934 39,000 45,100 2(2) 4 46,900 5(1) 3(1) 3(1) 3(1) 2 3,000 13,000 2(1) 23,000 — Light — 2(1) 6(2) 2(1) 1 3,000 15,000 100 1(1) 4,500 1(1) 2 8,000 5,400 1 Telephone & Telegraph 11,000 42,000 2(1) 3(3) 4 Union 3(1) None 3 None None 2(1) 1(1) 1,000 1(1) 2(1) 8,500 Prentice-Hall None None 2(1) 40,000 Scott-Foresman None None 3(2) 2(1) 2(2) 1 Investing in common 2(1) 2(1) 1 «.t stocks selected for possibilities of growth in income and capital 6,000 28,000 300 24,900 8,000 2,500 American 2 18,000 Broadcast-Paramount 1 400 None 10,000 None Ohio 5,300 2(1) 3,800 None None None None None None 4(1) 39,500 3(2) None None None Fairchild Camera & Instruments None None None None 4,000 100 2,000 22,200 None None 2(1) 52,500 117,400 67,500 4(3) 2(2) - 4(1) 2 2(1) Geophysics of 1,000 America Hertz None 2,500 Johnson & Johnson Newmont Mining 1 3,000 Shoe 1(1) 7,100 1(1) 10,600 2(2) , Newport News Shipbuilding Outboard Marine 10,000 1(1) Pall Corp. ' 30,000 1(1) 2(1) 14,800 6,900 Perkins-Elmer 35,000 2,800 Polaroid Procter & Gamble... 2 3(2) None , 10(2) 1 2 '59,300 International 1,000 1 28,000 —— Heli-Coil 16,000 29,000 1(1) 1 None American Photocopy Equipment Avon Products 8,000 5,900 2 3,500 _ 2 2(1) 44,000 1 1 None None 9,700 3(1) 1,000 1 / Pullman 4,000 1 None None 18,000 3 3 15,000 6,200 3 6,100 2(1) 3,600 1 __: .. Gen. American Transportation.. North American Car___ 5,500 Unilever N. V. (ADR) 12,200 1 3(2) Universal Match _l 12,800 2 3(2) 9,000 6,700 — None 1(1) 16,000 1 in bonds, preferred stocks and Remington Arms Shulton "A" None None None Shulton "B" .Tennessee Corn. ^ None None 3,500 1(1) Vendo 10,000 1 500 1(1) 5.900 2 Export Lines Colgate-Palmolive None Qeorge None Minnesota None 1,000 None 5(3) 2.800 Mining & Mfg.. 3 2(1) 56.900 Robbins 2(2) _ Revlon Ryder System ' 3(2) 13.900 _I & Ranco None 36.800 21,500 ... Haloid-Xerox -McKesson None 1 None 6,000 American 2,000 2 ; None Vitro Corp. of America 700 1(1) stocks. The ■' American Express American Machine & Foundry. American-Marietta 3,400 3(1) 2(1) 2 A balanced investment common 3(1) 8,900 76,500 34,100 2(1) Railroad Equipment 2 ~ 5(1) 16,000 Y., Chicago & St. Louis Southern Railway Pacific 4(1) - American Chicle Halliburton 11,600 ; .. Central Western Miscellaneous 43,500 None N. 2(2) 48,700 5(1) 2(1) None 19.400 (P.).... 1(1) 46,600 None Illinois Tobacco Lorillard Gillette-— Southern Pacific None INVESTMENT FUND,* American 1,000 15,000 None 1 5(1) 37,500 1(1) None 8,000 2(2) 1,530 & • 9,600 1 Atchison, Topeka & Santa Fe Northern P.) Tobacco 1 Columbia Broadcasting Metro-Goldwyn-Mayer Great 1 Reynolds 31,520 11,500 Zenith Radio Chesapeake 2(1) Philip Morris 3(1) Norfolk & Western Seaboard Air Line 500 None 1,000 United Merchants & Mfrs. 1 2,500 30,000 7,500 (J. None 20,900 2(1) 1 DIVERSIFIED Stevens 9,000 Artists 2,100 1 3(2) None Steel... None Paramount Pictures 3 the years. S. None 2(1) over 12,000 Iron Steel None Atlantic Coast Line RR 1(1) 6,000 6(3) ..None Railroads 3(1) 119,100 2 7,500 ^ri Motorola United 1(1) 5 Burlington Industries 6,200 42,132 F.) American Viscose 9,700 5,315 2 INVESTORS, U. 57,200 Harcourt, Brace & World McGraw-Hill Publishing 6(1) (B. Cleveland-Cliffs 11,500 40,200 None Grolier, Inc. 13,700 49.701 Tobacco 5,000 1,000 5,000 1(1) 4(2) Textile and Rayon Donnelley (R. R.) Ginn & Co. None" S. Rubber Goodrich 32,000 5 Radio, Television and Movies FUNDAMENTAL U. None 3(1) 84,000 3,000 85,240 Goodyear Steel and Iron Crowell-Collier .-•=.• , General Tire and Rubber. 12,600 79,720 1 V 2(2) Firestone 2(2) ADDRESS. I 84,800 3(1) 780 4(1) 2(1) I 2 Montgomery Ward Bros. Rubber and Tires 4(4) ... 17,900 5,000 1 NAME 3(1) Gimbel None 1(1) I None 12,500 68,400 2 Western 5,30(f " Goods 2(1) 2 5(2) 3(3) 2(2) American Tel. & Tel General Telephone & Electronics 11,760 W.)_. 14,060 10,000 Publishing and Printing Inc. Woolworth 3,300 42,500 1 I-—« | 1 None 1,300 - • None 18,000 26,700 14,000 Virginia Electric & Power Public Utilities less 1%. None Winn-Dixie Stores 1 None 8,100 70,500 Electric South Carolina Electric & Gas 5,000 19,400 None 15,750 .*_ ^ Spiegel Stop & Shop Thrifty Drug Stores 4 11,900 Puget Sound Power & Light... None 1(1) 2 13,463 11,300 Rochester Gas & Electric.. 52,400 1 1,010 1 Potomac 2,000 5,000 33,000 None None Safeway Stores Sears, Roebuck 4,800 Philadelphia Electric None 1 1 48,938 Pacific Gas & Electric None 1 Possible OBJECTIVE: 16,100 (E. J.) 23,200 3(1) 8,200 Poioerl None ma UTtMomm 1 Korvette None None (Mo.) None MA m Y LAN O 1 700 2(2) 48,000 Niagara Mohawk 7,900 1 1 6,000 Utilities 1 1 1(1) None 34,000 Edison 4 1 2(2) 7,500 Public Service Electric & Gas.. Public Service of Indiana Public Service of New Mexico. 10,500 2,500 6(2) 1(1) 2 3,500 Co. 1 30,000 32,400 None None 1(1) 1 2(1) 25,200 Lighting 35,200 3,700 1,000 * 1 2 Grant (W. T.) Great Atlantic & PacificTea_ 1,000 Island 1 22.500 179,000 9,500 2(2) 4(4) 5,000 2,000 2,000 Iowa Power & Light Kansas Power & Light-.. 11,400 None None Grand Union 1 22,000 1 Incorporated ■. 20,300 1(1) Montana * 2 2(1) 1 1 Long I 5,000 18,500 National Underwriter St., Boston 9, Mast. 1 32,200 9,000 5 60 State 1(1) 1 Federated Department Stores First National Stores 2 Coffin 8C Burr v 1,800 4 5,900 13,500 5,500 1 Aldens 1 1(1) Light 6(1) Investment 3,000 4 & • Retail Trade 2 None 13,000 ____ 1 u 3 4,700 No. of " No. of Shares'! Mgts. | 13,000 12,300 4(2) Light Sold Shares 40,200 8,100 1 2 Y.) Idaho Power Illinois Power ;_ Iowa-Illinois Gas & Electric____ 5,500 3 No. of Mgts. Mgts. 1,882 None ____ (N. Light Electric Power 2(1) FREE Prospectus and information, see your a other 6,000 2 1 Mutual El Florida 2(1) placing emphasis on current income, capital stability and possible long-term growth of capital and income. 10,000 20,300 Edison Power v& Dayton 1(1) Edison No. of Shares 5(1) No. of Thursday, February 2, 1961 . \ No. of Sold 5 No. of Mgts. A . —Bought— —Bought— No. of Diversified . 2.500 2(1) 37,500 3(2) i PUTNAM FUND The (under DIVERSIFIED GROWTH STOCK FUND,* |possibilities in in many 'A securities of BALANCED Wellington sales and and by included Fund 1!)(»0; those also includes managements) Cash transactions in addition Investments of Massachusetts above by Putnam and to by for are investment shown In our companies tabulation Companies." Growth article our Fund four those Investment Investors in Growth 8(> Stock for Fund September November-December and FUND" American Investors Fund, Inc. THE development. PUTNAM Larchmont, N. Y. GROWTH FUND NZW AND DIFFERENT Emphasizing possible long-term Capital Growth Priced Prospectuses on Request No Putnam Fund Distributors, Inc. 60 Hugh W. Long and Company Incorporated Westminster at Parker • Elizabeth, New Jersey New York CONGRESS STREET, Chicago Net MUTUAL Asset Value—with Redemption Fee Periodic BOSTON : Los Angeles at Purchase — Plan No available Prospectus FUND Sales Charge Underwriting Commission without additional Atlanta No on at Net Asset by through 11MJI). companies] fields of scientific and economic Between November Investing for long term growth different four Purchases of'Boston tabulation foregoing "Balance Value cost Request XCC-101 Volume 193 Number 6026 . . The Commercial and Financial Chronicle . (573) 25 *x time Fund Heads Mildly Bullish During Strong Stock Market from shares, and there were three other funds on the buying side, with no (38,000). Likewise bought by four managements and sold by none was Pennsalt Chemicals- which its found largest buyers in Na¬ Fundamental Investors Insurance Stocks Demand for stocks both casualty and not was widespread and (2,200 wise agements a whereas Chemical Fund its holding by 6,900 and U. S. & Foreign by with Franklin reduced shares buying Life surance. 1,616 shares. In DuPont, Common¬ Investment was the larg¬ wealth (1,000) and Investment Co. of America the largest seller est buyer (all 5,000), with American Euro¬ Chemical and pean each Fund 1,500 shares. selling offsetting sale Casualty, no Continental were Of and the In¬ Travelers latter, the two fund managements were Express-American Inter¬ Adams national of Continental Insurance Consolidated were Investment all) (17,082 Foundation Fund Trust Institutional and (6,000 all). Moderate Demand American group, Cork The three buyers of Babcock & Can Seal were Wilcox led were by Broad Street the likewise three bought by three and iwo manage¬ (20,000), another member of Tri-Continen- buyers tal and of (20,000). largest buyer of Crown Cork was tional Affiliated best three (20,000). in the But this group was Continental Can, with seven buy¬ Caterpillar Tractor by Group, National Securities Stock (25,000); stock initial its the was of this issue Value new namely Tri itself Ingersoll-Rand, Na¬ Of Securities buying 12,000 the led buyer (8,000). gains only in ton with but 42,400 Sci¬ Street then were still (all 000); (all this group Finance Companies Meet Fair Interest Aluminums Outshine Metals group 7,000) (3,000). and Fund Energy true both of initial Petroleum which Corp. of America reduced its shares. was Royal Dutch, with ' was purchase of shares, followed by Broad (14,600) and Madison (10,its only seller was special¬ an (22,000), with State Street reducing its holding by 20,900. Fund t attitudes toward oil stocks. During the latest quarter it added to all newly acquired Standard Oil 10,000 of shares California. C.I.T. Here Financial was bought by five managements (with Selected American leading with 5,000 shares) and sold by only one, namely Broad Street (all First 5,200). cial attracted Charter Finan¬ buyers (led four by Putnam Growth with 30,000 newly) and sold by none. Princi¬ pal sellers ment and of Lazard were de Invest¬ (all 12,500) Vegh (all 6,000). Of Com¬ mercial there Credit, selling, Trust Associates only was led by General Investors (all 2,000). aluminum the of the best tractions. The for tion group, stability with its and reputa¬ moderate growth, two of the leading meat packers during Funds eight star at¬ buyers of United the Group (30,000), de Vegh (6,000 newly), Dominick (9,000), One William (5,500) and Lazard (4,500). But there were also heavy sales, notably Incorporated Investors (297,- some by very Express-American (16,900), U. S. & Foreign (7,500) and Massachusetts Investors Growth (7,470). Of the seven buyers of Aluminium Ltd., 400), Adams International Accumulative largest monwealth with buyer selling on Com¬ (2,000), was Investment Wellington, hand, the was 10,000 shares, while with the entire its other 30,500 holdings by Runner-up in long neglected which Fair Interest were bought without any seller. of Swift by Largest buyer Madison was and six respectively, managements, .(15,000 newly); largest buyers of Wilson Delaware were Eaton (15,000 newly) and Howard & Stock (10,600), joined therein by Madison newly) (5,000 portfolio. rities selected for possible long of capital ana Pennsylvania Personal Property Tax. term Publishing Stocks Enjoy which group, attract fund dur¬ 1960 fol¬ quarter spate of and new this rather limited and between buyers group was only larger one one managements, led by Fundamen¬ tal with 18,000 shares, and dis¬ posed of by none. On the selling side, El Paso LAND quarter of the stocks in this old an and new a Best year. category BLDG., PHILA. CO. 10, PA. bought were both The for¬ name. mer was Crowell-Collier, bought by four managements and sold by none; the latter, Ginn & Co., likewise bought by four manage¬ ments, all of sold by stock course chusetts in particularly were especially initially, and Purchases none. on the of part Investors this large, Massa¬ Growth Stock (39,925), State Street (25,000) and Loomis-Sayles (13,295). In addi¬ tion to the stocks with multiple transactions shown in our tion, there single were in such chases also stocks tabula¬ pur¬ Allyn & as MIT (35,500) and One William this group, (32,368), with the few sellers including Fundamental In¬ vestors (10,000) and State Street (8,500). Competing for third rank Gulf Oil and Phillips Petro¬ leum, each with seven buyers and two sellers. Largest buyer of Gulf was Wellington (19,369), with Broad Street leading .the few sellers with a close-out of 15,000 shares. Phillips, on the other hand, had Broad Street as its leading buyer (29,000), followed the incidentally, char¬ are acterized were by Fundamental Investors (12,000). Also"well bought was Atlan¬ tic Refining, with Delaware the largest purchaser (20,000 newly), although Affiliated Fund reduced its interest in this stock by 18,400 shares. Pure Oil had five buyers (including Shareholder's Trust of Boston with and new Selected commitments American of 15,000 although by no means un¬ equivocally, there being 10 buying but also seven selling fund man¬ agements. Largest buyers of Jer¬ sey were National Securities side, by high price-earnings but have apparently at¬ tracted ; interest by their good growth records, their newness to The Dreyfus Fund is a mutual fund ratios, market, their stable backlog of school coverage and future de¬ mand in which the management hopes to make your money grow and the potentials inherent "population explosion." Retail in takes what it considers sensible risks in that direction. Booklet (prospectus) free from your dealer Stocks in or Good Demand DREYFUS Corp.,50B'way.,New York 4 In this defensive group, Woolworth took the laurels as the best bought issue. Without any selling buyers were led by Fundamental Investors (7,000) and Dreyfus (6,000). Although not a conspicuous stock in the market, Stop & Shop was newly bought by four funds, namely Af¬ dissent, its filiated (100,000), six Investors Growth Accumulative & Howard Stock other "sold" Ward in remained the BROAD STREET MUTUAL FUNDS column, with Incorporated Investors shares The and Eaton (10,000). On the hand, profit-squeezed Mont¬ gomery Stock Massachusetts (50,000), United (19,000) closing and its out National its 20,000; Lazard Continued 64,802 BROAD STREET Securities on was page INVESTING the CORPORATION 27 Fund A Diversified Mutual Natural Gas found & Howard Group to & BAILEY A. TITLE offerings, maintained this interest during the concluding its holdings reduced by the Eaton buyer 845 ' • • the extent of NATIONAL INVESTORS CORPORATION A Growth Stock Mutual (6,000 newly). Fund • fairly balanced and sellers, ex¬ cept for Libby-Owens-Ford which had bought by four GEORGE secondary shares, joined by United Income (15,700) and Investment Trust of Boston (all 4,800), with General Investors Trust the only Glass in Slight Demand in was Gas, Peoples group, Light & Coke Send for FREE Prospectus from yom Investment Dealer or begun interest only third a had growth income. Free of 35,775 and others. Interest this In A MUTUAL FUND investing in a diversified group of secu¬ and Random House. The stocks in were 14,900) Natural Gas Meets $30 or more. ^s*t° dentally this fund also added im¬ portantly to the utilities in its ing the lowing amounts of m^ Bacon, Holt-Rinehart, Macmillan, ers each, and Affiliated with with no offsetting sale. Standard Oil (N. J.), for some time sold on balance by the funds, once more moved over to the "bought'' bought stocks; namely Swift and Wilson five % of 10 buyers and shares shares. best the were the included United this one was ones Ltd. Reynolds Alcoa's In bought Aluminium largest Foods Palatable group quarter, with Reynolds Metals and be systematically accumulated in Inci¬ only three sellers. Its largest buy¬ The Shares may its six oil stocks and furthermore This In fact, Continental Oil was not only the best bought oil stock during the latest quarter, but also the best bought of any stocks. Its nine buyers were led by Welling¬ 2,000 m e n (which is about to gain greatly In size through its merger of several sister funds) continued having one of the most positive to interest. only t nve s Group Securities Common Stock Continued Interest terms of market action and fund with United seller while the was Stock managements shares, ence (all 10,000). Fund Line The long depressed oils which during the third quarter 1960 had begun to show renewed slight ized I the other Oils in Strong Demand 7,500). As in the preceding quar¬ ter, Allis-Chalmers was only sold, namely by American European ers and only two sellers; the prin¬ cipal buyer was the Fundamental- Diversified like¬ Italy's Olivetti, with an purchase of 275,000 ADRs preferred; Fund America prominent buyer of stock in this group, fourth quarter. This ments, respectively, while sold by none. Largest buyers of American Can were Affiliated (37,500) and bought a of Wellington ambivalently by the funds, perked up noticeably during the Moderate Demand this namely price Machinery Stocks ill Crown was foreign of Co. newly). viewed Containers in In Inter¬ (3,500 newly) and Bul¬ lock (8,000 newly). The only sell¬ ers Stock and National Securities In¬ Lazard and Investment during the latest quarter. Among those attracting two buying man¬ (17,500) and (8,800 newly). Principal buyer of Dow Chemical was T. Rowe Price with 1,27? (3,494) buying side, National Cash Register sUod out with four buy¬ ers and no sellers; the largest buyers being Wellington (3,000) Science shares, Express-American (1,000); only Wellington added— by 500 shares—to its holdings. On Investors tional United and Adams the Limited Interest in life considerable taking. Holdings of IBM come (32,000), T. Rowe Price were-reduced, but characteristic (5,200) and Nation-WideSecurities cally in no case eliminated, by (5,000); largest sellers Lehman five managements, especially by (all 20,000) and Loomis-Sayles national Continued from page 23 seller. encountered profit buyer, while of the two sales Interest In the came in Office Equipment WHITEHALL FUND. INC. Excludes IBM this A Balanced Mutual Fund dynamic group, IBM, long among the top favorites, this For prospectus consult your and free information investment dealer, or mail coupon to: BROAD MUTUAL SECURITIES FUND OF BOSTON STREET 65 KELLER BROTHERS o> Prospectus On Request Broadway New York 6, N. Y. GENERAL DISTRIBUTORS SALES CORPORATION 200 Boylston Street CO., INC. Chestnut Hill 67, Mass. TELEFHONE WOODWARD 9-9400 / V TELETYPE NTN MASS 630 Nationally-distributed through investment dealers by NAME Deia^are Management Co.. Inc. 901 Market Street ADDRESS Wilmington 1, Delaware □ BSI QNIC □ WFI •w 26 The Commercial and Financial Chronicle (574) . & Security Transactions by the 86 Balance Between Cash and Investments of 86 Investment Companies Com. Stocks and Lower Investment Bonds and Net Cash & Governmentst Preferred Stocks* Percent of Net Assets Percent of Net Assets Percent of Net Assets Balanced Funds: End of — Dec. Sept. Dec. Sept. Dec. Sept. Dec. iSept. 4,155 4,137 16.6 16.1 31.3 29.3 52.1 Axe-Houghton Fund A—* 6,878 5,458 15.3 11.7 28.8 27.5 55.9 60.8 Axe-Houghton Fund B 903 1.7 4.9 25.5 24.3 72.8 70.8 73 4.2 1.0 22.3 73.5 Science & Electronics ib5,355 A 4,099 b29.2 21.1 bl3.9 fl25.8 119.2, b56.9 5,347 4,228 2.3 1.7 H43.0 1142.1 $54.7 $73.2 $69.7 $56.2 1,993 17,439 3,170 2,232 1.0 1.1 11.9 11.9 87.1 87.0 13,742 1,823 12.0 9.0 27.4 29.7 60.6 61.3 3.4 1.9 31.7 30.8 64.9 67.3 272 3.9 3.7 26.3 25.3 69.7 71.0 28,649 27,721 14.9 13.8 21.3 20.7 63.8 65.5 5,003 g 2,132 2,095 17.7 16.0 25.0 23.5 57.3 60.5 554 505 5.2 4.5 23.8 21.9 71.0 73.6 18.2 78.8 N.A. 9.1 5.3 Street Investing Commonwealth Investment Investment Fund Diversified Dodge & Cox Fund— Eaton & Howard Balanced Fund 275 — General Investors Trust— Group Securities—Fully Admin. Fund New 230 254 4,814 ,994 2,500 "1,448 687 1,349 637 224 194 224 188 77.6 3,370 1,943 1,640 1,336 $61.4 N.A. N.A. N.A. N.A. N.A. 76.1 79.1 1,279 567 993 170 92.9 92.4 719 939 588 834 1,671 2.3 4.5 16,441 9,743 21.2 12.0 13.9 18.1 64.9 69.9 6,902 2,066 4,547 5,434 1.7 8.5 N.A. 1132.4 $N.A. 59.1 1,968 389 1,262 282 1,814 N.A. 6.1 N.A. 13.6 N.A. 80.3 N.A. N.A. N.A. N.A. N.A. 1,207 2.2 1.6 15.0 15.0 82.8 83.4 4.7 9.0 33.3 28.5 62.0 62.4 2,825 1,190 1,852 2,531 2,233 3,274 3,440 1,649 1,032 25.0 19.7 18.3 19.2 56.7 61.1 A 856 287 442 237 4.0 4.5 23.6 21.9 72.4 73.6 6,917 11,078 4,796 7,357 4,191 7.4 5.4 28.7 26.8 63.9 67.8 6.2 32.0 36.3 49.7 57.6 4,597 5,117 1,191 18.3 4,495 6,548 1,865 2,853 7,330 13.6 14.5 26.9 23.9 59.5 61.6 3,648 1,372 Fund. N.A. 1,591 1,586 4,248 _— __ - 9,995 8,305 5,537 7,954 6,302 Fund * . 510 3,287 6 1,575 814 ' 512 649 6.4 7.8 1.2 3.5 92.4 88.7 827 762 624 762 1,528 1.9 6.8 3.0 2.8 95.1 90.4 979 5,896 13.8 10.6 C27.3 26.5 C58.6 62.9 1,288 70,670 5,900 145,931 5,417 120,183 28,178 60,518 22,621 152 137 1.3 1.2 47.4 47.2 51.3 51.6 435 592 236 356 251,400 8.8 8.0 22.2 22.6 69.0 69.3 162,357 102,405 110,154 70,491 Fund Value Line Income Fund— Wellington Fund Whitehall Fund Sub-Total 843 446 407 2.6 Stein Roe & Farnham Balanced Fund Line 2,044 1,316 284 Scudder, Stevens & Clark Fund— Shareholders' Trust of Boston Value 1,371 883 307 Securities (George) 6,260 11.6 England Fund Putnam H36.9 9,886 11.8 Fund- Securities—Income National N.A. 999 8,106 11,793 12.3 Mutual Investment Fund Nation-Wide 1.7 816 999s1 1,962 —- Mutual Life 16.6 903 992 597 Fund Loomis-Sayles Massachusetts 4.1 2,192 1,647 I,552 Mutual Fund- Knickerbocker 4.5 * 1.121 2,399 6,530 10,515 8,535 1,685 1,805 Mutual-— Investors Johnston • ■ 5,253 1,545 25,296 Foundation Fund Institutional : 2,987 992 7,364 Broad 342 3,312 2,960 1,071 3,245 -; 1,679 4,498 304 Boston Fund 118 1,343 2,293 Axe Sales** Purchasestf Sales** 802 Axe-Houghton Stock Fund . Total Total Purchasesff 54.6 Portfolio Common Stocks Total Other than Governments Total American Business Shares—1 Of Cms: Portfolio Securities • End of— End of——— Dollars>- -(In Thousands of Grade Bonds & Pfds. Thousands of Dollars End of October-December, 1960 >, Net Cash & Governmentst Companies During Investment (With Aggregate Net Assets of $13.3 Billion) 12-31-60 vs. 9-30-60 Open-End Thursday, February 2, 1961 . . — 310,395 Open-End Bal. Funds . Opein-End Stock Funds: 330 1.4 1.9 Nope None 98.6 98.1 871 592 871 592 Aberdeen Fund 223 Affiliated Fund 84,407 3,148 8,307 71,615 4,084 14.6 11.3 0.3 0.3 85.1 88.4 20,512 5,213 20,512 5,006 10.0 12.1 None None 90.0 87.9 1,465 '2,257 1,465 2,257 7,294 15.3 12.5 None None 84.7 87.5 2.339 704 2,339 704 15,666 8,000 N A. N.A' 7,872 3,607 3,274 Mutual Fund- Blue Ridge Bullock Fund 5,449 1.5 2.0 2.2 1.0 97.0 Fund 3,753 96.3 Chemical Fund 8,253 9,464 9.0 9.4 4.5 4.8 86.5 85.8 Delaware 13,257 8.122 960 23 5.2 0.1 0.6 6.0 94.2 93.9 4,608 de Vegh Mutual Fund Dividend 27,106 22,699 Dreyfus Fund Eaton & Howard Stock Fund 24,992 10.5 9.0 None None 89.5 91.0 29,019 vvn< 15.6 -*T7.0 None None 84.4 83.0 16,550 Shares 16,891 10.8 10.1 None None 89.2 89.9 0.3 None 98.5 99.0 5.8 N.A. 79.6 N.A. — 1.0 1.2 : Group Securities— Com. Stock N.A. 15,967 10,999 2.3 1.9 0.1 0.1 97.6 98.0 16,311 0.4 None None 99.7 99.6 335 395 896 1.3 1.2 None None 98.7 98.8 4,909 2,278 15,244 3,618 Fund- 2,568 32.9 24.1 1.3 2.3 65.8 73.6 41,170 11.0 13.7 0.9 3.8 88.1 82.4 30,767 3,261 . 6.7 4.8 None None 93.3 46,569 17.6 24.6 0.8 0.9 81.6 74.5 30,151 §3.1 §2.5 §95.3 §95.2 Tf.O 7.8 None 89.0 92.2 9,743 None 13,212 Investment Co. of America— 2,728 95.2 98.1 99.6 Investment Trust of Boston— Lazard Fund __J — Trust Investors Massachusetts Investors National Securities—Stock — Street ■4,909 3,573 1,247 2,158 1,178 34,163 1,373 20.241 206 3,618 206 18,112 5,869 17,588 1,814 5,869 2,465 2,465 2,381 N.A. N.A. N.A. 18,089 19,962 18,089 6,971 1,980 12,492 6,837 6,971 N.A. 1.9 4.6 4.2 None None 95.4 95.8 2.8 1.3 1.1 97.5 96.1 5,196 1.2 19,962 12,492 6,837 1.7 None None 98.0 98.3 3,119 12,626 2.0 11,146 8,715 11,146 8,715 4.8 4.7 0.4 None 94.8 5 95.3 8,4 94 al3,789 8,494 $$12,860 •7.9 3.3 3.7 86.1 88.3 893 580 893 580 1,432 10.6 12.9 0.6 0.5 86.1 86.6 2,886 1,374 2,886 1,274 1,777 1 Fund 395 3,573 6,063 1,939 3,494 11,981 ______ 335 V 17,028 27,192 16,485 — Massachusetts Investors Growth Stock 4,392 2,669 2,950 11,343 0.3 Incorporated Investors 1 Institutional Investors Mutual Fund§§ Street 930 N.A. 88 3,103 Pine 2,741 N.A. II,500 N.A. — Guardian Mutual Fund William 955 N.A. 911 — General Capital Corp One 12,980 52,887 12,805 — Fundamental Investors National 4,392 2,669 60 Fidelity Fund . 5,401 152 14.5 6,170 6,170 •-N.A: • 3,362 5,401 12,980 2,950 2,793 144 Energy Fund 8,000 > 0.4 None None a . 1,960 ' (T. Rowe) Growth Stock 4,637 5,136 13.3 4.3 None 95.7 96.5 2,084 858 2,084 858 1,317 None 1,460 8,720 3.5 Scudder, Stevens & Clark—Com. Stk. 7.6 1.9 1.3 88.8 91.1 a9,204 a7,864 9,204 7,473 7,886 9.3 Price Selected American Shares 1.4 0.5 3.2 4.0 95.5 258 208 254 208 57 95.4 52 8.6 0.9 N.A. N.A. 18,939 31,696 18,939 $$31,430 16,930 9.0 90.1 17,061 8.3 1.0 None 91.7 452 3 53 -3 1,319 3.6 95.4 494 2.6 1.6 0.8 0.3 98.1 288 143 288 90 602 96.6 910 31,586 3,455 24,615 2,308 13,413 4,406 2,103 12,060 425 528 300 146 3.1 1.3 14.0 1,699 2,046 10.8 12.0 1.6 465,944 420,766 7.4 6.8 1.5 1.5 91.0 91.7 672,166 8.0 7.3 10.5 10.5 81.4 82.2 4.6 3.5 0.8 0.8 94.6 95.7 84.5 91.2 Sovereign Investors State Street Investment Stein Roe & Farnham Stock Fund— Fund Texas — United Accumulative Fund A United Continental Fund , United Income Fund—________ United Science Fund Value Line Special Wall Street Situations. Investing— Wisconsin Fund Sub-Total Open-End Stock Funds Total Open-End Funds_____ 6.8 6.0 4.7 87.2 87.7 13,267 3,774 12,127 4.8 1.4 1.4 92.9 93.8 729 128 729 128 5.6 4.6 3.2 1.5 91.2 93.9 9,505 8,809 6,042 1.1 1.0 95.6 92.9 9,377 7,023 4,127 7,023 4,127 None None 96.2 95.6 1,359 1,202 1,207 1,202 15.4 82.9 83.3 356 90 4 38 1,5 87.6 736 321 736 252,69£ 233,457 220,851 196,315 415,051 335,862" 331,005 266,806 6.1 3.3 8,880 776,339 7.6 5.7 4.4 3.8 86.5- 321 V ' Closed-End Companies: Adams Express American European Securities American International 3,253 2,670 2,265 Carriers ?.< 4,004 3,680 1,808 4,106 & General Consolidated Investment Trust Dominick Fund General Public Service Lehman Corp. Madison Fund 20.9 13.5 None 2.0 79.1 6.1 7.5 1.3 1.3 92.6 10.1 8.1 0.5 None 89.4 6.6 6.0 None None 93.4 3.4 3.9 87.6 1.9 1.6 87.9 9.0 1.7 10.2 7.9 • 5,129 6,808 14.1 4.7 6.2 14.4 10.0 ferrcd also company: stocks: Moody's Aaa CHANGES IN other through CASH 3,910 CLOSED-END Totals 81.4 3.4 3.3 90.3 §16.3 §67.6 10.5 88.1 89.0 89.2 11.7 1.4 1.3 Ba so 12.5 11.0 None None 73,506 8.1 6.7 3.3 3.2 87.4 745,672 9.4 9.4 82.5 included for POSITION 31, 1960 bonds; OF vs. 84 by reporting bonds and Standard INVESTMENT SEPT. 30, & COMPANIES and pre- Poor's only. i 7.2 BBB COMPANIES for preferreds Minus Approx. Unchanged AVERAGE ALLOCATION Defensive 2 14 Risk 11 84 5 2 10 22 51 , 802 $$279 10,619 24,023 1,319 4,065 10,731 4,065 35,330 13,596 1,201 1,319 1,201 205 145 i$140 145 9,693 11,376 1,629 8,176 8,643 None New merger 82 York of State, a COMPANIES OF & ASSETS TO SECURITIES, AND RISK Totals cash, etc. and securities of CASH securities (common stocks 1,629 59,068 368,242 SSOwned by 82 corporate Automation AND SECURITIES Governments (investment None "3U237 409,186 $$Estimated. Exclusive Missiles^Jets • 73,324 _60,470_ 475,521" c As plus and EQUIVALENT Dec. 31,1960 lower grade bonds and 8.1% 7.2% ........ preferreds) of T ........ bonds 9.4 9.4 pfds.).. 82.5 83.4 ........ 100.0% ■■ 100.0% 325,874 savings banks, etc. short-term Fund, Sept. 30, 1960 Net 4 V- 2,421 a282 Total 40 19 BY in DEFENSIVE 30 7 2,250 658 34,707 83.4 (or SUMMARY 13 3,494 ^Proceeds from sales. approximate equivalent). HBonds preferreds irrespective of quality classification. ?Common stocks Sin percent of gross assets or total securities. ttCost of purchases. through 1960 Balanced Funds. s 8.1 AAA 2,252 2,421 §70.4 87.0 11,458 investment COMPANIES: Funds 86.8 88.9 6.4 7.7 5,821 Plus OPEN-END 95.2 4.2 544 1,295 a802 97.6 328 1,244 a748 0.1 850,848 assets, DEC. Stock • 1,590 643 1,295 3,543 7.0 74,509 _______ 480 328 0.1 12,238 ^Including corporate short-term notes where 1,906 1,590 . 1,244 94.4 - 87.5 Total Closed-End Companies— investment 0.2 0.1 2.3 20,871 5~,066 U. S. & Foreign Securities 2,218 89.8 667 '4,357 Overseas Securities Tri-Continental 2,405 1,906 480 §15.9 Niagara Share 835 90.5 85.8 2,405 2,619 94.0 : " ' 835 9i.9 4,016 8,333 4,489 Grand Total . 2,997 1,549 3,221 5,155 6,772 13,372 General American Investors , f . notes, Sept. b After 1, I960. Volume 193 Number 6026 . . The Commercial and Financial Chronicle . (575) shares Fund Heads Mildly Bullish During Strong Stock Market Continued from page 25 buyer of 5,000 shares. this only in usually response which group, fails to meet unanimous from the funds^ selling overbalanced buying. by six manage¬ ments (including National Securi¬ Deere ties sold was with 22,300 Stock shares, In¬ vestment Co. of America with its shares, 20,000 the all Bullock Group with 7,900 shares, and Blue Ridge with all its 5,200 shares), bought by three funds (in¬ cluding Wellington with 18,400 but shares, Dreyfus with 8,200 shares and Madison with 5,000). The of International Har¬ four sellers vester led were (25,000), while Fund One William Scudder by only the National and Securities Stock bought 5,000 shares each. In In¬ were ternational Paper, Crown-ZellerChampion Paper. Of International, the heaviest seller was Wellington which eliminated all its 23,300 shares (pre-split), bach, and while Chemical its 24,900 Fund closed out and little known - man¬ sellers at all. A particularly large occurred in Diamond National, of which Affiliated Fund bought 60,000 shares newly. Another conspicuous purchase Madison's was of 20,005 Pacific. But, quarter, initial shares acquisition of Georgia- in the as preceding American Standard re¬ mained heavily sold; there were close-outs, namely 50,000 shares each by Madison and In¬ three Co. of America and by Wellington. Lone Star Cement had its largest seller in MIT (all 79,000), which, also sold 9,000 shares of U. S. Gypsum, the amount same lington in Largest newly). 89,000), only attracted the Champion buyers, no and larger of its two sellers Affiliated of (all Fundamental (11,000). buyer Paper the with seller MIT was was being sold by Wel¬ close-out; an even larger seller of U. S. Gypsum was the Scudder Group (all 10,000). a GROUPS MEETING MIXED REACTION with and and General Motors Ford by Ford managements, Motors sellers Wellington of six attracting General Principal Co. only four of two buyers were Investment (26,200), America two buyers. Ford (all tracted with both by largest largest seller Madison 20,000) 50,000), of GM GM followed by United (all 25,000); largest buyer was Troubled Wellington Chrysler (19,000). found buyers the On shares had balance Parke and once were Davis, Davis. Merck had its sellers Affiliated in (all (9,300); Parke Davis was disposed of by One William (all 60,000), Affili¬ ated (all 29,800), MIT (25,000) and Dreyfus Dreyfus (all 10,000), eliminated and Common the Group its was 36,000 without two prising that the industry and mergers funds' thoroughly was sur¬ attitude mixed. Five the roads here under review more an bought sellers, ing. more Among large entirely on sold on Rubbers tus Accumulative (5,000) buyers was more tilted toward outnumbered buying the the Life Fund A balanced mutual fund providing for distribution of income and prin¬ cipal in accordance with an individ¬ ual trust account for each investor. equipments during the carried ter. into ceding period, the hesitant rela¬ to was were three largest buyer of GE Shares (10,400), Street in the Tri dftidtiiattce Trusttt Founded 1S18 or MASSACHUSETTS LIFE FUND DISTRIBUTORS 50 Statb Street, Boston q, Mass. 16,600 its Fund Prospectus from your Investment Dealer its William 19,900 ward contrasting selling 15,200 The ones. was and A buying numbered were the new and •growth ing particu¬ almost textile and was commitment | rayon the more Address Do the quarter. . Investment stocks Possibilities in balanced dur¬ December in J. P. Stevens, coming Continued on ELECTRONICS A Interest You? WHY NOT from page INVESTIGATE 28 ones. of INC. assets are TheChaseFund invested out¬ of Boston vfj the of seeking capital program possible pfc the new economic Prospectuses available from Investment Dealers Get the frontiers of coupon tronics field. Booklet-Prospectus and ord of this development. mail or your Mutual CORPORATION □ Shareholders' Trust of Boston Name 1 ' 11 5 □ The Chase Fund of Boston Name —— -City State F St., Chicago 3, III. Broadway, New York 6, N.Y Address. Address Shares . Boston 10, Massachusetts - rec¬ from Management Corp. 120 S. LcSalle • now or to: DISTRIBUTORS 75 Federal Street Fund investment dealer Television CHASE and income in engaged in the Elec¬ w appreciation possibilities in possi- companies actively | capital future needs. ^Nii^tal r >1 in¬ current primarily for growth of capi- CV | The 77,000 Invest¬ W^saa^ble long-term A diversified investment | I relatively large purchase occurred (Lazard and income to meet to¬ largest purchase is represented by a I Name__ I | clearly in disfavor, opinion them on investment for holdings by attitude selling 65 Broadway, New York 6, N.Y., Dept. 1 While in the September quarter en¬ the selling side, took program Madison managements four Manager and Distributor of Chemical Fund On the Textiles Broad IT/T remained split, although seven j CO. INC., I | Less Bearishness others balanced shares, with One The dealer, your below to: (25,000) and Slate Street (14,000), largest buyer was Wellington six Trust of Boston Dividend while reducing its shares. j F. EBERSTADT & Shareholders' Group eliminated shares coupon A Mutual come with mall the 1960 a four were managements, buying request from upon or ment Fund whose quar¬ There one. possible TELEVISION- 1960 final returned seeks in chemical science. elec¬ But this return tive favor. active Prospectus electronics Electric, sold rather balance during the pre¬ on Fiyid at¬ General heavily Mutual growth of capital and income by in¬ vesting in a diversified list of com¬ panies in many industries which are ELECTRONICS quarter the For investors FUND. by and third over Michigan St., Milwaukee 2, Wis. with 22,000 shares. larger disillusioned encountered trical a qnes; the largest Selected American were Electronics Still Meet titude EDGAR, RICKER & CO. 207 E. Steel, only one and Ambiguous Reaction Massachusetts —— This five of the three buyers. ' somewhat or with: United The investment dealer your — GROWTH POSSIBILITIES and Central from with found or transactions, place in Illinois Prospec¬ available Seeking Long Term buyers latter, reason¬ of selling than buy¬ the growth and The only better-bought issue in this key group was Republic of whereas countered larly tnan number even ital buyers, able income; Disagreement sellers proposals, it is hardly merger > with possible long-term cap¬ seller. a managements honeycombed securities selected for Securi¬ shares). balance, although the five selling railroad of Split Attitude Toward Steels good-size demand for the list its hand, the Atchison buyers and no sellers; Pacific having diversified a other three Southern four With A mutual fund (of which 8,300. these of selling. Among any on three Parke and 31,500 ties Fund On the Rails as sold by five managements, only two buying Merck and 10,000 Of well about ratios Merck with Fund four sold initial was as doubts encountering more Scudder Divergent Opinions managements (in¬ cluding MIT with 27,500), without far the shares. Group growth stocks, the drugs were thoroughly mixed. On the buying side, Sterling Drug at- (24,000); in Western Pacific Steel price-earnings an (all Bullock reputed 39,200 and Loomis-Sayles with Science the market's those MIT were the and 25,000) the United Funds Group the Investors Typifying the funds' sold were in and of seller; largest buyers were Well¬ and only one seller. £he buyers ington with <±6,500 and National were led by Wellington (30,280 Securities Stock with 15,000. On newly), Selecled American the other hand, Bethlehem Steel (6,780), Lehman (3,162) and was sold by five and bought by Delaware (1,320). Columbia only one; the largest seller was Broadcasting this time found more State Street (all 19,000), the only sellers than buyers, with Selected buyer National Securities Stock American the largest seller in a •(57,300 shares). Opinion on U. S. 24,720-share close-out. See-Saw in Drugs Attitude Both almost disposing ABC-Paramount, with six buyer; (4,300). Automotives Meet Split itially bought 5,000 shares each), There (40,000) and United Science (9,000) and also sold by Dividend Shares 12,000 and 22,400, while Shareholders' Trust of Boston and (8,600). the Split Attitude Toward which, in the absence of any buying interest, was eliminated American its Institutional Foundation Fund in¬ MIT was Radio-TV-Movies Coal General all com¬ Delaware Mixed Peabody Coal had three buyers, notably National Investors (33,900) and Putnam (30,000), with¬ out any seller. However, the opposite is true of Consolidation by (all 5,000). Fund Most and MIT nificantly, none of the sales of And Tires Philips represented a close-out, Whereas this industry during and most was undoubtedly in the the September quarter 1960 nature of profit-taking; Philips' wound up almost entirely in the splendid earnings growth has con¬ ''sold" column, the funds'-attitude tinued, although at a reduced was more mixed during the latest rate. Siemens & Halske, the Ger¬ period. In Goodyear purchasers man electrical giant, was closed balanced sellers (with tne United out by de Vegh (5,000) and sold Funds Group buying 13,500 shares, by Wisconsin Fund (500). Min¬ Lazard eliminating its 45,000 neapolis-Honeywell remained sold shares, Incorporated Investors on balance (with Fundamental selling 18,540 shares and Funda¬ Investors closing out its 13,000 mental Investors 16,000 shares). shares). RCA likewise remained Heavy selling appeared in Fire¬ in comparative disfavor, with stone (including 37,598 shares by Madison leading the sellers (all Incorporated Investors) and in 22,000) and Lazard the fewer Goodrich (of which Wellington buyers (with 7,140). Among those eliminated its 35,000 shares, while only sold was Philco, of whicn Lehman-One William Street sold Wellington sold 9,400 shares and 43,500 and MIT 19,000). Important Selling (1,800 Scudder Dreyfus with 7,000 shares. Largest buyer of Philips was the Scudder Group with 3,500 shares. Sig¬ purchase With Crown-Zellerbach (84,300) One . Stock William Group - (Value Line Income Fund selling and National Securities 33,600 18,900), Southern Railway (Wellington selling all its 65,000 shares, Putnam Fund all its 18,000, plete turn-about in the funds' at¬ out, each of these with three buying managements and no tual buyers Tri Lehman remarkable stand Stocks two Among balance was again whose five sellers on the the (20,000). closing out its 10,000 shares, MIT selling 34,000), Nickel Plate Group (27,000): while on the buy¬ ing side were the Bullock Group Walter Coal of sold included shares, and Lehman sold larger funds (26,200) Jim 14,777 shares, with Guardian Mu¬ the of two buying building stocks titude towards Philips' Lamp outnumbered those selling them, Works, so long a star attraction. there was an important admixture This time two buyers contrasted of stocks sold in this group./ with eight sellers, the latter in¬ Among those fought on balance, cluding the Axe Group with 7,255 Diamond National and Georgia- of the 50-guilder shares and Madi¬ Pacific as well as Johns-Manville son with 7,025 shares as well as 53,000 particular disfavor America Westinghouse, and Shares Group (61,500) 'B' (4,000 newly). vestment Papers Shed of those agements cyclical time this ers Fund-American While the number of fund Balance on this part Funds Group; sell¬ of ITT were led by Investment Co. Building Stocks Mixed Agricultural Equipments In Affiliated with1 Business and Axe issue, DISFAVORED GROUPS Sold the the on in the United 27 City-State. 28 The Commercial and Financial Chronicle (576) and Fund Heads Mildly Bullish Leslie the During Strong Stock Market Continued from page 27 embattled National Securities Stock Eaton although Howard & eliminated its anced (15,000), Bal¬ 4,500 shares. Alleghany Madison Fund to its interest national added Corp.; 8,000 shares in American Inter¬ Bowling; Investment Co. of America reduced its interest in Cigarettes Blown Hot and Cool ^Philip Morris had three buyers (including Delaware with 6,000, Dreyfus with 3,500 and General growing Corp. by 10,000 shares; Fund newly 26,000 shares^ of wellPutnam Dun American made Bradstreet; Securities European first a & purchase (4,000) Investors Trust with 2,000 newly) Green Shoe whose stock and on only (National Se¬ seller one the in listed was Big J3oard after the close curities Income with 8,000 shares). In Reynolds, buyers balanced of the year; Broad Street let go of its 8,000 shares of Time Inc.; and sellers; in American Tobacco and Affiliated Lorillard, sellers had buyers. entire edge over an Fund disposed of its shares of profit- 14,700 states William Gerstley, II, partner, Gerstley, Sunstein & Co., and Edgar J. Loftus, resident Jersey) manager, W. E. Hutton & Co., both of Philadelphia; David A. Burt of Hazlett, Burt & Watson, Wheeling, W. Va.; and David W. Hunter, partner, McKelvy & Co., Pittsburgh. No. 12 (Connecticut, New York Best bought Southern utility ments six by manage¬ sold and by only two; the led by Group Se¬ buyers were curities Common sellers (6,000), the few Madison (all 5,000). by Consolidated v was California Edison whicn purchased was stock buyers Common shares) without Utilities three Group Se¬ with bought by four and none, with Investment of Boston the largest buyer (2,500). Most disfavored Middle South utility was Utilities, with six sellers and only one buyer; Madi¬ son was the largest seller (all ,40,000), Massachusetts Investors Growth Stock the only buyer (35,.000). Consumers Power was sold by 5 lock one. (including 8,900 by the Bul¬ Group) and bought by only namely Group Securities Com¬ (10,500). mon Utilities managements while included none Electric sold bought Rochester (where by the 3 by Gas & Association district Bullock Income Fund a close-out the largest seller in of 40,000 shares). ATTITUDE TOWARDS MISCELLANEOUS ISSUES Polaroid, which in the Septemter quarter bought by of 5 1960 had been managements and sold by only 1, this time attracted 10 buyers while there were 3 sell¬ ers. Its largest buyers were MIT (15,000 newly) and its "not so little" sister, Massachusetts Inves¬ tors Growth,' with 3,000 shares, with ■>" this Dreyfus, an "old hand" at stock, buying an additional 6,000 shares. led by The few sellers State Investment Street Co. were and America of (4,700) (all 4,000). As pointed out before, Minne¬ Mining & Manufacturing once again was sold by 5 manage¬ ments, while bought by none; with Wellington the largest seller sota in 45,000-share close-out. single transactions (other than of foreign stocks which were of of the National 13 Dealers Securities committees. A of total 43 were elected, each to serve a three-year term starting in April. Those 1 (Alaska, Idaho, Montana, North Dakota, Oregon, South Dakota and Washington), Colin A. Campbell, Vice-President, Southwick, Campbell, Waterman & Co., Seattle; Robert H. Atkinson, part¬ ner, Atkinson & Co., Portland, Ore.; and David A. Davidson, of Davidson & Great Co., commented upon Ridge bought shares of an above), Blue additional 6,000 American Motors; 2 (California, Nevada and Richard W. Abrahamson Hawaii) of Weeden Bowyer & Co., and Frank Schwabacher & Co'.", of both of San Fox of Stern, Francisco A. B. Meyer & and Frank, Fox, and William R. MacCormack of Evans, MacCormack both of Los Angeles. 3 No. (Arizona, Mexico, Co., & Colorado, New Wyoming) J. Arthur Pett, resident manager, Dempsey-Tegeler & Co., Salt Lake City; Charles E. Crary of E. F., Hutton & Co., Tucson, Ariz.; and Malcolm F. Roberts, Vice-Presi¬ dent, Garrett-Bromfield & Co., Utah Leon and vestment A. and Lascor J. of K. In¬ Co., both of Denver. 