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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).

In

American

bonds

Government

I

Interested in possible
LONG-TERM GROWTH?

Complete Catalogue of

...look into

Dealer Services for the

ABERDEEN
FUND

Development of MUTUAL FUND SALES

cover

all the bases in your
...

A free copy

of the current, comprehensive cata¬

More than

1,300 Mutual Funds deal¬

ers

logue

of

sales

advertising aids
Prospectus from your
or

mail coupon

dealer

established

today to:

on

your

training,

merchandising

and

will be sent to principals cf

dealer

firms.

Just

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a

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Wiesenberger Dealer Service. It

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power

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too!

Help You Can Use!

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business

•

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in the field. 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 ;