The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
■'
ESTABLISHED
Volume
1889
York
reply to
*.
»
.
f
Price
j
'
„
*
'
•
,
<
By Dr. Roy L. Reierson,* Senior Vice-President and Chief
Economist, Bankers Trust Company
.
and our society, and it is one to which
a good deal of attention in the next
regard it as a very serious problem. /■
upon our economy
will have to
1
Paper discusses significant new money market developments
give
and how
economy
our
ing men/3
;
' •' '
■
.
-o*,;-*;
*" '
•
'
national rather than by domestic
began to talk about
Such,
a
word
was
"automation,"
and
had a major influence
the complexion and func¬
tioning of the market.
They
are
virtually certain to affect
the outlook for the money
\
V;_\
r.',"
as may
in the year
of
dicative
new
a
a
In¬
ahead.
1961
in
As
7
U. S. Government,
Public
:
V
the
Tins
IN
trary
tations, money
a
to
respond to the strong business
Other
major actions included the introduction
in
the
recession
the
money
of
other hand, however, the Treasury last
increased the volume of its bills outstanding
by some $4 billion and permitted its total market¬
able debt maturing in one year or less to rise by
about $10 billion.
Moreover, no effort was made
to sell medium- or long-term securities for cash.
This debt management
(Continued on page 24)
State,
Municipal
Housing
Municipal
Lester, Ryons & Co.
■
HAnover 2-3700
So. Hope Street, Los
California
623
Angeles 17,
Exchange
Associate Member American Stock Exchange
Members Pacific Coast Exchange
The Nikko
Securities
Founded
Co., Ltd.
New York 5,
•
New York 15
Affiliate: Nikko Kasai Securities Co.
LOS ANGELES
Bond Dept.
Net
To
T. L.Watson & Co.
ESTABLISHED
Active
Teletype: NY 1-708
Markets
Dealers,
Banks
American
*
*
25 BROAD
-
'
-
,
•
<.'
-
'
—
Pershing & Co.
MANHATTAN
BANK
DIVERSIFIED
CALIFORNIA
BONDS & STOCKS
On All
STREET
Automobile
Teletype NY 1-2270
Assembly
DIRECT VIRES TO
4, N. Y.
*
•'
Correspondent
CANADIAN
Invited
;
'
*
Dominion Securities
MONTREAL AND TORONTO
Goodbody&Co.
MEMBERS NEW YORK STOCK EXCHANGE
BRIDGEPORT;.
New York
CANADIAN DEPARTMENT
Exchange
\
NEW YORK
<
Southern
Brokers
Commission Orders Executed
Canadian Exchanges
Exchange
Stock
"
.•
•
*
THE
Maintained
and
Canadian Securities
Block Inquiries
*
Bond Division
1832
Members
New York Stock
on
California Securities
•
•
SAN FRANCISCO
\
Inquiries Invited
OF NEW YORK
TOKYO
Head Office:
-
Riverside, San Diego, Santa Aaa,
Santa Monica, Whittier
THE FIRST NATIONAL CITY BANK
NY 1-2759 U
DIgby 4-7710
DEPARTMENT
30 Broad Street
Notes
Claremont, Corona del Mar,
Oceanside, Pasadena, Pomona, Redlands,
N. Y.
Teletype:
I
,Bonds and
Encino, Glendale, Hollywood, Long Beach,
Plaza
Telephone:
in
a
Agency
Municipal
Offices
1 Chase Manhattan
1824
business
On the
Members New York Stock
BOND
recent
and Public
SECURITIES
..
the
and
year
in today's Pictorial Section.
777,77 Securities 7
TELEPHONE:
of
1954-55
borrowings, likewise remained almost unchanged.
Housing,
State and
record
subnormal
exemplified by the approximately %% rate
on three-month Treasury bills reached in 1954 and
1958.
In addition, in the subsequent business re¬
covery and indeed until the last month or two of
1961, consumer credit demands had been sluggish,
and bank loans to business, until the December tax
38th Annual Winter Dinner of
ISSUE—Candid photos taken at the
the
lows
markbt| rates for
of reasons failed
number
with
market rates had never approached the
to precedent and expec¬
Securities Traders Association appear
Boston
Changed Environment
recoveries of
that
fact
through most of the
The Federal Reserve ef¬
fectively developed
a
policy
Roy L. Reierson
designed to meet the divergent
needs of the domestic and the
international economic situation, and to this end
-made substantial purchases of Treasury securities
of considerably longer maturities than the threemonth bills which had hitherto been the almost
exclusive instrument of open market operations.
quoted in the New York Times,Ithe Labor Department
points to the fact that the railroads (Class-1) in 1961 had
operating revenues of some $793
(Continued on page 23)
PICTURES
A
The recent
This stable behavior is explained in part by
was
recovery
Obvious Figures
shake of the head and doleful countenance.
savings deposits under Regulation Q.
market cli¬
year.
It is, of course, easy enough-to cite superficial figures
with
the Federal Reserve of higher in¬
ceilings on commercial bank time and
rate
spicuously
,
f;
terest
business
the unusual
behavior of interest rates; con¬
mate
along
be. ~7 7.rv/:77
.'
ready
provements, and partly because—and this is a major.,*
(factor—the monopoly of labor has resulted in greater
and; greater exactions for the men who do remain on the
employes
market entered 1962 after a year
significant hew developments in the
policy, Treasury debt operations and
activities. These developments have al¬
money
crowded with
field of credit
change has been very consid¬
erably accelerated in recent years, in part, doubtless as
a result of remarkable technological discoveries and im¬
with'as few
market rates to rise more rapidly
money
may cause
Compares past with anticipated Federal Reserve moves. '
other kind of usage. The
•payrolls, thus greatly increasing incentive to get
higher rates will reach the end of 1959 peaks
however, that the advent of serious dollar pres¬
higher than what domestic forces alone would cause.
The
possibly in any
in common usage or
nouncement by
market
sures
before
even
money
two previous
1958-59, when
expansion in the economy was accompanied by a
significant firming of rates in the money market.
but warns,
This process
we
a
upon
doubts
son
of producing more and more goods with
fewer human hands at work was going on long
before
considerations." Dr. Reier-
as
past refutes the easy assumption that
money market rates inevitably follow the direc¬
tion of business.
Although the past 10 months
saw a vigorous rise in economic activity from the
lows of the recession to new peaks in income and
output, money market rates through most of the
period continued to move on an even keel.
Only
in recent weeks have they advanced somewhat in
response, apparently, to the higher interest rate
ceilings under Regulation Q and the renewed con¬
cern over the United States balance of payments.
This broad stability of money market rates in the
face of a strong business uptrend contrasts con¬
banking
fewer and
negotiable time certificates of deposit
market instrument by the major commercial banks
in New York City and
elsewhere, and the an¬
expected to be influenced "more largely by inter¬
ures, are
'
•
they may fare under market tightening conditions.
Upward pressure on short-term rates, and credit policy meas¬
is moving forward, we can absorb,
this 1,300,000 even though, in particular industries, we
may get special structural unemployment.
We've seen
that in steel, we've seen it in coal, we may see it in other
industries: But if our economy is progressing as we hope
it will, then we can absorb a; good many of these men
and women." But I regard it as the major domestic chal¬
lenge, really, of the Sixties—to maintain full employ¬
ment at a time when automation,- of course, is replac¬
"If
Copy
a
And Outlook for Interest Rates
,
a
.
decade.
Cents
•
•
_
fact that we have to find over a 10-year period
25,000 new jobs every week to take care of those who
are .displaced
by machines .and those who are coming
into the labor market,
/. This places a major burden
we
50
question at one of his recent press confer¬
a
the President said:
"It is
7, N. Y., Thursday, February 22, 1962
AS WE SEE IT
tg
ences
New
6136
Number
195
Editorial
In
Reg. U. S. Pat. Offie§
PERTH AMBOY
2 BROADWAY
_NEWy0RK,
1
CORPORATION
>
NORTH LA SALLE ST.
CHICAGO..
-
r
40
Exchange Place, New York S, N. T.
Teletype NY. 1-702-3
WHitehaU 4-8161
MUNICIPAL BOND
DEPARTMENT
BANK OF ARUEMCA
\
.
N.T. &S.A.
SAN FRANCISCO
•
7 .7
LOS ANGELES
The Commercial and Financial Chronicle
2
For Banks,
The
Brokers, Dealers only
offer
Southern
yourself to reach
like
Elox
The
entry
into
the
.
.
.
States
0f EDM
COMMON MARKET, ^
expanded form of this economic
system, will only accent the very
real- problem real
"
...
.1
faced
by
"HANSEATIC."
v
i
e r
today:
_
IS>
to
remain
CORPORATION
well
American Stock Exchange
markets
every method
WOrth
York 5
BOSTON
SAN FRANCISCO
•
;
Wire System
Nationwide Private
permits
•
,
1
of
products
blanking
,
d es,
Robert D. Evans,
.
,
tinne
Monthly Stock
economy
n5h.«ine«
of tne business.
It has been
took
whole.
a
,.
.and—plasticdies,
ppwde
6, N. Y.
Telephone: BOwIinf Green 9-2B9S
not
offer or solicitation for
an
securities
for any particular
just
little over
a
S. ..Larkin, Jr.,
John
since
Parts,
engine
rocket
the corporation has
in each
snc
management
new
the
entl
subs
increased
:
BONDS
VIRGINIA
The
shown
a
CAROLIN,
CAROLIN
which
^ ?
tover $7 million Via
the
profit
to
tool
has
industry
had
4CO
RICHMOND; VIRGINIA
1959, the operation of
equipment
of
the
same
Of machines
'
1.
.'
■
•
little
•
engineer's imagination." For those, over. $500,000.
investors
who
scek
long-term
By
comparison,"
.
the
/
.
J°x I
i
,,
•
■
■
■'
■'
f
'
'
\
'
'«#■
'
,'*j
♦
Chemicals, Inc.
■
re-
:
;
1
had
to
demonstrate
educate
|
trade
to
the
considerable
•
l„c, New York City
Acceptance Corporation
.
travel busi-
decade
■
t
*
Uris
Buildings Corp.
four
\
\
—
vestment, equal
machin-
lower capital
of
The
80 Pine
TWX NY
St., New York 5, N. Y.
1-4949
Tel.:
mates
________
BO 9-6244
fast-as
days
work,
;
and
development program
has ' been
expensive. During just the past
four years, Elox has spent approx-
imately $114 million,
/
•
a
sum
equal
m
a
tor
ine
pays
to
exam- *
the - dy-'
namic
aspects
Ac-
1
"■
OF
TAX
.Send info., without
obligation on
Bonds
Estero: M.I..D.
FREE
TAX
■-.Name
Address
.
4
*4
•
•
•
City
•
••••»••••••••••••••
Zone
• a
•
State
;
.
• • •,a
C &FC-262
home.
HOC-f
BLDG.
SEATTLE
4,
Ind
WASH
ond
,
MAm
CO.
CHERRY
2-6830
vacation
;>. -<*
V
details .of
all
Here,
service-
•
■
Over-the-Counter
and
the
for
for
receives
-
its
Quotation Services
..
a
v
commissionr
In this field
as
RCA, GE, Westinghousc
i-TDternational,
V
^
and
already signed up^$20 .million
vaV® -X'^rAom<ATfilw' ;c°fpo^te,
giants
•
for 49 Years
service'
the
largest factor
ceptance Corporation (American
Stock Exchange—9%);
~,T ' •;
>'i.
nothing
£om th,e carriers.
Tower is the:
Diran m. Kaloostian
of Tower
v.,
GRANDE
$300
of*
million
46
from
efficient
Tower
V ,under no
:
• *"J
• • 1
'/'-V;.
is
circumstances to be construed as an offer to sell,or
solicitation of an offer to buy, any security referred to herein.)
t
on
away-
more
-V
.
FROM
STATE
INCOME
CALIFORNIA
contracting company than it could
provide for. itself, The com pans;
fThis
ai
AND
-customei
customer
-total
a
Tower,;. resulting; in .better
."
•
FEDERAL
travel arrangements for a particu-.
lar. companv
are * handled
bv
,
or
research
-.'I
Bonds.i;"i;^
EXEMPT
INTEREST
'projected
-six.'million
six. million
spend
program.
as
in
company's
-Municipal:
Another pioneering approach to
travel by Tower is its corporate
rise
our
'its
its
million
has
times
•
families
greater preci- "standard of *
less time, "and
living, is good
lower labor cost per unit. To many
reason for the
industries, Elox guarantees sav- capital - gains';
ings of 40% to 80%
in tooling
minded invession
costs.
€asper Rogers & Co., Inc.
in-
Obligation v.
mtUton
$1 5
'partner.
for each
?
travel*
seen
volume
conventional
ing methods
Lamtex Industries Inc.
t
,,
fo
$350 000
ne s
offers
•
^
pending at the enormous rate- of comp^.e to a 7| average for the
20% a year yet is still in^lts;IfaveFaseiit Tt i? iriter^tinfancy <.accurately describes the ing to note here that Ward estV
advantages which Elox equipment
over
-..v
eVr°ofynapmoC
fi^vearand fLrprofit
-t
metal
Virginia Dare
the
and
General
Street-Sewer-Water
Tower-
KALOOSTIAN;:|-.i;;-mum to maximum sales expecta-
s.-This,
plus * the fact /
spend substantial amounts -that the past;,
foregone conclusion. In order to
achieve this acceptance, Elox has
-
A $5 billion industry that is ex-,-
new
a
customers cannot be considered as
to
'
•
-
President, D. J. Sinqer &
;;
revolutionaryconcept, acceptance by the trade and potential
Corp. ;
r
DIRAN M.
•
a
■
v;, r
a
pioneered the EDM
to where, today, they are
As is often the case in
...
Del E. Webb
milling; In
patents throughout the world.
and
IMPROVEMENT DIST.
•;
in gross sales after heavy promotional and start-up costs, a mini-
J
150; Tower
>'
Hydrocarbon
'
this stock and its potential.
con¬
;
< ■
*■
* #
Z
should not be
MUNICIPAL V
ESTERO
,
and
process
SAN FRANCISCO
PENINSULA AREA
8% tax credit for, money spent on whelming balance remaining vir-:
p]anf equipment. There is no way .tually
unchanneled. ^Indicative
of measuring the total effect this perhaps of the anticipated success
Electro-
decade Elox has
a
INCOME
change abroad
I feel this condition will
'
t
Aerovox Corp.
'
over
fined
i
^ \* •,/'{
>
TAXFREE
.
was
fused with chemical
Primary
Markets in:
4
:
OFFICE:
Telephone: BEekman 3-3622-3
tbis vear> and decidediy So4 when
.
introduced
the metal and
•
NEW YORK
149 Broadway, New York 6, N.Y.
and $3 billion at home,
Of. ths total, only 8% was handled
-presicient Kennedv puts through in-1960 by organized travel agenbis tax meaSures which ihclude'an cies and tour, operators, the over.
rn^hfni^ rotJ
nJ-nnJ f iiIpq caPital appreciation, i? I , feel - the. ward partnership has calculated!
fn Srnivt ? Jpfinn tn rim p" same statement might be made of a break-even point of $1 million
•
Securities Co., Ltd. ,v
•
:
,
anchy A
have on the'industryy but I of the Tower-Ward effort to bring
was lntro*
jeej gafe
saying that a lot' of organized tfavel to the great mass
drill, or shape, tool buyers will be looking'at of ., our.-, population Vis,
Tower's ;
holes with the accuracy of thQ
E10X equipment;,when they enter branch office, inthe world's J^rgfinest diamond grinding and made ^their orders.
:v: i'•;v;;v^C'X'^st'department store, Macy's-r34tHElox equipment competitive witK -v
has been stated that ^,EIoxVStreet, wMch two years Rafter its
conventional machining processes,
^limits are: only "the limits" of an inception- recorded gross sales of
series
Also
w
j
the
in
months
been
duced which could
!
DAI
of age or older, According 1 Th.e size of the market aimed
article, people in the at by these partners is tremen-,
machine tool trade consider that dousy-It has been, estimated
by'.
such .machines have pretty-, well, ti e Department of Commerce that
"had it,"; particularly when you Americans are spending $5 billion
are talking about precision work,
annually
on -travel,
$2 billion"
the
process,
new
.
t
jq years
ten-thousandths of: an
an
•-
SECURITIES
making, meant that domestic and
foreign tours would be packaged;
by Tower, sold through the Ward
oatalog and lj 189 retail and,cata?-.log sales,'.stores, financed by the
literally in the
doldrums
gijjcg the mid-fifties and, this fact
and the equipment,
was
improved to where
yonventionally-trained: machinists could
perform precision work measured
VIRGINIA
.
JAPANESE
July,
'
been.
the outlook of the entire industry.
'
-
its
was
v! $3*5 million-in receivables, which
the current orice
machine
Tb
that
required intenthe perequipment was
75% operator's skill. Several developments made by Elox changed
«f
:
branch offices
our
j0rity interest., Tower's attraction
for this
and
formance
We maintain
.
*
when a New.-York
purchased a ma-
i96i,
byery. year since itH^g substantiated by / a . report
incorporation in 1950. Elox, today, Garrjed in* Business Week which Ward -credit plan and operated
is the producer of EDM equipment
stated
that about
60%. of -the under "the supervision of Tower's
superior in .performance to any machine tools in this country were'-Fugazy. Travel Division. --Vs
EDM
SOUTH
NY 1-1557
Birmingham, Ala.
Mobile, Ala.'-*
-•*
Direct wires .to
...
eng
be^abput 9^! ^
sive operator training as
NORTH
HAnover 2-0700
New Orleans, La. -
consumers finance
n^ acquisition, for stock, of another
V*
loan'comDanv
•
rFor
the
fiscal
year.< ending small-loan company.
April 31, 1961, the company reHowever, Tower made its singuported
sales
of $3,600,000 - and larly important move later that
foiintpr market
control of this company
over
Prior
WEST
■=
'
pany
of like nature produced anywhere in the world.
MUNICIPAL
Exchange e
19 Hector St., Hew York 6, N. Y.
'
The capitalizaiori of the com- and Montgomery. Ward, jointly
ls composed solely of 634,- announced plans to introduce
387 shares of common stock, which travel
to the American public
10 >are
traded
in
the
Over-the- on a giant-scale. This decision,*
.
equipment
For
Stock
share
lion's
lfons shara
'
and, in his capacity as President,
The Nomura Securities Co. Ltd.
orders
Stock
American
buPsin^ss gr^up
ed
ci
Helds
.,
I feel it should suffice to say
61 Broadway, New York
New
Members
/ •
.
.
25% thereafter5,'<
the
receive
to
years
the Japanese as
,
.
Digest, and our other report!
that give you a pretty clear
picture of
.
nurhiree Machines "fEDM^nro- 180%,'re^ec"tively7 o7er"the prioi and
of the three largest packr
agers^yen^cf travd m^e
IN JAPAN
our
.
Jr.; earnings 0f $q.39 per share ;(R&D same month when it acquired the
CHEAPER,
expense ' represented ' $0.63 .< per international
known Fugazy
FASTER, and BETTER. For many
*
Travel
Bureau, Inc., the", oldest
inHnc+ripo
thp
USe.Of Electrical
and one of the three largest packr
one
ines (EDM) pro-^0%>^esp<:
agers and vendors of travel in \thp
»r
nnH
ft ox
nf
year. For tl._
v
vides the
^currentjiscalyear, countryf Almost immediately
MICHIGAN, ■ as • the pioneer and in «?alps and 40% in earnings '
"
thereafter, on;Aug. 8, 1961, Tower
leader in this field,-should conm sales> ana *u /0 in
"18S;
• v
'
'
- - -
Opportunities Unlimited
for
,
1
forging
-•
Write
\
.
:
parts and machining of uranium.
the
production
(Page 2)
to
jet
be used which
CHICAGO
•
PHILADELPHIA
Members
as:
available must
Teletype NY 1-40
4-2300
^
^
STEINER. HOUSE & CO
Singer & Co.,-Inc., New York **
"VUuJL Exchange
W VV.
York
,
meiaLl ^leS'specialized
C°*H £4
and many
over¬
as
,
.die cast
extrusion
drns,
as
seas,
120 Broadway, New
of:
fields
our
Bought—Sold—Quoted
and- accounts for. the ,lion 6 share fa(>tor in
the travel field began m
of sales m the. broad and varied
A
-J .
♦dies,
domestic,
Westing- Tower Acceptance Corp. —Diran
substanM. Kaloostian, - President, E». J.
equipment .in these huge, City.
"and
are
holding—-—
,.
,
com¬
petitive in
Established 1920
Associate Member
(Page
Calif.
operating departments.
"and small loan company with of*
T
r^LilyLw^Tifees' throughout'• the Southeast,
ay
+x is
iffJ ? Tower's transition, into .a major
many
In
order,
Hanseatic
Angeles,
-
„
are
EDM
can
manufacturers
.
Motors,
advocating the use of'
equipment throughout their
Originally a
they
•
Am
YORK
and
established
Log
regular schooling sessions in whicn
-
NEW
q0
2)
organizations
an
Call
General
as
have
D. Evans, Jr.,; First" California
-
tial departments to study the use...
,
,
avera§e
dollar. As
his has been, com-
Electric
General
house
United
the
of
such
panies
Corporation of Michigan
.
vast Over-
the-Counter structure.
as
expensive
Company, Los Angeles, California
broad markets in any seg¬
ment, of, the
Analytical Department,
Division, First California
of Michigan—Robert
Elox Corp.
~
*V9olpe^aresales
?r
11.8% of the
*
of
helping buyers and sellers
Louisiana Securities
~
jr
u
r\n
x,,
ROBERT D. EVANS, JR.
Manager,
Their Selections
;
favoring a particular security.
participate and give their reasons for
41
than
more
Alabama &
•
field from all sections of the country
in the investment and advisory
of experience
years
is
Thursday, February 22, 1962
.
This Week's
•
week, a different group of experts
x
This
.
Forum Participants and
"41 Bid"
We
•
•
A continuous forum in which, each
,
.
(922)
Allied
•.
Schenley Industries, Re
',*/• 'Continued
Stores
p u
b 1 if
on page
••
21
National Quotation Bureau
Jpcorporated
•
;
-
16 Front Street
5HICAOO
.
:Established 1913
-
V"V>,.
Hew York 4, N. Y.
SAN
FRANCISCO
Volume
6136
Number
195
Commercial and Financial Chronicle
The
(923)
3
CONTENTS
Wages, Non - Wage Benefits
LlCHTEnSTfin
US.
COMPANY
By Jules Backman,* Research Professor of Economics,
New York
Writer well
calls
tacitly
—
the
to
growing cost and
recognized
New Money Market
non-wage
forego part of a wage increase to accommodate a higher level of
t" *
benefits. Analyzed in detail is the latest non-wage benefit
protection against the adverse effects of technological change
upon
labor.
financial
various
discusses
developed
measures
the employee;
on
Economist
The
ameliorate
to
non-financial
the
short-run
steady
s
io
expan-
.
variety
noii
of
benefits
and
their size. The
have
added
annual
Thus,
we
increase
provement factor
in
by
'
be
have had
the
an
plus
costs.
improvement
non-wage
This
approach
been
Jules
Backman
extended through the adop¬
tion of long-term
further
trical
equipment, agricultural im¬
aluminum. Since
thesp industries together with the
automobile industry tend to estab¬
There
plements^
lish
for
the
of
pattern
force
settle¬
wage
one
increases in other industries which
have
not
,
into
willing
been
contracts
for.
to
V-Y'vr;rv",''
year.
Lv.; At-
the
,
enter
than
more
;
and
at
■
time,
so-called
fringe benefits, were being.negotiated on a small scale starting
first with holidays and-vacations
and .theft spreading ta pensions,
nual
rest
were
unemployment
tract
since
have
and
tended
about
to
cost
20%
payroll for
J
or
more
of
ex¬
these
of
eause
.
,6
or
the
1961
cents
L.
mackie,
&
;
HA 2-9000
Weiner—
See It
and
inc.
40 Exchange Place, N.
Y.
Teletype NY 1-1825 & 14844
19
;;
v
Cleveland
St. Louis
#
(Editorial)
Insurance
Los Angeles
San Francisco
Washington
Cover
Stocks—
!
///:'■■jvf
(
'•
.'.
*>
-"-•V-'.r/,;. f.>u
-j
■;swish*. basic i>:
v
;
Investment
,
-r; *•
: 48
-«>■'•><•.{-ri/*
».
-.i
Dealer-Broker
23
—
v
Coming Events in the Investment Field
..
s
Recommendations
properties "a"
:
.
8
amer. building
Einzig: "How We Are Contributing to the Decline of the West"
10
maint. industries
itf !
From
fi
j
■,
;u
y
Washington Ahead of the News—Carlisle Bargeron____
ft
r:-'.;
^
2,
;
~
.
■
..y
17
\
.'j '
/"■'
J——29
Indications of Current Business Activity,5—
;y
allstate
,
-
properties
and You <The)—Wallace Streete.—
.
!
17
Funds.————
lance inc.
22
_:/■
y
NSTA Notes.
28
and Bankers
About Banks
News
sabre-pinon
18
similar
is
Wilfred
Observations—A.
with
reached
May
1^-—
receive
to
Reporter
Governments!—-20
on
J.F.Reilly&Co.Jnc.
*
,
39
contract
GM
4
••
Public
a
Utility
Securities-—!:
10
—
Broadway, New York 5
DIgby 4-4970
hour
plus
an
although this is
an
clause
Motors
sought to place
to that
;
Securities Now in Registration—!
:■
Prospective
tion
of this
is
trend
recent
elimination
clauses.
variance
Security I Like Best (The).
v
Security
—2
Salesman's
Corner
__l
—
.—
*13
Southern Gulf
with the
toward
or
————!247
cost of
on
The continua¬
provision in the. auto
at
!!-L-y 30"
——
Offerings-———.
I
ceiling, similar
a
found in steel,
contracts
Security
—
unsuccessfully
living,, increases.,
in-
State
either
of Trade
and
Industry
(The)
—
15
limitation of these
Utilities
*
...;..
.
Market—Donald D.
Tax-Exempt Bond
.
Mackey
The
6
agreement provides for an
increase in supplemental unem¬
on
Washington
ployment benefits to 62% of gross
pay
(before taxes) plus $1.50 for
price index. Thus, wage
Y
.
5
-
Continued
on
page
and
Twice
Weekly
Copyright
1962 by William
B. Dana
Company
"
FINANCIAL
U.
Reg.
25
,
S.
DANA
WILLIAM.B.
Founded ^1868
48
The COMMERCIAL and
PREFERRED STOCKS
Spencer Trask & Co.
You
26
Published
;
14
manufacturers.-.
continue
General
designed to change wages
changes in the
specialized in
Singer. Bean
'
v
Liberman
other
of
which
agreements
escalator
in accordance with
have
Electronic Int! Cap. Ltd.
•
'____„„T„ 12
_—
V.
modified in the first year as will
be noted later. In the negotiations,
such increases have been escalator
For many years we
Telecomputing Corp.
minimum annual increase of 2%%
programs
Superimposed
Electronic Capital
11
—
been
automobile
workers
"
consumer
be
can
■■
have
Under
-
clauses
Bank
a
Our
two
This, has. been
Baird Atomics
.
an--
General Motors Contract
adopted.
Thus, } the
ailnual; increases in
& wages were largely designed to
make: possible worker participation
in our expanding national
productivity.
for
these
pattern
contract
the
other
benefits—has been the
wage - inflation
in
h$rent inv the}
As We
Mutual
to
the
HFeeent „.years.
:J
9
———_
Regular Features
Market
Motors
the
developments — annual increases
in wages and burgeoning costs of
non-wage
Hoel
-—Robert
termi¬
term '
combination
Oil Recovery
5
Lefkoe
However, so
how
see
YORK
>
Harris,
Philadelphia
piled on top
of wage increases is well illus¬
trated
by
the
recent
General
and
"fringes"
no
longer
provides
an
adequate
description of these payments.
Thus, to measure the gains ob¬
tained by labor, one imust consider
both wage and non-wage benefits.
The
V
V
NEW
WHitehall 4-6551
Direct Wires to
companies
many
hence'' the
to
STREET,
-
The manner in which noft-wkge
million
of
allowed
adjustments
benefits
workers. These non-wage benefits
now
command.
industries.
con¬
been
two
R.
since the industry in nego¬
tiation at such t times faces the
benefits
introduced in the Ford
WALL
r
de¬
be
steel and automobiles);, it
as
difficult
periods, etc. Ift 1955,' supple-
mentary
Obsolete Securities Dept.
99
3
_
nated
funds, and a host of lesser
benefits. such as jury duty, paid
'
BID
STUFF
M
Chicago
wages.
established
(such
is
H.
—Joseph
•
long-term contracts which overlap
v,
'
.
Proposals to Improve Investor Protection
-
<
the leading industries have
as
welfare
r
union's
time
no
higher
long
same
."H
-
pushed with all the
the
is
will
increase labor costs.
one
'
•„
"Option Selling: Challenge, Opportunity and Hazards
Accordingly,
labor costs are being increased; in
good times and bad. Yet. a period
of recession is the wrong time th
for many other industries,
result has been annual wage
M.
—Per
breathing
spell. ' E v e n * during
periods
of;; decliningf economic
activity, unions continue to press
increases
manded
ments
i
year
contracts, usually
three years, in a number of key
industries
including steel, elec¬
»
1
*
.—_
Sizing Up the Export Problem and Its Solution
;
is too large,.
impossible to
compensate .for
the
excess
by [
making no adjustments in the fol¬
lowing year. On
the ' contrary,
postwar experience indicates that ;
has
V
"Antibusiness" Label and Administration's Record
—
benefits., If the amount'
one
^
difficult if not
it is
eral Motors in
1948.
The
inflation.
annual
granted in
;
*;
.v
improvement
intro¬
„
factor.
aggravated by
annual adjustments in wages and
factor
-i
Chrysler Revs Up—Ira U. Cobleigh——
annual im=
instead of
This situation is
duced by Gen¬
->•*
•
-
labor
The result has been wage
formu-
was
unit
to
annual
an
wage rates
lized
to
'—Reese
-
-wage
»'
Collective Investing for Banks' Agency Accounts?
large
enough to compensate for the rise
in living costs plus, the rise in
productivity. On top of these in¬
creases, there has been added the
cost of non-wage benefits. With v.
the
gains in productivity more
than
used
up
to pay wage in-*creases,
the
non-wage
benefits
in the
n
»
Cover
effect
'A
had
have
'
.
I
■
C,
_
Telephone:
i
increases
the postwar years two
outstanding developments in col¬
lective bargaining have been the
annual increase in wages and the
'
—Jules Backman-
r
to protect the worker 'not the job.'"
During
i
Reierson
Wages, Non-Wage Benefits and Technological Change
-
and
and warns that "any program adopted must be
'U'.designed
'
•
.
QUEASY
Developments and Outlook for
Interest Rates—Roy L.
j
non-wage
using
THAT
they willingly
—viz.
still
Page
arguments
importance of
by unions when
even
We're
Articles and News
experienced in labor-management economic
attention
benefits
University
Park Place,
'
REctor
CLAUDE D.
,
WILLIAM
CHRONICLE
Patent
Office
COMPANY, Publishers'
Reentered
New York 7, N. Y.
2-9570 to 9576
second-class
Treasurer 1
matter Febru¬
Subscription Rates
Subscriptions
-
SEIBERT, President.
DANA SEIBERT,
as
ary
25, 1942, at the post office at New
York, N. Y., under the Act of March 8, 1879.
Possessions,
in
United
Territories
States,
and
U.
Members
S.
•
of
W! V. FRANKEL & CI.
Pan-American
Union, $65.00 per year; in
Dominion
of
Canada,
$68.00
per
year;
Other Countries, $72.00 per year.
.
v
Members
New
York
Stock
GEORGE
Exchange
J.
MORRISSEY,
Editor
:
Thursday, February 22, 1962
25
BROAD
ST., NEW YORK 4, N. Y.1
TELEPHONE HAnover 24300
Albany
Nashville
i
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Newark
*
TELETYPE NY 1-5
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Every Thursday (general news and acU
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plete statistical * issue—market quotation
records, corporation news,, bank clearings,
state and ci£y news, etc.)'../
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•
,
Other-
Office:
Chicago 3,
111.
135 South La Salle St..
(Telephone STate 2-061&K
Other
Bank
$45.00
and
per
rate
foreign
must
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<.
4't
,
INCORPORATED
t
39
BROADWAY, NEW YORK I
Quotation Record
year.
Note—On
the
Publications4
(Foreign
account
of the
— Monthly,
Postage extra).
exchange,
remittances
for
subscriptions and advertisements
made
in
New
WHitehall
3-6633
-
fluctuations in
of
York
funds.
-
Teletype NY 1-4040 A 1-3540
4
The Commercial and Financial Chronicle
(924)
it
OBSERVATIONS...
3S
'
f
BY A.
tested
accurately
be
can
Wholly apart from the ultimate
outcome of the government's tax
against the Chairman of the
York
Stock
Exchange's
Board
of Governors, surely its
case
preliminary offensive via the press
has been most unfairly damaging
:v;; A
the accused.
First,1
government (at a
high level) rather vaguely
very
the
its im¬
minent intention to bring charges
of tax fraud against "an uniden¬
tified individual who is promi¬
"leaked"
the
to
How
just
to
press
inside
positions to the
detriment of investors; and. fur¬
their
of com¬
pensation may lead them to fail
nently associated with the Stock
to report income, or if they do
Exchange." Soon thereafter, the
report, to claim false tax benefits.
Internal Revenue and the Justice
Department publicly specified the
government's evidence in accusing
"an"
Exchange Governor
(still
individually unidentified) of fail¬
ing to report all his incQme and
of inflating his tax deductions for
business expenses and contribu¬
tions to charity.
A few days later (Feb. 13) the
Internal
Revenue, disclosing its
actual turning-over " of "the evi¬
dence" to the Justice Department
for
presentation to the Grand
Jury, named the accused.
Surely such a press offensive
should
have
awaited
the
ther, that their manner
Perhaps the Commissioner has
intention
But his
gating
ket.
in
Cheating
Tax
V-:
"Tax Abuses Cited in Stock
following a stock
boom, Wall Street is fair
Art
this
or
.
.
but
Price
still
in¬
triguing query captioning a week¬
advertisement, we
fortunately
current items coming to
timely
haye
based
on
for
had
Union
SOme
time. The latest
owners
answers
hand.. We have just received, ^yia
messenger from a startled security
analyst, a brochure from the Elec¬
tronic Stock Evaluator Corpora¬
computer
techniques
(including
cross-correlation,
dynamic
pro¬
circumstances
suffers an irrepa¬
whatever the ultimate
gramming,
curve
fitting,
selflearning,
and
self - adoptive
programming)
to quantitatively
evaluate the potential of any com¬
outcome.
The
blatant publicizing of
action is evidently an¬
tak-fraud
nual
routine,
pre-filing
prominent
individual
(last year it was a
doctor and the year previous a
prominent hotel executive); and
claimed
to
be
justified
as
a
public warning to "go honest."
But the fact that "this is nothing
personal" against the present ac¬
cused, or the financial community,
surely cannot afford much solace
to him or his family.
season,
in
versus
*
More
In
on
*
mon
.
ing
drum-beating
the
a
.
was
program
for each in¬
have
news
of Look Maga-
Trend
-
tributor
Evaluator
of
not
gov¬
DOES
Survey,"
planatiori
thing
of
commodities
AMG
continues.
is
depend
"Since
dis¬
the
automated and does
on
human
' i
,
f! i< t f.
■'% t. ;
•
t*
i
i.
.
above
established for at least
which
there
is
a
-
to
not
mention
judgment
pvpt-
.
If you chart the nation's birth
rates you will be able to forecast
when marriages will be at their
peak. We were in such a period
a few years ago. This resulted in
.
the
great
demand
two-bed-
for
room
market*
Easy Tenns for Purchasing
of
Tsic l
aHists
in
YAMAICHI SECURITIES CO., LTD.
.
frend
whose
are
nat-
ctose
the endosed
eiiciosea
declined
now
to
ag
men
combine
sharp
a
on
the
probabRitv
in
recovery
recovery
i
.
xt..
in
tne
.
.
,
with
art
lems
gether in sublimating value
the
technicians
to the effect that
past
future.
performance
Should
a
the
by
his
own
especially to your former
employer. Be "above board" in all
your transactions with your real
—and
estate agents and with the store-
Build up good credit
wherever you are and save a
keepers.
little
money
each
month
Harvard Bus. Adm.
newly married
Program oi the Harvard Graduate
School of Business Administration.
In the class will be the first
woman business executive to be
selected for the course—Julia M.
Montgomery,
general
partner
the
Jederal
FHA
writing
Public
the
In-
gn
"S®"*
the youngest woman partner of a
New York Stock Exchange member firm
Wood, Walker Branch
foolish
move
some other city, some branch office at 116 Canal Street,
ones
do
hesitate
not
out sometimes at
to
under
the
direction
of
R. Ross,
night and
mar¬
via
We maintain active
public's skepticism away by the
explanation that it wasn't the
fault of the system, but his own
as a "bonehead"
interpreter.
As
a
matter
of
fact, these
"systems" in both the stock and
art fields, in evidencing the need
for
interpretative
"playing-byear," furthers the conclusion that
in
their forecasting, science has
been reduced to an art.
"
'
trading markets in:
Marlene Industries
his
or
Seaboard Life Insurance
Pavelle
Corp.
Common Stock
BOUGHT—SOLD—QUOTED
Prospectus
"
Investors Company
opened a branch office at 141
Broadway, New York City under
on
request
Bobbins, Clark & Co., inc.
Trading Corp.
82 Wall Street, New York 5
has
the direction of Judah Lefer.
of
?mP°rtant fir®f }P her
*Uh?.?fLe °f.F'
discloses
annoyance
after
paying your insurance premiums,
which should be a MUST,
»•-"?'«■—JiSrt
to- move to
any of the "systems" go wrong,
the "technician" readily rational¬
izes
the
upon
from its correspondent banks
in the city you are leaving. So be
sure to establish good credit.
Be
able to refer to you^ school principal and your minister or priest
D' C'; ov a locaI FHA
facbasic
forecast
in
report
formation Office, FHA, Washing-
,
dopesters^ are also
to
the
Housirlg. Administration). You
^ ^t information on your prob-
of
°Treiid i'ri,,-,Ri1ng1?na"JnfnnL'in
and
check
a
MrS'
Sver
neaJ
near
the
monthly
city will get
y0ur
you
X
Cons. Inv. Branch
COrtlandt 7-5900
estate
couples do a little figudng they the Washington Investment Bankis no more than they would pay Washington W * C°—>
D
c
print
['resistance point' may we ask?]
they offer an interesting
peculation
When
men*
Art
Art
Consolidated
BROADWAY, NEW YORK 6
real
associations which report to
another. The bank where you
a
pew resident
will be cash-
School Admits
severely cut. A veteran can "buy"
a
h°use without putting any
money down' while any y°ung
couple can get a home for 10 %
down, and a small monthly pay-
in
where
TOKYO, JAPAN
111
The
one
houses has not yet been History was made Feb. 18, with
broken in most sections; but the the enrollment for the 41st Sesterms of purchasing have been sion of the Advanced Management
their
he avoided
indicate thev
(coveredTn
111
have
its
Affiliate of
to
cant
to the beainnina of cvclical rlimhs
credo
Brokers and Investment Bankers
couple
The offering price Tor new va-
decade."
a
tons
should
and
terns
ket's
of NEW YORK, INC.
married
a
married without money; but they
should have an insurance policy
(upon which they should never
borrow)—and good credit.
tors and their salesmen,
"m-iv
cyclical
to^
Svor
tors
YAMAICHI SECURITIES COMPANY
or
—
reputation for honesty
and reliability. This is very important. Young people may get
llcensed real-
JaHon. *
"The
a
Japanese Securities
young
a
new
include
" pnntimiP«! thp
close
he
in.
i
for
jng
"rvrfnin hiffh-oririp nrtic+c
IV f*
*■■■
dealers repossess
a Bad Reputation
;•*
The above program is being
followed
continually
by
young
nets.
only artists for whom a permanent
(and
a
per¬
probably
manently rising) market has been
»
.
the
Beware of
wheat, corn, and other farm prod-
urges
Rankings.
of
recommendations
THE
WORK?" The
no more
.
,
-
shortage now is parking space!)
Even President Kennedy has excess stockpiles of metal and other
to go up, some at a much more
rapid pace than others."
dsts
WELL
note stating that
they will make a deal with some
truck driver to take their furniture some night to the new location when they have "bought"
another house,
everything else, however, a shortage is followed by a surplus. (The
as^ Lr examnle^
PAST PERFORMANCE
"HOW
relocate.
establish
stock.
EVALUATOR
credit
poor
may
houses should soon be cheaper,
Ten years ago there was a'shortage of one-family houses to sell
for $10,000 to $15,000. Like almost
the
Art Market Guide and Forecaster,
"and
you
will see gains up to
61,900% just since the war
many artists for
whom gigantic
rises have already been recorded
will-continue [emphasis original]
developed to
.
new
dividual
$
demonstration
stock. ESE
prove
that the same prediction
techniques used in missile and
space vehicle performance predic¬
tion could be applied to the stock
market
automatically comput¬
Wall Street "Cheats"
another
advance
the
some
ease
monthly "payments can be expected! The furniture has mostly
been bought on instalment pay¬
ments. This they fere willing to
shingle houses. This situaThe subscriber is here treated tion
caused development comto a master table of PURCHASE
Panics to be formed—especially
tion.
■: ,/ v.:''
RECOMMENDATIONS listing in the suburbs of almost every
This latest electronic wonder, in two artists in four
groups
with city. More real estate agents per
the words of its promoter-inter¬ the data for each covering 'recent M00
of population exist' today
preter r "is
a
special purpose prices, the current AMG Index, than at any previous time. They
computer
designed
solely
for and percent gain since 1946. Ap- now average about 75 real estate
stock evaluation. It uses advanced
pended to the table is this Ex- salesmen for each 10,000 of popuvilification, the accused in these
rable smear,
-
.
home buyers who think nothing
of their reputation. But it is wise
only
.
end newspaper
postponements, announced
Cape Canaveral^ V ;/
'
,n And
unfortunately for the ac¬
cused, irrespective of the extent
of his injury, no libel suit may
be brought against the govern¬
ment. (This principle having been
recently re-confirmed by a Cir¬
cuit Court of Appeals decision.)
;. As a result of the government's
exploitation of a defendant's lack
of legal
remedy against public
ing
from
.
.
Science?"
perennial,
enclosed
the
at
.
Those foolish enough
matter where they
no
Surplus of Small Houses
up
"Glance
"MARKET ANALYSIS
•
Upon checking up with other
states I find a surplus of small
homes almost everywhere. Such
Trend-chasing, including devotion to Dow Theory philosophy,
pervades the painting market too.
SCIENCE
THAT ARTFUL
will follow them
a
.■■■::
—THOSE "NEW TOPS"—
:!:
v
.
reminded that their
are
zine have bought into the General
Development Corp.—probably the
largest builder of small homes
and the creator of Port Charlotte,
the
Florida
city
which
was
started from scratch.
TREND-CHASING HERE TOO.
>■*-'\>y
«h
■
be financed, Mr. Babson warns young home
their payments
on
Teamsters
over
is that the
again,
game!
To
of public interest second only
series of pre-orbit-
the. latest
on
the stock market."
Thus
market
may
large real estate development near Lake Wales, Fla.
purchases have been going
Dow-Jones
stock mar-
Market."
,,
they
Such
the Art Market for paint-
.
the
how
975% since 1946—and
up
65% in the last year alone
versus
only 241% and 174% for
Justice
tery atmosphere created a build¬
.
.
ings is
Stock Market" and
.
not to impair their credit reputation.
taken
depicted by the distributing
dispensable
as
the
Averages are to the
(
-
A few weeks ago I wrote about leave a
a
advisers,
"The
AMG
Averages
provide for the Art Market a continuing price-trend index as in-
Investi¬
Service
which~
^arS °n
ther
in
—
technically.
as
elicited the fol¬
remarks
"Revenue
bearance with a who-dannit mys¬
up
bounds
well
as
lowing headlines in our most re¬
spected metropolitan newspaper:
Department's
actual
indictment
proceedings.
Supplanting such proper fore-
to
within
remained
'
out
run
reputation
bow
to
scientific
analysis, but as applied to paintings instead of stocks, the Art
Market Guide & Forecaster, with
"comprehensive" forecasts for the
coming
"market
years,"
introduces ."the
first of the AMG
[i.e. Art Market Guide]
ART
MARKET AVERAGES." As fur-
who have taken unfair advantage
-
owners
question.
Making
v.
to
forecasting service
causing something of a stir, But
catering to would-be speculators
it
ls-it
•
Noting the surplus of small homes almost everywhere and the
•
CHARTING ART
as
-
.
Another
"following with inter¬
est" the SEC's investigations. He
voiced particular concern about
possible "tax chiseling" by under¬
writers, and by corporate officers
of
By Roger W. Babson
con¬
as
with which
published over the
weekend, Internal Revenue Col¬
lector
Mortimer
C a p 1 i n
was
accounts
quoted
Thursday, February 22/1962
on
vote
our
"Science"
market analysis?
in
strued
cast
we
can
other than for
the ''Wall Street"
on
investment bankers. In newspaper
New
to
off
sounded
.
...
ages."
ernment tax authorities have
,
Tests back to 1929
(reveal that)
the Stocks rated
95% by the Evaluator have per¬
formed an average of 18% per
year better than the market aver¬
past data.
WILFRED MAY
UNFAIR BREAKS
.
Phone WHitehall 4-0296 & 0180
Teletype NT 1-4004
Joseph
Volume
6136
Number
195
.
.
The Commercial and Financial Chronicle
.
ing that authority is that collective
investing is the best way, in my
Collective Investing for
Banks' Agency Accounts?
opinion, to
agencies of
By Reese H. Harris, Jr.,* Executive Vice-President, Manufacturers
for
have
to
it.
If
urges
gap" in banking services.
at
with
enough
Let
management fee cost. Mr. Harris would prefer to
a
add
of
trust
common
funds, and
small
then
I
"yes," with emphasis and
say
enthusiasm. The main reason why
I
authority
to pool invest-
for
Our; inability
ac¬
with
the
range
considerable
Reese H.
Harris, Jr.
'
^
small managing agencies. The first
evidence
of
it
appeared in the
many small religious and chari¬
table funds managed by individual
and
trustees, who
bank help in investing.
The
common
/trust
sought
dle
we
were
can
be
some-of
they
most
the
have
we
we
can
promising
cus¬
there
isn't
that
do
for
have somehow
much
as
them
obviously-ideal
Funds
for
counts
of
lately
we
managing
charitable
agency
funds.
limit
device
of
led
$25,000
could
be
I
have witnessed the well
publicized experiments of several
imaginative and progressive banks
feel
,
trust
common
many
regretfully turned
of
away
us
a
we
funds
worked
ment
the
economies
the
the
of
success
this
beginning of
operated 421
of
with
assets
to
participate in
fund,
our
device, <&t
important;'I must also admit
liquidations,' with
that the. forced
the
trust funds
resulting capital
which the
common
whose
that
But
despite
of
the
the
demonstrated
device,
cannot
we
apparently take full advantage of
it for our customers and ourselves,
and all because in the beginning
we
said it was only to solve the
problem of the small account. At
probably
lot of money
have
matter
is
demand
fund
owning
and
the
same
a
.
and
I
A-
•
•/•»>
•
-AH; -:
:
agency
that the
only practical method of handling
them is by pooling. However I
should
we
be
privileged
to pool investments of all sizes of
managing
agencies
because
col¬
investing is the best
lective
way
to invest customers' funds in most
realize that this probably
operating open-end invest¬
I
cases.
means
ment trusts for selected
customers,
perhaps eventually for the
public. I am willing to accept this
to permit us to take care of the
and
needs
of our existing customers
and, in addition, serve others who
may
enter the doors of
never
departments
a
them
as
*An
43rd
service
if
New
do
we
Of
address
by
Mr.
Harris
before
We
are
pleased to
announce
that
'•Association,
City.
A
York
Feb.
V
New
York
Stock
Exchange
Zimmerman
are
registered
as
associated
now
represen¬
tatives.
The
John
firm
G.
also
Manos
announced
is
now
investing
of
-
with their Clearfield, Pa. office as
a
registered
Abraham
ated
with
also
as
a
representative
Warshawsky
their
New
registered
is
York
of the Division of Corporation Finance of the
Securities and Exchange Commission
the
is
an
majority
of
excellent
trust
tive.
EST.
and
method
or
me
us.
to
Southern
February-21. 1962
\
a
we
lot
come.
do,
and
more
The
we
are
of it in
going to
'A -
;.-:—---
diversification
pos¬
sible in a pooled account is ob¬
viously better than that available
account likely to be par¬
ticipated, and diversification is
very] important; A?'
'"v. *
h
But it isn't just diversification.
It
is the day-in
•from
OF INVESTMENT SECURITIES
the decade
for any
Building, Washington 5, D. C.
UNDERWRITERS AND DISTRIBUTORS
that collective investing is the
best
do
Johnston, Lemon & Co.
throughout the United States and Canqda
agency
My experience
in the trust business has convinced
has become associated with
Correspondents inprincipal cities
accounts, and size doesn't have too
much to do with it.
day-out attention
top officers that the pooled
Dominick
'
&
Dominick
•
•
Members New York, American .& Toronto Stock Exchanges
14 WALL STREET
and
associ¬
office
representa¬
1870
supervising the investments of
:
that
associated
for many good reasons, including
size. What I do say is that pooled
CLAY RISK
formerly Associate Director
invested,
and
seph F. G. Buehler, and Albert E.
with them
investments for all
agencies.
Many must
separately
'
r
other leading exchanges, announce
that Martha Tennant-Brian,
Jo¬
that
or
1962,
PHILADELPHIA, Pa. —H. A.
Riecke & Co., Incorporated, 1433
Walnut Street,
members of the
manage
trusts
7,
H. A. Riecke Adds
way
remain
SHARON
not
claim
do
I
the
mid-wii^ter trust conference, Ameri¬
.
investing is the only
course
pooled
not
appeals to
they accumulate an estate.
Advantages of Pool Investing
to
our
that
Bankers
can
.
••'.Ij./V.
of
that, banks
believe
have
liquidation. And the difference
between a customer many miles
away who had a managing agency
participation in a fund like a com¬
trust
of
managing
out
person
no
indi¬
one
this
on
accounts
fund should be transferable with¬
mon
be
size
.
'
success
owners
the
you
views
there
trust
share of our
least the Federal Reserve Board mutual fund would tend, in my
in standardized savings-type trust thought $25,000 was a
'has not acted yet on our request,, opinion, to become non-existent.
arrangements
participating
in and sufficient in size to interest
and all the indications are that The problpm might be likened to
us.. Frequently
common
trust funds* These ex¬
such persons are
the difficulty the savings and loan
we will continue to be limited in
periments reflect a demand which young corporate executives whose
our use of this medium.
associations have in maintaining
I think is growing. I know of one
employers are among our bank's
the theory of their
"share" ac¬
I don't criticize our predeces¬
investment adviser who has de¬ best customers. If we can serve
counts.
It
might get to be all
veloped a standardized, no-frills, them at this time, they will be sors, many of them still active,
originally
approached
the theory and no substance.
service
for
small
committed to
our
trust who
managing firmly
services when they are older and subject of collective investment so
agencies.
A.
Conclusion
have
estates
of
substantially cautiously. All progress has to be
Many investment advisers re¬
made with caution. What I say is,
So, somewhat reluctantly, I have
greater value.
gard their own mutual funds as
let us not make the same mistake come to believe that we might as
the answer to this problem. The
twice, and with much effort, get well organize and manage our
Strong Argument
phenomenal growth of the Mutual
authority to pool only small man¬ own mutual funds for pooling the
Fund
industry in the last five
But, while the need for a device
aging agency accounts when we
for
years from $9,000,000,000 to $22,handling
small
managing know now that collective invest¬
750,000,000, despite a 5% to 7% agencies is the usual reason for
ment is probably the most useful
loading charge and annual invest¬ pooling the investments of such
innovation in the trust field
in
ment service charges, is attribut¬
accounts, the best reason for seek- our time—for
any size account.
accounts
limit
administer small
-
about investment service for small
managing-
would
investing for managing
agencies. To summarize, I believe
gains taxes,
billion; in proach requires are powerful rea¬
1960
alone, 48 such] funds; were sons for going the mutual fund
started. With much effort we got way. I
think, too, that there are
the original $25,OOO limit increased
many sound reasons why particiby two stages to $100,000.
-pating interests in a collective
inquiries
could par¬
with
there
pooled
trust fund ap¬
$2.8
over
vidual's
believe
pooled
must enter into
you
But, while these considerations
are
1961, 288 banks
common
trust
like to make those participations
non-transferable, and not avail¬
able as security for loans.
subsequent
in
a
ticipation must be liquidated, and
you go away with cash. I would
trust funds
and
I
personal relationship with the
department, and when that rela¬
tionship is terminated, your par¬
administration. To give some idea
of
approach.
a
brilliantly, both in invest¬
results
fund
to
there
So,
form of Regulation F
trust
tion F funds. I would like to insist
trust funds.
common
at
a
purely mutual
implies. I like the philosophy
which prompts the no-advertising,
no-solicitation rules for Regula¬
for a long time we
apologetic about com¬
know
me
customers which
so,
been
history: how
have
tax-exempt
participations.
fund
we
Bankers
A
until
along
and
reason
department's losing
the personal relationship with its
agency
mon
-
sure
dislike
to accept
the amount
participated in
makes
some
common
us
on
trust fund. And while
as
substitute.
prefer
that
have
ac¬
More
of
fear of the collective in¬
our
vice, and
accumulated
fixed-income
a
first
combination
had something of a
guilt complex about the economies
of operation inherent in the de¬
$100,000,,, Thus they
medium, but
either go to a broker^ whose com¬
usually* the >law -prevented the
trustees
from
delegating
their pensation depends upon activity
in
trading, or to mutual funds
trust to the. bank to satisfy the re¬
where they are "locked in" by the
quirement of Regulation • F that
selling cost or loading charge for
only where the bank is trustee
can
its Common Trust Fund be many years. Of course, we can
suggest a small trust fund invested
used.
Hence
arose
the
request,
in our common trust fund, but the
now approved by the Federal Re¬
lack of bona fide fiduciary pur¬
serve Board subject to amendment
of the Internal Revenue Code, for pose and the necessity of legal
services makes this an impractical
authority to utilize Common Trust
an
too
the
was
investing,
So, most of us have to admit to
tomers
ticipate
agencies
any
would give the participants better
small accounts.
The
Ordinary trust accounts
instinctively from
servatism
It
common
invested,
income.
fund which would aim for
evenly
spaced maturities out to 30 years.
con¬
believed
hardly afford to han¬
many
very
well
not
bankers
many
to
fund.
our
fund might well be
Innate
which
investment
small
a
cannot
account
and
much
funds
But
that
will draw back
expect
comparative
participating accounts. Investment
policy in the equity fund would,
I think, be geared to
growth and
be
considera¬
F common trust fund.
vestment
that, investment in equities is in¬
dicated.
certain
am
blamed the collective
we
now
could
some
value. The bank would charge the
a management
fee, and would
have no other compensation from
equity
can
per¬
funds.
our
fund
So, if collective investing is this
good, what is holding us back? I
a
of
reserve
basis. There is
boards
breach of trust for
—
these
those
be
no "load": that
is shares would be sold at
market
tions apply just as well to agency
accounts as to trusts.
with participating mortgages
it was and still is
a
between
And
is
not
There would be
pooling device that strays too
far from some form of Regulation
So,
Typically banks
savings accounts, man¬
savings account is a sufficient
for
emergencies;
above
a
experi¬
poor
underwriting and lack i of
marketability for mortgages which
really caused those
difficulties.
ac¬
customers.
in
recent
balance
eliminated.
to
as
open-
There
could
we
we
with
up
strangers in
have
them.
aging agency accounts, and trust
accounts. For most people, $10,000
on an
then
end
the
fixed income
and
why
selective
But, because the shares would be
participating mortgages
for our troubles, when in fact that
had little or nothing to do with
a
economical
leave-it
because
nature
of service we now offer to
have
the
enough,
anything
managing agency
our
well
demand for
save
conspicuous gap in the
a
now
trust
small accounts
invested
small
counts is
funds—so that
be
to
were
trustee to mingle the investments
of
different
trusts.
Strangely
Services
do
to
of
normally
in modest amounts for
in diversified equity
in Bankings'
Gap
having
common
people
many
We
we
trusts.
reason
transferable,
specialized A allequity, all-bond, all tax-exempt
funds;' that' maj or obj ection * to
pooled investing — a take-it or
frightened by the device of
investment, both be¬
and
portfolios.
that
as
can
of
desire
managing
same
-
submit that it is due also to the
for
agency
counts is
to wellefforts;- but
course,
salesmen's
accounts.
that
now
fund, managed like
investment
very
ants that makes collective invest¬
moment
was
trust
cause
investment
have
nients
of
part,
rewarded
regularly
should
banks
in
able
a
income
mitted to participate in
idio¬
of co-trustees, benefi¬
ciaries, and miscellaneous consult¬
collective
ence
pooled funds be permitted
for managing agencies?
a
think back for
us
UI managing agencies.
would
begin; with an allequity fund and, if there were
enough demand, have an all fixed-
no
remoteness from
unfortunate
^
y/e
end
syncrasies
common
•
•
cally and well the investments of
repeated in pooling investments for managing agency accounts.
Should
'
available
mistakes will not, be
hopes the same
with
'
sometimes
ing better. And
and the drawbacks
past timidity with regard to collective investments
in
collective funds'
the
we
trying to develop a
device for administering economi¬
managed like open-end investment trusts. The author notes banks'
\
be
fix
same
industry
all-fixed income tax-exempt fund—
an
the
to the mid-thirties when the trust
equity fund geared for growth and not income and,
demand,
not
trust funds.
type of no-load service for those accounts desiring to pool their
start off with an
into
to
appear
steps be taken to allow banks to provide a mutual-fund
investments
moves when
they
should be made and not weeks or
months
later. It is perhaps the
excuse
an
careful, we
will, with managing agencies, get
York City.
New York banker would fill a "conspicuous
have
to
are
we
ourselves
He
administer managing
any size. I believe we
too apologetic .about
investing. We always make investment
collective
5
accounts
receive; their spotlighted
position before the bank's manage¬
ment, its board, grantors, benefi¬
ciaries, and their /lawyers. It is.
also the ability and motivation to
entirely
are
seem
Hanover Trust Co., New
(925)
NEW YORK
The Commercial and Financial Chronicle
.
Thursday, February 22, 1962
<
.
(92G)
6
TAX-EXEMPT BOND MARKET
DONALD D. MACKEY
BY
nating
was
:
;
;
The
'3.2094%.
second
*
•
J
x
municipal supply
relatively ually i
buyers
quiet during the past few sessions
rvp
SE
Although the state and
bond market has been
ex+ent that
e
1
yield from 1.70 to
list
the
business being
fall with
and
mer
country
for the Delaware
and
Maryland | Toll.revenue
issues
which were publicly, offered the
following day by the Alex. Brown
&' Sons syndicate. These
issues
argely done
bids rather than
"F
on
at list prices.
tb Investors
Alternative
No
a.m.
2:00 p.m.
3:00 p.m.
1964-1992
11:00
a.m.
1965-1986
Eugene; Oregon 22—-;1,850,000
bought by the
were
8:00 p.m.
10:00
1964-1992
1966-1991
._
which
2:30 p.m.
1963-1991
1963-1976
1983-1987
3,500,000
'1,350,000
g
nay's reported balance was $25,- "Fremont High Sch. Dist,, Calif— - 1,900,000
may-cautiously consider
Harrison County, Texas———
1,500,000
600,0G0
their
purchases without fear of
and even showed signs of tiring,
Sioux City, lowa___^.___
The only other sale of i impor¬
3,200,000
being priced out. Any further in¬
particularly last Friday, the un¬
tance last Thursday consisted of
Feb. 27 (Tuesday)
derlying tone was improved Mon¬ ventory build-up will likely invite $7,500,000 Salt Lake City, Utah
a
return to the buyers' market
'1,500,000
day afternoon by a broad expres¬
various
purpose (1904 -- 1982) Douglas County S. D, 66, Neb.—
that persisted through last sum¬
sion
of
demand
all
over
the
bonds
of
bond issues
Feb. 26 (Monday)
•
Columbus,' Ga."„__——
Council Bluffs, Iowa-i—
3.50%, this issue attracted good
bank t portfolio buying.: Yester-
erad-
ha?hppn
we
-
-
Reoffered to
x
in the following tabulations
Chase •> Manhattan $1,000,000 or more for which specific sale dates have been set.
by...The.
<up
Larger Issues Scheduled For Sale
:;
desig¬
made by the
Bank.
,
of
cost
bid
-
interest' ofi 3.232%
syndicate headed
net
a
interest
net
at/a
Bank
;
11:00
a.m.
8:00 p.m.
1,350,000
1968-1992
27,702,000
1985-1977
11:00
40,000,000
1,800,000
Kissimmee, Fla., —_
Maryland (State of)
syndicate - are Lehman Brothers, Massachusetts (State- of) —__—__~
John Nuveen & Co., White, W'eld ^MidMetown, R. L
Halsey, Stuart & Co.,- Inc. group.
Other
major:-members nf
this
1963-1982
Noon t
1963-1982
11:00
a.m.
V
a.m.
2:00 p.m.
1,096,000
2,687,000
1963-1983
2,400,000
.1964-1982
-7:30 p.m.
6,000,000
1963-199.2
12:30 p.m.
1,105,000
1982-1984
1:30 p.m.
1,378,000
innumerable investors, -nf > QQ9<& Rf>nf fprpd tn viold from •' -School District N°. 3, N. Y._—
™~
TY£
.2,215,000
with waiting for growth
Calif.
investors coast to coast as rela--stocks to create capital gains, are
?h^;^L.sFlorida--Development" Commission.- ^5,000,000
tivplv
,i
uun,
Florida State Board of Admin^Af 11,897,000
tively rhpan Both thA ct.atoe nf "daily turning to tax-exempts as « 6 & coupon, mis issue nas not -pirrida SfatP Board nf Admin—.2
cheap. Rnth the states of daily turning to tax-exempts as
iDelaware and Maryland levy in- the s'_ "
fhe stark alternative in a rather .thus far^ generated nresent- Hal- MkUand School District) Mich..,— 2,250,000
much
hnvin^ intprost • the'- very
1963-1982
Roosevelt
and
Co.
&
increasing
inventories.
With
Cross.
&
from? 1.75% ,t0
Mt. Gilead S chDis t. ,Qh i o
"Nashua;:N. H—
—
_____
11:30
1963-1982
a.m.
Premium
Maryland Bridge and Tun¬
With
nel,
close
selling
3s
revenue
^semnT^ub^aXalTv -munic'ipal bondTteMsltiu
Bridge**
Continental Illinois NationaTBank.;
.and Trust Co., TheFrrst National
make
above their call price
the new compelling sense from almost any
Delaware-Maryland bonds, repre- investor's viewpoint and, in
senting the protect extending be- Connection, it seems valid to Point
the
me
tween
tween
and
tunnel
luimei
tho
wi»-
mm
that
out
bridge,
unus*e,
'
Feb. 28 (Wednesday)
;
School
District, Texas._2
.Savings inc. at and Halsey, Stuart Amherst, Cheektowaga & Clarence
Bank a net interest cost ....
& Co.,
^
Anc- ai a
<
weary :
avidly sought by institutional
were
(State of)—i__
3:00 p.m.
10:00
1963-1982
a.m.
——
2:00 p.m.
1989-1991
10:00 a.m.
-
8:00 p.m.
1963-1967
,
taxes
come
barren area.,-
that each issue will
so
:
^
being about $17,155,000.
ance
have
particular value for tax- 1
Moreover, the nation's economy,
payers in their respective states.
2 although functioning at a -gener-
Moderate
Financings
:
These
issues
to
bid
were
tempo
improved
ally
sub-
is
unfor-
V-Ji;.;.
Tuesday;
.2??
•
did not
sales
An
institutional interest in the loans.
™m
Yield
Index
^
Unchanged
submitted to Congress.
As evidence of the slow-down in
v»lr a4
n+n +
ri
21
v\i <-*<!
general market state and municim n
A
vi
wi
n
,"-2
Financial
Index shows
aged
[Negotiated
v
no
The
ago.
duration.
weeks
Individual
^
apparently^<1®
we
now
.
.
,
to
be
underwritten
by
First
Boston
-
«
major. : members
Illinois
Co,,
National
Mellon
«
.
frightening; it is to
-*411
hoped that the program will
resisted. As a matter of fact,
i
be
offer¬
be
are
.4-u~4.--4.u~
j
immediate
■
t
l ,700,000
11,237,240
•2,000,000
r
Trust
a***
*..
i"
%
''*
'
-
'•(
;
yield from2Stamfprd, Conn.
1.85% .to 3.05%,; about $6,335,000 Taylor Township Sch. Dist.,'Mich.
of Tennessee—
0f the bonds have been.sold;• ; v,: University
ties
Corp."Scaled" to
■
:
*
1963-1991
T964-1998
1932-1981
35,000,000 1963-1991
2.850,000
1983rl982
r 4,932,000 ; 1963-1982
3,500,000
1965-1990
2,000,000 1963-2000
,
-
the
munity
a
to
brought
->
on
an
Maryland
chusetts
issues
and
Turnpike
the
'
'
Massa¬
Extension
sues. All have reached
'
,
As
a
measure
of
the
increase, the Bine List
hank
easy
Feb.
is-
volved in
our
nwWho
,1
i
are
in
totaled
31.
discount
trick
On
of 3,123%
offered
bonds
yields
is
side
for
about
up
since
Dec.
no
1
i
3 05%
as
fbrSee^S
rates
so
as
rhili
Cpn
Gates & Chill, Len.
»
^
n
VY
close
the
to
the
do
the
a.m.
p.m.
am.
a.m.
11:00
a.m.
long-term
Fed's
cessful
bond
purchase
City
o>:
York
the
Bank
2:00 p.m.
1.645,000
3,000,000
1983-1985
11:00
3,500,000
3,165,000
-
1963-1982
Noon
1963-1981
10:00 a.m.
;
2,865,000
2.865,000
1954-1983
6,716,000
;
1963-1983
a.m.
8:00 p.m.
•
1964-1983
*
1,820,000
4,712,000
Bloomingtcn Ind. S D #271, Minn.
...
,T
^
Clarkstown Central SD #1, N. Y.
-DeWitt, Pompey, Onondaga,
Security
syndicate.
members of the
Lafayette & Man.lius, N. Y
suc¬
Los
First National
Chemical Bank New
group
Bank,
by
'
-•
8:C0 p.m.
11:00
a.m.
(Wednesday)
S. net interest
npHnimi
made
Other major
net .interest
a
3.135%
a
National
First
inevitably lead
are
,
Angeles, California—^
March 8
Trust Co., Smith> Barney &
Continental Illinois National
.
1,480.000
16,000,000
7:30 p.m.
L965-1992
1963-1981
1963-1992
11:00
a.m.
10:00
a.m.
a.m.
(Thursday)
1984-20011983-1982
-
Co.,
Bank
Trust
and
Gustavus Adolohus
Co.,.
competitive'
for
lon National
issue
new
the
at
least, have been eagerly sought
new
high levels. New York.
City awarded $89,400,000 various
at
purpose
(1963-1992)
bonds
last
Thursday Feb. 15, to the group
headed by the First National
City
;
Scaled
Bank
and
Trust
Co.
.yield>from 1.85% to
3.25%, about half the bonds have
been
spoken for.
Tuesday's
only
.
:
other
v
1964-1988
1,000.000
3,900,000
.1982-1991
,: Hidalgo County Road Dist., Texas
issue,rof
.
note
was
$5,000,000. Pittsburgh,
Pennsylvania
school
district
North Little Rock, Ark.^^^^-r-
'
:
:
TVlav^b
.
(1963-1987)
bondsV which were'Aldine School District, Texas
bought by the First National City Allegheny County, Pa.———.
Bank
syndicate.
Reoffered r to ;Denver»vColo. —
yield from .1.70% to 3.25% all J>ut Henry; Hudson Reg. S. D/, N. J.^_
334%
1980-1982
3.20%
3%
1978-1980
3.15%
1978-1979
3.10%
Laurel SD No. 7 & No. 7-70, Mont,
Northridge School District,- Ohio__
carried a Vs of 1% coupon and (Omaha, Neb.——:—
3.10%
3.05 %: were sold at a 4.45%• yield. Here<lWashington Fublic Power Supply
again large bank buying was in
2.95%
System, Wash.
1974-1975
2.90%
2.75%
1978-1979
3.15%
3.00%
3^%
1977
3.15%"
3.00%
sale
1980
Asked
.
$400,000 of the bonds have be^n
sold.
The
two
.
single
important
$7,000,000 City of
Antonio, Texas park and exinvolved
1978-1980
3.40%
3.25%
San
1980
3.30%
3.15%
pressway
3.25%
3il0%
3V?%
1980
1979
-
1977
•
3vll
3%
'
v
r
1980
February 31, 1962 Index~3.123%
3.50%
3.45%'
o
on
page
16
10:00
a<m.'
7:00. p.m.
1,700,000
7,710,000
15,000,000
.
■
1,245,000
.1,217.000
..1.021.000
.
1
'j
—
1933-1992
1972-1999
1933-1987
1983-11982
r
11:00 aim.
11:00
a.m.
8:00 p:m.'
8:03 p.m.
Noon
1963-1982
;
5,700,000
10,500,000
-it
o
o
at
1.850,000
1963-198L
2,900,000-
1963-1989
8:00 p.m,
u
Lnf A
n'
/'m
1
'
ur
'- Joint Sch- Dist- No. 1, Wis.,— ;
-
Franklin
net interest cost. Priced to yield, Louisiana
Continued
^
Pascack^allw+1^ c"' 1 r":+"
=ch D?s*
N^J
improvement
(19 6 5- ••
1882) bonds which were awarded.:
3.35%> ,;3.25%i to the :Harris Trust and Savings
3.40%
3.25%' Bank and associates at a ^.059^
1963-1982
March 14 (Wednesday)
Wednesday's
3%%
3Vi%
-
maturities
evidence.
3V4%
"'"7"rr"
last
2:00 p.m.
1^»
3.40%
3.30%
*
March Id (lliesday)
1978-1980
Bid
1:45 p=m.
1963-1982
3%%
__III
Noon"
1.000,000
Fort Pierce, Fla....
........
,
3%%
Y~)
1983-1984
—10,800,000
Dallas, Texas
3%
G~td.II
19S2-1999
1,050,000
March 12 (Monday)
f
■
to
3JA%
I
V 1,060,000
10:00
.
Maturity
"38®®?
Ramapo High Sch. Dist., N. J.~ —--
bonds to the Ramapo,;Reg. High S. D., N, J.,.;
^•IPe^Aca N. -Tv & S. A;-Ventura Junior College Dist., Calif.
designating
past week has
been light but the notable issues
the
Pennsylvania (State)
Vermont (State)
New Housing Auth.
(N. Y., N.
Los Angeles, Calif
a.m.
10:00
1963-1982
1962-1991
1.200,000
(State).
New Jersey
Highway Auth.,
New York
(State)
a.m.
1.000.000
Calif.__
il
il. #1, N. Y.
(1964.1982)
'an<^ associates at
to
help
might
higher
or
schedule
a
in the in¬
Baltimore, Md.__
Cincinnati, Ohio
New
Orleans, La
Chicago, 111...,.
New York
Cty, N. Y..._.
trict
ease.1®3?^
monetary
yet not surmised.
rate
to
The
rise
(State)
2-11:00
^ 11:00
,11:00
'■ 7:30
.-11:00
•
Antioch Unified Sch. Dist.,
the
L--
-
512.C00 City Unified' School Dis-
MARKET ON REPRESENTATIVE SERIAL
ISSUES
Connecticut
*V
.
1,100,000
♦
(approximately five
Moreover,
California
'to
l 65%
8,500,000
1,837,000
(State of)
Albion, New York__:
Reoffered ;to
2.50s.
and
f
* -
as
Hazelwcod Sch. Dist. R-l, Mo..„.
Merrill -lona
College, N. Y.____.
consequent mcnetization of same.
Lynch, Pierce, Fenner- & Smith Ncble Sc-ool
District, Ohio—..
u
•?,. Inc.V Dean Witter & Co, and Mel¬
-Recent Awards'
,'1
doubt partially accounts
the recent attrition
vestors'
appetite.
lor
.v 11:00 a.m.
?;Noon 2'v :
4:0Qp.m.
1964-2001 1
College, Minn.
high
half
market's I spectacular
points)
^ld
that
increasingly
large
amounts
of
long-term Treasury bonds with
point during this three week pe¬
riod of rapid
inventory increase.
The
negatives^3Syi,2%s
be effected
but it would
either
would indicate that the
market's
the
Holding bill
of state and
yield Index averaged
3.165%. The current level
grade
group headed
Guaranty Trust Co
Morgan
cost-was
our
at
by. Alabama
'."Bonds to the.
•
balance of navmonfs
can
bill rates is
just three weeks later,
offerings total $516,175,658.
build-up of inventories began
when
j
nnsit.ion
raservp
there
21,
these
•
•
i.
SSBt
inventory
municipal bond offerings
only $260,363,000 on Jan.
This
i
to some extent offset by the
are
t
j
bond, market
How this
Investors Resting
out
i
These
premium-"-decrease
a
'
bid.
1
Fed's Problem '
The
,"W
incipient inventory
problem. The turnpike issues are
the aforementioned Delaware and
8:00 p.m.
8:00 p.m.
.
com-
new
high level ;of
Vtirlrlincr
bidding ' that
has
i»ctiA
issue
npw
new
investment
a.m.
8:00 p.m.
.
a x
.
porized,, four highly
successful
negotiated turnpike issues have
been publicly reoffered and have
a.m.
il:00
3,006,060
;
Bank
American
Haupt
11:00
1963-1992
revision
Milwaukee, Wisconsin, another
March 2 (Friday)
perhijps serve the nation ,borrower. with
the
highest
of
University of Miami, Fla:__1
*, • 2,871,000
and its citizenry bettei. It might...
cred;t
ratings,
sold
$8,000,000
even be good politics.
^
March 6 (Tuesday) :
Corporate « purpose
(1963 - 1974).;
some.
would
.
While the market has thus tem¬
stimulated
Ira
:
(Thursday)
>
.
-
boondoggle
March 1
:
a.m.
Noon.:.
1974-1992
1,150,000
Corpus Christi Sch. Dist., Texas__
and- Georgia Highway Authority, Ga.
Securi- Shawnee-Mission H. S. D. 6, Kan.
and
National
and
Co.
Trust
Bank
of
a.m.
11:00
Corp.,
5,678,000
this :Brevard Co. Spec. Tax D. #1, Fla.:
group include The> First National
Colonic School District NoM, N. Y.
Sank r of-Chicago, : Continental Columbus, Ohio
~
"
to ther Other
spending if Congress concurs.
The inflationary aspects of this old
ings have varied but the Index is
unchanged, .
..
<
r
.
A
^
lie
yield for 13 preselected
grade
general
obligation
offerings is now of - two
bond
11.
.1
i.
sterile additive of large scale pub-
3.123%
'
Enlarge"!? defense""spending has- .headed by The First Boston Corp.
-
and
average
high
financing
r0W€r which rcarries;the highest V/ayne Township, N. J.__—
credit rating, sold $8,740,000:sewer. Wayne Township Sch. Dist., N. J.
2bonds due 1964-1982 to the group
.
growth that is politically desirable
Chronicle's^yield
change since aver¬
week
a
ri5*ntiv
^ce^tly
not enlivened the economy
pal bond activity, the Commercial
and
County, Va.______
10:00
tunately causing Administration
Tuesday- witnessed the sale of & Co., and B. J. Van' Ingen & Co. and Associates]
economists to be defensive con- four moderate sized : issues. ^at
■; 2,600,000
.1963-1992
evVsbary,? Mass.
for group ac- cerning
the growth predictions ;competitive biddingf The city of Tennessee "(State of)__w—— 12,275,000 1963-1982
1963-1992
nearly satisfy made over the past year qr more. ^Greenwich, Connecticut, a bor- Wayne Township, N. J—
5,678,000
allotment
50%
count
.
Puerto Rico Water Resources Auth.
-":2
stantial premiums soon after the
offerings were made public since
the
William
Prince
on
1962-2001
10,000,000
1966-1991
2,500,000
1963-1982
2,225,000
35,000,000.. 1963-1998
Board, La—;
J Orleans Parish:.Sch.
Oxnard, Calif.
.
•
-
•;
County,
Bond &
1,125,000, 196.3-1982
.
2:00 p.m.
March 15TThur$day>
Tenn._
_
.1.
j.
1,900,000 "1963-1967
...15,000,000
1963-1987
Bldg. Comm
Osseo Ind. S. D. No. 279, Minn.__
1,000,000
10:00
a.m.
11:00
a an.
8:00 p,m.
"Volume
195
Number
6136
....
The Commercial and Financial Chronicle
.
(927)
111
New Issues
$89,400,000
llllft£ ifyAof;|Nevyl||or kM&tr-y
;
:
\V;7v. • A/-7-V t
:
:
:r
-
Dated March
*
3.40%; 3% and ;2V^% Serial Bonds
'-Vv A-'" *
?
•'
;
:
,
•
I, 1962. Due March 1,
.
t
i
r
.
•,
=
•••"
•
<*
,
,
;•
A;
..
_
•
•
•
-t.
-
,
k
1) payable in New York City at the Office of the
registered Bonds in denomination
multiples thereof, but not interchangeable.. s
or
* v-..'"' -r
'•
'•
.
.v
'
,
Exempt from: Federal-and New York State Income Taxes, under
••
-
~J.
'Existing Statutes and Decisions
Legal Investment for Savings Banks and Life Insurance Companies in the State of
v
/
'-k
denomination of $5,000, convertible into fully
of $1,000
- -
•
Interest
=iiE:'-
•
w
shown below. Principal and semi-annual interest (March 1 and September
as
City Comptroller. Coupon.Bonds in
•
"• '
•-V
V*.
:?
V';
-
New* York- and; for Executors, Administrators, Guardians and others holding
HI
,§3
.y
•
\ Trust Funds for Investment under the Laws of the State of New York AAA
AMOUNTS, MATURITIES, RATES
AND' YIELDS
OR PRICE
$47,000,000 3.40% Bonds due March 1, 1963-92, inclusive
$32,200,000 3% Bonds due March 1, 1963-77, inclusive
^
;
$10,200,000 2Vi% Bonds due March 1, 1963-67, inclusive
Prices
v:''V
."'V. •'v
•.
•1
;•
•
A
"r
r] Prices
to
Yield;
Maturities
.
;?
;
-
to Yield
Maturities
-
1963
^ 1.70%
1964
::;2.00aMrS-19 rim. 9 2.90
2.20 ■&/* Cf!972
A9:2S)5IM:
1973-74 ;A2.00'\Jy
;::2.3 £$0
1965
1966
1970 ^
302.8O%:'Ca
1978
r
H 975
2.50
'
•
}l
3.25
1983-84
t 3.35-
1985-87 :,
IOO
1988-89
:
•
x
3.20%
-
1981-82
,3.05
:>2.60^:f^:® 1976^5® -3.10
^ 2.70
^; 1977V r 3.15
1968
Price
or
1979-80 t
^
1967 '
1969
Yields
;
.
•
Malurities
3.45
1990-92
•
-
3 '
<3.50
(Actfued interest to be added)
The above Bonds
ore
issued and received
First National City
offered, subject to prior sale before
us,
or
after
appearance
of this advertisement, for delivery when,
'r'A
A:--Vi v
v
A
s
555
Incorporated
•
.
|H
HI
r
Company
35
;
-
'V:
-
''
•'
Hayden, Stone & Co.;
Incorporated
;
<
.
..
•
v
.*
L. F. Rothschild & Co.
Ira Haupt & Co.
Shearson, Hammill & Co.
Wood, Struthers & Co.
Fidelity Union Trust Company
i
;
Eldredge & Co.
.
'
*
C. F. Childs and Company
*
•
of Rhode Island
of Long Island
<
Bank of California
:
'
G. H. Walker & Co.
t
Bramhall, Falion & Co.; Inc.
R. James Foster & Co.,
"
.
Inc.
;
!
-
<
Dreyfus & Co. < K
Shelby Cullom Davis & Co.
'
•
The Franklin National Bank
Buffalo
Fabricand & Co.
,.r
Glickenhaus & Co.
,,
Boland, Saffin, Gordon & Sautter
v -
Spencer Trask & Co.
Incorporated
Industrial National Bank
Fitzpatrick, Sullivan & Co.
Incorporated
Francis I. duPont & Co.
T
Newark
.
Estabrook & Co.
Incorporated
.Incorporated
Incorporated
Incorporated
February J6, 1962.
Company
White, Weld & Co.
Clark, Dodge & Co.
•.
Roosevelt & Cross
.....
Coffin & Burr
Dick & Merle-Smith
Manufacturers and Traders Trust Company
M
'.A ■" °f Oregon
R. S. Dickson & Company
»
>
Braun, Bosworth & Co.
_
=
and Trust
Phelps, Fenn & Co.
"•
.
'
|
Stone & Webster Securities Corporation
The First National Bank
i
F. S. Smithers & Co.
-
Robert Winthrop & Co.
2
555
4
Mercantile Trust Company
Mellon National Bank
>
and Trust Company of Chicago
..
•
-
Incorporated
4 *'
.....
First of Michigan Corporation
,
Dominick & Dominick
=55-
"
of New York
' ~
i
Geo. B. Gibbons &
Wk
A*O
Continental Illinois National Bank
Shields & Company
/'
',
•.
-
Kean, Taylor & Co.
555
.
Morgan Guaranty Trust Company
Smith, Barney & Co.
Halsey, Stuart & Co. Inc
■ •" Y.-\ V-:
A+S-p x • ;
"" ;'
- v r; .• >
Salomon Brothers & Hutzler
;
Salomon Brothers & Hutzler /- X ; Kidder, Peabodv & Co.
Peabody
-
W. H. Morton & Co.
,
SEE-'''"V*
2
^ f
:?t*.
Bankers Trust Company
;':h'
C. J. Devine & Co.
A A
■■■
::
The First Boston Corporation
and if
as
and subject to the approval of legality by Messrs. Wood, King, Dawson & Logan, Attorneys, New York City.
Bank
New York
■
by
V.
^
Stern, Lauer & Co.
t
^
„
Republic National Bank
of Dallas
-
Model, Roland & Co.
Penington, Colket & Co.
Tilney and Company
Van
Alstyne, Noel & Co.
7
The
(928)
;8
■#
CoTTytfiteTCxal and Financial Chronicle
Petroleum Situation
DEALER-BROKER
Report —
Bank, 1 .Chase
Manhattan
Chase
INVESTMENT LITERATURE
AND RECOMMENDATIONS
PARTIES
INTERESTED
SEND
TO
:
.
The Ohio Company, 51 North High
*
> v7 "7 ' • v
Investment Com-
'
■
Business
Motor Wheel Corp. — Report —
15, Ohio. Also Herzfeld. & Stern 30 Broad St: analyses of ! Obear ^New Yoi'k-4' N" y' 77-<,7
>' v
Nester Glass Co., Santa Fe Drilling
parkp
navi' « rn
M<imrtran'
Street,
An evaluation— S. M.
—
Sugar Market—Discussion in
rent issue of "Investor's
Co., and comments on
Mitsubishi
Chemical
Industries,
sion of the Insurance Industry.
take
—
Canadian Brewers
Handbook for
investment, containing 20 essen¬
tial points for stock traders and
investors — The Nikko Securities
Japanese Stocks
Also available are data on
Stand¬
Co., Ltd., Tokyo, Japan
ard Packaging.
Comparative
major banks—The
Illinois Company Inc., 231 South
La Salle Street, Chicago 4, 111.
,Reader^—
Space
is,
s
t
Municipal
e ro
District
N.
on
York
posi¬
&
11 Marietta Street, N. W.,;
Gas
&
Gold—Discussion
Exchange"
change Magazine, 11
The
—
ing
,[
as
&
&
are
re¬
York,
Securities
Co.
of
report
son
New
Tokyo
an
Plastics
of
on
Auchincloss,
2 Broadway,
is
Toronto,
analysis
Inc.
report,
a
used
the
Allied
the
_,
'
Electric
Index
listed
the
the
industrial
Street
Natural
Gas
Corp.
New
York
—
14,
A.
Gas
sonville
Corp.
Co.
&
Ewing
7, Fla.
Memoran-
dum—D. H. Blair & Co., 66 Beaver
Street, New York 4, N. Y.
Inc.,
West
15
10th
Street,
Analysis
—
—
Chicago,
Railway
Rock
Investment
&
California
Island
Analysis
&
Sincere
—
Memorandum
&
Co., 208 South
Salle Street, Chicago 4, 111.
—
In-
Swank, Inc.
&
Pacific
—
Analysis
—
—
La
Blair
Co., Inc., 20 Broad Street, New
York
Schirmer,
Atherton & Co., 50 Congress St.,
Boston 3, Mass.
—■•
Container
Stone
Mortgage
■
—
N.
Y
—
Wall
5, N, Y.
Swift
,
Bonds
Road
Brothers
,
Minn.
County,
—
Aid
State
Bulletin
—
Stern
&
chure
ter
Folder
on
in
r\-P
Pon
^
nineteen Over the Couiir
Stocks which appear interest-
'trnmJ
gomery
Mitchum,
Ho
Francisco
Can
Co.
Bulletin
—
—
"
Angeles
Inc.
\ 4ft
in
National Insurance Co., Galveston.
Qhio.
Also
ramlum
a year ago.
Works
J,
—
Whiool^
dum—Bacon
m.
13,
is
a
R„"s Togs!
St?eet,
La Salle
memo-
'
Memnmn-
&
Co "
135
Chicago 3,
;
; :
..
,
Los
•
. .,.
Corporation of; America
Inc., 25 Broad Street, New York
mountain Express and U. S. Truck
-.'7 >'^77
Lines'
;
—
3. Ont., Canada. :W"1
r<-u:
Co.—Report—Loewi
&
D. C. ''sV'.fv.v
"■('!'!••
-■■■■■■■■■■■■■■■■■■■■■
Co., Inc., 225 East Mason Street,
Dillon, Un-jj Milwaukee 2, Wis. Also available
Co., 15 Broad St., is an analysis of Simplicity ManuNew York 5, N. Y. Also available
facturing Co. and memoranda on
is
an
analysis
of
Kayser-Roth Chain Belt and William H. Rorer.
—Analysis—Eastman
BROKERAGE
ion Securities &
Corporation.
~
T
American Telephone ,&tTelegraph
—Report—Stearns & Co., 80 Pine
Street, New York 5, N. Y. ,.
r
&
—
Co.,. 120
Report
A
1
•
^
^
HOUSE
77
,
Lance, Inc.—Analysis—R. S. Dickson &
Co., Inc., Wachovia Bank
Building, Charlotte 2, N. C.
! 7
,T
.
,.
'
TT,._...
—
Broadway,
REPORTS
7 Plus—over 140
leading business and
financial publications
„
Majestic Utilities Corp.—Bulletin
'
,
Atlantic Refining Co.
T
Amos C. Sudler & Co.,
818
Seventeenth St., Denver 2, Colo.
—
INDEXED and BRIEFED WEEKLY
Industry
in the
complete, concise
FUNK & SCOTT INDEX
FOR SALE
of
Corporations and Industries
a
For Full Information and
Cross Company, Giddings &
Commercial & Financial Chronicles
from 1917
FREE
sample of latest index
mail this coupon
through 1951 Inclusive
Bound in Canvas
f
FUNK
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or
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phone
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&
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Park
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Place
I
.
.
PUBLISHING CO. I
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ADDRESS
j
j
i
I
New York
.
today!
*
j NAME
Mr.
SCOTT
Penobscot
|
Members New York Security Dealers Association
Teletype NY 1-376; 377; 378
-
American Precision Industries, Inc.
r
Trinity Place, New York 6, N. Y.
Street,
N. Y. Also available are reviews
of Latrobe Steel Co., North America" Refractories, Pacific Inter-
-
on
,■
Ma oh* Milton Bradley, the Rails
and European Common Market.
Vitro
available
0„
Koehring
FrontN Street,
equal to 5.6 months production against
!
R. Slants & Co.,
7.:,Woodard Research Corporation—
V'; '.^'Jefferson Lake Petrochemicals of Analysis—First Investment PlanAmerican National Insurance Co.
Canada Ltd.
Study
Gairdner ning Company, 1500 Massachusetts
—57th
annual report—American
& Co., Ltd., 320 Bay St., Toronto' Avenue, N. W.,
Washington 5,
Bureau
;
....
4,
Cnr
n
Jones+& Templeton, 650 South
Street, Los
s°uth Spnng
.
*
—
&ToVT«-ZnM' Revi"ewFwnk" Ginb^g"&"Co
-Building, Cleveland
over-the- .14, Calif.
used
San
,,ii*OllS|011 V/OI P.
minois Tool
industrial
stocks
Street,
Calif
~
Calif.
Corn
^ Data - W. E.'
Hutton & Co, 14 Wall Street, New
York 5, N. y. Also-available'are
Anoivsi.
,y,v
American
.
carbide
.
^Guardm^aper Co.— iAha'^r-
^
—
onohroic
on
ic
compari¬
Quotation
^";,siL\VilUam
AwfStleet' New Haven 7,
Bayuk
Co.;
La Jolla,
Finnnrial
Wftplll
.
sofidated {?.ods Cor^^d^a bro" ' Tower
"sTuntos; Stiver
Stor¬
Girard Avenue
-
.Engelhard Industries
Memoran- (;4q South Spring
'.20U9'chureh StolRaven l' Angeles 14, ,CalU.- .
Street,- Chicago 3, 111. Also f
QxrOiloKlo
Troster, Singer & Co.
C.
& Co., Prudential Building, Jack-
vestors, 3544 West Olympic Boule¬
vard, Los Angeles 19, Calif.
Analysis -C. Allyn «& Co., 122 South La
Salle
Dow-Jones
35
5
are
.
HAnover 2-2100
Whatley, Davine
Stockton,
—
StokeJy-Van Camp
Co.
chart
Report
—
reports on
Cigars, Inc. and Anaconda
New York 4, N. Y.
0
74
—
,
Corp.
Lewis, Kearney & Trecker, Seneca Falls Machine and Warner
& Swasey.
'
Ltd.
Cor^v
Paper
reporting better 1961 sales and earnings,
and growing backlogs of orders. Current unfilled orders for the
•
Gas
Credit
are
backlog
6, N. Y.
Industrial
—
.
M.; Frumkes
available
banks, brokers and financial institutions
Our survey contains briefs
—Survey—Shields & Co.,
Wall Street, New York 5, N. Y.
—Memorandum—Allen
Charter
Resist-
.A. M. Kidder & Co, Inc.,1
;7. ,:7 7::/7;
in
and
National
The Machine Tool
4.2 month
44
.
Corp.—Analysis'^Also available are . reports • on
&-Co.f -120 Bucyrus Erie Co. and Minerals &
Broadway, New York 5,W.
Chemicals Philipps
AlJ.-State
—H.
Reynolds
are
v
-
Ronson
Co.,
on
Analysis
—.
phia 7, Pa.
and
Kansas City 5, Mo.
International
of
are
Inc.
7
••
Memorandum—Midland Securities
Bulletin
a
per
issue
Cascade Natural
Roadhouse
Parker & Redpath,
New York 4, N. Y.
available
$1.00
same
Memorandum—Blanchett, Hinton,
Jones & Granat, 1411 Fourth Ave.
Building, Seattle 1, Wash
Co., Ltd.
anCe*
Libbey-Owens-
Improved Prospects for
industry
New York
Cascade
—
copy;
Globe-Union
6,
Royal School Laboratories Inc.
Fishman, Inc., 2 Broad-
Alabama Gas Corp.
Memoran-
—
■
York
Analytical brochure—Rubin, Rennert & Co., Inc., 56 Beaver Street,
New York 4, N. Y.
Memorandum
—
Analysis — Boetteher & Co., 828
/-Seventeenth JSt., Denver 2; : Colo.''.
Analysis—Eisele & King, Libaire, Standard Oil Company of Ohio —
Stout & Co., 50 Broadway, New Report—Hardy & Co., 25 Broad
York 4, N. Y.
Street, New York 4, N. Y.
-
entire
•
dum — Gerstley, Sunstein & Co.,
211 South Broad Street, Philadel-
in the
on
Canadian
New York 4, N.'tY.
Albertson's
up-to-date
between
Bureau.
Revised brochure available
Many companies
:
—Sandkuhl & Co., Inc., 39 Broad-
*
Paper
Doherty
—
-Divine &
Averages, both as to yield and
market performance over a
23year period — National Quotation
Shibaura
For
;
„
Review
Exchange, ' Reliance Insurance
New
—
the
lar reference to Hitachi Ltd., Mit¬
subishi Electric Manufacturing
and
Admiral
—
Cleveland
Battery and
;! ■■!■'.''y'-'
counter
on
Ltd.,
&
Co., 335 Bay: Street,
Ont., Canada.
of Dec. 31, 1961—Mc¬
Company, Union Com¬
memoranda
Averages
the Japanese Electrical
Equipment Industry, with particu¬
Co.,
Analysis
Co.; 1 Chase Manhattan Plaza,
5, N. Y. Also available
stocks
—
Inc., Ill Broadway, New
6, N. Y. Also available is a
York
Power
American Can Co.
showing
Broadway, New York 6. N. Y.
Yamaichi
ad~
v
r
Brothers Chemical—Memorandum
.5,
Charles
&
Street, New
analysis
Over-the-Counter
149
Review
Pharmacal,
•
ing.
view of 1961 and forecast for 1962
—
York
Also
way,
Abitibi
New York
Japanese Market
Japanese Market
Chase
1
New
Coal#
largest banks based
Ford.
Ltd.,
Weeks
&
Plaza
Place,
Pratt & Lambert.
—
Pfizer, Black & Decker, West Virginia Pulp & Paper, Consolidation
Oil Shares—Report—E. F. Hutton
age
Co.,
Power
Industries, Buffalo Forge,
Norwich
„
dustry, and Stouffer Foods.
Securities
Hornblower
Bank
Building,:
merce
Ohio.
discussion of Paper In¬
—Daiwa
Mohawk
Interstate
Manhattan
Stocks—Pamphlet giv¬
of the
Donald
Ex¬
Summary
n
-
of the American
150 per
—
and
,
data
on
issue is
—
Y.
Power
Nigara
United States Plywood and
Report
—
Vn
"Rtfton -Company
giving
comparative
stocks
$1.50 per
a
N.
articles
Meeds, 120 Broadway, New York
-'
'
•
-
Wall Street,
5, N. Y,—20£ per copy,
year. Also in the same
New York
Stocks
York-'City
v
Ohio Bank
in current issue
''The
with
year.
Also
5, N. Y.
and
■.
Discussion
—
Trinity
System,
_
4, N. Y. Also available are data on
Airline Stocks,, Ilallicrafters Co.,
Carrier
Corp.,
Armour
&
Co.,
Corp.
a
•
^
-
Re¬
I
Issues
N. Y.
Bulletin
port—Paine, Webber, Jackson &
Curtis, 25 Broad Street, New York
'
/current issue
particular reference to Allegheny
way,
and
N^'
Wav
British Petroleum —Discussion'in
m
—
Steel Industry.
Y
*a
Co., 1009 Baltimore
Stocks —
Edward
L.
Burton
&
Co., 174 Continental Insurance Company— Avenue, Kansas City 5, Mo.
breakdown
on
South Main Street, Salt take City
Analysis
H. Hentz & .C°-» 72,„ ximkin Roller
Government
bond portfolio and ^
Bearing — Memol, ,Utah. ,r ,
. . .
-Wall Street, New York 5, N., Y, randum—E. F. Hutton & Co., 7616
source
of income—Laird/'-Bisseil
New
1, Ga. Also available is a
report on Foote & Davies.
7'P
Capital
h a
c
&
Study
—
Stocks
Space
on
York 5,
Atlanta
Southeastern
Pipelines
Bache & Co., 36 Wall
this market—Courts
Warner Lambert.
Heminway
Bee
Power
Seneca
4, N. Y. Also available is a
bulletin
serve
of
Gas
Natural
—
Glass,
86
Alstyne,
report on
Market—Bul¬
European Common Market
Belding
Co.,
vestor—American Stock
Goodbody & Co., 2 Broadway, New
tion to
Co.,
Van
N
n'
Parker
Inc., and Bonds.
Industry—Analysis
Tool
York 5
^RainV E S^uel &^o ^BroadS
Loeb, Rhoades & Co., 42 Wall
Street, New York 5, N. Y. Also
Group Ltd., Russell Stover Candies
7777'
.
Natural
yielding
5.60%
—
Co., Incorporated, Dept.
Hoge Building, Seattle
U. S. companies in a
of
Corning
Co.,
Noel & Co., 40
Wall Street, New York 5, N. Y.
4, Wash.
letin
Y.
—
Improvement
European Common
Revised
^yTew
Co.—Report—Carl
Pennsalt; Chemicals
Publishing Co., Baltimore
Singer & Co.,
New York 6,
—
Machine
bonds
CFC-262,
—
Warner
and
Troster,
Trinity Place,
74
Contractors—
general
Grande &
discussions;
Dresser
Trecker,
&
Machine
Swasey
obligation mu¬
nicipal bonds—Information on tax
free
Industry
Kearney
Falis
Report—Mackay & Co., 524 Wash¬
ington Street, Reading, Pa.
E
New
-'lSfchSn*
Tele-
&
M.