4 No. (Kansas, Missouri, Nebraska and Oklahoma) G. Ken¬ neth Baum, President, George K. & Baum Walter Cole Co., I. & Lawrence M. ciated Fund, No. Kansas City, Mo.; Cole, partner, Beecroft, Co., Topeka, Kan.; and 5 Mullen, Jr., of Asso¬ Inc., St. Louis. (Alabama, Arkansas, Louisiana, Mississippi and a part of Tennessee) Louis A. Lanford, Secretary and Treasurer, Hill, Crawford & Lanford, Inc., Little Rock, Ark.; and Miles A. Watkins, Vice-President, Stubbs, Wat- kins & Lombardo,- Inc., Birming¬ ham, Ala. No. 6' (Texas) William C. Porter, President, Dittmar & Co., San Antonio; C. Pharr Duson of Rotan, Mosle & Co., Houston; and King, III, of King, Nelson Calvert, Corpus Christi. Carolina and facturers Spencer, Zimmerman, Pound & Co., Columbus, Ga.; and Matthew sold 703 shares of high-priced Rohm & Haas; Incorporated In¬ vestors completely eliminated its 100,000 shares of Island Creek Coal; Chemical Fund closed out its 15,000 shares of Eli Lilly "B"; Investment Co. fo America bought 13,300 shares of Union Oil of Cali¬ fornia; initial Loomis-Sayles purchase Products of made an Universal Oil (20,000); Broad Street 10,000 shares of Mead Corp. and all its 27,000 shares of sold St. all its Lawrence Corp.; Delaware Fund sold 4,200 shares of Eastern Stainless Steel; Selected Ameri¬ can newly bought 5,000 shares of Youngstown Sheet & Tube; Over¬ seas Securities initially went into Eustis, Trask & Co.; of Jr., Spencer and Victor M. Miller of G. A. Saxton & Co. No. 13 (Maine, Massachusetts, Hampshire, Rhode Island iand New Whiteside, Thomas President, Chace Whiteside & Winslow, Inc., and John M. Bleakie, resident partner, W. E. Hutton & Co., both of Boston; and Clifford B. & Barrus, Jr., of Barrett No. 7 (Florida, Georgia, South William B. a H. Pilcher, part of Tennessee) Zimmerman President, of Mid-South Securities Co., Nashville. No. 8 (Illinois, Indiana, Iowa, Michigan, Minnesota and Wiscon¬ sin) A. Paul blower & E. Ogilvie of Horn- Weeks, Chicago; Walter Bache & Co., Detroit; Auch of William L. Co., Liebman Milwaukee; Swiat of of Richard and Olmsted Loewi of & J. No. 9 (Kentucky Lawrence and Ohio) L. Ball, Treasurer, Hunter, Prugh, Ball & Davidson, Inc., Dayton; and Seth M. Fitchet, resident Pierce, manager, Fenner Merrill Lynch, and Smith, 1959 Inc., larger rooms Hart Director only 894 feet.5 square making Whether these bring higher of Fund Arnold of the Hart, President the director of Canadian Fund, Inc. Investment C^nadia11 and Ltd., it was announced Fund, ward (in both nadian in 1952, is the tual mu¬ rate In provide the it sonable to 1.5% and began in there next 10 our of In correct, for is then will to total a rate a of close to on new Adjlisting of construction for decade of Projection end io the bank's head office 4 National 5 in C., p. in the in gage ficers Pont Du to President; D. F. Givens, VicePresident; and D. H. Givens, Secretary-Treasurer. S than offices with formed to engage Officers in a New Louis are 44 at York City, securities business. South, Avenue, been Park Units in nonfarm lost 4 reveals households to other "second supplied by conversion, Fund tual been Utah Distributors 1. ' 400,000 _ IL_ZI_._Z~1'ZZ_ZZIZ _ 750,000 trailers, public housing, etc. housing Total starts ._: 1.250.000 13.500.000 . — —, SOURCE: Indiana W. George Pinelli, The Next Decade University, 1959) p. 18. TABLE Nonfarm formed Dwelling Units: Total Construction 14.750.000 Savings Building 14.75C.000 (Bloomington: School of Business, II Starts, Completions, Cost, and Construction Cost Completed Dwelling Unit, 1950-59 Total Construction Cost per (Millions)" Dwelling —Unit Completed— No. of Private No. of Units Current 1959 Current 1959 Starts Dollars Dollars Dollors Year Completed Dollars 1950—.. 1.352,200 1,261,200 11,525 to engage 14,625 1951 1,020,100 1.103,125 9,849 11,669 Officers 1952 1,068,500 1.056.400 9,870 11.384 1.068.300 1.068.350 10.555 11,967 9.880 11,200 1.201,700 1,168.350 12,070 13.779 10,330 11.790 1,309.500 1.282.550 14.990 16,600 11,690 12.9 K> 1,093,900 1.147.800 13.535 14 368 11."90 19 c°9 992,8C0 1.018,075 12,615 13,141 12,390 12,91)0 ._ 1.141,500 1,104.325 13.552 14,000 12,270 12.680 __ 1,342,800 1,292,475 17,116 17,116 13,240 13,240 offices with 1,250.000 . Mu¬ Corp. has Supply uses" Construction Cost — Housing 14,750.000 per Utah. in the -_ 9,140 11,600 8 930 10.53.0 9,340 10.780 " in a securities business. Fred J. Bacon, Jr., Vice-Presi¬ dent; D. Louis Broussard, 1st Vice- President; Jack E. Call, 2d VicePresident, and Edwin A. Van Sickle, been ness in his 1953 1954 .j __. 1955 1956 __ — ._ 1957 1958 1959___. I manager sociates, Inc. ducted Mr. Call has for FOF As¬ In the past he con¬ Secretary. local sources 3,500,000 home" Mutual Fund Distributors CITY, the 10,100,000 , and William LAKE more The corresponding by GNP during the 14-year period was only . lin, Secretary-Treasurer. SALT aver¬ slightly I ■ merger, etc. Increase in vacancies Seasonal own Salt investment Lake Citv. busi¬ ''Includes new nonhousekeeping SOURCE: housing dwelling units. " ' Based and Home on units data only, excludes alterations and additions,, and • published Finance Agency.- a Taking residential 14.1%. Table TABLE Goldman, D. an¬ 5.9%. through destruction, conversion L. Robinson, Vice-President, and Pearl P. EdPresident; credit per per annum. Needs New has at rate recorded Edlin-Goldman Formed Inc., 17.7% HousingIncrease Units Edlin-Goldman, mortgage of yearly rate of en¬ securities business. Of¬ Robert H. Givens, Jr., a are billion Estimate of New Housing Starts, Decade of the Sixties with offices Building rate a of 12.6% age Agency, (Washington, Fla.—Givens & Company, $147.0 1945-1959 as a whole, mortgage credit grew at ah residential , $44.9 billion at the to between 1949 and 1959 at Forms Givens & Co. has been formed 1949 residential Finance Report, 117. ' of con¬ at same H^me Annual 1960) of rate Planning Housing and Thirteenth grew num; Association, Na¬ tional Economic Projections, 1962-1965, 1970, (Washington, D. C., 1959) p. B-32. D. outstanding 1949, Subse¬ number of post¬ amount grew expenditures 1960s. I above projected fastest our the end of 1959. Between 1945 and Residential Mortgage Debt The The economy. end of 1945 to 1959 Increase the in tinually from $23.3 billion at the the of of one industries such credit the projected total resi¬ as the growing figure of by one-fifth, (in II. Residential mortgage credit has our billion upward perspec¬ examining (A) Perspective on Residential Mortgage Financing dwelling arrive at $234 billion by financing, and especially the ma¬ jor sources of funds, during the years since the end of World of one-fifth question, some matter the record of residential mortgage war his banking a obtain the on constituted Montreal. Inc. To answer this first us tive housing expenditures amount adequate in meeting this demand? War native a Bank of Montreal branches before MIAMI, mortgages projected 1960-1969, the logical question this, will the future supply of funds be by dwelling units during the new view of the huge demand for residential starts and of average price should prove Residential of Mortgage Credit years. $15,358 projections outstanding Supply aver¬ let If residential mort¬ will in¬ full, Ill is expected to reach and demand from $147.0 billion at year- The assumption, the aver¬ dwelling unit (in 1965 $152.1 of in per by in mortgage 1960s increased end 1959 to $299.1 billion (in 1959 prices) by the end of 1969. unrea¬ the the this debt crease 1969. (B) 1931. quently, he served in coming that dential G. Arnold Hart by Calvin Bullock, Ltd. Mr. Hart is in the 1959 dollars) $14,447 rise seem met gage continue to increase for this prices) ing in Canada. is managed career is expected assume cost we It of Toronto the does not age cost will $195 with opportun¬ of invest¬ ity of income, units. S. U. investors up¬ dollars) increased at a roughly 1.5% per annum. of view expenditures to fund an If at Fund, first U. S. billion. During 1950-1959, arrive we residential during feel , and addi¬ tions, because they, too, are gen¬ erally financed with long-term m- Ca¬ founded Inc., debt We exerting pressure. for mortgages. In recent years, these expenditures have been running of co matter a 1950s, projected increase in the de¬ a roughly $195 billion. We must also take account of expenditures for major alterations Hugh Bullock, President at mand 1959 1960s by the ratio for the will the average cost per dwelling unit on ' ; forces net the ward pressure on cost are stronger than those that exert a down¬ Bank of Montreal has been named a period. Using a debt-to-expenditure ra¬ 65%, the computed value of construc¬ cost is admittedly subjective judgment. of was tio of forces lower or mortgage debt same and better that feels one of between whole, the increase in a dential equipment and appliances. resultant varied 72.8%. For the period and resP $102.1 billion, or 65% of residential con¬ struction expenditures during the as Another preference for better construction more corresponding construction 55.8% for materials and for debt in increase annual of the expenditures higher cost is the typical homebuyer's increased age Canadian ratio to by FHA had average floor space of 1,140 square feet; the corresponding figure for 1950 was factor mortgage mortgage financing. As Table 3 brings out, during the 1950s the in¬ houses demand for resi¬ credit. This is the future dential house. In this per one-family new, Under are Mulhall, Inc.. Kalamazoo, Mich. rooms ing with us possible because there exists a fairly predictable relationship be¬ tween construction activity and sured at Co., Providence, R. I. nishes connection, it is pertinent that in that C. Richard 10,000 shares of Hanover Bank (soon to be merged with Manu¬ Fund Weeks more Allen panies. & Chemical and and demand to continue expenditures fur¬ a basis for estimat¬ construction is lower than the national average.4 Among the factors exerting an upward pres¬ sure, the most important is the likelihood that home buyers will unit tion G. United Income Fund added 26,200 shares of Bank of America and Trust); J.; N. Theodore Falls, a In Newark, Mont. No. Long-Range Outlook For Mortgage Financing dwelling Freeland of American Securities Corp.; Robt. M. Gardiner of Reynolds & Co.; H. Co.; Vermont) elected, by districts: No. Group sold '"38,100 shares) and Utah Power & Light (with United & Elections have been completed for members & Parker James F. Keresey of Baker Comm. Elections new of Thursday^ February 2, 1961 . Continued from page 3 the following, all from New York: Complete NASD 7,100 seller. Texas any was by Trust found (led again by curities sold Edison Hise Van K. Weissenborn, Continued Buying of War¬ part of New Jersey) a The of (Delaware, Pennsylvania, Virginia and a part of New ren . B. L. No. 11 West and squeezed United Fruit. Utilities, Interspersed With Selling of Co., both of Cleveland. (District of Columbia and Maryland, North Carolina and Virginia) Thomas L. Anglin, partner, Mackall & Coe, Washington; Robert King, Jr., President, First Securities Corp., Durham, N. C.; and W. James Price, IV, partner, Alex. Brown & Sons, Baltimore. Brunswick George bought Schwinn B. Schwinn & No. 10 . . by Department ..., > .'"r. of > v Commerce .V and ' 'C !•": •' by , Volume 193 Number 6026 ' ■ . . * . The Commercial and Financial Chronicle . ' N < '• ' t S " " < ' . . which financed this rapid growth estimate is made. in mortgage credit. several tal level of 29.4%, 37.7%, come. This close correlation is not debt- increased by 37.8% which of Between 1946 residential 1959, and mortgage billion, $123.7 supplied was by savings and loan associations, 19% unexpected, because the institutional savings capital companies, savings banks, commercial banks, and function of flow of is a of on the basis of sonal by savings and loan and by individuals tutional associations, and 32.3%; the corresponding percent¬ ages in 1959 were, respectively, 35.4% 17%. and The and flow of insti¬ savings capital. During 1950-54 personal savings averaged 7.4% of disposable per¬ others 22.6% savings sonal income; for 1955-59 the responding average relative In view of cor¬ insurance companies savings banks and commercial banks The corresponding figures 13.9%, 1955-1959 36.0%, 11.4% the halves the of growth gained life and of graphic insurance mutual savings states. banks their to concentration 13.8% of the total outstand¬ ings; the for 1955-59 ing. It is also 1946-1949, four these trend significant that during the savings capital of toward of seems the $27.1 billion.0 Of this sum, 68%, or $18.3 billion, was invested in residential 1960s. the 1950-1959 195867 invested was gages. (B) During in increase savings capital 70% of which, $88.0 or total residential in is cussion from that the the of benefits con¬ sources loan of of 86% the about 84% standing Unless new ac¬ funds four were will in be What period. same sav¬ per¬ financing resi¬ mortgages? relevant of factors Two here: the dis¬ increase, in the sav¬ (1) of of ap¬ the institution which increase dential the share (2) will each devote to resi¬ During mortgages. type 1950- visible of as Economic Report (1960) of the President 170. p. 9 Derived data from the Savings and in in Statistics on edition, p. 7 Economic Report of the President (1960) Market, 1960 170. p. as much as gage Outstanding, Dec. 31, '45 to Dec. basis on which reserves and 7-8. hereafter simply as "in¬ savings capital." Statistics on institutional savings capital, cited paper, all are the Savings Life insurance Mutual ■ taken from in this Statistics on Market, 1960 edition, p. 7. Residential Construction which share man, and Even for the in in savings For estimating capital, savings associations will receive 40%, life data in Vol. 46 (June, 10%. (2) Of 11 See the Kenneth of ]yi. Wright, "Gross Through Life Insurance Funds Companies," Journal of Finance, (May, 1960), 140-156. Vol. 15 all probability, we will con¬ tinue to have alternate periods of credit and fluctuations short-run But aside, that for the decade as a whole adequate funds will be forthcoming to meet the projected demand of $152.1 billion. it does seem Summary The result made which projections, our of Lender— summarized of now, as follows: as All Debt 63.4 59.1 60.7 67.5 72.8 66.3 55.8 67.2 14,000,000,000 65.0 $158,600,000,000 $102,100,000,000 new dwelling units, alterations and additions, 65.0% but excludes _ _ _ _ SOURCES: Derived from data published by in Saul B. Klaman, The Decade (New York: Department of Commerce from the such funds. Phila. Sees. Assn. Elects Officers PHILADELPHIA, Pa.—Gordon L. Keen, of R. W. Pressprich & Co., same elected was tion at the nual about 16% higher dinner meeting of the a ceeds A. R. Wenzel, Francis line in Other one 4. Increase 5. Increase (Based (Line 4 in on mortgage debt residential dicates equaled $152.1 a 65% construction in mortgage debt First the of billion increase during the 1960s. at four supply Clif¬ years. Pac. Coast Exch. personal Sutro & geles, newly as savings, and between personal savings and flow of in¬ stitutional savings capital. in I crease $223 billion institutional in¬ savings capital, $133 billion, or 60%, are likely to be invested in residential mortgages. This projection as¬ that savings and loan asso¬ will continue to capture ciations expanding share of the annual Names Officers Election of Warren H. Berl, of Co., San Francisco, as Chairman, and D. R. Hopkins, of Hopkins, Harbach & Co., Los An¬ Vice-Chairman created Governors of Board Coast the of Stock Angeles and San Francisco Divi¬ sions. Other tives Los elected Angeles representa¬ to the Board were: Stevens 1949 1954 1959 25.4% 29.4% 35.4% 18.7 21.3 18.5 12.4 15.1 15.3 19.3 16.2 13.8 75.8% 82.0% 83.0% 24.2 18.0 17.0 100.0% 100.0% $87,280 $44,886 as was Table 100.0% $14,700 Manning, partner of Paine, Webber, Jackson & Curtis; Emerson B. Morgan, partner of Morgan & Co.; Brian F. Neary, partner of Neary, Purcell & Co.; Chester L. Noble, partner of Noble, Tulk & Co. Other San Francisco representatives elected the Board were: R. William Bias, partner Shuman, Agnew & Co.; Jack C. Johnsen, partner Parrish & Maxwell; George J. Otto, partner Lundborg (Irving) & Co.; Palmer York, Jr., partner York IV. & Co. division's representatives to the Board of Governors will act as a management committee of their respective division under the new single constitution, Jan. 19, effective which 1961. $4,424 , 319 —.— capital of single Pacific of Exchange was announced follow¬ ing the annual meeting of the Los P. I. plus estimated Governors: H. major types of institutions $223 billion dur¬ ing the 1960s. This projection is made on the assumption that stable relationships exist between disposable personal income and will increase by . 223 Clough Opens MT. . supply of iel J. Taylor, of Woodcock, Moyer Fricke & French, Inc., to serve two sources savings Gordon L. Keen Boston Board Third, on the supply side, we projected that the savings capital - institutional total year were: Stanton Moyer, of Eastman Dillon, Union Securities & Co., and Dan¬ 1950s mortgages residential 133 assumptions in text) in - terms 1) of line 2) offi¬ elected cers tures. Our $234 billion of pro¬ jected expenditures, therefore, in¬ the during of the Supply of Residential Mortgage Funds During the 1960's institutional I. expired. became of suc¬ Albert expendi¬ Second, (In Billions of 1959 Dollars) (7.2% iation. s o c s Mr. Keen ton 1959. increase in outstanding residential Disposable personal income 2. Personal saving Increase the Associa¬ Neff, of Schmidt, Roberts & Parke, to serve one year; Henry McK. Baggs, of Penn Mutual Life Insurance Co., Frederick T. J. Clement, of Drexel & Co., F. 1. 3. of Securities an¬ election and Each An Estimate President Philadelphia the be in TABLE VI , Volume of Mortgage Debt National Bureau of Economic Derived in adequate volume projected demand for will 100.0% _ available that outstanding (in millions of $) $23,274 (70% anoearine be to meet the 1969 tion Expenditures 2L600,000,000 lenders during the 1960s mortgage funds will than . Total that rising standard of living, the aver¬ age price per dwelling unit in 32.3 _ 1959 Corp., Vice-Presi¬ Arnold, of Suplee, Yeatman, Mosley Co., Inc., Treas¬ urer, and Henry McK. Ingersoll, of Smith, Barney & Co., Secretary. The following were elected to 67.7% others and (in dent Robert T. $234 billion (in 1959 prices). This latter figure is calculated on the assumption that reflecting a 14.6 _ Individuals Ratio of Increase in Debt to Construc- _ reached residential to Subtotal 1950-1959 62.6% is total 14.6 banks amount billion Phillips B. Street, of The 15.9 banks savings mortgages to will $155 13.5 million housing starts projected for the 1960s im¬ plies that residential construction expenditures during the 1960s will 22.6% associations companies 1960s of prices). Finally, in the light of the above projections, the conclusion for First, the 1945 loan and insurance total a assumptions reasonable seem be can of the basis on residential duPont & Co., whose term Conclusions and of during the of IV Distribution of Residential Mortgage Credit Outstanding, by Type of Lender, Selected Year-Ends 1945-1959 Commercial Residential Mtge. 16,500,000,000 abun¬ TABLE V Mutual Increase in shortage dance—periods an 671. Expenditures and Increase in balance In credit supply noted, how¬ over-all demand does not preclude the possibility of year-to-year fluctuations in sup¬ ply and demand relationships. sumes on savings capital and mort¬ investment data from sources cited Kla- 1960), this between supply and Fourth, of the Savings 18 400,000,000 loan 100.0 $123,726 from Derived Bulletin, 17 200,000,000 1958). and earlier. Loan League, Savings and Book, 1960, p. 79; Federal Re¬ Fact 15 100,000,000 Postwar of supply insurance companies and commer¬ cial banks 25% each, and mutual 14.1 and Loan 12 700,000.000 1959~~IIIIII the fore, we assume: (1) Of the pro¬ jected increase in institutional banks that adequate projected de¬ be has few residential mortgage funds, there¬ gage $8,700,000,000 7,800,000,000 7,500,000,000 8,200,000,000 10,200,000,000 13,400,000,000 11,400,000,000 9,200,000,000 11,700,000,000 1954~ Research, mutual however, the ratio stabilizing in the last 85.9 The Voluvie of Mortgage Debt in the Decade, pp. 46-47; United States serve 13'500,000,000 Hofa in banks, $106,284 others-. lenders Savings $13,900,000,000 1953 the trend upward a of 1959. 15.4 17 400,000,000 ~ SOURCE- exhibited 13.7 Postwar 12,300,000,000 Includes the only type 1950, 50.3% in 1954, and 64.4% in 17,442 . Individuals Expenditures'* __ _ to 12 Based Construction Total down their capital invested residential mortgages; 35.5% 19,099 (In Current Dollars) lq51 Qnri were 16,925 Subtotal Residential Year fn 37.8 19.0 23,502 banks banks Outstanding Residential Mortgage Debt, * Total TABLE III 1952 How¬ and 30.4%. Mutual institution Life 1950 varied % of $46,757 companies-- savings Commercial SOURCES: to ratios of Flows All 7 Referred stitutional savings and during the 1950s savings banks savings of $ , Savings & loan associations de¬ savings banks, mutual sav¬ ings and savings associations. banks, Data on savings capital are from the American Bankers Association, Statistics on the Savings Market, 1960 edition, pp. either Net Change Lender— commercial at 31, 1959 the Millions insurance posits some¬ and 30.4%. between 28.8% savings IV Change in Residential Mort¬ Net be ex¬ Savings capital is defined here to in¬ clude individual savings in the form of life were than narrowed was been TABLE $223 billion. 6 in¬ or their 20.7% life during 1955-1959 the varia¬ continued 8 See now, may pected to increase by the whole; and years. these institutions7 is companies between tion the estimate is that the savings capital This a ratio The less > stable loan associations as the 29.5% figure for the commercial banks institutions, and 10 Based on the National Planning prospect of growth Association's medium projection of dis¬ of finan¬ posable personal income. See the Asso¬ cial institutions during the 1960s? ciation's National Economic Projection, On the basis of underlying trends ~1962-65, 1970, p. H-31. of what of the are at least, in¬ 31.9%. should ease. banks, average was funds in four institutions between 35.1%; the means mortgage available data a commercial ings capital among the four types for the four main types which For ever, credit. is vested $152.1 bil¬ right, this are It ever, our mortgage these of years we for was past of three 1960s during which the mortgage market will show vary¬ ing degrees of stringency and mutual 10%. financial fluctuated institutional during the 1960s, what tribution residential in the that be available for are savings capital which invested mortgage of demand volume to meet the mand. may during dential types of institutions will in¬ and (2) the share of the crease, increase that types surance net flow mortgages. of sources annual 1960s, centage of that increase is likely therefore, the future flow of residential mortgage credit de¬ pends mainly on (1) the rate at which the savings capital of these pear, reveals decade to of total out¬ residential banks examination ings capital will increase by $223 residential mortgage credit during the 1950s, and by year-end 1959 held An billion four types of financial institutions for we Granted com¬ These banks. companies and banks 25% each, and projected r that recalled be be life insur¬ commercial ance during the have, in recent (See Table 6.) panies, mutual savings banks and commercial the of institu¬ capital, (See Table VI.) will residential personal billion resi¬ mortgage credit are centrated in savings and associations, life insurance in capital During correct, dis¬ above dential counted savings pect clear projection increase savings savings It that reasonably ex¬ tions invested between 93.2% and savings to total 95.8% of their savings capital in $319 billion and institutional sav¬ residential mortgages; the average ings capital to increase by $223 figure for the decade was 94.5%. mort¬ Prospect for 1960s It expected tional dicated. will fairly stable proportion disposable personal income is ek- of their savings capital in resi¬ pected to average $442 billion (in dential mortgages.12 During the 1959 prices).10 If events prove this 1950s, savings and loan associa¬ billion, billion, $126 was institutionalization reasonable a tional mortgages. Since the of personal savings is likely to continue, 70% of personal savings financial in¬ stitutions increased by a total of types 68.4%.° was average supply of $155 billion in residential mortgage funds is in¬ New in their continue total a If The surrender will others lion. the corresponding and relative share of the total supply, geo¬ stability of this the major factors slowing down shares of such credit held by life ratio, personal savings can be pro¬ the growth of life insurance com¬ insurance companies, mutual sav¬ jected with reasonable accuracy panies.11 Inview of these under¬ ings banks, and commercial banks at 7.2% of disposable personal in¬ lying forces, a reasonable assump¬ did not change much during 1946- come. During 1950-54 the increase tion for the 1960s is that savings 1959. At year-end 1959, the shares in institutional savings capital and loan associations will capture were, respectively, 18.5%, 15.3% averaged 57.4% of personal sav¬ 40% of the increase in institu¬ and Our calculation reveals Fifth, if individuals and other $133 billion will be available lenders continue to supply their from these sources. On the fur¬ share of the total, the above pro-, ther assumption that individuals jection indicates that the total 60%. that funds in the growing popularity of term insurance and in increase in institutional savings capital, and that all types of in¬ tions will invest 95% in residen¬ stitutions will invest roughly the tial mortgages, life insurance same percentages of their savings companies 30%, commercial banks capital in mortgages as they did 33.3%, and mutual savings banks in 1959. savings capital which they re¬ ceive, savings and loan associa¬ The relatively slower attributable England rela¬ mutual of expense savings banks was second decade, there¬ associations and banks companies. 23.8%. and last the at and first savings tively respectively, were, 28.7%, Between rise 7.2%.8 was loan follows: mutual 19.0%. for associations life commercial calculated 1946 the share of such credit held respectively, and Savings as fore, is ing residential mortgage, among observed relationship between various types of investors. Thus, disposable personal income and as Table 5 brings out, whereas in personal savings and between per¬ were, distributed was tal outstand¬ and 1954, the increase in savings capi¬ personal savings which, in turn, is a function of disposable personal income. The projected increase in savings capi¬ by individuals and others. period 1946-1959 also wit¬ nessed important shifts in the per¬ 14.1% The distribution in¬ personal insurance by centage disposable mutual by life 15.4% by 13.7% During the past years, the increase in in¬ stitutional savings ^ capital has been closely correlated with the of residential mortgages supply from individuals and 155 others) VERNON, N. Y. —Peter I. Clough is conducting a securities business from offices at 601 South Columbus Avenue. 30 The Commercial and Financial Chronicle (578) AS WE SEE IT turned out to be, We have the and difficulties real of the Continued pom no way page . are if any, are, . the President Washington is preparing to brief of the aspects of past dealings with Problems at Home the President does not have to look really tough problems. One of his repeatedly avowed objectives is to increase the rate of growth of the "economy" and to keep it going at the new rate. Here again it is certainly not surprising that the President has ^sked for help. It is, so far as we are aware, a new underand certainly a most difficult one. So far as we have been able to follow what is being said in the Ad¬ ministration, no one has come up with even a clear analy¬ sis of what has to be done to stimulate growth in total output of goods and services in this country without at the same time causing a sharp rise in prices or an increase in the production of goods that are already in surplus supply. I One of the best analyses of the subject that has come to our attention is that of a former university Professor in this country but now at a Canadian University, Pro¬ fessor David McCord Wright, who recently spoke on the subject to the National Association of Manufacturers. S vital is this analysis and so different from the ordinary run of balderdash that is uttered on the subject we feel that it is well worth while to present the heart of Pro¬ fessor Wright's comments at this place even though it has already appeared in the columns of the Chronicle. We respectively and heartily commend it to the attention of the President—as probably containing basic ideas that are both essential and not very likely to be found in the reports of any of his task forces. "I a in "Every great has usually induced inflation and war every great war of modern times has been followed after a while by deflation. I do not subscribe to any theory of automatic 'glut' such as has been and no doubt soon will be war is again fashionable. But what does happen during a great an enormous over-stimulation of particular lines, and after mitted. of a The while those "When lines find themselves problem then is production. a . one over-com¬ of redirection of the flow considerable flation bottle. This is like section of the trying to cure a economy fever by getting task, production. But in a as t have said, is a redirec¬ free enterprise economy such hope it will continue to be— this redirection is partially at least implemented by costprice relationships and profit prospects. Now here we hit a ourselves land of en¬ 5.1% imaginary but — upon is—and such ours second factor in our "North American agement • stepped Here, into the again, Jan. total). 673 14, in was above the 1959 Cumulative the of makes it difficult to staying U. their measure when power time nine compared years, January record output Ward's in Automotive The statistical agency estimated January units factor. car or for observes 40.2% that 522,239 below total and January, 1960 (688,731). such Ward's estimated production for this week would total 98,613 units bar showing gains. and the In are -i. relative greatest have now automotive hit the Iron Age in changes daily. Layproduction cuts, steel order setbacks, cancellations, and also Truck for At the quick steel to the in the of 1960. same week that the reports picture contribute the and contrasted with 159,581 offs, demands against 94,155 cars assembled previous five-day period, as cold- sheet market. The auto plate, contrast, slowdowns rolled estimated units in this week at 18,928, only slightly -, bettering last week's 17,831. Willys* maker of 2,020 delivery . confusion. the previous week, the automotive steel ball. Ford's JanuaryApril buy just about equals four-fifths of its original order, This days' operation, .carrying that means month has almost been full a lopped off. Among n Steel , v, .. Production . Data for the and Steel workers. Ford Mahwah In- (N. workers Jose tion totals as on The revised presents of reportfollowing data: output (*80.5%). tons Production Jan. 28, tons this of (*77.9%), and North as I Index reporting softwood mills, filled orders were rate, and gross stocks were equivalent to 53 days' production. For the year-to-date, shipments reporting identical mills were of 3.9% below orders production, 0.9% were above labor of Ingot Compared of with the previous 14, 1961, produc¬ reporting mills below; above; shipments . * index of ingot Production for 4.T, T- 4. n ' ' 4- North East Coast nn 77 man¬ K both plants were twQ and to three days Qldsmobile others limited were four to in Packard - Ind. out was opera- days. Soutti Monday. five-day the tion of reporting mills was 17.7% below; shipments were 15.4% below; and new orders were 7.6% below. A; Business Failures Hit New Postwar High in Jan. 26 Week Commercial and industrial fail¬ Jan. to in 400 a postwar new the week General Motors Ford Casualties the similar 322 in 281 week 1959. accounted Motor for Co. 25.7%, Chrysler Corp. 9.7%, American Motors Corp. 8.5%, and Studebaker-Packard 1.3%. ; * exceeded , last 1961, failures also of week's failures the previous distributed by the electric light and power industry for the week ended Saturday, Jan. 28, was estimated at 15,361,000,000 kwh b _____ Youngstown in as or 349 it 99 D tr s]10wed kwh>> gain of 944,000,000 g 5% above that'o£'the or a o St. Louis 80 Freight Car Loadings Drop 16.6% Below Corresponding 1960 Week * Southern 80 Loadmg of revenue freight for grant wage concessions if they could be immediately re¬ couped from the consumer. Many wages in many lines i Total the j ""Index of age - old weekly ------ , industry the ° . 78.7 ' t ,. 84 wewern . , the unions have followed a in year casualties, those with losses under $5,000, almost dou¬ bled, rising to 51 from 26. Fortysix of the failing concerns suffered in excess fewer of $100,000, than earlier when there Retailing 205 casualties week a 53. were surged to from 71 from a *' x. a In all industry and trade groups, mortality exceeded 1960 levels, with the steepest increase among Tolls 84 ________ Wpetorn ; *t "Worse yet, the against 314 week and 250 wholesalers and comparable 1960 week. Cincinnati gains in productivity. There has'.been exploitation of labor by capital but of capital by more of 167, manufacturing to 56, and wholesaling to 4^ from 30. However, contrasting de¬ according to the Edison Electric clines prevailed in construction, down to 52 from 56, and commer¬ Institute. Output was 544,000,000 kwh. above that of the previous cial service, otf to 28 from 30. and 76 to have outstripped the Small ago. liabilities energy the above their ran $5,000 involved! were somewhat The amount of electric in and year comparable prewar level,' edging 4% above the 385 in 1939. Than in 1960 Week , . consid¬ occurring For the first time in Liabilities production, car week's total of 14,817,000,000 kwh. «Q Pittsburgn been easy ended 26 from 340 in the preceding Inc. program. week's complacent about product outlets. Also it was 7.9% 5.5% were , "iqfi1/ •NT have by 0.2% was were orders new Electric Output 6.5% Higher Production new produc¬ tion. Atlanta, San plants for Fri- the with concludes un¬ equivalent to days' production at the current 14 erably Of through Districts, for week ended Jan. 28, 1961, as follows: " present condition. (Canada and United States) American institute be¬ week, reported Dun & Bradstreet, a 5,808,000 46.6% below the or Paul American Motors Corp. continued to 10,886,000 tons (*146.1%) in period through Jan. 30, 1960. 2.0% were from Lorain studebaker 1,499,000 year Barometer production during the week ended Jan. 21, 1961. In the same week, new orders of these mills were 3.2% above production. Un¬ filled orders of reporting mills amounted to 25% of gross stocks. of 54.8%, amounted 2.0% low climbed Bend, for week ending 28, 1961 was 1,466,000 tons (*78.7%) a 2.2% loss over previ- week's Were Lumber shipments of 452 mills reporting to the National Lumber high tions Production ous Shipments Ended Jan. 21 ures at method the of AAA-;v;AAA three locations weekly average St. stricted production for 1957-59. ing and operative, But Chevrolet reassembly to four days at 1, 1961, the output figures as an index of produc- based Dearborn, and General Motors given tion A AAA:\;:A standard Ford making, industry's operating rate based on Jan. 1, 1960 over-all productive capacity. Instead, and effeeare J.) home and the tive Jan. com¬ ago corresponding week assembling Mercury cars remained closed pending conversion to percentage of the a week year Below Production for Week day. The St. Louis plant formerly longer relates produc- no closed (Minn.), sites this week and sent changed its the steel indusThe revised operations. one above. Compared with the cor¬ responding week in 1960, produc¬ weekly report formula current 50 tion stitute has materially try S. rail¬ Class I U. week ended Jan. car assembly at Los Angeles, st. Louis and Newark, with layoffs affecting upwards of 5,000 previously announced (see 26 of our issue Dec. 22) on 1959. down ... „ Week Ended Jan. 28 American Iron y the in originating this type the the and above period makers, Ward's said, Chrysler Corp. reactivated three Detroit area plants only to close Chrysler's March tonnage to date is very low. . in Lumber was closed down all this week for further inventory adjustments Chevrolet closed Norwood (Ohio) facilities for the week and restricted three .other sites to four are 1961 1960, of 48.9% 54 with 1959. For production was moment, General Motors Divisions traffic Trade products that have been weakest, as period or were in of for an increase of 1.3% above the cor¬ cars pared 43 loadings weeks 18,834 corresponding production at 412,003 a 21.1% ;_drop from December's magazine will an 54.9% Reports said. country seamless and standard pipe had a January pickup and inventory rebuilding here The makers lowest Oil a auto their against auto cutbacks. is S. and or week. two road systems Lowest January Output in 9 Years market. lead Its 1960 cars piggyback first cars 6,186 the.cor¬ above 3;640 of increase an responding week of of were over-all week's 7.0% or (which .1961 that This cars v increase Chicago - tainers There sheet lack revenue highway con¬ (piggyback) in the week ended STATE OF TRADE AND INDUSTRY Records reported or included less inflation had led management to become somewhat labor. or responding Production cars more one 243 Auto preceding week. 10,269 highway trailers totaled 'riding high' during the last 15 years. A world demand, welbnigh insatiable plus an apparently end¬ an the were loaded with for that seemed not below There ... "The fundamental as find we the wisdom of the President's own decisions, his place in history and the welfare of this country will depend. " The tion of wrestle Jan. . has become overcommitted either temporarily or for the long run and begins to slow down activity then the depression begins to spread. And immediately the cry is raised of 'shortage of demand' and so we start to reach for the in¬ drunk. must vhinder page reminded of R. H. am man Will cloud-cuckoo a foreign relations problem, the other but a pair out of many the new Presi¬ with. "Task forces" may help — or domestic one, are dent the Wright: Tawney's 'the proper thing difficulty to do is not to advance as rapidly as possible in the wrong direction.' Let us run over past history a bit to give an adequate background. for in These two, one a As Straightforward Analysis Said Professor exploitation? Continued from page 5 abroad for A Loadings in the week of Jan. 21, heavy snowfall blanketfed large areas, were 26,161 cars or when in on some course, to ;l|ve a the Kremlin. But, of 1959. . security? Will we find serious consideration of the problem blocked off by the clamor of quack nostrums? This is the problem that faces us. And on how we solve it depends our future." as of the "task forces" as decrease of 65,701 cars or 11.8% the corresponding week in a below wealth and : the Kremlin intends to fish in all troubled waters with vim and vigor there is certainly a limit to what an agreement with it can signify—although doubt¬ less there would be gain in coming to some sort of modus operandi concerning certain trouble spots throughout the world, such for example as Berlin. Little wonder that one long Thursday, February 2, 1961 . . couraged similarly without information as to what the range dealing with the leading representa¬ tive of the West. We may take if for granted, however, that "peaceful" co-existence as conceived by the com¬ munist leader by" no means excludes "sacred wars" such as that now being waged—if it is a war—in Cuba with the encouragement and assistance of both the Soviets and So . resented of choices he has in Communist China. . pattern of 'mature' unionism and begun to dig in tech¬ nologically. I mean that work rules, and featherbedding have become an increasing problem. '. "Will we find every effort at adjustment misrep¬ 1 of knowing just what Kremlin dictator . production based on average production for 1957-59. ended week totaled 490,049 ^ion Jan. ,. 21, This cars or was 1961, an- decrease a 16.6% • below 1ncn of the retailers. during the nine week regions. Failures Atlantic States of the COITGSpOnding WGGk in 1960, Slid from 68 in major geographic in the Middle . the Associa- cars, American Railroads nounced. 97,358 , - six rose jumped to 132 93, in the South Atlantic to from Central 45, to in 17 the from East 6, South while a milder increase lifted the East North Central to 70 from 66. Only three -regions reported declines: Volume Number England, New the 193 West had in the 78 65 previous week. succumbed businesses regions in all England. year 43 from Cold in Many Cities Holds Retailing Below Year Ago New , Heavy and snows weather dipped to 33 in Northeast the cut ensuing cold mid-West sharply and con¬ into this Wholesale Price Food Shows week third the For in a row,' Food Price Wholesale the > - Index,; & Bradstreet,' buying in the week ended Wednesday, and over-all re¬ tail No Change From Prior Week trade whole last for country as a noticeably from Retailers reported the year. most the down was noticeable year-to-year dips in major appliances, floor cover¬ compiled by Dun ings, and new and used passenger Inc., stood at $6.15 on Jani'24. It cars. More moderate declines oc¬ compared with $5.90 on the cor-1 responding date a of 4.2%. increase an for ago, year / curred and lard, hams, ley, cocoa, prunes, hogs. Lower in price bellies, cottonseed oil, pota¬ and sceers, were toes, raisins, and lambs. Dun The & Bradstreet, Inc.. Wholesale Food Price Index resents the rep¬ total of the price sum per pound of 31 and meats in general not a foodstuffs raw cost-of-living It use. is index. Its chief function is to show the gen¬ of trend eral food prices the at wholesale level. in apparel sales of linens and draperies the on down The total dollar volume tail trade in the week Wednesday re¬ this ended from 6% was of 10% to below a year ago, according to spot estimates collected by Dun & Bradstreet, ' Inc. Regional * esti¬ mates varied from the comparable levels 1960 by the following per¬ New England —19 to centages: —23; Middle Atlantic —17 to —21; South Atlantic —6 to —10; Central North and East South to —5; West North to —4; Central —1 Central and Pacific Coast 0 South tain East Central and Moun¬ -f 2 to.—2. higher by prices Sa.es Down 5% From 1960 Week Department store sales price level advanced appreciably this week.- The daily wholesale country-wide basis compiled by Dun & Bradstreet, Inc., stood for the week ended Jan. commodity price index, 268.77 (1930-32 = 100) 280.51 and earlier sponding date a the week corre¬ ing of wheat expanded noticeably this week on light offerings. As a result, prices climbed ap¬ Purchases of wheat by wheat preciably. mills flour also noticeably. rose Following the rise in wheat, rye moved up considerably on higher volume ' prices . There was a taken from show like of decrease a last period reported/For was loss four the ended Jan. 21, 1961 a 2% reported. The year 1960 was showed 1959 over the For increase of an increase. 