Manhattan
study of prospects, with briefs on
Cross Company, Giddings & Lew¬
Wills, Bickle & Co., Ltd., 44 King
Street, West, Toronto 1, Canada.
and
—
Light
•
Bristol-Myers
cur-
...
tative Canadian and U. S. stocks—
Defense
Tool
Machine
Values of represen¬
Comparative
Chase
1
Plaza, New York 5, N. Y.
ten
on
office
York
Chicago Banks
figure
—
Western
Lynch, Pierce, ..Fenner &
.Inc., 70 Pine Street, New .available are reports on NoHhetn
5, N. Y. In the same issue are Illinois Gas Co., Universal Match
York
Utility
N. Y.
Stocks—Sur¬
vey—Hemphill, Noyes & Co., 8
Hanover Street, New York 4, N. Y.
are
Smith
Electric
—
Analysis—Nomura Securities Co.,
Ltd., 61 Broadway, New York 6,
West,
Equipment
Capital
and
...
Japanese Shipbuilding Industry
reference to Molson
Breweries—Ross, Knowles & Co.,
Street,
Co.,
Keiki
Honeywell
Yokogawa Electric Works.
particular
Ltd., 25 Adelaide
Toronto, Canada.
Works,
Shimadzu Seisakusho Ltd., Yama-
Review with
—
Electric
Hokushin
Ltd.,
Columbus
available
Merrill
Electric
Discussion—
Richard Ney and Associates, 170
North Canon Drive, Beverly Hills,
Calif. Also available is a discus¬
Banking: Industry
;
"7
Rubel & Associates, Financial and
Management Consultants, 53 West. Co. and
Jackson Boulevard, Chicago 4, 111. phone.
MENTIONED WILL BE PLEASED
THE FOLLOWING LITERATURE:
FIRMS
THE
THAT
UNDERSTOOD
IS
'
„
Small
panies
1962
New York 5, N. Y. Also availableMite
Corp.-^Analysis—Estabrook
is a report, on Kaiser Steel.
& Co., 80 Pine Street, New York
nig Rear Stores Co. -Analysis^N. Y.7 <7: ;7-.fr
—
Manhattan, Plaza, New ,York 15,
IT
Thursday, Februsry 22
%
■
»
CITY
7, N. Y.
STATE.
[
Volume
Number
195
6136
.
The Commercial and Financial Chronicle
.
.
$11.49
•
and
Dividends
Chrysler Revs Up
in
1952
and
the forward look at
on
Chrysler, stimulated by new manage¬
industry
better
of
corporate
motor
the
enterprise than
industry.
1900,
Since
over
biles
and
sensitized
and
recall
'the
nostalgic
the
departed:
few
a
have
of
its
State, Dort, Dorris, Everett, Glidden, Jacksorip Locomobile, Moon,
Even
thin
some
bined
debit
great
with
years
such
ones
that
so
units
Chrysler
The
Not
the
from
1957,
dreary
So, in motors we've grown ac¬
that gave the crown for
shares
in
one
in
motor,
1925,
share.
the
has
'
Chrysler
above
line
—
year.
20%
seems
Chrysler,
Recovery
to
valid long-
a
ter
From 1957, Chrysler has been
struggling. In 1958, it lost $3.88
a
share,
in 1959,
62 cents.
A
modest recovery (to net earnings
of $3.61)
was made in 1960, but
1961 dipped again to a meek $1.23
per share. This last figure, how¬
ever, was better than it looked,
as
is
It
contention
our
Corp.
Chrysler
now
hitting
Other
Chrysler
for such
an
?•
a
;
1961,
there
was
United
the
same
of the
ficer.
He
of
M.
.-v
mains Chairman
Coal,
which
not
of
'r y*
;
Carbide
as-:
Bank.
He
and
re¬
.
analyst
..
of
New
a
•;;
was
security analyst
,
associated with Babson's
and
a
and manager of the
York Stock Exchange
contributed
to
their
Reports
as
a
investment
the
the
fortunes.
:
cars
in
Merrill, Turberr
Name Officers
:
CLEVELAND, Ohio — Merrill,
Turben & Co., Inc., Union Com¬
merce
Building, members of the
New
and
York
Walter M. Brauer
ST.
Exchanges, have elected Lewis C.
Clark,
Vice-Presidents
Mr.
liams
have
Melody
also
Executive
the
been
insurance
All
Committee.
in
cently,
have been with the firm for many
the
securities
businesses.
he
Sandson
as
Mr. Melody a^( manager
department,
manager
partment
manager
of
Stock
Clark
of the municipal
Gawne
as
Mr.
the
trading
a
(Special to The Financial Chronicle)
that, he
LOS
in the St. Louis
general
ment.
agent
area, and
staff of E.
623 South
been
added to the
Hutton & Company,
Spring Street.
This
;
announcement is
neither
&
Company.
an
offer to sell
nor a
solicitation of
an
offer to buy
any
of these securities.
The offer is made only by the Prospectus.
•
February 21, 1962
.
American
1
'
■
;
Building Maintenance Industries
Capital Stock
(Without Par Value)
Price
$16
per
Share
Copies of the Prospectus may be obtained in any State from
only such of the undersigned and the other several under'
writers as may lawfully offer the securities in such State.
Carl M.
Loeb, Rhoades & Co.
Sutro & Co.
Incorporated
Paine, Webber, Jackson & Curtis
Stockholder's
Boettcher and
Company
stockholder's
view¬
year,
A. G. Edwards & Sons
Loewi & Co.
Shearson, Hammill & Co.
J. C. Bradford & Co.
1957,-; but the second best
1955, When the stock earned
Johnston, Lemon & Co.
Piper, Jaffray & Hopwood
Incorporated
Stern, Frank, Meyer & Fox
Prescott & Co.
Actually-,
Dittmar &
He
was
formerly w^th Shearson, Hammill
a
Concordia
for
ANGELES, Calif.—James B,
D. Barrett has
was
general agent for the Lutheran
pany
Dorothy
Account
E. F. Hutton Adds
re¬
with
Brotherhood Life Insurance Com¬
depart¬
—
an
announced.
Sons, New York
Exchange member firm in
St. Louis. Previous to
de¬
and
of
Mr.
Pa.
named
Co., Inc., Parking Plaza, Verne C.
Sowash, Resident Vice-President,
A. G. Edwards &
sales
was
and
Most
associated
was
Company
Executive for Lenchner, Covato &
Mr. Brauer has had considerable
experience
Insurance
GREENSBURG,
Kansas and Southern Il¬
linois
for
Hugh W. Long and
Company.
to
named
—
been
souri,
the
of
Life
Missouri, Illinois and Indiana.
With Lenchner, Covato
Walter M.
appointed
a
representative in Mis¬
has
regional
Mr. Wil¬
and
LOUIS, Mo.
Brauer
Executive Vice-Presi¬
dent,
and
Thomas
A.
Melody,
Harry J. Gawne and William H.
Williams,
firm.
in
Long Company Repr.
Stock
Midwest
Mutual
App'd
the
but operates
its ten year
low, 37 %,• !was reached in Janu¬
ary of this year, while the high,
IOIV2, was reached, not in the best
year,
senior
counsel
publications.
only has nation¬
assembly and
provided plenty of market ac¬
tion,
and. has responded
quite
sensitively to changes in corporate
inciden¬
;
was
stock
Society
for
motor
point, Chrysler common (Stock
Exchange symbol "C") has always
of Consolidation
company,
Assurance
department
,
Mr. Griffin
securities
which
.'.."'.v;
From
distinguished record
prior successes as Chairman of
A. Hanna Co., and of Con¬
Pullman,
Union
Mellon National
member firm.
Life
common
.'••••
Viewpoint
a
solidation Coal Co., and a member
of the Board of General Electric,
Equitable
research
151,000 Shares
Sept. 21, and, at
new
supervised
Tamlyn, prior to joining National,
the
domestic
•
extensive builder
missiles with
States,
From
time, became Chairman
brought to his
with
he
..n
Africa.
Board and chief, policy of¬
signment
-
.
where
Company stock.
both
manufacturing and assembly
plants in Canada and Australia;
and assembly plants in England,
Holland,
Venezuela
and
South
level,
and
poor
esprit de corps throughout the
organization. Then came the big
change. Mr. George H. Love, one
of the most
distinguished busi¬
ness executives in America, went
on
to
;
,
Products
an
facilities
distribution
management
the Board
the
Chrysler
wide
great stockholder disquietude, un¬
satisfactory performance at the
on
of
ings
ficient manufactories in the busi¬
early
he
assignment
prove
Love's
it has been identified.
expenditures* and Chrysler today
has probably one of the most ef¬
In
leadership
new
unlikely
lost.
labor
Mr.
military tanks and trucks, and
has played a major part in the
space program,
achieving a high
percentage of successful launch-
In the past ten years, ;about $100
share has been spent on capital
ness.
seems
his
to
previously with State Mutual Life Insur¬
was
Massachusetts
investments.-
Chrysler to fail.
managerial
brings
of
Co.
ance
certain Mr. Love
to
come
:
Mr. Greenwood
has,
Chrysler is
^
.
not
it is
are
Manager of the Portfolio Review Division,
analysts George S. Tamlyn and Daniel J.
as
securities
Griffin.
in
of
ask, is the basis
opinion? Consider the
,
Similarly,
E. R. Greenwood
accessories.
may
following.
went
coached
engines, powdered metal
products. Cycleweld cements and
building panels, and, of course,
a complete line of motor parts and
and may be in
a
position to display, during the
next two years, a dramatic im¬
provement in its earning power.
you
he
senior
and
to Columbia to fail."
come
team
Geo. S. Tamlyn Jr.
$560 million National Securities Series of mutual funds
Elisha R. Greenwood
1934
to the Rose Bowl and won.)
(The
marine
that
turned the corner,
What,
the
stantially restyled.';;
definitely
has
did not
plans already call for
the
market early
(late
August or early September, 1962)
with, a 1963 line of models, sub¬
all earned in the last
was
and manages
Company
however
other
strings to its bow' besides motor
quarter, and represented the sur-v
cars.
It makes Airtemp air con¬
mounting of a deficit of $20.5 mil¬
ditioning, refrigerating and heat¬
lion for the first nine months of
ing
equipment;,
industrial
and
the year."
since it
sponsors
investment, one-quar¬
an
the Simca
of
Daniel J. Griffin
Lou
Little, the talented
coach, came to down¬
trodden Columbia
in the 1930's,
he made a prophetic remark: "I
the
holds
which
company
an¬
61.
football
years,
target, but for the next two
sales in the 12% zonri; ac¬
companied; by higher operating
efficiency,
should
substantially
expand~net profits. Chrysler also
distributes Simca
(French) cars
and trucks in North America, and
Struggle
Joining the investment
about
been
120 Broadway,
ago.
range
equip¬
have
by National Securities & Research Corp.,
New York City.
now
may
at
common
When
years,
1
The
.
V,
ler's -peak
for, and history of, cor¬
porate greatness. It now seems on
the
verge
of attaining it once
again.
'
industry sales in 1961, as against
25% of. domestic sales in Chrys¬
ment
•
(preceeded by $250 million
General Motors, how¬
The
-
Chrysler
million. Further,
$34
Dodge, Plymouth and the compact
Valiant—accounted for \V-k% of
be,
we
conclusions
appointrnents to its investment staff
new
nounced
of cor¬
created
debt).
shares.
showed
it
and
40%
a
1958
among
magnificent
earner
it
when, in 1957, its net
sales soared to $3.6 billion, creat¬
ing a net income of $13.75 per
a
could
in
increase
must spread its net earnings
282,978,000 outstanding
shares and Ford, among 54,998,000
company,
.
what
Equally,
decline
of
500%
ever,
arid the
next
year
to
another. In this
kaleidoscope of varying fortunes,
Chrysler, third largest producer,
has assayed rather high in vola¬
tility.
It
scored
many
"firsts"
over
the years, leading off with
Pits introduction of the high speed
to
a
along these lines, Chrysler has
outstanding 8,976,000 common
competi¬
high style, performance,' engineer¬
ing advance or salesmanship, one
year
in
earnings.
deficit
a
iri Chrys¬
1956 and
National Adds Three to Inv. Staff
Three
33% increase in sales vol¬
a
resulted
ume
1959.
volume
race
years
The
Factor
enough appreciated is
leverage
example, in
For
in
tive
production.
in
powerful
ler.
the Rambler.
race—a
begin
now
can
Leverage
well
a
dividend.
from $6
low of $1
9
First,
Chrysler has apparently emerged
from its nadir. Second, a newlyenergized" direction, topside, has
substantially improved company
morale all along the line. Third,
the stock may very well record
a
200%. gain in net earningsfor
1962, which improvement'should
find significant reflection in the
market
price
of .the
common.
Fourth, Chrysler, like most major
industrials,. is entitled to sell in
today's market, at a much higher
multiple of earnings than five
did
American Motors' stardom waited
customed to the
point,
at around 800,000
annum
per
till the appearance of
•
break-even
to make money
com¬
1958 and
as
under way.
seems
lower
much
a
and Chrys¬
years,
ler, which emerged in 1925
the ashes of Maxwell, has
now
A reduction in costs has created
five, there have been plenty of
;ups and downs. General Motors
was
no
blue chip in 1920, Ford
^had
years,
been re¬
engineering
excel¬
for
for r
dealers
these
among
of
Two
lence, has not done as outstand¬
ing a job in dealer distribution.
More
aggressive
training
.and
more
extensive
financing
of
1900, over 800 different
..motor companies were hopefully
formed—the "growth"
stocks of
their era!
Today, there are but
five surviving corporations, with
three of them turning out most
cars.
men
styling and to beef up
organization. Chrysler
has,
nowned
Since
the
dealer
which
,Mercer, Metz, Overland, Premier,
Pierce Arrow, Reo, Stutz, Velie,
etc. Where are they all' today?
of
associates,
Ford,
brought in to animate
been
Chrysler
Bay
Apperson,
as
competence
and
ability.
executives "formerly, -with
memory
of
names
attract,
certain
Chrysler
tally, now owns about 1% of the
stock in Chrysler Corp.
Mr. ■ Love
is
the kind
of
top
executive
to
inspire
confidence
has
vicissitudes
the
different makes of automo¬
have
come
and ; gone.
A
2,000
can
America
in
illustrated
1953, to
volatility,
draw
ment, improved efficiency, and revitalized corporate morale.
No
$4
a
ranged
From this capsuled saga
porate
Comment
paid
have
share in 1961.
per
By Dr. Ira U. Cobleigh, Enterprise Economist
(929)
Company, Inc.
10
The Commercial and. Financial Chronicle
(930)
Thursday, February 22, 1962
..
ment in the United States is many
times higher than in Britain, .even
How We Are
•
allowing tor the difference-in the '
size' of tne working population.
,
To the Decline of the
the. existence cf between
'five and six million unemployed
should affect their bargaining po¬
OWEN ELY
sition. NPr is there in the in the /
By Paul Einzig
States
United
political
a
party
Central & South West Corporation
witli the British Labor
Party that would support the excessive wage demands .of -trade
Y comparable
excessive labor de¬
mands add up to a dismal future for the West vis-a-vis the Communist
bloc. Dr. Einzig scores the squandering of foreign aid to undeserving
uncommitted nations and urges, instead, the Western countries to
concentrate on their own economic growth before they are outpaced
foreign aid for tha wrong reasons and
Years of
BY
Surely
in
unions
And,
•
bloc's industrial expansion. In rebuking labor for
fostering non-stop inflation, Dr. Einzig expresses his puzzlement as
to why American labor should be as avid in their demands as British
labor. The Government, employers, and the public, too, are repri¬
manded for taking the line of least resistance of either "paying the
price" or of "foregoing expansion."
*
as
antv\erc
Central ^ South West, one of the increasing, in the past decade by
political sphere, ten important holding companies 125%; the average annual rate of
as/! can. see "fropi tu - the electric utility business, increase has exceeded 9% com-
the
far
Atl6n+1>
--Hia
OnirirrmnlST.
•
•
Vin>.
:
x
'
j
41--
i-
1---jl
by the Communist
v:'.-
...
England ■ r—:.: Notwiththeir grave balance of
LONDON
standing
difficulties, the United
Britain continue" to
pour
year after year billions
of
oollars into economic aid to uncommitted unfriendly nations.
payments
and
States
and
with some measure of disinability and un-
trust lies in the
of
a
two
the
call
willingness
ments
to
absurd
tional
govern-
to
this
of their na-
halt
squandering
resources.
to any
The conventional answer
-
living of underdeveloped
'can
be
raised
they
will
;
.
the United
Secretary of
Treasury in the Truman
Administration on the occasion of
visit,
London
.irm.
and even reverse .this
Unless the - U n i t e d
States and Britain emerge from
their relative stagnation it will
be impossible to Keep pace with
-the. industrial expansion of the
Communist bloc.
>
to check
progress.
he
remarked:
i
i
_x
Our Slowed Expansion Kate
■
Eeprima^^urse of Least
.
dustry during the past two or
three years, were ; contributing
"tectorsi 'Unfavorable weather has
also been a factor. During the e£pecially hot summers of 1954 and
1956, revenues for those years in1
creased 10.6% and 12.3%, respeclivelyp but "in ■ the past- four years
the' lower rate of growth in reve-
Inl^ffrst
f;-
The slowing down of expansion
• •
-.
.
-i
!<-w
Pennsylvania.
The-companyis mne months of 1961 the company
and Britain
T^® tr°nble is .Jh^t ni ./ both not dependent on rural areas but added only 5600 new Residential
is almost entirely due to the in- ^Britain Ohd .the United: Statesth® derives its business principallyeustomers, as contrasted' to 8800
ability-of these two countries to
employei^^ana the from the^ rapidly-growing cities *n thek?me period of 1960—a figinc uqe their organized labor to public /prefer to take .tnev line ot an(j towns -scattered throughout ure which reflects the recession
ai.opt the sensible
attitude. A least- resistance. Bince m exist-gervice area; about half of the andthereadjustments of the oil
Swiss journalist friend of mine
i«
population is. within city limits or industry,
+u
in the United States
•
+
u
_
;
.
States
his
Britis^h serve electricity to a population
workers. Finally, in spite .of heavy of about 2,700,000 in Oklahoma,
gold losses suffered ,in- recent Arkansas,-\Louisiana and Texas,
-years the United States would be, About 57%, of revenues are obin case of a Showdown, in an tained in Texas, 30% in. Oklaincomparable better position than homa/9% in Louisiana and 4% in
Britain "to face the effects of •; a Arkansas. :
prolonged major strike .on .the •* Jn .Vail, the area served covers
balance of payments. ~
:
about 150,000 square' miles Which
<
.
turn
Communists. When in 1947 I discussed
this argument with
Mr.
Snyder,
nearly as
workers r as^ among,
stam
the
unless
that
is
centyears. The'recessions of 1958
equalitarianism Oklahoma, Southwestern Electric and 1960, coupled with the unstrong among Airieri- power and -West Texas Utilities, favorable situation in the oil in-
tim en ta 1..
senseless
this
of
criticism
British; trade unions^ Nor Vis power & Light, Public Serviceof
canr,
,
thT°doufr\ IS
even
upon
in
s en
x__
replied "We all fnfong- those who
that two, and two make -the Jme of . least
This is precisely what is; pay'ng that price
Switzerland.
want.;to . take t6
He
resjstance by
and tnose wno
it) in the past 20
while"about 35%, a bigger reserve than
years,
despite the fact that
construction budgets had been cut
ignored by American and British want to take^the line of jeastye-pphhe tfie area is largelv aari- hack *neach of..-the previous four
trade unionists. If it is too much sistance by • foregoing-expan^om^^ervibntatns
%ide'years- -However, with only an
to expect them to be familiar with Those "r favor of taking a firm
q "n
»g»v 80.000 kw unit planned for 1962,
elementary economics (Spart from.}me\with trade; un»ns;»n.;«,rder.
a 175,000 kilowatt, unit to be
»«.
tn hriii? them to -their senses, "and
sp»» S»U1P."U1* vUdij syp&um,
lofiQ
oo+ii-no+^/iknow
.
four."
x*.
—i
i
-
ay numbef
'otherY cities;
of
have ' necessary —
than doubled.
more
r
Estimated
_
per
.'seems
to
convince"statesmen
who
'ought
•
t*> know better. The Italian
experience ought to have opened
their eyes to the futility of trying
to resist Communism by raising
the standard of living.
For the
first time since the 16tli Century
arithmetic:"If
they did "they would the only Ihto if the*
know that the"sum- total of their-fjiise: their standard of.Iivipg,
'aWt0ld
year
load
should
the next two
;I"!'The fconstruction
budgets
unable, to influence the at •
industrial 23% and miscel-small,*. in 1961 only
titude of the governments :and of,
^ mlSCet about $47 million was spent, the
There is, of course, an explana- employers in- favor of; resisting •
U
.
..
.
:
, •
. smallest amount in. a decade, and
tion, though not an excuse, for the excessive demands for higher pay
Revenues frpim oil and gas m-. about $55 f million has been
Italy has become really prosper- attitude of British trade unionists.- and shorter hours. •^
;• dyste^eS; contribute some 40% of budgeted for 1962. With this modous.
Notwithstanding, this
the An abute scarcity of labor exists- —Unless this attitude
can
beDespitestrict: erate program, the system has few
country is moving rapidly towards in almost every British industry , changed it is impossible to. fore- -ahowabies ana^tne less tavorable. financial_ needs to. worry about,
the Left. The same is true about and this, together with the powersee
anything
but.
stagnation. *
HV?the. 01Lin®ustryj.n : The, equity ratio, of nearly .38% is
Japan. Let the uncommitted na- ful political support of the Labor Minor recoveries would inevitably
years, revenues^.trpm^ this considered to be. on the high side
tions stew in their own juice and
Party,
maikes their bargaining be followed by recessions.-Above«
to. increase. and hence there appears no need
let
the
Western
countries con- position .extremely
strong, The all no amount of juggling with
great.:many_ of equity financing until 1964 or
centrate all their efforts on rais- more moderate among trade union international reserves would pro-, JvipihiUpi ilow
weiiSj snhiprt tn',1965. ; ,Bank, loans are expected to
.wnicmape
tnp
ar»H
rinf
to. which
sistance
stagna-. are
means
tion.
'
<
r
.
:
.
.
.
..
•
.
.TL.r
j
x;
^
:
.
.1
j.
_
_
j
,
.1
numn
jjik
J,
ing their own productive capacity
of sacrificing their prog-
leaders
pressed
needs this
instead
adopting extreme af+
some
stability for the sake of
undeserving beneficiaries.
influence
ress
and
Continental
'western
Eu rope
had in recent years a more satis-
factory record of expansion than
either the United States or Britain.
Italy
the Leftward
But
and
m
growing
the
internal
France
threaten
in
disturbances
swing
are
of
but
small
the
well-organized
what has.always puzzled, me is
why
the
position
to
ofAmerican
squander
part
any
economic assistance to
trade unions is, if anything, even
and
stronger.
countries.
After
all,
^^s.' y^^C^
Both coUntries will then^ need'
all the reserves they Iraye; f6r
withstanding such attacks Pn their
currencies. ; "They pan ilj^ affOrd
and
militant Communist and Trotskyite minorities within the movement. ;,, ; '
^
unemploy-
ungrateful
of
"
it
^^^'
..
the oil
on
^
v
-
the -Pontrihiitionjs
and'gas
^
of,
now
been di-
net original cost for rate-making
t'ted"M a^esuit ot new Indus-: purposes. The company now has
Jries c.oming lpto the apea, includr fuel adjustment clause's appli^
niills, petrOchemichl cable to all customers which- helps
Tf.'}plants, cotton gins, (Q maihtaih.profit margins, Retura
piliSj zip0 smelteps and' fhili-
Gn<
solicitation of an offer to
buy these securities.
The offer is made only by the Prospectus.
'.f, ' y':
i lYi.-
-■
MidrContinent
j
1
■■L
40,000 Shares
vl950^60-'some
«'
and
Sinclair,
2G0 'hew-
In
j
„
"Y':-
■
Dumbs
4,OCO.
may
were
connected
-
+1^^i?
^
.Jf^^
^ an^:
" Y '
be obtained
•
,
"
^
"
''
,
:
* (\ I
1
IZ
i*
**
current rate
^rnft
A
Jar
.
{-
V
.bomes,
..
W:
1
r.^
th^ next few years. The dividend
on ihe: lines, each
consuming some
ispeciat to the financial chronicle)
25,000, kwh er more per annum; BEVERLY. HILLS, Calif. —- Har-
■■4
MOORE & CO.
-«.}
^hofrrJ
Resistance heating devices
"bronze,
'*
1961
about 30 times
f
i
~
thhstock yields 2 4% and sells at
compared -with only f 15,900 • kw
three s years agoY At the end 0f
earnings. .
«v.;
1961.there were about 1,800 <?gold. /
medallion" or all-electric hohies;
-Warvey, KObertS Upens
"
.
in
aire also becoming popular and the
load now approximates 70,000 kw.
Price: $7.50 Per Share
Irom the undersigned.
T ~
nf
:
(Par Value $1 Per Share)
'
,
a
1
West's-^bsidi-;
space heating. It is estimated that
sonie
1,200
central
unit
heat
^
n.
-
^
f^
plants; nf
aries have been actively. promoting tesidentiai water-heatihg
r;M Michigan Corporation) ":
Copies of the Prospectus
.
?
1
A''Common-Stock
;averaged
nn^nr1t,
^l^inds^were ;put^;ia .operation^'
another^20hte^isting--=plahts
>'
; CentraL&-South
.
v
5
carried putrexpansion -prbgrams.^■'
Berry Door Corporation
property: has
in recent years.
?^ cn?if
t
New Issue
1
net
installations.
Several ; big e.5%
petrochemical" plants ; located in ! c,
the
company's - area ; during the 1950s--Celanese, ' DuPont, Union. 9
Carbide, Texas Eastman, Sunray
tary
nor a
reg^
industry, formerly1
predominant, have
unfriendly
uncommi
^
However
ruc -company's
•
sition; appears^ sound:: Rates ;ih
^
JwSen Aece^ry' ar-e.'
U.
medallion"
vey
Roberts & Co., Inc. has been
Each pf 'the four subsidi-^formed with offices at 315.South
;adqpted specialpromo- Beverly J5riye, to .engage in ,a
aries has
tionM;; electric, be aitJhg.,-.rates, securities
i which rapge
YPeh .kwh.
between; lc: and 1.5jc
business.. Officers are
Robert ,M. Kolo.dkin,;, President;
„
..i
Harvey Deutschman, Vice-PresiCenthal & South West has en- dent and
Secretary, and Robert
J oyed rapid; growth^ with revenues; Friedman^ Treasurer. * >;
•
-;
....
^
.
i-A
.t
*■
•
r
iJU,
V* .'i
n•/■-n-r*y
-
SsaaEfflSSISiSES
hw 1
Number .6136 .". .The Commercial and
Volume 195
i/N
J'j'i
.1
"* ;;M
Financial Chronicle
11
(931)
1"
'
-
'
,
,
'
y
■'
:
•
«
%
r
;
'
,
ii
government,
de- nomic stabilization and growth,
with (2) Federal direct lending, and
governments of other countries in credit guarantee programs, and
"v ah attempt "to prevent disruptive '"(SI the structure and regulation
currency movements." ^ In
other, of. private financing, institutions
he goes on to
scribe the periodic meetings
The "Antibusincss
V-P
.
Of Blair & Co.
'
■
^ords, if the fiscal, and monetary these
■
f
>*:
By M<- Ri Lefkoe, Lt>s- Angeles, Galif,
v
"
-
Blair Sc Co.
'
policies of the United States Gov-
three
points
evidence 'in itself
is
to
sufficient
Street, New York City, members
that
prove'
Incorporated, 20 Broad
of the'New
York Stock Exchange,
protestations to the, contrary nothas announced the election of Norhave: good
reason
to suspect a withstanding,
Mr.
Kennedy
is
,«■'
bert
A. Mc^ severe inflationary period ahead, "antibusiness" in the literal sense <
Kenna as vice
our government will have
to act of the word.
:
* •
" / ::
president. Mr.
-Tin: such a'way as to prevent action
There- remain but two possible
McKenna re¬
: being, taken
by these individuals conclusions, viz;, either Mr. Keneriiment are such that individuals
,
Writer concludes
President Kennedy is
nomer as
"antibusiness in the: literal
;
.
.
.
(1) the word "free" is a complete mis¬
sense of the word." He finds:
.
employed several times in the phrase "our free economy'!
-
Report to Congress! (2) his economic proposals
and - (3) the lecon6mlc' knowledge ^ ^
displayed is far from adequate, ^
' -v w:
I
in the Economic
:<uv
done his best in recent; mOnthsTo
';||V^ry;qh^
as- they had.
0P^a.^eSi
fellow members of. the /OTganiza-
-
"
his
Development in setting Acommori
recent
Economic
for
target
Re¬
;
port to Congr essvwill
economic
.growth ^To-^
pledged we
Ourselves
gether
P?
to
charges in the
national- and international
1* ;®k°r
.5Jur mj60J[' conclusion.
IK. poiieits aimed at increasing ihe .tadUstries jvjll accept the produc
,
combined - output of the Atlantic,
f betchmark
as a guide to .
I Community by 50% between 1960. wage oh]ectives; and if. manage- LeWlS
and 1970." [Italics minel Who is. ment .will practme equivalent re-
weeks to
| the
adopt
oba b "1 y
pr
spur
f li t the r
o
financ
.
,:.
,
.
.
; •
,
tal
his activity in
that 'post,
Co.
In
;
come;
that the Pres¬
ident
tile
ness,
hos¬
is
r
Kenna's responsibilities with Blair
J
will be primarily in the
development of retail sales, and
sales personnel.
•
•
During World War II, he was
Chief of the Pulp, Printing and
Publishing Branches of' the War
Production
Board and Chief of
his critics
J
1T
^^™^ WOOQ, Walker
be a brimanx
7
;
"not in the public interest" and .mate the-money available-for the
subject to anti-trust prosecution^ machines which make an increase
The "we" mentioned by Mr. Ken- 111 -prodiietivity possible, are for-
M. R. Lefkoe
not accus¬
are
the
,
ing him of at¬
Co.
&
.
The New York Stock Exchange
rations? No, such action pn theirmember firm of John H. Lewis &
part would have beep considered IIta1
l^(£^+£2'' Co. will be dissolved effective Feb-
t:
busi¬
to
to.' in
-we"' referred
above quotation?
Groups ,of im TGa.r®. aneaa will
;' dividual oi^epreneuxs or corpo^^^^^:^
claiming
from
a
of
-
-
lxr
he
partner
Reynolds' &
1943 -to 1958. -Mr. Mcwas
Norb^rt A. McKenna
.
;
Financial
GoTp. Prior to
-
.
V.
a s
Intercontinen¬
•'
.
TO :J 0111 '
e
President of
■
serve as a
t
activity in
.international
or
'P^-hUps, us'iR- really, the attempt to gain ever,
if1; J ? science of eco- increasing * control over the econasfr^e
irl ie
:? omy. To state that the latter seems
Tn6most jBlOQueiit testi-r -the' mosti likely possibility is the
to this is hts statement that most polite way of stating our
■■
an4
tion of Economic Cooperation
tpr
Wall
after
; three years of.
ii.
mistakenly,
:
postwar
antibusiness" label
which has been pinned upon him
and his Aclministr ation,
v;v ;; .-'V '|
Street
he, has, and con¬
production as fast
tinues : to. use. it
in -conjunction
during the
^early^
?periodj Questions President's Economic with his interventionalist policies
he states that
InNovember of s.:.
.V.'""Qwieag^-v^.^. ■ vi:v,in the hope of disguising what is
- last year, we joined with Cui 19.
Although) President Kennedy has
counteract the
|
turns 'to
self »defense^ Thfe, according; to nedy has never consulted the .die-'
Mr. Kennedy, is how an "un- tionary "to learn 'the -meahing of
counter to a "free" economy \
n
run
ruary 28.y It is understood that Mr,
Production of. Motor
LeWjs wjp become associated with
the
•^0O(j> Walker & Co., 63 Wall St.,
of the
Army
Before the war,
tempting
a
Transport for
United
States.
Mr. McKenna
was
partner of Eastrrfan, Dillon & Co.
business
from 1936 until h^e resigned from
~a^a
if
• »»***
that partnership to enter the war
individual company sets its own
serviceeffort.
■;.'
' : *';
policies in accordance with mar*;fo
Mr.
' Wisner H. Townsend, partner
McKenna, except for his
ket conditions,-or is-it'an-example- wage, hikes
order to -earni^ charge of John H. Lewis & engagement in the war effort and
viz., a free economy. If the Presi- of
government intervention in
Purchase ?°'s provi<Jence, Rottice Will' international finahce, has been-in
dent were to point out that -he which; the
government decides
become /associated w 11 h ; C. B: the New York Stock Exchange and
ing .that his.policies will ultimately
destroy the framework which all
businesses; require fit order to
function,
prosper,
and
survive
—j-—~
rv%Q«
■■
■■
*1™
^to^
phrase,, "our free econ- how much will be produced. and.
SI
omy,":.several, times during hi
Report, his critics will then have demand?
.
' - :
"
1 mi
" an Example of the freedom to hct
L not the p..?. i!?.1; - us: „.iNolies ««ntrnaiction -:r :: In accordance With otm's ownmtbLi ,v-„ President knows what
or
Richards; & Co.
the
used
crf^s w!!1 ^-er? l!?ve
the words
T,-
mean.
■
In
.
1-^
Dictionary. Disiiftrces WiJt
the
discussing
o-r,qpof l/>.•
•
*.
7
he
J^ail^eatlC
Citizen Advisory
^^roVhraVcord^ AppOlIltS TWO
will,
biUion
$11
increase' in revenues which,
-fh
^vprnmpnt
suctions'"?
During the postwar period,
waS;,idtiVe,as a member of the
1930.
e an
.
investment banking business since
Committee to the
Senate Committee on
Banking and
Currency under Senator Homer. E.
•
be obtained
through taxation dur,•
^.
,
+ ; "
} New York Hanseatic Corporation,
Capehart in the operations of the
ing the next fiscal year, the Presi- " * Perhaps .the most blatant ex-t 12p Broadway, New York City,
dent ; claims
that he ' expects a ample - of AvG
r^Sidents antir ^as :,announced that Henry < J. Export-Import Bank of Washing¬
of being -"free" as: "charaetei'ized
surplus; of about $500 million.' This; ousiness; attitude can be found in Ki^per.
a: Vice-President,,
has ton and the International Bank for
by political liberty; having liberty surplus; 'according; tP-iMr/KKen^ -hls supP?rV of the Keport pi,^tne:p^en^ appointed' manager of- the Recoristruvtioh. and
pevelopment.
Presidents
Usage
.
\
The dictionary defines the state
,
'
follow
to
one's
alsor lists such
own
clmice."; Itf hedy, is "a, forrn pf saving," How
synony rn s
us:
"nrir-
does he
reconcile an' Increased tax
ffe -
.
Money and Credit.; ^^^{ Municipal
imPortant. ^psnes ^ nrieht; - and that
Bond ' Depart^
Clarence
W:
bas jbiried the corporation
the Corporate Bond Depart^
cheeked, i unhihdet ed, Uidrnpe"ded, burdeh lipoii jhdivlduais and sav^- -of; public policy
covered
unobstructed, unrestraitved''^each ^ings enforced by the goyernment^fn
a concept
referring tb the ftbsctice'with the right'of .each* individual-' ^erldf ;thaf' ^J^sress: givej
of coercion. If the objective mean- to decide how much he will spend
careful consideration,
,copsid-;.v v.r:
system
nomic
where
vidual has the
own
is:u"
^andn;uc^lie wisaj^?S^
each indiTnva" ffpp woiPrriv
ooninanifQ legislative.ana oxecuyye aciioiis.
■
right to "niake-^ his-
independent economic choices
wF,6tr^£, t^ci"0^
..
.
.
-
^
*
ciated with Peter Morgan &
requests action on are - (among B, Barton h^s become associated
is others): "(l) the objectives and with California Investors, 2601 F
they think are in greatest
demand
begins his Report by taking
credit for a number of laws which
were passed by Congress last
year
and which gave the government
greater power over, the economy
in
whiCh
1'thoie - product^
produce
,v
Wlth^CaMLInvestors:- ) G. Lathrop Vermilye, formerly of
:Vermilye Bros.; has become asso¬
The three issues that Mr: Kennedy BAlCERSPlELD, Cahf.
George
^
by
consumers,
as
it
they will export their products to
those countries which can afford
and which are interested in pur-
York
'
Manhattan
City.
'
I
■"
;
chasing
their products. Businessmen would need
no government
incentives to export their goods
This
announcement
is neither
an
Shares. The
offer to'sell nor a solicitation of an offer to buy-any of these
offer is made only by the Prospectus.
,
his recommendation
mum
the
Wage Act
minimum
plcyers
arid>
.
must
was.
which
wage
the Mini-
thbri anxious to find new.markets,
increased
whether in this country or abroad,
which
210,000 Shares*
em-
However, in the "free economy"
their workers, {pictured by .Mr. Kennedy, busithe numbers
of, nessmen have ..to- be "encouraged.
pay
extended
workers covered under the pfevi-
He states, '^o. encourage AmeriIgnoring the economic, can businessmen to become more
fallacy involved, is this a law export minded,, we have inauguwhich Mr. Kennedy would expect rated a new export insurance proto
find
in
an
"unhindered and gram under the leadership of the
unobstructed" economy?
Export-Import Bank, and have
i
bus
.
February 21, 1962
.
If Standard Industries, Inc.
.
,
law.
t
..
.|
-
|:'T 'A'.
.
;|
'
|
V
'''
<
v
.
•'!
'
.
•
.
COMMON STOCK
(Par Value 75tf per Share)
V
.
stepped up our export promotion
to influence the passage of this drive by improving the comraerand other bills, he indicated that cial services, abroad of the U. S.
he issued several executive orders Government.
," Thus* money
which didn't require specific ap- provided by all the taxpayers will
proval. Among these edicts were be used. to. insure. the exports of
an
acceleration of Federal pur- a few companies and, in addition,
chases and procurement, highway niore tax money will be spent by
fund distributions, and expansion the government to "promote" the
of the food distribution program, acceptance of American products
Not only was the President able
.
.
.
and
an-
increase
-
in
farm
price
supports. All of these executive
orders involved govern m e n t
spending of money taken from
individual
-
by foreign countries.
At
times
the
Price
.
*183,000 Shares
is
re-
these edicts
in keeping, with
society "characterized by politic
were
liberty"?
After
ducers
being offered by the Company and 27,000 Sharet
a selling stockholder
being offered by
Copies of the Prospectus may be obtained from the undersigned.
growing government. Intervention
citizens
.
cal
Share
;
freshingly direct in describing the
through taxa- pursued, under his ,direction. In
tion, while the latter also con- Discussing short - term. capital
tributed to increased food .prices, movements, he
states, that "for,the
Would Mr. Kennedy claim that first tirhe' id
a
a
per
7
;
President
are
are
$6.50
.,
,
oAllen
r
generation\the
Treasury is helping to stabilize the
dollar by operations in the inter-
.national exchange market." And,
chiding, the country's pro- not content with havipg American
for not increasing
their businesses regulated by their own
,
r
'
J
j
-
;
•
,
I
V-
&
Company
:
•
Plaza,
.
-
attempt "to .restore momenturn to the American Economy," as
they would bb governed by the
Among the many bills passed on profit motive.and would be more
an
Chase
1
1"C-£s.7'„sSS
He
;
-
Woiild
v.; - v;;
■
Vermilye With Peter Morgan Co.
•
Co.,
New
•
-
12
The Commercial and Financial Chronicle
(932)
.
'
t
'
.
.
.
Thursday, February 22, 1962
*
ally and externally r—,far. out,.of Congress to give him discretion¬
proportion to what several West ary powers to encourage—through
European governments tax their YGATT and world trade agenciesown
"export happy" companies. specific trade and tariff agree¬
(The Netherlands, for example, ments with the Common Market
with 26%—against our own 4%—. and other less developed, markets.
,
Sizing Up the Export
Problem and Its Solution
her
of
By Per Hoel, Professor of International Commerce
The American Institute
levies
for Foreign Trade, Phoenix, Arizona
deijived
but, to para¬
phrase Mark Twain, no one knows what to do about it. Professor
Hoel sizes up the current disagreement as to what is causing the
problem, offers his assessment of it, and then prescribes what should
be done to improve our export position. He favors pre-determined
specific tariff-trade agreements, a preferential tax and depreciation
policy to stimulate sales, and extension of a subsidy during the tradefreeing period to provide the inefficient firms with an opportunity to
produce competitively saleable products. As a long run policy, how¬
ever, he opposes artificial barriers to maintain an indefensible pro¬
tection situation, and hopes that our firms will have sense to con¬
centrate on goods containing a minimal amount of labor.
of the land
come voices clamoring variously:
"We must increase our exports—
corner
we've
got
or
of
4%
"only
competitive;
be
to
labor
what's
matter
9 6 %
?";
balance
trade
is
reduce
recognized
might
grumblers
of
voices: "How
can
we
exports and
exporters?"
the
number
increase our
of
our
The chant of the chorus all but
as
the U. S. manufacturer,
much disturbed by the
seeming dilemma
embodied
inexplicably agreed to the estab¬
lishment
of
the
Western
Hemi¬
sphere Corporation, a capitulation
that produced a 14% corporate in¬
come
reduction. Then, suddenly,
industry saw a limited incentive
to expand arid to export, and, in
the
Western
Hemisphere, it did
Y"''.''' / ' Y"last 15 years, the Gov¬
For the
ernment
always its own most
inept apologist—has benevolently
conferred
all
and
voices
as are the dis¬
raising the hue
and
cry.
But he is almost as
powerless as his tormenters to
solve a problem now so acute that
it recently moved the President
of the United States to deposit it
the
criticism
articulate
their
impracticable
tariff
of: (1)
restric¬
tion; (2) the unreasonable export
income tax levies; and (3) the ab¬
sence
of liberal depreciation al¬
lowances
(especially today when
desperately needed).
so
Tax and Cost Structure
Found
,
Comijnerce)
for years.
He
that the
aware
remaining
4 %—composed of the
industrial giants and several hun¬
dred
smaller
companies — have
had a "corner" on the productive
capacity for the foreign markets
and, therefore, on the markets
themselves
since
Faulty
reactionaries
Lobby-pressured
in the Government go
stolidly on
taxing U. S. corporations—intern¬
U.
on
industries
S.
a
succession
of programs that
to
it has deceptive¬
"subsidies" (amounting
called
ly
no more
of
than the redistribution
tax
are
World War II.
the
close
of
monies). These, of course,
modern government's tools for
in
centage,
for
(This limitedYperis responsible
itself,
about 50%
of all U. S.
Y',J:Y;
facturing.) ;YY Y■
Small
wonder
effort
export
Y;'
that
has
been
years
S.
industries
the
to
if
immediate
U.
S.
confined
to 4%
look
we
of
back
postwar period
when the Marshall Plan and other
U.
S.
in
motion.
subsidy
programs
set
were
Then, the only indus¬
tries instantly capable of answer¬
ing the demands of the shattered
"pump-priming", and they betray
foreign economies
the sub-conscious defensiveness of
who
has
were
the titans
been
fulfilling govern¬
the
Government.
They- Unques¬ ment Qontacls with war materiel.
tionably
assist
a
beleaguered ;With size and capital, technical
Cconomy or industry, but at the khow-how'arid productive capac¬
same time, they offer no healthy,
ity, and producers' goods already
the prob¬
Worse, they tend to embar¬
the recipient manufacturer
hand (for example, heavy ma¬
perdurable solution to
on
lem.
chinery), they had a natural ad¬
vantage over 96% of their busi¬
rass
by branding him
Too
as
inferior.
industries
like
cadavers
great
an
that,
left
without
artificial
support,
would
properly have
collapsed
from the dead weight of their
spent productiveness.
U. S.
industry needs a stimulus
foreign markets and to
produce
goods
for
them.
The
President is right when he urges
that
the
present
protectionist
to explore
tariffs be cut
across
"subsidy" concept had
swiftly met, and the giants
some
at
Irish wake—weak industries
no
of the
needs
American
ofterij this governmental to be
permissiveriess has propped
has
kin. The
ness
the board. He
alternative than to ask the
smaller ready
and
manufacturers
a
duty and a
profit sense—to move in the front
were
bound
door.
:y, Y'with
Even
for
in
—
our
ments
current
balance
favorable
a
YY'
'
able
balance
country
It
of
trade
for
the
is
not surprising that these
companies, in the normal
course
of greater expansion, be¬
gan to utilize their vast capacities
same
the production and export of
lighter,
non-essential
items
in
competition with
other, purely
domestic producers; to cite one,
for
This
announcement
is neither
an
offer
The
to sell nor a solicitation of an offer to buy
offer is made only by the Prospectus.
These securities
are
offered
as
a
any
of these securities.
razor
speculation
NEW ISSUE
February 23, 1962
blades.
The
front
doors
to
Europe and Asia were open; the
freight was ready; the exporters
dispatched
their
vans
to
the
wharves.
We must
acknowledge, too, that
the bill for exporting to bankrupt
economies
abroad was paid by
90,000 Shares*
;
;
■
v
Inpak Systems,
:..lY" Y.Y
-
Y
/
...
>-Y■
:,
;
Ing.y
'.YY:YY.-. YY,;V.
Common Stock
(Par Value 1^
per
share)
Price $4.25
per
*As
set
Share
forth in the
Prospectus, the Underwriters have reserved up to 18,000 shares for sale,
at the public
offering price, to employees, officers and associates of the company, and to
others who have indicated an interest in the
Company's affairs. The number of shares
available to the general public will be reduced to the extent that shares are so
purchased.
Copies of the Prospectus
may
including the undersigned,
Stearns & Co.
as
be obtained from only such of the underwriters,
may lawfully offer these securities'in this State.
Joseph Nadler & Co., Inc,
States
United
the
Without
tariffs
—
and
competition,
did
—
remain
Thoise climates were ab¬
Today they cannot pre¬
vail,
for
the
climate
is
now
equable for genuine foreign trade.
No longer can the U. S. dictate
to industrially renascent nations
what items they should buy from
high.
normal.
They are in a sound position
to order and pay for exactly what
us.
they need and want.
Motivating The 96% to Export
Right now is the time when the
ingenuity, productive genius, and
marketing-research acumen of the
U.
S.
industries in the "96%"
bracket
can
exert
themselves
experienced
who
would
be
its
The
other
have
foreign
crawled
debris
of
industrialists
from
beneath
the
dusted themselves
off, and hastened to the nearest
agency doling out American aid.
Armed
war,
wth
cash, credit, and de¬
termination,
time
in
they have lost no
buying the American-
.
produced
new
equipment
neces¬
sary for building plants. With a
studied haste and a resourceful¬
reminiscent of American in¬
dustry's mettle earlier in the cen¬
tury, these manufacturers have
begun to produce goods of quality
in quantity.
Today their native
genius has brought forth, in some
instances, products better — and
certainly cheaper — than several
that
Americans
had
always
birthright. Here
and there, some foreign industries
have turned out competing items
of better quality with automation
we
thought
were our
processes more
efficient than
ours.
is
It
questionable that most
Americans, however deep their in¬
in
volvement
matters of foreign
really awake to the
unprecedented transformation of
trade,
are
markets from
overseas
into
a
vacuum
strong, healthy, and fierce¬
ly competitive consumer's market.
a
Would Add A Special Incentive
In
the glare
of these uneasy
circumstances, it well behooves
Government
96%
to
the
United
restraining
and give
takes
of
fast to loosen the
move
to export. Not
the inhibited
them an incentive
until the Congress
basic actions
two
can
U. S.
industry even start to get itself
into shape for profitable export¬
ing:
(1) The legislators of our
waning free enterprise economy
must grant more substantial de¬
preciation allowances (even if in
the unlikely form of bonuses on
manufacturers'
equipment
used
solely for the export effort) (2)
They must substantially reduce
the tax now imposed on the man¬
ufacturers'
income
derived
from
exports—a far cry from the pro¬
posal to increase the tax burden
on U. S. international business by
taxing profits earned overseas in
the year
of earning.
Overnight
Government.
foreign
could
establish¬
the export
.
bonds
the years.
across
these
the
Meantime, European, Japanese,
and
the
favor¬
rich
export machinery
is obsolete;
the outlook of the
executives, old fogyish. Both are
out of practice from 15 years of
disuse. ''
'
'
V •! : y.'Y-
States
a
local
grown
neither
nor
administrators
concern
pay¬
hungry
right
today,
have
executors.
of
must acknowledge that
we
these firms did maintain
store
ronisms
ness
the
during the last 15
U.
manu¬
the
have
here. As a
natural
consequence,
this great
body of production geniuses has
let its export
establishments grow
rusty/ Scarcely more than anach¬
had not exported
was
and
know-how
cording to the U. S. Department
cf
in
tents
markets
ments
4% of U. S. Firms Export
—
Peculiarly, they have been readily
identifiable all the time, but no
one has been practical enough to
search for them, in the proper
to
tariffs
unnerves
the Federal Tax collection agency
ready-and-willing nations and foreign economies
(some contrarily say 'raise'
Per Hoelr
them)";
or
"we've got to
I": a precincts of the economy.
join the European Common Mar¬
Basically, at least, the muchket—else we'll lose our overseas damned "selfish and provincial"
markets"; or "unions will have to big businessman is not the cul¬
become less demanding — if not, pable party.
they'll price us out ofthe run¬
It is questionable that many of
ning'^; > or "both management and America's potential exporters
labor ought to declare a truce—
(96%)
have been aware of a
otherwise, the instability in their "problem". And
logically, they
sphere is sure to create an infla¬ have
not
been
probing
for
tionary spiral that's bound to im¬ "causes". But a large segment of
pair U. S. competitiveness."
those
potential
exporters
have
An
urgent American problem demonstrated an alert conscious¬
emerges
from
this' medley
of ness of the export problem by
who is
Justice as
the
offending instruments. The
last
tax
advantage granted the
U. S. exporter was in 1941 when
Department of
light of day whenever the causes
of the problem could be identified.
—
substantial tax
more
allowances for1 equipment depre¬
ciation).
...Y
turers, he was faced by an audi¬
ence
whose majority (96%, ac¬
the
well
analyze clinically the anatomy of
this problem. There is a solution
and it
has been
ready for the
im-
ilea
we've
got
per
the
lem,
o r
exports and
,
the existence of some sort of prob¬
"our favorable
tending
potential exporters, such
those mentioned above (partial
freedom from the income tax on
as
When President Kennedy de¬
livered his recent address to the
National Association of Manufac¬
of
days and failed, have • long since
motivation
for
developing
overseas
markets.
Once
readyand-willing to export anything
anywhere, they found themselves
stymied. Sensibly, they pitched
their
our
.
lost
authority to provide benefits be¬
yond the primary tariff reductions
Service and the anti-trust division
bewildered.
that they have
Now
with
other
the
Congress
.
Government
its
chafing
tactics, with the Internal Revenue
Nobody — neither politicians,
nor
economists, nor professors—
seems
to agree what caused the
are
the
U.
S. exporter, the
stubbornly
pursues
hopefully in the laps of both big
business and big labor.
lem
the
in, dollars than their
"European and" Far Eastern
that,
of "the. 96%"
group,
many of whom tried in the early
for
deliberately to compound
inhibitions of the potential
the
vitally concerned with the prob¬
—
amounting to several
than
must concede to. the President the
As if
exporting
are
U.
counterparts.
problem. It is apparent that even
certain governmental departments
States
profits
more
West
More
exporting,
on
exports.) At the
S.
industries,
from
costs
times
manufacturers
United
tax
shackled by two decades of sub¬
stantial wage hikes, are paying
Exports, like the weather, have everyone concerned
every
income
time,
same
From
manufacturers
no
facturers
U.
be born.
incentive would
industries long in
an
S.
of
modern, timelabor-saving equipment and
plant expansion could
lift their production standards to
critical
need
and
of
broad
meet
well-entrenched
the
com¬
petition from up-to-date foreign
enterprises. With their known ca¬
pacity for adaptation, U. S. manu¬
facturers would orient themselves
a
gigantic,
progressive
concept of exporting. Before long,
they could dispatch U. S. salesmen
on the road
in areas around the
world where every nation but the
U. S. has had them for more than
toward
5 years.
And, by and large, those
American salesmen would be of¬
fering
a
greater variety of better-
profitably by supplving ordinary
goods for competitive sale and
for which there exists a normal,
selective demand by the average
qualified products at competitive
prices. Our dilemma would begin
consumer.
pontificate about the "incalcula¬
ble tax losses to the Government"
must come the realization'that no
In his speech before the NAM,
President failed to point to
the
one
that
arresting fact of business life
we cannot ignore: The manu¬
to dissolve.
To
the
short-sighted who will
tax losses can possibly be caused
by what is today a. void. In- the
Volume
normal
195
Number 6136
of events, the in¬
give impetus to our
potential
exporters
(who
will
modernize and expand their in¬
stallations) to put U. S. products
.course
will
centive
into active circulation around the
globe.
The
final
efficacy of
the
incentive is the inevitable creation
of
much-craved favorable
a
bal¬
of payments.
ance
Into
this
rationale
delicate
a
point insinuates itself. U. S. busi¬
must
ness
effort
concentrate
the
on
its
export
manufacture
and
shipment of goods that contain
minimal
amount
of
labor.
a
It
is
clear that the U.
S. wage-andprice level is disproportionately
high in relation to its ability to
compete in foreign markets. Die¬
hard
economists,
manufacturers,
and legislators must face up to the
fact—rat least for the present —
foreign labor is cheap and the
prices of goods correspondingly
Once they accept this fact of the
life of the immediate
economic
present, they will more easily un¬
derstand why it is impractical for
the
S.
U.
to
sustain
high tariff
wall
just to protect industries
now, for various reasons of their
own, unable to enter competition
without
This
a
government
protection.
simply that those U. S.
means
manufacturers whose products en¬
tail much labor and are endan¬
gered by the pressure of competi¬
tive imports from abroad should
.
.The Commercial and Financial Chronicle
.
"free enterprise." If the free
entrepreneur—part and parcel of
concept that has always repre¬
sented the competitive spirit — is
of
tors
CORNER
ignore the
impossibility of competing with
his product against the lower forr
eign standard of living and of
wages, he will doom himself. For¬
tunately, he has the recourse of
quick-rwittedly
confronting
the
challenge from abroad with in¬
tensive product research and im¬
proved production methods. If he
chooses to ignore the recourse, the
unhappy entrepreneur — by the
so
near-sighted
to
as
A:
of business.
the
depreciation
same
schedules
advantages as the
strong exporters. A subsidy? Yes,
but a natural one.
A
-
If
we
but
can
elements
are
that
assume
agreed
upon
all
re¬
a
duction of
our
tariffs, we must go
accomplishing the diminu¬
about
tion
with
reasoned
First,
let us
multi-lateral
ents
with
bi-
and
agreemarkets in
world
they
beneficial to
are
both (or all) parties on specific
product
groups,
In
these
ex¬
changes, U. S. products will ob¬
viously be those containing
min¬
a
imum of labor. On the other
hand,
the imports will tend to be those
products
with
created
consider-
ably
labor.
more
In the negotiation of
agreements, none of
may
matic
trading
cating the gesture; They will have
no
alternative, for they will not
the
with which to
shop in our markets. It is irrefu¬
table logic that our denial to for¬
eign nations of the possibility of
selling their products to us will
keep out of their pouches the
have
money
pect
us
ucts
could
.
ex¬
which
to buy any of those prod¬
they happen to make
more
competently or easily (by
automation) than we. We should
hope to see tariffs on both their
products
der
the
and
then,
as
tariff-trade
only
agreements,
within the time
A'AW;''--
Such
pre-determined
tariff-trade
agreements
markets. In
be
exclusion
market"
specific
would
from
the form
portunities, new businesses, and an
even higher standard of living.,
V
We Americans
tend
to
regard
Only the immediate and direct " ef¬
gradual disappear¬
non-competitive manufac¬
in the face of lowered
of
turing
tariff
had
better
look
to
We
barriers.
to
ourselves
educate
the benefits.
are
;
the
up
with
each
country
other
Mr.
of
■?
with
1
'■
'
•
>V
■
'
'
'
V
'
'
•
'
-
■
7
•
•
,
'
1
'
,
.
•
•
comes
No one can deny the prejudicial
impact these accords would make
on
the
not
U. S.
learned
economic
industries that have
to
adapt to changing
patterns. Provision
would have to be made—as men¬
tioned
ary
earlier—for
their
tempor¬
protection until their experts
could feel their way into the pro¬
duction of a competitively sale¬
able
product. The "subsidy" sug¬
in a foregoing paragraph
give them enough security
for
the
transition
period.
The
whole process would not .be pre¬
gested
Charles
—
Edward
Dowling will become Vice-Presi¬
522
Fusz-Schmelzle
of
dents
&
Olive Street, members
New
York
Stock
other Exchanges.
resents the firm
Co.,
of the
and
Exchange
Mr. Meno
in Benld,
rep¬
111.
Richards & Co. to
would
;
But then, some bitterness and
self-pity will come -as a natural
consequence of so unprecedented
-r-.
andvabrupfrT^^an. action,,The
"little guy shoved out into the
cold"
Our
is
bound
answer
to
be
outraged.
lies in-a re-definition
Pa.
—
cf
Pittsburgh
;Maf cfi
-
Stock
i J* will
Standish
firm.
the
to
.
.
New
York
Exchanges,
and
on
admit' Peter'IVfe'C.
partnership
in
in
the
**
n
nwu
_
'T
1
TVinvo
J- IIUI O
Aj
,
5? ai?
+
~
T
m?ran^'
at
1 Liberty Street, New York City,
has announced the election of Jay
~
E.
Thors
as
Vice President
it where
it hurts
—
in his
'
.
.
w^dpn
to
In
Co
Presidents of Weeden & Co., In-
the
corporated, with headquarters in
As
publicity develops for
legislation compelling a withhold-
the New York office, 25 Broad St.
the
This announcement is neither an offer to sell nor a solicitation of an
any
offer to buy
of these securities. The offer is made only by the Prospectus.
February 20, 1962
101,667 Shares
securities that
profit (in income)
their net yield after
offer
on
Universal Electronics
many com¬
stocks at current levels,
and
the
this
aspect
alone,
is often enticing. *
,
(3) They seek a type of invest¬
ment that during the next two to
three
years
mune
Laboratories Corporation
>
Common Stock
from substantial down-side
at least, will be im¬
risk, and if there is another buy¬
opportunity
ing
at
realistic
more
then
to
attractive
certain
go
back
common
stocks
prices they can
tax-exempt
bonds once again into such stocks
as they desire to purchase, when,
and
if, such a situation exists
This
again.
is
the
hot they will be
or
issue; time will take
care
important to the
dealer
salesman
aware
of
correct is not the point at
-What is
ment
thinking-
experienced investors at this
proyen
is
that
(Par Value $.10 Per Share)
.
"
into
Price $6.00 Per Share
their
reconvert
time. Whether
Richards &
Company,- Union Trust Building,
members
■
a
would
many
Admit Partner
PITTSBURGH,
cipitate, but gradual.
investors
tax-free
what
.
On March 1,
and
Meno
C.
individual inves¬
many
on
"switch"
LOUIS, Mo.
V7AA1AVAO
TQT7 TT
N^TYIPQ
\
Those
num.
Fusz-i
ST.
t
also
nnQ
emotions.
these
of
higher tax brackets therefore have
opportunities of obtaining net in¬
from
agreements.
will
;>
( ,h
income credit to his account of
feel
tax-exempt bonds. They
accomplish; several ob-
A give ;them
'
the
as
tors, even those with modest (tax¬
able) incomes of $12,000 per an¬
mon s
'
uneasy
Some of these in-
reinvestment
to
stocks to
taxes
•
are
the possibility that this leg-
isiation
net return on taxbonds is
often
several.
the net yield on common
over
Two V.-Ps. for
Others
$2,000, it will much different when
#
•
p,.
vestors ,have been ddmg this for he
receives : only $1,600; even Sinclair. bimOIl
the past year or morA iThey have though in the former* case he paid
■ .
.
'
lightened their coihmitments in his proper income tax and dey
Uq
WPPflPTI
stocks that in their opinion have clared it in his report. The stockv
x "P*. V+
* *
become over-priced, are no longer holder who receives
a dividend Edward C. Sinclair and William
attractive, or where the future check for $40 instead of $50 will E ejmon have been elected Vice-
.times
in
firm.
the
over
source.
an
stocks
more common
year progresses.
exempt
charge of the industrial bond de¬
partment
the
motivating
come,. The
Stock
is
•
percentage of their dividends
(1) Capture paper profits.
(2) Replace these investments
with securities that will provide
them with greater spendable in¬
leading Ex¬
Salisbury
factors
jectives:
Dillon, Unicn Securities & Co., 15
Broad
Street, New York City,
and
be
to sell
expect to
Salisbury
New York
^beri^nce" With
to
their
requirements
rewarding if put into
Effect at this time. The timing for
such a campaign appears favorable and it should be kept in mind
that people who may be interested
in tax-exempt securities are .often
substantial investors who make
very desirable customers,
should
and receiving only 3.2 /o, or what• D
,
service ^nd'Contact
ever it- may be. The person who tirm s Dealer bervice ana L.onxacx
has $50,000 at interest now sees Department.
turned
William H. Salisbury Will acquire
of the
had *'s6hie
a
at
Many of these individuals have
Eastman Dillon to
members
the
of
funds in
•Admit
of
in helping both novice
sophisticated investors in selecting the most attractive issues
suitable
tax-exempts, there is also a growing number of individual investors
who are now looking for a tax
haven that did not do so until they
read in the press that the Administration is pressing for legistlation
that will compel the withholding
outlook has become obscure.
k
;;
The Novice Is Looking
has
as-
sistance
and
In addition, to the investor who
it
individual investors offering
.
fects from the
ance
,
experienced
grow.
successfully handle a portfolio,.Of
securities, are now waiting further
selling opportunities and expect
countless job op¬
of
■
,
,
and
investors.
to
.
;
prof its,, pul^ting throughout the
entire body of the U. S. economy
which it is able to negotiate these
bi- and multi-lateral tariff-trade
*
tax-exempt
from
profits derive^froi^Jncrease^ ex ports. They will remain.in semidarkness
until they feel these
any
effect, the U. S. would
its own "common
setting
flow
will
that
changes.
Markets
our
enough to see
eyes the many
Exchange
Country -by -Country Common
prevent
perceptive
with their own
salutary benefits
become
and
ours
frame of the agreements.
■
until they calm
economy
down
a
membership in the New York
bargained Stock Exchange and on March 1,
sub-paragraphs un¬ ;"will become a partner in Eastman
and
specifically
"free"
,
substantial
continue
advertising the attrac¬
of tax-exempt bonds to
of Childs Se¬
are coming face to face with the
curities Corp.,
heavy hand of taxation as it inits subsidiary
.exorably reaches out and wrests
dealing in corfrom their savings the governand memories of past bull markets- ment's "take"; even
porate
and
before they
real estate fito
guide them; is the apparent have had an opportunity to fairly
nance.
M r.
staleness and duration of the long- report this income on their reguThors will be
term bull market we have today. *ar income tax returns. There is
in charge of
Starting in July, 1949 the upward also
a psychological factor ins y ndication
trend of common stock prices has volved here. Many of these people
and trading of
continued with the usual interrup- have honestly reported their divitions-—but never before have we dend and interest income, although
corporate se¬
witnessed the length and strength some individuals (as the goyerncurities.
of any bull market, that compares ment claims) have not done so.
Mr.
Thors
was previouswith this present one.
But there is a difference in going
Jay E. Thors
1 y
Based
associated
upon
past
experience, to the bank, giving them your
many experienced investors who pass-book, seeing interest credited with Asiel &Xo., members of. the
have proven they know, how to at ,4% and doing the
^same thing New Yorfe .gtock Exchange, in the
One
%■AA A;..;A;*'A
products.
x.
should
experienced investors who have
large
investments
in
common
stocks,
large
long-term
profits,
buy
dollars that would otherwise
Our
in
that
for
tiveness
apply to the
funds they now have in savings
vestors who may be considering
accounts, government bonds, and
this
type of investment for the in savings and loan institutions.
first time in their lives, or reconsidering it again.
.
Many of these people are now
becoming
emotionally disturbed
Reasons for Developing Trend
over this prospect. Some of them
prag¬
friends
-
be, From indications that ap-
pear to be prevalent at this time,
special
our
whatever
investment
A
!
and my own limited experience
during the past month, there is
We do not hold a brief for the a possibility that investor preferbereft "little guy"
who whines ence may be swinging to taxthe Congress into> partisan blind¬ exempt securities more strongly
ness. If the U. S. establishes arti¬
than at any time during recent
ficial tariff barriers to maintain years. If my assumption is correct,
an indefensible situation like this,
then
an
inviting opportunity is
it stands to reason that other na¬ now unfolding to open accounts
tions will not be long in dupli¬ with
substantial
individual
in-
These
pur
Of
type
'/.A;"'..;
potentially greater indirect results.
■
.
certain
categories of securities are
in favor and the public is more
receptive to offerings and sugges¬
tions pertaining to that particular
Less Exports
in
tariff-trade
all
where
areas
thoroughness.
negotiate
when
broad
be
and income tax
Exempts Now
A
times
are
investment
an
provide them with income
completely
exempt
from
such
Tax
There
interested
be
may
taxes
Protection Means
Resort to
who
switching to
will
Plans
force of circumstances—will have
to go out
JOHN DUTTON
BY
13
ing tax on stock dividends, as well
as savings banks and other interest
at the source, the individual inves¬
SECURITY SALESMAN'S
a
;
.The. disembodied
voices
that
artificially patronized. Of .wailed in the beginning of this
course,- it would
be
unjust to dissertation will continue to fret
abandon manufacturers so;
help¬ about lowering the tariff walls
lessly "out-classed" by the com¬ and the effects upon employment
petition. Certainly they ' deserve and the ultimate ruination of our
not
(933)
and
that
this
the
,
Clark, Weinstock & Porges
Elmaleh & Co., Inc.
of that.
invest¬
security
they shoulcf
be
type of thinking
is becoming more
Stearns & Co.
apparent among
Copies of the Prospectus may be obtained from, such of the undersigned
only in such States where the securities may be legally offered
r
14
f
The
(934)
t.
it
Or-be could- express hia-bull^
\ ishness in,
,
posite; ,yii$w4: lias: 'itV:'that'
,
the; same -stock by sell-yshouicl*
a
February t2, 1962
.
which has
.call
a
By Robert Liberman, President, The Technical Fund, Inc. Newton
main
Options and investment
Well versed
the
on
subject of "puts and calls," Mr, Liberman ex¬
plains the not too well understood intricacies of option selling which
he
with
contrasts
option buyer needs a fairly large move in a stock before he can
j.
vi
r-
to
Cos.
large
is
enough, to
him* to sell options when
wants to and on the stocks
permit
he
that he wishes to option.. ' Ayhatever - may : have * been ; the
status
of option. demand a decade ago,
today the demand is clearly large
enough to support very large op¬
the option- seller who refrained
.
op tions
for
as
•Still other option sellers employ
the notion., that the i public's. de-f
;
gain whereas the. option
of methods and combinations,-tax and;other advantages, and hazards-..
nf ntitinx oallina
Cteaccorf ie ik iicafiiliiaca in-AhlaihiiiD1 ebnitfll. Mins
of option selling. Stressed is its usefulness in obtaining capital, gains
or income which corporate dividend policies or market action of the
% stock might;not support.
v.[;v[ '*: [■[ '<!['
..
viewed
be
free to produce,
buying, The author, points out why the
option
in; theseiler!s
investment return to such
can
will
a Key.
^'Underlying much of the option
Seller s activity, or course, is the
question of whether the demand
.purse.:,Trier.bessiOnai option,seder ha$ aycom^
a seller«palling
repiy.' He, notes, and the
including not statiiiicsv. are on his side, that
only the premium but- also the most • call options- are not exerreturn that his $4,5Q0 .-commit^; ;cised, ; in 7which cases the prement in other securities remained;- represent
a ne t. [ profit • to
L. L. M. Boston
University School of Law, Boston, Mass.
•
Mass. and Professor of Law, S. B.,
often been;, arid"
.^uccb&iuT.qbrif'dli'b' managenteht.
.
stpck at" or 'above; the [-exercise:. is,, in .^effect, Va short seller, and
price, the Option will not-be-ex-^ exposed tp[ loss in the event the
erased and the premium will re-- stock rises.
Here, too,- the proCenter,
so
probaDiy[cpAAtipue to bO,
sold" unless the
never be
is- owned,
put option' on it and-taking) stock
tor wnere tile
position ;m the stock-JWith -the^ seller [does not own the stock he
-ing<
no
Financial Chrorii&e *
.the stock. He also
^?n
options are rexet-: tion seUitfg'[^||d'raffbhK[ AV ealthy.*
time When^th'e'matKet*'[Tti'ci^idi.tfiais"?* vhi'ioUs insuraiice
"^dlue 'Of*"the' "stobk" is above the company portfolios '. -have
emi*
.vtSrSi; cMed "at'a
.•
-
*
:r
,
sale;
Withipi
-three regis-."
the
tered investment, companies have
premium
[acquired. the power to - sell; op•--V1
.'V-: as in
the case where he! was a
ove.r-au f¥» from tb?se two cate- [ tions.- An excellent study by the
The
last
ten
years
have seen short seller ol the -shares. : ' "r;
'-jS'ec uri ties['and-;^^ExchahgeCorni[;
probably more;y$ynamic changes
misishn, X)iv ision of" Tradin g and
Seller, -Needs[
in
the
stock
market than any
■
on
Stock Move
»
; - Wpuld entail adjUOOloss for each rdsesubstahtiallyarid on which Exchanges, entitled "Report
comparable
prior • period.
The
drawback
of
course
lies pomi a
.ve J
exer^lfe r pFlce/ he has - sold call options without Put and Call Options" (August,
sharp increase
^
I b
course, lies mucb as in the case of a short owning the stock
And it must
p
19.61, at page 20), places the vol¬
mmmm
,in tne fact that the option buyer gpll(ir ,Qn thp other hand 'should £™
XS,?£9i* 'w
I riw
in
the
num¬
needs
fl
fairiv hie-move in the
?2uer2rn me pm,er:;nana>
W bo cooeedetf that to the extent the ume of options sold during 1960
neeas
a
raniy pig
move m xne the option seller's; judgment be./seller ha§ limited himself to stable at* 1.12 % * of ; the volume of all
ber of
stocks
.stock before he reacnes his break- vindicated bv the stock remaining- f .i-7.*'^
siaoie
trade d," the '
onint
in
nnr
pvamnie
theYc
oytnesiocK reniaining -isSUeS. aEid..reframed from semng NYSE trading; for; that year, more
•®Y®n P°Jnt,?Hf example, tne dormant or declining, the; pre-r.calls onithe J<sDecs '' his reasoning than twice the .50% figure for
growing pub¬
.$45 stock would have; to.rise to mluBg
would
remaTn ; in ^toe
lic interest in :
1950.
And -more
ltoly to be
recently, : in¬
$50 before
formed option brokers- have es¬
stocks, and a
the^buyer of the call .sener's purse and would represent re^ • ;a; t; ; ; 1
option approaches his break-even a
sustained bull
profit. undiminished by
any -, • \ '
timated
that
there
are 'periods
^ Tax Advantages
•
" •
market in key >
when from 2% tb 5% of the daily
of the put
Jot only does the option seller NYSE : trading volume is option
issues have *
mant
stocks
therefore
are
hot
;'Intei'esting,; combinations • be- enjoy the possibility, of profiting oriented.
combined to
[ ; '■*["'; ■y:/.'y
•. ■'[orofit -makers
for
option' pur- come possible, and are actually, from stocks that more little, but ;
ihH . em and is sustained enough
spawn;many >
ployed
y
tne-
repi-esents.^The
the
last
option
two
years,
s^al"optionranTnot toSse
X^
•
.
...
.
,
.
.
——^
-
.
.
_
.p,.pn
f
MOTen^feS
-
Option purchaser?Dor-
-
these, and one
which; may
well
to
be
than
a
„
.
'...
O'h'v
employed. An option - seller < may certain .tax. advantages
•
..
...
But while the
.
well
,
option purchaser
:
more
;
f
not.
Robert Liberman
ft '
+Vx°P irr .s?{
usually, tne seller ot
n
COver
if
+u
it
easier1 to
move
the
discover
little than to
dyuamic
un-
and
movers,
one need only review the major
steel, chemieal, and oil issues dUr-
tne call
will own 109 shares of x
small
find
stocks that
needs a substantial move to make
out
turn
"::S
chasers
things. One of ;
^°rporapays^ nim $500 •
.
may abo
Premium dol-
to; encourage the. /larger option
broker, to buy an option from an
lars. taken" in .by the seller receive
.^option •• sellereven prior, to the
their-'•ihcorrie" or "capital gain"
.broker's obtaining a bid from a
open, up
for him.
label only at the; end of the
tion period when it
op-
customer- who seeks to v buy the
particular 'Option. The; o p t i on
be deter-
can
jng Re past bull market decade-mined whetheh the option has or
-contih-ued •• •- price.-' stability,^^
the has :notvbeen exercised.^^ The ex,
seller in such a -case gets an "intion when Smith
for the call. Aware that most op- number and quality of stocks that ercise of a call ootion on a sto^k ventory" rather than a "live" bid,
tions are exercised, if^at all, on have; moved ; little. Anticipatirig c held - for -'more: than six months ana tne premium will be smaller.
the last few days of the option continued price- stability, the permits-the option-premium to ;*But through either the inventoryperiod, the•• seller^.can expect sener may acquire 100 shares of qualify for long-term fcapital gain bid; or. liverbid route, an eptiop
Smith to call, for the stock if it a $50 stock ^anid sell tw<y call;op- treatment.:* The exercise of a put seller.^
sell options
is then selling above $45i.,The re- ,.tions for $600 apiece,^ or >a^^totab option
that vjhe^ market on ariy reasonably; active Big
turn on the seller s investment is 0f .-.$1,200. A rise in - the "stodk -price- of^jthe stbek dipped below •Board stock fof a vpremium run;
qipg from between. 15. and -40%
sloofcTte option buyer's position $500 for the six-month period of above $50 will entail •a,i$l.O0.ipe*t^
is simple enough. Smith, an opof the value of the security.,; com¬
the-option, which, considenng his p0jnt iOSg becayse: of the one call ;t|un ^ptemiuni
can^- be; treated
tion buyer, may pay $500 for a
V
$4,500 " commitment J during that option on which he does not ,own neither as income nor as capital puted on an annual basis.
of the investment
future, is
option selling
into an investment device capable
of
exploiting in rather unusual
ways the income and capital gain
potential of stocks.
;
Option selling,
unlike option
buying, is not too widely under-
wave
the
emergence
of
t
.
.
,
.
.
"call"
option on 100 shares of X
Corporation at $45, hoping
stock
ability
will
to present
a
time, would be about 22%
^h.e-annual basis_actuailV
stock,
an
on
basis .actuaUy . somewhat
$4,500 check
higher; owing to his receipt of the
it
does,
and
a
beeause
declineMow
^ gain v t^t^imply^a
;v y
$100 per point loss. :°f,;the r cost pt the stock which
:of bis/ownership. -ot TOO ;the>;pptiph writer is obliged to
wilt entail
somewhat
his
If
rise.
a
sbares. But having received
Stock; worth
more
than
that
V; •y..%
y? f -^y
Optibn; selling is by,
no. means
/wit! out its hazards. Ari .investor
who- buys 100 shares of .a $45;
premium
that
$i^00 hpy- Jk^yl^ h® te^^h 'thaf stock
c*nr#->k
:
for
:1
±
profit"
-/stock, sells a call option on it for
area ^caived• out 'rbe1ween
■?^ then^be;^;^nhelized;~into ; I
accrues
•
and sees the
.p r :{ v
,
r.^ - . ^: , ;$38; andc$62, e tiradiiig^rarige ;oufJithe vlong4.term rcapifab gain :cat^ ; $500, derives verystock d ecline to
the same $100-per-pomt rate as
$20,
small comfort
^
•,
of which many stocks have been
xu
w'
from; the fact that; $5Q0 of his
in the case where Smith owned
'
- Variety
of Methods
;
-unable to emerge for ten years,-' Cn the Other hand, premiums qn
:.$2,500 loss is cushioned by the
the
shares
outright. Or, Smith
A wide variety of methods are and^^out of.which the^cptiori .sdler^unexercised, options are treated
I
i
'
w4Ue. variety, ui- meinoas a^e
Drchahlv reasonahl^ in! thinkas ordinary income and become [premium. The option seller must
may instead buy a
put
option open to the. option seller,. As in }n<,
obviously have an i n t i m a t e
the stock will not* emerge °f interest to persons seeking to
on 1C0 shares of X
Corporation at the foregoing example, he Can ex- during the ootion oeriod
inppmerpiqduction^icu^ •knowledge of; the "stocks he emj
$45, hoping the stock will drop, press his bullishness on a $45 ' '
'
' . : : : . . whether the premiuni is treated ploys. He must \ be able to *dis'tinguisli, arid - With fairly consis¬
and if it does his gain will accrue
by purchasing 100
; : V «
tent accuracy, the stable'from the
at the same
$100-per-point rate and selling a call option against i
.®e^.'nS<>f'One's Owned end of the option period to deter- [ speculative [ stock. He must [ have
:
t '
the appropriate tax label the seasoning* that permits; one to
11
r witness. Hf or
20 .point' swings; hi
|>
■* e. veaati..^-.
*'
'
•'
} i?
p.:'
M;' * !.Z*{
Jfp'x «v;
i ni8
jpiques /is; free ' from conlroyersy. ^deferVialr e § u 11 s. . and on six- 1 either-; direction without giving
RdyerJisement is neither jiu. qffpr to sell nor a sdlidtation
i; i
i One view-;
of an offer to
h■!
for example, thas,"
wav:; to/ delectjoh or.; elation. And
Jiuly^ the
buy any of these securities.1 The offering" '-", V'
[that a - Call -should * never
?spld deferral period, would- be in the with all this, he should als,o be
i/
is'made only by the Offering Ofretiklf: ^ y ;: ,
J'i
on
stock that is/ owned. : Advo- neighborhood of 2i months.
[ - ; familiar with the tax implications
NEW ISSUE
i cates of ■'this. view stress■ 4he -fact ;
;'\}:\a:;;* ■
;'' ;h of the option premiums he is re¬
| that * the profit is limited to -the >
^1 ceiving and know how to .adjust
! option
premium, ♦ and; contend
In the. hands of a sophisticated his 'program from [time to time in
! that
the main reason. for / own- -. investdr trained in the 'art. of opt¬ line with his changing tax status.
ing a stock is to participate ip tion selling,, the eptiop sale .device [:
-These charactertistics are not
; the possible large rise in its value [ has-. ai
unique set.-. of advantages ; eashy .come by, and only rarely
means: that
that
means
gain
gain
his
Ins
accriiPs
Tt than at the end of the option
at
pe•
j
•
.
,
lek.
*^>3;=
.
■■■
•
fc
*1
•
*
"*
#
,
-
*
s
j
-
48,300 Shares
,
dr. they
CAVALIER RADIO & ELECTRONICS
-ron.
combine in a single perreward^ are attrac¬
'Riit .the
tive, We are
To
CORPORATION
this- the
probably iri an era
optionVP^Pducing vehicle.Sv even; in/ a [pe- where;, foreign competition, - baly
-replies.' He 'riotes,'C:riioci ci;-siable-pr declining Pfiaiv, ance-of-payments .problems, labor.
; first,' that while a few stocks in'r'ket pnee. adiqn.,
1 : costs,
Aw j - extendedcapacity,
ra" large portfolio
may"^urn,/in a \Secondly; it permits P portfolio rising interest charges, and abun-.
tsensational performance,V enoUgh/^P ^Qhtairt pj'qushio^ against:p dant suppl'es of basic commodli will perform badly ^d- that ehb declining market, for- where the [ties[cornbine to dampen the boom
[over-all matching of = gains and Market price of :a stock' op which
prospects ; of many
diyers/fied,
: losses will rarely -disclose a per-.'a, GaH is* sold ;is above the exerwell * managed.' and [high' quality
;
seller has
-
confirmed
tw.o
,
-
Common Stock
(Par Value
•
5
One Cent Per Share)
::
-
y
.1 >:
.
:
!
-
Copies of the Offering Circular may
be obla ned from the
undersigned.
'<
;
cl^e- Price, the stock
may
decline
-
companies,. Ahd[ in
such an era,
"re-; [ opt;on: selling cpuld well .become
.
[option . v seller. ^ And, " secondly. >tof the exercise price: without
j there is nothing :to prevent., the -duciPgythe .h^ asset value pf . the aipopuiaf-and-usefuldeyice.fqr
.»option seller from limiting, his yportfolio.
.
•;;
v / 5 obtaining- the income of capital
option activity to stable issues-of
^Thirdly, it enables the portfolio gains which corporate
diy'dend
1
companies with heavy capitaliza- :to .ob'taih the benefit of [a cora■policies*.-or the market ac'.ion Of
i tion. and
which are; engaged in • ppupding effect, since the option
the stocks qf .theseJ:companies
:
OFFERING PRICE: $5.00 PER SHARE
formance that betters that of the-
:
„
.
| highly competitive businesses, i.e. yPremiums ^r^ taken in at the ber might -not support.v :
"
?>V
companies on which, most' ip-'ginningpf thesoption period" and'
The technique is an infant to¬
I vestment analysts
would -; agrees "can ba put to " in vestmehf use by
day;; But the investment: climate
! that steady annual
growtli rates,°ptiopsellerPt qnqe.; ?/• j
[[ of ..the: years [ ahead - m ayinvite- it
] of 20%' or, even less %re'.iiqirl6nger;T '^,.f,qurthkly^sipce'options are to/ mature^and. to mature quickly.
] likely,:pnd-tq commit .the^balance^Vcxeccised
; of his portfolio'fp^issues
Qri^wllid^^Tiser^and 1 are not exef'cised -on ; New; 3ecKnian
^Branch -:
options ywould. not be soldr .and ^ stock&:;whieh; have dioped; option
•
-
I
'"!
Oeneral Securities Company, Inc.
*
101
rte*t 57:Street
.
.
•;.•
[ ?;New~York 19; Ni-Y..
j
.parUc^ation::Th:,ftha-^selHngyteifds!^^ fd pxoduce^a/port^ 'REPDiNC^Jalif.-^ Jeckman.J[
hoped for, *'big inove-^y^Terhaip^^f1olip,AcfKa't'-^Jiarw eliminating [stocks ;€b,y Inc. Iras opened, a[branch, 6fr
I
possible..
where:. full
t
f. t
L\
...
-
y
-J- [ ; :[od rises-and accunsiulating stocks [fice, at11301 Court-St.": under; .the
op-v, that "rare -depressed,, a tendency management of W. C. Carx..-,[ ^
.
Another, and diametrically
.
11tv
jt-ui'.'
'/liix.;"-;-
Volume
195
The Commercial and Financial Chronicle
6136
Number
7(935)
•
15
f! "
*
:'
?
Steel Production
v,Production will be slightly more
than the,. 2*470,000 tons, that the
•
,
Electric
Output
Carloadings-f
*
Retail
,Food
TRADE and INDUSTRY
.
-metalworking
V-- week,
Productions
Business
Failures
......
c
; r
"7
;
..
.
-:7 "i"
I7 V//77/:
•'
„
...
■;
^
.
Commodity Price
.7
:
r
Sales
publication
-
industry
;•;4
last
^
-
♦
have, dropped
check
a
producers' have
copper
with
unions
scheduled.
Union
talks
■
sharply tin
and
unions
are
held
■
1961.
have
adding
own
users
mil¬
5
are
inventory
1: million
tons
ments
steel
about
their
to
Steel
■-
steel in¬
on
why—
7 Steel mills added
lion, tons
no
Evidently, the
waiting for the
facts
some
that snow
ventories
none
have
demands
not yet been made,
due
stocks
at
month.
a
in
currently
the rate of
Snip-
rise about
to
10%
March. Orders point to further
are
outcome.
in
Steel scrap prices continue to
decline: a$ buying fails to pick
up.
and peaceful solution of the steel
■
But
summer.
JHere afe
by Steel reveals the aluminum and
esti-
poured
>■
expire this
L, the last three weeks because users
index iare -beginning to feel that an early
.
*-
the
7 .- mates
Price Index
Auto
~
V
4
Trade
NonferTous labor contracts also
.
gains in April.
*
*
7
i •
Relating this 4o
negotiations,,
■
labor problem is possible.
7
/Industrial
production
declined somewhat; after; increas- 7
declined
:
j-pne
\
-
miU that booked or-
Steel's
steelmaking scrap price
in January.7; Nonagri-/ ing
substantially- in-December,.^1? at ,400% of-its shipping cacomposite was. down $1.33 last
employment,;,
personal "and lead has been ^reduced/Prices pacity/last .month; is now booking
week to $35.67 a gross ton.
7 7
(income, and retail sales edgedv of fuel oils have increased -sea^ttieih; aty75.%^,; Another mill has
•down.
..Construction activity was sonally and some paper products ££en itsbookings* skid from .a J^n-y
Government "Pressure" on
maintained at an advanced level. :have been advanced.?- Prices of qary rate of 93% to 60% pf the
Steel-Labor Negotiations
•The unemployment rate, declined,
most other industrial; materials corresponding ..date"'in February.
This week the steel, companies
•The average money supply /de- and
products
have- remained
{'.'.Makers of sheet steel are watchclined somewhat more than se'ar7stabieA7ing'automotive sales closely. The will try to nail down some kind
of a
cost figure On demands of
sonally while time deposits; at
7,;
',:77"77777-;1
next:two or three weeks may be
commercial banks rose sharply.
r
"an
Credit and Reserves . significant.' ; ; While - /automobile the steelworxers, "The Iron Age*'
In elaborating/ on
the foregoing/4 ' Total commercial bank •;credit,-sales in January were above those reports;; V''.r./XV.4• -7'77</>-7:
> Until
this is done, there can't
economic trends, the Federal Re- which had increased sharply
in rth January/ 1961,/they fell below
serve
Board's National Summary December, declined somewhat in expectations, not equaling sales In be any serious negotiating on the
new labor pact. Tnis is in
spite ot
of Business Conditions dated Feb. January.
Net credit expansion November and December, 1961. As
outwardly
•15 reported as follows:
over the
friendly
atmos¬
two months was larger a result, dealers have high.inven- the
somewhat
•
this
f
dislocation
tlian
Industrial
uary
production
in
aver-
point below the record
December level, "- Output of both
age—one
final
products
down
little
a
and
in
materials
was
7" Auto assemblies declined 10V
'i« t7? asse™Dlles declined 10%
in
January from the near record
December
rate
and
were
f0u0wlng
other
eluding
slightly,
staples
consumer
television,
while
maintained
was-
;,
vanced. levels.
™
in-
reduced
production
ductions
in
of
of
Among
Januaiy
luel
and
Uutput
and
•
other
some
ma•
7
Cnnctniptinn
7'
;
^
w
activity^ was
January, at
.
annua!
Was
a
rate
V; 7.
.
r
• -•
very
r
seasonally adjusted
of _$60, billion^jund
tq^^nuary40. a new
■
■"'Qharnlv fn Nnv^mhil''
declined
fluctuations
volume while State
-...Seasonally
.ment. in
J
large.
adjusted
nonfarm
was
^
on:
a
r
and
-
stock
prices
I
; • / //
the market has
signs of a level¬
although < at a
high level.
establishments
1.9%
Bank
7
Corresponding
Bank
a
>
moderate decline in transporta- '
equipment ".and 4small de'creases-in most other lines. Aver-4
•
rdown.
some
the
the
The
trade
and
seasonally
.
•
•
in
government,
•
December to
••*'-'7.-
,
•
:
in
rose
adjusted ■ Unenlplovment rate declined from 6.0%
-in
.
country during
reporting period,-but
retail
>
of
areas
v
v t
-/.
r
5.8%
'.'•
;
in January,
RetaiL :sales
'
.
Distribution
.
.
.
: :
?
declined
.
in
durable
decrease
7
1961
Week
set¬
a
re¬
intensity of the bargain¬
few
a
days
opened.;:.
after
nego¬
;
union
The
security
is
attempt to gain
an
some
floods of orders from all
sometime in
ers
/
if the
ture
is
not
going well will be
The
strongly.
tain
be
inventory
not ; hesitate
if
pressure
to
talks
Feb.
ended
compared-with
a
year-;
;
February
;
arid
for ,the week ended •; Saturday,Feb, 17,. clearings from all cities
the
period through Feb. 18, 1961.
The
Institute concludes
with
of
Ingot
Production
byDistricts for week ended Feb.47,.
index
1962,
follbws:
as
vlobi
,
-"v* ■/'
1
.:
•
,,
,k
.
""Index of Ingot
Production for,
•
;
7'V
Week Ended
■
144
122
Youngstown
Cleveland
'
r:•
-
again, as he was in 19597
David J. McDonald, USWA presi¬
136
Cincinnati
;
_»
'{ V St. Louis 777-125
4
p7; 7Southern
is on trial. The rank-ahdfile i.s more militant, about job
security than is indicated in out¬
dent;
of the United States from which
it is- possible to. obtain weekly
clearings'.?■ Will- be- 1.9%
below
thoseupf ;the-corresponding week
last year.; Our preliminary totals
stand at, $27,400,700,474 against,,
$27,929,022,090 for the.same week
in 1960.
Our comparative sum-.
mary lor some of the; principal centers follows:
w«ek End.
—-(ooos
-
\y
;
-:
year. -
}
7 Western
-
/'
</•
-
•*
•
/.
•
1 775 926
ward
■'
i,
501,208
1,072,-oqo
-
;
-
7'7'
•'••
117 ?: •
/.125.. 7
.•
..
"
~
are
ment.
Continued
/
This announcement is neither
•
.'
"
'
■
:
■
offer
an
on
to
sell
nor a
soli citation of
an
offer
to
buy
any
of these securities.
The offer is made only by the Prospectus.
'
NEW ISSUE
February 23, 1962
' *.
-••••
V
.
'
/
'
1
•
.-v
•
;
•;••
;
'• •'
;
;
■
•
'
.*
'
*■'
'
>
•
*
?
*■
.
.
*%
* '
Caribbean Shoe Corp.
'
Common Stock
7 7
(par value U'
per
r7
share)
7
t.
z
',*•••
•
v'
;.••/
7
7
.
•
v
V Vy. ■;•'••-.
•
:—:
•; '•
-
• .•
Price $6 per share^-y /--yy.7.
.
; ipai-
$14 877.944
.
-
-
r|::7
/
;
omitted^Tr-^-.;,^.-
-1..099 000
V,
,
——135
Chicago
7
r
«
153
Detroit
to
y
156
—
,r
134
77 Buffalo
Pittsburgh
even
Once
*
Feb. 17, liXJ'J
North East Coast— 127
;
bogging down. *7
.-//
/
/,
v
.
ju
Copies of the. Prospectus
7. 2,5
1
/■
803,55$^.. 3.4
.
may
be obtained only in such States
where the securities may be legally offered.
498,713 ..+ -0.5
• Changes for Peaceful. SetUemeM
'-';• —rt Of Steel Contract: Termed •;.
.remained
to 16,671,000
60.2% above
77"77?% 135,127 Shares/;a7:7/7v;
cities of the country, indicate .that
„
through
year
}
.ab0lU"fan8ed;i: ...." i
4 Commodity Prices
this
amounted
(*127.8%), or
17,
tons
to ob¬
appear
In¬
10.
/ •Production
Admin¬
use
Steel
and
production for the week
ended Feb.-17, 1962, was 2,454,000
tons (,:,131.7%), as against 2,446,000 tons
(*131.3%) in the week
early start in negotiations.
an
will
It
Iron
stitute,
government enters the pic¬
more
istration used its influence
7
the
.
American
4
j
While "early negotiations were 1
4
marked with smiles, the first sign
all
for
Week Ended Feb. 17. 1962
the
ity workers from layoffs.
that
7/
Data
According to data compiled by
which
.vo.'?
consum¬
April.
Production
Steel
labor pool within each company
would protect high-senior¬
a
;
unless there is defi¬
nite progress in the labor negotia¬
tions, the dam will burst with
Feb.
hard on
point is
kind of
One
setbacks by
or
'
users.
However,
^
driving
measures.
cancellations
some
major
hopeful of doing.
a
77 7
-
the eighth Consecutive week/this
^ slightly below the level-of a year - week reflecting the - order, peak
"earlier... Since: the. beginning of reached ...early in January, Steel
-the-tyear steel scrap/prices "have .magazine said on Feb; 197/7 >/";v
early
that
mean
by
I At the same time, both sides,
Factory " car
output - outpaced*
pressing for • an early settle¬
dealer sales during the Feb. 1-10
They know they have to
have the contract signed in March period, carrying the new car in-;
up
to the 969,000-unit7
if they are to avoid a dislocation ventory
mark
from
944,000 on Jan. 31,
of v.the
market.
This they are
.7
4 ,The wholesale commodity price 7 T « ' '
^Excellent
7 iridek was stable i£rJanuary and 'J- Steel production ^will1 risef for
•
not
caused
page
28
"
figures/compiled
by,the Chronicle, based upon telegraphic"1 advices -ft,6m the fchief
goods1:' stores : decreased phiiadeiphia
%,-. although' sales of;. auto's ; in-1 Boston 4:0
creased;, nondurable.igoods^ sales - Ktpsas city
yre
does
been
Below '
clearings this week show
January and were 2% below the
-Feb. 17—":1962
record -/November rate.'
Sales- at.*: JJfT Yorki_ $14558.355
2
full
has
cents,
sub-
ago. Preliminary
monej^
'1%
the
this
of
hopeful tone of the opening
negotiations. But there have been
*
more
r
hours
of work also -were
Employment declined further in construction, reflecting in
part unusually severe weather in
<age
Some
the
way
of
definite
large.
Clearings
ing,
been
by for any spe¬
might come up
of an offer
change that might
the
a
Meanwhile,
ably three. The expense of wage
and fringe1 concessions may reach
3%- Of present costs, or about 12
declined
remained
This
tiations
"lasting, at least expects a contract
The magazine two years, prob-
-
sequently recovered to about the
mid-January level. Thewblume of
trading
have
•..
of
after
on
r? Total -J--—--1-- 131.77
♦■•.'•=•.;
•• • /y.y■;->
signs. In the last recession,
■■
■ >
• ;
y
employment
dropped /by ; more J '"Index: of production basedon average .
-■•/
/
their-/.target date- of- settlement than '400,000. The workers have .Vecltly production for
(Feb. 28); the odds are good that job
security foremost in their
Auto Sales Show 30% Increase "
they- can-sign;.comfortably ahead minds. -/"7'\77::'/
7;'
Over 1961 Level
$2.9 billion of the
late January, but
officials
consideration
ing only
°nly $448 million or, 0f the.June 30 expiration date,
Common
top
drag
in the year.
later
shown
that
;
radical
a
indus¬
steel
the
point, the worse becomes the
prospect
of
a
severe
letdown
stand
move
flect the
-
onov year
further, in
tioh
,
-
within ,ra feW
or
the
tlement is at hand. But it does
•
demand
than
industry, "The Iron Age" says.-'
by the end of March,
.v
nego¬
more
!;■17/;:' ,:"7■'7:-.:■•/.-
companies
to
deserve
Result: No significant drop then
in ..steel
7
.
eSh2.StUring issuas were "ot
:''
employ-
! was down slightly in January to
.54.4 million. Among manufactur.ing industries, increases in pri:
mary metals
and-electrical ma¬
chinery were more than offset by
a
or
a
new note-
anH
-777V-
,
say
andigas drillers.
-government ..financing
steel
cial
bonds
.ing >4%'.^vPrivate investors^7acrquired " $3.4 billion of: the : new
in
facilities
highway - activity, ^changed
r.little in January1 7
£77*" •-. ; 7;
Employment
the
l."7.y:.
new
laboF
level oficonsumption.
QtafiP
and
7."7;;;•;
alerted
two -new issues—i won't come as quickly and easily
certificate yielding.-as some; predict. While it is un3y2% ;and a* 4^-year-note .yield* likely the two-sides can agree by
•and
•
Jan.
Icbntraci, is reached
securities- into
a
December
military
in
agreement
-4jweeks,
USWA
•■•
Nevertheless,
maturMLof Go^r;;mtp,UtfwiU drop quickly to the
government
certificate
>i«pn
the
try.
mean railing oraers ior suddenly in
were on
was
expiration of the contract between
Treasury
refunding
in level.''y<^::4.y.
^Febfuary,*VihV1estpFs../.\.cq^-.i';:::says chances4or. li peaces
>verted- $11.3 billion of maturing if lit settlement are excellent, but' it
jn
.
construqtiop, iactivity: ..rose
.
they
The date
four months ahead of the June 30
falling orders for
mean
the first week of
of
tiations.
early
7,/o above g year earlier. Pfi-
Tvate
jocai
" local
°^i•
^Ohst^uctioh
, little
changed
than
•77 7/;.4
moderate
,-c
--
phere
has
de7y
Liquidation of / inventories will
clined on balance between midrf be largely offset by increased dejanuary an(j mid-February while mand from users whose consumpThose on corporate bonds changed tion will go up seasonally—struclittle.
Corporate security finance -tural fabricators,.; ro'4d builders,
jng
obtain new capital was in canmakers, farmers,1 and oil and
an(j
and
declined.
ment will
7 ,
m
rose
reserves
nn
in
materials,
aht°
production
^.
Security MairKfets'
Yields hiiall
business
of
auto
,
.
l0Win&».
maintained.
.equipment
parts,
terials
output
after
7 /If
and steel4
construction
rise
denosits
holdings
securities.: Excess
.
further
power ,was
of
ongmal
truck
increased
and
and
a?p A® wa *
Tories at the end of March will be
of u. b. -Government, :aj |east three million tons larger
industrial
iron
production
tories
been cut back.
ycere^..apr,-dered.more steel than they expect
sorbed through decreases in golduse this quarter. Their invent
machinery and trucks and some
other : transportation
equipment,
•offset only in part by ..increases in
output of commercial equipment
eq"ipm,entmaterials
Time
^cf^rdpey. .inflow-anq
at 7ad-
In business equipthere were
re-
output
substantial
.
industries
ment
in
repay-
deposits aose steel Worsening prospects for-a
/ • • '
v
" .Peaceful settlement will trigger an
x'-; Total.reserves and required re- order .upswing and renewed inserves of member banks declinedyiventory buildingsomewhat m January. -Reserves s - Buyers have covered their short
wer®. supplied principally through 'term requirements and have.ort
more
goods,
was
a
onnfmpr
Tatp
nearly in line with the improved
rate of dealer sales
Output of
some
declined
.
'77"
January.
Loans
ments of temporary year-end borNews on the .steel . labor talks
rowinS by businesses, security going on in Pittsburgh, of course,
Je^,e.rs' an<J Sna2ce comPanies- will have more effect on the steel
Holdings of U. .S. ; Government market than auto sales,-interna-/
securities increased. The season- tional developments, the weather,
^ adjusted average money sup- or anything else. 7>'7
-P1^ deflmed somewhat in January . v Rising hopes 0f an early agree-
Jan-
unir
of the!957
114%
was
usual.
January, reflecting mainly
in.
*
>
eventual
market." The
an
that
_
Production
tor. a/set¬
pressure
longer negotiations
,
Industrial
added
impossible to prevent
•,
.
is
tlement by March 1. If talks drag
out beyond that point, it will be
cultural
Robert L. Ferman
V *
;
'
*
7
7
MIAMI, FLA. -
v
y
*
Company
&
Incorporated
;
y
1
y
'
v
' ,'1
NEW YORK, N. Y.
V
*7 •';
.
t
j
16
Financial Chronicle
The Commercial and
(936)
DIVIDEND NOTICES
DIVIDEND NOTICES
DIVIDEND NOTICES
.
Caribbean
Thursday, February 22, 1962
.
.
Tax-Exempt
/
Bond Market
Shoe Corp.
.Common Sold
Continued
from
AMERICAN
Initial
CYANAMID
today
Company
quarterly dividend of
and one-half cents
share on the out¬
standing shares of the Company's
3'/2rU Cumulative Preferred Stock
Series D, payable April 2, 1962,
to the holders of such stock of
record at the close of business
declared
March
February 15, 1962
on
§§
clared
has
1962.
.<
of
the par
payable
stockholders
are
March 31, 1962 to
of record
the
close
March 5,
DIVIDEND t
Company today
quarterly dividend of
< 40«) per share on
the
outstanding shares
of the
Common Stock of the Company,
25
of
March 30,
payable
1962,
29,
record
at
business
on
1962.
^
SCHNEIDER
E.
at
the
1,
R.
S.
record
March
KYLE. Secretary
BRIGCS & STRATTON
The Board of Directors of
CORPORATION
COMPANY
XBbiggs&Stratton):
at
INDUSTRY
the
Company
First
on
follows:
as
Quarter — 35
able March
EASTERN
today, declared quar¬
the Common Stock of
meeting held
a
terly dividends
WITH ESSENTIAL BASIC PRODUCTS
of record
per share pay¬
1962 to stockholders
cents
15,
business
close of
the
at
GAS
Second
FUEL
June
of record
ASSOCIATES
June
1,
1962
be
business
of
''
on
<
A
regular
February 19, 1962
:
March
15,
March
,
mailed.
Directors
share
per
2,
fifty
of
to
—
dividend
to
1962,
1962.
Corporation,
stockholders of
::
'
PREFERRED
L.
G.
St., Boston 16, Mass.
"*1
Vv:
■
earlier
15.
A
week
at
3.72%.
In
the
dollars
a
Board
share
Symbol is IiFU.
redistribute
turn
mon-
COPPER
KENNECOTT
the
on
87ylit
close
also
as
$1.50
share
•
share
April
on
quarterly interim dividend
1962, payable March 14,
holders of
27,
bution of $1.25
a
M.
Kahn
&
Inc.,
000
business
of
close
business
on
de¬
sells
certain
and
boys
such
the
and
trousers.
27,
sells
record
of
stockholders
to
for
at
February
and
V-,.;:.,;.
1962.
1962.
to
items
for
men
shirts,-pajamas
- regularly
5,000 customers, in¬
.as
Marlene
>
over
cluding national chain, mail order
and department stores. Its prod¬
PAUL.B: JESSUP, Secretary
P. S. DU PONT, Secretary
York
23, 1962,
ucts
in
sold
1 are
Joseph Nadler
through the, offering of 90,shares, at $4.25 per share.
•
Net
approximately
40,000 stores throughout the U. S.
the finance
proceeds from
ing will be used for research and
development; .repayment of shortterm loans; royalty payment pur¬
suant to a patent licensing agree-
shares of Marlene Industries
City, is a major pro¬
ducer,
importer v and distributor
of women's, misses and children's
apparel. In addition, it imports
Cor¬
was
Co.,
'Corp., at $7 per-share. Of. the total,nd50,000 will* be sold by the
company and <the remaining^ 75,,-
New
and
Co., Inc., New York City, are
making the initial public sale of
common
stock of Inpak Systems,
,
ment; " andfor;;'advertising
and
development. The balance
market
the
of
proceeds will be added to
J
cash distri¬
share
per
& Co.
&
.000 by certain stockholders; .- v
The company of 141 W. 36th St.,
of
Board
clared, payable on March
1962, to Stock¬
close of
record at the
February
on
poration held today,
at
1962;
the Common Stock
on
of the
meeting
Directors of Kennecott Copper
April
record
10,
y-
February 16, 1962
the
At
the Preferred
payable
of
4^nd! treef.New York, N. Y.
S
this
Stock—$4.50
on
both
stockholders
business
a
the first
a
Series,
to
of
Preferred
v
1962
declared
has
Hi
Stock Offered
retail outlets.
Stearns
CORPORATION
February 19,
Directors
of
1962,
the
.
in
who
Stock Offered
161 East
noted.
were
Inpak Systems
also sells to wholesale cus¬
Marlene Ind.
-
.
day regular quarterly dividends of $1.1
25,
New York Stock Exchange...
Del.,
Wilmington,
Stock—$3.50
the
ments
February 20, 1962
'
<msD
J*",
Series and
February 15, 1%2
on
flo¬
stores
to
record
Secretary
REGNER,
Milwaukee, Wis.
E.I.DU PONT DE NEM0URS&C0MPANY
The
TIBOLT, President
Our stock is listed
easier
\
A
1962.
2 50 Stuart
little
a
stood
Feb.
Index
Inc.,
Time-Life Bldg., Rockefeller Cen¬
ter, N. Y., is offering 225,000 com¬
regular quarterly
of $1.12 H a share,
P.
cor¬
basis)
Bernard
Eayable of record1962 to shareolders April 1,
February 26,
R.
been
a
(on an exclusive
shoe chains, department
tomers
payable
the
shareholders of record
CUMULATIVE
STOCK
\
.
company
pany
($3
February 26, 1962.
4'/2%
had
issues
until the Delaware-Maryland
and other retail outlets. The com¬
cents
stock
capital
the
a
quarterly dividend of 40 cents
a
share, payable March 28,
1962
and
products
:
declared
has
dividend
on
of
value)
par
•
John Corcoran,
v
Vice-President & Secretary
DIVIDENDS
(50c)
stockholders
to
close
the
at
1962.
Checks will
—
14,
of
quarterly
regular
Quarter — 40 cents per share pay¬
able
Board
The
March 2, 1962.
y
STOCK
being
3,127
are
to
DIVIDEND
on
-
COMMON
.
.
...
revenue
this represents a %ths point gain.
in Miami, Fla.,
January revenues for many cf the
vis engaged in the
toll projects represent gains over
'design, manufacture and distri¬
-January, 1961.
bution
of
custom-made, popular
With the Kentucky, eastern and
priced shoes for women, both in
western
toll
roads
well
under
dress and casual categories.
The
construction, a resolution hailing
company, which has direct manu¬
Kentucky's
Governor
and
its
facturing facilities in Haiti, and
commissioner to con¬
subcontract
facilities
in
Italy, highway
struct
a
Kentucky central
toll
produced and sold approximately
read
from
Lexington
to Eliza1,000,000 pairs of shoes for the
connecting
with
the
fiscal year ended Sept. 30, 1961. Jjethtown,
Kentucky
Turnpike,
was
ap¬
Sales of the company are made
through
eight sales representa¬ proved by the Kentucky House.
Industrial
and
tourism
require¬
tives who distribute the company's
COAL
AND
3 32,000
company
•
Headquartered
February 20. 1952.
HOME AND
total,
the
working capital and other
the
CONSOLIDATION
SERVING
the
for
Toll Bonds Stronger
-
The toll road and other
porate purposes.
1962.
New York.
$1,385,000 presently remains in
account.
on
for
Broadway, New York 4, N. Y.
1962, to the
stock of
business
of such
close of
holders
of
S
•
'V/'viV" Secretary and Treasurer
"
a
per
cents
forty
Of
shares for
share,
per
of
of
R.
Cyanamid
ican
declared
March
stockholders
to
David M. Park
.
(500)
capital stock
value of $50
payable
February 27, 1962.
on
its
on
Directors of Amer¬
The Board of
Corp. is
- \
balance
-a
tation
on
Tuesday.
With these
selling stockholder, y AVs%
issues
quoted,»-at
102Fg.Net proceeds from the sale of
102%, as we go to press, and with
its 132,000 shares will be used by
U. S. Treasury issues much im¬
the company to repay certain ex¬
proved from Tuesday's lows, the
isting debt obligations; expansion markets for most of the long-term
of
plant facilities in Haiti; for toll and other revenue issues are
inventory build-ups; and for ad¬
moderately improved/ The Smith,
vertising and merchandising. The
Barney & Company turnpike bond
balance of the
proceeds will be
Index averaged at a 3.70% yield
added to general funds and used
dividend
a
Cents
Fifty
share
Treasurer
COMMON
today declared
dividends
Both
1
COMPANY
ANACONDA
5% stock dividend.
a
February. 21, 1962
sold
per
1,
common
■of
The Board of Directors of
THE
de¬
time the Board of Directors
a
eighty-seven
(87'/2f)
of
Shoe
through the offering
135,127 shares, at $6 per share
by Robert L. Ferman & Co., Inc.,
New York City.
NO, 215
..
If declared the regular quarterly
|H dividend of 50c per share.
if STOCK DIVIDEND: At the same
DIVIDEND
of Directors of Amer¬
cyanamid
ican
DIVIDEND
The Board of
DIVIDEND:
Directors
m.
COMPANY
The Board
sale
6
page
3.25%
.being made
m CASH
PREFERRED
public
of Caribbean
stock
from
2.15%' to
working
capital.
.
•
'~
v
Inpak of 441 Lexington. Ave,,
York, N. Y., is engaged in
the; designing,
developing;v and
New
leasing of
automatic packaging
machines; the sale of specialized
packaging machinery on a com¬
mission basis; and the perform¬
ance
of
consulting
services
through its packaging agency, "i/.r
The
company's
-stretchable
packaging machines are manufac¬
tured
pursuant to its specifica¬
tions under patent application li¬
censed
exclusively to the com¬
TEXAS GULF
Cavalier Radio
SULPHUR
& Electronics..
wide
Common Offered ;;
package in factory - fresh condi¬
tion. This form of packaging helps
Vv
These machines allow a
of consumer items to
locked into a transparent film
pany,.
Public Service Electric
and Gas
FLORIDA...
COMPANY.I
Company
Consecutive
162nd
AMERICA'S
NEWARK. N.J.
General
The
dividend
EVERY MONTH
of
Board
Directors
of. 25
10,020,000
cents
per
of
shares
declared
has
share
on
a
the
OF THE YEAR
to
QUARTERLY
DIVIDEND NOTICE
FLORIDA POWER & LIGHT
P.O. BOX 1-3100
A
for the
MIAMI, FLORIDA
quarterly dividend
per
on
•
of 28c
share has been declared
the Common Stock of the
Company, payable March
20th, 1962 to stockholders of
record at the close of business
on
February 23rd, 1962.
robert h. fite
*
close
:
•,
following dividends
quarter ending
business
' I';
*
f
■.'
;;V.
at
the
1962.
used,
-
Class of
the
-
proceeds
company
,
will
for,
-
be
new
:
Austin St.,
Hills, N. Y.; is engaged in
engineering, design, manufac¬
"u the
Cumulative Preferred
Series
.
.
ture and distribution at the whole-
■/';)
$1.02
.
Series
....
Series
.....
Series
.
Series
....
.
,
UTILITIES
1.045
1.075
COMPANY
DIVIDEND
.55
payable
on or
The
Board
declared
of
a
per
share
FLORIDA...
holders of record March 1, 1962.
of
the
SPACE AGE
J. Irving Kibbe
FUTURE FOR
Secretary
NOTICE
Directors
today
dividend of 56 cents
on
the Common Stock
and
model
payable
EAST
Manager
ATLANTIC CITY, N. J. — Lewis
Winokur has been appointed
manager
of Bache
Central
at
Harold
April 2, 1 962 to stockholders of
ner
record
Pier,
L.
&
Co.'s
according
em¬
..
.
V;
Alkow Resumes
,
Alkow
"that it
>
Co., Inc. has announced
has resumed operations as
&
security brokers and underwriters
from ."offices - at " 50
Broadway,
New York
City.
Midwest Exch.
Members
on
Feb.
Bache, managing
the
close
of
business
an
6
Secretary
^February 16, 1962
J
manager.
Mr.
1950.
R.
•
Winokur
„
pany,
&
H.
the follow¬
Floersheimer,
Company;
Abraham
Donald
&
Com¬
and Walter B. Peterson.
White, Weld & Co.
Name Dept.
Mgr.
White, Weld & Co., 20 Broad St.,
New York City, members of the
New
York
Stock
Exchange,
have
announced that Harry E. Dewdney
*' V
joined
Bros.
Gerstenzang,
part¬
Shields, is associate
;
Sutro
by
of the world-wide investment
Edward
D.W.JACK
Stephen
ing:
office
to
firm.
at
PUBLIC SERVICE
THE
Branch
announcement
Company,
March 1, 1962.
BUSINESS AND
OF
table
of
V;^.;
portable AM and FM radios, and •CHICAGO, 111. — The Executive
qf "stereophonic" and convention¬ Committee of the Midwest Stock
al phonographs.
Exchange has elected to member¬
Named
.35
.
before March 31, 1962 to stock¬
CROSSROADS
level
V
.while
-...
ship in the Exchange
1.32
.......
are
■>
1.2625
.
$1.40 Dividend
Common
sale
,
ferage of the product,
of phasizing- visibility. J
equipment, and work¬
-
deter tampering, infestation or
contamination, damage-, and pil¬
to
$5
The company of 66-02
Dividend
Common
Net
ing capital.
Per Share
4.08%
4.18%
4.30%
5.05%
5.28%
by
additional
Secretary.
March
Stock
v
101
Inc.,
City," of-
product development, purchase of
-
HAROLD B. KLINE,
,
:••
Co.,
Forest
All dividends
INDUSTRY
>
February 26,
share.
per
dividends, payable March 15,
stockholders of-record
to
of
entitled
and
31, 1962:
Preference
President
1962,
DIVIDENDS
The Board of Directors has declared the
COMPANY
receive
outstanding
St., New York
57th
J". fered publicly 48,300 shares
V this firm's" common stock at
Company's
the
,
stock
capital
Securities
W.
Quarterly Dividend
VACATIONLAND
be
range
has
Bache
in
been
the firm's
appointed
manager
of
Foreign Stock and For¬
eign Exchange Department.
v
T
G
*
•
;
-
.
do
with
They
has
although
there
bidding for - defense issues
the country - reasserted its
mild
when
rates
the
-
It
far
was
should
ticular
sistance
:720
disappoint¬
a
into
run
some
.have, been. under study but
company.^ is
confident that
**
V .
the industrials in par¬
that
ment
from
.
they are fair.^% 7
ability to compete in space feats.
'
,
author
as
article
of the
only.]
BY CARLISLE
were
in
listed
to
,
Vice-President,
over¬
the
trading on
ports.
than
Corporation, 15 Broad Street,
York
New
C i t y,
-actly
for
'
cash to. assure future
Steels Confusing
;
time has been the
some
growth.
20
some
over
Center
for
government
search., Not
port
those
-
of
in
included
such
are
Health Service, Fed¬
employes injured at work,
leprosy patients and narcotic ad¬
eral
Small
the
the
The
re¬
Business
.There
.
attention to the
was some
tiations
was
that new steel orders
section, helped
started to dwindle as steel users
by the manned orbit shot cut back on their
inventory build¬
country. Some of the auto
ups which provided little in the
shares were in occasional demand,'
way of incentive to followers of
.'Chrysler notably through its ap¬ steel.
stocks.% ■/ ;:X.--r- -/-V;,
defense-electronic
along
of this
oh the new highs list.!
pearance
for mos; of.
spectators, February
being written off as
!no clear-cut decision
so
contrast
to
tion
being;
for
a
already
period of
a
With
a
.
panies ;sltp>v.ed.a good pickup, but
others showed a definite lag in
and- only -
week,
their "results!
shortening this,
holiday
!';i
partial week
a
left before February
this' year, there were also
confusing results shown in
year's final quarter when
pro fit' Statements: of
some com¬
early
last
the market over the years.
; V
Apart from the strike threat,
misleading inventory buying
some
period's reputa¬
pool" month for
the
'
and
was
although the
far this month was in
rebound
c
V*/
market
the
/V But
runs" out, the '
Competing metals and
continued
traditional
plastics
Administration's
Adloans
to
cost
from
for construction of medical facili¬
at
the
start.
ties; the college housing program
medical
which
under
struction
housing
tional
of
are
loans
are
for
interne
made;
Defense
loans
makes
Act
made .to
the
and
or
billion
without
Even
the
payments, social security
will cost 9% by 1968. The social
security payments would run up
to $300 or $400.
The Kerr-Mills act passed
in
the last year of the Eisenhower
con¬
nurse
the Na¬
which
under
medical
$1.5 to $2.5
stu¬
Administration is
dents, etc. Because of the inabil¬
ity
to
separate
medical
from
enforcement activities, the appro¬
priation for the Bureau of Nar¬
in
1933
and
School
in
effect
in
16
of Business
Ad¬
states.
It
government employes, more
than two million, have the option
Harvard
means
test
Virginia it has been about to run
operates under Federal
matching
grants to the
states.
Supporters of the Kennedy plan
charge that this plan requires the
Wohlford V.-P. of
Calif. Investors
is not
joining
health
included.
any
of
the
be
several
before
assisted
under
a
person
it.
In
can
West
out of funds.
for which they
pay half and the government pays
half. Other plans administered by
programs
The
still
and
nia Investors, 3544 Olympic Boule¬ the government, such as the rail¬ means Committee.
The last vote
vard, members of the Pacific Coast road employes, are paid for by on reporting it out was over¬
Stock
Exchange, announced the the employes and the employers. whelmingly against. Strangely
election of Glen L; Wohlford as
All
Veterans
are
entitled
to enough, the bill is not arousing
Vice-President in charge of the treatment at a Veteran's hospital. any unusual flow of mail to mem¬
company's; central California of¬ If the ailment is not service con¬ bers of Congress. What mail they
do get
is about 50-50 for and
fices.
nected, one is supposed to sign
against.
This, in spite of every
a paper that he cannot afford the
Mr. Wohlford M$"been in the
securities business f 11 years, join¬
expense, but
such papers are a effort of Administration forces to
stir it upir
ing California Investors in 1959 mere formality and in no way
involve a pauper's oath.
as Resident Manager of the Com¬
LOS
ANGELES, Calif. —Califor¬
pany's Fresno offices. He will con¬
tinue in his present capacity as
Resident
Manager, in addition to
supervising the activities of the
company's Bakersfield office.
;
,
to^nibble- away at the
uses of steel,, and for¬
;
stalled
in
proposal
House
is
Ways
Election of C. Richard Blake and
Alaska and all Indians in the U. S.
Ralph
E.
Case
to
the
board
of
reservation.
a
directors,
The
but
the
Named Directors
The government provides medi¬
Eskimoes in
cal treatment for all
on
Kennedy
government participates in,
not pay the whole bill
Tubing
Cor¬
poration, has been announce# by
does
<^Yith McDonnell & Co.
Flexible
of programs costing $5,107 million Frederick K. Daggett, President.
7
heavy overhead resistance leVelV*
eign competition was stiffening
(Special to The Financial Chronicle) 7
and the beneficiaries of these pro¬ Mr. Blake is a general partner of
a
general spirit of indecision pre- »
steadily. ; There was some dispo¬
grams total six million. vailing and little in the way of an
E. R.. Davenport & Co.,
Provi¬
LOS ANGELES, Calif. — William
sition to hunt for the better val¬
overall bullish sentiment showing, ■
At the National Health Insti¬
D. Muir is now with McDonnell
dence, R. I., and Mr. Case is senior
ues among the smaller companies
there was much caution showing
tute at Bethesda, Md., a suburb of
associate in the management con¬
particularly since the 41 % decline & Co., Inc., 615 South Flower St.
on all sides.
.7:. 77
' ':?.*?*' .7'; V"
Washington, a person with an un¬
in profit by U.- S. Steel last year
'
"
'A'.W* Vv'k .* ,*V
He
was
previously with Dean usual disease can enter free, if he sulting firm of Stevenson, Jordan
v,
Analysts Optimistic 7,
v: over 1960. was hardly heartening.
Witter & Co.
' V"V
agrees to stay a certain period of & Harrison, Inc., New York.
Meanwhile
Crucible
Steel: was
Most market analysts were still
'
hopeful
although
many
would boosting its profit 58%.
Some of the others, while not
prefer that the list either hold in
This announcement is not an offer to sell nor a solicitation of an offer to buy any of these securities*
Crucible's good
per¬
a
consolidating phase for a much equalling
■
;■
■
medicare
would tie medical benefits
to social security. It is estimated
plan
as
All
wage
Ameri¬
Coast Guardsmen,
in
the Coast and
Public
the
agen¬
loan; programs
mini'strationV which-
cotics
the
of
for
in¬
is
It
the re¬
Steels dawdled pending
sults
such cases, rumors
service
which
dicts.
Army, Navy and Marine
estimated that approxi-, Hospitals take in all members of
mately 40% of- the money goes the Armed Forces including their
for treatment - and
60% for re¬ families, even maternity cases.
7
negotiations
which were starting at the earli¬
that
Sinclajr
will
expand
its
est time prior to a contract ex¬
holdings have cropped up repeatpiration in the history of the in¬
zed ly, and undoubtedly will con¬
dustry. The only concrete result
tinue to do so.
//.v'
of the seemingly favorable nego¬
is usual in
But,
of its shares.
holder of 29%
Vas
seamen,
day
a
Geodetic Survey and members of
cies,. 80 % of the -7 increase over
going to the Department
of Health, Education and Welfare,
from
$20
professionals
re¬
It is spread
last year
-
for
vides medical
can
is
Con¬
Medical
cludes board, room and treatment.
The Public Health Service pro¬
.
search and; treatment:
ministration in 1935.
t
\
of
of
lege
Graduate
candidate since Sin¬
new
a
clair
ex-
;,
V The •'appropriation
was
-
not
,
Members
re¬
This is $609 million more
appropriated for fiscal
,
studies.
gress can enter Bethesda
was
1961.
the medical personnel can
so
the
facilities,
ton
a
is
medical -health
utive Committee of The First Bos¬
no
,
Coal
make
American Medical Association
which did well enough last year—
charge ; of the •
increasing its earnings more than
corporation's
group/but, with a.listless
.11 % on a .5% sales, gain.. More¬
market ' behind ? them, 7 weren't
Underwriting.
over, its profit to sales is one of
Department.
.prominent enough to be described
the highest in the7field. 7,7
'"J. i\
Mr. Glavin,;
.as vigorous leaders.
The-wavering
The keynote.; for Von's manage¬ who j oined the
items were Ihe merger candidates
ment is expansion, the 75 markets
Charles C. Glavin
which had done well independ¬
organization
it now runs- now up to 75 and
in
1935, was
ently earlier. In the latter cate¬
slated to increase to 84 this year elected a Vice-President in
1945, a
gory were such as General Ameri¬
can
Oil, Texas Gulf Producing,- by company estimate. This inten¬ director in 1950 and a member of
tion assures that its dividend will the Executive Committee in 1956.
General American Oil and Texas
remain conservative as it uses the He
Pacific Coal & Oil. •
graduated from Harvard Col¬
Pacific
time
director and member of the Exec¬
whelming demand. One issue that
they approached the
arrived
so it - caused little con- '
The Federal Government has ap¬
propriations of $4,437 million this
fiscal year ending June, 30, for
Of First Boston
;Oils were: slowly emerging .as. a./;
Texas
BARGERON
Glavin Sr. V.-P.
-favored
"
...Ahead of the News
"Chronicle.*'
those
cern.
i.
17
„
time coin¬
any
of the
Charles C. Glavin,
;
V New Food Arrival
1 Food shares
re-
as
area,
those
presented
are
New York Stock Exchange pretty
elected a sen¬
Utilities, despite some sell¬
mucli after the/food share popu-. ior Vice-Pres¬
ing squalls;1 continued /to show
larity had waned, is Von's Grocery ident of the
better action although- it was far*
Co.- As a consequence, it has had
corporation on
'short of being : any "rousing per¬
a
mundane trading life since it
Feb. 15, 1962,
formance. ; Rails,: as Usual, were
was
listed, holding in a range of it has been an¬
meglected and did little decisive; %
aroundseven / points./ :f Itis
a nounced. ' Mr;
California s upermarke t chain
Oils Favored -KV;
Glavin
is in
; ;
-
(937)
.
the
ways,
general stock market
generally purposeless
week,
growth
earnings
good
a
record, is one of the higher-yield¬
held to a ing items in the section, available
path this recently at a 4% yield. This could
.be due in. part,to the fact that its
was some
both
moves
necessarily, at
not
cide
ualistic
•
tionship to expand its new, worldvista.
•.'
•[The views expressed in this
WALLACE STREETE
Apart from some highly individ¬
\
•
wide
/,•
•
BY
Chronicle-*•.
V-The Commercial and Financial
Number 6136
195
Volume
.
.
test successfully formance, still showed thoroughly
to build up a respectable gains including the
33% improvement in Allegheny
-broader base for an expected re¬
Ludlum
and
the
15%
boost in
covery coincident with the spring
profit reported by Inland Steel.
pickup in business generally.longer time,
the January
or
The offer is made only by the Offering Circular.
.,
low,
NEW ISSUE
February 19,1962
84,000 Shares
,
On
the
the
Debate"
Great
"The
steel shares have been heavy!
plus side is the fact that
raging debate, was oven for many months, hence are more it /will be new groups reasonably priced than other ma¬
that will pace a market upturn, jor industries, and the yields in
or .whether 'it
is more logical to general are well above average,
expect a snappy rebound in the a few even showing as much as
items
that
have
been
so
well a 5% return at recent prices, as
The
whether
in
line
and
for
regarded as
some
sort
of
Youngstown,
Republic
COMMON STOCK
"
(Par Value l(ty Per Share)
Steel
and Bethlehem Steel.
large, were
the issues that would
by
Utilities,
in
\ :
deflated recently.
be
Lido Corporation
,
Popular
re¬
Offering Price: $3.25 Per Share
Metal Issue
Minerals & Chemicals Philipp
whatever happened else¬
in
where in the market,
primarily Corp. was highly regarded
because of their high quality and some metals circles both because
of its merger with the privately
assured growth potential over the
long pull.
American Electric held Philipp companies, world¬
wide trading group, and because
Power, serving an area that, in¬
It is well
cludes seven states where indus-_ its earnings trend is up.
trial expansion is pronounced, was deflated below the peak of recent
1955.
one of the more highly regarded- years, which was posted in
It expanded
its' horizon signifi¬
because of its consistent earnings,
gains." Despite some evident new cantly in an $8 .-million control
bound,
popularity,' the shares are still
available well below their 1961-62
peak.
•
-
\
.
1
,v
-
.
colossus
of
Montecatini
Sbr that
utility issues
were
statistically...cheap has not it acquired a 4%j interest in Min^!
erals .&
Chemicals ' whic^ ; ^jSo
yet returned despite their recent
selloff.
Duquesne
Light, which * points to a closer .working- relaThe
-
•
purchase of a Chilean iron, ore
property last year while appear¬
ing attractive enough to theJtalian
day
when
Copies of the Offering Circular may be obtained from the Undersigned
and from such dealers as may legally offer these securities in this state.
Flomenhafl\ Seidler & Co.
.,
i \
"VS
\
r
I
i
I *»
11)
t r ♦
i<
I f
i
INCORPORATED
J
,
■
I
.
>
(
s
!
The Commercial and Financial Chronicle
18
.
v
.
(938)
State
The
N.
bany,
NEWS
Feb.
Bank of. Albany* AL--en Feb; vT. by-the Office of
Y.,/received "approval Comptroller of the Currency.
York
the New
from
2
1962
Thursday, February 22,
the
land, Garland,, Texas, increased its
common capital stock from $600,000
State
to
$650;000 "br
Stock tlivi-
a-
to'Certifi-,\The Office of the Comptroller of .dend and from $650,000 to $750,cate of Amendment, of Certificate
the Currency on Feb. 7 approved 000 by the sale of. new stock, efGf Incorporation./ofrestate. Bank cf/the application of The First Na- fective Feb. 2. -V
^ ,; ; .
v:
.Albany,/providing for a reduc- tional
Bank
of
Fredericktcwn,
:
*
*'
'
,~
tion of capital stock from $8,222/- Fredericktcwn, Pa., to. purchase
common capital stock of The
650, consisting of 822,265 shares of .the assets and assume the liabili- First National Bank of Holbrook
the par value of $10 each, to .$7,-, ties of First National Bank iii Holbrook' Ariz
was
increased
Banking-Department
•
■
>
.
Branches
New
Conso lidatic
New
•
Officers, etc.
•
Revised Capitalizations
'
—
———
■
'
.
:
,
h
,
Bank New
Feb. 9 announced the apCity
National
First
Fork on
i
j§
■; ./
■
...
.772,265, Brownsville. .Brownsville; Pa. / effective Veb.'.6*' from $250,000
of $10
_.
$375,000 by a stock dividend.»
M
to
'
,
Vice-Pres- each and on'Feb. 5 the Depart- -The Farmers and Merchan s Bank
•• f
:
ment gave approval to-increase its. nf Linesyille, Linesville, Pa/ was
^
'I ."
York Trust Company,-it was an- capital stock -to .$8,108,790
cpmT absorbed by The Merchants.NaCo.mp- •
nounced by Chairman Harold H, listing of" 810,879: ;shares "of th^ tional Bank and Trust Company
of fh^Fir^Sern
Helm. '
•/
••t:;- • •
same par "value.V. ,h*
of Meadville. Meadville,\Pa.
application of the first Secuxity Bank of Utah, National Aselected Assistant
been
%
:1
■■
.
David Shaw, Douglas M. Smith 722,650, co n s i s ti n g of
and Thomas W. Southworth have shares of. the par value
Chemical -Bank-New
idents * of
-
**
.
H.' }'///•.~J*
Mazanec," Arthur H. Posner, and Stockholders
James
*
Raymond
Faust,
C.
formerly As- Trust •€<
sistant Managers, have also been proved .-a- ^b;/?-*sn&re.: ragpxs^-inr/
.Pleasant, Utah.
^
appointed Assistant Treasurers. ; fering -of- $10 par, capital ..stock/;-$200,00"0,--vto $25h,000 • by a stock W'/.. o.i- f.v: *
: "■
?
v;-r •/; • •*
' * ''... *
'<«/•*
Rights to subscribe to-the "new "dividend-and. from $250,000 to A .charter was
issued on Feb. ,2 by
"*
li'ir* " j
J.
A 1. '
XToii'nnoi
ctr»r>lr
in '-flYo
r-d+in
rvf ''nnp ' ni^W ""$300*000 -by, Sale. Of Hew stock efThe
Meadow
Br« ok
National stock, m the; ratio pf,. one ,ne\y
of-new .
the Comptroller of the Currency
J. .Randall,,
Harold
"
■
..
mi
n
.
City, N. It; incapital stock
Bank, New York
creased-its-common
a
.'
William
M.
Batten,
Director.
a
«/
«
York
also
was
'
t
'
'
*
■
City
National
First
York,
:
New
Bank,
nounced the appointment of
Mjl"
New
Streets ©n 5th Avenue
i
_
;
.
.
mr.
;
shares of the
1 Tchafge'oAhe S
Champion; Chairman
George
of
Chase
Manhattan
Bank, Ne^
partment,
head
and
W; Smith!,
Philip
instalment credit dir
the
of
•
also
announced
4-Lp nrAlYintinHS A-f TlnnJlTH "Qpfltt Jr.
e nromotions of Donald Scott, Tt*
and
and
aIpy
Alex
H
H.
tn
par
-value.
named ;'in
rs
directors
New
re^-
a
•
—
~
•
o-Fo-
is Chairman;and Chief Executive
Officer.
v.s^
■
.outstanding from
financial ;
and
planning
.G.-Cobb-was named Vide-
M.
Comptroller,
Snyder,
■
-prcioi(-iorv+
tViA-'"hbniT'incf
inx
riorv-rf
Officer^
Ralph ' J.
and
previously .had
,
Senior.Vice-President of the in-
Savings Bank, Chicago, 111.
Salt
formerly
of
Lake
banking
been
Trust / Company
-
,
«..* *
■////';:;;/3
>
,
.
i
of
Board
Trust,
New ..v-,r
'U.
of
City, Utah, he. entered
in T927
with- Central
^elected 'Effective "-Feb.. .2 "fhe, common.
aIX'put
Vice-President and Treasurer to •capital stock of The Farmers and vt h Four years later this-com^
.qucpopd .Tnhn Goldham who. effecRank
nf
ruui
icuei uu> cum
wi
succeed John Goldham who, effec- •Merchants ; National
pany.
m e rged
with the -First
tive March 1, will retire. • r .-;Nj^ludlie,;
non -Security organization. Mr. Steffen•
George Zabriskie, Jr., has'beep,fcreased;-from $50,000 to, $150,000 -™"was ^
named Assistant SecreFirst Security Trust Com- elected Vice-Presidept andstock dwidend>T :'v.f;>sTib ':i':;tarv. of Fi
trollef; :' ^
o'-; *''■
-J ■ • «'•- * - ^
- ^^anv in 1938
Secretary in" 1942
ry , '* , • * .. *
,^v .The; application of -the- S t a t e Vand Vice-President in T<>44 He
-Leonard P, Groves, Vice-Presi- Savings Bank of Carleton, Carle
became Vice-President
of First
has
National
The
State
Bank
4hb ;
for
ton,
Mich.,
to
merger
into
M
nu-
itv
q
Hayes
Federal/charter and title of Manufactur-
bank's
Circle, and Spring-.-ers National Bank of Detroit,
of the United .field Avenue offices.
vestment. division
been penior
Vice-President N. A; A native of
Utah, of First Security
Bank
I
Ralph W. Berrey and-William P. .states
JDubendorfer, both of the invest- York
merits
dent to President and Chief Ex-
* -i"ecutive
Jean Mauze has been elected a of Newark, ;N. J., has been ap- Jacturers National Bank of Dend
AlUbvCC of tub
"Untj W
>UlXQ.t>X
Trustee UA the Brooklyn Sayings ;; JJUUxICtr Cl jllutllUcI Wi the xlwy lbUl J ;V 1>X'trJLI'jrv/- l/C W wl.t,'' Mich., yunder ; all" /;1951^
pointed a member of vXl" Advisory ;troit;> Detroit,
-the
Vice-
„
.
nc
! William"
-:y -y •..
-President.
*
.
,
The National Bank of Toledo, To- Comstock from President to Vice-
stocH
of the stock from $10 to $5 per
share.
Ardrey, Jr. to Vice¬ Bank, Brooklyn, N. ,Y.-/Mr. Mauze
is
Tr
Ardrcv
Wallace Danahan; Jr. Directors.
'
•
T
and vated from Executive Vice-Presi-
._
dent
Champion
J./, Jeffery
^Walter
A
>nai«h*
to $2,711,270 consisting of 542,254
shares of the same
vision.
Mr
mailed to
-rprtifioato will
and the
,
M,
elected
000 and reduction of the par value
™
•
io
value of $5 each,
oar
organization'of the American
VnHr
SarhiiA'l
York, has announced the promo- Trust Co., New York, are Samuel
li f
tion to Vice-Fresident of John C:. 'D.
May, Arthur Kahr, Maurice
y
Lawrence
of
the bank's Times Goodman, Seymour Edelman, M.
tS q u a r e4;branchvr ' William ? J. Peter Schweitzer,- John F; Petitt
-»«•
^Schifiidt bf "the''Metropolitan de- and J. A.- Melnick. :• Mr.-Melmck
the
5
spUFtwo shares for one.
:r»rv
Mornw
surplus of
bank
oL$2°uL°d0-„®P£„®
$200,000/The President
4s' Wm. ;R,T McCormick
effective Feb.
^
be
stock
County,, Utah. :The
.«drtificate willbfrjna led to st pkr ledQ Qbio> increased its .common Chairman of the- Board of First
record -al; theL^os^
.capital stock effective Feb. 6 from Security Bank of J-Idaho,-N..-A;v.busmess ^on ^ .rateet^an'^T ^,1.62,5.09 . to $3,450,000 by a Boise, Idaho.'
-<}ei^iiic^tes will
stock dividend.;
iwrr stpffpn^n nam? th-Enisp
'
from ; crease in the number, of .^shares .,
^
;
.
Mr. Stettensen came tp.Bois.w as
increase" its capital stock
$2,337,300' consisting
of, 46,460
PresMent is in cnarge 01 ine new
rresiaenx,
branch.
Bank's
the
^
•;
'
.
.
_
,
Newark, rNi- j^
that
Grand
/; Cashier, Jerry Havel. /_
/
^ ;
•;
'*
.Saving's -5Bank of Balt^nior6, lVId., v*/ ■ r. -. stgfisns6n• hss been gig^
Fidelity ./'Union
Hoe, located at 40th .Street..;
a
mbn capital stock
y"f£rV.2 from $300,000 to $400,000.
of;
Stockholders
voted
19.
ine facility between 34th and 42nd
,
Trust/ Company,-
i°n Colin as Vice-President at the
bank's 355 Lexington Avenue of-
branch at 37th St.
V
1
Cf
+
R
ir-nrf Dp
■;,"5'
■
'.rV-9; '/ ■ ,• • The New York State Banking DeThis
is
First National
City's partment gave approval on Jan.
89th branch in greater New York 29 '.to the Itoy.al
State Bank of
and is the only commercial bank- New York, New Yoik,. N^ ,Y.,/,to
opened
Feb.
on
15, 1962.
an-
of
Lauiel,/Ma
will-expire March
stock
new
do the Moab National Bank, Moah,
stock The Cit-
A ..La"r'1'
increased
its
com-
will be $40 a share!. The'rights to
Sterling National Bank & Trust
Company
President.
appointed
share for each 11 shares .held-was .'iecuve.r.eD, z. ^
issued to stockholders of -record. j*
of new
the
pointment of Fred A. Stecher as
Vice
Febt 8.
William M. Batten
Fred A. Stecher
a
effective
dividend
stock
■
A
-approved-:by^ the--Off ice
,thp
n/r
r*u
n
Uc
•
m/hai^HnT,« l
aPinnrr1'
Fch
7
'v
.
,
,
TTtah
f
r
•
in
the
of
1952-59
Duriflg
1Q48
bank
in
he - served
Vice-President.
Senior
as
was
,
*
the
of
Comptroller, of5the. Currency
-•
p
Director
-
...
.
„
'The -Board-of Governors_of-the._
cn
•
-
Federal Reserve'System Feb.
1£>
': ^^<> announced" its approval' of / the
;-
-
National
;
,
Bohners
*oa'
""'Won 'Feb.
*««,,•««
2
York
from'the■ New
■•moted'to"Sstant V^ce Presid^nf Stale Ranking Departmrat to $8,inits capital, stock from
moted to Assistant
Vice-President,
crease
cfmirr;^B~Hkgins";s"a
Emeritus.
-Hilhard
•
Farber*-Donald W For- *492,540
•;consisting;,/of
1,698,508
-syth Bruce C ;Hyldahl and Ray-, shares of the par value of
$5 each,
mond C. Lauber, all of the invest- -to
$8,917,170 consisting 6i'
ment
and
financial
planning
^fAssSant Treasurer
'
de-
T.
McCullough,
434
a£^Wte^.;
shares of the
same
par
Value,
;>
Leese,
Thomas
E.
J.
Arnold
Rhode,
NEW
announcement
'*
rTb®;aPPbP&Hp^_,pf Tb^e XJnw
.By.
/jr.:;-.//;-;
; v •c r-
- .. . . :
r.
A. Kent, Vice-President of,.,
3:Bank of; America, San Francisco^
• dividend'
; effective
the tconimoh-capital stock ;
'Stock:
a
jHonal Bank of. Eittsbtirgh/ JPilti-^Ffeb/1
burgh,; Pa.,
to
'ConsoUdate'%ith >of The
Calif- retires at'the -end ofvFeb.*
National-Bank3-i4<-During the" 30
American
-had
he
-years
headed the-Bank's Bond Invest-
Trust ..Officer of^National Bank of and title of The Union National y.V
leader
r* - * - V.
':J''
Westchester,
White
The
Plains, N.
Y.
Bank of Pittsburgh
"
is neither
offer to sell nor a solicitation of an offer to buy
The offering is made only by the Prospectus.
an
any
was
approved
-i:
of fhese securities../
ISSUE
./•
The-First National
Elk
y
.
;
;
February 20, 1962
;
Okla.,
,
increased /consultant."
a/.stock
$200,000 ' by
.!«
;;
«
»«
/
.
common -capital -stock of
Union Planters National Bank
.Memphis,
225,000 Shares
$10,000,000
•sale of
Marlene Industries
Corporation
;
/
common stock
;
.i:
Citizens
=:=
:.
«
- -
3
Atlanta,- Ga„ * has
/
as : a
"Ashley
-
part of the Cashier's depart-
-
Vice-President and
the/^a^er Clarence H. Baumhefner,
an<^
of
•
announced
appointments.
-
tne
-
following ;
--.
r
:
David L,.Grove. Vice-President
from v
and former
; - head - of
the- Bank's Economics
/ •/department, -has* been named, to
o n a
:
Bank's gqyernmept
bond portfolio as /Vice-President.
i/ administerAthe
elected
Senior Vice-
a
a
*
Robert W. Gi.lmore, now Assist-
and William C. Banks, ' ant Vice-President ' in the; Bond ;;
Executive Vice-President. 'Investment department; has been
*'
*
A.
■
advanced to Vice-President and
an
Fan
Offering Price: $7.00 Per Share
American
elected
Fla.,
Bank
Dan
of
Miami,
W.
Eastwood,;
Vice-President
of-
'Will supervise the Bank s governmen-t:'bond operations./,'^
•
/
♦ / *;•••
y v.-,.
of California, N. A.,
Chicago, III., President and Chief San Francisco, Calif., opened its
Executive
Officer.
He ' succeeds'27th office Feb. 9, 1962 at" 1004 B
formerly
Harris
\
G.
xi
Trust
James
*
...
&
Savings Bank
Hughes,'who
;
.signed. \
•
v
*-"
*
has
-
-
.
re-:
-
.
*
'
-
The
of
/
Bank
Main
Street, corner of
ward; Calif.
1
in Hay-
>
- '
UThe Executive Staff of the new
stock, the Hayward office, is Dean G;. Quinstock
of
The. Ian, Manager and Manuel GonGroos National Bank of San Ansalves; Assistant Cashier. /
;
By
the
sale
common
&
Bank
President
Jr.,
Copies of the Prospectus may be obtained from the undersigned and
from such other dealers as may legally offer these securities in this state.
still
by -the, International Relations
Southern Nat i
'&
the
will
\ President, S.
ment, under
;was
6
$11;000,000
stock.;
- ;
new
Thomas C.
(Par Value $.10 Per Share)
Bernard M. Kahn
Tenn.,
to
;
Bank,
-
Memphis,
\ increased ''effective- Ffelb.
.
He
bond activities will 'now operate :
as
,
The
,
-
Feb. 2.'
effective
.
field.
his
available- to
Elk 1 be
of
Bank
in
Clark
capital /stock/Trom: Beise said the Bank's government
City,
$1.00,000 -to
v
;dividend
/
*
.
Boise, Idaho
y
City,
v
Ferry, "an®, into Bank of Idaho, f-
com-
w,,
J-ts /common
This
its
.
capital stock", from. $868,000
;
-to $976,500 effective Feb. 6.
Bridgeville National Bank,«of vKimball, Kimball,, Neb.* was
Ceorge R. -Hall has-been etectedi' Bridgeville. ^der the .barter
^ ^00 to. $200^
*
-William
i;783?-
Director -Niles,"JMich.;. increased
^;■;'-■■
Co., Inc.
of
new
capital"
,
tonio,
San
Antonio,
Texas,
was
increased; from' $900,0004 to
,125,000 effective Feb. 20
$1,-
•.
The
4
-'
*
*
*
\
First National Bank
in
Gar-
*
' *
-
*" "'.
By the sale of new stock the Pacific National Barik; Of San Fran-
cisco,, San Francisco, Calif., in-.
creased its common capital stock
*
.11
•_<;/'
'i, i>,»,
v
xfi'rb
U
is't.-.n
"•-
v°»r!' u<
.
,v
from
Volume
$5,960,880
to
,•
V
-
v
,
.
The
has
title
its
also
'
B
k,
a n
,
^
;
to
continue
bank's
serve
the
as
will
remain
the
on
:'
well
as
as
additional "legislation...
Maintains that the American Stock Exchange and
marketplace.
<
gional exchanges should
Kelly, , First; VicePresident, has been advanced to
.
citizen
function
the
Board
will
and
of
the
dent.,
:
r
•
has been
V•
has
Senior
a
been
; /.:/•/ massive
'
>
*
.....
Spencer
cific
*
National
Bank
Carr
*
States
and
rectors.
of
>
National
Bank
H.
V,
*
know
affairs.
of¬
ferings
te.rings
,
of
o i
sibility
Joseph L. Weiner
common stock
of
-
*
■
.
It
,
for cash m the,first 10 months of
;
•
*
*
-
borne
in
many
The incipient
should
be
not
home
come
feel
that
it
has
San
viego,
increased
aan
its
uiego,
capital
common
emiOff te1&4 850 OM iv
612,500 to $4,850,000 by
of
stock.
new
Board
Federal
the
mutual
funds
which ■■last'
/ /year
/
'
Governors
sold net (that is, ufter /redemptions)
$1.7 billion of '/new
the
of
Bank;
.
Los
shares.Their
American
ses,
;
/*. /■
.V
-common -ts
t
o e
Security
corporation'travel^ j
in
reTdhed?rtore an^ more;
being
income
n0*
elected Richard P.
Hawaii,
■
wwe
look
te
•we
„
a';locus
of
The
of
Bank
N.
fax,
S.,
Nova-Scotia,
a,list of the portfolio securities, ton Lkw'as well
Hall-
the
,ap-
iprobably consider themselves
pointment of two Assistant Gen-
luan/wfm/cMeeki CrOCk"
b/n' charged
branch;
Mr.
Supervisor,
the
investment is
as
D.
onslv
a
QUSiy
.
Halifax
-nailiax,
doubt/
is
thouSh these fands
beoe
.
+lh
•
are
-rpppintQ
investing
in
rnmmnn
5f% of their receipts in common
HabfaTmafn b?anch Manag6r °f
funds are noW almost as large as
those of the^mutual funds,., and
thQy are SrowinS at a faster rate-
Mr J A
Mr. J.
sistant
G
Bell -formerly
Manager^ of
'branchy
^as
xlaliiax.
*
/
.
formation
Scotia
Nova
,
.
*
The
Limited,
quarters
in
Nova
new
/
of
of
with
Kingston,
Scotia.
The
by
head-
Jamaica,
Bank of
Bt.; Robert L. Dales;
Gibson; Kenneth A.
Keith; Robin McAlpine, C.B.E.;
Bernard
Sunley
and
E.
Leslie
Hammond, LLZB, (Hons.) who is
Managing Director.
-
Joins Ira
.
Haupt
•
(Special to The Financial Chronicle)
•"
Haupt
Drive.
&
-
Co.;
He
166 North Canon
-formerly - with
;w,as
Hayden, Stone & Company. "/
.
-
SveSone
it^ such
publte
offers both
an-
practical and
a
sewe
hope-
a
field
Th*
Npw - York
and- their
It
exoeri
an
any
one
IlUl. UC
.
IfUU/
"-1?
•
Stork
Fvrhanpe
requirements
interpretations
cover
a
Prog^ss as has been made in lifting wporate standards in the past
^ivil^es,
their
and
LueS arl
hv:a r„,„
■
?if
pmntv
In
canvas
,/
*
hlrk
the
has been the
federal
means
con-
an
offer to sell
nor a
.n
01 sections
Securities
1
;
affords. It
ttotttS' dUtoenfe'Mween
"Sted andr, U""Sted
kn0w
1 Unless
an
.issue
which
such
case
formation
a
corporation
,
under -the
it
comply
must
of their benefiprobably do not own a
single share of stock directly, so
that they are not usually included
future
solicitation of
an
requirements
offer to buy
any
of
'//"*
Aceto Chemical Co. Inc.
Common Stock
that of
security and
(Par Value .Oltf per share)
to
'
-
This
vast
and
constantly *
...
may
be obtained from the undersigned and other dealers only in
those States where they may
legally offer these securities in compliance
pf
ex-;
panding ownership of corporate
securities, embracing more and
more persons in the lower income.
Copies of the Prospectus
/.
share
with the securities laws of the respective States.
-
The, Phenomenal Expansion
Share Ownership
Price $5.00 per
KAREN SECURITIES
v
'
CORP.
FABRIKANT
with
Act,
the
of Section
the Securities Exchange Act.
-
88,000 Shares
in estimates of stockholdings. Yet
their
20
registers
Securities
FEBRUARY 16, 1962
•
-
hea,rt ?f such ,;on.tinujng..inv,estoI^
these securities. The offer is made only by the Prospectus.
NEW ISSUE
>.
u,
ana 10 ot tne
Exchange
Act/ ' <the
Pr°tectl°n as that
laws are the product of
/// Zs a°miln/f social
of /Zco/
as a
.•
c
.,.'•/
...
Model Cor-
This announcement is neither
The' majority
V - si>read "ev6n further-'
BEVERLY HILLS, Calif.—Martin
Blum has joined the staff of Ira
corpo-
The
no.
this a?tea,( Its listing
and purposes gone. In the private trol which followed the collapse
corporation sector, it is now pos- of 1929 and after. They supple-
ciaries
common
stock ownership.
In
time, the number of persons directly or indirectly owning Corporate securities may not be too
far from .those owning, life insurance.
If variable annuities should
in the course of time become
widespread—and I have no doubt
they will—this/participation will
Douglas
is,
of
believe the
problem
of
corporate standards becomes acute
pro-
The other consideration which
agajnsj. purchases of $800 million
include: F. William
Chairman;
Sir
Brian
.
1
m,
their families is intimately related
Mountain,
J.
a
W4U
•
„n„n-H
poration Law, both sponsored by
for example, they pur$1.7 billion of equities as
The directors of the
company
Nicks,
swer
I
by the investment companies.
/;•■' "•
Bank
Company
improvement
^960,
cbased
7
_.
*
of
Trust
announced
jn
To tan to
appointed JVIan; :
Jamaica,
was
As-
A.^G. Ben, lornae iy an As
•ager at
The
that
an
as
.
tion laws
Montreal.
He
is succeeded by Mr. J. F. McRae
^mnniitin^a'
that
-uri/es
Pinv//d ^a/d /t
Supervisor,'
comes
for
standards?
ment were to spread there might
,
rdle. they have no idea of the corporation is to .all intents
Toronto at that, they regard
themselves as
Merrick,;.previ--;ommon stock, investors, reven
A.- Y.-:
be
mav
of
As
previously
Montreal, will take
Meek,
Sunervisor
supervisor,
sued
rate
have
Suppose this venture had
'sp/^nr/hefr / Commissioners on Uniform groundP/re
only Indirect.'Con- //
prod/ce/many/an/6 The Inlus?^
General6 Office'in
Mr.
■
Leaving
aside, is the
extension of federal law the only
path which can logically be pur-
substantial
no
a.".« extending through the 20s of were more, attractive,
rn
announced
objectives.
.
1
.
its
these other objectives
ful instrument for advance in this
in
an
i.„c
of
one
onf^the5 fringe^f those considerable gamut of matters that
rornoration/witR^^^
concern the security holder. Inprimarily^ corned
namelv
deed' U may
sald ?a? s"ch
for
govern-
com-
and greater protection of
investors would have been only
merce,
only when there are public
curity holders. In that case
engages
which
This
of
touched
point to the state of incoraora-
\to*
extension
have the machinery of the organjzed markets. In my opinion it
-
,
.
k
for
prises engaged in interstate
its
of any other state. But the North
as^I aHn^rospTrny
then^^afe
proposals
federal law so as to occupy more
of this field. The more far-reachfaith and credit .ing of these proposals looked to
means
entirely federal incorporations. Of enter-
poration,
and
is
more
closely
identified with the business life
of North Carolina than with that
a
sor that
From time to time there have
been
^ic^a?^^ock™
Hono;
Bank.
adversity
standards
ex-
activity in the state of its incor*-
been
Smart, jQhnJI..MagOOn, Jr., and /QV ty....
r
7 .•»
.* »hwuiu» .wv
novc
snau -..many
ntuv*
Hideo Kawano, Directors.,/
//,:;;' ' The investment company share- Model"/corporation laws, include
' /
*
*
*
holders, who receive periodically ing a proposed Uniform Corpora-
.
'
corporate
mately three million shareholders
in
sale
sale
* / *
of
,indirect /ownership ^rather':thhn
ltesgve;;System Feb.; 16 holdings, at current market prices
California
lulu,
tee
the
-.
:*•:'/
The
win.,
With
which
danger-
situation if the followers of
revolution
corpo-
companies.
The "pseudo-foreign
Corporation" was defined as one
pos-
dismissed,
a
the
mind'/ other than an investment comto furnish an annual reincorporation/port to its stockholders; neither
other fields/ does Delaware.
doctrine, ' by no
obsolete today, which allows it to
contingency
a
of
stockholders.
eral laws deal only gingerly,
we
cation of the full
income
remote, the
its
in
would
of
is
the
know, out of state
even
though its affairs may be entirely
domestic. And there is an applias
corresponding months of betrayed.
'••'
■'/
$2^8 billion as against $1.46
These considerations lend force,
I?6?
Y
<
While such,
is, moreover, always
ous
Di- last
.'/
.,*or Pe
Ridder,
^
be
must
>
this
may now appear
relations
the other relations—what have at
times been called the internal affairs of the corporation—the fed-
*
i t
interest
that new
Calif., elected John E.
Daniel
pub-.
to
Y°u
/.
•
>
may
latitude
some
foreign clothing. - An interesting challenge to
from a shift of interest from the this doctrine
was attempted some
pay
envelope-: to
the
dividend years ago by the draftsmen of the
check. At the same time, we must North Carolina Business
Corpo-be aware that any serious decline ration Act.
They undertook to
-in the size of the dividend
check,. subject
what
they
called
the
; let alone, collapse of the enterprise, pseudo-foreign corporation to the
is likely to result in bitter ques- protective
provisions for stocktions concerning the conduct of its holders
applicable
to
domestic
.In this
m a y
Fran-
*.
v
-l
-
San
Pa-
makes
of
We
which
.'which Operates
that statutes as in
,t.
development
possible, we must not exaggerate
its implications. We are a
long way
•
connection
been
of
which
.
time,
has
\
/'>/
*
San Diego,
/
*
:
Cisco, Calif.
Vice-
/Y
.
Vice-President
a
United
:
Murphy
A.
elected
First
>
,
proud of the diffusion
li e participation in new.
securities
at
the p r e s e n t
Vice-President,,
designated
President.
,
r
.!
from
public, and to
outstanding secall this, with
in metaphor,
the
these
There is-a kind of Gresham's Law, Pany
would have been difficult to irm
.
Joseph F. Hogan, who likewise
4,
which
..
corporate
Second Principal
;/< ;:
v
'
v.>/Y statements
Emmett G. Solomon, who since
awaiting proc1960
has
been
a
Senior
Viceessing is one/
President, has been named Presi- sign o f t h e
as
Officer.
is/ a
groups,
'Y'
' .phenomenon
'
curities.
the
to
in
ration and
investors,' there
sup-
prevailed 'before ^cept for special situations -such as
models, and "which'was the public utility holding- com;• demonstrated to be so deficient". Pany and the investment company.
Before^we condemn this out of For example, there is no federal
/hand there are two considerations law which requires a corporation
securities,, agine-during the 1920s. It is a
particularly equity securities. The phase .of what Adolf Berle has
backlog of.
■
:
" -called the "capitalist revolution."
•While we have-every reason to be
registration
"
created office of Viceof
Y/Y
vi:'/'. .-i'/.'-f «"• "..
Every year witnesses an increase
in the ownership by the ordinary
^
its
respects
;::;.the ,nfew
..
..
to
little' difference
very
re¬
.
Executive Committee.
Chairman
"ration
Market, Mr. Weiner calls for regulations similar to'those'of exchanges.
.
trading
the
v. 'situation
adopt listing and trading rules affording
,...
the newly
*
/an adequate measure of protection." Reviewing the Over-the-counter
,
of. the
jPaul;/R.
external
-
Proposing listing and trading requirements
some
provisions applicable to the sale of
a
public sector, however,
that is, the relation of the corpo-
"
for over-the-counter securities, he recommends that
oompanies whichv
fail do meet legitimate investor needs should -be barred from the
director-.
member
a
as
in
securities
In
mora
.
ate
taxed
this
on
The .Public Sector
.
principal officer. ; '
Mr., Crocker
has been named
and
Regulations and legislation ' *■
,Jv/' •'/'<• «.'♦>
/'/•
*/;4 • •.'// u: '■* '
;r
safeguards for investors, Mr. Weiner offers suggestions
for improving their protection under existing
machinery and without
;
active
honorary Chairman of the Board
.J
Urging
,San Francisco, Calif, JMr, Hoover
will
be
tributions by Carlos Israels.
By Joseph L. Weiner * Former Director, Public Utilities Division,
SEC, and SpeciaLConsultant to the Commission on
^
Hoover; lintil now Presi¬
dent and-Chief: Executive. Officer,'
has been appointed to the post of?.
Chairman of'the Board, succeed¬
ing W. W.-Crocker, who has retired
from
active
duty by the J.
National
to
and
19
plant state law. As you well know,
the federal laws have extensive
The law and pracsubject have been
ably discussed by O'Neal and by
Hornstein, with some notable contice
E.
Crocker-Anglo
choose
to
merit
a
partnership.
to
Wells Fargo Bank.;
Paul
practically all the
partnership, with
liability to boot, and
of
limitation of
San... Francisco,
changed
have
to
incidents
.
Fargo Bank American
iCompany,
Calif.,
(939)
■
Wells
Trust
The Commercial and Financial Chronicle
.
sible
..
..
..
V.
'■
I
.
$7,153,080, ef-.
fective "Feb.; 2. O
.
Number 613(1
195
SECURITIES CORP.
13
in
in¬
of
The Commercial and Financial Chronicle
20
Market
Bond
Our Reporter on
surprise move
terms of
its fifth advance refunding which
was made to .holders of five out-*,
standing issues, namely, the 3s
due Feb. il5, 1964; the 2%s maturing Feb. 15, 1965 and the three
in
The Treasury
a
last week announced the
of
Sept.
15,
coming
2Y^s
1972.
15,
Dec.
and
15
June
due
offer to the owners
aforementioned securities
The exchange
the
of
of
made up
was
4% bond
new
a
Aug. 15, 1971, along with the
outstanding marketable issues of
the 4s due Feb. 15, 1980 and the
due
Feb.
due
obligations
3 M>%
two-
£.
1990 and Nov. 15. 1998.
15,
■
eligible issues
were
allowed to exchange
them for one or two of the four
issues in the advance refunding
five
Holders of the
offer,
with
individual
owners
having through Feb. 28 to cornplete the operation. . There are
nearly $19 billion of eligible
ing
'
;
<
.
interest Rates to Harden
Even
though
aj^ears to
b
>•
fll
higher in the not too distant futoo.
rr^t
ln^e'cnnnW
supply
of
.
..
i,
,
.
still predieting a rise in the discount rate
to 3%%. along wUh a„ upping
It
if lvfd™t
that
are
increase'In
an
the Central Bank rate, and
a
rise
(jrrGGIl JN OW
members
,
ohnrf
in+n
;C0I1^0
.
•
the
for
phia
for bee
"use
of
lhe
liquidity factor and the maturity
dates.
Balti¬
-
Stock
more
going
I
t ment.:
nve s
Assn. /
Philadel-v
of
Harry F. Green, Jr.
phia,
for¬
1
with.
Lynch, Pierce, Fenner &
was
merly
Merrill
Cwiill.
be
determined by
the
non-Federal borrowers since it is
rather-evident that the iTreasury
is not going to use
higher borrowing rates will make
loans more attractive to the de-
more than an
f
f
sector
the Jong-term
,
tfte Doncl
market
'•Ttinnvv.X'wn+n/l
'
S. C. Risk Joins
,
forward refunding operation.
to
buy
any
nor a
'
These securities
are
offered
as a
speculation.
February
NEW ISSUE
20,
1962
75,000 Shares
o
i"g
He will act
qniltbprn
as
This
Lmhpr
member
Df
of
($.05 Par Value)
tions
as
World
Officer
Groun
II* he
War
Assistant Groun
fvm
of
and
the
to
the
market in which
,
f
trainin„
in
market
that
fr.'
+n
///////////
ZTlhl
tJL
requirement
of adequate protec-
Af
oi
A
^
/////„ /SaUonshfn
g relatlonsnip between
+£^
them.
The
between
responsibility for the en-
forcement of this principle in the
«w
OnersT over-the-counter market rests at
Bomb the Present time on the National
theAssociation of Securities Dealers.
mand
tion
China.
Price $2.00 per share
tion the
counter
OKLAND, Calif.—John W. O'Neill
Copies of the Offering Circular may be obtained from the under¬
signed in any State in which the undersigned may legally offer these
securities "in compliance with the securities laws of such State.
80 Wall
Street, New York 5
Telephone HA 2-6113
to
Securities
the
SACRAMENTO,
Calif.
—
market,
just
the auction markets.
for both is the same,
/
/*"*"
as
Max,
Los
~
,
eligible for trading. The
for trading eligibility
presumably be strictest on
after be
namely, self-
regulation with only residual gov¬
ernmental powers.
...
Stock
York
New
Exchange,
extension of these
wherever appropriate to
gradual
standards
make for
improvement. It would
support the pattern of cooperative
the other markets would
continued
regulation
Securities
the
underlies
which
Exchange
Act. And it
service to
would make for better
ever-growing
the
of
army
in¬
vestors.
address
by Mr. Weiner before
Practicing Law Institute,
the
New York City.
'-/"."J .!/' '"
'-.'I'*-,'"'
/'
■;■/.■ / '■
■
Aceto Chemical
Common Offered
An
offering
at $5 per
88,000 common
Chemical Co. Inc.,
of
shares of Aceto
share is being made by
Corp., and FaCorp., both of
Securities
Karen
Securities
brikant
New York City.
be
used
Net proceeds will
by the company for ex¬
ing capital....'
The
the ex¬
The concept
The success of
this
concept obviously !
has opened offices at 1619
Molinos Way to engage in a ^ upon the effectiveness of
securities business.regulation.
i-+
Baum
-
public would be justified if
securities would not there¬
motion and advertising, and work¬
underlying the legislative pattern
^
("Special to The Financial Chroniclb)
the
organiza¬
guardian of the over-the-
Inc., 360 Twentieth Street./
,
standards
indicate
pansion of inventories, sales pro¬
changes are made the guardians of
.1
to
Ex-
recently
opened office of McDonnell & Co.
the
Max Baum Opens
Keene & Company, Inc.
15A
change Act—makes this
Joins McDonnell Staff
with
the
*An
wh'ch wishes its affairs to be prU
vate should remain private; ,if
{t has <<gone public" U must accept
responsibilities to that public, not
..tA.-t
+u_
The 1938 iegislation—the so-called
Maloney Act, which added Sec-
associated
serve
underwriting since it would
be a rare case where an -offer to
for
but
securities are traded, nor the meth-
vanced Echelon Detachment of the
is
also
the
Headquarters 20th Bomber Comin
applicable to quotations is equally
applicable to trading. A company
which fails lo meet legitimate in¬
vestor needs should
be barred
from the marketplace.
differ-
40th
with
companies to be included in
quotations must furnish fi¬
nancial information. The principle
the
such
auction
ence
does. Neither the
York, the Association of the Bar of the City of
New York, and the American Bar
Durine
finally,
me
market the investor which diner
to snouid maxe tne it now
magna
fhf r!i
the Bar
connection it has been stated that
would
the State of New
service
stockholder
without
standards
Association.
common stock
brings
Market
counter rather than on an
mnrkpt
should
make the
&
n
a
for
,
will claim that trading over-the-
RnHdfnj*'
fill
of
out-of-the-
Over-the-Counter
laude irom Princeton Univer-
ic
is
market
voted/ or intro¬
option plan for
be
stock
a
over-the-counter market. No one
sity, where he majored in economics, Mr. Risk received his law 'de-
Ha
He
a
places. The exchanges could,
The
a
ystems in©.
improvement
meetingsbeheld at places reaspn-
foined he SEcFn 1957
the
AssociateHMre^tor of the Cohfhi^
^o^s oldest and largest dfviSon
onle
/ of
ably accessible for stockholders,
Director of Regu-
ing Department.
UAl,;,1rt
a "d
Holding an A.B. degree
areas
J
and will also
be identified with the Underwrit¬
cum
ex-
and should, require that annual
Aharon
P
D
way
Compliance
latory
to
are
executives
ovumnltt' ntViovc xxrill nn ^nitKf nr>_
example; others will no doubt oc¬
cur
to you. Most large corpora¬
tions today attempt to encourage
attendance at annual meetings. A
few still follow the archaic prac¬
poration Finance of the Securities
and - Exchange
Commission, has
become associated with the invest-
J
solicitation
of these securities. The offering is made only
by the Offering Circular.
/ /
offering to sell
one
having
smaller
of directors for whom
names
ducing
of investors. I will mention one
.
an
the
corporate standards in the interest
tice of holding them at
Johnston, Lemon
w aqhfntpton
other
.for Clay Risk, formerly the Associate
- Director of the Division of Cor-
occasional senior
What'
hand.
at
of
/ ;...'• '
ohahge has dpne, the others may« approval?/. / //•;/
/ A slight step .in the direction
Iwell follow. /
1
which I have indicated was taken
I
This is not to say that the list/irig requirements of the New York■; when the N.A.S.D., accepted spon¬
Stock Exchange are the last word.
sorship of published quotations as
That organization could consider a "vital part" of its work. In that
"This means that in the Smith Incorporated.
to
to
an
.
the/
Traders
*
is
amount
'
'
Green,-an
of
tion
,
.
Excha nges.
bring about an ^^aUon in..
^ a^wed
of
affording
without
enterprise
public
position
they
officer
in
the
risk
the
Mr.
•
v
the
participate by their votes. The
machinery for ending this situa-
something
AnilQii7otinn
_n
of
invite
to
in
Philadel¬
long dura-
is
this
However,
Treasury bills will have to meet
this competition in the short-term
sector of the money market since
This announcement is neither
Exchange
stockholders the ordinary right to
and
issues into snonobligations because" of the
of bewsecunties -M
rate
Stock
the number
-
enterprises if
they had to meet, at the outset,
the size standards of the leading
exchange. Such differences are
already recognized in the listing
requirements of the various ex¬
changes. On the other hand, there
must be some minimum require¬
ments if we are to speak of a
security as having a market. And
there are many other standards
which are applicable regardless
of size. Surely it is no longer nec¬
essary
to justify a requirement
of regular publication of financial
reports, or timely disclosure /of
important developments. Is there
any excuse for the solicitation of
proxies without even disclosing
the New York
trom iong-ierm
going to 'have a hardening infiuence
on
all other -loaning rates.
There
is no question but what
loan
American
and
newer
solicitation.
proxy
,;
the
as
can
of
purpose
Exchange
share
main, long-term interest rates are
the
Stock
which
requiredifferent
be
things
be freely traded,
and the like. It would defeat the
statement.
York
New
have-to
size of the company,
of stockholders,
the
stock
protection.
listing
the
will
adequate
an
investor
Obviously,
information
the
proxy
control
Liberty
Bldg.,;
Trust
be, switches
will
there
largest
and best credit risks that the commercial banks do business with, is
in
of
achieve
of
with respect to such
TT
i
.
Co.,
rise in the
plus a-
rate,
r^lMnnpv and rtn tion since sector to the other will
the movement of funds
cial community. Money, wn'rt capf
one
market experts
need
very
to
ments
certainly, and the regional exchanges probably, should follow
„
in the dis¬
which should not be of
ital
.
-\T
*
signed
require¬
is often
solicita¬
required for the
now.; requires
ll3,rrV
sympathetic rise in * long-term
,
.
in
most
a
measure
situations, how¬
stockholders may be
account of itself..
iyj*
bank rate will bring about
t/ £s
coincident with a
nf
of credit, thp
the
the money market—and espe-
ture,
that
ever,
in
exchanges have theirs. They need
tion. It is in these
The
TT
from J°"g-term lssues lnto sho?"
^erm
artfnn aj3|e return near-term securities.
that would be availaction ^etter-n
,
for
meetings, it
practical to avoid proxy
the * long-term sector of the
market has been giving a
-
quorum
Maloney Act
not be identical but should be de¬
now
prime
no
low
ment
The
long-term rates go, it
a
*
-
-
q
/n
suit. Still another requirement of
biggest
might For
by the amount and the size of the With Hecker & bo. fhe extendedexchange others. well
•••>'/! be
to the
"ew offerings 5
Harry F.- many years the former has dePHILADELPHIA, Pa.
Jax exempt bonds that pome nto Green, Jr. is * :::
/ clined to list non-voting common
the market for sale. There
stocks.
It
is contrary
to every
associated
question but what higher short- with Hecker &
equitable
concept
of
corporate
count
•;
is
:
real sense an or¬
ganized market. It/ too, should
have listing requirements appro¬
priate for its activities just as the
avoided by a , limited solicitation
or none at all. Where a parent
company or the management owns
a substantial amount of stock, and
there
result of the
a
also
those provisions but the impact of
Section 14, dealing with the solicitations of proxies,' can often be
"Equalization" Expected
term rates, an increase
'
change m the thinking that
interest
rates
will
likely trend
be
though short-rates are going to tions,
remain on the firm side for
bond
foreseeable future.
good
as
as
As
"
and the organization of the NASD,
the
over-the-counter
market
is
r
obligation • is able tqVToffer is; as
favorable if not more so.
;< v gations has kept the rates of the
However, unless there is a very former from going up too much,*
complete change in the interna- while the yields on the latter
tional balance of payments deficit bonds have gone down sharply
(this would be a very welcome because. of;; the special case of
development) there is no doubt commercial bank buying.'ln addibut what near-term interest rates
tion, to be sure, the monetary
are going to continue to be on the authorities have kept the longfirm side. This is one of the ways term' area buoyant through the
in which the gold problem might open market purchase of issues
be solved and the international that come into that classification.
position of the dollar is going to
Thus, in spite of the continued
be defended. Therefore, it appears upward trend of economic condi¬
Rate
.4*
.
bills
would seem as though^e^trend
there will be determined mainly
w
'
posit banks than Treasury
would be unless the rate of return
that the most liquid Government
As far
obligations involved in this advance refunding and the financial
district is very much interested
in the outcome of this undertak-
Well
Acting
Therefore, agairt the Indications;,
are that the trend of rates in the
.capital,market will be very much s.
affected "by -the' amount- of new
corporate and tax-free bonds that
are
offered. The corporate bond
Continued from page 19 v \
■
flotations,
according, to present
exists. How many who do know
indications, > are not going to be
the difference can tell, when they
large,
although
tax-free
bond
read lthe financial pages, which
emissions show no signs of* slow¬
companies are listed and which
ing down from the torrid-pace ...
they are being put on the market, are not. This* situation has preHowever, in-both oases the de- Vailed since 1934/it is surely time
mand for corporate bonds as well
t° end it. Again, the listed com¬
as the need for tax sheltered oblibanies are of course subject to
V
CHIPPENDALE, JR.
BY JOHN T.
issues
Thursday, February 22, 1962
,
*.(940)
rence
gaged
of
company
in
40-40
the purchase and
industrial
by-products
icals.
of
Law¬
St., Flushing, N. Y., is en¬
sale
chemicals, chemical
and
research chem¬
For the year ended
1961 it had sales of
June 30,
$1*512,748 and
depends net. earnings - of 21-cents; per
the self- share, against $1,235,311 and 5,•
..j
/.,.,
cents, respectively, in 1960.
Volume
Number 6136
195
i
;
.
The Commercial and Financial
'.
(941)
Chronicle
21
,
V r*
OF LIFE INSURANCE IN FORCE
mm®, mmm-
mm
M
ERICA
SIGNIFICANT ACHIEVEMENTS IN 1S61
DIRECTORS
MlM
-IMUM ITME11 Ml
F111 .|?j FTY-SEW
Member Dibrell, Dibrell &
Greer,- General Counsel
LOUIS
J. DIBRELL,
CRIS
Ideal
President
DOBBINS,
Cement
Life Insurance in
r
President
ECCLES,
S.
First
.
.
on
Security;:
ord of recent, years.
V
,
./
National
can
•
S. MARCUS
.•
v
>
V
:^
,
-
GREER, Vice Chmn. Board of First-
.
City Nat. Bank; Houston, Texas
LEACH,
SAYLES
J.
$131,705,089
of 5.9% over the
$124,391,427 total for 1960
Total Premium Income in 1961
Texaco,
Director,
Inc.;
;This
Houston, Texas
JR., Senior Vice Pres. Lykes
Steamship Co.; Houston, Texas
M.
J.
Income
;
,
Financier, Galveston
SHEARN MOODY, JR.,
nruv
Bonds ;..V.'.r:;
Board of
Chmn.
RANDALL, JR., Medical
National
-
Public
&
Pres.
WATSON, Vice
American National
20,952,868.11
.
119,664,597.62
Utility
127,950,444.04
Industrial & Miscellaneous
V.
;
136,009,667.31
Preferred
-or-
Guaranteed;?::.,--v.
283,082,640.72
Mortgage Loans on Real Estate.T.T.:;^.' 1
'- Residential & Business
279,396,069.31
'X: dation,- Galveston.
^
122,804,389.60
-18,640,575.87
<
$ 17,369,091.44
COmfribil;
Board., Moody Foun-
TV WHAYNE, Sec, to
960
$3^4,869^.68
657,335.48
Stocks
Treas.
Asst.
J-*-.:
78,821,774.53
33,705,018.62
Municipal (U. S.)
Provincial & Municipal (Canada)
Railroad
■
0.
A.
d
T
Director American
earned
43,877,293.50
................
State &
Pres. American National
W. L. VOGLER,
W.
:
v
•
Canada
of
Dominion
T
Retired (Ex Pres. Am. Service
Bureau); Chicago, III.
LEE N. PARKER,
E.
—
$425,629)331.90 ^
....
United States of America
Moody.Nat. Bank; Galveston
;
interest
1 9
>/lj,
NORTHEN,
M.
MARY
-
Pres. & Sec. Ameri¬
MOSELE, Vice
National
'
LEONARD
MRS.
$171,312,138
$161,494,143 total
IV, Rancher, Bracketville, Texas
W. L. MOODY,
can
'
Investment
&
..........
Up 6.1% over the
for previous year.
•
Financier, Galveston
ROBT. L. MOODY,
increase
an
Premium
Total
LYKES,
Bros.
is
of
rate
-
359,168 (5.7-%) in the previous year.'• "•
••
net
been
....
-
•
;
4.38%
climbing steadily during the
past decade.
Surplus at End of 1961
$96,049,210
v An
increase of $9,722,368 in the year
after paying all operating ' costs,, divi¬
dends and increasing reserves.
Capital and Surplus Combined
$129,049,210
This represents surplus protection for
policyholders over and above statutory
reserves.
With this total the Company
balance sheet shows $116.12 of Assets
for each $100 of Liabilities and con¬
tinues to maintain one of the highest
such ratios among major companies.
$929,492,118
-V;The-new total indicates a; gain of $75,^ 661,184 (8.8%) over 1960 and compares
T -most-favorably'with the gain of $46,-
Vice President, Ameri-
The
1959.
has
,
R. A. FURBUSH, Exec.
Earned
.
Assets at End of 1961
Pres. & Treas., American
I. FOSDICK, Vice
National
Interest
Investments
Compares very favorably with the 4.16%
rate
in
1960 and .the 4.0%
rate of
Corp.; Salt Lake City, Utah
K.
of
Rate
Net
$6,017,718,863
.
The gain to 6 Billions in force came only
'. two years after reaching the 5 Billions
v level and continues the accelerated rec'V
Denver, Colo.
GEORGE
Force
:
Co.;
278,335,098.26
--
£a;F0rm-t
3,686,571.41
Lpiph's«fid:\- ;>■;
President
L. VOGLER,
PHIL B. NOAH',
^'■
^
Home Office
K. I. FOSDICK,
: >
course
of
23,346,380.20
$853,830,933.87
$692,147,184.51
$643,903,500.59
4,003,089.91
3,674,796.94
3,926,283.10
6,149,754.53
91,803,470.70
.2,413,125.94
3,663,464.10
.?/"•)-.
-epllectioir;r.Hvt;:..r!r.v.4:/.Vr;X
accrued
.Interest due and
"•
Other
Assets
Vice Pres. & Treasurer
.r.X:.
T.8:1 J
'
total
7,035,604.29
3,919,571.77
NICOL, Vice Pres. & Actuary
W. K.
C. E. BROWN,
W.
L111IL1T1EI
Vice Pres. & Asst. Treas.
W. 0. WATSON,
W.
25,827,691.02
7,938,464.48
3,537,629.90
477,984.79
594,145.13
.
Premiums deferred and in
-
Vice President• ' •'
L^MOSELE, Vice- Pres. & Secretary"
buildings
btate;:.^v:::'.^!::v^;f.\-::, 1,520,867.04
Other Real
•
.^
,
Exec;* Vice President
R. A: FURBUSH,
•
■
Real. Estate
:V-.
W.
3V,397,923.38
11,644,5.15.90
'
f
Cash ' V;"w;.
'
35,463,462.28.
9,888,218.97
2,115,012.17
$929,492,118.75
Company's Policies
-
OFFICERS
Vice Pres. & Asst. Treas.
CHERRY,
&
Pres/
Vice
-
■
Policy
Ind-
Supt.
Reserves
.....
Premiums & Interest
|
'
Agencies.
BAILEY
writing
:
t
r>-rif
Mgr.; Under* •'
;
*
.
Division
I
Vice
ordinator of Sales
Claims Not Yet Completed
or
.
;:
Reported
Reserved
for
.
............
Security Valuation Reserve
iOther
Co¬
T.
A.
J.
Capital Stock
Surplus
Surplus Protection
ENGELKE, Asst. Vice President
EAVES, Asst. Vice
M.
JOCKUSCH,
Asst.
President
Vice
Pres.
.
&
,
...
;
TAVENER,, Asst.
Vice-Pres.
&
Asst.
:
,
Vice President
H. F. TAYLOR, Asst-.
C.
4,931,954.13
'
800,442,908.69
734,504,092.53
33,000,000.00
86,326,841.34
129,049,210.06
119,326,841.34
$929,492,118.75
$ 33,000,000.00
96,049,210.06
Policyholders'
$853,830,933.87
RESERVES
SURPLUS
.
..
...
Vice President
..Actuary
R.
.
Asst. Vice President
C. J. SKARKE, JR.,
E.
'
*'
5,062,156.20
73,268,220.57
KIRKPATRICK, Asst. Vice President
M. A. POLZIN, Asst.
L
&
' W
.
to
TOTAL
Supt.
Ord. Agencies
R. R.
•
LIABILITIES
RESERVE
V.
.
R. C.
\
•
.
Liabilities
TOTAL
&
Pres.
;
.v.............
Taxes
,
'
;'
Asst.
•r'-'T
CHRISTOPHER,
GEO.
-
Pres. & Mgr. Real Estate
HOOD, Vice.
0.
'Paid in Advance
.
GRAY, Vice Pres. & Claims Mgr.
H. W.
J.
V
Vice, Pres.; &
CLARK,
Asst.
WEAVER,
Vice
'\y
&
will .be'sent-upon request:
Asst.
Pres. &
Copy of American National insurance
--Company's 57 th Annual Report
Asst.
Pres.
.Secretary
J.
W.
WILKINSON,
Secretary
A. C.
Asst.
Vice
•
BRAJKOVICH, Asst. Secretary
L;,
A.
C, SCHUESSLER, Asst. Secretary
;
/
H. PEACOCK, Asst. Secretary
DIBRELL, DIBRELL
.
'>*!•:*
t'vifi<j}
nx
-<A:x<"»Y>ii*i
& GREER, Gen. Counsel
DR. E. RANDALL, JR.,
Medical Director
FOUNDED
1905
GALVESTON,
TEXAS
22
(942)
The Commercial and Financial Chronicle ;
"
With Dean Witter
SACRAMENTO, Calif.
B.
Condy
has
Combined
Century
Charles
appointed
—
been
JOSEPH
BY
C.
POTTER
.
Twentieth
in Sacramento.
missile
range
detecting
General
His
Electric
appointment
visor
followed
intensive
course
as
systems
Company.
Account Ad¬
completion
six
months
of
an
training
at Dean Witter & Co.'s San
Bank
vides
Fiduciary
Fund pro¬
legal investment medium
a
advancing 6% while Bethlehem
was losing
16%.
Bankers, widows, orphans and,
indeed, all investors have prime
need of diversification,, however,
much their need may differ, on
for
trusts, estates and guardian¬
ships administered by banks in
State
the
formed
of
by
New
the
York.
New
It
was
York, State
Bankers Association in 1955
as
other
the
first such mutual trusb investment
the
in
company
Francisco headquarters.
country.
It
counts.
A young man
income
and' his
sizable
a
earnings
now
ahead
years
may:
i
has
NASHVILLE, Tenn.
of
name
Branam
The
—"
firm
Investment
Co.,
Inc., 612 Davidson Road, has been
changed
Southern
to
Security
the
pal is
traditionally conservative
bankers, who have not been slow
to recognize the values of diversi¬
fication, sold shares for $100 in
1955.
had
At
latest
Looking
Planning Service.
of
SERIES...
fund
a
In
for
the"
item
message
need
widows
Bullock
there
Ling-
Wrigiey,
Lionel,
None
the
of
described
above
come
stress
citizens,; for
princi¬
value
2.3%
the
for
share
of
In-
a
the
up
after paying
from investment
year
(lO cehts)
loan
small
woundearnings
of
$97,156, or 16 cents per share on
the 624,179 shares oucstariding at
,as
Investors increased 19.2% to
1155.08
each
of
that
.em¬ income and 5.6%♦ (24 cents):from
'
company,
with
year
;W
time.
As
,
;
for
fiscal1962, In October v'"
an'd ,November' of
1961/ Tower
/realized vsecurities /profits over
same period,
•/
//v //.'>//, acquired/; $11 million- in/ travel 4
*/.///;>I'/;business through the take-ever of://;
system
of
portfolio
.
f.
"Don't
Nation-Wide
with
that
they don't
if they own
pity
Securities.
demonstrates
jcb that
The
the
fessional
rily for income possibili¬
ties. Send today for Free
whose prime concern is preserva¬
tion of capital that can never be
and descrip¬
management
replaced.
tive literature.
hold
The
least
at
stated
-
for
people
policy is to
one-third
of
assets
on
!
/
:
/
-/■•
.
-'/•
.
"
••
■'
;■
.
.
Dec.
31, according to the annual
The Funds Report
report.
This
062,996
/'•/
ar¬
be performed by pro¬
can
Well over/
'
$22 billion?
standout
securities selected prima¬
a
value per
of
1861
earlier/
f
/ --/;• "
//;j.■
Atomics, Physics & Science Fund,? year
Inc.
in
r
its
semi-annual
puts total net assets
as
report
from
$6.50
currently approaching $40 million
a
in
•
•,
.
-//■/ ';
sales
excluding
any/business
from its arrangements with Mont¬
gomery Ward. This is more tha'n
double the $17 million recorded
by Fugazy in the 12 months prior
of Dec.'31:
at
$58,642,873,
compared * with]
$51,923,160 a year'earlier,: Net as¬
set value at the close of
an-
$17,- other $3 million in sales.
year earlier.
Net asset / All this has raised Tower's genshare increased to $7.97 eral travel
business
to
a
rate
end
the
at
business, representing
surance
with
compares
.
Haas, Koch: Co.
to its
acquisition by Tower. ' /
Big business now, travel's 20%
share, against:
De'C.)31', 1960. : :
-I Jay 'Richard! Jacobs! has joined annual expansion rate is almost
thirds of total assets
may be in¬
Haas, Koc|f & Cp„ Ipft, 120 Broad- unparalleled by other industries.
vested in common stocks. It adds:
Delaware
Fund
announces: if Way,;]New^ YoFk City; as a senior
Moreover, several, factors J Will
"Despite this conservative ap¬
si
;
j •n-jikvi ; 'j
i
iu/ .:^i presumablyv make it grow even
has
added
a
block
of/ 100,000?'
proach to
L /'
investment, however, shares' of
ilii
K^ifrvolam^aster in the future. As Gross NaMassey - Fergusbn, ■ Ltd.;
Nation-Wide has often been able
/"
tional Product and disposable per¬
to its holdings. '
""■•/./'' / S //I;
to record substantial
gains in pe¬
sonal
income
increase,, more /
*'-•
./F/'
riods of generally rising- common
.; money will.be available for plea$/
Fidelity
Fund
investment ; in,
stock prices.
The fund has paid
ure and business travel. Further-//
common
stocks at -the close : of?
quarterly dividends, in varying
/' more, .as the work week, shortens, /
1961
amounted
to
93.1 %,; com-/
amounts,
since
organization
in
travel expenditures are likely to /
1932."
.-,...,// pared with 83.8^ a year earlier. •
soar
even
higher than those for "
The five most important industry
.The
Bulletin • also
in
RESEARCH CORPORATION
Established J 930
Broadway, New York 5, N.Y.
bonds, preferred stocks
at
NATIONAL SECURITIES &
120
fund
broad-based
February
headed:
is
,
anyone's
ticle
Prospectus
Electronics,
&
Winfield
Growth
Industries
several
independent agencies in
getting a
Fund, Inc. in its semi-annual re- Connecticut,/New. York, and. the /.
and
top-"
District of Columbia. Also in No- drawer investment counsel with port states that total net assets
at Dec. 31 reached .$7,665,104, a vember, Tower sold 21 of its small
only a moderate investment of
new peak and an increase of 199%
loan oifices in the South to Gen-/
funds.
Incidentally, the record
in
ayear,
Net asset value per eral .Acceptance- Corp,' for $2.5
indicates
the public
is mot un-!
share of $8.78 at the close of 1961
million in cash to raise the monies /
aware
of this. HoW else 'can you;
compares with $6.44 !a year.earl/,/necessary ;to/follow' through
on
explain the fact that in the -space
ier. !
}. ■
/ .
j;
its travel program. In December, //
of two decades there has arisen;
';
*
*
*
■
:
;
Tower acquired Mercury Internain this country a business whichjNet assets/of Wisconsin Fund tional Sales and Service Co., a
has 5,500,000 Shareholder accounts;,
were at a new high of $21,998,684
leaaing factor in the air trip inand total net assets of
tual
simi¬
Weep for the Widows and Or¬
phans." //////////:/://:/;////
fund
•
u. S* Rubber and General Fooas.
diversification.;/;>r / w///»'* the.
no
one
yet has come up
With a formula to equal:'the mu¬
$119.30.
somewhat
Calvin
bright
a
Its
mutual
of
:
•
INCOME
a
as
orphans..
Bulletin
is
is
asset
And
report the shares
value
after
trade
and
Telephone
Temco-Vought,
Vestors of record Dec. 31. The net
best
need
lar interests is Nation-Wide Secu¬
NATIONAL
with
objective;/may
2
Steel, Foster-Wheeler, RKO General,
Litton Industries, ; General
A /25% stock distribution events had any reflection in sales
was
/paid
to
stockholders
of ancj earnings for the fiscal year
Twentieth
Century
Income
In- ancl November, of
19ol," Tower
phasize income. But all-investors
rities, which the Calvin Bullock
people note is a conservative, bal•anced fund, often referred to in
the
prime
a
30.3%
,
market
a
senior
I
Continued from page
In¬
Income
year.
whom relative stability of
of
Now Southern Sec.
55 stockholders, representing
banking institutions. This fund
growth:! and
53
;
increased
gain -was experienced by Twentieth Century
Growth, Investors after adjustment
for the 3.6%
paid from realized
securities profits. Each share increased
26.7%
to $9.50 for the
Bankers, Widows & Orphans
The
Century
A
vestors.
Before
joining Dean Witter &
Co., Mr. Condy was a systems
specialist in experimental long-
Twentieth
of
$6,808,617, a rise of 170% dur¬
ing 1961: Significant gains are re¬
ported in the value of Twentieth
Century
Growth
Investors
and
Co., 924 J Street, it was announced
by Edwin Witter, Resident Part¬
for
assets
Investors, Inc.
to
account advisor of Dean Witter &
ner
Thursday, February 22, 1962
.
all times.
No
cash
or
than
more
two-
equal
to
$4.88
$5.69
1961
was;
a
on
r
.
,
.
,
.
.
•
offers
Investing in
ik
common
stocks
trained
over
the years,
investment
;
drive home- the
Dow-Jones
counsel.
lesson, it
folio
the
Whatever
industrials.
Beginning ,/with,;- and
a
est;single investment inthe-portrl
To
uses
was
-
International
/:///;/
built h;
around, its Fugazy Travel Divi.siohj; Tower. is making a bid for /
and cosmetics,]
petroleum and automotive. Larg-t
lion's share of this multi/billion
dollar
Business;
prize.-
Although
,
.promo-
-
tional expenses and
Machines,, followed by American/
Telephone
&
Telegraph,
Ford,;
else
/•'
/•
•
equipment,- drugs
,
selected for possibilities of growth
in income and capital
othef leisure-time activities. / /
/
groups as of the end of 1961; were;
financial
and/.investment;: office;
worthwhile lesson for those go-italone folks who think that
buying
the quality stocks will
accomplish
the
same
end
as
reliance
on
FUNDAMENTAL
INVESTORS,
a
start-up costs /
may
be/ heavy in its programs,
Tower still anticipates respectable
earnings on its 679,179 shares cui- rently
outstanding.
These
expenses and costi Ore understand-;-
-,
might be said of that index,
;
FMC Corp. and General Motors.
; trader
none
will
Mi Jacobs(was previously
question the
quality:
v■)//./? / wjth Droulia & Co^, Hayden Stone
•label. "•"/ .;
'///■/
•1
' -v"/."'
/; Directors of Massachusetts In-l & Co. and Bear/Stearns & Co. and
Yet it notes that the
percentage vestors Growth Stock Fund
havei has had] oyer ten
change from the 1955-57 highs to
year?' experience able, in/view^ of the huge p :ofit ;
announced: a two-for-oner split of - in Wall Street./* / /
e ;U_//./;/
the close of 1961 leaves 15 stocks
potential,/which oh- the companyfs-.../
the shares.Stockholders will re-?
higher and 15 stocks" lower, Nor
modest/capitalization could bring r
ceive
one - additional
share
for.
is it a case of one
a
sales and earnings pattern in- -/".
industry faring
.
Well
DIVERSIFIED
INVESTMENT
FUND,*
with
an
and
fell
Procter
major stakes
Gamble,;
food,
food
field,
its value.
.
.
Nop
.Thus,
is
actually
'■/
this
while
lost
'
18%
Texaco
-
was
.
.;
;
.National
of
28.(/r:-.^
&
of
with
compares
ican
or
72 cents
1960 .net
a
of;
share. /
a
School
of
Business
University./
* As
at
Stanford
director
of
succeeds
tKd
a
North.-American,: he
Graduate
late J;. Hugh Jackson.
/
f
business
Glass
from
pubUc
companaesj
.
..
of
its
company seekingshareholders possibilities /
growth of capital
reasonable current income.
long-term
and
a
Prospectus
4
Hugh W. Long and Company
,
^«
'
\,
,
Securities. In^.. whollyrt"
owned ) subsidiary j ofi the parent
comoany.
/
j'
?
past
six
&
'
New Ydrk
—
.Atlanta
^
Chicago
—
years
-
*
,
Re-
y.V!
'
positions
Founded in 1928...
-
7H
Glass, 31, joined the staff of /
Cr.E.C.
-as.
~-
a
Securities,
mutual
Inc.,
in
salesman;. He
/yanced/to- sales
and Z originated
*.11
1959/.
ad-
i
/
More than
of
division.
Los Angeles
—:
Now Corporation
'
>
/P e r's o n a l TnvestorA Co., > 4325
Broadway, New Ynrk City> is now/;
as a
335,000
i-n
to
stock
ofdrecord
corporation/../
t)0/r l>bcr(t
)
thiV* dividend
'
li-.f
owners
Wellington Fund will
payable March /31//1962;
•
San Francisco
net
v
-'
manager in 1960
the firm's over--/
share"
>
share, from
a
investment income
upon requests I'-
,
consecutive
*''
Continental Planning Com¬
pany,^predecessor company of
^doing business
J
the
Building.
;
Co., and for,
he has been
the-counter securities
Lord,- Abbett & Co.
Incorpauted
in
Bank
•
for G.E:C.
Mr.
An, investment
for
Murray
securities
First
Common, Stock Investment Fund
j.
of£ices
NatiQnal
active in the investment securities
•
a
Mr.i Glass will direct
underwritings and securities sales
field.*;-/.,■',*
•
conducing
Mr/ Kaschewski will coordinate /'
;pdliq!y bf'subsidiary mid Affiliated /-
the
•
Joel
|s
Vice-Presidents, it was?announced
with W. R., Grace
Fund
JEliiabath, New Jersey
and
dynamic
/' )' /.]
truly
Texas-Willis
Schueth
New,York.City,:haye elected Karl
Kaschewski
-
W. M. Schueth Opens
Economics- DALLAS
62a Madison Avenue
for 2i years in executive
A
any
;//Mr: Kaschewski w?ts associated )
development.
«.
V.-Ps.
Corporation
of
growth stock.
director Of North Amer-*; by Leonard I. Axelrad, President.
fields of scientific and
Wertmimter at hrktr
...
Investment Corp.- He. is pro¬
fessor. of finance at the
was
dicative
$961,532,,or 84 cents per.share.;. Directors ;oD General
Investing for long term growth
of companies]
economic
Gen. Economics
Research;
|possibilities in securities
in many
:/
//•
Securities
A.
over
Steel
/$
Dr. Herbert E. Dougall has been
Cali¬
span,
Feb..
on:
$ '
1 &
Corp. reports net income for 1961
$826,816,
fall¬
was
the
S.
..
of
case.
declining 9,%. And
U.
■
,
This
rising
fornia \yas
same
/ :
elected
isolated.,
an
.62%, Standard of Jersey
ing 16%- and Standard
DIVERSIFIED GROWTH
STOCK FUND, *
were
standout
performers
among
the Dow stocks during 1he
period.
-At the same
time, Swift & Co.,
which has a hefty stake in the
;
eatch share ^held
General
&
in
lean'
on
example,
the
,
stocks.
As
Foods
A balanced investment
in bonds, preferred stocks and'
common
while' another
days.
i
•
>o.
i) j
Mardn
^
*
Volume
Number
195
t
6136
.
The Commercial and Financial
.
Chronicle
(943)
23
r
the
AS WE SEE IT
!
.
Continued from page 1
;
;
-
.
^ [ of
New Deal.
course,
One of them,
is the stimulation
million with a labor forca of .What of "Full Employment"? 1 of the utmost in unionization "
This Week
only 780,500, while in 1950 it
Now what of all this when - of workers, and another is the •
Insurance Stocks
required 1,211,000 employees considered in conjunction ' varied program of encourag¬
to
handle
$789 million in with the so-called full "em-" ing home ownership by the
business. "Basicsteel"—what.ployment act and various pol- ; great, rank and file thus set- - INVESTMENT TRUST HOLDINGS OF INSURANCE STOCKS
ever
that is—employed 655,- icies.
pursuant to that law?; ting up. extensive, commit¬
The spectacular market performance of insurance stocks in 1961,
ments
to
000-workers in 1947 to turn
immobility. Thus, ' is clearly pointed out by the annual study of investment company
Well, in the first place if
"the
out 84,900,000 tons of steel,
Management results conducted by Arthur Weisenberger & Co.,".
major domestic chalpoints up—as more/abstract J
New York City.
-f.,
.while in I960 "r roughly. the reasoning has not been.able • lenge of the Sixties" is by no
means as simple
same number, of workers pro- -to do. for sa
as is some- -■;» — Among 35 mutual funds whose principal ob.iective is growthmany—the ab- >
of-capital; Life Insurance Investors was clearly the leader with a
times apparently supposed. /
duced nearly 100 million xons
% 1961
-surdity of ''full employment';' ;
*
—
:
-
| of
■
coal
Bituminous
steel.
0r
maximum ' employ-;
even
is, of course, a well known ment as a national economic Phila.
example, of the same sort of goal of any sort; If we must *
Inv; Ass'n
.
r
•
gain in net asset value per- share plus capital gains (rein¬
vested)- and income dividends taken in cash of 102%. The average'
net change for the group was 25% for the
year. Similarly, in theJ
study of funds whose investment objectives are both appreciation
and
satisfactory
a
income,
the
of
performance
"goal"—and NamesCommittees
Trust, with better than 90% of its assets composed of insurance
years.- From the national ao/|t is questionable whether we
equities, was significantly better than the other 59 funds studied."