1% a prices, rise Jan. New store City for the York week ended Jan. 21 showed a in of over the showed sales 14 13% of the from * .,.. year ago. Although flour trading subsided at the end of the week from the high levels earlier in the period, week in ending weeks prices finished moderately higher. Sizable sales of flour were made the to East, Africa, Latin Middle Netherlands. America, and the Domestic of export purchases and rice expanded noticeably this supplies tightened; rice prices matched those of a week earlier. In the export market, Far and week Eastern American South and countries were most interested in fore, had one less trading day than the corresponding week last year. Note: Cumulative year-to-date com¬ parisons for ji~u'>d 1961 over 1960 will be pubending Feb. 4, week the effective 1961. capital $200,000 from by. stock a dividend, effective Jan. 17. (Num¬ of shares outstanding 16,000 shares, par value $25). Sjt *. ^ * First its National has capital common Chi¬ of Bank 111. Chicago, cago, increased from stock $150,000,000, by a stock dividend, effective Jan. 10. (Number of shares outstanding 7,500,000 shares, par value $20). $125,000,000 to *• ❖ tj: Board of -V . recent meeting of its a and Directors, The Northern Company, Chicago, 111., an¬ Chapin Litten Vice Saxton A.f Suckow Gordon promoted to Second was McCulloch B. installed network messages communications deliver nationwide new a to to six affiliated broker¬ Saxton's with linked firms purchasing United States rice. Hugh promoted to Vice-Presidents. ing was V; William E. Second to promoted President. V ■ ~ Hog earlier; trading was a bit higher and supplies were down some¬ system is leased long lines department American Telephone & Tele¬ the from of integrates com¬ munications formerly handled by separate five brokerage Glore, inter¬ the follow¬ houses: Los Co., & Weedon and circuits connects Saxton with Crowell, Angeles; Forgan & Co., Chicago; & Gardner, St. Louis; Reinholdt Bernet & Hickman, Dallas; Stewart, Eubanks, what. In contrast, prices on steers Inc., Meyerson & Co., San Francisco; slipped slightly as trading eased and Underwood, Neuhaus & Co., on higher receipts. An appreciable rise occurred in lamb prices, due Inc., Houston. mostly to limited supplies. Cotton future prices advanced week exports ended estimated at of last cotton and 267,000 a 288,000 in the year agov the Tuesday. were pared with 297,000 a period in $2,000,000 * Bank ' # \ ' ' Bank comparable New For the season through Jan. 24 exports came to . City, $1,500,000 to $1,800,000, by a stock dividend, effective Jan. 13. (Number of shares outstanding from ■ sj: York Stock February- 9 Bravmann to will Exchange, admit George W. Bunn, Jr., Chairman and Willard Bunn, Jr., as President. Robert J. Saner was promoted to Senior V i c e- President; L. H. Coleman was elected Vice-President; George W. Vice-Presi¬ Assistant dent and Secretary. partnership. W. J. Detroit, the increase Mich, have voted capital stock by issuing by $1,000,000 Michigan The preferred Mr. Board Welsher Edwin and Vice-Presidents * announced elected of * Frank B. the R. Jones, Bank. the * of Square its from National Bank in¬ capital stock Okla., Tulsa, Tulsa, creased common has $600,000 to $750,000 by a dividend, effective Jan. 18. stock shares outstanding 50,000 shares, par value $15). (Number of * *. * Mich, elected George E. Clark, Rodkey Craig¬ head and Albert W. Holcomb, Wil¬ liam Trust Company of Sapulpa, Okla., has increased its common capital stock from $300,000 to a of the Bank of were was * John A. 50,000 shares, par * * National Wis. 17. * * approved 4% stock dividend. a shares from 1,099,883 to 1,143,878. shareholders The of record of as the close of business Feb. 10, be entitled to share in this will divi¬ * * * Wiley R. Reynolds, Jr., who was re-elected Chairman of the Board the of Palm First i elected Charles Bank National in Beach, Fla. announced that Mr. Frank O. Prior and Mr. Peter elected to the were of Board Mr. Prior Chase Director of both was a Manhattan York, Bank Directors. of Bank well First as of as New National Chicago. President Reynolds William A. Solien, that stated appointed was Vice-President. B. Cudahy was made Trust Investment Officer. He was formerly with the American Na¬ tional Bank & Trust Company of Richard troller Garrett He made was formerly Comp¬ was National Citizens the of Bank at Orlando. Little Rock, Little Rock, Ark., has capital stock increased its common from $1,200,000 to $1,500,000 by a stock dividend, effective Jan. 18. shares outstanding 75,000 shares, par value $20). (Number of * * Erskine vanced its increased common $250,000 to $500,000 by a stock dividend, ef¬ fective Jan. 18 (Number of shares outstanding 40,000 shares, par value $12.50). • from stock Edwards, was ad¬ Wyckoff Myers was advanced Officer. Trust and dent Earl C. Williams, Trust Officer. * * * * The Philips National Bank, Helena, has C. to Cashier. from Trust Officer to Vice-Presi¬ The First National Bank in Lake Worth, Lake Worth, Fla., has in¬ creased its capital stock common $500,000 to $600,000 by a stock dividend, effective Jan. 18. from (Number of shares outstanding 60,000 shares, par value $10). * * * * * National Bank of Galveston, Galveston, Texas, has increased its common capital stock The National Bank of Tex- State The arkana, creased its Ark., has in¬ Texarkana, capital stock common (Number outstanding shares of Moody from $500,000 to $1,000,000 by a dividend, effective Jan. 19. stock (Number of shares outstanding 50,000 shares, par value $20). 150,000 shares, par value $10). * * First The National $150,000 to * * Bank of $200,000 by a dividend, and from $200,000 to $250,000 by the sale of. new stock effective Jan. 19. (Number par * * stock The of of Commerce National Bank Texas, has capital stock Houston, Houston, increased its common from stock $11,550,000 to $12,012,000 by a dividend, effective Jan. 16. (Number of shares outstanding 1,201,200 shares, par value $10). * * outstanding 5,000 shares The value $50). * * American Austin, The First National Bank of Hope, creased its common capital stock from $100,000 to $200,000 by a stock divi¬ dend, effective Jan. 17. (Number National Austin, its Bank of has in¬ capital stock Texas from Hope, National Exchange Bank, Milwaukee, and * H: The Commercial National Bank of elected to the board Detroit, Mich. * Marine Di¬ a Bank Winston-Salem, Company, N. C., Jan. * and Manufacturers on * elected was Wachovia of Auditor. shares from Hannah ' * Hanes Chicago. of dents. * * Gordon outstanding value $10). (Number Springdale, Springdale, Ark., has increased its common capital stock •Breech outstanding 900,000 shares, value $10). $500,000 by stock dividend, effective Jan. 18. Duell, Dix Humphrey, and George L. Hawkins, as Vice Presi¬ R. par William The American National Bank and $1,000,000 to $1,500,000, by a stock dividend, effective Jan. 16. Detroit, Ferry shares A. B. Widener * from * The Detroit Bank and Trust Com¬ pany, of National Bank, Kan¬ * also Stoddard the common $8,000,000 to $9,000,000, by a stock dividend, effective Jan. 12. (Number of Bank's stock in that amount. that Senior Martin, Vice-President Utica The capital Bank, its from $ City, Kansas. Ark., ❖ H: of Shareholders Directors. sjt of shares Ludwig as :!: of * members of the Murphy and Don¬ Ostrand i Executive ' of Springfield, 111., has increased its common capital stock III, Omaha, the election Vice-President and B. J. Ruysser, of Springfield, Bunn, increased stock | The approval of the stock divi¬ dend increased the outstanding * Bank, announced J. approxi¬ $2,000,000. * Side ."■?' s|: capital Nashville, liqui¬ v orf fh m H. G. Blanchard has been elected sas National Nashville, has Tenn. National American of dend. • to si: First The over • tfs Ernest York estimated at R. value of Westchester, White Plains, N. Y. of "Bernard $2,500,000, by a stock dividend, effective Jan. 13. (Number of shares outstanding 125,000 shares, par value $20). from Insurance shortages of North ald par * The stockholders of National Bank Neb., has its creased First Bank rector * Sheldon the * Chicago, 111., has in¬ common capital stock Chicago, * Sheldon, Iowa, following of mately Second Admit Partner New Bank capital; National of President, Oppenheimer to Oppenheimer & Co., 25 Broad St., * The Trust Deposit common . National Exchange its dividend, - effective(Number of shares out¬ 16. elected also was Minnesota. Paul, Federal dation pro¬ elected Comptroller and Cleveland Thurber, Jr. as a Trust Officer. bales, com¬ week earlier St. * The Minne¬ Paul, Corporation has taken Vice-Presidents. Dexter - moderately last week on the New York Cotton Exchange. United States Schneider, St. Baird Commercial * Chattanooga, Tenn.,- :j: Vice- was to of * James E. Baker and David Mar¬ to graph Company. The installation Mr. pany, moted to Second Vice-President. promoted re¬ director of the First Trust Com¬ a Vice-Presidents. were Bank sota. Phrfr;rV*h Burridge been elected Chairman of the First Na¬ Ferguson and Norman M. Jan. 18. *!• has Baird B. . of Bank capital common »!' Julian / * National standing 200,000 shares, $25). Dak. (Number of shares outstanding 2,000 shares, par value $100.) Wright, Jr., were promoted to Richard its stock dividend, effective a Mueller J. Leo # a increased of stock a Jan. stock from $100,000 to $200,000 by The was teletypesetter prices advanced steadily throughout the week and finished moderately higher than a weeK 3,000-mile Wall Street office. The slight decline in sugar prices during the week, re¬ flecting a dip in volume. Coffee trading edged up fractionally from a week earlier, but prices re¬ mained unchanged. A slight rise occurred in cocoa prices as trad¬ ing was a little more active. There; by * of Wahpeton, Wahpeton, No. Bank Kentucky,? stock from $3,500,000 to $4,000,000 Citizens First National Bank The discovery were * Hamilton Chattanooga, M. Charles L. Kaufmann and as has * The has increased The Vice-President. election Inc., Co., & Louisville, has been disapproved. capital stock * of Louisville, $100,000 to $200,000 by a dividend, effective Jan. 18. (Number of shares outstanding 2,000 shares par value $100). * sj: liabilities the sume stock promoted to was President. - * Bank and Trust Company, Louisville, Kentucky, for permis¬ sion to acquire the assets and as-? * common following promotions officer appointments: new * Falls, Fergus Falls, Minn., has in¬ its elected' Mo. Dorhauer, Vice-President. ity The First National Bank of Fergus tional Following * Louis, * Springfield Marine Bank, Spring¬ field, 111. has announced the Wire Installed * Hs has The National The application of Citizens Fidel¬ ber . * St. f ' capital common of from stock $400,000 to si: age of Lock- port, Lockport, 111., has increased common its standing 66,000 shares, par value $20). : ... ' ~ : creased 90,000 shares, par value $20). New Saxton G. * The First National Bank * a 111. common increase an same four the For Danville, increased $1,200,000 to $1,320,000 by a stock dividend, effective Jan. 17. (Number of shares out¬ dividend, effective Jan. 18. (Number of shares outstanding 50,000 shares, par value $10). .* J. W. stock from stock 16% period last same its Bank has National capital stock from $400,000 to $500,000 by a * The First National Bank and Trust * Danville, increased First of Louis, Mo. * Company of Racine, Racine, Wis., In the preceding week ended year. Jan. 1960. due more Bank has Vice-President Bank in St. * 20,000 * Newell S. Knight has been elected Willard * * of (Number * outstanding value $10). 1 par * dent. 100,000 shares, Palmer-American cus decrease 18. * The Re¬ department System, in sales Federal the to a shares, Senior Vice-President J. Reik, Vice-Presi¬ Harris, and $1,800,000 to stock dividend, value $20). par Second According serve to limited Jan. 21 a 4% decrease was re¬ supplies than to the volume of ported below the 1959 period, and trade. Interest in oats was high, for the year 1960 over year 1959 b'it volume was limited by light there was a gain of 4%. offerings in many markets. Soya¬ beans prices posted sharp New Year's Day this year occurred gains during the week as a result of in the week ending Jan. 7 whereas last year it was in the week ending Jan. 2, reports that supplies were below 1960. The. week of Jan. 7, 1961, there¬ corn effective below 5% year. week ended Jan. 14 7% 21, 1961,* . moderate a as on the Federal Reserve Board's index' weeks a year ago. domestic and export buy¬ Both • on Jan. on with 267.30 compared 30, by nounced the Nationwide Department Store on grains, flour, lard, hogs and lambs, the general wholesale commodity at A. from shares outstanding Trust Up Appreciably in Latest Week Boosted $2,000,000 its side. West Wholesale Commodity Price Index ■ stock capital furniture and only slightly were in wholesale cost this were fl^ur, corn, oats, bar¬ Higher week News About Banks-Bankers 31 shares of sumer corresponding week of 1960. in the (579) Continued from page 19 Snow and last week ago and from 49 a 3,156,000 bales, compared 2,853,000 in the similar pe¬ More than except Canadian failures The Commercial and Financial Chronicle . riod last year. witn compared as . with the — . about South Central and Pacific States latter 6026 Ark., has increased common $1,500,000 to $2,000,000 by a stock dividend, effective Jan. 18. (Number innnnn of shares, shares oar outstanding; value $20). 32 The Commerce.. .^d Financial Chronicle (580) tice, broader ditsribution and Text of the President's i , State of the Union Message Continued from page lative, 18 negotiated. But Communist domi¬ nation this in hemisphere be negotiated. never We can pledged are tending Arctic In free Horn the to Europe alliances our in and unity are un¬ disarray. some has NATO of been by economic rivalry partially eroded by national interest. It has not yet fully mo¬ bilized its resources nor fully and achieved Yet outlook. common a Atlantic power can meet on its own the mutual problems now no facing us in defense, foreign aid, monetary reserves, and a host of other areas; and our close *ties with those whose hopes and in¬ terests share we nation's most this among are powerful assets. Challenge of Communism Our the world that the beyond war—but the first cold stacle still is Soviet the lies still is challenge greatest into our Communist Union and We China. great ob¬ relations with must lulled be never believing that either power yielded its ambitions for has domination world which only forcefully restated time ago. On the task is to convince they short a contrary, ambitions — our them that aggression and subver¬ sion will not be profitable routes those pursue and Open ends. peaceful competition—for prestige, for markets, for scientific achieve¬ for men's minds—is something else again. For if free¬ ment, even communism and dom to were compete for man's allegiance in a world the at would look to increasing I peace, with future ever confidence. the immediately — fulfill to avoid the on role the world re-examine must whole arsenal economic and One must other. On of challenges scene we — tools: our military, political. tion the Presidential ing it the now to forces the American eagle holds in his right talon the olive branch, while in his left is held of We intend to arrows. a bundle give equal attention to both. First, military into strengthen our We are moving must we tools. in fu¬ clearly the past, lack of a consistent, coherent military strat¬ egy, the absence of basic assump¬ about tions ments and our national the and faulty duplication inter-service it made require¬ forces by widely rivalries to starting limited scattered assess accu¬ have, therefore, instructed the Secretary of Defense to reappraise defense ability to fulfill —the strategy — our commitments our effectiveness, vulnerability, and dispersal of our strategic bases, forces and warning systems —the efficiency and and and months earlier than planned—sub¬ attack installations ity of and present our nuclear systems in and future forces the the of bases ade¬ conventional and light dangers. of weapons present I have asked preliminary conclusions by the end then of February recommend — crucial a fleet that will first, but never retaliation, I have directed prompt ac¬ (c) tion accelerate to sile program. and I shall whatever legis¬ to huge the we time contribute these cannot bear we To the south, we have alliance have for pledged progress Para Progreso. and republics a new Alianza — Our goal is Latin prosperous to free a America, culture, neighbors, I the following: recommending am full the $500 appropriate million fund pledged by the Act of Bogota, to be used not as instrument an of sound development the of -V —That task interdepartmental new a force be established under the leadership of the Department of State, to coordinate at the high¬ est level all of policies and programs the to concern —That (Organization members, and peace with those strengthen instrument to as an domination OAS to American of working States), other Americas. delegates our of that preserve to prevent foreign anywhere in the taking "Only when the of arms office: oath our suffi¬ are cient beyond doubt can we be cer¬ beyond be never doubt that they will employed." Secondly, tial Our role is unavoidable ad of in sound a the and con¬ expand¬ entire other strength to their meet to build problems, to aspirations, and own own surmount their The problems goal are dangers. own in achieving towering the — helping the and this unprece¬ be must response towering and unprecedented as well, much as lend-lease and the Marshall Plan earlier in were years. effective more assisting for program economic, educa¬ social development of tional and other countries continents. and That program must stimulate and take more effectively into account the contributions of provide lor all central our our policy programs that overlap, conflict energies. compared to Such past allies, and direction now a so diffuse or program, will —More flexibility for shortgun emergencies. , Latin to used to abundance can be help end hunger and mal¬ certain in of areas suf¬ fering throughout the hemisphere. This administration (d) panding its is ex¬ food-for-peace new make commitment development. to long- deadly arms cipient purpose, a and race the huge long do. we We new nations, to new nuclear powers and to the reaches of outer space. We must make certain that negotiators our informed pared proposals of I have ments pre¬ workable and to make our own sound judgments posals of others. are better formulate to — and about the pro¬ the other govern¬ asked concerned to to agree a nuclear test intention reach with ment equally agree¬ that (b) We must increase instead to of fight it. war to its of in¬ creasing importance and doubling of its membership: I the the U.N. —We is " shall and mission to own our ■ . help insure asked the director of this program to recommend additional ways in which these ad¬ can the interests of world peace vance —including the world food (e) An tional on tribute establishment of reserves. even asset that it properly financed. the We have and women college age their — campuses group na¬ reservoir our — of not but who have desire to con¬ their skills, their efforts, part of their lives to the for world order. We can a fight mobilize this formation talent of through national a the that the see office of the maintained. is found useful (f) Finally, while our attention on the development of is centered non-Communist the must never forget world, we our hopes for —And I would address act exact too often In order to be prepared to help ship, I am increased a special ening far this organization, which is essential more their to and fictitious theories which have created amendment of the Mutual-Defense growing gap between executive, between planning and reality. In a time of rapidly deteriorating situations at home and especially abroad, this is bad for the public service and particularly bad for the country; a decision and and make to mean we I change. a here pledge myself and my colleagues in the cabinet to a con¬ tinuous encouragement of initia¬ tive, responsibility and energy in serving the public interest. Let every public servant know, whether his is high or low, post man's a rank and this administration reputation will be de¬ termined by the size of the job he does, and not by the size of his staff, his office or his budget. Let recognizes the value of daring and dissent that ' — controversy healthy healthy greet we of hallmark the as public a proud and lively And let every man and change. service the Let be who works in any area of national government, in any branch, at any level, be able to say with pride and honor in fu¬ ture years: "I served the United our nation's our For need." through complete us all to the na¬ tional interest can we bring our only dedication by se¬ through the troubled that lie ahead. Our prob¬ lems critical. are The tide is un¬ favorable. The neWs will be worse before it for the ; best, we should ourselves for the worst. be need where today where powerful nation be' to no secure, prepare is better. not according "No Easy Life" We cannot escape our to of its armies but the strength of its strength according to neither must to panic or we isolation. narrow many Finally, this administration to explore promptly all possible areas of cooperation with the balance of power (c) intends the Soviet Union invoke "to instead Specifically, I other and the invite all now of terrors." its of na¬ wonders na¬ tions—including the Soviet Union join with us in developing a weather prediction program, in a —to new communications satellite pro¬ the and distant Venus, planets Mars which probes of is se¬ Space Technology Uses ironies instill to its the science and while the space, technology Soviet of Union is ahead in the capacity to lift large vehicles into orbit. Both nations would help themselves nations wasteful by from as well removing these the competition bitter and the cold of The United States would be willing join to in a the fruits in an as with the time our of in the blessings liberty have too often stood for privilege, of able system should be materialism and a life ease. But I have a different view of liberty. Life in 1961 will not be easy. Wishing it, predicting it, will not There will be further so. setbacks before the tide is turned. But turn it we must. rest The hopes us—not in this upon simply upon those of us chamber, but upon the peasant in Laos, the fisherman in Nigeria, the exile that moves from who shares and the Cuba, every our future. man spirit the and nation hopes for freedom And in the analysis, they rest most of all the pride our fellow and final upon. perseverance American ,of citizens. Soviet na¬ greater effort to make of this of discipline and ardor servants—while of all mankind Today this country is ahead in already rests adversary, the forces of sharply divided. It repressive make it for Peaceful In where world are of the one the that the techniques of a harsh and may day unlock the deepest some crets of the universe. our freedom and in preparation for prob¬ gram ing with of areas dangers—• let them drive us ideas. tions while And every tions nomic tools in this area whenever the in timidities hoping world Union and the scientists of all eco¬ muffled committees, the discretion use the has needed curity than ours—the only body in asking the Congress for to is country endeavors peoples. European their decisively at been of morass and honest of action time years ether eastern full servants—but capacity to world—to join with us in strength¬ the ultimate freedom and welfare the it public plea to the smaller nations of the peace enlisting the services of all those with the desire and capacity to help foreign lands meet their urgent needs for trained personnel. corps, remarks States Government in that hour of shall work to science valuable more is men our every and surpluses conclude to state of the executive branch. career. enlarging strengthening like would few a woman are bal¬ it be clear that this administration an which recognition the state on sup¬ as cold iii arena an In the end an treaty. our port of the United Nations instrument is to agree most we about in enforceable and with final a to our whom and social budget and the state of the that nation any willing effective is with I have commented negotiations resume to prepared it ban—and to the with gerater social jus¬ effort control arms be national interest. This will require role, our influence and nation's the increase exert more effectively used to relieve hunger and help economic growth in all corners of the globe. I have Where of the domestic economy, our ance of payments, our Federal world. it absorbs have too available to on • voice, this is found to be clearly in the emphasis " every possible way. The product of our abundance will re¬ —Greater ' policy personal direction. The under my war. —More '■ those nation has an equal and where any nation can in program re-establish historic ties of friend¬ —New attention to- education at all levels. ' central goal of our national of programs, require: term food indicated the Program immediately vast our only (a) I intend to ask the Congress for authority to establish a new to and food-for-peace-mission sent in Program and be Peace" for a dedicated Would Centralize Foreign Aid ' research and study— integrity of the Secretary-General America to explore ways in which essen¬ ing economy for the non-Communist world, nations That nutrition must improve our we economic tools. struction "Food said I VL-'-'/v • effort—to programs of —We destroy as For •\u-' V- V' (a) I have already taken steps to coordinate and expand our dis¬ hemisphere. force to prevent his our destruction. own '/ —We opportu¬ to pursue their own work. agree¬ enforceable an Arms Control Policies levels; and, finally. enough of which reasonable delay in the talks on a Americas. nities at all not cooperation and on world order must ultimately rest. the cold war, but as a first step in the from know could of ment better- —That the Congress in of other lands who lack the facilities deeply disagree — and this must some day be the basis, of world peace and law. spreading to of labora¬ own technicians to with historic contributions available our friendship for the people of must prevent that arms race from educational attack the their knowledge make Poland. overshadowed all else inadequate an Government resources —That, in cooperation with other nations, we launch a new hemi¬ spheric attack on illiteracy and threatening explore,, degree of economic and social progress that matches their intellect and liberty. To start this nation's role in that alliance of and to using our frozen nature makes natural allies of us Polish funds on projects of peace all, we can demonstrate that bene¬ that will demonstrate our abiding ficial relations are possible even citizens handicapped the whole family of missiles. If we are to keep the peace, we need an in¬ vulnerable missile force powerful enough to deter any aggressor even to realizing for all its states and their a scientists —and of armament sister our of tories . hope I Polish possibility prepared are share of alone. .(c) the cutting down the the along the member, of a i Meanwhile, ability to own full our burdens, them will its while assume development toward nation each For, pay. making" that con¬ Organi¬ Cooperation this in proportion to body wasteful duplications and1 time-lag the Senate. with Act as means allies our effort—working mis¬ entire our Until the Secretary's on the the Economic Control proposed with reappraisal is completed, the em¬ phasis here will be largely on im¬ proved organization and decision¬ — approving establishing for I Thursday, February 2, 1961 . Third, we must sharpen our political and diplomatic tools—the sufficient possess concealed beneath the seas, to discourage any aggressor from launching an attack on our security. powers modernization and mobil¬ of and for economy obsolete — units of more deterrent—a our quacy, * station—at least nine on stantially often of the have place elimination the of parts directed prompt Polaris sub¬ marine program. Using unobli¬ gated shipbuilding funds now (to let contracts originally scheduled for the net fiscal year) will build I (b) operation and organization— our in wars action to step up our all I entire our world. from have rately how adequate — or inade¬ quate—our defenses really are. our divert or estimates arising difficult avoid erate effort to any lines . Development. This will be an important instrument in sharing conventional discrimi¬ problem at any spot on the globe at any moment's notice. In particular, it will enable us to meet any delib¬ dented aggression any and obtain¬ respond, with make Yet action better assure nation and speed, to satisfy their tile. air our of period of uncertain risk in which both the military and diplo¬ matic possibilities require a free world force so powerful as to a airlift capac¬ will — ability ac¬ additional — piecemeal approach. a (b) I hope the Senate will take early when our Obtaining transport mobility coat of arms, steps new now: increase to tain the overshadow not tional instead of and (a) I have directed prompt upon revise and of cannot we three clearly needed he would To meet this array orderly planning for na¬ and regional development ., meantime, I have asked Defense Secretary to initiate Assistance —And vention the ity. weakened to In par¬ efficient pub¬ more lic administration and tax systems. zation ex¬ Circle. fulfilled The governments, Cape from the in to mination and all tyranny, working toward the goal of a free hemi¬ of executive light of or needed those conclusions. sister sphere is Steps Needed Now work , with republics to free the Americas of all such foreign do¬ • our budgetary action ticipation, and . knowledge all—and, beyond that, Hornblower & Weeks Adds (Special to The Financial Chronicle) new effort to extend farm tech¬ CLEVELAND, Ohio Kern has been added nology to hungry nations—to wipe of out disease—to increase Commerce Building. exchanges Hornblower & — Jack C. to the staff Weeks, Union Volume 193 Number 6026 . . The Commercial and Financial Chronicle . Indications of Current (581) Business Activity The following statistical tabulations latest week month available. week or or month ended IRON Indicated AND steel STEEL operations cent (net tons) capacity) Feb. that date, 5 Week Ago 42 PETROLEUM oil Crude and gallons Crude castings Not. Avail. 1,466,000 1,499,000 1,361,000 2,683,000 BUILDING to Kerosene fuel Residual oil 20 7,215,510 7,150,760 7,139,310 Tan ?n 8,357,000 8,342,000 8,003,000 8,227,000 on ' Tan'2n output (bbls.) Jan 20 fuel oil output (bbls.) Jan'20 Stocks at refineries, bulk terminals, in transit, in pipe lines— Finished and unfinished Kerosene (bbls.) Distillate fuel Revenue gasoline at_ (bbls.) on 20" at 28,902,000 29,158,000 29,199,000 3,319,000 3,097,000 2,908,000 14,819,000 .14,542,000 13,437,000 13,644,000 6,306,000 6,584,000 6,377,000 200,269,000 191,323,000 29,546,000 32,020,000 2o 123,226,000 127,567,000 150,239,000 45,235,000 45,290,000 46,891,000 Office Other 50,089,000 of cars)—Jan. 21 455,675 467,978 466,909 . U. 552,403 Farm Private construction Public and $299,500,000 $245,200,000 139,900,000 Jan. 26 municipal 129,000,000 174,400,000 83,300,000 jan. 26 construction State $359,800,000 $269,200,000 140,200,000 185,400,000 216,200,000 81,900,000 S. (U. 23,400,000 and 156,600,000 53,200,000 28,800,000 57,200,000 lignite Jan. 21 SALES SYSTEM—1947-49 *7,825,000 7,550,000 INDEX—FEDERAL 412,000 429,000 422,000 t AVERAGE = 100 Electric output FAILURES Sewer (in 000 kwh.) (COMMERCIAL Jan. 28 AND INDUSTRIAL) — DUN 14,417,000 13,956,000 *; 340 400 ",: • " 281 276 '.r Finished steel Pig iron (per gross steel Scrap Jan. 23 6.196c 6.196c 6.196c .Jan. 23 $66.44 $66.44 $66.32 Jan. 23 I ton) $31.50 $31.50 $28.50 $42.50 (per gross ton) METAL PRICES l'.' OF M. J. QUOTATIONS): (E. & and Export Lead refinery refinery Lead Jan. 25 Jan. 25 . r. 26.700c 26.450c Jan. 25 at at at (New York) 11.000c 11.000c (St. Louis) at Jan. 25 10.800c at Jan. 25 12.000c Zinc (East St. (primary pig, 99.5% ) at tin (New York) at MOODY'S U. S. 11.800c 13.500c 11.500c 11.500c 12.000c 26.000c 26.000c 26.000c 26.000c 87.15 88.61 87.05,) 86.78 86.51 91.34 90.91 89.37 89.23 88.81 85.20 86.51 86.38 85.85 Industrials MOODY'S S. Group 80.93 81.05 78.09 Consumed 84.17 83.91 83.79 81.17 BOND DAILY YIELD Government AVERAGES: 88.13 87.86 83.15 88.95 88.67 3.83 ij 85.72 3.71 4.38 .,,;.,....:4,3Q.:.;., —a^JaiuSL. 4.32 4.46 Jan. 31 ;. ~ Railroad Public Industrials Group Group Orders PAPERBOARD received of Unfilled OIL, PAINT AND 1919 of Total Other Total 254,950 285,977 322,114 86 95 388,200 399,021 305,113 459,259 OF Total Other Durable 111.63 108.50 109.64 Employment All Estimated 2,053,600 1,756,390 2,089,270 2,804,110 Durable Jan. 6 2,425,030 2,064,810 2,571,420 3,246,640 6 272,350 393,490 490,710 Jan. 39,100 28,500 -69,200 327,L30 263,750 432,680 471,560 Jan. 6 6 6 367,030 292,250 501,880 523,010 Jan. 6 938,515 880,761. 939,773 852.659 Jan> ^an* 6 67,850 145,000 133.660 on -—. Total t- — Odd-lot . short sales other sales——.— — TOTAL AND ACCOUNT SALES STOCK ROUND-LOT FOR Total — - n . __ purchases by dealers—-Number EXCHANGE Other omitted): debit net $3,317,000 $3,240,000 $3,430,000 " to balances—— customers-- and in in banks customers' free 95,000 S._. 4,076,119 6 3,778,835 2,974,754- 3,935,745 4,775,375 balances U. on IN 6 1,638,932 1,541,794 1,675,532 $72,605,329 $77,368,043 108,256,818 2,569,740 6 1,790,807 10,214v 1,897,746 UNITED income— 5,858 17,164 1,784,949 1,437,110 1,880,582 5,967 . Eusiness 1,809,657 $72,250,807 $72,951,341 $82,188,681 441,740 635,290 670,640 396,400 441,740 635~290 670,640 396,400 582,460 383,820 479,770 1,083,970 STATES 406.7 271.1 income of Transfer 39.1 49.6 11.0 11.1 10.5 35.8 35.9 35.2 12.9 12.9 12.3 46.1 12.5 12.5 12.5 14.0 14.1 13.6 27.7 27.6 24.8 30.8 30.5 27.9 9.2 9.2 8.0 389.9 392.1 377.0 $293,000,000 $293,000,000 $295,000,000 290,216,815 290,414,993 290,797,771 155,938 153,056 127,146 $290,372,753 persons $290,567,171 $290,924,917 401,555 401,984 411,673 $289,971,198 $290,165,187 $290,513,244 2,834,812 4,486,755 : — income payments contribution insurance.— for social ; nonagricultural 69.4 42.0 49.7 _.—j employees' 87.6 72.5 41.9 ... 110.4 86.2 72.5 professional 393.9 265.0 109.5 84.6 income— 409.0 273.6 107.0 . ; . Persona^ interest Total 2,529,000 __ and Dividends Less 2,321,000 —„ Farm $93,635,457 JanJan——-Jari« industries labor Other 453,000 2,334,000 COMMERCE)—Month Government 1,815,624 105,422,055 307,707,698 669,000 collateral receipts, total.—iproducing industries : Manufacturing only—— Distributing industries——- $131,297,370 106,289,021 292,991,130 825,000 issues Govt, salary and Service 1,447.324 996,000 (in billions): personal Wage THE OF S. Commodity $80,598,746 375,000 1,062,000 - 3.06,967,079 other INCOME December Total 6 150,000 *380,000 1,135,000 bonds—— on (DEPARTMENT of listed borrowings Member PERSONAL of borrowings 627,640 4,147,735 99,000 390,000 — U. credit value TRANSACTIONS MEMBERS (SHARES): U. ^an——y111, Jan. _ (1947-49 NEW = S. GOVT. —As „————-—-■— PRICES, — 9,577,000 6,907,000 EXCHANGE— (000's hand of 16,484,000 *9,241,000 *6,893,000 carrying margin accounts—' yalue of listed shares 696,350 *16,134,000 6,765,000 Market 622,350 SERIES — 507,600 14,379,760 16,828,020 924,200 709,140 18,050,330 16,320.420 15,002,110 . LABOR 15,846,000 Market Jan. - 30 extended on Total ON THE N. Y. STOCK sales. WHOLESALE employees in manufac¬ ___ income t._ ROUND-LOT STOCK OF sales Avg.=100l— 4,167,473 3,239,395 of shares Sales Total 175.4 100)— 9,081,000 customers' Cash sales— round-lot Short *165.9 = , of STOCK firms Rental — — Sales— sales 100.8 161.9 (1947-49 3,541,421 Jan. Other *97.4 Avg. 3,330,205 404,770 value Round-lot sales by dealers— Number of shares—Total sales—. Round-lot 5,293,000 95.2 ( 1947-49 872,065 2,569,984 —Jan. Jan. Jan- total sales Customers' Short 7,173,000 *5,255,000 " (customers' sales)— Customers' Dollar 12,466,000 *6,797,000 5,128,000 of workers) 1,005,725 508,730 -—— by dealers *12,052,000 6,649,000 DEPT. SERIES—Month 862,445 3,270,105 —-—————----------•———Jan, : <-——Jan. orders—Customers' of 11,777,000 S. goods Dec. Total (customers' purchases)—t purchases Number 452.6 717,445 6 by dealers value 423.2 617,694 6 6 shares of 408.9 549,844 Jan. Jan. —Jan. — sales of Member ACCOUNT OF ODDLOT DEALERS AND SPECIALISTS ON N. Y. STOCK EXCHANGE —SECURITIES EXCHANGE COMMISSION Dollar 9,051,000 spindles in place .Nov. 986,775 Jan. — • sales Number 20,317,000 17,696,000 8,464,000 goods YORK "As BTOCK TRANSACTIONS FOR ODD-LOT Odd-lot 19,958,000 17,618,000 Nov. industries— Member ——. Sales—-———— Other sales Total NEW 51,450 account of members— purchases-. Short 98,200 14,362,581 8,178,000 888,575 Jan.,. 61 , ; . 108,074 19,951,000 omitted) I manufacturing Credit Other sales Total-sales turing All floor— the . Total round-lot transactions for 557,933 17,696,000 the floor— purchases^—————— Sales 100,540 449,160 17,618,000 COMMERCE): goods Nondurable initiated 92*948 530*,151 17,507,*000 OF PAYROLLS—U. number 6 416,220 698,593 1,263,565 14,235,545 17,507,000 REVISED indexes Jan.- 1 641,018 26 manufacturing 442,530 - *2,931 COMMERCE): (000's indexes 2,807,240 Short ■ All - *4,459 1,053,326 manufacturing _! Payroll —Jan. *4,089 , 10,010,550 goods 482,150 Sales—————————————;—— *3,111 1,282^424 26 OF (DEPT. AND Nondurable 2,736,990 transactions Total (DEPT. hours LABOR 308,420 sales of. Nov. as manufacturing (production 2,267,170 Other sales *4.370 December: All 371,430 Short *4,272 *2,754 12,161,149 — active spindle hrs. for 379.7 92 —— *11,479 620,753 Active 2,119,340 off *9,773 *11,753 4,301 ^ 6 ——— *9.864 *10,961 14,075,293 6 initiated *16,633 *3,013 11.923 16 Jan. sales—— *39,024 *10,625 11,001 November—— spindle 305,418 : '$50,503 *42,591 "17,992 OF Active 294,387 110.65 *$54,344 3,020 Spinning spindles in place on Nov. 26 Spinning spindles active on Nov. 26—„__ 356.4 360.7 362.4 of GINNING Jan. Jan. transactions DEPARTMENT — 5.09 90 Sales sales 13 4,463 4.73 310,328 purchases Other 84 21 10,715 I 4.93 SPECIALISTS specialists in stocks in which registered— Short 37 106 3.159 loans 26__ purchases--————————————————Jan. Total 43 55 115 ..J.' 42,703 4.88 . BERS, EXCEPT ODD-LOT DEALERS AND Transactions 72 52 17.967 I_IIIIIIIIIIIII IIIIIIIIII credit COTTON SPINNING MEM¬ OF ACCOUNT FOR To •l Jan. 27 TRANSACTIONS ROUND-LOT 67 $54,626 III 4.57 - 297,119 100 = 4.51 PRICE INDEX— REPORTER DRUG AVERAGE •119 30: 4.55 4.87 4.57 4.49 Jan. 21 Jan. 21 Jan. 21 period (tons) at end of 418 RE¬ ; spindles COTTON 331,705 activity orders 4.85 4.55 5.35 5.10 5T1 —Jan. 21 -— 487 4.94 ASSOCIATION: (tons) Percentage 34 110 credit -II-HIIII!IIIIIIII goods—I IIIIIIIIIIH month EMPLOYMENT (tons)-, Production 5.10 Cotton 4.77' 4 72 4,68 Jan. 31 MOODY'S COMMODITY INDEX NATIONAL 4 67— Jan. 31 Jan. 31 Jan. 31 Group Utilities term 4.92 4.60 "":4.50 4.47" Jan. 31 I_IIH 4.67 4.35 4.65 4.63 Jan. 31 corporate A Nov. LINTERS Stocks—Nov. 3.88 36 125 SERIES—Esti¬ consuming establishments as of Nov. 26— public storage as of Nov, 26_. Linters—Consumed month of November. 11 J- Bonds Aaa FEDERAL In " Average THE intermediate In 87.86 88.13 ■ COMMERCE—RUNNING BALES: 81.05 Jan. 31 Public Utilities Group • 20 ~~ credit Jan. 31 ; OF loans AND 31 : 45 79 development accounts COTTON 50 43 credit payment —Jan. 31 Jan. 31 Jan. 31 Baa .■ :.'v 49 credit Service 83.03 33 192 33 64 87.45 Jan. 31 - 326' 37 OUTSTANDING—BOARD of as Charge 83.28 91.62 Jan. 31 ; Group 404 239 ; 113 I" „ and consumer Personal 81.92 Jan. 31 Railroad 60 402 HUH enterprises Noninstallment 87.65 —Jan. 31 A 1,163 59 41 Repairs and modernization loans 100.500c 100.500c 100.750c 100.375c Jan. 31 Aaa Baa Other Single Government Bonds Aa 22 1,376 45 IIII Automobile— 13.000c Jan. 25 — corporate I systems and consumer Instalment 330 113 SYSTEM—REVISED short 85 v 27 235 buildings- 2 in millions Total PRICES DAILY AVERAGES: BOND Average U. 10.800c 12.500c .... Jan. 25 Aluminum Straits 12.000c Jan. 25 at Louis) 31.925c 11.000c 12.000c 33.750c 28.025c V , 10.800c (delivered) tZinc 29.600c .415 92 371 22' 104 463 , 31 service .„ GOVERNORS mated 28.600c ' , 100 386 ; water CREDIT 49 20 89 1.214 ; other public SERVE 28.600c 58 23 institutional nonresidential service CONSUMER , Electrolytic copper— .Domestic • $66.41 lb.) (per All 6.196c 49 ' 426 —IIIIIIIIIIIIII Conservation IRON AGE COMPOSITE PRICES: 46 52 34 and Public 83 54 58 buildings and Water Jan. 26 94 86 Sewer & INC BRADSTREET, 14,817,000 15,361,000 '■ buildings Military facilities Highways ELECTRIC INSTITUTE: 249 340 . .EDISON 170' 170 278 :. 20,, • H HIIII Administrative 113 319 :; 129 107 Jan. 21 340" 193 53 II— IIII~I HI construction Other r ' 189 52 Industrial 364,000 382 52 ~~~ institutional utilities Nonresidential RESERVE 357 216 250 private Hospital 71 8051 263 179 buildings recreational public other 322 k 73 and Residential 8,650,000 —.Jan. 21 Pennsylvania anthracite (tons) STORE 7,080,000 • 178 .ii and Educational (tons) 923 garages construction Public BUREAU OF MINES): Bituminous coal and DEPARTMENT 87,000,000 159,000,000 -.Jan. 26 Federal COAL OUTPUT All 105,300,000 .Jan. 26 872 —III—I restaurants, nonresidential Other Jan. 26 87 —I—III" buildings utilities i Telephone and telegraphy CONSTRUCTION—ENGINEERING construction S. 1,508 400 90 Miscellaneous 587,407 NEWS-RECORD: Total 1.398 344 Public ENGINEERING CIVIL 1,901 1,305 buildings and warehouses Hospital 435,227 516,210 3,247 1,885 __l_ Educational RAILROADS: 490,049 4,410 3,398 1,739 Religious 132,638,000 20 4,774 3,149 I „ 265 Stores, Social (no. 4,363 I Industrial 25,866,000 Jan! Ago millions): Commercial 199,905,000 28,826,000 Year Month and Nonresidential 6,596,000 204,767,000 Previous alterations-' Nonhousekeeping 2,943,000 Jan. 21 of that date: OF (nonfarm) dwelling units Additions 28,753,000 jan (bbls.) at freight loaded (number of cars) freight received from connections Revenue jan Jan AMERICAN OF (bbls.) at— oil Residual fuel oil ASSOCIATION DEPT. construction New 7,129,117 Ian (bbls.) output (bbls.) Distillate S. construction new Residential buildings (bbls.) average Total of . stills—daily output CONSTRUCTION—U. Private (bbls each) runs Gasoline output—daily average are as Latest 46.5 K INSTITUTE: condensate either for the are Mouth 51.5 LABOR—Month of December (in ingots and AMERICAN of quotations, cases Ago 50.0 Equivalent to— Steel in or, Year Month 5 Feb. Previous Week INSTITUTE: (per production and other figures for the cover Dates shown in first column X_J Latest AMERICAN on 33 18,171,170 18,974,530 18,880,310 Total at STATUTORY of Dec. face any 30 LIMITATION DEBT (000's omitted): amount time—. that be may ; outstanding - . - Outstanding— Total / U. S. DEPT. OF gross Guaranteed 100): public debt obligations owned not Treasury—.— by ' the — Commodity Group— All Jan. 24 commodities Farm Meats foods ——————- — —- *119.8 -Jan. 24 products—— Processed 119.9 ———,— Aljl commodities other than farm and foods • 89.8 *89.7 Jan. 24 109.9 *109.7 Jan. 24 97.7 97.3 128.1 *128.1 119.6 —Jan. 24 119.5 89.7 88.3 109.5 . 105.8 97.6 91.7 Total gross . 127.9 obligations Deduct—Other •- ■ *'"Revised'figure! on delivered ^Number of orders not reported since introduction-of Monthly Investment Plan, where freight from East St. Louis exceeds one-half cent a pound. basis at centers tPrime 128.6 Western Zinc Balance under — outstanding gations not ^subject Grand sold public debt and guaranteed total face above public obli- debt t<? debt limitation—— outstanding amount of obligations authority: 1 • - • j issuable 3,028,801 34 The Commercial and Financial Chronicle (582) Now Securities of the large number of issues but to general, to be considered not, in are offering dates. Alaska. Underwriter—Paul Albee —To To it Accesso Corp. Jan. 30, 1961 filed 40,000 shares of common stock and 40,000 shares of preferred stock (par $10) to be offered for public sale in units consisting of one share of com¬ and share of preferred stock. Price—$15 per unit. Business—The company is engaged in the design, manufacture and sale of fluorescent lighting systems, one tile acoustical hangers, tiles and other types of Proceeds—For the repayment metal acoustical ceiling systems. of loans and Office — 3425 Underwriter—Ralph B. general corporate purposes. Bagley Avenue, Seattle, Wash. Leonard & Sons, Inc., New York City (managing). Acme Missiles & Construction Corp. Jan. 1961 6, common filed 30,000 Price stock. — (2/15) outstanding shares of class A be supplied by amendment. To construction Business—The installation and missile of launching platforms. Proceeds—To selling stockholders. Office 43 North Village Avenue, Rockville Centre, — N. J.- Underwriter—None. Y. ,y.. / -/A' , ACR Electronics Corp. Sept. 28, 1960 filed 150,000 shares of common stock, 75,000 series I common stock purchase warrants, and 75,000 series II common stock purchase warrants, to be in units, each unit to consist of two common shares, one series I 5-year purchase warrant, and one 5-year series II warrant. Warrants are exercisable ini¬ tially at $2 per share. Price—To be supplied by amend¬ ment. Proceeds For salaries of additional personnel, offered — liquidation of debt, research, and the balance for work¬ ing capital. Office—551 W. 22nd Street, New York City. Underwriter—Robert Edelstein Co., Inc., New York A-Drive be City. Leasing System, Inc. Jan. 19, 1961 filed 100,000 shares of class A stock, of which 75,000 are to be offered for public sale by the and 25,000 shares, being outstanding stock, by Price—$10 per share. Busi¬ ness—The company is engaged in the business of leasing company the present holders thereof. trucks and for periods of over one phia, Pa., and New Haven, Conn.; lease and equip a large garage in New York City and lease additional trucks. Office—1616 Northern Boulevard, Manhasset, N. Y. Un¬ derwriter—Hill, Darlington & Grimm, New York City (managing). Offerings—Expected in early March. Advanced Price —$3.50 per share. ized Business—The company was organ¬ October, 1960 to operate an insurance home of¬ in fice company with the related secondary purpose of owning investments in entities en¬ in pany the will insurance the use business. proceeds Proceeds—The estimated at $851,895 com¬ as a for the reserve used Alkon Dec. 29, stock common Little Rock, Ark. Underwriter—Ad¬ Underwriters, Inc., Little Rock, Ark. Aerosol Techniques, Inc. (2/20-24) Dec. 28, 1960 filed 125,000 shares of common stock. Price —$4 per share. Business — The company manufactures and packages cosmetic, household, industrial, pharma¬ own Proceeds—For working capital. Office— 111 Stilliman Ave., Underwriter Bridgeport, Conn. Michael G. Kletz & Co., Inc., New York City (manag¬ ing). — , Aerosonic Corp. Jan., 13, ,1961 (letter of notification) 62,300 shares of stock (par 10 cents). Price — $2.20 per share. Proceeds—To go to selling stockholders. Address—Clear¬ common water, Fla. Underwriters—French & Crawford, Inc., At¬ lanta, Ga.; Powell, Kistler & Co., Fayetteville, N. C.; Clark, Landstreet & Kirkpatrick, Inc., Nashville, Tenn.; Courts & Co., and Clement A. Evans & Co., Inc., At¬ lanta, Ga. | I Cantor B. of record Nov. 22 common for each four amendment. to 3,500,000 individuals in Mid America own stock in publicly held corporations. Chicago alone has more shareowners than any other city in the nation save New York. The most widely read newspaper in this lucra¬ tive securities market is the Chicago Tribune. It offers best means for advertising securities and services. Why not begin using the Tribune regularly in 1961? you your dHjinujo Oxilnrae THf WOUO'S Mid America GREATEST NEWSPAPER most widely circulated market table Inc.