PHILADELPHIA, Pa.—John J. F.
counts., prepared -and
The Eoston-b'ased fund had a gain of 57% for the
pub- jshould spend too much time Sherrerd of Drexel &
year compared',
Co., Presi- 'i
with an average of 24% for the group.
■lished by the-Department of with such paternalism — it ,
dent of The Investment AssociaInvestment funds continued to actively trade insurance equi¬
Commerce much broader sta- "should
obviously be directed ^ tion " of. Philadelphia, announced
ties during the fourth quarter. Putnam Growth Fund added to its •;
tistics can be cited to show at
maximum production, of the appointment of various comGovernment Employees,
mittees of the Association to serve
- holdings of American General Insurance,
the same trend. All manufac- useful
goods, and the tech-• for the ensuing year.
Insurance and United Services Life during its fourth quarter, while
"
V
turing in 1960 accounted for nique for promoting- such a * HarryJ. Kirby, Jr. of BIyth &
reducing its holdings in Continental Casualty. The George Putnam
some ; $121.5
billion in na- goal should be that of creat-; C<X, Inc. has been- named Chair- v Fund of Boston also reduced its holdings of Continental Casualty
and established a substantial profit with its estimated cost of 315
man
of the Program Committee.
tional income with some ,16
mg and maintaining a general
per share on its holdings. United Funds, Inc. added to its Travelers
Other
committee
members
are:
million employes
(full time, .climate in which private inand U, S. Fidelity & Guaranty and reduced its holdings of Security
Richard Drayton of Smith,: Bar¬
equivalent), while as recently dustry can be expected / to ■ ney <Si Co.; Nicholas D. Meyer of " Insurance (New Haven). Madison Fund, eliminated its holding of
Government Employees Insurance during the final quarter of 1961 •
as
1950 national income pro- function most effectively and ' Hornblower & Weeks; F. Stanton
by selling 8,230 shares. Dreyfus Fund added 1,500 shares of Han¬
duced in these industries
vigorously. In such circum- Mayer of Eastman Dillon, Union
Securities
& ~ Co.;
and John D. - over Insurance bringing its total holdings to 16,500 shares at year
came
to some $74.4 billion stances, such matters as. the ,
end. Fidelity Fund made an: initial commitment of 13,000 shares in.
transformation
in
recent
have
some
such
Century
Shares
.
:
.
.
full
million
15
with
time
number
of
and
men
Wallingfordfof Jennings, Mandel
& Lorigstreth.
'
.V
Robert J. Caul-field of Equitable
Securities Corporation has been
named to head the Membership
women
Life Insurance
Company of Virginia. Other insurance stocks pur¬
investment funds during the fourth quarter included
•
equivalent: employes.
same
in
:
Th
e
,
trend is to be observed
almost:
all
indeed, not in all of them.;
production
be engaged in
and where and how
if,
industries,
to
to
be
they are
.could
engaged
,
Committee.
Other
members
by
Insurance
Insurance
and
sold
were
U.
Life .while
S.
balance.
on
Franklin Life
and
Home
*
,
are:
During the fourth quarter and throughout 1961, investment
funds were buyers rather than sellers of insurance stocks on bal¬
Bailey of Hallowell, Sulzance.
The management of the funds apparently continues to feel1
berger, Jenks, Kirkland; & Co.; V.
Henry McK. Ingersoll of Smith, -- that insurance stocks represent fair values at present prices and
Barney & Co.; Joseph E. Labrum.' are inclined to purchase or hold their insurance equities rather
,of Butcher & Sherrerd and Cam¬
than realize their sizable profits through sales.
'
?
should be left to take care of
*
Aetna
.
and
other highly itself. * - ' /
'significant facts in these comNow
the
President i and
pilations which are not so fre- many of his advisers appear
quently quoted; or even no- to suppose th^t-'thd ^hl^ol^
ticed by those •'who have so.; tion of this
problem of fuller
much to say about this mattes
employment, - particularly as
% But there
chased
Omar
are
.
■
■...
Thompson of The First Bostop,Corporation.,
" ;
%
.Tames. P. Roberts of Bicker,
eron
.
•
•'
V
•."••••
••
*
1
•#
*
•
•■-
.
■
•
.
■
W
•••
.'v
f
•
■,$
f
-■■■';■
,'.•••
•.
*
of
decreasing employment per thb 4 labor iorC& constantly°
unit of output. As against a
grows and as machinery -is
10% decline in the number steadily replacing hand; opof
employes from 1950 to erations, is something they
FOURTH
Weeks & Co. and Norman T. Wilde '
of
Jan.ney, Battles & E, W. Clark,
QUARTER FIRE AND CASUALTY™^
•
|
i
UNDERWRITING RESULTS
Each
the underwriting results oi the fourth quarter of
insurance companies tend to be lost in the report- !
ing of the results for the full year. While the results of the first
bers are:! Roger B. Decker of Dethree quarters of the year are given ample publicity, analysts tend
Haven
&, TownSfend,
Crouter &
.1960 in the automobile indus- term
growth or expansion of Bodine and Robert S. March of ^ to pass over the results of the final three months in favor of study¬
ing the reported results for the entire year. Nevertheless, under¬
try, we find that those who the total productive mechan- Schmidt," Roberts & Parke.
T
writing results for the final three months are equally as significant
contmued to work m this in- ism/ Nor does it
The Auditing Committee con¬
appear to be^
as those of the first three quarters, and they are often the deter-;
dustry. drew down 57% more very important in the official sists of S. Carter MbCall of Paine,' ..mining factor .as to whether the year's underwriting as a whole is/
..Webber, Jackson & Curtis and Ed"- *
/toted pay . Many rpf_
profitable or not. The figures are also invaluable in determining
view as to how this growth, ward Roddy of Blyth &
Co., Inc.;.
>current trends in underwriting results. A " - '
•••; 1
manufacturing industries, qs
be stimulated or reached,
Inc.
are
co-Chairmen of the Enter-
tainmeht Committee/ Other
,
//
mem- *
year
fire and casualty
the othfer
,
even
when there has been no
We
in
our
minds; are"?
0wn
1961
of-
•-decline in the total;humber
qUtte Certain that .this.; is a ;
employes,,., present ,|ho same vastly oversimplified view of;picture. Take chemicals-and the entire matter; Much moreallied products for example
required than the public
a rise of but 26% in the numattitude appears to believe—
ber of employes and nearly a and much that is
apparently
122% increase in the total thought to be necessary
paid out to employes. Makers should be
of food and kindred products
plague.
their payrolls in 1960, but
paid out well over 60% more
for what they got from their
employes.
All this seems .to place the
so-called labor-saving devices
Not
Simple
a
broad
of
we come
economic
what
There
to consider the
implications
has; .been
is Tittle
going
on.
-
as
no
^compared with what thev
might have had to pay had
they not taken whatever steps
"
:
is not to reduce labor costs
much
as
merely to reduce
ameliorate
.inevitable
.what
was
in
Hartford
,
the Midwest Stock Exchange's two
puter,
more
old I. Kramer.
of
by organized labor.
,,v
factors
for
the
business
-
:
0.5
8.5
3.0
11.5
15.8
—1.7
11.3
9.5
-2.1
.1
3.8
,1.3
-4.8
9.0
—2.0
20.4
—6.8
9.4
0.8
Boiler
Steam
11.9
—14.1
,
,
—9.3
1.6
3.3
—2.6
_
—1.9
-
-2.0"
.v
\
name
Mr.
as
-they
Franklin
were
Roosevelt
made them part and parcel
of
LOSSES
FIRE
exceeded ;
$1 billion for the fifth consecutive year. Last year's total of $1,209
million represented an increase of 9.1% over 1960. Contributing to
£
totals were the severe weather conditions expe¬
the country in the early months of 1961, the
November fire losses in Los Angeles County and the continuing
,
last year's record
rienced throughout
expansion' of values in the nation from both dnflatian, and physical
'
expansion.
r.
value, the National Fire Protection;
Association estimated that 11,700 persons lost their lives in fires in
the nation in 1961.
The total represented an increase of 350 over .
In addition to the loss of
the
previous
and was the highest toll since 12,100 perished in
year
fires in 1954.
,
.
-
BANK LIMITED
from
offices
in
YORK CITY
NEW
/
Office:
*
>
"
BANK
Nin
the
Head
26, BISHOPSGATE,
STOCKS
London
LONDON, E.C.3.
Bulding under the .firm
of Securities of Puerto Rico.
Branches
McFeely
was
formerly
with
Breakdown
Portfolio
&
Government
Sources
of
54
13
Bond
Income
ST. JAMES'S
S.W.I.
PARLIAMENT STREET,
SQUARE, S.W.I.
I.;R. E. Investors Corp.
most
tor be as
politicians at
1961
Estimated fire losses in the United States during 1961
Brothers
Bulletin
(Special to Thb FinangialChronicle)
Request
Bankers
to
Laird, Bissell & Meeds
Members New York Stock
associated
"Shearson, Hammill;& Co.
formerly
Bakersfield
-manager for Evans, MacCormack
&/Company. T.v._ t
Stock Exchange
12ft BROADWAY, NEW
,
He", was
Telephone:
Bell
■
*
the Government in:
UGANDA,
Branches
ADEN,
•
ZANZIBAR
in:
Exchange
~
Members Ameriean
with
•
on
-•
BAKERSFIELD, Calif. —: Gerald
G. McNutt has become
Available
KENYA.
With Shearson, HammiUU
appear
the
Washington
5.6
19.0
— _
St. Paul Fire & Marine
BAYAMON, P. R. — Thomas McFeely is conducting a securities
part grow either directly or
when
Year"
1.2% *
NATIONAL AND GRINDLAYS
wage earner less, rather
more
mobile just at a
icies which
done to them
6.5%
-1.1%
—1.0%
Opens in Puerto Rico
indirectly out. of public - poF
conseauences
Full
3rd Qr.
■
cant since the recent death of Har¬
quite, arbitrarily. now
and which tend to make the
to
2nd Qr;
•'
Peerless Insurance
bility
sacred
-
.
so
th^
Reported 1
EsthnatccI1-
0.2%
-•/
National Fire
operating subsidiaries—the Clear¬
ing Corporation and the Service
' •
'
Corporation, James E. Day, Presi¬
dent
of
the 'Exchange,
has an¬
Problem
\nounced;-The appointment is ef¬
will accom- fective immediately.
;/..., v : .;:
Profit Margins
:
-1st Qi\ - *
•
—3.0
CHICAGO, 111.—R. John Cunning¬
the
or
degree
a
/
(consolidated)
designed to do .centralized
flexibility,
in the adjustment of individ-- bookkeeping for member firms in
various cities, around the country.
uals to their own problems v The post of President of the
and prospects are a sine qua Clearing Corporation has been va¬
these
*
ham has been named President of
than
were, available
to -them
to
time
avoid the horrible b u r d e n when a maximum flexibility
that modern labor union tac- and
mobility appear to be of
.ties place upon them.- It is the utmost importance. And
clear, however, that what
They have succeeded in doing
.
Fidelity & Deposit.
ground
for/doubt that employers gen- non. There are a number of '
erally have saved labor costs factors which limit this Alexi¬
or
-
Continental Casualty
Cunningham
.
0f labor and
-
Aetna Insurance.--.
Obviously, it
plish little or nothing, for exMr/Cunningham has been chief
ample, to retrain skilled consultant on centralized book¬
workers if they are to remain keeping for Arthur Young & Co.,
the Exchange's long-time auditing
in places from which industry
firm.; Hehas been i.n.:.charge pf
and
V1t 'automationn it'S^ll for one reason or another has
the planning and installation of
in a'somewhat different light fled.^ Much
greater mobility the Service Corporation's com¬
when
;>■/.
i.
•
.
,
on
-
.
1.5% fewer
carried less than
like
avoided
Underwriting
—«
■
YORK 5, N. Y.
BArclay 7-3500
Teletype NY 1-1248-49
Specialists in Bank Stocks
INDIA,. PAKISTAN, CEYLON,
KENYA,
BURMA,
TANGANYIKA,, ZANZIBAR,
UGANDA, ADEN. SOMALI REPUBLICNORTHERN AND SOUTHERN
RHODESIA
*
24.
-The Commercial *and Financial Chronicle
(944)
/"/Thursday, February^22, 1962
trends
the
and
home
.
in inters : nomic ^activity,,,the! expansion-;of
widely vagr^ed; that ' progress / at
favored* r the '-business. Joans feven Jpftbellitter bjpst Hs Jikely4o«be slow and" grad¬
degree of partyof the year may be at least ual.
Meanwhile; the signs point
stability in the money- market, -seasonal proportions, v. ' ;: •'?' Jo /another large deficit in 1962,
In sum, therefore, ^demands for particularly
present prospects both - on the
since Jmports: have
domestic scene and in our;, inter¬ consumer
credit, real estate loans "already increased sharply in re¬
national accounts suggest a tight¬ and loans Jo
business wall may, be cent months in -response to the
Continued from page 1
prevent them from responding to ening of market conditions and. d expected 'to display considerable hiigher level
of, industrial; activ¬
/ •
policy, was
strikingly different the basic forces of the market firming .of rates, in 1962.
strength; * In addition; currenf in¬ ity and 'are, expected to; continue
The Business Background "O It dications " are that Jhe ?
from, that followed during 4the re- P^iee.
These generally satisfac-
national; ^finance
of
maintenance
•
»
.fair
a
'
;
-
coveries
from
results make it reasonable
when- the-;te xexpetJdhat the new open mar-
1953-1954 and
the
tory
,
Treasury Upward hS'the ekpa:nsion in busi-
is
widely though not unanimous¬ .will- be ; a net borrower 'ifi Jhe "5ness cohtinues. r" •;
'
;
ly agreed that-the course of husi- market this calendar ^yeaF .Jo the
This ; development . Jaisesr^ the
ness activity is: likely- to. continue
extentbi
hazard .that foreigmreeipients;wOf"
upward for the next six months more,' *or "almost -asymueh- as - ift dollars may / prefer ;to transfer
,
1957-1958-reeessions,.
/Treasurjr actively endeavored: to vket technique/ will continue to
lengthen the maturity of its in- be employed as a tool of policy,
debtedness through new cash ofRegulation Q
Another new at least. This conclusion' is sup¬
ferings. In addition, the new ap- factor m the money market is the ported by: the record of the past
proach to the market on the part permission granted insured com- and 'by- the behavior of the vari¬
of the Federal Reserve entailed mercial banks, effective Jan. 1, to ous forecasting devices, including
important sales of short-term se- pay up to 3/2% on .sayings de- especially the "leading business
"
-
,
curities through much of the year,
Open Market Operations -— Tne
market technique al-
new
open
lowed
the
Federal
Reserve
in
posits, and on time deposits and
certificates with a maturity of 612 months, and up to 4% on deposits 3nd certificstes held 3t lcsst
successfully with a one year The previous maximum
policy objectives ra e had been 3%.
which
has
become
increasingly
The purpose of this move, acfrequent in recent years. At home; cording to the Federal Reserve's
the slack in the economy and the official announcement on Dec. 1,
absence of inflationary psychol- w„as (1) to increase the freedom
ogy suggested that credit should of action of commercial banks m
1961
deal
to
divergence
of
indicators," which suggest that a
cyclical expansion is con¬
tinuing.
It is also supported by
the current rise in expenditures
in various strategic sectors of the
normal
J
economy.
Looking
beyond
mid - 1962,
opinions become more divergent.
A minority of economists foresee
an
early end to the curret ex¬
pansion, with signs of weakness
appearing as the year wears on.
Opposed to this is the view that
remain readily available in order
to encourage and assist in the ex-
competing for time and savings
deposits; (2) to enable the banks
pansion of business activity.
International financial
conditions,
however, indicated the propriety
of holding money market rates at
levels
sufficiently attractive to
avoid encouraging an outflow of
funds to foreign centers.
to compete more vigorously for the economy is embarked upon a
deposits held by foreigners, who boom which may gather momen¬
otherwise withdraw their tum and persist well into 1963.
funds from the United States in Majority opinion, however, en¬
search of better returns abroad; dorses the expectation of a sus¬
an<* ^
IP^.e it possible for tained economic e xp a h s i o n
the commercial banks to provide through the current year, but
c_.
fi,0
continued
folfow
to
added incentive for the sav-
an
Rucuvuu
the poticy of
aggressive credit ease which it
pursued in the 1960-61 business
million
level, thereby
mofb-oriixr \xrUu
consfderable
cieffollowed fn
■
this is
period ahead
h3nk
an™™ jeTof
,0,Jh?r rates on savings deposits
c"ies have.a'f
their
con«ah
of the advance
in the latter half;
to
1958* the new ceiling, but many other
59
when the rise In business banks, reluctant to add to their
activity was ^companied by ma- £sts' .have as f*taken n0 actio.n'
195A 55 and
pattern broadly compar¬
in the previous two
business cycles.
able
a
to
At
that
the
view
moment,
supported
hand.
by
majority
this
be
to
seems
the
best
one
evidence
the
at
Consumer
goods buying is
unlikely to remain strong beyond
if that long; the housing
market is showing signs of satu¬
reserves The ease in
is to
the market' interestingly enough,
wfw LI ir has been to reduce yields on ration; and except for an inter¬
iheri demonstrated. by the .excep- jong _ term tax - exempts as the national crisis, a big rise in gov¬
ernment spending appears to be
banks strove to offset the prosthe adverse state of
io
MHmotS
1 ' pective increases in their interest ruled out byof
payments.
Devel¬
ave ex~ costs through greater investments our balance
ceedea tnat ot ?Q^R
in
such
securities/ Obviously, opment- of a vigorous and. pro¬
However; the Federal Reserve however, it is still too early to tracted econopiic advance would
was able to maintain easy credit
depend' '"largely
upon
the,
determine how or whether" the thus
without significantly
depressing banks will actually succeed in achievement of a sizable increase
the general level of money marin
business
investment
outlays,
recouping their added costs, and
ket rates.
In fact, until it bought what the ultimate effects
which
appears
doubtful
unless
upon
terial
reductions
in
net
7116
free
immediate
in
consequence
a
year,
credft
Hpnniita
I
•
short
terni
-
months
to
market
offset
npf
maturing
in
seasonal
pressures,
cnn^mfnn«
tons
securities
,
the
recent
changes in the tax laws and rul¬
ings provide some effective in¬
Thus,, the most reason¬
ther innovation was tne decision
able business outlook upon which
of the commercial banks in New to base an
appraisal of the money
J ~York and other leading cities market is that of a gradually
or less,
early in 1961 to accept time denever- Dosj+~ from business cornorations
moderating uptrend though 1982.
«Anpnenf
{„ !>«! xraL
in one year
the money market,
money
Federal
Certificates oj
Substantial reserves were
theless supplied
to the market
through
purchases of, Treasury
of. longer
maturity.
mid-February 1961-which
incidentally
marked
the
low
month in
business
activity-Jo
securities
From
the
end
of
Reserve
the
the Federal
year,
made
estimated
net
ac-
quisitions of nearly $2 billion in
the 1-5 year maturity range, of
some $600 million in the 5-10 year
bracket, and of more than $100
million in maturities
r*.
It
L
of
is
exceeding 10
•
course
termine whether
..
.
,
,
impossible to deor not this oper-
ation
effectively encouraged investment activity in 1961.
The
data do not permit
ascertaining
whether
the
proceeds
of
longer
term
.Treasury securities sold to
Federal Reserve did in fact
enhance
the
demands for real
the
estate
mortgages and corporate
bonds, or whether the proceeds
on balance were placed in shortterm
obligations, thereby substan-
tiaUy
neutralizing
economic
"W °Pen market
technioue
tecnnique.
In
the
event, however, market
developments have been consistany
o
,
Objectives ot the
Credit
Federal Reserve.
available
in
remained
all sectors of tne
mar-
will be.
'
Deposit—A fur-
„
Well
as
Dublirbodies
from
as
interest-bearine
an™
Even
this
view
of
S m^-
fle^
andtheneedof
to^omnete^
^-Lively
tlm
for
Sff 5
.of
ae-
te4
wearshavebeen
olmonev
instruments
TrLsurv
in
-
bills
V" rkmS,
but
In
mainlv
the
New
the'certtiicates have
been issued in large denominations, usually of at least $1 million.
A
these
and
market for
has developed
working satis-
secondary
certificates
seems
to
be
factorily.
-
While
banks
oractices
to
vary
conduct
certitioate
of
to
at
was
not
long-term
attempting
interest
pre-determined levels
peg
rates
or
to
With
the
-
road
having recently
their buying ©f auto¬
consumers
pects
up
that. instalment
are
will
increase
and
the
credit
materially
demand
for
in 1962,
real estate
credit,
including
construction
loans, is likely to respond to the
higher
volume
of. residential
building
and
commercial
con¬
struction presently under way.
..
In
addition, demands for loans
are likely to strength¬
substantially- this year. Busi¬
to business
most
en
ness
-
:
*• -
vert
'
apparent that the deposit increase
spiral.
been Jhe practice * of the moner
suredly, the commerciar banking^
system appears in a fairly ;good tary authorities of several im¬
An even more
position to meet these prospective portant countries.
borrowing
requirements. / The serious risk is that the resulting
outflow of gold from the United
commercial banks
have
behind
States may lead to renewed ques¬
them
a
year
of
huge
deposit
growth. Although tlie; figures are tioning of the dollar abroad and
still
approximate, it ' is already further losses of gold in a vicious
1961
of
of the economy.
This
cial
" Some
months
of
may
duous testing
Unlike
the
in
innovations
that
well face more arin the year ahead,
the
economic.,
recent
available
huge growth in commer¬
deposits has facilitated
an
improvement in loan and de¬
posit ratios.
Bank holdings of
Treasury obligations last year are
about
to
have
$51/2.
..
increased
billion.
by
be
Moreover,
when
maturity, the commercial banking
system has achieved a significant
shifted to London
However, it should be kept in
that,- - with the issuance ■ * of
negotiable certificates of deposit,
fluctuations
In
.
the
money
ket affect not merely bank assets
but to a heightened " extent' now
also
bank
liabilities/ The
international accounts and restor?-
outstanding at
the end of 1961 was about $1 bil¬
lion for the New York City, banks,
informed
almost
as
for banks
estimates
much
.
was
outstandin g
outside New York.
pered
tainty
by
as
Al¬
continuing uncer¬
whether further in¬
market' rates
accompanied by addi¬
the
tional
increases
ceilings
in
interest
time
to
enable
the
•
past, when
environment
at
and
favorable
less
of
the
1960-61
at
the
As
a
in the recent
past, to credit policy
prompted more largely
international rather than by
measures
commercial
by
banks to
considerations.
domestic
cates
States, balance
*
Implications for
There!
gold.
During the latter half of
nominal,
reached
.
a g a
are
as
effect for
the /past 18 months or
However,, conditions in the.
so;
fortunately are
materially :improved over those
that prevailed, in the; latter half
of 1960 and. the early months of
domestic economy
1961, when the strain oh the dollar
most pronounced. This greatly
narrows
the divergence between
was
the domestic and international ob¬
jectives of Federal Reserve policy
and allows credit policy a freer
hand in
dealing with renewed
pressures
on
the dollar, should
Jhey materialize in the year ahead.
Prospects
1961,
in
substantial /proportions.
o no e
to
for
and financial
to
Restraint
—
At
be sure, the business
scene,
at home does
suggest the.need for
an
actively, restrictive
to the first half of 1962,
policy. There
given
in the economy,
However, Efforts are being made to redress
continuing rise in eco- this
disequilibrium,
but "it
is
Credit Policy j
yet no indications
of a shift away from Jhe policy
of credit Case that has been in
not
a
than
"run."
market in the
period ahead may well find itself
exposed, to a greater degree than
Q,
in
keep the deposit certifi¬
competitive > with
other
money market instruments, r As
long as the uncertaintv .persists,
the possibility of significant de¬
in
Congress, credit
Federal Reserve
result, the money
rate
under
Regulation
might
be .necessary
Which
order
trend
to
be
and : the
policy nevertheless have major
implications for gold movements.
Should pressures on the dollar in¬
tensify in 1962, they would find
gold reserves smaller, short-term
liabilities to foreigners larger, and
the
basic
balance of
payments
in' money
would
confidence
the dollar rests with the Adminis¬
tration
though this is still a small amount
relative to corporate holdings of
some $20 billion of Treasury ob¬
ligations,
the
more
aggressive
promotion of certificates is ham¬
creases
international
ing
that -conditions
are
uncovered
Consequently, while, basic re¬
sponsibility
for
redressing our
-
volume
of such certificates
and
on an
relatively high interest rates pre¬
vailing there since last summer.
mar¬
fairly
of loan demands from the second
.
basis in order .to benefit from the
mind
steel
and
shifting
yield
Furthermore, not all short-term
qf its;'•liquidity. This :
suggests that: unless the Federal investors cover their, risks. The
cost' of hedging against
Reserve tightens its policy mate¬
foreign
rially, the commercial banks, as exchange rate fluctuations; may
a
group should be able to absorb
vary within a wide margin;
al¬
the higher loan demands in pros¬ though high coverage costs have
pect qver the • months to come in recent months greatly reduced
without the development of sub¬ the net yield advantage in the
stantial pressures or stringencies British market, nevertheless siz¬
in the money market.
able funds have reportedly been
;
present,
some
of gold;
stock tends to subside.
?.■
rebuilding
ing in the United
midyear,
York to
differential is
nominal, the pressure on the gold
the
the balance of payments deficit,
which earlier in the year had been
strike' at
of New
out
attracted
of
a
Treasury
contribute to the outflow
the
this could result in
British
on
since the added government secu¬
rities have been largely of short
of payments position and Jhe re¬
sumption of a significant outflow
period immediately ahead
by the building of inventories by
steel users as a precaution against
United
bills, after allowing for the cost
of covering the foreign exchange
risk, significantly exceeds the rate
on Treasury bills in the New York
market, sufficient funds seem to
bank
estimated
upon
and hence
in
Prospects Ahead
the
States
demands for
business loans may be accelerated
the
of short-
importantly af¬
fect the movements of gold. The
data indicate that when the yield
,
Conceivably
the flow
bearing
term funds-to and from the
deposits, and of the money
supply in general, is adequate to
meet the current liquidity needs
onthlc'ertifioates
The
strategic
conclusion that the volume of de¬
ft
.
money
of
are
mand
TVoaaflJhln'
exceptionally robust.
market conditions
influence. The
comparative returns available in
foreign ir oney markets, and above
all in London, have
a
decisive
Here
exceed the record
$14 billion rise registered in 1958.
Moreover, Over two-thirds of last
year's expansion was in the time
deposit category, supporting the
may
.
be
substantial portion, of these
dollars into gold," as has
a-
added
Banking
adiuTt
mLket
"
means;;
rj;' As^
The
Tmonev
have emerged in the money market in the course of the past 12
Reserve
-
mobiles and other durables, pros¬
their
market rates fluctuated within
eral
of
debnsit
with other money market instruments but below the new ceilings,
a
-
business
in: 1962.'
pressure
corporations u ad e r t o o k
heavy tax borrowings last De¬
business as
maricet oDer- cember, and their borrowings in posit
losses to the commercial
banks cannot be wholly ignored.
aUon
and
to
ra es
to the next several months are ex¬
The Payments Problem —• In¬
chanees in monev
rates
pected
to 'be: boosted
by
the
liSu j'ThJ
financing requirements of con¬ creasingly in recent years, inter¬
yield
, the year end the pre-' tinuing. inventory : accumulation national monetary 4 developments
and higher receivables as well as have become a potent considera¬
vail in e rates
by
were
the ceiUngs permitted by and the rise in outlays on plant tion in the- money market/ The
equipment, currently in progr "dollar problem," which; emerged
Regulation Q, namely, 2y2% on
ress.
.Past
maturities between 90 days and
experience
suggests conspicuously- in the latter part
6 months, and .3% on maturities
that When -business
inventories of 1960 but abated early in 1961,
and investment expenditures are has
in
recent
months
in excess of six months. Since the
-moved
start
of
the
1962,
quotations have both expanding, as they are to¬ closer to
foreground
once
been raised to levels competitive
day, loan demands are likely to more with the renewed worsen¬
aDDear
neeotiable
ket, the capital markets met even
a
record pace of corporate borrowing
in
the spring of
1961
without
significant
congestion,
and bond yields as well as money
relatively narrow, range.
Moreover, it is evideiit that the Fed-
middle
the
outlook,
however, implies a significant ex¬
pansion in short-term credit re¬
quirements in the months ahead.
stepped
fove^
market
more
shon
Prospective Credit Demands
and
certifi-
■
eotiabie
centives;
their /receipts
demands
iirtply^ that • basic mar¬
pace
slowing down
tinguedNetVlLcrtu:rSmhoauVndCthn,;
$500
the
with
abroad- j- which
selling tfreir. dollar. holdr
ket
forces " are ' likely v' to- - place zings to their /eehtral banks—and
short-term rates judder ^upward that the, eehtral banks will con¬
1961.These -increafsed
for credit,
a
shift'
credit
is still some slack
both in manpower
ly and higher than would, be ex¬
pected on domestic grounds alone.
industrial prices in
arid facilities;
aggregate
are
still fairly
stable;' credit demands to * tlate
have riot been unduly vigorous;
there is little evidence of a spread¬
the
*
read at the annual
meeting of the American Finance Asso¬
ciation, New York City,
Based
on
a
paper
(945)-
Chronicle
Number 6136; .The Commercial and Financial
195
Volume
American Stock Exchange Elects
'
To Board of Governors
American Bldg.
'
Maintenance Ind.
Edwin Posner
.
inflation psychology.
However, current trends in busi¬
ness
activity and in short-terrii
financing requirements make it
unwise to expect credit policy to
remain easy for an extended peing boom
or
American
'
!nod..It'^ohl^l certainly be impru¬
dent, if hot dangerous, for a credit
*
--i
&
Allen
New
Francisco
Co.j New York City, is
tries, Inc.. through the offering of
210,000 shares; at $6.50 per share.
,
strengthen,' and when the invironment
may
be less resistant to
inflationary tendencies. • • ./.*•
^
-
,
to
•
could well
scene
dent and director who
preted by some as evidence that
flexible credit policy has been im¬
inspiring further
paired, thereby
the
concerning
anxieties
shares
of
com¬
upon
.
inter¬
be
number
total
the
Of
offered, 183,000 are being sold for
company, and 27,000 for the
account of A. Ray Smith, Presi¬
the
Failure of the Federal Reserve
respond to the changed eco¬
nomic
*
dollar.
pletion of the sale, will own 687,188 shares, or 75%
of the com¬
pany's then outstanding stock.
from the sale of
its 183,000 shares will initially be
Net
proceeds
added
the
to
associates
a
held
Feb.
one-year
term
as
governors
.Chairman of the
the
at
12.;
*
members'
"
.
specialist and partner in Andrews, Posner & Roths-
of¬
are
Building Maintenance Industries
capital stock at $16 per share.
This
stock of Standard Indus¬
common
and
A stock
elected to
Exchange board of
fering 151,000 shares of American
y
making.' the> ioitialvpublic sale of
policy designed to meet a reces¬
sion to be
carried over into a
period when the economy is ex¬
panding to
ever
higher peaks,
when upward pressures on com¬
modity
prices
are
likely
to
Loeb, Rhoades & Co. Inc.,
York City, Sutro & Co., San
was
Stock
elections
annual
Carl M.
Standard Indust. ;
Common Offered ■'
25
is
the first public offering
of .the stock of the San Franciscobased
company, .which
provides
janitorial, window cleaning and
building maintenance services.
The
company,
business founded
to
a
ago
in
successor
52
years
San Francisco, and its
subsidiaries,
operates in 66 American and Cana¬
dian
communities
istered
under
trademark,
Janitor."
The
for
counts
Pacific
70%
some
the
"The
reg¬
Giant
Coast
of
ac¬
its
Wm. P. S. Earle, Jr.
Harold F. Driscoll
Edwin Posner
rev¬
enues.
Company's general
American Building Maintenance
Subsequently, is selling 40,000 of the shares. The¬
the company intends to use the odore Rosenberg and
Sidney J.
proceeds to reduce its accounts Rosenberg, Chairman and Presi¬
latedly, will need to be quick and payable, and to reduce the por¬ dent, respectively, are selling the
drastic, thus hindering a smooth tion of its equipment purchase remaining 111,000 shares, while
and gradual shift; this might not notes due within one year. The
jointly retaining 79.6% of the com¬
only unsettle the credit markets balance of the proceeds will be pany's capital stock.
funds.
corporate
Moreover, it would create the risk
that restrictive action, taken be¬
the
and
when it occurs,
generate fears of future
economy
but might
the
in
unsettlement
and
bond
markets even while credit
money
policy remained unchanged.
The prospects for credit tighten¬
ing are supported also by develop¬
world
ments
in
policy
can
Credit
markets.
contribute to the de¬
first, by help¬
fense of the dollar,
restrain the development
excesses in borrowing, spending
ing
of
to
and
investing, which to some de¬
are an
inevitable concomi¬
tant of expanding business activity,
gree
which
but
to
deficit
the
to
add
international
our
^
dollar;
be
against the
credit policy
pressures
Secondly,
used
foster
to
level
a
in
and
payments
can
of
money
in the United States
market rates
designed to make it more attrac¬
.
used
increase
to
working capital.
Tulsa, Okla.,
operates its
through three divisions.
in
Headquartered
Standard
business
The
Industries
Division
Construction
agencies, covering construction of
highways, roads, streets and air¬
fields.
The
Aggregate Division
produces . and
sells r sand
and
crushed
limestone
products and
the background
continuing large deficit i h our
balance of payments, it would not
of
a
be
if the Federal Re¬
surprising
the
in
serve
of
course
1962
1961, giving effect to certain busi¬
pronounced
concrete
of
ture
lime.
The
Division
agricultural
and
Ready-Mix
produces and
Concrete
sells con¬
crete which is mixed in company-
concrete
and
be
sold: to
is
builders, small
individuals. *"
the
to
This
used.
large
industrial
contractors,
home
transit
general
- accounts,
contractors
•
'
K
'■*
-
were
der not only to
attraction
ket
but
or¬
increase the yield
the New
of
to
also
in
measures
York
give
mar¬
clear
and
positive proof of its determination
to defend the dollar.
/
nues
ended Oct. 31, 1961, com¬
pared with $25,943,423 in the pre¬
ceding fiscal year.
Consolidated
net income from
ations
Stock Sold
1958-59, the Federal Reserve
by the
the
con¬
shifted its policy in
response to the behavior of the
economy.
In the former period,
restraint was imposed slowly and,
according
to
some
critics,
be¬
of
latedly; in the latter period, the
spicuously
and
So
tising, new product development
and working capital.
;
.
the
pal products of the
far
has
been
cited
current
as
a
business
in contrast to
the two earlier
plastic
it
upward,
appears
that bank re¬
assume
to prevent market
forces from exerting upward pres¬
sures
as
on
money,
However,
unless
.
market
rates.
full-fledged
a
boom should take hold—which
present
to
seems
likelihood
—
the
the
be
Federal
at
lesser
Reserve
be
expected
to
favor
a
gradual rather than am abrupt
may
shift
to
more
a
restrictive policy.
Consequently, the
best
company
cowboys,
are
soldiers,
Bonds Marketed
First National
conclu¬
Form
Herbert
of
Weissberg Sees.
ing group which on Feb. 15 pub-^
licly offered $89,400,000 3.40%, 3%
tion
680 Fifth Avenue,
City,
publicly-held
hotel organization, has announced
today the formation of Weissberg
(OTC),
York
Securities
f
Corporation
an
as
underwriting organization for the
acquisition of income-producing
real estate
properties.
Mr.
Weissberg said that Weiss¬
berg Securities Corporation had
been formed to underwrite syndi¬
sion at this time is that basic fac¬
cations
tors point to higher money market
such
as
rates, but it is unlikely that credit
trial
properties,
will
and other
tighten
1959
or
reach
the
that
the
end
as
drastically
interest
rates
high peaks set
of
as
that -year.
in
will
around
Even
so,
should pressures on the dollar as¬
sume
serious
proportions,
market rates may
rise
more
money
rapid¬
of
real
estate
properties
shopping centers, indus¬
office buildings
prime real estate hold¬
ings in various parts of the coun¬
try. These acquisitions will be
made
in
addition to
properties in.
the hotel field in which the
Weissberg Corporation
the
B. E.
Teichgraeber
general obligation vari¬
bonds, due March 1,
1992, inclusive, at prices to
from 1.70% to 3.50%, ac¬
cording to maturity.
ous
Robert A. Podesta
Norman M. Leff
.
and 2 l/2%
purpose
1963 to
•
yield
members
group
the
of
under¬
include:
Bankers
Trust
Co.;
Morgan
Guaranty Trust Co. of New York;
The
First Boston
Corp.; Smith,
Barney & Co.; Halsey, Stuart &
Co. Inc.; First National Bank of
Chicago; Continental Illinois Na¬
•;
tional Bank and Trust Co. of Chi¬
cago;
y
National
Mellon
Bank
Trust
&
child, Mr; Posner was elected President pro tern of the ASE on
exchange member since 1921, he was first elected
to the board in 1925. He was Vice-President in 1932 and
1933,
is
major national chains.
H. R.
one
&
Co.; Kidder, Peabody & Co.;
Phelps, Fenn & Co.; White, Weld
& Co.
V. a;
'
-1
■
.
■■■'.■'
Jan. 22, 1962. An
Vice-Chairman in 1942, 1943 and 1944 and Board Chairman and
\• President pro tern in 1945 and 1946. Mr. Posner has served a total
Berry Door Corp.
;
Common Offered
of
&
Co.,
South
501
Fairfax
Ave., Los Angeles, Calif. Net pro¬
ceeds will be used by the company
for
the
of
repayment
debt
and
of 23 years as a governor.
The company
Birmingham,
Rd.,
manufactures
commercial
for
doors
and
Mich.,
distributes
buildings, and an auto¬
matic garage door operator which
includes a portable transistor unit
permitting the opening
of
doors
garage
from
closing"
inside an
member
■
governors
•
.■
were
the past.
non-regular member governors were
as
Emil J. Haus¬
Baker, Weeks & Co.; Solomon Litt, Asiel & Co.;
Podesta, Cruttenden, Podesta & Co.; W. Allen Taylor, E.
mann,
&
Co.;
resi¬
and
dential
regular
as
Mr. Brown have served in
Elected
of 2400 East Lin¬
*
William P. S.
Earle, Jr., independent commission broker; Norman M. Leff, stock
specialist; William F. Neubert, Cowen & Co. commission broker;
John C. Turner, stock specialist; William C. Willis, Jr., Bache & Co.
commission broker, all for three-year terms, Harold F. Driscoll,
independent commission broker; Bernard E. Teichgraeber, Thomson
& McKinnon commission broker, both for two-year terms and
Phillip W. Brown, Smith, Barney & Co., for a one-year term.
Messrs. Earle, Leff, Turner, Willis, Driscoll and Teichgraeber
were
elected to board posts for the first time. Mr. Neubert and
Elected
working capital.
coln
William C. Willis
John C. Turner
Co.; C. J. Devine & Co.; Salomon
Brothers & Hutzler; Kuhn, Loeb
Moore
R.
Weissberg, President
the H. R. Weissberg Corpora¬
New-
City Bank of New
York is manager of an underwrit¬
Offering of 40,000 common shares
of Berry Door Corp., at $7.50 per
•share is being made by Raymond
ex¬
in 1962 will be provided so
liberally
trucks,
horse and rider sets.
and
pansions. Obviously, with business
continuing
illogical to
58
or
.
The company of 321 Rider Ave.,
New York City, is engaged in the
the policy makers.
too
abrupt,
cycle, the Federal Reserve has not
yet moved to a policy of restraint,
serves
short-term
in
this
reproach
and
share,
a
cents in fiscal 1960.
for the reduction
bank loans, adver¬
to
rapid
was
continuing oper¬
period was
1961
company
design, fabrication, assembly and
marketing of a widely varied line
of approximately 350 plastic toys,
games and novelties. The princi¬
response
the
$523,749, equal to 75 cents
compared
with $403,715,
writing
for Interest Rates —•
expanding phases of the
business cycle in both 1954-55 and
Outlook
In
in
W. Allen Taylor
Emil J. Hausmann
year
Other
Lido Corp.
Flomenhaft, Seidler & Co., Inc.,
63 Wall St., New York City, is of¬
fering
publicly
84,000
common
shares of Lido Corp., at $3.25 per
share.
Net proceeds will be used
'
discontinued, showed reve¬
of $27,517,290 for the fiscal
ness
to be confronted with the nchd to
take
and five af¬
asphaltic concrete,' used in the
building of dams, highways,
roads,
streets,
airports,
bridges
and buildings, and the manufac¬
to
abroad.; Against
en¬
governmental
local
and
state
hold funds here and to owned
trucks, in .
reduce incentives to transfer fund#, -site where it is to
tive
is
gaged in the performance of con¬
struction
contracts, substantially
all
of which
are
with Federal,
The consolidated earnings state¬
ment of the company
filiates merged into it on Sept. 27,
Robert A.
F. Hutton
all for three-year terms.
Messrs. Hausmann,
Podesta and Taylor were elected to board
posts for the first time. Mr. Litt has
Elected
to
a
three-year term
served in the past.
as
trustee of the gratuity fund
John A. Ludlow, J. A. Ludlow & Co.
was
or
automobile.
J.
M.
Lishan Co. Opens
Now
Corporation
(Special to The Financial Chronicle)
BEVERLY
ST.
HILLS, Calif.
M. Lishan is
ties
business from
Wilshire
name
PAUL,
— John
Smith
engaging in a securi¬
Blvd.,
under
"
now
firm
the
business
cers
M i n n.—Robert
L.
Pioneer Building, is
conducting
8530
offices at
of J. M. Lishan & Co.
Co.,
are
as
a
its
investment
corporation.
Offi¬
L.
Smith, Jr.,
Robert
President
and
Treasurer;
I,
L.
Smith, Secretary; Jerry H. Cole¬
man,
and
Thomas
C.
Savage,
Vice-Presidents; C. A. Brown, As¬
sistant
Secretary,
Smith III,
and
Robert L»
Assistant Treasurer.
26
The Commercial and Financial Chronicle
(946)
vided
Wages, Non-
that
2
cents
improvement
tne
of
year
used
to
health
about
ment officials
Continued from page 3
each
dependent
maximum
to four.
up
weekly
SUB
welfare
payment
In
introduced
income
weekly
scheduled
and
a
short
The
fits
pension plan increases bene¬
to
$2.80
month per year of
a
service. This is
of the
highest
amounts in any noncontributory
pension program in manufacturing
industry. For the steel industry,
one
minimum:,
$2.50
pension
month for
a
service
through
thereafter.
The
benefits
each
1959
GM
and
maximum
extended
also
for
This
The
1960
steel
benefits
tract
the
pattern
contract.
in
to
For
con¬
be
example,
rise
be
td
shifted
is
payment of $580 is provided. No
comparable provision is found in
the
The
contract.
automobile negotia¬
taking place, President
Kennedy asked the steel industry
to
increase
Oct.
1,
1961
in
wage
without
up
increasing steel
was impor¬
prevent any inflationary
tant
1960
in
steel
wages
follow
similar
a
connection
Spring.
with
One
procedure
wages
may
ask
cents
next two
the
in
was
current
in
cost
to
finance
the
of
living adjustment was to
be made, the Union claimed that
in
2 cents
next
due while U. S. Steel
was
actuaries
amount
estimated
the
entire
the
fits.
costs, whv did it not warn against
the magnitude of the automobile
ating, the parties finally agreed
that the cost of living
wage in¬
settlements?
crease
appears
While
difficult
precise
to
esti¬
obtain,
elear
costs bv between
productivity
that
a
that
they
did
not
speak
out
i7ations
next
ways the
than pious general-*
concerning what it will
Spring. Steel is
not
al¬
bellwether that govern¬
of
carefully
the
game
established
are
written into
bargaining agreements.
a
basis for
contract
•
-
agreed upon, they would be met
in part
by reducing the annual
improvement factor
some
lower
from 2M% to
figure agreed
upon by
the company and the union.
General
Motors
agreement
The
pro¬
principle
is
-
.
job.peded.
as
and
attention
In
"
seems, logical
inflationary limits.
*
technology
very
c
•
nholders.
*
.
Impact
Technological Change
In the past few
years, there has
been
increasing emphasis
The
upon
new
non-wage
against
effects * of
technological
workers.
upon
the
as
labor
adverse
result
a
the
of
change
cri-rron
where
even
snort
short
the
faTls
change
automation
ot
of
,4
™
automation
'
..
c,
far
fal
.
■
Numerous illustrations could be
of the growing concern in
cited
collective
bargaining with, probcushioning the shock of
of
new; technological
For
and
the
developments,
example, the General Electric
Westinghouse i960 contracts
provided
rate
each
for
of
at
termination
week's
one
of
year
with
*
service
least
In
pay
at
wages for
for
three
those
years
of
the
recently signed
agreements by Armour and Swift,
provision was made for income-
protecting
arrangements
where
jobs disappear due to technology,
employees with at least
Those
five
years' seniority
receive
either
may
severance
elect to
pay
or
technological
displacement
pay
based on length of service. Over
tte past six yearssupplemental:
unemployment benefit plans have
been
introduced
bile,
steel,
dustries.
In
in
rubber,
the
and
automocan
in-
longshoring, in-New
Provision
on
the payroll for
to
-.
for
The
cause.
em¬
The
tected.
to
leave
the
sons
stitutes
"
to
.employer does not
replace * employees* who
job for any of the rea¬
' noted
workers
are
a
b
e.'
Moreover,
replaced by sub-
o v
not
during . vacations^, holbperiods of illness. • The
result /is.: a ; .-steadily ; declining
days,
-
or
of
number
workers
retained
for.
the
designated positions.
- ^
Adjustment
through- ^attrition
..
Cost
fired
have
adaptation 40
on
dies, retires, transfers to ah.
job, quits voluntarily,
is
or
provide/more
can ~be passed
til he
ployee rather than the job is pro*-
accompanying .mimimizes the adverse effect of
technological
change
upon
the
worker... Workers employed prior
loss in competi- ..to a -specified date—usually the
economies
;
date
of the notice
abolish
of intention to
the
contract between Southern Pacific
Railroad
combined
to
proposals
ease
the
the
forced
shall hot be retained.
provision
have .been
short-term
with
ing that workers older
desigpatedr; age . (e.g., 60
logical developments.
Various
telegraphers.
a program may
ment of older workers by
pr0§rams d<?3igoed,to cushion the
unemployment impact of techno.
made
the
and
Howeverr such
£>st a,nd
Position,
These Sf^ J13*16. A easier to
bear
the
burden
involved
in
concern-
ing automation, new impetus has
upon..
smaller
a
uncovered
is the case Technological changes,
?n
other hand, yield benefits
However, to a company by improving its
fears
■!
'ally, the employee is retained un^-
Such " provisions
contracts/
-
adversely
by technological change
retained
:to be
long have been included in scattered
■•
job—may be assured
n0 ™eans °f ^nancing unemploy- •a job for a designated period of
: years
or for life as in the recent
Pro&rams. Just the contrary
benefit, namely,
protection
to
adjustment
affected
jesses attending
!"lve P°sltton or cyclical declines
in volume since the latter proy.de
•
a
/-
labor force may be achieved with
no adverse effect on the
existing
" .technological developments must
be
distinguished from
revenue
of
•
"
Any
healthy development and help to consumers and to the . workers m
keep labor cost increases within /an/industry as well as to stock-
Cushioning the
'
*.•.
Attrition
,.-v.v
•
less
and
men.
so that the benefits of new
annual
a
accept
this
keynote must;,be
benefits
adjustments" would ' be
a
veto
connection, the •designated periods of time or un¬
shorter work week is no solution; til
certain
events
occur
even
it would only spread partial emthough their jobs have been en¬
ployment. -Moreover, a company gineered out of existence/ Usu-
insur-
of
become
,
union
alternative job opport¬
to plan their finan¬
cial
affairs with the impending
>-layoff in mind. It also gives the
company and the union as well as
a
community time to adjust to
the transition and to find new job
for
the -displaced
opportunities
given to the
and> non-wage
a
sole
Prior
changes. Advance notice, how¬
•»
clear.
gives
program ^adopted
must
be • designed to protect the worker, not 'work force by attrition;
thai [ .the i is made for employees
developments may mark
trenddn labor negotiations
seniority.
industry this
the cost of the non-wage benefits
This would appear to be
better evidence of the
administra¬
do
rules
pensions
vyithin-the framework
lems
provides that if
the funds available from
profit
sharing are not adequate to meet
in¬
intent
be
Motors
creases.
tion's
the
cents.
same
principle has been recog¬
nized in the contracts agreed
upon
in
1961.
Thus,
the
American
against
cost
negoti¬
industry ex¬
it
abundantly
In the automobile
the
inflationary labor
makes
that
IV2
Otnerwise they become
additional bargaining.
spreading
finance
steel
collective
President and the
Secretary of Labor requested the
negotiators to avoid a strike. But
these
be
recent
when such offsets
of this rate of increase
from the
pattern setting automobile indus¬
try
would
undoubtedly
create
additional wage
inflation. It is
true
to
of insurance bene¬
considerable
should
must
5% and 6% for
first year. This is so far be¬
yond the national rate of increase
the
in
cost
After
perience
that the automobile agree¬
increase total labor
will
ments
high
The
it
required
was
to
unusually large Propor- Protection^ fora^worker with long
during the life of the con-'seniority than foi-a worker with
A
further
integration of ;fhort/ seniority, v The^ underlying
of
of
>■
~
the
proposed technologi-
over
unities
.lowcaL.change?, w.q^fe^e^inir
such
cal
not
ever, gives some of the-affected
workers the time to seek out and
assume
wage
In December
cents
-
must
which
power
shifting fromrfnumber of jobs is frozen, techno-
benefits
more
tract.
hour in each of
insurance program. Then in Octo¬
ber 1961, when the most recent
cost
been
.:v :
r
the
remain
must
the' jobT To; the " exfept
arrangement. ; The
an
■
One
ex-
'' '
new
the
increase
wage
an
3
of
about excessive increases in labor
are
to
cost, the
expense
used
was
not too many years
was
and
: device
bene-Hnuraker.°M°]3S,ls frozen...-It. also
ex¬
question in this connection. If this
administration really is concerned
mates
It
new
consulation
of
are,
informational.
concerning
-
/
cost of liberalized non-wage
fits where those benefits threaten'
steel "settle¬
years.
full
workers
naive
a
can¬
living allowance due to the steel
next
Spring when a new contract will
be negotiated. In
effect, Mr. Ken¬
nedy was imposing jawbone price
control on prices and
promising
to
e
then
living
to 3
t.
movement
fringes
insurance
part at the
of
prices. He also said it
to
of
cost
There
manner.
installation
machines and equipment
are
course,
These
could be financed in whole
excess
or
of
some
Deci¬
be
of
adverse / i m p a c t of
technological ' change upon empioyees should be cushioned in
is
package that
consultation
and
function of management.
by new technology,
Accordingly, there has been a
growing body'of opinion that the
non-wage
increases/IL
wage
adv-
of
purpose
notice
should
fected
spiralling
such
with
benefits. Tuere
January'"196U
of the
cost
the
were
the
to
primary
*
sions
^as no obligation to persons who
iave not worked for it nor does it
total cost of an
agreement and {i?ve.an obligation to maintain
provision made for a shift from ^he. strength of the union
Such
wage increases to financing the obligations are implied when the
a
a
provided that to the extent
cost
cess
absorb
of
higher
a
beneiits, it has
necessary to ..tie
them in
closely with wage increases.
ment
the
current steel
union's
part
The
vance
Protect the Worker Not the. Job
;
non-wage
been
the
that it would have been
Witn the increasing importance of *
tions
al¬
more
the
in
ance.
ignored in determining the
overallnmpact; of a settlement.
between plants and the marital
status of the worker; A maximum
to
the
to
Advaqce Notice and Consultation
can. ke granted in short-term
Y
emphasis has
not be
plant
relocation
related
limit
a
being
reality
recognition that
a
important measures .may,, be
helpful. ■ ■/.:;; '; '
diverse opinions as
to
what programs should be adopted.
to
has been recognition of the
fact tu'at
these
While
forego
iong
one
is
is
increase
However,
been
tremely difficult, it not impossible, to commit the union members
ar¬
bargaining
to finance
1961
miles
tions
to
pro¬
another.. This
lowance
collective
the
from
wage
protection,
agreements has been the
moving
take
important.
ago
Offsets
level of non-wage
time,
Motors
are
SUB
diver-
straight wage increases
wage increase
de*-
are
of
vision.
in
40
such
'.
One of the recent developments
some
They
measure.
more
are
en-
society.-Technological unemployment> however, has been an acCOmpanying development which
bas been viewed with concern
despite the long term record of a
growing number of job opportunities
as
technology has impr0ved. At the point of impact of
such changes
the
burden falls
heavily upon those workers who
are "engineered" out of their
jobs,
L0ng term increases in the number of jobs provide no solace to
those directly and adversely af-
this
into
such
developments,
approvingly and are
COUraged by most
segments
clear that only a
annual improvement
an
non-wage
agreement
first
ingly,
cost of fringes
undoubtedly helps explain why
UAW agreed to this type of pro-
1955 contract.
allowance - for
workers transferred when opera¬
tions
is
during
willingness
a>.
under
current
Wage
agreed
viewed
unnec-
increases
the cost of the entire
rangements in the automobile in¬
if insur¬
or
an
.
seems
there has
there
that
wage
maintained
program
(uncontrolable)
Thus, it may
that
seen
by offsetting against possible cost
of living adjustments.
General
factor
weeks.
work
in
vides
hour
each
increases in insurance costs in the
steel industry have been absorbed
the
place, it
short work weeks and
for
Thus,
•
retroactive
paid
are
extent
from
liction of
dustry have been changed signifi¬
cantly from those found in the
the next
three years, GM workers are to
pay V4 of the increase. In contrast,
For
the
The
short
only 120 days
in steel. Similarly, the maximum
coverage in group life insurance is
$9,500^ at General
Motors
and
fates
SUB
"unscheduled"
at GM and runs for
ance
To
sions
years ago
(planned)
hospitalization
$6,50()pin steel. However,
original
interim
fund.
job security. Howall of these provisions usually T are not found in a single
x;1,.
■
-
weeks.
52
addition
50%
extends up to 365 days
coverage
a
each hour under 40 in "scheduled"
However, the
superior to
those obtained by steel workers.
appear
to $40
addition,
increases
provided for
payments only when a worker
was
unemployed.
The recentlysigned agreement grants payments
for partial layoffs:
65% of the
employee's pay is guaranteed for
the
paid under the GM
increased
pay
^ound to be
are
In
,essary.
the length of time was
to
signed six
noncontributory basis.
on a
follows
39
for
agreement the
25%.
The insurance program has been
placed
made
be
1961
payments
in
increased disability
and early retirement benefits as
well as improved vested pension
rights.
provides
to the issue of
mechanization
•
Moreover,
1958, the SUB program was tied
in with severance pay. In 1961,
severance
pay
was
increased by
of
$2.60
contract
to
was
week and
are
year
SUB
liberalized
were
es*-
proper
a
program of action.
ever,
.
ments
been
have
determine
to
signed primarily to develop pro¬
grams which are most applicable
The depletion of the SUB fund
ixrthe industry or company -in
contract nor are any of the provi; at ..Chrysler led to the inclusion ,sions found in all contracts.
which they are established.
Such
of an even larger wage offset in ;,
already
have' been
Technological changes provide programs
that contract. The Chrysler con.the
main
agreed up on by Armour 'and long^impetus
to economic
: tract
contains the same wage off'i
growth
higher real wages, and shoring on the Pacific Coast.
set for pensions and welfare funds
A brief review of several of the
rising levels of living
Accord-
benefits
weeks. In the
tablished
increasing
.
work weeks.
management-labor
of
committees
study
technologic
labor either
have
have been
after
their
initial a d o p t i o n. The revisions
in
supplemental
unemployment
benefits (SUB) in the automobile
,found in the
GM. contract,
.^Ih
contract provides the latest illus¬
addition, to build up a special
tration. Thus, in the 1955 precereserve
fund to insure payment
dent-sharttering agreement with
.of jobless-and short work-week
Ford, SUB payments were to be a
benefits, one cent of the wage
maximum of $25 a week for a
mcrease
will be
used
this year
period of up to 26 weeks. In the
?
1958 contract, the maximum was
ian hour in 1962 and
m
1963
unless
on
review
such
increased to $30 a week and pay¬
steadily
*
for
guarantee
unscheduled
,
Liberalized
Coast, .number
provi-
for payments to
Such commit¬
tees have
been agreed upon by
Emerson Radio Company, Pacific
Coast ' Longshoring,
Armour
&
Company, and the basic steel in¬
dustry. These committees are an
a
,
Non-wage
Thursday, February 22, 1962
number of companies
to some collective
bargaining clauses which relate
tnus
hour,
an
One cent of the amount due under
,
Pacific
contain
displaced
through a royalty arrangement
,
industry, the payments
are a maximum of $25 plus $2 for
each dependent up to four for the
period that UC benefits are pay¬
able and $47.50 plus dependents*
benefits for the remaining time up
to
52 weeks
(total benefits are
65% of after-tax weekly straighttime wages). More significantly,
contract
benefits
cents
o
the
on
contracts
cally
advances in benefits the cost of
living clause is being
obtained by the UAW will cer¬
•used to
help finance liberalized
tainly be demanded as a minimum i pensions and medical care for
by the steelworkers.
"Vv p
♦ iretired
employees. - -
steel
the "GM
be. -The
it to
to
sions
increase from
wage
cents
be
liberal
more
and
recent
significant
The
is $40 for a total of 52 weeks.
the
hold
7
York
tirst
would
contract
reducing the
annual
the
tor
finance
and
the
of
lactor
.'.
.
in
crease
:
ad-
would
pension
a
provid¬
than a
<
62).
or
This latter
result in
may*
involve
be
retire¬
costs
in¬
some
but, this
much lower
cost
verse
effects,
of / technological than the alternative of retaining
changes. The first steps include the older worker at his full sah
special study committees and ad- ;ary. ' • 'v.•'. •
vance
notice
and
/ From' the
consultation.
point of view of a
Broadly speaking protection takes company, limiting layoffs to at^...
.
one
of
two
forms:/(a) providing
•
jobs for the affected workers and
trition
the full
delays
the
economies
realization
of
made
possible(b) .making financial payments to -by the new technological change.
those who are laid off. Among
The timing of the cost saving will
the programs that, fall in the first -be determined by the age distrigroup are: retraining, abolition of -bution of its labor force.
In time,
positions by attrition, and provid- -of course, the number employed
ing other jobs (which may or may for such positions-will reach zero.
not require training and may or *The savings will be realized more
may not involve a change in pay).
rapidly if provision is made for
There
are
several
methods
of :the
transfer
of
affected
workers
compensating workers, who can- to other jobs and, if necessary,
not be retained including: early .providing retraining to fit them
retirement of older-workers, un- .for such jobs." Workers who are
employment compensation, thrift' .not willing to makesuch shifts
funds, supplementary unemploy- either should be deprived of pro^ment benefits (SUB), and severtection or should not participate
ance
.
pay./v
During
the
*
past
;
-
few
years
.
a
.
in
subsequent
in-, wage?
°r
general; increases
in improvements in.
Volume
195
Number 6136
...
payment to a violation of safety rules. It was
Although aiso indicated- uiat no current
severance pay involves a cost
it employees were to be laid off
may
be lower than alternative and if changes in work rates neprograms. About one company in cessitated
a shorter work week
four has such a program and the they rwere to
be guaranteed a
fringe benefits. A policy of limiting reductions in the labor force
usually involves
for
excuse
retaining
which
jot^s,
fill,
can
they
'r' 1
available.
workers in
alternative
if
*
are
equipment
othfer
or
+
to
handle
tors:
77
;
•
-
been
•
.
-~7d7The""seieVhnce" naV^«hould cost of this agreement is set until
displaced
?£?£?/7P?
not have.-ihe quali- incre?se wittl the lenS"» ot-servfications required. Many workers ' lce
r - examPie> 9ne ' Week
with high seniority are older and';every :year or service.
Sit,should
hence"en^to'have
ity in -acquiring hew skills, ;Simi-
set
.
.In
,,are apt dustriesf pay a maximum 'pt eight
adversely affected byweeks.^pay; to,^hose with some
technological advances. Vi'hey designated period of service, such
usually have so .little education': as ^ ten years, or. more..;:;..;-: f. :
that it is difficult to provide ade^
v (d) Payments; might
be made
quate retraining in any short pe^. weekly, with provision that if the
nod of time. These are the groups "worker is offered a job which he
for whom other phases of a procan handle before the payments
gram would be more important:
are - completed,
' they
will - be
: It should be noted, too, that the
stepped whether he : accepts the
retraining of, worked who are. to" job'or not. •
-. ,,
:.77;/ 7 : 7
be replaced often may be- more
5 * (e) An alternative a p pr o a c h
,
addition,
cruits
rates
wage
lower
be
may
of
than
workers who
retrained.
Retraining
paid
to
cure-all for the
is
a
problems of techBut it
^
t^New
y^rk SNnnh^ Associatlon agrlembhtprovidei for^PaymeSs raS-:
™
JA W?• «roV;:
-.containers'' filled-^or':
new
the
reduce
to
and
attrition
junct' to
may
those
pro-
grams.
Provide
Other Jobs Where
.
,
ested
„
generally
.
A.
„
J
jobs, not in payments for. not working. rThus, it.
is helpful, if the affected employee
is given first-opportunity to fill
vacancies.
Ib is, also helpful, to,
set.- up .machinery: to
help
a
worker shift to a job in another
industry.
An orderly procedure
■
should
established
be
and
severance
While ,severance
..,..,e severance
the
shock of
.
full time
in
be
living
pay
;
/
-
any effort to help them
make the necessary adjustments;
(2)
labor force
labor force
long,
'• <7
-
.
.
,
maximum./ Under
designated
discussed would
arrangement the cial cost>
you go
as
approaches are;
of. benefits
firmly
not
are
economic to retrain
than
to
least
signed
example,
for
workers with at
years
of service ,and
that
five
off
of
adjust-
their
ployee
should
snouia
arrangement
arrangement
untary
•
There
basis.
'tant'advantages
tant
-
aaX
are
such:
to
g.
impor.-
Employes
for
,nivin^
normal
his
him-his
transfer.
are-
seniority);raises the average age
in
in
retained
retainea
the
the
an
an
and^^
ana
force
torce
as
resultcr
results
also
also
it
it
men
men.
decimation-of
of
or
the
tne
labor
laoon
where it
place
die.
.
^
older
proportion of
mav
may
lead
leaa
to
to
.
the
the
younger part
force to the
noint
iorce
10
me
point
Secondly,
or..
earlier
while
re-
tirement of: the older
increase
the
alternative
needed
be
-
toi
cost
of
men
even
which
-
group;may
of pensmns, the
maintaining
un-
the payroll could
on
more
minimize
costly. The-extent
such/,
program, can
the problems of
transi-
tion will be
influenced by the age
distribution
of
the
Jffected
workers,
-
i*.-
:
the
whem they: retire
-v ;
7
.
*SeveraftceiPay
r1,
;
lon£,
a<?
zlig
f
free/in*
? f
v
change?
eligible
ef-
any
transi-
a
of
unnecessarv
ce s
91,,u
y
In hght of the pressures
uninns and
_
effect
the
al-
nroerams
lr0^ unionf and ine Pr9gf.ams af
retaining
on
fi
reia1/111
Lweeks uepenamg uu--ron workers who
Th
thp
tVu
"Pacific
rppent
•
agreement
}limD
,,um
amount
Aumi:? sum -a?
The, employers agreed,
000,000 each
a
year
annroach
were
^gs
size
and
of
.
,,
are otherwise
negation of
negauon 01
oec^gi0ns' the
-
the
cargo
Brothers,. New York; Robert L. Cody, North American Securities
Co., San Francisco; George W. Fulk. Lord, Abbett & Co., New
York; Arthur H. Haussermann, Vance, Sanders & Co., Boston; G. N.
Lempereur, The Keystone Co. of Boston; Rowland A. Robbins, First
Investors Corp., New York; Mr. Severance; and Joseph E. Welch,
The Wellington Co., Philadelphia.
Each
improvements. iLacn
costly. The most
is
a
main-
costly approacn wouia pe a main
tenance of the status quo because
annroach
would
to
act
longshore
: of
charge
gdonted
p
weight
apProactl.Wduw act t0
against
On
those
balance
which
a
-
Chairman, Franklin R. Johnson, Colo¬
nial Distributors,- Inc., Boston. Members, Edward. B. Burr, Lehman
Investment Companies:
me
annroach would he
Co., New York.
Members: Mr. Fridley and
Mr. Fulton.
pay-
Foreign Securities: Chairman, Henri L. Froy, Abraham & Co.,
New
York.
Stone.
are
Vice-Chairman, John
A.
Nevins,
BlOch, Bear, Stearns & Co.; Jerome C. Cuppia,
Smith Inc.; Albert deJong,
Albert deJong; John Fountain, White, Weld & Co.; Derek Grewcock, Carl M. Lo£bv Rhoades & Co.; Max Halperty Arnbold & S.
Bleichroeder, InOi;: Edwin C. Marks, Carl Marks & Co.; and Marshall
S. Mundheim, Hirsch & Co.
r
r
•
- i
•
Jr., Merrill Lynch, Pierce, Fenner &
-
is to be han^- act to cushion the impact on work-'
,
,
dled>
Thus
>irfiraritlv
they
greater
obtained
sig-
control
over
and
ers
'
will
provide
operations and,they were for the remaining members of
permitted;+to change work rules labor.
relating 'to I multiple • handling,/: .7. X' ~,i~,'7 :. 7 ("W
T 7. -7.
to be
no
speecFup ®r;any
- Y6fk
Chy;^>
v-.
,
.
-
jobs
better
ana wiu proviae oewer jods
t„eir
is
Model, Roland &
Members: (all from New York) Hans Ben, New York Han-
seatic Corp.; Jack M.
urogram
oaiance, a-program
loading and unload- based on the alternatives
reand "the:; number f of-viewed Will proye; less costly, wjll
needed
slingloads in
ing/wesselS,
r0otiv
,
National, Qupt^tionsr Chairman, Francis J. Cunningham;, Kid-:
Information: Chairman, Mr. Bunn.
the
l im„rovements
i
l
.
Inc., Seattle; and Craig Severance, F. Eberstadt &
technological innovation
tbey and would involve an excessive
permitted to determine the
number
h
to pay $5,h
for 5V2 years or ®uch an
mech-: ^ar some
Sf I™ Sra,
an7zation
t
—
requirea
Maritime/
illustrates
tntaT bf <fi27 500 000 into a
the
i
rpnilired
f
not
^acl11^ uviariume j alternative
1
5 p
on
•
der, Peabody & Co., New York._ Vice-Chairman and midwestern
regional committee chairman, Glen A. Darfler, H. M. Byllesby &
Co., Chicago. Chairman, eastern regional committee, Gilbert M.
Lothrop, W. E. Hutton & Co., Boston. Chairman, southwestern
regional committee, William C. Porter, Dittmar & Co., San Antonio.
Chairman, Pacific Coast regional committee, Ralph E. Phillips, Jr.,
Dean Witter & Co., Los Angeles. Members of the national com¬
mittee: S. Richard Harris, Courts & Co., Atlanta; Clarence A. Horn,
First of Michigan Corp., Detroit; John I. Rhode, John R. Lewis,
what is the
cushioning the im-
them
York; Roy W. Jordan,' G^ HwWalket & Co., St. ,Louis* arid Joseph
Boston!.-"
7 :
W. Menges, Tucker, Anthony & R. L. Day,
-s-tViJX;.
/
-
r
*
..
he
^f p mem eiieci a uansi
More make-work rules?
3q weeks deoending
Association
/Eyery/pro^^al Severance- pay There
pmist /evaluate g^ng
alternative cost&
helr)
bs?
ap-
of ^service." The costs involvcd are met when incurred.
might be difficult to re-
men
:
.
Uniform Practice: Chairman, George J. Denzer, The
Donald, J31yth & Co.", New York. Members:,Edward JT. Armstrong,
Stejn Bros, & Boycey. Baltimore; Ralph Jones, Blair: & Co., New
'
.
56$to
a wedc,:^
maxima
the cost of
iength
unbalanced labor force with
unbalanced labor force with
excessive
'
technological
of
fort to
,
an
while
wage
National
•
em-
an
.
First Boston Corp., New York/ Vice-Chairman, Thomas B. Mac-1
.
rlth a
Of
et
former
featherbeds^» b/J
pact
nen-
off and
laid
pay
? y ?g /
.nfie j.a
eiJS1UAe ready adopted, any .realistic, eval- J
for technological adjustment pay uation must choose between the'
Pf
,
pay
.
.
v
worker
a
•
Legislation: Chairman, Mr. Goodwin: Members,>Tdhn w: DayIon, Jr., Clark, Dodge & Co., New York* and Mr: Halliburton.
-
higher rate temporarily
- performs• work
in -a
The real question
tlien ne receives nis normal pen
S10n>
nro-
a
:
.
receives
he
then
Cincinnati.
not
lower-rated capacity than to pay
pens101? until he reaches normal tion?
at 1/2 times tne 62 and
amoUnt
a vola voi.
be on
De. on
a
aiternative to
WOrker may elect to accept a
npncinn. af
11/0
timps the normal
This
pensions.
to
not -better
while "he
M
cushion Yin
of
the
geles; George F. Patten, Jr., George Patten Investment Co., Port¬
land, Ore.; and Justin J. Stevenson, Jr., W. E. Hutton & Co.,
only
it
draw^ his
have- him
at least 20 years of service, Lay0ff workers without
T
the
who will nave a financial
wno will have a unanciai
workers
workers
it
is
Ifover5^yffr®°^a£^^1
;lce:
older
the
the- chairman, the association this year decided to
chairmanship and accordingly named a chairman for
each of the four quarters) Chairman, January-March, Mr. Bunn;
and contribute nothing to output?-,
ment pay based on length of serv-
-
mav be effected bv
may oe enectea py
some
pay «r technological
anc
•
laying
Is
mure
contract,
provides
tjculariy for workers wrth low
-
direction
finan-
a
Cost is
problem.
established. /-The; recently
n
.
But that
the
of
.
Program
involve
part
-
Pension
National Business Conduct: (Because of the increasing volume
complaints that must be handled; by this committee, under the
of
with
Milwaukee; Gus G. Halliburton, Equitable Securities Corpora¬
tion, Nashville; Robert R. Miller, Hornblower & Weeks,, Los An¬
Four current
i
With
Rockefeller and Mr. Fulton.
April-June,, Mr., Cohen; July-September, Mr. Goodwin; and Octo¬
ber-December, Mr. McHenry. Members; James H. Goddard, J. H.
Goddard & Co., Boston; Robert W. Haack, Robert W. Baird & Co.,
® 0bility^^prpvide othor Jobs? under 60 years of-age are to..be.
,-;is related to-the general state= or4 giv€n three months notice of a,,
the economy. /During periods of
plant or department shutdown if
above average unemployment, few
they are:: to' be displaced.
The
alternatives wilibe available pat-;, employee has the option Of sever-
in
Washington; Earl G.. Fridley, Fridley & Frederking, Houston; Mr.
a
Armour ^
,
Adiustment
Aojustment
Chairman, Mr. Hughes.
Members:
Mr.; Daffrbn;
Fleming, Folger, Nolan, Fleming-W.„ B. Hibbs.^- Co.,
proper charge against the savings effected is the cost of ,cushioning the impact of technological
costs
.
Tie
W.
rotate
Pay
lowet; psym# job, his prevailint,
wage level may be protectea for
several years
For Other, workers,
the lower job rate is paid: How-.
ever, it must be recognized that
-
Finance:
by technological change,
It is increasingly recognized that
a
...
_
the Chairman
committees follow:
Robert
adversely
are
announced by
Rockefeller, Jr., partner, Dom- *
Dominick, New York. The Chairmen and members named
(i) pay as you go, (2) a lump sum unemployment,
; •_
amount, (3) "royalty" payments,
; Clearly, any program incorpoand (4) fixed cents per hour to rating some or all of the programs
shifted often, is
protected. If the worker with sub¬
stantial; seniority is shifted to a
,
who
service
been
of Governors, Avery
Chairman, Mr. Rockefeller.
Members: John W.
Bunn, Stifel, Nicolaus & Co., St. Louis; Merrill M, Cohen,. J. M.
Dain & Co., Minneapolis; Robert E. Daffron, Jr., Harrison & Co.,
Philadelphia; A. Jackson Goodwin, Jr., Lee Higginson Corp., Chicago;7William S. Hughes, Wagenseller & Durst, Inc., Los Angeles;
Edward H. Ladd, III, The First Boston Corp., New York; Hudson
B. Lemkau, Morgan* Stanley & Co.,. New York; Merl McHenry,
J. Barth & Co., San Francisco; Paul E. Youmans, Bosworth, Sulli¬
van & Co., Denver; and Wallace H. Fulton, NASD executive direc¬
tor, Washington.
without
;
Wallace H. Fulton
Executive:
Three alternatives are available
those
the
to
,
particularly
William S. Hughes
affected
ers.
worker
a
inick &
in response to new technology;
(1) layoff the affected workers
ployees,
McHenry
of Securities Dealers have
of the Board
Conclusion
;
m°ying^expenses.^THe senior-
of
tion
moving expenses are on a payas-you-go basis,
•:/
Merl
Goodwin, Jr.
Appointments to the various committees of the National Associa¬
as
pay cushions
pay cushions
Methods ;of Financing
care-
provided in the form of reason-
ity
A. J.
due and
opportunity,. V
assistance should
area,
tn
^or p®lmlttmg the^sh PP 9s.
-seeM* institute more efficient^
There are various ways to fifully explained to workers. If the nance programs designed to help,
job offered is outside of the pres-? technologically
displaced "workent
these
maintain all workers on the
—
and possibly the
—
'^unemployment; it number of jobs—intact; (3) take a
d0esnot- assure that a new job middle course which will help to
wjp be Available. Such brpgrams,1 cushion th^ employment impact,
helpful,, do not meet the Management is becoming more
basic need which is a new job concerned with the fate of em-
inter-
are
,
the union
tho
(g) Integration with SUB where
such programs are in operation. -
'
7 Possible
Workers
,
Imaffilia'ted^with
p
.a■ r.
Aihe*_ urnon is _.to : rece ve
unemployment compensation
laws.
fV-.. ! ;
(f) Denial of severance pay to
workers who refuse to transfer
to other jobs for which they are
trained.
:
7-7 '
help
of
cost
>
rJSro iS
p
e
to
jobs. As was noted earlier, retraining can be an important adv
•
continuance.
However, this approach may require amendments
may
shift to
workers
some
re-
not
is
program
methods or operation.
.
The use of fixed cents per hour
ih determining the cost is illuspay enough each week to make trated by the automobile contract
up
the difference between his under i which a fixed cents-performer wage and unemployment hour cost is set aside for SUB
compensation with the same pro- and, severance
pay.
However,
vision as noted earlier for dis- other aspects of the program such
amount of
rates
being
are
nological adjustments.
help
new
payment
a
might be to determine the total j;
or
In
to the labor force.
newcomers
-
'
"
third-. arrangement
Tnto
.
costly than hiring new recruits
v
"royalty"
most
-
..
'the
be
total payments-many in-
on.
7.
July 1966.
larly,. unskilled: workers
-
will
that
economies
varyi£g
wocners, may
be
effect
comoensation
unemDlovment
new
problems
However, such a
recognize : that
some
ease
to
the work force will permit
off receives. over
in "it to
(a) A worker laid
jobs
amounts - depending
on cover the cost of $27,500,000.. Unof adjustment. the state in which he works,\
'her any circumstance the total
program
mtisf
,
to
the
Committee Appointments
week. Thus, under this contract
the Pacific Maritime Association
is hoping that the greater control
change
requires new skills, where possiJbie displaced workers should be
sibie displaced,
retrained
27
minimum of 35' hours of pay each-
number, has
:•
Retraining Programs
If
increasing.- A
program. of severance pay snould
be based upon the following fac-
\
'
:
.
a
worker who is laid off.
to attrition should not become the
unhecessary. jobs
(947)
The Commercial and Financial Chronicle
.
the
Trading: Chairman, H. Neill Brady, Blyth &
:
The First Boston Corp., New York; Arthur W.
Bertsch, G. A. Saxton & Co., New-York; R. VictorTMosley, Suplee,
*7 :
•.
Lewis R; Bulkley,
Members:
Co.
Yeatman; Mosley Ar Co:, Philadelphia; and .Stanley M. Waldron,
>
Merrill-Lymch, Pierce^Fenner & Smith
Jttci
-
*
•••-
:
-
.
28
The Commercial and Financial Chronicle
(948)
.
.
.
Thursday, February 22, 1962
>
STATE OF TRADE AND INDUSTRY
Continued
industry for the week
Saturday,
Feb.
17,
was
estimated at 16,266,000,000 kwh.,
according to the Edison Electric
Institute.
Output was 202,000,000
kwh. below that of the previous
Ward's said sales for the period
totaled
154,729 domestic
cars, adding:
new
"While
30%
make
-
week's total of
16,468,000,000 kwh.
1,6.99,000,000 kwh., or-11.7%
above that of the comparable 1961
jumped a robust
118,686 for the same
sales
above
power
ended
said
Reports
16.
Feb.
on
and
from page 15
Automotive
Ward's
but
period last year, the selling pace
ran
slightly below Jan. 1-10 and
did not slow the industry's march
week.
Lumber
Shipments Were 10.6%
unit
dealer inventory by month's end."
The statistical service described
1961
Higher Than in
States in the week
another
towards
1,000,000
-
Lumber
prospective 1,000,000 auto stock¬
a
Week
Feb. 10
ended
218,410,000 board feet com¬
pared with 212,940,000 in the prior
week, according to reports from
regional associations. A year ago,
the figure was 197,528,000 board
not necessarily eventful if
expected increase,
but forecast a varied pattern in
factory operations due to dispro¬
"■
portionate sales shares—a mixture feet.
!'■
y
of normal work weeks, minimum
Compared with 1961 levels, out¬
overtime, and possibly plant shut¬ put rose 13.6%, shipments were
downs.
.10.6%
higher,
and
orders
ad¬
Ward's said GM Corp. dealers vanced by 30.4%.
took 57.5% of Feb. 1-10 sales, Ford
Following are the figures in
Motor Co. 27.4%, Chrysler Corp. thousands of board feet for the
8.6'% and American Motors Corp. weeks indicated:
A * A
pile
as
sales show their
.
5.6%.
Feb. 10,
Feb. 8,
1962
1962
Studebaker-Packard Corp., suf¬
fering from
its
Jan.
strike,
1-10
lack of
a
1-Feb.
sales.
Ward's
for
will
reach
the
week
auto
11,
199,949
218,410
212,940
197,528
241,828
224,923
185,450
Business
'-A >;i
Feb.
Faidures
Rebound After
Three-Week
17
Decline
Commercial and Industrial fail¬
136,374
units, a 6.2%
rise from the
128,321 cars pro¬
duced in the preceding week, and
more than 78%
above 76,523 as¬
Feb. 15, reports Dun &
semblies in the
Inc.
week
same
a
year
ago.
Of the
136,374 cars planned by
industry in the week ended
the
Feb.
17, General Motors
was
ex¬
pected to account for 55.1%, Ford
Motor Co. 28.4%, Chrysler
Corp.
8.1%, American Motors 6.9%
Studebaker-Packard 1.5%.
and
Climb
Loading of
the
week
542,415
11.5%
versus
Feb.
decrease of 6,576 cars
below
the ; preceding
a
week.
The
loadings
of
represented
56,032
cars
an
11.5%
or
the corresponding week in
but a decrease of 37,735
or
6.5%
below the corre¬
cars
sponding week in
1960.
A "
There were 12,842 cars reported
loaded with one or more, revenue
highway trailers or highway con¬
:'.v
tainers
(piggyback)
ended
Feb.
included
2,524
3,
in
that
was
week's
over-all
increase
an
24.5% above the
ears or
responding
2,146 cars
in the week
(which were
1962
This
total).
week
of;'
and
above
20:1%
or
the
taled
58,419
9,949 cars
of
cars
for
or
20.5%
increase
an
above
19.4% above the
cars or
responding period in
57
were
Class
1
1960.
U.
S.
the
the
55
one
year
Truck
truck
week
ended
ahead
of
Feb.
the
responding
American
volume
Truck
behind
the
the
cor¬
1961,
the
Associations
tonnage
volume
previous week of this
These
Week
in
was
for
the
year.
findings
are based on the
of 34 metropolitan
areas conducted
by the ATA De¬
partment of Research and Trans¬
weekly
survey
port Economics.
The
report re¬
flects tonnage handled at more
than
400
mon
truck
carriers
terminals of
of
general
com¬
freight
throughout the country.
Eleetrie Output 11.7-%- TFIigber
;
Than in 1961 Week
The
amount
by
of
electric
the
energy
electric
continued
edge
an
to
main¬
last
over
year's
Valentine's Day promotions
level.
boomed
sales
••
of
women's
and
men's
furnishings, confectionery,
and flowers, while the Lincoln's
Birthday holiday gave a strong
push
to
activity
in
children's
clothing. Home goods buying held
to a strong
level and car sales
forged
new
records
compared
with
the
similar-period of the
prior year.
The
total
dollar
volume
of
INVESTMENT TRADERS
14
ranged from 2%
ASSOCIATION
PHILADELPHIA
OF
The Investment Traders Association of
Philadelphia is holding its
38th annual mid-winter dinner March 9 in the
Grand Ballroom,
re¬
Bellevue-Stratford Hotel.
tail trade in the week ended Feb.
Dinner
will
for out-of-town guests will be
Clover Room of the Bellevue-Stratford.
higher
than a year ago, according to spot
estimates
collected
by
Dun
&
Bradstreet, Inc.
Regional esti¬
mates
varied
from
comparable
1961 levels by the following per¬
centages: Pacific —7 to —3; West
North Central —5 to —I; New
England
0
to
+4;
East North
Central +1 to +5; Mountain +2
to +6; Middle Atlantic and South
Atlantic
+4 to -f-8; East South
Central
+6 to
+ 10;
and West
South Central -f-8 to +12.
served
be
luncheon
to 6%
held
at
7:30
12
noon
at
'
p.m.
in
A
A
the
A
Tickets, which are $16, may be obtained from John D. Wallingford, Jennings,- Mandel & Longstreth. Hotel Reservations- may
be made
through Alfred MacCart of Drexel & Co.
KANSAS
CITY
A A
•
:
SECURITY TRADERS ASSOCIATION
Officers and Directors:
Kansas
has recently elected the
City Security Traders Association
following officers and directors for 1962:
Nationwide Department Store
Sales Up
6%
1961 Week
From
-
$100,000
the
were
week's
compared with 30 of
as
45
and
with
light
Department store sales on a
country-wide basis as taken from
the
Federal
Board's
Reserve
dex
reported
the
week
in¬
increase for
Feb.
10,
1962,
6%
a
ended
compared with the like period in
1961.
For
the
Feb.
ended
week
a
losses
year
under
Keith D. Lincoln
3, sales were higher by 8% from
corresponding 1961 week. In
the four-week period ended Feb.
10, 1962 sales advanced 11% over
the corresponding period in 1961.
According to the Federal Re¬
System
department store
in
New York City for the
week
ended
Feb.
10, .were 8%
higher when compared yvith the
same period in 1961. For the week
ended Feb. 3, an increase" of 17%
was
registered when .compared
President: Keith D.
with the
the
Vice-President: Francis D.
same
four
in
week
;
Jack L. Perry, Luce, Thompson & Crowe, Inc.; Dan Piedimonte, A. C. Allyn & Co.; Frank Westbrobk, Midland Securities
Co., Inc.
\"A'"-~:A '
pany;
1961. For
Wholesale^ Commodity Price Index
riod
Since
in
in 1961.
.
CLEVELAND
1; ;
December
The
19 reached
since
elected the fol¬
lowing officers for 1962:
Sonic Systems AAA
272.94, the lowset point
Dec.
stood
SECURITY TRADERS ASSOCIATION
Cleveland Security Traders Association has
The
general wholesale commod¬
ity price level continued to dip
during the past week and on Feb.:
Bertrand?, HA€). Peet & Company.
ers & Co.;
jlBilr Johnson, Merrill Lynch, Fierce; Fenner & Smith
Inc.; David Kramer, Bache & Co.; Xewis JVIacDonald, DempseyiTegeler &?■■;Co., Inc.;^ Robert -Mahr, -Parke^.^jiseaf Waeckerle,
Adams & Purcell, Inc.; Harry F. Mayfield, Commerce Trust Com¬
weeks
the; corresponding week of 1961.
329
Robert L. Goss
Secretary: Myron D. Mesler, Georg^KP®atifft/& Company.
Treasurer: Robert L. Goss, Barret, Fitchf North & Co., Inc.
Directors: Thomas P. O'Sullivan, Harris, Upham & Co. (Past
President); William W. Bantrup, B. C. Christopher-& Co.; Jack K.
Helper, Strp.u^Blosser & McDowell; James^TLowkp Stern Broth¬
ending Feb. 10,
1962,
a
16%
increase
was
re¬
ported above'.the comparable pe¬
previous week and
Myron D. Mesler
Lincoln, E. F. Hutton & Co.
-
serve
in
the
Francis D. Bertrand
the
sales
last
8
when
year
it
v
at/.272.68,~ .reports- Dun &
Bradstreet,/ Ihcr.f: Substantially:
Keene
lower-in wholesale cost this week
licly
wheat,
were
corn, rye, oats and
well',: mild
declines
were registered
in rubber, steel
scrap/and sugar. Although the cur¬
silver.1
<
As
rent .trend
has
been, consistently
downward, the index still .exceeds
the comparable
year-ago level.. .'
On Monday, Feb. 19, the daily
month
the
272.94
273.55
in
and
274.94
a
but
ago,
269.28
1961.
from
week
remained
the
on
similar
above
day
of
A;;'A/A/Ty '■-..'A'"
■
Food
Price
Index
Up
Fractionally from Last Weeks
The
Wholesale
Food
dex,
Low
Price
In¬
Dun
& Brad-:
to $5.90 on
Co., Inc.,. 80 Wall St.,
City, is offering .pub-,
75,000
common
shares of
Sonic
Systems,: Inc., at $2' per'
share. Net proceeds will be used
by the company for the purchase
of-additional inventory and equip¬
ment^ sales promotion and adver¬
tising,' research and development,
and, working' capital.;' > ■," : A
The
company
'of
Shames
1250
Dr.,
Westbury, N. Y., is engagedin
the design,
manufacture and
sale of ultrasonic devices, includ¬
ing cleaning systems and access¬
ories, and the sale of supplies
in connection
vices.
Wholesale
&
York
New
used
In
with
such
James J. Drnek
President:
beyond
constantly
bubbles in
and
de¬
collapse,
solution in which the
Feb. 20 from the seven-month low
of
$5.89
a
week
earlier.
This
dirt
from
upturn
cleaning.
was
Higher
in
wholesale
were
lard, coffee,
lambs.
beef,
hams,
represents
raw
foodstuffs and
eral
use.
It is not
Retail
In
of
Univ. Electronics
the
sum
Thomas
ciated
meats
a
in
Emerick
them
is
now
are
Laboratories
Public
shares
offering of 101,667
of
Purchases' Slowed
by the
terial
the
for production of
inventory, program ma¬
teaching machines, ad¬
company
additional
*
Week
buying slackened
ended
Feb.
14,
5846
for
Massapequa, L. I. vertising and sales promotion, and
Securities; Inc.,. research and development.
'Merrick
nounced
in
with
President
Corp.
by
of
Road, it ; was an¬
Leonard 1.1 Axelrad,
General
Economics
for
although some may
businesses and in
also be used by
the home.
The company plans in¬
efforts
consumer
sales
make
to
of
some
direct
products.
Electronics
being made by Stearns & Co.;
Clark, Weinstock & Porges and
Elmaleh & Co., Inc., New York
City. Net proceeds will be used
Y. —Howard
of
common
in the educa¬
of its products
sale to colleges
use
Most
A
;
Named. Directors
is
appointed
co-managers
and:, schools,
Laboratories Corp., at $6 per share
Hills and Sidney Lebish have been
opened
Universal
asso¬
G. E. C. Office
newly
designed
creased
;
MASSAPEQUA, N.
Corp.
Common Offeree
registered
a
as
representative.
gen¬
cost-of-living
S.
with
equipment for
tional field.
CHICAGO, 111.—James H. Douglas
and
<
Walter W.
Lennan,
brokers,
Incorporated, insurance
according
to
an
an¬
by Hermon Dunlap
Smith;-President.
.
A
,
>
Mr. Wilson, for some years ha3
been
the
of the
sale
have been
Marsh & Mc¬
nouncement
;<The company, of 51.0 Hudson St.,
Hackensack; N. J., is engaged in
development, production,. and
cf
machines,
devices
and
Wilson
elected directors of
branch of G. E. C.
Latest
Consumer
week
effi¬
more
methods
bellies,
index. Its chief function is to show
general trend of food prices
at the wholesale level.
the
other
lings and Company, Inc., FidelityPhiladelphia Trust Bldg., members
of the
Philadelphia - Baltimore
Stock
Exchange, announce that
the
-
the! surface
than
PHILADELPHIA, Pa.—C. C. Col¬
cocoa, potatoes, steers
These increases offset
Index
of
bubbles -blasts
With C. C. Collings
total of the price per
pound of 31
Pace
the
this
cost
slightly the lower prices paid for
wheat, corn, rye, oats, sugar, eggs
and hogs.
The
of
the year
on
week
and
Com¬
ciently
ago level of
the similar day, the index
down 3.6%.
$6.12
was
slight 0.2%.
a
Drnek, Prescott & Co.
.
object to be cleaned is immersed.
action
pared with
Gary A. Galdun
Secretary: Gary A. Galdun, Wm. J, Mericka & Co., Inc.
y Treasurer: Richard A. Probst, Saunders, Stiver & Co.
Governors: Michael C. Hardony, Ball, Burge & Kraus; Robert
M. Disbro, Disbro & Co.; Raymond W+Rooney, Murch & Co., Inc.;
James B. Sparks, Ball, Burge & Kraus, and Harold A.-;Woehrmann, Paine, Webber, Jackson & Curtis. "
•
; ;•
;
cleaning, vi¬
audible
range
create
a
John R. Donahue
James J.
Vice-President: John R. Donahue, Joseph, Mellen & Miller, Inc.
ultrasonic
brations
The
up
-
distributed
volume
tain
$100,000 climbed to 358 from 283
of
Trucking
announced.
1960.
Shows
tonnage in the
10, was 12.5%
week
businesses
when pre-war
<
compiled by,
in' street,
Inc., edged
50
in
Tonnage
Bradstreet,
more
1939
Failures
ago.
There
and
ago
12.5% Gain Over 1961
Intercity
40%
293.
v/as
casualties
railroad
corresponding week
Intercity
0.5%
toll
cor¬
systems originating this type traf¬
fic in this year's week
compared
with
ended
wholesale commodity price index
corresponding period of 1961, and
9,479
Over
1960.
failed than in
piggyback loadings, slipped to
weeks of 1962 to¬
the
prior
first 5
the
.
,
Cumulative
of
cor¬
1961
1960 week.
for
week
similar week,
sharply the 289 in
exceeded
Lowest
above
1961,
and
■
increase
the
374 occurred in the
Association of
Railroads
announced.
was
post-war
new
a
decline
Up from 313 in the preced¬
ing week, casualties ran moder¬
ately higher than last year when
the
cars,
1.2%
or
by surging to
high of 412 in
this size last week
freight in
10, totaled
revenue
ended
American
This
three-week
a
Liabilities topping
in
54
of
% 1961 Week's Volume
;
ended
ures
involved
Car loadings
retail
1961
208,940
Shipments
produc¬
ended
varying regionally from
rains, zero cold to balmy
spring warmth. However,, total
severe
Feb.
.■•■i. Ay,-
estimated
tion
of
Feb.
____227,003
Orders ^
contract
0.9%
'
due to
cars
labor
9
held to
was
Production
"T
weather
shipments in the United
totaled
;V
&
a.
Co.
ner,
partherr pf Morgan; Stanley
Mr. Douglas is a. member
Chicago law firm, of Gard¬
Carton, Douglas and Chilgren.
Volume 195
Number 6136
•
.
;
.
The Commercial arid Financial Chronicle
of Current
The
(949)
following statistical tabulations
latest week
week
Indicated
steel
Week
capacity)
cent
(per
Equivalent to—
'
'
Steel ingots and castings (net tons)
oil
(BUREAU
of
9
9
8,586,000
8,526,000
8,638,000
8,405,000
Gasoline
9
29,512,000
29,509,000
29,574,000
28,452,000
9
3,726,000
3,447,000
3,362,000
9
14,736,000
14,748,000
14,924,000
6,932,000
6,855,000
6,840,000
7,018,000
9
212,157,000
-209.642,000
201,920,000
185,403,000
9
25,985,000
26,906,000
29,755,000
23,423,000
—Feb.
9
112,773,000
♦118,286,000
138,983,000
86,824,000
Domestic
Feb.
9
41,741,000
41,838,000
45,952,000
29,545,000
Natural
freight loaded (number of cars)
•
Feb. 10
freight received from connections (no. of cars)__Feb. 10
542,415
548,991
503,542
'.522,639
517,611
465,160
——
(bbls.)
,
Feb.
Kerosene output (bbls.)
Feb.
Distillate fuel oil output (bbls.)
-Feb.
Residual fuel oil output (bbls.)
Feb.
Stocks at refineries, bulk terminals, in transit, in pipe lines—
Finished and unfinished gasoline (bbls.) at
Feb.
Kerosene
(bbls.) at
;
——Feb.
—
'
oil
fuel
Distillate
oil
fuel
Residual
(bbls.)
(bbls.)
at
*.
at_
•
7,181,110
7,402,710
7,406,010
7,479,010
ENGINEERING
CIVIL
and
State
lons
.**_.*
—
._
coal and lignite
Bituminous
anthracite
Pennsylvania
$520,000,000
$273,000,000
$329,100,000
248,600,000
356,600,000
131,700,000
197,500,000
184,800,000
163,400,000
141,300,000
150,400,000
136,800,000
123,400,000
(in
Electric output
17,900,000
25,500,000
Feb. 10
—Feb. 10
AVERAGE=100
v
26,600,000
8,235,000
420,000
•'
•
.
7,750,000
7,360.000
377,000
8,170,000
i- ,V
BRADSTREET;
Finished
steel
(per
Pig iron
(per
gross
steel
Scrap
(per
METAL PRICES
all
stocks
(E.
M. J.
&
Export
(New
Lead
(St.
York)
Louis)
(delivered)
tZinc
Zinc
407,000
440,000
COAL
♦114
,
.'Aluminum
(net
cars
Straits
tin '(New
MOODY'S
U.
Average
•
6.196c
$66.44
.
.
$66.44
$36.83
; $37.50
s—.*—■_*
rrt
Egypt
items'
All
12.000C
11.500c
24.000c
24.000c
24.000c
121.000c
119.500C
Housing
100.875c
Gas
86.90.
20
'
,.
20,^
86.11
87.72
89.92
92.35
88.13
90.34
8948
8T.99
.-•>jy87D9
V f
85,59
1
88.80
86.11
86.11
89.92
86.06
■J.
i
;«
v t
85.59
85.59,v
;.v<
81.42
81.29
'v
83.28
7
Men's
t
87.32
87.86
87.86
89.78
4.03
413
J
V
"
Other
4.70
4.55
."■■'.o 4.74
4.74
4.74
4.62
5.07
5.08
5.08
5t06
4.90
4.91
4.92
4:63
4.61
4.49
4.57
4.57
4.57
4.43.
367.6
371.5
{
Feb. 10
352,402
354,629
361.9
340,317
341,777
QCy
.Feb.10
period
470,157
303,580]
332,753
343,811
Feb. 10
—
activity
v
94
.
301,286
,j
97
go
407,005
483,653
473,415
sales
.—
-
Total
£ 7
;
transactions
Total
initiated
on
Crude
Short
—
sales
sales
-
2,000
(customers'
short
3,331,120
Dollar
value
by dealers—
Number of shares—Total sales
Round-lot
Short
Other
Round-lot
sales
<.
386,140
'31,300
379,020
"t $70,730
453,700
11,300
34,100
303,600
409,400
All
19,100
893,985
Jan. 2f>
Jan. 2°
—Jan. 26
96,170
,/
410,320
92,620
925,416
314,900
Total
ACCOUNT
OF
MEMBERS
48,610
\
974,217
167,400
826,981
969,220
1,070,387
1,018,036
875,591
All
•
3,616,358
4,854,667
531,850
571,100
3,499,497
3,613,436
4,031,347
4,184,536.
V
320,900
872,660
3,137,001
v3v856,690
4,729,350
3,457,901
,
2,018,497
1,960,278
$106,428,180
.
i
*
1,700,195
2,199,889
$109,791,364
$86,704,001
$127,337,969
1,825,891
1,790,362
2,203,239
11'
:
Jan. 26
1,820,771
$95,157,415
$95,319,237
525,130
491,750
578,240
'
525,130
491,750
578^240
MOODY'S
654,650
697,970
474,120
96.29
♦85.79
80.47
♦40.6
38.9
377.0
:
;
38.9
RUBBER
2,190,120
♦41.2
39.3
♦39.9
38.5
$2.38
♦$2.38
$2.29
2.5$
•2.55
2.45
2.16
♦2.15
2.09
,,
THE
FEDERAL
—
RESERVE
Month
of
Jan.:
114
i.
AVERAGE
STOCKS —Month
(125)*
:
115
102
114
113
103
3.04
;_*•*.
2.92
YIELD—100
of
January:
*;
(10)
(200)
MANUFACTURING
5.17
3.40
2.75
3.78
2.10
2.51
3.03
(15)
4.86
2.88
2.20
(24)__
3.01
2.94
Tel. & Tel.)
2.91
3.26
ASSOCIATION,
Passenger & Motorcycle Tires (Number of)—
Shipments
_<
Production
8,160,610
*
Production
*
Inner Tubes
18,766,900
710,300
17,260,790
7,809,103
23,583,253
180,474
293,711
1,119,189
192,339
186.785
262,046
250,954
1,000,757
991,190
Shipments (pounds)
Production (pounds)
Inventory (pounds)
'
r;
*
•
Truck and Bus Tires
.Feb. 13,
.Feb. 13
119.4
89.8
119.7
•119.5
♦89.3
89.6
120.0
109.4
,
.Feb. 13
95.1
95.1
—Feb. 13
127.6
♦127.8
■
~
109.8
43,317.000
43,104,000
*
15,667,000
(Number of)—
96.4
127.9
128.2
*
*
Inventory—
*
*
110.2
97.4
:.
109.5
tNumber of orders not reported since introduction of Monthly Investment Plan. tPrime Western Zinc
freight from-. East^St, Louis exceeds one-half centra pound,.
m.
45,758,000
48,441,000
16,480.000
*
Production
>
90.4
'
9,458,224
*
Shipments
.Feb. 13
2,902,800
3,231,587
9,784,084
Tread Rubber (Camelback)—
22,691,000
U. S. DEPT. OF
2,887,602
3,001,620
*
Inventory
21,666,560
17,655,990
TREASURY
RECT
MARKET
AND
TRANSACTIONS
GUARANTEED
OF U. S. A.—Month of
Net
Net
sales
purchases
6,799,240
9,050,957
21,572,323
(Number of)—
*
Production.
1,034,440
8,623,364
9,251,067
22,806,787
Inventory
Tractor Implement Tires (Number of)—
Shipments
Inventory
395,200
3.23
4.77
Amer.
INC.—Month of December:
13,119
$114,340,529
$89.08
39.2
(25)
Shipments
17,684,700
♦105.06
,
OF
1
'
,
(not incl.
Average
V
18,395,000
figure.
DEPT.
Passenger, Motorcycle, Truck and Bus
Jan.26
♦Revised
♦$96.63
9,426,000
40.4
WEIGHTED
Insurance
719,320
6,313
1,784,049
$80,436,408
16,636
1,809,2551
Jan. 26
All commodities other than farm and foods
$94.96
S.
goods
OF
COMMON
675~334
Jan. 26
21,656
1,799,115
sales.
Meats
430.1
19,916,000
'
l
SYSTEM—1947-49=100
675,334
Jan.26
foods
19,017,000
17,205,000
10,753,000
17,471,000
8,019,000
17,181,000
.
goods*
Seasonally adjusted
Unadjusted
:**-*.
Banks
sales—.
Processed
,
U.
/
goods*
ERNORS
Utilities
sales.
products
—
manufacturing
Railroads
Short
Farm
19,561,000
INDUSTRIAL PRODUCTION—BOARD OF GOV¬
(SHARES):
Commodity Group—
All
commodities
144,132
400.9
goods**
Nondurable
1,136,620
3,940,255
702,600
18,064,300
WHOLESALE PRICES, NEW SERIES
LABOR — (1947-49=100)1
99,794
79,755
108,385
144,697
HOURS—WEEKLY
Hourly earnings—
1,009,847
round-lot sales—
Total
108,281
spindles in place Dec.
manufacturing
Nondurable
Durable
Other
-
130,771
pounds)*.
goods—
Durable
443,500
822,808
'■''v
3,643,983
TOTAL ROUND-LOT STOCK SALES ON THE N. Y. STOCK
EXCHANGE AND ROUND-LOT STOCK TRANSACTIONS
FOR
142,210
84.67
276,490
Durable
"
sales
♦117,836
103.02
Hours—j
sales
purchases by dealers—Number of shares
132.7
»
;
3,149,230
Jan- 26
—Jan. 26
Jan. 26
sales
122.3
^
78,303
<
2,267,410
Jan. 26
Jan. 26
Jan. 26
sales
other
133.8
158.0
133.7
125.2
end of period (tons
ESTIMATE
Weekly earnings—
All manufacturing
2,756,180
Jan. 26
Customers'
,
202.9
,
AND
2,667,030
Jan.26
Customers'
i.
.
-
!
151,774
*
•
Nondurable goods*
purchases)—t
Odd-lot purchases by dealers (customers' sales)—
-Number of orders—customers' total sales
134.3
121,327
pounds)**
LABOR—Month of January;
f
Industrials
by dealers
162.4
January:
*
Active spindle hours for
STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODDLOT DEALERS AND SPECIALISTS ON N. Y. STOCK
EXCHANGE — SECURITIES EXCHANGE COMMISSION
of shares.
of
*
671,160
854,153
.Jan. 26
Jan.26
value—.
209.9
125.3
(DEPT. OF COMMERCE): *
Spinning spindles in place on Dec. 30*
Spinning spindles active on Dec. 30
Active spindle hours (000's omitted) Dec. 30*
2,478,070
293,930
sales.
sales
134.5
COTTON SPINNING
260,990
274,830
Other
Dollar
94.0
146.5
138.0
"
sales
Number
,140.7
93.0
133.7
of 2,000
2,006,420
Jan. 26
Jan. 26.;.
Jan. 26
Short
Odd-lot
(tons
pounds)***
2,309,000
Jan.26
sales
U.S.A.
416,580
2,513,340
Total round-lot transactions for account of members—
Total
142.3
150.5
134.8
month
Refined copper stocks at
FACTORY EARNINGS
.Jan.26
sales
Total
101.1
112.0
162.6
(tons of 2,000 pounds)
2,250,450
the floor—
purchases
Other
.
,
Jan. 26
Jan. 26,>
Jan. 26
Jan. 26
sales
Total
Other
10.6
101.7
;
136.7
;
.j.
Refined (tons of 2,000
Delivered to fabricators—
2,422,820
Jan. 26
sales
138.3
^
112,3
93.1
*
recreation
2,660,130
447,180
•
sales
Other
;
initiated off the floor—
purchases
Short
111.2
•
•-.«
—Jan. 26
sales
|
Copper -production in U. S. A.—
AVERAGE
MEM¬
OF
-
210.9
———
and
139.5'
110.92
117.59
113.94
112.02
.Feb. 16
purchases
Other transactions
125.6
149.3
,*_^_*
COPPER INSTITUTE-—For
In
/
375.2
..Feb. 10
(tons)
sales
<103.9
142.5
*****
■*_*_—_*_,
Other .goods and services
4:83
4.63
BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
in which registered—
Other
137.0
103.4
101.3
*;
care
Reading
4.39
Transactions of specialists in stocks
Total
139.2
112.1
care——_—_*;
Personal
4.25
-
4.43
•
Short
142.8
125.7
111,0
-
,
*.*—*—
j._*_
4.58
4.70
-
:_**
apparel
Medical
3.69
ft'/
4.56
Feb. 20
AVERAGE=10O
Total
132.3
144.2
139.5
*;
-
girls'—
Public
►
14.70
and
1 'Private
■
4.01
OIL, PAINT AND DRUG REPORTER PRICE INDEX—
-
119.9
132.9
140.1
oil*—
boys'——u.
Transportation—
"
•rJ-
i.'-i;
fuel
.'-Footwear—**it*_*_*
88.95
87.86
and
Women's
84.43"
87.05
4.42
INDEX.
ACCOUNT
and
operation**——
Apparel*—z_,*—*—***__,
81.54
83.40
87.05
:«•
81.29
83.53
v
Feb. 20
FOR
fuels
:
Household
>
87.18
Feb.~20
TRANSACTIONS
electricity—.—
Housefurnishings—
,
'
of
ROUND-LOT
and
111.6
122.7
133.1
:
126.3
108.2
122.8
1958=100)
119.3
121.6
125.7
(Jan.
110.5
119.4
103.3
from home
—'
away
26.000c
121.000c
Food
139.0
108.6
123.4
Other food at home
118.7
140.9
119.5
—
—
121.4
116.8
108.7
*rl—
vegetables—
127.5
120.3
144.4
12.000c
and
128.3
107.3
12.500c
NATIONAL PAPERBOARD ASSOCIATION:
1949
1
140.9
bakery products
poultry and fish
?12:500c
Feb. 20
of
—
128.2
and
10.800c
4.56
Group—
end
12,095
116.9
*
—
•_
9.800c
4.42
Public Utilities Group
Industrials Group
at
31,888
8,986
2,852
v
,
84
:
9.550c
Feb. 20
(tons)
78,122
100,135
1917-49=100-
home—
Fruits
.Feb. 20
orders
_J,
at
11.000c
.Feb. 20
Unfilled
110,010
102,262
,
18
—
!
—
26.975c I
Feb 20
of
:
223,562
86,895
110,522
120.4
$32.50
«
..Feb. 20
Percentage
INDEX
10.000c
12.000c
tons)
(net tons)———
PRICE
12.500c
Feb. 20
(tons)
18,894
——
—
28.000c
12.000c
(net
(net tons)
9.750c
;Feb. 20
Bonds
Aaa
received
3,515
15,760
200,287
America
28.725c
Feb. 20
corporate
Orders
Central
9.300c
Feb. 20
„
Group.,
Group
!
Production
1,179
1,940
MINES)—
(net tons)——
9.500c
^-Feb.20
—2—_
COMMODITY
5,741
—
and
28.675c
-
MOODY'S
5,386
undelivered
and
Meats,
Dairy products*—-.
.•
Railroad
4,678,000
Month of December:
$66.44
-
MOODY'S BOND YIELD DAILY AVERAGES:
Average
12,583,000
'
Group**——
Government
304,833,000
*
OF
28.600c
'
U.- S.
(BUREAU
30.600c
■—Feb, 20
Utilities
Industrials
order
on
30.600c
—Feb. 20
v
cars—
(net tons)
CONSUMER
AVERAGES:
*>HT»T.yr"—
26,664,000
295,657,000
INSTITUTE—
30.600c
::.i—Feb.:2o^
■
To
Solid
Feb.
Public
374
6.196c
$66.44
$36.50
1
Feb. 14
Feb. 14
Feb. 14
Feb. 14
—Feb. 14
L—i.—Feb.
Railroad
*
'
'
6.196c
6.196c
Feb. 14r
—Feb. 14
—
.
DAILY
Bonds
23,319,000
"
South America
To
To .Asia
-Feb. 14
corporate
14,567,000
396
313
;
r*—i
at-—.
CAR
tons)—
Europe
Cereal
at
PRICES
BOND
•
.
-—:
—
York)
Government
S.
•
i
at
2S),980,000
26,498,000
;
export
and
December:
North
Food
.
(primary pig, 99.5%)
29,501,000
18,000
delivered
cars
EXPORTS
QUOTATIONS )<
:*
domestic
freight
new
Month of
111
127
16,857,000
16,468,000
412
Feb. 12
*
at
•
16,266,000
Feb. 12
.
at-
15,000
33,585,000
U. S. exports of Pennsylvania anthracite
\
—Feb. 12
—'.
at
(East St. Louis)
V'
&
—
at
refinery
refinery at
Lead
DUN
k
:
Domestic
7
—
.
ton)
15,000
30,119,000
'
January:
for
freight
Backlog of
To
—Feb. 15
gross
213,992,000
30,379,000
(barrels)—**
RAILWAY
New
V
lb.)
ton)—
Electrolytic copper—
>*
INDUSTRIAL)
INC
IRON AGE COMPOSITE PRICES:
243,511,000
220,942,000
(barrels)—:
,_*„
Month of
Orders
:
118
Feb. 10
Feb. 17
AND
251.336,000
30,974,000
gal¬
(barrels)—-
output (barrels)
imports (barrels)*
product imports (barrels)—.
AMERICAN
*"
•
.
000 kwh.)
(COMMERCIAL
FAILURES
245,555,000
214,566,000
2,128
gasoline output
To
z.
249,700
(end of month)—
(tons)
;
9,486,300
9,236,600
166,500
therms)
"
(tons)—
INSTITUTE:
7,758,400
12,587,000
(M
(barrels of 42
output
consumption
(barrels)—
;
.106,100,000
.
ELECTRIC
7,924,900
256,400
19,010
oil
crude
Indicated
DEPARTMENT STORE SALES INDEX—FEDERAL RESERVE
SYSTEM—1947-49
165,504
259,511
9,978,700
sales
oil
Refined
131,600,000
Feb. 15
!
EDISON
164,125
240,343
9,722,300
therms)
each)
Decrease
$433,400,000
(U. S. BUREAU OF MINES):
OUTPUT
Crude
-.468,184
Feb. 15
municipal——**..*—*,
167,993
207,055
end of Dec.
315,029,000
(M
mixed gas
.
34,400,000
COAL
•
Feb. 15
construction—-
Public
sales
&
Total domestic production
486,383
.,
.
Feb. 15
-
construction-.
tons)
of November:
^ ■>
construction
S.
Private
Ago
AMERICAN PETROLEUM INSTITUTE —Month
CONSTRUCTION—ENGINEERING
NEWS-RECORD:
Total U.
(short
(M therms)—:
gas
Benzol
Revenue
Year
'
ASSOCIATION—
sale
Manufact'd
ASSOCIATION OF AMERICAN RAILROADS:
Revenue
Month
of December:
gas
Natural
3,153,000
,
GAS
For Month
Total
Previous
MINES):
primary aluminum in the U. S.
15,662,000
9
AMERICAN
output
OF
(in short tons)—Month of December
output—daily average (bbls. of
42 gallons each)
I
..Feb.
Crude runs to stills—daily average
(bbls.)
-Feb.
Crude
of that date:
Month
ALUMINUM
1,582,000
2,341,000
2,446,000
either for the
are
are as
Latest
54,0
80.0
Production
2,454,000
of quotations,
Ago
83.5
„
,
cases
Year
condensate
and
that date, or, in
on
production and other figures for the
cover
Dates shown in first column
Stocks of aluminum
PETROLEUM INSTITUTE:
AMERICAN
Month
Week
84.0
Feb. 17
j
Feb. 17
month ended
or
Previous
INSTITUTE:
STEEL
operations
month available.
Ago
Latest
AMERICAN IRON AND
or
29
*
*
—
1,015.757
1,232,304
3,560,683
1,115,163
1,278,218
3,343,424
2,816,795
2,913,414
11,034,355
42,645,000
40,375,000
17,990,000
850.979
994,799
3,956,841
IN DI¬
SECURITIES
January:
•
;
*
$5,615,800
*£&9n»70O .-$27,826,200
30
The Commercial and Financial Chronicle ',
(950)
:
.
Thursday, February 22. 1962
Additions
* indicates
in
Now
Securities
•
—Stein Bros. & Boyce, Baltimore and
son & Warwick, Inc., N. Y.
NOTE
Because of the large
—
number of issues
Increasingly difficult to predict offering dates
with aTiigh degree of accuracy. The dates shown
in the index and in the accompanying detailed
terial. Proceeds
not, in
are
expectations of the underwriter
general, to be considered as firm
(2/26-3/2)
Co.
Products
relocating
Proceeds—For
equipment.
Nov.
•
•
N. Y.
supplies. Proceeds— For expansion and
Cable
Advance
•
30, 1961 ("Reg. A") 55,000 common. Price — $4.
Business—Design, manufacture and installation of elec¬
tronic cable systems and hardware. Proceeds—For debt
•repayment, equipment and working capital. Office—
12806 Bradley Ave., Sylmar. Calif. Underwriter—B. ;B.
—
mosaic
tiles.
Leases
Office
motor
—^
vehicles.
Corp.
common.
and
aluminum
debt repayment,
expansion and working capital. Office—00 Gazza Blvd.,
cFarmingdale, N. Y.f: Underwriter—Robbins; Clark &
; Co., N. Y.
/
;; r', //,: .
storm-screen
products.
Proceeds—For
working
other
&
in-
Md.
Co., N. Y.
Neck, N. Y.
'*/
>
■
Alloys (& Chemicals Corp.
&
' / //.
/• ■;.' '■,
..
.
/
electronic,
mechanical
and
p^?*of loans^ expansion
—6900 West Road
64, Fort
components.
and working capital. Office
Lauderdale, Fla. Underwriters
a
v
•
'"•+
+
S^ountvIdPata^elcii
j
-.'i'
'lC-j
.
-
•
■■
...
Jnvestment^ Corp.
!hu/
le(!
^ .non-cinnulative convert"■'J5j5-"p*e?rre^'
wt Bttsmess
A mahagement in^went, comigny ~wh^h-plans to; aequire-^nns in the
insurance and finance fields. Proceeds—For
i
i
general
cor-
SorateUnderwriter—None.— Warner Bldg., Washington,
purposes. . Office
C.
American Micro Devices, Inc.
2,
—
(3/1)
•
/
1961 filed 1,500,000 class A common shares.
$1.15. Business—The manufacture of electronic
,
American Modular Manufacturing
Borp.r
Nov. 27, 1961 filed 200,000 common.
Price—$2.50.
Busi¬
ness—Manufacture of a type of component constructed
home. Proceeds—For debt
repayment, equipment, and
working capital. Office—4950 71st Ave., North, /Pinellas
Park, Fla. Underwriter—Equity Securities Co., N. Y.
//
Price—By
shares.
YOUR
.C.
—
412 N. 6th St., Philadelphia.
Collings & Co., Inc. and Harrison
\
International, Inc.
;
'
.
.
.
r
r
Nov.
13, 1961 filed 73,000 common. Price—$7. Business
—Company plans to construct special type homes, and
engage in the general contracting business. Proceeds—
BOUGHT
For general corporate purposes. Office—St.
Petersburg,
Fla. Underwriters—Wm. H. Tegtmeyer &
-
SOLD— QUOTED
for Banks, Brokers, Institutions
Co., Chicago
and
of
Proceeds—-Re-
qftn nrw
V;
;
Co., Philadelphia.
Alumatron
and B. C.
Office—20th Street, and Alle¬
•e—By amendment. Business—Manufacture
/
:
writer—Albion Securities Co^ Inc^ N. Y.
Mallpy, Inc., St. Petersburg^
Amerel Mining Co. Ltd.
July 31, 1961 filed 400,000
common
shares.
^Price—50
cents. Business—The company is engaged
Airtronics
efsL
iqfio
pr,v<LI<Ri<sabeoeficial interest,
Mfg. Co. (3/19-23)
Aug. 28, 1961 ("Reg. A") 75,000 common. Price—$4. Pro¬
ceeds—For equipment, repayment of loans and
working
capital. Office—2690 N. E. 191st St., Miami, Fla. Under¬
of
International Corp. of Florida (.2/28)
July 29, 1961 filed 186,625 common, of which
150,000 are
to be* offered by the
company arid 36,625 by stockhold-
/
MA>4<ra<rn
Alson
gheny Avenue, Philadelphia, Pa. Underwriter—Francis
1.
du Pont & Co., N. Y,
Note—This offering has been tem¬
porarily postponed.
;
•
o
Fh-c*
>.
Underwriter—Joseph, Meilen & Miller, Inc.,
Underwriters—C
alu-
capital,
peh
state-
working capital. Office
inventory and working capital. Office—350
N. Y. Underwriters-^Richard Bruce &
Co.,
Inc., and Reubin Rose & Co., Inc., N, Y;
;
nunum
this
of
r
American
.
and
Business—Wholesaler and distributor of
electronic parts manufactured by others. Proceeds—For
expansion,
Fifth Ave.,
other corporate purposes.
.
windows
amendment.'
Air Master Corp.
May 26, 1961 filed 200,000, shares of class A common
stock, of which 50,000 shares are to be offered for public
sale by the company and
150,000 outstanding shares by
the present holders thereof.
Price—To be supplied by
•
adequacy
components. Proceeds—The purchase of equipment and
materials, operational expenses, working capital and re¬
search. Underwriter—Naftalin &
Go., Inc., Minneapolis.
Cleveland.
Under-
sale
and
accuracy
Price
Cleveland.
100,000 by the
Price—$10.
Business—Manufacture
of
men's a*id boys' underwear and
pajamas. Proceeds—For
and
the
...
gaged in the production of aluminum alloys. / Proceeds
selling stockholders.' Office^—4365 Bradley Road,
stockholders.
and
challenging
ment.
-
Dec. 27, 1961 filed 225,000 common. Price—By amend¬
ment. Business—An aluminum smelter and refiner en¬
Ainsbrooke Corp.
(3/26-30)
V
Jan. 8, 1962 filed 200,000
capital shares, of which 100,000
are to
be offered by the
company and
doors,
Lomasnev4 & Co^N^Y
Aug.
/
Corp., Paterson, N. J.
manufacture
tJhderwriter—My7on"'A7
Y.
Note—The SEC has instituted "stop order" proceedings
i;: y-;.:
Almo Industrial Electronics Inc.
Nov. 27, 1961 filed 155,000 class A
and
N.
(3/19-23)
working capital.
The
nance
bentures, and capital funds. Office
—For
—
debenture, 30 common shares and1 10 warrants. Price—
$500 per unit. Business—The company and its subsidi¬
aries are primarily engaged in the automobile sale fi¬
an
Business—Importing, marketing and distributing ceramic
tiles. Proceeds—Debt
payment, new products, sales pro¬
motion and
advertising, new office and warehouse and
windows
:
•
Finance
business. One additional subsidiary is a
Maryland
association and two are automobile
/^insurance brokers. Proceeds—For the retirement of de¬
-
Entertainment Corp. of America, Inc.
23, 1962 ("Reg. A") .125,000 common. Price — $2.:
Great
;
Business
Denver
savings and loan
(3/5-9)
Price—$4. Business
phonograph records, and the development and
production of TV jingles. Proceeds—For debt.repayment
working capital. Office—9171 Wilshire Blvd., Bev¬
erly Hills, Calif.1 Underwriter — Ellis Securities, Inc.,
Monica, Calif. UnderSecurity Co., 320 Northern Blvd., Great
storm
Inc.,
././.•
and
Agency Tile Industries, Inc. (3/26-30)
Sept. 6, 1961 ("Reg. A") 120,000 common. Price—$2.50.
amendment.
1
bution of
•
aluminum
Underwriters,
'
.
Business—Music publishing; the manufacture and distri¬
Proceeds—For working capital, new product de¬
velopment, equipment and other corporate purposes.
Office—2036 Broadway, Santa
,
.
be offered for public sale in units
consisting of one $200
a
Allied
Jan.
ratus.
<
broker-dealer-underwriter,
Co., Inc. (2/28)
/
April 21, 1961 filed $500,000 of 6%: convertible sub¬
ordinated debentures due 1971; 75,000 shares of common
stock, and 25,000 common stock purchase warrants to
/'!
Capital Corp.
Underwriter—.Allen
Space Electronics, Inc.
Dec. 22, 1961 ("Reg. A") 80,000 common. Price — $3.
Business—Design and production of electronic compo¬
nents used in electronic and electro-mechanical
appa¬
•
American
Price—$3.
common.
small business investment company. Proceeds—For
vestment.; Office—7720 Wisconsin Ave., Bethesda,
Aero
'
(a subsidiary).
Oct. 20,-1961 filed 213,427 common, of which 200,000 wfll
be offered to the public end 13,427 to stockholders
ont ;
a
l-for-10 basis.
Price—By amendment. Business—A .•
equipment,
Office—522 W. 29th St., N. Y.
writer—International Services
insurance company, a
.
Allied
trols and assemblies for the missile, rockets and aircraft
,
be named.
acquisition, debt repayment;
tr^st
and general corporate .purposes. ;Otfice—50Q7 Lytle
St.,; investment^Office—305
Fid
Pittsburgh;, Pa.., Underwriter-First Madison Corp.'N.Fla"
Aerodyne Controls Corp.
;Jan. 29, 1962
("Reg.-A") 90,000 common. Price—$2.
.Business—-Design, manufacture and sale of systems, con¬
.
Office—1068
purposes.
Diversified, Inc.
Underwriter—Nation-Wide
Proceeds—Fqr working capitals
combination
corporate
a loan
and finance company.
Proceeds—For gen¬
eral corporate purposes/ Office—930 Grant
St., Denver.
31-04 Northern Blvd., Loiig Island City, N. Y.
doorsy Proceeds-For-
life
a
By amend¬
—
withdrawn^
was
Rental
other
and
Allegheny Aluminum Industries, Inc.
,
"Neck, N. Y. ;
American
Dec. 21, 1961 filed 100,000 common. Price—$4.25. Bustness—Manufacture of aluminum and fiberglass awnings
and installation of new moulds, machinery and equip¬
ment, research and general corporate purposes. Office—
.250 Goffle Road, Hawthorne, N. J. Underwriters—Cam¬
bridge Securities, Inc. and Edward Lewis Co., Inc;, N. Y.
"writer—Walter
Auto
and
Newark, N. J. Underwriter—To
Dec. 21, 1961 filed
110,000 common. Price—$7.50. Busi¬
ness—A holding company whose three subsidiaries are
•
Underwriter—NonC*.
Proceeds—For the purchase
Industries.^ Proceeds—For
repayment
Broad St.,
Offering—Expected in mid-March.
Sept. 28, 1961 filed 50,000
This letter was
i
and
Development Corp.
"
"
29, 1961 filed 60,000 common. Price—$6. Business
—Development.and sale of vacant land. Proceeds—Debt
Al-Crete
All-State
Corp.
Aug. 7, 1961 filed 100,000 common shares. Price—$5.
'Business —The importation and distribution of Italian
marble
'"■/'•/ *•'
Note—This registration
Aero-Dynamics
;
American
new vari¬
ety of building products. Proceeds—For construction of
a new plant.
Office—4800 Baltimore Ave., Hyattsville,
Md. Underwriter—Whitehall Securities Corp., Pittsburgh.
Nov.
Inc., M. L. Lee & Co., Inc.,
Hallowell, Sulzberger, Jenks, Kirkland & Co.,
Philadelphia. / / V
./
--/'/■,<... -/• ^Y^-'.v'/'
(3/12-16)
Business—Development and manufacture of
Systems Corp.
withdrawn.
Voigt Industries, Inc.
Corp.
Sept. 20, 1961 filed 127,000 class A
Co., Inc., N., Y.
|George Securities,, Ltd., N. Y. Note
—Milton D. Blauner & Co.,
N. Y., and
,
working capital. Office—3294 Steinway St., Astoria, N. Y.
&
Proceeds—For general corporate purposes.
Office—1101 W. Cambria St., Philadelphia/ Underwriters
toiletry preparations, particularly in the hair care field.
Proceeds—For selling stockholders. Office—2525 Armitage Ave., Melrose Park, 111. Underwriter—Shields & Co.,
11, 1962 -filed 100,000 common. Price—$4. Business
—A warehouse distributor of automobile equipment ac¬
.
boards, etc.
.
ment. Business—Manufacture and sale of cosmetics and
Jan.
,'v •••-••-.
Packaging Corp.
(3/26-30)
company.
/•/
Jan. 12, 1962 filed 68,000 common. Price
(3/26-30)
selling stockholders. Office
Underwriter—Bear Stearns &
Y.
Nov.
Alberto-Culver Co.-
Bank, Detroit. Underwriter—A. D.
Gilhard & Co., Inc., N. Y.
-;
St, N.
Jan. 5, 1962 filed 150,000 common.
Price—$3.50. Business
—Manufacture -and sale of cardboard
"boxes, display
fixtures, show cases and
related items/Proceeds—For repayment Of loans, work¬
ing capital, a leasehold improvement and moving ex¬
penses. Office—14-20 Dunham PI., Brooklyn, N. Y. Un¬
derwriter—David Barnes & Co., Inc., N. Y. C.
—1928 Firth National
Underwriter—Baruch Brothers
Albert
Proceeds—For
fasteners.
:r^y
American Cardboard &
The manufacture of metal store
Proceeds—For expansion. Office
Admiral Automotive Products, Inc.
lumber
Business—A
missile
Proceeds—For
Varick
Co., N. Y,
Aug. 29, 1961 filed 80,000 common. Price—$4. Business—
•
and
publishers.
—75
Co., Inc., St. Louis.
(3/5-9)
Nov. 28, 1961 ("Reg. A") $240,000 of 15-year 6% con¬
vertible
subordinated
debentures
(convertible
into
common
at
$1.50
per
share);
and
40,000 common
shares. Price—For debentures at par; for stock, $1.25.
Business—Research, design and manufacture of contact
accessories.
(3/12-16)
and
repayment,
American Book-Stratford Press, Inc. (3/5-9)
27, 1961 filed 430,000 common. Price—By amend¬
ment. Business—Manufacture of hard-bound books for
^
-
aircraft
issue
revised
Oct.
r
•
items
equipment and other corporate pur¬
poses. Office—Lawsoh Blvd., Oceanside, L.
I., N. Y. Un¬
derwriter— S. D. Fuller &
Co., N. Y;
17, 1961 filed 250,000 common.
ment.
Acrylic Optics Corp.
cessories
debt
Price—By amend¬
Proceeds—For
construction and working capital. Office—614 Equitable
Bldg., Portland, Ore. Underwriter—Dempsey-Tegeler &
equipping a new plant, purchase of inventory, re¬
and
development, advertising, promotion and
merchandising, repayment of debt and other corporate
purposes. Office—119 St. Mihiel Dr., Riverside, N. J.
Underwriter—Roth & Co., Inc., and Janov & Co., Phila¬
delphia.
*
•
"
•
•••
Pacific Lumber Co.
Alaska
and
and
dustrial
:
,
For working capital.
Underwriter—-None.
Denver.
to
search
lenses
,
All American Petroleum Corp. i 4 //
.
-i
Feb. 15, 1962 filed 2,000,000 common; Price-^$1.
Busi¬
ness—Acquiring, exploring and developing oil and gas
properties.Proceeds—For debt repayment and other
corporate purposes. Office—715 Midland Savings Bldg.,
July 17, 1961 filed 155,000 class A common.
Price—$2.
Business — Manufacture of transformers for electronic
electrical
;
• Alaska
Aero-Electronic
and
—
mid-March;
offering dates.
,
:
Office — 11608
Ventura Blvd., Studio City, Calif. Underwriter—Pacific
Coast Securities Co., San Francisco, Calif. Offering—In
items reflect the
but
Vickers, McPher-
Alan-Randal Co., Inc.
:
"
Oct. 27,1961 ("Reg. A") 120,000 common. Price—$2.50.
Business—Distributor of pens:and other advertising ma¬
awaiting processing by the SEC, it is. becoming
since previous
>
f
in exploration,
development and mining. Proceeds—For diamond drill¬
ing, construction, exploration and general corporate expenses.
Office—80 Richmond St., W., Toronto. Under¬
writer—E. A. Manning, "Ltd., Toronto.
American Bolt & Screw
Mfg. Corp.
¥
(3/26-30)
v
Dec. 15, 1961 filed 150*000 common. -Price — By amend¬
ment. Business—Manufacture of standard and special in-
-
v
V /
.
.
Direct
~
Jn,c.
39 Broadway, New York
Dlgby 4-2370
N. Y.
Teletype No. N.Y. 1-5237
Wire, to Holton, Henderson & Co., Los Angeles
Volume
195
Number 6136
..
The Commercial and Financial
.
.
(951)
Chronicle
•
Corp.
Phoenix
American
•
Office—320 Park Ave., N, Y.
Y.
Interamerica Securities Corp., N.
Dec.
Arttin Miils,
Underwriter—
Insurance Co.
American Pioneer Life
•
-
: * ;,
;
•
Price—$5.50. Busi¬
20,1961 filed 400,000 common.
Proceeds
ness—Writes life insurance in Florida.
For
—
expansion and legal reserves. Office—307 S. Orange Ave,,
Orlando, Fla. Underwriters—A. C. Allyn & Co., Chi¬
cago and Goodbody & Co., N. Y. Offering—Expected in
rMarch.7
and work¬
N.-Y.
ing capital. Office—390 S. Atlantic Blvd;~ Monterey Park,
Calif. Underwriter-r-Dean Witter & Co., San Francisco.
*•
American Realty
1
subord,'de¬
•Sept, 28, 1961 filed $2,000,000 of 6Vz% conv.
bentures due 1971. Price—At par. Business—Real estate
'and also the oil and gas business: Proceeds—For repay¬
Nov..
v
debt, sales and advertising, property improve¬
ments and possible acquisitions. Office—16 W. 61st St.,
N. Y. Underwriter-r-Troster, Singer & Co., NA Y.
Office—860 Hartford Bldg., Dallas.
amendment.
Business—Im¬
,
•
...
;
•
"-A"
"
(3/5-9) aa.a
•. .a;,-'"'
21,4961 filed 230,000 common,-of which 110,000 are
-
y
—For
Under-
general corporate purposes.
Office—14 W.
55th
17, 1962 filed' 160,000 common, of which 60,000 are
by the company and 100,000 by stockhold¬
ers. Price—$7.50. Business — Operates diaper services,
^supplies linens, and publishes "Baby Talk" magazine
to be offered
American Space Exploration; Inc.
Jan. 22, 1962 filed 250,000 common/Price—$2. Business
«—Company plans to manufacture digital voltmeters, di¬
gital chonometers and solid state-counters.' ProceedsTor general corporate purposes.- Off ice—3910 S. Kald-
-which
•
"
Anchor
•
Coupling Co., Inc.
*
v;
ment. Business—Manufacture of pressure
•and metal tube assemblies.
'
\
,
t
1962 filed 488,000 common. Price
—
hydraulic hose
Proceeds—For selling stock-
Corp.
.
•.
;
.A-
v-
U.
*
S.
Av
•
and
Canada.
<3/19-23)
1961
Jan. 26, 1962 filed 200,000 common..Price—$6. Business
Price—$4.. Busi—Construction and operation of water-treatment: and
; ness—Company
plans to. construct* and operate refuse
sewage-disposal
plants.
Proceeds—For
construction,
; disposal
plants. Proceeds—For' general corporate pur- .•
-plant expansion, and a loan to a subsidiary. Office^
'poses.I Office—1001 N: Central Ave., Phoenix. Under¬
17850 N. 29th Court, Opa Locka, Fla.
Underwriter—
writer—Globus, Inc.; N. Y. -V'vA''
A
v 'i,iy '■.
A A/'.;- A Hardy & Co., N. Y.
A'... ■' •' ■AA;7 A, \j / •/. AA./A
a
A: Arizona-New Mexico Development Corp. A:A
r
^ Atmospheric Control, Inc. " A- • 7 A;.'/.// //,>
Jan. 3, 1962 ("Reg/ A" ) 300,000; common/A Price — $1.
Feb; 5,A 1962 ("Reg. A") 86,000 common. Pricerr—$3.45.
/ Business
Development of underground caverns as- a ^Business—Manufacture and sale of Mist-I-Cone humidi¬
tourist rattraction/Proceeds—For debt repayment. Office
fiers.
Proceeds—For equipment," advertising and work¬
1—Suite No. 9—4344 E. Indian School Rd., Phoenix.' Uning capital.; Office—668 Jenks Ave., St. Paul. / Under¬
derwriter—Preferred Securities, Inc., Denver. Offering
writer—Pewters, Donnelly & Jansen, St. Paul.
-—Expected sometime in April. A.
/ '..
; .:,••• r ';•• .:t
Barth
•
•
—
dietary products. Proceeds—For selling
ers.
Office—270
; /
A>:
,
27, 1961 filed 70,000 cumulative convertible .preference shares
(par $50). Price—By amendment. Business
—The production of basic granular and brick refractory
materials. Proceeds—For plant expansion. Office—845
Hanna
nnd factoring, Proceeds—For'working
capital.' Office—850 Third Ave., N. Y. Underwriter-
Dean Witter &
Co., New
York.;/AAA.
■
A tA /tA A
A
A
,
v
}
a
Automated Teaching Systems, Inc.
Baxter Laboratories, Inc.
A-A
"
-*• Argus Financial Fund, 4nc. ./A/,/ Aa'A^ A- Att."7A,,,/
Feb.* 12, 1962 filed 800,000 capital shares to be offered in
exchange for certain securities, acceptable to the Fund.
Ffice-r-^NetAasset value
Sept,
18, 1961
and
,
^
1
nesses.A Proceeds—For
-Tines
investment;
"Office—1118 Tqrrey
derwriter—None.
Bebell & Bebell Color Laboratories,
*AA"'a Arnav .Industries. Inc. (3/12-16) A^- A, Av. A' ''t •
A.Dec. 29, 1961 filed $600,000 of 6%/convertible subordi¬
nated
debentures and 36,000; common stock purchase
-
-
warrants
to
debenture
be
and
offered
60
for
sale
in
units
Price
warrants.
—
of
one
$1,000
;
self-instructional materials
equipment, research and
corporate purposes.A Office—1
Dec.
*
.
parts for the aircraft and missile; industries,
ceeds—For
tional
debt
repayment
equipment.
Office
and the
^
32
purchase
;
Industrial Ave.; Little
•
•
.
28, 1961 filed 50,000 common.
corporate purposes. Office—3601 Merrick Rd., Seaford,
N. Y. Underwriter—S. Schramm & Co., Inc., N. Y.
1961 filed 150,000 class A shares, of which 125,to be offered by the company and 25,000 by
Price—By amendment. Business—Sale and
distribution of a photocopy machine and supplies. Proceeds—For equipment, expansion, and working capital
000
'
Richling, Inc.
A
'"A"
Office—153 W. 36th St., N. Y. Underwriter—None.
27, 1961 filed 54,000 common. Price—By amendment. Business
Design and manufacture of women's /A B. V.D. Co., Inc. (2/26-3/2)
junior sizes. Proceeds—For gelling stockholders. Office 7 Dec. 28, 1961 filed 600,000 common, of which 400,000 are
—1400 B'way, N. Y. Underwriter—Carreau & Co., N. Y.
to be offered -bv the ^company and 200,000 .by :stock-
.
a
,
.
•
Business—Manufac¬
specially designed thermosetting plastic fabri¬
cating machinery. Proeecds—For debt repayment and
other corporate purposes. Office—631 N. E. 45th St., Fort
Lauderdale, Fla. Underwriter—Roman & Johnson, Fort
ture
of
Lauderdale. Fla.
Becton, Dickinson & Co. (3/26-30)
26,1962 fOed 480^000 common, of which 200,000 are
offered by the company and 280,000 by stockhold¬
ers.
Price—By amendment. Business—Manufacture of
Jan.
to be
products -used in the medical profession. Proceeds—For
expansion and working capital. Office—East Ruther-tford, N. J. Underwriter—F. Eberstadt & Co., N. Y.
"
<■
—
Art Packaging, Inq.
1
A
Jan. 26. 1962 ('Reg. A") 70,000 class A. Price—$2. Business—Design, manufacture and sale of clear. plastic,
vacuum formed "blisters" for packaging.
Proceeds—For
equipment, inventory and working capital.
Office—126
Price—By amendment. Business—Manufacture
of imen's underwear, ii^s :and accessories. Proceeds-^-For
holders.
.
7
debt .repayment,
a
;
expansion and working capital.
-^-404 Fifth. .Ave., N.
Philadelphia.
'
q
Office
Underwriter—Drexel & Co.,
it v-'i
■>
Y,
if: t' l '. 'r.v-..*■
★ Bede Aircraft, Inc.
Feb. 14, 1962 ("Reg. A") 259,272 common.
Price—$1.
Business—Design and development of an aircraft incor¬
design and construction.
and general corporate
purposes.' Office—201 N., Federal Highway, Deerfield
Beach, Fla. Underwriter—Consolidated Securities Corp.,
porating
-
-
.
Engineering Co.
stockholder. Price—By amendment.
are
Nov.
,
r
in late March.
(3/1)
Nov. 30,1961 filed 135;000 common, of which 95,000 are
to be offered by the company and 40,000 by a selling
Automatic Marker Photo Corp.
stockholders.
:*
Aronoff &
Office—108
& Co.,
Bechtold
Price—$4.A- Business
and - installation of electrical.
pneumatic, hydraulic and mechanical systems, controls
and devices to control and automatically operate industrial machinery and processes.
Proceeds—For general
7
"
»
Production
Inc.
75,000 common. Price — $4.
of color photographic prints,
slides, transparencies and photo-animations. Proceeds—
For equipment, sales promotion, leasehold improve¬
N. Y. Offering—Expected
Dec; !,
etc.-Pro¬
of addi¬
.".Ferry, N. J. Underwriter—Gianis & Co., Inc., N. Y.-
("Reg. A")
a new product, and working capital.
W. 24th St., N. Y. Underwriter—Stevens, Hickey
By amendment.
"
-
29, 1962
ments,
y-—^Design,/ manufacture
Business—Manufacture of hydraulic system devices and
.
Jan.
*
Road, La Jolla, Calif A Dealer-Manager—Argus Fif^nrn
' •*••
:vr .• --v.
Corp. /eamoi;oHHreiioV'
(same' address).
irvanMal 'Sales
nancial 'Saltn!
...
Investing Corp.
Dec. 20, 1961 filed 300,000 shares of capital stock. Price
—Net asset value. Business—A mutual fund. Proceeds
—For investment. Office—22 The Fenway, Boston. Un¬
Biusines?:-A-A. diversified
'
;v W
Beacon
of
andv other
^,
<
devices.Proceeds—For
development
(3/26-30) >7
uniques for use in the fields of oceanography, meteorology, seismology and ionospheric phenomena. Proceeds
—For product development and working capital. Office
—43 Leon St., Boston. Underwriter—S. D. Fuller & Co.,
;New' York.
A 7- :V,v ' a'' '" A
A-
(expected to - $12.50T>per;,share)A
W. 58th St., N. Y. Underwriter—Arthur J. Rosenwasser
open-end investment company
which plans to participate in the long-term progress of : Co„ 95 Broad St., N, Y.
savings and loanrassociations, and allied financial busi- -A
.
AA A.
.
Automatic Controls, Inc..
<
;
subordinated
27, 1961 filed 160,009 common. Price^-By amend*
ment.
Business—Development of products and tech-
1
Price—$10
(3/12-16)
Bay State Electronics Corp.
Business
("Reg. A") 30,000 common.
Business—Manufacture
.
.
First Boston
Oct.
*
*
—
shares. Price
—By amendment. Business—Manufacture of pharmaceu¬
tical supplies and equipment. Proceeds—For debt repay¬
ment and working capital. Office—6301 Lincoln Ave.,
Morton Grove, 111. Underwriters—Lehman Brothers and
Merrill Lynch, Pierce, Fenner & Smith Inc., N. Y./r
„
;
Cleveland. Underwriter
Jan. 22, 1962 filed $10,000,000 of convertible
debentures due 1982, and 120,000 common
Atmospheric Controls, Inc.
1961 ("Reg. A") 40,000 common. Price—$3.50
Proceeds
For repayment of loans, acquisition and
working capital. Office—715 N. Fayette St., Alexandria,
ington, D. C. Offering—In early March.
Bldg..
Corp., N. Y. Offering'—Imminent.
Va TJhderwrtter—First Investment Planning Co., Wash¬
mercial financing
*
or
Basic Inc.
—
-
stockhold¬
Rd., Valley Stream, L. I.,
Co., N. Y.
Dec.
Aug. 22,
of which>150,000
are to be offered by the company and 129,000 by stockhplders. Pjrice—By amendment Business—General com12,,1962
W. Merrick
N. Y. Underwriter—H. Hentz &
,
Feb.
^
Vitamins Corp.
and
.
(A. J.) Co.r Inc.
filed 279,000 .common,
'
23, 1962 filed 180,000 class A shares. Price — By
amendment. Business—The mail order sale of vitamins
:
'
'
*
(R. G.)
Jan.
,
A A;. Armstrong
&
to be offered by
•"
•
Office—224 E. 38th St.,
Co., N. Y. Offering—In¬
capital.
Corp. (2/26-3/2)
Sept. 21, 1961 filed 100,000 common. Price—$5. Business
—Manufacture of slippers, robes, cushions, pillows, autoseat covers, and other specialty items. Proceeds—To re¬
pay debt, increase inventory and for other corporate
purposes. Office—78 E. Chestnut St., Columbus, Ohio.
Underwriter—Arnold Malkan & Co., N. Y.
.
Co.•:(2/26-3/2)
working
Underwriter—Gianis
Barry
"
1961 filed 200,000. common.
Y.
definitely postponed.
Proceeds—
Atlanta, Ga. A-"A;
A'.a.
A- ;
"• /'''
Industries, Inc.
Atlantic Capital Corp. (3AJ.9-23)
- y
Jan, 5, 1962 filed 95,000 common. Price—$2.- Business—
Aug. 29, 1961 filed 500,000 common. Price—$12.50. Busi¬
Development, Sale and distribution of specialty cheminess—^A small business investment company. Proceeds7 cals and detergents. Proceeds—For sales promotion, new
Tor general corporate purposes. Office—744 Broad St..
product development and general corporate purposes.
; Newark, N.. J. Underwriter—Paine, Webber, Jackson &
Office—Industrial West," Allwood-Clifton, N. J, Under-;
-Curtis, N. Y. C.
.•/
AA
A At':.:. v-'A"
writers—Glass & Ross. Inc. and Globus, Inc., N. Y.
A
Atlantic Utilities Corp.
j,;'.A' /
A
14,
Address—108
Associates, Inc.
1, .1961 ("Reg. A") 50,000
ceeds—For
N.
Anscott Chemical
Nov.
participating dollar-linked, shares. Price—By
—
A mortgage lending company.
common.
Price—$4.
Business—Aeronautical research and development. Pro¬
-
Biochemical
~
Barish
Sept.
Nov, 24, 1961 filed 38,500 common .-Price—$$7. 'Business
Atlanta Motor Lodges, Inc.
-Design and fabrication of precision she,et metal prod'.nets'. 'Proceeds—For machinery research^, sales promotel$0,9QJFcommon. Price—$J.0^ Business
Operation of motels. Proceeds — For expansiorf and
tion, and working capital. Office—26 Essex St., Hacken-'
^
'
11 "
'
working capital. Office—120 North Ave., N. W., Atlanta,
'sack,* N. J.: Underwriter—Amber, Burstein & Co., Inc.,
Ga. Underwriter — The Robinson-Humphrey 9°-» Inc-»
New York/ Offering—Expected in mid-March.
" ,;7' .7:
Arizona
Mortgages & Loan Ltd.*
Achad Haam St., Tel-Aviv, Israel. Underwriter—Adanim
American Israel Investment Co., Inc.
filed 232,500 common, of which 150,000
the company and 82,500 by stock¬
holders.
Price—By amendment. Business—Design and
manufacture of ground systems and equipment for the
support and servicing of electronic systems, aircraft and
missiles. \ Proceeds—Repay debt and increase working
capital. Office—9449 W. Jefferson Blvd., Culver City,
Calif.
Underwriter—W. C. Langley & Co., N. Y.
are
Libertyville/ 111. Un¬
derwriter—Paine, Webber, Jackson & Curtis, N. Y. Of¬
fering—Expected sometime in April. " A
7""*/ : '
Industries
in
Astro-Science Corp.
Sept. 27,
By amend¬
"holders. Office—342 N. Fourth St.,
Anchor
distributed
"Adanim"
Proceeds—For general corporate purposes.
For'equipment and working capital. Office—149 Madison
Ave., N. Y. Underwriter—Brand, Grumet & Seigel, Inc.,
N Y. Offering—Expected sometime in April.
St., -Englewood, Colo. Underwriter—Preferred Se¬
curities, Inc.; Denver; Offering—In April.' - ' A;
math
Jan. 26,
is
Bank
Dec. 29, 1961 filed $556,000 of 6% cumulative preference
Assoc,ated Baby Services„lnc.
Jan.
Pierce &
-
A
amendment. Business
Publishing Co., Inc.
.
'&&&&*&£ & Co, ;N<;y.,and Rauscher,
Co., Inc.,' Dallas.
Diagnostic Service, Inc.
... I
Oct. 18, 1961 filed 2,000,000 common. Price—$1. Busi¬
ness—Company wHT operate a medical examination
center* Proceeds
For a hotel acquisition and working
capital. Offiee—10101 Collins Ave., Bal Harbour, Fla;
Underwriter—J. R. Holt & Co., Denver. '%/A 7
'•
dividend
St., ;N. Y. Underwriter—Dana Securities Co., Inc., 258
Broadway, N. Y.
.
.
■
\ A.1 A-/
.
(
Harbour
Bal
Jan. 29, 1962
("Reg. A") 103,000 common. Price—$2.
Business—Publishing of a bowling magazine.» Proceeds
.
:
Instrument Co.
15, 1961 filed 60,000 common. Price—By amend¬
Business—Development and manufacture of chem¬
ical, electrical and mechanical instruments, precision
products and special purpose tools. Proceeds—For sell¬
ing stockholders. Office—200 N. Braddoek Ave., Pitts¬
burgh. Underwriter—Arthurs, Lestrange & Go.,-Pitts¬
burgh.
~
AA
" -.v / ? ; ' '
'
American Southwest Realty Trust A A: /A/././/. i : Feb. 12, 1962 filed 1,000,000 common. Price—$11. Busi¬
ness—A real estate investment company. Proceeds—For
Industrial
ment.
Bear, Stearns & Co., N. Y.
av.
Bacharach
Nov.
Corp.
"
Ascot
Price—$4. Business
"Dairy Drive-ins."
(3/26-30)
to be offered by the company and 120,000 by the stocksholders. Price—By amendments Business—Manufacture "
of custom made castings. Proceeds—For plant-improve-;-,
ment.A Office—321 W. 44th St., N. Y.A Underwriter-
/
ment of
investment.
•
^
& Petroleum Corp. '.(3/12-1'6).
through
Securities Co., San Francisco. OfferingExpected sometime in April.
"AA/.rwood Corp.
•
dairy products,
Pacific Coast
porting and sale of arts and crafts materials. Proceeds—;
Tor general corporate purposes. Office—321/Park Ave.,
'Baltimore.
Underwriter—Federman^ Stonehill &.Co.,
construction of water mains, sewers and storm
.drains.- Proceeds—For property improvements
Price—By
stockholder.
ing
of
Proceeds—-For debt repayment and Working capital. Of¬
fice—32550 Pulaski Dr., Hayward, Calif. Underwriter-
20, 1961 filed 150,000 common, of which 100,000
are.to be offered by the company and 50,000 by a sell¬
;
■
Inc.
Nov. 27, 1961 filed 150,000 common.
—Sale
Dec.
;
'Jan. 15, 1962 filed 300^000 common; Price — By amend¬
ment. Business—Manufacture of reinforced concrete pipe
=used in
Babs,
Underwriter—Ber-
Inc.
Arts & Crafts Materials
:;r\
Pipe & Construction Co.
American
Y.
(3 19-23)
28,19b l iBed 135,uOo Class A common shares. Price
—$5.
Business—The purchase, conversion, decoration,
gilt packaging and distribution of terrycloth towels and
cotton pillow cases. Proceeds—For inventory, repayment
of loans and working capital.
Office—1030 Pearl St.,
Long Branch, N. J.
Underwriter—Mortimer B. Burnside & Co., Inc., N. Y.
'7
,
L.
nard
24, 1962 filed 315,000 xilass - A shares. Price—$10.
Business—General real esidte> Proceeds—For corporate
purposes.
Ave,; Brooklyn, N.
Madoff, N. Y.
-
Greenpoint
...
Jan.
31
•
radical concepts in
Proceeds—Tor
debt
Pompano Beach, Fla.
repayment
*
Continued on page 32
32
The Commercial and Financial Chronicle
(952)
Continued
from
31
page
"
:
:
.
•
'
(3/5^9)
Haven Pools
Blue
1, 1961 ("Reg. A") 75,000 capital shares, of which
40,000 are to be offered by the company and 35,000 by
stockholders. Price—$4. Business—Design, construction
Begtey Drug Co.
5, 1962 ("Reg. A") 19,900 common.
Frice—$15.
Business—Operation of a chain of drug stores; Proceeds
debt
—For
and installation of swimming pools and equipment.
Office—201 E. Irvine St., Rich¬
repayment.
Business—Operation
of
warehouses,
manufacturing
buildings, piers and railroad facilities. Proceeds—For
working capital. Office—48 43rd St., Brooklyn, N. Y,
Underwriter—Pacific
Color
cisco.
Lithographers, Inc.
Varick
N.
St.,
Business
.
Jan. 29,
1962 filed $1,000,000 of 6% conv. subord. deben¬
due 1977. Price—At par. Business—Prospects for,
tures
Underwriter—Market Values,
Y.
Underwriter—None.
Bolsa Chica Oil Corp.
5, 1962 filed 130,000 common. Price—$4.50. Busi¬
ness—Engaged in commercial offset lithography. Pro¬
ceeds—For debt repayment and working capital. Office
Feb.
225
Pro¬
Office—11933 Vose St., North Hollywood, Calif.
Coast Securities Co., San Fran¬
poses.
ville, Ky.
Bell
-
Bush Terminal Co. (3/9)*
Nov. 7, 1961 filed 92,320 common to be offered to stocks
holders
on
a
l-for-10
basis.
Price—By amendment.-
ceeds—For debt repayment and general corporate pur¬
Underwriter—J. J. B. Hilliard & Son, Louis¬
mond, Ky.
Sept.
Bell Electronic Corp.
Dec.
Jan.
20, 1961 filed $1,250,000 of convertible subordinated
75,000 common shares. Price—
For stock: By amendment.
Business—A distributor of electronic parts and equip¬
manufactured
ment
and other corporate purposes.'. Office—306 E.
Blvd., Gardenia," Calif. Underwriters—Mitchum, Jones & Templeton, Los Angeles and Walston &
Co., N. Y.
payment
1961
filed 75,000 class A
class A warrants.
Price
of
Offering—Expected in late
C.
M.
...
'
,s
ment. Business—Publication of scientific texts and refer¬
Proceeds—For
2465
working
Broadway, N. Y. Underwriter—None.
^ Berkshire Gas Co. ^ ■
Feb. 20, 1962 filed 26,500 common to be offered for sub¬
scription by stockholders. Price—By amendment (max.
§24.50), Proceeds—For debt repayment. Office—20 Elm
St., Pittsfield, Mass. Underwriter—Smith, Barney & Co.,
N. Y."...
V;Y
o
to
Inc.
Bowey's,
; Oct.
30,
12, 1962 ("Reg. A") 70,000 common. Price—$2.62y2.
Business—Design,
manufacture
and
installation
of
photographic equipment. Proceeds—For general corpo¬
rate purposes. Office—9821 Foster Ave., Brooklyn, N. Y.
Underwriter—Amber, Burstein & Co., Inc., N. Y. Offer¬
ing—Expected in mid-March.
N. Y. Offering—Imminent,
•
Feb.
Cruttenden,
—
(E. J.)
Brach
& Sons
San
S.
Coast
Pedro
St., Los Angeles.
Securities
Underwriter
Co., San Francisco.
Besco
Oct.
Enterprises, Inc.
27,
1961
amendment.
sidiaries
in
filed
150,000
capital
shares.
Price—By
Business—A
holding company whose sub¬
operate jewelry and photography departments
discount department
stores.
payment and expansion.
Proceeds—For debt
re¬
Office—1328 Washington
St.,
Oakland, Calif.
Underwriters—Kleiner, Bell & Co.,
Beverly Hills, Calif, and Rittmaster, Voisin & Co., N. Y.
,
Best Plastics
Corp. (3/5-9)
1961 filed 125,000 common, of whieh 100,000
will be sold by the company and
25,000 by stockholders.
Price—$3. Business—Manufacture of plastic novelties
and party favors. Proceeds—New
plant and equipment
and working capital.
Office—945 39th St., Brooklyn,
Sept.
26,
N. Y. Underwriter—S. B. Cantor &
Big "C" Stares,
Co., N. Y.
Inc.
Jan. 22, 1962 ("Reg. A")
18,000 common.
market.
Business—Company
markets
in
Washington
selling stockholders.
land, Ore.
fornia
plans to
and Oregon.
Office—1845
Price—At-theoperate
super¬
Proceeds—For
S. E. 3rd
Ave., Port¬
Underwriters—J. Barth & Co. and First Cali¬
Co., San Francisco; Hill,
Darlington &
Seattle.
Big Drum, Inc.
Dec. 29, 1961 filed
100,000
ment.
Furnishes
Business
—
Grimm,
1
common.
Price—By amend¬
packaging materials and
equipment to producers of frozen confections. Proceeds
—For debt repayment and
working capital. Office—1183
Essex Ave.,
Columbus, O. Underwriters—Merrill, Turben & Co., Inc., Cleveland and The
Ohio Co., Columbus.
Bilnor Corp,
(3/12-16)
v
Jan. 8, 1962 filed 100,000 class A
capital shares. PriceYBy amendment ($11 max.). Business—Manufacture of
wading pools. Proceeds—For the selling stockholders.
Office—300 Morgan Ave.,
Brooklyn, N. Y. Underwriter
C. Allyn & Co., N. Y.
—A.
Bison
Jan.
26,
1
Manufacturing Corp.
1962
("Reg.
A")
25,000
Business—Design, manufacture
common.
Price—$5.
and sale of merchandis¬
ing equipment for outdoor use. Proceeds—For inven¬
tory, working capital, debt repayment and
equipment.
Office—35
D. Lunt &
Roetzer
St., Buffalo, N. Y.
Co., Buffalo, N. Y.
Blackman-Uhler Chemical
Underwriter—S.
Co.
Dec.
5, 1961 ("Reg. A") 5,600 common.
Business—Manufacture of napthols,
intermediates.
Price
—
$8,875.
pigments, tints and
Proceeds—For
selling stockholders.
Ad¬
dress—Spartanburg, S. C Underwriter—Dargan & Co
Spartanburg, S. C. Offering—Imminent.
•
Blane
Chemical
Corp.
Jan. 29, 1962 filed 120,000 common.
Price—$3. Business
—The processing of plastic raw
materials into com¬
pounds for extruding and, moulding into, plastic
prod¬
ucts. Proceeds
For debt
repayment, equipment and
Office—35 Pequit St.,
Camden, Mass.
'Underwriter—Godfrey, Hamilton, Taylor & Co., Inc.,
—
working capital.
N. Y.
Offering—Expected sometime
Dec.
.
1961
—
Podesta
&
Co.,
in
May.
company-owned^ patents. Pro-/
capital. Off ice-—Kirk; Boulevard;
Vincente
Mt.
Vernon,
filed
(3/5-9)
137,500
Photo labs, Inc.
1962 filed 93,000
common. Price—$3.25. Busi¬
Company processes black and white and color
photographic film, and sells photographic supplies and
—
equipment.
Proceeds—For
sales
promotion, equipment
Rd,, L. I. C.,
Underwriter—Amber, Burstein & Co., Inc., N. Y.
• Calumet
Industries, Inc. (2/26-3/2)
Jan. 8, 1962 filed $1,550,000 of 6%% s. f. subord.
deben¬
tures due 1982 and
100,750 common shares to be of¬
fered in units, each
consisting of $1,000 of debentures
and repayment of loans. Office-^21-20
45th
N. Y.
and 65
shares. Price—$1,032.50
per unit. Business—Mar¬
keting of lubricating and fuel oils and asphalt products.
Proceeds—For
Office—10
S.
debt
repayment
and
.
working
La
Salle; St., Chicago..
Podesta & Co., Chicago.
Cruttenden,
capital.
Underwriter—
.
•,
1
;
;
:
;
Cambridge #uitd Of California, inc.
Sept. 28, 1961 filed 280,000 common.
Price—By amend-,
convertible' subor¬
ment. Business—General real estate,
Proceeds—Debt re¬
payment and working capital. Office—324 E.
Bixby Rd,,
debentures due 1972 and 65,000 common to be
offered in 6,500 units, each consisting of $100 of deben¬
tures and 10 shares. Price—By amendment (max. $150).
Long Beach, Calif/Underwriter—To be named. Offering
—Expected sometime in May.
:
1
'
• Cameo Lingerie, Inc.
Business—Long-term leasing of automobiles.. Proceeds
—For possible acquisitions and working capital. Office
130 Cuttermill Rd., Great Neck, N. Y. Underwriter—
D. H, Blair & Co., N. Y.
Feb.
to
Brown
Engineering Co., Inc.
Jan. 22, 1962 filed 80,000 common. Price — By amend¬
ment. Business—Engineering and custom manufacturing
activities pertaining to the space and missile programs.
Proceeds—For debt repayment and working capital. Ad¬
dress—P. O. Drawer 917, Huntsville, Ala. Underwriter—
Goodbody & Co., N. Y.
be
ers.
12, 1962 filed 190,000 common, of which 120,000 are
offered by the company and
70,000 by stockhold¬
Price—$5. Business—Manufactuer of women's and
children's
tailored panties.
Proceeds—For debt repay¬
ment, inventory and working capital.
Office—Fajardo,
Puerto
Rico.
Underwriter—Schweickart
&
Co., N. Y.
Cameo-Parkway Records, Inc.
Dec.
29, 1961 filed 200,000 class A common, of which 40,000 are to be offered
by company and 160,000 by a stock¬
holder. Price—By amendment.
Business^-Recording and
Brunswig Drug Co.
—
29,
ness
Y.
Price
Publishing Corp.
1961
Calev
dinate
common.
Proceeds—For
PI.,
Associates, Inc., N. Y.
27,
Jan.
Blvd., Los Angeles.
Briggs Leasing Corp.
Feb. 8, 1962 filed $650,000 of 6%%
enclose electrical wires.
capital shares.
Price—$5,
Business—Publishing of text books and general educa¬
tional works. Proceeds—For
general corporate purposes.
Office—339 W. 51st
St., N. Y. Underwriter—S. B. Can¬
tor Co., N. Y.
(3/5-9)
^tone & Co.,
15, 1962 filed 85,000
systems
on
capital.
Office—19 Warren
Underwriter—J. B. Coburn
Caldwell
Bridge Electronics Co., Inc.
Nov. 29, 1961 filed 225,000 common, of which 200,000 are
to be offered by the company, and 25,000 by the stock¬
holders. Price—$4. Business—Design and manufacture of
electronic equipment and communication systems. Pro¬
ceeds—For general corporate purposes. Office—201 Lau¬
rel St., Beverly, N. J. Underwriter—Roth & Co., Inc.,
Philadelphia. Offering—Expected in April.
Jan.
conduits to
Oct
filed
San
based
By amend¬
distributing of phonograph records. Proceeds—For
ment. Business—A wholesale drug distributor. Proceeds
—For selling stockholders.
eral corporate purposes.
gen¬
Office—14Q5 Locust St., Phila¬
Underwriter—Godfrey, Hamilton, Taylor & Co.,
Inc., N. Y. Offering—Expected sometime in March.
Address—Vernon, Calif. Un¬
derwriter—William R. Staats & Co., Los Angeles. Offer¬
ing—Expected sometime in April, :
\
• Buckingham Corp.
delphia.
Feb.
to
Campbell-Lurie Plastics, Inc.
•
Building Ventures, Inc. (2/28)
27, 1961 ("Reg. A") 62,500 common. Price
Business—Real
Estate.
Proceeds—For
working
debt repayment
and
working capital.
Office—5440 Highway Ave.,
Jacksonville, Fla. Under¬
writer—Florida Growth Securities,
Inc., Jacksonville.
—
$4.
capital.
Capital Management Corp.
("Reg. A") 60,000 common. Price—$5. Busi¬
ness—An investment
company which will hold mort¬
gages, land contracts, etc.
Proceeds
For investment.
Dec. 27 1961
Office—309
Main St., Islip, N. Y. Underwriters—Albion
Co., Inc., N. Y., R. E. Investors Corp., Levittown, N. Y., and Great Eastern Investment Co., Queen's
Village, N. Y.
—
Office—44 E. Indian School
Rd.,
Scottsdale, Ariz. Under¬
writer—Pacific Underwriters, Inc.,
Scottsdale, Ariz.
Caprlco International, Inc.
Corp.
Oct. 30, 1961 filed 70,000 common, of which 40,000 are
to be offered by the company and 30,000 by stockhold¬
Jan.
,
Price—By amendment. Business—Designs, manufac¬
tures, imports and distributes artificial "flowers. Proceeds
ers.
22,
1962
("Reg A")
52,000
Business—Design, -manufacture
common.
and
Price
wholesaling
—$3.
of a
proprietary line of sporting goods. Proceeds—For
gen¬
eral corporate purposes. Office—76
Madison Ave, N Y
Underwriter—Douglas Barr, Zrike, Hart & Alkazin, Inc.!
—For repayment of debt and general corporate purposes.
W. 19th St., N. Y. Underwriter—Rodetsky,
Walker & Co., Inc., N. Y. Offering—In early March.
Office—111
Burton Mount Corp. (3/5-9)
Sept. 22,1961:filed 100,000 common. Price—$6. Business
—Importation and distribution of copying machines and
supplies. Proceeds—Repayment of debt, Inventory, sales
promotion and other corporate purposes; Office—2147
be
Proceeds—For
Securities
Burros
-v
27, 1961 filed 574,250 common, of which 500,000 are
offered by the company and
74,250 by a stock¬
holder. Price—$2.50.
Business—Company is engaged in
the plastic business as a converter of
raw materials.
sale of Cutty Sark Scotch Whiskey. Proceeds—For debt
repayment and working capital. Office—620 Fifth Ave.,
N. Y. Underwriter—Lehman
Brothers, N. Y.
Oct.
v
Oct.
19, 1962 filed 500,000 class A common. Price—By
amendment (max. $25). Business—The importing and
New York.
.
•
-
Carmer
.
Industries, Inc.
(3/2)
Nov. 28, .1961, filed
185,000 common, of which 135,000
by the company and 50,000 by a stock¬
holder. Price—By amendment.
Business—Conversion of
raw
plastics to basic/ shapes such as
rods, tubes and
are
to be offered
sheets.
Proceeds—For
1
operations
dfeyelbpihent of
-for *2industrial:and
research and*
Offering—Expected in late March.
Chicago.
(4/9)
Financial Corp.
12001
••
•
working
N. Y.
ing company for a savings and loan association. Proceeds
—For acquisition of two insurance agencies and expan¬
sion/Office
•
30, 1961 ("Reg. A") 45,583 common. Price—$6.
Business—Manufacturer of flexible steel
tubing, cables
150,000 common, of which 30,000
are
to be offered by the company and 120,000 by the
stockholders. Price—By amendment. Business—A hold¬
13,
Underwriter—Hayden,
(3/5-9)
working
and
7,
Brentwood
Beryllium International, Inc.
Feb. 1, 1962 filed 1,000,000 common. Price—$5. Business
-—Company plans to manufacture various type beryllium
products. Proceeds—For land and buildings, equipment,
and working capital. Office — 528 Union Trust Bldg.,
Washington, D. C. Underwriter—None.
.
Cadillac Conduit
Corp.
Co., N. Y.
Price—$3.
.
Nov.
and supplies powders, syrups, flavorings, etc.,
industry. Proceeds—For repayment of debt and
working capital. Office—679 N. Orleans St., Chicago, 111.
—
—Pacific
;
—
company
fice—1621
27,
-
postponed.
Manufacture of handbags and related items.
Proceeds—For debt repayment and working capital. Of¬
Oct.
~
Greenville, S. C. Underwriter—CapitaLSecuritibs/Gcrp'.,
Greenville, S. C. Note
This offering was indefinitely
to food
Underwriter
'
handling
use
ceeds—For
1962 filed 210,000 common.
Price—By amend¬
ment. Business—Manufacture of popular priced candies.
Proceeds—For
selling stockholders.
Office—4656
W.
Kinbie St., Chicago.
Underwriter—Goldman, Sachs &
Business
*
4V
commercial
(2/26)
by the
\
1954, is engaged in the
processes
of
California, Inc. (3/19-23)
1961 ("Reg. A") 85,000 common.
like
a
Business—
.
'
special' material
1961 filed 80,000 common, of which 40,000 are
offered
be
in
and 40,000 by a stock¬
holder. Price—By amendment. Business—Manufactures,
Jan.
Berne
and
$4.
23, 1961 filed 196,109 shares of c^piVal stock. Price
—$1.15. Business—The company which be&an
Pneumatics, Inc.
1961 ("Reg. A") 93,500 class A shares of which
85,000 will be sold for the company and 8,500 for the
underwriter;YPrice—$2. Business—Fabrication, assem¬
bly and sale of tools powered by compressed air. Pro¬
ceeds—For debt repayment and working capital. Office
—365 Arlington Ave., Brooklyn 8, N. Y. Underwriter—
T. M. Kirsch Co., Inc.,
Bernalen, Inc.
•
March;
March
Boston
Nov. 13,
Office—
capital.
—-
P.
-r
books.
shares
(
Benjamin (W. A.), Inc.
Nov. 15, 1961 filed 50,000 common. Price—By amendence
Funding Corp.
Corp.
Jan. 19, 1962 filed 70,000 common. PMceY^:
^
By^'&hendY
ment. Business—Manufacture of molded
by. stockholders at the fate of $100 of debentures for
plastic: products,'
each 65 shares held. Price—At par. Business—Prospects * principally melamine dinner wear.
ProcecdiYT-Fbr expah< for, develops, produces, and markets oil and gas. Pro-.' sion, working
capital and debt repayhieht:. Office-—iig •
ceeds—For debt repayment, exploration and develop¬
Santa Barbara, Santa
Paula, Calif. Underwfiter—Pistell,'
ment. Office—612 S. Flower St., Los Angeles. Under¬
Inc., N. Y.
sJ
'.(jr.-7
• Cable
writer—Bregman, Cummings & Co., N. Y.
Carriers, Inc. "
Aldondra
..
N. Y.
Corp.
29, 1962 filed $1,024,700 of 6% convertible subordi¬
nated debentures due 1977, to be offered for subscription,
others. Proceeds—For debt re¬
by
Oil
Chica
Bolsa
tr
Growth
—Making of loans to small business concerns, purchase
of machinery for
lease, and the providing of manage¬
ment counseling. Proceeds—For
working capital. Office
—527 Lexington
Ave., N. Y.„ Underwriter—Darius Inc..
Bregman, Cummings & Co., N. Y.
debentures due 1977; also
For
debentures:
At par.
20,
number
develops, produces, and markets oil and gas. Proceeds—
For debt repayment, exploration, and development.
Of¬
fice— 612 S.
Flower St., Los Angeles.
Underwriter—
Inc., N. Y.
22, 1962
:YV" Jericho Turnpike,: New' Hyde Park, N-' Y» Underwriter—^
Reiner, Linburn & Co., N. Y/ :
1
Nov.
Feb.
Thursday;February
...
a
new
plant, repayment
of
debt,
Volume
195
Number 6136
.
.
33
(953)
Commercial and Financial Chronicle
The
.
1
and
working capital. Office—22 N. 26th St., Kenilworth,
Godfrey, Hamilton, Taylor & Co.,
N. J. Underwriter
—
Inc., N. Y.
Carolinas Capital Corp.
(2/26-3/2)
Price—$10. Business
—A small business investment company. Proceeds—For
general corporate purposes. Office—1200 North Carolina
National Bank Bldg., Charlotte, N. C. Underwriter—R.
S. Dickson & Co., Charlotte.
Nov.
22, 1961 filed 500,000
Feb. 16, 1962 filed 195,039 common to be offered for sub¬
scription by stockholders on the basis of one new share
for each 10 held.
Price—$20. "Proceeds^—For repayment
of bank loans.
Office—122 E. St. James Street, Tarboro,
Underwriter—None.
'
'
C.
Acceptance Corp. of, Delaware
Central
Underwriter—To be named.
Brick
Century
;
purchase 15,000 class A shares to be offered in units (oi
$250 debenture and a warrant to purchase 5 shares)
subscription by holders of class A and class B shares
land
and working
unit for each 50 shares held. Price—
one
$250 per unit. Business—Production of concrete for con¬
capital. Office—344 Duffy Ave., Hicksville,
Optics
Acrylic
(A.
'
1
Co
_____—Debentures
Corp
Gilhard
D.
Co.,
&
Hamml.ll & Co.)
(Shearson,
Aero
(Roth
Arizona
&
Co.,
Inc.
Biochemical
V.
D.
(Drexel
(R.
Barry
G.)
&
Inc.)
Co.)
$800,000
& Co.)
Bowey's, Inc
Podesta
Industries,
Capital
(R.
Fastline Inc.
Dickson
Flair
$460,000 "■
Cards, Inc
Burstein
(Amber,
Inc.)'
Co.,
&
(Raymond
&
Moore
•
•
Co.,
Inc.
7
Happy House,
(No
Co.)
:
.
Control
.
$700,000
..
....
_
...
(Woodcock,
Kaufman
Co.)
&,
Eastern
.:o
$120,000
.
'
Electronics, Inc.._———„.Common*
(Rubin,
Rennert
Inc.)
Co.,
&
Marie Design & Mfg. Corp..1
(Terrio
Maxam, Inc.
&
Co.,
:■
$220,000
Inc.)
,
<fe
(Morris
$825,000
-
Industries,
(Arnold
Malkan
Inc.,.---&
.Common
Inc.)
Co.,
Cohon
-
Sportsmen, Inc,
(William,
.
—Units
—
David
Scientific
Struthers
(Hirsch
.
Inc.)
Inc.)
Consolidated Natural Gas Co.____
11:30
...Debentures
K.
Co.
Morris Cohon &
and
Fifth Avenue Cards, Inc
(Hardy & Co. and Filor, Bullard
Fluke
(John)
Co.)
Stokely-Van
Weld
Camp,
(Reynolds
115,000
170,000
&
Uropa International, Inc.—
Samitas
(G.
Common
$300,000
&
$15,000,000
& Warwick,
.
Inc
Co.,
Inc.)
&
..Common
shares
Lewis
Co.,
$300,000
Inc.)
Inc.)
(M.
-....Common
Corp
T
199,000
<
.
Finance
Associates.
Posey
Ltd.) $300,000
Co.)
$1,250,000
(Albion
Securities
Co.,
I.
Inc.,
Eastern
Great
Common
R.
Investment
(Meade &
•„
DeLuxe
Homes,
Co;)
-
Co.,
&
Co.,
Engineering
(Roman
_
&
&
Hamilton,
(M.
$1,725,000
Johnson)
(8.
United
Acrylic
Co.,
Inc.)
Common
shares
175,000
Common
Inc.)
Co.,
&
$306,000
Common
$287,500
Kureen Co.)
Co.,
Common
70,000 shares
Inc.)
Class A
Electronics Corp...
(.T<Vhn
Joshua
&
Co..
Tnc.)
$300,000
Shopping Center Limited
Partnership
i—
shares1
(Bids
Land
Co.,
Inc.)
12
World
noon
$30,000,000
D.'Gilhard
&
'
Cohon
&
Co.)
Co.,
Inc.)
$50,000
(Standard
Securities
Corp.)
(Herbert
$75,000
Inc.)
.....Common
Inc.)
$400,000
-Common
Young & Co.,
$300,000
Inc.)
Common
Fidelity America Financial Corp
Securities Co., Inc.) $500,000
(Netherlands
Philadelphia—Ben. Int.
Franklin Realty Trust of
(A.
Gard
Becker
G.
(Andy)
iVan
Co.,
&
Inc.)
$10,000,000
Common
Corp
Alstyne,
Noel &
200.000 shares
Co.)
Garden State Small Business Investment Co.—Com.
(Godfrey, Hamilton, Taylor & Co., Inc.) $990,000
Gulf American Fire &
(Offering
(Carl
M.
Inc.___
Rhoades
Inc.)
&
Co.,
—
shares
—Common
Inc. and Reubin Rose
$300,000
& Co.,
^
-—Capital
200,000
Honig's-Parkway, Inc.
(Richard Bruce
$452,008
underwriting)
Productions,
Loeb,
Common
Casualty Co.—
stockholders—no
to
Hanna-Barbara
of
House
:
& Co., Inc.)
Common
Westmore, Inc,__
(Brand, Grumet & Seigel,
and Kesselman
Inc.
International Airport Hotel Systems,
&
Co.
& Co., Inc.)
$600,000
Inc.—.Units
Robinson-Humphrey Co., Inc.) 17,000 units
and
Units
Jaylis Industries, Inc
Liederman
E.
Inc.)
Co.,
&
Johnson Electronics. Inc.——
(Jennings, Mandel & Longstreth)
PCS
Data
$1,700,000
Capital
125,000 shares
Common
Inc
Processing,
$375,000
and Lenchner, Covato & Co., Inc.)
(Harry Odzer Co.
Class A
Power Industrial Products Co
(S.
Printing
D.
Corp.
Fuller
Co.)
&
shares
160,000
Common
America
of
(Goldman, Sachs & Co.) 454,000 sharese
Puerto
Common
Rico Capital Corp
(Hill,
Darlington
Grimm)
&
$3,000,000
Ripley Industries, Inc., and
Jomar
Plastics, Inc.._
Units
(Paine, Webber, Jackson & Curtis and American
Corp.) 100.000 units
Servonuclear Corp.
(Rothenberg,
(Flomenhaft.
Steel
Seldler
Plant Equipment
(Joseph
$200,000
Common
Tidewater
&
Co.)
$250,000
—Common
Corp
Co.)
$300,000
Co.,
Inc.)
$325,000
Co..
Inc.)
Hurley
W.
&
Common
Co., Inc
Harvey
Lumber
&
Common
Co.
Rennert
&
$1,000,000
Common
Tyson Metal Products, Inc
World
Toy
Lestrange &
Co.)
70,000 shares
Common
Inc
House.
Co.)
-
*
,
Common
——:
& Co., Inc.)
Heller
Securities
Spiral Metal Co., Inc.—
(Laren
Common
300,000 shares
Funds,
&
Co.,
&
Cryplex Industries, Inc.—
(Arthurs,
Units
$3,000,000
Scope Publishers, Inc
$750,000
Inc.)
.-Capital
Investments
(Rubin,
Bonds
EST)
-Units
!
Inc
(Roth
$444,00C
Development Corp
(Morris
Common
&
Units
West Penn Power Co
shares
100,000
Mackie,
&
Beane
(Scott,
"
(A.
(Dalen
Tech-Torch
West Falls
185,000
Corp
Co.)
&
Corp.
(Hodgdon
&
$600,000
Co.)
&
Taylor
Hamilton,
,
$700,000
Inc.)
Industries, Inc
Fuller
D.
,
Common
Common
Karasik
(McDonnell &
(Monday)
Optics
Woodhill,
(Ezra
Voron
.Common
Taylor
."
Packaging Co., Inc
Westates
March 5
$300,000
Inc.)
Valley Metallurgical Processing Co
shares
Inc
Co.,
&
_____
Texas Tennessee
Common
137,500
H.
(Frank
Common
135,000 shares
Inc.)
Karp
Corp.
Common
Co.—
Co.,
Common
(Irwin
Technibilt
$900,000
Transportation
&
Spartan International Inc._^___—
Univend
Inc.)
Towing
Co., Inc.
(Godfrey,
(Friday)
Carmer Industries,
(Godfrey,
Common
and Bassior & Co.) $300,000
Industries
Foam
(Fialkov
March 2
-
$300,000
Devices, Inc.__
(Naftalin
Paramount
Inq.)
(Thursday)
American Micro
Bechtold
$1,050,000
..Common
&
(Sentinel Securities Planning Corp.
1
and
...Common
Enterprises Corp
Economy Food
March
Corp.,
$250,000
Inc
(Alessandrini
•
Investors
E.
Corp.)
(Jane), Inc.__—
Common
__.
Inc. and Boenning & Co.)
(Rodetsky, Walker & Co.,
Southeastern
Building Ventures, Inc.
Colby
Inc
fShenk Industries,
—Units
Lomasney &
A.
(Myron
shares
Co., Inc
Co.)
&
Supply Co., Inc
(Bache
'
American
(Singer,
#
—Common
Discount
Plymouth
Class A
Allyn
Studios
(D.
=
C.
Industries, Inc..
■
"...i
200,000
.Debentures
,
$405,000
Ltd.)
Corp.;
Cos.,
(Blair
(Edward
McPherson
*
,
shares
131,500
shares
120,000
Inc
Cinema
Common
Inc._—.
Inc.)
Co.,
Papekote, Inc..
Airtronics International Corp. of Florida.-Common
(Stein Bros. & Boyce and Vickers,
Corp.)
Industries,
Finance
Oxford
(Wednesday)
February 28
100,000 shares
;
Pierce,
Lynch,
_—
(A.
Investment Trust—Common
(Gaumont
..Common
Co.)
——Common
Saxton
A,
152,500 shares
Olympia Mines, Inc.—_—.———...Capital
160,000 shares
—
&
Atlantic
Common
—...
Higginson
(Lee
North
$718,750
Inc.)
Inc..
National Real Estate
$15,000,000
(Hill, Dariington & Grimm)
Irwin & Co.,
duPont & Co.)
I.
L. Rossman & Co.)
(F.
Tri-Point Industries, Inc.__
r(Dean
Miss Elliette,
Debentures
250,000 shares
Common
Industries, Inc
100,000 shares
Co.,. Inc.)
Common
(Francis
shares
Stokely-Van Camp, Inc.—
(Reynolds
Melnor
.Common
Inc.)
Co.,
Common
100,000 shares
Enterprises, Inc
shares
Common
Inc.__
&
$975,000
Co.)
&
Union Securities & Co.)
Dillon,
(Ehrlich,
—Capital
Smyth)
&
Co.)
&
Lunar
$3,000,000
Mfg. Co., Inc.—
(White.
Baum
Inc.
(Eastman
Developers Small Business Investment Corp._Com.
(Lieberbaum &
$375,000
Common
(Putnam & Co.)
;
Krylon,
$25,000,000
EST)
a.m.
Corp.)
Merrill
Smith Inc.)
&
Concors
shares
Common
Securities
Corp.
Common
Inc.
300,000
Kollmorgen Corp.
(Tuesday)
.,
(Bids
Co.)
King Louie Bowling Corp
(George
February 27
Products
&
-.Common
__
units
600
.Common
and
Laboratories,
Certified
units
47,000
Co., Inc
Camera
(Underhill
Corp....Com.
shares
150,000
(Burnham
Kine
$300,000
International
Co..
&
Motti.
&
&
Stretch
International
$310,000
Bilnor
Co.)
&
Inc.)
(Lehman Brothers and Merrill Lynch, Pierce,
Fenner & Smith Inc.) $10,000,000
Units
$7,500,000
Co.)
&
Fenner
j
Baxter
-
shares
_____
Allyn
C.
.
$2,000,000
Units
Brothers
(Lehman
/.•
Co.)
&
Co.,
&
Laboratories, Inc
Common
500.000
Co.)
*
Singer
.(Gianis
.
Baxter
Common
—.Common
$320,000
Inc.)
Co.,
&
Petroleum Corp.—Debentures
Industries, Inc
Debens.
Corp
shares
and Lieberbaum
Co.
&
(A.
-
$2,500,000
Trench, In<5.) $1,500,000
200,000
Barnes
(Troster,
Arnav
of America—
Industry Capital Corp.
•
.
Pir-O-Wood
&
(David
American Realty &
Corp.__Common
Ino.)
250,000 shares
Co., Inc.)
&
Voigt Industries, Inc
Albert
$575,000
Inc.)
Realty Corp
First Republic Corp.
Capital
Inc.)
Co.,
Co.)
&
shares
Common
Lumber Co
(Dempsey-Tegeler
—Common
shares
Plan, Inc.__——.
(Bache
,
.Common
'
$1,500,000
163,600
Improvement
Properties
Record
Common
92,320
underwriting)
(Monday)
12
Alaska Pacific
Common
French.
&
(Woodcock, Moyer, Fricke &
First Hartford
200,000 shares
National Bowling Lanes, Inc
Lewis
Fricke
(Putnam
—i—
(McDonnell & Co.,.,Inc.)
(Edward
<
'
.Common
:
*
Family
$702,000
March
Common
Inc
$300,000
Improvement
Moyer,
(Friday)
stockholders—no
to
(Offering
Common
Bayliss,
&
Properties
March 9
Common
Inc.)
Co.)
&
Common
(Offering to stockholders—underwritten by Merrill Lynch,
Pierce, Fenner & Smith Inc.) 328,912 shares
$300,000
Dynamics, Inc
Eastern
Common
—_
Co.,
&
Hutton
(Brandtjen
Common
.(McLaughlin,
/
\
underwriting)
Hydra-Loc.^Inc.*:
Kann-Ellert
Pacific Coast Securities
and
$300,000
Inc
E.
(W.
(Thursday)
8
Bush Terminal Co
Columbus Plastic Products, Inc
—Common
Common
Oklahoma Gas & Electric Co
Capital
$687,500
Co.)
Laboratories,
Altman
(Stone,
$224,001
(Wednesday)
Co.
$600,000
Corp.__
& Son, Inc
(Francis H.)
shares
(Offering to stockholders—underwritten by Edward D. Jones
& Co.) 99,288 shares
shares
150,000
(Paul Eisenberg & Co.)
...
Clute
7
March
Griesedieck
Common
Cantor
Colorfilm
Cineque
** V
"V.
..Common
Airlines
Futura
"
Inc.)
Co.,
&
Co.)
&
(Sandkuhl & Co., Inc.)
,
Parks
(Tuesday)
442,362
March
Century Brick Corp. of America
Units
——
(G. Everett
Class A
shares
130,000
Southwestern Public Service Co
Common
(Offering to stockholders—underwritten by Dillon, Read & Co.)
$300,000
Common
Linburn & Co.)
B.
6
Curtis)
&
34
page
——...Capital
Stone
(S.
March
on
._i
Inc
Jackson,
Webber,
(Paine,
$375,000
Securities Co.)
Caldwell Publishing
Common
:
$5,000,000
Co.)
&
Co.)
Corp
(Reiner,
shares
—Units
Corp
s.
80,000
Youthcraft Creations,
Common
Coast
(Hayden,
Podesta & Co.) $1,600,375
(Cruttenden,
Carolinas
Co.)
&
Inc
Continued
Capital
!,
Financial Corp.
Mount
Burton
.Common
—
(Cruttenden,
Calumet
of women's, misses' and junior sportswear, co¬
ordinates, and dresses. Proceeds—For debt repayment,
equipment and working capital. Office—2025 McKinley
St., Hollywood, Fla. Underwriter — Clayton Securities
Corp., Boston, Mass.
facture
Common
Cantor
B.
(Pacific
Brentwood
•-
.
Industries, Inc.
Nov. 29, 1961 filed 300,000 class A common, of which
225,000 are to be offered by the company and 75,000 by
stockholders. Price—$7.50. Business—Design and manu¬
shares
230.000
Pools.—
Haven
Blue
Common
$500,000
shares
430,000
,
.
—Common
_____
Malkan
Co.)
Corp..
(S.
shares
600,000
Corp
(Arnold
Best Plastics
Common
Co., Inc.____.— ______
Co.)
&
Stearns
(Kleiner, Bell & Co. and Rittmaster, Voisin & Co.) 150,000 shares
$310,000
Co._
(Globus,
B.
Co.)
&
Press, Inc.—_ Common
Enterprises, Inc.
Besco
Common
Janov
be named.
Hill
Chestnut
$200,000
______
(Bear,
Co.-
and
and
Common
:
&
Stearns
Corp.
(Monday)
Electronic Products
1961 filed 75,000 common. Price—$5 Business—
of paints particularly for use in tropical
semi-tropical climates. Proceeds—for equipment
working capital. Address—Santurce, Puerto Rico.
Manufacture
$240,000
Inc.)
underwriting)
(No
(Bear,
$13,444,582
Arwood
February 26
;
.
American Book-Stratford
_Common
Chemical Coatings Corp.
Dec. 27,
Underwriter—Singer, Bean & Mackie, Inc., N. Y.
N. Y.
All-State Auto Rental Corp
Graniteville
equipment
struction purposes. Proceeds—For expansion,
NEW ISSUE CALENDAR
2, 1962 filed 150,000 common, of which 90,000 are
be offered by company and 60,000 by stockholders.
Price—By amendment. Business—Rebuilding functional
parts for motor vehicles. Proceeds — For equipment,
working capital and other corporate purposes. Office—
4301 W. 69th St., Chicago. Underwriter—Straus, Blosser
& McDowell, Chicago.
to
Underwriter—To
Sept. 28, 1961 filed $750,000 of 6% convertible subordi¬
nated debentures due 1976 with attached warrants to
at the rate of
Feb.
and
(3/12-16)
Certified Industries, Inc.
for
(Friday)
(3/5-9)
America
of
("Reg. A") 75,000 common. Price—$4. Busi¬
ness—Company has developed a process for producing
simulated brick facing for buildings. Proceeds—For gen¬
eral. corporate purposes. Office—4506 W. 12th St., Erie,
Pa. Underwriter—Sandkuhl & Co., Inc., N. Y.
Nov. 9, 1961
1961 filed 350,000 capital shares. Price — $7.
Business—Production of plastics, marble and ceramics
for the packaging and building industries. Proceeds—
For expansion, leasehold improvements, repayment of
loans and other corporate purposes.
Office—250 Vree-
Ave., Paterson, N. J. Underwriter—Foundation Se¬
curities, Inc., N. Y.
Corp.
Champion Parts Rebuilders, Inc.
v
,
pansion. Office—526 North Ave. East, Westfield, N. J.
one
Casavan Industries, Inc.
Aug. 21,
February 23
;
common.
★ Carolina Telephone & Telegraph Co.
N.
•
Nov. 29, 1961 filed 150,000 class A common. Price—$5.
Business—A sales finance company. Proceeds—For ex¬
150,000
shares
Continued
on
page
34
34
The Commercial and Financial Chronicle
(954)
r
Continued,
•
Chez
from
33
page
.
Cineque Colorfilm Laboratories, Inc. (3/5-9)
Aug. 29, 1961 ("Reg. A") 120,000 common;:Price—$2.50,
Business—The production of slides and color film strips.
Proceeds—For equipment, sales promotion and advertis¬
ing. Office—424 E. 89th St., N. Y. Underwriter—-Paul
Eisenberg Co., N. Y.
•
v
.
v ?.
Z
-
-
,
(3/19)
Milhet, Inc.
Jan
15, 1962 ("Reg. A") $100,000 of 7% convertible sub¬
debentures due 1967 and 50,000 common shares
be offered in units of $100 debentures and 50 shares.
ordinated
to
Business—Home
unit.
Price—$200
per
Proceeds
For debt
—
W. 22nd Ave., Miami, Fla. Un¬
N. Y.
V
Church Builders, Inc.
33
*
Feb. 6, 1961 filed 50,000 shares of common stock, series;
t
A1
Price—$5.50 per share. Business—A closed-end diveiv
2.
a
sified management investment
Office—501
investment.
*
Management, Inc., Fort
Cinema Studios Inc.
•
Dec.
(3/12-16)
.
Thursday, February 22, 1962
equipment. Proceeds—For materials and inventory, re¬
search and development and
working capital./ Office^r
1303 Elm St., Rocky
Ford, Colo. Underwriter — Stone,
Altman & Co., Inc., Denver;* :3<
/ ♦.>' v^
Coastal Acceptance
Corp. ^
'■*
Worth.
*
'V
14, 1961 ("Reg. A") 75,000 capital shares. Price—$1.
Investment Corp., Manchester, N. H.
;
Life
Citizens
Ins.
Co. of New York
.
36
Lowell
St., Manchester, N, H. Underwriter—Eastern
City Finance
Dec. 21,
Co.,
1961 filed
in income
(3/26-30)
Inc.
110,000
/
/
^
">.; 1
•
Price—By amend¬
common.
rate purposes.
Office—113 Fourth Ave., N. Y.
consumer loan and fi- •,
writer—Meade & Co., N. Y.
•;
buisness in Maryland. Proceeds—For general cor-^
Coleman Cable & Wire Co.' porate purposes. Office—307 N. Eutaw St., Baltimore.
Jan. 18, 1962 filed 120,000 class A
Underwriter—Stein Bros. & Boyce, Baltimore.
nance
from
33
page
The
—
manufacture
Orlando Paper
Corp
(Professionals
13
(Tuesday)
G.
Becker
&
Co.)
(Searight,
Pacific Gas & Electric Co
(Bids
11:30
amendment. Business — Distribution of special
types of
electric wire arid cable, and the manufacture of
Class
'Trygon
A "
(William,
21
Orion
Electronics
(A.
MT)
Inc.)
..Common
Co.,
Inc.)
(Schwabacher a Co.;
$350,000
(Thursday)
(First
(Hemphill,
Noyes A
Co.
Paine,
and
(L.
Webber, Jackson
&
•\-
(J.
Co.—
Capital
New
-
—Common
...
;
Corp
Curtis)
(Drexel
Filon
.■
Plastics
A
Co.)
shares
250,000
(Investment
(Offering, to
Co.)
A
200,000
Inc
Planning
Group,
Inc.)
3.; April
$300,000
by
Hardy
March 26
Co.)
&
Admiral
•
April 6
Corp
(Hardy
A
;
Medex,
M.
Loeb,
Rhoades
(T.
,
Co.)
150,000
Kirsch
Co..
Inc.
Inc.)
I.
E.
R.
Investors
Corp.)
(Cortlandt
_
Investing
Corp.)
(Hemphill,
v
Precision
Noyes &
Co.
Estabrook
and
Instrument
37
A
Co.)
150,000
Co.———.3:3.3
Hallowell,
RF
Interonics, Inc
;; Ridge
■
:*
(White.
7
Weld
Rockower
Malkan
Co.
A
(Drexel
Co.)
284,586
Inc
&
33
150,000
-.City
f!
Long
Island
Fastpak,
.Debentures
First
Common
Astro-Science
Atlantic
Burnside
A
Co., Inc.)
(Pacific
Milhet,
A
Curtis)
Co.)
A
Co.
$255,000
Co.)
Halle
A
Stieglitz)
(Auchincloss,
Co.)
&
165.000
Redpath)
Interworld Film
(General
100.000
Co.,
Inc.)
Rides,
(Paul
Lithoid,
Inc.
and
8.
Common
;
Kasdan A Co..
A
Redpath)
A
Co.)
1,000
units
Taylor
Matthias (AL.) Co
Bros.
Co.,
Inc.)
$360,000
Common
7—„r_
'
(Stein
A
A
Boyce)
200.000
shares
Motor Parts Industries, Inc....
.
(8treet
•
Narrows
A
Premium
Co., Inc.)
Corp
(Pearson, Murphy A Co.) $400,000
Class A
120,000 shares
J.
,
Publishers
.
Co.)
53,829
3
-;.
McDonald
Land
(Lieberbaum
Pyramid
a
Co.
3'
*
-
shares
--
*
•
■
;
/
-
.
//
>
(Capital
Duro
:V
'3"
,s
;
a' Co.)
Furniture
a
$440,000
Taylor
.
150,000
D.
(Eids
-
a.m.
Blauner. A
Trans-Pacific Research
Co.,
Inc )
EST);$25,000,000
;3
v
3'^
-V
.
RR.—.333.Equip. Trust Ctfs.
to.be
received)'$5,925,000
'
-
-/ V
-3
..
-'^37.3/
Co., Inc,_'3__l_—3___:___3_3r_-Common
-3/.'3"»'-'r
Taylor
Co.)
A
shai'es
65,000
Co.
PenzeU
and
'
A
3-
•-
166,666.shares
,
;.7:3 '
/
Co.
*
^
" *.3
/
(Bids ii
/
a.m.
EST)
$20,000,000 ; 3, ./•
-.3
(Tuesday) 3:r
Light Co.———
,
4Bids
40
be
'■'■'■■"V £
Bonds
—
received) .$20,000,000^*
.
"/Utah Pow6r & Light Co._.-_3——_—3—.Common
(
>'73" :f 7; • (Bids to' be received) $10,000,000
V:. • ' v '
3
.
;
;
r"
3?v." 3-
May 29
tTuesday)
;
-i;."'/.£■ 3'/
-3.
.
New England Elfectric System_31 _*_3..-Common
/
73 (Offering to stockholders—bids to be-received
•
shares
'
\
'.-3-
•3
May.31
'
(Thursday);
£,•
•;
-
.
>
J
\
Alabama Power Co^
"
343,551
A Co;, and
shares .*
Trans-Alaska Telephone Co,r-—
(MUton
(Bids, 11
Utah Power &
.
872,876 sharts
/;'; '• > 'r;/-
"3
* -
n
..Bonds
k
(Bids to be received) $17,000,000
.
..
.
/
..
•'
f; November
7 (Wednesday)
Georgia Power; Co._^k_^k—.3.
.
Controls, Inc....——Common
Hamilton,
;
'
;
(Tuesday) 33...V3 ...*'./.;"33V. '/>'//
•*.
May 22
;
7-3
industries, - Inc.L^.Common
Weeks)
: V
.
I
•
—^.Common
$300.000Z
l,(Godfrey, Hamiltoh/'Taylor A Co.) $500,000
' 3
f
.3
Co.)'Inc.)
3
,.v
$600,000
.3/;' /3•3:
—
Fashions,; Inc.3333.1A3_ 133333:_.3.Common13
/../
Industries, Inc.-———Common
(Finkle
(Godfrey,
A
.
.3.3
;,
.
,
;
.Bonds
April 24 (Thursday) 13-^ ,3 V -3/: -/3;£.
m'l Appalachian Power-Co._-£-k.l.k—^3. .Debentures
___j__.Common
shares
Pen
.3.;/,.
";
-
-
3
■
City Dairy Products, inc..Common
Tork Time
(Terrio
(Godfrey.^ Hamilton,
-
..
$5,000,000
13..•
...
-•''/(Arthurs/L&strange :A
rLee
3.
3
■■
£
.
Jiffy.,.Steak'■Cor33f33.ik333L3'k3^£^-333._3.Coiri'mon 3
^
100,000 shares
Inc.). $450,000
Securities Corp.)
Jf; - ' v.
3;
Products, Inc.
Pacific
r.
.
,
.Debentures
Thc.)m5<000
-Common
,v . 3
L,i^ht Co.2^.^_—Bonds
3/! vIT .Z- ;/ ;/ '
(Thursday)
-
/k
.
' *'/'/-
•
.
Development Corp..__.Units
Blauner a. Co.,
Growth
Thomasville
*
r"
»
.Commonshares
Co.)
.
;'■(Wednesday)-.Z3,33//•••"•'«
.••-k.'./-:-*3.3 April. 23- (Wednesday)
•«
:
$1,250,000' "3
Cohon a
.
.....Capital
shares
"(Pids to. be-.received) $6,000,000 3"3. '
Missouri
-/
Publications,, Inc;__v---—--.—Common
(Milton D.