- ..Common — $300,000 occuricies Co.) rarre.i any —Common 136,000 shares Co.) 6c Common Zeller R. $300,000 Co.) Resisto Chemical, Inc Common Price $5 — shares of shares February 6 Aerosonic Business—The — firm is To one (ne.ich new Alkon & & Steen Acceptance & 30, Co., — (S. FWD panels for missiles. in D. City mineral City. outstanding shares of and stainless resources steel in and (M, allied and surplus. one Life lines Office — 82 purposes. Hentz Steel ness Street, Coburn 6c $1,000,000 Co.) Ac .Preferred Co.) shares 100,000 Co.) 155,000 — Debentures Co.) $1,100,000 Common Ltd.; Karen Investors) and yd Sloss (letter of notification) (par $1). shares Price—$3 per share. Rector Street, New Lake - and Hamson Ac Co. ) $810,000 $330,000 Inc.) Co., Inc.. Grumet Ac. Natural : Inc. Inc.) and Debentures EST) a.m. S4j,000,000' Common and Robinson Ac Co., Inc.) Ross, inc.____ Lyon & RR.__.__: (Bids 1 p.m. 150.000 Co.) $400,000 ...Common 1 rhares ——Equip. Trust jL.t.T) 10 CST > m. a. Securities Co. Ctfs. $4,500,000 .Bonds $3,000,000 Corp and Common Grant, Fontaine Ac Co.) $568,750 February 8 . Business (Wednesday) Capital (Blunt Ellis Corp.. & Crumpton Hornblower Podesta & Co.) Weeks & Foam & s —Units 150,000 Co.) units Corp (Brand, Debentures . Grumet & Seigel, Inc.) $550,000 Jouet, Inc. Common 'Edward . R. Stern & Co.) $300,000 Midland-Guardian Co. r. - (Kidder. ..Common Peabody Ac Co.) shares' 100,000 (O)avton Texas Gas Transmission (Dillon, February Rkshard J. Read 9 TelAutograph (3/1) Securities & Corp.) Common Buck Inc.) 300.000 (Thursday) ;/ •February Co. : l ; 10 Chace, Baird by Whiteside Ac & (I. Screen (Offering •y ' R. E. Co.) Investors Gems, Inc Common $300,000 Corp.) and .Common $250,000 Hal'lgarten & Co.)' by Hemphill, 300,000 shares Telephone & Electronics Corp..: , "'Equity Securities Co.) Town Photolab, Inc (Michael *. • ■. ...Common .__ stockholders—underwritten to & Co. Inc:) ' Products, Inc (Thompson Co.; & Winslow, (Friday) Compression Industries Corp.—— fiberglass products. Proceeds — For general corporate purposes. Office — 40 Lane St., Paterson, N. J. Under¬ writer—Vestal Securities Corp., New York, N. Y. • Common and Capitol Associated and small trailer bodies and other custom molded shares \ Corp. Ac . .Common stockholders—underwritten to ,y $1,003,000 Corp Co., "A"' >.v Super Market Distributors, Inc 6, an.d $5,000,000 Builders, Inc (Cuur General ..Common Simmons, Cruttenden, • of Noyes . * .iCommon $264,900 ......Common G. Kletz Ac Co.) $j00,000 vestment Certificates, each representing $900 of bonds Price—$1,800 per unit. Proceeds used principally to originate mortgage loans and and 783 shares of stock. pages Continued on page 35 ... $230,000 Co Superior District Power Co Coast 1 Common SJ.gei, Gas 11:30 Central (Pacific shares Common O'Connor, Lifetime Pools Equipment re- y American Mortgage Investment Corp. April 29 filed $1,800,000 of 4% 20-year collateral trust bonds and 1,566,000 shares of class A non-voting com¬ mon stock. It is proposed that these securities will be offered for public sale in units (2,000) known as In¬ 200.000 (Tuesday) (Bias Business York & Laboratories, (Globus Illinois operate marinas and to render advisory Proceeds—For general corpo¬ Office—19 Common Stonehill & Co.) .Units &. C%" Inc. Credit Geochron stockholders- 100.000 ...Common & Co.) $900,000 ^ Ahalt and -,.0'jmmon 4. Lomasney (Peter Morgan & Co. Proceeds— Proceeds—To Corp. $4j3,12o Co.) Federman, (Bids Rights expire March 16. Securities $210,000 Coral Aggregates Corp.___ • Third National Bank common shares Homes, Inc Consolidated share of class one A. February 7 (letter of notification) 37,043- shares of stock (par 40 cents). Price—$4 per share. Busi¬ Manufacturers of fiberglass swimming pools,./ — canoes Co. & Crest (Searight, 1960 common .Common Underwater Storage, Inc Underwriter—None. 27, Ac Co., & (Myron (Marron, Co. insurance. of American Molded Fiberglass Co. Dec. : .Debentures Shore-Calnevar, Inc. (H. and management services. Y. shares Self-Service, Inc.— '• N. Co., Ac $297,099 Industries Inc.-:——— .."v , it American Marinas, Inc. rate Allyn C. Inc.) Co., Kimuuji Aiinbau Meyerson Proceeds—For Beaver Insurance supplied by amendment. and A. Corp...Common 220,000 Co.) & (James for Dillon, Union Securities & Co., New York City (managing). build Ac Rajac < $100 debenture for each 20 shares of \ held of record Feb. 28. stock by Corp Selected duce short-term loans and furnish additional working: capital for domestic and foreign expansion. Office—261 Madison Avenue, New York 16, N. Y. Underwriter— —To H. (Brand. debentures, to be offered to common shares $300,000 (J. A. Hogle & Inc. Polysomes, Underwriter—Casper Rogers Co., New and 1961 C. C. , per American Machine & Foundry Co. (2/28)" Jan. 17, 1961 filed $40,500,000 of convertible < subordin- 25, shares^ 50,000 Mortgage Corp.. ,MMUW Bldg., Nashville, Tenn. Underwriter—Standard Ameri¬ can Securities, Inc., Nashville, Tenn. Jan. Co.) Service, Inc. (Bache Business—The'writing of Price—To be & Service, Inc Finance Palomar sandwich exploration Israel. Office purposes. Educational the basis of Inc.) Harris G. com¬ offering price. Price—$4 prospecting consist of 4 shares of class A stock and B stock. Price—$25 per unit. ated 180,000 co.) .—Capital Mosaic (Paul Model Dec, 5, 1960 filed 960,000 shares of class A common vot¬ ing stock (par $1) and 240,000 shares :of class B nonvoting common stock to be sold in uints, each unit to insurance Ac Marache Electronic Research Model Finance (managing). American Granbery, and $2,000,000 Shinn Business—The York York Curtis Co.) stockholders—underwritten to (B. military and commercial aircraft and discount of 25% from the New Puller ifcScJhwaoacher Proceeds—To business & Debentures International America-Israel general Co.) ■*". &c Debentures & Jackson . Phosphate Co. ; v ' / Dec. 23, 1960 filed 125,000 shares of common stock, each share of which carries two warrants to purchase two additional ccmmon shares in the next issue of shares, at share. Podesta Corp. International selling stockholders. Office—225*. Oregon St., El Segundo, Calif. Underwriter—None. a ——____—Units Corp Mortgage guaranty Insurance Corp.______Common components use $350,000 Corp. (Offering Co. Price—To be supplied by amendment. Busi¬ The manufacture and sale of large -machined structural Common Co.) and oruLenden, $2;000,C00 V" Marache (Granoery, stock. ness $137,06J Inj.) Inc.. Weober, v' Digitronics ■ 1960 filed 251,716 mon & Inc. CO., (Paul Nov. Co., Clark, Clement Co.; and Co. Consolidated Airborne Systems, lnc.__Class A Stk. For Corp. Courts . (Paine, working capital. Office—28 S. 8th St., Terre Haute, Ind. Underwriter — City Securities Corp., Indianapolis, Ind. Altamil & Lv'uiis Banking 6c Bowl-Mor V Common & rustier mo.; K.rkpatiicK; A'/iyA/A' supplied by engaged primarily, r ■ Industries, Inc.____— (Reynolds share be (letter of notification) $200,000 of 6% sink¬ ing fund debentures, 1975 series to be offered in denom¬ inations of $1,000 and $500 each. Price—At face value. — y>v'y>. $299,<±99 ixiv.j l_. u'ueaae Jan. 17, 1961 Proceeds $500,000 /.Common ua., (Monday) CraWiOid, Automobile mington, Del. Underwriter—Drexel & Co., Philadelphia, Pa. (managing). Offering—Indefinitely postponed. Allen i-ewis Corp. Landstreet Price Inc.) Co., share. per Underwriter—Meade & the basis of on held. 6c Electronics, Inc (Lawaru Office—400 Mor¬ purposes. Treat (Amos Tech-Ohm government-sponsored contracts, in research, de¬ velopment, and manufacturing activities related to the aircraft, satellite, and missile fields. Proceeds—For gen¬ eral corporate purposes. Office—Du Pont Airport, Wil¬ —To be s Co. (M. under • Close Ltd.__ Plastics & Fibers, Inc (Offering TEEMING WITH CUSTOMERS! Ac $300,000 Ac Hardy) juarr.y ana Components, Electronic . Eastman (2/6-10) inc. stucKnoiuers—Bur»»juam to , Common Co., &c A. common • (S. Summit Ail American Engineering Co. Sept. 27, 1960 filed 85,918 shares of common stock (par 10 cents), to be offered to holders of the outstanding ucts for other concerns for sale names. (Uiiering Proceeds—For working Avenue, Long Branch, N. J. Co., New York, N. Y. v on brand cents). ris ceutical, medicinal, dental and veterinary aerosol prod¬ by them under their 10 capital and general corporate For capital vanced (par Business—General construction. Rector and Building, Office—931 Industries, Inc. (2/6-10) %/ 1960 (letter of notification) 50,000 life furniture sales. 60,000 units nongsirech) Ac Manuel ueiuungs, ' 9 acquisition of interests in life insurance; fixtures; for the establishment of a sales organization and for working capital. Office—The for credit ______-Units National Equipment Rental, Perry by the company's wnolly-owned subsidiary future $<±o0,000 juic. ) «^o., Inc. (Aiessandrini stock. Price supplied by amendment. Business—The sale of home building materials. Proceeds— finance Common 6i Instruments, Inc Freoplex, . common St., Niles, O. Underwriter—G. H. Walker & Co., New York City (managing). Offering—Expected in eariy March. service and management gaged Inc. jNtuiJer (Josepn packaged phosphate Investment Management Corp. 13,1961 filed 300,000 shares of common stock. Homes, (Friday) Edwards Industries, Inc Elion yean Proceeds—To repay loans; open new offices in Philadel¬ Jan. be to Auto automobiles - (Warner, • pre-cut mon REVISED February 3 Address—Anchorage, Nichols Co., Inc., Anchorage, Jan* 24, 1961 filed 172,500 shares of ■ *„• ITEMS ISSUE PREVIOUS NEW ISSUE CALENDAR 130,000 shares of Alaska* firm as 1960 stock (par$l). Price—$2.25 per share. Proceeds —To purchase equipment, and other necessary materials for distribution of dairy products. 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 difficult ADDITIONS SINCE • 2, 1961 Thursday, February . common awaiting processing by the SEC, it is becoming increasingly Registration Creamery Products, Inc. (letter of notification) 19, . . * INDICATES in Alaska Dec NOTE—Because . February 14 (Tuesday) -Atlantic Fund for Investment in U. S. Government Securities, Inc (Capital Counsellors) $50,000,000 ' Common Volume 193 Number 6026 . . The Commercial and Financial Chronicle . (583) Banner Industries, Inc.__^ (Netherlands .Units Securities Co., Inc.) (Paine, Webber, Jackson and Colorite L. Colorite W. 360,000 & Co., L. C. Wegard $285,000 Co.) Inc.) 100,000 & (Drexel (Hodgdon & Co., & Co., Inc.) and (Michael & Canaveral Co.) G. Crest (Dean (Paul & Kletz & Jonker Common $300,000 Eisenberg Co. & Co. and Business & & • . Godirey, Hamilton, Inc.) $402,500 Co., Co., Inc.) (Edward Maryland Cup Lewis & Co., 235,100 (Myron Mohawk Sloss & (R. P. <;Pacific Rixon Coast > (Van Common , & Co., Inc.) Securities Co.) 200,000 115,000 & Webber, Seigel, Jackson Stancil-Hoffman Curtis) Telescript C. Coast 118,000 Co.) Inc.) U. S. & Co., (Armstrong Westmore, James & Co., Wollard Aircraft Service (Amos Treat & Inc.) (Drexel & Corp. Inc.) & & Co.; A. (No Co.) Radar Com. Sloss (Blaha Techmation Common United Chesapeake & Potomac Telephone Co (Bids Citizens (The & 11:00 Southern Johnson. Lane, EST) a.m. Capital Space Robinson-Humphrey & Co.) Eastern (Schirmer, Atherton & Co.) (Lloyd & Co., Inc.) Jefferson Lake (A. Asbestos Edwards G. 150,000 shares Sons) (Federman, Patrician Paper (Hill. Stonehill & & to 180,000 190,000 Puget Sound Power & Light Co... (Blyth & Co., ■ & Inc.) Co., . them until market Office — March Underwriter—Aimico, Inc. Center .Common favorable for St., Little Rock, Ark. Price acquisition of real properties or other investments. Of¬ Ci|$. 30, common 1960 stock ceeds—For 42nd Lawrence (letter Seaway Land Co., corporate purposes. Office—6Cf> E. Street, New York 17, N. Y. Underwriter — None. general common 1961 stock To operate an organized Oil of notification) 50,000 shares of (par $1). Price—$6 per share. Proceeds— insurance company. Office—309 Security (letter Federal Building, Columbia, S. C. Underwriter—None. ★ American Telephone & Telegraph Co. (2/23) 27, 1961 filed 11,225,000 shares of capital stock to be offered for subscription by stockholders on the basis of one new share for each 20 shares held of record Feb. 23, with rights to expire April 14. Price—To be supplied by amendment. However, the company stated that the of market price outstanding shares at the time of the offering. Pro¬ the purchase of companies, for facilities and for general corporate ceeds—For advances to subsidiaries, for stock offered for subscription by such expansion of its own purposes. Office—195 Broadway, New writer—None. York City. Under¬ Apco OiS Corp. Jan. 13, 1961 filed $10,102,ICQ of subordinated debentures, due April 1, 1981 and 5n5 105. <*har~- >t common stock to be offered for subscription by holders of class A and class B stock of Union Texas Natural Gas Corp.r in units consisting cf one $100 EST) Bonds $13,000,000 a.m. PST) ——Bonds $30,000,000 be to received) _Bonds $12,000,000 Service, Inc be to received) Bonds $15,000,000 15 EST) a.m. Bonds $30,000,000 to $35,000,000 (Thursday) Generating Co 11 EST) a.m. Bonds $27,000,000 September 28 & Co., Inc.) debenture and five common be Bonds received) (Bids October 18 $5,100,000 to be .Preferred received) $5,000,000 (Wednesday) (Bids to will (Bids $148,172 Common . Securities Corp.) Corp.) Gulf Union of Texas. into an • be a of Business —The company was law on Aug. 15, 1960 and $25,200,000 liabilities. plus its share Proceeds—The company Traffic Clubs Insurance • — the Proceeds—To be added to York , • 27, common dealers. Proceeds—To Underwriters—Reynolds & Co., Inc., New Podesta & Co., Chicago (man¬ Inc. (letter of notification) 60,000 shares of stock (par 10 cents). Price—$5 per share. Busi¬ Manufacturers 27, — 22, class 1960 of elevator cabs for apartment . A gas .. • .. Oil Co. 1960 properties. Denver, Colo. 300,000 shares of Price—At par ($1 per share). for development of oil and (letter of notification) common Proceeds—For stock. expenses Office — First National Bank Building, Underwriter—Equity General Investment Corp., First National Bank Building, Denver, Colo. • 1961 Madison 10-year warrant 51/2% Baldwin Enclosures, Dec. Office—50 Broad Street, development of the "Skyjector." Of¬ Ave., New York City. Underwriter— First Philadelphia Corp., New York, N. Y. Offering— Expected in late February. fice—342 a Cruttenden, f, Development, Inc. ceeds—For further and Bal-Tex City. (letter-of notification) 40,000 shares of stock (par 5 cents). Price—$3.75 per share. Pro- $1,000 debenture and buildings. Proceeds—For general cor¬ porate purposes. Office—59-33 55th St., Maspeth, N. Y. Underwriter—Acme Securities Corp., New York, N. Y. Underwriter—Capital Counsellors, 50 Street, New York City. Note—This company was formerly the Irving Fund for Investment in U. S. Gov¬ ernment Securities, Inc. Jan. one ness which will become an open-end company shares upon the sale and issuance of shares being registered. Proceeds—For investment Automation (2/6-10) houses and office Broad • > > common 1960, filed 2,000,000 shares of common stock. $25 per share. Business — A diversified invest¬ York i aging). Dec. (2/14-17) in U. S. Government securities. Banking Corp. outstanding delphia, Pa. redeemable New v capital convertible debentures and for expansion. Office—6 Penn Center Plaza, Phila¬ ment company, with J 27, 1960, filed $2,000,000 of capital debentures and public sale in units of instalment sales for automobile At!antic Fund for Investment in U. S. Government Price Automobile retire surplus to main¬ amount required by law and to carry on develop the business of the company. Office —900 Market St., Wilmington, Del. Underwriter—A. T. Brod & Co.,'New York, N. Y. Offering — Expected in early February. 22, Inc. purchase 50 shares of class A common stock. Price— To be supplied by amendment. Business—The financing and further July $5,000,000 to the Inc. received) 1961 consisting of Corp. (par 80c), to be sold to the Associated Traffic Clubs of Ameri¬ ca and their members. Price—$2 per share. Business— Provides insurance coverage to the members of the Securities, be attached warrants to be offered for 5, 1960, filed 250,000 shares of common stock it at 26, Dec. City. Offering—Expected sometime in March. Associated Bonds to ballistic-missiles and space vehicles; for automatic positioning of machinery operations and -for geodetic surveys. Offices —» 80 Urban Ave., Westbury, and 179Liberty Ave., Mineola, N. Y. Underwriter—Sandkuhl and Co., Newark, N. J., and New York City. Offering—Ex¬ pected in late February. proceeds, together with $12,000,000 to be borrowed from banks, to purchase the business and prop¬ erties of Anderson-Prichard. Office—811 Rusk Avenue, Houston, Texas. Underwriters—Carl M. Loeb, Rhoades & Co., and Smith, Barney & Co., both of New York Dec. 88,000,000 of of the use received) (letter of notification) 66,700 shares of: common stock (par 10 cents). Price—$4 per share. Busi¬ ness—The company is engaged in the research and de-* velopment of infra-red devices used for the alignment- agreement with Union Texas and total Preferred be Automation Laboratories, Jan. purchase the properties -of Anderson-Prichard for $15,500,000 (Thursday) (Bids Price—To received) Co Power $300,000 unit for each 70 shares of class one be to December 7 $600,000 ^..Common Securities Bonds to Georgia Power Co Common ■ Corp;) ' $5,000,000 Mississippi Power Co $5,000,000 _____Equip. Trust Ctfs. EST) to (Bids Minis and (Thursday) Mississippi Power Co. Delaware Anderson-Prichard Jan. price is expected to be comewhat below the $8,000,000 f__: a.m. 8:30 (Bids Stock • stock B under Corp., tain ★ American Sentinel Life Insurance Co. 20, class above club. Offering-—Imminent. Jan. & Common supplied by amendment. Inc. 100,000 shares';' of Price—$3 per share. Pro¬ of notification) (par 25 cents). Sloss Inc. the basis of on and/or others fice—140 West 72nd Street, New York City. Underwriter —American Realty Shares Sales Corp., New York American & St. EST) a.m. 11 Southern Electric Common Securities Electronics, later entered , Realty Shares Limited Corp. 30, 1961 filed 100,000 "participation shares." of American Realty Shares, a limited partnership which ij engaged in the real estate business. Proceeds—For the ® June $175,000 (Wednesday) (Plymouth —$20 per share. Business — The registration statement relates to shares of participation in"the profits and losses Dec. Corp.) Marron, noon (Plymouth Ram Bonds are - (Tuesday) (Bids 11 $400,000 Dodge Wire Corp.____ " \ ★ American Jan. 1 $15,000,000 conditions* Inc.) American Molded Fiberglass Co shares 210 1 1 Preferred 11 Co Georgia Power Co A carry and Ry (Vestal Continued from page 34 disposition. Motti, June 13 (Tuesday) (Bids 326.682 shares Inc.) „ $76,000,000 Virginia Electric & Power Co Common • shares Puget Sound Power & Light Co.. (Blyth , —Common Grimm) ■ (Thursday) $299,950 America, Inc $300,000 Co., Inc. Darlington & (Ladenburg, Thalmann & Co. ..Common Co.) received) Co (Bids Common Inc. •Great Northern Management Assistance Inc.. shares $675,000 Enterprises, Inc Units $3,500,000 100,S96 -• (Thursday) May 25 Inc.) Fund of $300,000 Corp.__ & be New Orleans Public Common Common Inc.) Philadelphia February 28 Common. Securities) Inc.) (Thursday) (Bids Inc.) Class A Hydro-Electronics Corp. * Co., (Tuesday) April 20 ____Units ,(Lee. Higginson. Corp. and A. C. Allvn & Co., ':/n\ r^' ' ! " 100,000 shares •' $1,650,000 Bowling Corp.__ . & to Power April 4 $777,300 Co., Wometco and Co. & shares $375,000 .___ Co., David Co., Common 150,000 100,000 shares I Common Courts Inc.) & Co.) Orange & Rockland Utilities, Inc Boatbuilders, Inc •y-M'H f1'>HfT'(Birr t Telephone & Telegraph Co.__Debens. 23 Common Corp & r Corp... Corp.; Co., .Bonds $20,000,000 Alabama & (Tuesday) (Bids shares- Corp. (First shares $7,785,000 Southern California Edison Co j Corp Measurements (William 30,000 and $300,000 500,000 underwriting) (Marron, (Wednesday) underwriting) March Common Corp.) Lomasney Collateral (No Acme Missiles & Construction Corp. 21 Alabama Power Renwell Electronics Corp. of Delaware February 15 Stone (Bids shares 162,500 , .. Equip. Trust Ctfs# E&T) noon Weld Southern Bell $500,000 Co.) , .Common (White, Common Lichtenfeld Co.) ■ Marley Co. Common __i $540,000 . Leaseway Transportation Corp.. shares Progress Webster Electronics Corp Equipment, Inc Co., Mitcnum, Jones & Templeton) (Wednesday) (Hayden, Co Invesco $300,000 and (Tuesday) 8 shares Common ; March Greenfield Real Estate Investment Trust__Ben. Int. $300,000 Common (Bids March Common Corp.) Inc. (Vincent. . 250,000 Financiera (Monday) (Myron Mfg. & Galvanizing Corp 7 (Bids $522,500 Compania $1,150,000 Common 11,225,000 Securities February 27 Ilikon and Inc.) (Friday) (Vestal $300,000 Inc. Louisville & Nashville RR._ shares Dixie Natural Gas Corp, Ben. Trust Ctfs. Inc.) March Common Podesta shares ...Common Associates, Toledo Plaza Investment Trust (Hodgdon Co.) & $180,000 Common McMahon, Kirsch -.—Common Co.) Units Co., & Inversiones, (Bids $300,000 P., Inc.__ Martin Co.; M. February 24 Capital S. & Securities Peabody & Co. $300,000 Service, Inc shares 900,000 Securities A. (Robert & $1,400,000 $300,000 Corp... (Cruttenden, Common EST) m. Corp. (Pacific Gruber Brooks $225,000 263,000 Corp.) $480,000 Inc.) . p. Inc.) Inc.) 110,000 shares Units Inc.) Noel (Kidder, Common Securities underwriting) T. ____CapitaI & Co. 3:45 J. Photo Class A Simplex Wire & Cable Co (Bids (P. shares Roblin-Seaway Industries, Inc (Paine, Co., W. 50,000 units Motti, Co,, Wyle Laboratories Units Telephone & Telegraph _____Capital Grumet & & Laboratories, Inc de (Thursday) General Bowling shares Inc.) Inc.____ Alstyne, (No Common Electronics, Inc Southern American $900,000 (Auchincloss, Parker & Redpath) (Brand, Industries, February 23 International, Inc Co. .Class A Stock Blauner Chalet, Inc (P. Whippany Paper Board Co.,, Inc $750,000 Co.) Co Dowd Monarch Electronics & (Plymouth . & D. (Jacey Common Marron, ...^Common $1,000,000 (Monday) Color Common l___Common A.; Lomasney Insurance Vector shares Milo Electronics Corp... • Swiss Storer Broadcasting Co... $800,000 Common Brothers) Common Corp underwriting) Co., Inc $500,000 _ Inc._ David (Reynolds Corp._ (Lehman ; Units Inc.) Sunset Machines, Inc (William, Magnus Leasing Credit Corp.-____.___ Common Corp (Hodgdon & Co., Inc.) Solite Products Corp Common and 6 (Milton ' . . : .. . March Co., Inc. and Valley Forge Securities Co., Inc.) $255,000 Precision, (Harrison $1,500,000 Co..) Investments (No Bonds Records, Inc Samitas Grayway Units Industries, Inc Search Lincoln) CST), $8,000,000 , (Copley .' •• Kleer-Vu of 1 a.m. International ' Inc') Co Co. (Underwriter to be named) Golden Units Securities, International Safflower Corp.__ 10:30 (Monday) Techniques, Inc Aerosol $900,000 Service Trust Eastern Can $500,000 Investor Guaranty Land & Title (Street Utilities Co (Bids Common Co.) Common First and February 20 Partnership Inc. Co. & Co shares Equity Fund, Inc Falls Plaza Limited West Texas & Bonds Brooks Rahel 60,000 shares Common & Cliff .Common Co.; Plastics, Inc W. (J. shares* _ & Sherman Brooks (P. Gulf Curtis) Plastics, Inc. (P. Drexel D, Tip Top Products Co..—i—, ' ■ ^Common & Circle Controls ,Corp.__ (Rodetsky, Kleinzahler, Walker ~ $1,290 000 Berkey Photo Service, Inc 35 Banner Dec. , 10c) Industries, Inc. (2/14-17) 6, 1960 filed 250,000 shares of common stock (par 125,000 warrants for the purchase of a like num¬ ber of common shares and 125,000 common shares under-, lying the warrants. Offering will be made in units, each Continued on page 36 36 (584) The Commercial and Financial Chronicle Continued from page 35 has been organized to principally serve investment clients of Fiduciary unit to consist of two shares warrant for the of common stock and one > share at $6 per share to May 1, 1962. Price—$10 per unit. Proceeds—$200,000 will be used to expand the company's imports from Eu¬ rope and Japan and the balance will be used for addi¬ tional working capital. Office—1311 South 39th St., St. Louis, Mo. Underwriter—Netherlands Securities Co., Inc., New York City. Baruch Sept. 20, purchase of (R.) one fice—539 E. Main Street, Waterbury, Conn. —Thompson & Co., New York, N. Y. 1960 securities, participate in under- Caribbean - & Underwriter Development Corp. Sept. 28, 1960 filed 140,000 shares of common stock. Price—$5.25 per share. Proceeds—For investment in land in the Caribbean area, development of Ga., for Benbow Astronautics, Inc. Jan. 18, 1961 (letter of notification) derwriter—To be supplied class A stockThe shares of share. Busi¬ 100,000 cents). Price—$3 (par 5 per supplies the missile and aircraft industries with hydraulic valves and regulators and re¬ — lated company mechanical components. Proceeds—For additional capital and for research and development in of cryogenics and high temperature pneuma¬ tic systems. Office—Culver City, Calif. Underwriter— Edward Hindley & Co., 99 Wall St., New York City (managing). Offering—Expected in mid-February. working the fields • Berkey Photo Service, Inc. (2/14-17) 28, 1960 filed 360,000 shares of common stock of which 80,000 shares will be offered for the account of Dec. account of selling supplied by amendment. 280,000 shares for the and company stockholders. Price — be To Business—Photo-processing. Proceeds—For general cor¬ Office—77 East 13th Street, New York porate purposes. City. Underwriter—Paine, Webber, City (managing). & Jackson Curtis, Bicor Jan. Automation 23, 1961 Industries, 110,000 shares filed common Price—$4 per share. Business—The company was organized in December, 1960, to acquire all the capital stock of four corporations in Fairview, N. J., whose principal business is the importation and sale of em¬ broidery manufacturing machinery. Proceeds—For new equipment and working capital. Office — 333 Bergen Boulevard, Fairview, N. J. Underwriter—Mortimer B. & Electronics 1960 filed 23, attached warrants, to be consisting of and $6.50 unit. offered for public sale in units share and one-half of a two- One full warrant will be required to pur¬ share at one shares of common stock plus common one year warrant. chase Corp. 60,000 $5.50 per share during the first year share per the second year. Price—$5.50 per manufacture of precision Business—The design and electronic Proceeds—For measuring equipment. expan¬ sion, advertising and sales promotion and for research and development. Office—738 Speedwell Avenue, Mor¬ ris Underwriters—Ross, Lyon & Co., Inc., Plains, N. J. and Globus, Inc., both of New York City. pected in early March. Offering—Ex¬ Nov. 28, 1960 filed 120,000 shares of class A common Price—$5 per share. Business—The building, leas¬ ing and operation of bowling centers. Proceeds — For working capital. Office—26 Broadway, New York, N. Y. Underwriter Arnold Malkan & Co., Inc., New York stock. — City (managing). Offering—Expected sometime in Feb¬ :;' • •.V.-'-'-.vi- ' Co., Inc. (2/6-10) 1960 filed $2,000,000 of 6% nated debentures due Feb. 15, 1976. convertible subordi¬ Price—To be suoplied by amendment. Proceeds—For working capital. Office—Road,- Littleton, Mass. Underwriters—Paine, Newtown Webber, Jackson & Curtis and Granbery, Marache & Co., both of New York City (managing). Business Capita] Corp. (2/8) Dec. 19, 1960 filed 500,000 shares of common share. per Small Business business stock. Price Business—A closed-end, non-diversified investment management company Investment purposes. Act. Office—728 a site in Atlanta, corporate purposes. Drive, N. W., Atlanta, Ga. by amendment. Un¬ Hadley Corp. cu¬ convertible preferred stock (par $10), and 481,450 outstanding common shares. Business—A holding company with three wholly owned subsidiaries; B. H. Inc., which designs, develops, tests and manu¬ precision components for fluid control and Hadley, regulation systems for the missile industry; Steliardyne Laboratories, Inc., which sells testing and cleaning serv¬ ices to the missile industry; and Central Explorers Co., which oil leases and develops the leases. owns the —To selling stockholders. Avenue, Pomona, Calif. Office—596 Proceeds North Park Underwriter—None. ic Chalco Engineering Corp. shares of common stock. Price —$6 per share. Business—The company is engaged in the business of engineering, research, development, man¬ systems sys¬ electronic, electro-mechanical and mechanical and devices for ground support facilities for missile and space programs Of the U. S. Government. The also company sold for loans manufactures military and for use. special products purpose Proceeds—For the repayment working capital. Office —15126 Broadway, Gardena, Calif. Underwriter — First Street Corp., New York City (managing). • of South Broad S. Avalon Blvd., Gardena, Calif. Underwriter— Lomasney & Co., New York, -NhY.;Offering—Ex¬ pected in mid-February. A. licensed under Proceeds—For the general Roosevelt West Inc. Business—The company and its whollysubsidiary, Chemline Corp., buy, sell and refine by-products of the chemical and petrochemical indus¬ tries, manufacture and sell lime, and reprocess used thermoplastic resins. Proceeds — For construction, new equipment and general corporate purposes. Office—74 owned N. J. Underwriter Godfrey, (managing). Hamilton, Magnus & Co., New York City Offering—Expected in late February. Chesapeake & Potomac Telephone Co. (2/15) 23, 1961 filed $20,000,000 of 37-year debentures due 1, 1998. Proceeds—To be applied toward repay¬ received from American Telephone & Co., parent. Office —930 H Street, N. W., Washington, D. C. Underwriters—To be determined by competitive bidding. Probable bidders: Halsey, i Stuart & Co. Inc.; First Boston Corp. and Merrill Lynch, Pierce, Fenner & Smith (jointly); Morgan Stanley & Co.; White, Weid & Co. Bids-—To be received in Room 2315, 195 Broadway, New York, N. Y. on Feb. 15 at 11 a.m. (EST). Information Meeting—Scheduled Road, • for Feb. 9 at 2:30 p.m. Circle Controls 28, common Business Corp. (2/14) (letter of notification) 95,000 stock (par 10 cents). Price — $3 1960 — Manufacture and rebuilding —Rodetsky, of share. Co., Chicago (managing). Aug. 5, Finance 1960 (letter Corp. of notification) of common stock (par 20 cents). Price — $1.50 per share. Proceeds—For business expansion. Office—1800 E. 26th St., Little Rock, Ark. Underwriter—Cohn Co., Inc., 309 N. Ridge Road, Little Rock, Ark. 195,000 shares Canadian Jan 5, Superior Oil of California, Ltd. 1961 filed 1,200,000 shares of common stock to be offered for basis of subscription by one new share stockholders common for each 3.75 on shares held. the Price —$9 (U. S.) and $8.75 (Can.) per share. Proceeds—To debts. Office — 703 Sixth Avenue, South West, Calgary, Alberta. Underwriter—None. repay • Canaveral International Corp. (2/20-24) " 1766 Bay Road, Miami Beach, Fla. Underwriter—To be flamed. • $290,000 for general working capital. Office ' " " - * " ' - Co., Jersey City, Circle-The-Siehts, Inc. March 30 filed 165,000 shares of common stock and $330,000 of debentures (10-year 8% redeemable). Price—For stock, $1 per share; debentures in units of $1,000 at their principal amount. Proceeds—For initiating sight-seeing Office—Washington, D. C. Underwriter—None. service. Citizens Corp. Dec. 29, 1960 filed $500,000 principal amount of series G 6% five year subordinated debentures. Price — At 100% of principal or in exchange for outstanding de¬ bentures. Business—General finance company. increase working debentures as they Proceeds capital and to retire outstanding mature. Office—Georgetown, Del. Underwriter—None. • Citizens & Southern Capital Corp, (2/15) Dec. 21, 1960, filed 300,000 shares of common stock. Price—$5.50 per share. Business^—A small business in¬ vestment company ern and a- subsidiary of Citizens & South¬ -National Bank of Atlanta. Proceeds—For investment. — Johnson, Lane, Space Corp., Savannah; Courts & Co. and Robinson-Humphrey Co. Inc., Atlanta (managing). -/ *• ■ "■ . 100,000 shares of Price—$3 per share. Busi¬ ness— Toy manufacturers. Proceeds — For purchase of machinery and equipment, leasehold improvements and for working capital. Office — 26 Buffington Street, Irvington, N. J. Underwriter—Richard Bruce & Co., Inc., stock Pine 80 (par 20 cents). Street, New York 5, N. Y. ic Colonial Mortgage Service Co. Jan. 31, 1961 filed 100,000 shares of common stock (par $1). Price—$8 per share. Office—141 Garrett Rd., Upper & Co., and Stroud & (jointly). Offering—Ex¬ Darby, Pa. Underwriters—Drexel Philadelphia, Pa. pected in early April. • both of Plasties, Colorite (2/14-17) principal amount of first mortgage bonds, 6J/2% series, due 1976 (with detach¬ able common stock purchase warrants) and 100,000 Dec. 22, filed 1960 shares of Inc. $900,000 stock. Price—For the bonds: common face amount 100% of For the stock: To be supplied by amendment. Business—The manufacture of plastic garden hose, tubes, rods, strips,, gaskets, and re¬ lated items. Proceeds—To purchase land, buildings and equipment and for working capital. Office—-50 California Ave., Paterson, N. J. Underwriter—P. W. Brooks & Co., Inc., New York City (managing). Dec: plus accrued interest. Oil Refining Corp. 16, 1958 filed $25,000,000 of first mortgage bonds due Sept. 1, 1968, $20,000,000 of subordinated debentures due Oct. 1, 1968 and 3,000,000 shares of common stock to be offered in units follows: $1,000 as of bonds and 48 shares of stock and $100 of debentures and nine shares of stock. Price —To be supplied by amendment. Proceeds — To construct refinery. Underwriter.—Lehman Brothers, New Offering—Indefinite. Commonwealth International & General Dec. Fund, Inc. shares of common capital per share. Business—A diversified, open-end, managed investment company. Proceeds—For investment. Office—615 Russ Bldg., San Francisco, Calif. Underwriter—North American Securities Co., San Fran¬ stock. 19, 1960, filed Price—$12.50 cisco (dealer-manager). & 400,000 Compression Industries Corp. (2/10) of notification) 100,000 shares of common stock (par 10 cents). Price —$2.50 per share. Business—Construction of swimming pools. Proceeds— For general corporate purposes. Office—313 W. Jericho 19, 1960 (letter Turnpike, Huntington, N. Y. Underwriter—I. R. E. In¬ vestors Corp., 3000 Hempstead Turnpike, Levittown, N. Y. • Consolidated Airborne Systems, Inc. (2/6-7) Dec. 15, 1960 filed 180,000 shares of class A stock. Price —To be supplied by amendment. Business—The design, development and the electronic field of production of proprietary devices in and cryogenic ground support equipment and airborne instrumentation for the military commercial aircraft industry. Proceeds — For debt reduction, research, development and expansion of man¬ ufacturing facilities and for working capital. Office—900 and Third Ave., New Hyde Park, N. Y. Underwriter—S. D. Co., New York City (managing). Fuller & Consolidated Natural Gas Co. Jan. 1986. 6, (2/7) 1961 filed $45,000,000 of debentures, due Feb. 1, six operating engaged in the natural gas business. Proceeds Business—A concerns —To repay a writers holding To company for short-term bank loan and for construction. Rockefeller Office—30 be Plaza, New York, N. Y. determined by Under¬ competitive bidding. Probable bidders: Morgan Stanley & Co., and First Bos¬ — ton Corp., (jointly); White, Weld & Co., and Paine, Jackson & Curtis (jointly); Halsey, Stuart & Co. Inc. Bids—Expected Feb. 7, 1961 at 11:30 a.m. EST. Webber, Information Meeting—Scheduled for Feb. 2 at 10:30 a.m. EST at Bankers Acceptance writers— The 1960 filed 150,000 shares of capital stock. Price supplied by amendment. Business The fund & Office—Marietta and Broad Streets, Atlanta, Ga. Under¬ Canterbury Fund, Inc. Dec, 29, —To be Walker N. J.; L. C. Wegard & Co., Trenton, N. J. and L. D. Sher¬ man & Co., New York, N. Y. —To Aug. 12, 1960 filed 300,000 shares of common stock (par $1). Price—To be supplied by amendment. BusinessLand sales and development. Proceeds—$150,000 for ac¬ counts payable, $335,000 for mortgage and interest pay¬ ments, $250,000 for advertising, $250,000 for development costs and working capital. Of¬ fice—204 S. W. Boulevard, Vineland, N. J. Underwriters Kleinzahler, of notification) (letter 1961 26, common electronic, Proceeds— For general corporate purposes and Podesta & shares per of electro-mechanical and mechanical controls. Chicago. Underwriters—Blunt Ellis & Simmons, Chicago, Hornblower & Weeks, New York City and Cruttenden, Business Jan. Dec. Feb. Oct. Office—53 N. Park Avenue, Rockville Centre, Underwriters—Brand, Grumet & Seigel, Inc.'and & Co., Inc., New York, N. Y. Y. — Jan. ment of advances (2/7-8) Inc. purposes. N. Price —$3 per share. Elizabeth, Credit Co., 18, 1960 filed 50,000 shares of common stock (par value $1). Price—$4 per share. Business—Consumer sales finance business. Proceeds—For general corporate York. , Jan. 16, 1961 filed 200,000 shares of common stock. Street, & Coburn Commerce —16627 Chemsol, debts; to increase inventory of electronic parts; and for working capital. Office—219 Venice, Calif. Underwriter — V. K. Sons, Inc., Beverly Hills, Calif, (managing). Avenue, Nov. Chemical Contour Corp. 19, 1961 (letter of notification) 100,000 shares of capital stock (no par). Price—$3 per share. Proceeds— For additional facilities, acquisition of outstanding stqck of Organo-Cerams, Inc. and for working capital. Office D. • Co., Jan. 30, 1961 filed 100,000 and Rbse ^ Colber Corp. 1961 filed 41,829 outstanding shares of 5% factures of component Kesselman (EST) in Room 1900, 195 Broadway, New York, N. Y. • —$10 Northside general Telearaph : Bowl-Mor Oct. 28, .27, mulative Dod Bowling & Construction Corp. ruary. Central Jan. balance Jan. Co., Inc., New York City. Boonton Dec. Office—4358 tems Inc. of class A stock. Burnside the and ufacturing and installation of custom communication New York 30, 1961 filed 125,000 shares of class A stock. Price per share. Business —The company (formerly Corp.) merged with Wesco Plastic Osborne Southeastern writings, and the balance for working capital. Office— 1518 K St., N. W., Washington, D. C. Underwriter—Same. ness $3 Coastal Manufacturing payment Capitol Associated Products, Inc. (2/10) 22, 1960 (letter of notification) 100,000 shares of stock (par $1). Price—$3 per share. Proceeds— lor expansion, machinery and for working capital. Of¬ & Co. and maintain markets in ic Coastal Dynamics Corp. Jan. — common member of the NASD. Proceeds—To take positions a Thursday, February 2, 196F . Dec. (letter of notification) 100,000 shares of (par 75 cents). Price — $2 per share. Business—The issuer is a broker-dealer with the SEC, and . Products, Inc., and is principally engaged in the develop¬ ment, manufacture and sale of edge-lighted instrument and control panels for use in the aircraft, missile and electronic industries. Proceeds — For new equipment; • stock common Counsel, Inc., and its subsidiary, The Planning Corp. Proceeds—For investment. Office —55 Green Village Rd., Madison, N. J. Underwriter— Estate Planning Corp. Offering—Expected in late Feb¬ ruary to early March. Estate . Club, 120 Broadway, New York City. Consolidated Realty Investment Corp. April 27 filed 2,000,000 shares of common stock. Price- Si per share. Proceeds—To establish a $250,000 revolving fund for initial and intermediate financing of the con¬ struction of custom or pre-fabricated type residential or buildings and facilities upon properties to be acquired for sub-division and shopping center devel¬ opments; the balance of the proceeds will be added to working capital. Office—1321 Lincoln Ave., Little Rock, commercial Ark. \ Underwriter—The Copter Skyways, Jan. 16, 1961 filed Huntley Corp;, Little Rock. Ark. Inc*— - 15,000,000 shares of no par common, stock. Price—3 cents per share. Proceeds—To acquire the equipment, real estate and other materials necessary to business. Office—Penn-Sheraton Hotel, Pitts¬ burgh, Pa. Underwriter—C. A. Benson & Co., Inc., Pitts¬ burgh, Pa. • •• /. commence Volume 193 Number 6026 . . . The Commercial and Financial Chronicle (585) • Coral Aggregates Corp. Aug. 25, (2/7) ness—Develops oil and 1960^ filed 100,00)0 shares of common stock (par cents). Price—$4 per share. Business—The company intends to engage in the extraction and sale of rock. 10 Proceeds—For equipment, working capital, and the re¬ of indebtedness, with the balance for general corporate purposes. Office—7200 Coral Way, Miami, Fla. Underwriters—Peter Morgan & Co., New York City, and Robinson & Co., Inc., Philadelphia, Pa. ceeds Life Insurance Co. Jan. 12, 1961 filed 500,000 shares of common stock. Price—$3 per share. Business—The company is engaged writing life insurance, annuity policies and re-insurance. Proceeds—For general corporate pur¬ in the business of poses. Off ice—304 Main writer—None. St., Grand J unction Colo. Under¬ ;>'r: •"'"'■"V// /'V////V 9 Crumpton Builders, Inc. (2/8) 17, 1960 filed 750,000 shares of common stock, $1,500,000 of 9% convertible debentures due Jan. 10, 1981, and warrants, to be offered in units, each unit to consist Nov. of five shares of common stock, one debenture and one warrant. Price—To be supplied by amendment/Business —The construction of owner completed ("shell") homes. Proceeds—To increase balance for mortgage notes receivable and the corporate purposes. Office — 2915 general West Hillsborough Ave., Tampa, Fla. Underwriter Courts & Co., Atlanta, Ga. and New York City. — 16, ■ Dodge Wire Corp. —$6 1961 — St., Meadville, Pa. Underwriter—None. Corp. Jan. 3, 1961 (letter of notification) 37,115 shares of com¬ mon stock (par 50 cents) to be offered for subscription by stockholders of the company with the right to pur¬ share for each five shares held. Rights expire Office—North Mar¬ in 30 days. Price—$3.75 per share. gin Street, Franklin, Tenn. Underwriter & street 9 — Clark, Land- Kirkpatrick, Inc., Nashville, Tenn. Custom Components, Inc. Jan. 24, 1961 filed 165,000 shares of common stock (par cents). Price—$3 per share. Business—The company 10 designs, develops and produces high quality components for microwave and electronic systems. Proceeds — For expansion, acquisitions and working capital. Office— Passaic Ave., Caldwell, N. J. Underwriter—Manufactur¬ ers Securities Corp., 511 Fifth Ave., New York, N^Y^V Datamation, Nov. 30, Inc. 1960 common stock (letter of notification) 80,000 shares of (par 10 cents). Price—$2 per. share. Busi¬ ness—The processing of paper work on a service basis for business organizations to provide them with the costcutting and time-saving benefits of electronics. Proceeds —For general corporate purposes. Office — 100 S. Van Brunt St., Englewood, N. J. Underwriters—Bertner Bros, and Earl Edden Co., New York City. Offering—Immi¬ nent. Da I to March record for filed 431,217 shares of common stock to be subscription by holders of such stock of for Oct. each 7 at share the rate held. then of one-and-a-half Price—$1.25 per new shares share. Pro¬ ceeds—For the retirement of notes and additional work¬ ing capital. Office—Norwood, N. J. Underwriter—Ster¬ ling, Grace & Co., 50 Broad St., New York City. Offer¬ ing—Indefinitely postponed. 