'T
3
;
3
,/Z
and
'
vCo.;' Inc.); $300,000
Morris
/>,
<Appalachian Power Co.—-3.-—3-_____tlBonds
Planning Group) $676,500
&
U-
-
J
*:
April 17
s
Corp.—Common
and
$750,000
...
/(Sandkuhl A Co., Inc.) $637,500
Seashore Food
Co., Inc._i.——.3^31::,—Common
Rico
shares
Co.). 550,000
:/; k/ r/3 April 16 :(Monday);
w._^.^-._..._Common
a
260 000
Mississippi Power Co...
33, '1/ *
,
;
Investment Co.) $450,000
Corp.)
Co.)
A
.Class B
Langley A
Common
Securities
.^Common
Irving Weis
International, Inc...
C.
(W.
.
'3:'/;;*- April 12
/V
/.
A
.
$286,875
(Roth a Co.; Inc.) 541,000 shares
Puerto
(Hill,
...Common
>
4.
Paine,
(Hornblower
Common
Hamilton,
a
(Scott, Harvey a Co.,
Sun
Units
Kimball
Marts
'
..
Pacific;Power &
•
/ 7'
j.^^;;.....;t.Common
Inc.)
Common
Common
First Lincoln Financial Corp.3
_/_—.Common
&:y./.-Zj- ' (White, Weld A Co.) 320,000 shares 73 ; 3.
Co., Inc. and M. L, Lee a Co., Ipc.).,.
$1,800,000 • -/
-z,
Securities.
and
(Bu-nham A Co.)
,
/April 11
Product Research of Rhode Island, Inc.—.Common
Inc )
$616,000
Inc
C.
(T.
—Class A
Parker
Inc.
:April 10
f 3
3
;,C 3
__._.Common
Inc
Nigeria Chemical
Southern
Inc
(Godfrey,
a
(Investment
Common
Co..
'
._L_,.i._Class
_ __
^ i. v——- 31 iv
.
$625,000
Inc.—_
Stearns
Co.;
shares
Kay Foods Corp.—
Kiddie
«
shares
$425,000
(Auchincloss,
Inc.)
New World Laboratories, Inc._^
A
$300,000
Distributors, Inc.
Securities Co.,
Co.,
^
77'
7
;
Webber,-Jackson a Curtis
Nikko Securities Co,, Ltd.)
$25,000,000 " *
shares
.....
u
Common
(Jennings, Mandel a Longstreth)
Common
A
Industries, Inc..
(Albion Securities
:
;.
underwriting) $2,675,000
; Vitamiri Specialties ?Co.^—jiT-i.33r3T—Tiki-Capital
f /3 3*-<Woodcock, Moyer, Fricke A French, Trr ) $300,000 3- -
-
Nationwide Bowling Corp.....—__'.^..Capital
..Common
Noel
Parker
shares
110,000 shares.
Michaels (J.), Jnc.—^
(L. F. Rothschild a Co.) 103,000
Morse Electro Products Corp.^1.
'
125,000
District Photo, Inc
Hannett
/:3
Products, Inc. —_.Common
(Standard
..Class
...
Als'yne,
a
Drug Co., Inc...
$200,000
;
and
480.000
______
Units
A
L.
a
$6,250,000
Inc
Corp
(Van
,
•
.Common
Securities
(Street
(McDonnell
L.
Common
Jackson
S
:r.3.
shares
% l%
Inc..—....——-__,*_Common
Maikan
(Stevens
'A
/3
,_______^___Common
Co.)
no
/—.Debentures
Turbodyne Corp.
f-
...
*
,
-..^Common
-
160,000
Inc._.1"....
.....
Fund,
(Bache
Common
Corp..
Conductron Corp.
Cosnat
Japan
Common
„;
Coast
a
v
Corp..-
*
$525,000
....Common
shares/• Z
A
/:
.
...
Vending Co.a——.^———.^.Common
$675,000
Langley A Co.) 232,500 shares
Webber.
Co.)
A
60,000
Corp...
(Bear,
-
Berne of California. Inc
Chez
Honora, Ltd.
Common
Corp.
Capital
(Paine.
:
B.
C.
(W.
:
213,427 shares-
Co.—
Mills,
(Mortimer
a Co.)
J' ":-
•
(Goldman, Sachs A Co.) 210,000 shares
•Towers
*
.Common
Blauner
..Common
Co.)
/Albion Securities Co.. Inc.) $300,000
Inc.
Artlin
D.
Interstate
Corp
A
Kirkland
.
.
(Bumham A Co.) 367,000 shares^
~
-
/
.
*
Inc.
Scientific
(Milton
(Monday)
(Allen
'
Co.,
(Sunshine
Capital
,*.
•
,
shares
(Hemphill, Noyes a Co.) 185,000 shares
Lighting Co..-
Manufacturing
150,000
Co))
a
Eberstadt
Hillside Metal
(Offering to stockholders—underwritten by Blyth A Co.,
Inc.,
Boston Corp., and W. C.
Langley & Co.) 421,472 shares
Alson
Jenks,
Glass-Tite Industries,
First
March 19
•'
'
(E. J,X &,,Sons--_.r;^_i—
(Street
Co., Inc.)
&
v
Presidential Realty Corp
(Netherlands Securities Co., Itic:; Seymour Blattner^Cov-and-*"Sprayregen. Haft a Co.) $600,000 'v
*
Common
(Friday)
Allied
Rose
_»■
.■
Employees
/(I. R. E. Investors Corp.) $332,500
(Globus, Inc.) $175,000
16
(F.
Finance
.rDelford, Industries;
Morgan Stanley & Co. and Lazard Preres & Co.) $40 000,000
March
Co.)
Lestrange
(Arnold
Universal Lighting Products, Inc
&
(Stein Brothers a Boyce)
shares
South European Pipeline Co..
'.** >
Sulzberger.
f
..Common
Co.)
Reubin
Becton, Dickinson & Co
V"
shares
Fuller
FuUer
Co.)
McDonald A
and
Brothers,
A
and
$2,000,000
Bay State Electronics Corp
shares
...Capital
3__
(Arnold
D.
(Arthurs.
a-c-—---.Common *
$200,000
'
.'3 3- -*•;
Tool /Co.—_33_,:3——k—
—..^Class A •;
k
Inc.
Co.,
•
\
$8,000,000
Molecular Dielectrics, Inc.—
'
^
Capita]
Bacharach Industrial Instrument Co.
"
(Lehman Brothers and J. Barth A Co.) 125,000 shares
3
v
American Cardboard & Packaging Corp...Common
' '
.(Milton D. Blauner & Co.,,«Inp..;..}&• L, Lee"& Co., Inc.
and; -A-'
PneumoDynamics Corp. ———^Common J;
*
}
&
(S.
$150,000
$525,000
Common
American Bolt & Scriew Mfg. Corp...^...Common
Municipal Investment Trust Fund, Pa. Series._lnts.
^:r^v/,r;
v..
flra Haupt A Co V $6,375,000
*
\
3
^
;
i
National Equipment & Plastics Corp
Common
.
Inc
.
shares
110,000
Class A
and
Bruce
:
Components, Inc.
M.
(Richard
Common
3.
•••.-
Co.i_—_—.Bonds
received)
(Friday)•
yC.orp.i a
:
Brach
Inc/)
Ainsbrooke Corp
sharees
Inc.
(Globus,
Milo
&
<D ialight
v
(International Services Corp.). $300,000
Common
be
(Offering to stockholders,
"
•
.
Agency Tile Industries,
$306,000
Hayden Publishing Co., Inc
(Carl
AvCo.'
shares*
3 .(Monday)
x-;
-
ProduCt$";:Jnc.^-_—^Cdrtimon
(Baruch Brothers
Common
Co.)
/-
;
145,000 shares
(Monday)
to
(Thursday)
/ Government
Common
Automotive
(Bids
5
-44 iww
$620,000
shares
124,900
Pacific Power & Light Co......l-^iCommon
(Offering to stockholders—bids 11* a.m: EST) 670,000 shares ' *
v',;:-
Co
(To be named)
Common
stockholders—underwritten
Palm-Aire
Mfg.
120,000
Beane)
-
—Common
(Tuesday)
A
(Wednesday)
.
..
Common
Inc..
shares
'
Florida
20
Common
Weld
Florida. Palm-Aire Corp.—.
.
1
March
Wham-0
Corp
(White,
..i
/•
Common
Willislon
Orleans Public Service
:
,
-
Mills
Co.)
.Common
R.
April 4
shares
1,700,000
Diamond
■
800,000 shares
J. Barth & Co. and Bear, Stearns a
135,000 shares
:
" : "
F.),
Plastics,
Southwest
Corp.
V /
(Godfrey. Hamilton, Taylor a Co.) $486,000
Wiggins
—_Ben. Int.
Common
k—-
(Pacific Coast Securities Co.) 550,000 shares
.
Vassar
$600,000
Co.)
Widmann
March 15
J
.:
,
.
Continental Mortgage Investors
Inc...
Tyler Pipe & Foundry Co.k_—^____—.Common
140,000 shares
Co...
35
page
...^
(Horizon Management Corp.) 951.799 shares
National Vended Ski- Insurance
Corp.k^—Common
shares
....Common
ServiceMaster
(Norman)
on
(Monday)
Lincoln Fund,
Common
Motti,
a
———
(Laren Co.)
Wiatt
...Common
A
100,000
Inc
David
April 2
J.
..Common
Inc.)
Allyn & Co. and Hornblower & Weeks)
Wade, Wenger
Eq. Tr. Ctfs.
$4,830,000
Corp
Gilhart
D.
C.
E.
and
$200,000
O'Connor,
Inc..
Continued
.
Denver & Rio Grande Western RR
noon
Brands,
(A.
(Wednesday)
(Bids 12
a
Electronics
(Midland Securities Co., Inc.) 75,000 shares
March 14
Ahalt
insulated
7
industrial
Common
Planning Corp.
Co.)
.—3—
(Blair a Co., Inc.) 230,000 shares
$65,000,000
Recco, Inc.
&
Sperti Products, Inc
Bonds
EST)
a.ra,
and
Seg Electronics Co., Inc
shares
147.000
farm
3
Executive
Roberts
Citizens Life Insurance Co. of New York—Common
(A.
of
.
Price—By
common.
Business
March
50,000
Under¬
ment. Business—Engagectin the
Underwriter—Dalen Investments &
Continued
3:37
55,000
shares by stockholders.^ Price—$1Q. Business—Manufac.r
/ ture of women's
apparel. Proceeds—For general corpo¬
Clute (Francis H.) & Son, Inc. (3/5-9)
•" •••
I
July 3, 1961 filed 1,000,000 common shares. Price—$1.50.
Funds, Inc.. Miami,
jV.-
-^
.
'•
Colby ('Jane') ,. Inc. (2/28)
producing securi¬
ties. Office—33 Maiden Lane, N. Y. Underwriter—A. G.
Oct. 19, 1961 filed "105,000
common, of which
"Becker & Co., N. Y. (mgr.).
V
*3*;
1
f3 shares are to he offered by the company arid
Proceeds—For investment
working capital. Office—309 Ainsley Bldg., Miami, Fla.
*
™
(3/13).
'
Sept. 8, 1961 filed 147,000 common, of which 100,000 will
be sold by the company and 47,000 by a stockholder.
0
.
Business—Production of motion pictures. Proceeds—For
t
•
-
Dec. 11, 1961 filed 80,000 class A common, of which 68,"000 are to be offered by the
company and 12,000 by
stockholders. Price—$12.50. Business—A small loan fi¬
nance company. Proceeds—For debt
repayment. Office—
company. Proceeds—For:
Bailey Ave., Fort Worth, Tex.
Distributor—Associates
.
.
Price—By amendment. - Business—The writing of or¬
dinary life, group life and group credit life insurance.
•
repayment and general corporate
purposes. Office—500 N.
derwriter—Street & Co.,
■'Q'}
catering.
food
.
:>
/,/
-v;
■..
-
Magnus
A
Co.);
*
-
'
.
•
.
3
n
.
'
.
ri
-
/" ( Bids ltp
be
3
,33
_.—kk.Bonds
received ): $23,000,000
—
,
.
3..
'.
*
"
t/
(Bids to be receivedV $7^000,000
/
i
/Georgia Power lCQ._--r3_->—-—-...Preferred
Common
$1,590,000
•
^
'*
& Capital, Inc.-,.-Common
Darlington a Grimm);47,000 shares
■■
;; November
-3
Welcome Baby, Inc.._- _-I—-_._.Common
(Globus, Inc. and First
Philadelphia Corp.)' $150,000—jw ■ ■
-
.
I
.«?
-
28
(Wednesday)
33
f Southern Electric
Generating Co..
_k_—Bonds
377
. '. -7, (Bids to *be received; $6,500,000
v
.
-
•
>-3
Volume
"V
Continued
195
Number
6136
The Commercial and Financial Chronicle
.-.
.
from
34
page
-
•:«
• -
,
.;;
r:
.V
and
^
electrical use. Proceeds
—For equipment, possible acquisitions and
working cap¬
ital. Office—1900 N. River Rd., River Grove, 111. Under¬
writer—Divine & Fishman, Inc., N. Y. .v. ,V
•.
"
Columbus
22,
Products, Inc. (3/5-9)
163,600 common, of which
filed
Dec. 5,1961 filed 100,000 class A shares. Price—$4. Busi¬
ness —Company plans to operate a service to furnish
Leasing Corp.
June
100,000
advice, assistance and skill in the field of data process¬
ing. Proceeds—For general corporate purposes. Office
<
*
—71 W. 23rd
• *
&
19, 1961 ('"Reg. A") 75,000 common.
Price — $4.
Proceeds—For purcnase of new automobiles, advertising
__
company and 63,600 by stockand promotion, and working capital. Office—4 Gateway
Price—By amendment.
Busincss-^Design and > Center, Pittsburghj Pa. Underwriter — Cambridge Secumgnufacture of injection and blow molded plastic house-;
rities jnc
n Y
'
wqres. Proceeds—To purchase machinery, expand facil-, ; ,
ities, repay debt, and increase working capital. Office— •
U
intero*
16^5 W. Mound St.; Columbus, O. Underwriter—W. E.
J? .
'
S 1, /00^00 shares,ol beneficial interest.
Hutton & Co., Cincinnati,
V
Price-By amendment. Busmess-A business trus which
,
-
'AjL '•
*
'
1
'
^;
;
plans to qualify as a real estate investment trust. Procecds—For • investment.1, Of fice—50 State St., Boston.
rSffrihiffw
tWJfnHetflrv'^
,
/Z
ti!a oArSria?^^^' i l
j rihn :<R
-
*■
hv
be
ion HAH
nnmmnn
»
LtyL
Ai
'
E.
>
ers.
-
coils for relays used in computers, aircraft, missiles and
guidance systems. Proceeds—For general corporate purposes.
Office—88-06 Van Wyck Expressway/ Jamaica,
N. Y-- Underwriter—Jay W. Kaufmann
&
'
-
-
-
-
-
•
-
•«-i
--...
.
'
■
.
®00pnyi!lS^!!'
"
■
;
:
•
unit.
per
elery, etc. Proceeds
Office—525-535
'writer—To
E.
Supply Co., Inc.
1961 filed 100,000 class i A. common. Price—$4.
of food service and;kitchen equipment,
'
Proceeds — For equipment, -debt repayment and other
corporate^purposes. Office—ilO "A?m.,^ih^r^ton^DdL
.Conductron
•'
Dec, 20, 1961
Corp.- (3,19-23)
filed 125,COO class A
■
' ,
.
,
common.
amendment. Business—Research and
offered in units of
are
$5,000,000 of 6V4%
f. subord. debens.
s.
fib 1 1962 filed $25,000,000 of debentures
1, .1987. Business—A holding .company for
,
in^ subsidiaries in the natural,
-
gas
•
:
Office—39
N
vv;
►-
.
*
w
newly-formed-service company. Proceeds — For constryction... Office—30 Rockefeller Plaza, aN> Y. Under-
w
ISRfyS ?at
v
."
CosnS' Record Distributing
Cosnat Record Distributing
r
•
-
-
0:30
(10
EST) at the Bankers Club, 120 Broadway, N. Y.,
•'
.
'
Business—A
;
—For
debt
repayment
Underwriter
-
Office—1775
Bernard
—
M.
••
Pfice—$100
Kansas City, Mo.
Continental
:
•
::
.
Industrial
•*: '
\
Electronics
Nov. 21, 1961 filed 200,000 common.
Busi-
tubes. : Proceeds—For' debt
ture
corporate purposes.
•
.
geles.
.
N. Y.,Underwriter
C
.
Underwriter
repayment and other
Office—2724 Leonis: Blvd./Los: An'
*"
•
—
».
.
Amos
Treat
&
Co., Inc., N.
+ol
Kahn
&
share and
Continental
,
r
1 ACA
Investment &
AT
■■■.;•
Broadway, N.
Co., Inc., N.
Y.
Y.
held.
TP
CP 4-
T\/Ti
avm
«
TP1«
St., Miami, Fla.
Products,
.
Saunders
&
Co.,
;
Estate Investment Trust
Business—A real estate investment com—
90 State Street, Albany, N. Y.
.
Under■'
TTLA
a
.
on
the basis of 3 units for each
Price—$20 per unit. Business—Company plans to
Devco
Inc.
1962 ("Reg. A") 10,000 common; Price—$12.50.
Business—Design and manufacture of boats, marine
equipment and related products. Proceeds—For equip¬
ment and working capital. Office—Stark Industrial Park,
Charleston County, S. C. Underwriter—Johnson, Cole¬
man, Manning & Smith, Inc., Charleston, B. C.
•
Developers
Small Business
Investment Corp.
4-
(2/27)
Underwriter
-
—A small business investment company.
Proceeds—For
general corporate purposes. Office—214 Engle St., Engle-
Price—$4.
wood, N. J.
Business
ris
was
*
AMi
corporate purposes. *! Office—626
Brooklyn N. Y.
warrant)
one
Cohon
Underwriters—Lieberbaum & Co. and Mor¬
&
Co., N. Y. Note—This
company
formerly
named. Diversified Small Business Investment Corp,
Seals, lrtc.r'; /Uvo7 • ••'%/*• W
'
Feb. 2, 1962 '("Reg.
A")f 100,000 commpn.. Price—$2.2$.
Underwriter-Blank,
•
...
^
.
*
>?L:
.
• Device
Business—Manufacture df hermetic seals for the elecr
,, X
troillri"arid'ntiissile industry; T.Proceeds—Fdf debt repayv" 7 /" f / / ;
ment,, equipment and Working capital.
Office—7235
$600,000;of^:^)/2^i(Qohverfibie ^u^qr^hated l/Docn ;2%5l061ifil<^,^iOOJHHl^ <K>ihmon/Prlc<^$4^ Businest X Radford Bt.,:-North4,Hollywood, Calif./ Underwriter—
-
'
Jan. 18,
.
A'kins. Ave
;
;
/
Underwriter—None.
—Manufacture of metal componentsand electronic
' hard Wale to precise' tolerances. Proceeds—For'rep ay*
othe
other
of
Proceeds—For start-up expenses for a laboratory and
small plant. Office-r-360 Lexington Ave., New York.
Inc*
Nov; 20, 1961 filed 100,000 common.
.
to.'.be offered' by the company, arid 30,000 by; stock/ (-*>- .Cut & Curl,.Inq.!'
holdersValso
OC4-U
sale
manufacture and utilize all kinds of chemical materials.
-I\
Metal
/ /X.ment of debt and
Mortgage Coi
; > /
.
Jon,,:26,/; i96^ ;filed ,130,000; comrhon,r bfl whic^ 100,000
are
.
:
a
Custom
ment
derwriterr—To be named .-a
derwriter:—To be named. a
a
None.;
^Continental Investment Corp.
/
^
C
jcommon/Price—By amend¬
Dec. 29, 1961 filed 2,000,000
(S3 max.). Business—A mortgage and real estate
company. Proceeds — For working capital.
Office—Scottsdale Savings Bldg/ °Scottsdale; Ariz! Un-
/Yfri
Price—By amend-
5% preferred share held, 2 units for each 5% preferred
A stock held and one unit for each 10 class B shares
Proceeds
Herbert Young & Co., Inc., N. Y.
tal.- Office—1050 N. E. 85th
Co.
Underwriter—M. A.
-
.
Sept. 28, 1961 filed 140,000 common with attached war¬
rants to purchase an additional 140,000 shares to be
offered for subscription by stockholders in units (of one
:
★ Currency Machines Corp.
^ Feb. 12, 1962- ("Reg. A") 100,000 common.
Price—$1.
Business-Design, assembly and sale, of coin meters for
' automatic washing machines, dryers and dry cleaners,
v Proceeds—For equipment, inventory and working capi-
Y.
investment
—
Sons
writer—None.
,'
••
'
manufacture"of television pic-
ness—Development and
;
Corp.
Price—$2.50
.
Office
pany.
—
:
A.)
Business—Purchase/ manufacture nnd
rDennis Real
Offering—Expected in late April.
ConsMmers Mart of America, Inc..
•
Jan. 8, 1962 filed 72,000; commoh.
Cryp.'ax Industries, Inc..- (3/12-16:v:'•
Price^By amendment: ]
Oct
10,v 1961" filed ,80,000 -common. Price—$3.75. Busi¬
Business—Operation'of discount department stores/ Pro-"
ness
Manufactures plastic jewelry, dress accessories
ceeds—For expansion and working capital.; Office—4701
and novelties. Proceeds—For product development, mov¬
N, Harlem
Ave., Chicago. / Underwriters—Rittmaster,
Voisin & Co., N. Y. and Midland Securities Co., Inc., * ing expenses and working capital. Office—37 E. 18th St.,
expenses and working capital. Office—37 E. 18th St.,
■:
-
Deuterium Corp.
sales finance company.
consumer
>
July 24,; 1961 filed 100,000 shares of beneficial interest "
Dec.
selling stockholders. Office—650 11th Ave., N. Y. Under¬
writer—Sheaf son, i Hammill & Co\, N, Y. Offering—Ex; pected in late March. 'b:
/b'v.v~
Atlanta,
various building materials. Proceeds—For debt repayand working capital., Office*—-373 Adams Ave.,
v,
Department, Inc.
1962 filed $1,200,320
'
(John
Memphis, Tenn.
Inc., Memphis.
.
Jan. 26,
of 7% conv. subord. de¬
Inc.
;
29, 1961 filed 180,000 common. Price—By amend- bentures; due 1974 and 54,560 common shares to be
offered in 2,728 units, each consisting of $440 of deben¬
ment ($12 max.). Business—Furnishes technically skilled
tures
and 20
common
shares. ■' Price—$550 per
unit.
personnel to industry and government. Proceeds—For
Consultants and Designers,
of per- r
general-
merit
Credit
/
(2/28)
15, 1962 filed 200,000 common.
ment.
A. Kemper & Co., Lima, O. Offering—Imminent:
a.m.
.
Homes, Inc.
Denie's
-
above address. Information Meeting—Feb. 23
amend¬
11, 1961
Jan.
-
y ^sjlxe
^
\
—
-writers—i(Competitive).- Probable bidders: Morgan
'
ley :& Co.-First Boston Corp. (jointly); Halsey,.;Stuart '' Aug, 31, 1961,,("Reg. A"),V0,006 common.; Price—$14.75.
& Co, Inc/ White, IWeld &
Co>Paihd,: Webber, Jackson
Business—The sale of, punch bard type voting machines.
!; &r Curtis (jointly). Bids—Feb; '27 v
(11;30 a.m. EST) at - Office—830 High St.; Hamilton- O, Underwriter—John
"
-
r
("Reg. A") 60,000 common. Price — $5.
Business
Construction and financing of shell homes.
Proceeds—For working capital. Address—Allendale, S. C.
Underwriter—Alessandrini & Co., Inc., N. Y»
Van Alstyne,,Noel
Corp
DeLuxe
Dec:
-
r
/
/
Underwriter—Courts & Co., Atlanta.
Ga.
The manufacture
Lorp.
;
^
StanV-A c°y(© '•»/'Voting Machine Co.... ^
,
working capital. Office—82-88 Washington* St.,aMiddletown, N. Y. Underwriter—I. R. E. Investors Corp.,
common.
Price—By
(Max. $45). Business—The transporting
sons, property and mail by air.
Proceeds—For
corporate purposes.
Office—Atlanta > Airport,
napI
W. ,47_th St, N. Y. Underwriter
one
ness—Manufacture of precision rubber extrusions. Pro¬
ceeds—Plant expansion, equipment, debt repayment and
ment
-
••
•
Delta Airlines, Inc.
Feb. 7, 1962 filed 203,687
;
operaK
business rand
.
Levittown, N. Y.
Inc. ;
amendment. Business
suPplj?^
120,000 common, of which 90,000
public and 30,000 by a stock¬
Deiford Industries, Inc.; (3/26-30)
Sept. 28, 1961 filed 95,000 common. Price—$3.50. Busi-
Y
-
.
filed
be offered by the
•
.
Cosmetically, Yours,
1961
29,
to
Mass.
Allvn
Broadway, N. Y.* Underwriter—R. F. Dowd
inc., N. Y,.
Co.
&
due March
six
Price—
warrant.
one
of wood and metal framed pictures, wood utility
frames, etc. Proceeds—For debt repayment, inventory,
and working capital. Office—444 Courtland St., Mundelein, Ill/Underwriter—Clayton Securities Corp., Boston,
Price-Bypurposes.,Office-15 Clinton St., Yonkers, N. Y. CnderF
Securities Corp., N. Y. Offering
(2/27) '
share and
sale
.
Natural Gas Co.
one
■■
holder. Price—By amendment. Business—Production and
due 1977 (with attached 10-year warrants to purchase
4,100,000 class A common). Price—By amendment. Business—Development and sale of land. Proceeds—For con--.
development in the^
J. ^
/
general field of electromagnetic; radiation for the U. S:~^koh^thhe ih Apru. : .
Government. Proceeds—For debt repayment and other^v# Cosnat Corp.■-(3/19-23)
corporate purposes. Office—343 S. Main St./Ann Arbor,
-May: 26, 196V filed 231,444..common;- of which 165,000 are
Mich. Underwriters — McDonnell & Co., and Halle & :;to be offered for public sale by the company and 66,444
Sfieglitz, N. Y. ;
,
:
V
/'•
•
' .
outstanding by the present holders thereof. Price—To be
Consolidated
(with attached
additional 100,000 shares), to be
an
Decorel Corp.
Jan. 29, ti962 ■ ("Reg,: A'O 80,000-common. Price—$3.
^;; Business-^-Manufacturer :of cosmetics.
Proceeds—For
: debt repayment, working capital and other corporate
Underwriter—-Roth & Co.. Inc..-Philadelphia.
purchase
$3.25
+
^Corporate Funding Corp.
Jan- 9, 1962 ("Reg. A") 75,000 class A common. Price
-$2.
Business—A finapcial investment and holding
company! ProceedST-Fdr expansion and working capital.
.
.
warrants to
Inc.
Ufi^nng Expected m ate Ap x
..
Business—Sale
v
^
i_
•
Concors
Oct. ,19,
Ridge Properties,
V Feb. 5, 1962 filed
St., New York. City;t« Under-
be named.
Toy Corp.
Nov. 27, 1961 filed 100,000 capital shares
,
Coral
For general corporate purposes."
—
137th
;
Prigal,
&
Dec.
•
«
3^"Fl?1
wH^r^Crutten^^^^^^ Podestr & Co an^^
& Co MCWca^o Jll
aiS J R ^llSton & Bean?
Business-Manu- .>
offerin^Ex^cted fn late Aoril ?
'
facture of cosmetics, toiletries, cleaning chemicals, jew-
(H.)
Linder
general corporate purposes. Office—5642-50 N. Western
Ave., Chicago, Underwriter—Kenneth Kass, N. Y.
r
.a..
L
Office—794 Union St., Brooklyn, N. Y.
Underwriters—
Hampstead Investing Corp., Aetna Securities Corp., and
Atlas Securities Corp., N. Y.
Dec. 28, 1961 filed 60,000 common, Price
28, 1961-filed 120,000 "common (with attached
year warrants to purchase an additional 60,000 - shares
at; $2 per. share) to be offered in-units of one share and
one-half warrant. ,Price-$2
■
Dash,. Inc^/.
r;,^U
Oct, 25, 1061 filed 108,000 common.. Price—$5/ Business
—Designing, converting, importing, and distributing of
by amendment
:
.
,
y
maximum. Business—manuiaciure ot pnoio-copy
machines and the distribution of office copy machines,
photographic laboratory equipment, etc. Proceeds—For
_
,
;
Underwriier—Morgan
&
Davis
*
: ^10
Price—By amendment. Business—Design and maiiuof digital equipment.
Proceeds-^—For; debt repayment. : Office—983 Concord §t.;; Framingham, Mass.
Inc
/California St- Ontario, Calif,
..Angeles.;. >•".
per unit. Business—Manufactures educational toys.
Proceeds—To repay debt and increase working capital.
*
facture
Products
;
electronic equipment. .Proceeds
Proceeds—For debt repayment and
general corporate purposes. Office—2445 N. Miami Ave.,
•
.
.
/
Miami, Fla.
Underwriter—Stirling,
Inc., 50 Broadway, N. Y.
For debt ronovmont and
repayment
Office—145 Water St., South
,
shares. /Price—By
decorative fabrics.
.
_e
100,000' capital
"Business-r-PuWishing of .'technical, reports
& Co., Los
—
,
ers.
Concord
i
Underwriters—John R. Maher, Associ¬
ates and Bull & Low, N. Y.
Computer Control Co.* Inc.
Nov.
Paul
St
Norwalk, Conn.
Jan. 24, 1962 filed 157,500 common, of which 62,500 are
to.be offered by the company and 95,000 by stockhold¬
Underwriter—Kidder, Peabody & Co.,-N, Y.'/'■ 2
Inc
ftivxr," 7 ®"c'
'
'
Dec.-29, .1961 filed 125,000 common. Price—$3.75. Business—Manufacture of high vacuum systems and elecgeneral corporate purposes.
■
.
&• Bavliss
Brandtien
tronic equipment. Proceeds
Co., N.Y.
Y.
Underwriter
"f^unaerwruer—ttranatjen <5* mynss,. inc., i>t. raui.
_
Computer Concepts Inc.* V/'•;
'(rf-V"...1' /
Dec. 29, 1961 filed 100,000 class A common. Price — $5.
Business—Development and sale of advanced programming systems, for solution of -business problems by the
use of digital computers.'Proceeds — For
epnprai corgeneral pnrporate purposes. Otfice—1012 14th;St.r N.'W„ Washington, D. C. Underwriter—Doft & Co: N
r
/
Working capital. Office—B340 James Ave., S.y'Minrieapo;: i:„
filed
1961
David
^ *
^
a
-
,
—For debt Repayment apd working capital.1 Office—945
-
: : •'■e^Dev^Opmenta0dproduction ofelectronictestiog
311(1 i,tr31DU)S ,Q6yiCCS»L' PfOftCCflS.
OF fixpsiisioil» 3I1Q
aa aaa
on
offered by the company and 30,000 by stockholdPrice—$3. Business —Manufacture of miniature
9,
and, manuals covering
■
"
Computer Components,' Inc.
Oct.
amendment.
Bosto.n.
Proceeds—For selling ;'* Webber/ Jackson, &, Curtis,Mortgage*Note—This firm,was .
fnrmprlv namprf
Federal
Investor*?
■-"V
? stOckholdesi •*Offioe—50d Court ' St., Brooklyn, S N. " Y. ■ ^ f01™erly named f ederal Mortgage investors.
Underwriter—Shearson,' Hammill & Co., N. Y. Offering ! ^ p°i!,
«Pyj?,ai(
V: v
"1K ^' "V
*—Expected sometime in April.
■*.
r
.i Oct.r24, 196V filed >500,000 common. Price
$1.15. Bus!-;
proprietary drugs.
,
.
Data-Design Laboratories, Inc.
>
Underwriters—Hemphill, Noyes & Co., N. Y, and Paine,
hf
distribution or
,
eral corporate purposes. Office—1790 B'way, N. Y. Un¬
derwriter—Theodore Arrin & Co., Inc., N. Y. OfferingImminent.
r^L^Li
''
St., N. Y* Underwriter—Jay W. Kaufmann
Co., N.Y.
Dale Systems, Inc.
Aug. 9, 1961 filed 100,000 common. Price—$3.25. Business
—A shopping service which checks the efficiency of "
retail sales employees. Proceeds—Expansion and gen¬
are^to be_offered by the
holders.
to
35
Cybernetic Systems Corp.
Proceeds—For
St, N. W:; Atlanta, Ga. Underwriters—Joseph Walker &
Sons, N; Y. and Clark, Landstreet" & Kirkpatrick, Inc.,
Nashville, Tenn.
' :1v *
;
"
Continental
Plastic
1961
real estate development company.
■
.
.
Nov.
a
debt repayment and working capital. Office—44 Forsyth
wire and cable for electronic and
•'
(955)
1
-
/
..
Costq^lO, Russptto & Co., Los Angeles^;
Underwriter—M.
-
.V'/;.uContinue4-^n
;
page
(
3$
?,
j
36
The Commercial and Financial Chronicle
(956)
Continued
front
Proceeds—For the acquisition and development of
properties, repayment of debt and engineering, etc.
Office—10 E. 40th St., New York.
Underwriter—Wood¬
tate.
35
page
Diaiight Corp.
(4/9-13)
1961 filed 367,000 common. Price—By amend¬
Business—Design and manufacture of precision-
22,
ment.
engineered indicator lights for
Stewart Ave.,
Office—60
Co., N. Y.
—Burnham &
•
Proceeds—For selling stockholders.
Brooklyn, N. Y. Underwriter
instruments.
tronic
aircraft, missile and elec¬
& Pike,
Inc.
27, 1961 ("Reg. A") 30,000 common. Price—$10
Business—Operation of supermarkets. Proceeds—For ex¬
pansion and working capital. Office—896 Old Country
Mills
Diamond
23, 1962 filed 250,000 common, of which 150,000 are
the company and 100,000 by stockhold¬
ers.
Price—By amendment. Business—Manufacture of
women's nylon hosiery. Proceeds—For debt repayment
and working capital.
Office—417 Fifth Ave., N. Y.» Un¬
derwriter— Drexel & Co., Philadelphia.
Rd.,
Econ-O-Pay, Inc.
26, 1961 filed 1,000,000
Oct.
General
recourse
corporate
Price—$3,
common.
finance business.
Westbury, N. y. Underwriter—Meadowbrook
curities, Inc., Hempstead, N. y.
Busi¬
Proceeds
Office—164
purposes.
Valley City, N. D.
Valley City, N. D.
(3/15)
Corp.
Dec.
cock, Moyer, Fricke & French, Inc., Philadelphia.
ness—A dealer
E.
Underwriter—Reserve
Main
•
Funds,
be offered by
,
(3/19-23)
Nov. 16, 1961 filed 100,000 common, of which 80,000 are
to be offered by the company and 20,000 by a stock¬
holder. Price—By amendment. Business—Processes and
prints
photographic film and distributes wholesale
photographic equipment. Proceeds—For repayment of
debt, plant expansion, and working capital. Office—3306
Wisconsin Ave., N. W., Washington, D. C. Underwriter
—Auchincloss, Parker & Redpath, Washington, D. C.
•
District
Photo,
Inc.
Diversified Collateral Corp.
28, 1961 filed 78,000 common. Price
ment. Business—A mortgage investment
Dec.
By amend¬
—
company.
Pro¬
Office—420 Lin¬
coln Road, Miami Beach, Fla.
Underwriter — To be
named. Offering—Expected in early April.
ceeds—For general corporate purposes.
Discount &
Diversified
Acceptance Corp.
13, 1961 filed 125,000 common. Price—$4.50. Busi¬
ness—A small loan investment company. Proceeds—For
Dec.
expansion. Office—707 Northwestern Federal Bldg., Min¬
neapolis, Underwriter—Bratter & Co., Inc., Minneapolis.
Dolphin-Miller Mines Ltd.
Oct. 3, 1961 filed 1,600,000 capital shares, of which 1,200,000 shares are to be offered by the company and
400,000 shares by stockholders. Price—50c. Business—
The exploration and production of ores. Proceeds—For ;
salaries and general corporate purposes. Office — 25
Adelaide St., W., Toronto, Canada. Underwriter—Brewis
& White Ltd., Toronto.
Don
Mills, Inc.
27, 1961 ("Reg.
Proceeds—General
Rock
corporate
Bldg., Atlanta. Ga.
purposes.
Dbver Construction
1961
debentures
due
Co.
For
[[
and
sale
of
homes.
dent
repayment and working capital.
Rd., Cleveland. Underwriter—Mer¬
rill, Turben & Co., Inc., Cleveland.
Equipment Corp.
29, 1961 filed 100,000 common. Price—$2.50. Business—Manufacture of food service equipment. Proceeds
—For development and working capital. Office—79 Wal¬
worth St., Brooklyn, Underwriters — Carroll Co. and
Paul Eisenberg Co., Inc., N. Y.
Dec.
Duraiite
Co., Inc.
Nov. 29, 1961 filed 128,000 common. Price—$4. Business—Design and manufacture of aluminum-frame outdoor
porch furniture. Proceeds
For product develop¬
ment, equipment and working capital. Office—2 Barbour
Ave., Passaic, N. J. Underwriter—Preiss, Cinder & Hoff¬
man
Inc., N. Y.
—
Duro
Pen
Co., Inc. (4/23-27)
Jan. 5, 1962 filed 125,000 common.
Price—$4. Business
—Manufacture of inexpensive ball point pens. Proceeds
—For debt repayment,
equpiment and working capital.
Office—573 Broadway, N. Y. Underwriter —
Godfrey,
Hamilton, Taylor & Co., N. Y.
Dyna-Mod
Jan.
22,
Electronics Corp.
1962
("Reg.
A") 143,000
development
*
Price—$2.
and
production
of
"packaged" electronic circuits and sub-systems.
Pro¬
ceeds—For new products and
working capital.
Office—
317 Main St., East
Rochester, N. Y. Underwriters—Gen¬
esee
Valley Securities Co., Inc., Rochester, and H. B.
Vesey & Co., Inc., Glens Falls, N. Y.
Business—D
e s
i g n,
Dynascan Corp.
Jan. 29, 1962 filed 190,000
ment.
tronic
Belle Plaine
&
common.
selling
common.
stockholders.
Price—By amend¬
Office—1801
W.
Ave., Chicago. Underwriter—H. M. Byllesby
if Eastern Aluminum
Manufacturing Co.,
("Reg. A") 100,000 common.
Business—Manufacture and distribution of
19,
1962
equipment. Com¬
manufacture and sell electronic
Proceeds—For
product
develop¬
and other corporate purposes. Office—136-05 35th
also plans to
teaching machines.
pany
ment
Ave., Flushing, N. Y. Underwriters—Packer-Wilbur &
Co., Inc. (mgr.). and Earle Securities Co., Inc., N .Y.
Educational
Aids Co., Inc.
26, 1961 filed 100,000 common. Price—$5. Business
—Sale of school supplies, toys and notions. Proceeds—
For equipment, inventories and working capital. Office
—1125 Okie St., N. E.,
Washington, D. C. Underwriter—•
Wright, Myers & Bessell, Inc.
Educator &
Nov.
Executive Co.
1961 filed
30,
174,900 common. Price—By amend¬
ment. Business—An holding company for insurance con¬
cerns. Proceeds—For general
corporate purposes. Office
—3857 N. High St.,
Columbus, Ohio. Underwriter—Mc¬
Donald
&
Dec.
of
27, 1961 filed 10,000 common shares and
$625,000
6 lit % con. subord. debentures due
1972. Price—For
Stock, $2.50: For debentures, at par. Business—A hold¬
ing company for small loan and credit accident
insurance
subsidiaries.
Proceeds—For
and
investment in a subsidiary
Office—147 Northeast Main
working capital.
St.,
Rocky Mount, N. C. Underwriter—Arnold Malkan & Co.
Inc., N. Y. Offering—Expected in April.
Eastern
Properties Improvement Corp. (3/5-9)
Aug. 22, 1961 filed $1,500,000 of subordinated debentures
due 1981 and 250,000 common
shares. Price—For deben¬
tures, $1,000; for stock, $10.
Business—General
real
es¬
50,000
Jr. subord. conv.
shares to be
common
insurance.
ball
Proceeds—For working capital.
Office—674
St., Philadelphia. Underwriter—Paul C. Kim¬
Co., Chicago. Offering—Imminent.
&
Equity Capital Co.
Nov.
29, 1961 filed $3,000,000 of 8%
subordinate deben¬
tures due 1965. Price—At par. Business—The investment
in mortgages and the making of construction loans to
and
property
Proceeds—For
owners.
repay¬
ment of debt and
working capital. Office—430 First Ave.
North, Minneapolis, Underwriter—None.
if Escaiante
Valley Water Corp.
14, 1962 ("Reg. A") 79,950 class A and 100,000 class
shares.
Price—$1. Business—A new public
utility corporation.
Proceeds—For purchase of water
rights and construction of distribution systems. Address
Feb.
B
common
—Beryl,
Utah.
Underwriter—None,
Co., Cleveland.
Evans, Inc.
Jan. 23, 1962 filed 130,000 common, of which 20,000 are
to be offered by the company and 110,000 by stockhold¬
ers.
Price—By amendment. Business —- Retail sale of
wearing apparel. Proceeds—For working capital. Office
—36 S. State St., Chicago. Underwriter—Allen &
Co.,
y. Offering—Expected sometime in April.
N.
Extrin
Foods, Inc.
29, 1961 filed 100,000
Nov.
Price—$3.25. Busi¬
common.
ness—Creation and manufacture of flavors for the bak¬
ingand
Photo-Optical Industries, Inc.
filed 150,000 common, of which 100,000
are to be offered by the
company and 50,000 by stock¬
holders.
Price—By amendment.
Business—Wholesale
confectionary industries. Proceeds—For addi¬
personnel, new products and possible acquisitions.
Barclay St., N. y. Underwriters—Hay, Fales
& Co., and McLaughlin, Kaufman &
Co., N. y. Offering
—Expected sometime in March.
distribution of cameras, lenses, accessories and optical
instruments., Proceeds—For debt repayment, expansion,
Jan.
•
Ehrenreich
Jan.
26,
1962
working capital.
Eldre
Components,
Inc.
100,000 common, of which 75,000 are
by the company and 25,000 by a stock¬
5, 1962 filed
be
offered
and
For
Price—$4.
Business—Manufacture,
processing of metal parts and products.
equipment, construction of
assembling
Proceeds—
building hhtL working
Office—187 N. Water St., Rochester, N. Y. Un¬
capital.
derwriter—Charles
Plohn
&
a
Co.,
N. Y.
April.
Offering—Late
•' V.'/"//
-
Electro-Mec Instrument Corp.
k ■;
Sept. 15, 1961 filed 176,480 common. Price*—$6. Business
—The design, manufacture and sale of
potentiometers,
digitometers and goniometers used in airborne comput¬
ing devices. Proceeds—For the selling stockholder, Wal-
tham Precision Instrument Co., Inc. Office—47-51 33rd
St., Long Island City, N. Y. Underwriter—Sterling. Grace
& Co., N. Y. Note — This registration was
indefinitely
postponed.
'-'-V.
Electro-Nite
Engineering Co.
A") 100,000 common. Price
$3.
Business—Design, manufacture and sale of disposable
thermocouple lances. Proceeds—For equipment, debt re¬
Jam
1962
8,
payment
("Reg.
and
—
general
corporate
purposes. Office—5619
Underwriter—Harrison & Co.,
Tulip St., Philadelphia.
Philadelphia.
Electro-Tec Corp.
July 28, 1961 filed 91,000 common shares (par 10 cents).
Price—By amendment. Business—The manufacture of
slip rings and brush block assemblies, switching devices,
relays, and precious metal products. Proceeds—For the
selling stockholders. Office — 10 Romanelli Ave., South
Hackensack, N. J. Underwriter—Harriman Ripley & Co.,
Inc., N. Y. (mgr.). Offering—Indefinitely postponed.
Electromagnetics Corp.
17, 1961 filed 75,000 common. Price—$5. Business
Nov.
—Design and manufacture of precision nuclear magnetic
instrumentation. Proceeds—For general corporate pur¬
Office—Sawyer Lane, Hudson, Mass. Underwriter
—Gianis & Co,, Inc., N. Y.
..
,,■/•'
•.
"
Electronic Controls,
Nov. 29,
1961 filed
—Design
and
computer
controlled
of
drives
Fabco, Inc.
23, 1962 ("Reg. A")
.
Business—Manufacture
products.
Price—.$3. Business
automatic
and
electronic
systems,
and
helicopter
86,000
of
fiber
common,.
glass
and
Price—$3.45.
other plastic
Proceeds—For
working
equipment, inventories, and
Address—Stillwater, Minn.
Under¬
capital.
writer—Pewters, Donnelly & Jansen. Inc.. St. Paul.
•
Fairbanks Wire Co., Inc.
Oct. 30, 1961 filed 54,000 common. Price—$3. Business—
Manufactures
Proceeds
specialized
machinery
and
equipment.
For debt
repayment and general corporate
purposes. Office—Walnut St., M D 23, Newburg, N. y.
Underwriter—First Madison Corp., N. y.„
^/-v;
—
Family Record Plan, Inc.
Noy. 20, 1961 filed 200,000
(3/5-9)
Price—By amend¬
common.
ment.
Business—Sale
of
bums.
Proceeds—For
selling stockholders. Office—2015
Angeles.
Underwriter-—Bache
W.
&
Olympic
Blvd.,
photographic portraits and al¬
Los
Co., n. y.
■-
Faradyne Electronics Corp.
Jan. 30, 1961 filed $2,000,000 of
ordinated debentures.
Business—The
sub¬
is engaged in the manufacture
high reliability materials and basic
company
distribution
and
convertible
6%
Price—100% of principal amount.
of
electronic
components, including dielectric and electro¬
lytic capacitors and precision tungsten wire forms. Pro¬
ceeds—For the payment of debts and for working capital:
Office—471
Cortlandt
Street, Belleville, N. J. Under¬
Note—July 11, the SEC insti¬
tuted "Stop Order" proceedings challenging the accuracy
and adequacy of this statement.
!
writer—To
be
named.
Fastline Inc.
(2/26-3/2)
Sept. 28, 1961 filed $400,000 of 6%
tures
due
1971
conv.
subord. deben¬
and
40,000 common shares to be offered
publicly in units of one $500 debenture and 50 common.
Price—$575
cealed
and
unit.
per
zippers.
Business—Manufacture
con¬
repayment, advertising
working capital. Office—8 Washington Place, N. y.
Underwriter—G. Everett Parks &
•
of
Proceeds—Debt
Fastpak,
Nov.
Inc.
30, 1961 filed 125,000
distribution
—The
devices
of
by
general
Price—$5. Business
common.
nuts,
manufactured
and
Co., Inc., N. y,
(3/26-30)
Benson
common.
manufacture
Office—70
repayment
Inc.
100,000
tional
bolts
others.
and other fastening
Proceeds—For debt
corporate purposes.
y. Underwriter
Place, Freeport. N.
Malkan & Co., Inc., N. y.
Office—8
—
Arnold
Fidelity America Financial Corp. (3/12-16)
3, 1961 filed 100,000 common. Price—$5. Business
check-out, flight control and landing control systems and
Oct.
—Commercial
relays
working
and
switches.
capital
and
Proceeds—For
other
corporate
debt
pur-
Office—67
Southfield Ave., Stamford, Conn. Un¬
Seymour, Eernard & DeBoff, Inc., N. Y.
Offering—Expected sometime in March.
posse.
derwriter
•
—
Electronic Transmission
Corp.
Oct.
27,
Business
Investors, Inc.
and
Dec.
repayment,
Price—$3.
1977
N. Broad
multi-contact
Inc.
screens, windews, doors, etc. Proceeds—For debt
repayment, plant
expansion, and working capital. Office—910 Line St.
Camden, N. J. Underwriter—H. A. Rieeke & Co., Inc.'
Philadelphia.
'
Eastern
Business
,
Co., Chicago. Offering—Expected in April.
Feb.
Price—$4.
common.
poses.
Business—Design, manufacture, and sale of elec¬
test equipment,
antennas, and microwave devices.
Proceeds—For
.......
—Distribution of electronic parts and
.
•
/
^
Food
and
Cedar
101
due
consisting of $500 of debentures and 25
Price—$550 per unit.
Business—Lending and
builders
Edu-tronics, Inc.
27, 1961 filed 80,000
Oct.
to
:.
Business—Construction
Dunhill
of
.
.
Feb.
filed $750,000 convertible subordinated
1972, and 100,000 common. Price — By
Green
& Co., both
holder.
Proceeds
—
Roosevelt, L. I:, N. Y.
Planning Corp., and Bassior
St., N. Y.
•
Office—Red
Underwriter—Stan-Bee & Co.,
amendment.
Office—-2120
Proceeds—For gen¬
Office—111 Fifth Ave., N. Y. Un¬
derwriter—Lee Higginson Corp., N. Y. Offering—April.
Washington, D. C. Offering—Expected in March.
Dec.' 21,
owners.
Office—180 Babylon Turnpike,
Underwriter—Sentinel Securities
filed $1,000,000 of 6J/2%
1961
offered in units
shares.
eral corporate purposes.
and
A") 60,000 common. Price—$5.
Business—Financing of shipments of business machines.
Sept.
Food Enterprises Corp.
(2/28)
Nov. 29, 1961 ("Reg. A") 100,000 common.
Price—$3.
Business—Sale and servicing of home food freezers and
sale of bulk food to freezer
27,
debentures
Economy
Se¬
Equitable Credit & Discount Co.
Oct.
St.,
Inc.,
Jan.
to
Thursday, February 22, 1962
,
.
Eliner
real
Dec.
.
1961
—
("Reg. A")
Manufacture,
100,000 common.
design and field
Price—$3.
testing
of
closed-circuit television.
and
other
corporate
Proceeds—For debt repayment
purposes.
Office—103 Hawthorne
finance
Proceeds
company.
—
Gen¬
eral
corporate purposes. Office—42 S. 15th St., Phila.
Underwriter—Netherlands Securities Co., Inc.,, N. y.
Fidelity Mining Investments Ltd.
30, 1961 filed 800,000 common. Price—By amend¬
ment. Business—Exploration and testing of mining prop¬
erties. Proceeds—For general corporate purposes. Office
Nov.
—62
Richmond
St., Toronto. Underwriter—G. V. Kirby
&
Associates, Ltd.. Toronto.
•
Fields
Plastics
&
Chemicals,
Inc.
•:
Ave., Valley Stream, N. Y. Underwriters—V. S. Wickett & Co.. Inc. and Thomas, Williams &
Lee, Inc., N. Y.
Nov.
Note—This letter
Proceeds—For selling stockholders. Office—199 Garibal¬
di Ave., Lodi, N. J. Underwriter—To be named.
•
Electrosolids
was
withdrawn.
-
Corp.
Oct. 30, 1961 filed 100,000 cum. conv. preference shares.
Price—By amendment. Business—Production of devices
for converting AC-DC
ships. Proceeds
purposes.
Calif.
Debt
current for
aircraft, missiles and
repayment and
Office—12740 San Fernando
—
other
corporate
Rd., N.,
Underwriter—J. R. Williston & Beane, N.
fering—Imminent.
Syimar,
Y. Of¬
ment.
•
29,
1961 filed 220,000
common.
Business—Manufacture
Fifth
of
Price—By amend¬
vinyl
plastic
sheeting.
Avenue
Cards, Inc.
(2/27)
115,000 class A capital shares. Price
amendment.
Business—Operation of a chain of
Sept. 28,. 1961 filed
—By
•retail, greeting card. £toresfV Proceedsr-rBebbrepayment,
working capital and expansion.
N. y.
Office—18
W.
34th
St.,
Underwriters—Hardy & Co. and Filor, Bullard &
Smyth, N. y.
'
'
195
Volume
^
Number 6136
.
Corp. (3/15)
1961 filed 200,000 common, of which 50,000 are
to be offered by the company and 150,000 by stock¬
holders. Price—By amendment. Business—Manufactures
translucent fiberglas panels for building and decorative
(3/5-9)
21, 1961 ("Reg; A") 130,000 common; Price—$2.
Business—Research, design, manufacture, sale and dis¬
tribution of precision electronic and mechanical com¬
ponents. Proceeds—For debt repayment, equipment and
general corporate purposes.
Office — 425 Las Vegas
Blvd., S., Las Vegas,
Nev.
Underwriter—Elmer K.
Corp.
^ Fortune Electronics, Inc.
Feb. 6, 1962
("Reg. A") 46,150
real estate and acts as trustee under deeds of
Proceeds—For debt repayment and. other corpo¬
Business—Sale
Office—628 W., Sixth St., Los Angeles.
Underwriter—White, WehL& Co., N. Y.
rate
;
First Midwest
•
Fraricisco.
Sept. 28, 1961 filed 150,000 common. Price—By amend¬
Business—A small business investment company,
Office—512
corporate purposes.
Ave., Minneapolis. Underwriters—-Paine, Webber, Jackson & Curtis, N. Y., and Craig-Hallum, Kinnard, Inc., Minneapolis. Note—This statement was with¬
; V. 1
drawn.
■
First National Television Distributing Corp.
class A capital shares. Price
Business—Production, distribution and sale of TV
motion pictures and tapes. Proceeds—For debt repay¬
ment, working capital arid other corporate purposes.
Office—505 Park Ave., N. Y. Underwriter—Internation¬
al Services Corp., Paterson, N. J.
\
.
First New York
Oct.
Capital Fund, Inc.
1961 filed 2,770,000 capital shares. Price—$1.
Business—A small business investment company.
Pro¬
27,
investment.
ceeds—For
Office—1295
Northern
Blvd.,
Jan.
"New
Jersey
estate
investment trust.
Price—$10. Business
Proceed^Fqt general...
corporate purposes.
Office—477 Main St., Hackenshck,
N. J. Underwriter—None.
First Republic
Corp. of America (3/5-9)
Dec. 19, 1961 filed $9,400,000 of 6%% convertible sub¬
ordinated debentures due 1982 and 188,000 class A shares
to be offered, for subscription by class A stockholders
in 47,000 units, each consisting of $200 of debentures
and 4 class A shares. One right will be issued for each
class A share held, and 40 rights will be needed to pur¬
chase one unit. Price—By amendment. Business—Gen¬
eral real estate. Proceeds—For debt repayment and other
corporate purposes. Office—375 Fifth Ave., N. Y. Under¬
writers—Morris Cohon
&
Co.
N. Y.
and
Lieberbaum &
Co.,
:
First Scientific Corp.
Franklin
(3/26-30)
ness—Company plans to acquire, invest in, and finance
patents and new scientific technology. Proceeds—For
general corporate purposes. Office—375 Park Ave., N. Y.
Underwriters—Netherlands Securities Co., Inc., Seymour
Blauner Co., and Sprayregen, Haft & Co., N. Y.
Flair
Cards, Inc. (2/26-3/2)
1961 ("Reg. A") 74,667 common. Price—$3.
Business—Manufactures greeting cards, greeting card
trays, dishes, note paper, etc. Proceeds — For debt re¬
payment and working capital. Office—537 W. 53rd St.,
N. Y. Underwriter—Amber, Burstein & Co., Inc., N. Y.
14,
Fleetwood
Securities
Corp. of America
Aug. 8, 1961 filed 50,000 common. Price—$10. BusinessDistributor of Electronics1 Investment Corp., Contrac¬
tual Plans and broker-dealer registered with NASD.
Proceeds—To
increase
net
capital
selling of vitamin mineral products to eld¬
erly customers. Proceeds—For working capital. Office
—179 N. Michigan Ave., Chicago. Underwriters—Bacon,
Whipple & Co, and Freehling, Myerhoff & Co., Chicago.
Glass-Tite Industries, Inc. (3/26-30)
Sept. 27, 1961, filed 185,000 common, of which 135,000
are to be offered by the company and 50,000 by a stock¬
holder. Price—By amendment. Business—Manufacture
of glass-to-metal hermetic seals.
Proceeds—For pur¬
chase of equipment, investment in a subsidiary, research
and development, moving expenses, and working capital.
Manufacturing Co.
22, 1961 filed 349,590
common. Price—By amend¬
Business—Design, manufacture and sale of house¬
hold
freezers,
Office—725 Branch Ave,, Providence, R, I,
—Hemphill, Noyes & Co., N. Y.
refrigerators, automatic
washers and
driers, Proceeds—For a selling stockholder. Office-^-6522nd Ave., N. E., Minneapolis. Underwriter •— Lehman
Brothers, N. Y. Offering—In late March.
Franklin Realty Trust (3/12-16)
Jan. 3, 1962 filed 800,000 shares of beneficial
Price—$12.50
per
Crazier-Walker
investment.
Office
and
for
investment.
Office—44 Wall St., N. Y. Underwriter—General Securi¬
ties Co., Inc., N. Y. Offering—Imminent.
(A. J.)
—
compartments.
Proceeds—Debt repayment and
general corporate purposes. Office—10014 Avenue D,
Brooklyn, N. Y, Underwriter
syth, N. Y.
1616
Pa. Underwriter—A. G, Beck¬
Aircraft Corp.
to
N.
Donald & Co.,
of
•
...
Gotham
and other corporate purposes.
Office—1707 H St.,
W., Washington, D. C. Underwriter—Rouse, Brewer,
Becker & Bryant, Inc., Washington, D. C.
Gould Paper Co.
Sept. 28, 1961 filed 140,000 common. Price—$11. Busi¬
ness—Manufacture of paper. Proceeds—Expansion and
working capital. Office—Lyons Falls, N. Y. Underwriter.
—To be named.
Gould Properties,
(2/26-3/2)
Oct. 20, 1961 ("Reg. A") 60,000 common.
Price — $5.
Business
Furnishing of scheduled air transportation
service. Proceeds—For debt repayment and general cor¬
porate purposes. Office—8170 Beverly Rd., Los Angeles.
Underwriters—Raymond Moore & Co., Los Angeles and
Pacific Coast Securities Co., San Francisco.
.
Government Employees Corp. (4/6)
Jan. 8, 1962 filed $2,675,000 of 4%% conv. capital deben¬
tures due 1977 to be offered for subscription by common
stockholders
(3/12-16)
handbags.
Proceeds—For debt repayment, equipment
and working capital. Office—2024 Montieth St., Brook¬
lyn, N. Y.
Underwriters—Professional & Executive
Planning Corp., Long Beach, N. Y. and E. J. Roberts &
Co., East Orange, N. J.
investment.
shares
are
holders
on
of which 310,000
to be offered for subscription by the stock¬
a
l-for-3 basis, and 153,000 shares will be
sold to the public. Price—$2. Business—Purchase, devel¬
opment
related
and sale
activities.
of
undeveloped
real
property
and
Proceeds—For debt repayment and
general cprporate purposes. Office — 1790 N. Federal
Highway, Pompano Beach, Fla. Underwriter—Hardy &
Co., N. Y.
Industries, Inc.
Nov. 29, 1961 filed 100,000 common. Price—$3.25. Busi¬
Flower City
—
Design and manufacture of plastic
artificial
foliage and flowers. Proceeds — For general corporate
purposes. Address—St. Thomas, Virgin Islands. Under¬
writer—Seidman Williams & Cantwell, N. Y.
ness.
Fluke
(John)
Mfg. Co., Inc. (2/27)
Dec. 11, 1961 filed 170,000 common, of which 135,000
are to be offered by the company and 35,000
by stock¬
holders. Price—By amendment. Business—Design and
Office—1180 Raymond Blvd., Newark, N. J.
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
Gateway Chemicals, Inc.
Nov, 22, 1961 filed 100,000 common, of which 50,000 are
to be offered by the company and 50,000 by a stock¬
holder. Price—By amendment. Business—Compounding
and
packaging of chemical products, primarily deter¬
Proceeds—For working capital. Office—8136 S.
Chicago. Underwriter—Federman, StoneY.
gents.
Dobson Ave.,
hill & Co., N.
General Battery & Ceramic Corp.
Jan. 11, 1962 filed 200,000 common. Price — By ameridment. Business—Manufacture of replacement batteries
and spark plugs; design and production of subminiature
hermetically sealed relays and glass-to-metal seals; man¬
ufacture of voting machines and toll collection devices.
Proceeds—For selling shareholders. Office—Reading, Pa.
Underwriter — Dempsey-Tegeler & Co., Inc., St. Louis.
Offering—Expected in late March,
General
Corp. of America
Dec.
7, 1961 filed 266,000 common. Price—By amend¬
Business—A holding company for an1 insurance
firm. Proceeds—For general corporate purposes. Office
Hanna Bldg., Cleveland, O, Underwriter—Merrill,
ment.
Turben &
Co.,-Inc.; Cleveland.
on
the basis of $100 of debentures for each
of record
Apr. 6 with rights to expire
Price — At par.
Business — Com¬
pany and its subsidiary provide automobile and mobile
home financing service on a nationwide basis to gov¬
ernment employees and military officers. Office—Govt.
Employees Insurance Bldg., Washington, D, C. Under¬
7
shares
held
about April
housewares, and the custom molding of other plastic
products. Proceeds—For general corporate purposes. Ad¬
dress—Leetsdale, Pa. Underwriter—Van Alstyne, Noel
& Co., N. Y.
.
re¬
general corporate purposes. Office—370
Lexington Ave., N. Y. Underwriter—Stanley Heller &
Co., N. Y,
Dec. 15, 1961 filed 200,000 common. Price — By amend¬
ment. Business—Manufacture of molded plastic toys and
(3/12-16)
$10.
and
payment
—
Oct. 27, 1961 filed 330,000 common. Price—$3. Business
—A small business investment company. Proceeds—For
Inc.
Jan. 26, 1962 filed 200,000 class A shares. Price —
Business—General real estate. Proceeds—For debt
Future Airlines
Business Investment Co.
,
tal
—To be named.
,• Garden State Small
.
^
N.
Processing, Inc.
11, 1962 ("Reg. A") 150,000 common. Price—$2.
Business—Rendering of various services to the poultry
industry and to food preparation companies. Proceeds—
For working capital and general corporate purposes.
Office—1800 West C St., Russellville, Ark. Underwriter
Corp.
Cleveland,
Investment Corp.
Nov. 21, 1961 filed 100,000 common. Price—$6. Business
Proceeds—For working capi¬
Alstyne, Noel & Co., N. Y. Offering—In April,
(Andy)
Pro¬
—Real estate investment.
Further
Gard
motors^ powdered metal , products
and devices for the missile and aircraft industries.
Frouge Corp.;,
1 ■
Jan. 26, 1962 filed 700,000 common. Price—By amend¬
ment. Business—Construction and operation of various
type apartment, industrial and office buildings. Proceeds
—For an acquisition, construction, and working capital.
Office—141 North Ave., Bridgeport, Conn. Underwriter
—Van
miniature electric
ceeds—For debt repayment and working capital.; Office
—1784 Stanley Ave., Dayton, Ohio. Underwriter—Mc¬
:
Mfg. Corp.
Florida Palm-Aire Corp. (3/15)
Oct. 19, 1961 filed 463,000 common,
by the company and 100,000% by stock¬
Price—By amendment. Business—Manufacture
offered
holders.
,
Treibick, Seiden & For¬
Industries, Inc.
30, 1961 filed 200,000 common, of which 100,000 are
be
Price—By amend¬
ment^
plans to produce its Gyrojet
FW-4, a iour-passeriger amphibious autogiro. Proceeds
—To produce prototype models, and finance g e n e r a 1
overhead and operating expenses. Office—10 E. 52nd St.,
Underwriter—None..
—
Globe
Oct.
Feb; 2,1962 ("Reg. A") 80,000 common. Price—$3. Busi¬
ness—Manufacture and sale of metal frames for ladies
•
Products Corp.
1961 filed 68,000 common. Price—By. amend¬
Business—Manufacture of prefabricated metal
toilet
interest.
30.
writer—None.
^
Graham Chemical Corp.
'
Fleres
3,
ment.
Jan„ 26, 1962 filed 140,000 common.
Y.
Underwriter
Global Steel
Nov.
share. Business—A real estate invest¬
Proceeds—For
trust.
;
mail
rect
'
ment.
12, 1962 filed 162,500 common, of which 12,500 are
by the company and 150,000 by stockhold¬
Price—By amendment (max. $8.50). Business—Di-
ers.
filed $500,000 of 8% subordinated debentures
serially 1969 to 1973 and $500,000 of 8% subordi¬
capital notes due about 1970. Price—At par. Busi¬
ness—A consumer finance company. Proceeds—For debt
repayment and expansion. Office—105 N. Sage St., Toccoa, Ga. Underwriter—None.
Dec.
Services
to be offered
Jan.
Dec. 6, 1961 filed 200,000 class A stock. Price—$3. Busi¬
Nov.
Feb.
due
-
4, 1962 filed 67,750 common,
—Real
'
Investor's
Geriatric Research, Inc.
Price—$6.50.
and equip¬
repayment, inventories and
"
Walnut St., Philadelphia,
er & Co., Inc., Chicago.
First Real Estate Investment Trust of
•'
debt
capital.
components
nated
ment
/
Manhasset, N. Y. Underwriter—None.
St., Omaha. Underwriter—General
Corp. (same address),
Feb. 9,1962
,
Jan. 29, 1962 filed 200,000
—$2.
1962 filed 35,000 non-voting shares of beneficial
interest. Price—$10. Business—A real estate investment
Proceeds—For investment. Office—1221 Harney
trust.
Franklin Discount Co.
ment.
Nicollet
General Mortgage Trust
Feb. 8,
working capital. Office—2280 Palou Ave., San Francisco.
Underwriter—Stewart, Burbanks, Meyerson & Co., San
Capital Corp.
Proceeds—General
Proceeds—For
ment.
purposes.
electronic
of
•
Mo.
Aagaard, Salt, Lake City.
on
trust.
Leasing Corp.
1962 ("Reg. A") 62,000 common. Price—$4.50.
Business—General leasing of equipment. Proceeds—For
working capital. Office—1719 Gage Blvd., Topeka, Kan.
Underwriter—Midland Securities Co., Inc., Kansas City,
Forrest Electronics Corp.
(4/10)
^
Jan. 26, 1962 filed 320,000 common, of which 13,250 are
to be offered by the company and 306,750 by stockhold¬
ers.
Price—By amendment.
Business—The company
owns the stock of a savings and loan association/oper¬
ates an insurance agency, holds conditional sales con¬
tracts
General
Jan, 29,
Dec.
>
.
for
ing—Imminent.
Manchester, Conn. Underwriter—Putnam & - Co;, Hart¬
.
and electromechanical components and systems
multiple telemetering. Proceeds—For inventory, debt
repayment, sales promotion, and working capital. Office
—Ridge Rd., Monmouth Junction, N. J. Underwriter
—Hess, Grant & Remington, Inc., Philadelphia.
Vending Co., Inc.
Sept 26, 1961 filed 55,000 common. Price—$6. Business
—The distribution of novelties, candy, etc. through vend¬
ing machines. Proceeds—To repay loans, purchase ma¬
chines, and increase working capital. Office—990 Long
Beach Rd., Oceariside, N. Y, Underwriter—None. Offer¬
property acquisitions, debt repayment and other cor¬
porate purposes. Office—-380-390 W. Middle Turnpike,
\
Devices, Inc.
1962 filed 140,000 common, to be offered for
subscription by common stockholders. Price—By amend¬
ment. Business—Development and manufacture of elec¬
tronic
N. Y.
Folz
Oct. 30, 1961 filed 500,000 common. Price—By amend¬
ment. Business—Heal estate investment. Proceeds—For
First Lincoln Financial
General
Jan. 29,
Weld & Co.,
Proceeds—For expansion and working capital.
Office—333 North Van Ness Ave., Hawthorne, Calif.
Underwriter—White, Weld & Co., N. Y.
ford.
37
tiometers, arid related components. Proceeds—For debt
repayment and working capital. Office—7100-220th St.,
S, W., Mountlake Terrace, Wash. Underwriter—White,
purposes.
First Hartford Realty Corp.
(957)
manufacture of precision electronic instruments, poten¬
Filon Plastics
Dec. 4,
•
Chronicle
The Commercial and Financial
.
.
Jan; 22, 1962 O'Reg. A") 100,000 common. Price—$2.25.
Business—Manufacture of dental anesthetic cartridges
and related products. Proceeds—Production, advertising
and promotion of disposable needles.
Office—129-21
Merrick
Blvd., Springfield Gardens, N. Y.
N. Y.
Underwriter
—Paul Eisenberg Co. Inc.,
Grand
Bahama
Development
Co.,
Ltd.
Jan. 23, 1962 filed 250,000 common. Price — By amend¬
ment. Business—Sale and development of land on Grand
Bahama Island for residential and resort purposes. Pro¬
ceeds—For general corporate purposes.
Office—250 Park
Ave., N. Y. Underwriter—Allen & Co., N. Y. OfferingExpected sometime in April.
•
Graniteville
Co.
(2/23)
Dec. 15, 1961 filed 796,716 common. Price — $16,875.
Business — Manufacture of cotton fabrics.
Proceeds
—For
acquisition of McCampbell & Co., Inc., a textile
agent. Address—Graniteville, S. C. Under¬
writer—Shearson, Hammill & Co., N. Y, Offering—Im¬
commission
minent.
Gray Drug Stores, Inc.
Jan. 2, 1962 filed $5,230,000 of 5% corivertible subordi¬
nated debentures due 1982, to be offered for subscription
by Common stockholders on the basis of $100 of deben¬
tures for each 12 shares held. Price—By amendment.
Business—Operation of.
a
retail drug chain. Proceed*—
Continued oh page 38
38
The Commercial and Financial Chronicle
(958)
from
page
37
*
;V
2100
1
*
&
Cleveland.
East Ohio Bldg.,
Reid
Continued
,
Underwriter—Fulton,
Co., Inc., Cleveland.
Superior
Cleveland. Underwriter—McDonald & Co., Cleve¬
expansion and working capital. Office-:—2400
Ave.,
land.
,
•
Hanna-Barbara Productions,
Inc.
(3/12-16)
rants
'•
-
Dec.
29, 1961 filed 200,000 capital shares. Price
By
—
amendment. Business—Production of television cartoons
•
•
Grayson-Robinson Stores, Inc.
2b', 1962 filed $10,000,000 of 5% senior subord. de¬
bentures due 1985.
Price—By amendment.
BusinessRetail sale of women's and children's apparel and photo¬
graphic
•
N. Y.
Estate Investment Trust
Real
:
4 '
Great Eastern
Foods Corp.
For general corporate purposes.
Office—3325
Keswick
Rd., Baltimore. Underwriter—
Switzer & Co.,. Inc., Silver Spring, Md.
"
Lakes
Homes,
Co.,.
:
-
Distributors, Inc.
200,000 common," of .which 100,000 '
are to be offered by the company and 100,000 by a stock¬
holder. Price—By amendment. Business—Retail sale of
housewares,
hardware,
lighting fixtures, automotive •"
accessories, etc. Proceeds—For debt repayment, expan¬
sion
and
working capital.
Office—1416 Providence ;•
Highway, Norwood, Mass.- Underwriter—McDonnell & 3
Co., N. Y. Offering—Expected sometime in April.
^ 26,
filed
1962
Great Southern Real Estate Trust
8, 1961 filed 160,000 common.
plans to own and operate an amusement
park. Proceeds—For property development, advertising,
and working capital. Office—3100 Tremont Ave.,, Cheverly, Md.' Underwriter — Switzer & Co., Inc., Silver
Springs, Md.
'
V;..
:.
/ / !
/
—Company
-
Co., Atlanta.
Co., Inc.
Harper Vending,
Dec.
29, 1961 filed 100,000 common. Price—By amend¬
($7 max.). Business—Manufacture of corrugated
board and containers. Proceeds—For general corporate
purposes. Office—149 Entin Rd., Clifton, N. J. Under¬
ment
Greater
Co., N. Y.
;
;
.
,
scription by stockholders of Bowling Corp. of America,parent. Price—$3. Business—Company will operate an
recreation
area
in
Green
Acres
Shopping Center, Valley Stream, L. I. Proceeds—For*
general corporate purposes. Office—120 Broadway, N. Y.;
/ Underwriter—R. L. Warren Co., St. Louis. 4"
:
• Green
(Henry J.) Instrument Co. y
Aug. 24, 1961 filed 140,000 common. Price—$2.25. Busi¬
ness—The manufacture of precision meteorological in¬
struments. Proceeds—For repayment of loans, equip¬
ment, salaries and general corporate purposes. Office— :
2500 Shames Dr., Westbury, N. Y. Underwriter—To be
.
named.
Note—This Registration
Green
Nov.
withdrawn.
was
Valley Construction Corp.
1961 filed 80,000 common. Price—$5.25. Busi¬
29,
ness—General contracting for landscaping and construc¬
tion work. Proceeds—For debt repayment and other cor¬
porate purposes. Office—97-36 50th Ave., Corona, N. Y.
Underwriter—Williamson Securities Corp., N. Y.
f
Griesedieck
Co.
(3/7)
for
new
share for each three held.
Price—By amendment. Busi¬
closed-end investment company. Proceeds —
corporate purposes. Office—314 N. B'way, St.
Louis. Underwriter—Edward D. Jones &
Co., St. Louis.
Growth
Management & Development Corp.
Dec. 29, 1961 ("Reg. A")
198,250 common (with war¬
rants). Price—$1,155. Business—A holding company for
a
broker-dealer, farm equipment manufacturer
finance
'
•
and
a
Proceeds- — For an acquisition and
working capital. Office—33 N. LaSalle St/, Chicago; Un¬
derwriter—Growth Issuers/Inc.; (Same address). Note—
This company formerly was named Growth
Consulting
& Financing, Inc.
j
Jan. 11, 1962 filed 1,000,000 shares of
capital stock. Price
—Net asset value (for first 30
days/ thereafter an addi¬
tional 8V2% sales charge). Business—A
mutual furtd.
Proceeds—For investment.
Denver.
28,
Office
714
—
Boston
Bldg.,
Underwriter—None.
Gulf American Fire &
Sept.
1961
filed
Casualty Co.
226,004
suDscription by stockholders
shares for each 10 held.
to
common
on
the
Price—$2.
fire and
(3/12-16)
be
offered
Haltone Rental Corp.
Dec. 18, 1961 ("Reg.
A")
basis of three
1
.
..
_
'i'i
of
■
...
military transmitter-receivers.
common.
Price—$2.
Under¬
Hampden Fund, Inc.
24,
1962 filed
closed-end
become open end.
500,000
the
U.
S.
Proceeds—For
general
writer—Sunshine Securities, Inc., Rego Park; N. Y.-
• House of Westmore, Inc.
Oct.
27, 1961 filed 150,000
(3/12-16)
Price—$4.
common.
Business
Proceeds—For sell¬
ing stockholders. Office—120 E. 16th St., N. Y. Under¬
writers—Brand, Grumet & Seigel, Inc. and Kesselman
& Co., Inc., N. y,*
: - V: ■ - >
Hudson
Wholesale
Groceries, Inc.
\V / •
filed; 100,000. Price—$8. Business—Pro¬
curement, storage and wholesaling of groceries and non¬
Jan;
23,
food
ing
,
1962
items.
Proceeds—For;, debt repayment and
work¬
capital.
Office—Lyndhurst, N. J. Underwriter—J.
Williston & Beane, N. Y. Offering—In April
*
R.
Hydra-Loc, Inc.
Oct.; 10, 1961
(2/26-3/2)
("Reg. A")
J
-*,
60,000 common.
Price—$2.
development and manufacture of a
Proceeds—For debt repayment and gen¬
control
v
TT«jprwritAr
TiatPn
Price
common.
s.
v
at
—
ooriPe
offered in five series due 1
1966 to
in
($1,000). Business—Purchase and sale
real estate mortgages.^ Proceeds—For investment. Of-
oi
tice—630 Fifth
Ave:; N; Y. Underwriter—None.:
v
;
'
; Index & Retrieval Systems, Inc. /
;•/'•' !
Jan. 29, 1962 filed 125,000 common.
Price—By amend¬
ment.
Business—Publishes "The Financial Index" and
v
Harwyn Publishing Corp.
Jan. 29, 1962 filed 300,000 class A
Office—101 Park Ave., Hudson,
MpT
1970. Price—At par
By
Off.cc--170 Vanck St., N. y*1-/^ R» St., Woodstock, Vt.' Cnderwriter-Searight,
Y
IJn-i
AfiaU & O'Connor, Inc.,'N/y. '
'
Alstyne, Noel & Co., N. Y. Offering—
■
' ■:
■ r'-'A-'
1
Expected in early April, ..
r : • "
' v •
Industrial Financ.a & /Thrift; Corp.
,;;
*
2
■;
iV-'i'
Oct. 30, 1961 filed $2,000,000 of 6% subordinated, deben^fnno0"'
(3/15)
■ r, ^ ^
tures due 1974; Price—At par.-Business^-A - consumer
Nov;;29, 1961 filed 150,000 common, of which .20,000 are
finance firnr. Proceeds-—For repayment of debt and exto be offered by the company and 130,000 by stockhold-*
pansion. Office—339 Carondelet -St., New Orleans, La.
ers; Price—By amendment. Business—Publishes "Elec-^1
underwriter—None.u
frrtn?n T1oc!l'Oil "
in
finW
1
*
tronic Design," a trade magazine in +V10 olnnfrnnin field.
the electronic
Industry Capital Corp. (3/5r9)
Proceeds—For
debt
repayment. Office—850-3rd Ave.,
Dec. 26, 1961 filed 500,000 common. Price—$15. Busi¬
N. Y. Underwriter—Carl M. Loeb, Rhoades & Co.,'N. Y/;
ness—A small business investment company. Proceeds—
• Herman &
For general corporate purposes. Office—208 S. La Salle
Appley, Inc.
■
:
Oct. 27, 1961 filed 100,000 class A common.
Price—By
St., Chicago. Underwriter—A. C. Allyn & Co., Chicago.
Kor workmg capital
t
derwnter—Van
—
,
...
*r
^
h
>
.
_
'
i
_
•
'
-
-
_
■
r
Business—General real estate.
Proceeds—
Information
Hickory Industries, Inc.
Aug. 31, 1961
("Reg. A") 40,000
Systems, Inc.
13, 1961 filed 1,266,000 common to be offered to
preferred and common stockholders of Ling-TemcoVought, Inc. (parent) of record Nov. 30, 1961. Price—By
amendment. Business—Furnishes industrial information,
handling and control systems. Proceeds r- For selling
Business—The
stockholders. Office—10131 National
For investment.
Office—16 Court St., Brooklyn. N. Y.
Underwriter—Arnold, Wilkens & Co.;* N. Y. Offering—
Imminent.
:
.
-
•
manufacture
of
Nov.
'
.
common.
Price—$5V
barbecue machines and
allied
equipment. Proceeds—For equipment, inventory,
saies promotion, expansion and working
capital. Office
—10-20 47th Rd., Long Island City, N. Y.. Underwriter—
J. B. Coburn Associates;
Inc., N. Y. Offering—Indefinite.
•
High Temperature Materials,. Inc..
«
i/
; *Sept. 28, 1961 filed 120,000 common. Price—By amend¬
Business—Manufacture
of
products from test
ment.
models.
Proceeds—For equipment, research and devel¬
opment, leasehold improvements, repayment of debt and
working capital. Office—130 Lincoln St., Brighton, Mass.
Underwriter—To
be
Hill Aircraft &
Jan, 29,
1962
named.
Leasing Corp.
>
("Reg. A")
100,000 capital snares. Price—
$3. Business—General aviation. Proceeds—For working
capital, equipment, advertising and inventory. Office—
County Airport, Atlanta, Ga. Underwriter—First
Fidelity Securities Corp., Atlanta.
.
'
'
Hill
Street Co.
Oct.
16, 1961 filed 2,265,138 common to be offered for
subscription by stockholders of Union Bank of Califor-,,
nia
on
a
share-for-share basis.
investment
Price—$3.
company.
Business—A
Proceeds—For
Office—760 S. Hill St., Los
writer—None.
Angeles.
•
Hillside Metal Products, Inc*
Underwriter—None.,
Inland Underground
Blvd., Los Angeles.
*
•
r
;
.
*
»
Facilities, Inc.
Dec. 7, 1961 filed 100,000 common.. Price — $10. Busi¬
ness—Mining of limestone and the operation of under¬
ground freezer and dry warehousing facilities. Proceeds
—For
debt
purposes.
repayment, equipment and other corporate
Office—6500 Inland Dr., Kansas City, Kansas.
Underwriter—Scherck, Richter Co., St, Louis.
International
*
Airport Hotel
Systems,
(3/12-16)
'
Inc.
/
v
Jan. 4, 1962 filed $1,700,000 of convertible subordinated
debentures due ,1977 and 170,000 common shares to be
in-
Under-.
one $100 debenture and 10 shares.
Price—By amendment. Business — Establishment and
operation of hotels located in or near airports. Proceeds
—For debt repayment and working capital. Address—
Miami International Airport, Miami, Fla. Underwriters
—Bache & Co., N. Y. and Robinson-Hiynphrey Co., Inc.,
offered, in units of
Atlanta.
^
(3/26)
>
Dec. 15, 1961 filed 300,000 common; of which 200,000
shares are to be offered by the company and 10Q,000
shares by stockholders. Price—$6. Business—Manufac¬
.
• i
,
.
^ International Insurance Agency, Inc
Feb. 2, 1962 ("Reg. A") 6,000 class A common and 9,000
class
B
common
to
be. offered
in units of two class A
and three class B common shares. Price—$100 per unit.
Business—A
Proceeds—
Y.
in
ma-r?w-f1!®1- -y^ ; c'\ \-0 \
^Pec. 22^'j96R|He<li$l,500,000 of 10% registered subordifitra
Huo
QRfi
nated nphpntlirfo to Hp nrfprPrl
debentures in be
corporate purposes.- Office—30-30 Northern
Blvd., Long Island City, N. Y. Underwriter—Charles
Plohn & Co., N. Y. Offering—In early April. *
•
:
vestment.
inventory, equipment, advertising and leasehold im¬
ness—A
distribution
corporate purposes. Office—42 W. 48th St., N. Y. Under-
-Kaufman & Co., N. Y.
general
management
150,000
their
w
communications dnd electronicu equipij_j!
;■«- I-.;:"ii
Proceeds—For
a
j;
;
•
Honora, Ltd. (3/26-30) v-".
Nov. 29, 1961 ("Reg. A") 76,500 common. Price—$3.75.
Business—Purchase of cultured - pearls in Japan ahd
i'dbing
••
Co., Inc.,
-•
eral corporate purposes.
of which 75,00(1 are
be
rine and mobile
i
provements. Office—350' Seventh Ave' yN.
writer—B. G. Harris &
Co., Inc., N. Y.
^an-
common,
offered by the company and 25,000 by
stockholder.
Price—$4. Business—Manufacture
to
new
Business—Writing of
Business—Rental of furs and fur garments.
-
1961 filed 100,000
Corp.
Fulton
for
casualty insurance. Proceeds—To increase capi¬
tal and surplus.
Office—25 S. Perry St., Montgomery,
Ala.
Underwriter—None.
" '
For
Oct. 27,
Electronics
company.
Gryphon Fund, Inc.
•
Marine
&
Co., Inc., N. Y.
Business—Design,
V
Co., N. Y.
Hartman
A
General
•
•
amendment.
'
Sept. 11, 1961 filed 99,288 common to be offered
subscription by stockholders on the basis of one
ness
and Reubin Rose &
—
ment and
Inc.
Jan. 23, 1962 filed 225,000 common to be offered for sub¬
and
,
(3/12-16)
Bronx, N, Y. Underwriters—Richard Bruce
braKe
burgh. Underwriters—Moore, Leonard & Lynch and Sin¬
ger, Dean & Scribner, Pittsburgh.,
amusement
Inc.
12, 1962 filed 100,000 common. Price—$3.25. Busi¬
ness—Operation of automatic vending machines. Pro¬
ceeds
For expansion, debt repayment, and working/
capital. Office—498 Seventh Ave., N. Y. Underwriter— •
Greenman
14, 1961 filed 250,000 common. Price—$11. Bust-;
ness—A small business investment company. Proceeds—
For investment. Office—952 Union Trust Bldg., Pitts¬
indoor
.
Jan.
Pittsburgh Capital Corp.
Nov.
Green Acres Funtown
/:
Price—$5. Business
Dec.
.
writer—D. H. Blair &
Konig's-Parkway, Inc.
Sale and distribution of cosmetics.
v';::
Hargrove Enterprises, Inc.
Nov.
Greater New York Box
•
-
Hopkins, Minn. Underwriter—None.-
Ave., S.,
Milwaukee.
Underwriter—Courts &
ness—Company makes home improvement,; construction
Underwriter—J.' W. Kim & Co., 11 Broadway, N, Y-
working capital; Office—40 Sea Cliff Ave:; Glen Cove,
Y. Underwriter—Albion Securities CO., Inc., N. Y.
-•
packages"
consisting of basic carpentry for J
houses, and construction of shell homes. Proceeds—For
debt repayment and for working capital. Office—She-.
30, 1961 filed 320,000 shares of beneficial interest.
Price—By amendment.
Business—Real estate invest¬
ment. Proceeds—For general purposes of the Trust. Office—200
First National Bank Bldg. Annex, Atlanta.
^
Busi-
an<* subdivision loans and buys, sell and trades in mortgaf.es and reai estate. Proceeds—For working capital.
"•'Office—409 North Nevada-St.r Colorado Springs, Colo.
N.
Jan.
Inc.
Underwriter—The Milwaukee
«
<
•
"house
Wis.
("Reg A")' 100,000 common. Price—$3. 1
Fabrication of Components for missilesr 3et "
Hardl:nes
26,1961 filed 93,000 common. Price—By amendment.
Business—Manufacture of custom-designed, factory built
Falls,
—
■
★ Home Builders Acceptance Corp.
(3/11)
Feb. 9,- 1962 refiled
800,000 common. Price—$1;
-
.
Dec.
boygan
-
1961
11,
Business
For-debt repayment, expansion and
Office—4344 E. Indian School Road,
—
•
.
Great
Aug
Industries, Inc.
Proceeds
Phoenix. Underwriter—None.
■- Vv
-
sorts.
working capital.
Dec.
1, 1961
("Reg. A") 100,000 common. Price—$3.
Happy House, Inc. (2/26-3/2)
Business—Company owns and operates three discount
July 28, 1961 filed 700,000 common shares .Price—$1.
Business—The marketing of gifts, candies and greeting V stores in the Bronx selling bicycles, electric trains, toys,
cards through franchised dealers. Proceeds—For equip¬ t household appliances, etc; Proceeds—For general *cdrporate purposes. r Office — 2717-25 White Plains Rd.,
ment, inventory and working capital. Office—11 Tenth
,
—
Hannett
"■ ;>■ •;
-,
(3/19-23)
~
-
Jan. 29, 1962 filed 150,000 common. Price—$4. Business
—Retail distributing of food freezers, frozen foods, gro¬
ceries, etc. Prcoeeds
;" :j;-!
engines, aircraft landing gears and precision machines.
Proceeds — Machinery, research and development and
Aug. 3, 1961 filed 300,000 shares of beneficial interest.
Price—$10. Business—Real estate. Proceeds—For investment. Office—530 St. Paul Place, Baltimore. Underwriter
—To be named; Note—This firm formerly was known
as
Continental Real Estate Investment Trust.
:
building and
new
.
and audio equipment., Proceeds—For
Great Continental
a
working capital. Office—3501' Cahuega Blvd., Los An¬
geles Underwriter—Carl M. Loeb, Rhoades & Co., Inc.,
expansion,
"diversification, and working capital. Office—550 W. 59th >
St., N. Y. Underwriter—To be named.
-
r
commercials. Proceeds— For
and
Jan.
Holiday Mobile Home Resorts, Inc.
31, 1962 filed 3,500,000 common and 5-year warto purchase 700,000
shares, to he offered in units
of 5 shares and one warrant. Price—$50
per unit. Busi¬
ness—Development and operation of mobile home reJan.
*
For
,
Thursday, February 22, 1962
.v.
general
insurance
agency..
general corporate purposes. Office—689
Cambridge, Mass. Underwriter—None.
..
International
Nov.
Stretch
27, 1961 filed 300,000
Products
common.
Proceeds—For
Concord Ave.,
■ v '■
Inc. '(3/5-9)
Price—By amend¬
ture of ste61 office furniture. Proceeds—For debt repay¬
common.
investment
trust
Price—$10. Busi¬
which plans to
Proceeds—For investment.
Office—
ment.. Business—Production and sale of extruded rubber
ment, plant expansion and working capital. Office—300
Passaic St.. Newark. N. J. Underwriters— Milton D.
ment and general corporate purposes.
Blauner & Co. and M. L. Lee & Co., Inc., N.
Y.
*
thread and braided
son
Ave., N. Y.
elastics. Proceeds—For debt repay¬
Underwriter
—
Office—148 Madi¬
Burnham & Co;, N. Y.
Volume
Interstate
Number 6136
195
.
.
.
The Commercial and Financial Chronicle
(959)
•
ceeds—For redemption
Hosts, Inc.
of all outstanding 6% preferred
working capital. Office—1200 Zerega Ave.,
Y. Underwriter—Hay den, Stone & Co., N. Y.
Oct. 2, 1961 filed $2,553,800 of 5% convertible subordi¬
nated debentures due 1981 being offered for subscription
shares
the basis of $100 of debentures for
'each 33 shares held of record Feb. 9 with rights to ex¬
pire Feb. 26. Price—At par; Business—The operation of
Yestaurants, other food establishments and gift shops.
Proceeds—For expansion. Office — 11255 W. Olympic
Blvd., Los Angeles. Underwriters—Glore, Forgan & Co.,
N. Y. and H. M. Byllesby & Co., Inc., Chicago.
Krylon, Inc. (3/5-9)
10, 1961 lilea zau,U00 common. Price—By amend¬
ment, Business — Manufacture of aerosol spray paints,
protective coatings and other aerosol products. Proceeds
Electronics, Inc. (3/12-16)
1961 filed' 125,000 * capital shares.
Price^-By
Business—The design and production of
special electronic components for the commercial and
military market. Proceeds—For the repayment of debt,
and working capital. Address—Box 7, Casselberry, Fla.
Underwriter—Jennings, Mandel & Longstreth, Phila.
by stockholders
Interstate
(3/26-30)
Vending Co.
Johnson
common.; ,Price---$10.
Business—Examination of inventions and the offering of
assistance to
Interworld Film Distributors, Inc. (3/19-23)
Sept. 29, 196i filed 106,250 common. Price—$4. Business
"theatrical distribution and co-production, of foreign
and domestic feature films, proceeds—For acquisition,
co*production, dubbing, adaptation and distribution of
"films, 'and working capital." Office—1776 B'way," N. Y.
!
filed
restate. Proceeds—For investment. Office—630 Fifth
Ave.,
Inc.
new
(2/26-3/2)
■
/
• Laboratory Procedures, Inc.
v
/
*
r
(Sept. 29, 1961 ("Reg. A") 100,000. capital shares* Price-—
$2.50.,; Proceeds—For debt repayment, equipment, ad- 1
,vertising, leases, and working capital. Office — 2701
.Stocker
Los Angeles. Underwriter—Pacific Coast
Securities Co., San Francisco. Offering-Jn mid-April;
_
v.
Dec.
29,
1961
88,000
filed
class
related
A
shares,
common
aluminum products. Proceeds—For debt repay¬
ment, plant expansion and working capital. Office—500
Edward Lamb Bldg., Toledo. Underwriter—Blair &
Co.,
N. Y. Offering—Expected sometime in April.
of
which 44,000 are to be offered by the company and 44,000
-f
by stockholders. Price—$7. Business—Packing and sale
juice products. Proceeds—For general corporate
purposes. Office—241 N. Franklintown Rd., Baltimore.
Underwriter
Auchincloss, Parker & Redpath, Wash¬
of fruit
Layne & Bowler Pump Co.
1961 filed 108,666 capital shares. Price
Dec. 22,
—
v_
'■,/ '.....r* 7 V."
/
/.
•
Corp., N. Y. . vvY"'
? ington, D. C..,
lona Manufacturing Co. ''
Keeko, Inez •. •
' - -. • •/
-Y://',.*/./.,;/7://,7".7'
Dec. 1, 1961 ("Reg. A") 100,000 common. Price—$3. Busi¬
Jan. 26, 1962 filed 140,000 common,-of which 125,000 are
ness—Company plans to establish service stations and
to be offered by the company and 15,000 shares by a
vending machine outlets in the Denver area. Proceeds—
"stockholder/- • P r i c e—46.Business—Manufacture
of
household electric appliances and electric
products
motors.
For
I
a it,
a
P apf
i962
'Jan. 24,
ParLorc
fUed
In**
$lf6oOOO
*
suborns. f.
of
Penraat
Associates, Inc.
-
v
system
and
Jackson
Rides,
Inc.
Leader-Durst Corp.
Dec.
(3/19-23)
de-
'/
"//Kine
Camera
Co.,
•
1962 filed 100,000 common. Price—$3j business :
designing, the design op teaching machines • Nov. 21,.,L96L filed 75,000 common. Price—$5. Business
of teaching programs/1 Proceeds-—
ImpQfl4ng.;ar$ distribution of cameras, binoculars and
For expansion, new facilities and working
t>h6tographic "equipment. Proceeds—For debt repayment
capital. Office
—315 Central Park W./ N...-Y. Underwriter—R. F. Dowd
rand working capital. Office—889 Broadway, N. Y, Un¬
derwriter—Underhill Securities Corp., N. Y.
Co., Inc., N. Y. ;
• - ;v-//.•• •. ( /.
.
7;
Japan
Fund,
Inc.v (3/26-30) ;
^ King Island Cosmetic Co.
Feb. 13, 1962
("Reg. A".) 100,500
Oct. 19, 1961 filed 2,000,000 common;
Price — $12.50.
Business—A diversified investment company. Office—25
Broad St., N. Y. Proceeds—For investment in Japanese
securities. Underwriters—Bache & Co., and Paine/Web¬
*
ber, Jackson & Curtis, N. Y., and Nikko Securities Co.,
/Ltd., Tokyo, Japan. »
; / :/'/ '
Denver.^
:
,
Jayark Films Corp.
L.
v''*'7/7'-/r";
;Y/
common.
market
:
Price—$2.
therapeutic clay
for use in manufacturing cosmetics. Proceeds—For debt
.repayment and other corporaet purposes. Office—73417th St.,
Denver.
Underwriter—Birkenmayer & Co.,
Business—Company plans to
a
-./7
.
•/"
King Louie Bowling Corp. (3/5-9)
Sept. 27,1961 filed 325,000 common. Price—$3. Business
/-^Operates a chain of bowling centers.: Proceeds—Repay
"
/Aug. 24, 1961 filed 72,000
■
Lee
derwriters—Godfrey, Hamilton, Taylor & Co., N. Y.
and Penzeil & Co., Miami Beach. Offering—In March.
Lehigh Industries & Investing Corp.
the •production
(The)
Price—$5.
Fashions, Inc. (4/23-27)
27, 1961 filed 166,667 common. Price—By amend¬
Business—Importing of low priced ladies' scarfs
and blouses. Proceeds—For debt repayment and
working
capital. Office—2529 Washington Blvd., Baltimore, Un¬
"■—Industrial
and
common.
ment.
(3/5-9)
Inc.
filed 405,000 class A
Dec.
Price—By amendment. Business—The operation of coin
operated children's amusement equipment. Proceeds—
For repayment of loans, equipment and general corpo¬
rate purposes. Office^—2557 W. North Ave., Chicago. Un¬
derwriter—Paul C. Kimball & Co., Chicago.
Jan. 30,
1961
1,
Business—Real estate. Proceeds—For repayment of debt.
Office—41 E. 42nd St., N. Y. Underwriter—None.
Sept. 12,; 1961 filed $1,000,000 of 7% convertible subordi¬
nated debentures due 1971 and 30,000 common to be of¬
fered in units of $1,000 debentures and 30 of commoa
•bentures, series A/due 1977 (with attached warrants).
Price—$1,000. (Business—Meat packing. Proceeds—For
debt repayment, plant construction, and equipment. /Of/'
Tice—Denison,',;Iowa.K Underwriter—First Nebraska Se¬
curities Corp.,-Lincoln, Neb; '
('"/(]''
Jaap
repayment
Kiddie
.t
'/•
.••••.
debt
Office—4970
and
By
equipment manufactured by a subsidiary. Proceeds—■
For selling stockholders. Office—2943 Vail
Ave., Los
Angeles. Underwriter—Crowell, Weeden & Co., Los
Angeles.
general corporate purposes.
St., Denver. Underwriter—Amos
C. Sudler & Co., Denver. Offering—Expected in April,
Pro¬
working capital. Office
Regent St., Manchester, Conn. Underwriters—Richard
Bruce & Co., Inc., and Reubin Rose & Co., Inc., N. Y.
new
—
amendment. Business—Manufacture and sale of vertical
turbine pumps and the sale of a domestic water
*N. Y. Underwriter—IFC Securities
ceeds—For
~
Lamb Industries, Inc.
24, 1961 filed 108,000 common, Price-—$6.50, Busi-,
//■/.-■. J / V/*/ ,i>.: / ../{>. .
ness—Wholesaling of electronic parts and .components / Dec. 28, 1961 filed $2^00,000 of s. f. subord. debentures
and equipment. Proceeds—For debt repayment and gen- - due/1977, {With .attached
warrants)Price—At par.
eral corporate purposes/ Office — 2050 Rockrose Aver,-* Business—Manufacture of gas and electric water heaters;
*
Baltimore. Underwriter—Rubin, Rennert & Co., Inc., N.Y.
pluming fixtures, water softeners; sugar cane agricul¬
tural equipment; aluminum doors, storm windows and
Kay Foods Corp. (3/19-23)
#' 7/7
$6,000,000, of 10% registered subordinated debentures, of 'which, $1,000,000 will mature
*"1966 and $5,000,000 from 1971 through 1975. Price—$1,000
per unit. Business—Purchase, sale and investment in real
19, ,1962
.
Oct.
Underwriters—General Securities Co., Inc., and S. Kas-
.Feb.
Proceeds—For
Kann-Ellerf Electronics,
1
.
v
inventors.
-
product development, salaries and contingencies. Office—1328-13th
St., Columbus, Ga. Underwriter-r-None.
holders. Office—251 East Grand Ave., Chicago. Under¬
\ J
V" /
writer—-Bear, Stearns & Co., N. Y.
,
writer—Stevens Investment Co.,
Bala-Cynwyd, Pa.
A Kaiiko Development Corp.
Feb. 7,
1962,-;("Reg. _A">. 30,000
ttaurants in. New York City. Proceeds—For selling stock¬
"
—
Plastics, Inc.
Ripley Industries, Inc., below.
!
vending machines, and operation of industrial catering
in the New England area and Brass Rail res-
'
• L. L.
Drug Co., Inc. (3/26-30)
July 26, 1961 filed 100,000 common shares. Price—$4.50,
Business
The manufacture of pharmaceuticals. Pro¬
ceeds—For repayment of a loan, purchase of
equipment,
research and development,
advertising and working
capital. Office—1 Bala Ave., Bala-Cynwyd, Pa. Under¬
Jomar
See
facilities
Inc., N. Y. [
—For selling stockholders,
Office—Norristown, Pa. Un¬
derwriter—Eastman Dillon. Union Securities &
Co., N. Y.
amendment.
:
10, 1962 filed 53,829 common. Price — By amend¬
ment. Business—Sale of products through coin-operated
-A' Investors Funding Corp.
Nov.
Sept. ■: 8,
Jan.
vdan & Co.,
and
Bronx, N
on
39
,
7-
7 7t
Dec. 29, 1961 filed 2,000,000 class A common.
Pric# — By
amendment. Business — A holding company for three
subsidiaries which operate utilities, engage in construc¬
tion, and distribute electronic parts. Proceeds—For debt
repayment, construction, and working capital. Office—
800 71st St., Miami Beach, Fla. Underwriter — To be
named (a newly-formed subsidiary).
Lehigh Press, Inc.
Nov. 3, 1961 filed 155,000 common, of which 45,000 are
to be offered by the company and 110,000
by stockhold¬
ers.
Price—By amendment.
Business—A commercial
printer. Proceeds—For a new plant, moving expenses
and equipment. Office—2400 E. Huntingdon St., Phila¬
delphia. Underwriter—Harrison & Co., Philadelphia. (/"
common, of which 50,000 are
by the company and 22,000
stockhold-eiSi
rrice—By amendment. Business—The distribution (debt and for other corporate purposes./ Office—8788 •<'■//
Leighton Mobile Homos,. Inc.7.//
'• 4/
of motion picture and television films. Proceeds—For
(Metcalfe Rd., Overland Park, Kan. Underwriter—George
Jan. 11, 1962 50,000 class A shares. Price — $5. Busi¬
production: of films and' working capital! Office—15 J5.- :K. Baum & Co., Kansas City, Mo.
77',. / ; : J, ;7 :
* ness — Sale of mobile homes and development of real
.'48th St.; N. Y; Underwriter—Pacific Coast Securities
Co., i /King Pharr Canning Operations, Inc. / <
property for lease to owners of mobile homes, Proceeds—
San Francisco. Offering-r-Sometimeln April.
(v~7;*/7 V.' Jan. 23, 1962 ("Reg. A") $300,000 of. 15-year 61/2% sub¬
For debt repayment, expansion, and
working capital* Of¬
Jaylis Industries,"' lne.f;(3/12-16)'/(//T-,V7ordinated convertible debentures.
Price—^At par.- Busi¬
fice—Route 25 Lake Grove, Brookhaven, L. I. N. Y. Un-Oct. 18, 1961 filed $85D,000 o£.6&% suboru. oebentures
ness—The canning and shipping of fruits and vegetables./
derwriter—George K Curtis Co., N. Y.
,
r
7(7
clue 1971 and 212,500 class A common sha^s to be of¬
Proceeds—For acquisition of land and working capital.
Lembo Corp.
•*'•••
- 7--, ,
fered in units "of one $100 debenture ana 25 class A
(Address — Cullman, Ala/ Underwriter — Hendrix &
i Dec.
21, 1961 filed 100,000 common. Price—$3.50. Busi¬
shares/Price—$200. Business—Manufactures patented
(Mayes, Inc;, Birmingham, Ala.
7' 1
;
ness—Manufactures steel re-inforced concrete utilities,
•traversing screens for use as window Coverings, room
-• Knickerbocker Toy Co., Inc.
/
sanitary structures, fallout shelters and play sculptures.
dividers, folding doors, etc. Proceeds—For debt repay¬
Proceeds—For debt repayment, sales
Sept. 27, 1961 filed 100,000 common. Price—By amend¬
promotion and
ment and general corporate purposes! Office—514 W„
ment. Business—Design and manufacture of toys. Proworking capitaL Office—145 W. 11th St., Huntington
..Olympic Blvd.; Los Angeles. Underwriter—D. E. Liederceeds-/For: working
capital.
Office—401: Butler St.,
Station, L. In N. Y. Underwriter—Blank, Lieberman &
man & Co., Inc., N/Y/ /
to be offered
,
.
-
•
"
.
Vy/Y>/-/>/>/ '■/"•-Y*■///
Jefferson
Diversified
-Dec. 29/ 1961 filed
200,000
•
Industries, Inc.
•
Price—$3.50. Busi¬
common.
ness—Company plans to acquire and operate concerns
engaged in.diversified business activities; Proceeds—For
<
Brooklyn, N. Y. Underwriters — Netherlands Securities
Co., inc.,"and Herbert Young & Co.,-Inc., N. Y. Offering
—Imminent/ Note—This registration
tive. /
:
become'effec-
has
':/v/ ..'7.7 7 "
•'
•./
/
,' '' "
''
Kogel,Jnc..;/;///v./-.v-77"^'• J'-/•'•/'•••
general corporate purposes. Office—161 E. 42nd St., New
York. Underwriter—To be named;/ / > / /
:
/ Dec.
8, 1961 iiled .100,00.0 common. Price-^$1. Business
7. —A holding company for three subsidiaries in the wall
-~r; Jefferson Stores, Inc. ;•// •.Y/-/\:}'.//•■"/
*(/. "'
■'
and floor coating business.. Proceeds—For product de¬
Jan. 25,. 1962 filed 110,000 capital • shares.Price—By
amendment.
Business—Operation of- discount appliance v velopment, advertising, and working capital. Office—
26-32 Second St., Long. Island City, N. Y. Underwriter—
stores, / Proceeds—For expansion.
Office-^-3700 N. / W.
Globus, Inc. Offering—Expected in late March.
62nd St., Miami, Fla.
Underwriter — Bregman, Cummings & Co., N. Y.
/■. Y-x/r-.-—7J.. /.*■ " <•/;
«/
jr (H.) Kohnstamm & Co., Inc.
-.
.
.
7v7 V//'■•
( Feb. 21,1962,filed 160,000 common. Price — By amend¬
ment. Business—Manufacture of colors and flavors for
5, 1962 filed 65,000- common. .-Price—By amend¬
ment.
Business—Processing,
packaging. and /sale of- i food, ( drugs and ^osmetics; also industrial chemicals.
Proceeds—For general corporate purposes. Office—161
frozen meat and meat products. Proceeds—For redemp¬
•
Jiffy Steak Co.
(4/23-27)////
Feb,
,
.
•
tion
Avenue
of
2,9.10 $50 par preferred shares,...expansion,, and
working capital. Address — Route 286, Saltsburg, Pa.
Underwriter—Arthurs, Lestrange & Co., Pittsburgh. ^
Joanell
-
Laboratories, Inc.
>
.
.
.
be offered
•
by the company and 32^)00 by. stockhold¬
.
Price —By amendment. Business ^- Development of
/simulated weapons training devices for U. S.-Armed
Forces and the manufacture of electronic control equipers.
'
«
—
Kidder,
.
.
Kollmorgen Corp. (3/5-9)
9, 1961 filed 100.000 common, of which 40,000 are
Nov.
to be sold
Price—By
tical
by the company and 60.000 by stockholders
amendment; Business—Manufacture of op.
equipment., Proceeds-^For debt repayment. Office
Northampton, Mass. Underwriter—Put¬
& Co., Hartford.
—347 King St„
nam
ment. Proceeds—For general corporate purposes/ Office
—102 Dorsa ;Ave.; Livingston, N; J. Underwriter—Sea-
.
*
Kraft
,
Price
Inc. (4/2-6)
1961 filed 951,799 shares of common stock
Net asset value plus a 7% selling commission.
30,
—
Business
—
A non-diversified, open-end, managementtype investment company whose primary investment ob¬
jective is capital appreciation and. secondary, incoma
derived from the sale of put and call options. Proceeds—
For investment. Office—300 Main St., New Britain, Conn.
Distributor—Horizon Management Corp., New York.
•
Planned
Homes,
Inc.
-
Lincoln Income Life Insurance Co.
Oct. 31, 1961 filed 45,000
Price
By amend¬
Proceeds—
For the selling stockholder. Office—Louisville, Ky. Un¬
ment.
Business—A
life
common.
insurance
—
company.
derwriters—J. C. Bradford & Co., Nashville, Tenn.
W. L. Lyons &
and
Co., Louisville, Ky. Offering—Imminent.
Note—This registration has become effective.
(3/19-23)
Nov. 22, 1961 filed 120,000 common. Price—$3. Business
—Development and manufacture of equipment and sys¬
tems for the photographic data processing
industry.
Proceeds—For general corporate purposes. Office—232
Cleveland Ave., Highland Park, N. J.
UnderwriterGodfrey, Hamilton, Taylor & Co., Inc., N. Y.
Little Ruffy Toga, Inc.
Price—$5. Business
Nov. 29, 1961 filed 165,000 common. Price—By amend¬
ment. Business — Manufacture and sale of children's
>r^A. holding, company cin "sheU homes" field. Proceeds—
For debt repayment and general corporate purposes. Of-
clothing. Proceeds — For debt repayment and working
capital. Office—112 W. 34th St, N. Y. Underwriters-
Dec.
.
At John's Bargain Stores Corp. /
;
"-> ■ Feb. 14,1962 filed 160,000 common.. Price-/-By amend"ment (max. $10). Business—Operation of a chain of re/ tail stores selling low priced
housewares, toys, etc. Pro¬
Lincoln Fund,
March
r
'
Lrtght,Ahalt ^O'Connor, Inc;; N/Y/" >
•
Lithoid, Inc.
•
.
r
Dec. 21, 1961 filed 114,500 common, of which 82,500 are
to
Americas, N. Y. Underwriter
Peabody & Co., Inc.
•
>
of the
Co., Inc., N. Y.
.
.
-
14,
flee—126
1961
filed 200,000
common.
W.
.
Broadway, • Girard, Ohio.. Underwriter—
Best & Garey & Co.. Ino„ Washington, D. C. Offering—
Expected sometime in March.
Glass & Ross,
1
Inc. and Samson, Graber & Co., Inc., N. Y.
••
•
•
Continued
on
page
40
40
The Commercial and Financial Chronicle .' .',
(960)
Continued
from
page
Littlefield, Adams & Co.
28, 1961 filed 150,000 common. Price—By amend¬
ment ($5 maximum). Business—Publication and sale of
paperback school books; manufacture of stuffed novel¬
Dec.
ties, college pennants, etc.; and distribution of medical,
nursing and law books. Proceeds—For debt repayment
and working capital. Office—128 Oliver St., Paterson,
N. J. Underwriter—Andresen & Co., N. Y.
Littelfuse,
Jan.
26,
holders.
filed
electrical
working
products for the electronic, automotive and
industries.
Proceeds—For
equipment, and
Office—1865 Miner
capital.
St.,
Des Plaines,
Cruttenden, Podesta & Co., Chicago.
Offering—Expected in April.
•
:
: <
111. Underwriter
Litton
—
Industries, Inc.
due
outstanding
common
the basis
securities
and
convertible
into
$100 of debentures for each
shares held. Price—By amendment. Business—Manu¬
common
10
on
of
systems and components, business
commercial electronic equipment, nuclearpowered submarines and other vessels. Proceeds—For
debt repayment and working capital.
Office—336 Foot¬
hill Rd., Beverly Hills, Calif.
Underwriters—Lehman
Brothers and Clark, Dodge & Co., Inc., N. Y. Offering
—Expected some time in late March.
facture
of electronic
machines,
Lockfast
Jan.
11, 1962
Mfg. Co., Inc.
("Reg. A") 85,000 common. Price
Business—Manufacture
to
furniture
ment,
3006
of
furniture
manufacturers.
hardware
Proceeds—For
for
debt
$3.50
sale
repay¬
inventories nad plant expansion. Office—
Ave., Baltimore. Underwriter—R & D
steel
Boarman
Investors Corp., Port
Washington, N. Y.
ic Lockwood Grader Corp.
Feb. 20, 1962 filed $900,000 of 6% sinking fund deben¬
tures series B, (with warrants). Price—$1,000 per deben¬
ture. Business—Design, manufacture, sale and repair of
machinery and equipment used in agriculture. Proceeds
—For debt repayment, equipment and general corporate
purposes. Office—7th & S Sts., Gering, Neb. Underwriter
—First Nebraska Securities Corp., Lincoln, Neb.
it Long Island Lighting Co. (3/16)
Feb., 16, 1962 filed 421,472 common, to be offered for
subscription by stockholders on the basis of one new
share for each 20 held of record March 16, with rights
to
Price—By amendment (max. $55).
Proceeds—For a new plant.
Office—250 Old Country
Rd., Mineola, N. Y. Underwriters—Blyth & Co., Inc.,
First Boston Corp., and W. C. Langley & Co., N. Y.
expire
Lowell
Marie
April 2.
Toy Manufacturing Corp.
Dec.
27, 1961 filed 120,000 common, of which 100,000 are
offered by the company and 20,000 by the stock¬
holders. Price—$5. Business—Design, manufacture and
sale of toys and games. Proceeds—For equipment, ad¬
vertising and working capital. Office—1074 Brook Ave.,
N. Y. Underwriters—H. M. Frumkes & Co. and Batchker,
Eaton & Co., N. Y.
Nov.
Inc.
(3/5-9)
Aug. 31,1961 filed 125,000 common. Price—$5.75. Busi¬
ness—The production of television films. Proceeds—For
filming and production and working capital. Office—
1501 Broadway, N. Y. Underwriter—Ehrlich, Irwin 8i
Co., Inc., 50 Broadway. N. Y.
Lustig Food Industries, Inc.
Dec.
29, 1961 filed 100,000 common. Price—$6. Business
—Processing and packaging of frozen foods and the can¬
ning and bottling of fruits and vegetables. Proceeds—
For debt repayment and working capital. Office—48
High St., Brockport, N. Y. Underwriter—None.
MRM Co., Inc.
Nov.
29, 1961 ("Reg. A") 150,000 common. Price—$2.
Business—Design and manufacture of automatic filling
machines and related equipment. Proceeds—For debt re¬
payment and working capital. Office — 191 Berry St.,
Brooklyn, N. Y. Underwriter—A. J. Gabriel Co., N. Y.
Macco
Realty Co.
Dec. 21, 1961 filed $4,000,000 of conv. subord. debentures
due
1977;
also
150,000
common
shares.
Price—By
amendment.
Business—Construction and sale of homes.
Proceeds—For
purposes.
Calif.
debt repayment and general corporate
Office—7844 E. Rosecrans Ave., Paramount,
Underwriters—Kidder, Peabody & Co., N. Y. and
Mitchum, Jones & Templeton, Los Angeles. Offering—
Expected sometime in March.
MacLevy Associates, Inc.
July 20,1961 ("Reg. A") 150,000 common shares (par one
cent). Price—$2. Business—The distribution of health,
exercise and
slenderizing equipment. Proceeds—For re¬
payment of loans, equipment, new products, sales pro¬
motion and
ital.
advertising, plant removal and working cap¬
Lexington Ave., N. Y. 16, N. Y. Under¬
be named. Offering—Indefinitely
postponed.
Office—189
writer—To
Note—This letter may be withdrawn and refiled.
Medex, Inc. (3/15)
Sept. 27, 1961 filed 110,000 common. Price—By amend¬
ment.
Business—Development and manufacture of a
limited line of hospital and surgical supplies. Proceeds
—For construction, inventory, research and
working cap¬
ital.
Office—1488 Grandview
Ave., Columbus, Ohio. Un¬
derwriter—Globus, Inc., N. Y.
Magazines For Industry, Inc.
Aug. 2, 1961 filed 100,000 common, of which 80,000 will
be offered by the company and 20,000 by stockholders.
Price—$5. Business—The publishing of business period¬
icals. Proceeds—For promotion, a new publication and
working capital. Office—660 Madison Ave., New York.
Co., Inc., Washington, D. C.
Jan.
&
Los
<
•
'
>
-v':'V:Ya'V.
Corp.
1961
filed
Proceeds—For
250,000
general
Seventh
corporate
Minneapolis,
St.,
None.
■'
■
100,000
common.
Price
Proceeds—Repay debt, taxes, purchase equip¬
ment, and working capital. Office—174 Main Ave., Well¬
ington, N. J. Underwriter—Mortimer B. Burnside & Co.,
N. Y. Offering—Imminent.
•
couple tubes, and thyratrons. Proceeds—For expansion,
research and development, and working capital. Office
—54 Summer Ave., Newark, N. J. Underwriters—Richard
&
writer—F. Eberstadt
&,£o., N. Y.
Masury-Young Co.
commercial
products.
nance
equipment,
and
Proceeds
and
other
Roland St., Boston.
.
/.
—
For
corporate
floor
repayment
purposes.
•
Mathias
4
Co.
—25
&
debt,
Office—76
(3/19-23)
—
Proceeds—For general corporate purposes. Office—1700
St., N. W., Washington, D. C. Underwriter—Eisele &
Miami
&
Co.,
N.
Jan.
fice—7750 N. W.
W.
•
Jam
7th Ave., Miami, Fla. Underwriter—E.
Co., Inc., Miami, Fla.
!
Michaels
Dec.
to
be
be
of four stores. Proceeds—For construction, of a new store.
Office—182 Smith St., Brooklyn, N. 'Y. Underwriter—
L. F. Rothschild & Co., N. Y.
stores. Proceeds—For debt repayment and
working cap¬
ital. Office—525 Hyde Park Ave.,
Roslindale, Mass. Un¬
derwriter—McDonnell & Co., Inc., N. Y.
McDaniel
Stewart &
(J.), Inc. (3/26-30)
20, 1961 filed 103,0C0 common, of which 20,600 are
offered by the company and 82,400 by stockhold¬
ers. Price—By amendment. Business—Retail sale of fur¬
niture, major appliances, bedding, etc., through a chain
Y.
filed
to
Processing Center, Inc.
2, 1962 ("Reg. A") 70,000 common. Price--$3. Busi¬
information to customers by
using data processing equipment. Proceeds—Debt repay¬
ment, leasehold improvements and working capital. Of¬
(2/26-3/2)
200,000 common, of which 100,000
offered by the company and 160,600
shares by stockholders.
Price—By amendment. Busi¬
ness—Operation
of
self-service
discount
department
1961
are
;
Data
ness—Furnishes statistical
Maxam, Inc.
26,
working capital. Office—5422
Chase, Md. Underwriter—To be
King, Libaire, Stout & Co., N. Y.
J. Underwriter
Kidder, Peabody
Offering—Expected in late March.
shares
Chevy
K
100,000 common, of which 60,000are to be offered
by the company and 40,600 by share¬
holders. Price—By amendment. Business—Manufacture
of component parts and accessory equipment for ma¬
chines used in production of glass containers. Proceeds
—For
debt
repayment, construction, equipment, and
working capital. Office—111 South 15th St., Millville,
Oct.
Proceeds—For
Ave.,
Metropolitan Realty Trust
20, 1961 filed 1,000,000 shares of beneficial interest.
Price—$6.50. Business—A real estate investment trust,
filed
N.
sales.
Dec.
Maul Bros. Inc.
1962
•
named.
repayment and general corporate purposes. Office
E. Lee St., Baltimore. Underwriter—Stein Bros.
15,
Price—$3.
barbecue
corporate
Western
common,
Boyce, Baltimore.
Jan.
common.
electric
-
of which 125,000
are to be offered by the
company and 75,000 by a selling
stockholder. Price—By amendment. Business—Operates
private cafeterias and public restaurants. Proceeds—For
debt
100,000
of
Metropolitan Acceptance Corp.
Oct. 2, 1961 filed $300,000 of 6% subordinated convert¬
ibles due 1967 and 60,000 common shares to be offered
in units consisting of $100 of debentures and 20 common
shares. Price—$150 per unit. Business—Financing of re¬
tail
(A. L.)
A")
•
Underwriter—Townsend, Dabney &
30, 1961 filed 200,000
("Reg.
Manufacture
motors,
Proceeds—For debt repayment and gen¬
purposes.
Office—5356 Riverton Ave.,
North Hollywood,
Calif.
Underwriter—Kolb & Law¬
rence, Inc., Las Vegas, Nev.
'
eral
Tyson, Boston.
Nov.
—
igniters, etc.
mainte¬
of
Enterprises, Inc.
31, ■-1961
Business
Price—$6. Business—
industrial
Meteor
Oct.-
*
Dec. 4, 1961 filed 100,000 common.
Manufactures
!J.
of
electronic cases and containers, and
precision sheet metal products. Proceeds—For debt re¬
payment, and other corporate purposes. Office — 111
Bloomingdale Rd., Hicksville, N. Y. Underwriter—Frank
Karasik & Co., N. Y.Offering—Imminent,
Co., Inc.
9, 1962 filed $5,000,000 of 6Vz% senior notes due
1977 and 170,000 common. Price—By amendment (max.
Notes: 105%; Stock: $12). Business—A commercial and
industrial finance company. Proceeds—For general cor¬
porate purposes. Office—350 Fifth Ave., N. Y. Under¬
Manufacturing Corp.
18, 1961 filed 100,000 common. Price—$2. Business
—Manufacture
Offering—Imminent.
Mastan
Metatronics
Oct.
Co., Inc., and Reubin Rose & Co., Inc., N. Y.
Feb.
repayment and
Elm Sts., Beaver
metals.
Business—Manufacture of rectifiers, regulators, thermo¬
Bruce
debt
and
•
$3.
—
Proceeds—For
Office—First
Metallurgical International, Inc.
Sept. 26, 1961 filed 145,000 class A. Price—$3. Business
—Reprocessing and manufacturing of rare refractory
Co.
("Reg. A")
1, 1961
capital.
ing—Imminent.
So. LaSalle St., Chicago. Underwriter — Morgan Stan¬
ley & Co., N. Y. Offering—Expected in late March.
Nov.
Proceeds—
Office—Moonachie, N. J<
Dam, Wis. Underwriters—Cruttenden, Podesta & Co.,
Chicago and Splaine & Frederic, Inc., Milwaukee. Offer¬
McLennan, Inc.
filed 673,215 common, of which 225,000 will
be offered by the company and 448,215 by stockholders.
Price—By amendment. Business—Insurance brokerage.
Proceeds—For general corporate purposes.
Office—231
Electronics
industries.
trical
working
.
Marsh &
Marshall
equipment.
Metalfab, Inc.
27, 1961 filed $600,000 of 6% s. f. conv. debentures
due 1976 and 100,000 common (of which
20,000 shares
are to be offered by the
company and 80,000 by stock¬
holders).
Price—By amendment.
Business—Manufac¬
tures products and parts of the automotive and elec¬
Feb. 7, 1962
•
—
sprinkling
•
Office—91
Underwriter—
V
garden
Oct.
purposes.
\
and
common.
Price—$4.50. Busi¬
ness—Publishing of newly written popular biographies.
Proceeds—For
working capital.
Office—1512 Walnut
St., Philadelphia. Underwriter—Meade & Co., N. Y,
investment company.
Minn.
be
Underwriter—Francis I. duPont & Co., N. Y.
Price—By amend¬
common.
purposes. >
it Mercury Books, Inc.
Feb. 14, 1962 filed 55,000
.
V.1"*'
business
small
corporate
Busi¬
equipment.
O f f i c e—
City, Calif. Underwriter—Financial Equity Corp.,
For general corporate
purposes.
Marquette Capital Co.
Business—A
general
Price—$10.
electronic
—
27, 1961 filed 95,000 common shares. Price — By
—
For expansion, acquisition of
new facilities and other corporate purposes. Office—15316 Tenth Ave., Whitestone, N. Y. Underwriters—Ross,
Lyon & Co., Inc. (mgr.), Glass & Ross, Inc., and Globus,
Inc., N. Y. C.
1,
common.
medical
Angeles.
lawn
amendment. Proceeds
ment.
of
Melnor
to
June
Dec.
the
Industries, Inc. (3/5-9)
15, 1961 filed 152,500 common, of which 52,500 are
offered by the company and
100,000 by stock¬
holders.
Price
$11.
Business
Manufacture
of
Business
Offering—Expected in late
■ ■-
Polarized
Marks
in
Nov.
Price—$5.
by-product proteins.
expansion, machinery, and working cap¬
Underwriter—Arnold
Co., Inc., N. .Y.
April.
1961 filed 250,000
Proceeds—For
Studio
Office—233 Broadway, N. Y.
ital.
13,
ness—Manufacture
fishmeal and animal
—Distributes
Proceeds—For
investment
Medical Video Corp.
Nov.
By-Products Corp.
26, 1962 filed 90,000 common.
Proceeds—For
sociates, Inc., Denver,
Manufacture of waste water filters and filtering
Marine & Animal
Price—$10. Business
which plans to
company
industry and capital growth situations. Office
Lafayette St., Denver. Underwriter—Medical As¬
—677
Design & Mfg. Corp.
writer—Terrio &
common.
investment
open-end.
medical
new
systems. Proceeds — For debt repayment and working
capital. Office—610 W. 18th St., Hialeah, Fla. Under¬
to be
Lunar Enterprises,
a
(2/26-3/2)
14, 1961 ("Reg. A") 55,000 common. Price—$4. Busi¬
South
—
of
closed-end
become
common. Price—$4. Business
electrically powered device for
messaging a person in bed. Proceeds—For general cor¬
porate purposes. Office—Route 17, Rochelle Park, N. J.
Underwriter—Stanley R. Ketcham & Co., Inc., N. Y.
Dec.
—Production
23, 1961 filed 25,000
—A
Inc.
29, 1961 filed 75,000
Malkan
8, 1962 filed $50,748,100 of conv. subord. debentures
1987 to be offered for subscription by holders of
Jan.
Oct.
Magic Fingers,
ness—
100,000 common, of which 50,000
by the company and 50,000 by stock¬
Price—By amendment. Business—Manufacture
1962
various
of
Inc.
be offered
to
are
Medical Industries Fund, Inc.
Underwriter—Arnold, Wilkens & Co., Inc., N. Y. Offer¬
ing—In late April.
39
Thursday, February 22, 1962
•
Micro-Dine
Corp.
13, 1962 filed 200,000 common. Price—$350. Busi¬
ness—Manufacture, sale and operation of vending ma¬
Feb.
Equipment, Inc.
("Reg. A") 100,000 common. Price—$3.
Business—Sale, service and installation of dry cleaning
chines. Proceeds—For debt repayment, inventories and
general corporate purposes. Office—6425 Oxford St., St.
and
Louis
.23,
1962
laundry equipment. Proceeds—For equipment, debt
repayment, and expansion. Office—516 Seventh Ave.,
San Diego, Calif. Underwriter—California
Investors, Los
Angeles.
•
-
Park, Minn. Underwriter—Irving J. Rice
Inc., St. Paul.
Midwest Medical
&
Co..
Investment Trust
.
McWood
Dec.
11, 1961 ("Reg. A") 15,000 shares of beneficial in¬
terests. Price—$20. Business—A real estate investment
trust which plans to own interests
in medical office
buildings, hospitals, etc. Proceeds—For working capital.
Address—Van West, Ohio. Underwriter—J. Allen McMeen & Co., Fort Wayne, Ind.
Corp.
Feb. 8, 1962 filed $3,100,000 of 6% subordinated con¬
vertible debentures due 1974 and 310,000 common to be
offered in
31,000 units, each consisting of $100 of deben¬
Price—By amendment (max. $160).
Business
Company buys crude oil from producers,
transports it to own storage areas and sells it to refiners.
tures and
10 shares.
—
Proceeds—For debt repayment and
working capital. Of¬
fice—Oil & Gas Building,
Abilene, Tex. Underwriter—
Dempsey-Tegeler & Co., Inc., St. Louis.
Medical
Fund, Inc.
Oct: 26, 1961 filed 2,000,000 capital shares.
Price—$10.
Business—A closed-end diversified investment
company.
Proceeds—For
medicine.
investment
in
firms
serving
modern
Address — New York, N. Y. Underwriter
Fleetwood Securities Corp. of
America, 44 Wall St., N. Y.
^Midwest Wool, Inc.
Feb.
6, 1962 ("Reg. A") 30,000 common.
Price—$10.
Business—Operation of a wool scouring plant. Proceeds
—For a plant, equipment and working capital. Office—
c/o R. A. Smiley & William E. Anderson, Esqs., Belle
Fourche, S. Dak.
Underwriter—None.
Midwestern Investment Corp.
Oct. 16, 1961 filed 200,000 common.
-
ness—Company plans to
nance
and
engage
factoring business.
in
Price—$2.
the
Busi¬
commercial
fi¬
Proceeds—General corpo-
Volume
* Number
195
6136
.•.
;
The Commercial and Financial Chronicle
rate/purposes'Offiee—1730 K St., N. W.,: Washington,
D.: C.
Underwriter—Affiliated Underwriters, Inc. *;
municipalities and territories of the U. S. Proceeds—For
investment. .Sponsor—Ira Haupt & Co., Ill Broadway,
>
.
■
.
:Miller Brothers Hat Co., Inc.:.
m'v, ■
t
;18, 1961> filed 126,000 common, of which 100,000
will be sold bS? the company and 26,000 by certain stockholders. Price—By amendment: Business—Manufacture
of men's and boy's'hats; Proceeds — For purchase of a
building, plant equipment, and working capital.. Address
N.:Y.
^
Dec.
—2700 Canton
&
St., Dallas. Underwriter—Eppler, Guerin
'
V'>;< v.
N.
T.
W.
Missile
New Campbelllsland Mines Ltd.
Jan.
,
and young
*
»
National
5909
Hollywood
ferred
Blvd., Hollywood, Calif. Underwriter—Pre¬
Securities, Inc., Denver. Offering—In April.
Mississippi-Red
Equipment & Plastics Corp.
ated
stores.
pansion
Laboratories,
Un¬
Inc.
Nigeria Chemical
Corp. (3/26-30)
7, 1961 filed" 90,000 common. Price—$5. Business
—Company plans to construct a plant for production
of ethyl alcohol and deiivatives and to distill and sell
industrial and potable alcohol in Nigeria. Proceeds—For
equipment, debt repayment, and working capital. Of¬
fice—1060 Broad St., Newark, N. J. Underwriter—Scott,
Harvey & Co., Inc., Fairlawn, N. J.
Dec.
North America Real Estate Trust
Nov. 13,
1961 filed 2,000,000 shares of beneficial interest.
Business—Real
estate
investment
trust.
Price—$10.
Proceeds—For acquisition of property and working cap¬
ital. Office—475 Fifth Ave., N. Y. Underwriter—None.
(3/15)
North Atlantic Industries, Inc.
(3/5-9)
Sept. 26, 1961 filed 131,500 common, of which 120,000
will be sold by the company and 11,500 by a stockholder.
Price—By amendment. Business—Manufacture of pre¬
Proceeds—For
debt
repayment, store ex¬
working capital. Address — Portage, Pa.
Underwriter—Cortlandt Investing Corp., N. Y.
River Transport Co.
World
Washington, D. C.
Sept. 28, 1961 filed 105,000 common. Price—$5. Business
—Operation of a cleaning and pressing plant and affili¬
Jan. 22, 1962 filed 200,000 common. Price — By amend¬
ment ($2.50 estimated). Business •— A motor carrier of
New
(3/26-30)
Nov, 13, 1961 ("Reg. A") 100,000 common. Price —$3.
Business—Manufacture of cosmetics and hair prepara¬
tions. Proceeds—For debt repayment and general cor¬
porate purposes. Office—1610 14th St., N.. W., Washington, D. C. Underwriter—T. J. McDonald & Co., Inc.,
—
—
pur¬
derwriter—Mayq,s$,£o.,^^J-,t;
—
Office
adults, Proceeds—For general corporate
Whitemarsh Rd,, Philadelphia.
Office—152
poses.
•
.
development of the valve.
-
Hope Academy of the Arts, Inc.
17, 1962 filed 150,000 common. Price—$10. Business
—Operation of a school of performing arts for children
...
common.
,
and
'
ment and mining. Proceeds—General corporate
purposes.
" Office—90 Industry St., Toronto, Canada. Underwriter—
A. C. MacPherson & Co., Toronto.
Price—$8. Business
and missile industries. Prov ceeds—For debt
repayment, inventories and research and
tronic components.
Proceeds — For general corporate t development. Office—4820 'Alcoa
Ave., Los Angeles.
purposes. OfficeT— 1400 Mill Creek Rd,,.. Gladwyne, Pa....
Underwriter—^None,
■*, « -mm
m
Underwriter-^Seymour .Blauner Co., N. Y. /
^ \
Narrows Premium Corp.
(3/19-23)
Milo Components, Inc." (3/15)
Sept. 25, 1961 filed 100,000 common. Price—$4. Business
Nov. 17, 1961 ("Reg. A") 150,000 class A shares. Price—
—Financing of casualty insurance premiums in New
$l.k Business—Manufacturer-of" precision metal com¬
York State. Proceeds—General
corporate purposes. Of¬
ponents, assemblies and sub-assemblies. Proceeds—For
fice—9805 Fourth Ave., Brooklyn, N. Y. Underwriter—
debt
repayment
and
working
capital.
Office—9-11
Pearson, Murphy & Co., Inc., N. Y. ' '
Cleveland St., Valley Stream, N. Y.
Underwriters—T.
• National
Bowling Lanes, Inc. (2/26-3/2)
M.Kirsch Co.* Inc., N. Y. and I. R. E. Investors Corp.,July 21, 1961 filed 150,000 capital shares. Price—$5.50.
Levittown, N. Y."
Business—The operation of bowling centers. Proceeds—
Miss Elliette, Inc. (3/5-9)
For expansion, repayment of
loans, and working capi¬
Oct. 10, 1961 filed 100,000 common. Price—By amend- \
tal.
Office —220 S. 16th Street,
Philadelphia.
Under¬
ment. Business
Design, manufacture and distribution
writer—Edward Lewis & Co., Inc., N. Y.
of women's dresses. Proceeds—For debt
repayment, in¬
National Capital Acceptance Corp.
ventory and expansion. Office—1919 S. Los Angeles St.,
Oct. 20, 1961 ("Reg. A")
Los Angeles. Underwriter—F. L. Rossmann & Co., N. Y.
150,000 class A common. Price
—$2. Business—Purchase of second trust notes and other
Missile Valve Corp.
securities. Proceeds—For working capital. Office—8719
Nov. 24, 1961 ("Reg. A") 300,000 common. Price — $1.
—Colesville
Rd., Silver Spring, Md. Underwriter—
Business
Production and sale of new type butterfly
Guardian Investment Corp., Washington, D. C.
valve. Proceeds—For purchase of the patent and pro¬
duction
and
electronic instruments. Proceeds—Repayment of
debt, new product development, inventory and working
capital. Office—Terminal Dr., Plainview, N. Y. Under¬
writer—G. A. Saxton & Co., Inc., N. Y.
cision
petroleum products. Proceeds—For purchase of tugs and '
National Family Insurance Co.
barges and construction of docking facilities. Office—
,Dec. 26, 1961 filed 200,000 common.
Price—$5. Business
2809 N.Main St., Fort Worth, Tex. Underwriter—Wil¬
—Writing of automobile insurance. Proceeds—For addi¬
liam N. Edwards & Co., Fort
North Star Chemicals, Inc.
Worth, Tex.
- ^
;
V
tional capital and reserves. Office—2147
University Ave.,
Jan. 8, 1962 ("Reg. A") 185,000 common to be offered
St. Paul, Minn. Underwriter—None.
Development Corp.
/
for subscription by stockholders on the
basis of 18Vs
Nov. 21, 1961 filed 130,000 common. Price—$3. Business
• National
Real Estate Investment Trust
of a share for each share held. Price—$1.20. Business—
—Research and development of new products for the !
(3/5-9)
Manufacture and sale of sulfuric acid. Proceeds—For
electronic
industry.
Proceeds—For general corporate
Nov. 9, 1961 filed 1,000,000 common.
Price—$15.a <Busi*u e£p£iision and debt
repayment. Address—P. Q. Box 28, S.
purposes, new products. Office—899 Main St., Waltham,
ness—A real estate
investment company.
Proceeds—;
St. Paul, Minn. Underwriter—White, Weld & Co., First
Mass. Underwriter—Stanley Heller & Co.; N. Y.
'
For investment.
Office—20 Broad St/, New York City*;
National Bank Bldg.,; Minneapolis. Offering—Imminent.
v.* Molecular. Dielectrics,
Inc.
(4/9-13)
Underwriter—Lee Higginson Corp., N. Y.
t
Northern Wobd Products Corp.
Sept,; 1, 1961 filed 150,000 common, of which 135,000 - •
National Semiconductor Corp.
Nov. 29, 1961 filed 78,000 common. Price—$5. Business
are to be offered by the company and
15,000 by Cardia
/ May 11, 1961 filed 75,000 shares of capital stock. Price r',:—Manufacture of wooden kitchen cabinets and related
Co. Price—$5; Business—The manufacture of high-tem¬
—To be supplied by amendment. Business—The
appliances. Proceeds — For debt repayment, expansion,
design,
perature. electronic and electrical insulation materials.development, manufacture and sale of quality transistors
and working capital. Office—201-221 Godwin Ave,, PatProceeds—For equipment,- a new product and working
for military and industrial use.
Proceeds
For new
erson, N.J. Underwriter—United.Planning Corp., New¬
capital. Office—101- Clifton Blvd., Clifton, N. J. Under¬
equipment, plant expansion, working capital, and other
ark, N. J.
writers—Street & Co..
Mitron
Research
&
v
—
.
Inc. and Irving Weis & Co.. N. Y.
/
.Molecular 'Systems?-Corp.
corporate
purposes. Office—Mallory Plaza Bldg., Danbury, Conn. Underwriters—Lee Higginson Corp., N. Y. C.
Piper, Jaffray & Hopwood, Minneapolis (mgr.).
Note—This registration has been indefinitely postponed,
*.
■ ■ <•.
Dec.
.12, 1961 filed 140,000 common. Price—$3. Business —Production
of
polyethylene
materials
of
varying:
grades.-Proceeds — For equipment, research and de¬
velopment: and working capital. Office — 420 Bergen
Blvd., Palisades Park, N. J. Underwriters—Stone, Ackerman & Co., Inc., (mgr.) and Heritage
Equity Corp.* N. Y.
Morse
Electro
—
Morse
Shoe, Inc.
Jan. 26, 1962 filed 630,000
Proceeds—For
common.
Price—By amend¬
selling stockholders.
Office—1047
Com-
monwealth
Inc. and
■
•
Motor
Oct.
Ave., Boston. Underwriters — Blyth & Co.,
Lehman Brothers, N. Y. Offering—In April.
Parts
30, 1961
Industries, Inc. (3/19-23)
120,000 class A shares. Price
filed
By
of automobile parts.
repayment and working capital.
Office—900-908 S. Oyster Bay Rd., Hicksville, N. Y. Un¬
For
—
debt
derwriter—Street & Co., Inc., N. Y. •
r
Mountain
-i..
Electronics Co.,
Inc.
Jan. 16, 1962 filed 140,000 common. Price—$3.50. Business
—Wholesale distribution of radios, television sets and
other electronic products and parts. Proceeds—for debt
repayment and working capital. Office—708 Bigley Ave.,
Charleston, W. Va. Underwriters—Maltz, Greenwald &
Co,. N. Y. and Clayton Securities Corp., Boston.
Multronics, Inc.
Jan. 5, 1962
("Reg. A"-); 100,000 capital shares. Price—$3.
Business—Production of electronic parts and components
.
and the furnishing of consulting services in the radioengineering field. Proceeds—For debt repayment, equip¬
ment, and working capital. Office—2000 P St., N. W.,
Washington, D. C. Underwriter — Switzer & Co., Inc.,
Silver Spring, Md.
•
Municipal
Series
Investment Trust Fund,
(3/15)
First Pa.
Broadway,
N.
Y.
C.
,
Municipal Investment Trust Fund, Series B
April 28, 1961 filed $12,750,000 (12,500 units) of interests.
Price
To be supplied by amendment. Business — The
fund will invest in tax-exempt bonds of statesr
counties,
—
Ski
(4/2-6)
Price—By amend- ?.
coin-operated insur¬
common.
Business—Distribution
of
vending machines to brokers at sporting centers. ■
inventory, advertising and working capi- *
Office—420 Lexington Ave., N. Y. Underwriter-
Proceeds—For
'
tal.
Pacific
Coast
Securities Co.,
San
Francisco.
Nationwide
Office
—
11
a
realty acqui-
Tax-Exempt
Fund,
Bond
Series
3
17, 1961 filed $15,300,000 of units representing frac¬
interests
tional
Bowling Corp. (3/26-30)
19, 1961 filed 100,000 capital shares (with attached
warrants). Price—By amendment. Business—The oper-;
bowling centers. Proceeds—For
Co.
24,
Nuveen
Oct.
<
Oct.
ation of
Glass
1962 filed 95,000 common, of which 60,000 are
to be offered by the company and 35,000 by stockhold¬
ers.
Price—By amendment. Business—Manufacture,
warehousing and distribution of a diversified line of
glass containers. Proceeds—Fox debt repayment, plant
expansion, and equipment. Office—5801 East Marginal
Way South, Seattle, Wash. Underwriter—Dean Witter &
Co., San Francisco and Pacific Northwest Co., Seattle.
Insurance Corp.
in
the
Fund.
Price
—
By
amendment.
Business—The Fund will invest in interest bearing obli¬
gations
of states, counties and municipalities of the
S., and political subdivisions thereof which are be¬
lieved to be exempted from Federal income taxes. Pro¬
ceeds—For investment. Office—Chicago, 111. Sponsor—
John Nuveen & Co., 135 So. La Salle St., Chicago.
U.
•
Commerce St.,
Newark, N. J. Underwriter—Jennings, Mandel & Longstreth, Philadelphia.
'
Nebraska Boiler
Dec.
29,
fund
bonds
1961
filed
due
1977
Nuveen
Co., Inc.
$400,000 of first mortgage sinking
(with warrants) and 15,000 shares
series A convertible preferred
Oct.
17,
Tax-Exempt
1961
filed
Bond
$15,000,000
fractional interests in the
Fund, Series 4
of units representing
Fund. Price—By amendment.
(par $10). Price—
Business—The Fund will invest in interest-bearing obli¬
At par. Business—Design and manufacture of steam and
hot water boilers. Proceeds—For construction and debt
gations of states, counties, and municipalities of the U. S.,
repayment. Office—235 N. 9th St., Lincoln, Nebr. Under¬
to
writer—First Nebraska Securities Corp., Lincoln.
For
• New Orleans Public Service
and
subdivisions thereof which are believed
Federal income taxes. Proceeds—•
Office—Chicago, 111. Sponsor—John
Nuveen & Co., 135 So. La Salle St., Chicago.
(4/4)
political
be exempted from
investment.
Feb. 20, 1962 filed $8,000,000 of first mortgage bonds due
1992. Proceeds—For construction. Office—317
Barrone
•
St.,
Orleans, La.
—The
bidders:
instruments and provide consultation services. Proceeds
—For organizational expenses and purchase of equip¬
New
New
Plan
Realty Corp.
1962 filed 150,000 class A shares. Price—$11.
Business—A real estate management company. Proceeds
—For
debt repayment,
working capital, and general
corporate purposes. Office—369 Lexington Ave., N. Y.
Jan.
24,
Underwriter—None.
New York
Testing Laboratories, Inc.
filed 50,000 common. Price—$5. BusinessAnalyzing and testing of electronic, chemical and other
materials.
Proceeds—For plant relocation, equipment,
and working capital. Office—47 West
St., N. Y. Under¬
writer— Robbins, Clark & Co.,
Inc., N. Y.
Newark
Electronics
Corp.
Jan. 17, 1962 filed $2,000,000 of convertible subordinated
debentures due 1982 and 110,000 class A shares. Price—
Debentures: At par; Stock: By amendment. Business—^
Distribution of electronic parts and equipment and elec-trical supplies. Proceeds
For .general corporate pur¬
—
Oceanic
Instruments,
Inc.
Price—$1. Business
bompany plans to manufacture scientific marine
Aug. 24, 1961 filed 140,000 common.
Underwriters —
Equitable Securities
(Competitive).
Corp.-Eastman
Dillon, Union Securities & Co. (jointly); First Boston
Corp.; White, Weld & Co.; Halsey, Stuart & Co. Inc.;
Kidder, Peabdoy & Co. - Stone & Webster Securities
Corp. (jointly). Bids—April 4 at 2 Broadway (28th
floor), New York City.
Probable
Jan. 29, 1962
April 28, 1961 filed $6,375,000 (6,250 units) of interests.
Price—To be supplied by amendment.
Business—The
fund will invest in tax-exempt bonds of the Common¬
wealth of Pennsylvania and its political sub-divisions.
Proceeds—For investment.
Sponsor—Ira Haupt & Co.,
Ill
ance
Vended
30, 1961 filed 550,000
of 6 %
—
amendment. Business—Distribution
Proceeds
National
ment.
sition and working capital.
ment, Business—Retail sale of popular-priced foot wear.
-
•
Products
Corp. (3/26-30)
"
/
Dec. 29, 1961 filed $1,250,000 of 6Y2% convertible sub/ordinated debentures due March, 1977. Price —■, At par.
eBusiness—Operates retail stores selling sewing machines
and vacuum cleaners. Proceeds
For expansion and
working capital. Office—122 W. 26th St., N. Y. ,Under¬
writer—Standard Securities Corp., N. Y.
.. ■■■_?%?;
Northwestern
Jan.
and
Oct.
1 >
:
New
Engineering, Inc.
29, 1961 filed 250,000
—Engaged in the aircraft
Byllesby & Co., Chicago.
Oct. 13, 1961 filed 475,000 common, of which 400,000 are
to be offered by the company and 75,000
by a stock¬
holder.
Price—^50c.
Business—Exploration,' develop¬
Fair
Dec.
.
,
—
41
poses. Office—223 W. Madison St.; Chicago. Underwriter
—H. M.
Enterprises, Inc.
~ Jan. 24, 1962 filed 100,000 common. Price—$5. Business
—A theatrical holding company.
Proceeds—For con¬
struction, equipment, and working capital. Office—124
< S.' 18th St.; Philadelphia.
Underwriter—Suplee, Yeat\ man, Mosley Co., Philadelphia.
j.
V i
' ,
Dec. 20, -1961
("Reg.-A") ,100,000 capital shares. Price—
$3. Business—Manufacture of switches and other elee,
CA-Aci:
Music
Turner, Inc., Dallas.
Milli-Switch Corp.
•
M96l)
ment. Office—1515 Norton Bldg., Seattle. Underwriter—
Globus, Inc., N. Y. Offering—Imminent.
Oklahoma
.
Gas
&
Electric
Co.
(3/8)
Feb. 8,
1962 filed "328,912 common, to be offered for sub¬
scription by common stockholders on the basis of one
share for each 20 held of record about March 8, with
rights to expire March 27, 1962. Price—By amendment
($41 max.). Proceeds—For construction. Office—321 N.
Harvey St., Oklahoma City. Underwriter—Merrill Lynch,
Pierce, Fenner & Smith Inc., N. Y.
Olympia Mines, Inc. (3/5-9)
Sept. 1, 1961 filed 300,000 capital shares. Price—$1.35.
Business—The exploration and development of mines.
Proceeds—For
Brooklyn,
mining operations.
N. Y.
Underwriter
—
Office—44 Court St.,
Gaumont Corp., Ltd.,
Toronto.
°
ic Operations Research,
Inc.
Feb.
14, 1962 filed 100,000 common. Price—By amend¬
(max. $9). Business—Furnishes research and de¬
velopment services in the field of operations research.
ment
...
*
Continued
on
page
42
,
42
Continued
c
The Commercial and Financial Chronicle
(962)
from
page
41
Parker Finance
-''■//' /
.
repayment and working capital. Of¬
fice—8605 Cameron
St., Silver Spring, Md.
Underwriter
—Auchincloss, Parker & Redpath, Washington, D. C.
Corp.
Price—$6. Business
—Financing of commercial accounts receivable.
Pro¬
ceeds—for debt repayment. Office—8650 Cameron St.,
Silver Spring, Md.
Underwriter—D. E. Liederman &
.
.
Thursday, February 22, 1962
Hemphill, Noyes & Co., N. Y. and Estabrook & Co., Bos-
,
Inc.
Dec. 26, 1961 filed 160,000 common. Price—$3. Business
—Research, development and fabrication of materials
used
in optical
electronics. Proceeds—For equipment
and working capital. Office—246 Main St., Chatham,
N. J. Underwriters—Stone, Ackerman & Co., Inc., and
Optech,
Oct. 27, 1961 filed 135,Ouu common.
t°n-
Co., Inc., N. Y. Offering—Expected in early March.
-
Proceeds—For debt
,
Poticy-Matic Affiliates, Inc.
/ /
r
Oct. 16, 1961 filed 200,000 capital shares.. Price—$3.25.
Business—Leasing of insurance vending machines. Pro¬
ceeds—General corporate purposes. Office—1001 15th St.,
N. W., Washington, D. C. Underwriter^-Baiogh & Co.,
Inc.,1 Washington, D. C. Offering—Imminent. ;
/ --- . .// ;
,.,
•
Parkway Laboratories, Inc.
Dec. 6, 1961 filed 160,00Q common. Price—$5. Business;
—Manufacture of drugs and pharmaceuticals^ Proceeds
For an acquisition, research and other corporate pur¬
poses. Office — 2301 Pennsylvania Ave., Philadelphia. ;
■
.r-.
...t^
-
"
Polytronic Research,
Inc.
7, 1961 filed 193,750 commdn shares, of Which 150|will be sold for. the company and 43,750 for, stock¬
/////Heritage Equity Corp., N/Y.
,■/.
///;' ,•/Z. ' Underwriter—Arnold Malkan & Co., inc., N. Y.
Offer¬
holders* Price—By amendment.. Business—Research and
.'j /'///•
Orion Electronics Corp. (3/14)
^
> .'>•
ing—Expected sometime in April.
'"/'/V;.
development/ engineering and- production j of certain
■/"'/ /'
Aug. 28, 1961 filed 100,000 common. Price—$3.50. Busi/patent Merchandising 'Corp.
electronic devices for aircraft^ missiles, oscilloscopes,
\
// ./
? ness—The manufacture of precision electronic sub-sysNov. 22, 1961 filed .100,000 common (with attached fiveelectronic vending machines and language teaching, matems for the generation, detection and control of fre1
chines. Proceeds—For expansion, repayment of debt and
year warrants to purchase an additional 100,000 shares)
quencies up through the microwave region. Proceeds—
to be sold in units of one share and one warrant. Price
/.//
working capital. Office—7326 Westmore Rd., Rockville, For expansion, equipment and working capital. Address.
•5i■
Md. Underwriters-^Jones, Kreeger & Co., and Balogh &
—$3.50 per unit/Business—Company plans to market
—Tuckahoe, N." Y. Underwriter—A. D. Gilhart & Co.,
patented products, or products which it considers to be
Co., Washington, D. C. Note—This offering was post¬
Inc., N. Y. C.
patentable. Proceeds—For general corporate purposes.
poned indefinitely. /; y
.•/.'•/,
/
• Oriando Paper Corp.
(3/19-23)
Office—521 5th Ave., N. Y. C. Underwriter—Hampstead
Oct. 11, 1961 ("Reg. A") 80,000 common.
• Potomac Electric Power Co. (3/7) v-'
Price—$2.50. • Investing Corp., N .Y.
/
>
/ :/>• >
/,
:'//
Business—Manufacturer of miscellaneous paper products.
Feb.;15, 1962 filed 536,221 comnion to be offered for sub¬
it Patent Research & Development, Inc. /
Proceeds—For debt repayment and general corporate
scription by stockholders on the basis of one new share
Feb. 15, 1962 filed 150,000 common.
Price—$5. Busi¬
for each 15 held of record March 7, with rights to ex¬
purposes. Office—Oceanside, L. I., N. Y. Underwriters—
ness—Design, manufacture and sale of new products in
Professional & Executive Planning Corp., Long Beach,
pire March 21. Price—By amendment (max. $45). Pro¬
various fields. Proceeds—For general corporate purposes.
ceeds—For debt repayment and expansion. Office—929 ■*
N. Y., and E. J. Roberts & Co., East Orange, N. J.
Office—35 Third Ave., Long Branch, N. J. Underwriter
E St., N. W., Washington, D. C. Underwriters—Dillon,
• Oxford
Finance Cos., Inc.
(3/5-9)
—Louis R. Dreyling & Co., Inc., New Brunswick, N. J.
Read & Co. Inc.; N. Y. and Johnston, Lemon & Co.,
Nov. 28, 1961 filed 200,000 common. Price—By amend¬
Pellegrino Aggregate Technico, lnc.
Washington, D. C.
./,
/ !
ment. Business—A finance company, Proceeds—For ex¬
Aug. 10, 1961 filed 130,000 class A common shares. Price
pansion and debt repayment. Office—6701 N. Broad St.,
v
Power Industrial Products Co/*(3/12-16)*/
—$5, Business—The manufacture of building materials.
Philadelphia. Underwriter—Blair & Co., Inc., N. Y.
>
Nov. 22/1961 filed 160,000 class A common, of which
Proceeds—For payment of income taxes and loans and
• PCS
Data Processing, Inc.
(3/12-16)
133,333 are to be offered by the company and 26,667 by
for working capital. Office—Woodbridge-Carteret Road,
Oct. 6, 1961 filed 100,000 common ot wnicn 50,000 are to
present stockholders. Price—By amendment. Business—
Port Reading, N. J. Underwriter—Mortimer B. Burnside
Warehouse distribution of corrosion resistant stainless
be offered by the company and 50,000 by stockholders.
& Co., Inc., N. Y. Offering—Temporarily postponed.
/'" steel
Price—$3.75. Business—Furnishing of statistical infor¬
pipe, tubing, valves, etc. Proceeds—For repayment
ir Pepsi-Cola General Bottlers, Inc.
• /
of debt, expansion, and 1 working : capital.
mation.
Proceeds—For training personnel, new equip¬
Office—352
Feb. 16, 1962 filed 250,000 common.
Price—By amend-.,' Harrison St., Passaic, N. J. Underwriter—S. D. Fuller
ment, expansion and working capital. Office—75 W. St.,
men!
(max. $17). - Business—Bottling and distributing
& Co., N. YZ
N. Y. Underwriters—Harry Odzer Co., N. Y., and Lench- ' v/:, '
/ ./■';•/■ '
Pepsi-Cola in Chicago and three neighboring cities. Pro¬
Precision Automotive Components Co/
ner, Covato & Co., Inc., Pittsburgh, Pa.
ceeds—For selling stockholders. Office—1745 N. Kolmar f
Dec. 28, 1961 filed 100,000 -common. Price—By amend¬
P-G Products Manufacturing Co., Inc.
Ave., Chicago.- Underwriter—White, Weld & Co., N. Y.
ment. Business—Manufacture of carburetor replacement
Oct. 10, 1961 filed 110,055 common. Price—By amend¬
ir Perfect Photo, Inc.
!//•// 'f*
:
parts.- Proceeds — For debt repayment, retirement of
ment. Business — Manufactures appliance replacement
Feb, 14, 1962 filed 154,800 common.
Price—By amend6% pfd., and working capital.
Address — Ballwin, Mo.
parts and accessories. Proceeds — For debt repayment,
ment (max. $20). Business—Photofinishing'and the.dis¬
Underwriter—G. H. Walker & Co., Inc., N. Y.
■* Jt expansion and working capital. Office—230 E. 162nd St.,
tribution of photographic equipment and supplies. Pro¬
N. Y. Underwriters—Kahn & Peck, Cohn & Co., N. Y./
• Precision
Instrument Co.
(3/15)/
ceeds—For selling stockholders.
Office—4747 N. Broad
Dec. 28, 1961 filed 125,000 capital shares of which 111,000 5
P. & H. Tube Corp.
St., Philadelphia.
Underwriter—Bear, Stearns & Co.,
are to be offered by the company and
Oct. 25, 1961 filed 120,000 common (with attached war¬
14,000 by stock¬
New York.
/. ■//
;
" ';•
" /•" •
holders. Price—By amendment. Business—Development
rants to purchase 60,000 additional shares) to be offered /
Perpetual Investment Trust /// fZ/Z/Z: ;'•////
and manufacture of instrumentation magnetic tape rein units consisting of two shares and one warrant. Price
Nov. 9, 1961-filed 500,000 shares of beneficial interest.
cording equipment. Proceeds—For debt repayment, coft—$12 per unit. Business—Manufacture of electric resist- i
struction and working capital; Office—1011 ConimerciaL~ ~
ance
welded steel tubing.
Proceeds-r-For<>debtrepay-/ Price—(Fbr' the-first 10,000 shares) $10.80 per share.
(For the balance) Net asset value plus 8% commission.
ment and working capital. Office—413 Hamilton Rd.,
St., San Carlos, Calif. Underwriters—Lehman Brothers,* >
Business—A real estate investment trust. Proceeds- -For
Bossier City, La.
/ N. Y. and J. Barth & Co., San Francisco.
Underwriters—Howard, Weil, Lainvestment.
Office—1613 Eye St., N. W., Washington, !
bouisse, Friedrichs & Co., New Orleans and Clark,
Presidential Realty Corp.
(4/9-13)
'
D. C.
Underwriter—Sidney Z. Mensh Securities Co.,
Landstreet & Kirkpatrick. Inc., Nashville.
*
Jan. 29, 1962 filed 260,000 class B" common, of which
Washington, D. C.
nv/ ' /
'
y.
y :
/;
Pacific Big Wheel
250,000 are to be offered by the company and 10,000 by
Pictronics Corp.
Oct. 26, 1961 filed 100,000 common.
stockholders. Price—By amendment. Business—Acquisi¬
Price—By amend¬
Jan. 18, 1962 filed 80,000 common. Price—$5. Business* tion *and
ment. Business—Sale and installation of automobile acdevelopment of real estate projects.-Proceeds—
For debt repayment and the purchase of-stock in sub¬
; cessories.
Proceeds—For expansion and working capital. ; /—Manufacture of professional audio visual and sound
recording equipment; Proceeds—Debt repayment, equip- V sidiaries. Office—180 S. Broadway, White Plains, N. lY.
Office—6125 El Cajon Blvd., San Diego. Underwriter—
men/and working capital. Office—236 E. 46th St., N. Y.
Underwriter—Burnham & Co.; N. Y.
N. C. Roberts & Co., Inc., San Diego.
■r
y :.;.v
....
'/ ?
Underwriter—Bayes, Rose & Co., Inc., N..Y.
Prestige Capital Corp.
* Pacific Gas & Electric Co. (3/13).,
v"
Pierce Proctor Schultte & Taranton /;
Oct. 19, 1961 filed 200,000 'common. Price—$5. Business
' /
< y
Feb. 19, 1962 filed $65,000,000 of first and refunding
./Investment Co., Inc.;
/ —A small business investment company;? Proceeds—For
mortgage bonds, series HH, due 1994. Proceeds—For ex- /
Dec. .20, 1961 filed $465,000 of 10-year 8% debentures. - investment. Office—485 Fifth
pansion.
Office—245 Market St., San Francisco,, Un¬
Ave., N. Y,'/Underwriters
—To be named.
; Z. ///.
•/•'/. !■
derwriters—(Competitive). Probable bidders: First Bos- /Price—$15,000 per debenture. Business—The company
M
plans to organize and sell real estate syndicates. Proton Corp.; Halsey; Stuart & Co. Inc.; Blyth &
'".Primex Equities Corp.
Co., Inc.
//?/'■'
/•/ //
:///'/
ceeds—For general corporate purposes. Office—1807 N.
Nov. 27, 1961 filed 400,000 shares of 60c cumulative con¬
Bids—Expected March 13 at 11:30 a.m. (EST)
Central Ave., Phoenix.
Underwriter—None.
"
/
vertible preferred, and 400,000 of class A common/to
• Pacific Standard Life Insurance Co.
Pioneer Restaurants, Inc.
be offered in units of one share each. Price—By amend¬
.,/ /
//-:
Feb. 7, 1962 ("Reg. A") 120,000 common. Price—$2.50/
Dec. 21, 1961 filed 125,000 common, of which 75,000 are -, ment.. Business—A real estate investment firm.
.■«!</.
Pro■;
Business—A credit life insurance company. Proceeds—
to be offered by the company and 50,000 by a
ceeds—For property acquisitions and working capital.
To increase capital and surplus. Office—3550 N. Central
selling
stockholder.
Price—By amendment.
Business—Opera¬
Office—66 Hawley St., Binghamton, N. Y. Underwriter
Ave., Phoenix. Underwriter—None.
...>
^
June
000
.
.
-
"
.
■
-
-
,
-
.
.
.
,
■
.
..
.
.
.
,
-
q
,
,
.
„
.
,
*
»
-
,
i
•
■
,
-
Pacific
States
Steel Corp.
filed 100,000 outstanding shares of capital
stock (par 50 cents) to be sold by stockholders. Price—
June 21, 1961
$6.
Business—The manufacture of steel
ceeds—For
•
the
products.
Pro¬
selling stockholder. Office—35124 Alva-
rado-Niles Road, Union City, Calif. Underwriters—First
California Co.. Inc.. and Schwabacher &
Co., San Fran¬
cisco (mgr.).
Offering—Indefinitely postponed.
tion
of
six
restaurants
in
Sacramento.
Proceeds—For
.
—None.
•/
_
••
■/,
•
■;!•
;
expansion, debt repayment and working capital. Office
•
Printing Corp. of America (3/12-16)
—1626 J St., Sacramento.!
Underwriter—Stewart, Eu-'Z Dec.
28, 1961 filed 454,0u0 common. Price^-By amend¬
banks, Myerson & Co,, San Francisco. / /""//// r '/;!/•' V ment.
Business—Printing of t^ade^and business periodi¬
• Pir-O-Wood
Industries, Inc.(2/26-3/2)/
cals and textbooks by lithography. Proceeds—For selling
Nov. 28, 1961 filed 62,000 common. Price—$5. Business
stockholders. Office—71 W. 35th St., N. Y. Underwriter
—Sale of prefabricated wood and plastic specialized ?;
—^Goldman, Sachs & Co., N. Y. !
i;
»:
components. Proceeds—For general corporate purposes. /
Producers Cotton Oil Co.
■
•
? / *
Office
1182 Broadway. N. Y. Underwriter; — Arnold.
Jan. 18, 1962 filed 200,000 common. Price—By amend¬
Malkan & Co., Inc., N. Y.
ment. Business—Growing cotton, operating cotton gins,
Plasticon Chemicals, Inc.,
processing cottonseed and selling raw cotton-and cotton¬
Feb. 7, 1962 filed 150,000 class A capital shares. Price
seed products. Proceeds—For expansion. Office—2907 S.
—$3.50. Business—Manufacture of a plastic protective-'
Maple Ave.,- Fresno, Calif; Underwriters—Kidder, Peacoating and a water proofing solution. Proceeds—For,
body & Co., N. Y. and Dean Witter, San Francisco. Of¬
inventory, equipment, sales promotion, and. other cor-. ferings—Expected in late March,
./
• ! : />
porate purposes. Office—507 Fifth Ave., N. Y. Under-,,
• Product Research of Rhode
Island, Inc.
writer—Arden Perin & Co., N. Y.
.
.
,
•
—
Pal-Ptaywell
Inc.
V
•
Nov. 28, 1961 filed 100,000 common.
Price—$4. Business
—Design, assembly and manufacture of toys. Proceeds—
For debt repayment and
working capital. Office—179-30
93rd Ave., Jamaica, N. Y.
Underwriter—Tyche Securi¬
ties, Inc., N. Y.
1
■///
Palmetto Pulp &
'
Paper Corp.
June 28, 1961 filed 1,000,000 common.
ness—The growth of timber.
and
v ' '
Price—$3;45. Busi¬
Proceeds—Working capital
the
possible purchase of a mill. Address—Box 199,
Orangeburg, S. C. Underwriter
Stone & Co. c/o E/
—
Lowitz &
Co., 29 Broadway, N. Y
Pan-Video
Productions,
.
Inc.
Dec. 15, 1961 filed 100,000 common.
Production
of
films. Proceeds
—
Price—$3. Business—
For general
corporate
Office—200 W. 57th St., N. Y. Underwriter—
Curylo Co., 2166 Broadway, N. Y.
•
Fapekote, Inc. (3/5-9)
Dec. 1, 1961 ("Reg.
A") 60,000 common. Price—$5. Busi¬
ness—Development and sale of chemical processes used
purposes.
coating. Proceeds—For general
cor¬
porate purposes. Office—443 W. 15th
St., N. Y.. Under¬
writer—Edward Lewis Co., Inc., N. Y.
r<*
#
Paramount Foam Industries
Sept. 25, 1961 filed 137,500
ment.
Business—The
(3/1)
common.
manufacture
Price—By amend-*
6f
polyester foams.'
Additional equipment, debt repayment and
working capital. Office—Mercer and Arnot
Sts., Lodi,
N. J. Underwriter—Fialkov &
Co., Inc., N. Y.
Proceeds
—
•
(3/26-30) '/-■
'
July 28, 1961 filed 330,000 common shares.
Plasto-O-Tron, Inc.
Jan.
26, 1962 ("Reg. A") 84,666 common.
Price—-$3.
Business—Design and manufacture of vacuum thermoforming machinery for production of plastic packaging
materials.
R. J.
in the field of
paper
.
.
•
sion and
/
(3/15)
Dec. 22, 1961 filed 150,000 common, of which
100,000
are
to be offered
by the company and 50,000 by stockholders.
amendment, t Business—Manufacture of pre¬
Price—oBy
hydraulic, pneumatic and mechanical equipment
cision
marine, aircraft, ordnance and industrial
ceeds—For acquisition
—
The
the
Price—$2;05.
vinyl plastic products
marine and household fields.
manufacture
automotive,
of
;
repayment of debt, new equipment and
working capital. Office —184 Woonasquatucket Avenue,
North Providence, R. I. Underwriter—investment Plan¬
ning Group,
East Orange, N. J./;
,•
/
/
Z
.
*
Programming and Systems, Inc.
Price—$3.
Business—Consumer sales financing. Proceeds—For re¬
payment of notes and working capital. Office — 2211
Church Ave., Brooklyn, N. Y. Underwriter—M.
Posey
Associates, Ltd., 50 Broadway, N. Y.
PneumoDynamics Corp.
in
Proceeds—For
inventory, equipment, expan/
working capital. Office—60 Park PL, Newark,
Plymouth Discount Corp. (3/5-9)
Aug. 28, 1961 ("Reg. A") 100,00.0 common.
ital.
used
Proceeds—For
N. J. Underwriter—To be named,
for
Business
use.
Pro¬
of a companv and working cap¬
Office—3781 E. 77th St., Cleveland. Underwriter—
Oct.
Price—$3.50. Busi¬
programming and
operation of electronic data processing machines.
Proceeds—For expansion. Office—45 W. 35th St., N/Y.
Underwriter—D. M. Stuart & Co., Inc., N. Y."
11,
1961
filed
ness—Instructs
40,000
classes
in
common.
computer
the
Prosper-Way, Inc.
7, 1962 filed 85,500 common. Price—$3. Business
—Development and promotion of "one stop dry cleaning
and laundry" establishments;i and - the sale and main- tenance of dry cleaning and laundry equipment. Pro- '
ceeds—For real estate, sales promotion, acquisitions, and
working capital. Office—2484 W. Washington Blvd., Los
Angeles, Calif.- Underwriters—Grosse & Co., - Inc., Los
Feb.
Volume
195
Number 6136
.
The Commercial and Financial Chronicle
.
Angeles, and V. S. Wickett & Go., Inc. and Thomas, Wil¬
liams & Lee, Inc., N. Y.
(963)
Office—12 N. Third St., Columbus, Ohio. Un¬
derwriter—Robinson-Humphrey Co., Inc., Atlanta.
vestment.
Publishers
Co., Inc. (3/26-30)
28, 1961 filed 541,000 common. Price—By amend¬
ment^ Business—Book publishing/ Proceeds—For an ac¬
quisition and other corporate purposes. Office—1106 Con-—
necticut Ave., N.
W., Washington, D, C. Underwriter—
Hpth & Co., Inc., Philadelphia.
Nov.
Research
Co., N. Y. and Elmaleh & Co., Inc.
,
Inc.y N. Y. ,r; 7,
bentures
Richmond Corp. * /•,-.'/;7,,/,7 ///■•i-7'
Dec. 21, 1961 filed 142,858 common. Price—$7/ Business
/■',,
,/v7 —'77,', 7-7-;
24, .1961 filed $4,0QQ,0Q0 of 5% con.v. subord.-de¬
due 1971 and 200,000 class A shares to be of¬
fered in 25,000 units, each
consisting of $160 of deben-/
tures and eight shares.
Price—$200 per unit.
Business
repayment and
_7; >
7
—A real estate investment company.
—Real estate and construction. Proceeds
For
general
corporate purposes. Office—San Juan/ Puerto Rico. Un¬
derwriters—Lieberbaum & Co., and Morris Cohon &
Co.,'
New
.7.
York. % ,/
'•••;'
'7;."
.
Z
—
7"7/:77f7-/.7/ 7/.7/7"7
Pulp 'Processes Corp.:,77//'•/'"*" *7:7.77S6pt. 20, 1961 filed 140,000 common/ Price—$5. Business
--Development of pulping and bleaching devices. Pro¬
r
ceeds—General corporate purposes.
Office—Hoge Bldg.,
Seattle, Wash, Underwriter—Wilson. Johnson & Higgins.
San
Francisco.
postponed../
■>-
Note
—
This.offering
was
temporarily
Madison
Blauner &
Ave..
N.
Y. :;,Underwriter—Milton
Co., Inc., N. Y.
•
.
:
enclosures.
Proceeds—For
equip¬
ment,
aadvertising and working capital. Office — 234
Russell St., Brooklyn, N. Y. Underwriter—M. J. Merritl
& Co., Inc., N. Y.
holders.
Price
prints
*
—
of which
;
100,000
by the company and 200,000 by stock¬
By amendment.
Business — Develops
color,
and / black • and white photographic
equipment and working capital.
Office—245 7th Ave., N. Y. Underwriter — Federman,
Stonehill & Co., N. Y.
<
' * 7"
//7/ ./"';/:,
filih. Proceeds
debtTfeduction
Address
Sebring,
Co., Inc., N. Y.
—
and
general
corporate
O. Underwriter
/
—
Ruby
—
For
pur¬
Baruch
Oct.
3/12-16)
77/.;/.;. V/;/' ///7:;" ic Rucker Co.
77:v77'v7 77'•''7;' 7'77'7'77 '7;77/7.-/:7
27, 1961 filed 100,000
16, 1962 filed 129,000 common, of which 43,000 are
the company and 86,000 by stockholdPrice—By amendment (max. $13). Business—De¬
to be offered by
ers.
shares of Ripley and '/ sign, development, manufacture and sale of electronic,
100,000 of Jomar to be offered in units consisting of one
electric,
hydraulic
and
pneumatic
control
systems.
share of each company. Price—By amendment. Business
Proceeds—For repayment of bank loans.
Office—4700
—Manufacture of wood and plastic heels for women's
San Pablo Ave., Oakland, Calif.
Underwriter—Schwashoes, metal molds 'and dies, 7bowling pins, bowling
bacher & Co., San Francisco.
;
common
•
shoes and related
products. Proceeds—For general cor¬
porate purposes. Office—4067 Folsom Ave.- St. Louis and
•
■:';777.-7<''7;
7;';7'7
capital shares. Price
7";"
—
$3.
ment and working
Los
Angeles.
Price—$1."
Business—Rebuilding and reconditioning of automotive
brake shoes. Proceeds—For
general corporate purposes.
Office-*-94 Gazza Blvd.,
Farmingdale, N. Y. Underwriter
April.
—Meadowbrook
M.
S. Instruments, Inc.
1961 filed 100,000 common. Price—$3.25. Busi¬
ness—Repair and maintenance of aircraft instruments
and accessories. Proceeds—For equipment, debt repay¬
ment, and other corporate purposes. Office — Idlewild
International
Airport, Jamaica, N. Y. Underwriter— ■
To,J^pamed.
77
77/7
Piedras, Puerto Rico. Underwriters—Paine, Webber,
Jackson & Curtis and American Securities Corp., N. Y.
7* Rising's Inc. 7^7777.'•
Jan. 18,-1962 filed 100,000
S.
Nov. 28,
Rio
components and equipment. Proceeds—Tpr. debt-repay¬
7/V7/7 7
Silver Mines,
1962 ("Reg. A")
Inc.
2,400,000 common. Price—12%
cents. Business—Exploration and development of mineral
deposits. Proceeds—For debt repayment and general
corporate purposes. Address—Box 1088, Wallace, Idaho.
Underwriter—Pennaluna & Co., Spokane, Wash...
Jan. 2,
Business—Distribution of electrical and electronic parts,
.
Quality Brake Rebuilders, Inc.
Jah/3/1962 /("Reg. A") 300,000 common.
.
St., Elyria, Ohio. Underwriters—White, /
Co.; N.-Y. and McDonald & Co., Cleveland.
Ripley Industries, Inc., and Jomar Plastics, Inc.
77'7;
Co., Inc. and J. M. Dain & Co., Inc.,; Milwaukee.
City Industries,.Inc.;,/7;:y.;i'-7\7, 7 ;•:.///
Nov. 28, .1961 filed 87,500 common.
Price—$4. Business
—Design and manufacture of ; metal cabinets, boxes,
radiator
to be offered
Feb.
Loewi &
and
general corporate purposes.
Ridgerock of America, Inc.
Dec. .29,
1961 ..filed
100,000
common.
Price—$2.50.
Business—Production of stone facing for buildings. Pro¬
•
common, Price—$5. Busi¬
ness—Manufacture of additives for gasoline, motor
oils,
etc. Proceeds—For debt repayment and
general corpor¬
ate purposes. Address—La
Crosse, Wis. Underwriters—
boiler
Cincinnati and V. E. Anderson
Royaltone Photo Corp.
Nov. 29, 1961 filed 300,000 common,
and
,
Co., Los Angeles; Amos C. Sudler & Co., Denver;
G. H. Musekamp & Co.,
& Co., Salt Lake City.
,
Brothers &
D.
7:i-/77;:7
7/ Quaker
E..
Lowe
Proceeds—For debt '
Office—220
• Rubber & Fibre Chemical
Corp. ?
St., N. W., Washington, D. C. Underwriter—Hirschel 7
,7:7/
& Coi, Silver Spring, Md. Offerings/Expected in April. 7 Sept. 25, 1961 filed 120,000 common. ,Price—$5. Business 7
—Exploitation of a new process for reclaiming unvul- /
Ridge Tool Co. (3/15)
*.7,777 77:77 7* '• 77'"
canized rubber. Proceeds—Purchase of equipment and
Dec. 28/1961 filed 284,586 class A common. Price—By 7
existing plant building, repayment of debt, and working /
amendment!
Business—Manufacture of
pipe working
capital. Office—300 Butler St., Brooklyn, N. Y. Under¬
tools and machines. Proceeds—For selling stockholders.
writer—To be named.
poses.
.,7
Pyroil Co., Inc.///';:/
Jan. 2, 1962 ("Reg. A") 30.000
R.
K
ceeds—For
Proceeds—For
expansion, debt repayment, and working capital. Office
—444
>
:
7.77'7/z ''7/;/;7/; ///Z/'; 7:.7/77'; ■ 7
man's magazine.
■
Weld &
Pyramid Publications, Inc. (3/26-30) ;/7/
Nov. 24, 1961 filed 115,000 common.
Price—By amend¬
ment. : *• Business—Publication
and
sale
of
pocket-size
a
Proceeds—For design and introduction
greeting card line and working capital. Office
Broadway, Glendale, Calif. Underwriters—
Bernhard & Co., Beverly Hills, Calif.; Schaefer,
& McCamant, Inc., San Francisco; Costello, RusE.
Office—400 Clark
•
paperback books and
,.<•
100,000 common/Price—$1.50.
new
—504
are
St., Avoca, Pa. Underwriter—M. G. Davis & Co.,
Nov.
,
("Reg. A")
greeting cards.
of
sotto &
.Rex Craft Associates, Inc.
Dec, 27, 1961 ("Reg. A") 100,000 common. Price — $3.7
Business—Design, installing and constructing packaged
commercial interiors and exteriors for buildings. Proceeds—For general corporate purposes. Office—Route 315
& Vine
1961
Business—Design, production and sale of "contemporary"
Products, Inc.
—Manufacture of lithographic blankets used in printing.
Proceeds—For debt, 'repayment and1 working capital. ;
Address—Hato Rey, Puerto Rico. Underwriters—Gross
&
Greeting Cards
Dec. 26,
Dec. 28, 1961 filed 250,000 common. Price—$9. Business/
•
Puerto Rico Capital
Corp. (3/12-16)
Sept. 13, 1961 filed 300,000 common. Price—$10. Business
—A small business investment
company. Proceeds—For
general corporate purposes.. Address—San
Juan, Puerto
Rico.
Underwriter—Hill,: Darlington & Grimm, N. Y.
•. Puerto Rico Land and Development Corp.
:/ (3/26-30) ; vVV--: V ; / ■> 7. ■
Roth
43
capital. Office*—151 N> »Yerrpont Ave., /
Underwriter —^Vickers, MacPherson & /
Saladmaster Corp. Jan/3, 1962 file^$700,000 of 6% subord. conv. deben¬
tures due5 ^1072^^^126:030 common
(of which 15,399
shares are to be offered by the company and 110,631
Jan.
n7y. Offerings-Expected sometime in
7/7/:;7>;777;/ /''/;
;//7;//, :;/7/7'-7/
77;;
Warwick; Inc.,
•
shares by stockholders). Price—For debentures, at par;
Electronics, lnc.V-:7'7/;,7/;7//;':i'7/ 7
"';:r'7/.
for stock, by amendment. Business—Sale of kitchenware,
29,' 1962 filed 62,000 common. Price—$6. Business
tablewear and a food cutting machine. Proceeds—For
—Sale and; distribution of receiving ; tubes,
television
debt repayment and general corporate purposes. Office
picture tubes, / and electroinc components, parts and
Oct. 30, 1961 filed 40,000 common. Price—$5. Business
—131 Howell St., Dallas/ Underwriter—Parker, Ford &
equipment. Proceeds—For an acquisition, equipment and
—Manufacture of radio frequency interference filters
Co., Inc., Dallas.
and capacitors, Proceeds—For
working capital. Office—1927 New York Ave., Hunting¬
equipment, working cap¬
Sav-Mor Oil Corp.
ton Station; N. Y. Underwriter—Robbins, Clark & Co.,
ital and other corporate purposes, Office—15 Neil
Court,
July 5, 1961 ("Reg. A") 92,000 common shares (par one
Inc., N. Y.7 •/;
/:
-K ;7 ■• 7
Oceanside, N. Y. Underwriter—Arnold Malkan & Co.,
■;7/7;-77
^/7;7/"/ '/■'
cent). Price—$2.50. Business—Wholesale distribution of
N. Y.
! ' Roadcraft Corp.
V//-7 ■77:77r';''-/77';i;7/'/./7:. -7,;
gasoline and oil to service stations. Proceeds—For ex■:;/> Racing Inc.
r-/T1:" Dec. 26, 1961 filed 400,000 common; Price—By amend¬
pansion. Office—151 Birch wood Park Dr., Jericho. L. I.,
O.cL 16, 1961 filed 1,250,000 common.
ment. Business—Design, manufacture and sale of mobile
Price—Up to $4.
N. Y. Underwriter—Amber, Burstein & Co., Inc., N. Y.
homes and office trailers. Proceeds—For general cor¬
Business—Company plans to build and operate an auto¬
mobile racing center. Proceeds-—General
Save-Mor Drugs, Inc. porate purposes.; Office-vl39 W. Walnut Ave., Gardena,
*
7
corporate pur¬
Calif. Underwriter •*— Vickers, MacPherson & Warwick/
Dec. 28, 1961 ("Reg. A") $300,000 of 6% 15-vear subord.
poses.
Office—21 N. 7th St., Stroudsburg, Pa. Under¬
writer—None.
:/77/;;7;^/-77/'7/7v ;;v7/777777'7/7' Inc., N. :Y. 7'7■ :?■:■7;:7.7/;7 ;7J :'7 '■/' // ''/>7''7;7'': 7C; conv. debentures. Price—At par. Business—Operation of
a chain of drug stores. Proceeds—For general corporate
• Radio Eiectric
7
Service Cb. ofNewJersey/lnc.
-Roberts & Porter,' Inc. 4;7;;7;7777t;'777'777^ ;::j«;77/
purposes. Office—3310 New York Ave., N. E./Washing¬
Jan. 23, 1962 ("Reg. A"> 75,000 common, of which 67,500
Nov. 20, 1961 filed 80,200 common, of which 16,680 are
ton, D. C, Underwriter—C. A. Taggart, Inc., Towson, Md.
will be Offered byihe company and
to be offered by the company,and 63,520 by stockhold¬
7,500 by stockhold¬
ers. Price—$4.
School Pictures, Inc.
ers.
Business—Wholesaling of electronic parts;
Price—By amendment./ Business—Sale of special¬
supplies and equipment and the retailing of high-fidel¬
ized photographic, plate making and press room supplies / Feb. 7, 1962 filed 60,000 common and 40,000 class A
ity and stereophonic equipment and components. Pro¬
and
'common, of which 41,864 common are to be offered by .
equipment; to the graphic /arts industry.
-Pro¬
ceeds—For debt
the company; the entire class A and 18,136 common
repayment, expansion; moving expenses
ceeds—For working capital. /Office—4140 W. Victoria
and working capital. Office—513-15
will be offered by stockholders. Price—By amendment
Cooper Sty Camden,
Ave.* Chicago, 111. Underwriters—Blunt Ellis & Sim¬
N. J. Underwriter—D.. Li Greenbaum &
($35 max.). Business—Company develops, prints, and
Co., Phila.
:
mons, Chicago., and Schmidt, Roberts & Parke, Phila¬
finishes "school pictures." Proceeds —r For plant and
if Raiford's, Inc. 7/77.77;.777/'7,/7t/ :7;7"77
delphia.
;;/.;,;;/\/;;/"// '/■; /7:'^:7;;. ///.■
/"•./■;
Feb. .6,
1962
equipment, acquisitions, and working capital. Office—
("Reg./A") 175,000 common.
Price—$4.
; Rochester
Capital Leasing Corp.
1610 N. Mill St., Jackson,, Miss. Underwriters—Equi¬
Business—Operation:; of stores which sell prescription
Oct; 30, 1961 filed $625,000 of 6% convertible subordi¬
table Securities Corp., Nashville, and Kroeze, McLarty
shoes.
Proceeds—For* debt
repayment
and
working
nated debentures due 1972 and 100,000 class A to be
& Duddleston, Jackson, Miss.
capital.
Office—62
Monroe
Ave., Memphis.
Under¬
offered in 12,500 units each consisting of $50 of deben¬
writer—M. A. Saunders & Co., Inc.,
Memphis./
Schultz Sav-O-Stores, Inc.
tures and eight shares. Price—$90 per unit. Business—
Nov. 13. 1961 filed 160,000 common, of whicli 75,000 are
/
Recco, Inc. (3/13)
Manufacture and sale of furnittire, equipment, and sup¬
Oct. 19, 1961 filed 75,000 class A shares.; Price
to be offered by the company and 85,000 by stockhold- ;
By
plies to schools, hotels; hospitals and industrial com¬
amendment. Business—Operates record/ card and sta¬
ers.
Price—By amendment. Business—Wholesale food
panies. Proceeds—For working capital. Office—8 Jay
tionery departments in discount stores. Proceeds—/For
distribution and operation of supermarkets.
Proceeds
St., Rochester, N. Y. Underwriter—Saunders, Stiver &
expansion. Office—1211 Walnut; St., Kansas City, ,Mo.
—For expansion.
Office—2215 Union Ave., Sheboygan,
Co., Cleveland. 7 -7 /• 7 7:;/y / ■
7''
;/
Underwriter—Midland Securities Co., Inq«, Kansas City,
Wis. Underwriter—Blunt Ellis & Simmons, Chicago.
• Rockower
Brothers, Inc. (3/15)
Mo.
7"7,' 7b" v
7 '7 'v
7'V7 7-.;7'77
Jan. 19, 1962 filed 150,000 common, of which 50,000 will
Seashore Food Products, Inc.
(4/16-20)
Red Wing Fiberglass Products, Inc.
be sold by the company and 100,000 by stockholders.
Aug. 29/1961 ("Reg. A") 75,000 common.
Price — $4.
July 28, 1961 ("Reg. A") 260,000 common. Price—$1.15,.
Price—By amendment, ■ Business—Retail sales of men's
Business—The manufacturing and processing of assorted
Proceeds —; Debt repayment, building
and boys' clothing. Proceeds-—For additional inventory
improvements,
food products. Office—13480 Cairo Lane, Opa Locka,
equipment, research and development, and working cap¬
and working capital. Office — 160 West Lehigh Ave,,
Fla. Underwriters—Terrio & Co., Washington, D. C.
ital. Office—Industrial Park,/Red
Wing, Minn. Under¬
Philadelphia. Underwriter—Drexel & Co., Philadelphia.
Sea-Wide Electronics, Inc.
writer—York & Mavroulis, Minneapolis., Note—This let¬
Rona Plastic Corp./
7
Sept. 26, 1961 filed 200,000 common. Price—$4. Business
ter was temporarily postponed.
-/'/
7
7:
Dec. 15, 1961 filed 200,000 common. Price—$5. Business
—Importing of goods from Japan. Proceeds—For debt
'. .* Regulators,
Inc;/\
'7 7':
—Manufactures plastic housewares, baby products and
.■a
■: rv/.Vv 7:.
repayment. Office—Stokely St., and Roberts Ave., Phila¬
Jan. 29, 1962 filed 75,000 common, of which
59,000 are
other plastic items. Proceeds—For debt repayment and
delphia, Pa. Underwriter—Janov & Co., Philadelphia.
to be offered by the company and
other corporate
25,000 by Electronic
purposes.
Office—1517 Jarrett Place,
Security Acceptance Corp.
Specialty Co., parent. Price—$5.1 Business—Design ..and
Bronx, N. Y. Underwriter—Arnold Malkan & Co., Inc.,
March 7, 1961 filed 100.000 shares of class A common
manufacture of regulating and control
devices used in
N. Y. Offering—Expected sometime in April.
, /
stock and $400,000 of 7%% 10-year debenture bonds, to
the electric - and; electronic fields.; Proceeds—For debt
• Rooke
Engineering Corp. .7/ ,7.-'
7/
/
be offered in units consisting of $100 of debentures and
repayment and working capital. Office—455 W. Main
Dec. 29, 1961 ("Reg. A") 120,000 common. Price — $2.50,
25 shares of stock. Price—$200 per unit. Business—The ,
St., Wyckoff/N. J. Underwriter—Myron A. Lomasney &
Business
Design and manufacture of fasteners and : purchase of conditional sales contracts on home appli¬
Co., N. Y. ,• -"7 ' - v;.7777 77"7 y: 7 ■ - ; v "7.,
:
related parts for the aircraft and missile industries. Proances. Proceeds — For working capital and expansion.
Republic-Franklin Life Insurance Co. ;7 .7 , •
ceeds—For debt repayment and-working capital. Office ; Office—724
9th StM N. W., Washington, D.4 C. V Under¬
Feb. 15, 1S62' filed 266,667 class A common. Price—$7.50.
—8560 Tujunga Ave/ Suri Valley, Calif. Underwriterwriter—None.
7'/ 7'/" 7
Business—A legal reserve life insurance company. 'Pro¬
77; 7
Adams & Co., Los Angeles. Note—This letter :was with¬
ceeds—For debt
Continued on page 44
repayment, operating expenses and in¬
drawn.
■
7
Securities, Inc., Hempstead,^N. Y. .7/;7'
•; RF Interonics, Inc. (3/15)
v7z/,77"::/A;
Rite
_
-
.
.
.
.
—
-
•
,
^
—
•
*
44
The Commercial and Financial Chronicle
(964)
Continued
from
page
pipeline from Marseilles, France to refining centers near
Strasbourg, France and Karlsruhe, Germany. Proceeds—
43
Corp.
Jan. 26, 1962 filed 200,000 common. Price—By amend¬
ment Business—Manufacture of alumnium sliding win¬
dows and doors. Proceeds—For equipment, moving ex¬
penses and working capital. Office—503 E. Pine Ave.,
Compton, Calif. Underwriter—Vickers, MacPherson &
Warwick, Inc., N. Y.
Security Aluminum
Inc.
Security Equity Fund,
1961 filed 400,000 capital shares. Price—Net
plus 6%. Business—A mutual fund. Proceeds
—For investment. Office — 700 Harrison St., Topeka,
Dec.
14,
asset value
Underwriter—Security Management Co., Inc., To¬
N. Y.
Southeastern
Jan.
lated
Oct. 26,
and related electronic
transmission, filters, transceivers
equipment. Proceeds—For equip¬
ment, research and development, repayment of loans and
Office—12 Hinsdale St., Brooklyn. Un¬
derwriter—Searight, Ahalt & O'Connor, Inc., N. Y. .
working capital.
•
Financial
Selective
8, 1961 filed 500,000 common. Price—$6. Business
—Engaged in real estate mortgage field, and the financ¬
ing of intangibles and chattels. Proceeds—For general
corporate purposes. Office—830 N. Central Ave., Phoe¬
nix.
Underwriter—None. Note—This
registration was
withdrawn.
Servonuclear
Corp. (3/12-16)
("Reg. A") 100,000 common.
1961
12,
Business—Manufacture
Proceeds—For
medical
of
products.
inventory,
Of¬
fice—28-21 Astoria Blvd., Astoria, L. I., N. Y.
Under¬
writer—Rothenberg, Heller & Co., Inc., N. Y. J
plant
relocation,
equipment,
Shaver
Food
Marts, Inc.
'
Starmatic
Nov,
19, 1961 filed 170,000 class A common, of which
30,000 will be sold by the company and 140,000 by cer- /
tain stockholders. Price
By amendment. BusinessOperation of seven supermarkets in the Omaha-Council
Bluffs
area.
Proceeds—For expansion. Office—139
S.
40th St., Omaha, Neb. Underwriters—J. Cliff Rahel &
Co., and Storz-Wachob-Bender Co., Omaha.
—
28,
Industries,
Inc.
ment.
search/for
northern Ontario.
Proceeds—For general corporate pur¬
Office—62 Richmond St., West, Toronto, Canada.
Underwriter—None.
poses.
Sigrralite Inc.
Jan.
29,
1962 filed
126,000
common.
Price—$4.50. Busi¬
ness—Manufacture, sale and development of glow lamps
for
as
debt
repayment,
&
Recreation
household
working
N.
Y.
capital.
Feb.
1,
1962
110,000
Proceeds
—
For
expansion
named;
Underwriter—Tucker,
ufacture of devices
using sound
fice—260
Hawthorne
—Meadowbrook
South
fluids
as
a
source
\
of
corporate purposes., Of¬
Inc.,
Hempstead, N. Y.
Pipeline Co.
(3/15)
1, 1962 filed $40,000,000 of sinking fund debentures
due March
1, 1982. Price—By amendment. Business—
Company is constructing a 474-mile 34-inch crude oil
Feb.
Markets,
.
$200 debenture and 50
Business—Manufacture of
Inc.
Underwriter—Floyd D. Cerf Jr., Co.. Inc.,
•
was
Stokely-Van Camp, Inc.
Nov.
29,
filed
1961
and
&
Ave., Yonkers, N. Y. Underwriter
Securities
European
or
Stevens
Chicago. Note—This letter
Proceeds—For debt repayment and working
Office—720 Mercantile Dallas Bldg.,
Dallas,
one
8, 1961 ("Reg. A")* 13,559 class A common. Price—
$7.37. Business—Operation of supermarkets. Proceeds—
For selling stockholders.
Office—5701 N. W. 35th Ave.,
(3/6)
Price
$15,000,000 of
due
100,000
withdrawn..
(2/27)
1982
convertible
be offered by the com¬
shares by a stockholder.
Business — Processing and dis¬
—
and frozen
■,
•
■common.
food
products.
Proceeds—For debt repayment and working capital. Of¬
fice—941 N. Meridian St., Indianapolis. Underwriter-
Tex.
Reynolds & Co., Inc., N. Y.
100,000
subordi¬
to
common
By amendment.
tributing of various canned
cap¬
Struthers
Price—$2.
small
Scientific
&
7
'
International
Corp.
7
7
business
,
repayment
—Distribution of eggs and
other southeastern states.
dairy products in Florida and
Proceeds—General corporate
purposes. Office—3601 N. W. 50th St., Miami, Fla. Un¬
derwriter—Finkle & Co., N. Y.
and
Products,
Inc.
amendment.
30,000 by stockholders;
Business—Manufacture of drug
food
&
Grand
St.,
Hoboken,
N.
J.J Underwriter—
Co., N. Y
Metal
7, 1961
processing and
Co., N. Y.
debentures
due
subordinated
con¬
1977
and 50,000 common to be
offered in units, each consisting of $20 of debentures and
10
shares. Price—$60 per unit. Business—Design and
manufacture of fishing and archery equipment and fiber
glass household items. Proceeds—For general corporate
Office—131 Saw Mill RiVer Rd., Yonkers, N. Y.
Underwriter—William, David
• Sportsways,
& Motti, Inc., N. Y.
Inc.
Feb.
20, 1962 filed 175,000 common, of which 50,000 are
to be offered by company and
125,000 by,a stockholder.
Price—By amendment,
(max.
ture
skin
and
cessories.
,
Sylvan Life
Insurance Co.
Jan.
8, 1962 ("Reg. A") 9,600 common. Price—$25. Busi¬
ness—Writing of insurance in Utah, Colorado and Neva¬
da. Proceeds—For capital and surplus accounts. Office—
410 Utah Savings Bldg., Salt Lake City. Underwriters—
Peters, Writer & Christensen, Inc., Denver and Ure,
Davis & Co., Salt Lake City.
7
7
Szemco, Inc.
29, 1961 filed 66,666 common. Price—By amend¬
ment ($1.50 max.). Business—Design and manufacture
of ordnance,
automotive, aircraft and guided .missile
parts and components. Proceeds—For selling stockhold¬
ers.
Office—4417 Okechobe Rd., West Palm Beach, Fla.
Dec.
Underwriter—None.
Sportsmen, Inc. (2/26-3/2)
29, 1961 filed $100,000 of 6%
Nov.
purpose.1
• Sunset House Distributing Corp.
14, 1962 filed 120,000 common. Price—By amend¬
ment (max. $20).
Business—Mail order sale of general
merchandise and operation of two retail stores. Proceeds
—For selling stockholders. Office—3485 S. La Cienega
Blvd., Los Angeles.
Underwriter—Crowell, Weedon &
Co., Los Angeles.
Feb.
(3/19-23)
smelting. Proceeds—For a new refinery, debt repayment
and working capital. Office—E. William
St., Hopelawn
(Woodbridge), N. J. Underwriter—Flomenhaft, Seidler
1961 filed 56,000 common, of which 30,000 are
by the company and 26,000 by stockhold¬
Price—$5. Business—Design, development and man¬
energy. Proceceds—For general
Co.
and other non-ferrous metals. It also does
be offered
ers.
Service
of
1962
debentures
vertible
Oct. 27,
to
Public
capital. Address—
Dec.
and R. J. Edwards, Inc.,
Co., Inc. (3/12-16)
("Reg. A") 100,000 common. Price — $2.50.
Business—Broker and dealer in gold and silver bullion
*
,
2,
nated
Spiral
Industries,
Development Corp. of America
consisting
pany,
Dec.
Pingree St.,
Anthony & R. L.
Underwriter—None.
each
Miami, Fla.
Southwestern
Blair
Price—By amend¬
laundry equip¬
at designated residential
locations. Proceeds—For
selling stockholders. Office—115 L St., S. E. Washington,
Sonic
•
Proceeds—For
Guerin & Turner, Inc., Dallas
Office—730
common.
ment
C.
Arkansas.
products, electrical and electronic devices and
precision machinery. Proceeds—For the purchase of cer¬
tain patents, repayment of
debt, and working capital.
Inc.
r
Dec. 28, 1961 filed 75,000 common.
Price—By amendment.
Business—Installation of its coin operated
D.
Co.
common.
Oklahoma City.
and
manufacture and sale of
semiconductor devices. Proceeds—For a new
plant, debt
repayment and working capital. Office—1
Solon
and
Price—By
Business—Development,
Salem, Mass.
Day, N. Y.
220,000
working
and
Lighting, Inc. 7/7
77 7777 7/7/ 7 7/7777; 77
("Reg. A") 260,000 common. Price—$1.15,
Business—Manufacture of outdoor fluorescent lighting
devices. Proceeds—For working capital, equipment, in¬
ventory. Address—Winsted, Minn. Underwriter—Mid¬
west Planned Investments, Inc., Minneapolis.
Price—By amend¬
casualty insurance in
redemption of
surplus fund certificates and expansion. Office—5620 N.