9 Delanco Jan. 17, Electric Co., Inc. 1961 (letter of notification) 100,000 shares of common stock (par 10 cents). Price—$3 per share. Busi¬ ness—The company operates three retail stores selling sewing machines and electrical appliances. Proceeds— For expansion and general corporate purposes. Office —111 Delancey Street, New York, N. Y. UnderwriterMichael Pariser Corp., New York, N. Y. Offering—Ex¬ pected in mid-February. , Delta Design, Inc. Sept. 28, 1960 filed 100,000 shares of capital stock. Price — $4.50 per share. Business — Development of vacuum system components. and construction of ery For acquisition of land factory; purchase of new machin¬ Proceeds a and tooling; inventory and 3163 working capital. Office Ltd. May 26, 1960 filed 1,375,000 shares of class A stock. Of this stock, 1,125,000 shares are to be offered for the com¬ pany's account and the remaining 250,000 shares are to be offered for sale by the holders thereof. Price Not to exceed $3 per share. Proceeds—To be applied to the purchase of machine tools, payment of $95,000 of notes and accounts payable, and for general corporate pur¬ poses. Office—1221 E. Keating Avenue, Muskegon, Mich. Underwriter—To be supplied by amendment. (2/6-10) Dec. 27, 1960 filed 50,000 shares of capital stock. Price —To be supplied by amendment. Business—Makes digital computers. Proceeds—To retire short-term l®ans and for working capital. Office — Albertson, L.I., N. . Underwriter Granbery, Marache & Co., New York Digitronics Corp. — Laboratories, Inc. convertible); 200,000 shares (voting) and 1,000,000 common shares (non-vot¬ ing). Price—$10 per share for the preferred and $1 per 30, . I960 product development and working cap¬ Wilshire Blvd., Beverly Hills, Calif. Underwriter Holton, Henderson & Co., Los Angeles. Calif. Offering — Indefinitely postponed. Note — This letter was withdrawn on Jan. 12. search and new ital. Office — 9201 — 9 Dixie Natural Gas Corp. Dec. 5, common (2/24) (letter of notification) 75,000 shares of stock (par 2 cents). Price $4 per share. Busi¬ 1960 - share for the class A and manufacture common shares. Business—The and sale of glass fibre for insulation and glass fibre threads, mats and rovings for use in the pro¬ duction of reinforced plastics. Proceeds—For working capital and the purchase of additional equipment. Office —1037 Jay St., Rochester, N. Y. Underwriter—None. 9 Drexel Equity Fund, Inc. (2/14) 1960 filed 500,000 shares of common stock (par 10 cents). Price—$10.20 per share. Business—-This is a Oct. 25, sale of these shares. Proceeds—For portfolio investment. Office—1500 Walnut Street, Philadelphia, Pa. Distribu¬ tor and Investment Adviser—Drexel & Co., Philadelphia, Pa. Dynamic Instrument Corp. Jan. 27, 1961 filed 150,000 shares of stock. Price - and brakes and in instrument components on —To the a machinery of precision sub-contract basis. Proceeds loans, complete and develop new products working capital. Office — 59 New York Ave., Westbury, L. I., N. Y. Underwriters—T. W. Lewis & Co., and ceeds—For repay for Inc., and Amos Treat & Co., Inc., both of New York City Bruno-Lenchner, Inc., Philadelphia, Pa. Eastern Bowling Corp. (2/15) Nov. 29, 1960 filed 150,000 shares of class A stock. Price —To be supplied by amendment. Business—The acquisi¬ tion, establishment and operation of bowling centers. Proceeds—For general business purposes. Office—99 West Main St., New Britain, Conn. Underwriter—Schirmer, Atherton & Co., Boston (managing). Edelstein Co., Expected sometime in 9 75,000 shares of (par 10 cents). Price—$4 per share. Busi¬ ness—Operating a chain of retail stores and concessions selling cameras, film and photographic/ supplies*•'and equipment; also processes and prints black and white photographic film. Proceeds—To reduce indebtedness in¬ curred by acquisitions, to pay notes due, and for general Office—68 W. Columbia Street, Hempstead, N. Y. Underwriter—Casper Rogers & Co.. Inc., New York, N. Y. 9 Eastern Can Co., Inc. (3/6-10) Jan. 23, 1961 filed 200,000 shares of class A stock. —$7 the share. per business of (2/3-15) 28, 1960 filed 60,000 outstanding shares of capital (par 50 cents), together with five-year warrants for the purchase of 6,000 new capital shares, to be of¬ stock Price Business—The packaging and petrochemicals and other products. Proceeds—For new equipment; completion of a new manufacturing plant at Passaic, N. J.; the moving of metal container, manu¬ facturing equipment from Brooklyn to Passaic, and for N. Y. Office — 649 Kent Avenue, Brooklyn, Underwriter—Milton D. Blauner & Co., York Inc., New City. 9 Edwards Industries, Inc. (2/3-8) Sept. 27, 1960 filed 100,000 shares of common stock. Price —$4.50 per share. Proceeds — For land, financing of homes, and working capital relating to such activities. Office—Portland, Oreg. Underwriter—Joseph Nadler & Co., Inc., New York City (managing). which 1961 50,000 issuing filed are company 100,000 shares of common stock, of to be offered for public sale by the and stock, < by the present share. Business—The engaged in the 50,000 shares, being outstanding holders thereof. Price — $6 per company and its subsidiaries are design, sale of fluorescent and sale in manufacture, distribution and incandescent lighting fixtures for ley St., Bristol, Pa. Mandel & equipment, and working capital. Office — Spruce and Water Streets, Reading, Pa. Underwriters—Brand, Grumet & Seigel, Inc., and Kesselman & Co., Inc., both of New York City. Industries, Inc. (letter of notification) 75,000 shares of stock (no par) and 20,000 shares of addi¬ 1960 common common Prices—Of stock to be offered to the under¬ class A ■—To expand the company's inventory to go into the packaging and export of electrical equipment, and for working capital. Office—1346 Connecticut Ave., N. W., Washington, D. C, Underwriter — Carleton Securities Corp., Washington, D. C. Metals, Inc. Aug. 31, 1960 (letter of notification) 250,000 shares of common stock. Price-y-At par ($1 per share). Proceeds— To purchase new equipment, rental and for administra¬ tive costs. Office—115 Washington Blvd., Roseville, Calif. Underwriter—A. J. Taranto & Co., Carmichael, Calif. one- (2/14-17) partnership inter¬ Price—$1,000 per unit. Business—The building and operation of a shopping center on Broad Street in Falls Church, Va. Proceeds—For erection of the purchase of land and the shopping center. Office a 1823 — Jefferson Place, N. W., Washington, D. C. Underwriter—Hodgdon & Co., Inc., and Investor Service Securities Inc., both of Washington, D. C. ic Faradyne Electronics Corp. 30, 1961 filed $1,500,000 of ordinated debentures. 6% convertible sub¬ Price—100% of principal amount. Business—The company is engaged in the manufacture distribution of high reliability materials and basic electronic components, including dielectric and electro¬ lytic capacitors and precision tungsten wire forms. Pro¬ and ceeds—For the payment of debts and for Office—471 Cortlandt woorking capital. Street, Belleville, N. J. Under¬ writer—To be named. Filmohm Corp. Dec. 27, 1960 (letter of notification) 110,000 shares of (par 10 cents). Price—To be supplied by stock common amendment. Business—Manufacturers of thin film elec¬ tronic components. Proceeds—For general corporate pur¬ poses. Office—48 W. 25th St., New York, N. Y. Under¬ writer—Kidder, Peabody & Co., New York, N. Y. First American 14, 1960 Investment Corp. filed 2,500,000 shares of common stock. share. Business—Insurance. Proceeds—To acquire control of Western Heritage Life Insurance Co. of per Phoenix, and to organize subsidiaries. Office—2222 Phoenix, Ariz. Underwriter—None.- N 16th St., First Small of Business Investment Company Tampa, Inc. Oct. 6, 1960 filed 500,000 shares of common stock. Price —$12.50 per share. Proceeds To provide investment capital. Office—Tampa, Fla. Underwriter—None. — Florida Nov. 29, Guaranty Title & Trust Co. 1960 (letter of notification) 83,125 (par 50 cents). Price—$3.60 stock Proceeds shares per of share. To pay a second mortgage instalment, for advertising, and for working capital. Office—1090 N. E. 79th St., Miami, Fla. Underwriter—Floyd D. Cerf Jr. Co., Inc., Chicago, 111. — it Forcite, Inc. Jan. 26, 1961 filed 150,000 shares of —$5 a common stock. Price share. Business—The manufacture and sale of specialized line of furniture, and the operation of a per chain of retail furniture stores in New York City, Chi¬ 111., and Los Angeles, Calif. Proceeds—To repay loans, discharge outstanding 7% debentures due in cago, March 1962, finance the opening of new retail outlets working capital. Office—117-20 14th Road, Col¬ lege Point, L. I., N. Y. Underwriter—Myron A. Lomas¬ ney & Co., New York City. and for Foremost Oct. Industries, Inc. (letter of notification) 14, ,1960 100,000 shares of stock (par 50 cents). Price—$3 per share. Busi¬ ness—Manufacturers of stainless steel food service equip¬ ment used by department, drug and variety chain stores, Proceeds—For expansion; to repay a loan; advertising, sales and promotion; for working cap¬ ital and general corporate purposes. Office—250 W. 57th St., New York, N. Y. Underwriter—Richard Bruce & Co., and institutions. Inc., New York, N. Y. 9 Freoplex, Inc. (2/3) (letter of notification) (par 10 cents). Price—$5 60,000 shares of per share. Busi¬ ness—The sale and servicing of home food freezers; the sale of bulk food supplies for freezer use and the opera¬ tion of a corporate retail market. Proceeds — For general Address—Route 18, Tices Lane, East super purposes. Brunswick, N. J. Underwriter—Alessandrini & Co., Inc., and Hardy & Hardy, both of New York City. Fund of America, Inc. (2/28) 6, 1961 filed 500,000 shares of common stock. Price —$10 per share. Business — The company, formerly Jan. named Southern Industries balanced investment trust. Fund, Inc., is an open-end Office—60 East 42nd Street, New York, N. Y. Underwriters—Ladenburg, Thalmann Co., New York City and Minis & Co., Inc., Savannah, Georgia. & 9 Electro-Nuclear and Warner, Jennings, — ests. 1960 tional class A Underwriter Fails Plaza Limited Partnership Dec. 5, 1960 filed 480 units of limited stock new stock Longstreth, Philadelphia, Pa. 25, loans, of lend the net proceeds to the company. Office—430 Buck¬ common 19, share diately prior to the offering. Business—The firm makes and sells instruments and equipment for scientific and industrial measurement and analyses. Proceeds—To sell¬ ing stockholders, who are two company officers who will slicers. Proceeds—For the repayment of bank class A one sale will be made of less than units. Price—To be related to the price of the company's stock in the over-the-counter market imme¬ Nov. July of No 10 such commercial and industrial use, and the manufacture and sale of household appliances including broilers and food- Electro units warrant. a common ic Electro Consolidated Corp. 27, for tenth of common company is engaged in manufacturing tin plate cans for the marketing of different types of food, working capital. February. Instruments, Inc. Price—$2 stock purposes. Elion Oct. Oct. Eastern'Camera Exchange, Inc. Dec. 29, 1960 (letter of notification) common of notification) ,75,000 shares of (par 50 cents). Price—$4 per share. Pro¬ inventory, advertising and working capital. Mason St., Portland, Oreg. Underwriter— Inc., New York, N. Y. Offering- Robert and 9 Instruments, Inc. (letter Jan. common $2 per share. Business—The company is engaged in the design, manufacture and sale of electro magnetic clutches 1960 stock fered preferred stock class A common common, $2 per share; of additional class A common, 2^ cents per share. Proceeds iEnnnn (letter of notification) 150,000 shares of common stock (par $1). Price—$2 per share. Procee s To increase inventory, purchase new equipment, for re¬ Sept. woven Corp., New York City. (cumulative writers. (managing). Diketan of Dolomite Glass Fibres, Inc.. Dec. 27, 1960 filed 200,000 shares of 7% Jan. Detroit Tractor, 9 manufacture Price Underwriter—Plymouth Securities 29, common — Ave., San Diego, Calif. Underwriter—None. Adams stock. screen cloth. Proceeds—The repayment of in¬ debtedness and general corporate purposes. Office—In¬ dustrial Blvd., Covington, Ga. corporate Corp. : 29 offered Business—The common aluminum Cumberland Shoe one share. per Electro-Tech Nov. Office—5 N. (3/1) Dec. 7, 1960, filed 100,000 shares of mutual fund, organized as a closed-end fund on Oct. 19, which will become open-end pursuant to the public (letter of notification) 200,000 shares of common stock. Price-r-At par ($1 per share). Proceeds— For general corporate purposes. Office 500 Terrace chase Virginia. Pro¬ purposes. new ^ Cryogenics Corp. Jan. gas leases in West business general Office — 115 Broadway, New York 6, N. Y. Underwriter—Vestal Se¬ curities Corp., New York City. , ' tirement Cortez For — 37 FWD Dec. year tion Corp. (2/6-10) 15, 1960 (letter of notification) $300,000 of 6% 10convertible debentures to be offered for subscrip¬ by holders of Price—At face common value. stock in multiples of $100. Proceeds—To purchase the out- Continued on page 38 38 The Commercial and Financial Chronicle (586) • Continued from page 37 Greenfield Address—ClinUnderwriter— A. C. Allyn & Co., Inc., Estate Investment Trust Real —For general corporate purposes. Office—604 S. Hope Avenue, Ontario, Calif, Underwriter—None. (2/27-3/3)' • standing stock of Wagner Tractor, Inc. Dec. 21, tonville, Wis. Chicago, 111. Price—To G-W 1960, filed 500,000 shares of beneficial interest. be supplied by amendment. Business — The was organized on Dec. 20, 1960 to provide in¬ company vestors with Ameritronics, Inc. an interest in diversified Bldg., Philadelphia, Pa. Underwriter Philadelphia (managing). sisting of Proceeds—For share of common stock and two warrants. one Each warrant will entitle the holder thereof to purchase share of stock at $2 per share from March to August 1961 and at $3 per share from September 1962 to February 1964. Price — $4 per unit. Business — The company (formerly Gar Wood Philadelphia Truck Equipment, Inc.), distribute^, sells, services and installs Gar Wood truck bodies and! equipment in Pennsylvania, Delaware, and New Jersey, lunder an exclusive franchise. Proceeds For general corporate purposes. Office— Kensington and Sedgley Avenues, Philadelphia, Pa. Un¬ derwriter—Fraser & Co., Inc., Philadelphia, Pa. one common — • Gala Oct. Industries, Inc. 25, (letter of notification) 16,000 shares of common stock (par 25 cents). Price—$5 per share. Pro¬ ceeds For equipment, advertising and sales, working capital, research and development. Address — Clifton Forge, Va. Underwriter—Storer Ware & Co., Roanoke, — General Nov. 17, was withdrawn Bowling Corp. Jan. 23. on (2/23) 1960 filed 100,000 shares of common stock (par Price—$5 per share. Business—The issuer owns two bowling establishments, and a tract of land in In¬ diana County, Pa., on which it hopes to build a third. Proceeds—To equip the prospective establishment ($150,000), to repay a bank loan ($50,000), to add eight lanes to a bowling facility ($50,000), and the balance will be used for working capital. Office—2 Park Avenue, Manhasset, L. I., N. Y. Underwriters — P. J. Gruber & Co., 10c). Inc. (managing); Kirsch & Co., all McMahon, Lichtenfeld & Co., and T. M. of New York City. General Development Investment Plans, Inc. Oct. 6, 1960 filed 1,285 of Investment Plans. Price—Tc public sale with sales commissions rang¬ ing from 8% to 10%, depending upon the type of mort¬ gage financing involved. Proceeds—For investment in Port St. Lucie Country Club homes, on the east coast of Florida. Business—The company is a wholly-owned sub¬ sidiary of General Development Corp., whose principal business is the development of large tracts of land into planned communities. Office—2828 S. W. 22nd Street, Miami, Fla. Underwriter—None. be offered for • General Foam Corp. (2/8-9) amount. Business—The manufacture new distribution and of Proceeds—For equipment and working capital. Office—640 West Underwriter—Brand, Grumet City (managing). 134th St., New York City. & Seigel, Inc., New York ic General Motors Acceptance Corp. $150,000,000 of 22-year debentures due 1983. Price—To be supplied by amendment. Business— Jan. 31, 1961 filed Finances instalment sales of vehicles produced by Gen¬ eral Motors Corp. Proceeds—For the purchase of rec eivables and for maturing debt. Office—1775 Broadway, New York City. Underwriter—Morgan Stanley (managing). New York City General Supermarkets, Inc. & Co.) — Nov. filed Laboratories, Inc. (2/7) 29, 1960 filed 150,000 shares of common stock. Also were 30,000 common shares underlying 6% con¬ vertible notes number of and 60,000 warrants to purchase a like shares. Price—To be supplied by amendment. Business—The operation of a laboratory at Cambridge, Mass., to furnish on a commercial basis, de¬ terminations of the age of rock and mineral samples. Proceeds — For construction, equipment, and working capital. Office — 24 Blackstone St., Cambridge, Mass. common Underwriter—Globus, Inc. of New York • City. Golden Crest Dec. mon will and Ross, Lyon 4 Records, Inc. the proceeds of its both • (2/20-24) 16, 1960 filed 85,000 shares of stock. Price—$3 per share. use & Co., first 10c par class A com¬ Proceeds—The firm public offering for working capital and general corporate purposes. Office —Huntington, L. I., N. Y. Underwriters—Dean Samitas & Co., Inc., Ill Broadway, New York City (managing); Valley Forge Securities Co., Inc., Philadelphia, Pa., and Nassau Securities Service, New York City. Grayco Credit Corp. 16, 1961 (letter of notification) $150,000 of 10-year 7% sinking fund debentures and 75,000 shares of com¬ mon stock (par $1) to be offered in units consisting of 50 shares of common and $100 of debentures. Price—$200 per unit. Proceeds For working capital. Office Jan. — Market • 1012 St., Johnson City, Tenn. Underwriter—Branum Investment Co., Inc., Nashville, Tenn. shares of common stock (par 10 cents). Price—$4 per share. Busi¬ ness—Manufacturers of precision instruments. Proceeds —For general corporate purposes. Office—121 Centre Avenue, Secaucus, N. J. Underwriters—Harrison & Co. - & - Co., Inc New —B. G. Harris .V./ • Gulf Guaranty Land & Title Co. and shares 20 of common stock. Price— tures. ing Little P. Proceeds For — share. common stock. was Price purposes share. common stock (par $1) Proceeds—To further the corpo¬ engineering and science." • Planning Corp. (letter of notification) 5,000 shares of cumulative preferred stock (no par) and 10,000 shares 29, 1960 of class A units common consisting sharesof of common. stock (par 10 cents) to be offered in share of preferred and two Price—$40 per unit. Proceeds—To one branch office, development of business and working capital. Office—3300 W. Hamilton Boule¬ vard, Allentown, Pa. Underwriter—Espy & Wanderer, open a new for Inc., Teaneck, N. J. Offering February. — Expected sometime in International Diode Corp. July 29, 1960 filed 42,000 shares of 6% non-cumulative convertible preferred stock (par $8). Price — $8 per share. Business—Makes establish a staff of and sells diodes. Proceeds—To production and sales engineers, fi¬ nance new product development, buy equipment, and add to working capital. Office—90 Forrest St., Jersey City, N. J. Underwriter—T. M. Kirsch Co., New York City. Offering—Expected sometime in February. t • International Electronic Research Corp. Dec. 1, which 110,000 1960 filed 220,000 shares of common stock, of 110,000 shares will be sold by the company and shares for the account of selling stockholders. Price—To duces (2/6) a be supplied by amendment. Business—Pro¬ heat dissipating tube shield for electron tubes, AC instruments, and does subcontract work engine industry. Proceeds—To repay outstanding loans and increase working capital. Office—135 West Magnolia Blvd., Burbank, Calif. Under¬ writer—Schwabacher & Co., San Francisco, Calif, and New York City (managing). it- International Memorials, Inc. Jan. 23, 1961 (letter of notification) common stock. Price—At par ($1 per existing New York or St., , Jefferson Lake Asbestos Corp. (2/15) Jan. 9, 1961 filed $2,625,000 of 6:/2% series A nated sinking fund debentures due 1972 < subordi¬ (with a warrant to purchase six common initially at $5 per share). Price—$80 per unit. Business class of one Machines, Inc. (2/20-24) common stock share of class A units, each unit common and 3 shares B ters, establish ance for distributorships, expansion, and the bal¬ working capital. Office—404 No. Frederick Ave., Gaithersburg, Md. Underwriter Washington, D. C. — Hodgdon & Co., Inc, ' \ , • Jouet, Nov. Inc. 28, (2/8-10) (letter of notification) 1960 common stock Business — items. 150,000 shares of (par five cents). Price The manufacture Proceeds'—For the of — $2 per share. dolls, toys and similar purchase installation and of machinery and molds and for working capital. Office 346 Carroll Street, Brooklyn, N. Y. Underwriter—Ed¬ ward H. Stern & Co., 32 Broadway, New York, N. Y. Jungle Juice Corp. 28, 1960 (letter of notification) 120,000 shares of stock (par 25 cents). Price—$2.50 per share. Proceeds—For working capital and expansion. Address —Seattle, Wash. Underwriters—Planned Investing Cot-p., New York, N. Y. and Fidelity-Investors Service, East Meadow, N. Y. Offering—Expected in mid-February. Oct. common Kavanau Corp. Sept. 30, 1960 filed 250,000 shares of common stock (par $1). Price—$10 per share. Business—A real estate invest¬ ment company. Proceeds—For acquisition of properties, working capital and general corporate purposes. Office— 415 Lexington Ave., New York, N. Y. Underwriter—Ira Investors Corp., New York, N. Y. Offering—Expected in early February. - ' it Kings Electronics Co., Inc. Jan. 27, 1961 filed 295,187 shares of which 250,000 are to be offered for common stock, of public sale by the and 45,187 shares, being outstanding stock, by the present holders thereof. Price—$4 per share for the company new stock. The outstanding shares will be offered at the prevailing market price on the over-the-counter market or on listed any at securities exchange upon which they may be time after 60 days from the date of the any company's offering. Business—The company is engaged principally in the design, development and manufacture of radio frequency connectors. Proceeds—For expansion, the repayment of loans and for working capital. Office— 40 Marbledale Road, Tuckahoe, N. Y. Underwriter— Ross, Lyon & Co., Inc., New York City (managing). ' • 300,000 shares of share). Proceeds 71st common, to be offered for subscription by -holders of its common stock. Price—The price and the basis of the rights offering will be supplied by amend¬ ment. Proceeds—To establish sales and information cen¬ Pro¬ Income establishing East City. Underwriter—None. of ceeds—To carry on work on projects now in the labo¬ ratory stage and for general corporate purposes. Office— Natick, Mass. Underwriter—Myron A. Lomasney & Co.,' New York City. Dec. in - to consist / "materials invest Office—17 Sept. 30, 1960 filed 50,000 (2/27-3/3) Dec. 23, 1960, filed 75,000 shares of common stock. Price —$5 per share. Business—The company was formed in June 1960, to undertake research and development in of businesses. Jonker and in the preparation of the concentrate Corp. field which development of company construction and working capital. Office—1408 Whitney Building, New Orleans, La. Underwriter — A. G. Edwards & Sons, St. Louis, Mo. (managing). enfranchising of bottlers, the local and national pro¬ motion and advertising of its beverages, and where necessary to make loans to such bottlers, etc. Office— 704 Equitable Building, Denver, Colo. Underwriters— Purvis & Co. and Amos C. Sudler & Co., both of Denver, the investment Business—The production and sale of asbestos. Proceeds and llikon $500, $1,000 and $5,000, —For 600,000 shares of per closed-end a Proceeds—To shares Underwriter—Whitney & Co., Salt Lake Citv- Utah. Price—$2.50 rate is of State of Israel bonds. Business—The or $60 debenture C Inc. June 29 filed denominations (with series A warrants to purchase 262,500 common shares), and 175,000 shares of common stock to be offered for public sale in units consisting of four common shares and a organ¬ February, 1957, makes and wholesales products fiberglass industry, including par¬ ticularly fiberglass boats known as "HydroSwift" and "Skyliner." Proceeds—For general funds, including ex¬ pansion. Office — 1750 South 8th St., Salt Lake City, I offered in Israel. in Utah. Jan. 3. on Israeli services for the and Rock, Ark. Underwriter — Life Securities, Inc., 3662, Little Rock, Ark. Note—This letter was company general corporate Business—The firm, which Co. 150,000 shares- of makes funds available for the economic Hydroswift Corp. per Insurance O. Box be Merrick Oct. 20, 1960 filed 70,000 shares of ' ■ Life 1960 (letter of notification) payable in cash Road, Lynbrook, L. 1.,Underwriter—Lloyd Securities, New York, N. Y. N. Y. Preferred Development Corp. Nov. 21,1960 filed $3,000,000 of 5J/2% convertible sinking fund debentures, series A, due 1975, and 100,000 shares of common stock underlying such debentures. Price—To (2/15) (letter of notification) 150,000 shares of (par one cent). Price—$2 per share. Busi¬ ness—The design and manufacture of precision measur¬ ing equipment, automation equipment and general pre¬ Office—691 Funding Corp. Israel 1960 purposes. deben¬ stock withdrawn Fort Worth, Texas. stock cision fluid controls. 1966 (no par). Price—$2 per share. Proceeds —For capital and surplus accounts. Office—522 Cross St., Hydro-Electronics Corp. 21, Investors common Co., New York, N. Y. and Dewar, Robertson & Pancoast, San Antonio, Tex. Offer¬ ing—Indefinitely postponed. Nov. unit for the per purchasing, investing in and sell¬ mortgages. However, the company estate Investors Sept. 26, Underwriters—G. H. Walker & common $4,190 invest • Instruments Inc. — real buy, of Oct. 4, 1960 filed 140,000 shares of outstanding common stock. Price—To be supplied by amendment. Proceeds— Address at in and sell other types of securities. Office—511 Fifth Ave., New York, N. Y. Underwriter— None. Note—This company is a wholly owned subsidiary - selling stockholders. and Business—The of may ^ Honey Dew Food Stores, Inc. i Jan. 27, 1961 (letter of notification) 116,000 shares of common stock (par 10 cents). Price—$2,50 per share. Business—The company operates a chain of 10 super¬ markets. Proceeds—For general corporate purposes. Of¬ fice— 811 Grange Road, Teaneck, N. J. Underwriter — Capital Investment Co., Newark, N. J. To Safflower Corp. . debentures mortgage, construction, and general Office—Miami, Fla. Underwriter— Street & Co., New York City. repay a purposes. Howell Co., Inc., New York, N. Y. International Collateral Corp. (2/27-3/3) 1960, filed $300,000 of 6% registered debentures, series due June 30, 1964; $300,000 of 6% registered de¬ bentures, series due June 30, 1965, and $300,000 of 6% registered debentures, series due June 30, 1966. PriceTo be offered for sale in $5,000 units at $4,450 per unit for the 1964 debentures, at $4,315 per unit for the 1965 unit. Business :— The development of a planned community in Cape Coral, Fla. Proceeds—To reduce in¬ corporate general corporate purposes. Dec. 8, per debtedness, & lor St., New York 3, N. Y. Underwriter Invesco (2/14-17) 29, 1960 filed $750,000 of 7% convertible subordi¬ nated debentures due 1968 and 150,000 shares of common stock to be offered in units, each unit to consist of $100 debentures — machinery, and for working capital. Office—350 Equit¬ able Bldg., Denver, Colo. Underwriter —- Copley & Co., Colorado Springs, Colo. *. ' J Nov. $200 Corp. '(2/6-10) (2/14-17) Aug. 3, 1960 filed 60,000 shares of class A common stock (par $2). Price—$5 per share. Proceeds—To retire out¬ standing loans, buy seed, buy or lease land, building, and Corp. ment, inventory, and working capital. Office—Hoboken, N. J. Underwriter—Michael G. Kletz & Co., Inc., New York City. Offering—Expected in mid>-Fe.bruary. • Proceeds Office—45 East 20th Co., in the aircraft and rocket . York, N. Y. & share. Proceeds — For general corporate pur¬ including debt reduction, machinery and equip¬ precision Grayway Precision, Inc. (2/20-24) 23, 1960 (letter of notification) 75,000 Dec. Philadelphia, Pa. and Marron, Sloss Drexel Mosaic (letter — per poses, • Ave., Passaic, N. J. Underwriter Godfrey, Hamilton, Magnus & Co., Inc., New York City (managing). Geochron — 1960 processes. Securities Colo. I Jan. 17, 1961 filed 110,000 shares of common stock. Price —$3 per share. Proceeds—To be used as working capital to expand the number of supermarkets. Office—200 Main • —$3 ized urethane foam and foam rubber products. Bankers Oct. 25, 1960 filed 110,000 shares of common stock. Price —$5 Dec. 16, 1960, filed $550,000 of 6% convertible subordin¬ ated debentures, due 1976. Price—At 100% of principal Officer— Guild Musical Instrument of 1960 Va. Note—This letter • investment. International of notification) 99,333 shares of common stock (par 10 cents). Price—$3 per share. Busi¬ ness Manufacture of glass mosaics by machines and properties consisting principally of real estate interests. shares, to be offered for public sale in units, each con¬ * • Sept. 30, income-producing 25, 1961 filed 80,000 shares of common stock and 160,000 warrants to purchase a like number of common Jan. Thursday, February 2, 1961 Kleer-Vu Dec. 21, Industries, Inc. 1960, Price—$3.50 per filed 115,000 (2/14-17) shares of common stock. share. Business—The company, formeir- Volume 193 Number 6026 , . . The Commercial and Financial Chronicle ly American Kleer-Vu Plastics,,Inc., is engaged primar¬ ily in the business of manufacturing acetate and poly¬ transparent ester ceeds—To retire accessories related and items. Blvd., Cleveland, O. Underwriter—Hayden, Stone & Co., Lee , • Inc. and used for cells the a line of diagnostic of blood purpose due serums Dec. grouping and Root Co. 1960 30, stock common notification) 66,500 shares of Price—$4.50 per share. Pro¬ corporate purposes. Office — 232 of general East North Island Street, Appleton, Wis. LP Gas on Underwriter— 30,000 shares of common stock Price—At par ($10 per share). Proceeds —For purchase of creative design and printing of cata¬ logs, stamp booklets, advertising and for working cap¬ ital. Office—300 W. 61st St., Shreveport, La. Underwriter —International Sales & Investment, Inc., 4501 North of notification) jt Lafayette Radio Electronics Corp. 27, 1961 filed $2,500,000 of convertible subordinated 1976 to be offered for public sale by the company, and" 100,000 outstanding shares of; common slock, to be offered for public sale by the present hold¬ ers thereof. Price—To be supplied by amendment. Busi¬ ness—The company and its subsidiaries are engaged in the business of distributing an extensive line of elec¬ tronic parts and equipment and high fidelity sound com¬ ponents, and in the engineering, designing, assembling and distributing of electronic equipment in kit and wired form. Proceeds—For the repayment of loans, for new equipment and for working capital. Office — 165-08 Liberty Avenue, Jamaica, N. Y. Underwriters—C. E. Unterberg, Towbin Co., New York City. ; ; i 1961 filed 300,000 shares of common stock. Price share. Business — Managing and developing the Arrowhead property, which is located in the San Bernadino'A Mountains. Proceeds—To reduce indebted¬ per with the balance for general ^corporate purposes, including working capital. Office — Lake Arrowhead, Calif. Underwriters — Van Alstyne, Noel & Co., New ness, Sutro & Co., San Francisco Offering—Expected in late February. York City, and (managing), Business—Operates a country club. corporate purposes. Address — Proceeds—For gen¬ Lake Placid, N. Y. Underwriter—None. Jan. 0 / Superior District Power Co. (2/7) filed $3,000,000 of first mortgage - bonds, series F, due Feb. 1, 1991. Proceeds—To finance part of the company's construction expenditures, including the payment of $2,500,000 of bank loans incurred for that purpose. Office—101 West Second Street, Ashland, Wis. 1961 9, Underwriters—To be determined Probable bidders: Halsey, body by competitive Baird & Co., Inc.; received in Pea- Weld & Co. (jointly); Robert Salomon Bros. & Hutzler. Bids—To Chicago on Feb. 7 at 10 a.m. (CST). Co.; White, & bidding. Stuart & Co. Inc.; Kidder, W. be "Lapidoth" Israel Oil Prospectors Corp. LtdOct. 27, 1960 filed 1,500,000 ordinary shares. Price—To be supplied by amendment, and to be^ payable either totally or partially in Israel bonds. Business The com¬ pany was organized in October 1959 as a consolidation of individual and corporate licensees who had been oper¬ filed 1961 Corp. outstanding 9,450 shares. common Price—A,t the prevailing market price on the American Stock-Exchange over-the-counter market at Business—The company is engaged in the or the time of the sale. in the research, development and production of electronic equipment for military use, and manufactures and sells products, electro-mechanical relays and certain products. Proceeds—To the selling stockholders. Office—825 Bronx River Avenue, New York City. Un¬ wire derwriter—None. IVI. C. B. Nome Co. 1960 (letter of notification) 18,000 shares of con¬ Dec. 19, At par ($5.75 per share). Proceeds—For working capital and expansion. Office—61 Renato Court, Redwood City, Calif. Under¬ writer—C. R. Mong & Associates, Menlo Park, Calif. preferred stock. Price — Management Assistance Inc. (2/15)♦ 1960 28, — Exchange Place, New York 5, N. Y. Under¬ writer—Federman, Stonehill & Co., New York, N. Y. n Leaseway Transportation Corp. (3/8) Jan. 11, 1961 filed 150,000 shares of common stock, of which 75,000 shares are to be offered for the account of the issuing company and the remaining 75,000 shares, representing outstanding stock, are to be offered for the account of the present holders thereof. Price To amendment. Business—The company was last November, and has gained or will gain con¬ 81 corporations. The company will lease trucks be supplied by of other and will as a local long-term ^basis, engage in the intrastate operation of trucks contract carrier. Proceeds—For working cap¬ ital, which the issuer's commercial may vehicles be used for on a * acquisitions or to enhance borrowing power. the additional Boston Altman writer—Midland area. equipment for Office its Plastics — Building, Kansas City, Mo. Under¬ Co., Inc.^ Kansas City, Mo.' Securities Mercury Electronics Corp. r 30, 1960 (letter of notification) 100,000 shares of common stock (par five cents).* Price — $3 per share.; Business—Manufacturers of testing equipment. Proceeds —For general corporate purposes. Address—Mineoia,* Dec. L. I., N, Y«. Underwriter—S. Schramm & Co. Inc., New City. . ,'| / York Mesabi Jan. lron Co. s *; v x . 10, 1961 filed 180,000 shares of capital stock, to be for subscription by the company's stockholders. offered Price—To tablish be supplied by amendment. Proceeds—To es¬ for 1960 tax payments. Office — 452 reserve a Fifth Ave., New York City. Underwriter—None. Note— Feb. 1 it was reported that the company is awaiting a tax as ruling, subsequent to which a decision will be made or not the offering will be made. to whether • Metropolitan Securities, Inc. 17, 1960 (letter of notification) 100,000 shares of A common stock (par $1). Price—$3 per share. Proceeds For working capital. Office — 919-18th St., Nov. class — N. C. W., Washington, D. Underwriter — Brokers, Inc., Washington, D. C. Offering • Co. Insurance Mid-America Life Oct. Metropolitan — Expected in March. sometime (letter of notification) 100,000 shares of common stock (par 25 cents). Price — $2.75 per share. Proceeds—For capital and surplus accounts. Office—318 1960 11, Northwest 13th F. R. Burns letter e St., Oklahoma City, Okla. Underwriter— — This & Co., Oklahoma City, Okla. Note withdrawn was on Jan. 10. Co. Midland-Guardian (2/8) Office — 11700 Shaker Oct. 27, 1960 filed 100,000 shares of common stock. Price —To be supplied by amendment. Business — The firm and cars; finances at wholesale inventories of dealers in mobile homes and cars; makes homes, mobile homes, small loans directly to borrowers; and operates various insurance subsidiaries, including a life insurance com¬ Proceeds—To repay short-term bank loans, which pany. Sept. 30 amounted to $31,529,000. Office—1100 First on National Bank Bldg., Cincinnati, O. Underwriter—Kid¬ der, Peabody & Co., New York City (managing). Midwestern Acceptance Corp. Sept. 8, 1960, filed 1,169,470 shares of common stock and $994,050 of 6% debentures, to be offered for public sale in units of one share of stock and 850 of debentures. Price ceeds Box 9 $1 — interim — per Business unit. — The company Electronics Corp. (2/14-18) 27, 1960 filed 150,000 shares of common stock. Price Business—The company is a wholesaler Proceeds—For distributor of electronic equipment.. and debt and general corporate pur¬ -Office—530 Canal Street, New York City. UnderMyron A. Lomasney & Co., New York City reduction, inventory poses. svriter — j A'.''" / Mineral Concentrates & Chemical 31, 1961 filed 150,000 shares of common stock of 50,000 shares will be offered for the account of the issuing company and 100,000 shares,^representing outstanding stock, will be offered for the account of the .V.-I 886, Rapid City, S. D. Underwriter—None. Milo will do financing in the home building industry. Pro¬ To start its lending activities. Address — P. O. —$5 per share. -V Mansfield Industries, Inc. Co., Inc. Nov. 10, which —$5 per share. Business—Production of beryllium oxide. Proceeds To pay two corporate notes; plant improve¬ holders Price thereof. Proceeds—For amendment. To — be supplied by general corporate purposes, Office—Chicago, 111. Under¬ Co., Inc., New York City (man¬ including working capital. writer—McDonnell aging). & . . & Marine - . Electronics : . Manufacturing Inc. Sept. 22, I960.: (letter of notification) 100,000 shares of common stock class A (par 10 cents). Price—$3 per 1960 filed 75,000 shares of common stock. Price — research and experimentation with flotation process; and working capital. Office—1430 First National ments; Bank Bldg., Denver, Colo. Underwriter—None. Minitone Electronics, Inc. filed 249,333 % shares of common stock, of which 129,000 will be publicly offered. Price—$3 per share. Business—The firm was organized last March for Jan. 1961 11 the purpose certain of making and selling small DC motors and products using such motors. Proceeds reduction and general corporate purposes, consumer fabrication of sheet metal parts for missiles, rockets, radar and marine items. Address—Hagerstown, Md. Underwriter—Batten & Co., Washington, D. C. —For (3/8) Jan. 25, 1961 filed 100,996 shares of common stock ($2 par), of which 75,000 shares are to be offered for public sale and 25,996,. being outstanding stock, by the present May 26 filed 100,000 shares of second cumulative pre¬ ferred stock—650 convertible series, $5 par—and $1,000,- Proceeds—For expenses in the share. it Marley Co. thereof. -holders Price—To be supplied by amendment. Kansas and con¬ Jan. None. trol of cost in (managing). joint venture. Proceeds— For exploration and development of oil lands. Office— 22 Rothschild Blvd., Tel-Aviv, Israel. Underwriter— ating in the oil business as a formed plastic Medco, Inc. 19, 1960 (letter of notification) 60,000 shares of class A common stock (par 10 cents). Price—$5 per share. Proceeds—To open new licensed departments in 1961. Dec. (letter of notification) 60,000 shares of common stock (par 10 cents). Price—$5 per share. Busi¬ ness Consulting services and installation. of business machines. Proceeds — For general corporate purposes. Dec. manufacture, sale and maintenance of water cooling towers, and the manufacture and sale of air cooled refrigerant condensers, marketed under the trade name "DriCooler." Office—222 West Gregory Blvd., . cups, and Dec. metal present Lake Electronics 19, Office—40 k Lake Placid Co. Jan. 30, 1961 (letter of notification) $300,000 of 5% de¬ benture income bonds. Price — $1,000 per debenture. Jan. straws, paper cones discounts retail instalment saies notes for dealers in shell Loral vertible Development Co. Jan. 10, eral Equipment Corp. Note—Statement effective Nov. 23. Calif. debentures due —$10 produces cream aging). Jan. 25. Pools ice — Jan. Arrowhead Charlottetown, components; $40,000 for sales and advertising promotion; $30,000 for engineering and development; and the bal¬ ance will be added to working capital. Office—Renovo, Pa. Underwriters Pacific Coast Securities Co., San Francisco, Calif, and Grant, Fontaine & Co., Oakland. Blvd., Baton Rouge, La. Lake Street, (2/7) July 1, 1960, filed 175,000 shares of common stock. Price —$3.25 per share. Business—Engaged in the manufac¬ ture and selling of fiber glass swimming pools. Proceeds —$125,000 will be used to purchase machinery and equipment; $200,000 to purchase raw materials, parts and Co., Milwaukee, Wis. (letter Queen Lifetime Savings Stamp Co., Inc. 1960 Sept. 27, de¬ of 1985 company Baltimore, Md, Underwriter—Lehman Brothers, New York City (man¬ • American-Swedish Prince Edward Island, Canada, N. S. Underwriter—White, Weld & Co., Inc., New York. Note—This statement was withdrawn (par $1). ceeds—For Milwaukee due fice—97 (letter ' . Liberian Lio, an unspecified number of shares of Lio capital stock, to be offered in units. The units will consist of $500 of collateral trust bonds, $500 of debentures and 15 shares of capital stock. Price—For units, to be supplied by amendment, and not to be in excess of par. Proceeds—To make loans to Lamco. Of¬ City. Underwriter—None. & Ltd. The 1980, of Lio, $15,000,000 of 6*4% subordinated bentures testing. The company also operates blood donor centers in New York and Philadelphia. Proceeds—For the selling stockholders. Office—300 West 43rd Street, New York Kurz Ore with Co., Monrovia, Liberia, in the filing of $15,000,000 of 6I/4 % first lien collateral trust bonds, series A, stock. packaging and distribution of Iron joined 19 York, N. Y. Minerals 23, 1960, filed 100,000 outstanding shares of class A Price—$6 per share. Business—The manufacture, Dec. Liberian May the ward Division Office—211 Communications Inc. N. Y. Underwriter—H. B. Crandall Co., New ing capital. Underwriter—Emanuel, Deetjen & Co., New York City. Offering—Expected in mid-March. The — matches, 39 tainers. Proceeds—The company will apply its funds to¬ (2/14-17) (letter of notification) 150,000 shares of common stock (par one cent). Price—$2 per share. Busi¬ ness—The manufacture, research, sale and distribution of communications equipment and related products. Pro¬ ceeds—-For payment of bank loans; new equipment; ad¬ vertising and promotion; engineering research and for working capital. Office—470 Park Ave., S., New York, The balance of the proceeds will be added to work¬ Knickerbocker Biologicals, Corp. Nov. -28y» 1960 a purchase from the Prudential Insurance Co. of America* $1,350,000 of the company's 41/2% notes due Sept. 1, > Credit 29, I960 filed 2uu,uu0 snares oi class A stock and 200,000 warrants to be offered in units of one share and one warrant. Price—$4 per unit. Business—The company plans to engage in business of advancing funds to finance accounts receivable, inventories and purchase of equip¬ ment. Proceeds—For working capital. Office—440 West 34th Street, New York City. Underwriter—Edward Lewis & Co., Inc., New York (managing). price related to the cur¬ rent market for outstanding shares at the time of the offering. Business—The company operates four depart¬ ment stores in the New York City area. Proceeds —To 1969. (managing). Nov. KEein Department Stores, Inc. Jan. 23, 1961 filed 130,600 shares of common stock, of which 72,000 shares are to be offered directly to five per¬ sons at the initial offering price and 58,000 shares are to offered for public sale at book Leasing a (S.) be Business New York Ciiy Pro¬ loan, purchase additional equipment, enlarge plant facilities, hire more staff engineers, and provide additional working capital. Office—76 Madison Ave., New York City. Underwriters—Paul Eisenberg Co., and Godfrey, Hamilton, Magnus & Co., Inc., both of New York City (managing). • (587) Business York «• — The City, Mo. Underwriter—White, Weld & Co., New City (managing). Marmac Industries, . ' Inc. purposes. Office—Wenonah, N. J. Underwriter—Metro¬ Offer¬ Maryland Cup Corp. (2/14) 29, 1960 filed 235,100 shares, of common stock (par $1) of which 21,000 will be offered for the account of 1 company and $214,000 for the account of selling stockholders. Price To be supplied by amendment. Dec. — York City. Underwriter—None. 9 Model of 000 Finance Service, (2/6-10) Inc. junior subordinated debentures, due 6%% 1975. by amendment. Proceeds—To be added to the company's general working funds. Office— Price—To be supplied 202 Dwight C. Modern Jan. 12, class A Underwriter—Paul Building, Jackson, Mich. Kimball & Co., Chicago, 111. Furniture, 1961 Inc. (letter of notification) stock. Price common ital. Office—First 22, politan Securities, Inc., Philadelphia (managing). ing—Expected in February. : including working capital. Office—55 W. 13th St., New — At 300,000 shares of par ($1 per share). furniture and for working cap¬ National Bank Building, Denver, Colo. Proceeds—To purchase 1960, filed 108,000 shares of common stock. Price—$4.50 per share. Business—The manufacture and sale of wood cabinets. Proceeds—For general business -Dec. debt Underwriter — Equity General Investment Corp., National Bank Bldg., Modern Jan. 4, which and Materials Corp. 150,000 shares of common 50,000 will be offered for sale by the the 1961 First Denver, Colo. filed stock, of company remaining 100,000, being outstanding stock, by To be supplied by amendment. Business—The manufacture and distribu¬ tion of aluminum and asphalt siding and related accesthe present holders .. thereof. Price — Continued on page 40 , c. 40 The Commercial and Financial Chronicle (588) Continued troit • Mich. For the repayment of loans and — general corporate (managing). (2/14-17) Insurance Co. Mohawk Aug. 8, 1960, filed 75,000 shares of class A common stock. Price—$12 per share. Proceeds—For general funds. Of¬ New York City. Dowd 39 & Co., Inc., Broadway, Small Business Investment Corp., Mokan St. in August, Inc. production. 