Western Ave., Oklahoma
City. Underwriters—Eppler,
Oklahoma
Sperti
Products, Inc.
filed
Insurance
1961 filed
Nov. 29, 1961 filed 230,000 common of which
200,000 are
to be offered by the company and
buildings, repayment of debt and
Office—253 Columbia St., Brooklyn,
be
26,
equipment
Sterner
Jan.
working capital. Office—1601 Al¬
bany Blvd., Atlantic City. Underwriter—Carter, Berlind,
Potoma & Weill, N. Y.
of
Underwriter—To
Solid State
ment.
goods.
Southwestern
debt
Sokol Brothers Furniture
Co., Inc.
Sept. 28, 1961 filed 240,000 common. Price—$2.50 Busi¬
ness—The instalment retailing of
furniture, appliances
other
of
;7 7777/
29, 1962 filed 135,000 common, of which 15,000 are
to be offered by the company and
120,000 shares by a
selling stockholder. Price—By amendment. Business—
Mail order, sale of general merchandise. Proceeds—For
1962 filed 120,000 class A common (with war¬
rants). Price—$4.45. Business—Development and opera¬
tion of a ski, and year-round resort. Proceeds—For con¬
struction of the resort. Office—Sheridan
Springs Rd.,
Lake Geneva, Wis. Underwriter—To be named.
and modernization
debentures:
Jan.
Corp.
Jan. 29,
and
units,
Spencer Gifts, Inc.
Milton D. Blauner & Co., N. Y.
Ski
;
ceeds—For
bicycles, tricycles and toy automobiles. Proceeds—For
debt repayment, moving expenses and a new product
line. Office—744 Berriman St., Brooklyn, N. Y. Under¬
writers—Lloyd Securities, Inc., Richard Bruce & Con¬
ine., and Reubin Rose & Co., Inc., N. Y.
—
Dec.
be
—
indicators and circuit components. Proceeds—
equipment and working capital.
Office—1933 Heck Ave.,
Neptune, N. J. Underwriter—
use
For
the
St.,/ N.-- Y. UnderwriterTo
'
'•"'■3 ;:"Y' / ^';'•"'/ 7
(2/26-3/2 )
77/,/J
K77/V;
investment company. Pro-4/
Oct. 23, 1961 filed 150,000 class A common.
Price—By
capital. Office—113 W. 2nd St., Casa
amendment.
Business—Company was recently formed
Grande, Ariz. Underwriters—Preferred Securities, Inc.,
by Struthers Wells Corp., to take over latter's recent de¬
and Brown & Co. Investment
Securities, Phoenix.
;
velopments in saline water conversion and certain man¬
v
Spartan International Inc. (3/5)
ufacturing, international engineering and sales activities.
Dec. 22, 1961 filed 175,000 common.
Price—$4. Business
Proceeds—For general corporate purpose. Office—111 W.
—Manufacture of metal shower receptors, precast con¬
50th St., N. Y. Underwriter—Hirsch & Co. Inc.; N. Y.
crete rceptors, prefabricated metal
showers, baseboard
Suburban Directory Publishers, Inc.
radiators and rope and twine. Proceeds—For a new plant
Dec. 28, 1961 filed 90,000 common. Price—$3. Business
in Canada. Office—52-55 74th
Ave., lVIaspeth, L. I., N. Y.
—Publishing and distributing telephone directories. Pro¬
Underwriter—M. H. Woodhill, Inc., N. Y.
ceeds—For repayment of bank loans, additional equip¬
Spears (L. B.), Inc.
ment, expansion and working capital. Office—60 N. State
Oct. 30, 1961 filed 65,000 common. Price—$5. BusinessSt.; Wilkes-Barre,> Pa. Underwriter—G. K. Shields &
Operation of retail furniture stores. Proceeds
For
Co., N. Y.
working capital. Office—2212 Third Ave., N. Y. Under¬
• Sun
City Dairy Products, Inc. (3/26-20)
:
writer—Arnold Malkan & Co., Inc., N. Y.
Oct. 27, 1961 filed 110,000 common. Price—$4. Business
Price—By amend¬
silver in
common.
exploratory
Price—For
Business—Operation
ceeds—For working
Ltd.
Business—The
$5.
"7
shares. Price—$500 per unit.
Recreation
shares.
stocks:
30th
■
.
$500. For
bowling alleys.
Proceeds
For debt repayment and working capital.
Office—2711 N. 24th St., Phoenix, Underwriter—A. G.
Edwards & Sons, St. Louis. Offering—Imminent.
the
amend¬
Price—By
of
Stelber Cycle Corp.
V ,
Jan. 5, 1962 filed $240,000 of 8% convertible debentures
due 1972 and 60,000 common shares to be offered in
Pro¬
Associates, Inc.
Nov. 29, 1961 ("Reg. A") $150,000 6% convertible sub¬
ordinated sinking fund debentures due 1973; and 30,000
Business—A
Proceeds—For debt repayment
Office—2101 S. High St., Colum¬
Mines
Southwest
Space Financial Corp.
Nov. 24, 1961
("Reg. A")
working capital.
bus, Ohio. Underwriters—Rodetsky, Walker & Co., Inc.,
N Y. and Boenning &
Co., Philadelphia.
Siconor
•
Underwriter—Dillon, Read & Co., N. Y.-.-
(3/5-9)
Sept. 18, 1961 filed 250,000
company.
Office—Poinsett Hotel Building,
Greenville, S. C. Underwriter—Capital Securities Corp.,
Greenville, S. C. »
ital.
Inc.,| N. Y.. /
parts.
and
investment
Manufacture
Norristown, Pa. Underwriter—Joseph W. Hurley & Co.,
Norristown, Pa. J
7''
7j7 77 7^7 77- / VY-
ceeds—For investment.
area.
150,000 common, of which 135,000
shares are to be offered by the company and 15,000 by
a stockholder. Price—$6. Business—Manufacturer of re¬
automobile
■
Industries, Inc. (3/26-30)
28, 1961 filed 100,000 common shares. Price—$6.
business
common.
• Steel Plant
Equipment Corp. (3/12-16)
Oct. 2, 1961 ("Reg. A") 100,000 common. Price—$3. Pro¬
Growth
small
Ave.,
Inc.
100,000
—
W.
J/J'
By amendment. Business—Generation, transmission and
distribution of electric energy in the Texas Panhandle
filed
1961
Office —252
share for each 20 shares held of record March 6. Price—
equipment, advertising, plant expansiori arid
working capital. Office—3800 N. W., 32nd Ave., Miami,
Shenk
June
Industries,
Business
named.
30, 1962 filed 442,362 common shares to be offered
for subscription by stockholders oh the basis of one new
ceeds—For
built
Inc.
common.
Jan.
Shelley Manufacturing Co.
Dec. 29, 1961 filed 55,000 common. Price—$6.50. Business
—Manufacture
of
automatic
equipment for handling
packaged foods, and various food serving devices. Pro¬
Nov.
Southern
Livonia
boxes, brochures,
packaging materials and packaging machines. Proceeds
—For debt repayment and general corporate purposes.
.
•
Office—454
purposes.
1961 filed
3,
ment.
Price—$3.
Business—Construction and operation of towing boats.
Proceeds—For debt repayment, conversion of a boat, and
working capital. Office—3300 N. W. North River Drive,
Miami, Fla. Underwriter—Irwin Karp & Co., Inc., 68
William St., N. Y.
- - /
<
100,000
corporate
,
ment. Business—Writes automobile
Dec.
Fla. Underwriter—George, O'Neill & Co;,
("Reg. A")
1961
common
Price—$2.
electronic
products, debt repayment and working capital.
new
29,
Business—A
Corp.
Dec.
Sept.
Nov.
Price—$4.- Business
common.
Brooklyn, N. Y. Underwriter—Edwards & Hanly, Hemp¬
stead, N. Y.
(3/5-9)
data and program
for
Towing & Transportation Co.,
1961 filed 80,000
general
general corporate pur¬
poses. Office — 617 du Pont Plaza Center, Miami, Fla.
Underwriters—A. C. Allyn & Co., Chicago and Bioren
& Co., Philadelphia.
Offering—Expected sometime in
April. ■■ ' ■'
: "• 'J •'
/•'
•'
■
■
V
/'
/
-;;"v
Proceeds—For
Southeastern
-it.
;
—Design, manufacture and sale of heavy-duty stainless
steel equipment.
Proceeds—For debt repayment and
Propane Gas Co.
1962 filed 75,000 common. Price—By amend¬
Business—Sale of liquefied petroleum gas and re¬
products.
;>•■,:
;
Stanley Industries Corp.
30,
ment.
peka.
Seg Electronics Co., Inc. (3/19-23)
r V
Sept. 28, 1961 filed 110,000 common. Price—By amend¬
ment.
Business—Design and manufacture of networks
Thursday, February 22, 1962
.
Compton Blvd., Paramount, Calif. Underwriters—
Troster, Singer & Co., and Federman, Stonehill & Co.,
construction, interest costs, and working capital.
Office—Paris, France. Underwriters—Morgan Stanley &
Co., and Lazard Freres & Co., N. Y.
.
Kan.
.
E._
For
.
distribution
of
$7).
Business—Manufac¬
diving equipment and ac¬
Proceeds—For, working capital., Office—7701
Taylor Publishing Co.
21, 1961 filed 152,000
Dec.
ment. Business
—
common.
Production
and
Price—By amend¬
distribution of school
year-books and commercial printing. Proceeds—For sell¬
ing stockholders. Office—6320 Denton
derwriter—Dallas Rupe
Dr.,
Dallas.
Un¬
& Son, Inc., Dallas, Tex.
• Taylor Wine Co., Inc.
Feb. 15, 1962 filed 210,312
common, of which 170,000
publicly by stockholders, and 40,312
shares' for subscription by the stockholders for the ac¬
count of the company.
Price—By amendment (max.,
$25)., Business—Production of various/type wines; - Pro¬
are
to
be
offered
ceeds—For plant expansion and working
capital.' Office
Underwriter—First Boston
Offering—Expected in April;:."
—Hammondsport, NJ' Y.
Corp., N. Y.
v.
Volume
195
Number
6136
.
.
.
The Commercial and Financial Chronicle
Technibilt- Corp.
(3/5-9)
26, 1961. filed 150,000 common. Price—$4. Business
—Manufacture of shopping carts and related products.
Nov.
_
equipment and working
Office—905 Air Way, Glendale, Calif. Under¬
writer—Frank Karasik &.Co., N. Y.
Proceeds—For selling stockhold¬
Office—Lindale Rd., Swan, Texas. Underwriter—
First Southwest
Co,, Dallas.
ers.
Torch
Jan.
Rubber Co., Inc.
26, 1962 filed 110,000 common. Price--$3.50.
•
Busi¬
ness—Manufacture of waterproof rubber footwear.
Pro¬
ceeds—For equipment, moving expenses, expansion and
Animations, Inc.
working capital. Office—1302 Inwood Ave., N. Y. Un¬
30, 1961 filed $21!;400~of 7% conv. subord. deben¬
derwriter—Carroll Co.* N. Y*
tures due 1972 (with warrants) to be offered for sub¬
O Tork Time
Controls, Inc. (3/26-30)
scription by holders of HaSs A and class B common at
Dee. 12, 1961 filed 150,000 common. Price—By amend¬
the rate of $100 of debentures for each 280 shares held.
ment. Business—Design and manufacture of time con¬
Price—$100 per unit ($100 of debentures and one war¬
trolled switches. Proceeds—For debt repayment, expan¬
rant to purchase 14-class A shares). Business—Design
and manufacture of -animated transparencies and. other " sion, and working capital. Office—1 Grove St., Mount
Vernon, N. Y. Underwriters—Godfrey, Hamilton, Taylor
technical training aids and displays. Proceeds—For debt
& CO., and Magnus & Co., N. Y.
repayment, expansion, -research, and working capital.
• Towers Marts
Office—11 Sintsink DivJEast Port Washington, N. Y.
International, Inc. (4/9-13)
Feb. 1, 1962 filed 550,000 capital shares. Price — By
Underwriters—Bull & Low; John R. Maher Associates;
amendment. Business
Company builds and operates
and R. Topik & Co., Inc., N. Y.
.7,,7.'/V
retail discount department stores. Proceeds—For expan¬
Tec-Torch Co., Inc. (3/12-16)
sion. Office—41 E. 42nd St., N. Y. Underwriter—W. C.
Nov. 28, 1961 filed 100,000. common. Price—$3.25. Busi¬
Langley & Co., N. Y.
ness
Design ami manufacture, of inert gas welding
Traid Corp...
/,
equipment. Proceeds—For »dcbt repayment, expansion
and working capital. Qffice^-153 Union Ave., East Ruth- 1 Feb. 12, 1962 filed 150,000 common. Price—By amend¬
ment (max. $9).
Business—Design and sale of special
erford, N. J. Underwriter—Scott, Harvey & Co., Inc.,
cameras for scientific photography. Proceeds—For gen¬
Fairlawn, N. J.
1 ■
• ;
/
eral corporate purposes.
Office—17136 Ventura Blvd.,
Tel-A-Sign, Inc..
Encino, Calif. Underwriter—J. A. Hogle & Co., Salt
Oct. 30, 1961 filed $900,000 of convertible subordinated
Lake City. ■ •
7 '•/
7-■ '■"■
debentures due 1974 and Jj.80,000 common to be offered
o Trans-Alaska
Telephone Co. (3/26-30)
in units consisting of ,$10Q of debentures and 20 common.
Nov. 29, 1961 filed 265,000 common, of which 250,000 are
Price—By amendment. , JBttginess — Manufactures illu¬
to be offered by the company and 15,000 by a stock¬
minated and non-iliummatgd signs and other advertis¬
Price—By amendment. Business—Manufacture
and beverage service equipment.
Proceeds—
working caiptal, Office—6815 Hamilton Ave., Pitts¬
burgh. Underwriter — Arthurs, Lestrange & Co., Pitts¬
burgh.
of
Ultra Plastics Inc.
Sept. 19, 1961 filed 150,000 class A
—
Uneeda Vending Service,
Dec.
Tele-Cine, Inc.
:
29, 1961 ("Reg. A^i 100,000 common and $100,000
of 6f% 5-year subordinated debentures. Price—For stock,
$1; for debentures, at par ($100). Business—Production
of television programs. Proceeds—For equipment, debt
repayment and other, corporate purposes. Office—1017
New Jersey Ave., S.$LWashington, D. C. Underwriter
—Turnbull, Deter & SuIJivah, Inc., Charlottesville, Va.
Corp. ■•77;"-."■
7■';
Jan. 29, 1962 filed 125,000 common. Price—$3. Business
—Manufacture of "Tellite,7 a: new material used in con¬
nection With electronic circuits. Proceeds—For expan¬
sion, research and development, acquisition a technical
library, and working capital. Office—200 S. Jefferson
,
United Aero
.
St., Orange, N. J.^ Underwriter—Magnus & Co., N. Y.
' 'Tfen-Tex Corp.
tronics
Jan.
31,
1962
("Reg. A")
128,000
common
and $24,000
7% series B subordinated convertible debentures to
ture
Jan.
ma¬
1968-72*:. JPri.ce—$20 per unit. Business—
Manufacture of a machine for production Of tufted tex¬
tile products. Proceeds^-For debt repayment and work¬
ing capital. Office—4813' Tennessee Ave., Chattanooga.
Underwriter—Irving J. Rice & Co., Inc., St. Paul.
1,
Oct.
Capital, Inc.
16, 1961 filed 250,000..common. Price—By amend¬
Business—A small business investment company.
Proceeds—General corporate purposes. Office—1947 W.
ment.
Gray
Ave.,
Houston.
Underwriter—Moroney, Beissner
& Co., Inc., Houston.
•
Texas Tennessee
Industries, Inc. (3/5-9)
Oct. 26, 1961 filed 175,000 common, of which 150,000
shares are to be offered by the company and 25,000 by
stockholders. Price—By amendment.
Business—Manu¬
facture of water coolers, water cans and portable hot
beverage dispensers.
Proceeds—For debt repayment
and general corporate purposes. Office—6502 Rusk Ave.,
Houston.
Underwriter
S. D. Fuller & Co., N. Y.
—
Thomasville Furniture Industries, Inc. (3/26-30)
Jan. 16, 1962 filed 343,551 common. Price—By amend¬
ment.
Business—Manufacture
Proceeds—For
of
furniture.
household
the
selling shareholders. Office—401 E.
Main St., Thomasville, N. C. Underwriter—Hornblower
&
Weeks, N. Y.
Thompson Manufacturing Co., Inc.
Dec. 22, 1961 filed 90,000 common, of which 80,000 shares
are to be offered by the company and 10,000 by stock¬
holders.
Price—$4. Business—Design and manufacture
of special machinery for bowling alleys and related
equipment.
Proceeds—For expansion and general cor¬
porate purposes. Office — Canal St., Lancaster. N. H.
Underwriter—Packer-Wilbur Co., Inc., N. Y.
r
Thunderbird
International Hotel Corp.
1962 filed 175,000 common. Price—By amend¬
ment ($10 max.). Business—Hotel ownership and man¬
agement. Proceeds — For construction. Office — 525 N.
SepUlveda Blvd., El Segundo, Calif. Underwriter—Vickers, MacPherson & Warwick, Inc., N. Y.
Jan.
2,
Tidewater Lumber Co.
(3/12-16)
Oct. 23, 1961 filed 200,000 common. Price—$5. Business
—Wholesale lumber company. Proceeds—For debt re¬
payment and working capital.
Office
—
1600 Hillside
Ave., New Hyde Park, N. Y. Underwriter—Rubin, Rennert & Co., Inc., N. Y.
on
the
basis
for each two held of record Dec. 30.
ness—Manufactures
tronic equipment.
a
of
one
new
Price—$0,125. Busi¬
broad line of electrical and elec¬
Proceeds
—
For expansion.
Office—
Tokyo, Japan. Underwriters—None.
^Tomorrow's Industries, Inc.
Feb. 16, 1962 filed 300,000 common, of which 100,000 are
to. be offered by the: company and 200,000 by stockhold¬
ers.
Prices—$6.
repaymentj- equipmentr—leasehold
United Variable Annuities Fund, Inc.
April 11, 1961 filed 2,500,000 shares of stock. Price—$10
per share. Business—A new mutual fund. Proceeds—For
investment. Office—20 W. 9th Street, Kansas City, Mo.
Underwriter—Waddell & Reed, Inc., Kansas City, Mo.
Offering—Expected in early March.
Univend Corp. (3/5-9)
Sept. 29, 1961 ("Reg. A") 115,000 common. Price—$2.50.
Business—Operates coin-vending machines for food and
—Ezra Kureen
Universal
Foods- Corp.
1
^
diversification and acquisitions.
Office—221 E. Buffalo
St., Milwaukee. Underwriter—Smith, Barney & Co.,N.Y.
Offering—Expected in late March.
com¬
Office—209 Glenside Ave., Wyncote, Pa. Un¬
derwriter — Valley Forge Securities Co., Inc., Phila.
Twentieth Century Capital Corp.
Price—By amend¬
Universal Lighting Products, Inc. (3/15)
Sept. 21, 1961 filed 175,000 common. Price—$1. Business
—Manufacturer of lighting fixtures and display and
merchandising equipment for use in gasoline service
stations. Proceeds
Repayment of debt and working
capital. Office—55 Bergenline Ave., Westwood, N. J.
Underwriter—Globus, Inc., N. Y,
—
s
ment. Business—A small business investment company.
Brands, Inc. (3/19-23)
Dec. 22, 1961 filed 800,000 common, of which 550,000
are to be offered by the company and 250,000 by stock¬
holders. Price—By amendment. Business—Distribution
of imported and American wines and whiskies. Proceeds
—For debt repayment, expansion and working capital.
Office—23 W. 52nd St., N, Y. Underwriters—A, C. AUyn
& Co., and Hornblower & Weeks.
Place, Brooklyn, N. Y. Underwriter
Co., N. Y.
ers.
Price—By amendment. Business—Production of
yeast and other food products. Proceeds—For possible
ponents.
general corporate purposes. Office—134
St., Chicago. Underwriter—Bacon, Whipple
Chicago.
For expansion and working capital.
Jan. 25, 1962 filed 104,196 common, of which 47,248 are
to be offered by the company and 56,948 by stockhold¬
Engineering & Automation Corp.
27, 1961 ("Reg. A") 75,000 common. Price—$4.
Salle
—
Office—28 O'Brien
Turner
Tyler Pipe & Foundry Co. (4/2-6)
filed 120,000 common. Price—By amendimprovements- and- ■;» meat. Business—Design^ development and manufacture
Proceeds—For debt
1961
drink. Proceeds
Business-—Design, manufacture and sale
of women's and children's footwear.
:
S. Electronic
Publications, Inc.
("Reg. A") 100,000 common. Price—$3.
Business—Publishing of military and industrial hand¬
books. Proceeds—Debt repayment, expansion and work¬
ing capital. Office—480 Lexington Ave., N. Y. Under¬
writer—Douglas Enterprises, 8856 18th Ave., Brooklyn.
Turbodyne Corp. (4/9-13)
May 10, 1961 filed 127,500 shares of common stock. Price
—$5 per share. Business — The research, development,
manufacturing and marketing of space and rocket en¬
gines, and related activities. Proceeds—For research and
development, and working capital. Office—1346 Con¬
necticut Ave., N. W., Washington, D. C. Underwriter—
Sandkuhl & Co., Inc., Newark, N. J., and N. Y. C.
21
stockholders
U.
Sept. 26,
N. Y.
Proceeds—For
Price—$2.25. Busi¬
manufacture of automatic control systems.
Proceeds—For repayment of debt, a sales and advertis¬
ing program, research and development, equipment and
working capital. Office — 410 Fourth. Ave., Brooklyn.
Underwriter—To be named.
Trygon Electronics Inc. (3/19-23)
22, 1961 filed 100,000 common, of which 52,000 are
by the company and 48,000 by stockhold¬
ers. Price—$6. Business—Design, manufacture and sale
of power supplies. Proceeds—For debt repayment and
working capital. Office—111 Pleasant Ave., Roosevelt,
L. I., N. Y. Underwriter—William, David & Mqtti, Inc.,
Nov. 24, 1961 filed 250,000 common.
common.
ness—The
Dec.
share
to
U. S. Controls, Inc.
Sept. 28, 1961 filed 120,000
in¬
to be offered
and
(3/5-9)
Inc.
machinery, debt repayment and working capital. Office
Wayne Ave., Philadelphia. Underwriter—God¬
frey, Hamilton, Taylor & Co., Inc., N. Y.
•
& Co.,
Packaging Co.,
—4511
Industries, Inc. (2/27)
1961 filed 160,000 common, of which 80,000
are to be offered by the company and 80,000 shares by
stockholders. Price—By amendment. Business—Manu¬
facture of precision," plastic components. Proceeds—For
repayment of loans, advertising, equipment and work¬
ing capital. Office—175 I. U. Willets Rd., Albertson, L. I.,
N. Y. Underwriter—Hill, Darlington & Grimm, N. Y.
S. La
fered
United
Nov. 29, 1961 filed 102,000 common. Price—$3. Business
—A general packaging business. Proceeds —- For new
42nd St., N. Y.
Y.
devices
per¬
City,
Mo., and Kidder, Peabody & Co., N. Y. Offering—Ex¬
pected in late April.
/
Tri-Point
electronic
V'
of Waddell & Reed. Office—20 W. 9th
St., Kansas City,
Mo. Underwriters—Waddell & Reed, Inc., Kansas
Sept. 28,
Business—Manufactures
■
-
associated with the parent company or its sub¬
sidiaries. Price—By amendment. Business—A legal rerserve life insurance
company. Proceeds—For the account
Price—$6,000 per interest. Business—Company
formed for the purpose of acquiring for investment
the fee title to three discount department stores. Pro¬
•
" k
sons
was
Sept.
'
remaining 90,400 shares will be offered to certain
terests.
•
V"'
Waddell & Reed, Inc., parent, on the basis of one
United share for each two Waddell shares held.
The
7
ceeds—For debt repayment. Office—30 E.
Underwriter—Adler Securities Corp., N.
:■
of
1962 filed 100,000 common. Price—By amend¬
Business—Preparation and j packaging of meat
food products for other firms and the large scale breed¬
ing of-vpigs. ProceedSrrr-For debk repayment, Plant ex¬
pansion and working capital. Office—4733 Belleview,
Kansas City, Mo. Underwriter — Scherck, Richter Co.,
Tri-Department Stores Associates
v
9, 1962 filed $2,436,000 of limited partnership
'
■'<
United Investors Life Insurance Co.
Dec. 15, 1961 filed 562,500 common, of which
472,100
shares are to be offered for subscription by stockholders
•
Feb.
Exchange, Inc.
St., N. Y. Underwriter—M. G. Davis & Co., Inc.,
N. Y.
ment.
("Toshiba")
Dec. 8, 1961 filed 50,000,000- common shares to be of¬
Tokyo Shibaura Electric Co., Ltd.
43rd
Jan. 26,
Texas Electro-Dynamic
industries. Proceeds—Debt repay¬
Price—$3. Business
—Operation of retail camera stores. Proceeds—For ex¬
pansion and general corporate purposes. Office—25 W.
—
St. Louis.
nuclear
United Camera
Capital, Inc. -(3/26-30)
Nov. 27, 1961 filed 47,000 common. Price—By amend¬
ment. Business
Manufacture of high pressure valves
and accessories. Proceeds—For expansion, working cap¬
ital, and possible acquisitions. Office — Pacific National
Bank Bldg., Bellevue, Wash, j Underwriter—Hill, Dar¬
lington & Grimm, N. Y.
!v /'i:?
t
i
■
and
Jan. 29, 1962 filed 105,000 common.
Trans-Pacific Research &
-
Corp*
—
Inc.
Foods, Inc.
Products
Note—This offering was indefinitely postponed.
processing and transmission field. Proceeds—For debt
repayment and other corporate purposes. Office—1000
N. Johnson Ave., El Cajon, Calif. Underwriter—N. C.
Roberts & Co., Inc., San Diego.
Trenton
of
ment, research and development, expansion and working
capital. Office—Columbus Rd., Burlington, N. J. Under¬
writer
Hess, Grant & Remington, Inc., Philadelphia.
Nov. 29, 1961 filed 100,000 common. Price—$5. Business
—Research and development in the data and image
•
Purchase
—
Inc.
73,500 common. Price — $3.
new and used coin-operated
Sept. 28, 1961 filed $600,000 of 6% conv. subord, deben¬
tures due 1971. Price—At par. Business—Manufacture of
precision machined parts for the aircraft, missile, elec¬
■
Tellite
("Reg. A")
vending and recreational machines. Proceeds—For gen¬
eral corporate purposes. Office—166 Clymer
St., Brook¬
lyn, N. Y. Underwriter—Capital Consultants Corp., N. Y,
Price—$6. Proceeds—For construction, and ac¬
quisition, repayment of debt, and other corporate pur¬
poses.
Office — 110 E. 6th Ave., Anchorage, Alaska.
Underwriter—Milton D. Blauner & Co., Inc., N. Y.
Transdata,
14, 1961
Business
.
holder.
Dec.
Price—$4.
debt, inventory, additional personnel, advertising and
working capital. Office—875 North 28th St., Philadel¬
phia. Underwriter—To be named.
,
Underwriter—Clayton .Securities Corp., Boston.
common.
Business—The manufacture of outdoor plastic signs and
urethane foam. Proceeds—For
equipment, repayment of
—
For debt repayment and
3401 W. 47th St., Chicago.
food
For
—
—
(3/12-16)
holders.
Technical
ing material,
proceeds
working capital.
Office
Tyson Metal Products, Inc.
Oct. 26,1961 filed 70,000
common, of which 21,000 shares
are to be offered
by the company and 49,000 by stock¬
Nov.
:
45
of cast iron products.
working capital. Office—703 Bedford Ave., Brooklyn,
N. Y.
Underwriter—Godfrey, Hamilton, Taylor & Co.,
Inc., N. Y.
Proceeds—For debt repayment,
capital.
(965)
t
★ Urethane of Texas, Inc.
Feb. 14,1962 filed 250,000 class A and 250,000 common to
be offered in units of one share of each class. Price—
$5.05
foams.
per
unit.
Business—Manufacture
Proceeds—For
equipment,
of
working
urethane
capital,
leasehold expenses and other corporate purposes. Office
—2300
Republic National Bank Bldg., Dallas.
writer—Rowles, Winston & Co., Houston,
Under¬
Uropa International, Inc. (2/27)
Sept. 28, 1961 filed 120,000 common. Price—$2.50. Busi¬
ness—Importing of compact appliances and stereophonic
Jan, 25, 1962
-
Continued;on. page
The Commercial and Financial Chronicle
46
Volume
Co., San Francisco. Offering—In
Corp.
Mo.
"•
-
May.
;;
Vornado, Inc.
.
7,
—
■"'*
due
,
Business—Writing of automobile, general liability
types of insurance.
Proceeds—To increase
capital funds. Office—916 Walnut St., Kansas City, Mo.
Underwriter—Kidder, Peabody & Co., N. Y. , ■„ ■ ,
$58):
Proceeds—For expansion. Office—174 Pas¬
Garfield, N. J. Underwriter—Bache & Co., N. Y.
Voron Electronics Corp. (3/5-9)
-
Western
saic St.,
Co.
12, 1962 filed 100,000 common. Price—$5. Business
and regulators for oil, chemical
and missile industries. Proceeds—For acquisition of land,
Feb.
400,000 common. Price—$2.25: Busi¬
ness—Acquisition, construction and leasing of shopping
centers. Proceeds—For general corporate purposes. Of¬
fice—2205 First National Bank Bldg.,, Minneapolis. Un¬
July 28,
equipment and working capital. Office—1445 Lidcombe
Ave., El Monte, Calif. Underwriter — California Inves¬
tors, Los Angeles.
'
•
installation and servicing of industrial and
commercial communications equipment and the furnish¬
ing of background music. Proceeds—For tooling, pro¬
duction, engineering, inventory and sales promotion,of
its products and for working capital. / Office — 1230 E.
Mermaid Lane, Wyndmoor, Pa.
Underwriter — John
Joshua & Co., Inc., N. Y.v
•'
•
the
Vahlsing, Inc.
29, 1962 filed 100,000 common. Price—By amend¬
ment. Business—Grows, packages, and ships fresh frozen
Jan.
Proceeds—For inventory, and working capital.
Office—Easton, Maine. Underwriter—Pistell, Inc., N. Y.
potatoes.
Homes
Val-U
Price—$5. Business
—The manufacture of prefabricated buildings and build¬
ing components. Proceeds—For working capital. Office
—765 River St., Paterson, N. J. Underwriter — To be
•
.
Valle's steak
.
22, 1961 filed 78,812 common, of which 55,736 are to
by the company and 23,076 shares by a stock¬
holder.
Price—By amendment.
Business—The opera¬
tion of four restaurants in Maine and Mass. Proceeds—
Wallace
be offered
—
-Walston Aviation, Inc.
—For
,
v
Van Der Hout Associates Ltd.
r
29, 1961 filed 100,000 common. Price—By amend-'
ment. Business—National distributor of automotive parts
.,
Warlick
Shore
Rd.,
Corp., Ltd., Toronto.
Vapor Corp.
.
■
„
[;n
60,000 are to
stockholder.
Ursula
Wham-O
derwriter—Eppler, Guerin & Turner, Inc., Dallas..
for rail
cars, buses and aircraft; and door control devices for
rail passenger cars. Proceeds—For selling stockholders.
Office—80 E. Jacksonv Blvd., Chicago. Underwriter—
William Blair & Co., Chicago.
;
E.
Corp. I
writer—Shields & Co. Inc., N. Y.
pected sometime in March.
Weinkles
(mgr.).
,,
•
\
working cap¬
Ala. .Under-.;;
Offering—Ex¬
Electronics, Inc.
1962 filed 150,000 common. Price—$5. Business
—Manufacture, lease and sale of an amusement device
known
Golf it. Proceeds
For debt repayment
and
general corporate purposes. Office—1 Bala Ave., BalaCynwyd, Pa. Underwriter—D. L. Greenbaum Co., Phila¬
as
—
delphia.
eral
•
Industries, Inc.
26, 1961 filed 95,000 common. Price—$2. Business
—Design, assembly, production and sale of creative arts,
crafts, hobbies and educational toys. Proceeds—For debt
repayment. Office—68 Thirty-third St., Brooklyn, N. Y.
Underwriters—Ross, Lyon & Co., and Globus, Inc., N. Y.
Vitamin Specialties Co.
(4/9-13)
Nov. 6, 1961
Business —
("Reg. A") 100,000 capital shares. Price—$3.
Sale of vitamin products and proprietary
drugs. Proceeds—For debt repayment and working cap¬
ital. Office—3610-14 N. 15th St., Philadelphia. Under¬
writer—Woodcock, Moyer, Fricke & French, Inc., Philadelphia.
Volt Technical
Corp.
29, 1962 filed 190,000 class A shares. Price—$10.25.
Business—Preparation of technical publications. Pro¬
Jan.
,
ceeds^—For selling stockholders. Office—241 Church St.,
N. Y. Underwriter—Andresen & Co., N. Y.
• Volt Technical Corp;
:: - • t,
Feb. 21,-1962 filed 155,000 class A shares. Price — By
amendment. Business—Preparation of technical publica¬
'
:
Development of a shopping center at Falls
Proceeds—For general corporate purposes.
&
West Penn Power Co.
;
Price—By
amendment. Business—Design
dresses. Proceeds—For gen¬
Office—124 E. Olympic Blvd.,
Underwriters—Schwabacher & Co., and J.
Co., San Francisco; and Bear, Stearns & Co.,
;
;
-
•
20,
1961
amendment.
Church, Va.
Business—Publication
of
text
—
books
By
for
Windsor Texprint, Inc.
Aug. 25, 1961 filed 265,000 common, of which 250,000 are
to be offered by the company and 15,000 by stockholders.
Price—$2. Business—The printing of towels and other
textile products.
Proceeds—For repayment of loans,
Office—2357 S. Michigan Ave.. Chicago. Underwriter—
D. E. Liederman & Co., Inc., N. Y. Note—This offering
was indefinitely postponed,
Pa. Underwriters—(Competitive). Probable bid¬
Halsey, Stuart & Co. Inc.; W. C. Langley & Co.& Webster Securities Corp.
(jointly); Lehman
Brothers; Eastman Dillon, Union Securities & Co.-First
Boston Corp. (jointly); Harriman Ripley & Co.; Kidder,
Peabody & Co.-White,Weld & Co. (jointly). Bids—Ex¬
pected March 5 (at 12 noon EST). Information Meeting
—March 2 (10:30 a.m. EST) 55 Wall St. (5th fl;)» N. Y.
burg,
ders:
Stone
Winslow Electronics,
Inc.
Dec. 28,
-
(3/5-9)
1961 filed 125,000 common. Price—$4. Business
—Design and manufacture of precision electrical and
electronic measuring devices and test equipment. Proceeds—For debt repayment and other corporate pur¬
poses. Office—1005 First Ave., Asbury Park, N. J. Underwriter—To be named. ;
<
in
units, each consisting of $100 of debentures
and 20 common shares. Price—$200 per unit. BusinessGeneral real estate. Proceeds—For debt repayment and
working capital. Office — 9412 Wilshire Blvd.. Beverly
Hills, Calif. Underwriter—Morris Cohon & Co.* N. Y.
Wiggins Plastics,
college, post-graduate and adult education courses, and
professional books, encyclopedias, handbooks, etc. Pro¬
ceeds—For selling stockholders. Office—440 Park Ave.,
N. Y. Underwriter—White, Weld & Co., Inc., N. Y.
Office—1411
Sept. 28, 1961 filed $1,500,000 of 7% convertible subord.
debentures due 1976 and 300,000 common shares to be
F.),
• Wiley (John) & Sons, Inc.
Feb. 21, 1962 filed 150,022 shares of capital. Price
;
(3/5)
Corp.
(L.
Inc. (3/19-23)
("Reg. A") 100,000 common. Price—$3.
Business—Custom compression, transfer and injection
molding of plastic, materials. Proceeds—For debt re¬
payment and general corporate purposes.
Office—180
Kingsland Rd., Clifton, N. J. Underwriter—Investment
Planning Group, Inc., East Orange,,N, J. »«•, i l et
1962 filed $30,000,000 of first mortgage bonds,
series S, due March 1, 1992. Proceeds—For debt repay- "
ment and construction. Address—Cabin Hill, Greens-
Westates Land Development
'
Widmann
Oct.
12,
offered
•
Inc. (3/19-23)
162,000 common, of which 102,000 are
the company and 60,000 by stock¬
holders. Price—$3. Business—Operates a chain of retail
drug stores. Proceeds—Expansion, equipment and work¬
ing capital. Office—738 Bellefonte Ave., Lock Haven, Pa.
Underwriter—Godfrey, Hamilton. Taylor & Co., N. Y,
St., N. W., Washington, D. C. Underwriter—Hodgdon
Co., Inc., Washington, D. C.
Jan.
v;,:— 1 ..v > •
filed 135,000 common, of which 45,000
to be offered by the company and 90,000. by
Oct. 27, 1961 filed
to be offered by
Limited Partnership
'
&
N. Y.
Office—210-07 48th Ave., Bay-
'
are
corporate purposes.
Barth
:
Nov. 14, 1961 filed $444,000 of limited partnership inter¬
ests to be offered in 444 units. Price—$1,000. Business—
K
Visual Arts
Dec.
(3/5-9)
.
Co.(3/19-23)
Los Angeles.
(3/26-30)
West Falls Shopping Center
Calif. Underwriter—To
and manufacture of ladies'
side, N. Y. Underwriters—Globus, Inc., and First Phila¬
delphia Corp., N. Y.
•
v v.>
Underwriter—Weil & Co., Inc., Washing¬
>"
;
j
(Norman)
stockholders.
Victor
Jan. 23,
-
28, 1961
shares
28, 1961 filed 75,000 common. Price—$2. Business
—Company renders direct mail public relations, sales
promotion and advertising services to mothers on behalf
of retail stores. Proceeds—For debt repayment and gen¬
eral corporate purposes.
.
Wiatt
Nov.
Dec.
'
St.,. San Gabriel,
ton, D. C.
,,
Liquor Stores, Inc.
Baby, Inc.
Monte
El
Bethesda, Md.
80,000 are
stockhold¬
ers. Price—$4.50. Business—Retail sale of liquor in and
about Miami, Fla. Proceeds—For working capital. Office
—2305
N.
W. 12th Ave.,
Miami, Fla. Underwriter—
Charles Plohn & Co., N. Y. Offering—In April.
Welcome
'
*
lication of technical papers, marketing, product develop¬
ment and working capital.
Office—4903 Auburn Ave.,
Dec. 27, 1961 filed 165,000 common, of which
to be offered by the company and 85,000 by
Jan.
- • - • -
Inc. vV
.y
v
1961 filed 65,000 common. Price—$3.75. Business
—Rendering of consulting services pertaining to elec¬
tronic system analysis.
Proceeds—For expansion, pub¬
Proceeds^-For the purchase of vessels, and
ital. Office—71 Saint Joseph St.* Mobile,
(4/2-6)
Dec. 27, 1961 filed 124,900 common, of which 55,000 are
to be offered by the company and 69,900 by stockholders.
Price—By amendment. Business—Design, manufacture
and distribution of aids for hair styling, and the pro¬
duction of eyebrow pencils, lip liners, etc. Proceeds—
For debt repayment, equipment and working
capital.
Office—585 Gerard Ave., N. Y. Underwriter—J. R. Williston & Beane, N. Y.
~ •
White Electromagnetics,
Un¬
:
^
-
Mfg. Co.
Oct. 5,
Aug. 29, 1961 filed 1,743,000 common. Price—By amend-,
ment
Business — The carrying of liner-type cargoes.
.
Corp.
Vendex, Inc.
12, 1962 ("Reg. A") 300,000 common. Price — $1.
Business—Manufacture of coin operated vending ma¬
chines. Proceeds—For an acquisition and general cor¬
porate purposes. Office—1290 Bayshore Blvd.,, Burlingame, Calif. Underwriter—Pacific Coast Securities Co.,
San Francicso. Offering—Expected sometime in April.
Waterman, Steamship
„
be named.
repayment, equipment, and '
working capital. Office—2263 Valdina St., Dallas.
' ."-'v.
Feb,, 2, 1962 filed 156,762 common. Price — By amend¬
ment. Business—Manufacture of steam generators for J
diesel locomotives; temperature control systems
debt
V', •;
(3/20)
Dec. 26, 1961 filed 145,000 common, of which 72,500 are
to be offered by the company and 72,500 by stockhold¬
ers. Price—By amendment. Business—Design, manufac¬
ture and sale of toys-and games, sporting goods* and
housewares. Proceeds—For working capital.^ Office-—835
'Nlnc.
Proceeds-—For
ments.
,
Proceeds—For investment.
Office—403
St., Aurora, Colo. Underwriter—Westco Corp.,
Aurora, Colo.
t
25, 1962 filed'180,000 common.. Price—By amendment.
Business—Printing of- legal land financial: docu¬
,•/:
'■< • ;?V
Press
;;V
.
company.
,
Jan.
selling stockholders. Office—*
Toronto. Underwriter—Rosmar
in Canada. Proceeds—For
:
•
13, 1961. filed 32,000 shares of beneficial interest.
Price—$6.25.
Business—A small business investment
—
Nov.
McDonald
Nov.
Price—$6.25. Business—Sells Cessna Airplanes and sup¬
plies; also repairs and services various type airplanes.;
Proceeds
For expansion and general corporate pur¬
poses.
Office—Civic Memorial Airport, E. Alton, 111.
Underwriter—White & Co., Inc., St. Louis.
Inc., N. Y.
—
Western States Real Investment Trust
;v;,...".V
.
Office—335 .Euclid Ave., Cleveland.
& Co., and Ball, Burge &
expansion.
Underwriters
.
Oct. 30; 1961 filed 90,000 common, of which
be offered by the company and 30,000 by a
rocket, munitions and pyrotechnics industries. Proceeds
—For debt repayment and general corporate purposes.
Office—Essex, Conn.
Underwriter—McDonnell & Co.
Vassar
7',Vv
Co., N. Y.
Valley Metallurgical Processing Co. (3/5-9)
23, 1961 filed 70,000 common. Price—By amend¬
ment.
Business—Production of metal powders for the;
.
29,. 1961 filed 213,734 common to be offered for
subscription by stockholders on the basis of two new
shares for each 3 held. Price—By amendment. Proceeds
the mortgage loan correspondent business.
Proceeds—For selling stockholders.
Office—1111 Hart-,
ford Bldg., Dallas.
Underwriter—Harriman Ripley &
Oct.
of Ohio
Reserve Life Assurance Co.
Dec.
in
engages
Pressprich & Co., N. Y.
Lake
Western
••
<
12, 1962 filed 400,000 common. Price—By amend'ment (max. $22). Business—Company makes short-term
real estate loans, acquires, develops and sells land, and
and general corporate
purposes. Office—646 Forest Ave., Portland, Maine. Un¬
derwriters—H. M. Payson & Co., Portland, and R. W.
1480
_
Feb.
expansion, debt repayment
offered by the company and 196,750 by stock¬
Prcie—By
Kraus, Cleveland.
Investments, Inc.
-
of loans secured by
N. Wayne, Chicago.
porate purposes. Office — 2117-29
Underwriter—Laren Co., N. Y.
House
>
amendment. Business—The making
first liens on real estate. Proceeds—
For debt repayment. Office—3243 Wilshirp Blvd., Los
Angeles. Underwriter—Kidder, Peabody & Co., N. Y.v
holders.
on-location
and supplies to franchise holders. Proceeds—For debt
repayment, new building and equipment and other cor-
.
to be
are
>
cleaning and moth-proofing of rugs, furniture, etc. Com¬
pany also manufactures and sells cleaning equipment
Dec.
For
derwriter—None.
• Western'Pioneer Co.
Feb. 19, 1962 filed 371,750 capital shares of which 175,000
Wade, Wenger ServiceMASTER Co. (3/19-23)
28, 1961 filed 140,000 capital shares. Price—By
amendment. Business—Sale of franchises for
Aug. 28, 1961 filed 100,000 common.
named.
,
sale,
Dec.
of Delaware
Corp.
Land Corp.
Oct. 24, 1961 filed
.
1961 filed 100,000 class A shares. Price — $3.
Business—The manufacture of electronic test equipment,
—Production of valves,
other
and
appliances.
Offering—Imminent.
•v
• Western Casualty & Surety Co;
' *
Feb. 16,1962 filed 187,500 capital shares to be offered for
subscription by stockholders on the basis of one new
share for each four held: Price—By amendment (max.
1961
debentures
Telephone Co.
Inc., and Schwabacher & Co., San Francicso.
,
filed $5,243,400 of 5% conv. subordinated
1982, being offered to common stockholders at the rate of $100 of debentures for each 25
shares held of record Feb. 14 with rights to expire
March 1, 1962. Price—At par. Business—Operates a chain
of retail
"discount" stores and manufactures electric
Dec.
■
Valve
.
corporate purposes. Office—115 W. Crane St., Topeka,
Kan. Underwriter—Stern Brothers & Co., Kansas City,
Sept. 18, 1961 ("Reg. A") 33,097 common. Price — $5.
Business —: Operation of a discount department store.
Office—3629 N. Teutonia Ave., Milwaukee, Wis. Under¬
writer
Continental Securities Corp., Milwaukee, Wis.
Vacco
-
••••
California
18, 1961 filed 84,000 common, being offered for
subscription by preferred and common stockholders on
the basis of one right for each two common shares and
one-fifth right for each preferred share held.
Record
date for the offering is Feb. 15 and the rights expiration
date March 12. Two rights are required to subscribe for
one common share. Price—$25. Proceeds—For construc¬
tion. Office—15900 San Jose-Los Gatos Rd., Los Gatos,
Calif. Underwriters—Dean Witter & Co., Blyth & Co.,
Distributors, Inc.
24, 1961 filed 90,000 common. Price—By amend¬
Business—Operation of a self-service family shoe
chain and shoe departments in discount depart¬
ment stores. Proceeds—For debt repayment and other
By amend¬
and sale of
metal pipe,
telephone conduit and miscellaneous concrete products.
Proceeds—For debt repayment and working capital. Of¬
fice—379 17th St., Ogden, Utah. Underwriter—Schwa-
•
N. Y. ■:
Western
Dec.
Church
store
8, 1962 filed 110,000 common. Price —
(max. $10). Business — Manufacture
concrete pipe, masonry products, corrugated
U-Tell
personnel.
trained
ment.
Feb.
•
•
Nov.
Pipe Co.
ment
bacher &
technically
of
selling stockholders. Office—241
St., N. Y. Underwriter—Andresen & Co.,
phonograph consoles. Proceeds—For working
Office—16 W. 32nd St., N. Y.
UnderwriterSamitas & Co., N. Y.
Concrete
supplying
Proceeds---For
capital.
Utah
and
tions
45
page
radio and
•
Thursday, February 22, 1962
.
.
)
from
Continued
Dean
.
(966)
Wolf Corp.
.
-
*
'
-
>
:
Jan. 26, 1962 filed $4,500,000 of 6.5% convertible sub¬
ordinated debentures due 1977 (.with attached warrants)
to be offered for subscription by stockholders of class
-A stock on the basis of $500 debentures for each 100
Volume
class
A
Real
estate.
Number 6136
195
shares
held.
Price—$500
Proceeds—For
The Commercial and Financial Chronicle
...
• Consolidated Edison Co. of New
York, Inc.
Feb, 7, 1962 it was reported that this
company expects
to raise some $262,000,000 of new
money in 1962. : The
Businessrealty
per.unit.
debt" repayment
and
acquisitions. Office—10 E/ 40th St, N. Y. Underwriter
—S. E. Securities, Inc., N. YYYYY
Y:
July:3I,
I.-
1961 filed 300,000
common shares. Price—By
n.._:
Mi.UKaUjnn 1/.f
Business-The publishing of encyclopedias
Proceeds—For repayment ol
^
■amendment.
high
May 1. Office—920 S. W. Sixth Ave.,
Portland, Ore. Un¬
bidders: Ladenburg,
Thalmann & Co.; Kidder,
Peabody & Co.; Lehman Broth¬
ers Eastman Dillon, Union Securities & Co.
on
derwriters—(Competitive). Probable
nrlmntlv
d6bt, working capital and general corporate purposes.
Broadway; Lynbrook, N. Y. Underwriter-^
N. Y.
'Office—290
debt
-Standard Securities Corp.,
World Toy
670,000 common shares on the basis of one new share
for each 20 held of record March 26
with rights to expire
the debt side, which suggests equity financing
to
shorUy to be l0lj0wed VSv Promptly with a debt isvery
with a debt issue." In 1963 the company will
require about $168,000,000 of external financing. Proceeds—For
repayment of
,
and other reference books.
•
al
condition of the securities market. A
spokesman stated
that the company's capital structure
was
"somewhat
(3/5-9)
and
construction.
Office^—4
Irving
Place,
N.
Underwriters—To be named. The last sale of bonds
Nov.
Inc. (3/12-16)
Nov, 24, 1961 filed 150 ,000 common; Price—By amend'ment. Business—A manufacturers'broker specializing in
the sale of toys, hobby goods and related items; Proceeds
For general corporate
purposes,^ffice—408 St, Peter
YjSt., St. Paul, Minn. UnderwriteivYLaren Co., N. %
House,
22, 1961
was won
at competitive
47
Pacific Power &
Light Co. (4/5)
Feb. 14, 1962 it was reported that this
company plans to
offer stockholders the
right to subscribe for an addition¬
type of security to be sold will be determined by the
.
World Scope Publishers, Inc.
(967)
Bear,
-
Stearns & Co.-Dean Witter &
Scheduled for April 5 (11 aun.
Y.
Rector
on
bidding by First
Co.
(jointly).
EST)
in Room 2033, 2
St., N. Y.
Pacific
Bids—
Power &
Light Co. (4/11)
Boston Corp, The last sale of preferred was made / Feb.
7, 1962 it was reported that this Company plans to
privately on May 1, 1961 by First Boston Corp.,'and
issue $35,000,000 of first
mortgage bonds due 1992 ProMorgan Stanley & Co., who also'handled the last sale of
ceeds—For construction.
Office—920 S -W Sixth Ave
. tcommon (a rights offering on Jan. 29, 1959). ■
I.
- Portland, Ore. Underwriters—(Competitive). Ptofeable
Denver & Rio Grande Western RR
(3/14) «
\
bidders: .HalSey, Stuart & Co. Inc.; Lehman
Brothers;
a.... Worldwide Fund
Jan. 31, 1962 it was reported that this road
Ltd.
' •/:•%■•■•.
/.. : v.-,*
plans to sell - Eastman Dillon, Union Securities & Co.; Blyth & Co.-$4,830,000 of equipment trust certificates. Office—1530"i White, Weld'& Co. (jointly).
Sept. 19, 1961 filed 100,000 common. Price—$100. BuslBids—Expected April 11
Stout St., Denver: Under writer s-^( Competitive
ness—The Fund plans to invest primarily in equity se(11 a.m. EST). Information
).Prob.
h
•
-
;
"
curities
foreign issuers.
of
Off ice—Bank
of
able
Bermuda
Hamilton, Bermuda. Underwriter — Burnham &
Co.,N. Y. Note—This offering was postponed indefinite-
.Rldg.*
-■'lyr-Y YY/YVi
Yy'^Y
■
/Y'yyy y>\
•••// '•
-
"
• y
.
'
'
Y
Y ;
•
mortgage
-
Youthcraft
Creations/: Inc. (3/5-9)
-6, 1961 filed" 130,000 class A shares, of which 20,000
manufacture
of
foundation
garments
for
"juniors" and
r
y
Paine, Webber, Jackson & Curtis, N,.Y._ /
'
i
r
Zenith
,
.
> :
.
a
bonds
in
November.
Office—270
Peach tree
Oct. 5.
women. Proceeds — To finance increased accounts re¬
ceivable and for other corporate purposes.. Office—21-09
Borden
Ave.,: Long Island City, N. Y. Underwriter—
Pan
12, 1961 it was reported that a full filing will be
covering 100,000 common. Price—$3. Business—•
Operation of beryllium mines in Argentina. Proceeds
—For
mining expenses. Offices—39 Broadway,
Underwriter—R. F. Dowd & Co.
Inc., N. Y.
;
Georgia Power Co. (11/7)
12, 1962 it was reported that this subsidiary of
the Southern Co. plans to offer
$7,000,000 of preferred
—Fo^repayment^orde^arrd^work^n^ capital'Office—
S.
in
Proceeds—For
St.; Englewood, Ny/J. Underwriter—Sulco
Securities; Inc.,- N. Y.: Y:<Yv/ Y/YYY Y:/^;Y'l'Y" Y
"/V-
last
sale .of
6,
1961
it
was
reported
that
this
corporation
Y operation of
Our
issue you're
Corporation
News
a chain of discount houses.
\ 88th Avenue, Flushing 54, L. I., N. Y.
can
we
Office—135-21
REctor
at
us
-
YY mortgage bonds in April. Office—2500 14th
St., Gulf port,
Miss. Underwriters—
(Competitive). Probable bidders:,
Eastman Dillon, Union Securities & Co.-Equitable Se¬
curities Corp. (jointly); Halsey, Stuart & Co. Inc.; MerY rill Lynch, Pierce, Fenner & Smith Inc. Bids—Expected
April 12. Registration—Scheduled for Mar. 16.'
'Y'*"
Y
2-9570
or
.
write
us
at 25 Park Place, New York 7/ N/ Y. '
-
-
-
•
Prospective
* Missouri
»
_
(jointly)Morgan Stanley
Co.; First„ Boston Corp.;
Dillon, Union Securities & Co.-Equitable Secu-
rities
Gofp.-Drexel & Co. (jointly); Lehman Brothers,
Y
Halsey, Stuart & Co. Inc. Bids—Expected May 31.
I
Appalachian Power Co. (4/17)
/Y Feb. 14, 1962 it was reported that this
:
.
/
to
issue
$25,000,000
J: Of f ic e^Roanoket YVa.
r
.
i
Probable bidders:
i Underwriters—(Competitive)//
First Boston Corp.; Halsey, Stuart &
Co. Inc./ Harriman Ripley
Co. Inc.; Kuhn, Loeb &
Co.-Eastmah Dillon, Union Securities & Co.
(jointly).'
Bids—April 17 (11 a.ini EST) at 2 Broadway; New YorkV;
City. Information Meeting—April 12 (3 p.m.-EST) atsame/address.
:
.
v
*
'
Appalachian Power Co.
Feb. 14, 1962 it
issue
■
•
-
(4/24)
Y
'
Y
was
Underwriters—(Competitive).
file
Inc.
of
!
of
.
,
facture
'
of
convertible
.
.
Rd.r
debentures.
.
....
Orleans.
—
3
and
Ches^rland^ O. Underwriter—To
The last public,
financing,by this company
nnn
equip-
on
be named,
simulated pearl
Corp.-Lehman Brothers (jointly).
Overnite
.
E.
Ohio
For expansion, diversification
and
San Diego Gas & Electric Co.
Sept. 12, 1961 it was reported that this company plans
to sell about 500,000 common to
stockholders in midto raise some
$17,500,000. Office—861 Sixth Ave.,
Diego, Calif. Underwriter—Blyth & Co., Inc., N. Y,
Seaboard Air Line RR.
Jan. 23, 1962 it was reported that this
company plans to
sell
$5,565,000 of 1-15
year equipment trust certificates
This is the final installment of a $11,130,000 issue which will help finance the purchase of
$13,929,533 of additional rail equipment. Office—3600
later
this
year.
,
W. Broad St.,
Richmond, Va. Underwriters—(Competi¬
tive). ^Probable bidders: Halsey, Stuart & Co. Inc.; Salo¬
Brothers & Hutzler.
..i,
■,
»
•;/ i
■
•.
-
if Transcontinental Gas Pipe Line Corp.
Feb.
21, 1962 it was reported that this company plans
$40,000,000 of first mortgage pipeline bonds in
April or May. Proceeds—For expansion. Office—
3100 Travis St., Houston, Tex. Underwriters —
White,
Weld & Co., and Stone & Webster Securities
Corp.
to
sell
late
Transport Industries, Inc. ••-'.•••
22, 1962 it was reported that a "Reg. A" will be
filed covering 75,000 common,
Price—$4.
BusinessDesign and manufacture of truck and automobile brake
systems. Proceeds—For expansion and research. Office
Jan.
—Pearl
Davis
and
Elk
Sts., Albion, Pa.
Underwriter—A.
J.
Co., Pittsburgh.
;
r/ ;
'
'
v.'Y
'vY
•
j-
.
Power &
Light Co.
directors, the company
of mortgage bonds and
(5/22)
plans to
sell
$10,000,000 of
about $20,000,000
stock in
common
May. Office—1407 W; North Temple St., Salt Lake City.
Underwriters—(Competitive). Probable bidders
First Boston Corp.-Biyth
on
the
& Co.,
Inc. (jointly);
Halsey, Stuart & Co., Inc.;
Salomon Brothers & Hutzler; White, Weld & Co.-Stone
& Webster Securities Corp.
(jointly); Eastman Dillon,
Union Securities & Co.-Smith, Barney & Co. (jointly);
Lehman Brothers-Bear, Stearns & Co.
(jointly), The
last issue of common on Sent. 17, 1957 was underwritten
by Blyth A Co« Inc.-Kidder, Peabody & Co.-Merrill
Lynch, Pierce, Fenner & Smith, Inc. (jointly). Other
bidders were First Boston Corp., and Lehman Brothers.
Bids—Expected May 22.
Kidder,
25, 1962 it was stated that Harwood Cochrane,
President, plans to offer publicly about 140,000 shares
of his common stock holdings. It is expected that the ofBering would be made in late March, subject to approval
of. the ICC. Business—Company is motorfc carrier of
freight hf Virginia, the Carolinas, Georgia and Tennessee.
".^Richmond.
Utah
Jan. 17, 1962 it was reported that subject to approval of
bonds:
Transportation Co.
Sept.. 25.
.
Office—232
be named.
i
YvP lnSi°
common shares.,
(sale of comOffice—1100 Ninth St. Rd., Richmond, Va. Underwriters
1957) was .underwritten by L.
x-/-Hornblower & Weeks, N. Y., and J. C Wheat &
Co.,
Sehwhin & Co., Cleveland.
'.
Y
, Y
;
>
..mon
-
Sff*J
' miS
-1® a re^stration covering about;150,000
Price—$5.50. Business—Manufacture of
Jan.
-—-
japital.V Office—'75 - Wilson
Proceeds—For expansion.
technology. Proceeds
u-yYY,t
Uj*%""J'fJ+
-
Business—Manu-
electro-mechanical- instruments
ITS00™?8"!*
r
,
{
Brothers-Bear, Stearns & Co. (jointly); Carl M. Loeb,
Co.-Ladenburg, Thalmann & Coj-Wertheim
& Co. (jointly); Merrill
Lynch, Pierce, Fenner & Smith
Ific.rKidder,, Peabody & Co -White, Weld & Co. (jointly). Bids—May 29. Registration—Scheduled for April 12.
Boston
19, 1962 it was reported that stockholders are to
Mar. 12 on proposals to change the
company's
name
to API, Incy and to authorize the issuance of
■
reported that this company plans to
was
St., Chicago, 111. Underwriter—To
mon
.
.
favorable tax ruling from the IRS and
approval of the
asset sale by Plymouth stockholders on March
28. Office
—539 So; Main St.,
Findlay, O.
Underwriters—First
Feb.
$1,250,000
V
Ohio Oil Co. /
16, 1962 it was reported that this company plans
$80,000,000 of 25-year straight debentures
to help finance the
proposed acquisition of Plymouth Oil
Co., on April 2. The sale is subject to receipt of a
vote
„<
1962 it
registration covering its first offering of 270,000
shares. Price—About $7.
Business—Operation
membership "key" clubs in Chicago, Miami and New
a
to issue about
Halsey, Stuart & Co. Inc.; Harriman
&. Co. Inc.; Kuhn, Loeb & Co.-Eastman Dillon,Union Securities '& Co. (jointly). Bids—April 24
(11
a.m. EST)> at 2
Broadway, New York City. Information
Meeting—April 12 (3 p.m. EST) at same address.
if Assembly Products,
.
Jan.
First Boston Corp.;
;
(4/17)-'
/
Probable bidders:
/ Ripley
n
RR
buttons. Proceeds—For a new plant.
Office—Brooklyn,
N. Y. Underwriter—Baruch Brothers &
Co., Inc., N. Y.
Y
reported that this company plans to
$20,000,000 of debentures due 1992. Office—Roan¬
oke, Va.
i-Sfcf'
com¬
was
Rhoades &
plans
company
first/mortgage bonds due 1992./
of
at
tF0Y'ff/r' stockholcter/3 i/ju/ftherightto suTsSbe forYn
Eastman
*
won
reported that; this company plans to Y V Southern Electric
Gaiterating 'CO.Y ( 11/23-)
issue $5,925,000 of equipment trust certificates due an¬
On Jan. 12,; 1962 it was reported that this subsidiary ot
nually Mar. 15, 1963-77/Office—Missouri. Pacific Bldg.,
the Southern Co. plans to offer
$6,500,000 '30-year first
St. Louis.
Underwriters—(Competitive). Probable bidmortgage bonds in November. Office—600 N. 18th St.,
ders: Halsey, Stuart & Co. Inc.; Salomon Brothers &
Birmingham, Ala. Underwriters—(Competitive) Prob¬
Hutzler. Bids—Expected Apr. 17.
able bidders: First Boston
Corp.; Halsey Stuart & Co.,
Inc.; White, Weld & Co.-Kidder, Peabody & Co. (jointly);
„
rf,
Hectr,e
?/29)
Merrill Lynch, Pierce, Fenner & Smith
Inc.-Blyth &
Co., Inc. (jointly); Eastman Dillon, Union Securities &
additional 872,876 common shares on a 1-for-15 basis.
Co.-Equitable Securities Corp.-Drexel & Co. (jointly);
Morgan Stanley & Co. Bids—Expected Nov. 28. Regis¬
Office—441.'Stuart'St., Boston, Mass. Underwriters—
tration—Scheduled for Nov. 1.
(Competitive). Probable bidders: Blyth & Go.-Lehman
Alabama Power Co,/(5/31)
12, 1962 it Was reported that this subsidiary of
;
the Southern Co; plans to offer,
$17,000,000 30-year first
mortgage bonds in June. Office—600 N. 18th St., Birmingham, Ala.' Underwriters—(Competitive) Probable
•it bidders:. Blythr& Co. tine.-Kidder, Peabody. & ;Co.
_
Pacific
i^Y^Feb. ^l/Y^^^ it
On Jan.
...
was
Playboy Clubs International, Inc.
Feb. 7,
1962
On Jan.
;
ah item
29, 1961
White, Weld &
petitive bidding by
Co., and Kidder,
Peabody & Co. Other bidders were Halsey, Stuart &
Co. Inc.; First Boston
Corp.-Drexel & Co. (jointly).
San
(4/12)
'
telephone
you
is
12, 1962 it was reported that this subsidiary of
the Southern Co. plans to offer $6,000,000 30-year first
like
would
prepare
similar to those you'll find hereunder. Y
Would
Mississippi Power Co.
planning to register?
Department
to know about it so that
Nov.
on
working capital. Office—400-06 Adams St., Newark.
N. J. Underwriter—Keene &
Co., Inc., N. Y.
contemplating its first public financing. Business—The
r\"
""
an
bonds
•**»
Registration—Scheduled for
Masters Inc.
Jan.
Y
Do you have
construction and the retirement of $17,-
000,000 of maturing bonds. Office—9th and Hamilton
Sts., Allentown, Pa. Underwriters—To be named. The
November.
Bids—Expected Nov* 7<
Oct. 5.
Deaft
ATTENTION UNDERWRITERS!
Y.
Office—270 Peachtree Bldg., AtResin Research
Laboratories, Inc.
lanta, Ga. Underwriters—(Competitive). ProbqWe
bid-vf|iD#;. &0, 1961 it was reported that a full filing will be
ders: Blyth & Co., Inc.; First Boston
Corp.; Morgan " made covering 105,000 common. Price—$3.50. Business
Stanley & Co.; Eastman Dillon,. Union Securities & Co.-/
—Company is engaged in applied research and developlilfitiitnKlo
irif
V^
'
monf
-5
E(luitable Securities pArri ;<(jointly); T nV»tv*nW
*i
Corp.
Lehman; Brothers:;; ment iii'fieltf of /resin's polymer chemistry and plastics
Y.Y
Laboratories, Inc.
Nov: 22, 1961 filed 120*000 common. Price—$4,50. Busi-
150
N.
if Pennsylvania Power & Light Co.
Feb. 20, 1962 Jack K.
Busby, President and C. E. Oakes,
Chairman, stated that the company will require about
$93,000,000 in debt financing in the period 1962 to 1970.
ioc!
Y
Yy ;,y;- •<Y
common
On Jan.
stock
Meeting—April 2 (3:30 p.m.)
-;v '/> "
" Y■
American Beryllium Corp.
"
at 2 Rector St.-N. Y.;.
made
reported that
Bldg., Atlanta, Ga. Underwriters—(Competitive). Prob¬
able bidders: Halsey, Stuart &
Co., Inc.; Harriman Rip¬
ley & Co., Inc.; Blyth & Co., Inc.; Kidder, Peabody &
Co.-Shields & Co. (jointly); Equitable Securities
Corp.Eastman Dillon, Union Securities & Co.
(jointly); First
Boston Corp.; Lehman
Brothers; Morgan Stanley & Co.
Bids—Expected Nov. 7.
Registration—Scheduled for
are
.
was
Georgia Power Co. (11/7)
12,: 1962 it was reported that this subsidiary of
the Southern Co. plans to offer
$23,000,000 30-year first
to be offered by the company and 110,000 by stockholders. Price—By ?. amendment. Business—Design and
v
Vending, Inc.
On Jan.
corporate purposes. Office—91 Main St., Madison, N. J.
Underwriter—Andresen & Co., N. Y.
Dec.
Hutzler; Halsey,
(12 noon MT) in
—Philadelphia, Pa. Underwriter—T. Michael McDarby
& Co., Inc., Washington, D. C.
Wynlit Pharmaceuticals, Inc.
V;,
/
Dec. 28, 1961 filed 125,000 common. Price—By amend¬
ment. "Business—Development and manufacture of pharmaceuticals and medical products. Proceeds—For general
'
&
14
registration statement will be filed shortly
covering 100,000 common.
Price—$4. Business—The servicing of vending machines
and coin operated kiddy-rides.
Proceeds—For equip¬
ment, inventory and general corporate purposes. Office
;
called the
Wulpa Lift."; Proceeds—To open loca-/
tions and increase working capital. Office—370 Seventh
Ave., N. Y. Underwriter—Ehrlich. Irwin & Co., Inc., N. Y.
./
"Brothers
Dec.
•Sept. 13, 1961 it
.
Offering—Expected sometime in March.
Salomon
Co.syinc.' Bids—March"
Diversified
vice
!
&
Denver.
Wulpa Parking Systems, Inc.
Y
/
13, 1961 ("Reg. A") 75,000 common.
Price—$4.
Business—Company plans to manufacture a parking de¬
Oct.
bidders:
Stuart
—^
Peabody
&
Co.;
,
....
'"../Ti"
-t'9
■
•
f
.
-J*
11
v..v»
-4%
48
The Commercial and Financial
(968)
Chronicle.
Thursday, February 22, 1962
.
(Detroit; Mich.)
May 19-23, 1962
WASHINGTON AND YOU
Financial Analysts Federation
15th
Annual
Convention at the
Statler
BEHIND-THE-SCENES INTERPRETA TIONS
Beach, Fla.)
Spring Conference of the National
CAPITAL
FROM THE NATION'S
Hotel.
Hilton
June 1-2,1962 (Miami
Association
the
at
Hotel,
will
unions
by
out
worked
be
spring and that there will be no
strike this year.
v
a
strike.
a
President
r
that
a
desirous
is
Kennedy
contract be executed before
inventories are built up
steel
Investment"
ington
Municipal Conference at the Pick
Congress Hotel.
force in the talks. There is a re¬
port that the President himself
too
high. It is inevitable that the in¬
ventory buildup is underway at
this time. It is
because
exces¬
inventories will be
sive buildup in
harmful
an
expensive to indus¬
and
try, and will hurt the economy of
country, that the White House
is anxious for an early settlement.
our
Steel
negotiations opened
a
few
have a sobering
steel users who
will
gotiations
effect
the big
on
of
buildups
excessive
steel
in-
Investment
Board
"For the past 25
union
Since
have been seven nation¬
wide steel strikes since 1946. This
is bad
if
for the country. Of course
the
and
Congress
executive
-
branch of the United States
ernment would show some
cal
courage
nationwide
If
we
would
Gov¬
politi¬
have
not
strikes.
steel
anti-trust laws/unions would still
be
to
able
strike,
nual convention.
Oct. 8-9,
Fairless'
Ben
Association
Fall Meeting at the
Hopkins Hotel.
Philip Murray's time, government
in.
True
this idea. But
time
will
will be
the
sure
when
come
has
Pressure,
'persuasive'
liked
union
Oct.
shooting the
as
Firms
rope
same
but only
on
a
basis rather than
whole industry to shut
company-wide
will
hanging
harassment and
what
does
negotiations.
out
There
of
to
see
the
"Just who
steel
said
weekend
off
naturally
are
business?"
Steel In¬
that
employment
costs in December totaled $4,096
per hour, of which 48.8 cents is
in fringe benefits. There is specu¬
lation
by "Iron Age" that the
steel industry might go along for
three-year
a
hour,
an
time
increase of 24 cents
an
42 cents
or
Arthur Goldberg
and the Kennedy
Administration would keep hands
working
The
families
men
"?ot
do
their
and
an
the
people
and
the
the
na¬
that
means
COMING
Savings
mands
put
be
the
excessive
brakes
and
our
on
tend
are
some
officials
labor
own
views.]
•
advocat¬
over
They still have not gotten
116-day strike in 1959.
the
Hundreds of millions of dollars in
2, 1962
(Houston, Tex.)
annual
outing
the
at
Champions
Golf Club.
pertinent
wages were lost in the last strike.
Many of those workers are ready
to rebel against another prospec¬
tive
strike.
i-
'
s^ee^ industry, but in
Washington
officials
and
among
government
economists.
It
is
possible for the steel industry to
continue to pay the ever-increas¬
ing
demands, and provide
all the fringe benefits, and still
meet competition.
,
\ !'•;/.!
wage
Government Intervention
"Dictated
Dangerous
Donald
and
the
participating,
dozens
there
of
was
"What,
others
verbal
becomes
good
basic
mediocre
a
of
cause
dictated
settlements?
For Distribution in
Central New England
New York
Boston
Telephone
lem
Members:
American
Stock Exchange
(Assoc.)
(Philadelphia, Pa.)
Investment Traders Association of
340 Main
St., Worcester 8, Mass.
Tel.: PLeasant 4-3295
Tele.jWO 395
Direct phones to:
Wx»onsocket, R. I.
-
Fitchburg, Mass,
Philadelphia annual dinner at the
Bellevue-Stratford.
v
March
'■
has
Robert M.
—
elected
Assistant
Investors
■
■
sociation
Security
Dealers
36th Annual
Registered Representatives, grad¬
As¬
Dinner
at
April 8-10, 1962 (San Antonio,
Tex.)
' ■— .-I-;
Texas Group of Investment Bank¬
Association
of
America, an¬
meeting at the St. Anthony
the
United
States,
Korea.He
was
active
duty
Captain.
S.
Military
-
with
Japan; and
released
the
;
from
of
rank
/
Attention
April 27, 1962 (New York City)
Security,
Traders
Association
of
Astoria.
;
,
Brokers and Dealers
TRADING MARKETS
New York Dinner at the Waldorf-
American Cement
i
wholly-owned May 6-9, 1962 (Seattle, Wash.), :
subsidiary of Hugh W. Long and National Association of Mutual
Savings Banks 42nd annual con¬
Company, Inc.
••1
.
*
ference'at the Olympic Hotel.
Mr.
Smith
joined •> Investors
Management Company in 1957 as May 9-12, 1962 (White Sulphur
an analyst.
He specialized in re¬
Springs)
search of companies engaged in Investment
Bankers
Association
the
oil, office equipment, con¬ meeting of Board of Governors.
ment
U.
the
from
uated
Academy, West Point, in 1955 and
served for four years as a Flight
Officer with the U. S. Army in
the Waldorf Astoria Hotel.'
ers
top honors in the New York Stock
Exchange's Examination for
Manage¬
been
of
!
30, 1962 (New York City)
York
New
—■~Jn~^
Strom, who recently com¬
pleted the Francis I. duPont & Cd.
Training Program and achieved
>;
V; Company,
Botany 'Industries;Electronics ■rj\
Maxson
;v
..
Official/ Films
■JxfA J;;Waste'<KingV;^.>-U^H':
.
..
Our
New
telephone number is
York
CAnal 6-4592
struction and
air-conditioning in¬ May 14-15, 1962 (Detroit, Mich.)
of
Stock
to his association Association
Exchange
Firms Board of Governors spring
with the investment advisory or¬
meeting at the Dearborn Inn.
ganization, he was employed by
May 17-18, 1962 (Nashville, Tenn.)
Travelers Insurant Company,
Nashville Association of Securities
dustries.
Prior
Hartford, Conn.
Dealers
annual
spring party.
LERNER & CO., INC.
Investment Securities
,
10 Post Office
Square, Boston 9, Mass,
Teletype
Telephone
HUbbard
BS 69
2-1990
industry be¬
or
expedient
there
is
the
.
Probably the basic prob¬
here
is
the
battle
between
Cove Vitamin & Pharmaceutical
Common and Warrants
'.
Versapak Film & Packaging
Carl Marks
&
r.o. Tn<-
Common & Warrants
expediency and long-term effects.
It would be good for some people
if the steel hassle was settled on
an
'j
"-'I-rj
Mr.
workers, citizens and
ordinary people. If, by persua¬
sion, sly intervention, or outright
threats,
government
can
bring
about labor settlements, what has
happened to free bargaining?
.
S.ROMANOFF CO.,Inc.
Then
dent Partner of the firm.
stake of the
Richmond 2-0420
CAnal 6-8481
Settlements"
will it do such a
industry as steel," asked
"Iron Age," "if it goes broke or
As the steel negotiations began
with union leader David J. Mac-
Regis¬
,
March 9, 1962
nual
Management Elects
Secretary
--ty.in
John H. Strom
—
Representative with Fran¬
cis I. duPont & Co;, 208 South.La
Salle
Street,
it - has been an¬
nounced by Henry Stefany, Resi*
Stock and Bond Club of Houston
Hotel.
Smith
a
~
tered
March
coincide with the "Chronicle's"
ELIZABETH, N. J.
indus_
+r;ps
another
want
may not
that
Meantime, there is
con¬
■
that buys
other
Mutual
has become associated as a
business
Meantime, the steel union not
only wants higher pay, but there
Actually, the real price is paid
in
inflationary
wage
demands
int
;
43rd annual
Banks
CHICAGO, 111.
'
over
(Boston,
of
With duPont in Chicago
IN INVESTMENT FIELD
to
'■'
upswing."
Inv.
m
1963
I-.:; V ';'"C /
Association
National
ference at the Hotel Statler.
magazine declared edi¬
torially that union leaders are
"well aware of the public wrath
they would incur should their de¬
hour for three
everybody
1,
April 27-May
Mass.).'': v,';;
sorry
a
companies,
.
strike.
Association
; '• "V.
"Steel"
hour.
1V./
years.
the
tion."
hand, if the steelworkers' yardstick as to produc¬
tivity, etc., is used, the minimum
wage increase may be 14 cents an
hour
for
unions,
of 8 cents
three-year total
a
this year, it will be
swer
package
for
ucts.
Labor
Boca
.( 1
(Hollywood, Fla.)
Bankers
Beach Hotel.
anything with steel in it is going
to have to pay more for the prod¬
of
Asso¬
the
at
Annual Convention at Hollywood
ing, however, on Capitol Hill that
it would be better for all con¬
Secretary
Traders
Club;
Nov. 25-30, 1962
raise.
big stakes taking place at Pitts¬
burgh. There is some strong feel¬
if
Security
Convention
Investment
,
cerned
1962
Raton Hotel &
painting would take his mind
*
:*r
<.
(Boca Raton, Fla.)
Nov. 4-9,
National"
interesting
come
^
been
control."
be
Exchange
Governors meet¬
Board'of
ciation
It
Angeles)
(Los
Stock
of
Mark
ing at the Ambassador Hotel.
ing a 32-hour week for the steel
forcing a
It is simple economics that
if' industry as an asserted aid to un¬
down.
the wages, direct and indirect, of
employment. If this were done,
In a free enterprise system like
steel workers are going to be con¬ it no
doubt would
bring about
ours
no
fair-minded
person,
it
stantly increased, steel 'manage¬ more unemployment within the
would seem, would want to deny
ment ultimately will be obliged
industry, because it would send
a union group
the right to strike.
to raise the price of steel in order the
price - of steel
higher and
At
(he
same
time
fair-minded
to pay for the added costs, While
higher, this cutting into present
persons everywhere
are opposed
the industry has held the "price markets.
Jto all-powerful labor unions clos¬
line"
in
the
face
of
constantly
ing down an industry all over the
[This column is intended to reflect
rising labor costs during the past
nation.
the "behind the scene" interpretation
several
years,
it clearly cannot
Washington
officialdom
and do so indefinitely. This of course from the nation's Capital and may or
Congress realizes there are some
11-12, "1962
Association
union
the
hung from the
management
from:
-
(San Francisco) #
of
Stock
Exchange
1962
Firms
and
On the other
would only repeal
union exemption from
Congress
labor
the
late
stitute; asserts
1946
N.J.) V.
do what they
becoming wards of
the government is a miracle.
horned
Association
Bankers
Governors Meeting.
able to
were
the
of
American Bankers Association an¬
without
"In
(Santa Barbara,
Sept. 23-26, 1962 (Atlantic City,
government* has put its two
into the regular steel has¬
sles. How the industry and the
The American Iron &
Shutdowns
There
years someone
in
cents
did
:
;
Calif.)
Meantime, "Iron Age," the na¬
metalworking publication
v
Club of Chicago
Sept. 19-21, 1962
tional
ventories.
Seven
hour.
an
(Chicago, 111.)
Sept. 13-14, 1962
made this succinct observation:
days ago in the great steel city of
Pittsburgh. This conference of ne¬
12 cents
or
Association
Bankers
Municipal Bond
outing.
:
would Jike for the unions to hold
their demands down to a wage
~
~
*
increase of 10
concerted effort to pre¬
However, whether
that is good or bad is debatable
in Washington. The facts are there
is considerable pressure'on both
management and union sides,
making
vent
and
Kennedy Administration is
The
,
\'
,
published comment in Wash¬
about the Kennedy Ad¬
ministration
being
a
powerful
,
,
(Chicago III.)
Sept. 11-12, 1962
WASHINGTON, D. C.—There is
strong confidence in the nation's
capital that a new contract between the steel industry and the
Clubs
Investment
of
Seville
expediency basis. But the time
has
come
value for
take
real
for
a
a
settlement of real
long pull,- And it will
20 BROAD
SECURITIES SPECIALISTS
STREET
TEL: HANOVER 2-0050
•
Bought—Sold—Quoted
•
NEW YORK 5, N. Y.
TELETYPE NY 1-971
<
KILL, THOMPSON & CO., INC.
collective
bargaining—
not government intervention. "
"If
FOREIGN
bargaining
is
not
the
an¬
170 Wall Street; Hew York 5, N.Y.\j
Tel. WH 4-4540
•
,
;
.Tele. N Y 1-0154
I.
Volume
195
Number 6136
..
.
.
A Supplement to the Commercial and Financial Chronicle
Thursday, February 22, 1962
THE BOSTON
SECURITIES TRADERS
"
38TH ANNUAL WINTER DINNER
STATLER-HILTON HOTEL
•
•
•FEBRUARY
9, 1962
RECORDING
VICE-PRESIDENT
CORRESPONDING
SECRETARY
TREASURER
PRESIDENT
SECRETARY
Officers
WX'A-'' iL'V'w".
A-
-
S, v
•'»'*>1***5.'
'j
s
■
r
<•'vl'*' ,'v-y t ■•
—-
-;i/J.u
li v" ,k. V. '•
'
*'^
John J.
D'Arcy
F. L. Putnam A
Clive B. Fazioli
}
White, Weld A Co.
Company, Inc.
•'
'1
r
•
Wallace D. Dexter
Curtis S. Bates
Frederick S. Moore
Stone A Webster
Draper, Sears A Co.
New York Hanseatic
Securities
Corporation
Corporation
Governors
Gregory M. Dunn
Alvin A.
Dykes
H. L. Robbins A Co.,
Inc.
John L. McDonough
Edward J. Opper
H. C. Wainwright
J. B. Maguire A Co.,
A Co.
Inc.
Herbert L. Ferrari
Hornblower A Weeks
N.
Henry Larson
The First Boston
Corporation
(1)
(2)
Number 6136
Volume 195
Thursday, February 22, 1962
.
.
.
A Supplement to the Commercial and Financial Chronicle
F. S. MOSELEY & CO.
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Number 6136
...
A
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Thursday, February 22, 1962
(3)
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Volume 195
Thursday, February 22, 1962
Number 6136
...
A Supplement to the Commercial and Financial
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^
X
0^°
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Volume 195
Number 6136
...
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Volume 195
Number 6136
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,
A
Supplement to the Commercial and Financial Chronicle
Thursday, February 22, 1962
(7)
White,"Weld & Co.
BOSTON 10
125 HIGH STREET,
j
NEW YORK
CHICAGO
PHILADELPHIA
Members New York Stock
and other
and
LOS ANGELES
Exchange
r
SAN FRANCISCO
principal Stock
NEW HAVEN
Commodity Exchanges
MINNEAPOLIS
HARTFORD
Crandon Leahy, National Quotation Bureau,
Boston;
Fred
Carter, De Haven & Townsend, Crouter & Bodine,
Philadelphia; William Thompson,
Carr <6 Thompson, Inc., Boston
~
Dave
Fitzgerald, Harriman Ripley <ft Co., Incorporated, New
York; Henry Tabb, Townsend, Dabney & Tyson, Boston;
Burt Whitcomb, Harriman Ripley & Co. Incorporated,
Boston; Arthur Murphy, A. C. Allyn & Co., Boston
HAGERSTOWN
FOREIGN OFFICES
LONDON
ZURICH
CARACAS
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HONG KONG
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Townsend, Dabney &Tyson
established 1887
Members of the New York and Boston Stock
Associate Members American Stock
Exchanges,
Exchange
30 State Street, Boston 5
;
UNLISTED SECURITIES
.
Bill
Mueller, Middendorf, Colgate & Co., New York; J.
Middendorf, Middendorf, Colgate & Co., New
York; Thomas Thompson, Massachusetts
Investors Trust, Boston
William
Dave
Senior, Fidelity Management & Research, Boston;
Bruggeman, Dean Witter & Co., New York;
Clem Diamond, Townsend, Dabney& Tyson, Boston
Orders Executed
on
any
Exchange
or
Market
Charles
Private Wire
BS-346 for
System
•
New York Telephone CAnal 6-1540
Trading Department
•
•
Teletype
BS-430 for Municipal Department
Branches:
Branches:
Portland, Me,
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Lewiston, Me.
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Augusta, Me.
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Bangor, Me.
Tel. Boston:
Keene, N. H.
LAfayette 3-7010
.
Cable Address"SENDANTHY"
JENNINGS, MANDEL
& LONGSTRETII
ZNZ:r:;M:N"'"
NN'-:Zr:-Z?-v;9NZ
UNDERWRITERS, BROKERS and DEALERS
Members New Tork Stock
and other
Exchange
distributing
Principal Exchanges
CORPORATE and MUNICIPAL SECURITIES
since 1886
121 S. BROAD STREET
a
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PHILADELPHIA 7, PA.
Members New York Stock Exchange
and other
leading exchanges
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Philadelphia
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Dayton,0. Columbus,0. Lexington,Ky. Easton,Pa. Hartford,Conn,
Portland, Me.
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Biddeford, Me.
Burlington, Vt.
10 East 44th Street, N.Y. 17, N.Y.
5
Volume 195
Thursday, February 22, 1962
(8)
Number 6136
...
A Supplement to the Commercial and Financial Chronicle
PRIMARY MARKETS
COMPLETE TRADING FACILITIES
Hill, Darlington & Grimm
Members
New
York Stock
Exchange and other
Peter
leading exchanges
Crysdale, Mason A Crysdale, Limited, Toronto; Ed Knob, Drexel A Co., Philadelphia; Ed Opper,
J. B. Maguire A Co., Inc., Boston; Ken Giles, New England
Telephone Co., Boston
(President of Cashiers Association
2
Broadway
Teletype: NY 1-4996
Telephone: HA 5-6200
17
of Boston)
New York 4, N. Y.
•
Offices In Principal Cities
SPECIALIZING
IN
—
RIGHTS AND
REORGANIZATION SECURITIES
Leo
F. Newman, American Securities Corporation, Boston;
Arthur C. Engdahl, Goldman, Sachs A
Co., Boston; James E. Moynihan, J. B. Maguire A Co., Inc., Boston; Jim Duffy, Reynolds A Co., Boston
Josephthal &
FOUNDED
members
and
120
WOrth
new york
other
1910
stock
leading
exchange
exchanges
BROADWAY, NEW YORK 5, N. Y.
4-booo
Teletype NY
direct
telephone
to
1.319
boston
19 CONGRESS ST., BOSTON 9,
MASS.
LAFAYETTE 3-4620
PRIVATE
WIRE
brooklyn, n.y.
SYSTEM
TO
CORRESPONDENTS
hanover, pa.
IN
PRINCIPAL
lock haven pa.
CITIES
plainfield, n. j.
Tom
Suski, Bache A Co., Philadelphia; Richard Murray, May A Gannon, Inc., Boston;
May A Gannon, Inc., Boston; Leo Brown, Asiel A Co., New York
Investment Securities
John McCue,
JOHN J. MEYERS & CO
UNDERWRITERS
Brokers and Dealers
DISTRIBUTORS
"'
if.'
.
DEALERS
and BROKERS
INDUSTRIAL, PUBLIC UTILITY
Lee Higginson Corporation
NEW YORK
BOSTON
AND RAILROAD SECURITIES
CHICAGO
30
Member ot New York Stock
and other
Exchange
principal stock exchanges.
Investment Service Since 1848
Clayton
Speed
Securities
Hughes
Corporation, Boston
Broad Street, New
York 4, New York
WHitehall 3-2850—teletype, New
York 1-809
Volume
195
Number 6136
...
A
Supplement to the Commercial
(9)
Thursday, February 22, 1962
and Financial Chronicle
0be*na#y
!§
STOCKS
INSURANCE
if
STOCKS
BANK
MIDDENDORF, COLGATE & CO.
MEMBERS
EXCHANGE
NEW YORK STOCK
(ASSOCIATE)
AMERICAN STOCK EXCHANGE
York; Michael Growney, Gregory & Sons, New York; Jack D'Arcy,
L. Putnam £ Company, Inc., Boston; John C. Calef, Dominion Securities Corporation, New York
Jack Blockley, J. Barth & Co., New
F.
5! BROAD STREET, NEW YORK 4,
Norman
Weltman, D. H. Afagid <ft Co., New York; Norris Rosenbaum, Englander &
York; Russell Potter, Arthur W. Wood Company, Boston; Cy Wyche,
'
Basic Industries Corporation, Boston
KEYSER
CONGRESS STREET
19
BOSTON
N.Y.
TELETYPE NY 1-705
HA 5-4900
TELEPHONE
BALTIMORE
9. MASSACHUSETTS
BUILDING
3. MARYLAND
Co., Inc., New
-
NEW ENGLAND TOLL ROAD
'/
AND
■
BRIDGE BONDS
T & CO., INC.
AX-EXEMPT BONDS
In
RIPP
40
WALL
Coast-tOrCoast
STREET, NEW YORK 5, N. Y.
•
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Underwriters of Corporate
Securities • Underwriters of State,
Service
Municipal and Revenue Bonds • Complete Brokerage
Telephone: HAnover 2-5252
in
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and
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in
Comprehensive
over
300
Research
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*
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Members
New
Through
our
we
York Stock Exchange
Private Wire System
can
give
Midwest
you
72
•
Cable Address:
We
ASHEVILLE
ANAHEIM
BURLINGTON
CLEVELAND
COLUMBUS
and American Stock
Telephone: LAfayette 3-4832
Lowell
Fall River
Winchester
MALONE
Exchange (Associate)
East Falmouth
i/SvirrSV
Teletype BS-537
Haverhill
Manchester, N. H.
iYSYliySY
Milford
Hyannis
JOPLIN
REDLANDS,
Louis Zucchelli
J.
B.
Maguire &
Co., Inc., Boston
CAL.
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HARRISBURG
NASHVILLE
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UTICA
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KANSAS CITY
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PIKESVILLE, MD.
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50
EL PASO
GRAND RAPIDS
INDIANAPOLIS
Members Boston and New York Stock Exchanges
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CHARLOTTESVILLE
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DETROIT
FULLERTON
Established in 1897
GREGSONS
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BIRMINGHAM
CINCINNATI
Municipal Teletype: NY 1-1691
to Correspondents in the following cities:
direct wires
have
ALBUQUERQUE
Of.
•yfeai
WHltehall 3-7600
Corporate Teletype: NY 1-865
In Coast-to-Coast Securities
Exchange
9fa/if QP/tee/
Telephone
PRIMARY MARKETS
American Stock Exchange
•
Stock
SANTA FE
VICTORIA, TEX.
WHITOER
Volume 195
Thursday, February 22, 1962
(10)
Number 6136
...
A Supplement to the Commercial and Financial Chronicle
H.CWAINWRIGHTCO.
Established
1868
SECURITIES
INVESTMENT
Members
Boston
and
New
York
Stock
Exchanges
Portland, Maine
Framingham, Mass.
Peabody, Mass.
Manchester, N. H.
Fitchburg, Mass.
Keene, N. H.
Providence, R. I.
NEW YORK
BOSTON
Dayton
Haigney,
Dayton
Haigney
&
Co.,
Inc.,
Clifford
Boston;
York;
Frank Ronan, New York Hanseatic Corporation, New
Arthur Murphy, A. C. Allyn & Co., Boston
■
Clayton Securities Corporation
UNDERWRITERS
DISTRIBUTORS
•
•
Hal
Barrus, Barrett & Company, Providence, R. I.;
Murphy, Commercial
Financial Chronicle, New York;
Burnett, State Street Bank & Trust Company, Boston
Peter
■
DEALERS
I
I
I
■
Members
liiifii
Midwest Stock Exchange
I
American Stock
147 MILK
|
—
Boston Stock Exchange
Exchange (Assoc*)
STREET, BOSTON 9, MASS*
Teletype BS-30
Telephone HUbbard 2-6065
I
I
Portland, Maine
Direct
Telephone
to
New York
—
CAnal 6*8447
■
I
Dealers and Brokers in
Donald
Frank
Barrett, H. C. Wainwright & Co., New York; John
FitzGerald, IV. C. Pit field & Co., Inc., New York; John
Meyers, John J. Meyers & Co., New York; W. H.Salisbury,
General Market Issues
Eastman
Dillon,
Union
Securities
&
Co.,
New
Hayes,
all
of
G.
H.
Wilfred
Walker
Conary,
&
Co.,
and
Jerry McCue,
Providence, R. I.
York
Specializing in
New
England Securities
Carr & Thompson. Inc.
31
MILK
STREET
BOSTON 9, MASS.
Established
HUbbard
Distribution
1926
BOSTON
Bell
2-6442
in
ft
NEW
for
System Teletype BS 328
more
ENGLAND
D.
Branch: Worcester, Maes.
than 100 YEARS
KNOX
&
CO., Inc.
Estabrook St Co.
MEMBERS
*
New
58 YEARS OF SERVICE *
York
15 STATE
Boston
Telephone LAfayette 3-2400
Boston
DEALERS
AND
New York
Teletype BS-288
Springfield
Hartford
Providence
BROKERS IN
Chas. A. Day & Co.
Incorporated
STREET, BOSTON
Security Dealers Ass'n
Members Netv York and Boston Stock Exchanges
-
UNLISTED
Listed and Unlisted Bonds and Stocks
SECURITIES
Inactive
particularly of
New
BANK and INSURANCE
England Corporations
11
Inquiries invited from Dealers
and Financial Institutions
STOCKS
Broadway
NEW YORK 4
Massachusetts
Maintaining
a
Retail Department
with Distribution in New
England
Telephone
DIgby 4-1388
Bell System Teletype NY 1-86
Maine
-
New Hampshire
-
Vermont
27 State Street
BOSTON
WASHINGTON AT COURT STREET
9
Telephone CApitol 7-8950
Pa ul D. Sheeline & Co.
31
Milk Street, Boston 9, Mass.
Bell System Teletype BS 169
Member Boston Stock
Telephone HAncock 6-0170
Exchange
Direct
phone between offices
Teletype BS 51
Volume 195
Number 6136
...
A
Supplement to the Commercial and Financial Chronicle
Thursday, February 22, 1962
(11)
UNDERWRITERS—DEALERS—DISTRIBUTORS
CORPORATE
SECURITIES
TRADING MARKETS
INACTIVE NEW
77
Bill Kumm, Hill, Darlington & Grimm,
J. Heaney, Michael J. Heaney &
New York; Michael
Co., New York
IN
MANY
ENGLAND
FRANKLIN
STOCKS
STREET
Edward
J.
Shields, Seidman, Williams & Cantwell, New
York; Tom Brown, W. E. Hutton & Co., New York
BOSTON
Member
—
10, MASS.
Boston
Stock
Liberty 2-2340
Teletype Boston BS 522
TRADING
BOLT
BERANEK
BOTANY
Exchange
&
MARKETS
NEWMAN
INDUSTRIES
CLINTON
ENGINES
INDIAN
HEAD
MAXSON
MILLS
ELECTRONICS
OFFICIAL
FILMS
PREMIER
CORP
WASTE
KING
OF
AMERICA
LERNER & CO., INC
Investment
10 Post Office
Square
N. Y.
Telephone:
•
Securities
Boston 9, Massachusetts
Telephone No. CAnal 6-4592
HUbbard 2-1990
Teletype:
BS 69
Associate Member American Stock Exchange
Maurits
A1
Johnson, G. H. Walker & Co., Bridgeport, Conn,
R. F. Griggs Company, Waterbury, Conn.;
Calvert, Cooley & Company, Hartford, Conn.;
Dave Ermer, Chas. W. Scranton & Co.,
N
New Haven, Conn.
\
Kraiger,
Robert
H. L. ROBBINS & CO., INC
Established 1933
TEN
POST
OFFICE
SQUARE, BOSTON
Telephone Hubbard 2-1020
37
MECHANIC
9, MASS
Teletype BS 1266
STREET, WORCESTER, MASS.
Telephone Pleasant 6-1501
TRADING MARKETS
Private Wires
Springfield
to
N. Y. C., Worcester,
and
Toronto,
Canada.
OVER-THE-COUNTER
For
SECURITIES
Banks, Brokers, Dealers, Institutional Investors
New York Hanseatic
Corporation
Established 1920
Sreewe<mAComparv\^
Associate Member American Stock
Exchange
Members New York Security Dealers Association
37 Wall Street, New York 5, N. Y.
A
Complete World Wide Service
in the Over-the-Counter Market
Teletype
Telephone
NY 1-1126 & 1127
*
HAnover 24850
Branch Office: Miami
PRIVATE
CHICAGO—First
WIRE
Securities
Beach, Fla.
SYSTEM
BOSTON, MASS. 84 State Street
Phone: LAfayette 3-3300
Templeton
FOR
BONDS—Call
Eugene J. Ryall, Vice Pres.,
Paul J. O'Leary, Jr.
SAN FRANCISCO—Mitchum, Jones & Templeton
NEW YORK
Direct private
Teletype: BS 208 & BS 209
STOCKS—Call Alexander W. Moore, Vice Pres.,
Frederick S. Moore, Ass't Vice Pres.,
James W. Tafantino, Vincent P. Ryan
Company of Chicago
LOS ANGELES—Mitchum, Jones &
—
FOR
•
CHICAGO • PHILADELPHIA
•
telephone: Philadelphia-WAlnut 2-1514
Nationwide and Canadian
Private
Wire
SAN FRANCISCO
System
(12)
Charles
Bodie,
Stein
Bros.
<£
Boyce,
Baltimore;
Philip Kendrick, Securities & Exchange Commission;
Jack D'Arcy, F. L. Putnam & Company, Inc., Boston
Jim
Volume 195
Thursday, February 22, 1962
Jim Dowd, Securities & Exchange Commission, Boston;
Beanp
Mackie,
A Supplement to the Commercial and Financial Chronicle
Lew McDowell, F. L. Putnam & Company, Inc.,
Jcseph Rinaldi, H. D. Knox & Co., Inc., Boston;
Edward Schseftr, H. D. Knox & Co., Inc., New York
Securities & Exchange Commission
i
Members New York
...
Boston; James B. Maguire, J. B. Maguire & Co., Inc., Boston; Philip E. Kendrick,
Ronald
Flanigan, Jennings, Mandel & Longstreth, Philadelphia; Jack Christian, Janney, Battles & E. W.
Clark, Inc., Philadelphia; James Mundy, Suplee, Yeatman, Moseley Co., Inc., Philadelphia;
Jim McFarland, Stroud & Company Incorporated, Philadelphia
Inc.
Number 6136
Jones, Vilas & Hickey, New York; Dick Taddonio, McDonnell <£ Co. Incorporated,
Ray Meaney, McDonnell <£ Co., Incorporated, New York; Paul D. Sheeline,
Paul D. Sheeline & Co., Boston
{'
Direct Wires to
Burton J. Vincent & Co.
Chicago
Saunders, Stiver & Co.
Cleveland
.
V
Evans MacCormack & Co.
NEW YORK
Security Dealers Association
Los Angeles
Jennings, Mandel & Longstreth
Philadelphia
.
.
Walter C. Gorey Co.
San Francisco
Stifel, Nicolaus & Company, Incorporated
St. Louis
Jones, Kreeger & Co.
Washington
New York;
@FedFRASER