17, 1961 filed 3,000 shares of common stock. Price —$100 per share. Business—The company was organized under Kansas law in October 1960 and1 is applying to the Small Business Administration for a Federal license Jan. Proceeds Wichita Falls, Texas. pany, organized in 1958 under the tronics International, Inc., imports and Electronics International, Monarch (2/14-17) .< .. Oct. 31, 1960 filed 200,000 —To be supplied high fidelity Inc. : shares of common stock. Price Business—The com¬ name Arrow Elec¬ and sells electronic equipment. Proceeds—To Photo and parts Office—7035 working capital. Wisconsin Milwaukee, Wis. Avenue, Co., New York City (managing). stock is not Note—This food New •. l Ave., Yonkers, N. Y. Underwriter—Westheimer & Co., (managing). Offering—Expected in late Mar. Cincinnati • Polysomes, Inc. (2/6) 18, 1960 (letter of notification) 70,000 shares of common stock. Price—$3 per share. Business —The company, formed last July, will act as theatrical producers and will produce jazz festivals, concerts, rec¬ ords and commercial films. The firm also plans to enter the development and merchandising of new commercial color sound process for industrial and commercial ad¬ vertising. Proceeds—For working capital. Office—480 Lexington Avenue, New York City. Underwriters—M. H. Meyerson & Co., Ltd., 15 William Street, New York City (managing); Karen Securities Corp., New York City, for inventories corporate five Underwriter—First Albany — 1 stores new Office purposes. Nov. Geddes, Corp., Albany, (managing). 12, 1960 filed $13,260,000 of 5V2% convertible de¬ 1, 1981 being offered for subscription by stockholders on the basis of $100 principal amount of debentures for each amendment. Businessof persons, prop¬ March. printing supplies and mimeo¬ graph stencils. Proceeds — For new facilities and new products and for working capital. Office—2 Ashburton York New ord Jan. par ($100) 16% common shares held of rec¬ per Office—-245 rights to expire on Feb. 8. Price—At unit. Proceeds—For pipeline expansion. Market St., San Francisco, Calif. Palm (L. F.) Co. Nov. 18, 1960 filed 99,996 shares of Under¬ v Ltd. (2/3) Dec. 20, 1960 filed 136,000 shares of common stock to be offered for subscription by common stockholders. Price —To be supplied by amendment. Business—The rental or leasing of equipment to business organizations, in¬ cluding production, processing, and packaging machin¬ ery. Office—1 Plainfield Ave., Elrnont, N. Y. Underwriter —Burnham & Co., New York (managing). 27, 1961 filed 100,000 shares of common stock. Price $4 per share. Business—The company is engaged in the processing and packaging of quick-frozen, prepared seafood meat and poultry for use by restaurants and in¬ stitutions and frozen ready-to-heat meals for distribu¬ • Proceeds — To repay loans; purchase additional machinery; establish a food< laboratory, and for advertising, promotion, and working capital. Office—Blue Anchor, N. J. Underwriter—Robert Edelstein Co., Inc., New York City. - Proceeds—For ver, investment. Colo. Distributor — Office—737 Grant Moon Homes, acquisition of 1960 filed 131,600 shares:of common stock (par $1), of which 66,668 shares are to be offered by the company, and 64,932 shares for the account of selling stockholders. Price—$9 per share. Business—The manu¬ facture and sale,of mobile homes. Proceeds—For work¬ was withdrawn on Jan. 27. in Price com¬ January, of properties; bank . debt. Office—180 Progress Webster Electronics Corp. (2/27-3/3) Jan. 13, 1961 filed 150,000 shares of common stock. v —$4.50 per sidiaries stock; share. Price Business—The company and its sub¬ _are engaged in the business of manufacturing, and developing electronic equipment and and military • manufacture selling W. like number of a 14th stock of and underlying shares. radio telephones. debenture Street, Miami, Fla. holders. Business Proceeds—To use. products for residential, com¬ Proceeds—For working capi¬ (managing). Inc. (2/3-6) 30, 1960 (letter of notification) 75,000 shares of common stock (par five cents). Price — $4 per share. Business—The production of electronic components used by manufacturers of electronic instruments and equip¬ ment. Proceeds For the purchase of electronic test equipment and machinery; for advertising and sales pro¬ motion; for research and development; for the acquisi¬ tion of basic raw materials; for reduction of outstanding indebtedness; for working capital and for general cor¬ porate purposes. Office—81 Water St., Ossining, N. Y. Underwriter—S. B. Cantor & Co., and Farrell Securities Co., New York City. Perry Electronic Components, it Publishers Company, Inc. Jan. 27, 1961 filed 220,000 shares of common stock. Price —$10 per share. Business—The company and its sub¬ sidiaries are engaged in the business of selling and fi¬ nancing books sales. Proceeds—To acquire the assets of — • related tal. Office—10th Street, and Morton Avenue, Chester, Pa. Underwirter—Marron, Sloss & Co., Inc., New York City Office—2295 Underwriter—None. Books, Inc., in Proceeds — For additional a New York City; to invest new ment sales contracts receivable Office—1116 Roth & , _ and for working capital. St., N. W., Washington, D. C. Under¬ Treat & Co., Inc., New York City and 18th writers—Amos . their specific requirements. 1140 Broadway, District of Columbia company, Books, Inc.; to invest additional funds in a subsidiary; to finance instal¬ Personal Property Leasing Co. Jan, 24, 1961 filed 150,000 shares of capital stock. Price ing capital and new product development. Office—7808 -——$6.50 per share. Business—The company is engaged in the business of leasing a variety of equipment and .Carpenter Freeway, Dallas, Texas. Underwriter—Baker. 'Simonds & Co.,-Detroit,; Mich., (managing). Note—This f machinery to industrial and commercial firms to meet registration law The White Nov. Nov. 28, Delaware stock. — development of projects; and South Broadway, Plains, N. Y. Underwriter—Burnham & Co., New York City (managing). reduction mercial and the Inc. under common Business 1961, to acquire the outstanding stock of the Shapiro Co., which is engaged in the development of real estate projects of various types. Proceeds—For construction; components N. Offering—Indefin¬ Office—336 distributing —The plied by amendment. Office—1205 So. Plate River Drive, Denver 23, Colo. Underwriters—Hayden, Stone & Co. New organized was shares and St., Den¬ Navajo Freight Lines, Inc. May 9, 1960, filed (with the ICC) 250,000 shares of com¬ mon stock, of which 189,000 shares, being outstanding stock, will be offered for the account of the present holders thereof, and 61,000 shares will be offered for the account of the issuing company. Price—To be sup¬ • supplied by amendment. 72,500 outstanding warrants for the purchase of common Corp., Denver, Colo. Lowell, Murphy & Co. (jointly). itely postponed. be pany Dec. National Western Management and development of chemical products. • Presidential Realty Corp.. filed 150,000 shares of acquisition of property, to acquire machinery common and general corporate purposes. Jan. 30, 1961 equipment, and for repayment of certain loans. Of¬ fice—485 Lexington Ave., New York, N. Y. Underwriter —Hill, Darlington & Grimm, New York, N. Y. debentures; 145,938 outstanding shares of 1960 ness—Research —To and Pearce-Simpson, Inc. 30, 1960 filed $1,800,000 of outstanding 6% convert¬ ible debentures due April 1, 1970; 200,000 shares of com¬ mon stock reserved for issuance upon conversion of the 18, Uniondale Ave., Uniondale, N. Y. Underwriter—Subur¬ ban Investors Corp., Uniondale; N. Y. Patrician ceeds—For , Proceeds—For Business—The company plans to manufacture facial and toilet tissues upon the completion of the financing. Pro¬ ^ National Western Insurance & Growth Fund, Inc. Jan. 27, 1961 filed 111,000 shares of common stock, of which 11,000 will first be offered to not more than 25 persons and the remaining 100,000 will be offered for public sale. Price — $9.15 per share (for the 11,000 shares), and $10 per share (for the 100,000 shares). Busi¬ ness—The company was organized under Delaware law in August 1960 to invest in companies believed to have growth possibilities, especially in the life insurance field. stock Business— Research & Development Corp. (letter of notification) 50,000 shares ot class A stock (par 10 cents). Price—$5 per share. Busi- Nov. Paper Co., Inc. (2/15) Oct. 14, 1960 filed 180,000 to 190,000 shares of common stock (par 10c). Price — To be supplied by amendment. through vending machines. > Porce-Cote 15, 1960 filed $1,100,000 of subordinated convertible debentures, due 1975. Price — At 100% of principal amount. Business—The obtaining, arranging and servic¬ ing of real estate loans. Office—5th & University Aves., San Diego, Calif. Proceeds — To retire bank loans and for working capital. Underwriter — J. A. Hogle & Co., Salt Lake City (managing). Jan. common Prices—To be supplied by amendment. ment. 1 (2/6-10) Dec. ^ National Food Marketers, Inc. stockholders at the ing and acoustical products. Proceeds—For plant con¬ struction; expansion of its distribuiton of Perma-Glaze and working capital. Office—2501 Northwest 75th Street, Miami, Fla. Underwriter—To be supplied by amend¬ Terrace, Centreville, Nassau, Bahamas. Under* Of¬ fering—Expected in late February to early March. Mortgage-Co. one common Distribution, sale and installation of building, insulat¬ Office—6 Palomar share for each three shares of held. writer—David Barnes & Co., Inc., New York City. • subscription by rate of Developers Limited stock to be common offered for Sept. 8, 1960, filed 100,000 shares of common stock (par 1 shilling). Price — $3 per share. Business — The company intends to deal in land in the Bahamas. Pro¬ ceeds—To buy land, and for related corporate purposes. Equipment Rental, Brooklyn, New York. Popell writer—None. • cent par and Selected Investors. with 11 I and manufacture of offset bentures due Feb. general corporate purposes. Office — Miami Inter¬ national Airport, Miami, Fla. Underwriter — Lehman Brothers, New York City (managing). Offering—Ex¬ tion general central Polychrome Corp. 29, 1960 filed 125,000 shares of common stock. Price —To be supplied by amendment. Business—The design Pacific Gas Transmission Co. for National • Dec. chain of 46 retail self-service in Plastic June 14 40,000 supermarkets grocery York. Dec. international transport pected in late February to early filed Proceeds—For for and erty, and mail. Pre ceeds—To make payments on planes and reduce short-term indebtedness^ with the balance • 1960 New York Price—To be supplied by 220 Graceland Co., Chicago, 111. (managing). • Food Markets, C. and State. Offer¬ subordi¬ subscrip¬ tion by holders of the outstanding common stock on the basis of $100 of debentures for each 18 common shares and & 23, ness—The operation of a 21, 1960 filed $10,288,000 of convertible debentures, due 1975, to be offered for Domestic & Inc. Inc. shares of common slock of which 32,000 will be offered for sale to public and 8,000 to employees. Price—$12.50 per share (to public). Busi¬ National Airlines, Inc. held. — York City. Dec. ing—Expected in early February. nated general corporate purposes. Office & Fibers, Inc. (2/3-10) (letter of notification) 150,UUO shares of commoa stock (par 20 cents). Price—$2 per share. Proceeds—For general corporate purposes. Office—Whitehead Avenue^ South River, N. J. Underwriter—M. R. Zeller Co., New P. qualified for sale in New York State. Sept. 1, 1960 filed $20,000,000 of interest in the Fund to he offered in 20,000 units. Business—The Fund Will pur¬ chase tax-exempt securities of states, municipalities, counties and territories of the United States. Sponsor— Sept. 162,500 Ave., Des Plaines, 111. Underwriter—Cruttenden, Podesta equipment, missiles, commercial computers, servos, and television, data-handling, naviga¬ tional, and industrial control equipment. Proceeds—For expansion, new equipment, and working capital. Office —550 Springfield Ave., Berkeley Heights, N. J. Under¬ writer—Norton, Fox & Co., Inc., New York City (man¬ aging). ;/ Underwriter Co., Ill Broadway, New York City. Inc. tions Municipal Investment Trust Fund, Series A Ira Haupt & for Service, 1960 filed 30, commercial radio (2/6-10) 17, 1960 filed 155,000 shares of common stock (par $1); Price—To be supplied by amendment. BusinessInsuring lenders against loss on residential first mort¬ gage loans, principally on single family non-farm homes. Proceeds—For capital and surplus. Office—606 —Bache & of 27, 1961 filed 100,000 shares of capital stock. Price —To be supplied by amendment. Business — The com¬ pany is .engaged in the development, design, production and sale of electronic components for use in communica¬ Oct. West (letter 1960 ^ Nytronics, Street, San Francisco, Calif. Mortgage Guaranty Insurance Corp. Precision Jan. Canyon Boulevard, North Hollywood, Calif. Un¬ derwriter—Pacific Coast Securities Co., 240 Montgomery Laurel • 27, Philadelphia. about or (2/23) shares of common stock of which 125,000 shares will be offered for public sale by the company and the remaining 37,500, being outstand¬ ing, by the selling stockholder. Price—To be supplied by amendment. Business—The processing of photographic film, the wholesale distribution of photographic equip¬ ment and the operation of three retail camera shops in the Chicago area. Proceeds—For construction and new equipment, repayment of debt, purchase of stock or assets of other firms in the photo-finishing business and Dec. — by amendment. loans and for retire bank Dec. in ground and to construct an aquari¬ um building or buildings. Office—2635 Fidelity-Philadel¬ phia Trust Building, Philadelphia, Pa. Underwriter— Stroud & Co., Inc., Philadelphia, Pa. " Imminent. St., Coffeyville, Kan. Underwriter—None. Northfield Price—$150 per unit. Business— aquarium an Proceeds—To acquire Instrument Corp. notification) 24,428 shares of common stock (par 10 cents). Price—At-the-market (not more than $2 per share). Business — Manufacturers of precision instruments in electronic, aircraft and missile industries. Proceeds To go to underwriter. Office— 4400 Austin Etlvd., Island Park, L. I., N. Y. Underwriter —Robert Edelstein Co., Inc., New York, N. Y. Offering— Walnut • of Operation 100 shares sold. shares for each small business investment company. Pro¬ general corporate purposes. Office — 719 in and 10 shares of stock. Un¬ ceeds—For 170,000 shares of capital stock offered derwriter—None, but 102,500 of the shares are reserved for commissions to selling brokers at the rate of 15 to operate as a debentures due 1973 (par 50 cents) to be units, each consisting of one $100 debenture 14, 1960 filed $1,700,000 of 6% and For general corporate purposes. — Office—620 Oil & Gas Bldg., Inc. Aquarium, Philadelphia Oct. Normandy Oil & Gas, Inc. Aug. 31, 1960 filed 750,000 shares of common stock, Price —SI per share. Business—Oil and gas exploration and Underwriter—R. F. New York 6, N. Y. fice—198 Broadway,, organized was Office — 6381 Hollywood Blvd., Los Calif. Underwriter—Dempsey-Tegeler & Co., Louis (managing). Offering—Expected in early Mar. Angeles, 1959, is developing, through subsidiaries, a dealer-recourse finance business and a life insurance business. Proceeds—For expansion. Price —At par. Office—Helena, Mont. Underwriter—Wilson, Ehli, Demos, Bailey & Co., Kook Bldg., 3203 3rd Ave., North Billings, Mont. purposes. Thursday, February 2, 1961 . . working capital. Underwriting Corp. Oct. 25, 1960 filed $2,000,000 of 15-year 6% subordinated convertible debentures. Business — The company which for Office—7018 South Street, Underwriter—Smith, Hague & Co., De¬ eories. Proceeds Detroit, New Western from pq,ge 39 . Co., Inc., Philadelphia, Pa. '(managing). Puget Sound Power & Light Co. (2/15) Jan. 13, 1961 filed $15,000,000 of first mortgage bonds, series due 1991., The registration also covers 326,682 common shares which the company plans to offer to stockholders Qn ,the basis of each 10 shares held of record Feb. 15. ,.common one new share for Price—To be sup- i Volume 193 Number 6026 . . The Commercial and Financial Chronicle . by amendment. plied Proceeds—To repay bank loans Office—-1400 Washington Building, Seattle, Wash. Underwriters—Blyth & Co., Inc., and Mer¬ rill Lynch, Pierce, Fenner & Smith, Inc., both of New York City (managing). and for construction. 85,700 stock (par $1). common Price—$3.50 shares share. per of Business Avenue, Long Island City 1, N. Y. Note—This is a refiling of a letter that was originally field on Sept. 28, 41st 1960. one Inc. Dec. 28, 1960 (letter of notification) 100,000 shares of capital stock (no par) of which 16,000 shares are to be offered by a selling stockholder. Price—$3 per-share. Proceeds—For additional working capital. Nuys, Calif. Office equipment, — 14801 machinery, and Street, Van California Underwriter—Morgan & Co., Los Angeles, Calif. . . k , Rajac Self-Service, Inc. (2/6) 15, 1960 filed 154,375 shares of Nov. common stock (10c par). Price—$3 per share. Proceeds—$30,000 will be used to pay an outstanding note, $87,500 will be used for the acquisition, constructing, and equipping of an additional plant, $22,500 will be used to cover the expenses of offering the stock, and the balance will be used to reduce indebtedness and purchase equipment. Office—Mt Ver¬ non, N. Y. Underwriter—The James Co., 369 Lexington Avenue, New York 17, N. Y. Ram Electronics, Inc. to share for each three shares held. new by Business The Rixon St., Boston, Mass. Underwriter—None. Electronics, Inc. Dec. 30, 1960 filed 115,000 shares of capital stock. —To be supplied by amendment. Business—The is pany ment custom a electronics engineering and communications, instrumentations, data ferrous steel and other ferrous and scrap non- metals and Seaway Steel Corp., which operates rolling mill producing bars, rods and other shapes of steel and nickel. The company will also have interests ranging from 50% to 76% in a demolition contractor, a a lessor a of demolition metals anodes broker and equipment, and other a stevedoring business, manufacturer of rolled nickel a rolled corporate nickel products. Proceeds—For Office—1437 Inc., New York Rocket research Bailey Ave., Brand, Grumet & Seigel, (managing). purposes. City — Research on new of and a high energy propellant systems, the de¬ miniature rocket for application to Aug. space Office—233 Holden Street, Seattle, Wash. Under¬ writer—Craig-Hallum. Inc.. Minneapolis, Minn. Roulette 29, Records, 1960 Inc. (letter of notification) 100,000 shares of (par one cent). Price—$3 per share. Busi¬ stock common Co., New York City (managing). ness—The manufacture Real records. Proceeds—For debt retirement and Dec. Inc. shares of 20, 1960, filed 50,000 class A common stock, of which 12,903 shares will be exchanged for real property and the balance of 37,097 shares sold publicly, together with 50 shares of class B —$100 and per share for each class. incidental expenses to stock. common Proceeds—To the* company's and operation. Office—1422 Sixth Price pay costs organization Ave., San Diego, Calif. Underwriter—None. ■ porate City; (G. T.) Nov. Realty Collateral Corp. 12, 1960 filed $20,000,000 of collateral trust notes, series A, due 1981. Price—To be supplied by amendment. Business The company was organized in September, — 1960 to invest in real property mortgages insured under Title II of the National Housing Act. Proceeds—For gen¬ eral business purposes. Office—444 Madison Ave., New York, N. Y. Underwriter—None. it Rego Insulated Wire Corp. Jan. 30, 1961 filed 200,000 shares of common stock, of which 180,000 shares are to be offered for public sale by the company and 20.000, being outstanding stock, by the present holders Business—The of insulated thereof. company wire Price is engaged $4.50 — per share. in the manufacture and cable, garden hose and garden television antennas, plastic toys and doll bodies; and has recently commenced the production of thermoplastic compounds for use in its own manufactur¬ ing operations, as well as for resale to other manufactur¬ supply items, ers. Proceeds—For the repayment of loans and for work¬ ing capital. Office-—830 Monroe Street, Hoboken, N. J. Underwirter— Russell & Saxe, Inc., New York City (managing). • Renwell y•/../.:< :-.0"- "> Electronics -S;-'-;-:;y /■.: —$4 in of share. per Price organized 100,000 shares of common stock. Business—The company was December, 1960, to acquire all of the outstanding stock Renwell Electronic Corp., a manufacturer of electronic assemblies and Proceeds For — various working capital. Del. other electronic components and Office—129 South State Street, Dover, new equipment, .plant Underwriter—William David & Inc., New York City. • Reristo Inc. (2/3) Aug. 29, 1960 filed 200,000 shares of common stock (par 10 cents). Price—$2.50 per share. Business—The firm makes and Chemical, protective coatings for packaging sells and fabrics, and products used in insulation. Proceeds £ or working capital ($235,358), with the balance for ma¬ chinery, equipment, and general corporate purposes. Office New Castle County Air Base, New Castle County, Del. Underwriter—Amos Treat & Co., Inc., New — York City. Richards Aircraft Supply Co. Dec. 29, common 1960 stock 200,000 shares of (par 10 cents). Price—$1 per share. Pro¬ (letter ceeds—To retire crease S. a inventory, W. 33rd Street, Blaha & of notification) bank loan and an equipment loan, in¬ and for working capital. Office 111 Fort Landerdale, Fla.~ Underwriter— Co., Inc., Long Island Expected in April.:A;, City, N. Y. Offering— / • — T. 1631 Brod long-playing general cor¬ Broadway, New York & Co.. New York, N.'.Yl," Schjeldahl Co. 28, 1960 filed 9,000 outstanding shares of and stock $765,000 of convertible common subordinated deben¬ tures, due/1971. The debentures will be offered to holders basis of $100 prin¬ of the outstanding common stock on cipal amount of debentures for each 100 Price—To The research, and electronic be common shares supplied by amendment. Business— and production of plastics systems. Proceeds—For working capital, the acquisition and development of Plymouth Industrial Products, Inc., Sheboygan, Wis., and for development instrumentation expansion. Office—Northfield, Minn. Underwriter— Craig-Hallum, Inc., Minneapolis, Minn, (managing). Shareholder Dec. 2, 1960 A Inc., Y. Underwriter — D. Klapper Associates, York, N. Y. Offering—Expected about mid- New February. Shinn . Industries 150,000 shares of common stock. Price share. Business—The manufacture, assembly and sale of aircraft and missile components and the construc¬ tion of industrial a ent stockholders. Screen Gems, Inc. (2/10-24) Dec. 8,1960 filed 300,000 shares of common stock ($1 par) to be offered for subscription by common stockholders of Corp., holder of all outstanding shares one share of Screen Gems for each five subscription on by amendment. produces automobile hub caps, janitorial supplies. Pro¬ ceeds—To repay outstanding bank loans and to increase inventories. Office 7701 East Compton Boulevard, Paramount, Calif. Underwriter — H. Hentz & Co. and Federman, Stonehill & Co., both of New York City (managing). washroom dispensers and other — it Shoup Voting Machine Corp. Jan. 27, 1961 filed 110,000 shares of common stock. —To be supplied by amendment. Business—The the York • City (managing). Simplex Wire & Cable Co. Cambridge, Mass. Underwriter—Paine, Webber, Jackson & Curtis, New York City (managing). • Solite Products Corp. (2/20-24) 1960, filed 750 units, consisting in the aggregate $225,000 principal amount of 7% debentures due Dec. of 8, be ' Fifth Avenue, New York, N. Y. Underwriting— Hemphill, Noyes & Co., and Hallgarten & Co., both of New York City. Sealander Dec. notification) 150,000 shares of class A common stock (par 10 cents). Price — $2 per share. Proceeds—To start operations in manufacturing and selling boats. Office—2228 McElderry Street, Balti¬ more 5, Md. Underwriter—Robinette & Co., Inc., Balti¬ 19, more, • (letter 1960 of Md. Search Investments Corp. (3/1) Jan. 4, 1961 filed 1,000,000 shares of common —$1 per investment and for stock. Price Business—A non-diversified closed-end company. Proceeds—For working capital share. investments. apolis, Minn. Office—1620 Rand Tower, Minne¬ Underwriter—None. common York, N. Y. Underwriter—William David & Motti, Inc., City. New York Southern Co. Jan. (2/14) filed 900,000 shares of common stock 1961 6, (par be supplied by amendment. Proceeds— repayment of bank loans and for construction. $5). Price—To the For Offices—1330 West Peachtree & 600 No. Eastman Street, N. W., Atlanta, Ga., Street, Birmingham, Ala. Underwriter Inc. and by Probable competitive bidding. Dillon, Union Securities & Co.; Blyth Equitable Securities. Corp. (jointly); Boston Corp., and Lehman Brothers (jointly); Stanley & Co.; Kidder, Peabody & Co., and Morgan Merrill Smith Inc. (jointly). at the office of Morgan Guaranty Lynch, Pierce, Bids—To be received Fenner & New York 15, N. Y. by p.m. EST on Feb. 14. Information Meeting—Sched¬ at the N. Y. State Chamber of Commerce, 65 Liberty Trust 3:45 18th determined be Co., uled Inc. 100 per purposes, First —711 $100 of debentures and $300 plastic items. Proceeds—For general busi¬ including the purchase of tools, dies and equipment; for research, sales and inventory and for ad¬ ditional working capital. Office—375 East 163rd St., New ness bidders: and the making of payments to Columbia Pic¬ required under the operating agreement. Office of —- miscellaneous supplied by amendment. Business—The production and distribution of television feature films, business units unit. Business — The designri manufacture and sale of advertising signs, displays and —To as (2/14-17) Sept. 28, 1960 filed 118,000 shares of outstanding capital stock. Price—To be supplied by amendment. Office- bia tures com¬ is engaged in the assembly, manufacture, sale and repair of voting machines and toll collection devices and auxiliary equipment. Proceeds — For the reduction of debt and for working capital. Office—41 East 42nd St., New York City. Underwriter — Burnham & Co., New and basis by participating employees under the Colum¬ Pictures Corp. Employees' Stock Purchase Plan. purposes Price pany same Price—To Price—To be supplied Business—Designs and Price basis of Proceeds—To Inc. (2/6-10) 25, 1960 filed 200,000 common shares, of which 100,000 shares will be offered for public sale by the company and 100,000, being outstanding shares, by pres¬ in the facilities. Shore-Calnevar, shares. shares of Columbia Pictures, and for research Nov. offered 25, 1961 filed 20,000 shares of non-voting common Price—To be supplied by amendment. Business— Meat packing and related operations. Proceeds — For plant modernization and working capital. Office—3800 East Baltimore St., Baltimore, Md. Underwriter—Alex. Brown & Sons, Baltimore, Md. (managing). Offering —Expected in early March. on and bank loan, for expansion and inventory, and working capital. Office — Wilmington, Del. Under¬ writer—Myron A. Lomasney & Co., New York City. repay for February, 1968, and 75,000 shares of common stock to be stock. Columbia Pictures :< (2/6-10) per it Schfuderberg-Kurdfe Co., Inc. • Inc. Nov. 29, 1960 filed —$6 Jan. expansion Motti, ruary. shorts and commercials. Proceeds—For general Corporation of Delaware (2/27-3/3) Jan. 9, 1961 filed and distribution of Office purposes. Underwriter—A. held. Dec. — Sons, New York City and Straus, Blosser & McDowell, Chicago (managing). Offering—Expected in mid-Feb¬ • stock. Price is engaged in common of books. Place, of Brooklyn, 2414 — poses. Market distribution buys and sells Office mon Estate wholesale it Shepherd Electronic Industries, Inc. Jan. 18, 1961 (letter of notification), 78,000 shares of common stock (par 10 cents). Price—$2 per share. Pro¬ ceeds—For working capital. Office—9821 Foster Avenue, capital. repay holders & The — Marino, Calif. working Proceeds—To vehicles and in the preparation of proposals which have been submitted to certain govern¬ mental agencies. Proceeds—For general corporate pur¬ Proceeds—For the selling stockholders. Office —457 Madison Ave., New York City. Underwriter—Allen Business products and the processing and sale of frozen fruits, vegetables and prepared foods. Office—40 West 225th St., New York, N. Y. Underwriters Gregory & Roblin-Seaway Industries, Inc. (2/14-17) 29, 1960 filed 80,000 shares of class A stock. Price —$6 per share. Business—Organized under New York law in December 1960, the company will be consolidated with, and carry on the business of Roblin, Inc., which for process¬ Reedie satellite com¬ common ® and systems. velopment of underlying (par $20) and a like amount of shares. Price—To be supplied by Dec. electronic Securities Coro.^ New York. N. Y. stock, to be offered for public sale by the present thereof. Price—To be supplied by amendment. Business—The company and its subsidiaries are in the business of publishing and distributing a wide variety con¬ preferred stock Drive, Silver Spring, Md. Underwriter—Auchincloss, Parker & Redpath, Washington, D. C. other indebtedness Business—The company it Random House, Inc. Jan. 27[ 1961 filed 121,870 outstanding shares Brothers, Inc. 21, 1960 filed 98,150 shares of 5% cumulative Properties, Inc. (letter of notification) 40,000 shares of class common stock (par $1). Price—$7.50 per share. Pro¬ ceeds—For working capital. Office—2540 Huntington Dr., San Marino, Calif. Underwriter — Blalack & Co., San ing and —$2.25 per share. Plymouth com¬ develop¬ engaged in the development and produc¬ specialized electronic equipment for use in Corp. 300,000 shares of — Price concern of modern Jan. 19, 1961 filed replacement parts Seeman grocery (2/14-17) for television receivers and other electrical circuits. Pro¬ ceeds—For general corporate purposes. Office—600 In¬ dustrial Ave., Paramus, N. J. Underwriter 1960 • Dec. amendment. Federal (letter of notification) 75,000 shares of common stock (par 10 cents). Price—$4 per share. Busi¬ ness—Manufacturers of electronic and 28, None. —75 — Buffalo, N. Y. Underwriter Dec. be other types of insurance. Proceeds—For working capital. Bannock St., Denver, Colo. Underwriter— vertible general (3/1) amendment. Price—To 41 Office—1100 operation of mining properties near Eureka, Nev. Proceeds—To repay loans from U. S. Smelting, Refining & Mining Co. Office tion Radiatronics, 1 103,133 shares of capital stock, to be stockholders for subscription on the basis of 24, 1961 filed offered Proceeds—For general corporate purposes. Office —190 Duffy Ave., Hicksville, N. Y. Underwriter—Blaha & Co., Inc., 29-28 • Richmond-Eureka Mining Co. supplied Radar Measurements Corp. (2/27-3/3) Jan. 19, 1961 (letter of notification) • —Manufacturers of electronic equipment. • Jan. ■ . (589) Co., 60 Liberty Street, Street, New York City, at 3 p.m. (EST) on Feb. 10. Southwestern Oil Producers, Inc. Price— Proceeds—For the drilling of three wells working capital.. Office—2720 West Mockingbird Lane, Dallas. Underwriter — Elmer K. Aagaard, 6 Salt Lake Stock Exchange Bldg., Salt Lake March 23 $2 per and filed 700,000 shares of common stock. share. the balance for City, Utah. Stancil-Hoffman Corp. (2/14-17) Sept. 30, 1960 filed 150,000 shares of capital stock. Price —$2 per share. Business — The research, development, manufacture, and sale of magnetic recording equipment. Office 921 North Highland Ave., Hollywood, Calif. Underwriter—Pacific Coast Securities Co., San Francisco, — it Securities Credit Corp. Jan. 27, 1961 filed $3,000,000 of -6%•■series-A subordi¬ nated debentures. Price—100% of • principal amount. - Business—The company and its in the retail financing of new subsidiaries are engaged and used automobiles, mo¬ bile homes, appliances, furniture and farm equipment for purchasers, and the wholesale financing of dealers' in¬ ventories of such automobiles and direct lending to con¬ sumers, and the writing of automobile, credit life, and Calif. • Standard Nov. & Shell Homes Corp. 1, 1960 filed 210,000 shares of common stock and of 9% subordinated sinking fund debentures, due Nov. 1, 1985, with warrants to be offered in 35,000 units consisting of six common shares, a $10 deben- $350,000 . Continued on page 42 42 The Commercial and Financial Chronicle (590) Continued from page 41 Price — January 1961 to $15 per share in January 1970. Proceeds—$96,560 to increase vonm.e of accounts receivable financing; $24,i45 to in¬ * Tecii-Orfum Sept. 6, stock ceeds (2/6-10) For general corporate purposes. Office — 33rd Pa. Street, 710 American National Bank Bldg., Denver, Colo. • Storer Broadcasting Co. (2/20-24) stockholders for subscription. Price—To amendment. of Proceeds—For Telescriber a company and owns operates five television broad¬ casting stations, seven radio stations, six F.M. radio broadcasting stations and a daily newspaper. The com¬ pany, through a subsidiary also owns a majority of the voting stock in The Standard Tube Co., Detroit, Mich, manufacturer of steel tubing and other tubular prod¬ selling stockholders. Underwriter Inc., New York City (managing). ucts. Proceeds—To the —Reynolds & Co., Straus-Duparquet Inc. Sept. 28, 1960 filed $1,000,000 of 7% convertible subordi¬ nated debentures, due 1975. Price—At par. Office—New York City. Underwriters—To be supplied by amendment. • Sunset Color Laboratories Jan. 1961 30, filed 10c). Price—$2.25 Proceeds — per For Inc. 80,000 shares of (3/6-10) stock (par Business—Photo finishing. corporate purposes. Office— common share. general Rockville Center, N. Y. Underwriter—Jacey Securities Co., 82 Beaver St., New York City. • Super-Market Distributors, Inc. (2/8) Dec. 1, 1960 filed 200,000 outstanding shares of common stock. Price—$5 per share. Business—The wholesale dis¬ tribution of non-food consumer items to supermarkets Proceeds—To selling stockholders. Office—39 Old Col¬ ony Ave., Boston. Mass. Underwriter—Clayton Securities Corp., Boston, Mass. Superstition Mountain Enterprises, Inc. Jan. 30, 1961 filed 2,000,000 shares of common stock. Price $2.50 per share. Business The company was — formed — in of ioot Ariz. March, 1959 to develop real property at the Superstition Mountain near Apache Junction, It has developed part of the property to form the Apacheland Sound Stage and Western Street, architec¬ turally designed for the 1870 period, which is used for the shooting of the motion picture and television ductions. pro¬ Proceeds—To purchase and develop additional property. Office—Apache Junction, Ariz. Underwriter —None. Swiss Chalet, Inc. (3/6-10) 4, 1961 filed 115,000 shares of 70£ cumulative first preferred stock and 115,000 shares of common stock to Jan. be of offered in units, preferred and one each unit share of to consist common. of one share Price—$10 per unit. Business—Operates the Swiss Chalet Restaurant in San Juan, Puerto Rico. Proceeds—For the construc¬ tion and furnishing of a seven-story hotel adjacent to the restaurant. Puerto Rico. New York Office—105 De Diego Avenue, San Juan, Underwriters—P. W. Brooks & Co., Inc., City and Compania Financiera de Inversiones, Inc., San Juan. "Taro-Vit" Nov. 25, $0.60 a Chemical Industries Ltd. The company produces, in Israel, a poultry supplement, and pharmaceutical and chemical prod¬ — Tax-Exempt Public Bond Trust Fund Jan. 16, 1961 filed $5,000,000 of interests (5,000 units). Price—To be computed on the basis of the trustees eval¬ uation of the underlying public bonds, plus a stated percentage (to be supplied by amendment) and dividing the sum thereof by 5,000. Business — The trust was formed by John Nuveen & Co., Chicago, 111., to invest in tax-exempt obligations of states, counties, municipalities territories Nuveen & of the United States. Sponsor — John Co., 135 South La Salle Street, Chicago, 111. • Techmation Corp. (2/27) Jan. 17, 1961 (letter of notification) 87,500 common shares (par one cent). Price —$2 per share. Business— The company designs and develops automation machin¬ ery through systems of "hoppers," "feeders," and other design innovations for the manufacture of industrial, cosmetic, toy, plastics and other products. The company proposes to adapt its oriented feeding devices to minia¬ ture and sub-miniature electronic components manufac¬ ture. be supplied production A. an T. & T. by Proceeds—To machinery Dec. © Price—$5 per *'£ makes prompting machine for television and an elec¬ tronic tape editor. Proceeds—To expand plant and sales force, enter closed circuit television, repay a $20,000 loan, and for working capital. Office—155 West 72nd St., New York City. Underwriter—Robert A. Martin Asso¬ Electric Development Co., Inc. of notification) 100,000 shares of cents). Price—$3 per share. Busi¬ ness—The manufacture and sale of electronic compqnents Jan. 5, and (letter 1961 common stock (par 10 instruments. Proceeds—For general Office—1873 corporate pur¬ Underwriters—Dresner Co., and —Expected in late February. Corp. (2/8) t 30, 1960 filed 300,000 shares of common stock (par Price—To be supplied by amendment. Business— $5). The operation of an interstate ana, pipeline system in Louisi¬ Arkansas, Mississippi, Tennessee, Kentucky, Illinois, Indiana and Ohio. Proceeds—To be applied toward 1961 expansion program estimated to cost $27,000,000. Office West —416 Third St., Owensboro, Ky. -Underwriter— Dillon, Read & Co., Inc., New York City * Texstar Securities, Inc. -J- (managing). ■ • 30, 1861 filed $3,000,000 of interests in Texstar 1961 Gas and Oil Program. Price—$6,000 per unit. Business —The company was organized under Delaware law in December 1960 of gram in the rate as a wholly-owned subsidiary of the Its main purpose is to carry out the pro¬ developing gas producing prospects U. S. and Canada. Office purposes. develop a proprietary line of auto¬ products, for working capital, to fill Industries — Proceeds—For National Bank anywhere general corpo¬ of Commerce New • Inc. 1 " " 27, 1960 filed 315,089 common shares of which 285,000 shares will be offered for the account of the issuing known and new are 30,089 shares, representing out¬ to be offered by two officers of the Price—$3.50 per share. Business—Formerly Agricultural Equipment Corp., this company as distributes German made Stihl chain saws Inc. Office—65 York City Underwater Nov. of 8, Union New York Securities & City, Co., (managing). Storage, (letter of 1960 Broadway, Dillon, Inc. (2/6) notification) 100,000 shares of stock (par $1). Price—$3 per share. Proceeds— working capital. Office—1028 Connecticut Ave., N. W., Washington, D. C. Underwriter—Searight, Ahalt & O'Connor, Inc., New York, N. Y. / : common For Bcatbui ders, Inc. (2/27-3/3) 1961, filed 100,000 shares of common stock. Price —To be supplied by amendment. Busineess—Makes arid sells fiberglas boats. Proceeds—To be added ,to working Jan. 3, capital. Office—9th and Harris, Bellingham, Wash. Un¬ derwriters—Birr & Co., Inc., San Francisco and Marron, Co., Inc., New York City. 1 ' ? r Sloss & , • United International Fund Ltd. i ' Oct. 20, 1960 filed 1,000,000 shares of common stock (par one Bermuda pound). Price—$12.50 per share. Business is open-end mutual fund. new a Proceeds—For investment. Office—Bank of Bermuda Bldg., Hamilton, Bermuda. Underwriters—Kidder, Peabody & Co., Bache & Co., and Francis I. du Pont & Co., all of New York City (managing). Offering—Expected in early 1961. ; © United Pacific Aluminum Corp. v- - - Aug. 24, 1960 filed $7,750,000 of convertible subordinated debentures, due 1975. Price—To be supplied by amend¬ ment. Proceeds—Together with other funds, the proceeds will be used to for the erection of a primary alu¬ facility, Office — Los Angeles, Calif. Underwriter—Straus. Blosser & McDowell. Chicago, 111. (managing). Note—This statement is to be withdrawn.. pay reduction • United Reserve Underwriters, Inc. < ' 12, 1961 -(letter of notification) 100,000 shares of non-cumulative preferred stock (par 50 cents). Price— $3 per share. Proceeds—To purchase stock of Bankers Jan. Reserve. Life © Thermo-Dynamics, Dec. are processing and sale Insurance Co. Office—220 Majestic Bldg., Denver, Colo. Underwriter—None. Bldg., San Antonio, Tex. Underwriter—None; company The Corp.. Underwriter—Eastman minum Jan. Texstar Corp. — the shares of which are traded on the New York Exchange. Proceeds—To pay debentures and a promissory note of the issuer, and debentures of Selected —This Texas Gas Transmission Dec. share. Business per Eastern Parkway, Brooklyn, N. Y. Michael & Co. (managing), Satnick & Co., Inc., all of New York City. Offering poses. •>y:/J-y1JT United ciates, Inc., 680 Fifth Avenue, New York City. Tensor v Stock -V' a (2/10)Nvv': pany automatic, loudOffice—7 East 42nd St., New York Underwriter—Equity Securities Co., New York, '''"J4" Pifoololafe, Inc. Tri-Continental Pro-, Telescript C.S.P., Inc. (2/14-17): Dec. 23, 1960 (letter of notification) 60,000 shares of common stock. Price—$5 per share. Business—The firm Office—2215 Washington Underwriter—Hodgdon & Co., apartment project. Feb. 1, 1961 filed $20,900,000 of series A debentures, due March 1, 1966. Price—To be supplied by amendment. Business—The issuer is a closed end investment com¬ of * - For general business expenses. Office —1 2240 Jerome Avenue, New York City. Underwriter—Michael G. Kletz Co., New York City. •- speaking telephone. 17, N. Y. (2/14-17) & Business—Elec¬ New York. Trust photographic film, supplies and equipment. Proceeds— ; share. Investment — Town —$4 Hempstead, N. Y. Underwriter — Lee Hollingsworth, 514 Hempstead Ave., West Hempstead, N. Y. (par 25 cents). Plaza Nov. 30, 1960 filed 150,000 shares of common stock. Price development, and manufacture of its patentable products in the fields of air conditioning, air pollution control, electronics and plastics. Froceeds—For general corporate purposes. Office—514 Hempstead Ave., stock stock. Address—Omaha, Co., Omaha, Neb. Co., of Lincoln, Lincoln, Neb. Trust mentioned . ceeds—For general corporate purposes. tronic communications equipment and (2/13) Ave., Silver Spring, Md. Inc., Washington, D. C. Teie-Graphic Electronics Corp.. Dec. 16, 1960 (letter of notification) 100,000 shares of common stock (par $1). Price—$3 per share. Business— common Salt Co., The company will purchase an apartment project of not less than 242 units on 10 acre site in Prince Georges County, Md. Proceeds—To purchase the above- * shares & I960; -filed 209 Beneficial Trust Certificates in Toledo Plaza Investment Trust. Price—--$2,500 each. Business ' Telephone & Electronics Corp. (2/10) 18, 1960 (letter of notification) 52,980 Underwriter—Whitney 8, The Los Angeles, Calif. Underwrit¬ ers—Baird & Co., and Richard J. Buck & Co., both of New York City, and Chace, Whiteside & Winslow, Inc., ® First Toledo expenses of facsimile equip¬ by its subsidiary Hogan Faximile Corp., Aug. prices ac in volume of direct industrial loans and dealer con¬ Tip Top Products Co. and and the balance for the reductioh of indebtedness. Office holding, convertiole be Gcc. % I9o0 filed 6j,000 shares of class A common analog —8700 Bellanca Avenue, Patent will share per Price—To be supplied by amendment. Neb. Underwriters—J. Cliff Rahel & expenses and Stihl "Go- — — matic compatible with ment to be made company. filed ucts. Proceeds $750,000 for expansion; $170,J00 for equipment and working capital; and $130,000 for repay¬ ment of a loan. Office P. O. Box 4859, Haifa, Israel. Underwriter—None. and • ' subset; for initial production ; standing stock, 2,500,000 ordinary shares. Price— share payable in cash or State of Israel Bonds. Business food 1960 initial $7.50 City, Utah. City, Utah. Lake West Dec. 30, 1960 filed 263,000 outstanding snares of common stock. Price—To be supplied by amendment. Business— The Lake 0 TeSAutograph Corp. (2/9) 18, lybO filed an unspecified number of shares of common stock (par value $1), to be offered to common from to increase volume of small loans; and $700,000 for the reduction of notes payable. Office—Salt 36-11 Nov. debentures tracts; i$z4,145 Long Boston, Mass. Stephen Realty Investment Corp. Jan. 16, 1961 filed 1,400,000 shares of beneficial interest, of which 1,000,000 shares will be publicly offered and 400,000 shares are to be exchanged for real estate ven¬ tures. Price—$5 per share. Office — 1930 Sherman St., Denver, Colo. Underwriter — Stephen Securities Corp., — crease shares. Price—At 100% of principal common The ranging Island City, N. Y. Underwriter— Edward Lewis Co., Inc., New York, N. Y. Nov. 22, 1960 filed 180,000 shares of common stock; $450,000 of 8% subordinated sinking fund debentures ($10 face amount), due Sept. 1, 1981; and 45,000 warrants exercisable at $15 for the purchase of two shares and one debenture (for which 90,000 underlying common shares and 45,000 underlying 8% debentures were also filed). The securities will be offered in units, each unit to consist of four shares of stock, one $10 face amount debenture and one warrant. Price—$18 per unit. Proceeds—For the financing of homes sold by the company and its subsidiary, and for working capital. Office— Center Square, Pa. Underwriters—Marron, Sloss & Co., Inc., New York City and Harrison & Co., Philadelphia, amount. Electronics, Inc. (2/3-6) (letter of notification^ yy,833 shares of (par 10 cents). Price—$3 per share. Pro¬ 1960 common a Homes, Inc. underlying Steinway St., Long Island City, New York. Underwriter—First Philadelphia Corp., New York City. — Crest Thursday, February 2, 1961 . Office—i9-79 $17.50 per unit. Pro¬ ceeds For construction, mortgage funds, and work¬ ing capital. Office—Miami Beach, Fla. Underwriters— Aetna Securities Corp. and D. Gleich Co., both of New York City, and Roman & Johnson, of Ft. Lauderdale, Fla. Offering—Expected sometime in February. Steei . orders, for oriented seeding and automation machinery, and for patent applications and the prosecution thereof. ture, and two warrants. • . Kart" gasoline engines; U. S. made tractor attachments and power saws; makes cryogenic gas reclamation and transferral systems, L-P gas thermo-shock weed control devices, portable furnaces, etc. Proceeds-^For the repay¬ ment of debts, for expansion and for working capital. Office—1366 W. Oxford Avenue, Englewood, Colo. Un¬ derwriter—Lowell, Murphy & Co., Inc., Denver, Colo. U. Jan. S. 3, SVSfgi & Galvanizing Corp. (2/14-17) (letter of notification) 100,000 shares of stock (par 10 cents). Price—$3 per share. Pro¬ 1861 common ceeds— To reduce liabilities, sales promotion, for working capital. Office— 5165 E. 11th Avenue, Hialeah, Fla. Underwriter—Arm¬ strong Corp., 15,William St,, New York, N. Y. United Telecontrol Electronics, Inc. (letter of notification) 60,000 shares of com¬ mon stock (par 10 cents). Price—$5 per share. Business —Manufacturing components designed for use* in con¬ Dec. 8, 1960 nection with Telephone and telegraph communication equipment on a prime contract basis. Proceeds For general corporate purposes, including working capital. — Office—Monmouth County Underwriter ir Thermogas Co. current purchase inventory, and Richard — Airport, Wall Township, N. J. & Co., Inc., New York, Bruce New York. Jan. 30, 1961 filed 100,000 shares of common stock. Price be supplied by amendment. Business—The com¬ pany is a distributor of propane and tanks and acces¬ —To sories for the storage and handling of propane gas. fro¬ ceeds—To loans, purchase additional distribution plants and for working capital. Office—4509 East 14th St., Des Moines, Iowa. Underwriter—A. C. Allyn & Co., Chicago (managing). ' N repay .. . Thursby Dec. 19, (Reed A.) 1960 (letter & Co. & Time Dec. 30, Co., Inc., New York, N.Y. Finance 1960 subordinated Corp. registered debentures • $1,000,000 due Co., Memphis, Tenn. Van Jan: of 6% • convertible 1, *;Y976hand 150,000 > (no cor¬ 16, common For • - .v Dusen Aircraft 1961 Supplies, Inc. (letter of notification) 100,000 stock (par $1). Price—$3 shares of share. Proceeds.— Minn. Underwriter per expansion. Office—Minneapolis, Co., Philadelphia, Pa. Offering—Expected in —Stroud & late February.* Vector Aug. 29, ; . porate purposes, including debt reduction. Office—Mem¬ phis, Tenn. Underwriter—Union Securities Investment Jan. of notification) 100,000 shares of common stock (par 10 cents). Price—$3 per share. Pro¬ ceeds—For building sites, installation and for working capital. Office—4030 Overlook Road, N. E., St. Peters¬ burg, Fla. Underwriter—Dunne & Co. and R. James Foster Urban Development Corp. Aug. c0, 196J fileu ^00 oho snares of common stock par).- Price—$10 per share. Proceeds—For General ' Industries, lite. 1960 (2/20-24) > (letter of notification) 150.000 shares of common stock (par 10 cents). Price—$2 per share: Pro¬ ceeds—To pay in full the remainder of such subscription •/to capital stock of International Data Systems, Inc. and Volume 193 Number 6026 The Commercial and Financial Chronicle (591) retire outstanding notes. Office—2321 Forest Lane, Garland, Tex. Underwriter—Plymouth Securities Corp., New York City. r to , Vim Oct. Laboratories, Co., Inc. 1960 26, (letter aircraft. Proceeds—For moving Office—2963 N. Amos of and expenses W. plant and equipment, for for working capital. new a the 000,000 to $40,000,000 of bonds late in balance 19b2. Office—2 79th St., Miami, Fla. Underwriter— & Co., Inc., New York City (managing). Treat —To per share. Proceeds—To provide funds for further expansion of the company's operations. Office—5455 Randolph Rd., Rockville, Md. Underwriter—First Investment Planning Co., Washington, D. C. : common stock shares of „ Visual Jan. Miami, (letter* of-notification) 100,000 common; stock (par five cents). Price—$3 Business—Manufacturers of an audio-visual educational and entertainment purposes. general corporate Office—42 purposes. shares of share. per device for Proceeds—For S. 15th Street, Suite 204, Philadelphia, Pa. Underwriter—District Secu¬ rities, 2520 L Street, N. W., Washington, D. C. Texas West 6 Utilities Co. (2/15) ; 16, 1961 this subsidiary of Central and South West Corp., filed $8,000,000 of first mortgage bonds, series F, due Feb. 1, 1991. Proceeds—To repay bank loans and for Office — 1062 North Third Street, Abilene, Underwriters—To be determined by competitive expansion. Texas. Probable bidding. bidders: Halsey, Stuart & Co. Inc.; Corp.; Merrill Lynch, Pierce, Fenner & Smith Inc.; Equitable Securities Corp.; Blyth & Co.; Kidder, Peabody & Co.; Eastman Dillon, Union Secu¬ rities & Co.; White, Weld & Co., and Shields & Co. (jointly). Bids—Expected to be received on Feb. 15 at 10:30 a.m. (CST). //./.-/ ^///y/':;'•■•4/ a: Western Factors, Inc. June 29, 1960, filed 700,000 shares of common stock. Price Boston First —$1.50 per share. Proceeds—To be used principally for the purchase of additional accounts receivable and also may be used to liquidate current and long-term liabil¬ Office —1201 ities. Continental Bank Bldg., Salt Lake City, Utah. Business—Factoring. Underwriter—Elmer K. Aagaard, Newhouse Bldg., Salt Lake City, Utah. Westminster Oct. Fund, Inc. 14, 1960 filed 4,000,000 shares of capital stock. Busi¬ ness—This is offer holders securities mutual fund, and its intention is to at least $25,000 worth of new a of the of exchanging acceptable each $12.50 one share in the also and and operates station and FM, television WLOS-TV Asheville, station President-Treasurer, that the company is considering a offering to stockholders of additional common a Regulation "A" filing, possibly to occur in mid-1961. Office—39 E. Chestnut St., Columbus, Ohia Underwriter—Vercoe & Co., Columbus, Ohio. ,,j with N. its stock affiliates The C. rights WTVJ, company operates television station WFGA; Jack¬ sonville, Fla., and it recently signed a contract for the acquisition of station KVOS-TV, Bellingham, Wash. It also operates a chain of 23 motion picture theatres, sells soft drinks and related items, owns a sell and amount on Avenue, Miami, Fla. Underwriters — Lee Higginson Corp., New York and A. C. Allyn & Co., Inc., Chicago. *{■''>'/ V: Boulevard, • Wyle Laboratories Jan. on Angeles, Calif. Under¬ Corp., same address. quarter of 1961 and in the fourth planjl soma - quarter. Th0 period 1961 to 1965 of which from outside come sources. soma Office—,501 Ave., Phoenix, Ariz. Underwriters—To ba of bonds was made March > privately . Light Co. that this subsidiary of Middle South Utilities plans the issuance of approximate¬ (3/6-10) ly $12,000,000 was of announced 30-year first mortgage bonds, some time in March. Underwriter—To be determined by com¬ petitive bidding. Probable bidders: Halsey, Stuart & Co. shares, representing out¬ stock, will be offered for the account of a selling stockholder. Price — To be supplied by amend¬ Inc.; Eastman Dillon, Union Securities & Co, and Equi¬ table Securities Corp. (jointly); Blyth & Co. and Dean Witter & Co. (jointly); Lehman Brothers, Stone & Web¬ ster Securities Corp. and White, Weld & Co. (jointly); Merrill Lynch, Pierce, Fenner & Smith Inc. This firm, which up to now has been held, believes it is the largest independent laboratory in America providing testing services for the missle-space-aircraft industry. Proceeds — For expan¬ sion, with the balance for working capital. Office— 128 Maryland St., El Segundo, Calif. Underwriters—Kid¬ der, Peabody & Co., New York City, and Mitchum, Jones & Templeton, Los Angeles (managing). — stocks Arkansas Power & standing Business Third Sept. 20, 1960 it 1961 filed 110,000 shares of common stock, of 100,000 shares will be offered for the account of ment. common company 26, 1959 through Blyth & Co., Inc., and The First Boston Corp. The last sale of preferred stock on June 18, 1958 and the last sale of common (to stockhold¬ ers on May 24, 1959) was also handled by Blyth & Co, and The First Boston Corp. Los the issuing company and 10,000 or ' that this or determined. The last sale 17, which Co. reported construction in the South property, for constructing a motel on said property and various leasehold improvements on the property. Office Sunset Service was $250,000,000 will WonderBowl, Inc.' ..."-.v. April 14 filed 3,401,351 shares of common stock (par $2). Price—$2 per share. Proceeds—For purchase of certain writer—Standard Securities it type of securities has not yet been deter¬ mined. The company expects to spend about $320,000,000 North Miami —7805 Public 1961 to., issue bonds in the .second the Bahamas and holds a 91% Seaquarium at Miami, Fla. Office—306 the 25, preferred franchise to bottle Pepsi-Cola in in via Arizona Jan. . privately Atlantic Transistor Corp. Sept. 12, 1960 the company reported that it is contem¬ first public offering, consisting of a letter of notification covering an undetermined number of shares of its $1 par common stock. Business — Tha company makes and sells a "water - tight, un¬ plating filing its breakable" marine radio known the "Marlin 200." Pro¬ as ceeds—For the ATTENTION UNDERWRITERS! Kidder, Peabody & Co., New York City. Offering—Ex¬ pected in early 1961. •" Do you have an issue • to know about it Our ■ Westmore, Inc. (2/14-17) (letter of notification) 150,000 shares of common stock (par 40 cents). Price—$2 per share. Busi¬ ness—Inventing, developing, producing and marketing of electronic test equipment. Proceeds—For production, 1960 1, Nov. 11, 1960 it was reported by Paul O. Sebastian, Vice* and owns will receive a maximum commission of 4%. OfficeWestminster at Parker, Elizabeth, N. J. Investment Ad¬ visor—Investors Management Co. Dealer — Manager— Dec. and D Fund, which opportunity worth of such securities for Fla. WLOS-AM interest Jan. C B, early It* competitive bidding. Probable Halsey, Stuart & Co., Inc.; First Boston Corp.; Ripley & Co., Inc.; Kuhn, Loeb & Co. and Eastman Dillon, Union Securities & Co. (jointly). ^ Approved Finance Inc. | — Business—Owns Dynamics Corp. 1961 12, outstanding shares each of class B, series or by Harriman common; and 23,944 outstanding shares of class B, series E common. Proceeds For the selling stockholders. class A 1961 Broadway, New York City. Underwriters determined bidders: Wometco Enterprises, Inc. (2/27-3/3) Dec. 30, 1960 filed 100,000 shares of stock, consisting of 18,591 outstanding shares of class A common stock; 19,155 notification) 90,000 (par $1). Price—$2.75 be 43 Corporation Department that we item write telephone you us at us REctor 2-9570 band. Office—63-65 Mt. Pleasant ing. Note—The issuing company is sidiary of Auto-Temp Inc. similar to those you'll find hereunder.^ Would a Ave., , Newark, N. J. Underwriter—Mr. Roth, Comptroller, states that ha is actively seeking an underwriter to handle the offer-1 like prepare an can would be to shore you're planning to register? News so is development of the "Marlin 300," which similarly constructed radio with a ship-to- or a wholly-owned sub¬ Baltimore Gas & Electric Co. at 25 Park Place, New York 7, N. Y. research Oct. 3, 1960 it was reported that the utility expects to sell about $20,000,000 of additional securities, possibly bonds for or and development; for repayment of loans and working capital. Office—Fanwood, N. J. Underwriter —Vincent, James & Co., Inc., 37 Wall St., New York, N. Y. " ;■ ////1 -/O-.— Prospective Offerings . Whippany Paper Board Co., Inc. Advance Dec. 28, The manufacture and sale of container liner board, cor¬ rugated board, chip board and box board. Proceeds—For plant conversion and working capital. Office—10 North Jefferson Road, Whippany, N. J. Underwriter—Val AI- styne, Noel & Co., New York City (managing)/ / Wilier ■ Color Television System, Inc. Jan. 29, 1960 (letter of notification) 80,890 shares of cri¬ men stock (par $1). Price—$3 per share. Proceeds—For general corporate purposes. Office — 151 Odell Avenue, Yonkers, N. Y. Underwriter—Equity Securities Co., 39 Broadway, New York City. Offering—Ind « nite. : Wilson Dec. (Lee) Engineering Co., Inc. -'/"/-/y 30, 1960 filed 67,500 outstanding shares of common stock/Price—To be supplied by amendment. Business— The company produces equipment for treating flat rolled steel and wire in a variety of ways, including chemical change through through thermal alloying and physical treating. Proceeds—For the change selling gas;, stockholder. Underwriter—Prescott, Shepard & Co., Inc., Cleveland. Industries Wings 8t Wheels Express, Inc. Dec. 9, I960 filed 85,000 shares of "Reg. A" filing cov¬ ering 100,000 shares of the company's 10 cent par com¬ mon stock is expected by mid-February. Price — $3 per share. Business—Manufacturer common stock. Price per share. Business—Engaged in freight forward¬ ing by air and terminal handling service at Chicago. Proceeds—For expansion, working capital, the financ¬ mid-February. ; public sale in units consisting of $22.50 ness—The Frice—To be * './/:' , / ■r ''A 2, Ala., Underwriters—To be/, deter¬ competitive bidding. < Previous bidders on & Co., Inc., and Kidder, Peabody & Co. (jointly); Morgan Stanley & Co.; First Boston Corp.; Eastman Dillon, Union Securities & Co., Equi¬ table Securities Corp. and Drexel & Co. (jointly); Leh¬ man Brothers; Halsey, Stuart & Co. Inc. Registration— Expected about Feb. 13. Bids—Expected at 11 a.m. (EST) by included Blyth bonds March 23. on and Underwood,, Neuhaus & Gas one share of com¬ supplied by amendment. Busi¬ organized under Delaware law in January 1£61 to engage in the conception, planning and execution of large scale property development and construction projects throughout the U. S. Proceeds— Trunk Line St., S. W., Calgary, Alberta, Canada. Investment Co. 1960, Donald L. Barnes, Jr., executive vice-presi¬ 1961 in the form $4,000,000 to of about $6,000,000 of capital notes and $6,000,000 of subordinated notes. Office— Louis, Mo. Playlands Corp. Dec. 21, 1960 it was reported that this company plans to refile in February a registration statement covering 300,Business—The writer—Lee ment York City (manag¬ ing). •-Woliarc! Aircraft Service Equipment, Inc. ,:' .r (2/14-17) • •- .. •• Dec. 14, 1960 filed .135.000 shares of common 000 shares and common stock. This will be a full filing. company intends to operate an amuse¬ recreation park on 196 acres of land near . ^Appalachian Price—84 Feb. of A.merican per share.'Business—The manufacture and sale equipment used to service commercial and military of Liberty, N. Y. Proceeds—For development of the land. Office—55 South Main St., Liberty, N. Y. Under writer-?M. W. Janis & Co., Inc., New York City. ,y stock. - 000,000 of mortgage bonds in late 1961. Office—176 Remsen St., Brooklyn 1, N. Y. I California Asbestos Corp. Sept. 28, 1960 it was reported that discussion is under way concerning an offering of about $300,000 of common stock. It has not yet been determined whether this will be a full filing or a "Reg. A." Business—The company, is not as yet in operation but which has pilot plants, will mine and mill asbestos. Proceeds—To set up actual operations. Address—The company is near Fresno, Calif. Underwriter—R. E. Bernhard & Co., Beverly Hills, Calif. Registration—Indefinite. 1, 1961 it Power was Electric Co/ reported Power Co., that this Inc., plans subsidiary to Electric 18, 1961 it Power Co. reported that this company's plans to offer $8,000,000 of bonds will be governed more by was the conditions of the money market than by the com¬ pany's eqrly need for long-term financing. With its 1961 construction program tentatively scheduled at $20,000,000, the company can wait at least until fall before it needs financing. Proceeds — For construction. Office— 2885 Foothill Boulevard, San Bernardino, Calif. Undercompetitive bidding. Prob¬ able bidders: Kidder, Peabody & Co.; Halsey, Stuart & Co. Inc.; First Boston Corp.; Merrill Lynch, Pierce, Fen¬ & Smith Inc. California Oct. to in Oregon Power Co. 18, 1960 it was reported that the company expects to market in Oct. 1961 to raise about $12,000,000 form approximately $7,000,000 of bonds and $5,000,000 common stock. Proceeds—For the repayment of bank loans. Office—216 W. Main St., Medford, Oreg. • ; come the Carbonic Dfec. 8, of Equipment Corp. • was reported that 1960 it a full filing of about ; . $300,000 of units, consisting of common stock, bonds and ^ warrants will be made. Proceeds—For expansion of the v. of sell $35,- > writers—To be determined by American For the acounition and envelopment of real estate prop¬ erties Off Re-—22 West 43th St., New York City. Under¬ Corp.. New y- ner company was Higginson . California dent, announced that debt financing is expected in early St. Brooklyn Union Gas Co.* /; '■ J: 12, 1961 G. C. Griswold, Vice-President and Treas- ) urer stated that company has not made definite financing,', plans hut is considering an issue of $25,000,900 to $30,- Jan. Jan. Co., Ltd. Sept. 1, 1960 A. G. Bailey, President, announced that financing of approximately $65,000,000 mostly in the form of first mortgage bonds, is expected early in 1961. Nov. 3, r Broadway, New York City. Co. new American company is engaged in the manufacture /; for zippers. Proceeds—For expansion and gen-.;, which Supply Co. 1961 it was reported that this company is nego¬ tiating for the sale of about $18,000,000 to $20,000,000 of bonds. Proceeds—For expansion of facilities. Office— San Antonio, Tex. Underwriters — White, Weld & Co., Alberta of parts Securities, 1457 f Birmingham mined Enterprises Inc. 18, 1960 it was reported that a letter of notifica¬ tion consisting of 100,000 shares of 10 cent par common stock will be filed for this company. Price—$3 per share. eral corporate purposes. Office—11-54 44th Drive,-Long Island City, N. Y. Underwriter—Harwyn Power Co. (3/23) 1/ ,v 3, 1961 it was reported that this subsidiary of the Southern Co., plans to sell $13,000,000 of 30-year first mortgage bonds and $8,000,000 of preferred stock (par $100). Proceeds—For expansion. Office—600 North 18th St., by competitive bidding. Halsey, Stuart & Co. Inc.; White, Weld Business—The Alabama Office—502-2nd stock. . Jan. Corp. Jan. 30, 1261 filed $9,0u0,000 of convertible subordinated debentures due 1931 and 400.000 shares of common stock to be offered for principal amount of debentures and Proceeds— Co., Washington, D. C. . To be determined Bo-Craft y accounts receivable, and general corporate pur¬ Office—Astoria Blvd., and 110th St., Flushing, L. I., N. Y. Underwriters—Globus, Inc. and Ross, Lyon & Co., Inc., both of New York City. Offering—Expected in mon furniture. — and First Boston Nov. equipment and general corporate purposes. Office —Washington, D. C. Underwriter—Allen, McFarland & poses. ^ Winston-SVTuss of a For Co. Corp. (jointly); Harriman Rip¬ ley & Co., Inc. and Alex. Brown & Sons (jointly). Corp. Jan. 24, y-$3 ing of & Jan. 25, 1961 it was reported that Alamo Gas • derwriter Probable bidders: (2/20-24) 1960 filed 250,000 shares of common stock (par 10c). Price—To be supplied by amendment. Business— preferred stock, sometime during the first half of Office—Lexington Building, Baltimore, Md. Un¬ 1961. - Continued on page 44 c * 44 The Commercial and Financial Chronicle (592) Continued from page 43 S 4 pected in late February. h "'-y ''X- /. t'.V Feb. ? if it mobile leasing. Proceeds—For expansion. Office—540 N.;W. 79th St., Miami, Fla. Underwriter—R. F. Dowd & Co., Inc., New York City. Registration—Expected during the week of Feb. 13. Offering—Expected about the mid¬ dle of March. • Casavan Feb. Nov. Reinsurance P. 28, O. it 1960 Box underwriter. an 1961 it was reported by Mr. Casavena, Presi¬ dent, that registration is expected of approximately $10,- Sept. 14, 1960 it 000,000 of that polyurethane V Proceeds 24, House 1960 company's it New York marble processes expansion. Office for 250 — reported that Of constituting The its first filing of this public offering, per Busir share. Plaza, Ritz was ing, registered secondary. Business—Operates a chain beauty salons. Office—11 E. 58th Street, New York City. Underwriter—White, Weld & Co., New York City V' of (managing). Registration—Expected in early March. * }',, Colorado Interstate Gas Co. Oct. 17, 1960 it was reported by Mr. A. N. Porter of the company's treasury department that the company is awaiting a hearing before the full FPC with reference to approval of its application for expansion of its sys¬ tem, which will require about $70,000,000 of debt fi¬ nancing . i' which is expected Proceeds—For expansion. rado Springs, Colo. • Columbia Feb. Gas in the latter of part 1961. Office—P. O. Box 1087, Colo¬ System, 120 it was reported that this company plans to $30,000,000 of debentures ip May or June and $25,000,000 of debentures in the fall. Office— East 41st Street, New York 17, N. Y. Underwriters —To be determined by competitive bidding. Probable bidders: Halsey, Stuart & Co. Inc.; Morgan Stanley & Co.;. Merrill Lynch, Pierce, Fenner & Smith .Inc., and White, Weld & Co. (jointly). i Columbus & Southern The 1961. held. shares Ohio Electric Co. Jan. 10, 1961 it Edison of common sell $30,000,000 of bonds in the Office—72 —To F be second quarter of 1961. W. Adams Street, Chicago, 111. Underwriters by competitive bidding. Probable Stuart & Co. Inc.; First Boston Corp.; determined bidders: Halsey, Kidder, Peabody & Co.; White, Weld & Co.; Blyth & Co., Inc.; Merrill Lynch, Pierce, Fenner & Smith, Inc. P 1 ;■ Community Public Service Jan. 10, 1961 it sell Co. reported that this company plans to debentures in the second quarter of was $5,000,000 of 1961. Office—408 W. 7th Street, Fort Worth 2, Texas. Underwriters—To be determined by competitive bidding. a) Probable bidders: Halsey, Stuart & Co. Inc.; Stone & Corp.; Paine, Webber, Jackson & Curtis; First Southwest Co.; Kidder, Peabody & Co. and White, Weld & Co. (jointly). Webster Securities • Consolidated Edison Co. of New York, Inc. 27, 1S61 it was reported that this company jit r Jan. ' r to f sell and about an stock V the firm's $75,000,000 end. year of mortgage bonds $75,0CO;00O of preferred additional by Office—4 Irving in 1c- - sell 1961 it fall, common Place, Natural Gas holding company for six Underwriters gas — operating concerns business. Proceeds—For To be determined by con¬ com¬ petitive bidding. Probable bidders: Halsey, Stuart & Co Inc.; Morgan Stanley & Co., and First Boston Corp. (jointly); White, Weld & Co., and Paine, Webber, Jacksen & Curtis (jointly). ~ : .. ;• debt. Office — Ar Epoderm Inc. Proceeds Stephens, Ark. —1107 hair growth. 9 a letter of common Price—$2.50 per share. Business—Fire and casualty in¬ surance. Proceeds—General corporate purposes. Under¬ writer—Copley & Co., Colorado Springs, Colo. Registra¬ tion—Expected by mid-February. Inc. reported that the company will file notification consisting of 100,000 shares of 1, 1961 it stock of TV was at $5 per Gulf Power Co. share. Proceeds—For the pro¬ picture films, the reduction 4, 1960 it was reported that this subsidiary of The Southern Co., plans to sell $5,000,000 of 30-year bonds. indebtedness, and for working capital. Office—619 W, City. Underwriter—McClane & Co., Inc., 26 Broadway, New York City (managing). Registra¬ tion—Expected on or about Feb., 15. Office—75 Continental Bank of Cleveland Jan. 4, 1961 it was reported that this bank plans to offer publicly 16,000 per common shares (par $10)y Price—$26.50 share. Proceeds—To increase capital. Office—2029 E. St., Cleveland 15, Ohio. Underwriters Joseph 14th — Mellen & land Miller, Inc., and Ball, Burge & Kraus, Cleve¬ (managing). Offering—Expected by mid-February. Daffin Corp. 1'> Jan. 20, 1961, it was reported that registration is ex¬ pected to be filed covering 150,000 outstanding shares of common stock (no par). Price — To be supplied by amendment. Business—The company makes agricultural i:i a Publications, rill Inc. Conn. & Underwriter—To Jan. 6, sale. Continental 1961 it v/as Real & Office—105 West Adams Street, amount of Office—25 S. it E. was w.- Power Co. 17, 1960 Mr. T. H. Wharton, President, stated that $25-$35 million dollars is expected to be raised Hutzler. . . , v / 2nd Ave., Miami, Fla.guilder writer-— *To be determined by competitive bidding. Probable bid¬ ders: Merrill Lynch, Pierce, Fenner & Smith Inc. and Kidder, Peabody & Co. (jointly); Halsey, Stuart & Co Inc.; White, Weld & Co.; First Boston Corp.; Blyth & Co., Inc.■■; : Idaho Jan. sell mon 10, 1961 it was reported that this company plans to $10,000,000 of bonds in mined Ford Motor Credit Co. this company is devel¬ oping plans for borrowing operations, which may in¬ clude the issuance of debt securities, and possibly occur in the first quarter of 1961.- Office—Detroit. Mich Power Co, the and about $5,000,000 of comL third quarter of 1961. Proceeds—To repay loans and for construction. Underwriters—To.be deter¬ bonds: Oct. 17, 1960 it was reported that General ; Lighting & publicly sometime in 1961, probably in the form of pre¬ ferred and debt securities, with the precise timing de¬ pending on market conditions. Proceeds—For construc¬ tion and repayment of bank loans. Office — Electric Building, Houston, Texas. Underwriter — Previous fi¬ nancing was headed by Lehman Brothers, Eastman Dil¬ lon, Union Securities & Co. and Salomon Bros. & Proceeds—For gen¬ Light Co. reported that an undetermined bonds may be offered in the Spring of 1961. 1960 Corp.; Kidder, Peabody & Co. and White, Weld (jointly). Bids—Expected to be received on Dec. between Florida Power & 24, Co. Oct. reported that this company plans to future date, an SEC registration statement 1,500,000 trust shares to be offered for public Chicago 3, 111. Oct. Lynch, Pierce, Fenner & Smith Inc.; Salomon Bros. (jointly); Equitable Secu¬ Houston some eral corporate purposes. Blvd., 7, 1961. Estate Trust Business—General real estate. Pace determined by Hutzler and Drexel & Co. rities be named. First be Pensacola, Fla. Under¬ competitive bidding. Pre¬ vious bidders included Halsey, Stuart & Co. Inc.; Mer¬ 20, 1661 it was reported that this family-owned publishing business is contemplating its first public of¬ Office—Greenwich, North writer—To 54th St., New York Fawcett (12/7) Jan. motion and National Insurance Co. 25, 1960 it was reported that the company plans a Regulation "A" filing of 120,000 shares of common stock. 15 William St., New York City Registration—Expected in mid-February. Films, Exploit Feb. Guaranty Jan. Meyerson & Co., Ltd., (managing). Co., Inc., New York City © helpful in revitalizing dormant Office—New Jersey. Underwriter—M. H. City. Underwriter—Blyth (managing). New York Broadway, & be may Dunlap, Inc. pective issuer owns Treasure Books, Wonder Books, and Bantam Books jointly with Curtis Publishing Co. Office > — that (EST). noon Jan. 23, 1961 it was reported that this firm is contem¬ plating its first offering of common stock. Business—This is a publishing firm owned by Little Brown, Harper's, Random House, and Book Of The Month Club, with the last-named firm owning the largest interest. The pros¬ a 1961 it was reported that the company plans its first public offering of 40,000 shares of common stock. Price $10 per share. Business — The manufacture of drugs. Proceeds—The research and synthesis of certain hormones both of New York City. Bids—To be received Feb. 28 at Grosset & Jan. 27, covering Co. was engaged in the natural • "J. > reported that this company expects $25,000,000 of debentures later in 1961. about struction. ... long-term (2/28) Ry. 17, & Co. Inc., on ^ plans Northern 1961 it was reported that this company plans to sell $5,100,000 of 1-15 year equipment trust certifi¬ cates. Office—39 Broadway, New York City. Under¬ writer—To be determined by competitive bidding. Prob¬ able bidders; Salomon Bros. & Hutzler and Halsey, Stuart of plans was City. Business—A * Great Jan. 1 company reported that 100,000 shares of the in late February. Underwriter—S. D. Fuller & Co. file, at York common Consolidated i v that this ' 5, 1960 it was company's common stock will be filed. Proceeds—For breeding trotting horses. Office—Goshen, N. Y. Under¬ writer—R. F. Dowd & Co. Inc. Registration—Expected of 135,000 shares of common stock. reduce duction the or full filing —To fering. Jan. 31, ij Oct. Inc. Farms Goshen offering, ' City. Registration—Imminent. York new products, purchase new equipment, working capital. Office — Norcross, Ga. Under¬ Roofing Co. 1961 it was reported including the hiring of additional detail men. Of¬ Boulevard, Bellerose, L. I., N. Y. Kirsch & Co., 52 Wall Street, New Underwriter—T. M. Dynamic Center Engineering Co., Inc. 3, 1960 it was reported that the company plans a full filing of its $1 par common stock. Proceeds—To pro¬ 6, • Corp. 11, 1961 it was reported that this firm is planning a of notification covering 50,000 shares of 100 par stock. Proceeds—For general corporate pur¬ poses, ' Elk Oct. 18. fice—45 Commonwealth Oct. • on common writers. and for To be determined letter Corp. public first — Geriatrics Pharmaceutical Jan. Jan. *' •) # is under discussion. Business The company makes a film and flashbulb vending machine called DASCO, which will sell as many as 18 products of various sizes and prices, and will also accept exposed film for processing. Office —223 8th Ave., South, Nashville, Tenn. Underwriter— Negotiations are in progress with several major under¬ New ti Sales (10/18) 1960 2.9, be received to 16, 1960 it was reported by Frazier N. James, President, that a "substantial" issue of common stock, made to stockholders on Sept. 13, 1929 through subscription rights. The last sale of preferred was made privately on or about Jan. 23 through Morgan, Stanley & Co., and First Boston Corp., < out¬ stockholders to Diversified Automated last sale of t shares Nov. New York City. Underwriters—(Bonds) To be determined by com¬ petitive bidding. Probable bidders: Halsey, Stuart & Co. Inc.; First Eoston Corp.; Morgan Stanley & Co. The \ of June record Jan. Co. reported that this company plans to was . I','. number writer—To be named. Commonwealth •1" the mote the sale of St., Columbus 15, Ohio. Underwriter—Dillon, Read & Co i1' i would be made to com¬ in June, 1956, con¬ share to holders 6, on the basis of one share for each eight shares held. Proceeds—For construction. Office •—600 Market Street, Wilmington, Del. Underwriter—To be determined by competitive bidding. Probable bidders: Carl M. Loeb, Rhoades & Co., New York; W. C. Langley & Co., and Union Securities Co. (jointly); Leh¬ man Brothers; First Boston Corp.; White, Weld & Co., and Shields & Co. (jointly); Kidder, Peabody & Co., and Merrill Lynch, Pierce, Fenner & Smith Inc. (jointly). fering of Underwriter—Sandkuhl and York City. Registra¬ in late February or early March.: Office—Electric Bldg., Atlanta 3, Ga. by competitive bid¬ ding. Previous bidders for bonds included Harriman Ripley & Co., Inc.; Lehman Brothers; Blyth & Co., Inc., Kidder, Peabody & Co., and Shields & Co. (jointly); First Boston Corp.; Morgan Stanley & Co.; Halsey, Stuart & Co Inc.; Equitable Securities Corp., Eastman Dillon, Union Securities & Co. (jointly). Previous bidders for preferred were First Boston Corp., Lehman Brothers, Morgan Stanley & Co.; Eastman Dillon, Union Securities & Co.; and Equitable Securities Corp. Bids—Expected the basis of one share for each on common outstanding debt. sisted of 232,520 shares offered at $35 a Proceeds—For expansion purposes. Office—215 N. Front ir. on Based Sept. 22, 1960 it was reported the company will sell about $10,000,000 additional common stock sometime in 1961. !; offering of Underwriters — Inc. 1, 1961 about i' 10 of ■ that registration of 150,000 stock, is expected. Offices—Newark, this subsidiary of the Southern Co., ap¬ plied to the Georgia Public Service Commission for per¬ mission to issue $15,500,000 of 30-year first mortgage bonds, and $8,000,000 of new preferred stock. Proceeds— For construction, plant modernization or refunding of Light Co. stockholders first Corp. Georgia Power Co. 23, 1960, Frank P. Hyer, Chairman, stated that this company may issue additional common stock in the mon Bos¬ and Buena Vista, Va. Dec. as To be named. summer competitive bidding. & Co., Inc.; First and tion—Expected was stated by the company's president possibly be some new financing during Power & Santa Monica, Calif. Blvd., Company, Newark, N. J., and New Light Co. indication no constituting sell about f: shares to type and amount. Office— 1506 Commerce Street, Dallas, Texas. Underwriter—To be determined by competitive bidding. Probable bidders: 1961, with Corp. N. J., standing on Sept. 30, 1960, the sale would involve about 418,536 shares valued at about $14,600,000. The last of¬ reported that this company plans a public offering of common stock. This will be a full fil¬ ■* may Delaware full a Price—Approximately $3 18, 1961 it be there ■ Sept. 14, 1960 it was reported Dec. publishing. Office—9 Rockefeller City. Underwriter—To be named. CharSes , was stock, will be made. ness—Book Jan. For Corp. ,■ 1'-- — and Ave., Caxton 'r insulation Paterson, N. J. Underwriter — To Registration—Expected in late February. named. Jan. and $11,750,000 of 6% deben¬ company makes polystyrene and The — for construction. Vreeland , stock common Business , Georgia Bonded Fibers, Inc. / Power & Dallas bonds Monica Santa bidders: Halsey, Stuart Securities Mr. Johnson states that the company Industries . Equitable Securities Corp. (jointly); White, Weld & Co. and Kidder, Peabody & Co. (jointly); Paine, Webber, Jackson & Curtis, and Stone & Webster South Dakota. Underwriter— is actively seeking 669, Yankton 1961 subsidiary of plans to sell in the first half of 1961. Underwriters—To Be determined by ton by- Walter reported was of $20,000,000 Office—2020 Probable Corp. H. Johnson, President, that the company plans its first public offer¬ ing of an as yet undetermined amount of its $1 par common stock. Business—The company will enter the field of reinsurance on a multiple line basis. Office — 1, tures. about Brothers, New York City, and Piper, Jaffray & Hopwood, Minneapolis, Minn, (managing). Dakota Thursday, February 2, . 1961 it was reported that this Telephone & Electronics Corp. 1, General writers—Lehman ^ Car Plan System, Inc. Feb. 1, 1961 it was reported that this company plans to file a "Reg. A" covering 100,000 shares of common stock (par 10 cents). Price — $3 per share. Business—Auto¬ . * General Telephone Co. of California implements, feed grinding and mixing equipment for the industry, and conveying and seed cleaning equipment, Proceeds—To the selling stockholders. Office —121 Washington Ave., South, Hopkins, Minn. Under¬ livestock business. Office—97-02 Jamaica Ave., Woodhaven, N. Y. Underwriter—R. F. Dowd & Co., Inc. Registration—Ex¬ . Lazard by competitive bidding. Probable bidders on the Halsey, Stuart & Co. Inc.; Blyth & Co., Inc.; & Co., and First Boston Corp/ (jointly); Lynch, Pierce, Fenner & Smith Inc.; Kidder, Peabody & Co., and White, Weld & Co. (jointly); Salo¬ mon Bros. & Hutzler, and Eastman Dillon, Union Secu¬ Freres Merrill . Resistance, Inc. Sept. 19, 1960 it was reported that the company will file a letter of notification, comprising its first public offer-" ing. Office—577 East 156th Street, Bronx, N. Y. rities & Co. able (jointly); Equitable Securities Corp. Prob¬ on the common: Blyth & Co., inc.; Lazard Co.; Kidder, Peabody & Co.; Merrill Lynch, bidders Freres & Pierce, Fenner & Smith, Inc. . Volume 193 Number ^ Illinois Central RR. (2/7) 30, 1961 it was reported Jan. 6026 The Commercial and Financial Chronicle v that —For company plans sell $4,500,000 of equipment trust certificates due Sept. 1, 1961 to March 1, 1976. Office—135 East Eleventh Place, Chicago 5, 111. Underwriter—To be determined by competitive bidding. Probable bidders: Halsey Stuart 6s Co. Inc., and Salomon Bros. & Hutzler. Bids—To ceived on Feb. 7 at 1 p.m. (EST). Illinois Terminal it 1961 16, be Mo. Twelfth & Co. securities in Industrial Jan. Control 1963. Office 25 Masters Jan. double-diffused, broad silicon diodes, but is not yet in commercial pro¬ duction of these items. Proceeds—For expenses of semi¬ conductor production, research and development, adver¬ base tising and selling, inventory, and general funds. Office— 78 Clinton Road, Caldwell Township, N. J. Underwriter —Edward Hindley & Co., 99 Wall Street, New York 5, Y. (managing). Registration — Expected in early February. • Industrial Oct. 5, Gauge & Instrument Co. reported was will be that 100,000 shares of com¬ filed. Proceeds Expansion of the — business, and for the manufacture of a new product by a subsidiary. Office—1947 Broadway, Bronx. N. Y. Under¬ writer—R. about © • 6, F. Dowd & Co. Inc. Registration—Expected mid-February. Interstate Power Inc. 1961 Merrill Peabody — To be determined by competitive bidders: Halsey, Stuart & Co. Inc.; Lynch, Pierce* Fenner & Smith Inc.; Kidder, & Co.; White, Weld & Co.; Salomon Bros. & Hutzler. & Electric Co. market, perhaps in mid-1961, to sell long-term securities in the form of bonds and possibly preferred stock, with the amount and timing to depend on market conditions. The 1961 construction program is estimated at $17 mil¬ lion of which $10-$11 million will have to be raised ex¬ ternally. Office—206 E. 2nd St., Davenport, Iowa. Japan Telephone & Telegraph 27, it 1960 owned business United States. was Corp. announced that plans a this government- $20,000,000 Proceeds—For bond issue in the expansion. Underwriters Read & Co., First Boston Corp., and Kidder, Peabody & Co. Offering—Expected in the Spring of 1961. Avenue, Flushing 54, L. I., N. Y. McCulloch Jan. 9, 1961 schedule its 1961-65 construction program, but the current feel¬ ing is that it will not be necessary to turn to long-term securities until May 1962. Office — 1017 Olive St., St. Louis, Mo. 24, Parfums, 1961 it was Inc. reported that this perfume firm is contemplating its first public financing, to consist of about of $6,000,000 of common stock. an Office—767 Fifth Avenue, New York City. Underwriter—Goldman, Sachs & Co., New York City (managing). if Lincoln New Jan. 30, National Bank & Trust Co. of Central 1961 it Price—$32 Office—104 was increase capital. St., Syracuse, N. Y. Under¬ share. Proceeds—To per Salina South writer—None. Long 1, West Lighting Island (3/7) Louisville & Nashville RR. Jan. 24, 1961 it was reported that this company plans to $7,785,000 of equipment trust certificates due March 15, 1962-76. Proceeds —To buy additional freight cars. Offices—9th Street and Broadway, Louis¬ sell about ville 1, Ky., and 71 writers — To by , competitive bidding. Hutzler and Halsey, Bids—To be received on March 7 at Salomon Bros. & Stuart & Co. Inc. (EST). Broadway, New York, N. Y. Under¬ determined be Probable bidders: noon l| • x Macrose Lumber & Trim Co., Inc. plans (par Office—2060 Jericho Turnpike, New Dec. 20, 1960 it was reported that this company a public offering of about 500,000 common ishares $1) in early 1961. Hyde Park, L. I., N. Y. Martin Paint & Wallpapers ; Aug. 29, 1960 it was announced that registration is expected of the company's first public offering, which is expected to consist of about $650,000 of convertible de¬ bentures and about $100,000 of common stock. Proceeds . i it 1961 Public corporation will for late 1961 or Century Boulevard, Los Angeles 45, Edison . New Jan Michigan Consolidated Gas Co. 11, it was reported that this company plans $30,000,000 of bonds in the first half of 1961. 1961 to sell about Proceeds—To notes and for construction. Office— repay St., Detroit 26, Mich. Underwriters—To be determined by competitive bidding. Probable bidders: White, Weld & Co.; Lehman Brothers; and Halsey, Stuart Co. & Inc. be made was Electric Mass. Underwriters To be determined by competitive Halsey, Stuart & Co. Inc.; Kuhn, Loeb & Co.; Equitable Securities Corp., and Blair & Co. (jointly); Merrill Lynch, Pierce,. Fenner & Smith Inc., Kidder, Peabody & Co., and White, Weld & Co. (jointly); First Boston Corp.; Lehman Brothers. Offer¬ ing—Expected in October. bidding. Probable — bidders: • New Orleans Public Service, Inc. (5/25) Nov. 10, 1960 it was reported that an issue of $15,000,000 of first mortgage bonds is expected in May, 1961. Office Baronne St., New Orleans, La. Underwriter—To competitive bidding. Probable bidders: Halsey, Stuart & Co. Inc.; Lee Higginson Corp., Equi¬ table Securities Corp. and Eastman Dillon, Union Securi¬ ties & Co. (jointly); Kidder, Peabody & Co. and Stone & Webster Securities Corp. (jointly); White, Weld & Co.; Salomon Brothers & Hutzler. Offering — Expected Sept. 28, 1960 it was reported that this company is plan¬ ning to issue 100,000 shares of $1 par common stock un¬ der a letter of notification. Office—St. Paul, Minn. American Natural Gas construction. Mich. in the bonds of Northern Office — half of 500 1961. Griswold Proceeds — For Street, Detroit 26, Underwriters—To be determined by competitive Probable bidders: Halsey, Stuaft & Co.,Inc.; First Boston Corp.; Blyth & Co., Inc. bidding. 9, 1960 C. J. Gauthier, Vice-President-finance re¬ ported that of the $95,000,000 in outside financing that will be required in the next four years to complete a $200,000,000 construction program, an unspecified amount might be raised through a common stock issue in 1961. The Office—50 Fox St., Aurora, 111. Underwriters— First Boston Corp. York, N. Y. © sell bond issue in a equipment ordered. an Jan. 4, aggregate amount not to exceed Proceeds — To finance river transportation presently on order and expected to be Office—Cincinnati, Ohio. 1961 it Southern bonds was (9/28) Co., plans to sell publicly $5,000,000 of 30-year $5,000,000 of preferred stock (par $100). expansion. Office—2500 and Gulfport, Miss. Underwriter—To be deter¬ competitive bidding. Previous bidders for bonds were Eastman Dillon, Union Securities & Co., and Equitable Securities Corp. (jointly); Halsey, Stuart & Co. Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc. St., by Previous bidders for preferred stock included Halsey, Stuart & Co. Inc.; Eastman Dillon, Union Securities & Co., and Equitable Securities Corp. (jointly). Bids—Ex¬ pected to be received 1960, 12, on Mortgage Sept. 28. is preparing a was Power Co. reported that this company plans to bonds in the third quarter of 1961. So. La Salle Street, Chicago 4, 111.; 15 So. Street, Minneapolis 2, Minn.; Ill Broadway, New York 6, N. Y. Underwriters competitive bidding. — To be determined1 by Probable bidders: Halsey, Stuart Inc.; Merrill Lynch, Pierce, Fenner & Smith, Inc.; Kidder, Peabody & Co., and White, Weld & Co. (jointly); First Boston Corp. and Blyth & Co., Inc. (jointly). Offering—Expected in August. & Co. 1, Maiden 1961 Lane it was later this pected Btock. Fund, Inc. month Business—This is of 300,000 new a registration is ex¬ shares of common that reported mutual fund. Proceeds— For investment, mainly in listed convertible debentures Office—1 Maiden Lane, New York 38, N. Y. Underwriter—G. F. Nichols & Co., Inc., 1 Maiden Lane, New York 38, N. Y. and U. S. Treasury Bonds. Chairman, Orange & Rockland Utilities, Inc. (4/20) 1961 it was reported that this company plans to sell $12,000,000 of first mortgage bonds, series G, due April 15, 1991. Proceeds—For redemption of $6,442,000 Jan. 6, of first announced "Reg. A" filing covering mortgage bonds, series B, due May 1, 1961; for repayment of bank loans and for construction. Office— North Broadway, Nyack, N. Y. Underwriters—To be determined by competitive bidding. Previous bidders: 10 Halsey, W. C. First Stuart & Co. Inc.; Equitable Securities Corp.; Langley & Co., Glore, Forgan & Co. (jointly); Boston Corp.; Merrill Lynch, Pierce, Fenner & Smith Inc., Eastman Dillon, Union Securities & Co., Kidder, Peabody & Co., and White, Weld & Co. (joint¬ ly). Bids—Expected to be received on April 20. Informa¬ tion Investment Corp. Carbonell, Cecil that this company & Glore, Forgan & Co., New © reported that this subsidiary of The Proceeds—For construction and mined States 1961 it $20,000,000 of Feb. 8 it was stated in the company's annual report that it contemplates the issuance on or before March 31, $4,000,000. and (managing). Northern Jan. 10, One Midland Enterprises Inc. 1961 of Illinois Gas Co. Nov. Fifth subsidiary of Co., plans to sell about $30,000,- first Un- derwriter—Irving J. Rice & Co., St. Paul, Minn. Offices—15 *- Michigan Wisconsin Pipe Line Co. Jan. 10, 1961 it was reported that this Dec. will reported that this subsidiary of New System plans to sell $20,000,000 of mortgage bonds. Office—441 Stuart St., Boston 16, England Clifford 14th filing of approxi¬ stock England Power Co. 24, 1961 it first — 000 a 166th Northern Fibre Glass Co. Pike, Muhlenberg Township, Berks County, Pa. Under¬ writers To be determined by competitive bidding. Probable bidders: Halsey, Stuart & Co. Inc.; White, Weld & Co.; Kidder, Peabody & Co. and Drexel & Co. (joint¬ ly); Blyth & Co., Inc. ; 415 W. Street, New York City. Un¬ Alstyne, Noel & Co., New York City. Registration — Expected by mid-February. OfferingExpected by mid-March. Co. was reported that this subsidiary of Utilities Corp., plans to sell about $10,- 000,000 of first mortgage bonds and $5,000,000 of deben¬ tures in August or September. Office — 2800 Pottsville Meeting—Scheduled for 11 Bankers Trust Pacific 150,000 shares of common stock. Price — $2 per share. Business—The company is engaged in first mortgage Jan. 3, urer that financing of residential and business properties in the Florida Keys. Proceeds—To expand company's business. a.m. (EST) 13 at April Co., 16 Wall St., New York City. Lighting Corp. for Office—700 Co. Jan. 25, 1961 it was reported by Fred C. Eggerstedt, Jr., Assistant Vice-President, that the utility contemplates the issuance of $25,000,000 of 30-year first mortgage bonds probably in the second or third quarter of 1961. Office—250 Old Country Road, Mineola, N. Y. to this 1962. Metropolitan Feb. Jan. Office—513 May 25. Monroe shares held of record Jan. 17, with rights to expire Feb. © that financing Calif. York reported that stockholders have ap¬ proved the sale of 29,478 new $10 par shares to stock¬ holders on the basis of one new share for each eight 8. public Mississippi Power Co. Nov. 15, 1960 Mr. L. A. Horton, Treasurer, reported that the utility will need to raise $33,000,000 externally for issue reported was Business—The corporation manufac¬ tures Scott outboard motors and McCulloch chain saws. © 1, 1961 it was reported that mately 185,000 shares of common be determined by initial Office—6101 Feb. —317 Corp. it its time in some Laclede Gas Co. Jan. houses. April —Dillon, Lanvin is © Oct. 24, 1960 it was reported by the company treasurer, Mr. Donald Shaw that the utility expects to come to © chain of discount v.*.*' Iowa-Illinois Gas Oct. corporation Office—135-21 38th — Probable this Business—The • 1, 1961 it was reported that this company plans to sell $9,000,000 of bonds and $4,000,000 of common stock in 1961 or 1962. Office 1000 Main Street, Dubuque, bidding. that operation of a Inc. Stores, , reported was Co. Feb. Iowa. Underwriters it contemplating its first public financing. General 1960 it stock mon V Inc.; First Bos¬ ton Corp.; Merrill Lynch, Pierce, Fenner & Smith Inc.; Kidder, Peabody & Co., and Coffin & Burr, Inc. Offering—Expected in May. Products, Inc. Nedick's derwriter—Van Underwriters—To be determined by competitive bidding. Probable bidders: Halsey, Stuart & Co. Monument per share. Business—The design and manufacture of con¬ trol systems and subcontracted precision machining. The firm has recently begun to make N. 45 ' • soon. sidiary. Latter will change its corporate name to Mas¬ sachusetts Electric Co., and issue about $17,500,000 of first mortgage bonds due 1991. Offices—939 Southbridge St., Worcester, Mass., and 441 Stuart St., Boston, Mass. * 24, 1961 it was reported that the company plans to 165,000 shares of 100 par class A stock. Price—$3 file City, N. Y. 24, 1961 it was reported that the SEC has approved of six subsidiaries of New England Electric System into Worcester County Electric Co., also a sub¬ Blvd., St. Louis, Inc., Chicago. — — the merger the SEC on Aug. 25, 1960, the company plans the sale of about $14,000,000 of additional Office—153-22 Underwriter Jan. re¬ Indianapolis Power & Light Co. According to a prospectus filed with Circle, Indianapolis, lnd. Jamaica Avenue, Jamaica Hill, Thompson & Co., InclV warehouse and addii new Massachusetts Electric Co. RR. Office—710 North bonds. stores. I., N. Y. New York was Underwriter—Halsey, Stuart a L. reported that this company plans the sale later this year of about $8,500,000 of first mort¬ gage expansion, including tional this to Jan. (593) I —None. Duval y ; © Street, Key West, Fla. Underwriter Registration—Expected by mid-February. ' Montana-Dakota Utilities Co. Dec. 1, 1960, F. R. Gamble, Treasurer, stated that com¬ plans to sell $5,000,000 of preferred stock ($100 early in 1961. On December 13, stockhold¬ voted to increase the authorized preferred. Proceeds pany par), ers —$3,000,000 will be used to repay bank loans and $2,000,000 will be added to working capital. Office—831 Second Ave., South, Minneapolis, Minn. Underwriter—A previ¬ ous issue was underwritten on negotiated Co., and Merrill Lynch, Pierce. Fenner preferred basis by Blyth & & Smith Inc., • New York. Monticello Lumber & Mfg. Co. 1961 it the was reported by Paul A. Miller, Treas¬ will probably go to the market $30,000,000 to $50,000,000 of new financing in 1961 and that it probably would not be a common stock offer¬ ing. Office—600 California Street, San Francisco 8, company Calif., if Pacific Telephone & Telegraph Co. Jan. 30, 1961 it was reported that this trolled by American Tel. & Tel. Co., company, plans to form con¬ a new subsidiary to operate in Washington, Oregon and Idaho. new concern will acquire the business and proper¬ The ties of the present operating division, known as Pacific Telephone-Northwest, established in February 1960. All of the stock of the new company will be issued to Pacific Telephone, but "as soon as practicable" it will be offered lor sale to Pacific Telephone shareholders at a price to be fixed by the Board of Directors. Office—140 New Montgomery St., San Francisco, Calif. Underwriter—The offering of common stock to shareholders on Feb. 25, 1960 was not underwritten. However, A T & T, which reported that this company plans a "Reg. A" filing covering 75,000 shares of common stock. Price—$4 per share. Proceeds—For equipment, plant ex¬ last pansion and working capital. Office—Monticello, N. Y. Underwriter—J. Laurence & Co., Inc., 117 Liberty St., New York City. rights to subscribe to its prorata share of the offering. Jan. 3, 1961 it was if Morton Foods, Inc. Jan. 27, 1961 it was reported that about 175,000 shares of this company's common stock will be offered publicly in April. About 10% will be for selling stockholders and the balance for the company's account. Price—Approxi¬ mately $12.50 per share. Underwriter—Eppler, Guerin & Turner, Inc., Dallas, Tex. (managing). owns over 90% of the Panhandle Eastern outstanding stock, exercised its Pipe Line Co. Sept. 28, 1960 it was reported that $65,000,000 of deben¬ tures are expected to foe offered in the second quarter of 1961. Office—120 Broadway, New York City. Under¬ writers— Merrill and Kidder, & Smith Inc., both of New York City Lynch, Pierce, Fenner Peabody & Co., (managing). Continued on page 46 . 46 The Commercial and Financial Chronicle (.594) Continued from page templating its first public financing. 45 . Office—Philadel¬ Electric Pennsylvania Jan. of 1961 24, Co. • was reported that this subsidiary of Utilities Corp., plans to sell $10,000,000 it Public General 30-year first mortgage bonds and $12,000,000 of de¬ Office — 222 Levergood St., Johnstown, Pa. bentures. Underwriters—To be determined by bidders: Probable competitive bidding. Co., Inc., and Harriman Ripley & Co. (jointly); First Boston Corp.; Equitable Securities Corp.; Kidder, Peabody & Co.; Halsey, Stuart & Co. Inc.; Kuhn, Loeb & Co., Offering—Expected in May or June. Blyth & 14, 1960, it was reported that this company has ap¬ plied to the SEC for an order'under the Holding Com-^ Act, authorizing the issuance of $878,000 of first* bonds, 314% series, due 1982. Proceeds—For sinking fund purposes. Office — 19 E. Washington St., New Castle, Pa. Underwriter — To be determined by competitive bidding. Probable bidders: Halsey, Stuart & Go. Inc.; Kidder, Peabody & Co.; White, Weld & Co.; Equitable Securities Corp. and Shields & Co. (jointly); Lehman Brothers; Merrill Lynch, Pierce, Fenner & Smith Inc., and Dean Witter & Co. (jointly). pany mortgage Peoples Gas Light & Coke Co. $70,000,000 of debentures. Proceeds—To refinance $70,000.000 of 5%% debentures due 1994 issued on Oct. 21, 1959 at the highest interest rate in the company's his¬ tory. Office — 67 Edgewood Ave., S/*E., Atlanta 3, Ga. Underwriters—To be determined by competitive bidding. Probable bidders: Halsey, Stuart & Co. Inc., and Morgan Stanley & Co., both Of New York City. Bids—To be received in 1961. maturing bonds and for construc¬ tion. Office—122 So. Michigan Avenue, Chicago 3, 111. Underwriters — To be determined by competitive bid¬ ding. Probable bidders: Halsey, Stuart & Co. Inc.; Glore, Forgan & Co.; First Boston Corp. Public Service Co. of Colorado 2, 1960, W. D. Virtue, plans the sale of about offered stockholders in mid-1961. Proceeds—For pany be to Jan. treasurer, stated that com¬ $20,000,000 of common stock through subscription rights expansion. Office—900 15th St., Denver, Colo. Underwriter — Last equity financing on a negotiated basis by First Boston Corp. handled Public Service Co. of New Mexico 10, 1961 it was reported that this company plans to $12,000,000 of first mortgage bonds in 1961 or 1962. Office—819 Simms Building, Albuquerque, N. Mex. Pro¬ Jan. bank loans and for construction. Un¬ determined by competitive bidding. be derwriters—To & Co. Inc.; J. G. White Probable bidders: Halsey, Stuart & Kidder, Peabody & Co.; Glore, Forgan & Co.; First Boston Corp.; White, Weld & Co.; Salomon Bros. & Hutzler. Co. Inc.; Blyth & Co., Inc.; 16, 1961 it was reported that this company expects to spend $150,000,000 on capital improvements in 1961, but has not made definite plans for the financing that Jan. However, it is possible that the com¬ will be required. pany may sell common stock if favorable. Office—80 Park Place, market conditions are Newark, N. J. Under¬ writer—The last sale of common stock on Dec. 15, 1959 handled by Merrill Lynch, Pierce, Fenner & was Smith Inc., and associates. Radiation about 36% of the out¬ Southern & Electric Corp. it plans to issue about $15,000,000 of 30-year bonds in September. Proceeds— Underwriter construction. For — To be determined Merrill Lynch, Pierce, Fenner & Smith Inc., Blyth & Co., Inc., (jointly); Morgan Stanley & Co., White, Weld & Co., and Kidder, Peabody & Co. (joint¬ ly); Eastman Dillon, Union Securities & Co,, Equitable Securities Corp. and Drexel & Co. (jointly); First Boston included Corp.; and Halsey, Stuart & Co. Inc. Registration—Ex¬ pected about May 8. Bids—To be received at 11 a.m. on 15. -o' / r/v ' ■v/y.';..; ,y.. June . ■ Bros. & Hutzler, Eastman Dillon, Union Securities & Co., and Equitable Securities Corp. (jointly); Blyth & Co., Inc.; The First Boston Corp ' 1960 it was reported by Mr. Loren Fitch, com¬ pany comptroller, that the utility is contemplating the sale of $35,000,000 of 20-year first mortgage bonds some¬ time in 1961, with the precise timing depending on conditions. market 17, 1961 offered holders of capital stock of record Jan. 10 rights to subscribe for 39,126 additional shares one new share for each seven shares held. Rights expire Feb. 6. Price—$20 per share. Proceeds— For capital funds. Office — Suffern, Rockland County, N. Y. Underwriters M. A. Schapiro & Co., Inc., and Joseph Walker & Sons, both of New York City. — Security National Jan. 18, 1961 it 97,371 shares of basis of the on Bank of Long Island share for each 10 shares held of record Jan. 17, with rights to expire Feb. 6. Price— $20 per share. Proceeds — To increase capital. Office— Huntington, N. Y. Underwriter — Bache & Co. (man¬ aging). Sierra Pacific Power Co. Jan. 25, 1961 it was reported that this company expects to sell about $6,000,000 of bonds and common stock in 1961 or 1962. Proceeds—For construction. Office—220 South Virginia St., Reno, Nev. Underwriter—(Bonds) To be determined by competitive bidding. Probable bid¬ ders:. Halsey, Stuart & Co. Inc.; Stone & Webster Secu¬ rities Co. Corp.; and common Dean Witter & White, Weld & Co. stock was made to Co.; Kidder, Peabody & (jointly). The last sale of stockholders on March 14. 1960 without, underwriting. Silo's Discount Jan..9, 1961 it was retire To bank loans. Building, Birmingham, Ala. Underwriter bidding. Probable Halsey, Stuart & Co. Inc.; First Boston Corp.; Blyth & Co. and Kidder, Peabody & Co. (jointly). determined by competitive be Southern Nov. House reported that this retail chain is con¬ product development and sales promotion. Business— The, manufacture of plastic forming, molding and fabri¬ cating equipment. Office — 25 Bruckner Blvd., Bronx, N. Y. Underwriter Plymouth Securities Corp., New York City. Registration—Expected about mid-February. Trunkline Gas Co. 1 •v ,v- 21, Railway Co. on 1960 Jan. / the bonds. Southwestern Public / - Service Co. 1961 it was reported that in March, 1961, the company expects to offer about $15,000,000 in bonds and about $3,000,000 in preferred stock, and that about one year thereafter a one-for-twenty common stock rights offering is planned, with the new shares priced about 19, 6^% below the then existing market price of the Office—720 Office—120 Broadway, New York City. Underwriters— Lynch, Pierce, Fenner & Smith Inc., and Kid¬ der, Peabody & Co., both of New York City (managing). Mercantile Electric Union it 1961 19, Dallas com¬ Building, Dallas 1, be named. that The that this company plans Blvd., St. Louis, Mo. Underwriter — To be deter¬ mined by competitive in November Corp.; bidding. The last sale of preferred was underwritten by First Boston 1949 Dillon, Read Co., & Weld & Co. and Shields & Co. Universal Jan. Products Oil Lehman Brothers; White, (jointly); and Blyth & Co. Co. it was reported that this company may require financing either through bank borrowings or the sale of debentures in order to further expansion in a 1961 17, major field which the company would not identify. No decision has been made on whether the product, named will be produced. Business—The com¬ major petroleum and chemical research and process development concern. Office—30 Algonquin Rd., Des Plaines, 111. Underwriter—To be named. The com¬ pany has never sold debentures before. However, the "Compound X," is pany a sale of common stock on Feb. 5, 1959 was handled by Lehman Brothers, Smith, Barney & Co., and Merrill Lynch, Pierce, Fenner & Smith Inc., all of New York City. - —•/-; . Virginia Electric & Power Co. Jan. 17, 1961 the financing last sale (6/13) announced plans to sell $30,000.000 of first mortgage bonds. Office—Richmond 9, Va. Underwriter—To be determined by competitive bidding. company bidders: Probable Webster Securities & & Co. Inc.; Stone & Corp.; Eastman Dillon, Union Secu¬ Halsey, Stuart Co.; Salomon Bros. & Hutzler; Goldman, Sachs & Co. Bids—Scheduled for June • 13 at 11 (EST). a.m. * : Waldorf Auto Leasing Inc. Jan. 16, 1961 it was reported that this company plans a "Reg. A" filing covering 100,000 shares of common stock. Price $3 per share. Proceeds — For general corporate purposes. Office — 2015 Coney Island Ave., Brooklyn, N. Y. Underwriters—Martinelli & Co., 79 Wall St., V. K. Osborne & Sons, Inc., 40 Exchange Place, First Atlantic Securities Co., 160 Broadway, New York City. Registra¬ — tion—Expected by late February. Washington Natural Gas Co. Jan. 16, 1961 it was reported that this company may $4,000,000 in the spring of 1961 through bank loans, or a public offering of securities. Office — 1507 Fourth Ave., Seattle, Wash. Underwriter—The last pub¬ lic offering comprising common stock, was made in raise about cisco. being considered for this year, but details have not been de¬ cided upon. Business—The company is engaged in the sale of merchandise by mail, principally on a monthly payment basis. Office—1061 W. 35th St., Chicago 9, 111. reported reported $20,000,000 to $30,000,000 of preferred in late 1961. Proceeds—For expansion of facilities. Office — 315, N. September 1958 through Dean Witter & Co., San Fran¬ Underwriter—Dillon, Read & Co., Inc. was Co. was to sell rities stockholders approved the issuance of $33,000,000 of new bonds. The issuance of an unspeci¬ fied amount of additional bonds for other purchases was also approved. Proceeds — For general corporate pur¬ poses, including the possible acquisition of Central of Georgia Ry. Office—Washington, D. C, Underwriter— Halsey, Stuart & Co. Inc., will head a group that will is of securities of $15,417,500 of 5% convertible debentures, due 1984, which were sold to stockholders through sub¬ scription rights in June 1959. The offering was under¬ written by Wertheim & Co., New York. Swift & Co. ■ ,• ' ^ Western Reserve Life Assurance Co. of Ohio Jan. 30, 1961 vote at the it reported was annual that stockholders meeting in April are to increasing au¬ thorized stock to provide for sale of about $1,250,000 of additional common to stockholders through subscription rights. Proceeds—To increase capital' funds. Office— 1 Union Commerce Annex, Cleveland 14, Ohio. Under¬ writers—McDonald & Co. and on Ball, Burge & Kraus, Cleveland. Western Union Telegraph Co. 16, 1961 it was reported that this company filed a plan with the FCC to transfer its Atlantic cable system to a newly organized company, Western Union Inter¬ national, Inc; The plan provides for the issuance by Jan. 1960 the company disclosed that it is consider¬ ing the issuance of up to $35,000,000 of convertible de¬ bentures. Stockholders voted Jan. 26 on increasing the authorized Western Union International shares ordinated debentures and 400,000 shares of class A stock to be offered to stockholders of Western Union Tele¬ common stock from 6,000,000 to 8,000,000 provide additional underlying shares for the proposed convertible issue. Proceeds — For expansion and working capital. Office—Union Stock Yards, Chi¬ cago tures mon reported that the bank is offering common stock (par $5) to stockholders new — Office—Watts —To was one Proceeds Dec. 28, Bank Jan. letter of notification consisting of 57,000 shares of common stock will be filed for the company. Price—$4 per share. Proceeds—For new last ! ; Oct. 28, Underwriter—To at the rate of Gas Co. Southern Natural consisted Inc.; Kidder, Peabody & Co., White, Weld & Co. and Shields & Co. (jointly); Kuhn, Loeb & Co.; Salomon Corp. Dec. 20, 1960, it was reported that a 12th and & Co. National (6/15) 4, 1961 it was reported that this company, jointly owned by Alabama Power Co., and Georgia Power Co., both in turn controlled by The Southern Co., plans the public sale of $27,000,000 first mortgage bonds due June 1, 1992. Proceeds—For expansion. Office—600 North Eighteenth St., Birmingham 3, Ala. Underwriters—To be determined by competitive bidding. Previous bidders by competitive bidding. Probable bidders: Halsey, Stuart Rockland Generating Co. Jan. Spiegel, Inc. Jan. 17, 1961 it Gas (PST). Electric Texas. Rochester City. Tronomatic Jan. recently handled Jan. 24, 1961 the company stated • Corp.; Dean Witter & Co.; Halsey, Stuart & Co. Inc.; Blyth & Co., Inc., all of New York City. Bids—To be re¬ ceived at the company's Los Angeles office on April 4, mon. Hayden, Stone & Co., New York, private placement of the company's York Merrill Calif. Underwriters—To be determined by competitive bidding. Probable bidders: First Boston writer—To be named. a Houston, Tex. Underwriters—To be named. The last sale of bonds in April 1960 was handled by White, Weld & Co., and Stone & Webster Securities Corp., both of New Los Angeles 53, standing stock. Office—Long Island City, N. Y. Under¬ stock. FPC approval and the successful completion now in progress. Office—3100 Travis St., case — (4/4) sale of $30,000,000 of first and refunding mortgage bonds, series N, due 1986. Proceeds—To retire short-term debt and for construction. Office—601 West Fifth St., bid Applications, Inc. 1961 it was reported that this company is con¬ sidering a public offering of stock in 1962. Business— Develops plastic and* chemical materials for the elec¬ tronics and missile industries, and performs extensive research and development in the fields of atomic energy, extractive metallurgy, plastics, and electrical insulation. owns Co. on court the Jan. -17, Schenley Industries, Inc., Edison 20, bidders: Service Electric & Gas Co- Public 21. California a Thursday, February 2, 1961 . Sept. 28, 1960 it was reported that approximately $15,000,000 of bonds and $5,000,000 of preferred stock are expected to be offered in the second quarter of 1961. sell ceeds—To repay March 1961, J. K. Horton, President, stated that the company will require about $60,000,000 of new financ¬ ing in 1961. Earlier, the company announced plans for plans to retire Dec. on 1961 at 8:30 a.m. Jan. 10, 1961 it was reported that this company sell about $35,000,000 of first mortgage bonds Proceeds—To 24, Southern Dec. (3/21) 1961 it was reported that this subsidiary of American Telephone & Telegraph Co., plans to sell about Pennsylvania Power Co. . Southern Bell Telephone & Telegraph Co. Jan. depend of phia, Pa. » . . to 9, 111. Underwriter—The last issue of 4%% deben¬ on Oct. 29, 1958 was placed privately through Salo¬ Bros. & Hutzler, New York City. • Texas Gas Transmission Corp. I. Jan. 11, 1961 it was reported that this company plans to sell $10,000,000 to $15,000,000 of bonds in the third quar¬ ter of Ky. 1961. Office—416 West Third Street, Owensboro, Underwriter—Dillon, Read & Co., New York City. photo instrumentation and manufactures aircraft motion picture cameras and accessory items. Office — Encino, Calif. Underwriter—Previous financing was handled D. A. Lomasney & Co., New York City. Transcontinental Jan. 17, 1961 it Gas by Pipe Line Corp. York or preferred stock. The type of securities offered will In addition, American Securities Corp., New City, would purchase from Western Union Inter¬ national about 133,000 additional shares of class A stock giving American Securities ownership of approximately 25% of the outstanding class A stock of WUI. Then Western Union Telegraph would purchase 250,000 shares of class B stock for $100,000. Office—60 Hudson St., New York City." Underwriter — American Securities Corp. (managing). ^ / r , Wisconsin Jan. 19, 1961 Power it & reported was . Light Co. that this company plans sell about $6,500,000 of oreferred5 stock in the third quarter of 1961. Proceeds—For expansion. Underwriters —The last sale/of preferred stock in May,*; 1958 was handled by Smith, Barney & Co., New York and Robert to W. Baird & Co., Wisconsin Dec. reported that this company plans to spend $100,000,000 to expand its pipeline system, which brings natural gas to the New York City area* It was stated that the company expects to raise uo to $50,000,000 this spring, by the sale of bonds, debentures was $4,000,000 of sub¬ graph Co. Traid Corp. Jan. 4, 1961 it was reported that this company is con¬ templating some new financing. No confirmation was available. Business—The company specializes in airborne of about that 12, 1960 an Inc., Milwaukee (jointly). Southern Gas Co* it reported in was undetermined will be sold in 1961-1962. of short-term bank a company prospectus amount of loans capital stock or bonds Proceeds—For the repayment incurred for property addi¬ Wis. tions. Office—Sheridan Springs Road, Lake Geneva, Underwriter The Milwaukee Co., Milwaukee, — (managing). Wis. Volume 193 Number 6026 The Commercial and Financial Chronicle (595) DIVIDEND NOTICES DIVIDEND NOTICES 47 DIVIDEND NOTICES Notice d UNION AMERICAN & CARBIDE FOREIGN POWER Board of Directors COMPANY INC. SECURITIES TRADERS ASSOCIATION BOSTON DIVIDEND an¬ 100 CHURCH STREET, .dinner, Friday, Feb. 10, at the Statler Hilton Hotel at A cocktail party for guests and officers will be held on T INVESTMENT TRADERS ASSOCIATION OF PHILADELPHIA The Investment Traders Association of Philadelphia will hold their 37th annual Mid-Winter Dinner, Feb. 24, at 7:30 p.m. in the Grand Ballroom of the Bellevue Stratford Hotel. A luncheon for out of guests will be held at noon in the Clover Room. may be obtained through Norman T. Wilde, Janney, Dulles & E. A. Clark, Inc. Hotel reservations will be handled by Alfred MacCart, Drexel & Co. town Company, at a meeting held this day, declared a dividend of 12% cents per share on the Common March 10, for Stock 1961 At so declared share per able of 31, for 1961 ONE-HALF $1.50 per share or STOCK, payable DIVIDEND a- COMMON on of of $.45 STOCK, Vice President and 10, 1961. Pittsburgh, January 26* 1961 . Vice Secretary and Treasurer O'okiep Copper Gompany Dividend No. 57 The Board of' Directors today declared a of ten shillings per share on the Ordinary Shares of the Company pay¬ able March 2, 1961. The Directors authorized the distribution Distillers of the to the charge of the dinner committee. said dividend on March 13, 1961 holders of record at the close of busi¬ March 6, 1961 of American shares issued under the terms of the Deposit Agreement dated June 24, 1946. The divi¬ dend will amount to approximately $1.40 per share, subject, however, to any change which may occur in the rate of exchange for South Africa funds prior to March 2, ness on CALIFORNIA-PACIFIC! UTILITIES Old Line Sees. Form E. J. LaLumiere Co. Opens Ernest J. has been formed BALTIMORE, Md.—Old Line Se¬ curities, Inc., is engaging in a with offices on North Shore Drive securities business from offices at in a securities business. Ernest J. LaLumiere, formerly with V. T. Curran Co., is Presi¬ 305 Tower Building. dent. Secretary. — to engage Charles A. Officers Winegardner, > are and_ COMPANY! Chemical Quarterly dividends payable March 15 to shareholders of record March 1, have been declared at the rates per following Davis, 5% Convertible Preferred 25^ ..... clared a dent and DIVIDEND 30tf 27tf ing Common Stock, 27Vfetf March Common NOTICES 25f 22Vfetf of record on . ....... per shore on the outstand¬ payable on 1,1961, to stockholders /. Ley, VICE-PRES. ft TREAS. -<T ~ . 1 ** T » 1961. •■■■■■■■■■■■■■■■■■■■■■■•a■■■■■■■■ ■ ■ 9 m SOUTHERN will not close. PAUL C. JAMESON . 6.45% By Order of the Board of Directors, F. A. SCHECE, Secretary. 1 NATURAL I January 23, 1961 of New York, New York, January 31, February 10, 1961. The transfer books D. rate quarterly dividend of 5.40% Convertible Preferred Treasurer; V. S. the at tax deducted. be NOTICE of Directors has de¬ Board The 5% Preferred shareholders -will DIVIDEND share: Presi¬ 1961. Union of South Africa non-resident Corporation 5V2% Convertible Preferred / John F. Shanklin dividend dinner, Friday, April 21, in the Grand Ballroom of the WaldorfFrank J. Ronan, New York Hanseatic Corporation, is in THE the close at Feb.'6, 1961, Secretary Astoria. LaLumiere- Co of business Limited National I. stockholders of record •to President Security Traders Association of New York will hold its annual R. capital stock of this Corporation has declared, payable March 2, 1961 ,vr SECURITY TRADERS ASSOCIATION OF NEW YORK GLENDALE, cents outstanding Secretory January 27, 1961. The the on been, pay¬ G. F. Cronmiller, Jr. and Executive share per 1, 1961 vo shareholders February 10, 1961. H. W. Balgooyen, Tickets quarterly dividend of ninety (900) UNION CARBIDE CORPORATION share¬ to A March record payment holders of record at the close of business February and April 20, ; 1961 to/ shareholders record April 6, 19611 7 v_ J ? of the The Board of Directors declared March ONE PREFERRED on NEW YORK 7,N.Y, nual winter 7:30 p.m. of (11/2%) PER CENT The Boston Securities Traders Association will hold their 37th the Mezzanine Floor from 5:30 to 7 p.m. has ending quarter Treasurer January 26, 1961. mH GASi COMPANY ' 5 W 5 ■ Birmingham/ Alabama ■ ■J CHASE■ a S Common Slock Dividend No. 88 S a a A ■ regular quarterly dividend of 50 cents per share ; S has : S Common Stock of Southern ■ Natural Gas Company, pay- 5 able March 14, 1961 to 5 5 MANHATTAN FLINTKOTE Diversified Products For Home and Industry 3 BANK STOCK DIVIEEIUD THE FLINTKOTE COMPANY NOTICE S NEW YORK 20, 4% dividend payable in capital stock of the Bank on March 10, 1961, to holders of record at the close of business N. Y. - s a February 3, 1961. Fractions quarterly dividends have been declared of shares will not be issued. Stockholders will receive order Common Stock*: forms which will as follows: $4 Cumulative Preferred Stock: $1 per share or the provide for the sale of fractions of shares purchase of add.tional fractions to make a full share. $.30 per share 5 5 ary ■ the on 28,1961. : TARVER, S Secretary t W. S. « I • declared stockholders of record at the ■ close of business on Febru- 5 ■ The Board of Directors has declared been Dated: January 28, 1961. ! S : a ■ $4.50 Series A Convertible 2nd Preferred Stock: $1.12% per share The transfer books will not be closed in connection with the • $2.25 Series B Convertible 2nd Preferred Stock: $.56V4 per share payment of this dividend. Those dividends MORTIMER J. ' PALMER Vice President and v are payable March 15, 1961 to stock¬ holders of record at the close of business The United Gas February 15,1961. Secretary Improvement JAMES E. McCAULEY, Treasurer 130th dividend consecutive February 1,1961 Company dividend notice A dividend of 60c per Common Stock, par V. UALITY v per GOODALL RUBBER A dividend of on COMMON DIVIDEND • M 28, 1961. $1.0634 share per Preferred Stock has declared payable April 1, 1961 to holders of record Febru¬ ary " February 1,1961. <J^mQAASZsCb7l (Jo^rfU&ZO- the 43i % been quarterly dividend of 12% c per share on all Common Stock outstanding payable February 15,1961 to stockholders of record at.the close of business the share, has been declared pay¬ record February COMPANY a on able March 30,1961 to holders of v\ The Board of Directors has declared share value $13.50 28, 1961. / ? - J. H. Mackenzie, Treasurer Philadelphia, January 24, 1961. >p January 27, 1961 H.G. DUSCH Vice President & Secretary YALE &TOWNE 292nd Quarterly Dividend 222nd A regular 31V2t COMMON DIVIDEND GAS dividend of Seventy Cents April 1, 1981 CORPORATION been declared upon Common Stock of The American 20 Exchange Plact Tobacco Company, payable in cash on CONSECUTIVE March 1,1961, to at the close DIVIDEND of business February 10, mailed. Now York, N.Y. Harry L. Hilyard Vice President and Treasurer January 31, 1961 on Common Stock to ^ Mar. 20,1961 Declared: *1.12 TO Jan. quarterly 28c, payable February 15, 1961 to stockholders of record February i, 1961. R. Gould Morehead ■.„v Record date: QUARTERLY DIVIDEND INCREASED Board of Directors increased dividend • • stockholders of record 1961. Checks will be 1 rib, Vice President and Treasurer Financial Vice President SUBURBAN PROPANE GAS CORPORATION Third of a Century of Dependable Service 26,1961 Elmer F. Franz 0 THE Co. Share Payable: (70O per share has the a SUBURBAN PROPANE YALE & TOWNE MFG. CO Lock and Hardware Products since 1868 Materials Handling Equipment since 1875 Cash dividends paid every year sine* 4899 ; 48 Chronicle The Commercial and Financial (596) . . . Thursday, February 2, 1961 ./ . mately 5,600 registered and bene¬ stockholders. Presently out¬ ficial WASHINGTON AND YOU standing CACKLES 8 CO. STOCKS a that likely BEHIND-THE-SCENES INTERPRETATIONS shares he week first H. lina, The — Commerce, received 90 make speeches. of Will Hodges, to invitations The Carolina conservative, a was North of ex-Governor before businessman successful he retired to his state first serve plowed he When 11 working in tile mill. He and loom. As the only was he began old still can What The wasted more time than anybody I know for on other wait a himself, worker hard is fre¬ appoint¬ his for late line ments. he has such a fetish Because Fla., Beach, on given a a that portation set Presi¬ members of the family welcomed him to have a cup of coffee and more coffee. All the time he was feel¬ the wind -M the has around them state as a last and July a possible candidate, National few in his other a Secretary new that let little also given was lot of flow of who tion took _.:a> record integra¬ ments. place in North during of gro North year-to-year riod, column is the "Chronicle's" intended own to million and net income in¬ creased 332% to $2.95 million. Financial • to re¬ to by no foreseeable difficulty. In of r 6% debentures were $20 sold. million fund Recently announced was an agreement covering $25,000,000 in bank cridit lines. Also secured available is previously granted lines of credit. are unsecured views.] Coastal for resources States' ambitious programs repre¬ It Forms BZF open relevant to note that the company's young, expert and ag¬ Planning gressive Z. Friedman is engag¬ . securities business from offices at 666 Fifth Avenue, New York City, under the firm name of BZF Planning Co. in 1960 cash earnings rose 270% sinking flect the "behind the scene" inter¬ pretation from the nation's Capital and may or may not coincide with ing improve¬ fiscal in Revenues $4.36 Governor? close second. Each school few more Negro children being integrated into the Benjamin operating per¬ a consistent a management by the incenth stock holdings Coastal traded bid: annual was carry Feb. 16, 1961 ness on the of e spurred of large personal and States is stock 24, Stock 1961 & annual Club day pions Golf Club. Feb. 24, 1961 37th in Tex.) (Houston, Bond field at of Houston the (Philadelphia, Pa.) Annual- Mid-Winter the Grand Bellevue Dinner Ballroom 1961 Association of (Pittsburgh, Pa.) Stock Winter Exchange meeting of Board of Governors at the Hotel. n';• / March 9, 1961 the ',a a;a ; •' (Chicago, 111.) Investment Analysts Society west Forum. April 7, 1961 , Hilton Mid¬ (New York City) New York Security Dealers Asso¬ ciation annual dinner at the Hotel shares, (recent Commodore. 70) are owned by approxi- Attention Brokers and Dealers: TRADING nation news and issued W. L. Maxson press by the lean heavily statistics gen¬ the various Commerce Waste King De¬ Carl Marks FOREIGN 20 BROAD in his first conference comments said a question that he is & C.o Inc. Our New York telephone absolutely in favor of expand- number is CAnal 6-3840 SECURITIES SPECIALISTS STREET TEL: HANOVER 2-0050 Secretary in reply to Official Films can partment. The MARKETS presenting in divisions of - the of Stratford Hotel. Feb. 27-28, Firms, Cham¬ options. common over-the-counter Feb. Department of its the aid publications the erally After i (Chicago, 111.) Analysts ■ Society of Chicago forum * on economic methods, a;aa?':.a. v/VV\.-P' ?• Botany Industries story to the nation. Many busi¬ home at Investment President said the business Commerce places North Caro- dinner special attention to The for¬ greatly Con¬ Kennedy-Johnson ticket;. helped to winter < Asso¬ Statler Hilton Hotel., • NEW YORK 5, N. Y. TELETYPE NY 1-971 ' LERNER t GO. , Investment Securities. ' 10 Post Office V v Telephone - Square, Boston 9, Mass. ' HUbbard. 2-1990 and Traders been were adminis¬ Hodges' States' has $17.6 million, up 216% over .fiscal 1957.; During the same pe¬ Caro¬ has perhaps more Ne¬ as Carolina Coastal formance statistics. Token tration to and want public school need the lina information census businessmen not-too-distant future. ciation the publications. publications the convention he went to work for the the Securities American Cement that he pay top-drawer people, tion. going to be up¬ (Boston, Mass.) Boston Secretary of Commerce bewas President, suggested business a speech at Los Angeles that im¬ a be equally Feb. 10, 1961 recently + Jr pressed 100,000 acres, which should prove to productive, represent still another avenue of appreciable revenues in are group a IN INVESTMENT FIELD Company under his administra¬ He hopes to provide a Department EVENTS this acres proven The remaining Gas. economy. offices of the various field The COMING yejL Vice-Presidential made the country's expand the Texas, munity. Jifr&he several times before Democratic vention who Hodges, Secretary ideas that would help new 30,000 well-merited favor¬ a ite throughout the financial com¬ Start¬ is (out of 130,000) under development with gas sales being made under a long-term contract with Lone Star has conference former Presi¬ dent Herbert'Hoover. Mr. Hoo- ^ear. the conference Prior to the press day. same little talk to mer mentioned come North In Mr. Hodges is the oldest Cabinet member, but he is going to wel¬ 62, and prospects, Coastal Producing Company Gas him be $20,000 first his the suggestion to government will be The paying Hoover the business editors in on a making in the Federal Govern¬ ment. ■ wa ■ States has become in the area. ing date for deliveries coming summer. suggested that the Depart¬ ment of Commerce handle the ' Coast industrial Gulf has Soft-spoken, Coastal States' reach new markets ready Mr. Kennedy proposals. previous all-white schools. Hodges attended Cabinet'meeting, and first The have been making four and five times in private will al¬ $70,000,000 he also made of busi¬ ness paper editors that were meeting in Washington. businessmen they one "must" fiscal' I960; a Washington what is sent From intangible arising from drilling activities, 2 page other systems. The path of the Lo-Vaca System will also bring within depressed area program of President Kennedy's are press their country. And he is having partial success with his pleas. industry The a on to bringing Statistical Help to Business • year a held is asking a number and proven business¬ men to come to Washington and serve on his staff as a patriotic is despite Secretary He he Continued from independent agency. or [This of capable lieutenants rate for depressed areas setting up a sepa¬ gia his the than rather any trying to build a strong organi¬ expand our econ¬ of the program Washington, be used as a great civilian airport. Vice-President of zation to help Some Department of Commerce a good job of handling do can public school children than Southern state, with Geor¬ Advice duty abandoned, than more great respect and admiration for President Kennedy, and he is omy. the ready spent on it, and that the Air Force's Andrews Field, near Building Strong Organization Field's properties Dulles be Airport suggested International Landis Mr. the that going to be dis¬ also is carded. doubly late. Marshall is ginia, arrived and greet¬ ed the Governor warmly: "I didn't know you were here, Governor." Mr. Kennedy was The former fired." graded going to be the most modern in the world, about 20 miles from Washington in Vir¬ Mr. Kennedy V likely to up seems in the waste basket. up which hour later About an However, the trans¬ on Incidentally, his report on the Dulles International Airport, his about uncomfortable tardiness. report a transporta¬ House tion office be created. Mr. Landis' dent's sister and other ing a Kennedy President White a in suggested dean, to that costs, charges, result¬ from the acquisition of new assets, may offset potential tax The Security I Like Best He expressed trade. job. law vard report was arrived, he When as Landis, former Har¬ James M. feeling extremely bad about it when he arrived at the Kennedy home. Hodges Governor not and commerce felt is appreciation jand export confidence import both ing strong proposed. Kennedy. President a transportation people have some with favors it as ing advice on P D & Q myself- tie-ins with separate department with cabi¬ net or sub-cabinet level, as wreck. a Con¬ passed by Hodges under train ahead of his Mr. Hodges arrived in Palm Beeach about an hour late for the appoint¬ train had ment was Mr. freight A Act per above 1960 results. These As a sound situation of high calibre affording excellent capital when transportation system set up took plane. ;•< decided to follow your gress.:'.,;:;;,'; va- A;;;; instead Beach Palm set way Carolina of a train from Northern to date date. The then-Governor Hodges net¬ At least that was the the 1956 High¬ by 1972. punctuality, Secretary Hodges several weeks ago, be¬ fore his appointment was an¬ nounced, was called to Palm for in¬ net ,; supposed to be finished work is 2,000,000 requirements. Interstate The tax. (on 1964 at company's depreciation and "I pleting the highway program on schedule, even if it calls for an increase in the Federal gaso¬ because Mr. quently the of Transportation on reaching $13,990,000, share, which would development Secretary Hodges favors com¬ in the months ahead, Kennedy, although Kennedy, sions by the way, you're Views President boss, his on surpass projections exclude all tax provi¬ Roads is Department to This would be equal estimated $7.00 cash year, expected Projected is long exciting that fiscal 1964 $8.827per share or en¬ Projections in store. are shares). accelerated Public of the of the come Commerce. day. to g/f ACCOUNT EXECUTIVE System? Bureau part a time," he recalled the He'll probably have being to to Interstate 41,000-mile indicate are be 374% the about than concrete $17,640,000. his efforts 100%. fiscal 1960 by over 300%, in will de¬ their of over adjectives. earnings exports. sell exer¬ regard for Coastal expressed in terms more advances highway program, including the I've guess most vote help be which ago im¬ in exports bringing is he men weave to be on mills, he learned of the stress is the the made available not too were speeches. Some of the business¬ tex¬ boy working in a much for this country. to going portance years a time, and he has been punctual during his political career, which is a hard thing to do. "I is He by high can In serious thing a middle-of-the-road a course. result from thusiastic The imbalance of trade is now he Governor As Governor. i My States. Lieutenant Governor, then as as would States gold from the United outflow of 80,805 stock op¬ employees' investment it clear that the immediate goal of the Department of Commerce will be to help drum up more and more export trade. The more exporting our country does the more it will help to offset the made biggest plus numerous telephone calls, bring solicitations for him to talk to various organizations. grams, in were cise of warrants and stock options. This would increase stockholders' Cabinet officer has new already Every mail and a batch of tele¬ The Exports Stress expiration than $14,000,000 in proceeds more that exercise Not to be overlooked tions. the for others, among nominees. in office our was Secretary new Luther C. 622,496 the reserved for shares D. before Also 1967. WASHINGTON, for As not Sept. 30, 1960 will on issued be the of many reserved of warrants CAPITAL FROM THE NATION'S 1,954,007 shares. are paid, it is are dividends no BONDS ATeletype b-/:i./V £ sBS 69 ;